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The Financial Situation
the final outcome will be can be known with certainty
only after the Conference Committee of the two
houses, to which the measure must go, has finished
the general trend of business activity is not, as widely its work, and the measure in its final form is carebelieved, in a downward direction. The Chairman fully analyzed. But from the standpoint of the
of the Securities and Exchange Commission, in an legislative situation as a whole, any disposition of
address in New York early in the week, took the this troublesome measure will be of some importance.
position that the current discouragement in the Washington reports are now to the effect that the
business community largely originated in the President has decided to exert all the pressure availfinancial district of New York, and radiated from able to him to secure his program in its entirety this
that point throughout the country. He said, more- year rather than to be content with parts of it in
over, that there was no good cause for the doubts and order to get Congress adjourned, as had been sugdisquietude prevailing either here or el where. But gested by some observers. At the same time, one
the business executive believes, and-i o itidment man's guess seems to be about as good as another's
rightly so, that there is
as to how effective he can
much in the current situamake himself with Conare and a Delusion
tion to cause him anxiety
ess in its present mood.
The Governor of the Federal Reserve Board,
and to lead him to avoid
according to press accounts, told the House
Is Social Insurance
forward commitments.
Committee before which he has been testiDoomed?
fying that the only way out of the depression
Mr. Kennedy's chiding is
lies
in
huge
financed
Government
deficits
therefore not likely to have
OME careful observers
through the banks until such time as private
much influence upon the
initiative takes hold.
of the situation have of
The best way to make certain that the presactual course of events.
been predicting that
late
ent"emergency" becomes permanent is found
The trouble is not merely
it will not be possible to
in just such policies. No better concrete
evidence of this fact could be found than the
a case of the "jitters," as
obtain very much of the so"gloom" and unwillingness of business men
Mr. Kennedy seems to
called social security proto proceed as usual, about which there is now
so much complaint at Washington.
suppose, but a realization
gram this year. It is said
What the Governor has in mind is evident
of the existing unsound
that there is too much diffrom other portions of his testimony. He
believes first that such deficit operations
conditions which have been
ference of opinion, even
create what he carelessly terms purchasing
fostered, not relieved or
among Administration suppower, and second, that Government spendeliminated, by the New
porters, as to just what
ing of the proceeds of the loans assures that
much-worshiped phenomenon, "velocity"
Deal, and a feeling of helpought
to be done about unof deposits or money.
lessness before the unceremployment
insurance and
This whole process of reasoning i$ so faulty
at so many points that its full refutation
tainties concerning future
pension
plans.
age
old
the
would require much more space than is here
policies that is unavoidable
view
is
this
that
hope
We
available. But one rather obvious defect is
so long as the general poenough to condemn it out of hand.
correct, but of course it is
The very operations in question naturally
litical situation remains
difficult to be certain of it.
and inevitably will so disturb the minds of
what it is in the national
business men, and for that matter of every,The bonus proposals are
body, that existing funds will be kept in
capital. To these quesstill very much alive, and
large degree out of the usual channels of
tions we revert in a sepathe passage by the House
trade. The deposits newly created by the
process will quickly pass into the hands of
rate discussion appearing
on Friday of the Patman
the general public and become idle for the
on a later page of this issue.
bill, with its provision for
same reason. The more the policy is pressed
the more evident the hoarding will become.
payment of the bonus
the
The final denouement is likely to be realThe Business Outlook
with fiat currency, is disized only when the public becomes so frightened that it starts to "flee from money," and
The non-political factors
cour aging. It is to be
that, of course, is the beginning of the end.
affecting the outlook have
hoped that the President,
not changed appreciably
who is reported as deterduring the past week. Commodity prices, partly as mined to veto any proposal for a cash bonus at this
a result of widespread discouragement and doubt, time, will remain adamant and not yield to pressure
and partly as a cause of it, have again shown weak- by accepting compromises. The matter of new
ness. The European situation, in regard both to National Industrial Recovery legislation to provide
world politics and to currency matters, has been in for the situation when the present Act expires
turmoil during most of the time. Due to the fact that early this summer is still a highly controversial
Easter comes later this year than last, it is difficult subject in Washington. The impression prevails in
to compare a number of the current indexes with well-informed quarters that it will be difficult indeed
corresponding periods last year, but there is little to induce the Senate to adopt any such legislation this
room for doubt that retail sales are not doing well. session, which would be an excellent thing in our
Industrial production in some instances has shown judgment. It is, however, at the same time befurther recession, and the general trend established lieved in many quarters that refusal on the part of
the upper house to pass such a law would greatly
during the past few weeks continues.
On the political side, there have been some changes strengthen the hands of those who desire even more
in specific legislative situations, but little real drastic separate labor legislation. What is needed,
clarification of the general outlook. Congress has or so we think, is a determined effort to preclude any
apparently made progress in disposing of the works legislation of this general sort, rather than a timid
relief measure which has been the bone of contention policy that would accept undesirable measures in
and delay:in the Senate for several weeks. Just what order to prevent worse. We have had quite enough
NOTHER week has passed without very much
A
clarification of the legislative situation in Washington, and without any convincing evidence that
S
1880
Financial Chronicle
off this sort of compromise during the past few years,
4nd have in no case failed to suffer therefrom withdut in the least appeasing the so-called radical
elements.
The Banking Bill
NOTHER measure that is apparently about to
receive serious consideration in the Senate is
the proposed Banking Act of 1935. This measure
goes in its normal course to a sub-committee of the
Senate Committee on Banking and Currency, of
which Senator Glass is a member. We feel confident that Senator Glass will insist that the measure
be given full and really effective analysis. The Appropriations Committee of the Senate, of which
Senator Glass is Chairman, has of late had its hands
full with the work relief struggle. With the progress
that has been made on this bill, it is apparently
probable that Senator Glass may be able to begin his
work on the proposed banking bill during the coming
week. If so, we should expect the next week or two
to be filled with some of the most interesting developments within recent months. As those who have
given it close study are well aware, this measure is
not what it seems on the surface. In addition to
Title II, which openly purports to carry us even farther than we have yet ventured, except upon a professedly emergency basis, along the route to what has
become known as managed money, there is much in
other sections of the bill that is not at once seen,
particularly in those provisions which profess to be
mere technical amendments and clarifications. Such
matters as these will, we are sure, never escape the
watchful eyes of Senator Glass and the witnesses he
asks to testify before his sub-committee.
Thoroughgoing study of the measure by this subcommittee will of course stand in strong contrast with
the perfunctory hearings in the House, at which the
Governor of the Federal Reserve Board has been
given full and free opportunity to preach doctrines
which have added substantially to the uneasiness of
thoughtful business men concerning the intentions of
the Administration in the credit and banking field.
It is no longer possible to consider the proposed legislation wisely without taking into full consideration
the words of this public official, who for the time being, at least, is the chief administrator of the system
whose functions, powers and duties would be so
greatly expanded by the measure in question. It is
hardly necessary here to dwell at length upon the
views of Mr. Eccles. The public has had an opportunity to study them at will during the past week or
two. It must now be clear even to the wayfaring
man that the head of our central banking system is a
pupil of the most extreme elements of the managedmoney advocates. He is apparently under the false
impression that all the ills we now suffer may be cured
by credit manipulation and deficit financing.
A
What Cleveland Advised
The public has become indebted during the past
week to the New York "Sun" for a reminder of
certain pungent statements of the public man whose
name was once a sacred memory to the political
party now in office, Grover Cleveland. His advice
to the Democratic party in 1908, couched in the
following sentences, is well worthy of thoughtful
attention now:
"I should say that more than ever Just at this time the
Democratic party should display honest and sincere con-
March 23 1935
servatism, a regard for constitutional limitations and a
determination not to be swept from our moorings by temporary clamor or spectacular exploitation. Our people need
rest and peace and reassurance."
Certain passages in a letter from Mr. Cleveland
to the Governor of a Southern State not only express what ought to be the doctrines of the Administration to-day, but would if uttered now constitute a stinging rebuke to some members of his
party and their associates. Take the following:
"I will not knowingly be implicated in a condition that
will make me in the least degree answerable to any laborer
or farmer in the United States for a shrinkage in the purchasing power of the dollar he has received for a full dollar's
worth of work or for a good dollar's worth of the product
of his toil. I want the financial conditions and the laws
relating to our currency so safe and reassuring that those
who have money will spend and invest it in business and
new enterprises, instead of holding it. You cannot cure
fright by calling it foolish and unreasonable, and you cannot
prevent a frightened man from hoarding his money."
In what contrast this solid commonsense stands
to the fallacious and visionary doctrines enunciated
during the past two weeks by the Governor of the
Federal Reserve Board! In 1933 this country, and
for that matter a very large part of the civilized
world, was called upon to suffer as a consequence
of the unsound monetary advice of a member of the
faculty of one of our great universities. The monetary views of the gentleman in question had no
standing among well-informed students. They were,
however, convincing to the President with the result
that a now fully discredited gold policy was foisted
upon us all. To-day two members of the faculties of
two other great universities, whose work in the
field of money and credit has about equally little
standing among the well-informed, are through their
direct and indirect influence upon the thought of
the Governor of the Federal Reserve Board placing
us in danger of credit policies which in the end
would prove even more disastrous than our experimentation with the gold value of the dollar. Must
our Government in Washington always remain so
dishearteningly susceptible to meaningless phrases
plausibly arranged?
Gold for Silver
Secretary of the Treasury a few days ago
made formal announcement of the fact that the
Government had "sold" a small amount of gold to
Mexico, broadly intimating at the same time that
the gold had in effect been exchanged for silver.
Attention was also called to the fact that a small
amount of gold had last year been similarly sent to
another Latin American country. The transactions
themselves, due to the almost microscopic sums involved,obviously have no particular importance. But
the transactions, and perhaps particularly the manner of making them known, have puzzled the financial community, which has learned by experience to
scrutinize such matters carefully for indications of
some new and unprecedented policy on the part of
the Administration. It may be true as the Secretary
remarks that the Mexican Government had need of
the gold. It is certainly true, as he also asserts,
that we could easily spare it. It would probably be
useless in the existing circumstances to inquire what
need we have for the silver. What the real explanation of the transaction or of others that may follow
is we have no way of knowing, but the natural suppo-
THE
Volume 140
Financial Chronicle
sition is that it represents a sort of a "sop" to silver
interests. At any rate such transactions, unless they
assume large proportions, seem to have no real economic significance however childish they may appear
or however greatly they may attract the interest of
the uninitiated.
The action of the Secretary of Agriculture in releasing spring wheat farmers from all restrictions
on acreage this year was obviously warranted.
Whether in existing circumstances a release coming
at this late date has any particular significance is
a question for the future to disclose. It would be
an excellent thing if the restriction schemes, one
after the other, were definitely discarded never to
be revived. But what warrant there can be for paying spring wheat farmers "benefits" for acreage reductions they stood ready to make but do not actually make would be difficult to say. It will be a
long time before the country is able to recoup the
losses it has suffered through the agricultural policies of this Administration, and in no aspect are
these policies less to be admired than in their deliberate shortening of the supply of food.
While the attention of the country is largely concentrated upon Washington the individual States
are busy with their own plans for unemployment insurance. In Albany the Assembly during the week
adopted such a plan at the insistence of Governor
Lehman, who, it is reported, will find much more
difficulty in having his way in the Senate. We
should be well advised to remember that the "drive"
for this type of futile and costly legislation is directed fully as much, if not more, at the State Governments as at Congress. It is quite possible for
the business community to escape the Washington
hazards in this matter and still find itself burdened
to about an equal degree by enactments of the more
important States.
Federal Reserve Bank Statement
EAVY income tax payments to the United States
Government on March 15 are responsible for
the principal change this week in the combined condition statement of the 12 Federal Reserve Banks.
The payments, deposited by the Treasury with the
Reserve institutions, occasioned a sharp drop in the
deposits of member banks with the system, the
recession amounting to no less than $226,935,000,
in the period between March 13 and 20. Treasury
deposits with the system on general account advanced.
in the same period by $221,549,000, and the two
items thus largely offset each other. Temporarily,
the effect is to reduce quite materially the swollen
total of excess reserves of member banks, since the
aggregate deposits of member banks on reserve account dwindled to $4,361,278,000 on March 20 from
$4,588,213,000 on March 13. If past practice is
followed, however, the Treasury will utilize without
much delay the funds in its general account with
the Reserve banks, which now stands at $309,517,000,
against $87,968,000 a week earlier. The funds, in
that event, will soon rebuild the reserve deposits of
member banks. This is not to say, of course, that
there is any need or advantage to be cited in excess
reserves aggregating $2,200,000,000 or more. Any
such reserve deposit accumulations, for which the
Treasury itself is largely responsible, remain a highly
explosive potentiality in our credit system, and any
genuineland ilasting[reduction could be counted a
H
1881
gain. The recession now recorded is not likely to
prove of that nature.
There are several other interesting items in the
condition statement now made available. Although
the monetary gold stocks of the country increased
only $3,000,000 in the week covered, the Treasury
deposited $12,897,000 gold certificates with the
Reserve institutions, increasing their holdings of these
instruments to $5,567,221,000 on March 20 from
$5,554,324,000 on March 13. Total reserves were
advanced, accordingly, to $5,835,755,000 from $5,824,135,000. Deposit liabilities of the system were
hardly changed, owing to the offsets in the various
items, and total deposits reported as of March 20
were
,913,618,000, against $4,913,766,000 on
March 13. Federal Reserve notes in actual circulation increased a little to $3,139,753,000 from $3,136,652,000, but the net circulation of Federal Reserve
bank notes remained stationary at $100,000. The
increase in reserves overshadowed the small gain in
circulation liabilities, and as deposit liabilities were
unchanged, the ratio of total reserves to deposit and
Federal Reserve note liabilities combined advanced
to 72.5% on March 20 from 72.3% on March 13.
Discounts by the system showed a small advance,
after a long period of almost stationary figures, the
increase of $1,232,000 carrying the total to $7,657,000from $6,425,000. Even this small increase would
be welcome if it represented a real increase in business activity, but such is probably not the case.
Industrial advances by the Reserve banks continued
their slow rise, the total increasing to $20,409,000
from $19,869,000. Open market bill holdings were
$206,000 lower at $5,299,000. United States Government security holdings decreased only $54,000 to
$2,430,307,000.
The New York Stock Market
HE vast and ever-increasing array of political
and monetary uncertainties depressed securities in most sessions on the New York Stock Exchange this week, and also kept trading to very
small levels, as there is little current incentive for
investment transactions. Stocks declined quite generally on Monday, as European developments caused
intense concern. German announcements that.conscription would be reintroduced and an extensive
army thus formed created uncertainty on the political side, while foreign exchange restrictions in Belgium caused equal dubiety regarding international
monetary developments. Prices of all leading equities were marked lower, with American Telephone &
Telegraph shares especially weak, owing to the decision in Washington to proceed with a general investigation of this company. Telephone closed below par value for the first time since May 1933.
Stocks steadied toward the close of the session, but
the total turnover was only a little more than 500,000
shares. The atmosphere improved somewhat on
Tuesday, and the losses of the previous session were
largely regained. Fears of immediate drastic developments in Europe diminished on the exchange
of communications between Berlin and London.
Transactions were even smaller than in the first
session of the week, but they were chiefly on the
buying side. Dealings on Wednesday were still
more modest, and most issues showed little change.
A sharp decline developed, however, in tobacco
stocks, on fears that increased local taxation of the
T
1882
Financial Chronicle
products here and there soon will become a national
movement, similar to gasoline taxation. The market
on Thursday again was sectional, but more active,
as close to 900,000 shares were traded. Utility
issues advanced on rumors that New York City will
not receive Federal aid in the construction of a
power plant to compete with existing private companies. Railroad stocks were depressed, however,
while other issues showed little net change. Movements yesterday were small and in both directions,
until late in the day, when a sharp upswing developed under the leadership of railroad stocks.
United States Government securities were depressed in the listed bond market by the threat of
inflationary legislation on the soldiers' bonus.
There were rallies at times, but they always proved
short-lived. High-grade corporate bonds were well
maintained, while speculative issues followed the
general trend of equities. Foreign bonds were
marked drastically lower on the European situation,
with Belgian issues more depressed than others. In
the initial session of the week, cotton tumbled
sharply and other commodities also were lower.
Commodity figures improved a little on Tuesday
and Wednesday, but again receded thereafter, and
these uncertain movements did not help the securities markets. In the foreign exchange market all
eyes were on the belga. The foreign exchange restrictions in that country and the partial gold embargo
steadied quotations for a time, but fluctuations were
large yesterday, and the selling of the belga did not
contribute to a belief that the unit could be maintained very long on the gold standard, notwithstanding reassuring statements by Belgian political and
financial leaders. Sterling was firm on the transfer
of funds from the Continent to London, and the
United States dollar also held well. Trade and industrial reports in this country proved much in accordance with expectations, only slight seasonal
changes being in evidence. Steel-making in the week
ending to-day was estimated by the American Iron &
Steel Institute at 46.8% of capacity against 47.1%
last week. Electric power production in the week
to March 16 was reported by the Edison Electric
Institute at 1,728,323,000 kilowatt hours against
1,724,131,000 kilowatt hours in the preceding weekly
period. Car loadings of revenue freight in the week
ended March 16 were 597,432 cars, an increase of
10,162 cars over the previous week, the American
Railway Association reports.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 951/
4c. as against 927
/8c. the close on
Friday of last week. May corn at Chicago closed
yesterday at 785
/
8c. as against 79Y8c. the close on
Friday of last week. May oats at Chicago closed
yesterday at 44/
1
4c. as against 46/
1
4c. the close on
Friday of last week. The spot price for cotton here
in New York closed yesterday at 11.23c. as against
11.50c. the close on Friday of last week. Domestic
copper closed yesterday at 9c., the same as on Friday
of last week.
In London the price of bar silver was 273/16 pence
per ounce as against 27 5/16 pence per ounce on
Friday of last week, and spot silver in New York
closed yesterday at 59c. as against 591/
8c. In the
matter of the foreign exchanges, cable transfers on
/
4 as against
London closed yesterday at $4.771
the
close
on Friday of last week, while cable
$4.971/
2
March 23 1935
transfers on Paris closed yesterday at 6.597
/8c. as
against 6.59Y2c. the close on Friday of last week.
Among the dividend declarations for the week,
American Brake Shoe & Foundry Co. declared an
extra dividend of 5c. a share, in addition to the regular quarterly of 20c. a share, on the common stock,
both payable March 30. On the other hand, Pacific
Lighting Corp. decreased the dividend on its common stock from 75c. a share to 60c. a share, payable
May 15; this is the first reduction in the company's
dividend rate since 1899. On the New York Stock
Exchange 45 stocks touched new high levels for
the year and 199 stocks touched new low levels.
On the New York Curb Exchange 38 stocks
touched new high levels and 93 stocks touched
new low levels. Call loans on the New York Stock
Exchange remained unchanged at 1%.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 300,500
shares; on Monday they were 593,612 shares; on
Tuesday, 509,549 shares; on Wednesday, 488,449
shares; on Thursday, 889,610 shares, and on Friday,
780,898 shares. On the New York Curb Exchange
the sales last Saturday were 59,555 shares; on Monday, 113,965 shares; on Tuesday, 105,070 shares; on
Wednesday, 101,050 shares; on, Thursday, 146,770
shares, and on Friday, 141,265 shares.
Trading on the Stock Exchange was irregular and
quiet in the fore part of the week, with a gradual
improvement setting in as the week progressed. At
the close on Friday, the market reflected a better
tone, with prices in many instances higher than on
the same day one week ago. General Electric closed
yesterday at 22% against 21% on Friday of last
week; Consolidated Gas of N. Y. at 19% against
163%; Columbia Gas & Elec. at 6 against 4; Public
Service of N. J. at 24% against 21%; J. I. Case
Threshing Machine at 50% against 49; International Harvester at 377
/
8 against 36; Sears Roebuck
& Co. at 35% against 34; Montgomery Ward & Co.
1
2 against 23%; Woolworth at 537
at 24/
/
8 against
521/
4; American Tel. & Tel. at 103 against 103%,
and American Can at 1151/2 against 114/
1
4.
Allied Chemical & Dye closed yesterday at 1301/
2
against 129/
1
4 on Friday of last week; E. I. du Pont
de Nemours at 90% against 881/
8; National Cash
Register A at 14/
1
2 against 137
/8; International
Nickel at 23% against 23/
1
4; National Dairy Products at 131/
2 against 15; Texas Gulf Sulphur at 31%
against 311/
2; National Biscuit at 25 against 26;
Continental Can at 68 against 67; Eastman Kodak
at 118 against 1181/
2; Standard Brands at 143
%
against 15%; Westinghouse Elec. & Mfg. at 36
against 34; Columbian Carbon at 731/
2 against 72½;
Lorillard at 19/
1
4 against 198%; United States Industrial Alcohol at 37/
1
2 against 36½; Canada Dry at
8; Schenley Distillers at 261/
101/
8 against 101/
8
/
8, and National Distillers at 267
against 247
/8
1
2
.
against 27/
The steel stocks are higher for the week. United
States Steel closed yesterday at 30 against 29 on
Friday of last week; Bethlehem Steel at 25 against
24; Republic Steel at 11 against 91/
2, and Youngstown Sheet & Tube at 15 against 14. In the motor
group, Auburn Auto closed yesterday at 171/
2
4 on Friday of last week; General Motors
against 161/
/
8; Chrysler at 34% against 32%,
at 28% against 277
/8 against 17
and Hupp Motors at 17
/
8. In the rubber
group, Goodyear Tire & Rubber closed yesterday at
Volume 140
Financial Chronicle
18% against 17% on Friday of last week; B.F. Good4, and United States Rubber
rich at 8% against 81/
at 11% against 10.
The railroad shares show gains for the week.
Pennsylvania RR. closed yesterday at 1914 against
18 on Friday of last week; Atchiso4 Topeka & Santa
8
4; New York Central at 141/
/8 against 401/
Fe at 407
against 131/
8; Union Pacific at 89% against 87;
Southern Pacific at 14% against 13%; Southern
Railway at 9% against 8%, and Northern Pacific
2. Among the oil stocks, Standat 147
/
8 against 141/
N.
J.
closed
yesterday at 377
/8 against 36%
ard Oil of
week;
last
Shell
of
Union
Oil at 5%
Friday
on
/
4 against
against 5%, and Atlantic Refining at 221
21%. In the copper group, Anaconda Copper closed
yesterday at 91/4 against 8% on Friday of last week;
*Kennecott Copper at 15 against 14%; American
8 against 33, and Phelps
Smelting & Refining at 341/
Dodge at 13% against 13%.
European Stock Markets
CLOCK markets in the leading European financial
1.3 centers were irregular this week, partly because
of the disconcertingly rapid rearmament announced
by a number of countries, and partly because of uncertainty regarding the currency situation. The
German announcement of conscription and an intention to raise a standing army far in excess of the
limitations contained in the Versailles accord caused
great nervousness at London and Paris, where it
was feared for a time that another war scare might
develop. Effects of the German announcement were
apparent all week in the consultations and exchanges
of diplomatic communications among the Powers,
but when it appeared that untoward developments
would be avoided for the time being, more confidence
was shown and the tone of the markets improved.
The Berlin Boerse, on the contrary, was stimulated
markedly by the German declaration, as it was evident that the equipment needed for the enlarged
German forces would keep some German industries
busy. The virtual defection of Belgium from the
gold bloc was seen in a gold embargo and restrictions
on foreign exchange transactions, announced by the
Brussels Government last Monday, and this incident
proved decidedly unsettling. Fall of the Belgian
Cabinet followed on Tuesday and made the international currency situation even more uncertain. In
consequence of these uncertainties, trading at London and Paris was very quiet all week, although
greater activity was noted at Berlin. Trade and
industrial indices in the foremost countries of
Europe fail to reflect any noteworthy changes.
On the London Stock Exchange the week-end announcement of rearmament by Germany occasioned
some precautionary liquidation of British funds,
when trading was resumed on Monday. Investors
were inclined to await developments, and quotations
dropped rather sharply, even though trading was
light. Industrial securities were well maintained,
with steel and aviation company shares in best demand. German bonds dropped precipitately at first
in the foreign section, but recovered part of their
losses. Anglo-American trading favorites were dull.
The tone on Tuesday was better in all departments,
as the exchange of communications between London
and Berlin proved- reassuring as to the political situation. British funds recovered sharply and held
most of their gains. In the industrial section issues that might be affected by increased armaments
1883
again proved attractive. German bonds were marked
slightly higher, and trans-Atlantic issues likewise
improved. The London market was faced, Wednesday, with the overnight announcement of the resignation of the Belgian Cabinet and by wide fluctuations in foreign exchange rates. British funds were
slightly easier, but in the industrial section large
losses were recorded in iron and steel company
shares, owing to liquidation based on the theory
that devaluation of the Belga would increase competition from Belgian mills. Stocks of aircraft manufacturing companies, however, remained in excellent demand. The international section was irregular, with changes small. Dealings on Thursday again
were marked by general uncertainty. British funds
dropped sharply on modest dealings. Losses predominated in the industrial stocks, but iron and steel
shares recovered some of their previous losses and
airplane stocks continued to advance. Gold mining
shares and international securities were firm. No
change in conditions occurred on the London market
yesterday. Almost all securities drifted lower.
All departments of the Paris Bourse showed losses
on Monday, owing to the German announcement of
military increases and the nervousness it occasioned.
Rentes were down about one franc, and equities also
receded. The Young plan bonds of the German Government fell sensationally, but other issues in the
international department were resistant. Dealings
on Tuesday were very modest, and the trend was irregular. Rentes held well, while stocks of companies manufacturing armaments or capable of
doing so were bid higher. The resignation of the
Belgian Cabinet became known in the last hour of
trading on the Bourse, and this again unsettled the
market, causing general weakness. Sentiment was
gloomy on the Bourse, Wednesday, and recessions
took place in almost all securities with the exception
of a few armaments issues. Sharp fluctuations in
Belga exchange caused a drop in rentes, while most
French equities were neglected and slowly receded.
The international section was quiet, with the exception of a further steep decline in German bonds. Nor
was there any improvement on Thursday, when the
German rejection of the French protest against rearmament caused renewed unsettlement. Rentes and
German bonds were marked sharply lower. French
bank, utility and industrial stocks all joined in the
decline, no exceptions being noted in this session,
even the armaments issues falling. International
securities were firm, with the exception of German
bonds. Rentes again declined yesterday, but small
gains appeared in other securities.
On the Berlin Boerse a boom developed, Monday,
in stocks of companies engaged in the manufacture
of war materials. Trading in Berlin Karlsruhe Industrie, formerly known as Deutsche Waffen (German Arms) was halted after an advance of.7%
points, and buying orders thereafter were filled only
up to 50% of the orders. Stocks of motor and machine companies were almost as strong, but advances
in the general list were small. Gains on Tuesday
were general and quite pronounced, with issues of
armaments companies again in better demand than
others. Numerous advances of a point or two were
registered, and in some cases the gains were even
larger. German Government obligations were easy,
but other fixed-interest issues advanced. The enthusiasm occasioned in Germany by the rearmament
plans again was in evidence on the Boerse, Wednes-
1884
Financial Chronicle
day, when all industrial stocks showed sharp advances. Shipping stocks joined in the advance, and
trading was lively. Profit-taking finally made its
appearance on Thursday, and recessions were the
rule as professional traders liquidated some of their
holdings. Most sections of the market were quiet
and little changed, but some specialties fell a point
or two. After a good opening yesterday, prices
dropped, but small net gains, nevertheless, were general at the close.
March 23 1935
on a genuine gold basis could be accomplished for
some time to come. The chief immediate danger to
the currency is the growth of devaluationist sentiment within Belgium, and it is significant that the
fall of the Theunis Cabinet was due directly to that
circumstance.
Arrangements were made last week for the visit
of the Belgian Ministers to Paris, on Monday, in
order to consider ways of aiding the Belga and keeping it solidly on gold. The situation became more
critical over the last week-end, and the visit was advanced and held last Sunday. Premier George
Theunis, Finance Minister Camille Gutt, Foreign
Minister Paul Hymans, and Emile Francqui, Minister without portfolio, all proceeded to the French
capital, where they conferred at great length with
leading French Ministers and financiers. At the
end of the conferences, Paul Hymans remarked
cryptically that "the Belga is saved," but he offered
no information on the method by which it was saved.
An official communication, issued later, stated that
French and Belgian authorities were in accord on
defense of their currencies against speculation. It
was soon made evident, however, that the Paris conference was not entirely satisfactory, as two royal
decrees were issued late Sunday in Brussels to "put
a stop" to speculation in Belgas. A national exchange office was established under the aegis of the
National Bank of Belgium, and all foreign exchange
dealings and gold movements made subject to its
control. In a brief statement before the Belgian
Chamber of Deputies, Tuesday, Premier Theunis announced the resignation of his Cabinet, on the
ground that it could not prevent the threat to the
currency. King Leopold thereupon began conferences with political leaders, with the idea of forming a National Union Cabinet that would have the
support of all parties. •
Gold for Silver
TRANSACTIONS by the United States Treasury
1. with other nations, which involve the virtual
barter of American gold for new silver produced
elsewhere, were made known in Washington, Wednesday. Public announcement was made of the sale
to Mexico, that day, of 32,000 ounces of gold at $35
an ounce, or a total cost, with handling charges, of
$1,122,800. This metal was acquired by the Bank
of Mexico chiefly with the proceeds of silver sold
to the United States Treasury. American silver purchases, it appeared, had depleted the currency reserves of Mexico,and the gold was desired as backing.
It developed also that the Treasury last December
sold in the same manner 10,000 ounces of gold to
Guatemala, for which silver was taken in payment.
These incidents have, of course, no particular importance in themselves, as the amounts involved are
small in relation to the huge monetary gold stocks of
the United States. They have some significance,
however, as indications of a changed attitude in
Washington on the silver purchase program which
Congress voted last year and left in the President's
hands for fulfillment. In place of market purchases
that drive the price of the white metal upward rapidly and cause disequilibrium in the currency systems of countries on the silver standard, it appears
that exchanges of the current nature may be tried
Europe Rearms
for a while Secretary of the Treasury Henry MorRASTIC
and
probably irrevocable steps were
stated
on
genthau, Jr.,
Thursday that the United
taken in Europe this week toward making that
States Government is prepared to sell gold to foreign
countries that can offer attractive propositions. But continent again an armed camp,in which the leading
no other negotiations are in progress at this time, he nations at some future time may well find irresistible
the temptation to fly at each other's throats, as they
added.
did in 1914. Chancellor Adolf Hitler and his Nazi
Belgian Currency Restrictions
associates in the German Government last Saturday
ENTIMENT in Belgium for devaluation of that tore into shreds all the important military clauses
country's currency, coupled with heavy pressure of the Versailles Treaty by announcing that comon the Belga in foreign exchange markets, rendered pulsory military service would be reinstituted in the
acute this week the question whether the gold bloc Reich immediately. The German conscript army
will remain impregnable for any length of time. thus to be raised is variously estimated at 324,000 to
Four Belgian Ministers conferred in Paris last Sun- 500,000 men. This action by Germany followed only
day with Premier Pierre-Etienne Flandin and the a few hours after the French Chamber of Deputies
usual attempts were made to depict the meeting as voted approval for a French Government plan to
successful. But the Belgian group had only just increase the army term in that country from one
returned to Brussels when they announced the resig- year to two years. Although the measures to be
nation of the entire Cabinet. Before resigning, the taken in France appear to furnish some grounds
Belgian Government placed in effect a licensing sys- for the German announcement,there is no doubt that
tem for gold exports, and gave the Belgian central the Reich merely awaited a favorable opportunity
bank control over foreign exchange dealings. The for terminating the armaments sections of the Vernature of the control now to be exercised will de- sailles treaty, as it had already terminated by unitermine, of course, the actual status of the Belga in lateral action some of the other sections of that uninternational dealings. But the mere fact that such fortunate document. Germany is not supposed to
measures were found necessary is accepted generally possess an air force, but it was indicated officially
as an indication that the Belga has joined the lira by the Berlin Government several weeks ago that an
and the German mark as a gold currency in name extensive air force actually had been developed. Gerrather than in fact. It remains true, however, that man rearmament has been an open secret for several
Belgium still has a quite comfortable gold reserve years, but the formal announcement of German inand there is no doubt that maintenance of the unit tentions nevertheless caused endless agitation and
D
S
Volume 140
Financial Chronicle
the most frantic diplomatic consultations since the
period just before the World War. It is already
quite evident, however, that there will be no repetition of the events of 1914, at least for the time being.
In a diplomatic sense the German announcement
proved a bombshell, which threw all the European
Chancelleries into the utmost confusion. It followed
by only a few weeks the British Government's budgetary increases for all branches of the British defense services. Like the British measures, the German announcement threw into doubt the prospective
visit to Berlin by Sir John Simon,Foreign Secretary
in the London Cabinet. A cold which Chancellor
Hitler developed was made the pretext for postponement of Sir John's visit and it is now evident that
the German authorities decided to take quick advantage of the British and French armaments increases to announce a similar policy of their own.
It would be idle to deny that the former Allies are
in good part to blame for the course that events now
have taken, not only because of their recent armaments measures, but also because of their persistent
disregard of the requirements in the Versailles
Treaty for disarmament to the German level. The
German Government made the most of all phases of
the situation when it declared its intention of rearming.
Immediate questions posed by the German declaration related firstly to the measures other nations
in Europe might take to meet this new threat to
peace, and secondly to the proposed visit by Foreign
Secretary Sir John Simon to Berlin, scheduled for
the first days of the coming week. England was
looked to by the former Allies to furnish the lead
in the matter, and the Cabinet in London was, of
course, well aware of its enormous responsibilities.
After extensive consultations with Paris and Rome,
the London Government on Monday sent a note to
Berlin in which stern objections were made to the
unilateral defiance by the Reich of the armaments
sections of the Versailles accord. But the note ended
tamely with a request that Berlin give assurances
regarding German willingness to confer on all points
raised in the Anglo-French memorandum of Feb. 3.
That memorandum invited Germany to join the
Western European nations in a pact of mutual aerial
defense, and it was suggested at the same time that
the Reich rejoin the League of Nations, sign the
proposed Eastern Locarno accord, and join in a
pact guaranteeing Central European territorial
boundaries. It was commonly accepted that the
former Allies would agree to legalize German rearmament in return for German acceptance of these
proposals. But Germany now has simply taken all
the concessions that the British, French and other
governments apparently were willing to make, and it
is evident that European diplomatic schemes must
be recast almost in their entirety in the light of the
newest developments. Some surprise was occasioned, accordingly, by Sir John Simon's willingness
to journey to Berlin for the scheduled conversations.
The German Government, needless to say, accepted
the British suggestion with alacrity, and Sir John
will fly to Berlin to-morrow. There will be a preliminary meeting of British, French and Italian
representatives in Paris, to-day, but it will be
attended for Great Britain by Captain Anthony
Eden, Lord Privy Seal, and not by Sir John
Simon.
1885,-.1
Hitler's Announcement
HANCELLOR ADOLF HITLER made his announcement of German intentions to resume
conscription late last Saturday, both in formal declaration to the German people and in diplomatic
notifications at other European capitals. It would
seem that the German authorities awaited the outcome of a debate in the French Chamber on a proposal for increasing the military term in that country to two years, for the Berlin declaration came
only a few hours after the Chamber gave its approval. The French and German arguments alike
were to the effect that the other country's increases
made new additions necessary. The French increases in the term of service, however, was directed
mainly at keeping the army to its normal strength
during the so-called "lean period," made so by the
small number of French births during the World
War. On this proposal the Government of Premier Pierre-Etienne Flandin was supported in the
final test by 354 Deputies, while 210 voted against
him. Chancellor Hitler, of course, has no opposition
to consider, and he issued his virtual ultimatum on
German rearmament without delay.
Texts of the German diplomatic notifications on
rearmament were not made available, but it is significant that London gained the impression of a
German conscript army of 500,000 men. In his
declaration to the German people, however, Chancellor Hitler stated that the new army will have
an initial peacetime strength of 324,000 men, comprised in 12 army corps of 36 divisions in all, each
division to have 9,000 men. This contrasts with
the army of 100,000 men permitted the Reich under
the Versailles treaty. It is, however, only slightly
in excess of the 300,000 strength talked about for
Germany last year, when the matter of a permitted
increase first came up for serious diplomatic discussion. The regulations for this universal conscription in the Reich are to be formulated by Minister of Defense Werner von Blomberg, head of the
Reichswehr, or regular German army. In addition
to the army force thus to be formed, the Reich is
known to have .developed an air force estimated at
40,000 men. The German navy contains 15,000 men
under the Versailles treaty, but nothing was said
by the German Nazi leaders concerning the naval
problem. It was immediately assumed in some quarters that the Reich would proceed to tear up such
further sections of the Versailles Treaty as relate
to demilitarization of the Rhineland, but this matter
does not appear to have come up in diplomatic ways.
The German authorities essayed to justify their
action in a protracted declaration to the German
people, which obviously was intended also for consumption in all other countries. Much was made
in this statement of the German reliance upon
President Wilson's 14 points, which were 60 flagrantly disregarded in the peace settlement. Germany also was portrayed as a firm believer in the
idea of the League of Nations, until it was shown
that the actual League organization falls painfully
short of the ideal. It also was remarked that Germany fulfilled faithfully the disarmament clauses
of the Versailles Treaty, in the belief that international disarmament would follow. The victorious
former Allies were accused in the declaration of
having destroyed the bases of the peace settlement
by their unilateral disregard of their disarmament
C
Financial Chronicle
1886
obligations. After reviewing, from the German
viewpoint, all the long disarmament negotiations of
recent years, and the constant increases of armaments in other countries, the declaration remarks
that under the circumstances the German Government finds it impossible to refrain from taking
necessary measures for the security of the Reich.
The Government also gave "assurance of its determination never to proceed beyond the safeguarding
of German honor and freedom of the Reich, and
especially does it not intend in rearming Germany
to create any instrument for warlike attack, but, to
the contrary, exclusively for defense and thereby
for the maintenance of peace."
Needless to say, this declaration was received with
immense enthusiasm throughout the German Reich.
It was followed last Sunday by a military display
in Berlin quite reminiscent of the parades common
before 1914. Memorial services for the German war
dead were made the occasion for the German display last Sunday, in which long lines of troops
marched down Unter den Linden, the broad thoroughfare in the heart of the capital. General von
Blomberg was the chief speaker at the memorial
ceremonies, and in his address he emphasized that
the resumption of conscription means that Germany
"has created the foundation for the security of the
Reich." On Tuesday the German people were given
another indication of the growing military strength
of their country, by means of military airplane
maneuvers above Berlin, in which 62 machines took
part. This was followed late Tuesday by an experimental period of darkness in the capital, designed
to train the populace against air raids. Similar
measures have, of course, been common in all leading European cities in recent years. Efforts were
made by foreign correspondents in Berlin to determine the figures to which the German army will be
increased under conscription, but this matter remains somewhat vague. It was estimated variously
that the army will be increased to totals of 324,000
to 600,000 men. Even at the latter figure, the German army would still be smaller than the forces of
Russia, France or Italy, although previous to the
World War Germany had the second largest standing army in Europe.
Other Nations Protest
HEGerman announcement, made known generally last Sunday, was followed by a period
of intense diplomatic consultations among Great
Britain, France, Italy and Russia, while consideration was given the problem as a matter of course in
all other capitals, including Washington. There
was little surprise anywhere over the German declaration, since it long has been known that the Reich
has made much progress in its secret rearmament.
But the formal announcement meant a distinct
change in the diplomatic atmosphere, not only because of the effect on the armaments clauses of the
Versailles Treaty, but also because the Germans
calmly appropriated the trump cards in the Allied
diplomatic deck. The British Government carefully
refrained from calling a formal meeting of the Cabinet last Sunday, since a Sunday meeting is almost
a sign of desperation. The leading Ministers hastily
gathered at 10 Downing Street, however, and surveyed the situation. Telephone lines to the Continent were kept busy in the exchange of international views, and there were also numerous consul-
T
March 23 1935
tations of French, British and Italian Ambassadors
with officials of the various countries to which they
are assigned. There was a tense period, in which
it was thought that some joint action by the former
Allied nations might be decided upon, but the apprehensions were allayed when the British Government
dispatched to Berlin, on Monday, its formal protest
against the unilateral infringement by Germany of
the armaments sections of the Versailles treaty and
its request for assurances that the German Government still desired to consult on the questions raised
in the Anglo-French memorandum.
It was remarked in the British note that the German declaration followed the announcement of a
German air force and is "a further example of unilateral action which, apart from the issue of principle, is calculated seriously to increase the uneasiness of Europe." Germany was reminded of the
Anglo-French memorandum of Feb. 3, and of the
effort which it signified to attain a general settlement freely negotiated between Germany and other
Powers and agreements regarding armaments. "But
the attainment of a comprehensive agreement," the
British note added,"cannot be facilitated by putting
forward as a decision already arrived at strengths
for military effectives greatly exceeding any before
suggested—strengths, moreover, which, if maintained unaltered, must make more difficult, if not
impossible, agreement of the other Powers vitally
concerned." After expressing unwillingness to abandon any opportunity of promoting a general understanding, the note remarked that the British Government "wish to be assured that the German Government still desire the visit to take place within
the scope and for the purposes previously agreed."
Sir John Simon announced late on Monday, before
the House of Commons, that the note had been sent
and acceptance immediately received from Berlin.
These statements and his further announcement that
he would proceed to Berlin to-morrow, as planned,
was received with cheers from all sections of the
House. In Great Britain generally, the German
declaration and the subsequent developments were
received with calm. Relief was expressed in many
circles that the entire matter of German rearmament at length had been brought into the open, and
it was pointed out that the events would make for
realism in European diplomacy.
In Paris, on the other hand, the German declaration caused immense excitement and endless denunciations of the German Government and all its
doings. But French realism also was apparent in
prompt endeavors to strengthen French alliances
and to take more effective measures for a general
disarmament or arms limitation agreement among
the leading Powers of the world. It was admitted
readily that no hope exists of getting the Reich to
retract its steps, and the tendency was rather to
consider what further concessions the German Government might demand in return for re-entry into
the League of Nations and signature of the Eastern
Locarno and Central European pacts. Militarization of the Rhineland, it was surmised, would be one
demand to be expected now from the Reich, while
some circles believed that a request also would be
made for withdrawal by the former Allies of what
Germany considers the "war guilt lie." The British
note to the Reich was criticized for its mildness,
while the British decision to continue the scheduled
negotiations with Germany caused distinct concern.
Volume 140
Financial Chronicle
Some reports state that the British decisions were
made without consideration for French views, which
call for closer collaboration of Great Britain, France
and Italy. It developed, Tuesday, that Sir John
Simon's visit to Berlin was opposed by France, but
London reports indicated that the views were reconciled, at least in part, as Sir John will be, in a practical if not a technical sense, the spokesman for all
the former Allied nations at Berlin.
France and Italy, after extensive consideration of
the situation, decided to send notes of protest to
Berlin against the rearmament plans of the German
Government, and the communications were lodged
with the German Government on Thursday by the
Ambassadors of the two countries. But they received a frigid reception. France also took measures to lay the German infringement of the Versailles treaty before the League of Nations, and that
body thus is faced with another crisis that it can
hardly hope to settle with any satisfaction. French
authorities clearly were much perturbed by the developments, which showed that the unity of views
between Paris and London has been greatly exaggerated in recent months. Premier Flandin went before the Chamber of Deputies on Wednesday and
made a long defense of the increase of French military service to two years. Little was said officially
in Rome regarding the German plans, but there
were hints that the Italian Government is prepared
to adopt stringent measures. Such hints doubtless
were intended mainly to increase Italian prestige
in other countries, since Italy now is fully occupied
with her adventures in Abyssinia.
The French protest, which was delivered on
Thursday, called attention to the clauses of the Versailles treaty which the German Government violates in its rearmament plans, and it also dilates on
the Anglo-French memorandum. Two conclusions
must be drawn as a consequence of the German
measures, the French note states. These are,
firstly, that the Reich Government deliberately fails
to recognize the essential principle of the law of
mankind that no Power can withdraw from treaty
engagements or modify their stipulations without
the consent of other contracting parties, and secondly, that the Reich Government deliberately took
the measures most suited to compromise by unilateral action the negotiations already in progress.
The "most formal protest" was entered against the
German measures, and the German Government was
charged with responsibility for the uneasiness thus
created in the world. In any negotiations that may
follow, France will refuse to accept unilateral decisions taken in violation of international commitments, it was added. The Italian protest was
couched in similar terms.
The German reply to the French and Italian
representations was made immediately upon delivery of the two notes, and it was not of a character
to increase international good-will. The German
Foreign Minister, Baron Konstantin von Neurath,
informed the French and Italian Ambassadors that
the notes do not take the actual situation into account, and for this reason the German Government
declined to entertain the protests. In an official
statement, the Berlin Government announced later
that the basis of the notes could not be acknowledged, as "the disarmament promises of the other
Versailles signatories had not been fulfilled." German spokesmen pointed out that they had been pro-
1887
testing for 15 years about the failure of other
nations to live up to their disarmament promises.
Pierre Laval, Foreign Minister of France, also
sent, on Thursday, to the League of Nations a brief
note recapitulating the recent developments and requesting the League officials to convoke an extraordinary session of the League Council. SecretaryGeneral J. A. C. Avenol immediately began consultations with other countries represented on the Council, in order to fix a date for the meeting. The
French request was made under Article XI of the
Covenant, which gives members the right to raise
questions affecting international relations in general. Under other sections, the League might have
to consider sanctions. There was general apprehension in Geneva regarding the forthcoming meeting,
which probably will take place in April, as the prestige of the League is now so low that it can ill afford
additional shocks. In Moscow, it was made known
that the full support of the Soviet Government would
be given France in its formal protests before the
League Council. But the German authorities were
not in the least perturbed by the appeal to the Geneva organization, from which they resigned almost
two years ago. Arrangements finally were completed Wednesday and Thursday for a preliminary
survey of the situation by representatives of Great
Britain, France and Italy, and a meeting will be
held in Paris for this purpose to-day. It will be
attended •by Captain Anthony Eden, Lord Privy
Seal, for Great Britain, and the decision of Foreign
Minister Sir John Simon not to attend the gathering
proved another shock to French sentiment. Sir John
indicated in the House of Commons, Thursday, that
a four-Power meeting, which would include Germany, probably will take place after the Berlin conversations in order to consider the position. M.
Laval, in behalf of the French Government, made
it known that he would soon journey to Moscow, and
the inference was generally drawn that attempts to
arrange a firmer alliance between France and Russia
would be made.
The United States Government, fortunately, took
a calm and realistic view of the whole situation, even
though it is party to the German agreement to limit
armaments. That agreement was incorporated in
the separate treaties made with Germany when the
United States Senate refused to ratify the Versailles
treaty. It was pointed out immediately in Washington that no grave emergency would be likely as a
consequence of the German action. Several years
probably would be required for the Reich to digest
this latest step in the process of destroying the Versailles accord, according to Washington views, and
further steps to overcome the disadvantages of that
pact doubtless will be a matter of international negotiation for some time to come. Some consideration
was given, this week, to the advisability of dispatching a note to Berlin, in connection with the violation of the German armaments clauses of the treaties
between the United States and the Reich. But
action probably will be delayed, at least until the
results of Sir John Simon's conversations in Berlin
are made known. The United States, President
Roosevelt said on Wednesday, would maintain its
attitude of the "good neighbor." Washington Congressional circles, according to dispatches from the
capital, were increasingly impressed by the need
for a "hands off" policy in European political
affairs.
1888
Financial Chronicle
Italy and Yugoslavia
MITY and a spirit of co-operation apparently
are to replace the bickering and dangerous
"incidents" that long marked the relations between
Italy and Yugoslavia. A new Italian Minister to
Belgrade was received late last week by Prince Paul,
head of the Yugoslavian regency, and he proclaimed
a new Italian policy as he presented his credentials.
"I am authorized to state," Count Viola di Campalto
said, "that Italy entertains friendly feelings toward
Yugoslavia and that it is not Italy's intention to
disturb her development or attack her territorial
integrity. To the contrary, we desire in Italy to
seize every opportunity to deepen the relations between our two countries until concrete and sincere
co-operation has been rendered possible both in the
political and economic fields." Prince Paul, in his
reply, expressed appreciation of the new Italian
policy and declared that Yugoslavia also desires a
rapprochement between the two Adriatic States. It
was reported from Belgrade, Wednesday, that extensive proposals already have been put before the
Government there by the new Minister. These include a commercial treaty, a treaty of friendship
between Yugoslavia and the Italian ward, Albania,
and Yugoslavian guarantees respecting Austria.
Better relations between Yugoslavia and Hungary
also were promised. These developments reflect
rather accurately the new amity developed lately
bitween France and Italy. In all likelihood, all of
the Balkin nations whose politics are dominated by
Paris and Rome will get along much better hereafter. The opinion prevailed in Belgrade, a dispatch
to the New York "Times" said, that the new arrangements were made possible by French willingness to
permit Italy to satisfy her territorial ambitions at
the expense of Abyssinia, rather than at that of
France's ally, Yugoslavia.
A
March 23 1935
States are not a cause for surprise. If Japan accepts
the olive branch now tendered by Moscow, however,
it will mean that territorial expansion in the Maritime Provinces of Siberia is not now considered
worth the cost by the Japanese strategists. Tokio
could be expected to turn its attention,in that event,
even more definitely than in the past toward consolidation and extension of the gains made in nominally Chinese territory.
Discount Rates of Foreign Central Banks
HERE have been no changes during the week in
the discount rates of any of the foreign central
banks. Present rates at the leading centers are
shown in the table which follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Country
Rate In
Dale
Effea
Afar22 Established
Austria....
Belgium__
B
...
ChIle
Colombia_
Oseehoslovakia____
Danzig_ _ _.
Denmark__
England.,..
Entoppi____
Finland__
France _ _
Germany __
Greece _ _ _ _
Holland__
Preriosis
Rate
4
234
7
434
4
Feb. 23 1935
Aug. 28 1934
Jan. 3 1934
Aug. 23 1932
July 18 1983
434
3
8
534
5
334
4
234
2
5
4
234
4
7
214
Jan. 25 1933
Sept.21 1934
Nov. 29 1933
June 30 1932
gem 25 1934
Dec. 4 1934
May 811934
Sept.30 1932
Oct. 13 1933
Sent. 18 1933
434
3
3
234
534
414
3
5
734
3
Country
Rate in
Effect
Dote
Mar22 Established
Hungary._
India
Ireland- - -Italy
Japan
Java
Jugoslavia.
Lithuania
Norway
Poland_
Portugal_
Rumania
SouthAtrica
Spain
Sweden__
Switzerland
434
334
3
4
3.65
334
5
6
334
5
5
434
4
6
234
2
Oct. 17 1932
Feb. 16 1934
June 30 1932
Nov. 26 1934
July 3 1933
Oct. 31 1934
Feb. 1 1935
Jan. 2 1934
May 23 1933
Oct. 25 1933
Dec. 13 1934
DO. 7 1934
Feb. 21 1933
Oct. 22 1932
Dec. 1 1933
Tan 22 1081
Presiesta
Rate
5
4
334
3
3
4
614
7
4
6
534
6
5
634
3
2
Foreign Money Rates
IN LONDON open market discounts for short bills
on Friday were 9-16% as against 9-16% on
Friday of last week, and 9-16@/% for threemonths' bills as against 9-16@/% on Friday of
last week. Money on call in London on Friday was
M%. At Paris the open market rate remains at
and in Switzerland at 13/2%.
Bank of England Statement
HE statement of the Bank for the week ended
March 20 shows a gain in bullion of £52,488
raising the total to £193,057,746 which compares
with £192,135,996 a year ago. As this was attended
by a contraction of £961,000 in circulation reserves
rose £1,013,000. Public deposits increased £6,408,000 and other deposits fell off £2,940,928. The
latter consists of bankers accounts which decreased
£3,113,747 and other accounts which rose £172,819.
The reserve ratio dropped slightly to 46.73% from
47.12% a week ago; last year the ratio was 53.06%.
Loans on government securities rose £1,180,000 and
those on other securities £1,281,699. Other securities
include discounts and advances which declined
£272,977 and securities which increased £1,554,676.
The rate of discount did not change from 2%. Below
we tabulate the different items with comparisons of
other years:
T
Russo-Japanese Relations Improve
ALE by Soviet Russia of her interests in the
Chinese Eastern Railway to Manchukuo vastly
improved the relations between Moscow and Tokio,
and there are now indications that substantial further gains will be made. Maxim Litvinoff, the
Soviet Foreign Commissar, who has the reputation
of being one of the most astute of European diplomatists, proposed last Saturday a partial demilitarization of the Soviet-Manchurian frontier, and Japanese authorities already have indicated a favorable
view of the idea. The Russian plan was outlined
to Japanese press correspondents in Moscow, a report to the New York "Herald Tribune" states. It
calls for the withdrawal of a specified portion of
the armed forces of Russia and Japan to considerBANK OF ENGLAND'S COMPARATIVE STATEMENT
able distances behind the frontiers. M. Litvinoff
also suggested again that Russo-Japanese amity
Mar. 20
Mar. 21
Mar. 22
Mar. 23
Mar. 25
1935
1934
1933
1931
1932
could be increased if Tokio would sign a two-Power
£
£
£
E
£
non-aggression pact, similar to those now in effect Circulation
377,959,000 369,465,497 364,330,571 358,835,523 348.807,950
14,855,000 12,167,229 29,026,481 10,439,004 9,500,016
Public deposit
between Russia and almost all contiguous countries. Other deposits
145,832,183 143,616,443 119,162,381 106,418.111 91,414,896
Bankers'accounts- 105,259,109 107,555,942 84,944.825 i 73,448,534 57,703.654
The Japanese Government is awaiting details of the
40,573,054 38,080,501 34,217,558 .32,989,577 33,711,242
Other account8_
85,952,044 72,894,732 55,717,779 137,615,906 27,694,684
Government scours
17,897,789 18,461,900 29,665.925 159,916,525 35,783,922
Russian proposal, according to Tokio reports, but Other securities
5,432,920 5,617,584 11,786.094111,272,584 11,362.456
Disci. a-. advances_
12,484,869 12,844,316 17,879,241 48,643,641 24,421,466
Securities
the opinion already prevails that Japan will accept. Reserve
notes & coin 75,098,000 82,670,499 81,044,337 37,574,390 55,710.551
193,057,746 192,135,998 170,374,908 121,400,913 144,518,501
Coln and bullion_
These newest incidents relating to the Far East prob- Proportion
of reserve
b.
46.73%
to liabilities
63.06%
54.68%
32.15%
55.20%
ably are due to Russian apprehensions regarding Bank
2%
rate
2%
2%
3140
3%
Germany, and Japanese intentions to extend the
Bank of France Statement
influence and control of that country in China.
Russia's desire for peace has been made evident in
HE Bank of France statement dated March 15
numberless incidents during the last 15 years, and
shows a decline in gold holdings of 51,519,693
further efforts to improve relations with other francs. The total of gold is now at 82,568,261,850
S
T
1889 i
Financial Chronicle
Volume 140
francs, compared with 74,051,412,553 francs a year
ago and 80,787,797,507 francs two years ago. French
commercial bills discounted and advances against
securities register decreases of 133,000,000 francs and
2,000,000 francs, while bills bought abroad and
creditor current accounts rose 58,000,000 francs and
602,000,000 francs, respectively. Notes in circulation show a contraction of 815,000,000 francs, bringing the total of notes outstanding down to 82,193,039,965 francs. Circulation last year aggregated
81,186,692,880 francs and the previous year 84,816,913,405 francs. The Bank's ratio is now at 80.84%,
compared with 77.67% the same period a year ago
and 76.85% two years ago. A comparison of the
various items for three years appears below:
BANK OF FRANCE'S COMPARATIVE STATEMENT
Changes
for Week
Mar. 15 1935 Mar. 16 1934 Mar. 17 1933
Francs
Francs
Francs
Francs
—51,519,693 82,568,261.850 74,051,412,553 80,787,797,507
No change
10,611,132
13,869,481 2,451,466,301
Gold holdings
Credit Nils. abroad_
a French commercial
bills discounted
—133.000,000 3,636,591,309 5.091,602,369 3,760,613,249
+58.000,000 1.006,893.759 1,055,842,303 1,922,112,447
b Bills bought abr'd
Adv. against secure—2,000,000 3.145,158,970 2,994,673,220 2.717,069,212
Note circulation_ _ _ _ —815,000.000 82,193,039,965 81,186,692,880 84,816,913,405
Cred. current awns +602,000.000 19,945,814,419 14,148,274,695 20,307,408.997
Proport'n of gold on
+0.12%
hand to sight liab_
80.84%
77.67%
76.85%
a Includes bills purchased in France. b Includes bills discounted abroad.
discount of 0.094%, while an issue of $50,000,000
due in 273 days was sold at an average discount of
0.147%, both computations being on an annual bank
discount basis. Call loans on the New York Stock
Exchange held at 1% for all transactions, whether
renewals or new loans. Time money remained at
%@1% for all maturities.
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day, 1% remained
the ruling quotation all through the week for both
new loans and renewals. The time money market
has shown no new developments this week, no transactions having been reported. Rates are nominal at
Yi@1% for two to five months and 1®13i.% for
six months. The market for prime commercial
paper has been moderately active this week, though
the supply of high class offerings has been somewhat
spotty. Rates are V
I% for extra choice names
running from four to six months and 1% for names
less known.
D
Bankers' Acceptances
RANSACTIONS in prime bankers' acceptances
have shown slight improvement this week,
Bank of Germany Statement
though the market is still quiet and trading is below
HE statement for the second quarter of March normal. Rates are unchanged. Quotations of the
reveals a further increase in gold and bullion, American Acceptance Council for bills up to and
the current advance being 313,000 marks. The including 90 days are 3-16% bid and /
1 8% asked;
Bank's gold now aggregates 80,486,000 marks, which for four months, 5-16% bid and /
3 1% asked; for five
compares with 265,730,000 marks a year ago and and six months, M% bid and /% asked. The bill
738,983,000 marks two years ago. Reserve in foreign buying rate of the New York Reserve Bank is
currency, bills of exchange and checks, investments for bills running from 1 to 90 days, Yi% for 91- to
and other liabilities register decreases of 94,000 120-day bills, and 1% for 121- to 180-day bills.
marks, 187,311,000 marks, 1,371,000 marks and The Federal Reserve banks' holdings of acceptances
101,317,000 marks respectively. The proportion of decreased from $5,505,000 to $5,299,000. Their
gold and foreign currency to note circulation is now holdings of acceptances for foreign correspondents
at.2.49%, compared with 8.2% last year and 26.1% also decreased from $224,000 to $206,000. Open
the previous year. Notes in circulation show a market rates for acceptances are nominal in so far
contraction of 86,714,000 marks, bringing the total as the dealers are concerned, as they continue to
of the item down to 3,402,565,000 marks. Circu- fix their own rates. The nominal rates for open
lation last year stood at 3,356,616,000 marks and market acceptances are as follows:
the year before at 3,266,406,000 marks. An increase
SPOT DELIVERY
—180 Days— —150 Days— —120 Days-appears in silver and other coin of 19,734,000 marks,
Bid
Asked
Bid
Asked
Bid
Asked
in notes on other German banks of 3,319,000 marks, Prim eligible bills
34
31
34
SS
NG
X
in advances of 766,000 marks, in other assets of
—90Days— —60Days— —30Days—
Bid
Asked
Bid
Asked
Bid
Asked
4,128,000 marks and in other daily maturing obli- Prime eligible bills
31
34
'se
34
ale
gations of 29,128,000 marks. Below we furnish a
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
31% bid
comparison of the different items for three years:
Eligible non-member banks
31% bid
T
T
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week
Assets—
Gold and bullion
Of which depos. abroad
Reserve in foreign curr_
Bills of exch. and checks
Silver and other coin
Notes on other Ger. bks
Advances
Investments
Other assets
Liabilities—
Notes in circulation__
Other daily matur.obllg
Other liabilities
Propor, of gold de forn
rurr to note alrcurn_
Mar. 15 1935 Mar. 15 1934 Var. 15 1933
Reichsmarks
Retchsmarks Reichsmarks Reichsmarks
+313,000
80,486,000 265.730,000 738,983.000
No change
21,397,000
39,292,000
49,257,000
—94,000
4,434,000
8,732,000 113,327,000
—187.311,000 3,489,037,000 2,837,316,000 2,508,844,000
+19,734,000 158,210,000 258,179.000 255,873,000
+3,319,000
11,749,000
11,437,000
10,810,000
+766,000
64,010,000
77.278,000
82.316,000
—1,371,000 781,105,000 678,922,000 401,131,000
+4,128,000 588,063,000 511,469,000 681,610.000
—86,714,000 3,402,565,000 3,356,616,000 3,266,406.000
+29,128,000 926,485,000 535,307,000 355,014,000
—101,317.000
77,306,000 134,343,000 604,048,000
+0.071
2.49%
Ft 2%
on I Of_
New York Money Market
EALINGS in the New York money market continued this week at the slow pace common for
many months, and rates also were unchanged in all
departments of the market. The Treasury sold on
Monday two issues of discount bills, and the finely
cut rates on these obligations showed very small
reductions, as against previous issues. An issue of
$50,000,000 bills due in 182 days went at an average
D
Discount Rates of the Federal Reserve Banks
THERE have been no changes this week in the
I rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Federal Reserve Bank
Balton
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rale in
Effect on
Mar,22
2
1%
2
2
231
2
2
2
231
231
234
2
Date
Established
Feb.
Feb.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Feb.
8 1934
2 1934
17 1935
8 1934
11 1935
14 1935
19 1935
3 1935
8 1935
21 1934
8 1935
16 1934
Previous
Rate
234
2
231
234
231
2%
2%
3
3
8
234
Course of Sterling Exchange
TERLING exchange showed an active downward trend against the gold bloc currencies at
the beginning of the week, due to the endeavors of
S
Financial Chronicle
1890
France and Belgium to save the belga, but recovered
swiftly following the resignation of the Belgian
Cabinet on Tuesday, as Continental capital sped to
London for refuge. The advance in sterling was
offset later in the week by shipments of gold to
London in response to persistent demand at prices
profitable to arbitrageurs, which were thought to
indicate that the British Control is itself buying gold
either to prevent sterling from appreciating or to
reinforce its relatively small British reserve of gold
against emergencies. The range for sterling this
week has been between $4.73
and $4.803/2 for
bankers'sight bills, compared with a range of between
$4.735
4 and $4.79% last week. The range for cable
transfers has been between $4.73% and $4.805
/,
4 and $4.80
compared with a range of between $4.733
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:
MEAN LONDON CHECK RATE ON PARIS
72.812 Wednesday, Mar. 20
Thursday, Mar. 21
72.137
Mar. 22
Friday,
72.031
Saturday, Mar. 16
Monday, Mar. 18
Tuesday, Mar. 19
72.497
72.398
72.238
LONDON OPEN MARKET GOLD PRICE
Saturday, Mar. 16
145s. 5d. I Wednesday, Mar. 20__145s. 6d.
Thursday, Mar. 21._146s. 10M.
Monday, Mar. 18
146s. lid.
Mar. 22__146s. 5Ad.
*id. Friday,
147s.
Mar.
19
Tuesday,
PRICE PAID FOR GOLD BY UNITED STATES (FEDERAL
RESERVE BANK)
35.00
35.00 1 Wednesday, Mar. 20
Saturday, Mar. 16
Thursday, Mar. 21
Monday, Mar. 18
35.00
35.00
Friday,
Mar. 22
Tuesday, Mar. 19
35.00
35.00
The resignation of the Theunis Cabinet on Tuesday, March 19, following its endeavor to ease the
plight of the belga by placing an embargo on gold
exports and restricting foreign exchange transactions, ended Monday's rally in the gold bloc
currencies and set in motion a trend toward the
pound and the dollar. Sterling advanced on Tuesday
about four cents on news of the Theunis resignation,
rising as high as $4.78%. The currencies of the
sterling group rose sharply with the rise in sterling.
The Scandinavian exchanges moved up 9 to 11
points, Japanese yen gained 12 points to 28.06 cents.
The possibility that Belgium might abandon gold
completely and cheapen its production costs by
depreciating its currency was thought to prompt the
50% increase in the English import duties on primary
iron and steel products, which constitute Belgium's
major export commodity. While it is thought that
Belgium may be led to depreciate her currency in an
effort to offset the increased duties, such action
would undoubtedly only serve to create another
difficulty for her, because France, another important
market, would be opposed to free entry of Belgian
goods if the belga were depreciated.
The strength in sterling was offset by persistent
buying during the week of gold thought to be for the
British Control, as noted above. The buying appeared
to take the form of conversion of existing sterling
balances into gold. British bullion returns for the
week ended March 18 showed that imports of gold
into the United Kingdom were valued at £3,782,367,
of which £2,003,711 came from France, £1,091,694
from India, £525,035 from South Africa, and L18,967 from the United States. Exports were £457,951,
of which £237,901 went to Belgium, and £20,800 to
the United States.
Trading in silver will be resumed on the London
Metal Exchange on May 1, after a lapse of 45 years.
The unit of trading will be 5,000 ounces of fine
March 23 1935
silver, represented by warrants issued by N. Rothschild & Son. Dealings will be in spot and futures up to
three months'forward deliveries. Bullion brokers are
not disturbed by the resumption as dealings on the
metal exchange are expected to be speculative and
unlikely to reduce the turnover in the bullion broker
business.
On Wednesday the Treasury announced the purchase of 32,000 ounces of gold at the present statutory
price of $35.00 an ounce, plus Yi% for handling
charges, to the Bank of Mexico under special license,
to build up its metal reserves, which have been depleted by the silver purchases of the United States.
A hitherto undisclosed sale of 10,000 ounces of gold
was made to Guatemala last December. The $1,120,000 gold purchase by the Bank of Mexico will be
earmarked with the Federal Reserve Bank for the
account of the Mexican Government. The purchase
was effected by means of the dollar balances built up
here as a result of the new policy set up under the
Silver Purchase Act, which provides that the monetary base of the United States shall consist ultimately
of 25% in silver and 75% in gold. The step is viewed
as a furtherance of the friendly relations existing
with our neighbor country and as a possible aid to
stimulation of trade.
On Thursday, Secretary Morgenthau said the two
sales had cleared the way for similar transactions
with other countries, though no other transactions
were pending at this time. The present monetary
stock of the United States, $8,554,000,000, which
amounts to approximately 39% of the world's total
gold supply, is thus thrown open to all countries which
can, to quote the Secretary, "offer an attractive
proposition."
The Treasury's offer to sell gold gave rise to vague
rumors of stabilization on Thursday afternoon, in
view of the gold bloc's difficulties, the disturbing
effects on China's economy of our silver purchase
policy, and the embarassing concentration of gold
in this country. The expectation appears to be that
some kind of agreement may be made between
London and the European gold countries. Such an
agreement could,of course, not be effective unless the
United States did not contemplate further dollar
devaluation. A growing demand that England initiate
stabilization discussions with the gold bloc and the
United States is reported. M. Emile Francqui,
Minister without portfolio in the recent Theunis
Cabinet, who was regarded as an advocate of belga
devaluation, has denied this view and is reported to
have given warning of strong Belgian competition
in the iron and steel markets if Great Britain persists in using currency depreciation for her own
ends. Speculation is also current as to the possibility
of creating an American gold bloc or gold-silver bloc
to benefit United States trade with South America.
The growth of an American gold-silver bloc, using
silver as monetary reserves as well as gold, would in
effect peg the Latin American currencies to the dollar
and would enable the Treasury to carry out its silver
purchase policy without disturbance to the countries
affected. A large gold loan to China is thought possible as such a loan would offset the deflationary
effects of the protracted outflow of silver from
China caused by the American policy Open market
money rates continue unchanged from last week.
Call money against bills is easy at 32% to 34,%.
3%,fourTwo- and three-months' bills are 9-16% to /
Volume 140
Financial Chronicle
months' bills N% to 11-16%, and six-months' bills
11-16% to %%.
The entire supply of available London open market
gold has again been taken for unknown destinations,
generally believed to be for account of hoarders.
On Friday of last week there was available and so
taken £385,000, on Saturday last £224,000, on Monday £303,000, on Tuesday £550,000, on Wednesday
£410,000, on Thursday £494,000 and on Friday
£225,000.
The Bank of England statement for the week
ended March 21 shows an increase in bullion of
£52,488. Total gold holdings now stand at £193,057,746, which compares with £192,135,996 a year
ago and with the minimum of £150,000,000 recommended by the Cunliffe Committee. At the Port of
New York the gold movement for the week ended
March 20, as reported by the Federal Reserve Bank
of New York, consisted of imports of $1,264,000, of
which $1,165,000 came from India and $99,000 from
England. There were no gold exports. The Reserve
Bank reported an increase of $1,032,000 in gold earmarked for foreign account. In tabular form the
gold movement at the Port of New York for the week
ended March 20, as reported by the Federal Reserve
Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,MARCH 14-MARCH 20,INCL.
Imports
Exports
$1,105,000 from India
99,000 from England
None
$1,264,000 total
Net Change in Gold Earmarked for Foreign Account
Increase: $1,032.000
Note—We have been notified that approximately $232,000 of gold was
received at San Francisco from China.
The above figures are for the week ended Wednesday evening. On Thursday $9,300 of gold was received from Guatemala. There were no exports of
the metal but gold held earmarked for foreign account increased $9,300. On Friday there were no
imports or exports of gold or change in gold held
earmarked for foreign account.
Canadian exchange continues to rule at a slight
discount in terms of United States dollars. On
Saturday last Montreal funds were at a discount of
15-16% to /
31%; on Monday at 13-16% to 13/%;
on Tuesday at 1% to 15-16%; on Wednesday at
131% to 13'8%; on Thursday at 1-1-16%, and on
Friday at 1 1-32 to 4
3 %.
Referring to day-to-day rates, sterling exchange
on Saturday last was steady at around Friday's close.
Bankers' sight was $4.7934@$4.80y; cable transfers,
$4.79N@$4.80/. On Monday the pound moved
lower. Bankers' sight was $4.75N@S4.77M; cable
transfers, $4.76N®$4.77%. On Tuesday sterling
showed a marked upward trend, ranging from $4.73
@$4.78% for bankers' sight and from $4.737A@
$4.78% for cable transfers. On Wednesday the
pound advanced fractionally but declined at the
close. Bankers' sight was $4.763/
s@$4.787
/ and
cable transfers were $4.763@$4.79. On Thursday
sterling recovered after an early decline but was off
a trifle on the day. Bankers' sight ranged from $4.75
4
to $4.76 and cable transfers from $4.7534 to $4.763
%
On Friday sterling was higher; the range was $4.763
@$4.78% for bankers' sight and $4.767
/
3@$4.78
for cable transfers. Closing quotations on Friday
were $4.773/g for demand and $4.7714 for cable
transfers. Commercial sight bills finished at $4.76%;
60-day bills at $4.763/; 90-day bills at $4.7534; documents for payment (60_days) at $4.763/g, and seven-
1891
day grain bills .at $4.77. Cotton and grain for
payment closed at $4.76.
Continental and Other Foreign Exchange
XCHANGE on the Continental countries reflects
the gravity of the Belgian crisis. A rally occurred in the gold bloc currencies on Monday, due to
the gold embargo and the official control of Belgian
foreign exchange established by decree on Sunday,
March 17. The National Bank of Belgium was given
sole power to import and export gold bars and coin,
and the export of scrip or cash was forbidden except
against the receipt of foreign exchange. The decrees
likewise prohibited the transfer of balances abroad
without authorization and empowered the Exchange
Control to obtain all necessary information. Despite
a loss of 250,000,000 Belgian francs in the preceding
fortnight, the National Bank of Belgium still had
gold cover of 64%,so that the move was criticized as
premature. However, the restrictions were adopted
only after a conference between Belgian and French
Ministers failed to result in immediate reduction of
the French tariffs on Belgian goods, and was aimed
at bear speculation. Though the Belgian import
balance is greatly improved, the drop in foreign trade
since 1931 and the contraction in industrial activity
have increased the pressure for devaluation. It was
with the object of resisting this pressure that the
Be'gian Bank rejected the French offer of a loan.
The belga made a net gain of 42 points on Monday,
closing above par of $.2354 at $.2358, but futures
continued at heavy discounts. The rally proved of
short duration. On Tuesday the Belgian Cabinet
resigned, forced out by the opposition of the devaluationists to its efforts at economic and financial rehabilitation. Belgas broke well below the gold point.
In Paris the belga fell from 356 francs per 100 belgas
to 353. The failure of the Belgian Bank to check
the decline indicated that the Belgian Exchange Control may be used to bring the currency into parity
with sterling instead of gold, that is, to 13.09 cents
compared with present parity of 23.54 cents. That
such a move would be unwelcome was made apparent
on Wednesday when England announced a 50% increase in the tariff on primary iron and steel products
constituting Belgium's chief exports. In the United
States the possibility of Belgian depreciation threatens the recent trade agreement with Belgium, which
was intended as a step toward easing the tariff barriers which are retarding recovery. The Belgian
crisis is a serious blow to the French Premier's rehabilitation program, which is directed toward
bringing capital into industry by restoring confidence
in French Government securities.
Partial recovery in the gold bloc currencies suggests the possibility that the earnest endeavors in
progress to form a new Cabinet may avert abandonment of gold by Belgium. Since the rigid control
instituted by the Theunis Government as its last act
secures the belga for the present against being forced
off gold, the composition of the new Cabinet will determine whether Belgium is determined to cast off
from gold. Recent developments, discussed above
in connection with the United States Treasury's offer
to sell part of its huge gold stock, with M. Franqui's
denial of devaluation views, may have the effect of
deferring Belgian devaluation for the time, at least.
This week the Bank of France shows a decrease in
gold holdings of 51,519,693 francs. The total gold
of the Bank of France now stands at 82,568,261,850
E
Financial Chronicle
1892
francs, compared with 74,051,412,553 francs a year
ago and with 28,935,000,000 francs when the unit
was stabilized in June, 1928. The Bank's raito is
at the high figure of 80.84%, which compares with
77.67% a year ago and with legal requirement of 35%.
The Italian lira continues easy with respect to
other currencies, due to Italy's policy of allowing the
lira to decline far below the theoretical export point
and of shutting out all imports, even those from the
gold bloc countries. The following table shows the
relation of the leading European currencies still on
gold to the United States dollar:
France (franc)
Belgium (belga)
Italy (llra)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity
Parity
6.63
3.92
23.54
13.90
8.91
5.26
32.67
19.30
68.06
40.20
Range
This Week
to 6.62'
6.59
22.69 to 23.58
8.24
to 8.33
to 32.52
32.34
to 68.08
67.56
The London check rate on Paris closed on Friday
at 72.35, against 72.75 on Friday of last week.
In New York, sight bills on the French center
finished on Friday at 6.59%, against 6.593. on Friday of last week; cable transfers at 6.59%, against
/
1,
6.593/2, and commercial sight bills at 6.571
against 6.57. Antwerp belgas finished at 22.74 for
bankers' sight bills and at 22.75 for cable transfers,
against 23.31 and 23.32. Final quotations for
Berlin marks were 40.16 for bankers' sight bills and
40.17 for cable transfers, in comparison with 40.20
and 40.21. Italian lire closed at 8.233' for bankers'
sight bills and at 8.243.' for cable transfers, against
8.283/ and 8.29. Austrian schillings closed at
18.85, against 18.86; exchange on Czechoslovakia
at 4.183/
2, against 4.183
%; on Bucharest at 1.013/2,
against 1.013'; on Poland at 18.89, against 18.88, and
/
2. Greek exon Finland at 2.113/
2, against 2.111
change closed at 0.93 for bankers' sight bills and
at 0.94 for cable transfers, against 0.92% and 0.93%.
XCHANGE on the countries neutral during the
war follows the trend of recent months, with
the exception of the Spanish peseta, which has been
allowed to drift from its peg to the French franc, and
therefore, to gold. Though the peseta has not declined
noticeably, the object of removing its link to francs
is to increase tourist trade.
Bankers' sight on Amsterdam finished on Friday
at 67.60, against 67.65 on Friday of last week; cable
transfers at 67.61, against 67.66, and commercial
sight bills at 67.58, against 67.63. Swiss francs
closed at 32.36 for checks, and at 32.37 for cable
transfers, against 32.36 and 32.37; Copenhagen
checks finished at 21.29, and cable transfers at 21.30,
against 21.42 and 21.43. Checks on Sweden closed
at 24.59, and cable tranfers at 24.60, against 24.76
and 24.77; while checks on Norway finished at 23.95,
and cable transfers at 23.96, against 24.11 and 24.12.
Spanish pesetas closed at 13.67 for bankers' sight
and at 13.68 for cable transfers, against 13.65 and
13.66.
E
XCHANGE on the South American countries
presents no new features of importance. These
units move in sympathy with sterling. Business
improvement is general in the South American
countries, which as producers of basic commodities
were first to suffer from the depression and have been
the first to emerge. Nevertheless their foreign exchange and financial arrangements cannot be fully
effective until the major exchanges arrive at a solution of their difficulties.
E
March 23 1935
Argentine paper pesos closed on Friday, official
quotations, at 31% for bankers' sight bills, against
31% on Friday of last week; cable transfers at 32,
against 32. The unofficial or free market close was
/
1@25M. Brazilian milreis,
25.30@25M, against 251
official rates, are 7.97 for bankers' sight bills, and
814 for cable transfers, against 8.00 and 83'. The
unofficial or free market close was 6%, against 6%.
Chilean exchange is nominally quoted on the new
basis at 5.20 against 5.20. Peru is nominal at 22.88,
against 22.94.
on the Far Eastern countries is
EXCHANGE
severely affected by the reactions of the major
European and American units to conflicting economic
and monetary policies. The United States Treasury's
offer to sell gold, which is interpreted as a measure to
assist distressed units while pursuing its policy of
bringing about a ratio of 25% silver to 75% gold in
its own monetary base, is thought likely to lead to.
amelioration of disturbed Far Eastern currencies.
China, in particular, would be enabled by a large
gold loan to overcome to some degree the deflationary
effect of its protracted depletion of silver. The
question of basing yen control on the dollar rather
than on sterling appears to be under consideration,
but action is unlikely before clarification of the
stabilization issue or the prospects for further dollar
devaluation. Reports from China last week indicated
the possibility that China might abandon the silver
standard and adopt a managed currency linked
either to the pound or the American dollar, but the
newly announced American offer to trade gold for
silver or other suitable commodities will doubtless
affect China's ultimate decision on this matter.
Closing quotations for yen checks yesterday were
27.96, against 28.20 on Friday of last week. Hong.
Kong closed at 47.80@48 1-16, against 483'2@
48 9-16; Shanghai at 383'@381
/
1, against 38%@
38 15-16; Manila at 503.', against 50; Singapore at.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE •
BANES TO TREASURY UNDER TARIFF ACT OF 1922
MARCH 16 1935 TO MARCH 22 1935 INCLUSIVE
Country and Mon.tarsl
Usti
Noon Buying Rate for Cable Transfers In New Yerk
Value in United States Monty
Mar. 18 Mar. 18 Mar. 19 Mar. 20 Mar. 21 Mar. 22
$
Europe$
I
$
6
$
Austria,&Milling
.188183* .187966* .188516* .187908* .187941* .187875*
.231783 .234138 .233884 .232748 .233384 .226933
Belgium, belga
Bulgaria, lev
012750* .012750* .012750* .012750* .012750• .012625*.
Czechoslovakia, krone .041796 .041857 .041889 .041832 .041814 .041806
Denmark, krone
214225 .212483 .212983 .212875 .212536 .213072
England. pound Aura 4.799666 4.759750 4.770833 4.764732 4.762000 4.770583
Finland, markka
.021166 .021050 .020987 .021083 .021020 .021066
.065895 .066036 .065977 .065976 .065942 .065935
France. franc
Germany. reichsmark .401646 .402414 .402390 .401892 .401885 .401476
Greece, drachma
.009340 .009330 .009380 .009335 .009360 .009362
.676069 .678185 .677264 .676614 .676457 .676035
Holland. guilder
.294750• .295000* .295500* .294875* .295375* .294875"
Hungary, pengo
Italy. lira
.082983 .083086 .082996 .083048 .083021 .082630
Norway. krone
.241158 .239150 .239590 .239558 .239238 .239800
Poland, zloty
.188620 .188780 .189060 .188740 .188760 .188680
Portugal, escudo
.043585 .043354 .043275 .043445 .043262 .043304
Rumania,leu
.010070 .010065 .010070 .010075 .010065 .010065
Spain, peseta
.136546 .136800 .136726 .136678 .136621 .136614
Sweden.krona
247425 .245400 .245887 .245833 .245453 .246075
Switzerland, franc__ .323357 .324189 .323946 .323721 .323588 .323460
Yugoslavia, dinar__ .022718 .022712 .022781 .022700 .022750 .022700
AsiaChinaChefoo (yuan) don' .384583 .386041 .379166 .380416 .380000 .378750
Hankow(yuan)dol'r .385000 .386458 .379583 .380833 .380416 .379166
Shanghai(yuan)dolr .384791 .385000 .379166 .380312 .379791 .378750
Tientsin(yuan) dol'r .385000 .386458 .370583 .380833 .380416 .379166
Hongkong, dollar__ .481250 .480937 .475625 .475000 .475000 .476000
India, rupee
.361460 .359540 .359660 .360340 .359365 .360225
Japan, yen
280885 .279300 .279020 .279000 .278445 .278025
Singapore (S. S.) dorr .558125 .555937 .553750 .555625 .553125 .555000
AustralasiaAustralia, pound
3.804062*3.789687*3.777812*3.779375*3.773125*3.782187.
New Zealand, pound_ 3.827187'3.793437* 3.801562* 3.802500'3.796562'3.805625"
AfricaSouth Africa, pound 4.745250*4.706250°4.715000*4.714500* 4.707250*4.721000"
North AmericaCanada, dollar
.990520 .988072 .989791 .987642 .988854 .990390
.999200 .999200 .990200 .999200 .999200 .999200
Cuba, peso
Mexico, peso (silver). .277500 .277500 .277500 .277500 .277500 .277600
Newfoundland, dollar .987937 .985625 .987250 .985125 .986250 .988125
South AmericaArgentina, peso
.319425* .317325* .317975* .317775* .317000* .317375*
Brazil, milrets
.082450" .082216* .081850* .082250* .082316* .082318*
Chile. peso
.051000* .051000• .051000* .051000* .051000* .051000*
Uruguay, peso
.800850* .800850* .801250* .801800* .802000* .801175*
Colombia, peso
.523600* .518800* .516800* .516800* .518100* .523600*
• Nominal rates; firm rates not available.
Financial Chronicle
Volume 140
55%, against 56%; Bombay at 36.10, against 36.26;
and Calcutta at 36.10, against 36.26.
Gold Bullion in European Banks
HE following table indicates the amount of gold
bullion (converted into pounds sterling at par
of exchange) in the principal European banks as ox
Mar. 21 1935, together with comparisons as of the
corresponding dates in the previous four years:
T
Banks of—
England__.
France a___
Germany b.
Spain
Italy
Netherlands
Nar. Belg
Switzerland
Sweden
Denmark_ _
Norway_
1934
1935
£
193,057,746
660,546,095
2,954,450
90,750,000
62,979,000
67,547,000
72,306,000
67,242,000
16,111,000
7,395,000
6,852,000
£
192,135,996
592,411,300
12,332,100
90,476,000
76,823,000
65,711,000
77,447,000
66,774,000
14,604,000
7.398,000
6,574,000
1933
£
170,374,908
646,302,380
34,426,500
90,360,000
64.236,000
70,063,000
75,786,000
88,805,000
12,143,000
7,399,000
8,075,000
1932
£
121,409.913
612,069,133
43,940,500
89.962,000
70,975,000
72,972.000
71,692.000
65,436,000
11,440,000
8.032,000
6,559,000
1931
£
144,518,501
448,823,054
103,924,250
96,691,000
57,331,000
37.169,000
40,838,000
25,717,000
13,342,000
9,547,000
8,134,000
Total week_ 1,247,740,291 1,202,686,396 1.276,970.788 1,174,487,546 986,034,805
Prey. week_ 1,248,058,310 1.205.499,825 1,278,705,261 1.158,174,000 983.897,712
a Thase.are the gold holdings of the Bank of France as reported In the new form
of statemen . b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1,069.850.
Why Bankers and Business Men
Hesitate
Mr. Joseph P. Kennedy, Chairman of the Securities and Exchange Commission, was far from happy
in the remarks which he made on Tuesday at a
luncheon meeting of the American Arbitration Association in this city. Those of his hearers, and they
were probably many, who had concluded that Mr.
Kennedy, all things considered, has given as sensible
a management of the business of the Commission as
the meticulous requirements of the statutes which
it has to enforce permit, may well have expected to
find his address practical and, as far as possible,
encouraging. Moreover, Mr. Kennedy was, pf course,
speaking for the Administration, as do all the Washington officials who address the public from the
platform or through the radio, and his speech, which
he is reported to have taken three weeks to prepare,
was properly to be regarded as indicative of Administration opinion.
The burden of Mr. Kennedy's remarks, however,
was not of a nature to arouse enthusiasm in his
audience. Referring to New York as "the ace of
American cities," Mr.Kennedy declared that he must
"in all frankness" say that New York "is not giving
a good account of its stewardship as the pace-setter
of business enterprise." People whom he had met
recently in other parts of the country were "unanimous in declaring that New York is the bluest spot
in the country with respect to business morale," and
"when New York is blue, every other section of the
country is confused and confounded." He was, he
said, "deeply concerned about the low state to which
courage and confidence among business men have
fallen." The business men of New York "should be
satisfied that your pessimistic frame of mind has a
reasonable basis before you allow its influence to
infect other communities," yet "we must admit that
to-day, at least, New York registers gloom and not
sunshine, discouraging prophecies, not hopeful suggestions." It has, in short, a case of "jitters."
"Is there really any justification," Mr. Kennedy
went on to ask,"for the universal lament that things
are worse to-day than ever before because to-day, in
contrast to other periods, there is 'too much government in business'?" The efforts which he made to
show that the lament was not justified were not at
all points convincing. He defended the securities
and exchange legislation as necessary to "a healthy
1893
regulation of the investment market" in "the complex setting in which we live and work and build,"
declared that the laws were to be administered "in
the spirit of their enactment, protecting the investor
and stimulating the free flow of capital into new
enterprise," conceded that "our efforts, while they
have received the approbation of even the most caustic critic, have brought little success in financing
until some notable recent registrations," but pointed
to these latter, especially the refinancing by Swift
& Co. and Pacific Gas, as marking "a turn in the
road." "Only a trickling little stream of private
corporation finance" had appeared as yet, "but the
stream is large enough to justify the statement that
there is no longer any excuse left to the corporation
which has hitherto hesitated to go forward with confidence."
In addition to its other work, Mr. Kennedy continued, the Commission was making "a special study
of reorganization and protective committees," at the
request of Congress and "as a basis for intelligent
legislation" in a field where reform has long been
needed, and would shortly make public the first step
in a program for regulating the over-the-counter
market. There was no occasion, he declared, for
continued gloom. "Things never are quite as hopeless as they are made to appear by fear, and never
in the past two years has there been such fearing
of fear itself as there is to-day. It is the cold hand
of death on business initiative. Men see business
sustained at a rate which would have been considered
impossible two years ago, yet they continually cry
out against the uncertainty of things.- Business is
still not only better than confidence; it is better
than we deserve to have it. We have not matched
results with our courage. We have not been grateful enough for a 34% increase in general business,
for the practical rehabilitation of the great motor
industry and for the sound revamping of other industries." In conclusion he urged adherence to the
formula "business as usual," and appealed to his
hearers not to "dodge the duties of citizenship by
blaming Government .interference for the lack of
business initiative and enterprise."
There is no question about the existence of the
gloom which Mr. Kennedy deplored, and there is
significance in the fact that, speaking as an Administration official, he should frankly have admitted it. His attempt to explain away the incubus
of Government interference, however, leaves much
to be desired. It is not the remedying of obvious
abuses by well-conceived and effectively enforced
legislation of which business complains, but the
widespread and persistent interference of Government with business and industry of every form, in
pursuit of political programs which are alarming
and of economic programs which are dangerously
unsound. After everything has been said in its support that can be said, the display of the "Blue Eagle"
designates an establishment over which some form
of Government dictatorship has been established—
dictatorship of hours and wages,labor relations, seasonal operation, volume of output, expansion or
improvement of plant or introduction of new machinery or processes. Government interference has
tended to increase the costs of production beyond
the increase in the ability of the community to buy,
and the pressure of higher prices upon incomes is
being increasingly felt. The efforts to enforce collective bargaining have not resulted in harmonious
1894
Financial Chronicle
relations between workers and employers, and the
millions of unemployed have not been greatly reduced by the expenditure of billions for direct relief
and unproductive public works. If the outlook for
agriculture, and hence for the buying power of the
farmer, has been materially improved by the Government policy of crop restriction, Treasury subsidies, or loans and doles, it is extremely difficult
to see in what the improvement consists.
There is more to the matter, however, than these
often-repeated examples of Government interference and their failure to produce the recovery that
was predicted. Business hesitates to-day because
of apprehension regarding the extent to which Government interference may yet be carried and uncertainty of what the President and Congress will do
next. It sees public utility holding companies held
up to obloquy, and suspects that the attack foreshadows not only the enforced dissolution of most
of the companies, with vast loss to holders of their
securities, but also a systematic attempt to substitute public for private ownership of, all utilities.
It sees railroad earnings declining and remedial
legislation held in abeyance, and watches with alarm
the efforts of railway labor organizations to saddle
the railroads with ruinous increases in operating
costs. Nothing is added to the confidence of business when Marriner S. Eccles, Governor of the Federal Reserve Board, tells the Banking and Currency
Committee of the House of Representatives, as he
did on Monday, that "it would be unfortunate for
the bankers if the Government, by reason of a deficit, couldn't get their co-operation, because under
the circumstances the Government would take over
the banking system or use currency to pay the deficit
rather than bonds," nor is hesitation lessened by
such pleas for the remonetization of silver at the
ratio of 16 to 1 as Senator Wheeler. of Montana
made in a speech in New York Tuesday night. There
is well-grounded fear of the complete political control of banking and credit which the Administration
is evidently seeking, and of the currency inflation
which the continuance of huge Government spending
seems to make as good as inevitable. The anxiety
of business is not allayed by the prospect of increased
taxes, old age pensions, unemployment insurance at
employers' expense, or direct Government competition in scores of undertakings, nor by the possibility
that partisan and personal dissension in Congress
may result in a legislative "jam" out of which, at
the very end of the session, undesirable pieces of
legislation are practically certain to emerge. Were
there no other cause of hesitation, such decisions as
that of the National Labor Relations Board on Sunday, in the case of Resnick Brothers, pocketbook
manufacturers of Holyoke, Mass., and New York,
that "the obligation of an employer to bargain collectively with his employees does not cease when his
employees go out on strike," or the clear threat of
strikes if the Wagner-Connery labor disputes bill
fails of passage which William Green handed to a
House Committee on Wednesday, would be sufficient
to create one.
Mr. Kennedy was not well advised in singling out
New York for special censure if he meant to imply
that business men are more gloomy there than elsewhere. New York has no monopoly of gloom, nor
is it the only center in which gloom is reported; there
are similar reports from the Chicago area, from the
agricultural West and South and even from Wash-
March 23 1935
ington. It would be superfluous to remind him that
the corporation refinancing in which he affected to
find encouragement does not represent any special
increase in industrial or business activity, but a
shrewd step of corporations to take advantage of a
glutted capital market and abnormally low rates of
interest to readjust their financial structures and
reduce interest charges. He certainly must be aware
that no amount of purification of stock market operations will greatly increase the sale of securities unless the public is assured that business is confident
and the outlook for profit reasonably safe. The courage and initiative which Mr. Kennedy calls for, and
which the whole country is as desirous as he is to
see restored, will come only when industry, trade,
banking and agriculture have been freed of the unwise Government interference which now hampers
them, and when there is no longer apprehension of
greater evils still to come. Nobody in the world is
more keenly alive to opportunities of making money,
or more active and persistent in pursuing them. than
the American business man, but he cannot be expected to risk either his own money, or other people's
money with whose safety he is charged, so long as
the Government makes initiative precarious and
leaves the immediate future gravely in doubt. The
best thing that could happen to the country would
be for the Government itself, President and Congress
alike, to take "business as usual" for its motto and,
by removing impediments and uncertainties, give
business a chance to use its resources.
Who Holds the Keys of Peace?
The most striking thing thus far about Chancellor
Hitler's announcement that Germany was to have
military conscription and a large army is the comparatively little excitement which the announcement
appears to have occasioned to either the British,
the French or the Italian Government. There have
been some characteristic differences, of course. The
note which the British Government transmitted to
Berlin on Monday was little more than a dignified
expression of regret that the plans for a discussion
of the armament question with Chancellor Hitler
had been disturbed, and an inquiry whether Sir John
Simon's proposed visit to Berlin could still be made
"within the scope and for the purposes previously
agreed." The French note, on the other hand, made
public on Thursday, had a much more vigorous tone.
"The most formal protest" was entered against the
German attitude, the German Government was held
responsible "for the state of uneasiness thus created
in the world and for the consequences which may
result," and the "firm resolution" of France "not
to accept, in any negotiation that might follow,
unilateral decisions taken in violation of an international commitment" was reasserted. The note was
followed by another calling the attention of the
League of Nations to the situation and requesting
an extraordinary session of the Council to consider
the matter. The Italian note of the same date ran
in general on the same lines as the French, but the
tone was much milder, and the guarded statement
was made that the Italian Government, in such future negotiations as might occur, "will not strictly
accept as accomplished facts those situations determined by unilateral decisions."
There are two reasons why the three Powers most
closely affected should mix caution with their pro-
Volume 140
Financial Chronicle
nouncements. The first is that the German notice
was not actually much of a surprise. Ever since
Chancellor Hitler voiced the insistence of Germany
upon equality of treatment in the matter of armament, and accented the demand by recalling German
representatives from the Disarmament Conference
and giving notice of Germany's withdrawal from
the League, it has been apparent to everybody that
the demand would not be abated and that the time
was not far distant when Germany, if delay or rebuff continued, would take the law into its own
hands and free itself from the restrictions of the
Treaty of Versailles. The London conversations between Great Britain and France, and the joint proposals which those Powers submitted to Germany on
Felt 3, were a last minute attempt to forestall Germany's unilateral action by an agreement to approve a modification, amounting in practice to a
repeal, of the Versailles restrictions if Germany
would return to the Disarmament Conference and
the League. When Chancellor Hitler skilfully sidestepped the proposals and asked for clarification of
some of the suggestions, the hope of gaining anything substantial through further conferences rapidly faded, and it was no great shock when the announcement of March 16 gave formal notice that,
as far as German armament was concerned, the
treaty restrictions must be regarded as at an end
and the character and size of Germany's armament
would be determined by its own judgment of the
national need.
The other reason is that, once Germany had acted,
there was really nothing that the Powers could do
about it unless they were prepared to fight. It is
true that the unilateral breaking of international
agreements has no sanction in international law,
and that Germany must bear such weight of moral
censure as Governments or public opinion may
choose to voice. The history of Europe, however, is
too thickly dotted with repudiations or violations
of treaties or other international agreements to permit most Powers to assume too high a moral tone.
Morally, moreover, the Versailles treaty is very distinctly in a class by itself. There is hardly a scholar,
publicist, statesman or public man in Europe to-day
whose opinion is worth considering who does not
agree that the Treaty of Versailles was a treaty of.
vengeance, and that the attempt which it made to
ruin Germany beyond all hope of recovery is at the
bottom of most of the political and economic ills
which have afflicted Europe since the war. For
obvious reasons the treaty as a whole cannot now
be scrapped, but it is not a treaty for which most
thinking people any longer have respect. Further,
the armament restrictions which were imposed upon
Germany were accompanied by a declaration by the
victorious Powers of a purpose to reduce and limit
their own armaments, but not only has there been
no general reduction or agreed limitation, but armaments have been increased in size or efficiency, particularly in the direction of air forces.
For the moment, then, the controversy will be left
to the resources of diplomacy. The fact that Chancellor Hitler has told the French and Italian ambassadors that the notes which they presented do not
rest upon an accurate basis of information does not
mean that diplomacy is blocked. Sir John Simon
is going to Berlin, and he is quoted as having told
the House of Commons on Thursday that while a
unilateral decision could not be accepted without
1895
reservations and protest, the British Government
is "satisfied that the present state of suspicion and
unrest in Europe cannot be allayed without security
by negotiation," and that it was accordingly regarded as "necessary and right" for him to make
his visit. He will not, apparently, be authorized to
speak for either France or Italy, but it is reasonable
to expect that both of those Powers will await the
results of his interview and that their own actions
will be affected by his success or failure.
Who will now hold the keys of European and perhaps world peace, on the other hand, is not so clear.
If Chancellor Hitler, having freed himself from the
Versailles restrictions, uses his expanded powers to
push forward an imperialistic or Pan-German policy,
he may easily sacrifice such prestige as his recent
action may give him and incur the odium of deliberately disturbing the European situation. If, on
the contrary, the European Powers, irritated by an
accomplished fact which they can do nothing but
accept, seek to offset its possible consequences by
negotiating alliances or understandings intended to
keep Germany in leading strings, they will confirm
the suspicion of deliberate encirclement which Germany cherishes, and may precipitate the conflict
which they ostensibly have planned to prevent. At
the moment there is certainly no visible prospect of
war, but the other Powers must share with Germany
the responsibility for what happens to peace in the
near future.
The United States has a legal interest in Germany's action because, in its own treaty of peace
with Germany, it reserved to itself the benefit of
certain provisions of the Treaty of Versailles,
among them those embodying the armament restrictions. President Roosevelt, however, we are
glad to note, has shown no haste to comment on the
situation or enter a formal protest. His attitude,
as reported by the Washington correspondent of
the New York "Times" on Wednesday, is "that the
United States could only properly maintain the general principle of the good neighbor and hope that
this American principle would be extended to
Europe, becoming more and more effective and contributing to the peaceful solution of problems, including that of reduction of armaments." Whether
the Disarmament Conference will be able to resume
its discussions under the new conditions with any
hope of success depends, apparently, very much
upon the outcome of Sir John Simon's visit to Berlin.
Even if the other Powers decide that Chancellor
Hitler must perforce be allowed to have his way,
there is no reason why, with Germany's equal status
conceded, a general reduction and limitation of
armaments should not be undertaken.
There is one aspect of the armament question,
however, regarding which President Roosevelt's
course will be watched with serious concern. In a
report submitted on Tuesday to the Nye committee
of the Senate which has been investigating the munitions industry, the committee was invited to approve a twelve-point program of regulation which
is extraordinary even in this day of legislative and
administrative novelties. According to this report,
as summarized in press releases, it is proposed that,
in the event of war,theGovernment shall appropriate
one-half of the first 6% of the profits of munitions
corporations and all of the profits over 6%. Individual incomes are to be limited to $10,000, any excess to be taken in income taxes, while income taxes
1896
Financial Chronicle
in general are to begin at $1,000, or perhaps less,
with assessment and collection quarterly, the purpose being to conduct the war on a "pay as you go"
basis. Further to facilitate this part of the scheme,
various loopholes for escaping income tax levies are
to be stopped, and all incomes are to be made public
as soon as war is declared.
The plan further calls for the registration of all
general officers of corporations as the basis of a
"management draft," and their enrolment in the
military forces if necessary; the closing of all commodity exchanges, prohibition of speculation in commodities, and commodity price-fixing with allocation of supplies to "essential processors"; the commandeering of "essential industries and services"
with licenses, priorities, etc., and the establishment
of a War Finance Agency to regulate private financing and a War Finance Corporation to aid the
financing of necessary war industries.
Such is the latest device for "taking the profit
out of war." There are disturbing reports that the
scheme has strong support in the Nye committee,
and that bills to give effect to its proposals will
shortly be introduced in Congress. Fortunately,
there is no intimation as yet that the scheme has
the approval of President Roosevelt, and it certainly
is one on which he should put his foot down hard.
A wilder proposal for stifling patriotic incentive at
the moment when the nation would need it most has
never been brought forward, but it is not to be taken
lightly. The Senate munitions investigation has
undoubtedly stirred up a good deal of resentment in
"peace" circles because of its revelations that some
munitions makers, working at top speed under Government pressure, have made large profits, and because the industry, like every other of vital importance in war time, has not been free from graft. It
would be a national calamity if, with war clouds
undoubtedly darkened by Germany's recent action,
the United States should be committed to any such
fantastic proposals as the Nye committee has before
it, and at the same time fasten upon the country the
heaviest financial burden and the most thoroughgoing Executive dictatorship that any nation has
ever known.
The Over-the-Counter Market—A
Problem in Regulation
Brokers and dealers in the over-the-counter market are now face to face with the first formal
attempt of the Securities and Exchange Commission
to apply the regulatory provisions of the Securities
Exchange Act of 1934 to their business. The Commission, finding this task, in the words of its Chairman,"probably the most difficult and most complex
single problem" with which it must deal, has nonetheless recently forwarded for criticism and suggestion a copy of a tentative draft of certain rules and
regulations to be applied to the over-the-counter market. This, again according to the Chairman of the
Commission, is to be regarded as the "first step" in
a program of regulation and supervision of a market
which constitutes a problem that is "closely related
to nearly every other aspect of the Commission's
activities."
The attitude of the brokers and dealers to which
these stipulations are intended to apply is naturally
enough tempered, perhaps even largely controlled,
by what they regard as expediency in the general
March 23 1935
situation as it exists to-day. There has, of course,
been a good deal of clamor, politically, not uninfluential but otherwise irresponsible, for legislation
that would undertake to abolish over-the-counter
trading in securities altogether. An elaborate system of control of stock exchange trading has been,
or is being, established by legislation and regulation
thereunder. Thoughtful observers are fully aware
of the fact that what has been done and what may
be done in the future in this regard inevitably brings
the possibility of rather widespread de-listing. The
likelihood of such a movement would, other things
being equal, probably increase rather than diminish
with time. The desire or the feeling of obligation
to "co-operate" tends rather powerfully, for the time
being, to hold companies in line. This influence may
and probably will become progressively less important as time passes. But any such delisting movement, which, of course, would tend greatly to increase the volume of business done in the over-thecounter market, would also, it is thought, strengthen
demand for the extinction of the over-the-counter
markets. Given these circumstances, it is widely
reasoned, regulation of the over-the-counter market
in some form or other is essential as a measure of
protection against such a development.
Such being the facts of the existing situation and
the generally held view of the nature of certain
hazards inherent in the present state of the public
mind, many who in other circumstances would vigorously oppose the whole procedure are inclined to
welcome the efforts of the Commission and to give
their approval to many regulatory provisions with
which at heart they have little real sympathy. For
similar reasons substantially the same attitude is
apparent on the part of brokers and dealers in respect to further rules and regulations believed relatively certain to make their appearance in the future.
Any appraisal of the tentative rule and regulations
now made public, or of others that are believed to
be in store for the over-the-counter markets, and any
discussion of the attitude of those who are thus to
be regulated must proceed with these considerations
constantly in mind.
Nor must the fact be lost to sight that the Securities and Exchange Commission, though not specifi.cally directed by law to bring the over-the-counter
market under regulation, is at least morally bound
to do whatever is necessary to prevent evasion of its
exchange regulations through delistings. Indeed, it
is quite clear, we think, that the framers of the
Securities Exchange Act of 1934 expected the Commission to proceed to work out a regulatory system
to apply to the over-the-counter markets. In our
view, it is unfortunate that such a law has been
placed upon our statute book, but the fact remains
that the law is there and that it contains the provisions already referred to. The Commission,in consequence, has no choice but to undertake tasks which
the more astute among its members must feel a
desire to avoid.
Viewed in the light of these circumstances, it must
be said at once that the terms of the proposed regulations now made public do credit to the Commission. Apart from some ambiguity in terms, there is
apparently nothing in the regulations to which
strong exception can be taken save on grounds of a
sort that are largely ruled out by the facts already
outlined. There is no fee for registration under the
plan, and the information required for registration,
Volume 140
Financial Chronicle
while quite thoroughgoing concerning the personnel
of registrants, does not seem to entail undue burdens
upon the brokers and dealers, and asks for no information which seems to be improperly demanded.
The so-called trade practice provisions, with the exception of Rule MA-12, concerning discretionary accounts and investment counsel activities, are taken
bodily from the Investment Bankers Code under
which the larger number of the brokers and dealers
are operating to-day. The Rule MA-12 needs, as do
some of the others, careful rewording, which may
well result from the discussions now going forward
and from consequent recommendations to the Commission.
The need of clarification at some points is, however, of some importance. It also well illustrates
the inherent difficulty of all such control plans.
Some examples are, therefore, worthy of mention.
Rule MA-11, for example, reads:
Rule MA-11. Disclosures by Broker or Dealer.—No registered broker or dealer shall effect any transaction in any
security for or with a customer on an over-the-counter market, unless such broker or dealer at or before the completion
of such transaction clearly discloses to such customer in
writing (1) whether he is acting as a dealer for his own
account, as a broker for such customer, or as a broker for
some other person; (2) if he acts as broker for such customer, either the name of the person from whom such
security was purchased or to whom it was sold for such
customer and the day and time when such transaction took
place, or the fact that such information will be furnished
upon request of such customer; (3) if he acts as broker for
such customer, the amount of the commission or service
fee charged by him to the customer, and the amount of commission paid by him to any other broker employed in such
transaction, and (4) that he is controlled by, or controls,
or is under common control with the issuer of such security
if such be the fact.
Now, what is meant by "completion" of a transaction? Sections 2 and 3 of Article VI of the Investment Bankers Code carry almost identically the
same requirements. In applying this rule, brokers
and dealers have agreed among themselves, it is
understood, to construe the delivery of the security
in question as the "completion" of the transaction.
Such an interpretation rather obviously tends to
rob the provision of much of its meaning, since the
purchase or the sale of the security in question has
then been effected and ordinary payment made for
it. Notification at that time that the "investment
banker" in the transaction has acted as a broker
or a dealer, as the case may be, or of the amount of
the fee or commission charged or other information
required, can in the nature of the case do the customer little good except, of course, to place information in his hands which he can, if he chooses, use
as a basis of complaint. On the other hand, there
is reason for the interpretation thus placed upon
the provisions in question. To furnish such information before delivery of the security would tend in
some cases to induce the customer quite unwarrantably to cancel the order merely because the market
had moved against him in the interim. In many, if
not most, cases the capacity in which the broker or •
dealer is acting in a particular transaction is of no
vital importance in any event. The real question
is whether the firm is dealing fairly with the customer. Moreover, it seems to us often physically
impossible for a broker, acting as broker to notify
the customer at the moment of effecting a transaction for his account, since he is not physically present and the transaction is being effected with a third
1897
party on the telephone. This leaves the possibility
of advance notification, but this, too, is difficult
and often entirely impracticable as the business is
now conducted. What does the Commission intend
the term "completion of a transaction" to mean?
If it undertakes to rule on the matter,as it obviously
must,it will find itself impaled upon the horns of a
difficult dilemma. If it adopts a strict interpretation of the term, hardships may be imposed all
around. If it adopts the interpretation now in
actual use, it largely robs the provision of great
significance, if, indeed, it has any.
Again, Rule MA-12 reads as follows:
Rule MA-12. Discretionary Accounts and Investment
Counsel.—No registered broker or dealer, who is authorized
in his discretion to purchase or sell securities for the
account of a customer or who receives or has promise of
receiving a consideration for advising a customer with respect to the purchase or sale of securities, shall (a) buy
from or sell to such customer for his own account or for
the account of any person for whom he is acting as agent
or buy or sell for the account of such customer on an overthe-counter market any security in which, in the course of
his business as a broker or dealer, he has a long or short
position or in the distribution or accumulation of which he
has any direct or indirect financial interest as principal or
agent, unless he fully discloses to such customer such position or interest and obtains the written or telegraphic
consent of such customer to each such purchase or sale, or
(b) buy from or sell to such customer for his own account
or for the account of any person for whom he is acting as
agent any security on an over-the-counter market unless he
obtains the written or telegraphic consent of such customer
to each such transaction.
What is meant by "authorized in his discretion to
purchase or sell"? So far as we are aware, there
is no hard and fast definition of such terms in current use as applied to over-the-counter transactions.
As the business is actually transacted in this market
there is a very considerable discretionary element
in many orders as ordinarily received. Where is the
Commission to draw the line? Obviously, a great
deal depends upon the answer. Again, what does
"fully disclose" mean? A mere statement of the
existence of such a position? If so, the disclosure
may often do more harm than good, since the position may be a purely nominal one, which the customer, not aware of its inconsequential proportions,
may incorrectly interpret to his own serious disadvantage. Disclosure of the details of the position?
If so, serious and unwarranted injury may well be
done the broker or dealer. In any event, the rule
seems to be open to all manner of abuse by use of
individual capacities or dummies. Such problems
or shortcomings as these are cited not to show
ineptitude on the part of the Commission, which
apparently,as already said, has done about as well as
it could under the given circumstances, but rather to
illustrate the weakness inherent in any system or
effort on the part of a Government body to regulate
or control the details of securities market transactions, particularly those carried forward on the overthe-counter market.
Of course, it need hardly be indicated that the
whole market is placed at the mercy of the Commission. This was done when the Act was passed, of
course, but the provisions in these tentative rules
and regulations again emphasize this aspect of the
matter. It is particularly conspicuous in those provisions in which the Commission makes it clear that
it "may" refuse to register, or revoke the registration of brokers or dealers who are found to be trans-
1898
Financial Chronicle
gressing in ways that are often left too vaguely
defined. Here again the fact is that it would be
difficult to formulate definite and concrete rules to
cover the situation. Any rigidly defined regulation
on the subject would, of course, invite the whole
brokerage community to discover or invent methods
of evasion. Yet there is, to our mind, very grave
danger in having any Government body, whose personnel is unquestionably destined to relatively frequent change, often at the behest of the politicians,
vested with such vast and undefined power over an
important branch of the financial world.
So much for the proposed rules and regulations
now made public. It is, in our judgment, highly
probable that those yet to come will prove more
important by far. Section 15 of the Securities
Exchange Act of 1934 reads, in part, as follows:
"Such rules and regulations (for control of the overthe-counter market) may provide . . . for the
registration of the securities for which they (the
brokers and dealers) make or create a market."
The regulations now made public are officially
spoken of as "the first step." One naturally supposes that the next step, or some future step, will
have to do with control of the issuers of the securities traded in the over-the-counter market. This
supposition is supported by the fact that it is only
by measures which apply to the issuers (who, of
course, control the listing of securities) that delisting may be prevented. We earnestly hope that the
Commission will have the wisdom not to undertake
to oblige all issuers to file statements of the sort
that are now required of companies listing their
securities upon the exchanges.
And, finally, how does the Commission expect to
be able to give adequate attention to the enforcement of all these rules and regulations? It already
has an overwhelming task on.its hands with the
exchanges. There are probably around 6,000 brokers and dealers to whom over-the-counter regulations
apply, and nobody knows how many corporations
are involved. The result, we fear, will be a dangerous type of haphazard enforcement largely confined
to investigations of complaints and inviting abuses.
Artificial Restriction Schemes Doomed
Editor,
"Commercial d Financial Chronicle":
Rumors have been afloat for some time that the international wheat agreement is threatened with disruption.
It appears that one of the most important signatories to
that pact is becoming restive under its restrictions. The
Argentine Government is having a difficult time trying to
explain to its grain farmers just why it is that they are
not permitted to grow more wheat. This is proving to be
so difficult that Buenos Aires has come to the point where
It becomes less distasteful, politically, to discard the quota
restrictions.
This serves to illustrate again, as has been demonstrated
many times in the past, that artificial restriction schemes
are doomed to an early death. It makes absolutely no difference whether the cartel succeeds in lifting the price of a
particular product to a point where profitable production
Is possible again, or whether it fails completely. The final
result is always the same when an infinite number of producers are involved.
It seems reasonable to assume that wheat can probably
be grown cheaper, in terms of gold, in the Argentine than
In any other large grain exporting country. That country's
farmers have never complained seriously over the price of
wheat. Consequently, the idea of crop reduction implied
also a profit reduction, which is something that doesn't
appeal any more in the Southern hemisphere than it does
up here.
March 23 1935
As soon as a restriction program begins to produce some
effective results in the way of higher returns to the producers, the most efficient producer begins to itch under
the collar. If the average Argentine farmer can raise
wheat at a cost of, say, 40c., and the international cartel is
successful in boosting the market price from the ordinary
level of 50c. all the way up to 600., for example, his profit
margin has doubled. He makes 20c. on each bushel instead
of only 10c. It is only reasonable to expect that he and
his kind will resort to agitation of every sort in order that
they be permitted to take full advantage of their favorable
position.
The minute a world-wide price-raising scheme begins to
function effectively, it also begins to make enemies, within
Itself. And if it remains a failure, why tolerate it in the
first place?
L. MERLE HOSTETLER.
The Course of the Bond Market
After making a low point for the recent decline on Tuesday of this week, the bond market rallied, with more substantial gains Shown by utility issues than by either rails
or industrials. Despite the rally many lower-grade railroad
bonds closed the week lower than, or approximately the
same as, last Friday, whereas the more active utilities
recorded net gains for the week.
High-grade bonds, as well as United States Government
issues, fluctuated within a narrow range, not having lost
much ground since their recently-recorded highs. The Government's exchange offer of 2%% 20-25-year bonds for the
4%%0 Liberties, called for payment April 15, will be closed
March 27, indications now being that all but a minor portion of the $1,850,000,000 called bonds will be turned in
for exchange. The Government's recent call of Panama
Canal and consol bonds has prepared the way for retirement
of National bank notes later this year.
Increased activity and higher prices were general throughout the high-grade rail market. The Atchison gen. 4s, 1995,
closed at 109%,compared with 108% a week ago; the Chesapeake & Ohio 4%s, 1992, advanced 1% points to 118. Small
price fluctuations were witnessed among medium-grade rail4s, 1961, lost 1% points,
road bonds. The Great Northern 41/
closing at 97%; Louisville & Nashville 4%s, 2003, closed at
101, up 1%. Lower-grade railroad bonds regained part of
the losses which were experienced last week. The Great
4s, 1976, closed at 70, up 4% points for the
Northern 43/
week; Louisiana & Arkansas 1st 5s, 1969, closed at 62%,
up 2%. The St. Paul bonds were an exception, exhibiting
some weakness due to rumors concerning financial readjustment for the company. The St. Paul mtge. 5s, 1975, made
a new low of 12, closing the week at 13%, down 2% points.
High-grade utilities have been relatively stable but lower
grades have been quite volatile and displayed wide movements, selling off in the early part of the week and then
recovering along with advancing stock prices. Holding company bonds have been particularly active. American &
Foreign Power 5s, 2030, closed at 56% on Friday, up 4 for
the week; Columbia Gas & Electric 5s, 1952, advanced 9%
to 78%; Cities Service Power & Light 5%s,1952, gained 2%,
closing at 30%; Penn Ohio Edison 5Y2s, 1959, advanced 2%
to 81%, and United Light & Power 6%s, 1974, at 31% were
up 1%. Financing plans wrhich have been discussed for
utility companies recently took concrete form in the offering
of $7,000,000 Wisconsin Public Service 1st & ref. 5%s, 1959.
Other issues are expected to follow in coming months.
Industrial bonds have shown a continuation of erratic
price movements. General Steel Castings 51/s,1949, dropped
9% points to 65. Some of the steel issues were off fractionally. Oils were quiet. General Cable 5%s, 1947, declined % point to 88, whereas Chile Copper 5s, 1947, rallied
3% points to 83%. In the motor field the new Studebaker
Os, 1945, were soft, losing % point to close the week at 45%.
Tire and rubber bonds were little changed. In the food
classification the United Biscuit fis; 1942, closed with a %-point reaction to 104%. The Vanadium 55, 1941, also recorded a drop, declining 2% points to 88. The usually
unstable motion picture bonds have been quiescent.
War fears in Europe, due to the newly-announced rearm,
ing of Germany, were responsible for a substantial decline
in foreign bonds traded on the exchanges in this country.
Those recording sharp recessions included Italian, Belgian,
Polish, Czech, Hungarian, German and Danish issues. Argentine and Australian bonds were likewise weak. Japanese
issues have held fairly well.
lioody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND YIELD AVERAGES t
(Based on Individual Closing Prices)
MOODY'S BOND PRICES t
(Based on Average Yields)
1935
Daily
Averages
U. S.
120
Govt. DomesBonds
tic
**
Corp.*
Mar.22-- 107.79
log 2E- 107.77
20-- 107.67
19-- 107.80
18.- 107.91
16- 108.01
Mar.15_ 107.94
14__ 107.93
13__ 107.79
12-- 107.55
.
/1- 107.72
9-- 107.90
8-- 107.85
7-.. 107.93
6- 108.17
5_ 108.37
4__ 108.37
2_ 108.15
1_ 108.22
WeeklyFeb.123_ 108.44
15._ 107.49
8_ 107.47
1_ 107.10
Jen. 25_ 107.33
18_ 100.79
11._ 106.81
4_ 105.76
High 1935 108.44
Low 1935 105.66
EUgh 1934 100.81
Low 1934 99.06
Yr. AgaMar.22'34 103.29
2 Yrs.Ago
*c........” ml AR
120 Domestic Corporate*
by Ratings
120 Domestic
Corporate* by Groups
Aaa
As
A
Baa
RR.
100.49
100.33
100.00
100.00
100.17
100.49
100.49
100.65
100.49
100.65
101.14
101.64
101.64
101.81
101.97
102.30
102.64
102.81
102.47
119.27
119.07
118.86
119.07
119.27
119.07
119.07
119.07
118.66
118.86
119.07
119.27
119.48
119.48
119.69
119.48
119.69
119.69
119.48
109.86
109.68
109.68
110.05
110.23
110.42
110.61
110.61
110.79
110.61
110.79
111.16
110.98
111.16
111.16
111.54
111.35
111.16
111.35
100.17
100.00
100.00
99.84
99.84
100.17
100.33
100.49
100.17
100.17
100.65
100.98
101.14
101.31
101.47
101.81
101.81
102.14
101.64
79.45
79.22
78.66
78.21
78.66
79.22
79.11
79.34
79.11
79.56
80.60
81.18
81.42
81.66
81.66
82.38
83.23
83.48
82.99
93.55
93.11
92.82
92.68
92.82
93.40
93.26
93.55
93.40
93.70
94.58
95.48
95.63
96.08
96.39
97.16
97.78
98.09
97.78
102.81
102.30
101.64
101.31
102.14
100.81
100.81
100.33
102.81
100.00
100.00
84.85
119.48
119.07
118.66
118.04
118.04
117.43
117.63
117.43
119.69
117.22
117.22
105.37
111.16
110.79
110.42
110.05
110.05
109.31
109.12
108.94
111.54
108.57
108.75
93.11
102.14
101.14
100.49
100.33
100.81
99.52
99.52
98.88
102.14
98.73
99.04
81.78
83.97
83.60
82.50
82.38
84.35
82.26
82.50
81.54
84.60
79.11
83.72
66.38
95.93 110.42 103.48
94.43
79.68
97.47
89.04 101.81
7A 09
AR SA
79 95
79 55
77 RR
1899
Financial Chronicle
Volume 140
101
121
517 AO
P. U. Indus.
100.98
100.98
100.49
100.33
100.65
100.81
100.98
100.98
100.49
100.65
101.14
101.47
101.47
101.47
101.31
101.47
101.81
101.97
101.64
107.49
107.49
107.67
107.67
107.85
108.03
108.03
108.03
108.21
108.21
108.39
108.57
108.57
108.57
108.75
108.75
108.57
108.57
108.39
99.68 101.14 108.21
99.88 99.68 107.85
99.04 98.41 107.85
99.04 97.94 107.31
100.49 98.73 107.49
99.68 98.23 106.78
100.17 95.93 106.96
100.00 94.58 106.96
100.49 101.97 108.75
93.23 94.14 106.78
100.49 94.58 106.78
85.61 742.5 96.54
41 RA
AU
1935
120
DomesDaily
Averages
tic
120 Densalit
Corporate by Groups
120 Domestic Corporate
by Ratings
tt
30
ForP. U. Indus. OWNS
Aaa
Ac
Baa
RR,
Mar.22-21-20-19-18._
16._
Mar.1514-13-12-11-9-8-..
7__
6-5-42-1WeeklyFeb. 23._
15-8-1-Jan. 25_
18-11_
4._
Low 1935
High 1935
Low 1934
High 1934
Yr. AgoMar.22'34
2 Yrs.Ago
4.72
4.73
4.75
4.75
4.74
4.72
4.72
4.71
4.72
4.71
4.68
4.65
4.65
4.64
4.63
4.61
4.59
4.58
4.60
3.70
3.71
3.72
3.71
3.70
3.71
3.71
3.71
3.73
3.72
3.71
3.70
3.69
3.69
3.68
3.69
3.68
3.68
3.69
4.18
4.19
4.19
4.17
4.16
4.15
4.14
4.14
4.13
4.14
4.13
4.11
4.12
4.11
4.11
4.09
4.10
4.11
4.10
4.74
4.75
4.75
4.76
4.76
4.74
4.73
4.72
4.74
4.74
4.71
4.89
4.68
4.67
4.66
4.64
4.64
4.62
4.65
6.26
6.28
6.33
6.37
6.33
6.28
6.29
6.27
6.29
6.25
6.16
6.11
6.09
6.07
6.07
6.01
5.94
5.92
5.96
5.17
5.20
5.22
5.23
.5.22
5.18
5.19
5.17
5.18
5.16
5.10
5.04
5.03
5.00
4.98
4.93
4.89
4.87
4.89
4.69
4.69
4.72
4.73
4.71
4.70
4.69
4.69
4.72
4.71
5.68
4.66
4.66
4.66
4.67
4.66
4.64
4.63
4.65
4.31
4.31
4.30
4.30
4.29
4.28
4.28
4.28
4.27
4.27
4.26
4.25
4.25
4.25
4.24
4.24
4.25
4.25
4.26
6.33
6.27
6.25
6.22
6.22
6.17
6.16
6.14
6.13
6.09
6.09
6.12
6.12
6.12
6.11
6.07
6.04
6.03
6.03
4.58
4.61
4.65
4.67
4.62
4.70
4.70
4.73
4.58
4.75
4.75
5.81
3.69
3.71
3.73
3.76
3.76
3.79
3.78
3.79
3.68
3.80
3.80
4.43
4.11
4.13
4.15
4.17
4.17
4.21
4.22
4.23
4.09
4.25
4.24
5.20
4.62
4.68
4.72
4.73
4.70
4.78
4.78
4.82
4.62
4.83
4.81
6.06
5.88
5.91
6.00
6.01
5.85
6.02
6.00
6.08
5.83
6.29
5.90
7.58
4.77
4.77
4.81
4.81
4.72
4.77
4.74
4.75
4.72
5.19
4.72
5.75
4.68
4.77
4.85
4.88
4.83
4.99
5.01
5.10
4.63
5.13
5.10
6.74
4.27
4.29
4.29
4.32
4.31
4.35
4.34
4.34
4.24
4.35
4.35
4.97
6.02
6.04
6.01
6.12
6.16
6.15
6.22
6.30
6.01
6.33
6.35
8.65
5.01
4.15
4.54
5.11
6.24
4.91
5.49
4.64
7.34
55,... 99.95
2 59
A AA
A AO
fi RR
R
Rs
6.84
8.34
6.07
10.67
A
•These prices are computed from average yields on the basis of one "Ideal" bond(4d% coupon, maturing In 31 years) and do not purport to show either the average
level or the average movement of actual price quotations. They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of
Field 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 L.test complete list of bonds used in computing these indexes was published in the 1118110 of Oct. 13 1934,
Page 2264. ft Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, March 22 1935.
Business activity continued at a steady pace, with production of coal and electricity showing increases, and automotive activity well maintained. Fears of a strike stimulated coal output. Steel operations fell off a little, but
were at about the same rate as a year ago. There was a
better demand for tin plate, but other descriptions of steel
were rather quiet. The demand for automotive steel was
also somewhat slower. A surprising feature of the week
was an increase in car loadings of revenue freight of over
10,000 cars. Trade activity, however, was checked, to some
extent, by unfavorable weather as well as by the reactionary
trend in commodities and uncertainty over Washington
legislation. Easter buying got off to a good start and retail
sales for the country as a whole show an increase of 2% to
7% for the week. There is some decline, however, in several
sections as compared with last year's showing. Sales in
the farming districts of the Middle West exceeded those
of a year ago, despite severe dust storms which made it
difficult to move merchandise. Business failures showed
a slight increase for the week. Bank clearings, on the
other hand, exceeded those of the previous week. Commodity prices were adversely affected by the uncertainty
over foreign political developments, and the unsettled international monetary conditions. There was a marked decline
in foodstuffs. Coffee declined under general liquidation.
Cotton dropped sharply, owing to selling by local and foreign interests, unfavorable foreign news, and a fear that
the policy Of the Administration in lifting acreage restrictions on wheat will be tried on cotton. Secretary Wallace
announced during the week that restrictions on spring
wheat acreage in 1935 will be lifted, and it is estimated that
this action will increase the production by 25,000,000 bushels.
All the grains show declines for the week as well as most
other commodities. Sugar futures, however, showed relative strength owing to the Cuban strike situation, but the
favorable supply and demand situation continued to be a
dominating influence. Hides trading slowed down somewhat, and. prices were lower. The non-ferrous metals were
rather active at steady prices. Rubber declined under
heavy selling, prompted by the weakness of foreign markets,
the unusually early curtailment of tire factory operations,
and threats of a tire price war. Severe dust storms during
the week in the Middle West and Southwest did considerable
damage to soil and crops and injured many persons. In
Kansas the storm tore out wheat by the roots. The damage
in Colorado was placed at over $112,000. Trains were tied
up and schools were closed. There were many fears of a
repetition of last summer's drought. Late in the week the
dust storm hit some Eastern States. Dallas and many
other sections in Texas were besieged by the worst dust
storms in years. Many acres of Arkansas and Missouri
form land were buried by flood waters of the St. Francis
River. Rising rivers brought a new flood menace to several
sections in Mississippi and Arkansas. Tokio, Japan, greeted
the advent of spring, March 21, with an unseasonable snowfall. The mercury was up to 74 degrees here on the 16th
Inst., which broke a March 16 record of 67 degrees. The
rest of the week was rather rainy, but temperatures were
more spring-like. To-day it was fair and cool here, with
temperatures ranging from 48 to 63 degrees. The forecast
was for fair, cooler to-night; Saturday mostly cloudy;
probably rain. Overnight at Boston it was 34 to 42 degrees;
Baltimore, 54 to 78; Pittsburgh, 38 to 68; Portland, Me., 32
to 42; Chicago, 42 to 64; Cincinnati, 52 to 66; Cleveland,
44 to 56; Detroit, 34 to 64; Charleston, 62 to 92; Milwaukee,
36 to 62; Dallas, 70 to 82; Savannah, 64 to 90; Kansas City,
58 to 68; Springfield, Mo.,58 to 72; Oklahoma City,58 to 72;
Denver, 42 to 64; Salt Lake City, 30 to 52; Los Angeles,
44 to 58; San Francisco,44 to 52; Seattle, 38 to 48; Montreal,
26 to 38, and Winnipeg, 10 to 20.
Wholesale Commodity Prices Dropped Further During
Week of March 19 According to "Annalist" Weekly
Index-Foreign Prices During February
A further loss in the "Annalist" Weekly Index of Whole-
sale Commodity Prices took place during the week ended
March 19, the index declining to 122.2from 123.9, March 12,
and 125.0, March 5. The "Annalist" stated:
Declines were general, onlylgasoline and a few other commodities, such
as hay, rice, cocoa and coffee, making gains. The general reaction reflected
further liquidation in the cotton market and sympathetic declines on most
of the other speculative exchanges, the defection of Belgium from the full
gold standard and the war threat read into Germany's reinstitution of
conscription. Uncertainty regarding government policies and Programs
continued, as it has generally been, the chief domestic deterrent to confidence.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
'Unadjusted for seasonal variation (1913=100)
Mar. 19 1935 Mar. 12 1935 Mar. 20 1934
Farm products
118.7
119.6
92.2
Food products
125.5
127.9
107.4
Textile products
•104.8
x105.0
120.2
Fuels
161.0
159.5
155.0
Metals
109.5
109.6
105.0
Building materials
111.8
111.9
113.8
Chemicals
98.7
98.7
100.1
Miscellaneous
78.8
79.3
87.0
All commodities
122.2
123.9
108.3
z All commodities on old dollar basis
72.7
73.1
64.5
• Preliminary. x Revised. z Based on exchange quotations for France, Switzerland, Holland and Belgium.
As to foreign prices during February the "Annalist" reported:
1900
Financial Chronicle
Prices in the leading foreign countries in February were steady or slightly
higher. The "Annalist" International Wholesale Price Composite standing
unchanged at 73.4. The February averages do not, of course, reflect the
recent drop in sterling or more lately the newed pressure on the gold bloc.
More recent weekly figures for some reason likewise fall to reflect current
developments, the British index for March 9 standing at 63.3, a drop of
0.6 points from the previous week's 63.9, in the face of the fall in sterling
which would be expected to cause an advance. Rises in the Canadian and
Italian indices, presumably reflect weakness in their respective exchange.
DOMESTIC AND FOREIGN WHOLESALE PRICE INDICES
(In currency of country: index on gold basis shown for countries whose currency
has depreciated: 1913=100.0).
* Feb.
1935
s Jan.
1935
Dec.
1934
Feb.
1934
P. C. Change
from Jan.
1935
.ww
m5Q:m5
F4mea.t.mcnAolovw
U.S. A
124.3
122.6
118.0
+1.4
Gold
74.0
73.1
70.1
+1.2
Canada
112.5
111.7
111.2
+0.7
Gold
66.9
66.6
66.9
+0.4
United Kingdom
104.6
105.0
104.4
-0.4
Gold
62.4
62.8
63.0
-0.6
France
349
349
344
0
Germany
101.2
101.2
101.2
0
Italy
281.5
280.2
279.2
+0.5
Gold
269.9
289.7
269.1
+0.1
Japan
139.1
137.1
136.8
+1.4
Gold
47.3
46.6
47.0
+1.5
Composite in gold z
73.4
73.4
72_8
0
* Preliminary. x Revised. z ncludes also Belgium and Netherlands.
Indices used. U. S. A., "Annalist"; Canada, Dominion Bureau of Statistics:
United Kimgdom, Board of Trade; France. Statistique Generale: Germany. Stallstische Reichsamt;Italy. Consiglio delrEconomia di Milano: Japan, Bank of Japan.
For back data, see "The Annalist" Jan. 18 1935, pages 95,96, 99 and 163.
Selected Income and Balance Sheet Items of Class I
Steam Railways for December
The Bureau of Statistics of the Interstate Commerce
Commission has issued a statement showing the aggregate
totals of selected income and balance sheet items of Class I
steam railways in the United States for the month of December. These figures are subject to revision and were compiled from 143 reports representing 149 steam railways.
The present statement excludes returns for Class I switching
and terminal companies. The report in full is as follows:
TOTALS FOR THE UNITED STATES(ALL REGIONS)
Income Items
For the Month of Dec.
1934
1933
Net railway operating income 38,747,819 37,726,339
Other income
28,819,497 37,129,929
Total Income
Rent tor leased roads
Interest deductions
Other deductions
Total deductions
For the 12 Months of
1934
474,212,301
193,471,482
645,131,160
667.683,783
10,967,416 11,687,844 133,653,480
45.456,656 45,781,242 .522,932,403
1,906,289 2,648,114
20.796,461
133,399,312
532,016,719
16,047.618
58,330,361 60,117,200
677,382,344
681,463,649
Net Income
9.236,955 14,739,068 d32,251,184
Dividend declarations (from
Income and surplus):
On common stock
a31,584,868 12,340,312 a114,630,342
On pretested stock
3.635.197 4,976.396
18.163,125
d13,779,866
78,096,195
17.437,427
Balance Sheet Items
Balance at End ofDecember
1934
1933
gels 4 Asset Item:
Investments in stocks, bonds, &o., other than those of
affiliated companies
807.845,643
741,664,762
Cash
Demand loans and deposits
Time drafts and deposits
Special deposits
Loans and bills receivable
Traffic and ear-service balances receivable
Net balance receivable from agents and conductors-Miscellaneous accounts receivable
Materials and supplies
Interest and dividends receivable
Rents receivable
Other current assets
335,456,771
12,543,803
31,880,938
69,502,955
6,040,583
52,509,023
41,013,677
149.798,728
297.465,161
45,627,690
2,843.074
10,475,328
305,797,072
38,510,093
49.728,805
44,454,759
7,625,143
51,905.275
38,715,569
140,142,380
291.298,354
43,560,344
1,725,587
4.812,551
Total current assets
1,055,157.729 1,018,275,932
Selected Liability ItemsFunded debt maturing within six months-b
225,119,036
296,930,365
Loans and bills payable_ c
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
Unmatured interest accrued
trnmatured rents accrued
Other current liabilities
318,939,591
66.449,772
197,988,671
81,247,010
342.742,299
14,155.277
273,272,973
8,402.871
91,999,955
23,620,887
26,858.534
337,909,643
65.946,988
198.656,824
49,687,252
258.177,020
14,098,828
97.092,060
9,046.307
93,981,811
22,079,179
20,451,316
Total current liabilities
1,445.677,840 1,167,125,228
Tax Ilability-U, S. Government taxes
32,581,324
31,217,795
Other than U.8. Government taxes
124,043,635 135,335,313
a Includes $20,562,500 dividends appropriated from surplus by Duluth MLssabe
& Northern Ry. b Includes payments which will become due on account of principal of long-term debt (other than that in Account 764, Funded debt matured unpaid), within six months after close of month of report. c Includes obligations which
mature less than two years after date of issue. d Deficit.
Moody's Daily Index Recovers Moderately
from Year's Low Levels
After receding to the lowest levels for the year on Monday
of this week, basic commodity prices fluctuated narrowly
until Friday, when a moderate rally occurred. Top hog
prices continued the recession from their recent peak of
$9.90, falling to $8.85 on Wednesday, although rallying
somewhat on Friday. Cotton which had broken badly in
the preceding week, declined moderately further. On
Monday, Moody's Daily Index fell to the lowest levels
since Dec. 4. The Index is now 149.9, compared with
151.3 the week before.
The sharpest decline among the commodities comprising
the Index was in the case of top hogs, followed by cotton,
corn, rubber, steel scrap, coffee, wool and silver in the order
named. Advances were achieved by wheat, sugar, cocoa,
lead and silk, while hides and copper remained unchanged.
The movement of the Index number during the week,
with comparisons, is as follows:
Fri..
Mar. 15- Sat.,
Mar. 16
Mon., Mar. 18
Tues., Mar. 19
Wed., Mar. 20
Thurs.. Mar. 21
Mar. 22
157.1
151.3 2 Weeks Ago. Mar. 8
157.9
149.9 Month Ago, Feb. 21
137.3
Mar. 23148.4 Year Ago,
148,911933 High,
148.9
July 18
Low
78.7
Feb. 4
148.9
148.711934-35 dish, Jan. 8,'35.-160.0
Low, Jan. 2. 34- - -126.0
149.9
Gross Capital Railway Expenditures at Highest Point
Since 1931
Gross capital expenditures made by the Class I railroads
of this country in 1934 were greater than in any year
since 1931, the Association of American Railroads announced
on March 18. Complete reports for the year, which have
just been tabulated, Show that gross capital expenditures
for railway equipment and roadway and structures totaled
$212,712,000. In 1933 such expenditures totaled $103,947,000,
while in 1932 they were $167,194,000. In 1931, however,
they amounted to $361,912,000.
Gross capital expenditures for locomotives, freight and
passenger train cars and other equipment were greater in
1934 than for any corresponding period since 1930. Such
expenditures for equipment in 1934 totaled $92,005,000, compared with $15,454,000 in 1933; $36,371,000 in 1932; $73,105,000 in 1931, and $328,269,000 in 1930.
For roadway and structures in 1934, gross capital expenditures totaled $120,707,000, compared with $88,493,000 in
1933 and $130,823,000 in 1932.
1933
462,716,441
182,414,719
67,567,316 74,856,268
March 23 1935
Revenue Freight Car Loadings Rise 10,162 Cars
Loadings of revenue freight for the week ended March 16
1935 totaled 597,432 cars. This is a gain of 10,162 cars or
1.7% over the preceding week, but a loss of 30,117 cars or
4.8% from the total for the like week of 1934. The comparison with the corresponding week of 1933 is more favorable, the present week's loadings being 143,795 cars or
31.7% higher. For the week ended March 9 loadings were
4.4% below the corresponding week of 1934, but 33.1%
above those for the like week of 1933. Loadings for the week
ended March 2 showed a loss of 0.2% when compared with
1934 but an increase of 25.7% when the comparison is with
the same week of 1933.
The first 17 major railroads to report for the week ended
March 16 1935 loaded a total of 287,105 cars of revenue
freight on their own lines, compared with 284,687 cars in
the preceding week and 300,135 cars in the seven days
ended March 17 1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cara)
Loaded on Own Lines
Weeks Ended-
Received from Connections
'Fees Ended-
Mar.16 Mar. 9 Mar.17 Var.16 Mar. 9 Afar.17
1934
1935
1935
1935
1934
1935
Atchison Topeka & Santa Fe RYBaltimore & Ohio RR
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chic. Milw. St. Paul & Pao. Ry_
Chicago & North Western Ry
Gulf Coast Lines
International Great Northern RR.
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
New York Chic. & St. Louis Ry_
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry
16.678
28.891
21,249
13,429
17,041
13,153
2,487
1,912
3,987
13,194
42,939
4.007
20,111
57,622
5,517
19,952
4,938
17,538
28,161
22,513
12,710
16,813
12.992
2,410
1,834
4,118
13,364
42,075
4,054
19,182
55,893
5,509
19,614
5,007
18,567 4,690 5,113 4,518
30,013 13,597 14,194 14,898
23,476 7,729 7,605 7,542
14,838 8,727 6,761 5,249
17,145 6,840 7,989 6.698
14,905 9,607 9,361 9,419
2,850 1,178 1,261 1.249
3,221 2,108 1,894 2,008
4,166 2.412 2,672 2,530
13,342 6,825 7,140 8,929
45,122 58,792 59.300 65,789
3.943 8,913 9,614 9,575
19,659 3,737 4,110 4,095
59.014 34,854 34,004 97,551
5,574 5,212 5,479 5.785
19,206
5.094 8,388 8,742 8.303
Total
287,105 284.687 300,135 181.609 184.239 195.631
s Not reported.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cart)
1Veeks Ended-
Chicago Rock Island & Pacific Ay_
Illinois Central System
St. Louts-San Francisco RY
Total
Mar. 16 1935
Mar. 9 1935
Mar. 17 1934
20.690
27,825
11,293
20,891
26.895
11,756
20,176
26,903
12,463
59,808
59.542
59,542
Loading of revenue freight for the week ended March 9
totaled 587,270 cars, the Association of American Railroads
Financial Chronicle
Volume 140
announced on March 15. This was a decrease of 17,372
cars under the preceding week and a decrease of 26,850 cars
under the corresponding week in 1934, but an increase of
145,909 cars above the corresponding week in 1933. The
Association's weekly report continued:
Miscellaneous freight loading for the week ended March 9 totaled 223,253
cars, a decrease of 2.425 cars under the preceding week but increases of
6,646 cars above the corresponding week in 1934 and 82,402 cars above the
corresponding week in 1933.
Loading of merchandise less than carload lot freight totaled 160,513
cars, an increase of 193 cars above the preceding week, but a decrease of
5,913 cars below the corresponding week in 1934. It was, however, an
increase of 5.859 cars above the same week in 1933.
Coal loading amounted to 130,074 cars, a decrease of 8.894 cars below
the preceding week and 22,767 cars below the corresponding week in 1934,
but an increase of 33,202 cars above the same week in 1933.
Grain and grain products loading totaled 26.981 cars, a decrease of 2,143
cars below the preceding week and 2,786 cars below the corresponding
week in 1934, but an increase of 8.767 cars above the same week in 1933.
In the Westeen districts alone grain and grain products loading for the
week ended March 9 totaled 16.886 cars, a decrease of 2,547 cars below the
same week in 1934.
Live stock loading amounted to 11,683 cars, a decrease of 1,044 cars
below the preceding week and 308 cars below the same week in 1934 but
an increase of 865 cars above the same week in 1933. In the Western districts alone loading of live stock for the week ended March 9 totaled 9,011
cars, a decrease of 276 cars below the same week in 1934.
Forest products loading totaled 24,410 cars, a decrease of 1,618 cars
below the preceding week, but increases of 1,409 cars above the same week
in 1934 and 10,981 cars above the same week in 1933.
Ore loading amounted to 3,411 cars, increases of 123 cars above the pre-
1901
ceding week, 18 cars above the corresponding week in 1934 and 1.617 cars
above the corresponding week In 1933.
Coke loading amounted to 6,945 cars, a decrease of 1.564 cars below the
preceding week and 3.149 cars below the same week in 1934. but an increase
of 2,216 cars above the same week in 1933.
Five districts-Eastern, Allegheny, Southern, Central Western and
Southwestern-showed reductions for the week of March 9, compared with
the corresponding week in 1934. in the number of cars loaded with revenue
freight. Two districts-Pocahontas and Northwestern-showed increases.
All districts reported increases compared with the corresponding week in
1933.
Loading of revenue freight in 1935 compared with the two previous
years as follows.
Four weeks in January
Four weeks in February
Week of March 2
Week of March 9
Total
1935
1934
1933
2,170.471
2,325,601
604,642
587,270
2,183,081
2,314,475
605,717
614,120
1,924,208
1,970,566
481,208
441,361
5,687,984
5,717.393
4.817.343
In the following table we undertake to show also the loadings for separate roads and systems for the week ended
March 9 1935. During this period a total of 60 roads showed
increases when compared with the corresponding week last
year. The most important of these roads which showed
increases were the Southern Pacific RR. (Pacific Lines),
Chicago Milwaukee St. Paul & Pacific Ry., the Norfolk &
Western RR., the Atchison Topeka & Santa Fe System
and the Missouri Pacific System.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED MARCH 9
Total Revenue
Freight Loaded
Railroads
1934
1933
1935
1934
cnioVoc
e
1.598
2,530
6.452
522
2,145
8.866
466
221
4,248
9.970
1,545
2,492
11,280
1,004
240
5,131
11,325
2,404
2,715
13,554
1.003
26,967
27,982
22,599
30,760
36,372
4,193
8,151
10,746
157
1,183
6,333
2.272
18,888
1,408
642
377
6.429
10,980
13,880
141
797
9,988
2,263
20,623
2,350 i
629
452
4,536
7,336
9,267
117
1,423
7.704
1,522
15,154
1,954
349
239
6,849
6.410
13,585
1,802
1,144
6,732
46
27,302
1,663
19
363
7,637
6.151
14,762
2,306
1,148
7,036
31
31,598
2,749
16
329
54,350
68.532
49,601
65,915
73,763
577
1,332
7,603
26
218
259
3,505
4.165
8,096
4,363
4,054
5,509
5,308
1,207
5,007
3,337
539
1,314
7.173
28
225
168
2,120
4,436
8.394
5,487
3,895
5,272
4,792
1,464
5,047
3,528
378
1,072
5,985
13
165
167
1,069
2.115
3,780
2.921
2.588
3,132
2.387
851
3,873
2,201
1,243
1,885
12,675
69
92
3,664
2.005
8,036
10.121
190
9.614
5,479
4,810
1,057
8,742
3,149
1,057
1,841
13,093
78
162
3,782
1,606
7,749
10,654
168
9,306
5,815
5,373
1,021
8,312
3,357
54,566
53,882
32,697
72,840
73,374
Grand total Eastern District__ . 135.883
150,396
104,897
169.515
183,509
490
199
29,181
19.910
2,076
538
319
124
1,335a
6,857
4,271
1
0
429
213
274
173
787
854
1,132
1,063
58,519
44,115
15,233
9,326
7,300
2,628
107
42
3,283
2,334
617
14,194
1,863
9
18
10,038
65
27
21
2,420
1.311
34,004
15,385
1,865
0
6,266
635
14.430
1,368
12
19
11,390
55
28
26
3,930
1,275
36,044
14,750
1,032
0
6.119
88,103
92,013
FW....4b.:N
WC.tltl
tl
li...0tltle.
1,923
3,104
7,613
920
2,731
11,122
569
Total
Group 13Delaware & Hudson
Delaware Lackawanna & westErie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_
'ittaburgh & Shawmut
Pittsburgh Shawmut St North_
Total
G/eupCAnn Arbor
Chicago Indianapolis & Loulsv
C. C. C. & St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line_ _
Detroit Toledo & Ironton
Grand Trunk Weetern
Michigan Central
Monongahela
N.Y.Chicago & St. Louts
Pere Marquette
•
Pittsburgh it Lake Erie
•
Pittsburgh & West VIrginia
•
Wabash
Wheeling & Lake Erie
Total
Allegheny District490
Akron Canton & Youngstown_
' 28,161
Baltimore & Ohio
1,714
Bessemer & Lake Erie
265
Buffalo Creek & GauleY
•
1,235
Cambria & Indians.
5.097
Central RR. of New Jersey._ _
66
Cornwall
385
Cumberland & Pennsylvania_ _
'
160
Ligonier Valley
798
Long Island
1,153
b Penn-Reading Seashore Lin .
- 55,893
Pennsylvania System
10,826
Reading Co
•
8,297
Union (Pittsburgh)
105
West Virginia Northern
3,395
Western Maryland
Total
_
118,090
127,323
85.790
22,513
19,182
1,631
3,558
22,750
18,187
1,207
3,439
16,089
11,462
727
2,538
7,605
4.110
1,201
781
_
46,884
45,583
30,816
13,697
Southern DistrictGross, AAtlantic Coast Line
Clinchtield
Charleston & WesternCarolina _
Durham & Southern
•
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac
Southern Air Line
Southern System
Winston-Salem Southbound.- -
10,416
1,019
332
182
47
1,061
458
331
8,256
18,947
156
10,159
1,267
350
143
51
1,071
495
320
8,044
19.467
139
7,280
776
321
154
37
1,224
434
283
5.779
16,425
126
4,817
1,472
1,140
282
111
1,257
895
3,420
3,713
12,107
684
7,434
3,673
1,194
535
MI
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Lin0
Virginian
Total
Total Revenue
Freight Loaded
Railroads
Total Loads Received
from Connections
1935
1934
1933
138
654
668
4,019
195
1,289
702
346
1,279
18,058
17,995
127
122
1,637
2,815
342
178
770
757
3,977
246
1,229
922
360
1,242
18,823
18,861
193
154
1,732
2,970
326
106
571
454
2,825
98
945
740
193
921
13,929
12,664
168
106
1,374
2,341
238
1935
1934
1
,
1935
Eastern DistrictGroup ABangor & Aroostook
Boston dr Albany
Boston & Maine
Central Vermont
Maine Central
N.Y. N.II. & Hartford
Rutland
Total Loads Received
from Connections
Group BAlabama Tennessee & Northern
Atlanta Birmingham & Coast__
Atl. & W.P.-W.RR. of Ala__
Central of Georgia
Columbus & Greenville
Florida East Coast
Geoia
rg
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin dc Savannah
MLssissippi Central
Mobile & Ohio
Nashville Chattanooga & St. L_
Tennessee Central
127
824
890
2,583
246
526
1,343
546
755
9,418
3,911
442
234
1,361
2,110
531
210
803
1.102
2,593
218
603
1,441
595
697
8,479
3,931
465
273
1,396
2,384
666
50,386
52,740
37.678
25,997
25,856
Grand total Southern District
91,591
94,246
70,517
55,895
57,106
Northwestern DistrictBelt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chicago Milw. St. P. & Pacific_
Chicago St. P. Minn. & Omaha
Duluth Missabe & Northern_
Duluth South Shore dc Atlantio_
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South
Great Northern
Green Bay & Western
Lake Superior & Ishpeming..._
Minneapolis & St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
Spokane Internationals
Spokane Portland & Seattle
682
12,992
1,830
16,813
2,961
410
574
5,283
319
8.833
617
321
1,413
4.094
8,107
106
1,208
833
13,918
2.233
16,768
3,385
461
511
4,649
261
7.883
465
306
1,502
4.011
7,907
108
1,136
508
10,169
1,650
12.171
2,309
312
338
2,385
243
5,990
422
142
1,114
3,189
5,692
89
625
1,635
9.361
2,546
6,989
2,631
SO
305
5.779
148
2,707
452
94
1,578
2,157
2,434
152
1,016
1.631
9,198
2,365
6,575
2,803
124
330
4,842
134
2,073
360
104
1,372
2.117
2,046
148
896
66.563
66,337
47,348
40.064
37,118
17,538
2,550
209
12,710
1.764
9,961
2,939
846
1,965
451
1,040
1,838
650
74
14,212
163
235
11,164
406
090
17,269
2,318
193
13,766
1,443
9,899
3,021
879
2.238
223
938
1,934
686
93
14.030
198
323
11,584
237
1,108
14,449
2,515
206
10,504
1,295
7,982
1,889
675
1,553
139
848
1,655
302
85
9,931
163
171
8,624
335
924
5,113
1,980
43
6,761
1,067
7,142
2,064
1.145
1,883
4
923
957
233
115
3,873
215
993
6,589
3
1,524
4,391
1,820
31
6,160
653
6.370
1.847
694
1,808
3
847
1,011
299
49
3,331
244
919
5,887
8
1,334
81,705
82,380
64,245
42,627
37.706
221
151
145
2,410
1,834
100
1,580
1,041
129
455
550
138
4,118
13,364
29
75
6,739
1,901
5,402
3,769
2,198
27
180
162
152
144
2,993
3,083
106
1,587
1,129
220
378
446
92
4,134
12,901
40
79
7.116
1,976
5,163
4.174
1,576
34
170
115
118
131
1,999
3.046
85
1,257
860
132
239
414
40
3,637
9,931
41
109
5,559
1,506
4,357
2.664
1,497
11
a
4,059
298
167
1,261
1,894
903
1,351
785
338
827
144
157
2,672
7,140
28
128
3,536
2,136
2,347
3,616
15,204
34
61
3,303
202
163
1,203
1,886
774
1,278
712
254
700
224
268
2,506
7,820
15
114
3,435
1,964
2,226
3,533
16,208
34
81
Total
Total
Central Western DistrictAteh. Top. & Sante Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy
Chicago & 1111nola 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 Cease Lines
International-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas.
Louisiana Arkansas & Texas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas._
Missouri-Kansas-Texas Lines
Missouri Pacific
Natchez Sr Southern
Quanah Acme & Pacific
St. Louie-San Francisco
Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR.01St. Louie
Weatherford M. W.& N. W _ _ _
Wichita Falls & Southern
41,506
2
41,205
3,839
29.898
31,250
Total
46,554
47.855
Total
37,748
49 086
48 933
•Previous figures. a Not available. b Pennsylvania-Reading Seashore Lines include the new consolidated lines of the West Jersey & Seashore RR.,formerly pan of
Wants art., and Atlantic City SIR.. ormerly part of Reading Co.
Pa
1902
Financial Chronicle
Slight Increase Noted in Retail Prices of Food During
Two Weeks Ended Feb. 26 by United States Department of Labor
Retail prices of food advanced 0.3 of 1% during the two
weeks' period ended Feb. 26 1935, Commissioner Lubin of the
Bureau of Labor Statistics of the United States Department
of Labor announced March 12. He stated:
The current index, 122.3 (1913 equals 100.0), is 13.2% higher than
one year ago, and 34.5% above the low point of Feb. 15 1933, when the
indexes were 108.1 and 90.9, respectively. It is 20% below that of Feb. 15
1930, when the index stood at 153.
Of the 42 articles of food included in the index, 23 advanced in price,
12 showed no change, and seven declined.
Of the six groups into which these items are classified, four showed
increases; dairy products and eggs decreasing.
The cereals group increased 0.1 of 1%, due to an increase in price for
rolled oats. The other items of this group showed no change.
The meat group showed the greatest advance, and rose 2.7%, due to
increasing prices of all items in the group except leg of lamb.
Dairy products decreased 0.4 of 1%, due to lower butter prices. Eggs
declined 9.1%.
Fruit and vegetable prices increased 2.3%. In this group, cabbage and
onions showed marked increases. Potatoes recorded the first price change
during the current year, decreasing 5.6%.
Miscellaneous foods showed an advance of 1.2%, due largely to continued
increases in prices of fats and oils.
Price increases occurred in 33 of the 51 reporting cities, while 18 cities
showed decreases. These changes were distributed throughout the five
geographical areas.
The following table is from an announcement issued by
the Department of Labor:
INDEX NUMBERS OF RETAIL PRICE
OF FOOD (1913=100.0)
1934
1935
1933
1930
Feb. 12 Nov. 20 Aug.28 May 22 Feb. 27 Feb. 15 Feb. 15
Feb. 26 2 Weeks 3 Mos.6 Mos.9 Mos. 1 Year 2 Years 5 Years
Ago
Ago
Ago
Apo
Ago
Ago
Ago
All foods
Cereals
Meats
Dairy products
Eggs
Fruits & vegs_
Miscell.foods- I
122.3
151.0
144.0
116.8
101.4
113.0
101.1
122.0
160.9
140.1
117.3
111.6
110.4
99.8
114.9
150.9
120.6
108.4
116.2
104.2
96.4
115.3
150.8
129.2
105.6
95.3
118.0
93.4
108.4
144.4
115.3
99.9
67.8
132.2
88.8
108.1
143.4
107.8
101.8
74.8
137.5
87.5
90.9
112.0
90.0
90.3
62.0
89.5
83.9
153.0
161.6
183.1
138.6
136.8
190.9
127.6
From the announcement we also take the following:
Prices used in constructing the weighted index are based upon reports
from all types of retail food dealers in 51 cities and cover quotations on 42
important food items. The index is based on the average of 1913 as 100.
The weights given to the various food items used in constructing the
Index are based on the expenditures of wage earners and lower-salaried
workers.
The following table shows the percentages of price changes for individual
commodities covered by the Bureau for Feb. 26 1935 compared with
Feb. 12 and Jan. 29 1935, Feb. 20 1934, Feb. 15 1933, and Feb. 15 1930:
CHANGES IN RETAIL FOOD PRICES FEB. 26 1935 BY COMMODITIES
Percent Change-Feb. 25 1935 Compared with
1935
1934
1933
1930
Feb. 27
(1 Year
Ago)
Feb. 15
(2 Years
Ago)
Feb. 15
(5 Years
Ago)
-20.0
Commodities
Feb. 12
(2 Weeks
Ago)
All foods
Cereals
Bread, white
Cornflakes
Cornmeal
Flour, wheat
Macaroni
Rice
Rolled oats
Wheat cereal
Dairy products
Butter
Cheese
Milk,evaporated
Milk,fresh
Eggs
Fruits and vegetables_
Bananas
Oranges
Prunes
Raisins
Beans, navy
Beans with pork, end._
Cabbage
Corn,canned
Onions
Peas,canned
Potatoes, white
Tomatoes,canned
Meats
Beef-Chuck roast _ _ _
Plate beef
Rib roast
Round steak
Sirloin steak
Hens
Lamb,leg of
Pork-Bacon, sliced.._
Ham,sliced
Pork chops
Miscellaneous foods
Coffee
Lard, pure
Oleomargarine
Salmon. red, canned..
Sugar
Tea
Vegetable lard sub _ _
Jan. 29
(4 Weeks
Ago)
+0.3
+2.1
+13.2
+34.5
+0.1
0.0
0.0
0.0
0.0
0.0
0.0
+1.3
0.0
-0.4
-2.6
+0.8
+1.4
+0.8
-9.1
+2.3
+3.6
-3.6
0.0
0.0
+1.7
0.0
+19.0
0.0
+30.2
-0.6
-5.6
0.0
+2.7
+4.9
+5.7
+3.7
+2.7
+2.7
+0.7
-0.4
+1.4
+1.4
+3.7
+1.2
+0.4
+1.7
+4.5
-0.9
+1.9
+0.5
+0.5
-0.2
0.0
+1.1
+2.0
-2.0
-0.6
+1.2
+1.3
+0.4
+2.1
+3.8
+4.3
+2.9
+0.8
-6.7
+4.3
+3.1
+1.7
0.0
+1.0
0.0
0.0
+35.1
+1.6
+36.6
0.0
-5.6
+1.0
+6.3
+39.4
+11.3
+5.2
+5.0
+3.8
+3.8
-1.8
+3.4
+2.7
+3.0
+1.8
0.0
+3.4
+6.9
0.0
+1.9
+0.5
+1.9
+5.3
+5.1
-3.3
+18.6
+4.2
+0.6
+5.1
+15.2
0.0
+14.8
+34.0
+10.5
+5.9
+6.3
+35.7
-17.9
-2.5
+7.4
+1.8
+4.3
+3.4
+1.4
+28.2
+42.2
+19.1
+32.6
-41.4
+23.8
+33.5
+44.0
+45.1
+38.0
+35.7
+31.9
+17.0
+13.0
+52.3
+31.6
+28.9
+15.6
+4.9
+81.2
+46.5
-0.5
+1.9
+6.4
+10.5
+34.9
+29.7
+2.3
+50.0
+72.4
+7.5
+41.4
+35.7
+9.0
+29.4
+66.9
+23.9
+9.1
+15.5
+63.6
+26.2
+1.3
+9.8
+28.1
+5.4
+48.8
+7.7
+61.3
+30.6
+115.4
+38.9
+13.3
+20.9
+45.4
+46.0
+48.0
+35.4
+39.7
+33.3
+29.1
+28.6
+77.9
+49.1
+75.0
+20.5
+0.4
+137.7
+46.5
+11.1
+10.0
+10.9
+14.1
-5.7
-6.4
-2.0
-19.5
-14.6
-13.6
-5.1
-15.7
-11.9
-28.5
-22.6
-15.6
-25.8
-40.2
-26.6
-41.1
-37.7
-19.7
-50.4
-38.1
-25.4
-17.4
+9.8
+6.1
-56.4
-17.5
-21.4
-26.8
-28.8
-21.4
-21.9
-21.8
-28.0
-26.8
-13.1
-21.3
-12.5
-20.8
-34.7
+7.0
-29.0
-33.9
-15.4
-5.9
-13.5
Chain Store Sales of 25 Companies Show Increase
of 8.69% for February 1935
According to a compilation made by Merrill, Lynch &
Co., investment bankers, 25 chain store companies, including two mail order companies, reported an increase in sales
March 23 1935
of 8.69% for February 1935 over February 1934. The
report showed:
Sales-February23 Chain store companies
2 Mall order companies
1935
3122,426,305
41,051,952
1934
8114,576,766
35,817,788
% Change
6.85% Inc.
14.61% Inc.
25 Companies
Sales-Two Months23 Chain store companies
2 Mall order companies
$163,478,257
$150,394,554
8.69% Inc.
$242,512,977
80,563,668
$229,592,516
70,983,017
5.62% Inc.
13.49% Inc.
25 Companies
3323,076,645
$300,575,533
7.48% Inc.
Following is the percentage of change of the groups for
February and two months of 1935 over the corresponding
periods of 1934:
7 Grocery chains
8 Five-and-ten-cent chains
3 Apparel chains
2 Drug chains
2 Shoe chains
1 Auto supply chain
February
8.29% Inc.
5.03% Inc.
3.55% Inc.
13.73% Inc.
10.05% Inc.
12.93% Inc.
2 Months
8.44% Inc.
1.19% Inc.
3.94% Inc.
11.66% Inc.
17.25% Inc.
20.37% Inc.
Total 23 chains
2 Mail order companies
6.85% Inc.
14.61% Inc.
5.62% Inc.
13.49% Inc.
Total 25 chains
8.69% Inc.
7.48% Inc.
Decrease of 0.3 of 1% in Wholesale Commodity Prices.
During Week of March 16 Reported by United
States Department of Labor
Wholesale commodity prices receded 0.3 of 1% during
the week ending March 16, Commissioner Lubin of the Bureau of Labor Statistics of the United States Department of
Labor, announced March 21. He stated:
The Bureau's index stands at 79.4% of the 1926 average. It is at the
level of one month ago. As compared with the corresponding week for a.
year ago, when the index was 73.7, it is up by
%. It is 3134% above
two years ago, when the index was 60.4. This week's level is 2% above
the high for the year 1934, the week of Sept. 8, when the index was 77.8.
and nearly 12% above the low for 1934, the week of Jan. 6, when the index
was 71.0. When compared with the low point of 1933, 59.6 on March 4,
it is up by approximately 33%.
The decrease in commodity prices during the week was quite general
as shown by the fact that of the 10 major groups of items covered by the
Bureau, eight-farm products, hides and leather products, textile products,
metals and metal products, building materials, chemicals and drugs, housefurnishing goods and miscellaneous commodities-registered decreases from.
the previous week. The foods group alone showed an increase while fuel
and lighting material remained unchanged.
Four of the 10 major groups of commodities included in the index showed.
higher average prices than for the corresponding week of a year ago. Farm
products registered the greatest rise with an increase of 27% %; foods advanced 22%, chemicals and drugs 734%, and fuel and lighting materiala
nearly 2%.
During the 12-month period average prices of textile products have decreased 9%; hides and leather products, 3%; building materials, 2%. and
metals and metal products, 1 %. Smaller decreases have taken place in
the groups of housefurnishing goods and miscellaneous commodities. "All•
commodities other than farm products and foods" are approximately 134%
below the level of one year ago.
When compared with the corresponding week of 1933, all commodity
groups are higher, ranging from approximately 10% for metals and metal
products to 8234% for farm products.
Group index numbers for the week of March 16 1935, in
comparison with March 17 1934 and March 18 1933, and
the per cent of change are shown in the following table,
issued by the Department of Labor:
Commodity Groups
Mar. 16 Mar. 17 Per Cent of Mar. 18 Per Cent of
1935
1934
Change
1933
Increase
All commodities
79.4
73.7
+7.7
60.4
31.5
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products-.Building materials
Chemicals and drugs
HousefurnIshing goads
Miscellaneous
All commodities other than farm
Products and foods
79.2
82.6
86.0
69.0
73.8
85.0
84.6
81.5
81.9
69.0
62.0
67.7
88.8
76.0
72.6
86.5
86.2
75.8
82.4
69.2
+27.7
+22.0
-3.2
-9.2
+1.7
-1.7
-1.9
+7.6
-0.6
-0.3
43.4
64.8
68.1
51.1
63.7
77.5
70.1
71.5
72.3
59.3
82.5
50.7
26.3.
35.0,
15.9.
OF
20.7
14.0,
13.3
16.4
77.3
78.6
-1.7
66.1
16.9
In an announcement issued in the matter the Department
said:
Farm products with an index of 79.2 registered a decline of I% during
the week. The decrease was due mainly to decreases of 234% in grains and
other farm products, including cotton, eggs, lemons, hops, seeds and sweet
potatoes. The drop in the price ofcotton was approximately 10%. The subgroup of livestock and poultry, on the other hand, increased by nearly 2%.
although lambs and dressed poultry in New York were slightly lower.
Important farm products increasing in price were oats, apples, oranges,
tobacco, dried beans and white potatoes.
Sharp declines in the average prices of automobile tires and tubes, cattle
feed and crude rubber resulted in the group of miscellaneous commodities
decreasing 1% to 69.0% of the 1926 average.
Weakening prices of lumber forced the index for the building materials
group as a whole down 34 of 1% to 84.6. Average prices of brick and tile,
dement, paint and paint materials, and structural steel were unchanged.
The group of hides and leather products also declined 36 of 1% to the
lowest point reached this year. Decreases of 2% in average prices for hides
and skins and N of 1% for leather were responsible for tho drop. No change
was reported in average prices of shoes and other leather products.
Textile products, with an index of 69.0, registered a decline of 0.4 of I%•
Knit goods were lower by 2%,silk and rayon 1%. cotton goods 34 of 1%,
and other textile products, including burlap and cotton twine. 0.3 of 1%.
Average prices of clothing and woolen and worsted goods were unchanged.
The index for the group of metals and metal products. 85.0. was 0.1 of 1%
below the level of last week. The decrease was the result oflower prices for
motor vehicles and pig tin. Average prices of agricultural implements, iron.
and steel, and plumbing and heating fixtures were stationary.
Financial Chronicle
A drop of 0.2 of 1% in chemicals more than offset a fractional increase in
fertilizer materials, causing the group of chemicals and drugs to decline
0.1 of 1%. No change was reported for the subgroups of drugs and pharmaceuticals and mixed fertilizers.
Housefurnishing goods also registered a decrease of 0.1 of 1% because of
lower prices for blankets. Average prices of furniture were unchanged.
Wholesale food prices for the week were up by 0.6 of 1%.due to an advance
of nearly 2y6% in meats, ;
,6 of 1% in fruits and vegetables and a slight
advance in butter, cheese and milk. Cereal products and the subgroup of
other foods, on the other hand, were lower. Price increases were recorded
for butter,fresh and cured beef,fresh and cured pork, dressed poultry, oleomargarine and raw sugar. Important food items decreasing in price were
cheese, flour, cornmeal, dried peaches and prunes, canned spinach, lamb,
mutton, coffee, copra, edible tallow and vegetable oils. The index for the
group, 82.6, is 22% above a year ago, when the index was 67.7, and over
50% above two years ago, when the index was 54.8.
In the group of fuel and lighting materials an increase of nearly 2%In
petroleum products was offset by lower prices for electric current with the
result that the index for the group as a whole remained unchanged at 73.8.
No change was reported in average prices for coal and coke.
The general level for the group of "All commodities other than farm products and foods" declined 0.3 of 1% from the level of the week before. The
trend in this group has been steadily downward since the first of the year.
The accumulated decrease has been approximately 1%. The present index,
77.3, compares with 78.6 for a year ago and 66.1 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 for 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 March 17 1934 and March 18
1933:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF MARCH 16,
MARCH 9. MARCH 2, FEB. 23, FEB. 16 1935, AND MARCH 17 1934
AND MARCH 18 1933. (1926=100.0)
Mar. Mar. Mar. Feb.
16
9
2
23
1935 1935 1935 1935
Feb.
16
1935
Mar. Mar.
17
18
1934 1933
79.4
79.6
79.6
79.6
79.4
73.7
60.4
Farm products
79.2
Foods
82.6
Hides and leather products
86.0
Textile products
69.0
Fuel and lighting materials
73.8
Metals and metal products
85.0
Building materials
84.6
Chemicals and drugs
81.5
Housefurnishing goods
81.9
Miscellaneous
69.0
All commodities other than farm
nrndurts and foods
77.3
80.0
82.1
86.4
69.3
73.8
85.1
85.0
81.6
82.0
69.8
80.0
82.5
86.6
69.4
73.9
85.0
84.7
81.6
81.9
69.9
79.9
83.2
86 8
69.7
73.9
85.1
84.8
81.0
81.9
70.2
79.2
83.1
86.7
69.7
74.0
85.1
84.6
80.4
82.1
70.2
DNW.O.N
Ot.7CgRO ,
Nt.•MCC4titi.iNC4
COOOMMCD
43.4
54.8
68.1
51.1
63.7
77.5
70.1
71.5
72.3
59.3
77.5
776
777
777
Commodity Groups
All commodities
C
M
RR 1
Room rates remained practically the same as in February 1934, but are
29% lower than in the same month six years ago. The sharpest drop from
that time is recorded by Now York City.
Average occupancy at 62% is a gain of 5 points and is the highest for the
month of February since 1931.
While hotels are finding it more difficult to increase their business over
the year before, approximately 75% of all reporting showed a larger total
volume than In the same month of 1934.
We present below a comparison of the February decreases from six
years ago with those recorded In the five preceding months. It will
be
seen that this month's total drop is exactly the same as that for January
and those two are slightly larger than the others. Of the individual groups,
Washington shows the smallest percentage of decrease-13.3-and Philadelphia the largest-52.6.
Total
Sept.
1928
Oct.
1928
%
29.9
1.7
58.1
20.1
51.6
41.6
42.5
34.5
%
32.0
15.7
54.3
18.3
41.6
32.5
41.0
30.4
% '
32.9
35.8
34.8
39.7
54.8
51.7
16.4
20.4
37.6
40.0
34.8
27.0
37.8
37.0
29.5
30.5
33.9
32.8
31.3
Dec.
1928
Jan,
1929
Feb.
1929
woo:Dawco.
TOTAL SALES DECREASES FROM SAME MONTHS SIX YEARS AGO
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
All others
%
35.7
38.4
52.6
13.3
44.7
38.7
41.8
31.8
35.4
35.4
32.8
The following ananysis by cities was also issued by Horwath & Horwath:
TREND OF BUSINESS IN HOTELS IN FEBRUARY, 1935, COMPARED
WITH FEBRUARY, 1934
Sate,.
Percentage of Increase (+)
or Decreate -)
Oseepency
ROOM
Rale
Percentage of
Ins. (+)
Same
Month
Last Year Dec.(-)
Total
Romns.
Restaurt
This
Month
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
Texas
All others
+6
+8
+11
+12
+10
+20
+20
+12
+18
+5
+11
+10
-6
+6
+20
+22
+11
+10
+7
+5
+12
+28
+14
+21
+19
+13
+26
67
64
37
63
65
62
56
66
61
62
58
32
66
61
54
44
60
57
-2
+1
--5
--2
Total
Average to date
+15
+15
+10
+11
+21
+21
62
63
57
58
N. C.
+1
SOURCE AND DISPOSAL OF ENERGY AND SALES TO ULTIMATE
CONSUMERS
Month of January
1934
1935
x Kilowatt-hours Generated (net)By fuel
By water power
%
4,700,752,000 4,340,916.000
+8.3
3,024,139,000 2,706,247,000 +11.7
Total kilowatt-hours generated
Additions to SupplyEnergy purchased from other sources
Net international imports
7,724,891,000 7,047,163,000
+9.6
141,109,000
79,264,000
197,037,000 -28.4
69,120,000 +14.7
220,373,001
266,157,000 -17.2
61,227,000
121,524,000
66.273,000
115,889,000
-7.6
+4.9
Total
Total energy for distribution
Energy lost in transmission, distribution. &o.
Kilowatt-hours sold to ultimate consumers
Sales to Ultimate Consumers (Kwh.)Domestic service
Commercial-Small light and power (retail).
Large light and power (wholesale)
Municipal street lighting
Railroads-Street and interurban
Electrified steam
Municipal and miscellaneous
182,162,000
180,786,000
7.764,478,000 7,131,158,000
1,295,747,000 1,220,349,000
6,468,731,000 5,910,809,000
-0.8
+8.9
+6.2
+9.4
Total sales to ultimate consumers
Total revenue from ultimate consumers__
6,468.731,000 5.910.809,000
3170.101.000 9162,070.400
Total
Deductions from SupplyEnergy used in electric railway departments
Energy used in electric & other departments
1,316,743,000 1,243,962,000 +5.9
1,245,351,000 1,162,345.000 +7.1
3,135,330,000 2,748.258,000 +14.1
222,070,000 +0.0
222,089,000
396,054,000 +8.8
431,009,000
61.517,000 +8.9
67,009,000
76.603,000 -33.2
51.200,000
+9.4
+5.0
12 Months Ended Jan. 31
Trend of Business in Hotels According to Horwath &
Horwath-Sales During February Above Year Ago
Horwath & Horwath in their review of the trend of business in hotels state that "in February the sales in general
continued at about the same point above a year ago as in
January and December, although three groups showed considerably lower rates of increase than in recent monthsPhiladelphia, Cleveland and Detroit." The firm further
said:
Nov.
1928
1903
Preliminary Estimates of Sales of Electricity to Ultimate
Consumers During January 1935 Indicate Gain
of 9.4%
PF The following statistics, covering 100% of the electric
light and power industry, were released on March 19 by
the Edison Electric Institute:
+5
--2
+2
+1
1934
1935
x Kilowatt-hours Generated (net)By fuel
By water power
%
53,650,934,000 48,051.338,000 +11.7
31,558.947,000 31,536,558,000 +0.1
Total kilowatt-hours generated
85,209,881,000 79,587,896,000
Purchased energy (net)
2,999,319,000 2,975,240,000
Energy used in electric ry. and other depts
2,013,721,000 1,903,374,000
Total energy for distribution
86,195.479,000 80,659,762,000
Energy lost in transmission, distribution, ea. 14,855,777,000 14,367,911,000
Kilowatt-hours sold to ultimate consumers 71,339,702,000 66,291,851,000
Total revenue from ultimate consumers
$1,845,076,600 81,775.206,700
Important FactorsPer cent of energy generated by water power_
39.7%
37.0%
Average pounds of coalper kilowatt-hour
1.44
1.45
Domestic Service (Residential Use)Avge. ann. consumption per customer (kwh.)
634
605
Average revenue per kilowatt-hour
5.28e
5.48c
A xiarano mnnthlii hill nor dinmi
,
ctlo rilatrimar
iii, '70
59711
+7.1
+0.8
+5.8
+6.9
+3.4
+7.6
+3.9
+4.E
-31
11 1
Basic Information as of Jan. 31
1935
Generating capacity (kwh.)-Steam
Water power
Internal combustion
1934
23,802,800 24,041,800
8,947,500 9,005,300
500,900
452.600
Total generating capacity in kilowatts
33,251,200 33.499.700
Number of CustomersFarms in Eastern area (included with domestic)
(533,997) (505.545)
Farms in Western area (included with commercial, large).- (208,226) (204,997)
Domestic service
20,487,399 20,025.830
Commercial-Small light and power
3,745,109 3,690,462
Large light and power
503,310
523,893
All other ultimate consumers
71,923
66.929
Total ultimate consumers
24,807,741 24,307,114
x As reported by the United States Geological Survey with deductions for certain
Plants not considered electric light and power enterprises.
Note-Due to the many reports which are required of the co-operating companies
by the various governmental agencies such as the rate and power survey of the
Federal Power Commission, the Security Exchange Commission, the various local.
Federal and State taxing bodies and the State public service commissions, as well
as the great amount of work required in connection with bolding company legislation, it luut been difficult for the co-operating companies to return promptly the
regular monthly report of the E. E. I. and we are, therefore, forced to publish
the January 1935 data, which is now two weeks late, in preliminary form, based on
such information as has been received,
The above preliminary data, therefore, are subject to revision and are to be
replaced by the final report which will be made available as soon as complete returns
are received, or along with the February report.
Electric Production During Latest Week 4.7%
Above 1934
The Edison Electric Institute in its weekly statement
discloses that the production of electricity by the electric
light and power industry of the United States for the week
ended March 16 1935 totaled 1,728,323,000 kwh. Total
output for the latest week indicated a gain of 4.7% over
the corresponding week of 1934, when output totaled 1,650,013,000 kwh.
Electric output during the week ended March 9 1935
totaled 1,724,131,000 kwh. This was a gain of 4.7% over
the 1,647,024,000 kwh. produced during the week ended
March 10 1934. The Institute's statement follows:
PERCENTAGE INCREASE OVER 1934
Major Geographic
DitiSiOnS
New England
Middle Atlantic
Central Industrial_
West Central
Southern States
Rocky Mountain
Pacific Coast
Total United States_
Week Ended
Mar. 16 1935
Week Ended
Mar,9 1935
Week Ended
Mar. 2 1935
Week Ended
Feb. 23 1935
3.0
3.6
5.3
4.9
6.9
16.5
0.4
c5cAtnw..
b;.1.3i.Db6;c,
Volume 140
1.3
1.0
5.0
3.9
7.1
11.4
6.3
3.3
2.7
5.8
6.3
6.0
13.6
1.6
4.7
4.7
48
R n
1904
Financial Chronicle
Arranged in tabular form, the output in kilowatt-hours of
the light and power companies of recent weeks and by
months is as follows:
1935
DATA FOR RECENT WEEKS
Week of-
1935
1934
P. C.
Ch'ge
Weekly Data for Previous Years
in Millions of Kilowatt-flours
1933
+6.7
+7.7
+9.4
+10.6
+7.7
+6.8
+7.3
+5.0
+4.6
+4.7
+4.7
1,426
1,495
1,484
1.470
1,455
1,483
1,470
1,426
1,423
1.391
1,375
tr>.
1,668.731.000 1,563,678,000
1.772,609,000 1,646,271.000
1,778,273,000 1,624,846,000
1,781,666,000 1,610,542.000
1,762,671,000 1.636,275.000
1,763,696,000 1,651,535,000
1,780,562,000 1,640,951,000
1,728,293,000 1,646,465,000
1,734,338,000 1,658,040,000
1,724,131.000 1.647.024,000
1,728,323,000 1,650,013,000
aC40,03.01.N9GC00
Jan. 5___
Jan. 12._ _
Jan. 19___
Jas. 26_,_
Feb. 2_....
Feb. 9.._
Feb. 1e.__
Feb. 23_
Mar. 2..._
Mar. 9_ _ _
Mar. 16_ _ _
1932
1931
1030
1929
1,714
1,717
1,713
1,687
1,879
1,684
1.880
1,633
1.664
1,676
1,682
1.680
1.816
1,834
1,828
1.809
1,782
1.770
1,746
1,744
1.750
1,736
1,542
1,734
1,737
1,717
1.728
1.728
1,718
1,699
1.707
1,703
1,687
DATA FOR RECENT MONTHS
lifonth of-
1934
1933
%
Change
1932
1931
January ____
February_ _ _
March
April
May
June
July
August
September_ _
October
November_ _
December
7,131,158,000
6,608,356,000
7,198,232,000
6,978,419,000
7,249,732,000
7,056,116,000
7,116.261,000
7,309.575.000
6.832,260.000
7,384,922,000
7,160,758,000
7,538,337,000
6.480,897,000
5.835,263.000
6,182,281.000
6,024,855.000
6,532,686,000
6,809,440,000
7.058,600,000
7,218,678,000
6.931,652,000
7.094,412,000
6,831.573,000
7,009,164,000
+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
6,771,884.000
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
8,507.804,000
6,638,424,000
7,435,782.000
6,678.915.000
7,370.687,000
7.184,514.000
7.180,210,000
7,070,729,000
7.286.576.000
7.166.086,000
7.099.421,000
7.331.380,000
6.971.644,000
7,288.025,000
Total
85.564.124.000 80.009,501,000
+6.9 77,442,112.000 86,063,969,000
Nets-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry .nd the weekly figures are
based on about 70%.
Valuation of Construction Contracts Awarded in
February
February showed the expected seasonal dip in construction
contracts when compared with the reported volume for
January. The total reported by F. W. Dodge Corp. was
$75,083,500 for the 37 eastern States as against $99,773,900
in January, a decline of about 25%. The contract volume
for February 1934, totaling $96,716,300, was only about half
as great as the January 1934 volume.
For the initial two months of 1935 construction awards
of all descriptions in the area east of the Rocky Mountains
totaled $174,857,400 in contrast with $283,180,000 for the
corresponding two months of 1934. A year ago contractletting under the Public Works Administration program was
in full swing; currently this influence has largely spent itself.
Contract losses in February as contrasted with totals for the previous
month were shown as follows. almost $12,000,000 in public works; almost
$6.000,000 in residential building; about $5,000,000 in public utilities;
and $2,000,000 in non-residential building types. The $16,616,800 total
recorded for residential contracts, however, was about 14% larger than the
total of $14.520,300 reported for this class of construction in February
1934. Non-residential building awards in February likewise were higher
than in February of last year but in this instance the gain over a year ago
was only about 534%. Large losses were reported from last year in the
February awards for public works and public utilities.
In the 19 months that have elapsed since July 1933. when the effects
of the Public Works Administration program were beginning to be felt in
the contract records, publicly-owned construction jobs undertaken in the
States east of the Rockies had a contract total of $1.569.120,400. During
the same period and for the same area construction awards on private jobs
aggregated $889.878,900. Thus it is seen that almost 64% of the combined
total of $2.458,999,300 for all classes of construction contracts let in the 37
eastern States beginning with August 1933 was on publicly-owned undertakings.
Contemplated construction of all types reported by F. W. Dodge Corp.
during February was considerably heavier than in either the previous month
or February 1934. Gains over 1934 in new planning were shown in each
important territory over the area east of the Rockies except the central
northwest, southern Michigan, the St. Louis territory and Texas. Newlyplanned residential construction was more than four times as great as was
reported in January and more than six times as heavy as recorded in February 1934.
CONSTRUCTION CONTRACTS AWARDED-37 STATES EAST OF THE
ROCKY MOUNTAINS
Month of Fe5ruary1935-Residential building
Non-residential building
Public works and utilities
Total construction
[934-Residential building
Non-residential building
Public works and utilities
Total construction
i'First"Two Months[935-Residential building
Non-residential building
Public works and utilities
Total construction
934-Residential building
Non-residential building
Public works and utilities
,
rntalennatmlet1nn
No. of
Projects
New Floor
Space (Sq. Ft.)
2,964
2,349
822
4,569,400
4,984,900
116,000
516,816,800
30,61.2,800
27,817,500
6,135
9,670,300
75,047,100
1,965
2,256
1,286
3,634,400
4,271.100
270,800
14,520,300
29,014,800
53,181,200
5,507
8,176,300
96,716,300
5,864
4,875
1,854
10,098,900
10,607,300
211,200
$39,027,090
12,593
20,915,400
$174,821,000
3,695
5,674
3,866
7,577,800
0,870,700
426,500
229,630,700
86,630,900
166,918,400
11 995
17 0751)041
C283I81)nnn
Valuation
63,571,200
72,222,800
March 23 1935
NEW CONTEMPLATED WORK REPORTED-37 STATES EAST OF THE
ROCKY MOUNTAINS
Month of FebruaryResidential building
Non-residential building
Public works and utillties
Total construction
First Two MonthsResidential building
Non-residential building
Public works and utilities_
Total construction
1934
No. of
Projects
Valuation
No. of
Projects
4,115
3,451
1,805
$199,587,000
109,784,700
353,129,900
2,533
3,784
2,304
332,823,500
128,343,700
275,250,300
9,371
$662,501,600
8,621
$436,417,500
7,847
6,902
3,276
$245,756,900
234,588,100
596,568,000
4,870
8,476
5,395
$84,924,100
278.798.600
548,589,400
18,025
51,076.913,000
18,741
$912,312.100
Valuation
Canadian Business Conditions Reflect Inherent
Strength According to Bank of Montreal-Improvement Maintained During March
"Business conditions in Canada reflect inherent strength
rather than any stimulating external influences," says the
Bank of Montreal in its current business summary, dated
March 22. The bank reports that business has made the
most of its opportunities and has maintained improvement
during March. In part it states:
Wholesale prices`were somewhat stronger in the first week of March.
... An Increase of 3% in the net amount of life insurance written in Canada
In 1934 and paid for in cash is reported by the Dominion Insurance Department. Retail prices, rents and costs of services were fractionally higher
in the first half of March than in the month of February. . ..
Recent productive activities show varying tendencies. There has been
a continued acceleration in the output of central electric stations, which
is 12%.above last year's. Newsprint was down 10.7% from January,
but the February record of 180,305 tons compares with one of 174,447
for the same month of 1934. Exports of wood-pulp were higher, and
planks and boards showed a gain over January though lower than a year
ago. Sugar production was down from January, but was 29% higher
than in February 1934. Flour and cereal mills are on the up-grade, but
with lower outputs than last year. February boot and shoe production
compared very favorablyaboth with the preceding month and with last
year. In the metals, iron and steel have slackened off, and lead, nickel.
silver and zinc were down in January from December; copper, on the
other hand, showed a gain; the export movement has been very strong
for copper and nickel, but has declined for zinc.... The index of general
retail sales compiled at Ottawa stood at 61.2 for January 1935 (January
1929=100). a decline from 99.5 during the holiday business rush, but
higher than for January 1934. The amount of new building contracts
awarded has recently declined but was markedly above that of February
1934.
National Industrial Conference Board Reports February Business Conditions Slightly Improved as
Compared with January
Business conditions in February showed a slight improvement over January,according to the regular monthly business
survey of the National Industrial Conference Board. The
survey, issued yesterday (March 22) said in part:
Continued expansion of motor production was largely responsible for
the increase in industrial activity. The automoolle industry registered
the highest record of motor production of any February except that in
1924, 1926, and 1929. Motor production gained 17% over January. For
the first two months of this year automobile output was 63% over tile
corresponding period last year. Retail automobile sales, continuing their
upward trend, registered an increase of 133% in January over January
1934 and 81% over December.
Distribution and trade recorded an increase over February 1934. Retail
trade advanced both in value and in volume of sales during February.
Department store sales rose about 5% in dollar value during February.
against a usual seasonal decline of 1.3%. The physical volume of department store sales was 5.6% higher than in the preceding month. and
4.1% higher than in February of last year. Rail shipments of all classes
of commodities in February 1935 were slightly above shipments in February
1934 and 5.4% over those for January 1935. . . .
Commodity prices at wholesale averaging slightly higher in February
than in the preceding month, declined steadily after Feb. 18. This decline
continued during the first half of March and established new lows for the
year in the prices of corn, oats, rye, coffee, butter, eggs, cotton, silk,
wool, tin, rubber and hides. The advance In commodity prices during
February over the preceding month was 0.8%.
*Retail food prices continued to rise sharply during the latter part of
January and the first half of February. The advance was more gradual
during/the second fortnight in February. Food prices during the past
year have increased 13.1%. . . .
Textile activity in February showed a decline of more than seasonal proportions. The decrease was largely in the cotton, silk, and rayon industries, while the woolen industry continued to maintain the sharp gain
recorded in the latter part of 1934.
Far West Business Activity During February at
Highest Level Since October 1931, According to
Wells Fargo Bank & Union Trust Co. of San
Francisco
Business activity in the Far West in February surpassed
the previous recovery peak and rose to the highest level
since October 1931, according to the index of Western business compiled by the Wells Fargo Bank & Union Trust Co.
of San Francisco. The index rose to 75.3% of the 1923-25
average, in comparison with 73.4% in January and 69.7%
a year ago. In issuing the index the bank said:
TheTbetterment is not attributed to a major advance in any single line
but is well distributed through the major phases of Western business
activity. February department store sales in California rose 8% over a
Volume 140
Financial Chronicle
year ago. Bank deoits throughout the State were 13% larger than in 1934.
Employment rose 4.4% from the same month last year and as average
earnings were 7.4% higher, the increase in total payrolls amounted to
12%. Automobile sales for the first two months of 1935 increased 100%
over last year and were at the highest levels for any similar period since 1931.
Life Insurance Sales in United States During February
13% Above Year Ago-Pacific States Show Greatest
Gain
The Pacific section of the United States, comprising
Washington, Oregon and California, showed more of a gain
in sales of ordinary life insurance during February as compared with February 1934 than any other part of the country,
according to the monthly analysis of the Life Insurance
Sales Research Bureau of Hartford, Conn., issued March 21.
For the country as a whole, February business was 13%
ahead of figures for the same month last year. Taking the
first two months of 1935 and comparing them with the
same two months last year, the Bureau found that this year's
sales were up by 25%. Business for the year ended Feb. 28
1935 was 14% better than for the 12 months ended Feb. 28
1934.
Estimated Cost of Unemployment Relief, According to
National Industrial Conference Board
Estimates of the annual cost of various types of unemployment relief made by the National Industrial Conference
Board, based on 3,500,000 relief cases, vary from slightly
less than $1,000,000,000 for direct relief of the type received
by more than half of the persons now on the relief rolls to
over $8,000,000 for public works relief, with full-time employment, at the "prevailing wage" rate. In an announcement issued recently the Board also stated:
The average cost of direct relief per case during the third quarter of the
past year was at the rate of slightly over $280 per year. At this annual
rate the total cost for 3,500,000 cases would amount to $989,000,000. The
average cost of work relief has been around 50% greater than the cost of
direct relief. The average for the third quarter of 1934 was slightly over
$35 per month, or around $420 per year. Continuous employment for
3,500,000 persons during a period of 12 months would cost $1,475,000,000.
The plan now under consideration by Congress has for its purpose the
provision of employment on public works during the coming fiscal year
for 3,500,000 relief persons, at an estimated total coat of $4,000,000,000.
Administration spokesmen have stated in the hearings before the Senate
Appropriations Committee that the plan oentemplates a monthly wage of
$50 and a work week of 30 hours. A report submitted to the Senate Committee by the Budget Bureau allots $2,100,000,000, or 52%%, for wages,
and $1,900,000,000, or 47%%, for materials. This estimate apparently
takes no account of overhead, although the overhead on work relief as it is
administered at present is over 9% of the total cost. It is likely to be
even greater on public works because of the need for a greater number of
technical and supervisory positions. The British unemployment relief
authorities, after 12 years' experience with public works unemployment
relief, estimate that on the average the materials and overhead cost on this
type of relief amounts to 60% of the total. Estimates from various American sources range from 60% to 65% for materials and overhead on public
works projects.
A calculation based on a monthly wage of $50, a work week of 30
hours, full-time employment, with materials and overhead cost 60% of the
total cost, gives an annual expenditure of $5,250,000,000, or $1,250,000,000
in excess of the $4,000,000,000 proposed In the appropriations bill. The
latter amount will provide constant employment, under the conditions
specified, for not more than nine months of the year. The average annual
cost per relief case, on full-time employment, would be $1,500.
The substitution of the "prevailing rate" of wages more than doubles the
amount provided in the appropriations bill. The average hourly wage on
public works projects, reported by the Bureau of Labor Statistics for the
month of November was 59. per hour. At this wage rate, under the
oenditions as to work week and ratio of materials and overhead cost to
total cost outlined above, the total for full-time employment reaches $8,054,000,000. The average annual cost per relief case, on full-time employment,
would be $2,300. If the appropriation is limited to $4,000,000,000, this
sum would provide constant employment for 3,500,000 workers not more
than six months.
National Industrial Conference Board Reports Cost
of Living of Wage Earners in February 1% Above
January
The cost of living of wage earners continued its upward
trend from January to February, rising 1.0%, according to
the regular monthly index computed by the National Industrial Conference Board. The increase, the Board said, was
due to a sharp advance in food prices and a substantial rise
In rents. Clothing prices, on the other hand, declined. The
costs of fuel, light and sundries did not change from January
to February. The cost of living in February was 5.2%
higher than a year ago, but 17.5% lower than in February
1929. A summary of the Board's analysis, issued March 13,
follows:
Food prices rose 3.0% from January to February, bringing them to a
level 12.7% above that of a year ago, although still 21.0% below that
of February 1929.
Rents in February were 0.7% higher than in January; 7.3% higher
than in February 1934, but 26.7% lower than in February 1929.
Clothing prices declined 0.8% tram January to February, continuing
the downward tendency observed during the past five months. In February
of this year clothing prices were 1.5% lower than in February 1934 and
23.7% lower than in February 1929.
1905
Fuel and light costs averaged exactly the same in February 1935 as in
January 1935 and in February 1934, but they were 7.9% lower than in
February 1929.
The cat of sundries did not vary from January to February, but it was
1.0% higher than in February 1934 and 6.8% lower than in February 1929.
The purchasing value of the dollar was 121.4c. in February as compared
with 122.5c. in January ; 127.7c. in February 1934 ; 100.1c. in February
1929, and 100c. in 1923.
Item
Food •
Rousing
Clothing
Men's
Women's
Fuel and light
Coal
Gas and electricity
Sundries
Index Numbers of
Relative the Cost of Living Per Cent Increase 1+)
or Decrease (-)
Importance
1923=100
in
from January 1035
Feb.,
Family
Jan.,
to February, 1935
Budget
1935
1935
33
20
12
5
30
83.5
67.4
76.3
79.7
72.8
87.1
85.8
89.8
93.0
81.1
66.9
76.9
80.4
73.4
87.1
85.8
89.8
93.0
+3.0
+0.7
-0.8
-0.9
-0.8
0
0
Weighted average of all items
82.4
81.6
100
+1.0
Purchasing value of dollar._
121.4
-0.9
122.5
• Based on food price indexes of the United States Bureau of Labor Statistics,
Feb. 12 1935 and Jan. 15 1935.
Survey of Changes in Salaries and Wages January
1933 to November 1934 by National Industrial
Conference Board-88% of 717 Manufacturing
Concerns Increased Wages During Period
The National Industrial Conference Board announced,
March 11, the results of a nation-wide survey to determine
the changes in salaries and wages from January 1933 to
November 1934, the period including the introduction of
the National Recovery Administration and the upward
revision of wage rates under the codes. The announcement said:
This study, the results of which are contained in a new pamphlet,
"Salary and Wage Policy, 1933-1934," covered over 800 representative
companies with a total employment of 811,308. Six major branches of
industry comprised the scope of the Board's analysis. The industries are:
manufacturing, extraction and refining, public utilities, wholesale and
retail trade, railroads and finance.
Of the 717 manufacturing concerns covered in the Board's study 41%
have increased executive salaries ; 63% have raised non-executive salaries,
and 88% have advanced their wage rates.
Periods in Which Changes 1Vere Made in Wages and Salaries
Nearly half of the increases in pay rates reported in the Conference
Board's survey were made during the second half of 1933 ; a third occurred
during the first half of 1934, and an eighth during the second half of 1934.
Eighty per cent, of the reductions occurred during the first half of 1933.
Increases in wages comprised the largest proportion of the general compensation rises recorded during the second half of 1933. These were
undoubtedly the result of codes becoming effective at that time. The
largest number of increases in non-executive salaries occurred also in the
second half of 1933. Increases in executive salaries were slightly more
numerous during the first half of 1934 than during any other period of
the survey.
The last half of 1934 showed a decided drop in the number of increases
for all three groups of employees. . . .
Sri/dry and Wage Reductions in Manufacturing Industry
Reductions in salary and wage rates in manufacturing industry since
January 1933 for the three groups of employees, according to the Conference Board's study, were as follows:
Executive salaries, in 24.1% of the companies, with an average reduction
of 21.1%; non-executive salaries, in 20.8% of companies, with an average
reduction of 11.0%; wage rates, in 15.1% of the companies, with an
average reduction of 11.0%.
Companies in Which No Change in Rates Occurred
In a small minority ef companies neither increases nor decreases in
salary or wage rates had been made since January 1933, according to the
Conference Board's analysis.
Manufacturing companies in this category employed 13,309 persona, or
2.5% of the total number covered in the Board's survey. The highest
proportion of employees in an industry employed by companies which
made no changes in rates was 27.5%, in the furniture industry.
In agricultural implements, iron and steel, paint and varnish, and
rubber, all reporting companies had made at least some changes in compensation rates. In most other industries only a small minority of
employees were in companies that had no change in compensation rates.
Number of Employees Affected by Compensation Changes
Practically 90% of all employees of the manufacturing companies covered
benefited by increases in their rates of compensation, the Conference
Board's study shows.
Chemicals, clothing, iron and steel, lumber and millwork, non-ferrous
metals, paint and varnish, rubber and textiles were above the average in
this respect. The lowest proportion of employees, 61.3%, benefiting by
increases in pay was in the furniture industry.
Reductions in rates had been suffered by 16% of employees, indicating
that some employees were affected by both reductions and increases during
the period covered.
Reasons for Granting Increases in Salaries and Wages
Reasons for granting increases in wages and salaries, as reported to the
Conference Board, are presented in the following table:
ReasonNumber of Times Mentioned
Desire to co-operate with the NRA
369
Code requirements
359
Good policy to avoid unrest
227
Improved financial condition of company
141
Collective bargaining negotiation
79
Increased value of employees
33
Good policy to pay as high wages as possible
25
Both in granting increases and in making reductions in rates of pay,
the flat percentage applicable to all employees, or to all in a particular
group, has been more frequently employed than the method of making
Individual adjustments, according to the Board's report.
1906
Financial Chronicle
Further Gain in Ohio Employment During February
Reported by Ohio State University
"During February," states the Bureau of Business Research of the Ohio State University, "employment in Ohio
Increased 4.5% from January," which is an "increase materially greater than the average January-February increase
of 0.8%." Under date of Marcfh 8 the Bureau also said:
As compared with February 1934, employment in the State showed an
increase of 7.0%, while the total for the first two months of this year
has averaged 7.8% above the same two months in 1934. The February
increase in total employment was due to a greater-than-seasonal increase
of 5.3% in manufacturing and a contra-seasonal increase of 3.4% in
construction employment. Non-manufacturing employment registered a
January-February decline of 1.6%, which approximated the seasonal
movement.
All of the major industry groups showed increases in February employment except the lumber group, which stood substantially unchanged from
January. The chemicals, food products and rubber products industries
reported contra-seasonal increases, while the remaining seven groups reported
January-February increases of greater-than-seasonal proportions. The
largest gains were reported by the stone, clay and glass and the textiles
industries, which showed increases of 19.0% and 14.4%, respectively, in
February from January. February employment in all the major industry
groups was above that of February 1934.
February industrial employment showed increases in all of the eight
major cities except Youngstown, where a contra-seasonal decline of 0.2%
was reported. Akron showed a January-February increase of 1.6%, which
was in contrast with a usual seasonal decline of 0.2%. The February
Increases from January in the remaining six cities were greater than
seasonal and ranged from 0.9% in Columbus to 14.9% in Toledo. February
industrial employment in all the major cities was greater than in February
1934. Outside the eight chief cities, employment increased 7.6% in
February from January as compared with a seasonal increase of 2.9%,
and stood at a level 4.2% above February of last year.
Business Conditions in Minneapolis Federal Reserve
District-February Volume Above January
"The volume of business in the Ninth (Minneapolis)
District during February advanced from the level of January after allowance for seasonal factors," said the Federal
Reserve Bank of Minneapolis, adding that the "volume in
February was larger than in February last year." In its
preliminary summary of agricultural and business conditions in the district, issued March 16, the bank further
reported:
Retail trade in the district was larger during February than in the
same month last year. Department store sales in the principal cities were
6% larger than last year's volume, and country general store and department store sales reported by 200 stores were also 6% larger than a year
ago. The area of greatest improvement in rural trade has shifted to
southern Minnesota and a portion of the Red River Valley, where higher
butter fat, hog and cattle prices, together with a satisfactory volume of
feed, have brought large revenues to the farmers in the last few weeks.
Sales reported by stores in south central and southwestern Minnesota were
14% higher in February than a year ago; saki; in southeastern Minnesota
were 11% higher, and sales at a few Minnesota stores in the Red River
Valley were 20% higher than last year. The plains section of Montana
also reported an increase of 10% in sales over last year's volume. North
Dakota was the only area to report a decrease.
The estimated cash income to farmers from the sale of seven important
products during February was 10% smaller than the income from these
sources in February last year. This does not take into account farm income
from Government rental and benefit payments. The reduced income was
chiefly due to small marketings of grain and hogs. . . . All farm
product prices which are important in the Northwest were higher than a
year ago with the exception of lambs and potatoes.
Philadelphia Federal Reserve
District-Conditions Mixed During January
The Federal Reserve Bank of Philadelphia, in reporting
that "business conditions in the Third (Philadelphia) District had been rather mixed since the first of the year," also
had the following to say in its "Business Review" of
March 1:
Business Conditions in
After showing improvement for three months, output of factory products
in January failed to maintain the usual seasonal level, while production of
coal and crude oil increased further by a larger volume than usual. But
in comparison with a year ago, output of these industries was still 10%
larger, production of anthracite fuel alone registering a decline. Activity
In building trades, as indicated by building contract awards and by figures
on employment and payrolls, showed a further large decrease during January
and as compared with last year.
The value of retail trade sales in January declined by a larger amount
than usual, following an exceptional increase in December, and was but
slightly greater than a year ago. Dollar sales at wholesale establishments,
on the other hand, fell off less than customary and continued above the
volume of the previous year. . . .
Manufacturing
The market for many finished goods manufactured in this district was
more than seasonally active during January, but slackened somewhat shortly
after the turn of the month, according to preliminary reports. The
volume of unfilled orders has declined since the middle of last month,
except for certain lines in the textile, leather and chemical products industries, as well as in the case of such building materials as lumber and
pottery, which registered seasonal gains. While current sales have continued to show a favorable comparison with a year ago, the total of
advance business about the middle of February was smaller, owing mainly
to restricted commitments for building materials. .
.
The failure of production to maintain the customary level during January
was due chiefly to exceptional decreases in output for such consumers'
goods as food products, knit goods, and cigars. Large declines in the
seasonally adjusted index of production of motor vehicles, automobile
parts and bodies, and cement were more than offset by substantial increases
March 23 1935
In output of iron and steel products and to some extent of chemical and
allied products, so that the durable group as a whole registered an
additional gain of 2% over December.
Report on Foundry Operations in Philadelphia Federal
Reserve District, According to University of
Pennsylvania-Activity Increased for Second Consecutive Month During January
Foundry activity increased during January for the second
consecutive month, according to reports received by the
Industrial Research Department of the University of
Pennsylvania from foundries operating in the Philadelphia
Federal Reserve District. The increases in the output of
the various divisions of the trade were 9% in gray iron
castings, 25% in malleable iron castings, and 28% in steel
castings, the Research Department said, continuing:
Deliveries of iron and steel castings during January also exceeded those
of December. These increases add more encouragement to the fact that
the tonnage of unfilled orders for steel castings gained 34% and for iron
castings 52%.
Stocks of pig iron increased during the month but those of scrap declined. The inventories of raw materials in the iron foundries were less
than those of a year ago, while those of the steel foundries were larger.
IRON FOUNDRIES
No. of
Firms
Reporting
29
29
28
4
28
17
25
24
24
January
1935
Capacity
Production
Gray Iron
Jobbing
For further manufacture
Malleable Iron
Shipments
Unfilled orders
Raw StockPig iron
Scrap
Coke
Per Cent Per Cent
Change
Change
from
from
Dec. 1934 Jan. 1934
Short Tons
10,372
2,482
2,109
1,882
447
373
2.491
759
0.0
+11.2
+9.0
+8.1
+21.3
+25.0
+5.3
+51.7
0.0
-6.4
-5.8
-12.4
+30.5
-9.4
-7.5
-37.3
1,993
970
427
+11.7
-7.8
-ISO
-45.2
-38.4
-22A
GRAY IRON FOUNDRIES
The output of gray iron castings in 29 foundries during January was
than
In
the
previous month. Despite the continuation at a
9% more
higher rate of the increase from November to December the total production in January was 6% less than in the same month of last year.
Bothclasses of production shared in the increase, but only castings used
in further manufacture showed an increase compared with the output of
a year ago.
It is difficult to say what the usual relation is between activity in January
and in the preceding December. In January 1928, 1929, and 1934 there
were increases ranging from 16 to 29%, while in the same month of 1930
and 1931 there were declines of 2 to 3% and in 1927, 1932, and 1933 declines of 11 to 34%.
The major part of the increase was produced by firms operating outside
of the City of Philadelphia. The total production of these firms was
the greatest since last June. Of the 12 firms which participated in the
greater activity, six are located outside of Philadelphia, while the remainder
operate within the city. Although production in January 1935 was smaller
than that of January 1934, it did exceed that of the same month of 1932
and 1933.
Shipments of iron castings also increased. In spite of the fact that
shipments declined from November to December when there was a slight
Increase in production, deliveries did not increase as much as production
in January, being only 5% more than in December. This slight disparity
between output and shipments could account for only a small part of the
e than 50% Increase in the tonnage of orders unfilled at the end of
January.
Stocks of pig iron were higher at the close of the month than at the
beginning, while those of scrap and coke declined. All inventories were
leas than those of a year ago.
MALLEABLE IRON FOUNDRIES
The production of malleable iron castings In four foundries during
January was 25% more than in the previous month. The tonnage of
castings produced in January was the greatest since a year ago.
STEEL FOUNDRIES
No. of
Firms
ReportMg
8
8
8
7
6
8
6
January
1935
Capacity
Production
Jobbing
For further manufacture
Shipments
Unfilled orders
Raw StockPig iron
Scrap
Coke. _ .. _______
Per Cent Per Cent
Change
Change
from
from
Dec. 1034 Jan. 1934
Short Tons
8.830
2.288
2,070
190
2.043
2,875
0.0
+27.8
+29.8
+9.8
+39.8
+34.2
0.0
+43.1
+40.7
+75.0
+70.4
+68.0
399
5,721
202
+21.5
-21.9
+38.8
+5.0
+22.9
+73.5
The tonnage of steel castings produced in eight foundries during January
was 28% more than in the previous month. Practically all of the firms
shared in the increased activity. The output of castings for jobbing work.
which had the bulk of the increase. was 30% more than that of last month,
while the output of castings used in further manufacture within the plant
was 10% larger than that of December.
The chart of the index of the production of steel castings (this we omitEd.) shows that although the increase of the last two months did not bring
the output up to the level of that of last September it did exceed that of
January of the three preceding years.
Shipments of steel castings increased 40% during January. In spite
of this large increase in deliveries, the tonnage of orders unfilled at the
end of December was 34% more than at the beginning of the month. It
is encouraging that the percentage of increase in January, as well as the
actual volume of unfilled orders, was greater than the increase in December
as compared with November.
Stocks of pig iron and coke were larger at the close of the month than
at the beginning, but those of scrap were less. All inventories of raw
stocks exceeded those of a year ago
Financial Chronicle
Volume 140
Employment and Wages in Pennsylvania Anthracite
Collieries Showed Increase from Mid-January to
Mid-February
The number of workers on the rolls of Pennsylvania
anthracite companies about the middle of February increased 2%, and the amount of wage disbursements nearly
12% as compared with January, according to indexes compiled by the Federal Reserve Bank of Philadelphia from
reports to the Anthracite Institute by 34 companies employing over 89,000 workers whose weekly earnings amounted
to approximately $2,600,000. Continuing, the Reserve Bank
had the following to say:
Employee-hours actually worked in February in the collieries of 30 companies registeted an additional gain of about 9% as compared with the
previous month. This upward trend in employment, earnings and working
time has been in evidence for several months and reflects chiefly seasonal
expansion in the operations of the anthracite industry.
The employment index rose from 61 in January to nearly 63% of the
1923-1925 average in February, and the index of payrolls increased from
48 to 54 in the same period. These indexes indicate a gain of 2% in
employment but a decrease of 2% in wage payments as compared with a
year ago. The trend of employment and payrolls for the last three years
is indicated by the following indexes prepared by the Department of
Research and Statistics of the Federal Reserve Bank of Philadelphia:
Prepared by the Department of Research and Statistics of Federal Reserve Rank
of Philadelphia. 1923-25 Average equals 100.
Employment
Payrolls
1932
1933
1934
1935
1932
1933
1934
1935
January
February
March
April
May
June
July
August
September
October
November
December
74.2
69.3
71.7
68.1
65.1
51.5
43.2
47.8
54.4
'62.1
61.0
60.6
51.1
57.2
53.1
50.3
42.0
38.5
42.7
46.4
55.2
55.3
69.4
53.0
62.3
61.4
65.7
56.6
62.0
56.0
52.2
48.2
55.4
56.9
59.0
59.8
61.1
62.7
51.5
48.0
51.3
60.4
48.6
31.4
29.0
34.6
39.4
56.0
42.7
47.1
36.3
47.7
40.9
31.3
25.2
28.8
32.0
39.0
50.9
51.6
40.1
37.2
59.4
55.2
69.2
43.3
53.7
44.7
35.4
33.3
39.4
40.4
42.8
43.9
4R.1
53.9
4VPIIIVA
no 6
110.4
57.9
45.0
36.4
46.7
Canadian Newsprint Production During February
Above Year Ago-Slight Decrease Noted in United
States Output
Production of newsprint during February by Canadian
mills totaled 180,305 tons, said the News Print Service
Bureau, which compares with 201,959 tons in January and
174,447 tons in February 1934. Shipments during February
by the mills of the Dominion amounted to 160,859 tons.
February output of newsprint in the United States was
70,805 tons, as compared with 80,666 tons in January and
72,402 tons a year ago. The United States shipped 69,478
tons of newsprint during the month. From the Montreal
"Gazette" of March 16 we also take the following:
During February, 24.604 tons of newsprint were made in Newfoundland
1,743 tons in Mexico, so that the total North American production
for the month amounted to 277,457 tons.
The Canadian mills produced 18,934 tons more in the first two months
of 1935 than in the first two months of 1934, which was an increase of
5%. The output in the United States was 3,033 tons or 2% less than for
the first two months of 1934; in Newfoundland, 5,101 tons or 11% more,
and in Mexico 1.105 tons, making a total increase of 22,107 tons or 4%.
Stocks of newsprint paper at Canadian mills were reported at 71,364
tons at the end of February and at United States mills at 18.673 tons,
making a combined total of 90.037 tons compared with 69,264 tons on
Jan. 31 1935.
1907
Forest products carloadings totaled 24,410 cars during the week ended
March 9. This was a decrease of 1,618 cars as compared with the preceding
week; 1.409 cars above the corresponding week of 1934 and 10,981 cars
above similar week of 1933.
Lumber orders reported for the week ended March 16 1935. by 880
softwood mills totaled 171,837,000 feet; or 15% above the production of
the same mills. Shipments as reported for the same week were 167,506,000
feet, or 12% above production. Production was 149,913,000 feet.
Reports from 192 hardwood mills give new business as 7,038.000 feet, or
21% below production. Shipments as reported for the same week were
8,952,000 feet. or .1% above production. Production was 8,943,000 feet.
Unfilled Orders and Stocks
Reports from 1,300 mills on March 16 1935, give unfilled orders of 884.757,000 feet and gross stocks of 4,709,622,000 feet. The 966 identical mills
report unfilled orders as 822.217,000 feet on March 16 1935, or the equivalent of 31 days' average production, compared 745,126.000 feet. or the
equivalent of 28 days' average production on similar date a year ago.
Identical Mill Reports
Last week's production of 765 identical softwood mills was 148,192.000
feet, and a year ago it was 163,033,000 feet; shipments were respectively
165,631,000 feet and 139,150.000; and orders received 170,257,000 feet, and
160,158,000 feet. In the case of hardwoods, 115 identical mills reported
production last week and a year ago 8,027,000 feet and 7,950,000 feet:
shipments 8,112,000 feet and 8,609,000 feet and orders 6,328,000 feet and
7,854,000 feet.
World Coffee Stocks Dec. 31 at Lowest Year-End
Total Since 1929, According to New York Coffee
& Sugar Exchange
World stocks of coffee, including interior stocks in Brazil,
amounted to 26,167,867 bags on Dec.31,the smallest Dee.31
figure since 1929, according to figures compiled by the
New York Coffee & Sugar Exchange. 19,526,000 bags of
this total were in interior warehouses in Brazil, 11,114,000
bags of which were pledged against the 1930-40 coffee
loan, 1,721,000 owned by the National Coffee Department
and 6,691,000 bags in private hands awaiting shipment
to ports. The Exchange on March 15 also announced:
The Dec. 31 figures are 973,032 bags, or 3.6%, less than the last complete figures on world stocks, which were as of July 1, on which date
27.140,899 bags were in sight throughout the world. A cable received
by the Exchange listed private holdings in Brazilian interior warehouses
as of Jan. 31 as 7,075,000 bags, a gain of 384,000 bags during the month
of January. National Coffee Department holdings as of that date were
not received.
Increase Noted in Consumption of Sugar in United
States During January as Compared with January
a Year Ago
Sugar consumption in the United States showed an
increase in January of 4.16% over that of January last
year, according to B. W. Dyer & Co., sugar economists
and brokers. Consumption in January this year, the firm
said, as shown by distribution, amounted to 425,743 long
tons, raw sugar value. Compared with this was a consumption of 408,717 long tons in January of 1934, a tonnage
increase in favor of this year of 17,026 long tons.
and
Lumber Shipments Gain-Production Drops Compared
with Similar Week of 1934
The National Lumber Manufacturers Association in its
weekly digest stated that new business received at the lumber
mills during the week ended March 16 1935, was 13% above
production and 5% above orders of corresponding week of
1934; shipments were heavier than during the previous week
and were 18% above those of corresponding week of last year.
Production increased slightly over the preceding week but
was 9% below that of similar week of 1934. These comparisons are based upon reports from 1,039 mills for the
week ended March 16 which showed production 158,856,000
feet; shipments, 176,458,000 feet; orders received, 178,875,000 feet. Revised figures for the previous week were mills,
1,151; production, 177,125,000 feet; shipments, 177,732,000
feet; orders 211,351,000 feet. The Association's report
further continued:
All softwood regions but Southern Pine, West Coast and Northern Hemlock reported orders above production during the week ended March 16
1938. Total softwood orders were 15% above output; hardwood orders,
21% below hardwood production. Total shipments were 11% above
output. West Coast, Western Pine, California Redwood, Southern Cypress
and northeastern hardwood regions reported orders above those of corresponding week of 1934; total softwood orders were 6% above last year's
week; hardwood orders were 19% below, in similar comparison. Production
was 9% below that of corresponding week of 1934.
Unfilled orders on March 16, as reported by 966 identical mills, were the
equivalent of 31 days' average production compared with 28 days' on similar
date of 1934. Identical mill stocks on March 16 were the equivalent of 163
days' production, compared with 165 days' a year ago.
10% of Cuban Sugar Mills Complete Grinding of
Current Sugar Crop-Output by Mills Above
Year Ago
Thirteen Cuban sugar mills have finished grinding the
current sugar crop of that Island, 10% of the 132 mills
that started to grind this year, according to advices to
the New York Coffee & Sugar Exchange. Final production
of the 13 mills, the Exchange announced March 16, totals
868,995 bags (124,142 tons) an increase of 29,430 tons, or
31.1%, above the 1934 production of the same mills, which
amounted to 662,987 bags, or 94,712 tons.
Cuban production this year is limited by decree to
2,315,000 tons, compared to actual production last year
of 2,274,303 tons made by 135 mills.
June Carry-over of Wool to Be About Normal,According
to Analysis by J. M. Coon of FCA
A caution to wool growers not to become panicky because
of reports concerning the effect of last year's carryover on
this year's market was sounded March 15 by the Farm
Credit Administration. An analysis made by J. M. Coon, of
the wool section of the Co-operative Division, indicates that
the June carryover will be approximately 125,000,000, the
amount normally carried over from one season to the next.
In his analysis Mr. Coon stated:
At the end of December 1934, according to Department of Commerce
reports, there was approximately 382,100,000 pounds of wool in the hands
of co-operatives, dealers and manufacturers. Our January consumption is
shown to be approximately 52,000,000 pounds. February consumption
reports are not ,yet available, but we can reasonably assume around
45,000,000 pounds were consumed for that month.
From February to the end of June we should reasonably expect to consume 160,000,000 pounds of wool if conditions are normal. This should
reduce our stocks to approximately 125,000,000 pounds to be carried over
into the 1935-1936 season
If figures were available, undoubtedly we could show that this amount
is just about a normal carryover. I would like to emphasize this: The
only difference is that the present steels of wool are in the hands of the
1908
Financial Chronicle
co-operatives and the dealers rather than in the hands of manufacturers.
Usually the reverse is true.
If the mills were normally stocked we would hear very little talk, if
any, of a carryover.
Looking beyond June, a reduced clip is expected for 1935. Various
estimates place the 1935 clip at about 380,000,000 pounds, including
60,000,000 pounds of pulled wool from the pelts of slaughtered animals.
This amount, added to the June carryover of approximately 125,000,000
pounds, is about 505,000,000 pounds, or just a few million pounds in
excess of a normal year's consumption. Figures show that over the past 10
years average annual consumption is approximately 494,000,000 pounds.
Based on this analysis, the future does not appear as dark as has been
pictured by those pointing out the heavy carryover of Jan. 1 this year.
It seems best to consider the problem on the basis of the next six to 12
months and for growers to lend their continued support to the co-operative
method of marketing their woo/. The co-operative endeavors to merchandise its wool in a sound, orderly manner.
Consumption of Textile Fiber During 1934 Above 1933
and 1932 on Dollar Volume Basis
The dollar value of textile fibers consumed in the United
States aggregated $835,000,000 during 1934, which total
represented a gain of 70% compared with a value of $480,000,000 placed on the 1932 consumption, the low year
of the depression, according to the "Textile Organon,"
published by the Tubize Chatillon Corp. The paper said:
Cotton registered the sharpest gain, reflecting the Government's price
program. The aggregate dollar value of cotton consumed In 1934 was
$443.000.000, which total represented a gain of 182% compared with a
value of $157.000,000 placed on the 1932 consumption. Wool consumption,
valued at $197.000,000 for 1934. was below the 1933 total, but 77% In
excess of the $111,000,000 total for 1932. The value of rayon consumed
last year was 19% greater than in 1932, but silk valuation registered a
drop of 31%.
The following table shows the value of primary fibers consumed in the
United States during the past three years, on a dollar basis, and the percentage of each of the total.
March 23 1935
being based upon a survey conducted in the major oilproducing States. The measure, introduced in the Senate
a month or so ago, provides for Federal aid to the States
in maintaining crude oil production at marketable levels.
A small increase was voted in the April crude oil allowable,
new regulations issued by Administrator Ickes disclosed.
The new schedule establishes the daily quota at 2,527,300
barrels, up 7,000 from the current month's allowable of
2,520,300 barrels.
Oklahoma won the largest increase at 2,300 barrels, with
Texas allowable being lifted 900 barrels, California 700,
Kansas 1,300 and Louisiana 500 barrels. The comparative
smallness of the changes was attributed to the fact that
the majority of the revisions were to correct practical working conditions in the affected areas.
The following table shows the new daily average allowables for each State and the change from the total established
in the March quota:
Barrels
Bareels
Barrels
Arkansas9.700
—1,200 Montana
30,700
+700 New Mexico
49,700
California ____ 493.300
11:3
70
00
+200 New York
2.700
Colordao
—200 Ohio
11,000
Illinois
493,000
+100 Oklahoma_ _
2,300
Indiana
+1,300 Pennsylvania _ 44,300
141,000
Kansas
west
500 Texas
Kentucky --- 15,3001,021,000
+6
11,000
Virginia_
111,000
Louisiana
23,300
+1,100 Wyoming
Michigan
32,700
Barrels
+200
+400
+400
—200
+2,300
+1,000
+900
—300
—800
Querried as to the progress of prosecutions of "hot oil"
cases, Attorney-General Cummings said in Washington,
Thursday, that the situation is "working out as well as could
be expected."
Foreign trade in petroleum has dropped sharply in the period
1930-33,a report on marketing facilities of oil companies made
to the oil subcommittee of the House Inter-State and Foreign
1932
Commerce Committee disclosed.
1933
1934
A drop of 62.6% was recorded in these years in exports of
Per
Per
Per
Value
Cent
Value
Cent
Cent
Value
motor fuel which pared the total to 702,000,000 gallons, the
$443,000,000 53.1 1330,000,000 42.5 1157,000,000 32.7
report showed. A sharp reduction in imports, due partly
Cotton*
197,000,000 23.6 221,000,000 28.4 111,000,000 23.1
Wool
to the United States excise tax on oil and gas imports, out the
9.4 100,000,000 12.9 115,000,000 24.0
79,000,000
91lk
97,000,000 20.2
116,000,000 13.9 126,000,000 16.2
Rayon..
total to the "negligible" figure of 4,000,000 gallons, con0335,000,000 100.0 1777,000,000 100.0 9480,000,000 100.0
Total
trasted with 700,000,000 gallons previously.
•Includes processing tax for 1934 and 1933.
A total of 454 operating refineries were in existence in the
United States as of Jan. 1 1934, with a daily capacity of
Textile Trade Continued Active During February
3,553,569 barrels of crude oil, the survey revealed. On
Activity in the textile industry, which resulted in the July 1 1934, the combined value of terminals and bulk plants
establishment of a new peak during the opening month of aggregated approximately $348,000,000. A rise of 1,835
1935, is believed to have continued into February, says the since 1930 lifted the total of such plants to 19,807 units.
current issue of the "Textile Organon," published by the
The Connally "hot oil" measure withstood the first attack
Tubize Chatillon Corp., which adds that "we still believe made upon it in the Texas courts when a Texas Federal
that the spring peak of business will show up in February Court denied the application of the Merriman Oil Co. and
or March this year rather than one or two months later, the Oil Sales Co. for an injunction to restrain the new
as is usual." The paper, it was announced March 11, con- Federal Tender Board from interfering.
tinued:
Federal Judge Randolph Bryant, however, in handing
The pattern of recovery from the low of 1932 has been a series of 8%
down
his decision on March 16, advised the counsel for
which
are
distinctly
of
the
cycles,
consumers'
short six- to eight-month
the two companies to furnish the Tender Board with certain
goods type. For a definite and steady improvement in business we must
await activity In the heavier industries, and this upward surge does not
additional information, and should this be done and the
appear on the horizon as yet.
tenders still refused, to come before him for another hearing.
Commenting upon the rayon market, the "Organon" says
The Court indicated that if this is done he probably will
the decline in rayon deliveries in February compared with grant the application for a restraining order. The reinJanuary was anticipated, but producers' stocks at the end stated Tender Board has since its renewal been extremely
of last month amounted to less than a four weeks' supply, strict in passing on clearances, and has consistently refused
and thus were of a very reasonable size. Sluggishness and to issue any tender unless it is shown by unimpeachable
soft prices continue to feature the rayon woven goods mar- evidence that it is legal oil.
ket, and the buying spurt by the cutters to prepare for their
The unanimously favorable report made to the Texas
spring and easter business had not materialized to March 5. House Wednesday by the Committee on Oil and Gas, reThe underwear business was fairly good in volume, but the enacting and extending for two years the present law which
price structure weakened. Broadly speaking, the paper expires next September providing that oil production shall
said, February was a month of uncertainty and hesitation be based upon market demand, was hailed by Texas oil men.
following the phenomenally active month of January.
The bill is supported by all factions of the industry,
according to current indications, but faces the opposition
Petroleum and Its Products—Hearing on Thomas of Governor Allred. The Governor has placed himself on
Oil Bill Set for April 16—April Oil Allowable record as favoring proration solely to preserve supplies
Lifted—Connally Bill Withstands First Court and is a bitter foe of the movement to restore or maintain
Attack—Texas Proration Legislation Seen Extended — Crude Production Exceeds Federal crude oil prices by curtailment of production.
The Texas House Wednesday defeated the AdministraAllowable
Hearings on the Thomas oil measure, which would pro- tion-sponsored increase in the production tax on crude oil
vide permanent Federal oil control legislation, will start when the Revenue and Taxation Committee returned unApril 16 before the Senate Mines and Mining sub-com- favorable reports on two measures. One bill would have
mittee in Washington. Governor Allred of Texas and set up a graduated tax ranging from 2% on wells producing
Governor Marland of Oklahoma are expected to testify 10 barrels daily to 6% on wells producing 25 barrels or more,
while the second would have taxed oil production at 3 cents
at the hearings.
The measure has aroused much interest in the oil in- a barrel.
dustry, although it is regarded unfavorable by the Texas
A reduction of 26,900 barrels in the daily average April
branch, as exemplified in protests filed by Governor Mired, State allowable in Texas was ordered by the Railroad
the Attorney-General and the Chairman of the Texas Commission, paring the level to 1,017,100 barrels, against
Railroad Commission.
a total of 1,021,000 barrels for the month, recommended
Senator Thomas has announced that the measure is by Administrator Ickes. Output in the East Texas area
backed by a substantial portion of the industry, this report was out to 434,847 barrels daily, from 445,000.
Volume 140
Financial Chronicle
1909
The drive of Texas oil control authorities against violators the Gulf Coast area, which supplies most of the gasoline
have been
of the State regulations continues in full sway, reports used along the Atlantic Coastline. No changes
is
structure
market
the
but
prices,
gasoline
car
tank
in
made
from the Lone Star State indicated. It was announced
consumption
that Assistant Attorney-General Harris,in charge of proration decidedly improved and the spring upturn in
and retail
enforcement litigation in East Texas,has obtained injunctions may well bring higher prices in the wholesale
against 13 companies operating in that area restraining markets, local oil men believe.
Further seasonal weakness in kerosene as consumption
them from violating the Commission's orders.
its normal spring decline brought a reduction of
continued
The drive against motor truck movements of illegal crude
in tank car prices of kerosene at New York
gallon
a
cent
X
a
with
progressing,
also
is
products
petroleum
or refined
to 53 cents a gallon Friday by all
terminals
Boston
and
more
and
filed
total of approximately 200 suits already
scheduled. Heavy fines are being asked by the State major companies.
The General Petroleum Co. has met the 11-cent a barrel
in the suits which charge violations of the Commission's
posted on March
orders on intra-State movement of crude or refined products increase in bunker fuel oil at San Francisco
California.'
of
Co.
Oil
Standard
by
16
tenders.
approved
without
Gasoline stocks rose 1,483,000 barrels during the week
A spurt of 82,000 barrels in the daily average crude oil
seasonal high,
allowable lifted the total for the week ended March 16 to ended March 16 to 57,406,000 barrels, a new
In
Instituteindicated.
Petroleum
American
reports
the
to
Federal
the
of
excess
in
barrels
2,608,400 barrels, 88,100
quota,reports to the American Petroleum Institute indicated. the previous week, stocks rose 269,000 barrels. reflected a
The sharp rise in motor fuel holdings, which
Oklahoma production rose 53,300 barrels to 510,950,
movement from refineries and bulk terminals, was
slower
exagainst an allowable of 491,000 barrels. Texas also
of reporting
ceeded its allowable, rising 7,650 barrels to 1,031,200, accompanied by a 3.4 points rise in operations
run of
average
daily
The
capacity.
of
70.5%
to
refineries
5,400
was
527,900
of
against 1,020,100. California output
the week to
barrels above the previous week and continued far above crude oil to stills gained 217,000 barrels in
2,405,000. Gas and fuel oil stocks dipped 1,021,000 barrels.
the State's allowable of 492,600 barrels.
Representative price changes indicating the trend of reAn increase of 128,000 barrels in stocks of domestic and
country follow:
foreign crude oil during the week ended March 16 lifted fined petroleum product prices throughout the
bunker fuel oil prices
lifted
California
of
Co.
Oil
-Standard
16
March
reMines
the total to 322,176,000 barrels, the Bureau of
11 cents a barrel. The General Petroelum Co. met the advance.
ported. A drop of 36,000 barrels in domestic crude stocks
March 16-Service station prices of gasoline at Roanoke and Suffolk.
Va., were cut 134 cents a gallon to 1234 cents, less taxes.
was offset by an increase of 164,000 in foreign stocks.
March 16-Service station prices of gasoline were pared 0.9 cents a
There were no crude oil price changes.
gallon to 15 cents at Camden, taxes included.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
80.70
Bradford, Pa
$2.35 Smackover, Ark., 24 and over
1.00
1.15 Eldorado, Ark., 40
Llma (Ohio 011 Co.)
1.00
1.32 Rusk, Tex., 40 and over
Corning. Pa
.87
1.13 Darst Creek
Illinois
1.02
1.08 Midland District, Mich
Western Kentucky
1.35
Mid-Cont., Okla., 40 and above__ 1.08 Sunburst, Mont
.81 Santa Fe Springs, Calif.,40 and over 1.34
Hutchinson, Tex..40 and over
1.01
1.03 Huntington, Calif.. 26
SpindWog, Tex., 40 and over
2.10
.75 Petrone., Canada
Winkler. Tex
REFINED PRODUC FS-MIDWEST RETAIL, WHOLESALE GAS
PRICES RISE-OHIO MARKET ADVANCES-FUEL OIL
PRICES WEAKEN-LOCAL MOTOR FUEL MARKET FIRMS
ON GULF COAST STRENGTH-GASOLINE STOCKS SPURT
March 18-Low-octane gasoline rose 34 cent a gallon in the Chicago
bulk market to 334 to 4 cents a gallon with middle grade gasoline advancing
a like amount to 434 to Scents.
March 19-Standard Oil of Ohio advanced tank wagon and service
station prices of all three grades of gasoline 3.6 cent a gallon throughout
the entire State, effective March 21. Gasoline is 20 cents. 18 and 1634
for the three grades respectively with tank wagon posting 2 cents a gallon
less on the premium and regular and 1 cent on third-grade.
March 21-Standard Oil of Indiana posted an advance of 0.3 cents a
gallon in tank wagon and service station prices of gasoline throughout
Its entire territory, effective March 22.
March 22-All major companies posted a reduction of ki cent a gallon
in tank car prices of kerosene at New York and Boston to 534 cents, refinery.
March 22-Low-octane gasoline advanced 34 cent a gallon in the Chicago
market to a minimum of 4 cents a gallon.
Gasoline, Service Station, Tax included
$ 149
8.118
Minneapolis
Cincinnati
New York
$ 14
.165
New Orleans
118
.125-.14 Cleveland
Brooklyn
16
Philadelphia
21
Denver
157
Newark
.17
Pittsburgh
17
Detroit
.15
Camden
.195 San Francisco__ - _ . .185
Jacksonville
15
Boston
158
St. Louis
.17
Houston
.12
Buffalo
18
Los Angeles
153
Chicago
Refinery
Kerosene,41-43 Water White, Tank Car, F.O.B.
New York.North Texas.$.03 -.03k New Orleans_$.05
0335-.033(
$0.0514 I Los Angeles_ .04k-.05if I Tulsa
(Bayonne)
Fuel 0111, F.O.B. Refinery or Terminal
$1.00
i Gulf Coast C
California 27 plus 13
N. Y.(Bayonne).
$1.05-1.20 i Phila., bunker C..... 1.15
$1.15
Bunker C
1.001
1.89 1 New Orleans C.
Diesel 28-30 D
Gas Oil, F.O.B. Refinery or Terminal
$ 02-.0234
'Tulsa
I Chicago.
N.Y.(Bayonne).
27 plus
$.04k-.051 32-36 GO__ .$.02-.0234 I
U. S. Gasoline, Motor (Above 65 Octane),Tank tar Lots, F.O.B. Refinery
$.0434-.05
Chicago
New York.
Standard 011 N. J..
Motor, U. S
Colonial-Beacon._5.05k New Orleans- .064
5.06
Los Aug., ex_ .0454-.043
.06
Texas
Socony-Vacuum_ _ _ _ .06
043j
Gulf ports
.06
Gulf
'ride Water Oil Co .06
0414-.045f
Tulsa
064
Richfield 011 (Calif.) .06
RepUblle 011
Shell East'n Pet-- .06
Warner-Cluinlan Co_ .06
The steady improvement in wholesale gasoline prices in
the Midwest markets was reflected Thursday in an advance
of 0.3 cents a gallon in tank wagon and service station prices
of gasoline posted by the Standard Oil Co. of Indiana.
The advance,effective Friday, affected prices in Michigan,
Indiana, Illinois, Minnesota, Iowa, Missouri, Kansas and
the Dakotas. A similar boost already has been posted in
Wisconsin. The increase, the company pointed out, will
affect sub-normal as well as normal prices.
Additional purchases by major companies and continued
interest shown by jobbing interests aided the wholesale
gasoline markets in the Midwest to continue on their upward movement into new high levels for the current year.
Low-octane gasoline gained another X cent a gallon and
was posted at 3% to 4 cents a gallon. Late in the week
the market strengthened and offerings were posted at 4 cents
a gallon minimum. The strength in the market spread
4 to 5
to the middle grade of motor fuel which gained 43
cent above
cents a gallon. Both prices are more than
British, American Oil Protests to Japan Ignored
the levels prevailing at the beginning of the month.
Manchukuo's announcement that she would begin enforceStrengthening of the Ohio market continued with the
British
Standard Oil Co. of Ohio making further progress in elimin- ment of her oil monopoly April 1 found American and
protests to Japan still unanswered to-day although they were
ating weak spots in the State-wide gasoline price structure.
cent a delivered nearly four months ago, an Associated Press disThe company posted a State-wide advance of
York
gallon in tank wagon and service station prices of all three patch from Tokio in the March 20 issue of the New
"World-Telegram"
said.
also
The
advances
put
Tuesday.
were
gasoline
grades of
Continuing, the dispatch said:
into effect in areas where the market level is sub-normal due
Mukden dispatches said officials in charge of the monopoly are rapidly
competition.
-cutting
to price
completing arrangements to begin the operations, which will completely
Under the new price schedule, effective March 21, service eliminate American and British companies as distributors and retailers from
profitable markets they spent a generation in building up.
station prices for the premium grade are 20 cents with regular theInstructions
from Manchukuo to the foreign companies to report their
posted at 18 and third-grade at 1634, all taxes included. stocks on hand by Feb. 28 were refused by the foreigners, who took the
Tank wagon prices are 2cents a gallon lower on the premium position the monopoly was Illegal,a stand in which the British and American
governments concur.
and regular grades, and 1 cent lower on third grade.
The newspaper "Asahl" said the Japanese Government considers the
Price-cutting competition in the Roanoke and Suffolk, Manc.hukuan monopoly an experiment and its results will be watched with a
Va., area has spread to the point where it has engendered view to extension of the system to the Japanese Empire.
reductions by the major companies and pared service station
quotations to 12IA cents gallon, less taxes, 1 cents a gallon Daily Average Crude Oil Production Rises 82,000
Barrels in Latest Week
under normal levels. Camden prices of gasoline also eased
The American Petroleum Institute estimates that the
off again,a reduction of 0.9 cents a gallon bringing the price
daily average gross crude oil production for the week ended
to 15 cents, taxes included.
While the retail gasoline price war in the Metropolitan New March 16 1935 was 2,608,400 barrels. This was an increase of
York City area has shown no sign of abatement, the under- 82,000 barrels from the output of the previous week, and
lying market had firmed appreciably on strength shown in also exceeded the Federal allowable figure of 2,520,300
1910
Financial Chronicle
barrels which became effective March 1. Daily average
production for the four weeks ended March 16 1935 is estimated at 2,536,200 barrels. The daily average output for
the week ended March 17 1934 totaled 2,378,100 barrels.
Further details as reported by the Institute follow:
Imports of crude and relined oil at principal United States ports totaled
797,000 barrels for the week, a daily average of 113,857 barrels, against
100,714 barrels the week before and 117,036 barrels over the last four weeks.
Receipts of California oil at Atlantic and Gulf Coast ports totaled 165,000
barrels for the week, a daily average of 23,517 barrels against 32.214 barrels
over the last four weeks.
Reports received from refining companies owning 89.8% of the 3,795.000
barrel estimated daily potential refining capacity of the United States,
Indicate that 2,405,000 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, 37.724.000 barrels of finished gasoline; 6.099.000
barrels of unfinished gasoline and 99,025,000 barrels of gas and fuel oil.
Gasoline at bulk terminals, in transit and In pipe lines amounted to
19.682.000 barrels.
Cracked gasoline production by companies owning 95.6% of the potential
charging capacity of all cracking units, averaged 474,000 barrels daily
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Average
Actual Production
Federal
4 Weeks
Agency
Allowable Week End. Week End. Ended
Mar. 16
Effective Mar. 18
Mar. 9
1935
1935
1935
Mar. 1
510,950
149,600
457,650
143,650
481,350
146,600
510,550
124,300
60,550
57,550
25,750
152,800
52,350
443,350
47,600
59,75'
55,950
57,400
25,650
152,400
52,500
441,100
47,450
59,950
60,550
57,500
25,700
151,350
51,900
439,800
47,400
59,650
52,750
55,350
25,950
134,250
43,800
431,500
49,000
43,500
131,500
131,150
129,850
112,050
1,020,100 1,031,200 1,023,550 1,023.700
948,150
491,000
139,700
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not Including Michigan)
Total Texas
23,150
97,050
22,500
96.300
22,900
95,500
110,500
120,200
118,800
118,400
71,900
31,900
105,500
31.600
30,800
105,900
36,850
30,450
104,300
31,950
30,500
105,550
34,850
31,100
99.200
26,750
35,100
9,500
3,500
31,500
10,700
5,100
30.300
11,300
4,200
31,350
10,900
4,450
30,850
7,050
2,600
48,100
47,300
45.800
46,700
40,500
49,300
492,500
47,700
527,900
47,750
522,500
47,450
501,100
42,250
483,400
rrorth Louisiana
Coastal Louisiana
Total Louisiana
Arkansas
Eastern (not incl. Mich.)
Michigan
Wyoming
Montana
Colorado
Total Rocky Mtn.States
New Mexico
California
Total United States
Week
Ended
Mar. 17
1934
Cn.+WW.a
aWWCOWOra00
laW.MOW
WNW
.0Waa.q,
.14,
42000OtMa
.0000NOOOpW
3,409 89.8
3.409 80.5
79.6 17,728
72.9 2,166
82.5 10,153
68.4 5,541
65.3 1,465
91.3 7,199
58.8 1,421
50.6
233
59.4
861
50.4 10,639
987
323
738
810
259
1,529
219
50
108
1,076
175 10,028
125
905
50 4,326
400 3,939
380 1,869
170 8,377
____ 3,570
369
110
55
732
2,500 64,910
2,405 70.5 c57,406
2.288 67.1 d55.923
6,099
6.130
3,965 99,025
3.925 100.046
a Amount of unfinished gasoline contained in naphtha distillates. b Estimated.
Includes unb ended natural gasoline at refineries and plants: also blended motor
fuel at plants c Includes 37,724,000 barrels at refineries and 19,682,000 barrels at
balk terminals. In transit and pipe lines. d Includes 36,269,000 barrels at refineries
and 19,654,000 barrels at bulk terminals In transit and pipe lines.
Production of Bituminous Coal Continues HigherAnthracite Off 24.3%
The United States Bureau of Mines in its weekly coal
report states that production of soft coal during the week
ended March 9 is estimated at 8,802,000 tons. This is an
increase of 22,000 tons, or 0.3% over the output in the
week preceding. Production in the corresponding week of
1934 was 8,375,000 tons.
Anthracite production during the week ended March 9
is estimated at 734,000 tons, a decrease of 236,000 tons
or 24.3%. Production during the corresponding week of
1934 was 1,692,000 tons.
During the coal year to March 9 1935 a total of 50,127,000
tons of Pennsylvania anthracite was produced. This compares with 51,346,000 tons produced in the corresponding
period of 1934. Due to the fact that some figures are still
being revised, the total production of bituminous coal for
Production of Portland Cement During February
26.8% Below Like Month Last Year
The monthly cement report of the United States Bureau of
Mines showed that the Portland cement industry in February
1935 produced 3,053,000 barrels, shipped 2,952,000 barrels
from the mills, and had in stock at the end of the month
21,948,000 barrels. Production of Portland cement in
February 1935 showed a decrease of 26.8% and shipments
no change, as compared with February 1934. Portland
cement stocks at mills were 5.7% higher than a year ago.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 162 plants at the close of
February 1935 and of 163 plants at the close of February
1934.
RELATION OF PRODUCTION TO CAPACITY
1
Feb. 1934 Feb. 1935 Jan. 1935 Dec. 1934 Nov. 1934
The month
The 12 months ended...
20.2%
24.4%
14.9%
28.4%
14.1%
28.8%
26.2%
28.7%
19.5%
29.0%
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT,BY DISTRICTS,IN FEBRUARY 1934 AND 1935 (IN THOUSANDS OF BARRELS)
District
Production
1934
Eastern Pa., N. J., and Md
New York and Maine
Ohio. Western Pa. and W. Va
Michigan
Wis., Ill., Ind. and Kentucky
Va., Tenn., Ala., Ga., Fla. & La..
East. Mo., Ia., Minn. & 8. Dak_
W.Mo., Neb., Kans., Okla.&Ark
Texas
Colo., Mont., Utah, Wyo.& Ida..
California
Oregon and Washington
Total
1935
Stocks at End
of Month
Shipments
1934
774
149
204
96
470
646
422
244
280
104
690
89
535
3
61
118
422
439
372
255
221
77
461
89
316
66
145
101
192
521
177
282
273
122
639
118
4_11113
3 053
2082
1935
1934
432
72
227
81
231
458
227
293
229
105
467
130
1935
3,762
1,542
2,697
1,934
2,521
1,600
2,873
1,997
717
388
1,397
520
2082 20782 21 048
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT BY MONTHS, IN 1934 AND 1935 (IN TH0178. OF BARRELS)
Month
Production
1934
January
Feburary
March
April
May
June
July
A1110/St
September
October
November
December
3,779
4,168
5,257
6,644
8,554
8,813
8,144
7,842
7,680
6,675
5,779
4,447
1935
3.202
3,053
Shipments
1934
8,778
2,952
4,618
6,492
8,784
8,541
7,898
8,249
7,388
8,439
5,674
3,104
1936
2.846
2,952
Stocks at End of
Month
1934
,
-.1--..t............7.....-...
3,795
3.795
1932-33
1933-34
1934-35
Bitum. coala
Total for per. e8,802,000 e8.780,000 e8,375,000
(1)
283550000
(f)
Daily aver.. 1,467,000 1,463,000 1,396,000
986,000
Pa. anthra.:b
Total for per.
734,000
970,000 1,692,000 50,127,000 51,346,000 46,419,000
Daily aver-180,500
176,200
162,600
122,300
282,000
161,700
Beehive coke:
919,000
Total for per.
645,500
21,900
28,300
810,800
39,600
2,211
3,147
2,777
Daily aver._
3,650
6,600
4,717
a Includes lignite, coal made into coke, local sales and col lery fuel. b Includes
Sullivan County, washery and dredge coal, local sales and colliery fuel. c Subject
to revision. d Revised. e A slight change in the method of estimating the production of bituminous coal has been Introduced to make more accurate allowance for
the seasonal vitiation in shipments by truck. The change has the effect of increasing the estimated total production by approximately 1 or 2% In the winter, with a
parallel decrease in the summer. Corresponding revisions have been made for the
previous week and for the corresponding week o11934. f Not yet available.
r-e4e4t.aruaveiwo
secN ,
qc .amma. .0
Totals week:
Mar.16 1935
Mar. 9 1935
Crude Runs
to St lls
Stocks a Stocks
Stocks
of
of
b Stocks
of
Fintinof
Gas
Reporting
Daily P. C. ished finished Other
and
Aver- Oyer- Care- Gaso- Motor Fuel
Total P. C. age
ated
line
Oil
line
Fuel
582 100.0
140 93.3
422 94.6
386 83.7
167 47.6
587 97.7
162 96.4
77 83.7
64 66.7
822 96.9
Mar. 10
1934
Mar. 2
1935 (d)
Me...
....inC4C4C4NMCIa.0401
East Coast-Appalachian.
Ind.,III..Ky.
Okla., Kan.,
Inland Texas
Texas Gulf__
La. Gulf_ _ _ _
No. La.-Ark.
Rocky Mtn_
California__
Coal Year to Date-
Week EndedMar. 9
1935 (c)
Isq.4MWV.VMNI.
-04'
Ou.SWM001-.00.4.0W
CRUDE RUNS TO STILLS-FINISHED AND UNFINISHED GASOLINE
AND GAS AND FUEL OIL STOCKS, WEEK ENDED MARCH 16 1935
(Figures in thousands of barrels of 42 gallons each)
PotenHal
Rate
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
ray,WM,
Note.-The figures Indicated above do not Include any estimate of any oil which
might have been surreptitiously produced.
District
the coal year ended March 9 1935 is not yet available. The
Bureau's statement follows:
26,850
45,050
2,520,300 2,608,400 2,526,400 2,536,200 2,378,100
Daffy Refining
Capacity of Plants
March 23 1935
1935
a21,847
21,948
Total
77.682
75.917
•Revised.
Note-The statistics given above are compiled from reports for February, received
by the Bureau of Mines, from all manufacturing plants except one, for which an
estimate has been Included to lieu of actual returns.
Increase in Tin Quotas Recommended by International
Tin Committee
The International Tin Committee at its meeting in.London
on March 14 agreed to recommend to the countries participating in the International Tin Agreement that quotas for the
period from April 1 to June 30 should be 45% of standard
tonnages, instead of the 40% now in effect, we learn from a
communique of the Committee issued March 15 by the New
York office of the International Tin Research & Development Council. The communique also said:
Owing to unexpected delay in sailing, 894 tons of the 7,478 tons of
Buffer stock mentioned in the last communique have not yet appeared in
the visible supply. This quantity will appear in the statistics for March.
For the same reasons. 1,162 tons of the total quantity of 7,476 tons entered
the visible supply in January and 5,420 tons appeared for the first time in
February.
World Zinc Output During January Rises
World zinc production in January was 120,636 short
tons, according to figures released by the American Bureau
of Metal Statistics. This compares with 119,548 tons produced during the month of December 1934 and 116,194
short tons during November 1934. United States production
in January amounted to 35,614 short tons, a slight decrease
from the 35,685 tons produced during the preceding month,
but a gain from the 35,003 tons produced during the month
of November 1934.
The following table gives in short tons world production
of zinc, according to primary metallurgical works, as to
origin of ore:
Month ofCountryUnited States
Mexico
Canada
zBelgium
France
Germany
Italy
Netherlands
x Poland
Rhodesia
Spain
Anglo-Australian..
y Elsewhere
January 1935
Dezember 1934
35,614
4,201
11.675
z17,000
4,629
10,772
2,447.
z1,800
z7,700
2,031
799
11,368
10,600
35,685
3,401
12,594
17,281
4,268
10,141
2,480
1,775
7,864
2,016
784
10,879
10,400
Nov. 1934
35,003
3,431
12,440
16,771
4,189
8,818
2,207
1,742
8,037
1,926
729
11,001
9,900
120,636
World's total
119.548
116,194
35,614
35,685
United States
35,003
85,022
83,863
Elsewhere
81.191
z Includes salable zinc dust. y Partly estimated; includes Norway, Yugoslavia, Czechoslovakia, Russia. Indo-China and Japan. z Estimated.
World Lead Production During January Declines
The latest figures of the American Bureau of Metal Statistics reveal that 124,479 short tons of lead were produced
during the initial month of 1935. This is a falling off from
the 130,951 tons produced during December 1934 and compares with 125,612 tons produced during November 1934.
United States production totaled 27,176 short tons during
January as against 32,500 tons during the previous month
and 29,755 tons for the month of November 1934.
The following table gives, in short tons, lead production
on a refined basis by the various countries with output
accredited so far as possible to country of origin of the ore:
United States
Canada
Mexico
Germany
Italy
Spain
*Other Europe
Australia
Burma
Tunis
*Elsewhere
World's total
*Partly estimated.
Jan. 1935
Dec. 1934
27,176
13,478
18,304
12,125
4,270
6,465
14,700
17,371
6.698
992
2.900
32,500
14.176
17,457
12,676
4,673
6,682
15,500
16,554
6,698
1,335
2.700
29.755
14,287
15,888
11,151
4,514
6,150
15,500
17,367
6.698
2,110
2,200
124.479
130.951
125.612
The February copper statistics of the Copper Institute were presented to
members of that organization during the last week in a revised form. The
statement on stocks now.includes metal held for consumers as well as copper
in unofficial warehouses. In the trade it was hoped that this move points
toward the preparation of more comprehensive copper statistics than those
issued in the past. Interpretation of the revised figures caused much
confusion in the industry. The net result seems to be that total stocks in
the United States continued to decline last month, whereas supplies abroad
increased moderately.
A summary of the latest statistics, in short tons, follows:
Feb.Shipments-Jan.
Feb.
Jan.
Production38,250 39,750
23,500 27,750 United States
U. S. mine
83,000 83.000
10,500 10,750 Foreign
U. S. scrap
84,750 83,000
Foreign mine
Totals
121,250 122,750
7,750
3,750
Foreign scrap
Stocks339,250 328,500
122,500 129,250 United States
Totals
249,000 251,000
Elsewhere
Totals
588.250 579.500
Lead Raised to 3.60c., New York
Demand for lead last week continued at about the same rate as the
week before, total sales for the seven-day period amounting to about 6,000
tons. This sustained call for the metal resulted in a five-point rise in price
on Monday from 3.55c. to 3.60c., New York, which higher level the American Smelting & Refining Co. announced on that day to be its contract
selling basis, and from 3.40e. to 3.45c., St. Louis. The principal buyers
were storage-battery manufacturers, corroders and tin-foil interests.
Sales of lead in the London market, which in recent weeks have amounted
to between 200 and 300 tons daily, jumped to 2,550 tons in three months'
metal yesterday. This unusual demand was said in some directions to be
the result of the flight of certain foreign currencies into commodities; this
view was strengthened by the fact that buying of other metals on the London exchange was also particularly active yesterday.
Zinc Holds at 3.90c.
Prime Western zinewas comparatively quiet last week. The price
structure was said to be firm, so far as producers were concerned, and the
quotation was maintained at 3.90c., St. Louis, throughout the week.
Sales reported to the American Zinc Institute during the calendar week
ended March 16 totaled around 2,400 tons. Most of the inquiry for zinc
in the last.weekiwas for forward material.
Tin Buying Good
A good business, particularly in future metal, wastransacted in the domestic tin market last week. - Sales on Friday (March 15), the most active day
of the week, exceeded 400 tons;on each of the other trading days 150 to 200
tons was booked. Prices, however, moved down during the period-about
lc. a pound for;Straits. This recession in the price level here was attributed directly to the marked falling off in the price of the metal in the
London market -during-the week; this decline abroad amounted to £8 5s.
for Standard spot metal and £7 for three months' metal during the sevenday period. The active domestic demand was said to be the result of good
buying on the part of the tin-plate interests, which interests are operating
at 90% of rated capacity.
Chinese tin, 99%, was quoted nominally as follows: March 14, 46.000c.:
March 15, 46.100c.; March 16, 46.200c.; March 18, 45.100c.; March 19,
44.750c.; March 20, 45.000c.
Nov. 1934
Foreign Copper Producers Agree on Important Issues
of Control Program
Though the copper meetings in New York have not
officially ended, considerable progress was made last week
and most of the major questions have been settled, the
March 21 issue of "Metal and Mineral Markets" stated.
These questions included curtailment in production by South
American and African producers and marketing of the metal.
At least two executives of important African properties
have engaged passage to return to Europe late this week.
The demand for copper and lead was fairly active. Zinc
sales declined in volume. Tin was in greater demand at
the lower prices that prevailed here during the last week.
"Metal and Mineral Markets" further stated:
Copper Higher Abroad
As in recent weeks, interest in copper centered around the meetings of
producers.
Sufficient
progress has been made in the negotiations
foreign
to permit several foreign representatives to sail for Europe late this week.
Important South American and African producers have agreed "conditionally" to curtail operations 20% from fixed "standard tonnages" on
May 1; another 10% reduction, according to present plans, will be put into
effect June 1. The details on the tonnages that are to be used in calculating production quotas have not been divulged. The elaborate marketing plan mentioned at the beginning of the negotiations has been scrapped.
Instead, sellers of copper participating in the control plan will market their
metal through recognized selling agencies abroad and a gentlemen's agreement will probably be entered into to regulate the price. Sales of copper
to Europe by the United States producers will be limited under the plan to
about 4,000 tons a month. The news of developments here spread to
Europe quickly, and at least part of the advance in the price abroad was
attributed to the virtual agreement on the control plan. Sales yesterday
(March 20) were made at prices ranging from 6.650e. to 6.725c., refinery
basis.
Sales of"Blue Eagle" copper during the last week in the domestic market
totaled 7,656 tons, against 7,350 tons a week previous. Sales for the month
up to and including March 19 amounted to 20,290 tons. The quotation
held at Sc., Valley. There is some agitation for a revision of domestic
sales quotas.
1911
Financial Chronicle
Volume 140
Basing Point Reports Accentuate
Caution
of Steel
Buyers
The March 21 issue of the "Iron Age" stated that steel
demand is still receding and ingot output has fallen from
47 to 47%, while scrap, as measured by the "Iron Age"
composite price, has dropped from $11.17 to $10.83 a ton.
Whether the decline in business reflects an actual reduction
in consumption or merely mirrors the growing conservatism
of buyers cannot be answered definitely at the present
juncture. Without doubt a spirit of caution, when it becomes pronounced enough, affects consumption as well as
the volume of buying. Thus far the automobile industry,
premier steel consumer, has not pared down its ambitious
production programs for March and April, but it is increasingly apprehensive that retail demand will react unfavorably to the numerous political and industrial disturbances of the day. The "Age" further continued:
Most disconcerting of recent developments was the re-entry of the
basing point issue into the National political arena While the report of
the National Recovery Administration on this subject is regarded as much
sounder and fairer than that of the Federal Trade Commission, it is feared
that adoption of the recommendations of either body at this time would
result in far-reaching dislocations in both business and employment Pending the settlement of this issue, as well as the fate of the steel code, close
buying will be the rule and forward undertakings will be discouraged.
The threat of a bituminous coal strike on April 1 is also a disturbing
element in the market situation, though fuel accumulations are believed
to be sufficient to carry the steel industry for a moderate period.
Despite the general downward tendency of steel demand, tin plate
output has advanced from 75 to 85% of capacity. Present schedules are
based almost entirely on actual releases, though some of the material
will be shipped at a later date. A large part of the movement is for stocking
at packing centers, but there is also a strong demand from general line
can makers.
Sheet mill output has dropped five points to about 70% of capacity as
a result of smaller automotive releases, but mills look for an early rebound
In demand from the motor car industry, relying particularly on the expected
placing of delayed requirements by two large manufacturers.
Spring demand for wire products from the agricultural sections of the
country is slow in making headway. Dust storms are again menacing a
number of Western States and spring rains have been light in other areas.
Nevertheless, farm implement production continues to improve except
where operations are crippled by strikes.
Awards of constructional steel are heavy. Lettings of structural steel.
at 45,800 tons, are the largest since the first week in May 1933. Included
are 33,000 tons for the Tr -Borough Bridge, New York, and 4,250 tons for
transmission towers for the Norris Dam in Alabama. Concrete bar awards
of 7,800 tons include 3,580 tons for the Moffatt Tunnel in Colorado.
The Chicago & North Western has entered the market for 25,000 tons
of rails and 6,000 tons of track supplies. The New York Central has
supplemented its recent rail order with purchases of 9,500 tons of track
1912
Financial Chronicle
accessories. The Pere Marquette will buy steel for car repairs and other
Western roads are giving more serious attention to equipment repair
programs.
Increased pipe production and the starting up of a new strip mill have
raised ingot output in the Valleys from 51 to 55%. Elsewhere operations
are unchanged or declining. The ingot rate is off two points to 35% at
Pittsburgh, 3M points to 47%% at Chicago. one point to 33% in the
Philadelphia District. three points to 58% in the Cleveland-Lorain area,
six points to 32% at Buffalo, four points to 50% in the South. and 12
points to 83% at Detroit.
Steel fabricators have protested to the NRA against proposed quantity
extras on plates and shapes, contending that they would increase costs
up to $8 a ton.
March automobile production is expected to approximate 415,000 units.
and the April total is expected to rise at least to 435,000. but the motor
car industry will hazard no preductions for May or June.
The "Iron Age" composites for pig iron and finished steel are unchanged
at $17.90 a ton and 2.124 cents a pound, respectively.
Finished Steel
Mar. 19 1035. 2.124c. a lb.
(Based on steel bars, beams, tank plates,
One week ago
2.124c.1 wire, rails, black pipe, sheets and hot
One month ago
2.124c. rolled strips. These products make
One year ago
2.008c. 85% of the United States output.
High
Low
1935
2.124e. Jan. 8
2.124c. Jan. 8
1934
2 199c. Apr. 24
2.008c. Jan, 2
1933
2.015e. Oct. 3
1.867c. Apr, 18
1932
1.977c. Oct. 4
1.9260. Feb. 2
1931
2.037c. Jan. 13
1.945c. Dec. 29
1930
2.273c. Jan. 7
2.018c. Dec. 9
1929
2.3170. Apr. 2
2.2730. Oct. 29
1928
2.286c. Dec. 11
2.217c. July 17
1927
2.402c. Jan. 4
2.212c. Nov. 1
Pig Iron
Mar. 19 1935. $17.90 a Gross Ton
Based on average of basic iron at Valley
One week ago
$17.90 furnace and foundry irons at Chicago.
One month ago
17.90 Philadelphia, Buffalo. Valley and
One year ago
16.90 Birmingham.
High
Low
1935
$17.90 Jan. 8
$17.90 Jan. 8
1934
17.90 May 1
16.90 Jan. 27
1933
16.90 Dec. 5
13.56 Jan. 3
1932
14.81 Jan. 5
13.56 Dec. 6
1931
15.90 Jan. 6
14.79 Dec. 15
1930
18.21 Jan. 7
15.90 Dec. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov. 27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap
Mar. 19 1935, $10.83 a Gross Ton
Based on No. 1 heavy melting steel
One week ago
$11.17 quotations at Pittsburgh. Philadelphia
One month ago
11.021 and Chicago.
One year ago
12.67
High
Low
1935
$12.33 Jan. 8
$10.83 Mar. 19
1934
13.00 Mar. 13
9.50 Sept. 25
1933
12.25 Aug. 8
6.75 Jan. 3
1932
8.50 Jan. 12
6.42 July 5
1931
11.33 Jan. 6
8.50 Dec. 29
1930
15.00 Feb. 18
11.25 Dec. 9
1929
17.58 Jan. 29
14.08 Dec. 3
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov. 22
The American Iron and Steel Institute on March 18 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having
98.7% of the steel capacity of the industry will be 46.8%
of the capacity for the current week, compared with 47.1%
last week, 49.1% one month ago, and 46.8% one year ago.
This represents a decrease of 0.3 points, or 0.6%, from the
estimate for the week of March 11. Weekly indicated rates
of steel operations since March 5 1934 follow:
1934Mar. 5
Mar. 12
Mar. 19
Mar. 26
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
May 28
June 4
47.7%
46.2%
46.8%
45.7%
43.3%
47.4%
50.3%
54.0%
55.7%
56.9%
56.6%
54.2%
56.1%
57.4%
1934June 11
June 18
June 25
July 2
July 9
July 16
July 23
July 30
Aug 6
Aug. 13
Aug. 20
Aug. 27
Sept. 4
Sept. 10
56.9%
56.1%
44.7%
23.0%
27.5%
28.8%
27.7%
26.1%
25.8%
22.3%
21.3%
19.1%
18.4%
20.9%
1934Sept. 17
Sept.24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Dec. 3
Dec. 10
Dec. 17
22.3%
24.2%
23.2%
23.6%
22.8%
23.9%
25.0%
26.3%
27.3%
27.6%
28.1%
28.8%
32.7%
34.6%
1934Dee. 24
Dec. 31
1935-Jan. 7
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
35.2%
39.2%
43.4%
47.5%
49.5%
52.5%
52.8%
50.8%
49.1%
47.9%
48.2%
47.1%
46.8%
"Steel" of Cleveland, in its summary of the iron and steel
markets on March 18, stated:
March 23 1935
Reflecting uncertainties injected into the industrial situation by recent
developments in Washington, steelworks operations last week declined 2
points to 48%,following the same trend at this time as in March each year
since 1929.
Slowing in steel production at the end of the first quarter thus is not
without precedent, but consumers are not making new commitments in the
volume expected. Whether April develops the customary revival remains
to be seen. At the moment, business seems to be danuned up, and sentiment in the market is weaker.
Contributing to this are the two government reports on the steel industry's basing point system, one by the Federal Trade Commission unequivocally opposed to any except an f.o.b. mill price, the other by NRA urging
group mill bases, each base to have a 50-mile radius. The presumption is
some compromise to consumers' advantage will be worked out by June 16.
final date for the renewal of codes. In the meantime, this is expected to
be a factor in holding back all but most urgent steel demands.
Shipments and specifications for parctically all finished steel products.
except tin plate, are down at Pittsburgh, and in some other districts, while
steel Ingot output at Pittseurgh is scheduled for a reduction this week.
Although a few lake sheet mills still are operating at capacity to complete
quarterly contracts by Mardi 31, the national average for sheet mills is
down 5 points, to 55% for galvanized sheets, and 75% for the full finished
grades.
With heavy material inventories, automobile manufacturers last week
made 97,000 cars, 11,000 more than in the preceding week. Ford is attaining its March program of 160.000, but for April has scheduled only
152,000. Any reduction by Ford Is expected to be made up by increases
by Chevrolet and others. The industry has set another million cars as
its mark for second quarter.
Automotive plant expansions feature structural shape awards, which fo:
the week totaled 10,424 tons. Ford has placed 1,325 tons for a plate
glass plant in Detroit; Chevrolet 380 tons for a gear and axle plant, and
Chrysler is taking bids on 350 tons for Dodge truck addition. National
Steel Corp. opens bids March 18 on 10,300 tons of shapes for a Detroit
strip mill building. McClIntic-Marshall Corp.. Bethlehem, Pa., is low
for 33.000 tons of steel for the Triboro, New York, bridge, this and 20.000
tons additional to be placed soon-a happy finale to the Ickes-Moses,
New York-Federal aid feud. The navy will open bids March 20 on 3,735
tons of armor plate.
Including 23,500 tons of rails awarded by the New York Central, rail
purchases so far this year amount to 89.177 tons, or 46% of that in the
comparable period last year. New York Central also ordered 9.000 tons
of accessories. Union Pacific is to allocate 19.000 tons of rails soon, and
Chicago & North Western announces it will buy 25,000 tons, Burlington
has bugeted for 750 freight cars.
Coke and coal shipments in Pennsylvania are the heaviest in several
years due to strike threats in the bituminous coal fields. Second quarter
pig iron bookings by lake furnaces are 40% heavier than they were three
months ago for the first quarter. Overflowing scrap supplies, especially
from the Detroit district, have further weakened the market, "Steel's"
scrap price composite being off 33 cents to $10.71. For export, some scrap
s being purchased as far inland as Pittsburgh,
"Steel's" London correspondent cables pig iron output in Great Britain
In February was 483.100 gross tons, and steel ingots and castings 769.500
tons; daily average pig Iron output up 2.6%,and steel, 27%,above January.
Steelworks operations last week in the Chicago district dropped 4 points
to 51%; Cleveland 2 to 72; New England 8 to 53; Detroit 6 to 88; eastern
Pennsylvania 3 -point to 28. Youngstown advanced 3 to 58. Buflalo
was unchanged at 38; Wheeling 92; Pittsburgh 38; Birmingham 55Ji•
"Steel's" iron and steel price composite is down 1 cent to $32.38;finished
steel unchanged at $54.
Steel ingot production for the week ended March 18 is
placed at about 48% of capacity, according to the "Wall
Street Journal" of March 20. This compares with 48M%
in the two preceding weeks. The "Journal" added:
U. S. Steel is estimated at 46%. against 46;i% in the week before
and 46% two weeks ago. Leading independents are credited with a
little under 49%. compared with 49% in the two previous weeks.
A comparison of the percentage of production with the nearest corresponding week of previous years, together with the change, in points.
from the week immediately preceding, is given in the following table.
Industry
1935
1934
1933
1932
1931
1930
1929
1928
1927
48
48
1415
25%
56Si
74
041,i
84
021,4
- ;5
- ;5
-1
+2.16
-2
+ yi
+1
.1-1
U. S. Steel
46
42
14;i
26Si
55
80
97
89
inn
- 35
+1
- ;5
-1
+1
-2
+ Si
4-1
Independents
49
52
14
241.5
57
68
021.4
78
135
-1
-1
-15i
+3
-2
+ Si
+1
Current Events and Discussions
The Week with the Federal Reserve Banks
The daily average volume of Federal Reserve bank credit
outstanding during the week ended March 20, as reported
by the Federal Reserve banks, was $2,461,000,000, a decrease of $2,000,000 compared with the preceding week and
of $60,000,000 compared with the corresponding week in
1934. After noting these facts, the Federal Reserve Board
proceeds as follows:
On March 20 total Reserve bank credit amounted to $2,455,000,000, a
decrease of $5,000,000 for the week. This decrease corresponds with
Increases of $211,000,000 In Treasury cash and deposits with Federal
Reserve banks and $12,000.000 in non-member deposits and other Federal
Reserve accounts, and a decrease of $4,000,000 in Treasury and National
bank currency offset in part by a decrease of $227,000.000 in member bank
reserve balances and an increase of $3,000,000 in monetary gold stock.
Relatively small changes were reported in holdings of discounted and purchased bills and of industrial advances. A decrease of $2,000,000 in holdings of Treasury bills was offset by an increase of $2,000,000 in United
States bonds.
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
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 March 20, in
comparison with the preceding week and with the corresponding date last year, will be found on pages 1958 and 1959.
1913
Financial Chronicle
Volume 140
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
March 20 1935 were as follows:
Increase (+) or Decrease (—)
Since
Mar. 20 1935 Mar. 13 1935 Mar. 21 1934
—43.000,000
—28,000,000
—2,000.000
Bills discounted
8.000,000
Bills bought
5,000,000
U. S. Government securities
2 930,000,000
Industrial advances (not including
16.000,000 commitments—Mar.20) 20,000,000
Other Reserve bank credit
—9,000,000
+2.000,000
--1,000,000
Total Reserve bank credit
2,455,000,000
Monetary gold stock
8,554,000,000
Treasury and National bank currency-2,521.000,000
—5.000,000
+3,000,000
—4,000,000
— 53,000,000
+914,000,000
+178,000,000
Money in circulation
—1,000,000
5,453,000,000
Member bank reserve balances
4,361,000,000 —227,000,000
Treasury cash and deposits with Federal Reserve banks
3,220,000,000 +211,000,000
Non-member deposits and other Federal Reserve accounts
497.000,000 +12,000,000
+119,000,000
+912,000,000
+20,000,000
—7,000,000
—32,000.000
+41,000,000
Returns of Member Banks in New York City and
Chicago—Brokers' Loans
Below is the statement of the Federal Reserve Board for
the New York City member banks and also for the Chicago
member banks for the current week, issued in advance
of 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 loan's 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 $663,000,000 on March 20 1935, -a decrease of
$69,000,000 over the previous week.
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 March 13:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on March 13 shows increases for the
week of $185.000,000. in net demand deposits. $60,000.000 in total loans
and investments and $50,000.000 in reserve balances, and a decrease or
$13,000.000 in time deposits.
IsLoans on securities to brokers and dealers in New York increased $4.000.000 at reporting member banks in the New York district and declined
$4,000,000 in the Boston district; loans to brokers and dealers outside
New York City declined $2,000,000; and loans on securities to others also
declined $2.000,000. Holdings of acceptances and commercial paper declined $9,000,000 in the New York district and $11,000,000 at all reporting
member banks; real estate loans declined $1,000,000; and other loans
declined $8,000,000 in the San Francisco district and at all reporting member banks, and increased $5,000,000 in the Boston district.
Holdings of United States Government direct obligations Increased $77.000,000 in the New York district. $7,000,000 in the Boston district. $5.000.000 In the Dallas district, and $62,000,000 at all reporting member banks,
and declined $13,000,000 in the Chicago district. 86,000,000 in the St.
Louis district and $5,000,000 in the Atlanta district; holdings of obligations
fully guaranteed by the United States Government declined $12,000,000
in the New York district and $2,000,000 at all reporting member banks,
and increased $5,000,000 in the San Francisco district; and holdings of
other securities increased $7,000,000 in each in the New York and San Francisco districts and $24,000,000 at all reporting member 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 $1.238,000,000 and net demand, time and Government deposits of 81,432,000,000 on March 13.
compared with $1.228,000,000 and $1.411,000,000, respectively on March 6.
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 March 13 1935. follows:
Increase (+) or Decrease (—)
Since
March 6 1935 March 14 1934
1935
March 13
Loans and investments—total_ ___18,522,000,000
3,121,000,000
--4,000,000
---472,000,000
To brokers and dealers:
In New York
Outside New York
To others
834,000,000
171,000.000
2,118,000,000
—2,000,000
—2.000.000
—7,000,000
+7,000,000
—472.000,000
420,000,000
982,000,000
3,196,000,000
—11,000,000
—1,000,000
—8,000,000
Accepts, and com'i paper bought
Loans on real estate
Other loans
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
New York
Mar. 20 1935 Mar. 13 1935 Mar. 21 1934
$
Loans and investments—total
7 539,000,000 7,602,000,000 7,199,000.000
7,284,000,000
U.S.Govt. direct obligations
Obligations fully guaranteed by the
674,000,000
United States Government
2,865,000,000
Other securities
Loans on securities—total
Net demand deposits
Time deposits
Government deposits
1 466,000,000 1.529,000,000 1,687,000,000
To brokers and dealers:
In New York
Outside New York
To others
609.000,000
54,000,000
803,000,000
678,000,000
54.000.000
797,000,000
698,000,000
48,000.000
941,000.000
Accepts, and commercial paper bought__ 211,000,000 212,000,000)
Loans on real estate
130,000,000 130.000.000 1,637,000,000
Other loans
1,216,000,000 1,209,000,000
U.S. Government direct obligations_ -3,202,000,000 3,198,000,000 2,717,000,000
Obligations fully guaranteed by United
States Government
274,000,000 276,000,00011,158,000,000
Other securities
1,040,000,000 1,048,000.000 J
Reserve with Federal Reserve banks _ _ _.1,622,000,000 1,709,000,000 1,218,000,000
Cash in vault
53,000,000
51,000,000
37,000,000
Net demand deposits
Time deposits
Government deposits
6.924,000,000 7,100,000,000 5,737,000,000
615.000.000 612,000,000 690.000,000
527,000,000 527,000,000 797,000,000
Due from banks
Due to banks
66.000,000
65,000,000
85,000,000
1,881,000,000 2,006,000,000 1,512,000,000
Borrowings from Federal Reserve Bank_
Loans on investments total
Chicago
1 650,000,000 1,671,000,000 1,392,000,000
Loans on securities—total
244,000,000
237,000,000
279.000,000
To brokers and dealers:
In New York
Outside New York
To others
27,000,000
37,000,000
180,000,000
26,000,000
32,000,000
179,000,000
13,000,000
40,000,000
226,000,000
48,000,000
17,000.000
230,000,000
49,000,000)
17,000,000) 297,000,000
230,000,000J
Accepts. and commercial paper bought
DADS on real estate
Other loans
U. S. Government direct obligations__ - 817,000,000
Obligations fully guaranteed by United
78,000,000
States Government
216,000.000
Other securities
848,000,000
Reserves with Federal Reserve Bank__ __ 356,000,000
35,000,000
Cash in vault
399,000,000
35,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
531,000,000
78,000,0001 285,000,000
212,000,000)
357,000,000
40,000,000
1 453,000,000 1,533,000,000 1,173,000,000
394,000,000 380,000,000 358,000.000
42,000.000
41,000,000
69,000.000
179,000,000
495,000,000
185,000,000
509.000.000
182,000,000
362,000,000
+80,000,000 +1,009,000,000
Loans on securities—total
Reserve with Fed. Res. banks
Cash in vault
3,420,000,000
282,000,000
—110,000,000
+62,000,000 +1,055,000,000
—2,000,0001 +536,000.000
+24,000,000J
+50,000,000
+8,000,000
+851,000,000
+48,000,000
14,479.000,000 •+185,000.000 +2.729.000,000
+40,000,000
—13,000,000
4,433,000,000
—488,000.000
1,015,000,000
1,855,000,000
4,533,000,000
+20,000,000 +307,000,000
—15.000,000 +1,068,000.000
1,000,000
Borrowings from F. R. banks
•March 6 figures revised (New York district).
—9,000.000
Due from banks
Due to banks
Initial Statement of Bank of Canada Shows Gold
Reserve of $106,684,355
The Bank of Canada has a gold reserve of $106,584,355,
according to its first statement made public at Ottawa on
March 14. The Toronto "Globe" indicating this in Ottawa
advices, further said:
The statement was ofassets and liabilities at the end of thefirst three days'
operations. The gold reserve is that turned over by the Department of
Finance and the chartered banks. It also has silver bullion and sterling
and United States funds, bringing and the total reserves up to $107,965.593.
The gold backing is well above statutory requirements for note circulation
and deposits from the Dominion and from chartered banks which total
$254,223,415. The statute requires a ratio of 25 to 100, whereas the ratio
shown in the statement was 42.47 to 100.
A New Policy
All issues of notes backed by the gold reserve in future will be in the
hands of the Central Bank. During the last year the Department of
Finance issued about $50.000,000 of new money to cover construction
operations. This will not be possible in future. If the Government wishes
to put new money into such operations it must borrow it on securities.
The first statement shows Bank of Canada shareholders have paid up
fairly well for their stock. The total paid-up capital Is $4,991,640, leaving
a balance unpaid of 18.360. The delinquent shareholders will be given a
month to pay the balances, otherwise the stock will revert to the bank.
The bank already has Dominion Goverment securities of $149,859,930.
turned over to It by the Department of Finance to cover the Dominion
notes in circulation. The bank accordingly starts off with an income
from the interest on these securities. There were 8185,000,000 in Dominion
notes out when the bank started operation.
Assets Classified
Assets total $259,314.757.28. made up as follows: Reserves: Gold coin
and bullion, $106,584,355.50: silver bullion, $986,363.18; reserve in sterling
fund (held in London), $192,250; reserve in United States funds (held in
1914
Financial Chronicle
New York'. $202,625, subsidiary coin, $297.335.32. Investments:
Dominion Government short-term securities, 534,846.294; other Dominion
Government securities, $115,013,636.82; all other assets, $1,191,897.46.
The liabilities follow: Capital paid up. $4,991,640; notes in circulation.
$97,805,664.94. Deposits; Dominion Government, $4,212,199.78; chartered banks, $151,927,627.77; other deposits, $277,922.59. All other liabilities, $99.702.20. Total llaoilities same as total assets.
The opening of the Bank of Canada was noted in our issue
of March 16, page 1740. On March 11 Canadian Press
advices from Ottawa said:
Every provincial agency of the Bank of Canada had been given a supply
of the new Bank of Canada paper money and would be in a position to day
to furnish the chartered banks on exchange of Dominion notes. While
Dominion notes remain in circulation the responsibility for their redemption
has been taken over by the Bank of Canada. They will be gradually
withdrawn from circulation.
No chartered bank notes will be withdrawn until the end of the first
year of the Central Bank's operations. Then 5% will be taken out of
circulation. After five years the yearly withdrawal will be 10% for another five years, by which time the issue will have been reduced by 75%.
Under the present statute the chartered banks will retain the right to
issue paper money up to 25% of their paid-up capital. •
In Montreal the establishment of the Central Bank agency involved
physical removal of a large volume of paper money, subsidiary coin and
negotiable securities.
We likewise quote the following (Canadian Press) from
Ottawa March 10:
W. C. Clark, Deputy Minister of Finance and sometimes called "godfather of the Bank of Canada," explains the new bank will not normally
deal with the public at all, will not accept deposits nor make loans to the
public. "Its clients will be only the Dominion and Provincial governments,
the chartered and savings banks, except on those occasions when the bank
Is engaging in open-market operations."
Weapons which the Central Bank would have to control the total volume
of currency and credit—and consequently to influence the general tempo
of business—are enumerated by Dr. Clark as:
1—Manipulation of the rediscount rate.
2—Open-market operations.
3—Exhortation and advice.
"Under a central banking system," Dr. Clark says, "the private or
member banks are normally dependent on the central banks for emergency funds or for surplus funds required in financing heavy seasonal
requirements or the later stages of a period of business expansion. As
the banks require to expand their cash reserves to take care of these requirements they borrow from the Central Bank by selling to it or
rediscounting with it high-grade securities or commercial bills defined by
the act as eligible for Central Bank investment. It is obvious that by raising
the rate of rediscount charged for such accommodation, the Central Bank
would be able to discourage borrowing by the member banks, and, conversely, by lowering the rate to discourage it."
Graham F. Towers is Governor of the Bank; the other
officials are:
Deputy Governor, J. A. C. Osborne; Assistant Deputy Governor, Leo P.
St. Amour; Secretary, D. Gordon; in charge of the foreign exchange departments. S. Turk, Montreal.
Dr. W. C. Clark, Deputy Minister of Finance, is an exofficio executive of the bank, and according to the Montreal
"Gazette" the elected directors are: Thomas Bradshaw,
Toronto; R. J. Magor, ex-President of the Montreal Board
of Trade; Joseph Beaubien of Montreal; W. C. Woodward,
Vancouver; Robert A. Wright, Drinkwater, Sask.; W. K.
McKean of Halifax.
March 23 1935
The Bank of Canada notes will also gradually replace the chartered banks'
notes, which, too, are now being issued In the new smaller size.
From the same paper we also take the following:
Statement of Dominion note circulation and gold holdings of the Minister
of Finance at Feb. 28, which has just been issued, will be the last to appear
in its present form. This, of course, is because the Bank of Canada has
taken over the gold reserves and note issue from March 11.
Note circulation at Feb. 28 totaled $220,279,589. an increase for the
month of $3,200,000. This was a resumption of the expansionist policy
of the Government which had been suspended in December and January.
The increase in circulation was accounted for entirely by larger issues
under the Dominion Notes Act, banks having made slight reductions
in Finance Act advances in February. These statutes have now been
repealed, and the basis of the note issues changed to agree with the Bank
of Canada Act under which the Bank now administers the currency and
specie of the Dominion.
Gold holdings of the Minister of Finance have all been taken over by
the Bank of Canada.
Gold Held by Minister of Finance at Feb. 28 1935
Against P. 0. savings
$2,207,703
Against Dominion notes
69.439.589
Excess over requirements
2,926.188
Total
$74,5737480
European Powers Protest as Germany Decrees Universal
Conscription—Violation of Versailles Pact Is Seen
by Great Britain, France and Italy—Appeal Made
to League of Nations
Renewed threats to the peace of Europe were felt this
week, following the action of the German Government on
March 16 in announcing the immediate restitution of military conscription. This announcement was regarded as virtual repudiation of the Treaty of Versailles, since it was estimated that it would ultimately provide Germany with a
standing army of at least 500,000, together with possible
large increases in both naval and air forces. Chancellor
Hitler,in a proclamation to the German people on March 16,
declared that other powers had failed to fulfill their disarmament obligations under the Treaty, and that this justified
the Reich in re-introducing conscription. Incident thereto
he cited the action of France, on March 15,in extending the
period of conscript service for two years.
The German announcement provoked official notes of
protest from Great Britain, France and Italy. The text of
the British note is given in full elsewhere in this issue of the
"Chronicle," together with the test of Chancellor Hitler's
statement to the German people. Chancellor Hitler rejected on March 21 the protests against his program, said
United Press advices from Berlin March 21 which added:
The German Chancellor ignored united action of the former allied powers,
and calmly awaited arrival Sunday of a British diplomatic mission to
discuss the next step in Europe's greatest crisis since the World War.
Besides Chancellor Hitler's statement another statement
was issued on March 16 by the German National Socialist
Party, which termed Chancellor Hitler's proclamation "a
historic event of the greatest importance" which freed the
German people from "the oppressive shame which has burOrders in Council in Force in Canada Repealing dened them for 16 years."
Finance and Dominion Note Acts and Continuing
Sir John Simon, British Foreign Minister, plans to visit
Suspension of Gold Payments
Chancellor Hitler in Berlin tomorrow (March 24), accomWith the inception of the Bank of Canada on March 11, panied by Captain Anthony Eden. After later visits to
orders in council came into force repealing the Finance and Warsaw and Moscow, the French, British and Italian repreDominion Notes Acts and continuing the suspension of gold sentatives are expecte,d to hold a joint conference in which
payments, it was noted in the March 16 issue of "Financial the attitude of their respective Governments toward the
Post" of Canada, which went on to say:
latest German move may be more clearly defined.
The former operations will be conducted entirely by Canada's Central
Meanwhile, President Roosevelt declined to comment this
Bank. The latter measure was necessary because of the power contained
week on the German announcement, other than to say that
In the Bank of Canada Act enabling the institution to sell gold unless its
he hoped the policy of "the good neighbor" would continue
payments are suspended by the Government.
The discount rate was announced at 23-5 %, the current rate for some
to be applied by all European nations. The State Departtime past.
ment did not announce whether a note of protest would be
Change for Borrowers
sent to Germany by the United States, although such action
A change in registering notice of intention of a borrower to give security
to a chartered bank for a loan under Section 88 of the Bank Act comes into
was considered likely.
force under the new banking system. These notices, which were formally
The French Government,in addition to protesting directly
registered with te assistant receivers-general, must now be listed with the
to Germany, has also appealed to Germany. The texts of
local agent of the Bank of Canada. This is little more than a change in
name between the old and new offices.
the French and Italian notes to the Reich, and of the French
Cold Transfer from Banks
citation to the League, were all made public on March 21.
Following the new banking requirements, the chartered banks have
A dispatch from Berlin March 16 to the New York "Times"
transferred approximately $40,000.000 in gold, mostly coins, to the Bank
summarized the new conscription law as follows:
of Canada. The banks receive the statutory gold price of $20.67 per ounce,
with any later profit going to the Dominion Treasury. An exception is
made whereby a profit may be returned to a chartered bank if it can show
It has held any of its gold against foreign commitments.
Another $70,000,000 in gold entered the Bank of Canada vaults from
the Dominion Treasury. The Treasury in addition has turned over 3%
securities of five-year maturity to help back the Central Bank notes.
Smaller and Colorful Note
The Royal family scores heavily on the Bank of Canada notes, now
appearing in seven denominations, with two of Canada's prime ministers
completing the list. The new notes place the Dominion in the midget
currency class of the United States, being fractionally shorter but slightly
wider than those below the border. Notes are not bilingual but are printed
In both English and French.
Ranging from $1 to $1,000, the new notes are more colorful and artistic
than the old Dominion currency, which will be withdrawn in a few months.
A law for the re-creation of the national defense forces.
The Reich Government has resolved the following law, which is herewith
proclaimed.
1. Service in the defensive forces is predicated on universal military service.
2. The German peace army, including police units which have been incorporated in the army, shall comprise 12 army corps commands and 36
divisions.
3. Supplementary laws for regulating universal military service will be
drafted and submitted to the Reich Cabinet by the Reich Minister of
Defense.
Signed by the Fuehrer and all the members of the Reich Government.
The citation by France to the League was telegraphed by
Foreign Minister Pierre Laval to Joseph A. Avenol, Secretary-General of the League. The text of this document,
Financial Chronicle
Volume 140
together with the texts of the French and Italian protests to
Germany, are given below, as contained in Associated Press
advices of March 21 from Paris and Rome:
French Protest
Receiving the Ambassador of France March 16, the Chancellor of the
Reich made known to him the text of a law promulgated the same day by
which the German government re-established in Germany obligatory
military service and increased the German army to 36 divisions.
A week earlier, the German authorities had given an official status to
German military aviation.
These decisions are definitely contrary to the contractual engagements
written in the treaties which Germany signed.
They are equally contrary to the declaration of Dec. 11, 1932, whereby
the Reich government voluntarily recognized that a general statute of armaments, carrying equality of right for Germany with all nations, should not
be made without the establishment of a security regime for all.
After several proposals tending to give effect to this principle, the French
Government in accord with the British Government, showed its confidence
in the Government of the Reich by proposing to it a procedure of negotiation, free and fully compatible with respect to the treaty rights, for the
establishment of contractual means of a new arms statute for Germany in a
general settlement of the problem of security and of armanment, and the
Government of the Reich had appeared to justify the confidence in accepting
the principle of such procedure.
The publication of the German law of March 16, intervening brusquely
before the datefixed for the first exchange of views between the Government
of the Reich and one of the two signatory governments of the London
communique of Feb. 3, constitutes a new manifestation of the methods the
Government of the Reich intends to oppose to the offers of concilation
which had been made to it.
A double conclusion thus must be drawn by the government of the
(French) republic. On one side and in a general fashion, the Government
of the Reich deliberately distrusts the essential principle of the right of a
people that no power can denounce the engagement of a treaty or modify
its stipulations except with the agreement of the controlling parties and by
means of a friendly agreement. On the other side, and in particular after
having itself shown its desires to see cleared up between the interested
powers the immediate effect of the negotiation to which it was invited, the
Government of the Reich has deliberately taken the most effective measures
to compromise the fate of this negotiation in taking for itself, in advance
and unilaterally through a fait accompli, one of its essential objects.
The Government of the Republic has the duty to make the most formal
protestation against these measures, with regard to which it now makes
all reservations.
Conscious of the efforts of conciliation which it has not ceased to follow,
in all loyalty and with the most constant care for German dignity, to
associate the Reich fully in the organization of European security, it can
only place on the German government responsibility for the state of uneasiness thus created in the world and the consequences which can result
from it, that is to say, those obligations which from this fact may be imposed
on the governments of the differenct interested countries.
Determined, so far as it is concerned, to seek all means of international
co-operation designed to dissipate this uneasiness and to safeguard the
peace of Europe, the French Government desires to reaffirm with its respective treaties its firm resolution not to accept in any negotiation that
consideration be given to unilateral decisions taken violation of international
engagements.
PIERRE LAVAL,
Foreign Minister.
French Appeal to League
By a law, the text of which was communicated March 16 to the Ambassadors at Berlin of France, Great Britain, Italy and Poland, and which
was made public the same day, the German Government has decided on
the reintroduction of general compulsory military service In the Reich and
to reorganize the German army into 12 army corps and 36 divisions.
The German authorities also, a few days earlier, announced the creation
of a German military aviation force.
In both cases the German Government has deliberately repudiated, by
a unilateral act, the contractual engagements embodied in the treaty.
which Germany signed.
When entering the League of Nations, of which she still remains a member
until the expiring of the period of two years from her notification of Oct. 21,
1933. Germany in virtue of the preamble of the Covenant undertook to
observe a scrupulous respect for all treaty obligations in the dealings of organized peoples with one another.
In the circumstances, and since under the terms of Paragraph 2, Article
XI,it is the right of each member of the League to bring to the attention of.,
the Council any circumstance affecting international relations which
threatens to disturb international peace or the good understanding between
nations upon which peace depends, the Government of the Republic (of
Franco) has the honor to notify the Council of the League of the situation
created by the attitude of the German Government.
Because of the gravity of the question raised by German initiative. I
have the honor to ask to call an extraordinary session of the Council for the
examination of the present request.
PIERRE LAVAL,
Foreign Minister.
Italian Protest
The Chancellor of the Reich on March 16 communicated to the Italian
Ambassador a law promulgated the same day on the basis of which the
German Government has re-established in Germany obligatory military
service and increased the effectiveness of the German army, to 36 divisions.
One week previously German authorities had communicated officially
the constitution of German military aviation.
fhe Italian Government has taken note of the notes directed to the
German Government on this subject by the British Government and the
French Government.
The Italian Government cannot but point out that in the accord reached
In Rome Jan. 7. 1935, between the Italian and the French Governments,
and the final communique of the conversations in London between the
British and French Governments published on Feb. 3. there was reaffirmed
the essential principle that the military statute established by Part V of
the Treaty of Versailles could not be modified by unilateral act.
The Italian Government which, in so far as it is concerned, has always
maintained the opportunity of revision of Part V of the Treaty of Versailles
through negotiations among the interested governments, in conditions of
perfect parity, had adhered to the principle that the question of German
armament should have been the object of a general negotiation similar to
what was established in the declaration of Dec. 11, 1932, in which Germany
participated.
This procedure had been accepted in principle by the German government itself in its communication on Feb. 14 of this year.
1915
The Italian Government therefore feels the duty of advancing ample
reservation concerning the decision of the Government of the Reich and
Its probable development.
The Italian Government has always sought to link the Reich fully to the
system of collaboration among the principle interested powers which would
recognize fully to the Reich the right and responsibilities of a sovereign
state.
Especially for these precedents the decision of the Reich acquires Particular seriousness, especially for the state of uncertainty which it excites
In all countries.
The Italian Government has given many proofs, also recently, of its
desire for international collaboration, and proses to continue In those directions which respond to the need of the people and to postulate neighborliness
In Europe. but feels the duty of declaring that in the eventual future negotiations she cannot simply accept as situations of fact those determined by
unilateral decision which annul the undertakings of international character.
Note of British Government to Germany Protesting
Against Chancellor Hitler's Decision to Adopt
Military Conscription
The text of Great Britain's note to Germany protesting
against Chancellor Hitler's proposal to adopt military conscription was given as follows in Associated Press advices
from London, March 18:
His Majesty's Government feel bound to convey to the German Government their protest against the announcement made by the latter, March 16,
of a decision to adopt conscription and to increase the peace basis of the
German army to 36 divisions.
Following upon the announcement of a German air force, such a declaration is a further example of unilateral action which, apart from the issue
of principle, is calculated seriously to increase the uneasiness of Europe.
The proposals for an Anglo-German meeting arose out of the terms of
the Anglo-French communique of Feb. 3 and the German reply of Feb. 14,
supplemented by further communications between His Majesty's Government and the German Government. His Majesty's Government consider
it necessary to call the specific attention of the German Government to
the effect of those documents.
The London communique of Feb. 3, while noting that the armaments
limited by treaty could not be modified by unilateral action, declared the
British and French Governments favored a general settlement freely negotiated between Germany and other powers which would make provisions for
the organization of the security of Europe on the lines therein indicated
and would simultaneously establish an agreement about armaments which,
in the case of Germany, would replace the relevant provisions of Part V of
the Treaty of Versailles.
The communique went on to state that it would be part of a general
settlement by which it was contemplated that Germany would resume her
active membership in the League of Nations and proceed to sketch out the
terms of an air pact between the Locarno Powers to operate as a deterrent
to aggression and to insure immunity from sudden attacks from the air.
The German Government's reply 10 days later welcomed the spirit of
friendly confidence which the Anglo-French communique had expressed
and undertook that the German Government would submit to exhaustive
examination the questions raised in the first part of the London communique.
It agreed that the spirit expressed in the communique of free negotiations between sovereign States could alone lead to lasting international
settlements in the sphere of armaments.
In particular, it welcomed the proposal for an air pact, and the German
reply concluded' by saying before taking part in the proposed negotiations
the German Government considered it desirable to clarify in separate conversations with the governments concerned a number of preliminary questions of principle.
For this purpose it invited His Majesty's Government to enter into a
direct exchange of views with the German Government.
Since His Majesty's Government desired to make sure there should be no
misunderstanding as to the scope and purpose of the proposed Anglo-German
meeting, they addressed a further inquiry to the German Government,
Feb. 21, to which the German Government replied the next day.
The result was that it was definitely agreed between the two governments that the object of the suggested meeting would be to carry the
consultation a stage further on all matters referred to in the Anglo-French
communique.
It is upon this basis, therefore, His Majesty's Government have been
preparing to pay the visit to Berlin which the German Government
suggested.
Thus, what was contemplated was "a general settlement freely negotiated
between Germany and other Powers" and "agreements regarding armaments which in the case of Germany would replace the provisions of
Part V of the Treaty of Versailles."
This has throughout been the purpose of His Majesty's Government's
policy, and upon its achievement they have concentrated all their efforts
at Geneva and elsewhere.
But the attainment of a comprehensive agreement, which by common
consent would take the place of treaty provisions, cannot be facilitated by
putting forward as a decision already arrived at strengthens for military
effectives greatly exceeding any before suggested—strengths, moreover,
which, if maintained unaltered, must make more difficult, if not impossible,
agreement of the other Powers vitally concerned.
His Majesty's Government are most unwilling to abandon any opportunity which the arranged visit might afford of promoting a general
understanding, but in the new circumstances, before undertaking it they
feel bound to call the attention of the German Government to the above
considerations, and they wish to be assured that the German Government
still desire the visit to take place within the scope and for the purposes
previously agreed as set out in Paragraph IV above.
Chancellor Hitler's Statement to German People
Announcing Revival of Military Conscription
The following is the text of Chancellor Adolf Hitler's
appeal, issued March 16, to the German people announcing
universal military conscription in the country, as contained
in Associated Press advices from Berlin, March 16, to the
New York "Times":
To the German People:
When, in November 1918, the German people, trusting in the promises
given in President Wilson's 14 points, grounded arms after four and a half
1916
Financial Chronicle
years honorable resistance in a war whose outbreak they had never desired,
they believed they had rendered a service not only to tormented humanity
but also to a great idea per se.
Themselves the most serious sufferers from the result of this insane
struggle, the millions composing our people trustingly seized upon the
idea of a new order in the relations between peoples, an order which was
to be ennobled on one hand by doing away with the secrecy of diplomatic
cabinet policies and on the other hand by abandoning the terrible methods
of war. The historically severest result of the defeat seemed to many
Germans to be the only sacrifice necessary in order once and for all to
save the world from similar terrors.
The idea of the League of Nations has perhaps in no nation awakened
more fervent acclaim than in Germany, stripped as she was of all earthly
happiness. Only thus it was conceivable that the German people not only
accepted but also fulfilled the conditions, verily senseless in many respects,
for the destruction of every condition and possibility of defense.
The German people, and especially their Governments of that time, were
convinced that by fulfilment of the conditions of disarmament laid down
in the Versailles treaty and in accordance with the promises of that treaty,
the beginning of international general disarmament would be marked and
guaranteed.
For, only in a two-sided fulfilment of the task by the treaty could there
lie a moral and sensible justification for a demand which, one-sidedly
imposed and executed, had necessarily to lead to an eternal discrimination,
and thereby to a declaration of inferiority of a great nation.
Under such conditions, however, a peace treaty of this sort could never
create the conditions for a true inward reconciliation of peoples, nor for
the pacification of the world achieved in this manner, but could only
set up a hatred that would gnaw eternally.
Germany has, according to the investigation of the Interallied Control
Commission, fulfilled the disarmment conditions imposed upon her. Following is the work of destruction of the German power of resistance and
the means necessary, therefore, as was certified by this Commission:
Army.-59,897 cannon and heavy gun barrels, 130,558 machine guns,
31,470 mine-throwers and barrels, 6,007,000 guns and carbines, 243,937
machine gun bores, 28,001 cannon carriages, 4,390 machine gun carriages,
38,750,000 bullets, 16,550,000 hand and gun grenades, 60,400,000 fuses,
491,000,000 rounds of ammunition for hand weapons, 335,000 tons of shell
cases, 23,515 tons of cartridge cases, 37,600 tons of powder, 79,500 ammunition empties, 212,000 telephones, 1,072 flame-throwers, 31 armored cars,
59 tanks, 1,762 observation cars, 8,982 wireless stations, 1,240 field
bakeries, 2,199 pontoons, 981.7 tons of equipment for soldiers, 8,230,350
sacks of equipment for soldiers, 7,300 pistols and revolvers, 180 machine
gun sleds, 21 transportable workshops, 12 anti-aircraft gun carriages, 11
limbers, 64,000 steel helmets, 174,000 gas masks, 2,500 machines of the
former war industry, 8,000 gun barrels.
Airforces.-15,714 chasing and bombing planes, 2,757 airplane motors.
Navy.—Material that was either destroyed, scrapped, sunk or handed
over-26 first class battleships, four coastal cruisers, four armored cruisers,
18 small cruisers, 21 schooling and other ships, 83 torpedo boats, 316
submarines.
Treaty Fulfillment Is Called Unexampled
In addition, there had to be destroyed vehicles of all sorts, utensils for
gas attacks and partly for gas protection, fuel of various kinds, explosives,
searchlights, gun sighting appliances, instruments for measuring distance
in sound, optical instruments of all kinds, harness for horses, equipment
for narrow gauge railways, printeries, field kitchens, workshops, rut and
thrust weapons, steel helmets, material for transporting munitions, normal
and special machines belonging to war industry, mounting frames, drawings
for the latter, and hangars for airplanes and airships, &c.
After this historically unexampled fulfillment of a treaty, the German
people had the right to expect the redemption also by the other side of
obligations undertaken. For, firstly, Germany had disarmed; secondly,
in the peace treaty the demand had been expressly made that Germany
must be disarmed in order thereby to create the pre-condition for general
disarmament ; that is, it was contended that Germany's armaments alone
furnished the reason for the armaments of the other countries; thirdly,
the German people at that time were filled both as regards their Government and their parties with a spirit that corresponds exactly with the
pacifistic-democratic ideals of the League of Nations and its founders.
But while Germany, as one party to the treaty, had fulfilled its obligations, the redemption of the obligation on the part of the second partner
to the treaty failed to become a fact. That means: The high contracting
parties of the former victor States have one-sidedly divorced themselves
from the obligations of the Versailles treaty.
Not alone did they refrain from disarming in a manner that could by
any stretch be comparable with the destruction of German arms. No. Not
even was there a halt in the armaments race. On the contrary the increase
of armaments on the part of a whole group of States became evident.
Whatever had during the war been invented in the way of new engines of
destruction was now in peacetime brought to final perfection by methodically
scientific labor.
In the realm of creating mighty armored cars, as well as in that of
new fighting and bombing planes, continuous and terrible improvements
lesulted. New gigantic cannon were constructed, new explosive fire and
gas bombe were developed.
Recalls Suffering of 15 Years
The world, however, since then has again resumed its cries of war, just
as though there never had been a World War nor the Versailles treaty.
In the midst of these highly-armed, war-like States, which were more and
more making use of the most modern motorized equipment, Germany was,
militarily speaking, in a vacuum, defenselessly at the mercy of every
threatening danger.
The German people recall the misfortune and suffering of 15 years'
economic misery and political and moral humiliation. It was, therefore,
understandable that Germany began loudly to demand the fulfillment of
the promises made by other States to disarm, for this is clear: The world
would not only stand for 100 years of peace, but such a period would be an
unmeasured boon. It cannot, however, stand for 100 years of division into
victor and vanquished.
The conviction that international disarmament was morally justified and
necessary, gained ground, not only in Germany, but also among many
other peoples. From the insistence of these forces there resulted attempts
through conferences to give direction to the reduction of armaments and
thereby to a general equalization on a low level. Thus there developed
the first proposals for an international agreement on armaments, of
which we remember the MacDonald plan as significant.
Germany was ready to accept this plan and adopt it as the foundation
for arrangements to be arrived at. It failed because the other States
declined to accept it, and was finally abandoned.
March 23 1935
Offered to Cut Enlistment Term
In as much as under these circumstances the equality which was solemnly
promised to the German people and Reich in the declaration of December
1932 failed of realization,• the new Reich's Government, as guardian of
the honor and right to live of the German people, was unable to continue
to take part in conferences of that sort or to continue membership in the
League of Nations. However, even after leaving Geneva, Germany still
was ready, not only to examine the other States' proposals, but herself to
make practical proposals.
In that connection she identified herself with the viewpoint which other
States themselves had expressed, namely, that the creation of armies with
short enlistments is not suited to the purposes of attack, and is therefore
recommendable for peaceful defense. Germany was, therefore, ready to
transform the Reichswehr, with its long service period, into an army with
short enlistments, consonantly with the wishes of the other States.
Her proposals, made during the winter of 1933-1934, were practical and
executable. The fact that they were declined as well as the fact that
Italian and English proposals along similar lines were finally declined,
justified the conclusion that on the other side of the contracting parties
there no longer existed any inclination for a belated and honest fulfillment
of the disarmament clauses of Versailles.
Under these circumstances, the German Government saw itself compelled
of its own accord to take those necessary measures which could insure the
end of a condition of impotent defenselessness of a great people and Reich,
which was as unworthy as in the last analysis it was menacing. In so
doing it proceeded from the same premises which Mr. Baldwin (Stanley
Baldwin, British Lord President of the Council) in his last speech so
truthfully expressed:
"A country which is not willing to adopt the necessary preventive measures for its own defense will never enjoy any power in this world, either
moral or material."
German Proposals Are Summarized
The Government of the present-day German Reich, however, desires
but one single moral and material power—namely, the power to safeguard
peace for the Reich and thereby, really also, for all Europe.
The Government, therefore, continued to do what it could and what
served the advancement of peace.
Firstly, it proposed a long time ago the conclusion of non-aggression
pacts to all its neighbor States.
Secondly, it has sought for and found the adjustment laid down in the
treaty with its Eastern neighbor which, thanks to the great understanding
shown on the other side, has, as it hopes, forever taken the poison out of
the threatening atmosphere which it found on seizing power, and which
will lead to lasting reconciliation and friendship between the two peoples.
Thirdly, it has finally given France the solemn assurance that Germany,
after the adjustment of the Saar question, now no longer will make territorial demands upon France.
It believes thereby, in a manner rare in history, to have created the precondition for ending the century-old strife between the two great nations
by making a heavy political and material sacrifice.
The German Government must, however, to its regret, note that for
months the rest of the world has been rearming continuously and increasingly. It sees in the creation of a Soviet Russian army of 101 divisions,
that is, in an admitted present peace strength of 960,000 men, an element
that at the time of the conclusion of the Versailles treaty could not have
been divined. It sees in the forcing of similar measures in other States
further proofs of the declination to accept the disarmament idea as originally
proclaimed.
Need for Security Is Emphas-ized
Far be it from the German Government to raise complaint against any
other State. It must point out, however, to-day, that by France's introduction of a two-year service period as now decided, the idea upon which
the creation of armies with short enlistment had been tested has been
abandoned in favor of an organization with long enlistments. This, however, was one of the arguments advanced at the time for demanding that
Germany give up her Reichswehr.
Under these circumstances the German Government considers it Impossible still longer to refrain .from taking the necessary measures for
the security of the Reich or even to hide the knowledge thereof from the
other nations.
If, therefore, it now fulfills the wish for enlightening the world on Germany's intentions, as expressed in the speech by the British Minister
Stanley Baldwin, Nov. 28 1934, it does so: Firstly, in order to give the
German people the conviction and other States the knowledge that the
safeguarding of the honor and security of the German Reich henceforth
will be again entrusted to the own power of the German nation; secondly,
in order, by fixing the extent of German measures, to devitalize those claims
which attempt to ascribe to the German people a striving for a position
of military hegemony in Europe.
What the German Government, as the guardian of the honor and interests
of the German nation, desires is to make sure that Germany possesses
sufficient instnnnents of power not only to maintain the integrity of the
German Reich but also to command international respect and value as
co-guarantor of general peace.
Hopes for Equality to Mahe Peace
For in this hour the German Government renews before the German
people, before the entire world, its assurance of its determination never
to proceed beyond the safeguarding of German honor and freedom of the
Reich, and especially does it not intend in rearming Germany to create
any instrument for warlike attack, but, to the contrary, exclusively for
defense and thereby for the maintenance of peace.
In so doing, the German Reich's Government expresses the confident
hope that the German people, having again reverted to their own honor,
may be privileged in independent equality to make its contribution for
the pacification of the world in free and open co-operation with other
nations and their governments.
With this in view, the German Reich's Government to-day passed the
following law: "Law for the upbuilding of a defensive force, dated
March 16 1935," which is hereby made public:
"(1) Service in defensive forces is predicated on universal military
service.
"(2) The German peace army, including police units which have been
incorporated in the army, shall comprise 12 corps commands and 36
divisions.
"(3) Supplementary laws for regulating universal military service will
be drafted and submitted to the Reich Cabinet by the Reich Minister of
Defense.
"Berlin, March 16 1935."
1917
Financial Chronicle
Volume 140
Annual Report of German Reichsbank Shows Surplus
of 49,000,000 Marks, of Which 30% Will Be Paid to
Shareholders
The annual report of the German Reichsbank, issued at
Berlin on March 12, shows net surplus of 49,000,000 marks,
of which, it is stated, nearly 30%, or 12,000,000 marks, will
be paid to the shareholders and 18,000,000 to the Government
Treasury. The Reichsbank will keep 4,000,000 as reserve,
said the Associated Press advices from Berlin, which added:
Another 6,000,000 marks surplus is payable to the Government bond
fund established under the law of Dec. 5 1934, which required the investment of all profits over 6% in Government bonds.
To handle increased business the Reichsbank has had to increase its
staff from 13,000 to 15,800, the report revealed.
Capital demands of German industry to finance the Government's job
creation program and farm relief have resulted in increased credits, it was
indicated.
Reichsbank drafts and checks increased by 1,000,000,000 to 3,986,000,000
marks. Shares and loans increased from 591,000,000 to 772,000,000 marks
during 1934. Transfer funds held for payment when bills of exchange
became available jumped 350,000,000.
Reviewing the Government's drive for reduction in interest rates to make
increased credits possible for industry, the report cited figures showing
that the entire amount of bonds on which the interest was cut to 41,4% is
10,000,000,000 marks.
Funds of gold and foreign currencies dwindled from 395,000,000 to
77,000,000 marks during 1934. This drop and the increase of money in
circulation caused gold coverage to drop to 2.34% in December 1934.
It was this disastrous trend, the report claims, that forced German
authorities to declare a moratorium on transfer payments and cut imports,
a trend that finally resulted in ccenplete control of imports.
Assets and liabilities of the Reichsbank total 11,659,000,000 marks, the
report shows.
On March 16 a Berlin message to the "Times" stated that
the retention by the Reichsbank of its 12% dividend rate,
long in doubt, not only stimulated the Berlin stock market
but constituted good news for foreign owners of the bank's
shares, who in 1934 increased their holdings to 262,188
shares. It was further stated in the account:
Approximately 1,236,275 shares are owned in Germany.
Foreign holders will be permitted, however, to transfer only two-thirds
of their dividend, or 8%. The remaining 4% goes, according to a recent
law, into a fund managed by the Gold Discount Bank but owned by the
bank's shareholders.
The bank's unchanged dividend was regarded by the Boerse as an indication that Nazi agitation against high corporation dividend rates was
unlikely to restrict the freedom of commercial banks, and their stocks
advanced on this interpretation. The stocks of several important corporations which pay high dividends rose also.
Berlin Court Ruling on Gold
Under date of March 16 Berlin advices to the New York
"Times" said:
Reich Loses on Gold Ruling
The Berlin High Court decided this week against the Reich on the claim
of holders of gold Treasury bonds issued in 1923 that these are payable on
the basis of gold, not in paper. The court ruled that they must be
paid at the rate of 4.2 marks to the dollar. The Reich will appeal either
to the Brandenburg Court of Appeal or directly to the Leipzig Supreme
Court.
In similar lawsuits over corporation gold bonds, the lower courts gave
contrary decisions and the Supreme Court mostly pronounced for the
gold dollar.
Reichsbank Dividend for Fiscal Year 1934 Payable with
8% in Free Marks Against Surrender of Coupon
Number 10
New York and Hanseatic Corp. recently announced to
holders of Reichsbank shares that it had received cable
advices to the effect that the dividend for the fiscal year
1934 will be payable with 8% in free marks against surrender of coupon No. 10.
Sterling Bonds to Pay German Interest
From the "Wall Street Journal" of March 16 we take the
following from London:
J. Henry Schroder & Co., acting as agents for the Konversion Hasse (the
German Conversion Office for Foreign Debts) have been authorized to issue
4% sterling bonds in order to raise sterling proceeds with which to make
interest payments to British creditors of Germany.
The issue is being made as the result of an agreement signed Feb. 27
last, at which time it was decided to use this method of settling British
interest and dividend claims on German medium- and long-term debts,
other than Government. Payments which will be met in this manner are
those falling due between July 1 1934 and June 30 1936.
The ultimate total of the new bond issue will depend upon future developments, although during the negotiations it was estimated that approximately
£3,000,000 would he required. The bonds will be listed on the London
Stock Exchange.
Belgium Curbs Dealings in Gold Bullion Foreign Exchange Restrictions—Theunis Cabinet Reigns
With the action of Belgium in ordering on March 18 a
modified gold and foreign exchange embargo, that country
was indicated in United Press advicesfrom Brussels as having
gone off the "free gold basis". In describing the action taken
a wireless message from Brussels March 18 to the New York
"Times" said:
The government has placed a partial embargo on gold and has restricted
exchange operations and these measures have served to put an end to what
threatened Saturday to become something of a panic.
Two royal decrees published this morning created a sensation in financial
and industrial circules, which were caught by surprise. After stating that
no modification was being made in the country's monetary status or in
the belga's gold parity, the decrees instituted a national exchange office
to restrict exchange operations to legitimate commercial needs, thus preventing speculation and the export of Belgian capital, which wakbecoming
important.
Dealings in Bullion Curbed
They also placed dealing in gold bullion and'pieces in the hands of this
office, thus curbing hoarding, Forward dealings were prohibited, except
against proof of covering for commercial'transactions.
An official of the National Bank of Belgium was quoted in the Independence Beige tonight as saying these measures were necessary because
of the virtual state of panic Saturday.
The Brussels Bourse was irregular and nervous today with speculation
again centering on those stocks that would benefit by devaluation. Arbitrage dealings were impossible on account of exchange restrictions.
Premier Georges Theunis will make a statement in the Chamber of
Deputies tomorrow regarding these measures and the Paris conversations.
The political sitution is troubled.
It was confirmed here today that no loan or credit had been negotiated
with the Bank of France, but that an agreement had been reached whereby,
if it became necessary to defend the belga. France would offer monetary
support. For the present the Belgian National Bank's resources are adequate.
There is little hope here that a satisfactory trade agreement with France
can be negotiated in time to do much good. Belgium's chief hope seems to
lie in France's transferring to her the trade she formerly gave to the Saar.
The Luxemburg Government announced this morning exchange restrictions similar to those decreed in Belgium.
Following the above action the resignation of the Cabinet
under Premier Georges Theunis occurred on March 19, as to
which we quote Associated Press accounts on that date from
Brussels as follows:
The resignation of the government came in the face of a heated internal
controversy in Belgium over the advisability of the nation remaining on
the gold standard, along with France, The Netherlands and Switzerland.
Col. Theunis has been a strong advocate of holding the belga on gold.
Shortly before his resignation,the Premier categorically denied that Belgium
had departed from gold.
Premier Theunis made the following announcement in the Chamber of
Deputies:
The Cabinet in the presedce of injust and systematic attacks by the
opposition, which even suspected the personality of the Ministers and
deliberately undermined the confidence indispensable for the work of national restoration, has no other alternative than to resign.
Previously to making this decision, the Government yesterday took immediately indispensable measures for the safeguarding of the currency,
The Government expects their successor will find in Parliament the consciousness of its responsibility and in the unanimous support of the nation
the necessary force to face danger.
We also quote the following (United Press) from Brussels
March 19:
Before resigning the Government made effective measures adopted yesterday to protect the belga, namely, a modified embargo on gold and on
foreign exchange. Officials also stated the currency would be defended to
the utmost.
The resignation brought turmoil into foreign exchange markets in all
parts of the world. Belgian money,that had been given a temporary lift, on
reported French aid over the week-end, resumed its plunge to lower levels
and gold bloc currencies followed on fears the gold standard would be generally abandoned shortly—probably within a week.
Funds Deposited for Payment of April 1 Coupons
of Dollar Bonds of San Paulo 7% Coffee Realization
Loan 1930
Speyer & Co. and J. Henry Schroder Banking Corporation, United States of America fiscal agents for the State
of San Paulo 7% Coffee Realization Loan 1930, announced
Mar. 20 that sufficient funds have been deposited with them
to pay in United States currency the face amount of the
April 1 1935 coupons of the dollar bonds of the above Loan,
upon presentation, on or after that date, at the office of
Speyer & Co. or J. Henry Schroder Trust Co.
New York Stock Exchange Rules on 4% Funding Loan
of 1960-1990 of United Kingdom of Great Britain
and Northern Ireland
The following announcement was issued on March 14 by
the New York Stock Exchange, through its Secretary,
Ashbel Green:
NEW YORK STOCK EXCHANGE
Committee on Securities
March 14 1935.
Notice having been received that the United Kingdom of Great Britain
and Northern Ireland 4% funding loan of 1960-1990, will be quoted In
London ex the May 1 1935 coupon on March 26 1935:
The Committee on Securities rules that transactions made beginning
March 26 1935 shall be ex the May 1 1935 coupon and to be a delivery
on such transactions said bonds must carry the Nov. 1 1985 and subsequent
coupons; and that in settlement of transactions made beginning March 26
1935, and prior to May 1 1935, there shall be deducted from the contract
price an amount equal to the difference between the value of the coupon
at $4.8665 per pound sterling and the accrued interest which otherwise
would have been paid by the purchaser.
ASHBEL GREEN, Secretary.
Portion of 8% Gold Bonds of Czechoslovak State Loan
of 1922 Drawn for Redemption for Sinking Fund
April 1
Kuhn, Loeb & Co., the National City Bank of New York
and Kidder, Peabody & Co. announce that there has been
1918
Financial Chronicle
March 23 1935
drawn by lot for redemption, for the sinking fund, on Exchange had agreed to removal of any restriction against others than
April 1 1935, $173,700 principal amount of 8% secured ex- members of the governing board serving on standing committees.
In its recommendations the Commission also suggested that others than
ternal sinking fund gold bonds due April 1 1951, comprised members of an Exchange be
eligible for election as President, or to other
in the first portion of the Czechoslovak State loan of 1922, executive offices. This point remains in dispute, with the Commission
insisting
that
the
eligibility
restriction
should be removed from the constiand $101,500 principal amount of 8% secured external sink- tution
of the Exchange.
ing fund gold bonds, series B, due Oct. 1 1952, of the same
Negotiations have been in progress for some time, and the hope has
loan. Interest on drawn bonds will cease to accrue on and been generally expressed that compromises will be reached on controversial points on a basis which will make it unneccessary for the Commission
after April 1 1935, the announcement said.
to seek further legislation from Congress to force its edicts.
Offer of Hungary of Additional 10% of Feb. 1 and
Members of New York Stock Exchange Approve AmendAug. 1 1934 Coupons of State Loan 1924 Expires
ment Permitting Eight Office Partners to Serve
April 1
on Governing Committee
Speyer & Co., as American fiscal agents for the State loan
The amendment to the constitution of the New York
of the Kingdom of Hungary, 1924, have been requested by Stock Exchange, recommended by the Governing Committhe trustees of the loan to remind bondholders that the tee on March 4, giving effect to the proposal to add eight
offer of the Hungarian Government, published on Sept. 25 "Governing Members" to the Governing Committee, was
1934, will expire on April 1 1935. Under the terms of this approved by the membership of the Exchange March 18.
offer, bondholders who surrender for cancellation their The amendment became effective immediately. The recomcoupons which matured on Feb. 1 and Aug. 1 1934, upon mendation by the Governing Committee was referred to in
which 50% has already been paid, will receive a payment our issue of March 9, page 1568.
of 10% of the unpaid part of their coupons. Reference to
the offer was made in our issue of Sept. 29 1934, page 1966. New York Curb Exchange Revises Method of Choosing
Nominating Committee
At a special meeting held March 13 the Board of Governors
Funds Remitted for Partial Payment of April 1 and
April 15 Coupons of Brazilian 6% Gold Bond of the New York Curb Exchange changed the method of
Issues of 1926 and 1927
electing members of the Nominating Committee, which seDillon, Read & Co., as special agent for United States of lects the nominees for the annual
election the second Monday
2% external sinking fund gold bonds of 1926, and in February of 12 Governors and
Brazil 61/
a Trustee of the Gratuity
6%.70 external sinking fund bonds of 1927, announced Fund. The committee had been named
by ballot at the
March 18 that funds have been remitted for payment of the annual election, but hereafter, under
an amendment to the
April 1 and April 15 coupons of these issues at the rate constitution adopted by the Governors
March 13, not less
of 35% of the dollar face amount Payment will be made than 25 regulars members may
nominate a candidate for
this
rate on and after the respective due dates at the election to this committee by a written
at
petition addressed to
New York office of Dillon, Read & Co.
the Secretary of the Exchange which
Parana (Brazil) Pays 173/2% of *March 15 Coupons of
7% External Sinking Fund Consolidated Gold
Bonds Due March 15 1958
Funds have been received by the Chase National Bank of
the City of New York, special agent, with which to pay to
the holders of State of Parana (Brazil) 7% external sinking
fund consolidated gold bonds, due March 15 1958, 17%% of
the face value of the coupons due March 15 1935, appertaining to these bonds, amounting to $6.12 for each $35 coupon
or $3.06 for each $17.50 coupon. Holders desiring to obtain
such payment may do so upon surrendering the coupons
due March 15 1935, to the Corporate Agency Division of the
bank, 11 Broad Street, New York.
Memorandum of SEC to President Whitney of New
York Stock Exchange Anent 11-Point Program of
Reforms—Makes Known Commission's Attitude
Toward Suggestions of Exchange—Views as to
Nominating System.
A.memorandum bearing on the suggestions made by the
New York Stock Exchange on the 11-point program of
reforms proposed by the Commission was addressed to
President Richard Whitney of the Exchange on March 21.
Pointing out that the document dealt with negotiations
carried on in an effort to adjust differences of opinion over
the program, Washington advices (March 21) to the New
York "Times" observed that the memorandum indicated
that much progress had been made toward an amicable
settlement.
It was added that perhaps the sharpest point of controversy has been over the Commission's recommendation that
the nominating committee system be eliminated and candidates for the presidency and membership on the governing
board be named by petition. As to this the Washington
"Times" dispatch (March 21) went on to say:
For Additional Candidates
Under the old system the members of a nominating committee of five
nominate their successors, and the committee names the slate of officers.
Representatives of the Exchange management suggested that the committee
be increased to seven members, to be elected annually from a slate of 15
and that additional candidates, proposed by petition, be added in alphabetical order, and in such a manner that there would be no way to distinguish between those selected by the committee and those named by
petition.
The Commission has now gone to the extent,in compromising, to "deem"
that the device of a nominating committee may have some merit and that
the new procedure suggested deserves at least a fair trial.
It proposes, however, that in order better to safeguard against perpetuation of control, the nominating committee should be selected from
a slate of 21 instead of 15, as suggested by the Stock Exchange.
The Commission also recommended that one-third instead of one-fourth
of the members of the governing board should be elected annually, and
expressed the opinion in to-day's memorandum that no adequate reason
had been given by the Exchange against the adoption of this proposal.
The Commission noted as satisfactory to it a proposal by the Exchange
to permit absent members to vote in all elections. It also said that the
must be filed before the
end of April. It was stated that the change was adopted in
order to give the membership of the Exchange an opportunity
to express each year its choice for members of the Nominating
Committee. As to the new method of electing the committee
the amendment reads:
A primary election shall be held on May 15 at which time there shad be
elected, by ballot, from those members nominated for such membership
by petition In accordance with the requirements of this section. 10 candidates for membership on the Nominating Committee, The 10 candidates
receiving the highest number of votes at the primary election shall be
candidates for election at the final election. Each regular member shall
be entitled to vote at the primary election for not more than five candidates. . . .
A final election shall be held on the second Tuesday in June at which
time there shall be elected by ballot from the candidates elected at the
primary election, a Nominating Committee of five members. Reach regular
member shall be entitled to vote at such election for not more than five
candidates. At the final election the five candidates receiving the highest
number of votes shall be elected.
The Nominating Committee, as provided by the new
amendment, will hold meetings one week apart in November
instead of December, and the nominess for the Board of
Governors and the Gratuity Fund must be submitted five
weeks prior to the election instead of three weeks, as previously. Independent nominations for the Board of Governors and Trustee or Trustees of the Gratuity Fund may be
made by written petition, signed by not less than 25 regular
members and submitted within three weeks after the Nominating Committee makes its report.
Bond Reports by Specialists Permitted by New York
Curb Exchange—Amendment to Constitution Still
Bars Reports on Stocks—Vice-President Extended
Privilege
Members of the New York Stock Exchange were informed
on March 14 of an amendement to the constitution adopted
by the Board of Governors on March 13 which permits bond
reports by specialists, but still bars reports on stocks. The
rule, which heretofore applied to both bonds and stocks, now
reads:
No member acting as a specialist in stocks shall, directly or indirectly.
disclose to any person, other than a member of the Committee on Business
Conduct or of such other standing Committee as may be designated by the
Board of Governors, any information in regard to orders entrusted to him
as specialist.
The Committee on Arrangements of the Exchange, in
recommending the amendment, was of the opinion "the
public would be best served if specialists were permitted to
give the size of their books in bonds in view of the fact this
type of security is classified as an investment and is not subject to wide fluctuations."
At a meeting held March 12 the Board of Governors
adopted a resolution giving the Vice-President, in addition
to the President, the privilege of appointing a fellow member
to execute his orders without charge during his absence from
the floor of the Exchange on official business.
Volume 140
Financial Chronicle
SEC Ruling Whereby Registrants of Securities May
Consolidate Profit and Loss Accounts of Subsidiaries
The Securities and Exchange Commission announced on
March 12 that corporations registering securities on Form 10
under the Securities Exchange Act of 1934 may file profit
and loss statements consolidating their wholly-owned subsidiaries in place of the parents' own statements. The
Commission's announcement says:
This action, which is an amendment to Item 36 in the Instruction Book
relating to financial statements filed on this form, applies only where the
subsidiaries so consolidated are in practical effect operating divisions of
the registrant and where none of such subsidiaries' shares or obligations,
other than directors' qualifying shares, are outstanding in the hands of
the public.
A similar amendment, made on March 7 to regulations
covering information to be filed by corporations on the new
Form A-2 for the issuance of securities under the Securities
Act of 1933, was noted in our issue of March 16, page 1742.
Filing of Registration Statements Under Securities
Act of 1933
Sixteen issuers of securities filed registration statements
for a total of $105,474,075.25 under the Securities Act of
1933 with the Securities and Exchange Commission in the
week ended March 13. This total included the two largest
single issues ever filed with the Commission, Swift & Co.
(Illinois), for $43,000,000 of 3%% of first mortgage sinking
fund bonds (Docket 2-1321, published in Release No. 306),
and the Pacific Gas & Electric Co. for $45,000,000 of 4%
first and refunding mortgage bonds, series G, due Dec. 1
1964 (Docket 2-1324, published in Release No. 310). Both
these issues were referred to in these columns March 16,
pages 1743 and 1744.
Including these two issues, the total amount of new financing brought to the Commission during the week was $101,312,411 for 13 companies. The other registrations were for
securities in reorganization, certificates of deposit, and voting trust certificates. Four of the registrants, including the
two largest, used the new Form A-2 recently promulgated by
the Commission for the registration of new securities of
seasoned corporations. The securities involved in the
week's registrations are grouped as follows:
Commercial and industrial issues
8101,312,411.25
Certificates of deposit
*2,611,500.00
Securities in reorganization
344,864.00
Voting trust certificates
1,205,300.00
* Represents aggregate face amount. The market value of securities to be called
for deposit is given as $1,289,428.12.
The following is the list of securities (Nos. 1319-1334, inclusive) for which, it was announced March 18, registration
Is pending:
George A. Schmidt and Louis Meyer, Trustees (2-1319, Form F-1), of
New York City, seeking to issue voting trust certificates for 12,053 shares
of $100 par value preferred stock of Stahl-Meyer, Inc.
Committee for the Kelly-Springfield Tire Co. 10-Year 6% Subordinate
Notes, Due April 1 1942 (2-1320, Form D-1), of New York, seeking to
Issue certificates of deposit for $2,611,500 of 10-year 6% subordinate
notes, due April 1 1942, of the Kelly-Springfield Tire Co. (a New Jersey
corporation). Of this amount, $2,531,600 is outstanding and $79,900 is
reserved for exchange. The market value as of Feb. 27 1935 was $1,289,428.12. John M. Sheffey, 60 Wall Street, New York, is Secretary of the
Committee.
Snow Point Mining Co., Inc. (2-1322, Form A-1), of Wilmington, Del.,
seeking to issue 210,000 shares of $1 par value common stock. 200,000 of
these shares are to be offered in groups of 40,000 shares at prices of $1,
$1.25, $1.50, $1.75 and $2 a share. The remaining 10,000 shares are to
be offered by the underwriters, Miller-Murray & Co., Inc., of New York,
as follows: 4,500 at $1 a share; 2,000 at $1.25; 2,000 at $1.50, and
1,500 at $1.75.
Testa Oil Corp. (2-1323, Form A-1), of Houston, Tex., seeking to issue
225,000 shares of $1 par value common stock, to be offered as follows:
75,000 shares at $1.25; 50,000 at $1.60; 33,000 at $2; 33,000 at $2.37%,
and 34,000 at $2.75.
Forest Lawn Co. (2-1325, Form A.1). of Glendale, Calif., seeking to
Issue $1,500,000 of first closed mortgage 15-year 6% sinking fund bonds.
Commodity Corp. (2-1326, Form A-1), of Boston, Mass., seeking to
issue 200,000 shares of $5 par value common stock. The first 1,000 shares
are to be offered at $28 a share, and the remaining at liquidating value
as determined by the Board of Directors plus a commission not to exceed
63% of the price at which the stock is offered.
California Alaska Exploration Co. (2-1327, Form A-1), of Reno, Nev.,
seeking to issue 1,000,000 shares of 10c. par value common capital stock,
to be offered at par.
A. P. IV. Properties, Inc. (2-1328, Form A-1), of Albany, N. Y., seeking
to issue $325,580 of $5 par value class A stock and $158,210 of $10 par
value class B stock, both to be offered at par.
Geneva Terrace Apartments Liquidation Trust (2-1329, Form E-1), of
Chicago, Ill., seeking to isatte 344,864 units of $1 par value beneficial
Interest in a plan of reorganization.
Beaver Valley Water Co. (2-1330, Form A-2), of Beaver Falls, Pa.,
seeking to issue $899,000 of first lien and refunding mortgage geld bonds,
5%, series A, dated May 1 1930, to be due May 1 1960, at an estimated
price of $465 per $500 bond. Underwriters are H. M. Payson & Co., of
Portland, Me., and Grubbs, Scott Co., of Pittsburgh. The proceeds, plus
cash from the treasury, are to pay off $770,000 of first mortgage geld
bonds due May 1 1932, extended to May 1 1935, at 6%; to pay off $16,000
of first mortgage 5% gold bonds due Aug. 1 1935, and to pay off $20,000
secured collateral notes.
Western Auto Supply Co. (2-1331, Dorm A-2), of Kansas City, Mo.,
seeking to issue 86,000 shares of $12,50 par value common stock, to be
1919
offered at prevailing market prices, but not above $40 a share. Cassatt It
Co., Inc., of New York City, are the principal underwriters.
Hostetter Corp. (2-1332, Font:. A-1), of Pittsburgh, Pa., seeking to issue
102,000 shares of $1 par value common stock, to be offered at $2.50 a share,
of which 22,000 shares are already issued and outstanding.
Black Gold Mines,Ltd. (2-1333, Form A-1), of Fort Erie, Ontario, Canada,
seeking to issue 500,000 shares of $1 par value common stock, to be offered
at prevailing market prices.
Mancos Canyon Gold, Inc. (2-1334, Form A-1), of Denver, Oolo., seeking
to issue 1,232,050 shares of lc. par value treasury stock, of which 500,000
shares are to be offered at $0.011
/
2 per share; 500,000 at $0.02 per
share, and 232,050 at $0.021
/
2 per share.
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.
The last previous list of registration statements appeared
in our issue of March 16, page 1743.
SEC Modifies Rules so as to Reduce Volume of Exhibits
Required to Be Filed Incident to Registration of
Securities
The Securities and Exchange Commission on March 14
passed rules designed to reduce the volume of exhibits required to be filed in connection with registration on Form
A-2 under the Securities Act and Form 10 under the Securities Exchange Act. In making announcement of this the
Commission said:
The action relieves the registrant, in cases where two or more documents
required to be filed are substantially identical, of the necessity of filing
more than one copy of such substantially identical documents provided a
schedule identifying the omitted documents is set forth. The Commission,
however, has reserved the right to require the filing of any omitted
documents.
In the case of the Securities Exchange Act, the action is Amendment
No. 4(1) to Instruction Book for Form 10.
In the case of the Securities Act this action takes the form of Amendment No. 3(1) to the Instruction Book for Form A-2.
Amendment No. 3(2) to the Instruction Book for Form A-2 has also
been promulgated under the Securities Act. This amendment incorporates
in the Instruction Book the provisions of "Rule as to Date of Balance Sheets
for Filing on Form A-2 for Corporations," published March 2 1935, in
Securities Act Release No. 303, which provided certain conditions under
which financial data need be submitted only as of a date within six months
of the date of filing by seasoned corporations engaged in refunding operations registering under the Securities Act on Form A-2. The earlier rule
is also broadened in its scope to require statements of unconsolidated subsidiaries to be furnished only as of the close of the latest fiscal year of such
subsidiaries, where the conditions prescribed are met. Inasmuch as the
new Amendment 3(2) covers the same ground, the rule in Release No. 303
has been repealed.
Regarding Amendment No. 3 to Instruction Book for
Form A-2, we quote as follows the Commission's announcement:
The Securities and Exchange Commission, pursuant to authority conferred
upon it by Section 7 of the Securities Act of 1933, finding that the following requirements will provide disclosure fully adequate for the protection
of investors with respect to the class of issuers and securities to which
they are applicable, hereby amends the Instruction Book for Form A-2 for
Corporations, as amended, as follows:
1. The "Instructions as to Exhibits" are hereby amended, by adding
after paragraph 3 of such instructions the following paragraph:
4. In any case where two or more indentures, contracts, franchises, patents or
other documents which are required to be filed as exhibits are substantially identical
In all material respects except as to the parties thereto, dates of execution or other
details, the registrant need file a copy of only one of such substantially identical
documents with a schedule identifying the other documents omitted and setting
forth the parties thereto, dates of execution and other material details in which
such documents differ from the document of which copy is filed: provided, however.
that the Commission may at any time in its discretion require the filing of copies
of any documents so omitted and the registrant shall furnish copies thereof upon
request.
2. The "Instructions as to Financial Statements" are hereby amended by
inserting after paragraph "(d)" of Part I thereof, a new paragraph "(e)",
as follows:
(e) Notwithstanding the foregoing, the balance sheets required under paragraph
(a) above need be only as of a date within six months of the date of filing of the
registration statement, and the balance sheets required under paragraph (c) above
need be only as of the latest fiscal year of the respective unconsolidated subsidiaries,
if all of the following conditions are met:
(1) The offering of the securities registered is primarily for the purpose of refunding outstanding obligations not in default:
(2) The total assets of the registrant, 9..9 shown by the balance sheet of the
registrant filed with the registration statement, amount to $10,000,000 or more:
(3) The registrant has at least one class of its securities not senior to that for
Which registration is sought registered on a national securities exchange; and
(4) The securities registered are bonds or other evidences of indebtedness.
In the case of any unconsolidated subsidiary falling within the foregoing
provisions of this paragraph, whose latest fiscal year ends within 90 days
prior to the date of filing of the registration statement, a balance sheet
need be furnished only as of the close of the preceding fiscal year, and
such balance sheet and the profit and loss statements for three years prior
thereto need not conform to the general requirements for financial statements hereinafter set forth; provided, that the registrant agrees to amend
its registration statement to furnish a balance sheet as of the date of the
latest fiscal year of such subsidiary, and a profit and loss statement for
one year prior thereto, conforming to the general requirements hereinafter
set forth, within 90 days of the close of the fiscal year of such subsidiary.
Since the foregoing amendment incorporates the provisions of the "Rule
as to Date of Balance Sheets for Filing on Form A-2 for Corporations,"
published March 2 1935, in Securities Release No. 303, such preceding
rule is hereby repealed.
The foregoing amendments shall become effective on March 15 1935.
SEC Amends Rules Governing Securities Admitted to
Unlisted Trading Privileges
The Securities and Exchange Commission announced, on
March 16, an amendment of its rules governing securities
admitted to unlisted trading privileges and their exemption
1920
Financial Chronicle
from the reporting requirements of the Securities Exchange
Act. The revision of the rules was intended primarily to
require the filing of statements in accordance with Sections 12, 13 and 16 with respect to unlisted securities if the
issuer of the unlisted security also has other securities listed
on a national securities exchange. The new rule also
exempts from Section 16 a person who is a 10% holder of
an unlisted security and is not the holder of 10% of a listed
security or a director or officer of the issuer. The amended
rule was made public, as follows, by the Commission:
Amendment to Rule JF4
Effective April 18 1935, Rule JF4 is amended to read as follows:
Rule JF4 (a) Exemption of unlisted securities from Sections 12 and 13.
Any security as to which permission to continue or extend unlisted trading
privileges on a national securities exchange is effective pursuant to the
rules of the Commission, the issuer of which has no security registered
as a listed security on the same exchange, shall, while such permission is
effective, be exempt from the provisions of Sections 12 and 13 with respect
to the filing of reports or statements by the issuer with such exchange,
and, unless the issuer also has a security registered as a listed security
on any other national securities exchange, with respect to such filing with
the Commission.
(h) Exemption of unlisted securities from Section 16.
(1) If an issuer has no equity security registered as a listed security on a
national securities exchange, any equity security of such issuer as to
which permission to continue or extend unlisted trading privileges on a
national securities exchange is effective pursuant to the rules of the Commission, shall, while such permission is effective, be exempt from the
provisions of Section 16.
(2) If an issuer has any equity security registered as a listed security
on a national securities exchange, and also has an equity security which
is not so registered but as to which permission to continue or extend
unlisted trading privileges on such or any other national securities exchange
is effective pursuant to the rules of the Commission, such unlisted security
shall be exempt from the provisions of Section 16 in so far as those provisions would otherwise apply to any person who is directly or indirectly
the beneficial owner of more than 10% of such unlisted security and is
neither a director or officer of the issuer thereof nor directly or indirectly
the beneficial owner of more than 10% of any class of any equity security
of such issuer which is registered as a listed security.
Opinion by J. J. Burns, Counsel of SEC, Regarding
Exemption from Registration of Securities Issued
in Exchange for Other Securities
The Securities and Exchange Commission made public,
on March 15, an excerpt from a letter of its general counsel,
John J. Burns, considering the application of the exemption
from registration in Sec. 3(a)(10) of the Securities Act of
1933 of securities issued in exchange for other securities
where the terms of this issuance and exchange were to be
approved by a State public utility commission. It is pointed
out that although the excerpt concerned a proposed consolidation under the supervision of a public utility commission, the interpretation applies to all exchanges of securities approved by State commissions or other State authorities. The Commission's announcement also says:
The opinion was expressed that Section 3(a)(10) requires that all
persons to whom securities were to be issued be given adequate notice of a
hearing upon the fairness of the terms and conditions of the issuance and
exchange of the securities. The letter of the general counsel further stated
that the State agency must be expressly authorized by law to hold such a
hearing at which all such persona could appear, and likewise expressly
authorized to approve the fairness of these terms and conditions. The
general counsel added that whether State authorities possess the requisite
authority of law constitutes a question of State law upon which he felt
it would be inappropriate to express an opinion.
The excerpt from the letter of General Counsel Burns
was made public as follows:
Section 3(a)(10) exempts from registration:
Any security which is issued in exchange for one or more bona fide outstanding
securities, claims or property interests, or partly in such exchange and partly for
cash, where the terms and conditions of such issuance and exchange are approved,
after a hearing upon the fairness of such terms and conditions at which all persons
to whom It is proposed to issue securities in such exchange shall have the right
to appear, by any court, or by any official or agency of the United States, or by
any State or Territorial banking or insurance commission or other governmental
authority expressly authorized by law to grant such approval.
I shall take up in order the three questions you have raised as to the
interpretation of this section.
1. Is adequate notice to all persons to whom it is proposed to issue securities
of the hearing on the fairness of their issuance necessary for an exemption under
Section 3(a) (10)?
Although the wording of Section 3(a)(10) does not demand such notice,
in my opinion this requirement is to be implied from the necessity for a
"hearing . . . at which all persons to whom it is proposed to issue
securities . . . shall have the right to appear." To give substance to
this express requirement, some adequate form of notice seems necessary.
The usual practice of giving notice to persons who will receive securities
in reorganizations, mergers and consolidations supports this view. Of
course, the question of what mode of notice is adequate cannot be answered
In the abstract but may vary with the facts and circumstances in each case.
2. Is a grant of "express authorization of law" to a State governmental authority
to approve the fairness of the terms and conditions of the issuance and exchange
of securities necessary for an exemption under Section 3 (a) (10). or is express
authorization merely to approve the terms and conditions sufficient?
The punctuation and grammatical construction of the last clause of
Section 3(a)(10) indicate that the words "expressly authorized . . .
by law" were not intended to modify "courts or officials or agencies of
the United States." In my opinion a.State governmental authority (with
the possible exception of a banking or insurance commission) must possess
express authority of law to approve the fairness of the terms and conditions
of the issuance and exchange of the securities in question. This interpretation seems necessary to give meaning to the express requirement of a
hearing upon the fairness of such terms and conditions, which must subsume
March 23 1935
authority in the supervisory body to pass upon the fairness from the
standpoint of the investor, as well as the issuer and consumer, and to
disapprove terms and conditions because unfair either to those who are to
receive the securities or to other security holders of the issuer, or to the
public. This requirement seems the more essential in that the whole
justification for the exemption afforded by Section 3(a)(10) is that the
examination and approval by the body in question of the fairness of the
issue in question is a substitute for the protection afforded to the investor
by the information whicn would otherwise be made available to him
through registration. The requisite express authorization of law to approve
the fairness of such terms and conditions, however, probably need not
necessarily be in haec verba but, to give effect to the words "express" and
"by law," must be granted clearly and explicitly.
3. Does a hearing by an authority expressly authorized by law to hold such a
bearing satisfy the requirement of a hearing in Section 3 (a) (10), if the State law
does not require a hearing?
I believe that, as a corollary to the view expressed in my answer to the
second question, supra, and in order that a hearing have legal sanction,
the approving authority must be expressly authorized by law to hold the
bearing; but, in my opinion, it is unnecessary that the hearing be mandatory under applicable State law. Therefore, if State law expressly authorizes the approving authority to hold a hearing on the fairness of the terms
and conditions of the issuance and exchange of securities, and such a
hearing is in fact held, this requirement of Section 3(a)(10) is satisfied.
As stated before, the express authority need not be in any particular
language, but a clear and explicit grant of statutory power is essential.
You will appreciate that the general counsel's office cannot attempt to
interpret the relevant statutes of each State to find whether they grant
State authorities the powers necessary to satisfy the requirements of
Section 3(a)(10). Obviously, these are questions of local law and must
be for the determination of local attorneys. For these reasons, I am not
in a position to render any opinion as to whether specific legislation grants
to a State authority the powers necessary for an exemption under
Section 3(a)(10).
Registration Fees of $61,031 Paid to SEC by Exchanges
During Last Quarter of 1924 Based on Dollar
Value Transactions Totaling $3,051,038,753-$52,413 Amount Paid by New York Stock Exchange on
Transactions Aggregating $2,620,682,840
The Securities and Exchange Commission announced on
March 18 the receipt of $61,031.25 in registration fees due
March 15 from national securities exchanges as provided
by Section 31 of the Securities Exchange Act. The Commission points out that Section 31 provides that on March 15
of each year, each registered exchange shall pay a registration fee amounting to one-five-hundredth of 1% of the
aggregate dollar value of transactions during the preceding
year. The Commission added:
Inasmuch as exchanges did not become registered under the law until
Oct. 1 1934, the present registration fees apply only to trading carried on
during October. November, and December of 1934. The total dollar
value of the three months' transactions on which fees were based amounted
to $3,051,038,753.26.
The figures for the dollar value of transactions on exchanges, heretofore
not obtainable, include odd lots and stopped stocks, not customarily
Included in the share totals.
The dollar figures also give a new picture of the relative size of exchanges.
On a dollar basis, for example, the New York Stock Exchange and the New
York Curb Exchange accounted for 98% of all the transactions made on
national securities exchanges during the three month period, while the New
York Stock Exchange itself accounted for 85.9%.
Table I, shown below, gives the fee paid by each exchange, together with
the dollar value of transactions on which the fee was based. Table I
follows:
TABLE I-REGISTRATION FEES FOR THE THREE MONTHS ENDED
DEC. 31 1934. PAID BY 23 NATIONAL SECURITIES EXCHANGES,
AND THE DOLLAR VALUE OF TRANSACTIONS ON WHICH FEES
WERE BASED
Three Months' Three Months'
Dollar Turnover
Pee Paid
Baltimore Stook Exchange
$1,350,428.22
$27.11
Boston Stook Exchange
.44,490,500.00
889.81
Buffalo Stock Exchange
148,849.92
2.98
Chicago Board of Trade
598,030.00
11.96
Chicago Stock Exchange
19,485,550.61
389.72
Cincinnati Stock Exchange
947,316.34
18.95
Cleveland Stock Exchange
1,977,071.27
39.54
Denver Stook Exchange
Not reported to date
Detroit Stock Exchange
7,175,196.32
143.50
Los Angeles Curb Exchange•
315.38
•9.87
Los Angeles Stock Exchange
7,033,637.96
140.67
New Orleans Stock Exchange
986,139.57
19.73
New York Curb Exchange
308,516,302.57
6,175.78
New York Produce Exchange
3,107,500.00
62.15
New York Real Estate
25,105.00
.50
New York Stock Exchange
2,620,682,839.07
52,413.66
Philadelphia Stock Exchange
13,405,761.34
273.33
Pittsburgh Stock Exchange
3,106,210.51
62.14
St. Louis Stock Exchange
647,315.00
12.95
Salt Lake Stock Exchange
349,384.00
7.00
San Francisco Curb Exchange
3,158,642.00
63.18
San Francisco Stock Exchange
12,878,676.50
257,58
Washington Stock Exchange
465,180.77
9.34
Total
•Estimated from fee paid.
$3,051,038,753.25
$61,031.25
Suggestions of SEC for Regulation of Over-the-Counter
Market
A draft of tentative suggestions for the regulation of
the over-the-counter markets has been sent by the Securities
and Exchange Commission to brokers, dealers, associations
and Securities Commissions of the various States, from
whom is sought consideration and comments of the proposals. Those to whom the suggestions have been addressed are asked to submit their views within two weeks.
The tentative proposals were made public on March 16,
the Commission's announcement in the matter stating:
Volume 140
Financial Chronicle
It was emphasized that the suggestions are merely tentative and do
not represent in any respect the final action of the Commission.
The suggestions propose preliminary registration with the Commission
of all brokers and dealers who use the malls or any instrumentality of
inter-State commerce to effect securities transactions on markets other
than National securities exchanges.
Qualifications for registration and a broad standard of business conduct
are set forth in the suggestions. A proposed form of registration statement for over-the-counter brokers and dealers is also included.
The suggestions propose that on and after June 1 1935 no broker or
dealer shall use the mails or inter-State commerce for the purpose of making
or creating, or enabling another to make or create, a market over-thecounter, for both the purchase and sale of any security or use any facility
of such a market, unless he is registered. An exception is proposed for
any broker or dealer who does an intro-State business only in unregistered
securities or who deals only in exempted securities, commercial paper.
bankers' acceptances or commercial bills.
It is further suggested that if the public interest requires the Commission may deny preliminary registration to any broker or dealer who.
within 10 years of the date of filing the registration statement, has been
convicted of a crime or enjoined from a practice connected with a securities
transaction, or who has wilfully misrepresented or concealed any material
fact in his registration statement.
Standards of fair practice are proposed, the violation of which would
constitute grounds for the revocation or suspension of registration.
A broker would be forbidden to act as agent of both the buyer and
seller in an over-the-counter transaction unless be obtained the written
consent of both before the completion of the transaction.
The suggestions also deal with the fiduciary obligation of brokers to
their clients in the handling of discretionary accounts and the furnishing
of investment counsel.
The proposed registration form is designated to furnish the Commission
with Intonation as to the eligibility of brokers and dealers for registration,
and data concerning such matters as the form of business, organization,
the number et branch offices and employees and the extension of credit
on securities in over-the-counter markets.
Along with the suggestions is included a registration form
on which brokers and dealers would be called upon to supply
information relative to their qualifications for registration.
The following is the tentative draft of suggestions for
regulations:
Regulation of Over-the-Counter Markets
It appearing necessary and appropriate in the public Interest and to
insure to investors protection comparable to that provided by and under
authority of Title I of the Securities Exchange Act of 1934 in the case
in National securities exchanges, that the transactions oi brokers and
dealers who singly, or with any other person or persons, make use ot the
mails or any means or instrumentality of inter-State commerce tor the
purpose of making or creating, or enabling another to make or create, a
market, otherwise than on a National securities exchange, for both the
purchase and sale of any security and(or) who use any facility of any such
market, be regulated, and that such brokers and dealers be registered with
the Commission, under authority contained in Title I et the Securities
Exchange Act of 1934. the following rules are prescribed.
Rule MA-1. Transactions by Unregistered Brokers and Dealers—(a) On
and alter June 1 1935 no broker or dealer, singly or with any other person
or persons, shall make use of the mails or any means or instrumentality
of inter-State commerce /or the purpose of making or creating, or enabling
another to make or create, a market, otherwise than on a National securities exchange, such market being hereinalter designated as an overthe-counter market, tor both the purchase and sale of any.security or use
any facility of any such market unless he shall be registered with the
Commission.
(b) This rule shall not apply to any broker or dealer who transacts
business only in unregistered securities the market in which is established
to be predominantly intra-State and which have not previously been
registered or listed, or in exempted securities, commercial paper, bankers'
acceptances or commercial bills.
Rule MA-2. Preliminary Registration of Brokers and Dealers—A broker
or dealer who tiles a registration statement with the Commission on Form
1-M may be admitted to preliminary registration subject to such rules
and regulations as the Commission may from time to time prescribe.
Rule MA-3. Effective Date of Preliminary Registration—(a) Preliminary
registration of a broker or dealer shall become effective, except as hereinafter provided, on June 1 1935, or 30 days atter the filing of the registration statement with the Commission, whichever is the later date.
(b) The tiling of any amendment to any such statement prior to the
effective date of such registration shall not postpone such effective date:
except that, if it appears necessary or appropriate in the public interest
or for the protection of investors, the Commission may, without notice,
order the postponement of the effective date of such registration for a
period not longer than 30 days after the filing of such amendment.
(c) If the Commission has reason to believe that any cause as set forth
in Rule MA-4 exists for which the registration of any broker or dealer
may be refused it may, without notice, order the postponement of the
effective date of such registration for a period not longer than 30 days
from the date of such order.
(d) The Commission may permit the registration of a broker or dealer
to become effective prior to the expiration of 30 days after the filing of
a registration statement whenever such broker or dealer is a successor
by purchase, merger, consolidation, or otherwise, to the business of one
or more registered predecessors.
Rule MA-4. Denial of Preliminary Registration—(a) If it appears necessary or appropriate in the public interest or for the protection of investors,
the Commission may, after appropriate notice and opportunity for hearing,
refuse registration to any broker or dealer who (1) has wilfully misrepresented or concealed any material fact in his registration statement or in
any proceeding before the Commission with respect thereto, or (2) has
been convicted, within 10 years preceding the filing of such registration
statement, of any crime involving the purchase and(or) sale of any security or arising out of the conduct of the business of a broker or dealer,
or (3) has been permanently enjoined, within 10 years preceding the filing
of such registration statement by any court of competent jurisdiction
from engaging in or continuing any conduct or practice in connection
with the purchase and(or) sale of any security. or (4) is temporarily enjoined on the date of filing such registration statement by any court of
competent jurisdiction from engaging in or continuing any conduct or
practice in connection with the purchase and(or) sale of any security.
(b) The provisions of this rule shall also apply to any broker or dealer
if any director, or any officer (or person occupying similar status or performing similar functions), or any partner, or any branch office manager,
or any principal of such broker or dealer has wilfully misrepresented or
concealed any such material fact or has been so convicted or enjoined.
1921
Rule MA-5. Revocation or Suspension of Registration—(a) The Commission may revoke the registration of any broker or dealer if, after appropriate notice and opportunity for hearing, it shall find that any cause
exulted on or has arisen since the effective date of registration which would
be ground for the refusal of registration under Rule MA-4, or that subsequent to registration such broker or dealer (1) has wilfully violated
any provision of the Securities Act of 1933 or the Securities Exchange
Act of 1934, or of any rule or regulation thereunder, or (2) has committed
any fraud or engaged in any fraudulent practice in the conduct of his
ousiness. or (3) has taken grossly unfair advantage of a customer in any
security transaction, or (4) has engaged in conduct otherwise inconsistent
with just and equitable principles of trade in any security transaction.
(b) The Commission may, without notice, for a period not longer than
30 days, suspend the registration of any broker or dealer if it has reason
to believe that any cause exists for which such registration may be revoked.
Rule MA-6. Withdrawal of Registralion—A broker or dealer may cancel
his registration by filing written notice with the Commission. The cancellation of such registration shall become effective 10 days after receipt
of such notice by the Commission unless the Commission shall by order
otherwise direct.
Rule MA-7. Amendments to Registration Statements—(a) Promptly after
the discovery of any inaccuracy in the registration statement of any broker
or dealer or in any statement supplemental thereto, such broker or dealer
shall file with the Commission a statement on Form 2-M correcting such
inaccuracy.
(b) Promptly after any change which renders no longer accurate any
portion of the registration statement of any broker or dealer, other than
Item 12, or of any statement supplemental thereto, such broker or dealer
shall file with the Commission a statement on Form 2-M setting forth
such change.
Rule MA-8. Registration of Fiduciaries—The registration of a broker
or dealer shall be deemed to be the registration of any executor, administrator, guardian, conservator, assignee for the benefit of creditors, receiver,
or trustee in insolvency or bankruptcy or other fiduciary, appointed or
qualified by order, judgment or decree of a court of competent jurisdiction
to continue the business of such registered broker or dealer if such fiduciary
files with the Commission, within 30 days after entering upon the performance of his duties, a supplemental statement setting forth as to such
fiduciary substantially the same information required by Form 1-M.
Rule MA-9. Misrepresentations by Brokers and Dealers as to Registration—No broker or dealer, in the conduct of his business, shall make
any false, fraudulent or misleading statement or otherwise improper representation with respect to the registration with the Commission of such
broker or dealer or any other broker or dealer, or with respect to the effect
or meaning thereof.
Rule MA-10. Broker Acting as Agent for Buyer and Seller—No registered broker shall act as agent of both buyer and seller in any security
transaction on an over-the-counter market unless he procures the written
or telegraphic consent of both such buyer and seller at or before the completion of the transaction.
Rule MA-11. Disclosures by Broker or Dealer—No registered broker or
dealer shall effect any transaction in any security for or with a customer
on an over-the-counter market, unless such broker or dealer at or before
the completion of such transaction clearly discloses to such customer
In writing (1) whether he is acting as a dealer for his own account, as a
broker for such customer, or as a broker for some other person: (2) if he
acts as a broker for such customer, either the name of the person from
whom such security was purchased or to whom it was sold for such customer and the day and time when such transaction took place, or the
fact that such information will be furnished upon request of such customer:
(3) if he acts as broker for such customer, the amount of the commission
or service fee charged by him to the customer, and the amount of commission paid by him to any other broker employed in such transaction,
and (4) that he is controlled by, or controls, or is under common control with the issuer of such security if such be the fact.
Rule MA-12. Discretionary Accounts and Investment Counsel—No
registered broker or dealer who is authorized in his discretion to purchase
or sell securities for the account of a customer or who receives or has promise
of receiving a consideration for advising a customer with respect to the
purchase or sale of securities, shall (a) buy from or sell to such customer
for his own account or for the account of any person for whom he is acting
as agent or buy or sell for the account of such customer on an over-thecounter market any security in which, in the course of his business as
a broker or dealer, he has a long or short position or in the distribution
or accumulation of which he has any direct or indirect financial interest
as principal or agent, unless he fully discloses to such customer such position
or interest and obtains the written or telegraphic consent of such customer
to each such purchase or sale, or (b) buy from or sell to such customer
for his own account or for the account of any person for whom he is acting
as agent any security on an over-the-counter market unless he obtains
the written or telegraphic consent of such customer to each such transaction.
Instructions for the Filing of Registration Statements by Broker or Dealer
Transacting Business on Over-the-Counter Markets
Rule MA-1 requires the registration by June 1 1935 of brokers and dealers
transacting business on over-the-counter markets.
"Broker" is defined by Section 3(a) (4) of the Securities Exchange Act of
1934 as "any person engaged in the business of effecting transactions in
securities for the account of others, but does not include a bank."
"Dealer" is defined by Section 3 (a) (5) of the Securities Exchange Act
of 1934 as "any person engaged in the business of buying and selling securities for his own account, through a broker or otherwise, but does not
include a bank, or any person insofar as be buys or sells securities for his
own account, either individually or in some fiduciary capacity, but not as
a part of a regular business."
"Person" is defined by Section 3 (a) (9) of the Securities Exchange Act
of 1934 as "an individual, a corporation, a partnership, an association,
a joint-stock company,a business trust, or an unincorporated organization."
Original registration statements should be filed in duplicate on Form 1-M.
A broker or dealer, who by purchase, merger, consolidation or otherwise.
Is successor to the business of a registered predecessor, should file a registration statement on Form 1-M.
An executor, administrator, guardian, conservator, assignee for the
benefit of creditors, receiver or trustee in involvency or bankruptcy, or
other fiduciary, who is appointed or qualified by order, judgment, or
decree of any court to continue the business of a registered broker or dealer.
must file with the Commission, within 30 days from the date of such order.
a statement giving, as to such fiduciary, the information required by
Form 1-M.
Supplemental statements should be filed on Form 2-M promptly—
(a) Upon the discovery of any inaccuracy in the original registration
statement or any statement supplemental thereto.
(b) After any change which renders no longer accurate any portion
of the original registration statement other than Item 12 or any statement
supplemental thereto.
1922
Financial Chronicle
If the space provided in the form is insufficient for a complete answer
with respect to any item, separate sheets of the same size may be used
and attached to the statement as exhibits. Each such sheet should be
identified and numbered as follows.
"Exhibit No.
referring to item
of the registration Statement."
All registration statements and statements supplemental thereto must
be typewritten.
Every item must be answered. Registration statements will not be accepted for filing until all items have been answered and the 30-day period
(see Rule MA-3) will commence from the date on which such statement
Is accepted for filing.
Give the full name of every person referred to in the application. Do
not use initials.
There is no fee in connection with the registration of brokers and dealers
transacting business over over
markets.
Submit duplicate originals.
Chairman Kennedy of SEC Declares Worries That
Impede Business Are Unnecessary—Asserts New
York Lags Behind Rest of Country in Recognizing
"More Cheerful Economic Outlook"—Large Security Issues of Swift & Co. and Paciric Gas & Electric
Co. Pointed to as Marking "Turn in Road"
Declaring that New York, the "ace of American cities is
not giving a good account of its stewardhsip as the pacesetter of business enterprise," Joseph P. Kennedy, Chairman
of the Securities and Exchange Commission stated on March
19 that "those whom I have been meeting recently in other
sections of the country are unanimous in declaring that New
York is the'bluest'spot in the country with respect to business
morale. And when New York is blue," he added, "every
other section of the country is confused and confounded."
Mr. Kennedy, who spoke before the American Arbitration
Association at the Hotel Astor in New York, urged New York
to throw off its pessimism and assume its proper place in the
leadership of the country toward financial recovery. The
speaker expressed the belief that "many of the worries that
impede businesss at the moment are unnecessary," and he
observed that "you cannot minimize the fact that two major
pieces of financing registered within the past fortnight have
represented a true cross-section of the country." Mr.
Kennedy referred to the $40,000,000 issue of Swift & Co.,
and the $45,000,000 Pacific Gas & Electric issue, and he
said "we expect some sizable financing will follow. Business
he declared is better than confidence, but business to-day
"has an underlying courage which sadly lacks aggressive
leadership." Mr. Kennedy indicated that time prevented
his dealing in detail with the Commission's activities in promulgating forms and rules and regulations, as to which, however, he said, "they have been well received by the bar and
business alike." Mr. Kennedy went on to say that "closely
related to every other aspect of the Commission's activities
is the problem of the over-the-counter markets," and he
described it as "probably the most difficult and most complex
single problem before this Commission." Indicating that the
Commission would shortly publish the first step in its
program, he added that "as in the case of our first steps in
exchange regulation, our assumption of control shall be
gradual so that needless friction and annoyance may be
avoided." Wholly apart from the subject of his prepared
remarks, Mr. Kennedy, said the New York "Journal of
Commerce," answering questions after the meeting, said
that there will be no radical changes in the proposed floor
trading rules for organized exchanges, sent here in draft form
recently for comment and criticism. From the paper indicated we quote:
A storm of protest over some of the rules was raised and hundreds of
messages sent to the Commission in Washington from all over the country
bygaffected exchange members.
Unlisted Situation
Mr. Kennedy said of the situation obtaining on exchanges where there
are enlisted and listed departments, that the final solution is not at band,
but that there could not in the long run be two types of securities on a
national securities exchange with one type giving more information to
Investors than another type.
He added his denial to that of Stock Exchange officials that the SEC
has had, or will have, anything to do with the forthcoming annual election
which is being so hotly contested.
To questions on the listing of investment trusts, Mr. Kennedy answered
that forms are now being prepared and that it will be up to the companies
whether they care to list their securities. He said of the bank stock listing
matter, that the commission certainly will not force banks to list if they do
not wish to do so. With reference to insurance company registration and
possible listing, he said that efforts would be made to ease conditions
where they are already provided State or other Government regulatory
bodies.
From the "Herald Tribune" we take the following:
At the conclusion of his address, in a conference with reporters, the SEC
Chairman made the following announcements concerning the operation of
the Commission:
The Stock Exchange and the SEC have practically reached an agreement
on the methods of putting into operation the 11-point program of the commission for internal revision at the Stock Fxchange. The plan callsfor "liberalization" of the exchange system of elections and of the operation of the
business conduct and other committees.
March 23 1935
The suggested rules for control of floor trading recently issued by the
SEC will not be 'radically" changed before promulgation. Segregation
of broker and dealer activity will probably not come until the first of next
year.
The SEC plans no extension of time for corporations, whose securities
must be permanently registered by July 1 of this year. In that connection.
registration forms for Investment trusts will be issued in two weeks.
Mr. Kennedy's address follows substantially in full:
It would be difficult to pretend indifference to the warmth of your greeting. I thank you for it and rejoice in the opportunity given me to talk
to your Association at just this time.
For after all, this is New York—the barometer of the nation's business.
I have lived in New York. shared its prosperity in former years and hope
and expect to, again. I therefore claim the privilege of speaking frankly
to you about matters of common concern. And in all frankness I must
say that this ace of American cities is not giving a good account of its
stewardship as the pace-setter of business enterprise. Those whom I have
been meeting recently in other sections of the country are unanimous in
declaring that New York is the "bluest" spot in the country with respect to
business morale. Indeed, one of your financial editors told you so in his
column only a few days ago. And when New York is blue, every other
section of the country is confused ana confounded.
Gentlemen, I am deeply concerned about the low state to which courage
and confidence among business men has fallen. Moreover because the
rest of the country has a high estimate of the prophetic value of New York's
opinion, you should be satisfied that your pessimistic frame of mind has a
reasonable basis before you allow its influence to infect other communities.
This industrial machine of ours is so delicate an instrument that opinion
everywhere else is sensitive to its fluctuations here. And we must admit
that to-day at least, New York registers gloom and not subshine; discouraging prophecies, not hopeful suggestions. . . .
Let us see if this brooding is worthy of us; whether the "jitters" we talk
about to-day isn't merely a manifestation of temporary ailments common to
every generation in our history. Is there really any justification for the
universal lament that things are worse to-day than ever before because
to-day, in contrast to other periods, there is "too much government in
business."
You may well question my right to drift so far beyond the pale of the
technical subject matter of the SEC. But in the discharge of our specific
functions we of the Commission have necessarily had to study attendant
economic and social factors. Some first hand knowledge of conditions
leads me to suspect that those who despair of the future because of Governmental activities are too often substituting guess-work for fact, and emotion
for reason.
I happen to head one branch of the Government which has been pointed
out as the arch example of Government interference. Because of this fact
I ask you to bear with me while I attempt to develop three points which I
believe will be of interest to you.
First, I would like to show you from the testimony of an unimpeachable
source the logic of the expansion of Government activities in the affairs of
our daily lives; secondly, I wish to show you how one branch of the Government—the SEC—actually operates in those activities of our daily lives
which are its concern; and third. I hope by this demonstration of our objectives and activities to persuade you that it is cowardly and unmanly
and un-American for one to blame the Government for his own lack of
courage and enterprise.
Both the Securities Act of 1933 and the Securities Exchange Act of
1934 are the products of a civilization which had attained the ultimate of
complexity in the daily routine of its life. Indeed, almost twenty Years
ago the sagacious Ellhu Root said:
We are entering upon the creation of a body of administrative law quite
different from the old methods of regulation by specific statutes enforced
by courts As any community passes from simple to complex conditions
the only way in which Government can deal with the increased burdens
thrown upon it is by the delegation of power to be excercised in detail by
subordinate agents, subject to the control of general directions prescribed
by superior authority.
That in essence is your own method of procedure. If I understand
correctly the purpose of the American Arbitration Association you seek to
take disputed matters out of the delays of courts and into the expediency
of arbitration and conference.
This, Gentlemen, I submit is government by Commission. I cite Mr.
Root's prophecy of law administered by Government agencies as my text
because I seek to enlist your support of our efforts to stimulate financial
enterprise. To quicken the flow of money into business and to relieve the
apprehension and fears of business men and bankers, which seem to have
paralyzed corporate financing, should be a common ambition. I am persuaded that if I can remind the business men of America that the regulation
of the business of dealing in securities is not the petulant imposition of
discipline born of hatred and rancor—co-operation and response would be
certain. If I can convince you that securities regulation was the inevitable
and logical result of the complexities of life so accurately forecast by Elihu
Root there will be loss "quitting" and more "carrying on" and fewer baseless
nightmares about governmental control.
If I can show you further a practical reason for accepting and adopting
the interpretative rules and regulations promulgated by the Commission.
I am sure that you, as practical business men, will follow Mr. Root's
admonition.
"There can be no withdrawal." he said. "from these experiments. We
shall go on; we shall expand them, whetner we approve theoretically or
not, because such agencies furnish protection to rights and obstacles to
wrongdoing, which under our social and industrial conditions cannot be
practically accomplished by the old and simple procedure of legislatures
and courts."
How well these words describe what Congress attempted when it said
that the sale of securities was affected with a public interest! Surely the
phrase "public interest" means "protection to rights and obstacles to
wrongdoing."
That, gentlemen, is the objective of the Securities Commission. Make
no mistake about the purpose of the legislation. Business must be financed.
Those who do that financing—the investors—must be protected. Those
Who borrow that money—the business men—without whose initiative
and courage there can be no country worthy of our history, must likewise be protected. If the tenor of the original 1933 Act seemed to be
largely or exclusively in the interest of the investor, let me say that the
efforts of Congress and of the Commission since seem to have been in
the interest of the borrower without impairing the rights of the investor.
In the complex setting in which we live and work and build, the necessity
for a healthy regulation of the investment market must be apparent to all
right-thinking people. We cannot turn back. It is idle to dream and wish
for the return of a former day, with its unrestrained opportunity for unfair
and dishonest practices. Our task is to face the future and with the aid
of these regulatory laws to retrain the power of the strong over the weak.
These laws are to be administered in the spirit of their enactment, protecting the investor and stimulating the free flow of capital into new enter-
Volume 140
Financial Chronicle
prise. We have tried to encourage expansion by removing the obstacles of
unnecessary procedural requirements and by minimizing the hardship of
undue effort, the risk of liability, and the burden of expense. Our efforts,
while they have received the approbation of even the most caustic critic,
have brought little success in financing until some notable recent registrations. These, I am hopeful enought to believe, mark a turn in the road.
In my very first talk after taking office I said that the charge that pioneering and daring in business had been discouraged by the new securities
legislation was insincere. Happily, some able business men have agreed.
You cannot minimize the fact that the two major pieces of financing registered within the past fortnight have represented a true cross-section of the
country.
Forty million dollars in Chicago in the case of Swift & Co.
Forty-five million dollars on the Pacific Coast in the case of the Pacific
Gas & Electric Co.
Only a trickling little stream of private corporation finance as yet, where
before there was a flood tide. But the stream is large enough and representative enough to justify the statement that there is no longer any excuse
left to the corporation which has hitherto hesitated to go forward with
confidence.
Can any reasonable man say that the control of those great corporations
is in the hands of men recklessly imprudent about the management of their
affairs? And if these men, after careful consideration of all the pronlems
Involved, have concluded that there is no unreasonable liability, burden or
responsibility imposed by the new securities law, who dares to assert any
longer that the Government has made corporate financing legally impossible?
Let me reiterate to emphasize. Can these men, representing some of
the best minds and hearts in American business, be entirely wrong, and
the hesitant majority who carpingly criticize the existing law, without
taking the trouble to become informed concerning it, be correct? We
know better.
Let us accept to-day's promise on its face. I am rash enough to believe
that these recent registrations are harbingers of a real upward trend. Do
not be disappointed if new financing is not a daily occurrence and business
does not boom immediately. There will be lapses of course. A snow
storm in March cannot delay the advent of spring. It is enough if the
turn has been reached.
You will find upon reflection that although the Pennsylvania Railroad
financing in the early days of the 1908 depression unquestionably foreshadowed recovery, the stride of business activity was not manifest for some
months. Also, that when the Northern Pacific financed during the 1920-21
'reaction, that event was hailed as foreshadowing recovery, but it was some
months before the recovery was recorded. The fact is that able business
men, wisely advised, have flashed a green light signaling that the road
ahead is clear of disaster; that the hurdles of legal complexities, expensive
fees, and laborious detail have been practically eliminated; that now there
can no longer be any excuse for further delay.
For months we of the Commission have been advising business lawyers
everywhere that the risks imposed upon honest business by the new legislation had been so greatly reduced by amendment and administration that
the requirements to-day do not exceed those of the common law. Lawyers
were not receptive at first and created a barrier which business men could
not easily ignore. The legal profession, naturally slow to embrace new
legislation, and the business man, proverbially timid to enthuse over innovations, have finally seen the light.
We expect some sizable financing will follow. We expect a declaration
of faith in the future of our country such as has characterized American
business at the turning point in every previous crisis. I urge you (business
men) to seize the torch of leadership in this necessary crusade. For months
It has been trite to say that business lacked confidence. That statement is
still true. Business is better than confidence but business to-day has an
underlying courage which sadly lacks aggressive leadership. New York,
which has been holding back largely because of misapprehension and unwarranted fears, we hope will provide that timely leadership.
Government regulation under the Securities Act will safeguard your
financial structure, not penalize your initiative. Government regulation
affords you accessibility to legal counsel and corporation accountancy
advice never before available to business men anywhere in the world.
America's ablest business lawyers and accountants have co-operated with
the SEC staff in setting up the registration forms which leading corporations have accepted as their guideposts on the road to financial stability.
The most powerful business man and the richest investor could never have
had access to such authentic advice as was cheerfully and freely placed at
the disposal of the Government in the studies which led to the adoption of
present registration forms. •
So,I say to you—and I now speak having in mind the example of seasoned
practical leaders—that the road to new financing so necessary to recovery
has been cleared for you. Money and credit, the life blood of profitable
business enterprise, have glutted the market recently. The cheapest
thing in the world to-day is money. Cheap money and lack of business
confidence are synonymous. But courage is returning and money may
not always be cheap. Stockholders and investors will be served if business
is now fortified against the financial vicissitudes of the future. Ae,:ept the
fine example of these business leaders and resist the small-minded critic
who sees evil in every Government agency. Wherever you lead, the
rest of the country will follow and 60 days before anyone knows it the
victory over doubt and despair will have been won.
It is true, unfortunately, that at present the Street has apparently very
little basis for optimism if the present volume of trading be considered the
sole index of the future. But all intelligent men know that the present
figures are far below normal—they belong with gloomy predictions about
the future of the business which I believe are premature and unsound.
But this much I do know and make bold to state—the confidence of the
investor has been so completely shaken that regardless of blame or justification, it required an agency such as our Commission to help regain this
lost confidence; to restore the shattered prestige of the business. In the
work of protecting the investor, particularly the small investor, against
unfairness and dishonesty we are the recipients of numerous complaints
daily. As one might expect, fraudulent charges are made most frequently.
Misleading and incomplete prospectuses, manipulations and the circulation
of deceptive information—in other words, charges arising out of the new
legislation of 1934—are far less frequent. The old standard complaints of
"bucket shop" and "sell and switch" swindles have not disappeared.
Even a cursory review of the recent history of security swindling amazes
one. The shrewdness, cleverness and daring of these trade pirates cannot
be minimized. With a remarkable almost psychic sense of what the public
is likely to "fall for," these racketeers constantly shift their wares and their
technique. In fashionableness and up-to-dateness they rival the Parisian
modiste. Colonel Lindberg flew the Atlantic and before he returned the
country was flooded with aviation stocks, capitalizing the nation's latest
thrill. A substitute for silk was advertised and rayon stock swindlers
pound the doors of unfortunate victims. The Sunday magazines feature the
electric eye, the photo electric cell, and the glib man from the "boiler shop,"
aided by the tipster sheet, speaks caressingly of the golden dawn of to-
1923
morrow's wealth. The Government abolishes the domestic market for gold
and mines long since abandoned are glorified in the language of fantastic
promises to catch the unwary sucker, the only requisite being a hole in
the ground, a ladder and a feverish imagination. How reminiscent of
Mark Twain s definition of a mine—"a hole in the ground owned by a
liar." Remonetization of silver is discussed and a flurry of silver mines
with romantic names occupy the interest of the security underworld. Beer
comes back and its return is heralded by fraudulent brewery and Deer
barrel stocks. Comes repeal and with it the intoxicating super-salesmanship of the distillery promoter. All of these are compelling evidence of the
astonishing energy of the crook and the appalling credulity of the public.
Let me assure you that I have no intention of creating in your mind an
inference that all promotions of stocks in the various enterprises I have
enumerated are fraudulent—far from it. Many of them are sponsored
by honest and energetic individuals but whenever a reputable company
capitalizes something new there are the racketeers at all times ready to pass
off their worthless wares for the sound securities of the honest promoter.
Let me relate to you a recent one. You can't guess it—it's potash. As
you know, potash is used chiefly as an ingredient of fertilizer and is a very
earthy substance. In this case the promoter reminds one of "The Man on
the Flying Trapeze." For his balance sheet he modestly claims a value
of $3,000,000 for leases held by the company. Unfortunately, the company owned but one lease and the royalty charge was so high that even
if it contained the richest deposit in the United States it could operate
only at a loss. The contract rights were in fields where no commercial
potash had ever been found, and even if the potash had been found, Federal
regulations prohibited mining operatings on this property. The prospectus
is guaranteed to excite the envy of the Ananias Club. It lies about value,
earnings, geography, geology, metallurgy, economics and history. A close
examination convinced us that the only truth in the whole prospectus was
the address to which you are invited to send your money. So much for
potash.
So you see, gentlemen, the magnitude of inter-State frauds, the comparative helplessness of State officials limited by State boundaries is a complete vindication of our intervention in this field.
In addition to its other work, the Commission, at the request of the
Congress, is conducting a special study of reorganization and protective
committees. This report is desired by Congress as a basis for intelligent
legislation. It is hoped and believed that this study will constitute a
significant contribution to the annals of American finance and will accomplish long needed reforms in our reorganization system—a field where
unfairness and over-reaching has been the normal experience.
Students of the subject have long been aware of the need for thoroughgoing reform and revision of the reorganization system. That system has
grown up unregulated and uncontrolled for the most part. During the
current depression it has assumed gigantic proportions with the result that
there is hardly an investor in the land who is not somewhat affected by it,
and hardly a court in the land which is not confronted by the problems
which it raises.
The reorganization system in the past has proceeded largely on the basis
of private initiative. The drive and incentive for consummating reorganizations has been in large part the desire for profit on the part of the reorganizers. This desire for profit has not always been compatible with
the interests of the investors. Consequently, there have resulted in many
parts of this country vicious forms of racketeering by promoters of reorganizations. In many reorganizations we have found there exists a growing
evil in the blackmailing tendency of certain individuals who by threats and
suits and otherwise seek to embarrass the orderly administration of the
enterprise in order to capitalize their nuisance value. For these reasons,
investors have had to pay a heavy toll. The designation "protective"
committee has a misleading significance when the parties in control use
their power to protect themselves at the expense of investors. Here we
find the constant application of the materialistic philosophy that might
Is right.
It will never be possible for this Commission, any more than any other
department of the Government, to transform into sound securities bonds,
notes and stock which never should have been issued. Nor will it be possible to design a reorganization system which will repair and restore losses
which have been suffered. Substantial progress, however, can be made
towards designing a reorganization system which will safeguard the interests
of the investors and prevent their exploitation for or on behalf of promoters,
and foster the creation of sound successor companies. No new statutes or
regulations can dispel the aura of disappointed hopes that surrounds every
reorganization. Constructive measures can be taken to curb and control
the fraudulent and unethical practices which have been so prevalent in
that field of finance.
Time prevents my dealing in detail with the Commission's activities In
Promulgating forms and rules and regulations. It is sufficient to state
that they have been well received by the bar and business alike.
Closely related to nearly every other aspect of the Commission's activities
is the problem of the over-the-counter markets. It is probably the most
difficult and most complex single problem before the Commission. Constantly we are asked what our plans are for controlling this so-called overthe-counter market. Shortly we shall publish the first step in our program
and in conformity with our established system, the regulations will have
been promulgated only after a thorough discussion with representatives
of the business affected. As in the case of our first steps in exchange
regulation last fall, our assumption of control shall be gradual so that
needless friction and annoyance may be avoided. In this field, as well as
on the organized exchanges, the investigation by the Senate Committee on
Banking and Currency disclosed numerous fraudulent, unfair and other
undesirable practices which have been eradicated in the interest of the
investing public.
Congress would have seemed very naive if it intended this form of trading
to go unrestrained. It is our plan, gentlemen, to carry out the definite
will of the Congress in this respect so that by the rules and regulations we
shall prescribe, there will be insured to investors protection comparable to
that provided in the case of national securities exchanges. The problems
are being studied with the counsel and assistance of the country's security
dealers.
This, gentlemen, is the story of Government supervision of the security
business. Is there anything here that suggests persecution? Aren't we all
too government conscious?
Things never are quite as hopeless as they are made to appear by fear,
and never in the past two years has there been such fearing of fear itself,
as there is to-day. It is the cold hand of death on business initiative. Men
see business sustained at a rate which would have been considered impossible
two years ago yet they continually cry out against the uncertainty of things.
Business is still not only better than confidence; it is better than we
deserve to have it. We have not matched results with our courage. We
have not been grateful enough for a 34% increase in general business, for
the practical rehabilitation of the great motor industry and for the sound
revamping of other industries.
We have not used these experiences of genuine improvement as springboards to greater efforts. We talk about future uncertainties ignoring
1924
Financial Chronicle
present definite indications of progress. We seek assurance against the
unforeseen, forgetting that risk and uncertainty have always been the
ordinary incidents of business.
Heading for Recovery
We continually ask "where are we headed?" I answer emphatically that
we are still heading for the recovery and reform originally proclaimed by
the Administration in May 1933, as its goal. Why conjure up leguslative
monstrosities that will never see the statute books? Why not address
our minds to business? In the midst of gloom last fall a voice sounded out
of the wilderness—the voice of a single automobile manufacturer—to prepare for a record business in 1935 undertaking himself to produce and distribute 1,000,000 cars. The effect was immediate and dramatic. Competitors stopped their wishful thinking, went to work with confidence,
and as a result automobile production so far this year is 47% larger than
the output of the same period a year ago.
Frankly, I believe that many of the worries that impede business at the
moment are unncessary. I cannot forget an old adage oft-quoted under
similar conditions in the past—"To-day is the to-morrow that you worried
about yesterday, and it never happened." Most of the things we worry
about to-day will never happen. As I said before recently in Chicago.
speaking of the relation of the Commission to business,"There is not the
slightest thought of elimination or restricting proper profits, and I for one
have no patience with the view that every man who has a dollar or wants
to make one is a public enemy. . . ." I have less patience, however.
with that man who, blessed in a worldly way by the opportunities of living
In America,smugly wraps the mantle of selfishness about him in a cowardly
refusal to wager on our common future.
Do not let such a man tell you he is afraid of confiscation; afraid of
socialization; afraid of Government. Politics is the science of government.
Politics is the living breath of representative democracy. Politics of a
sort, has been the lot of this nation since Cornwallis's surrender. PoUtica
troubled the last days of George Washington, harrowed the earned leisure
of Lincoln, ruined the evening of Woodrow Wilson's life. Had the business
men of those earlier days abandoned their jobs and committed industrial
suicide because of politics, this nation would never have advanced an inch.
Let us stop talking politics to the exclusion of business. Every legislative
step of importance since the Constitution was written was claimed by
critics as foreshadowing doom. And after every attack of nerves, immeasurable progress resulted.
Let us illustrate with some examples of dire prophecies:
On account of governmental and legislative attacks on corporate activities and on wealth And capital, enterprise has come to a haltland a blinding
paralysis is spreading all over their industrial organization There can
be no enduring recovery until the causes responsible for this state of things
shall have been removed.
When do you think this was written? It is a financial editorial of
February 1908.
Here is another:
The closed mill and empty dinner pall will be as conspicuous as in 1896.
The future outlook is disastrous and I hope it will not be enduring. The
situation is appalling. It cannot be exaggerated.
When do you think that was written? It was the utterance of the
Chairman of the Senate Finance Committee in December 1920. In the
ten years following the 1908 forecast the industrial output in this country
increased 52%. In the ten years following the 1920 outburst the industrial
output increased 55%.
So you see the futility of taking counsel of present day fears.
You cannot chart politics. You cannot sit down and draw some crooked
lines showing where the fluctuations of political sentiment are likely to lead.
Then why watch politics exclusively?
Instead, let us stick to the one formula, we all know "business as usual."
Never did this country need that slogan more than it does to-day. Box the
compass of your own industry. Plan your future requirements. Cut your
cloth according to your pattern as the motor industry has done. Invest
in America. Its people have purchasing power, cash reserves, bank balances, and savings accounts. Hoarding, mental hoarding, and spiritual
hoarding, keep these resources in hiding. The great American people whose
common sense solved every crises in their history have never failed to
respond to sane, courageous, business leadership.
Value of Commercial Paper Outstanding as Reported
by Federal Reserve Bank of New York—Figure for
Feb. 28, $176,700,000, as Compared with $170,900,000 Jan. 31
The following announcement, showing the value of commercial paper outstanding on Feb.28, was issued on March 20
by the Federal Reserve Bank of New York:
Reports received by this Bank from commercial paper dealers show a
total of $176,700.000 of open market paper outstanding on Feb. 28 1935.
Below we furnish a record of the figures since they were
first reported by the Bank on Oct. 31 1931:
1935—
Feb. 28
Jan. 31
1934—
Dee. 31
Nov.30
Oct. 31
Sept.30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar. 31
Feb. 28
Jan. 31
1933—
$176,700,000 Dee. 31
170,900,000 Nov.30
Oct. 31
Sept.30
8166.200,000 Aug. 31
177,900,000 July 31
187,700,000 June 30
192,000,000 May 31
188,100.000 Apr. 30
168,400.000 Mar. 31
151,300,000 Feb. 28
141,500,000 Jan. 31
139,400,000
1932—
132,800,000
117,300,000 Dec. 31
108,400.000 Nov.30
1932—
Oct. 31
Sept.30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar. 31
Feb. 29
Jan. 31
3113,200,000
110,100,000
108.100,000
100.400,000
103,300,000
111,100,000
107,800,000
105,606,000
102,818,000
107,902,000
1931—
Dec. 31
Nov.30
$81,100,000 Oct. 31
109,500,000
3117,714,784
173,684,384
210,000,000
$108,700,000
133,400,000
129,700,000
122,900,000
107.400,000
96,900,000
72,700,000
60,100,000
64,000,000
71,900,000
84,200,000
84,600,000
W. W. Aldrich, Chairman of Chase National Bank of
New York, Views Cuba Able to Pay on Defaulted
Public Works Loans Contracted During Machado
Regime
The Chase National Bank, New York City, on March 21
delivered through its counsel to President Carlos Mendieta
y Montefur of Cuba, at the Presidential Palace in Havana,
a reply to the Special Cuban Commission's report made
last June on the Cuban Public Works financing, together
with a letter of transmittal signed by Winthrop W. Aldrich,
Chairman of the Board of Directors of the bank. As was
indicated in our issue of June 23 1934, page 4206, a corn-
March 23 1935
mission appointed by the Cuban Government in April to
investigate the legality of approximately $60,000,000 in
American loans contracted during the Machado regime is,
it was said, to have advised the Cuban Government against
payment. The letter of Mr. Aldrich, dated Feb. 27, and
made public on March 21 with the consent of Mr. Mendieta,
urged that the payments on the loans be resumed and at the
same time cited large revenues collected by the Cuban Government. From the New York "Herald Tribune" of March
22 we take the following regarding the letter:
In his covering letter Mr. Aldrich repeats the protest made by the Chase
National last June against the default and against the manifest injustices
of the Cuban commission's findings which led to the suspension of interest
and amortization payments. It is pointed out that the excellent condition
of the Cuban treasury and the large flow of revenues from the special taxes
levied for debt service on the bonds afford good reasons for immediate re.
sumption of payments.
The Cuban default occurred in 1933, soon after the overthrow of the
Machado government, which had contracted the loans of more than $60.000,000 for its public works program. Succeeding Cuban governments
attempted to make a political issue of the loans by claiming that they
were contracted illegally.
The special Cuban commission appointed to investigate the problem,
maintained that the dictatorial government was not constitutionally in
Power when it contracted the loans and recommended default. In reply to
such contentions, the Chase National replied immediately that all the arrangements were duly authorized by the Cuban Congress and the funds
paid over as needed on the requests and the signatures of duly appointed
officials of the Cuban government.
Mr. Aldrich's letter said in part:
There are upwards of 200.000 American citizens, and numerous citizens
of Cuba also, who are directly interest in the Public Works obligations.
either as owners of bonds in their own right or as stockholders in the three
banks which share in the bank credit. This number of interested persons,
already very large, would be immensely increased if the policy-holders of
insurance companies, the stockholders and depositors in banks, and the
beneficiaries of charitable and educational institutions in both countries,
which hold large or small amounts of these bonds, were to be taken into the
list of the persons interested in the payment of these obligations. Sufficient
evidence of the concern of the bondholders is to be found in the organization
of committees, in Cuba and in the United States, for the purpose of protecting their interests.
It is all the more difficult for the Pubic Works creditors to understand
the cessation of payments on their obllgatons when they observe the favorable condition of the Cuban Treasury. In my letter of last June, I referred
to the cash balance then existing of $15,115,000 as the largest reported in
recent years. Notwithstanding fluctuations in the meantime, the Treasury
continues to report cash balances of unusually large proportions. This
favorable position has been caused in part by the increased yield of taxes
collected under your Excellency's administration, but it has also been
caused in part by the withholding of payments due to the Public Works
creditors. Accordingly it appears not only that payments could now be
reinstated, but that they might have been made heretofore.
The same conclusion is reached upon considering the yield of the Public
Works taxes which were pledged to the extent of 90% for the payment of interest and principal on the Public Works obligations. The latest payment
to the Chase National Bank on account of these obligations was made on
Aug. 31 1933 by the Provisional Government of his Excellency Carlos
Manuel de Cespedes. During the ensuing 16 months, notwithstanding
that the period was one of unusually troubled political and economic
conditions, the yield of the pledged revenues appears to have been adequate
to meet current interest and commission and even to provide for some retirement of principal. The following figures will illustrate this conclusion
fully.
In 16 months up to Dec. 31 1934, according to the best
figures avallable to us, collection of pledged revenues
(91)% of Public Works taxes) amounted to
W741,872.00
Interest due on Dec. 31 1933, on June 30 1934 and on Dec.
31 1934 upon $867,000 of Serial Certificates, $40,000,000
of Public Works bonds, and $20,000,000 bank credit,
plus commission accrued on the last mentioned
$5.271.527.50
Leaving an excess of
$3,470,344.50
In other words, the pledged revenues collected up to Dec. 31 1934 were
fully 65% in excess of requirements as set out above, and would even have
permitted some reduction of the debt.
May I express the confident hope that your Excellency will agree that
the financial position made clear in the foregoing summary statement, together with the convincing legal discussion which I transmit herewith,
provides every ground for the resumption of payments_ Should your
Excellency desire to consult us on the manner in which the service of the
obligations is to be resumed, or to discuss any other aspect of the Public
Works financing, I beg to assure your Excellency that we shall be happy to
meet with your Excellency or with any member of your Excellency's
Government whom you may designate. I ventured to make a similar
suggestion in my letter of June 29 1934, saying that then as at all previous
times we were prepared to discuss financial matters with the Cuban Government. Now that the reply to the report of the Special Commission
is in your Excellency's hands, thereby completing the study of the financing
begun last spring at the instance of your Excellency's Government, I trust
that your Excellency will agree to begin the discussions without delay.
Hearings on Administration's Banking Bill of 1935—
Governor Eccles of Federal Reserve Board Concludes Testimony Before House Committee—
Regards Unified System as Only Dependable
System—Views on Currency Proposals
Concluding on March 20 his testimony before the House
Banking and Currency Committee on the Administration's
Banking Bill of 1935, Marriner S. Eccles, Governor of the
Federal Reserve Board asserted that "we will never have a
sound, dependable banking system until we get a unified
system. We can never exercise, through monetary policy,
the requisite control, with a substantial number of banks,
which create money the same as member banks, subject to
no regulation or control by the authority responsible for
monetary action." According to the advices to the New
Volume 140
1925
Financial Chronicle
York "Times" Governor Eccles said the pending bill would
not force unification, but would facilitate that process.
In part, these advices also stated:
Goldsborough Attacks Bankers
Replying to questions of Representative Goldsborough of Maryland.
Mr. Eccles said he felt it was possible to have prosperity "If we have the
Intelligence to manage our banking and money system, our taxation in
conjunction with it, and our public spending to insure employment."
"We can't have prosperity, only deferred deflation, under the credit
system," Mr. Goldsborough remarked. "The present banking system is
artificial and built up by bankers to control money. Society should take
the control back from the bankers.
"One way to begin Is to inject money into business by paying off the
Government debt. Under the credit system, by building up capital goods
and selling on the instalment plan, we will have a greater collapse than
ever."
"Under communism or socialism," Mr. Eccles started to reply.
"I haven't mentioned communism or socialism," Mr. Goldsborough
Interrupted. "I haven't intimated anything of the kind. In a country
as rich as this, we ought to be stockholders, we ought to get rid of this
debtor-creditor complex. The debtor is slave to the creditor.
"A tremendous banking class absolutely runs this country. It must
take its place in society or it will swallow us all up. We must get a system
by which we can declare a national dividend."
tionary. The change would be so revolutionary that it would bring about
extreme deflation—a condition as bad as the bank holiday."
Public ideas of the profits made by banks from interest paid on Government bonds were an exaggeration, he said. Total interest paid on the
public debt in 1934 he estimated at $817,000,000, of which member banks
got $260,000,000, and all banks received $320,000,000. If Government
refinancing continued at the rate now going forward, interest payments
to banks would fall to 8215,000,000 to all banks, with $180,000,000 of
that going to member banks.
Representative Farley of Indiana advocated extending from July I
1937 to July 1 1940, the time limit within which non-member banks could
come into the Federal Reserve System and have the benefits of deposit
insurance.
Some of Mr. Eccles's earlier testimony was referred to in
these columns March 9, page 1569 and March 16, page 1745.
Reporting Mr. Eccles as stating on March 19 that fears
of inflation are "largely imaginary," the "Times" also indicated Mr. Eccles as stating that the only way out of the
depression was through a process of bugetary deficit until
private credit expanded. Mr. Eccles's views on the prospects for inflation were expressed when Representative
Goldsborough sought to bring from him a declaration in
of some system of currency issued directly by the
favor
Admits Bill an Improvement
Government without being supported by interest-bearing
Mr. Eccles then repeated that the proposed bill took a great step forward
and that it went as far as he believed feasible now.
Government securities, said the "Times" advices from
The Washington correspondent of the New York "Journal Washington, March 19, from which the following is also
of Commerce" quoted Mr. Eccles as saying on March 20: taken:
Mr. Goldsborough said that the "fear of so-called inflation makes it
"I do not think this legislation in any way takes away the
to improve our monetary system." He added:
power of Congress which it should have. It is simply carry- difficult
"The feeling of many members of Congress is that we need more real
ing out the mandate of the Congress." Mr. Eccles was money and less make-believe money in circulation."
"That depends on the chstributioa of that money and the wilimgness
further reported as follows in these advices:
replied. "All this talk
"I agree with Chairman Steagall that with the passage of this legislation
and if it is administered in the spirit in which it is motivated, a repetition
of the banking catastrophes which we have seen in the past will be impossible."
The question of paying off the Government debt through issuance of
"printing press" currency was raised during the hearings by Representative
Goldsborough (Dem., Md.), who contended continuous creation of a public
debt will lead only to a "pseudo-prosperity" that can last only a short time
before there is another collapse.
Mr. Goldsborough said the public must be educated to the fact that banking is one thing and issuance of currency another.
Gives Currency Views
"I do not like the idea of paying offthe Government debt through issuance
of currency," Governor Eccles asserted, "because it seems to me that it
gives to a great many people the idea of expecting some benefit which
they won't get.
"Paying off debt with currency would simply increase bank reserves
by the amount of the Government bonds they hold. When you increase
reserves by the amount of bonds retired the money does not go into circulation. It simply becomes a credit of Reserve banks to member banks.
"The banks are being socialized through payment of interest on Government bonds they hold, and I believe that is a proper thing, because banking
Is not a very remunerative business. The average bank throughout the
country certainly has not been overpaid for its services.
"If we have a revolutionary change such as payment of debts with currency, other forms of aid will have to be made to retain the very valuable
services which banks perform for the country."
Representative Goldsborough insisted, however,that "we have got to get
some real money into circulation, otherwise we are just going to prolong
this debacle." He charged banking forces are running the country and
either they have got to take their normal position in society "or they are
going to swallow us all up."
Stresses Merits of Bill
He concluded, however, legislation proposed should lead to an "infinitely
better" banking system than the country has had in the past.
Governor Eccles pointed out the legislation proposed will have capital
requirements of banks coining into the Federal Reserve System and declared
that this Is very necessary if a unified system of banking is to be brought
about.
"I believe we will never have in this country a banking system that can
stand the pressure of financial distress until we get a unified system,"
he asserted.
On March 15 he told the Committee why he thought that
issue of large quantities of currency now would only result in
a deflationary movement, because of action which the Federal
Reserve Board probably would take in raising reserve requirements of member banks. As to this, we quote as
follows from the "Times" advices from Washington, Mar. 15:
Representative Cross of Texas asked Mr. Eccles why it would not be
a good idea to retire all outstanding Government bonds by paying for them
in currency4thus saving the annual interest charge.
Taking the question seriously, as It only pushed to a logical conclusion
a trend of thought evident all through the questioning by Inflationists on
the committee, Mr. Eccles detailed what he thought would happen in
such an event.
The currency would find its way to the banks, either through direct
payment for Government securities which the banks held or through
deposits by individuals who surrendered their bonds. The currency then
would be shipped to the Federal Reserve banks, where it would be credited
to the excess reserves of the member banks and the actual bills destroyed.
To prevent the threatened credit inflation implied by the existence of
these excess reserves, the Reserve Board, under the powers proposed In
the bill, would increase reserve requirements by the amount of bonds
called. The present investment of banks in Government bonds is about
39% of their assets.
Scheme Held Deflationary.
Presumably the Board would have to increase reserve requirements by
39% to take care of the withdrawals of the bonds. Many banks, particularly the smaller State banks, would have held leas than 39% in Government bonds and would therefore have to liquidate other assets to bring
their reserve requirements up to the new level.
"It would create a condition that would do anything but make for recovery," Mr. Eccles told the Committee. "It would be terribly defla-
of people to put it into circulation." Mr. Eccles
we have heard for three years about the danger of inflation is largely
Imaginary.
Inflation "Is Not Easy to Get"
"It is true that, based on excess reserves, there is the possibility of
building a tremendous credit inflation. That doesn't mean you are going
to get that inflation. You must get people willing to use the banks' credit.
"I don't believe it's goiag to be so easy to get inflation. Efforts have
been made for two years, and there is not the slightest indication of inflation.
"Unless people without money and without jobs are put into possession
of money through jobs, and unless people and corporations with money
will spend the money they have, you cannot get an inflation by merely
changing the gold content or by silver legislation, unless the result of
such changes is to induce the holders of existing money to spend. Otherwise you don't increase the volume and velocity of money."
Mr. Eccles sought to correct what ne thought was a misunderstanding
of a remark he made yesterday concerning "subsidies" to banks. The
reference was made in connection with Mr. Goldborough's contention
that the Government need not permit the Federal Reserve banks to issue
currency, backed by interest-bearing bonds, but could issue directly.
Concedes Issue Powers
Mr. Eccles agreed that Congress had the power to take that step, but
said that, to prevent credit inflation, it would be necessary to raise reserve
requirements to 100% of the deposits created by the sudden redemption
of outstanding Government securities. Thus, banks would have no
money to invest, would make no profits and the depositors would have to
pay tremendous service charges to compensate the banks for being the
bookkeepers of the community. The banks were now paid, lie said, by
the interest they earned on the Government securities they owned.
Mr. Eccles illustrated what he had intended to say as follows:
"When banks purchase offerings of Government bonds, they create
new money or Dank deposits by that operation. When the banks buy
$1.000.000,000 worth of Government bonds, the banks credit the Government, to the deposit account of the Treasury, and debit their own Government bond account. by $1 000000000. They have actually c.:eated $1,000.000.000.
"The Government in turn draws out the deposits and disburses them
in payment of all its obligations and appropriations. The payments go
back into the banks and total dpeosits are not changed, but the ownership
of the deposits is transferred from the Government to corporations and
individuals.
Denies Bank Earning is Subsidy
"Mr.Goldsborough brought out that the Government is able, if it so wills,
because of its sovereign power, to finance its operations by the payment or
currency for its obligations. It could go so far as to take out the bonds the
banks hold and give them currency.
"The r2sult would be that bank deposits and reserves would increase
as a result of the Government paying its bills in currency. The reserves
would be greatly in excess of what they now are because the banks wouldn't
have them invested in Government bonds.
"Banks would, under no circumstances, be willing to handle the deposits
created without getting a return by investing them. The way to socialize
this cost is the way we are doing—by letting them collect interest on
Government bonds. Instead of being a subsidy. it is payment for the service
they are rendering by handling the deposit accounts created by Government spending."
Mr. Goldsborough interrupted and, pounding a desk for emphasis. said.
"The real way to do this thing is to do it directly. We go through the
pretense of issuing bonds to banks which have nothing to lend. For all I
am able to see, it is a racket.'
Opposition to increased taxes was voiced on March 19 by
Mr. Eccles, who in stating that the only way out of the depression was to continue huge "budget plus" expenditures
for unemployment aid until private credit expands, added,
according to the United Press:
The time to increase income taxes is when incomes are such that taxes
produce substantial revenues.
A substantial increase in taxes at the present time, if it pulls into the
Treasury money which would be spent and thus reduces private spending.
would be of no particular help.
The view that member banks of the Federal Reserve
System will be left to their own discretion in the matter o
1926
Financial Chronicle
soundness of paper on which loans shall be made under the
rules and regulations to be issued by the Reserve Board
following passage of the proposed Banking Act of 1935, was
expressed by Mr. Eccles March 18, who said that it is his
personal opinion that the paper to be accepted as the basis
of loans by member banks is a matter of local concern and that
he did not believe it to be practical for the Reserve Board to
say what is sound paper.
Further views presented by Mr. Eccles on March 18
were indicated as follows in the Washington advices to the
"Journal of Commerce":
Under the terms of the new banking bill it is proposed to give the Federal
Reserve Board authority by regulation to determine the character of paper
that may be eligible as a basis of borrowing at Federal Reserve banks, the
purpose being to encourage member banks to pay less attention to the form
and maturity of paper that is offered by would-be borrowers and to concentrate their attention on the soundness of such paper.
Governor Eccles also told the Committee that he believed that the Federal Reserve System could de very little toward bringing about recovery
through its open market operations, but that the added powers over open
market operations would prove useful in times of too great expansion.
It was contended by Representative Hollister (Rep., N. Y.), ranking
minority member of the Committee, that the bill provides the President
with great political control over the banking system. This control, he
felt, could be wielded to force the banks to carry the burden of the public
debt.
He asked if in the case of a budget difficulty and the Government had to
sell bonds would not the Reserve Board back up the Government in a
policy which the banks might not think wise.
"It would be unfortunate for the banks," Governor Eccles replied, "if
the Government by reason of its difficulties could not get the co-operation
of the banks, because under those circumstances the Government would
have to use currency or take over the banking system."
Cites Need for Control
Mr. Hollister then wondered why the placing of powers in the hands ofthe
Federal Reserve Board over credit would mean that the banking system
will be run any better than it was before. The Governor said that the great
difficulty in the past has been in the fact that there were thousands of
bankers all acting independently of each other. The bankers had no way
of expanding money or stopping contraction even if they desired, he asserted, because they did not have the control over the power to Issue currency.
He said that he was not contending for a "Government-controlled central
bank," but for a central body charged with monetary control in the public
Interest. If the Federal Reserve Board is a political body or will be dominated by political expedience rather than public interest in the formation
of money policies, then it should be changed, he asserted.
He explained in response to questions of Representative Brown (Dem.,
Mich.) that the present law does not require the Reserve Board to adopt
open market policies, except In the giving of approval or disapproval of the
policies of the Governor's committee.
If the proposed law was already in effect, he asserted, there is very little
that can be done through open market operations to promote recovery.
"Beyond creating an easy money condition through reduction of discount rates and creating excess reserves," Governor Eccles said, "there is
very little if anything the Reserve organization can do toward bringing
about recovery."
At the hearing on March 15 Mr.Eccles told the Committee
that taxation must be applied to pay whatever it may cost
to provide employment and an adequate decent living for
employables when employers fail to provide work for the
country's available labor. This is learned from Washington
advices March 15 to the "Times" which also observed:
Representative Clark of Idaho was questioning Mr. Eccles on his threepoint program of monetary policy, income taxation and Government expenditures as the way out of the economic depression.
The sooner we recognize that the cost must be paid, "the less it will cost
when unemployment develops," said Mr. Eccles.
Under Secretary of Treasury Coolidge Submits Views
to House Committee on Banking Bill of 1935—
Would Give Reserve Bank Governors Voice in
Passing on Open Market Policy
The House Banking Committee heard, on March 21, the
views of T. Jefferson Coolidge; Under Secretary of the
Treasury, on the pending Banking Bill of 1935. Mr. Coolidge
followed Marriner S. Eccles, Governor of the Federal Reserve
Board, whose extended appearances before the Committee
for the submission of his views on the proposed legislation is
referred to in another item. In indicating that Mr. Coolidge
at the hearing voiced differing views from Mr. Eccles in at
least one particular, a Washington 'dispatch, March 21, to •
the New York "Times" said:
The Omnibus Banking Bill being considered calls for determination
of open market policy by a committee composed of the Governor of the
Board, two members of the Board selected by the Board,and two Governors
of Federal Reserve banks, selected by the 12 Governors.
Mr. Eccles recommended to the House Committee that this be changed
to vest the policy power in the Board, with the provision that an Advisory
Committee of five bank Governors must be consulted before the Board
could act. The Board would not be bound, however, to follow advice of the
Advisory Committee.
"Personally, I cannot subscribe to that," Mr. Coolidge said when Chairman Steagall asked him what he thought of Mr.Eccles's suggestion. "The
money is owned by the Reserve banks, and some Governors ought to be
on the committee investing those funds."
The advices from which we quote went on to say:
"Compulsory" Feature Opposed
The bill would require the Reserve banks to "conform their ()Pen market
operations to the provisions" of the policy determined by this conunittee, a
feature whose intent, according to Republican members of the House Coin-
March 23 1935
/Mace, is to enable the Government to force Reserve banks to buy its
obligations, even against the judgment of the bankers.
Under present law, Reserve banks carry out open market operations
voluntarily, although they have agreed to act together for the past several
years.
"It is this compulsory situation which worries me chiefly." Representative
Hollister of Ohio, ranking minority member of the Committee, said to-day.
"The credit resources of the country might be compelled to help the
Government as it continues to pile up deficits. There should be some way
the massed opinions of the bankers of the country might be allowed to
dissent from what they might consider a dangerous course."
Mr. Steagall said that, under the existing arrangement, it would be
Possible for one Federal Reserve bank, if it had strong enough resources,
to nullify the open market action of the other 11.
"That is the situation we are seeking to remedy," Mr. Coolidge said.
"I see great powers of control vested in the open market committees and
in the Federal Reserve Board, and others in the Treasury, and there should
be the closest co-operation between them."
Representative Gifford of Massachusetts asked Mr. Coolidge if the
Treasury favored the bill because of the necessities of Government financing.
"I favor it because it gives a control over the money market," Mr.
Coolidge replied. "The Treasury is now borrowing at very low rates, and
doesn't need this legislation. The banks buy Government securities because
of their earning power. While that may be a temporary situation, someone
else may buy them later."
"I think this committee is entitled to the views of the Treasury on the
dangers of financing deficits," Mr. Gifford said. "You and I come from a
part of the country where we once heard a voice say, 'If the banks lend too
much money to the Government, they won't have any left to lend to the
people.'"
Mr. Coolidge declined to enter into a discussion of Mr. Gifford's prediction of a $12,000,000,000 deficit for the current year.
Political Implications Denied
"Doesn't this bill give the Government control of the banking system?"
Mr. Gifford insisted. "It seems to me you encourage Congress to spend all
It wants to. I might as well vote for this soldiers' bonus."
Representatives Hancock of North Carolina and Brown of Michigan
came to Mr. Coolidge's support to say that the bill had no political implications; that it was designed to benefit the entire country, and that its
effect would be to cause the banks to "loosen up" when they knew they could
borrow from Federal Reserve banks on sound assets.
Representative Ford of California remarked:
"The attempt has been consistently made by the minority of this committee to show that this bill would make it easier for the United States
Government to borrow from the banks. They have left out all the good
contained in the bill to make the banking system a National institution
Instead of having it benefit only a small class. It is just pure political bunk."
"When there is compulsion of any nature in taking Government bonds,
that is the first step in credit collapse," said Mr. Hollister. "The issue of
bonds is a voluntary matter, where a willing buyer takes them. There is
not much difference between an issue of currency and a sale of bonds if the
buyers are forced to take the bonds. That is the situation I dread in this
bill."
In a statement which Mr. Coolidge read before the committee, he urged
liberalization of loan rules.
"At present the Federal Reserve banks are restricted in their loans to
member banks, being able to loan only on specified types of assets," the
statement said.
"This bill will permit them In their discretion to loan a member bank on
any of its sound assets when in their judgment it is a wise thing to do."
We give Mr. Coolidge's statement herewith:
When the Federal Reserve System was formed conditions were very
different from those of to-day. There were practically no Government
securities in the market. The reserve requirements of the System were
based on the amount of gold that was in the country and there was no insurance of bank deposits by any agency. The adjustment of money rates
was largely automatic and only partially a matter of judgment. Should
gold leave the country it became necessary for the banks to borrow to
replenish their reserves. The same was true when there was a demand for
currency or for an extension of loans. When either of these situations arose
It was almost axiomatic to raise tne rediscount rates to discourage further
borrowing or to replenish the gold stock.
These facts are very different to-day. The gold in the country is in excess
of any normal legal reserve requirements; Government securities are obtainable for liquidity in large quantities, whereas conunercial paper is small
in amount compared with previous times, and bank deposits have largely
been insured by the Federal Deposit Insurance Corporation. The bill
attempts to adjust the banking laws so that these new conditions can be
met in a suitable manner.
In that portion of the bill covering amendments to the Federal Reserve
Act, I want to take up the proposed change in the method of appointing
the Governors and Vice-Governors of the individual Federal Reserve banks:
the proposed change in collateral requirements for loans from the Reserve
banks; the proposed change in restrictions on real estate loans: and the
proposed method of open market operations together with the power of the
Federal Reserve Board to change reserve requirements.
It seems incongruous to have a Governor appointed by the directors of the
local bank and a Chairman of the Board by the Federal Reserve Board at
Washington. Under the bill, the directors of the local Federal Reserve
Bank choose a Governor who shall be a Chairman of the Board and a Class C
director, and their choice is subject to the approval of the Reserve Board
at Washington. The approval of the Board should, I believe, make for
harmonious relations between the banks and the Federal Reserve Board,
while at the same time not deprive the local directors of any of their proper
responsibility in the choice of the officers.
At present the Federal Reserve banks are restricted in their loans to
member banks, being able to loan only on specified types of assets. This
bill will permit them in their discretion to loan a member bank on any of its
sound assets when in their judgment it is a wise thing to do. At the present
time this may seem unnecessary as the member banks have great quantities
of funds; nevertheless, should there be unwarranted flow of funds from
an individual bank or from certain parts of the country, the banks under
the bill could be given proper support by the Federal Reserve banks should
their general condition justify it and unnecessary liquidation prevented.
It is proposed that the existing restrictions on real estate loans be somewhat liberalized. I personally believe that banks should be permitted
to work out their old loans without restriction, while in the case of new
loans 60% of an appraised value should be high enough. The Federal Reserve Board could properly be given further authority to make regulations
within this limit of 60%.
Our control of money rates has passed from the automatic stage, because
of the great amount of excess reserves, into a condition where automatic
standards cannot, I believe, be improvised which can be expected to work
Volume 140
Financial Chronicle
under the conditions of the present or immediate future. It would seem
that this control must be entrusted to a group of men, and, presumably,
will be exercised by open market operations in Government securities, by a
change in the reserve requirements and rediscounts, or by a combination
of the three.
I would like to state that there are no important conflicting interests
in regard to the proper rate for short-time money. Everyone's interest is
best served by the Proper rate to help make business stable and prosperous.
There may be difference of opinion between men or groups of men as to
what is the rate most suitable under the conditions of the time, and the best
methods of obtaining the desired results. The Treasury has, of course,
great powers in influencing the rates for money and it is most important
that it co-operate with those to whom like powers are committed. It is
not important to choose men from any particular group to perform this
important function, but it is essential that wise men experienced in the
effect of money policies be chosen and that they not be influenced by
unwise demands of special groups. For this purpose the bill sets up an
Open Market Committee, three to be chosen by the Federal Reserve Board
from their members and two to be chosen by and from the Governors of the
Reserve banks. It is contemplated that these five men have the responsibility of the difficult and delicate job of buying and selling acceptances and
Government securities with Reserve Bank money for the purpose offurnishing to the country a proper supply of funds at proper rates to the extent
that it is advisable to use this method for the purpose. With conditions
as uncertain as they are and with the vast amount of gold in the country
this power of buying and selling acceptances and governments may be
insufficient to insure proper control and in this bill the Federal Reserve
Board is given power to change legal reserve requirements of member banks.
A raise of legal reserves would impound the idle money of the member
banks, thus raising rates; or a reduction of reserve requirements give the
member banks additional funds. These two methods used in combination
will equip the Federal Reserve System with supplemental control devices
to be available for use when required, although it is to be expected that the
need to change legal reserves will occur very seldom.
Creation by Congress of Commission on Banking and
Currency Urged by L. F. Loree of Delaware &
Hudson RR. Corp.—Declares Business Confidence
Has Been Seriously Affected by "Political Tinkering" with Monetary System
In urging the creation by Congress of a National Commission on Banking and Currency, as advocated by the
Chamber of Commerce of the State of New York, Leonor F.
Loree, President of the Delaware & Hudson RR. Corp., declared on March 17 that the functions of the Federal Reserve
System have been steadily prostituted until the banks are
but little more than the security affiliate of the United
States Treasury. The proposal by the State Chamber that
a study in all its aspects be made of the entire banking and
currency problem by a Commission created by Act of
Congress was referred to in these columns Feb. 9, page 886.
Mr. Loree said the present banking and currency situation
throughout the country is in reality "a very advanced stage
of Government capitalism under a central dictatorship."
Business confidence has been seriously affected by the
"political tinkering" with the monetary and banking system,
creating a stagnation of capital and continued unemployment of labor, he said.
The statement by Mr. Loree was in the form of a letter
to Thomas I. Parkinson, President of the State Chamber,
commending the action of that body in launching the movement to have Congress authorize a scientific, non-political
study and reorganization of the banking and currency system. Under the plan proposed by the Chamber, all pending
and proposed legislation affecting banking and currency
would be referred to the Commission. Mr. Loree pointed
out that the creation of such a Commission at this time
would prevent hasty and ill-considered legislation affecting
banking and currency. He said:
I think it must be recognized that the situation we have already reached
represents in reality a very advanced stage of Government capitalism
under a central dictatorship. We have steadily prostituted the functions
of the present Federal Reserve banking system until now the banks are
but little more than the "security affiliate" of the United States Treasury,
instead of, as intended, serving as repository of the country's banking
structure, chiefly holding gold and self-liquidating commercial paper.
The political tinkering with the monetary and banking system has
seriously affected business confidence. The uncertainty and confusion of
the monetary policy has created a stagnation of capital, and until this is
overcome unemployment will continue. The strength of our Government
Is largely due to sentimental forces and moral confidence must be restored.
I think it is highly desirable that a National Commission on Banking
and Currency be created by Congress, authorized to make a comprehensive
and scientific study of our entire banking and currency situation and to
report its recommendations. The Commission should be non-political,
with a personnel of citizens recognized as having not only fundamental
but practical knowledge of our requirements. The creation of such a
commission would have the advantage of preventing hasty and ill-considered
legislation affecting banking and currency.
The action taken by the State Chamber in recommending
that Congress should authorize the creation of a national
commission to conduct a comprehensive and scientific study
of the entire banking and currency situation was based on
a report made to the Chamber by its Committee on Finance
and Currency on Feb. 7 last. The report, in part, was an
answer to a questionnaire from Senator Duncan U. Pletcher,
Chairman of the United States Senate Committee on Banking and Currency. Mr. Parkinson said that the report had
been widely approved by both the press and business lead-
1927
ers, particularly the recommendation for the appointment
of a commission to study the whole banking and currency
system.
Study of Banking Reform by Monetary Commission
Urged by H. H. Heimann of National Association
of Credit Men
The proposed amendments to the operations and structure
of the Federal Reserve System are one of many problems
facing American business to-day, says Henry H. Heimann,
executive manager of the National Association of Credit
Men, in his monthly review of business, sent to the members
of the Association on March 19.
Because of the significance of banking reform in relation
to btisiness recovery, Mr. Heimann declares "it is entirely
reasonable to ask that this entire problem of banking reform
be studied by a Banking and Monetary Commission. Hasty
and ill-advised reform in this case would decidedly be more
harmful than the delay," he says, adding:
Besides the banking proposals there are many reasons why business is
uncertain, hesitant, fearful.
First, there is Congress. Who knows what is coming from that direction?
While most of the dire catastrophes that are predicted seldom happen,
when lightning is flashing all around we realize the possibility of it
striking somewhere.
Second, there is a certain disturbing group in and out of Congress. It is
better organized than the conservatives. A certain section of this group
was indirectly helped in its cause by being provided with an opportunity
to present its message to every man and woman in the country recently. . . .
Third, there are the constantly growing relief rolls, with over 22,000,000
now getting Government relief and no diminution in sight.
Fourth, there is the threat of the 30-hour week legislation which, since
it is an arbitrary and fiat panacea, is decidedly unsound and uneconomic.
Fifth, we have a wave of "debtor psychology" bills which give little
or no consideration to creditors' rights.
Sixth, there is the spending program, with its tremendous tax consequences looming over the horizon because of a continually unbalanced
budget.
Seventh, there is the monetary situation, both domestically and internationally, milich is so discouraging. Although there are assurances that a
money war is not in sight, it would be well to consider carefully the
various monetary moves of the different nations. An international monetary conference to stabilize money standards is imperative.
Eighth, we have the banking bill, which has not had the discussion or
open study and analysis that it should have.
Ninth, we have annoying, petty . . . legislation, such as the pink
slips.
Tenth, we have an evidence of complete disregard of credit, its creation,
its use, its function.
Finally, we have the inflationary movement as a whole.
Developing his points concerning the Federal Reserve
Amendments, Mr. Heimann declares that "it is not the Federal Reserve System that is at fault. Admittedly there may
have been some poor judgment among bankers as there was
among business men, but we are not going to help the
situation by such amendments as are proposed." Continuing, Mr. Heimann said:
The proposed banking bill drastically revises the Federal Reserve System
as we know it. It sets up deposit insurance on a permanent basis, allows
a widening of the restrictions on credit, permits Government agencies to
acquire sweeping and far-reaching powers in the matter of bank regulation
and credit control. Essentially, It will shift the responsibility of credit
control and its management from the 12 Reserve banks to the Federal
Reserve Board.
While the section on deposit insurance is reasonable enough, there is
more in it than first reading indicates. Practical unification of the
nation's banks by 1937 would be affected by the bill, for it declares that
no.State bank can remain an insured bank in the Federal Deposit Insurance
Corporation unless it is a member of the Federal Reserve System after
July 1 1937. And in connection with this, the Reserve Board would be
permitted to waive until that date the capital requirements now provided
for entrance by non-member State banks, although the new banks would
he required to pass the test within a reasonable period.
Just what effect this would have on the small banks of the country can
be seen from the fact that most of them are members of the FDIC. Of
the 15,000 banks in the country, less than half are Federal Reserve members,
although about 14,000 are in the deposit insurance plan.
Robert B. Warren of Case, Pomeroy & Co. Declares
Federal Reserve System Is Adequate to Control
Federal Monetary Policy
The Federal Reserve System as it stands is adequate
to control Federal monetary policy and nothing would be
gained by requiring the 15,000 odd banks of the country
to maintain full reserves, Robert B. Warren of Case,Pomeroy
& Co., declares in taking issue with Richard A. Lester,
who charges that the Government is powerless to control
the expansion and contraction of check money until such
reserves are required. Answering Mr. Lester in the current
issue of "The American Scholar," Mr. Warren claims
that bankers, far from exercising control, are "hardly more
than intermediaries between Federal policy on the one
hand and the limitations of our economy on the other."
The volume of bank money, which Mr. Lester claimed
in the winter issue of "The American Scholar" contracts
and expands at the will of the banks, is controlled, according to Mr. Warren, because "nothing that a member
1928
bank can do, of its own volition, can increase or decrease
the reserves of the whole system, unless the Reserve banks
permit. The Reserve banks through a variety of expedients,
of which the most notable are the 'open market operations'
and control of the discount rate, can maintain the total
reserves of the member banks at any given figure or raise
or lower them to any given figure. This control over the
aggregate of member bank reserves is absolute."
The function of the commercial bank, Mr. Warren holds,
is not to determine the amount of "money" in the country
but to give it velocity of turnover, and this they can do
if the general economy is in smooth working order; but
here the control is limited, for "while the Reserve Board
can make credit available it cannot compel the community
to use credit in excess of the demands of its economy; nor
can it compel the possessors of money (whether that money
is currency or bank deposit) to spend that money except
as their collective judgment, good or bad, may dictate."
Banks in 48 States Approved as Mortgagees Under
Mutual Mortgage Plan of FHA
By March 15 representative banks in each of the 48 States,
the District of Columbia, Alaska, and building and loan
societies in the Territory of Hawaii had been approved as
mortgagees under the Mutual Mortgage Plan of the National
Housing Act, according to an announcement made on
March 11 by Administrator James A. Moffett, of the Federal
Housing Administration. From the announcement we
quote:
The total number of institutions receiving approval to operate under the
provisions of the NHA whioh provide tor the financing of new residence
construction and the refinancing of existing mortgages was stated to be
2,880. Of this total, 2,304 were banks; 538 building and loan associations
and societies; 26 life insurance companies (old-line), and 12 other milledlaneous institutions.
In 25 States amendments to banking laws had been passed permitting
institutions to make mortgage loans up to 80% of the appraised valuation
of a property, thus affording the institutions opportunity to co-operate
fully with the Mutual Mortgage Plan.
Only three States will not have such legislation acted upon this year,
Virginia, Kentucky and Mississippi, the Legislatures of which meet
biennially and will not convene until next year. All others have either
now in committee, in the process of being drafted, or will have presented
when their Legislatures meet, some form of amendment that will liberalize
the present mortgage laws for banks and other lending institutions within
their borders so that full co-operation may be enjoyed by all institutions
qualifying for mortgage agencies under the rulings, and qualifying for
Insurance by the FHA.
The following is a list of those States that have passed liberalization
amendments:
Wyoming
New Jersey
Arkansas
Kansas
Ohio
Alabama
Arizona
Oklahoma
California
Washington
Rhode Island
Idaho
Utah
South Dakota
Indiana
Oregon
Texas
Louisiana
West Virginia
Maine
Montana
South Carolina
Michigan
New Mexico
New York
In addition, institutions in the District of Columbia are able to make
insured mortgage loans. No action has yet been taken in the Territories
of Alaska, Hawaii, Puerta Rica, Virgin Islands or Guam.
In every section of the country there are now representative banks and
institutions eligible to make these loans. Some of the more widely known
are:
New York—Guaranty Trust Co., Chase National Bank, Continental Truat
Co. and National City Bank.
Philadelphia—Corn Exchange Bank, Pennsylvania Co. for Insuring Lives
and Granting Annuities.
Pittsburgh—Forbes National Bank of Pittsburgh.
Washington, D. C.—Riggs National Bank.
Boston—National Shawmut Bank of Boston.
Chicago--Continental Illinois National Bank & Trust Co.
Cleveland—Cleveland Trust Co.
Cincinnati—Fifth-Third Union Trust Co.
Denver—First National Bank of Denver.
San Francisco—Bank of America.
Atlanta—Citizens' & Southern Bank.
Birmingham—First National Bank of Birmingham.
New Orleans—Hibernia National and Whitney National Bank of New
Orleans.
Alaska—First National Bank of Juneau, First Bank of Cordova.
Texas—First National Bank of Fort Worth and the National Bank of
Commerce, Galveston.
In addition; there are the life insurance companies mentioned, prominent
among which are the New York Life Insurance Co. and the South West
Life Insurance Co. of Dallas, Tex.
$295,888,626 of Modernization and Repair Work Result
to March 9 of Better Housing Campaign of FHA
As the estimated total amount of work stimulated by the
Better Housing Program nears the $300,000,000 mark, cities
throughout the country report unusual activity, for this
season of the year, in modernization and repairing, the Federal Housing Administration announced March 9, adding:
The estimated total amount of modernization and repair work reported
by field offices of the FHA in all parts of the country as chiefly the result
of the Better Housing Program, totaled $295,888,626 on March 9. This
•Is an increase of $12,727,014 for the week.
The total amount of insured loans reported by financial institutions up
to March 9 was $44,042,316, an increase of 81,538,754. The total covers
104,815 individual credit advances, an increase of 8,887 for the week.
March 23 1935
Financial Chronicle
Fifty-three new insurance contracts were issued to financial institutions,
bringing the number of organizations entitled to extend credit under the
Modernization Credit Plan to 12,691.
On March 9 there were 6,375 community campaigns organized or in the
process of organization. This represents an increase of 238 communities
over the previous week's total.
Decline of $23,047,852 in Volume of Outstanding
Bankers' Acceptances During Month—Total Febru• ary 28 $492,764,852
Bankers' acceptances declined in volume during February
as is shown in the monthly report of the American Acceptance
Council on its survey as of Feb.28, made available March 21.
During February the total volume of all types of acceptances
decreased $23,047,852. This may be compared with a
reduction of $21,000,000 during February 1934, says Robert
H. Bean, Executive Secretary of the American Acceptance
Council, who further says:
The total volume on Feb. 28 amounted to $492,764,852. compared with
the total of $750,127,087 at the end of February a year ago, or a reduction
of $257,362,282.
As in the past several months, the principal reduction was in domestic
warehouse credits, the bills of which declined $13,853,907, leaving the
total of warehouse acceptances at only $157.000,000. compared with
$248,000,000 on the same date in 1934.
Export acceptances were reduced in volume $9,745,462, while acceptawes based on goods stored in or shipped between foreign countries dropped
$5,320,252.
A gain of $5,420,433 was noted in the volume of acceptances created
for the purpose of financing import transactions. Also there were slight
gains in domestic acceptances and in acceptances for the purpose of creating
dollar exchange.
Almost without exception, over many years, it has been customary
to have shrinkage in the volume of bankers' acceptances in the month of
February therefor in a very large measure, the currently reported reduction
may be attributed to the normal liquidation of credits set up during the
late summer and early fall of last year.
The volume of acceptances purchased in the open maeket by accepting
banks remained at practically the same level as during January. On
Feb. 28 these banks were holding $234.989,096 of other banks' bills, while
of their own bills, accepted but not put into the market, the same banks
were holding 1216,653.124, a total of $451,642,220 of the grand total of
$492,764,852.
Federal Reserve holdings, for their own account or for the account of
foreign correspondents, remained unchanged throughout the month, as
did the volume of bills in the hands of the dealers, which volume averaged
only a little over $2.500,000.
Detailed statistics are supplied as follows by Mr. Bean:
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS
Feb. 28 1935
Federal Reserve District
1
2
3
4
5
6
7
8
9
10
11
12
Grand total
Decrease for month
Decrease for year
Jan. 31 1935
Feb. 78 1934
331,466,980
386,487,835
12,670,749
2,329,896
767,369
6,215,079
23,064,955
1,536,981
1,141,909
175,000
2,756,854
24,151,208
332,385,512
405,847,602
13,045,688
2,669,238
588,980
5,977,679
23,054,577
1,610,409
1,636,283
175,000
2,807,764
26,013.925
$44,347.090
602,882,588
15,232,482
2,293,366
756,899
8,485,824
40,938,605
2,229,826
3,287,422
1,250,000
2,553,456
25,869,529
$492,764,805
23,047,852
5515,812,657
1750,127,087
$257,362,282
CLASSIFIED ACCORDING TO NATURE OF CREDIT
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored In or shipped
between foreign countries
Feb. 28 1935
Jan. 31 1935
$91,881,184
123,179,899
8,532,673
157,449,800
2,625,208
$86,460,751
132,925,361
8,116,901
171,299,707
2,589,644
$97,878,877
202,784,628
12,587,603
248,391,279
4,195,667
109.100.041
114.420•293
184 Rog•034
Feb. 28 1934
CURRENT MARKET QUOTATIONS ON PRIME BANKERS'
ACCEPTANCES MARCH 20 1935
Days—
30
60
90
Dealers'
Dealers'
Buying Rate Selling Rate
3-16
3-16
3-16
Si
Si
Si
Days—
120
150
180
Dealers'
Dealers'
Buying Rate Selling Rate
5-16
SS
K
Si
Bonds of Fletcher Joint Stock Land,
$1,100,000 of 5
Indianapolis, Refunded at New Low Coupon Basis
Successful refunding of $1,100,000 of 53% bonds of the
Fletcher Joint Stock Land Bank, Indianapolis, on the lowest
coupon basis yet announced for Joint Stook bank financing
in the United States was made public yesterday (March 22)
in Indianapolis by William B. Schiltges, President of the
Land Bank. The announcement said:
The new series include 3Si% bonds, due Jan. 11938;33% bonds. due
Jan. 11940, and 4% bonds, due Jan. 11045. The refunding, which began
on a small scale late in January of this year,revealed at once such a demand
from investors for the new issues that directors of the land bank have called
for cash payment all of the $1,100,000 original issue which have not been
exchanged.
The refunding is a part of the liquidating program for Joint Stock Land
banks under the Emergency Farm Mortgage Act of 1933.
H. Fletcher Clippinger, Vice-President of Fletcher Trust Co., in charge
of its bond department, through which the refunding transactions are being
completed, announced that May 1 is the date by the Land bank's directors
for cash payment of the remaining bonds of the 534% issue outstanding
In the hands of the public. After this date, Mr. Clippinger said. interest
on these bonds ceases. Provision also has been made, he said, for imme.
Volume 140
diate payment of these remaining bonds, with interest to May 1, if they are
presented directly to the Land bank.
New Offering of Two Series of Treasury Bills in Amount
of $100,000,000 or Thereabouts—Both to be Dated
March 27, 1935—$50,000,000 of 182-day Bills Offered
and $50,000,000 of 273-day Bills
The Secretary of the Treasury, Henry Morgenthau, Jr.,
announced on March 21 a new offering of Treasury bills in
two series, both to be dated March 27, 1935, to the aggregate
amount of $100,000,000 or thereabouts. One series will be
182-day bills, maturing Sept. 25, 1935, to be offered in
amount of $50,000,000 or thereabouts, and the other series
will be 273-day bills, maturing Dec. 24, 1935, also to be
offered in amount of $50,000,000 or thereabouts. 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 25, but will not be received
at the Treasury Department, Washington. Both series will
be sold on a discount basis to the highest bidders. Secretary
Morgenthau requested that the bidders specify the particular
series for which each tender is made. An issue of Treasury
bills in amount of $75,023,000 will mature on March 27 and
the bids to the new offering will be used in part to retire the
same. In his announcement of March 21 Secretary Morgenthau said:
The bills will be issued in bearer form only, and in amounts or denominations of $1.000. $10,000. $100,000. $500,000, and $1,000,000 (maturity
value).
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1.000. The price offered must be expressed
on 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 freasury 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 25.
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 Preasury 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 27, 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 dispoetion of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or herafter imposed
by the United States of any of its possessions.
$1,300,000 of Government Securities Purchased by
Treasury During February
Net market purchases of Government securities for Treasury investment accounts for the calendar month of February,
1935, amounted to $1, 300,000, Secretary Morgenthau announced March 18. This compares with $5,420,000 purchased
during January, as noted in our issue of Feb. 23, page 1236.
$171,976,000 Received to Combined Offering of $100,000,000, or Thereabouts, of Two Issues of Treasury
Bills Dated March 20 1935—$50,125,000 Accepted to
182-Day Bills at Rate of 0.094% and $50,006,000
to 273-Day Bills at Rate of 0.147%
Tenders of $171,976,000 were received at the Federal
Reserve banks and the branches thereof up to 2 p.m. Eastern Standard Time, March 18, to the offering of two series of
Treasury bills dated March 20 1935, Henry Morgenthau Jr.,
Secretary of the Treasury, announced March 18. Of the
tenders received, the Secretary said, $100,131,000 were
accepted. The two series of bills were offered in amount
of $50,099,000, or thereabouts; one series was 182-day bills,
maturing Sept. 18 1935, and the other 273-day bills, maturing Dec. 18 1935. Reference to the offering was made in
our issue of March 16, page 1747. Details of the result of
the offering were announced as follows by Secretary Morgenthau:
182-Day Treasury Bills, Maturing Sept. 18 1935
For this series, which was for 550,000.000, or thereabouts, the total
amount applied for was 5104,570,000, of which $50.125,000 was accepted.
The accepted bids ranged in price from 99.965, equivalent to a rate of
about 0.069% per annum, to 99.948. equivalent to a rate of about 0.103%
per annum, on a bank discount basis. Only part of the amount bid for
at the latter price was accepted. The average price of Treasuey bills of
this series to be issued is 99.953 and the average rate is about 0.004%
per annum on a bank discount basis.
1929
Financial Chronicle
273-Day Treasury Bills. Maturing Dec. 18 1935
For this series, which was for $50,000,000. or thereabouts, the total
amount applied for was 567.406,000, of which $50.006.000 was accepted.
Except for one bid of $10.000. the accepted bids ranged in price from 99.901.
equivalent to a rate of about 0.131% per annum. to 99.883. equivalent to
a rate of about 0.154% 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 99.889 and the average rate
is about 0.147% per annum on a bank discount basis.
Treasury's March 15 Financing—Final Figures of Exchange Offering of 23.% Treasury Notes for New
13% Notes $513,884,200—Books for Offering of
2/;% Treasury Bonds for Fourth Liberty Loan
4,1% Bonds to Close March 27—Exchanges to
March 16 Total $1,140,000,000
Henry Morgenthau Jr., Secretary of the Treasury, announced March 16 that the subscription books for the
March 15 offering of 2%% Treasury bonds of 1955-60, in
exchange for Fourth Liberty Loan 43i% bonds called for
redemption in amount of about $1,850,000,000 on April 15
1935, will close at the close of business March 27 1935. Subscriptions placed in the mail before 12 o'clock, midnight,
March 27, will be considered as having been entered before
the close of the subscription books. The Secretary stated
that up to March 16 approximately $1,140,000,000 of the
called Fourth Liberty Loan bonds have been exchanged for
the new bonds. He added:
The subscription books are being kept open for the considerable further
period In order that all holders of the called Fourths, and particularly the
small holders, may have ample opportunity to take advantage of the
exchange Offering.
The attention of holders of the called Fourths was invited to the fact
that the new Treasury bonds issued on exchange bear interest from March 15
and on exchanges after that date accrued Interest at 2°4% is charged from
March 15 to the date the Fourths are submitted.,
On March 17, Secretary Morgenthau made known revised
figures of subscriptions received for the offering of 1/%
Treasury notes of series A-1940,!also included in the March 15
financing, offered only in exchange for 24% Treasury notes
of series C-1935, which matured on Marcha15 in amount of
approximately $528,000,000. LThe[Secretary said that-$513,884,200 of the maturing notes were received foritheanew
notes, and thatiall subscriptions were allotted in full. The
books for this offering were closed on March 8. Previous
reference to the Treasury's March 15 financing was made in
our issues of March 16, page 1748 and March 9, pages
1572-1573.
The subscriptions and allotments to the exchange offering
of 1%% notes were divided among the various Federal Reserve districts and the Treasury as follows:
Subscriptions
Received &
Allotted
Federal Reserve District.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Federal Reserve District.
Minneapolis
311,318.800
Kansas City
315,785,600
Dallas
9,349.000
San Francisco
14,485,900
28,403,700 Treasury
7,574,100
67,471,200
Total
7.159.600
Subscriptions
Received &
Alloued
$5.680.100
8,443.900
16,634,000
20.445,900
1.132.400
$513.884.200
"Baby Bond" Sales During First 14 Days Approximately
$24,000,000
Almost $24,000,000 worth of United States savings bonds
were sold in the first 14 days since they went on sale March 1,
according to reports to the Post Office Department March 19.
The actual total was $23,183,953, with many large cities
and several thousand small offices still to make a report
of results. This figure represents purchase price, and the
maturity value of the securities sold amounts to about
$31,000,000. An announcement by the Treasury Department added:
There have been 48,461 buyers, and the average purchase was about
$438, which is $37 more than the same figure a week ago. Althoug this
indicates that the demand for the larger denominations still continues
strong, postmasters report that the purchase of the $25. $50 and $100
denominations is beginning to increase. The smaller units are more
popular In the large cities, and the larger ones in towns and small places.
Comparative figures indicate that the bonds have sold steadily. About
$6.000.000 worth was disposed of the first two days, $9.000,000 the first
week and slightly less than that the second week. Following the example
of the Federal Government in making its securities available to individual
investors, several cities have decided to adopt the same means of financing
their operations, and the question has been raised in several States.
New York again led with total sales of $1.647.662, of which 5250,637
were sold at the Brooklyn office. Chicago stood second with $1.1.74,332
and Detroit was third with $890,775. The sales in other large cities were.
$507,362 Philadelphia
Kansas City
$222,225 Portland, Ore_ __ _$146,725
Cleveland
143,193
195,000 Dallas
390,000 Toledo
378,225 Minneapolis
143,118
193,256 Milwaukee
St. Louis
133,881
182,643 Denver
'150.868 Memphis
Boston
181,125 San Francisco _ _ _ _ 127,000
275,000 Baltimore
Cincinnati
263,006 Houston
Washington
148,218 Columbus. Ohio__ 110.000
107,381
241,120 Omaha
147,631 Louisville
St. Paul
Previous reference to the sales was made in our issue
of March 16; page 1748.
1930
Financial Chronicle
Partial Redemption Before Maturity of Third-called
Fourth Liberty Loan 4% Bonds—Called for
April 15 1935—Federal Reserve Bank of New York
Indicates Method of Procedure
George L. Harrison, Governor of the Federal Reserve Bank
of New York, in a circular dated March 20 bearing on the
partial redemption before maturity of third-called Fourth
Liberty Loan 434% bonds, supplies information with respect
to the time and manner in which the bonds may be presented
for redemption before April 15 1935. The plans of the
Treasury Department for the redemption of the bonds were
announced on Oct. 12 1934; reference to the same was made
in our issue of Oct. 20 1934, page 2447. The bonds affected
by the call were indicated as follows in the Treasury circular
of Oct. 12 1934:
1. NOTICE OF THIRD CALL FOR PARTIAL REDEMPTION
BEFORE MATURITY OF FOURTH LIBERTY LOAN 45i%
BONDS OF 1933-38 (FOURTH 4s)
1. All outstanding Fourth Liberty Loan 43,
1% bonds of 1933-38 (Fourth
43(s) bearing serial numbers the final digit of which is 5, 6 or 7 (such serial
numbers in the case of permanent coupon bonds being prefixed by the corresponding distinguished letter E. F or G, respectively), are hereby called
for redemption on April 15 1935, on which date interest on such bonds
called for redemption will cease.
2. This third call for partial redemption is made pursuant to the provision for redemption contained in the bonds and in Tzeasury Department
Circular No. 121, dated Sept. 28, 1918, under which the bonds were originally issued, the bonds to be redeemed having been determined by lot in the
manner prescribed by the Secretary of the Treasury.
3. Outstanding Fourth 4s bearing serial numbers (and prefix letters)
other than those designated are not included in or affected by this third call
for partial redemption.
The circular in its entirety was given in our issue of Oct.20.
Following is Governor Harrison's circular of March 20:
FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States
[Circular No. 1520, March 20 1935]
PARTIAL REDEMPTION OF FOURTH LIBERTY LOANIBONDS
BEFORE MATURITY
Information with Respect to the Time and Manner of Presentation
of Third Called Fourth 43a for Redemption on April 15 1935
To Al Banks and Others Concerned in the
Second Federal Reserve District:
A copy of freasury Circular No. 525, dated Oct. 12 1934, with respect
to the partial redemption of Fourth Liberty Loan bonds before maturity
(third-called Fourth 4)js) was transmitted to you with our Circular No.1450
dated Oct. 13 1934. As stated in Treasury Circular No. 525, in order
to facilitate the redemption of third-called Fourth 431s on April 15 1935,
any such bonds may be presented and surrendered before April 15 1935.
and presentation well in advance of April 15 1935, will insure prompt payment of principal when due. This is particularly important with respect
to registered bonds, for payment cannot be made until registration shall
have been discharged at the freasury Department. Tne redemption will
be expedited if the called bonds are pr..1sented to the Federal Reserve Bank
of New York and not direct to the Treasury Department.
Accordingly, third-called Fourth 4h's in both coupon and registered form
should be presented promptly to the Federal Reserve Bank of New York
for redemption. . . . All third-called Fourth 431's must be delivered
at the expense and risk of the holders.
As stated in Treasury Circular No. 525 coupons dated April 15 1935,
which become payable on that date should be detached from any thirei-called
Fourth 4;is before such bonds are presented for redemption, and such
coupons should be collected in regular course when due. All coupons pertaining to such bonds bearing dates subsequent to April 15 1935, must be
attached to such bonds when presented for redemption, provided, however, if any such coupons are missing from bonds so presented for redemption the bonds nevertheless will be redeemed, but the full face amount of
any such missing coupons will be deducted from the payment to be made
on account of such redemption, and any amounts so deducted will be held
In the Treasury to provide for adjustments or refunds on account of such
missing coupons as may subsequently be presented.
Upon surrender and presentation by a member bank of third-called coupon
Fourth 43.1s, and of third-called registered Fourth 4gs assigned in blank,
or bearing other assignment having similar effect, or assigned to "The
Secretary of the freasury for redemption for account of_ ___(Name of
," payment will be made as requested by the member bank
bank)
either by crediting its reserve account, by check, or in accordance with
special instructions. When such oonds are surrendered and presented by
a non-member bank a check in payment of principal will be forwarded to
such non-member bank direct or to its correspondent bank if requested.
In each case where third-called registered Fourth 4hs are assigned to
"The Secretary of the Treasury for redemption" a check in payment of
principal will be drawn to the order of the registred holder and forwarded
to the presenting bank for delivery to the owner.
The transfer books for registered bonds were closed March 15 1935.
Final interest on third-called registered Fourth 43.s due on April 15 1935,
will be paid on that date to holders of record on March 15 1935, by the
Treasury Department by checks issued in the usual way.
Your co-operation in bringing this information to the attention of holders
of the bonds and thus facilitating the redemption will be appreciated.
GEORGE L. HARRISON, Governor.
Governor Eccles of Federal Reserve Board Finds It
Cheaper for United States to Borrow than Bear
the Cost of Issuing Greenbacks
In the New York "Times" of March 17 it was stated
that Marriner S. Eccles, Governor of the Federal Reserve
Board, adduced a new and striking illustration of the paradoxical nature of the present cheapness of Government
borrowing on March 15 when he told members of the House
Banking Committee that it was cheaper for the Treasury
to borrow funds than it would be for it to issue greenbacks
to meet its expenses. Continuing, the "Times" said:
March 23 1935
Funds obtained by the issuance of greenbacks cost the Treasury 0.15%.
Mr. Eccles said, because of the costs of printing and replacing bills in
circulation, shipping and insurance charges. Funds borrowed through
the issuance of 180-day discount bills cost only 0.11%, he said.
Mr. Eccles might have made the comparison even more striking had
he chosen, for the latest issue of 182-day Treasury bills was sold at an
average rate of 0.094% and part of the issue went at 0.049%. Last May
the Treasury sold 90-day bills at an average rate of 0.06%.
The extreme cheapness of Treasury financing through discount bills
results from the huge excess of unemployed bank funds seeking employment at any price. Member banks of the Federal Reserve System have
excess reserves of about $2.300,000,000. Discount bill issues obtain the
lowest possible rate because they are bid for competitively.
The bills are simply promises to pay a definite sum of money on a definite
date, without interest. They are issued in denominations of $1,000.
$10,000, $100,000, $500,000 and $1,000,000. Banks bid for them at less
than the face amount and make their interest on the difference between
what they pay and the face value, a difference amounting, on an annual
basis, to minute fractions of 1% in the case of recent issues.
Under the provisions of the Gold Reserve Act of 1934 discount bills
having as much as one year to run may be issued and banks may purchase them, not with cash merely but by simply crediting the Treasury
on their books with a deposit equal to the purchase price of the bills.
Actually, bankers here said yesterday, it is doubtful if Mr. Eccles intended his remark to be taken as completely disposing of the greenback
question, for the comparison he made would not stand up, they said.
under the condi OW of large-scale .ssuance of greenbacks by the Treasury
in lieu of borrowing.
Greenbacks issued on such a scale would not, in fact, be subject to
the costs for wear and tear and shipping which affect the present small
issue,for they would merely go into the banks and from them to the Federal
Reserve banks, where they would increase member bank reserves, but would
suffer no wear and tear. Furthermore, it was remarked, the comparison
would hold good only in the present abnormally low conditions of money
rates.
$803,045 of Hoarded Gold Received During Week of
March 13—$49,455 Coin and $753,590 Certificates
Figures issued by the Treasury Department on March 18
indicate that gold coin and certificates amounting to $803,044.56 was received during the week of March 13 by the
Federal Reserve banks and the Treasurer's office. 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 March 13, amount to $119,076,398.81. The figures
show that of the amount received during the week ended
March 13, 9,454.56 was gold coin and $753,690 gold
certificates. The total receipts are shown as follows:
Received by Federal Reserve banks:
Week ended March 13 1935
Received previously
Total to March 13 1935
Received by Treasurer's Office:
Week ended March 13 1935
Received previously
Gold Coin
Gold Certificates
$735,690.00
$49,054.56
29,996,878.25 85,973,670.00
$30,045,932.81 $86,709,360.00
$400.00
260,206.00
$17,900.00
2,042,600.00
Total to March 13 1935
$260,606.00 $2,060.500.00
Note—Gold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.
Silver Transferred to United States Under Nationalization Order-19,994 Fine Ounces During Week of
March 15
During the week of March 15 a total of 19,994 fine ounces
of silver was transferred to the United States under the
Executive Order of Aug. 9 1934, nationalizing the metal.
A statement issued by the Treasury Department on March 18
showed that receipts since the order was issued and up to
March 15 total 112,526,555 fine ounces. The order of Aug.9
was given in our issue of Aug. 11 1934, page 858. The statement of the Treasury of March 18 shows that the silver was
received at the various mints and assay offices during the
week of March 15 as follows:
Fine Ounces
3,299.00
15,179.00
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
657.00
414.00
395.00
Total for week ended March 15 1935
19,944.00
Following are the weekly receipts since the order of Aug.9
was issued:
Week Ended— Fine Ozs.
1934—
Aug. 17
33,465,091
Aug. 24
26,088.019
Aug. 31
12,301,731
Sept. 7
4,144,157
Sept. 14
3,984.363
Sept. 21
8,435,920
Sept. 28
2,550,303
Oct. 5
2,474,809
Oct. 12
2,883,948
Oct. 19
1,044.127
Week Ended— Fine Om.
Oct. 26
746,469
Nov. 2
7,157,273
Nov. 9
3,665,239
Nov. 16
336.191
Nov. 23
261,870
Nov. 30
86,662
Dec. 7
292.358
Dec. 14
444,308
Dec. 21
692,795
Dec. 28
63,105
1935—
Jan. 4
309,117
Week Ended— Fine Ozs.
1935—
Jan. 11
535,734
Jan. 18
75,797
62,077
Jan. 25
134,096
Feb. 1
33,806
Feb. 8
45,803
Feb. 15
152.331
Feb. 21
38.135
Mar. 1
57,085
Mar. 8
19,994
Mar. 15
Receipts of Newly Mined Silver by Mints and Assay
Offices from Treasury Purchases—Totaled 1,555,984.50 Fine Ounces During Week of March 15
According to figures issued March 18 by the Treasury
Department 1,555,984.50 fine ounces of silver were received by the various United States mints during the week
of March 15 from purchases made by the Treasury in accordance with the President's proclamation of Dec. 211933.
The proclamation, which was referred to in our issue of
Dec. 23 1933, page 4441, authorized the Department to
absorb at least 24,421,000 fine ounces of newly mined silver
annually. Since the proclamation was issued the receipts
by the mints have totaled 30,525,000 fine ounces, it was
indicated by the figures issued March 18. Of the amount
purchased during the week of March 15, 877,944.53 fine
ounces were received at the Philadelphia Mint, 672,846.97
fine ounces at the San Francisco Mint, and 5,193 fine
ounces at the mint at Denver. The total receipts by the
mints since the issuance of the proclamation follow (we omit
the fractional part of the ounce):
West Ended- Ounces
19341,157
Jan. 5
547
Jan. 12
477
Jan. 19
94,921
Jan. 26
117,554
Feb. 2
375,995
Feb. 9
232,630
Feb. 16
322,627
Feb. 23
271,800
Mar. 2
126,604
Mar. 9
832,808
Mar. 16
369,844
Mar.23
354,711
Mar.30
569.274
Apr. 6
Apr. 13
10,032
Apr. 20
753,938
436,043
Apr. 27
May 4
647,224
May 11
600,631
503.309
May 18
885,056
May 25
1931
Financial Chronicle
Volume 140
West Ended- Ounces
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
712.206
Oct. 19
268.900
Oct. 26
---4,-.......
Week Ended- Ounces
826,342
Nov. 2
359,428
Nov. 9
1,025.955
Nov. 16
443,531
Nov. 23
359,296
Nov.30
487,693
Dee. 7
648.729
Dee. 14
797.206
Dee. 21
484.278
Dec. 28
1935Jan. 4
Jan. 11
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Mar. 1
Mar. 8
Mar.15
467,385
504,363
732,210
973,305
321.760
1,167,706
1,126,572
403,179
1.184,819
844.528
1,555,985
President Roosevelt Signs Resolution Calling for Investigation by FCC of American Telephone & Telegraph Co. and Other Companies
On March 15 President Roosevelt signed a joint resolution
authorizing and directing the Federal Communications Commission to investigate and report on the American Telephone
& Telegraph Co. and on all other companies engaged directly or indirectly in telephone communication in interState commerce, including all companies related to any of
these companies through a holding-company structure or
otherwise. An appropriation of $750,000 is provided by
the resolution to conduct the investigation.
The resolution was passed by the Senate on Feb. 12 and
by the House, under the suspension of the rules, on March 4.
Previous reference to the resolution was made in our columns
of Feb. 16, page 1074.
President Roosevelt in Message to Congress Urges
Enactment of Legislation to Regulate Trade in
Food and Drugs
In a message to Congress yesterday (March 22) President
Roosevelt urged the enactment of legislation to regulate
trade in food and drugs. The President said that "no honest
enterpriser need fear that because of the passage of such a
measure he will be unfairly treated." "No comprehensive
attempt at reform in the regulation of commerce in.food and
drugs had been made," said the President, "since 1906."
"The great majority of those engaged in the trade of food
and drugs do not need regulation," the President said.
"They observe the spirit as well as the letter of existing law.
Present legislation ought to be directed primarily toward a
small minority of evaders and chiselers."
The President's message follows:
Every enterprise in the United States should be able to adhere to the
simple principle of honesty without fear of penalty on that accoun..
Honesty ought to be the best policy not only for one individual, or one
enterprise, but for every individual and every enterprise in the nation.
In one field of endeavor there is an obvious means to this end which nos been
too long neglected. The setting up and careful enforcement of standards of
identity and quality for the foods we eat and the drugs we use, together with
the strict exclusion from our markets of harmful or adulterated products.
The honor of the producers in a country ought to be the invariable ingredient of the products produced in it. The various qualities of goods
require a kind of discrimination which is not at the command of consumers.
They are likely to confuse outward appearance with inward integrity. In
such a situation as has grown up through our rising level of living and our
multiplication of goods, consumers are prevented from choosing intelligently
and producers are handicapped in any attempt to maintain higher standards. Only the scientific and disinterested activity of Government can
protect this honor of our producers and provide the possibility of discriminating choice to our consumers.
These principles have long been those on which we have founded public
policy. But we have fallen behind in their practical application. No
comprehensive attempt at reform in the regulation of commerce in food and
drugs has been made since 1906. I need not point out to you how much
has happened since that time in the invention of new things and their
general adoption, as well as in the increase of advertising appeals. Because
of these changes loopholes have appeared in the old law which have made
abuses easy.
It is time to make practical improvements. A measure is needed which
will extend the controls formerly applicable only to labels to advertising
also: which will extend protection to the trade in cosmetics; which will
provide for a cooperative method of setting standards and for a system of
inspection and enforcement to reassure consumers grown hesitant and
doubtful; and which will provide for a necessary flexibility in administration as products and conditions change.
I understand this subject has been studied and discussed for the last two
years and that full information is in the possession of the Congress.
a
No honest enterpriser need fear that because of the passage of such
measure he will be unfairly treated. He would be asked to do no more than
those
that
certain
he now holds himself out to do. It would merely make
who are less scrupulous than I know most of our producers to be, cannot
force their more honest competitors into dishonorable ways.
The great majority of those engaged in the trade in food and drugs do not
need regulation. They observe the spirit as well as the letter of existing
law. Present legislation ought to be directed primarily toward a small
minority of evaders and chiselers. At the same time even-handed regulation will not only outlaw the bad practices of the few but will also protect
the many from unscrupulous competition. It will, besides, provide a
bulwark of consumer confidence throughout the business world.
It is my hope that such legislation may be enacted at this session of the
Congress.
In Associated Press accounts from Washington it was
stated that the Senate Commerce Committee voted yesterday (March 22) in favor of a new food and drug bill giving
the Secretary of Agriculture broad authority to govern
packing and advertising of foods, drugs and cosmetics.
These advices added:
Senator Copeland (Democrat, New York), author of the bill, which
has had a stormy course in the Senate since it was first drafted more than a
year ago, declared the present measure would offer "greatly increased protection" to the public, without imposing unjust regulations upon publishers
and manufacturers.
The bill is a modified offspring of the much disputed "Tugwell bill"
introduced a year ago but never acted upon by the Senate.
While it transferred authority over advertising from the Federal Trade
of
Commission to the Food and Drugs Administration in the Department
Agriculture, it gave advisory authority to two boards named by the t'resiregulationq
dent. These boards have authority in the bill to pass on all
proposed by the Secretary.
Bill Introduced In Senate to Pay 60% of Claims of
Depositors In Closed Banks
would provide for the payment to depositors
which
A bill
of closed banks"to the extent of 60% of their proved claims
was introduced in the Senate on March 7 jointly by Senators
W. Warren Barbour, Republican, and A. Harry Moore,
Democrat,of New Jersey. They are reported as stating that
more than 160,000 depositors in New Jersey would be affected by the bill. The following from Washington March 7
is from the New York "Herald Tribune":
Depositors, who in the reorganization of national banks closed since
Jan. 1, 1930, accepted bank stock in whole or in part for their deposits,
would similarly be reimbursed up to 60% of the value of the stock they
accepted, the RFC being authorized under the bill to purchase such stock
from them. Distribution of the money paid by the RFC to bank receivers
or conservators would begin immediately after consummation of the purchase of the various proved assets by the Federal Finance Corp.
Ten Years Set for Liquidation
Liquidation of the assets thus acquired by the RFC would take place
within ten years. The RFC would be permitted, under the provisions of
the legislation, to require additional security on notes, and stockholders
would not be relieved of any assessment liability. Interest to be paid the
RFC by debtors is limited to 4%.
The following statement was issued jointly by Senators Barbour and
Moore:
"There are still many hundreds of thousands of dollars tied up in connection with national banks which closed after Jan. 1, 1930, and also in
respect to banks that closed and have since reorganized. A definite and
continued hardship on depositors has resulted. It is obviously to the interests of recovery that this money be released and put again into circulation.
Aid to Recovery Seen
"The purpose of the measure, as outlined in its title, is to 'Provide relief
to depositors in closed national banks, to promote resumption of industrial
activity, increase employment and restore confidence by fulfillment of the
implied guaranty by the government of deposit safety in national banks.'
It is evident that the conversion into cash of assets long held by individuals
unable to avail themselves of the potential value of the assets will markedly
contribute to achieving these ends, particularly in a State as highly developed industrially as New Jersey.
"This measure imposes no extreme burden upon either the Treasury or
the RFC,as under its terms the RFC is authorized and directed to acquire
assets only of proven worth. Nor will it result in quick or forced liquidation,
with resultant harm to values in the communities, as ten years are provided
for the liquidation of the assets thus acquired by the RFC.
"The measure also will put an end to the recievership racket, which so
often results in receivers, costs wiping out the assets of closed banks." 6,j
Senate Hearings on Amendments to Agricultural Adjustment Act-G.E. Putnam in Opposing Proposed
Legislation Says Primary Need is Foreign Outlets
for Surplus Agricultural Products
Powers not only to fix the price of food products to consumers at any point they consider expedient for the benefit
of the farmer, but also power of life and death control over
all businesses which process or handle agricultural commodities, will be given to the Secretary of Agriculture if the
proposed amendments to the Agricultural Adjustment Act
are enacted into law, according to George E. Putnam,
economist. Mr. Putnam, representing the Institute of
American Meat Packers, appeared before the Senate Committee on Agriculture and Forestry on March 13 in oppolition to the proposed amendments. Under the proposed
amendments, Mr. Putnam said, a Secretary of Agriculture
could, with the approval of the President:
Fix the price to be paid to farmers for their products through a license
imposed upon the procezsor. fix sales quotas for processors, thus in effect
Financial Chronicle
1932
putting a quota on farmers, even though no such quotas are provided in
the bill proposed.
Fix the prices of foods to consumers.
Take the position, if the Secretary of Agriculture-belonged to a certain
school of thought, that meat packers and other processors should stop price
competition with one another.
Might even, so broad are the terms of the legislation sought, divide the
country into regions and allot these various regions to certain food processors
or distributors, keeping others from selling in these regions.
Eliminate advertising by ruling that it is a waste and therefore useless.
Fix the profit in the meat packing industry, even though profits are
already so low that they have no appreciable effect on meat or livestock
prices.
In expressing his views before the Committee, Mr.Putnam
said:
Instead of proposing legislation of this kind, we should be trying to
recover the foreign market for agricultural products that we have lost. I
should think that would be the first thing to do. We must have foreign
outlets for our surplus agricultural products, because it is from agriculture
that our surplus comes. Therein Ues the solution of the agricultural problem.
A previous reference to the Congressional hearings on the
amendments and the opposition voiced by Mr. Swift before
the House Committee appeared in our March 16 issue,
page 1758.
Senate Action on $4,880,000,000 Work Relief Bill—
McCarran "Prevailing Wage" Amendment Defeated
—Senator Russell's Compromise Proposal Adopted
—Rejection of Senator La Follette's Proposal for
$10,000,000,000 for Relief
With a view to disposing of the $4,880,000,000 work relief
bill this week the Senate has speeded its action on the measure; on March 15 the controversy over the prevailing wage
provision was brought to an end, when the McCarron amendment was defeated by a vote of 50 to 38. The compromise
proposal of Senator Russell, to which reference was made
in these columns last week (page 1754) was thereupon
adopted by a vote of 83 to 2, the two opposing votes being
those of Senators Hale of Maine and Metcalf of Rhode
Island, both Republicans. The McCarron amendment was
brought before the Senate as a substitute for the Russell
amendment, which latter had been offered as a substitute
for the Committee amendment. While we indicate further
below the daily proceedings on the bill, we note here the
action taken on March 21, when the Senate by a vote of
43 to 33 rejected an amendment by Senator Borah restoring
to full force and effect the anti-trust laws which, said the
New York "Times" have been suspended largely by codes
formulated under the authority of the National Industrial
Recovery Act. It was likewise stated in the same advices
that the intent of the amendment was to uproot the code
system of NRA except as it relates to minimum wages,
maximum hours of work and prohibition of child labor,
and its adoption would probably have invited another veto
threat for the whole relief measure.
Regarding the Senate actior on March 15, a Washington
account to the New York "Herald Tribune" said, in part:
By crushing the McCarron amendment, controversy over which has held
back the works relief bill since early February, the way is paved for
the passage of the vast appropriation measure substantially in the form
the President wants it.
Gives Free Hand on Wages
The Russell substitute, which is in the nature of a compromise, virtually
leaves the President a free hand in fixing wages on works projects except
that on public building projects the prevailing wage is required and the
provisions of the existing Davis-Bacon Act as to prevailing wages are
preserved. There is wide conflict of views, however, as to exactly what the
compromise will require. Moreover, it is pointed out that the bill still
has to go through conference, and it is not certain how far the House
conferees will "trim" the Russell substitute.
While the outcome was an Administration victory, it has been achieved
in the face of bitter resistance of organized labor and it has served to
widen the breach between the Administration and trade union chiefs.
Senators Who Switched
Senators who "switched" from their votes on the McCarron amendment
on Feb. 21, when it was adopted, 44 to 43, were Robert F. Wagner of New
York, Joseph C. O'Mahoney, Wyoming, and Hugo L. Black, Alabama,
Democrats; Warren R. Austin and Ernest W. Gibson, Republicans, Vermont, and Robert H. La Follette, Progessive, of Wisconsin.
Reasons for the sudden conversion of the Senators were the subject of
much Senate speculation. So far as Senator Wagner is concerned, it is
said he is hoping to get Administration support for his national labor
relations bill.
Senator Ellison D. Smith, Democrat, of South Carolina, who did not
vote on the McCarron amendment on the test Feb. 21, voted against the
amendment to-day. On the other hand, Senator Elmer Thomas, Democrat,
of Oklahoma, who did not vote then, voted for the amendment to-day.
Long Gets Pair for Overton
Senator Huey P. Long, Who protested recently about attempts of the
Administration Senators to withhold pairs, succeeded in getting one for
his colleague, Senator Overton. He did not get one for Senator Caraway,
who is ill in a hospital, but the outcome showed that a pair for her would
have made no difference in the remit. . . .
Discussion of the McCarron amendment ran all through the afternoon
until nearly 6 o'clock. A score of Senators spoke, including William E.
Borah, of Idaho; Hiram Johnson, California; Bronson Cutting, New Mexico;
March 23 1935
Mr. Robinson, Carter Glass, Virginia; Mr. Wagner, George W. Norris,
Nebraska; Pat McCarron, Nevada, and Huey P. Long, of Louisiana.
IVagner Target of Attack
Senator Wagner, supporting the Russell compromise against the McCarron amendment, found himself through the afternoon the target of
sharp attack by Senators Borah, Cutting, McCarron and others, who quoted
his remarks for the McCarron amendment some weeks ago in sharp contrast
to what he had to say to-day. Senator La Follette, who explained his
change of front late this afternoon, also found himself criticized and
found his old insurgent Republican friends, led by Senator Norris, parting
company with him.
With garrelies crowded through the afternoon, the whirlwind of debate
was ended by Senator Glass. He followed Senator McCarron, who made an
impassioned plea for his amendment. Senator Glass admonished the Senate
that the McCarron amendment would largely increase the demands on the
Government and that the public debt, with the banks loaded up with
bonds, is such that a decline of 10 points in Governments would throw 90%
of the banks into receiverships. . . .
Opening debate this afternoon, Senator Wagner explained why he was
abandoning the McCarron amendment. He contended that the works and
relief bill was being delayed by the dispute and "neither a feeling of selfrighteousness or pride or fear of public opinion should cause us to forget
that our primary responsibility is to the missions of people over the
country who need help.
"Not even these weighty considerations could move me to urge the
slightest modification of the stand whiah the Senate has taken upon the
prevailing wage, were it not for the unusual situation in this body
itself."
Wagner Puts Trust in President Roosevelt
Senator Wagner maintained that under the Russell substitute there would
be no lowering of the prevailing wage, and said he had no hesitancy in
trusting the President "to protect the welfare of the working people of
this country." He said the President would approve the Russell substitute.
This led Senator Borah to press the question why the threat of veto, if,
as Senator Wagner said, the prevailing wage would be maintained under
either the Russell substitute or the McCarran amendment.
Senator McCarron charged that the Russell substitute would confine the
prevailing wage to public works.
Senator Daniel 0. Hastings, Republican, of Delaware, brought out that,
as to $900,000,000 for projects for States or municipal subdivisions and
$800,000,000 for public roads, the prevailing wage would be compelled by
State laws. He thought it "strange" under the circumstances that the
President should threaten a veto on the McCarron amendment.
Senator Cutting defended the McCarron amendment, drawing a sharp
contrast between Senator Wagner's remarks to-day and what the New
York Senator said several days ago in urging the McCarron proposal. . . .
Senator La Follette, in explaining why he had determined to "switch"
and vote against the McCarron amendment, declared that when it was
originally adopted by one vote it was apparent "an honorable compromise"
would be necessary. He asserted the Russell substitute "protects the rights
of labor to a substantial degree." He insisted the works appropriation was
inadequate and indicated he would press amendments to increase it to
$6,000,000,000 or more.
On March 16, the first Saturday meeting since the present
session began, the Senate struck from the work-relief measure two sections which, it is stated, were regarded as
restricting in some degree the President's handling of the
huge appropriation. From the advices from Washington,
March 16, we quote:
Without‘-record vote the body rejected the so-called master plumbers'
amendment, whereby the President, in handling the new works projects,
would have been compelled to let out to contract any mechanical sanitary
work covered by public health regulations, and also the provision that
public roads, rivers and harbors, reclamation and public building projects
be placed under the supervision of the permanent Government departments
that have handled them hitherto.
Both of these sections had been written into the resolution in Committee
with the reluctant consent of the Administration.
Conflicts in the Offing
The Senate completed action on the committee amendments early this
afternoon and set itself for the remaining fights. Rather than precipitate
any of them to-day, the leaders obtained a recess until noon Monday.
Even as the recess was ordered, Senator Adams was ready to proceed
with his proposal to reduce the appropriation to $2,880,000,000, and
Senator Thomas of Oklahoma was preparing to offer his proposed new
section for further monetization of silver.
Other proposals which will have to be met before the final vote is taken
are one by Senator La Follette to increase the appropriation to above
$10,000,000,000, one by Senator Shipstead to pay the veterans' bonus out
of the work relief appropriation and one by Senator Wheeler to issue
greenbacks to provide the money.
Senator MeNary, the Republican leader, indicated that there might be
some controversy over the proposal for extending the life of the Public
Works Administration for two years, or until July 1 1937. Senator Glen
offered the amendment for the PWA extension to-day but, on the solicitation of Senator McNary, agreed to put off a vote until Monday. . . •
Extension of FERA
The Senate adopted, without dissent, another amendment of Senator
Glass to continue the Federal Emergency Relief Administration for one
year, or until July 1 1936.
Senator Adams obtained a unanimous consent agreement just before
recess to•day for consideration of his amendment to reduce the appropriation as soon as the matter of the PWA extension has been determined.
The amendment of Senator Glass to extend for two years,
until June 30 1937, the PWA, was adopted by the Senate on
March 18, on which date extended controversy ensued over
the proposal of Senator Adams to reduce the work-relief
bill to $2,880,000,000, and to limit it to June 30 1936 instead
of June 30 1937. The dispatch to the "Herald Tribune,"
March 18, stated that Senator Harry F. Byrd (Democrat)
of Virginia proposed as a substitute for the Adams amendment that the bill be reduced to $1,880,000,000. Senator
Financial Chronicle
Volume 140
1933
Glass served notice when the Senate quit on March 18 that House Passes Patman Bonus Bill as Substitute for
Vinson Measure—Cash Payment Proposed Through
he would hold it in session late the next day in an effort to
Issuance of $2,000,000,000 in New Currency Issue
force a vote on the question of cutting the appropriation.
The House passed yesterday (March 22) the Patman
Regarding the Senate action on March 19, when the probill by a.;,vote of 318 to..90. On the previous day
bonus
down,
appropriation
were
voted
posals to reduce the relief
of 201 to 191 the House substituted
the Washington dispatch to the "Herald Tribune" said, (March 21) by a vote
the
Patman
bonus
proposal
for the Vinson bill, which latter
in part:
has the support of_the American Legion. Representative
Administration forces in the Senate again this afternoon swept aside
Vinson's bill would authorize payment of the bonus; it would
opposition to the works and relief bill and defeated amendments of Senators
not however provide for currency expansion but would
Adams and Byrd to reduce the total carried in the measure from the
White House figure of $4,880,000,000.
leave with the Treasury the method of meeting payment,
Senator Adams's amendment to cut the bill to $2,880,000,000 and limit
the bill of Representative Patman providing for cash paythe appropriation to June 30 1936 was defeated by a vote of 57 to 30.
ment—an inflationary measure—would involve the issuance
Previously the amendment of Senator Byrd, to cut the total to $1,880,000,000, offered as a substitute for that of Senator Adams, was beaten,
of new currency to the amount of $2,000,000,000 Before
Republican,
of
New
66 to 21. An attempt by Senator Bronson Cutting,
final passage yesterday the House rejected 204 to 207 the
Mexico, to limit the appropriation to one year, without reducing the
.
Vinson bill. It also turned down the Tydings-Cochrantotal, was defeated, 57 to 30. .
Andrews measure for making payments in negotiable bonds.
Warn of Effects on United States Credit
The vote was 82 to 318 against the Tydings-Cochran-AnThe votes on the proposals to reduce the total of the bill were not reached
drews proposal. As to the action of the House on March 21,
until late this afternoon, after discussion in which Democratic members
such as Senators Adams, Tydings, Glass, Byrd and R. S. Copeland, of New
we quote the following from the Washington advices to the
York, warned of impairment of Government credit and collapse of the
New York "Times":
of Government bonds. Senator James Hamilton Lewis, Democrat,
prices
of Illinois, led in defense of the bill and sought to show credit would
not be injured.
stand upon the conviction that if this appropriation is
passed it will impair the credit of the United States Government," Senator
said.
Glass
Senator Byrd took up the recent report of the Treasury Department in
response to his resolution showing the expenditures under the $3,300,000,000
public works appropriation of 1933. He emphasized the fact that, although
thia appropriation was made about two years ago, supposedly to help
unemployment, about half of it is still unexpended, despite the fact large
sums of the appropriation have been diverted to purposes having nothing
whatever to do with public works.
He said Congress, when it made the appropriation, did not know "that
such diversion would be made," and declared there was no justification
for such diversion.
"This method of making appropriations," he declared, "has absolutely
destroyed the budget system." He pointed out that $486,000,000 had been
diverted from construction projects and asserted that comparatively few
men, only about 360,000, had been put to work, challenging the idea that
prosperity would be restored by the pending bill.
"After two years of trying to spend ourselves back to prosperity," he
said, "we are asked to increase the Government debt 20% in one year."
Senator Byrd read from speeches of Mr. Roosevelt when a candidate,
emphasizing the need of preserving the integrity of the Treasury of the
United States, and said passage of the pending bill would elevate the debt
to $34,000,000,000.
The votes on the Byrd amendment (rejected 66 to 21)
were cast as follows: Against the amendment, 66—Democrats 51, Republicans 13, Progressive 1, Farmer-Laborite 1;
for the amendment, 21—Democrats 10, Republicans 11.
The votes on the Adams amendment (rejected 57 to 30)
were cast as follows: Against the amendment, 57—Democrats 49, Republicans 6, Progressive 1, Farmer-Laborite 1;
for the amendment, 30—Democrats 12, Republicans 18.
The amendment of Senator La Follette to increase the
appropriation to $9,880,000,000 was defeated on March 20.
According to the Washington account, March 20, to the
"Times," four amendments regarded as unwanted by President Roosevelt were inserted in the bill on that day, as a
result of which the final vote, it was said, was likely to be
delayed. As to the amendments, the "Times" dispatch said:
The Amendments Entered
The amendments adopted to-day were all considered of minor intportance; nevertheless they were undesired by the Administration. Two
of them restored language which the Senate, at the behest of the President's spokesmen, had stricken from the measure on Saturday as unnecessarily restrictive of his authority to handle the vast relief appropriation.
These two were the proposal for directing regular public works projects,
such as reclamation, rivers and harbors, &c., through the permanent governmental agencies that handle them now, and the so-called Master Plumbers'
amendment, providing that all mechanical sanitary work required to
conform to health statutes and requirements of public health authorities
should be let by contract to the lowest bidder. Both of these provisions
were restored.
In another amendment adopted without record vote, the Senate added a
stipulation, proposed by Senator Hayden, that funds allotted for highway
construction from the $4,880,000,000 relief appropriation be handled
through the highway departments of the several States as provided by the
Federal-State aid good roads laws.
In still another offered by Senator Cutting and adopted by a record vote
of 55 to 25, the Senate earmarked an amount, "not to exceed" $40,000,000,
to be allocated to the States "on the basis of demonstrated need," to keep
the public schools open for the remainder of the school year.
To-day's voting, both on roll-calls and viva voce votes, showed some
unusual alignments. On the school fund vote, for instance, the orthodox
administration forces lost such stalwarts as Senators Harrison from Mississippi, Barkley and Logan from Kentucky, Connally from Texas and Thomas
of Utah. Restoration of the master plumbers' amendment was proposed
by Senator Robinson, the Democratic leader.
Before tackling any of the new amendments, the Senate voted down,
69 to 20, a proposal offered by Senator Schall requiring the liquidation
within 90 days of all emergency government corporations chartered since
March 4 1933.
just before the Hayden amendment was adopted Senator Borah offered a
proposal that all rivers and harbors work, flood control, reclamation and
public building projects be under the supervision of existing permanent
agencies. This was substantially Section 10 as stricken from the resolution
Saturday. It was adopted, however, along with the Hayden proposal.
To-day's action was not final, and the closeness of the vote encouraged
supporters of the Vinson bill to hope that the House may reverse itself.
After certain parliamentary formalities the decisive ballot will be taken
to-morrow. Some sort of bonus measure will be sent to the Senate in any
event.
Representative Patman estimated that fulfillment of his plan would cost
about $2,015.162.456.75. His original plan called for an expenditure
estimated at $2,400,000,000, and the lower estimate represents the "compromise" he made with his colleagues.
Bond Measure Defeated
To reach the Patman vote, the House rejected several substitutes, on
only one of which a standing vote was demanded. The Tydings-Cochran
Bill, providing for the exchange of negotiable bonds, bearing interest until
1945, but eligible for immediate sale for the present value of the adjusted
service certificate, was defeated, 196 votes to 73.
The bonus inflation issue produced the liveliest session of the year. The
presiding officer broke his gavel trying to keep the House in order,as member
after member was shouted down. Part of the confusion was due to the
complicated procedure ordained by the Rules Committee when it set up
what Chairman O'Connor of New York called the "widest open rule in the
history of Congress."
Supporters of President Roosevelt in his avowed intention of preventing
bonus payment this year, sat in silence as the Patmanites steamrollered
their forces to victory.
Says Veto Awaits Both Bills
Representatives Connery of Massachusetts predicted that the Patman
bill would pass the House and the Senate. He said he did not know what
would happen at the White House, but that the Patman bill would become
aw in any event.
"Some of us do know what's going to happen at the White House,"
Representative Cochran retorted. "The Patman bill is going to be vetoed,
and so is Vinson's. The veteran wants his money, not your vote. If you
can't get him his money, why send a bill to the White House "
Some 38 members of the House did not record their votes to-day, but 12
of them were paired. The votes were distributed on the roll call as follows:
For the Patman amendment, Republicans, 21; Progressives, 7; FarmerLabor, 3, and Democrats, 171, a total of 202. Against the inflationary
amendment were 120 democrats and 71 Republicans. Six were present and
not voting.
Representative Patman, who has shepherded his bill twice before through
the House, directed his steering committee's floor activities in masterly
fashion. Administration leaders had not expected a record vote of any
kind to-day and an excited conference was held around the Ways and
Means Committee table when it became apparent that the Patman forces
were going to rush matters to a roll-call. . . .
Cannon Occupies the Chair
Representative Cannon of Missouri, former House parliamentarian,
occupied the chair during the difficult second reading of the Vinson bill,
when practically any sort of amendment was In order under the complicated
rule. Mr. Cannon gave short shrift to members using obstructional tactics
by raising points of order.
He was bested once, however, when Representative Connery offered a
pro forma amendment to get the floor in order to warn the Patmanites that
they wanted to vote against the particular amendment pending.
Representative McReynolds of Tennessee offered as an amendment a
substitute bill somewhat similar to the Tydings-Cochran bond bill.
Representative Kenney of New Jersey proposed to pay the bonus by a
national lottery.
Representative Andrew of Massachusetts spoke for his proposal to pay
the present value of the certificates, with interest calculated from the date
of the armistice, saying he wanted to give the veteran "what is actually
due him but no additional gift."
Representative Hollister of Ohio attempted to strike out the currency
expansion control section of the Patman bill, saying it "doesn't make sense
and nobody understands it."
Representative Better of New York tried to insert a provision that no
veteran receiving the bonus would be denied work relief as a result. He
told the House that an assistant relief administrator in his part of New
York State (Williamsville) had informed him all veterans would be turned
off of work relief projects in case the bonus was passed.
A proviso that no veteran who had not borrowed on his certificate, or who
was an income tax payer in 1934. should receive the bonus was suggested
by Representative Young of Ohio.
Bonus Forces Well Handled
The discipline of the Patman followers,sprung of their two previous victories In the House, was excellent. They rushed matters through to a record
vote against the will of the administration leaders, who said they had an
agreement with Mr. Patman that no such ballot would be taken to-day.
Even when Speaker 13yrns had ordered the roll-call. Representative
Cullen of New York tried to get the floor to move for adjournment. He
was shouted down by the excited Patmanites, and Mr. Byrns was forced
to permit the roll-call to proceed.
Mr. Patman had to take the floor himself, after the first roll-call. to
plead with his followers in favor of the motion to adjourn offered by Rep-
Financial Chronicle
1934
resentative Taylor of Colorado. . . . The adjournment motion probably was defeated the first time it was put, when Mr. Burns restated it.
following Mr. Patman's statement, there was only perfunctory opposition.
rhe measure for which the House showed its preference to-day provides
that "the Administrator of Veterans Affairs is authorized and directed
to pay to any veteran to whom an adjusted service certificate has been
issued, upon application by him and surrender of the certificate and all
rights thereunder (with or without the consent of the beneficiary thereof)
the amount of the face value of the certificate as computed In accordance
with Section 501."
Payment shall "be made in United States notes not bearing interest."
and the Secretary of the Treasury would be authorized and directed to
issue such notes.
The "controlled expansion" feature, which Mr. Patman stressed in his
explanation of the bill, is contained in the following section:
"Whenever the index number of the wholesale all-commodity price
rises above the index number of such prices for the years 1921 to 1929 as
computed by the Bureau of Lebo. Statistics of the Department of Labor,
notwithstanding any provisions of law to the contrary, the following
methods for contracting the issues of currency in the United States may
be in force and effect, in the manner and to the extent prescribed in Subsestion (b) of this section:
(1) Termination of the issuance and reissuance of Federal Reserve notes
secured by direct obligations of the United States.
"(2) Termination of the issuance and reissuance of national bank circulation notes and the retirement of such notes from circulation as rapidly as
practicable.
"(3) Termination of the issuance and reissuance of Federal Reserves
notes secured only by gold or gold certificates.
"
(4) Termination of the issuance and reissuance of Federal Reserve notes
secured by notes, drafts, bills of exchange, acceptances, or bankers' acceptances which are not issued in direct benefit of commerce, industry or
agriculture.'
Any or all of these retirement operations would be carried out by the
Secretary of the Treasury when necessary "to maintain the index number
of wholesale all-commodity prices" at the 1921-1929 level, or to "prevent
undue expansion of the currency."
Says President Fights Payment
President Roosevelt's opposition to cash payment now of the bonus
has not been shaken, Senator Bulkley indicated to-day after a call at the
White House.
The Senate told Mr. Roosevelt that,if necessary, he would vote to sustain
veto of soldier bonus legislation. He expressed hope, however, that this
would not be necessary and that a solution, measurably satisfactory all
around, could be worked out.
"I talked to the President about the possibility of getting the bonus
issue disposed of," he said. "I did not, however, discuss any specific plan.
I expressed the hope that some plan could be worked out that would be
measurably satisfactory to all concerned so as to get the issue disposed of.
"I told the President, as I had before, that I would again stand by him
and vote to sustain his veto, but that I hoped that it would not come to
that. The President did not indicate any change in his attitude towards
the bonus issue."
In our issue of March 9, page 1578, we referred to the
action of the House Ways and Means Committee in voting
to report the Vinson bill. Representative Lewis of Maryland
was the only member of the Committee against reporting a
bonus bill and in a minority, report he denounced as "an
unjust and ruinous financial program" the immediate cash
payment of the soldiers' bonus as provided by the Patman
and Vinson bills.
On March 18 President Roosevelt vitually served notice
on Congress that he was prepared to veto either of the two
bills. From the "Herald Tribune" advices from Washington
on March 18, from which we quote the foregoing, we also
take the following:
The President's attitude was disclosed by Senator Pat Harrison, Democrat, of Mississippi, Chairman of the Senate Finance Committee, after a
call at the White House, Senator Harrison made it plain that the President left no doubt as to his position and for the first time revealed his intention to disapprove either of the major versions now pending in Congress
for immediate full payment of the veterans' adjusted compensation certificates.
Wide-Open Poll Authorized
The White House reaction came on the heels of the decision of the House
Rules Committee to authorize a wide-open procedure for immediate consideration of the bonus question which will provide the House with a field
day on the several measures designed to solve a legislative problem which
had plagued five successive Congresses. . . .
After a protracted session, Representative John J. O'Connor, Democrat,
of New York, Chairman of Rules, announced the committee decision.
After the rule is debated and adopted, the House will begin a ten-hour
general debate on the Vinson bill. Then the measure will be taken up for
amendment with almost anything in order. The effect will be that other
measures will be offered as substitutes. . . .
All Amendments in Order
Specifically, the rule approved to-day, which is free from any form of the
"gag" rule of the House, says:
"It shall be ar order to consider as substitute amendments for the Vinson
bill any such amendments that relate to the payment of the World War
adjusted service certificates and such substitute amendment shall be in
order, any rule of the House to the contrary notwithstanding.
"At the conclusion of the consideration of the bill for amendment the
committee of the whole shall rise and report the same to the House with
such amendments as may have been adopted and the previous question shall
be considered as ordered on the bill and amendments thereto to final
Passage without intervening motions except two motions to recommit with
or Without instruction: provided, however, that if the instruction in such
motions relate to the payment of the World War adjusted service certicates, they shall be in order, any rule of the House to the contrary notwithstanding."
With more representatives on the floor than at any time
this session, and with few vacant seats in the galleries,
said Associated Press advices from Washington, the threeday period of debate started on March 19 with explanations
by leading advocates of three different methods of paying
the soldiers' bonus—Representative Wright Patman (Democrat, Texas), Carl Vinson (Democrat, Kentucky), and
March 23 1935
Walter A. Andrews (Republican, New York). The same
advices also stated in part:
Patman opened with the statement that his bill was not inflationary even
if it did call for the issuance of $2,000,000,000 in new currency. He spoke
with feeling of his "friend from Kentucky," but added quickly that Vinson's bill was a "bankers' bonus bill." . . .
Patman's new currency bill is backed by the Veterans of Foreign Wars.
• • •
The debate began after the House, without even a record vote, agreed to
highly unusual procedure under which it will choose, on the floor, between
the Vinson. Patman and all other bonus payment plans. Leaders_were
hopeful, bur not optimistically, of a final vote Saturday.,
S. Clay Williams, Before Senate Committee, Urges
Continuation of NRA with Modifications for Two
Years
In appearing before the Senate Finance Committee, on
March 18, S. Clay Williams advocated the continuation of
the National Recovery Administration for two years. Mr.
Williams, whose resignation as Chairman of the National
Industrial Recovery Board was noted in these columns
March 9, page 1588, told the 'Committee that "the NRA has
made a definite contribution to recovery and general conditions. With certain modifications, it would be exceedingly valuable to have it extended." The hearing before
the Senate Committee is in furtherance of its inquiry into
proposals for revision of the National Industrial Recovery
Act. Mr. Williams, who had been heard by the Committee
on four days, concluded his testimony on March 19. From.
Associated Press advices from Washington, on March 18, wequote the following regarding Mr. Williams's testimony on
that date:
Senator Hastings, after obtaining Mr. Williams's recommendation for the
extension of the NRA, asked whether the Administration had definite
recommendations. "I am trying to find out," he said, "whether the'
Administration is trying ta impose on Congress the whole responsibility
of revision of the NRA or whether it is taking the responsibility and'
on the basis of its experience telling Congress what to do."
Mr. Williams replied that full recommendations had been submitted,
but Senator Hastings said that he did not understand what they were.
Senator King, Democrat, of Utah, asked if the NRA was not creating
a "new kind of monopoly" in which all business participated.
"We are not beginning any kind of monopoly in the NRA," Mr. Williams
replied.
Senator Couzens, Republican, of Michigan, asked if there were provisionsin the codes to prevent the creation of new units within the industries.
Mr. Williams said that the ice and cement codes were the only onesrequiring approval to establish a new plant, but that other codes had'
limited provisions in that direction.
In its dispatch from Washington, March 18, the New York
"Journal of Commerce" said, in part:
Mr. Williams attributed the difficulties in textiles to overproductivity
in that industry, and raised the question as to how far NRA should go
toward limiting production from the standpoint of public Interest, although,
the industry itself has asked for a further curtailment so as to save It
from utter destruction.
Senators sought to learn from him, rather ineffectually, what is retarding
restoration of confidence, which, he said, would tend to bring back more.
of the employment of 1929 than is shown in the comparison of statistics
for that year and 1933.
Stresses !Favorable Sentiment
Pressed to give his viewpoint as to how the country would vote on the
question of extension of 1NRA for a further period, he said this was a
political matter, but that he believed general sentiment is favorable.
There are things complained of which must be straightened out, but once
this is accomplished, the new law would be acceptable to the bulk of
the people.
Asked to give definite advice as to the form that the new law should
take, he rested on the recommendations made earlier in the hearings and
declared the responsibility for drafting the law to be with Congress. Its.
mandate, he said, would be carried out by NRA.
Most of the day was devoted to questions as to the effect of price provisions in codes. Senator Couzens, and others, "marveled" at the fact that
bids invited by the Government for products of industries observing the
open price system brought identical quotations. Mr. Williams admitted
that one advantage of the open price system to its supporters was that
where one unit dropped its prices, the others could "endeavor to show it
the error of its ways." He also decried production control as contained'
In the ice and cement codes, among others, under which to enter into.
business a man would first have to get permission.
Stating that a charge that the boycott was used by the.
NRA as one of its most effective weapons to command the.
compliance of industry precipitated a lively debate on
March 20 between Mr. Williams and Senators King and'
Hastings, said the Washington dispatch on that date to.
the "Times," which further reported:
It came near the end of Mr. Williams's appearance before the Senate
Finance Committee's investigation of the NRA. During his testimony to-day .
the Committee heard him declare sharply that no tobacco or cigarette
trust existed and an expression that the "motive power" behind all businesswas "intelligent selfishness.'
Mr. Williams admitted, in the boycott debate, that the Blue Eagle
regulations might be interpreted as a sort of boycott inspired by the NRA,
but it was not a boycott in the usual sense of the word, he argued.
The Blue Eagle display in a store or factory windbw was simply notice
to purchasers that the goods sold or manufactured were produced by laborworking decent hours, receiving living wages and not involving tht labor
of children, he contended.
Mr. Williams declared he did not believe in trusts, and when Senator
King asked if he excepted "good trusts," he replied that there were no,
such trusts, in his opinion.
Financial Chronicle
Volume 140
"How about the cigarette trust?" Senator King asked, having in mind
the fact that Mr. Williams, before taking his NIRB post, was Chairman
of the Board of the R. J. Reynolds Tobacco Co.
"There is no tobacco trust and there is no cigarette trust," Mr. Williams
replied.
Many provisions of NRA codes, as originally drafted and approved, had
proved to be without value, Mr. Williams told the Committee, and these
were being eliminated as fast as possible. When he was asked if selfish
interests had any part in the writing of these, he replied that in every
instance the NRA and the President had the last word. Here he made
his remark that "intelligent selfishness is the motive power behind all
business."
On March 15 Mr. Williams, testifying before the Committee on the type of NBA to be maintained after the expiration of the present Act of June 16, said there are two roads
which can be followed, and it is up to Congress to select
one of them. Congress either must decide to protect the
wage scale or abandon that principle and try to save the
inefficient business man, he said, according to the "Journal
of Commerce," which continued:
"So far NRA has tried to maintain the wage scale," Mr. Williams said,
"because we feel that is what Congress ordered us to do. You can't look
out for the interests of the worker and preserve the operator who must
depend on savings of wages to make a profit."
Senator Daniel Hastings, Republican, of Delaware, said he did not consider it "good Americanism to say to an operator that unless you pay as
much wages as your competitor, you can't continue."
Mr. Williams replied that if the Government allowed one man to operate
at less than the minimums established it would have to let everybody do it.
"If 100 men were fighting with knives," he added, "the Government
could't come in and tie ninety-nine of them to trees and let the other
one run wild."
If Congress decides that the wage scale must be maintained, Mr. Williams
said, an ultimatum would be issued to business men to preserve the stipulated wage level or get out of business.
A warning to Congress that it must be ready to destroy
the inefficient minority in business if it determines to protect labor on wages and hours of work was given by Mr.
Williams on March 15, said Associated Press advices from
Washington on that date, whiCh also stated, in part:
Leaning back in his chair at the Senate Finance Committee's investigation, Mr. Williams said:
"You must enforce the code for the social benefits involved against the
10% that the code may destroy, or if you are determined to avoid the
destruction of the inefficient units, then we've got to abandon the purpose
of serving the social side."
Talking slowly and carefully, Mr. Williams warned the Committee also
that maintenance of the codes was dependent upon some modification of
the anti-trust laws.
The "Times" advices from Washington, March 15, observed that Mr. Williams had remarked that a good deal
of confusion was possible on the question of what codes
were inter-State and what intra-State. In part, these advices continued:
"If you take in everything affecting inter-State commerce you take in
everybody, down to the bootblack, and in saying that I am not trying to
be ridiculous," said Mr. Williams.
Senator Hastings remarked:
"If you go as far as Mr. Richberg does as to what is in inter-State commerce you will have very little left of anything. I reached the conclusion
from what Mr. Richberg said that there is practically no limit to what
is in inter-State commerce, and you can control all business by declaring
it to affect the public Interest."
Mr. Richberg said then that he wished to make a statement before the
Committee. He did not indicate its nature, but an impression was
created that it was to clarify his attitude as to where the border lines
of inter-State commerce begin and end. He was informed that he would
be recalled next week.
The existing "uncertainty" in the business world was brought up in a
question by Senator Gore, put to Mr. Williams.
"Is it not your opinion that one of the reasons our recovery is not
more rapid is due to the 'uncertainty' entertained generally as to what is
going to happen next?" asked Senator Gore.
"Congress can eliminate this uncertainty, and if it does it will have taken
the longest step forward possible to restore prosperity," replied Mr.
Williams.
"Is it not true that, if the NRA was 100% suocessful, it would limit
business to the efficient and put out of business those who are not so
efficient?" asked Senator Hastings.
High Wages Taken Up
"It is true that the establishment of high wage rates may put out of
business those who cannot pay the minimum wages fixed for the purpose
of maintaining the living standard," the NIRB Chairman replied. "This
is a question the solution of which rests with Congress."
"I am told," said Senator King, "that the NItA codes could not be
enforced if the anti-trust laws were enforced."
"I would not say it in such a broad term as that, and, as I understand,
the anti-trust laws are modified, or simplified, to the extent necessary to
permit the accomplishments of the purposes responsible for the enactment of the NIRA," said Mr. Williams. "Unless that is done, I doubt if
any code could survive."
"Is it not true that you cannot start a new industry under the NRA at
this time?" asked Senator Hastings.
"I see no reason for tying 99 to a tree and then letting the other fellow
run around with a knife in his hand," Mr. Williams said.
The NRA, he went on, was seeking to maintain an even balance in
Industry. Many small businesses are more efficient than larger businesses,
he said, and many large ones were more efficient than the smaller ones.
Congress, said Mr. Williams, must decide between protecting the wages
of workers and protecting the interests of inefficient business.
"You cannot look after the interests of the worker and at the same time
preserve the operator who depends on wage savings in order to gain a
profit," he added.
z
1935
The assertion that the NRA had made substantial progress in meeting its primary objective, which was the restoration of employment and the maintenance of an American
standard of living wage for labor was made by Mr. Williams
at his initial appearance before the Committee on March 14,
the "Times" report of the hearing on that date continuing,
in part:
Price-fixing was declared to have been a rare exception under the codes
and in no sense the general rule. Mr. Williams did not believe in any
price maintenance policy except one involving fair trade practices. He
pointed out that about 300 codes contained cost accounting provisions,
which become effective only on approval by the NRA. Such approval
was given in only 39 cases.
Code Minorities a Problem
In an exchange of views with Senators King, Clark and Austin, Mr.
Williams admitted that the question of the rights of a minority interest
in an industry had been very troublesome, but he said that President
Roosevelt was right in proclaiming that a small "recalcitrant minority"
should not be permitted to report to unfair trade practices or other questionable means to defeat regulation and operation of an industry.
Industry in general, he declared, approved the elimination of child
labor, the fixing of hours of work at a just maximum, the maintenance
of proper wage levels and working conditions, and the outlawing as far
as possible of unfair trade practices.
An attempt to regulate wages and hours, he remarked, brought forward
"the issue of industrial units which can compete only became of the
payment of unconscionably low wages," and the NRA had always resolved
that question "by in every way possible seeking to protect the wage level."
Some, but not many, complaints had alleged selling below cost of
production. In the witness's opinion, it was indefensible for any efficiently
managed and operated industry to sell its products below cost.
"The NRA drift is away from maintaining any price standard, but
toward open prices, and marking them public in the industry and with those
dealing with the industry," Mr. Williams continued.
Greatest Fields for the NRA
The fields in which the NRA had proved its greatest worth were described
as wages, hours, child labor, living conditions and the guaranteeing, as
far as possible, of fair trade practices. If the NRA went outside those
fields, Mr. Williams added, it might find itself facing a situation in
which the results would be a minimum of benefits and a maximum of
trouble. In two years the NRA had proved that the benefits outlined were
practical and they should be maintained.
"I don't think we can go further than the minimum in preserving the
things we should preserve; otherwise we will go back to the bilious competitive system of 1929," Mr. Williams declared.
The range of opinions as to what could be done legally ran "from the
status of Supreme Court decisions to the contention that Congress has the
power to declare any industry in the land involves the public interest."
"In other words, if Congress decided a sheep's tail was its leg, that would
make it so," said Senator Clark.
"I don't think it so at all," interposed Senator King.
"To my thinking," said Mr. Williams, "you have on one side the problem
of legality and on the other that of practicability, and I think that
probably the line of practicability lies this side of legality."
As for the public view toward the NRA, there was no question in Mr.
Williams's mind that the elimination of child labor, and the establishment
of minimum-wage standards and decent working conditions, were "fundamentals which have the support of the public opinion of this country."
Hearing Before House Committee on Bill to Regulate
Public Utility Holding Companies—Preston K.
Arkwright of Georgia Power Co. Declares Bill
Would Destroy All State Regulation of Utilities—
Quotes President Roosevelt Against Danger of
Encroachment of Federal Government on State
Powers
Declaring that passage of the proposed public utilitiea
bill would immediately curb and eventually destroy all.
State regulation of electric utility companies, Preston S.
Arkwright, President of the Georgia Power Co., read before
the House Interstate and Foreign Commerce Committee, on
March 15, a warning by President Roosevelt, delivered
when he was Governor of New York, against the dangers
of further encroachment by the Federal Government upon
the powers of the States. The statement by Mr. Roosevelt
(according to Mr. Arkwright), made in March 1930, declared:
To bring about government by oligarchy masquerading as democracy,
it is fundamentally essential that practically all authority and control be
centralized in our National Government. The individual sovereignty of
our States must first be destroyed, except in mere minor matters of
legislation. We are safe from the danger of any such departure from the
principles on which this country was founded just so long as the
individual home rule of the States is scrupulously preserved and fought for.
Mr. Arkwright stated:
The proposed public utilities bill is legislation of the very type which
Mr. Roosevelt at that time condemned, and it is many times worse. It
breaks down the authority of the States, and it construes the Inter-State
commerce clause of the Constitution so broadly that, if the theory behind
this bill should prevail, there is no business of any kind anywhere which
could not be brought under Federal regulation, control and management.
It even attempts to make the use of the mails the basis of a claim that we
are engaged in inter-State commerce and therefore subject to Federal
regulation.
As President of an operating company, part of the Commonwealth & Southern system, Mr. Arkwright said, in part:
The holding company is necessary to our continued existence. We and
all other electric companies have a constant need for new capital, because.
there is a constant demand for extension of our service to new communities
and because the rates we are permitted to charge are so low they preventus from building up any large reserves of cash, such as unregulated bust
1936
Financial Chronicle
nesses can do. The holding company provides a reservoir of capital from
which we can draw for oar needs. . . .
Abolishing the holding company wouldn't put the ownership of our
company into local hands. It would simply put us into the hands of the
bankers, the bankruptcy mutts or the Federal Government. . . .
Referring to the provisions of the bill covering operating
companies, Mr. Arkwright stated that the proposed Federal
regulation of these companies was so drastic that few of
them could survive. He added:
Abolition of holding companies has been emphasized so strongly as to
justify a suspicion that this has been done in order to divert attention
from the real purpose of the bill, which is the nationalization of the
entire electric industry without the payment of compensation to the
investors.
The proposal to abolish the holding companies is only a means to this
end. It was put into the Eills as one means of hamstringing the operating
companies, so that it wouti be easier at some later date for the Government
to take them over. In the interval, they would be subjected to a regulation
so stringent, private capital would be driven from these companies and
many of them forced into bankruptcy.
House Passes Cotton Bill Exempting from Terms of
Bankhead Control Bill Growers of Fewer Than
Three Bales of Cotton
The House on March 19 passed the Doxey cotton bill
which exempts farmers growing three bales of cotton or less
from terms of the Bankhead Cotton Control Act. The
measure, which is now before the Senate, sets up county
arbitration boards, composed of one member appointed by
three growers, one by the county agent, and a third chosen
by the first two, to which farmers may appeal with regard
to allotments, said United Press advices from Washington,
March 19.
Senate Adopts Resolution Calling for Investigation
into Break in Cotton Prices
The Senate on March 16 adopted a resolution to investigate the cause of the decline in cotton prices on March 11,
and appropriated $10,000 for the purpose of conducting the
investigation. The introduction of tho resolution was noted
in our issue of March 16, page 1765. The text of the resolution, as adopted, follows:
Resolved. That the Committee on Agriculture and Forestry, or any duly
authorized subcommittee thereof, is authorized and directed to investigate
the causes of the rapid decline in the price of cotton on the cotton exchanges
on or about March 11.1935. The committee shall report to the Senate,
at the earliest practicable date, the result of its Investigations, together
with its recommendations.
For the purposes of this resolution the committee, or any duly authorized
subcommittee thereof, is authorized to hold such hearings, to sit and act
at such times and places during the sessions and recesses of the Senate
In the Seventy-fourth Congress, to employ such clerical and other assistants, to require by subpeona or otherwise the attendance of such witnesses
and the production of such books, papers, and documents, to administer
such oaths, to take such testimony, and to make such expenditures as it
deems advisable. The cost of stenographic services to report such hearings
shall not be in excess of 25 cents per hundred words. The expenses of the
committee, which shall not exceed $10,000. shall be paid from the contingent fund of the Senate upon vouchers approved by the Chairman.
Guffey Coal Control Bill Reported to Senate Committee
The sub-committee of the Senate Inter-State Commerce
Committee on March 12 ordered reported to the Senate
Inter-State Commerce Committee the Guffey Coal Bill
which would give the bituminous Coal industry the status
of a public utility; the Sub-committee recommended that the
bill's provisions be revised to allocate production to districts
and to mines on a basis of 1934 figures. The bill would set
up a board to regulate the industry and create a national
coal reserve by which the government would acquire $300,000,000 worth of submarginal coal lands. References to
hearings on the bill appeared in our issue of March 2, page
1399.
Commodity Exchange Control Bill Reported To House
Criticized in a minority report as likely to "wreak havoc
on the country's marketing of grain," the commodity exchange control bill was formally reported to the House on
March 19 by Chairman Jones (Dem., Tex.) of the House
Committee on Agriculture. The measure it is reported is
scheduled for action by the House following disposition of
the soldiers' bonus issue. From the Washington advices
March 19 to the New York "Journal of Commerce" we take
the following:
The fundamental purpose of the measure, Chairman Jones said in his
report, is to "insure fair practices and honest dealings on the exchanges and
provide a measure of control over those forms of speculative activity
which too often demoralize the markets to the injury of producers and
consumers and the exchanges themselves."
Terms of Bill
*Under terms of the bill the Grain Futures Commission is empowered to
fix limitations upon purely speculative trades and commitments, while
hedging transactions are expressly exempted. It is proposed, also, that
floor brokers and commission merchants shall be registered with the commission in order to carry on their operations.
March 23 1935
In a minority report assailing the legislation. Rep. Beam (Dem., 111.),
urged that a sub-committee be appointed by Congress charged with the
duty of making an intensive study "of tbe evils to be remedied and the preparation of a bill which, while remedying the evils, will not wreak havoc
on this country's marketing of grain and will not lodge an unduly broad or
arbitrary power in an executive official."
Mr. Beam quoted a provision of the bill giving the Secretary of Agriculture authority to "make and promulgate such rules and regulations as, in
the judgement of the Secretary, are reasonably necessary to effectuate any
of the provisions or to accomplish any of the provisions of this act."
"Note that there is no real intelligible standard or limitation in the foregoing to guide the Secretary or restrict his exercise of power." he asserted.
"The power Is so broad that the Secretary may change the law over night;
what was legal today becomes a crime tomorrow, for which a man may be
deprived for all time of his right to engage in a business to which he may
have devoted his life and his fortune."
He denied that there is any emergency at this time which justifies passage
of the act, and added grain exchanges are already subject to strict Federal
control under the Gram Futures Act.
It was stated on Feb 5 when the bill was introduced by
Representative Jones that it is identical, with one exception,
with that whieh made its appearance in Congress last session
and received the approval of the House. The one change is
that it now provides for licensing of floor traders.
Hearing Before House Committee on Bill to Regulate
Public Utility Holding Companies—Wendell L.
Willkie, President Commonwealth & Southern
Corp., Declares Enactment of Legislation Will
Represent Greatest Step Backward in History of
Power Development
The enactment of the proposed public utilities bill will
not only cause enormous loss to the American family, but
will represent the greatest backward step in the history of
power development, it was stated by Wendell L. Willkie,
President of the Commonwealth & Southern Corp., at the
hearing before the House Interstate and Foreign Commerce
Committee, on March 14. Mr. Willkie declared that largely
as a result of the Government's campaign against public
utilities, the value of utilities securities has already declined by $3,500,000,000 since Jan. 1 1933. As a part of his
testimony, Mr. Willkie presented a letter written by Mr.
Roosevelt from Warm Springs, Ga., on Nov. 5 1926, in which
the President complained against "the usual high cost and
Inefficient service of small local power plants." The letter
follows, in part:
Warm Springs, Ga., Nov. 5 1926.
Thomas W. Martin,
Alabama Power Co.,
Birmingham, Ala.
My dear Mr. Martin: I am writing this to you in order to obtain
information. As you have probably read in the papers, I have recently
taken over the old resort known as Warm Springs, and hope that soon
there will be an extensive development. We, in this and the neighboring
communities, are suffering from the usual high coat and inefficient service
of small local power plants. . . .
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
In presenting the Roosevelt letter to the Committee, Mr.
Willkie emphasized that the high cost of scattered independent operating companies had been, historically, the
reason for the formation of interconnected power units. In
part, Mr. Willkie also said:
The elimination of the holding company will destroy the very instrumentality by which the use of electricity has been made more dependable,
economical and efficient, and more widespread in this country than in any
other country in the world. In addition, such elimination will destroy
or greatly impair the value of investments now held by millions of men,
women, children, and by colleges, hospitals, churches and the like throughout this country. Its deflationary effects will be felt for years, and the
discouragement and warning which such legislation will give to all holding
companies, which are in large measure an essential part of our industrial
life, will be incalculable in its consequences.
If we knew to-morrow morning that the questions which this bill raises
were equitably disposed of, we could authorize the doubling of our capital
expenditures and put thousands of men to work. We could then again
attract capital, build properties, enlarge our business activities and contribute greatly to the restoration of prosperity in this country.
If the millions of utility security holders knew that their investments
were not to be liquidated, if they saw a rising instead of a declining
price in utility securities, they likewise would begin to expend money.
All that we utility men have been doing for the last two years is putting
out fires.
The Commonwealth & Southern Corp. represents an investment of almost
a billion dollars for developments in Michigan, Tennessee, Georgia, Alabama,
and other States in which it operates. That money represents the savings
and accumulations of over 300,000 people who are now security holders
in the Commonwealth & Southern system, residing in every Congressional
District of the country. Its highly efficient interconnected system of
transmission lines has made possible a steady reduction in the rates charged
by the operating companies ever since the corporation was organised.
These rates to-day are among the lowest in the country.
Much has been said about the milking of operating companies by the
holding companies. As far as the Commonwealth & Southern Corp. Is
concerned, no more untrue statement has ever been made. The Commonwealth & Southern invested $90,000,000 during the last five Years
In the common equity of the operating companies, although it already
owned all of the common stock of suoh companies except in the Tennessee
Electric Power Co., where it owns over 98%. For this $98,000,000 investment it did not take or receive one additional share of common stock of
such companies.
Financial Chronicle
Vol:unit 140
Never in the history of the Commonwealth & Southern Corp. has it ever
borrowed a dollar from any of its operating companies, nor has there ever
been what is known as a horizontal loan between operating companies in
the system, nor does the company collect any financing or engineering fees.
It has always given to the operating companies the full benefit of any
savings in taxes by reason of the filing of consolidated tax returns. In
its gas and electric business, it has no intermediate holding company.
When the passage of the Tennessee Valley Authority Act caused a
decline of $125,000,000 in the market price of the securities of the
adjacent operating property of the Commonwealth & Southern system,
the Commonwealth & Southern Corp. advanced to these units, which were
unable to undertake any financing, an amount of over $30,000,000, in
addition to the $96,000,000 described above. . . .
Favours Reasonable Regulation
This country and its people cannot be governed by general prohibitions,
but should be governed by reasonable regulation with the prohibitions of
specific evils. Reasonable regulation of the holding companies to prevent
the recurrence of whatever abuses may have occurred in the past is not
only sensible, but desirable.
Aside from the holding company provisions of the bill, it places the
operating companies under a new and extraordinary form of Federal
bureaucracy.
From the time of the adoption of this bill the Federal Government will
be virtually the super-manager of the affairs of most operating electric
utilities. This, in effect, is Government ownership without the necessity
of paying to the owners of the property any compensation. It is management of the affairs of these utilities without responsibility for the mistakes
which the Government may commit.
Questioned by Representative Buiwinkle as to methods
for eliminating the specific evils to which he referred, as
above, Mr. Willkie outlined a seven-point regulatory program that he thought would supply the remedy. These
steps, said the Washington account, March 14, to the New
York "Times," were:
Elimination of intermediate companies through granting tax concessions
to top companies in the reorganization of separate systems.
Prohibit profits for supervision where the top company controls the
operating company 100%, with reasonable profit) permitted where control
was less complete.
Regulation of security issues.
Regulation of write-ups.
Compulsory filing of complete expense accounts with a Federal agency
to prevent funds being used for propaganda purposes.
Prevention of up-stream loans or advances by an operating company to
a parent holding company.
Prohibit the wiling of stock in holding companies by employees either
of holding or operating oompanies.
Wheeler-Rayburn Public Utility Bill Opposed by
Directors of Merchants' Association of New York
as "Destrictive, Unworkable," and "Contrary to
Fundamental American Principles"
Declaring the Wheeler-Rayburn public utility bill to be
"destructive, unworkable, arbitrary and contrary to fundamental American principles," the Board of Directors of the
Merchants Association of New York by a unanimous vote
has put the Association on record as squarely opposed to
the measure and as favoring, instead, "sane, constructive
legislation which will provide protection for both consumers
and investors."
The report adopted by the Board was made public on
March 16 by Louis K. Comstock, President of the Association. The report criticizes the Wheeler-Rayburn bill as an
invasion of States' rights which would establish an unwieldy, politically-controlled bureaucracy and inevitably
lead to public ownership and operation, and, further, on
the ground that it would cause a loss to investors which
would many times exceed any possible benefit which might
ultimately accrue to consumers. In making the report
public, Mr. Comstock stated that the Merchants Association had considered the bill purely from the standpoint of
its broad business effect on the country. The Association's
report was presented to the Board by its Committee on
Public Utilities and Law following an analysis of the measure, and the findings are being placed before Congress and
President Roosevelt. The Association's report criticized
the bill on six specific grounds, viz.:
1. The dissolution and abolition of holding companies required are
certainly deflationary and of very doubtful constitutionality. It would
cause such confusion within the Industry that the loss to investors would
many times exceed any possible benefit which might ultimately accrue
to consumers. Regulation, not abolition, is the true desideratum in the
general public interest.
2. Usurpation by the Federal Government of all the regulatory duties
and functions now exercised by the States over operating companies in
the utility industry is an invasion of States' rights, and is contrary to
American principles of government.
3. Arbitrary rearrangement of the utility snap by compelling sale and
purchase of operating companies at prices determined by the Federal
Government in order to form "geography integrated systems" (within
regional districts) transgresses upon individual rights and is, therefore,
contrary to constitutional provisions. The potential economies expected
to result from this far-reaching proposal are believed to be greatly overestimated in the light of the vast super-power system now in operation
throughout the nation.
4. Federal regulation of about 2,000 operating and 200 holding companies
to a degree verging on management will create an unwieldy, politicallycontrolled bureaucracy. Because of the magnitude and complexity of the
problem and the past records of Government in management and operation,
1937
it is practically certain that such political control would be less beneficial
to consumers and investors than the regulation of operating companies by
the individual States coupled with proper financial control of the holding
companies by the Securities and Exchange Commission.
5. The bill is so drawn that the inevitable consequences of its provisions
are public ownership and operation of these utilities.
6. The strangling processes, subtly and deviously woven into this bill
to discourage investment of private funds in the public utility industry
either for new property or refinancing of outstanding securities, will
inevitably result in Government ownership. These restrictions are of
such great importance to the national econcmy and to the fundamental
principles of government as to warrant further analysis.
The report points out that "financing of virtually all
holding companies and their subsidiaries and practically
all independent operating companies will come under the
Jurisdiction of the SEC, which may grant exemption from
the complicated and burdensome process of registration only
for short-term notes with a maximum maturity of six
months and up to 5% of the total capitalization, an amount
hardly sufficient to meet the seasonal peak demands of
interest and tax payments in the case of companies with
limited cash reserves formerly relying upon holding companies for short-term borrowings." The report also says:
The only remaining alternative method of obtaining funds is by application to the SEC for permission to arrange permanent financing, and under
this bill the Commission may permit only first lien bonds or common
stock to be leaned and outstanding. If non-callable underlying or general
mortgage bonds are already outstanding against the property and sell
below the call price, the expense of calling would be prohibitive. Theoretically, common stock might be issued, but that is practically impossible
in the face of legislation which calls for mandatory dissolution of holding
companies; the possibility of further rate reductions; the probability of
increased taxes; the revaluation of the properties using the "prudent
investment" theory required by the Federal Power Commission; the tightening of control over every phase of operation and management; possible
rtgrouping and arbitrary, forced change of ownership under the "regional
districts" plan to create "geographically and economically integrated
systems" as ordered by the Federal Power Commission, and, finally, the
effect of natural economic conditions outside the field of regulation.
Failure to obtain common stock financing would, therefore, result in
bankruptcy, whereupon the Federal Court must appoint the SEC trustees
in dissolution proceedings with the power to approve or reject any reorganization plan, including wiping out the common stock and thereby
removing control from a holding company. Thus, dissolution of the holding companies could be forced at an early date instead of by stages to 1940.
Another method open to the SEC to throw a company into bankruptcy
and assume virtual management is to condition financing upon "elimination of such business practices as the Commission may deem contrary
to the public interest and detrimental to the investors and customers."
Such free rein is a dangerous grant of power to any political body.
The following recommendations and conclusions are contained in the report:
Powers previously granted to the SEC over sales of securities by holding
companies, write-up of assets, paper profits resulting from inter-company
transactions and to require adequate information for investors have already
corrected abuses listed in the bill necessitating Federal regulation.
The bridge the gap now existing between State regulation of operating
companies and Federal control of holding company financial transactions
it will appear appropriate to give either the SEC or the Federal Power
Commission authority to regulate management fees, construction fees and
other transactions between the holding company and its subsidiaries and
to cover other inter-State business and transactions.
In the place of this destructive and short-sighted bill, with its certain
deflationary influence on capital values and dampening effect on business
recovery, the Merchants Association pleads for sane, constructive regulation
which will provide protection for both consumers and investors, incentive
for management to expand and develop its business, and give the necessary
confidence to private capital to induce investment in plant and property
with its resulting employment of labor.
In determining its position on this bill your Committee feels that the
Association should bear in mind the likelihood that the passage of this
bill would serve as an opening wedge for the extension of Government
control in similar fashion over still other branches of business and industry.
Hearings Continued in Tax Appeal Suit of
Andrew W. Mellon
Government attorneys this week continued their presentation o! evidence before the United States Board of Tax
Appeals in Pittsgurgh, in answer to the appeal of former
Secretary of the Treasury Andrew W. Mellon against a
Treasury decision that he must pay an additional $3,000,000
Income tax for 1931. Hearing of the case was temporarily
adjourned March 6, as noted in the "Chronicle" of March
9, pages 1591-92. The Government charges that Mr. Mellon
underpaid his 1931 income tax by $3,089,000, and also asserts that he failed to pay by $1,000,000 the amount of taxes
due as the result of an alleged merger of the McClinticMarshall Corporation and Bethlehem Steel Corporation. The
Government contends that this transaction was a sale and
not a merger within the meaning of the tax laws, and that
the sum of $6,549,000 received in this connection by Mr.
Mellon is taxable at the 20% surtax rate. Mr. Mellon declares that he can be assessed only the capital gain of
12%% on $2,373,000 of bonds which he sold after receiving
payinents made by Bethlehem for the McClintic-Marshall
stock.
It was indicated this week that after the conclusion of
hearings in Pittsburgh, the members of the Board of Tax
Appeals will move to New York to obtain evidence bearing
1938
Financial Chronicle
on certain phases of the code. Mr. Mellon's counsel suggested on March 20 that since many of his witnesses live in
and around New York it would be more convenient to take
a large part of the testimony in that city. Government
attorneys were reported to be opposed to the suggestion.
Associated Press advices from Pittsburgh March 11 described the testimony on that date as follows:
Earle J. Patterson, former secretary-treasurer of McClintic-Marshall, was
on the stand all day, identifying various papers relating to the concern's
organization and the later transaction was Bethlehem. Before they get into
the records the entire testimony on this phase of the case, attorneys estimated, two weeks or longer may be necessary.
Mr. Mellon left the hearing for the first time since it began three weeks
ago to attend the funeral of his friend, Henry C. McEldowney, President
of the Union Trust Company. Mr. Mellon, who will be 80 years cld on
March 24, has been suffering with a cold and cough for two weeks, but
appeared somewhat better to-day.
Mr. McEldowney's death caused a postponement until later of questioning
Into affairs of the Union Trust, which the Government has accused of aiding
Mr. Mellon to sell large blocks of stock, establishing tax losses, and later
repurchasing them.
The testimony regarding the reorganization of the McClintic-Marshall Corporation was continued on March 12.
This was summarized in part as follows in a dispatch of
that date from Pittsburgh to the New York "Times":
F. R. Shearer, a solicitor of the Bureau of Internal Revenue, holds that
the part of the profit on which Mr. Mellon has not yet paid a tax is subject
to levy by the Government at 20% as income on the ground that the transaction with Bethlehem was not a merger but a sale.
If Bethlehem got all the assets of McClintic-Marshall, he concedes, it
was a merger, but if it didn't, it was a sale. If a preliminary transfer of
assets by McClintic-Marshall to Union Construction was part of the deal
with Bethlehem, he contended, the proceeds of the Bethlehem transaction
are taxable.
$13,000,000 Tax Exempt
Mr. Mellon received $13,000,000 from liquidation of the assets of MeClintic-Marshall which went into the Union Construction Company, and
this much the Government admits was tax exempt.
Of the $6,000,000 he received from the so-called merger with Bethlehem
he has paid a tax on that part of the securities which he sold, holding
that the balance is non-taxable as long as he keeps it in his possession.
In his efforts to prove that the transfer of assets of McOlintic-Marshall
to Bethlehem and the earlier transfer of other assets to the Union Construction Company were all part of the same transaction, Mr. Shearer subjected Earle J. Patterson, former Vice-President of the McClintic-Marshall
Company, to a day-long cross-examination.
This revealed that on Dec. 31 1930, stockholders and directors of the
seven major subsidiaries of McClintic-Marshall held fourteen meetings at
ten-minute intervals to turn their assets over to the parent company. Twenty
meetings of companies involved in the McClintic-Marshall-Union Construction-Bethlehem deal were held that day, Mr. Patterson testified.
March 23 1935
in revenue, and concludes that although the huge current
relief costs may be temporarily met by means of further
financing, eventually the cost must be defrayed by means of
heavily increased taxation or by resorting to inflation.
Either result is unsound, the article declares, and urges the
early balancing of the Federal budget as the most effective
means of promoting recovery.
The article severely criticizes President Roosevelt's proposed $4,880,000,000 work relief program, which it assails
for three principal reasons:
1. The unbalanced Government budget and the threat of competition
with private industry are likely to frighten away a much larger amount of
private funds than the Government intends to spend.
2. Four billion dollars is small in comparison with the more than $50,000,000,000 spent annually by private business.
3. Public works are an extremely costly means of relief, since wages
approximate only about one-fifth of all amounts spent for public works.
Under the caption, "Who Pays the Cost?" the article
says, in part:
No matter how the immediate financing is done, one basic principle
remains inviolate, the price of Governmental spending will ultimately be
paid by the citizens. There is no alternative. Payment may take the form
of a diversion of a greater share of each person's income to the payment of
taxes, or it may be made by some more indirect and less equitable process
of confiscation. If a Government spends more than it can collect in taxes
within a reasonable period of time, inflation with its accompanying destruction and loss is the result. We may not wish to inflate our currency, but
more than a few Governments have been forced to do so by excessive expenditure and the exhaustion of their credit. Experience shows that once
the point of necessity is reached there is no stopping.
There is a limit to which we can safely go in mortgaging the future.
This country experienced the crash of 1929 and the ensuing depression In
part at least because too many individuals were eager to spend their unearned future incomes. The structure of debt collapsed of its own weight.
The result is much the same when the Government spends more than its
Income and overloads the Nation's future with debt. Excesses of Governmental spending are as certain to bring future hardships and depression
upon the people of the country as were the speculative excesses of 1929.
Are we wise to try and spend our way out of this depression, at such a future
price?
Sharp Business Gains Reported for January and February—Secretary Roper's Business and Advisory
Planning Council Members Record Increases of as
Much as 30% Above Last Year—Further Advances
Predicted
Industrial gains during January and February of this year
year in many lines of business range from "satisfactory" to
30% above the corresponding 1934 period, Henry P. Kendall,
Roper's Business Advisory and PlanFurther details regarding the growth of the McClintic- Chairman of Secretary
March 17. The 52 members of
Marshall Corp. within the past three decades were given at ning Council, announced on
represent practically every
polled
Council
who
were
the
the hearings on March 18 and 19. On the latter date Mr.
Mr. Kendall said that
Mellon's counsel won a ruling from the Appeals Board ad- major branch of industry and trade.
mitting evidence which they said will aid them in proving that three-fourths of the members who attended the monthly
the Government is questioning a valuation of the corpora,ion meeting of the Council last week had recorded increases in
which the Tax Commissioner has accepted for 13 years. business volume or in profits, or in both, thus far in 1935.
Associated Press Pittsburgh advices of March 19 discussed He predicted that "a consistent co-operative effort, freed
from partisan chiseling, either industrial, labor or political,
this evidence as follows:
toward the re-employment of effective workers in the regular
The Government, seeking to collect $3,089,000 in back taxes on Mr.
Mellon's 1931 income, is trying to establish at a hearing before the Board
channels of industry, keeping reform constructive for the
that the financier, as a 30% stockholder of McClintic-Marshall, failed to
public good without destroying the necessary good with the
properly report profits obtained when It disposed of its $65,000,000 assets.
can have no other result than acceleration of the
bad,
Ralph Pittinger, a public accountant who testified he prepared all the
McClintic-Marshall tax reports from 1919 to 1931, was asked by Maynard
progress that has already been made since March 3, 1933."
Teall, Mellon attorney, to identify one sentence of a letter sent prior to
The text of Mr. Kendall's statement is given below:
1931 by an official of the Internal Revenue Bureau. This was the sentence:
"The appraisal has been accepted by the Commissioner as conforming
to the requirements of retrospective appraisals laid down by the Bureau of
Internal Revenue."
The appraisal referred to was one by the American Appraisal Co., started
in 1923, Mr.Pittinger said. By reducing depreciation allowances and other
changes, it increased the concern's old book value as of 1913 by $822,000.
Mr. Teall argued the evidence was "but one step to prove the Commissioner accepted the adjustments made in accordance with this appraisal for
all years between 1917 and 1930 for all excess profits, war taxes and income
taxes."
A Pittsburgh dispatch of March 20 to the New York
"Times" summarized the day's hearing as follows:
Most of to-day's session was devoted to laying the foundation for expert
testimony which is to follow on the true value of the shares of McClinticMarshall, which Mr. Mellon says were worth $500 in 1913 and which the
Government holds were worth only $158. The March 1913, value is the
base on which his profits, if any, from the merger of the company with
Bethlehem Steel Corp. In 1931 will be computed.
Sees Dangerous Threat to Federal Stability in Unbalanced Budget—Girard Trust Co. Criticizes
Projected Works Relief Bill as Uneconomic and
Unduly Costly
Continuation of the present Administration policy of
grossly unbalanced budgets can only result in financial and
economic disaster to the country, according to a leading
article published in the March issue of "The Girard Letter,"
issued by the Girard Trust Co. of Philadelphia. Under the
heading:"The Federal Budget and the Credit of the Government," the writer of the article points out that the Government has recently been spending $7 for every $3 collected
In the periods of rapid change in the first stages of recovery the public
mind is apt to become so confused with immediate issues of detail and
week-to-week industrial swings as to miss opportunity to judge progress or
to stop to reanalyze underlying fundamentals.
It is significant to note the results of a poll of the attending members of
the council taken at the close of our monthly meeting, March 14, 1935.
These men represented companies forming a cross-section of most types
of American industry. Three-quarters of them reported increases in volume
and(or) profit varying from "satisfactory" to "30%" in 1935 as compared
with the corresponding period of 1934.
Those reporting no gains or decreases were confined to companies connected with the heavy industries,rallroads, cotton and some milling products.
The enlarged government housing program will be an effective aid to the
heavy industries and through them to transporation and tho consumers
goods sector.
We have believed this progress was possible; we have hoped to see It
realized. It is cheering to have it made a matter of record.
After all, judgement on recorded performance is sounder than the sum
of all the theories and opinions put forward as fears for the future or panaceas for past mistakes.
No thinking man today will question the soundness of the American dollar
In either our own or in world markets. Based on Its present gold value it
is as sound a currency as exists today.
No thinking man will question the present security of our credit structure,
and certainly no one will question the fact of our abundance of natural
resources.
Regarding government expenditures for public works and relief, far more
important than arguments as to whether the sum shall be any of the particular figures that have been mentioned is the problem of proper organization
and the choice of projects to insure the greatest possible advance toward our
objectives.
A consistent co-operative effort, freed from partisan chiseling, either Industrial labor or political, toward the re-employment of effective workers
in the regular channels of industry, keeping reform constructive for the
public good without destroying the necessary good with the bad, can have
no other result than acceleration of the progress that has already been made
since March 3, 1933.
Financial Chronicle
Volume 140
United States Department of Commerce to Gather
Weekly Date on Business Trends
A method by which the U. S. Department of Commerce
will gather weekly information of trade trends in the country
for the use of business in planning its manufacturing and
selling programs was indicated on March 11 as having been
worked out at a meeting of the Department field men.
Associated Press advices March 11 from Washington further
said:
Department officials said that under the arrangement each week the 24
field headquarters offices and the 52 representatives of the Department in
VI cities would send to the Department terse reports of business conditions
In their districts.
These will list conditions in 10 different fields—retail, wholesale, employment, weather, banking and credit, crops, real estate, new construction.
new industrial developments, and outstanding sales orders. Any special
developments in other lines will be noted.
Officials said the information would be gathered from business establishments, banks and authentic sources in the various cities.
The plan was disclosed at a time when commerce reports were listing
numerous trade increases for February. These included: Substantial
gains in activity for some of the major producing elements; a 10% boost in
industrial output, larger for automobiles; moderately higher retail sales
than a year ago, and some expansion in commercial borrowing.
Harriman of United States Chamber of Commerce
Before Washington Board of Trade, Reviews People
Losing Confidence in President's New Deal Policies
Praising parts of the New Deal, in a speech on March 15
before the Washington, D. C., Board of Trade, Henry I.
Harriman, President of the Chamber of Commerce of the
United States, warned against "soothsayers" and "quack
doctors of the body politic," declaring that the "oracles are
speaking in Delphic terms, and the people are interpreting
these new sayings in the light of their wishes." Mr. Harriman, who is thus quoted in a Washington account to the
New York "Times," added: "Give them work and wages
and the gas bombs of the demagogues and the mirages of
the soothsayers will be as harmless as the puff balls and
the thistledown of the fields." From the same advices we
also take the following regarding Mr. Harriman's remarks:
H. I.
In the last two years I have crossed the continent many times. I have
visited many sections and have talked with people in all walks of life—
the man on the park bench, the taxicab driver, the clerk in the store, the
man who has a job at the factory, and his big boss at the roll-top desk—
and as a reporter I can say that up to the fall elections of 1934 the
President had fully maintained his remarkable popularity with all classes
of our people.
"They admired his daring, his courage, his confidence. They were
charmed by his radio addresses, and his smile became the symbol of
better times soon to be with us.
"For the last four months, however, the story has been different. The
people still admire the President and want to have faith in his policies,
but they also want jobs. Some blame the last Administration for the
bitter days of 1930, 1931 and 1932. Now they are beginning to wonder
whether the New Deal measures will give them work and the comfort
of life.
"They see from seven to 10 million men still out of work, and they see a
sixth of the population dependent upon the dole for support. They are
asking whether this should be so after two years of almost absolute power."
Depression's End Seen Near
Discussing his belief that the worst of the depression was past, Mr.
Harriman cited statistics to bear out his point, and went on to express
belief that the country was not now looking for permanent reform, but
for action that would bring increase in employment.
The employment problem was still grave, he said, despite steady drainings of the jobless pool since the early spring of 1933.
Continuing as a reporter, Mr. Harriman found a trend toward a greater
degree of governmental regulation of business.
"I think, as business men, we are not foresighted if we do not realize
that the interrelation between government and business will be stronger
In the future than it has been in the past," he said.
In these circumstances business men must not accept "nostrums"
nor
"kow-tow to the whim of the demagogue," but they must "examine constructively all measures" and "be sympathetic with the fundamental
idea
that science and the machine have brought us to the threshold of a social
millenium, and that our combined task is now to open the door."
Asserting a conviction that the President had a very definite aim, which
he described as personal security for the nation, Mr. Harriman said that
all measures enacted or proposed by the Administration were directed
toward some phase of this objective.
President's Aims Defended
"We may not he in accord as to many of the steps taken to achieve this
purpose," he said. "Objections may be justly brought against this or that
measure, devised to contribute to its accomplishment; but in all fairness
we must admit an idealism in the President's purpose, and must subscribe
to his conviction of a greater need of economic and social security for the
people of the nation.
"In general, business men approve of much of the emergency measures
which were passed to stem the depression and to prevent drastic liquidation of property. The work of the Reconstruction Finance Corporation, of
the Horne Owners' Loan Corporation, of the Farm Loan Corporation, the
appropriations for direct aid to the unemployed, and for the Civilian
Conservation Corps are, in general, approved. I believe they have done
much good, and that they are being administered with sympathy."
From this point Mr. Harriman reviewed the New Deal in detail, reiterating his own and his organization's stand on the NRA, the AAA, relief, a
balanced budget and the Administration's proposed omnibus security
legislation, and again proposed changes.
For the AAA, Mr. Harriman suggested a system that would give commodities, particularly cotton, a parity price through artificial control
1939
where grown for home consumption, and, at the same time, allow production for export at world prices.
"If the Southern cotton farmers receive parity prices for domestic cotton,
they can well afford to get a world price for the balance of their crop,"
he said.
He again called for a lapsing of the National Industrial Recovery Act
and a new Act, greatly changed, work relief at wages "substantially" below
the going rate, and a cautious procedure on the omnibus Social Security bill.
Movement for National Co-ordination of Land, Air
and Water Transportation—Progress Reported by
Secretary of Commerce Roper
A world-wide movement designed to effect national coordination of land, air and water transportation is under
way, according to a study of the transportation systems of
virtually all nations just completed by the Bureau of Foreign and Domestic Commerce, Department of Commerce.
The report,"Railway and Highway Transportation Abroad,"
made public on March 6 by Secretary Roper, states that
the movement began en a broad scale less than three years
ago and has progressed so rapidly that to-day co-ordination
either is being tested or approached in substantially every
country in the world which possesses rail lines.
Added importance rttaches to the plan on account of the
fact that President Roosevelt recently communicated to
Congress his unqualified indorsement of it. Simultaneously,
a detailed program for co-ordination of all land, water and
air services within the nation was submitted by Transportation Co-ordinator Eastman. The report says:
Most sponsors of the movement insist that only through co-ordination
can an oversupply of service, with consequent losses to owners, operators
and users, be avoided. roo much service in many places, they contend,
has been detrimental to transportation. Adjustment of services to the
actual needs of users, by scrapping, co-ordination and strengthening, is
vital, they insist. If all of these steps cannot be taken, it is further
urged, at least all forms of transit should be placed under common
regulation.
Not all those behind the movement take this broad view, however. Many
frankly urge legislation designed solely to protect rail lines against
competition. This position has been particuarly evident in countries where
rail lines are Government-owned.
The study points out that some opposition to co-ordination has sprung from persons interested in highway, air and
water carriers. The point is brought out that among highway and air carriers, particularly, there is in some instances
the contention that their services are meeting new public
requirements and that for the present they should not be
subjected to regulation, especially as to rates. Also many
water carriers insist that they act as protectors to shippers
against alleged exorbitant rates by rail carriers and, therefore, should be permitted to operate without restrictions as
to rates and regulations. From the report we quote:
In almost all countries outside of the United States the majority of
rail lines are State-owned and often State-operated. Naturally, in such
situations Government officials have exerted strong efforts to aid them by
co-ordinating measures. Also, being in a favorable position to enforce such
legislation, they have obtained results which might not have been so
successful under other conditions. Co-ordination movements, however, are
not confined wholly to countries where rail properties are publicly owned.
Canada, which has both publicly- and privately-owned rail lines, has
empowered its Board of Railway Commissioners to meet competition from
highway carriers through tariff changes.
Continuing, the report says:
Co-ordination has had its most extended test and proved most successful
In Germany. In an address before a Road Congress in Munich, in
September 1934, Reichsminister Hess declared that, as a result of the
working out of legislation is effect for several years, the problem of transit
co-ordination had practically ceased to exist. The grouping of representatives of all forms of transportation under a Federal Trade Council,
as well as the building of arterial highways, brought satisfactory results.
Improved conditions of the New Zealand railways also are attributed to
the successful operation of a transit licensing plan put into effect under
the supervision of a Transport Co-ordination Board. Railway revenues
from both passenger and freight traffic have increased. Gross revenue
increased during the year ending March 31 1934 for the first time
since 1929.
The total rail mileage represented in the studies, according to the report, is between 275,000 and 300,000. A summary of the movement in different countries, furnished by
the Department of Commerce, follows:
Great Britain.—The movement has been given much study and encouragement, even to the extent of legislation for facilitating co-ordination through
private agencies under Government supervision. Considered collectively,
the efforts of the railways to meet highway-transport competition have
been successful in diminishing their loss of traffic, but not in completely
stopping it. The number of passengers carried by the railways progressively
declined in 1930, 1931 and 1932, as did the tonnage of freight and the
amount of livestock carried. The percentage of decrease in each form
of
traffic was most abrupt in 1931, but less extensive losses occurred in
1932, and the returns for 1933 are expected to show increases from
the
preceding year in both passenger and freight traffic, excluding the coal
movement.
France.—Railway and highway carriers are making agreements which
are
submitted to the Government for approval. Rail and water carriers
are
contemplating similar agreements.
Australia.—Regulation and legislation have been launched by each of
the six Australian States, and general co-ordination may follow.
In the
respective States the legislation which has been enacted avowedly
for the
co-ordination of transport has proved in all oases to be of a restrictive
nature on private highway transport enterprises.
1940
Financial Chronicle
India.—A national conference held in 1933 decided "That suitable
machinery should be established at the center and in the provinces to
co-ordinate all forms of transport and to guide their future development."
Provincial boards of communications as suggested by the association are
looked upon by the provinces with approval, and suggestions regarding a
central board of communications are receiving careful consideration.
Austria.—Agreements have been reached between the Federal railway
services and their subsidiary highway-transport interests and the post
office highway services relatives to the inauguration of new highway
services. Regulation by the Federal Government of all land-transport
facilities for the purpose of assigning (in principle, at least) to each method
of transport the traffic which it is best equipped to handle also is
contemplated.
Belgium.—No definite program has been adopted, but it appears that
such measures as may be taken will be directed toward securing more
complete control of highway services under Government supervision.
Czechoslovakia.—Co-ordination of land transport services is being accomplished through Government legislation enacted for the purpose of equalizing operating conditions.
Denmark.—Such protective measures as have been introduced by the
railways have been successful not only in improving rail service, but in
developing added economies in operation. For instance, the Danish State
Railways, which for many years operated at a deficit, showed during the
five-month period, April-August 1933, an operating income of 44,500,000
kroner, as compared with expenses of 41,000,000 kroner.
Estonia.—The problem is expected to be easily solved by reason of the
fact that the State Railways Administration, which is in charge of the
State-owned and operated railways, is a division of the Ministry of Communications, which also controls the highway transport services.
Finland.—The situation has become acute. Consideration is being given
to Government licensing of particular forms of transport for specific
services.
Norway.—The Storting has had under consideration a proposal to coordinate all forms of transport, either through Government ownership and
operation of all highway services (which would be through the Railway
Board) or the direct control and regulation by the Railway Board of
privately-owned and operated highway services.
Poland.—A subcommittee of the Polish Ministry of Communications has
the problem of co-ordinating land and water services in hand.
Rumania.—Results are being obtained primarily because both forms of
transport are State monopolies. Recent economy measures introduced by
the railways have resulted in the Railway Administrtion's reducing its
operating expenses by 2,600,000,000 lei in 1932 and by not less than
5,300,000,000 lei during the fiscal year 1933. As a corollary of this
condition, it is noted that Loth passenger and railway traffic have improved
slightly, and it is anticipated, according to a preliminary statement, that
the budget for the fiscal year 1933 may possibly show a surplus.
Spain.—The Spanish Prime Minister, on assuming office, stated that he
favored "a transport policy which, while it still safeguards the State's
fiscal interests, will co-ordinate rail and highway transportation without
impairing the efficiency of either."
Sweden.—A special investigation committee has been appointed. Such
protective railway measures as have been introduced to meet competition
from highway services have had no positive effect on the volume of traffic.
Switzerland—A solution is believed likely to result from an agreement
concluded between the railway and highway operators. This agreement,
which has to be approved by the Federal Chambers, undertakes to equalize
the distribution of traffic between both forms of transport.
Northern Ireland.—It is understood the Government will recommend to
Parliament legislation to jcin both systems of transport into partnership
with a common financial interest. The Irish Free State is reported to
have obtained results through recent legislation which has resulted in a
controlled monopoly being established under the two existing railway
companies and a tramway company.
Egypt.—Several reports have been issued which have ccntained recommendations for legislation more or less protective to the Railway Administration. The question was first considered in the Anglo-Egyptian Sudan
during 1934. In Palestine and Syria considerable efforts have been made
to protect the local railways from competitive services, but with little
result. It was announced in October 1934 that immediate consideration
is to be given to this question in Algeria. In British East Africa legislation has been enacted which "prohibits the carriage for reward of goods
by motor vehicles over certain roads in the colony." This prohibitive legislation has completely eliminated highway transport competition. In
Rhodesia co-ordination has been accomplished through the establishment
of a transport monopoly by the Rhodesian railway system, which is owned
by the British South African Co. South Africa has practically legislated
co-ordination into existence through restrictive competitive measures placed
on all forms of transport by the Government as protection to the Stateowned and operated railways.
Copies of the report, "Railway and Highway Transportation Abroad," Trade Promotion Series No. 155, are obtainable at 50c. per copy from the Superintendent of Documents,
Government Printing Office, Washington, D. C.
American Liberty League Views Bill for Elimination
of Public Utility Holding Companies as "Disturbing Threat to Recovery"
Characterizing as a "most disturbing threat to recovery"
the pending bill which would effect the elimination of public
utility holding companies, the American Liberty League
says:
With entire sympathy for the desire of the President to abolish "evil
features of holding companies," it is submitted that this bill, if passed
as presently drawn, would constitute unwise and destructive legislation.
Also it would result ultimately in Government operation of utilities. The
Congressional committees in charge should modify its provisions so as to
protect investors from an unwarranted raid upon the value of their securities and so as not to discourage the country generally in its efforts toward
further recovery. Proper regulation within constitutional limits is a
theory which will evoke general agreement. Wanton destruction of these
instrumentalities of modern business will serve no good purpose and should
be militantly opposed.
Probable effects of the bill as seen by the League (said a
Washington account, March 17, to the New York "Times")
are:
March 23 1935
1. Investments amounting to $2,000,000,000 in securities of public utility
holding companies, already seriously affected, would suffer immediate
further depreciation, and, upon the compulsory liquidation of these companies within five years, a shocking loss.
Menace to Securities Asserted
2. A considerable part of investments aggregating $10,000,000,000 in
securities of public utility operating companies would be jeopardized by
their separation from holding companies and by the new and arbitrary
methods of regulation imposed by the bill.
3. Values of many additional billions in securities of holding companies
in order and varied industries would be menaced by the possibility of a
broadening of the ban on this type of corporate structure.
4. Capital, now available to utility operating companies through holding
companies, would be difficult to obtain in the light of such new regulatory
proposals as the fixing of rates on a basis of "prudent cost" rather than on
the basis fixed by the United States Supreme Court, which is "fair present
value."
5. If the bill should pass as drawn, the utilities would be forced to
secure governmental aid or else to curtail service to consumers and suspend
improvements which create employment.
Burden on Taxpayer Forecast
6. Besides being oppressed by Government regulation, the utilities would
be at the mercy of Government competition, Federal, State and municipal
agencies engaged in the production and distribution of electricity and
gas being exempt from the provisions of the bill.
7. Restrictions upon individual initiative, financial handicaps, a new
rate-making theory and Government competition would tend inevitably
toward nationalization of the utility industries.
8. Encroachment upon the authority of the States over purely intra-State
business would appear unavoidable through greatly increased Federal
control over companies engaging in both inter-State and Intra-State commerce.
9. Federal jurisdiction over holding companies is assumed regardless of
a lack of court decisions assuring the constitutionality of such a step.
10. Taxpayers would bear the cost of an extensive addition to the Federal bureaucracy necessitated by increased powers vested in three Government agencies, the Securities and Exchange Commission, the Federal
Power Commission and the Federal Trade Commission.
Proposal of Representative Pettingill for Substitute
Public Utilities Bill Which Would Prevent Abolishing Holding Companies
At the hearing on the public utilities bill before the
House Interstate and Foreign Commerce Committee, on
March 15, a proposal to rewrite the bill so as not to abolish
bolding companies or force the liquidation of their securities
was offered by Representative Pettingill (Democrat, of
Indiana, a member of the Committee. As to the plan proposed by Mr. Pettingill, the Washington correspondent of
the New York "Journal of Commerce" had the following to
say on March 15:
Presented as Basis
Offered as a basis for discussion, the program outlined to the Committee
by Mr. Pettingill called for a rewriting of Title I and much of Title II of
the Wheeler-Rayburn bill along the following lines:
1. No stock of a holding company owned by another holding company
shall be voted at any meeting of the former company. This, he explained,
is designed to prevent pyramiding of corporate control and absentee management, and, in effect, converts the second or third or fourth holding
company into an investment trust.
2. No stock of a holding company shall be voted by any individual
owner who is an officer, director or employee of another company, owning
voting stock in such holding company. No such person shall act as proxy
for any stock in such company by whomsoever owned. This is designed
to accomplish the same purpose as No. 1.
3. No person shall act as an officer or director or hold any remunerative
position in a holding compvny who is an officer or director, or who holds
any remunerative position in a company which owns voting stock in the
first company.
4. No holding company, nor any officer, director or employee of such
company shall own stock in, or have any direct or indirect interest, or
receive any pecuniary benefits from an individual, firm or corporation
which manufactures or constructs, or produces or sells supplies, materials,
electric energy, gas or services, &c., or an operating company or other
holding company in which the first holding company holds stock, or
directly or indirectly derives corporate earnings. This is to prevent
secret profiteering, Mr. Pettingill said.
Must Supply Records
5. All records of a holding company shall be made available for inspection
by any State utility commission in any State in which an operating company transacts business, or by the Federal Power Commission or by
the SEC.
All of the foregoing, it was explained, deals with the holding company
superstructure. The following would deal with the relationship between
holding company No. 1 and its operating subsidiary:
6. The majority of the directors of holding company No. 1 shall be bona
fide residents of the States and cities or towns of such States served by
the operating companies owned by such holding company. Not less than
one director shall be a resident of each such State.
7. A majority of the directors and all officers and general managers of
operating companies controlled by the holding companies shall be actual
bona fide residents and utility users in the territory served by such
operating company.
8. Directors' meetings of operating companies shall be held in the
main office of such company located in the territory served by such
company.
9. All services, materials, supplies, &c., shall be furnished by holding
company No. 1 to its operating company at actual cost (which may
include pro rata of overhead), but at not more than the price at which
the same can be bought in the open competitive market.
10. No up-stream loans shall be made without adequate collateral by
operating companies to its holding company except with the approval of
State utility commissions.
According to Associated Press advices from Washington,
March 15, Mr. Pettingill said that he submitted his plan "as
Volume 140
Financial Chronicle
a substitute proposal in the hope that, as it may be perfected, it will accomplish the objectives set forth in the
President's message, as well, if not better than the pending
bill, and at the same time not force the abolition of holding
companies or the statutory liquidation of their securities."
He added:
It is anticipated that the superstructure holding companies, under this
program, will gradually simplify themselves at such times and under
such circumstances and regulations as will work to the best advantage of
their security owners.
1941
The volume in the Columbia district, including the Carolinas, Georgia
and Florida, was $1,953,000; and in the Wichita district, serving Kansas,
Oklahoma, Colorado and New Mexico, $1,784,000. Substantial increases
were also reported in the Louisville, St. Louis, St. Paul, Omaha and
Houston districts.
Governor Myers said the number of loans in February this year was
larger than in any previous months except April and May 1934, and the
demand for credit, as reflected by the number of applications received,
was greater than in any month since last April.
Increase of 33% Noted in Farm Mortgage Loans by
Private Lenders During Last Quarter of 1934
Farm mortgage financing by individuals and private concerns increased 33% during the last quarter of 1934 com-
Formation of Executives League of America by Group
of Young Business Men
An organization of young executives known as the Execu- pared with the preceding three months, according to figures
tives League of America has been formed by a group of released at Washington, D. C., yesterday (March 22) by the
prominent young business men, with national headquarters Farm Credit Administration based on reports from over
at the Roosevelt Hotel in New York City. A New York 1,400 county clerks and mortgage recording officials. Indicharter for the organization was filed March 18 at Albany viduals and private concerns recorded farm mortgages
following judicial approval under the membership corpora- aggregating $127,200,000 during the last quarter of 1934
tion law. Membership is limited to business, industrial, compared to $96,000,000 in the preceding three months and
financial and professional executives from 25 to 45 years $113,500,000 in the last quarter of 1933, according to the
of age. It is non-partisan and non-sectarian. Ambrose W. survey. Commenting on the figures, Governor W. I.
Benkert, one of the founders and directors of the League, Myers pointed out that they showed an increase in the
says:
financing by individuals, banks, life insurance companies
We propose to give constructive assistance to our governmental authorities
and business leaders to the end that America may quickly regain the wellbeing and prosperity to which the genius, the industry and spirit of the
people and her great resources entitle her.
Units of the organization will be formed throughout the country, and
they will all meet on the same day once a month, so that problems can
be taken up for discussion by all units on the same day and a nation-wide
opinion arrived at quickly.
Frank A. Vanderlip Jr., son of the banker, is one of the
directors of the new organization, and Colonel Willard
Chevalier, Vice-President and director of the McGraw-Hill
Publishing Co., is also a director of the newly-organized
League. Other incorporaters and directors of the organization are:
Joseph Mead, Editor and President, the Economic Forum.
Sidney W. Edlund, Vice-President, Life Savers, Inc.
J. Stuart Sneddon, Administrative Officer, International Paper Co.
E. D. Taylor, Assistant to the President, Remington-Rand Corp.
Robert M. Harriss, a Governor of the New York Cotton Exchange and a
partner of Harriss & Vose, cotton brokers.
Hamilton Pell, Pell & Co., stock brokers.
John Reckford, Vice-President, American Lead Pencil Co.
Vance L. Bushnell, Assistant Vice-President, Continental Bank & Trust Co.
T. W. a Duke, of Chapman, Snider, Duke & Radebaugh, attorneys.
Clifford C. James.
Removal by AAA of Restrictions on Spring Wheat
Planting—Benefit Payments to Be Made Where
Farmers Agree to Like Reductions in 1936
On March 20 Secretary of Agriculture Henry A Wallace
announced that the Agricultural Adjustment Administration has notified wheat growers to the effect that the 10%
acreage reduction on plantings this spring have been removed,
the action being taken,it was stated, as a preparation against
the possibility of another drought such as in 1934. The
cash benefit payment promised by the AAA for this year
will be paid to those farmers who agree to offset the increase
this year by similar reductions in their 1936 plantings. The
AAA also plans to continue to collect—the 30-cents a bushel
processing tax. The lifting of the wheat restrictions is
expected to restore from 900,000 to 2,300,000 acres for
planting this spring and is expected to increase production
by 10,000,000 to 30,000,000 bushels. In his announcement
Secretary Wallace, according to Washington advices, March
20, to the New York "Times" of March 21, said:
Bread is the fundamental food. We are taking steps against the possibility of another drought, and we believe that we owe a duty to the producer and consumer; on the other hand, we must protect the producer
against the effects of piling up a surplus.
Loans to Farmers During February by Production
Credit Associations 115% Above January, According to Governor Myers of FCA
The number of loans to farmers by production credit
associations in February showed an increase of over 115%
compared to January, according to a statement, March 15,
by W. I. Myers, Governor of the Farm Credit Administration. Loans during the month numbered 24,123 for $16,059,000, compared to 11,218 loans for $13,672,000 during
January. As to Governor Myers's statement, the FCA further announced:
The large increase in the number of loans and in the demand for credit
was due primarily to the early start in crop financing by farmers in the
Southern and Central States, Mr. Myers said. The year-around service of
the associations and the reasonable interest rate of 5% has attracted the
business of many farmers who ordinarily do not arrange for credit until
March or April, he pointed out.
The largest increase WU in the New Orleans district covering Louisiana,
Mississippi and Alabama, where $2,910,000 was loaned during the month.
and practically every other;classs of private lenders, and said
the reports gave further evidence of increasing confidence in
farm investment values: He said:
•
Two years ago falling prices and the stoppage in farm mortgage loans virtually paralyzed farm financing, undermined confidence in farm values and
started wholesale foreclosures. Since that time the lending of over 31,600,000.000 through the Federal Land banks on the basis of normal values has
refinanced the debts of half a million farmers on a basis which they can
pay out; and put new confidence into farm investment values. The
pressure of farm mortgage debts has eased greatly since last summer as
reflected by the diminishing number of requests for emergency refinancing.
Loans by the Land banks declined from a peak of $153,000,000 in June 1934
to slightly over $50,000,000 in February just passed. Although the Federal
Land banks and the Land Bank Commissioner continue as the main source
of long-term agricultural credit, in view of the improvement in agricultural
conditions, private lenders have begun to re-enter the farm mortgage
field and are doing an increasing percentage of the total financing.
According to the survey, total farm mortgage financing
in July, August and September last year amounted to
$409,000,000,of which the Land banks and the Commissioner
loaned about 76% of the total and other lenders 24%, but
during the last three months of 1934, out of a total financing
of $354,000,000, the amount loaned by the Land banks
and the Commissioner dropped to 64% of the total and the
amount by private creditors increased to 36%. In his
comments, Governor Myers also stated:
Although the largest amount of farm mortgage loans by private lenders
are being made in the preferred sections, some concerns are gradually
re entering sections which they almost entirely abandoned during the
depression. The figures show that private creditors avoided lending in
some of the Middle and Western States last year because of the drought
but apparently this did not extend to the unaffected areas, especially in
the East Central and Southern States. Judging from the rates of increase, individuals and small concerns are lagging behind banks and insurance companies, and only in the Middle Atlantic and Pacific States have
all classes of creditors increased their loan making. Taking the country
as a whole, however, the leading classes of creditors substantially increased
their rate of lending during the last three months of 1934.
The Credit Administration's survey also noted:
Of the total amount of farm mortgage loans by private creditors during
October. November and December 1934. individuals advanced 357.600.000
or an increase of about 25% compared to the preceding quarter; banks
$33.400.000 or an increase of 38%; insurance companies $16,000,000 or
an increase of 77%; and all other private creditors $20,200,000. or an
increase of 23%.
The largest increases in farm mortgage financing by life insurance companies, which prior to the depression were the second largest class of farm
mortgage investors, were in some of the South Atlantic and Central States,
Including Nebraska and Iowa.
Continued Improvement Noted in Collections of
Matured Instalments on Farm Mortgage Loans of
Land Bank Commissioner
Virtually 83% of the total amount of matured instalments
on Land Bank Commissioner loans were collected up to the
end of February, showing an improvement of about 1%
compared to collections at the end of January, W. I. Myers,
Farm Credit Administration Governor, said March 21.
The figures cover instalments maturing on mortgage loans or
made by the Land Bank Commissioner from May 1 1933
through Feb. 28 1935, a period in which over 374,000
Commissioner's loans were made, aggregating $675,000,000.
In noting this, an announcement issued by the FCA said:
Governor Myers said the figures during February showed an improvement
in payments in every reporting district. Collections in the Springfield
(Mass.) district increased from 77.2% at the end of January to 79.7%
at the end of February; in the Baltimore district from 95.2% to 95.4%;
Columbia from 79.1% to 81.5%; Louisville, 91% to 91.5%; St. Louis.
88.2 to 89.1; St. Paul, 65.9 to 66; Omaha, 79.7 to 81.1; Wichita, 84 to
84.9; Houston. 82 to 85.2; Berkeley, (Calif.), 91.8 to 92, and Spokane,
87.8 to 88.7.
In the New Orleans district February collections of instalments of Commissioner's loans as a per cent of maturities are not yet available.
1942
Financial Chronicle
Opposition to Theory of NRA Voiced by Clarence
Darrow Before Senate Committee—Declares Small
Business Suffers—Sidney Hillman Sees Benefits
to Labor.
Opposition to the "whole theory of National Recovery
Administration" was voiced before the Senate Finance
Committee on March 20 by Clarence Darrow, formerly
Chairman of the National Recovery Review Board whose
reports criticized the codes set up under the NRA. Mr.
Darrow told the Senate Committee that the National Industrial Recovery Act had increased the concentration of
wealth in the hands of a few, and according to the Washington advices March 20 to the New York "Journal of Commerce" urged that it be repealed; the account continued in
part:
Mr. Darrow not only would curtail the activities of the NRA but be
would abolish that agency altogether, although he later told Senator
Barkley (Dem., Ky.) if it could be proven to his satisfaction that NRA had
in fact eliminated child labor and shortened working hours he would favor
retention of these provisions.
Following somewhat the line taken in his famous report, the witness
declared that the trouble in this world and in this country is the unequal
distribution of wealth. He denied that there could be overproduction until
the wants of all people had oeen satisfied, which, he said, would never
happen.
Senators pressed Mr. Darrow for a suggested remedy for this inequality.
"I think something like a Socialistic system is the only solution to bring
about proper distribution." he said, "but theories have a way of looking
good on paper and then not working out so well.
"The present system is obviously wrong when one person gets $100 or
31.000 a day—and I have got $100 a day—while another person is starving.
"We found undisputed evidence," he explained to the Committee, "that
NRA was gotten up to help big business and that big business could not
helped unless it took business away from the little fellow.
"Big business bad all the advantage and NRA increased that advantage.
Little business can live only by picking up the crumbs from the rich man's
table. There are not so many small businesses now as there was and unless
I am a poor prophet there will be fewer and fewer.
"As I look upon the whole industrial situation, the little fellow is fighting
for his life. If we destroy small business, there will be nothing left but
masters and slaves.
Concentration of Wealth
"Concentration of wealth is going on in a measurable degree and it looks
as though nothing can stop it. There is no question that small business
has suffered since the creation of NRA. It would have suffered, of course.
If there had not been an NRA, but not to the extent that it has."
The so-called "little fellow" could exist only by selling at lower prices
than the "big fellow" who had high advertising and distributing costs,
Mr. Darrow said. But the NRA fixed minimum prices. The sky, he
added, was the limit going up, but they could not be put lower than the price
level fixed by the larger units in industry and, therefore, the latter got the
business.
Mr. Darrow declared he could see no success from the Roosevelt policy
which looks for recovery in high agricultural and industrial prices.
"I should like to know the name of the wise economist who said we should
kill little pigs because we had too much pork; who said we should plow up
crops for fear people would overeat, although starving, that we should plow
U p cotton, although people need clothes," he said sarcastically.
"Down South when they started to plow up cotton, they had trouble
with the mules who had been taught to not step on the cotton. Some
one has said that at least there was some wisdom in the South. But that
looked a little raw and they took a more ladylike way. They paid the farmers not to raise cotton and wheat and that is what they now are doing."
Sidney Hillman on the same day told the Senate Finance
Committee that abolition of the NRA would be followed by
an "unemployment situation worse than in 1932-1933."
The labor leader said NRA had not gone far enough in shortening hours,
but that 3,500.000 persons had been put back to work in industry.
"That is a fact and not a theory," he said, turning toward Me. Darrow,
who remained to hear him. "It's a fact that though minimum wages were
too low, we can show hundreds of thousands who were compelled to accept
10. 5 and 3 cents an hour, who now have at least the protection of 20. 30
and 40 cents an hours."
Characterizes Law as Weak
Mr. Hillman said some of the criticism of NRA was justified, but he
characterized the law as "weak."
Urging that the law be strengthened, he said it should include provision
for minimum wages, maximum hours, banning of child labor, labor protection, price control for some industries, such as coal, production control for
such industries as the textiles, prevention of unfair trade practices and
power for the President to impose codes with fair labor provisions.
Questioned by Senator Black, Mr. Hillman agreed that 80% of the reemployment under NRA resulted from the wage and hour provisions.
He said that continuation of these features alone would take care of most of
the workers.
NRA Division Chief Corrects Use of Inaccurate Dividend Figures in Official Report—Comparisons Between 1926 and 1934 Unjustified on Basis of Data
Used
Leon Henderson, Director of the Research and Planning
Division of the National Recovery Administration, issued a
statement on March 18 in which he expressed officially his
regret that in a recent business analysis published by his
Division statistics on dividend and interest payments, should
have been used so as to give an inaccurate and erroneous
Impression by comparing such payments in the years 1934
and 1926. As orginally published by the NRA, the report
indicated that the total of such payments last year was much
greater than in the year 1926. It was later ascertained that
no comparision of these figures was practical, since they had
March 23 1935
been revised radicallyTon two occasions between 1926 and
1934. Mr. Henderson in his statement said that his Division
"will not only refrain from further employment" of these
figures except within narrow limits, but will also seek to repair any damage done by their circulation in a Goverment
report."
The text of Mr. Henderson's statement of March 18 is
given below:
I sincerely regret that misunderstandings have arisen because the Research and Planning Division in a recent report charted the widely-accepted
Journal of Commerce series of dividends and interest payments.
In order to compare the course of dividends and interest payments over a
period of years, we used the oldest available record of such payments, one
continously published by Standard Statistics Co. and based on data collected for more than twenty years by The Journal of Commerce.
We had the same degree of confidence in the figures as statisticians,
business men and financial organizations who widely use all the material
published by Standard Statistics Co.
The report in which the figures and comparisons with 1926 appeared was
originally prepared under considerable pressure of time for use within the
Government. Later, because it brought together most of the recognized
statistical series on economic conditions, it was made available for limited
distribution. The dividend and interest series shows actual disbursements
in excess of $6,000,000,000 in 1934, a figure of truly substantial proportions.
If its use is decidedly limited, as is indicated by the statement published
by The Journal of Commerce, the Research and Planning Division will
not only refrain from further employment of its except within narrow limits,
but will endeavor to repair any damage done by its circulation in a Government report.
In preparing the material for the report, every effort was made, as indicated, to use only the most complete and most widely accepted information. rho limited usefulness of available data in so important a field as
dividends and Interest payment clearly emphasizes the Inadequacy of current statistical information."
Illinois Manufacturers' Association Opposes Re-Enactment of NIRA
A resolution opposing the re-enactment of the National
Industrial Recovery Act "in any form" was passed on March
12 by the directors of the Illinois Manufacturers' Association.
According to the Chicago "Journal of Commerce," the
Association blamed the NIRA for higher prices, declared to
be retarding the sale of manufactures and the desired increase in production, with resultant interference with reemployment. From the same paper we also quote:
Widespread uncertainty and apprehension, including the disturbance of
employer-employee relations, have impaired confidence in industry, and
Government Invasion of the complex field of commercial and employment
relationships was declared to represent "an impractical and unwarranted
intrusion into the field of private enterprise."
The resolution, adopted unanimously by the board of directors, follows.
"Resolved, That the board of directors of the Illinois Manufacturers'
Association records its conviction that the experience with the NIRA since
Its enactment in June, 1933, has demonstrated that the measure is unsound in principle and impracticaole in operation; that the board recommends to the member firms of the Association that they oppose the reenactment of the NIRA upon its expiration on June 16 1935, in any form,
and that a copy of this resolution no sent to each member firm."
Accompanying the resolution, said a Chicago dispatch
March 12 to the New York "Times," was a statement
signed by R. E. Wantz, the President, which outlines the
conclusions of the officers and directors as follows:
1. That the increase in prices to the consumer which has been caused
by the NIRA is seriously retarding the demand for manufactured goods in
domestic as well as in foreign markets.
2. That the increase in the volume of production in the manufacturing
Industry that could reasonably have been expected during the last 12 months
has been retarded by the NIRA to such an extent as to seriously delay the
re-employment of industrial workers.
3. That widespread uncertainty and apprehension, including that arising
from the disturbance of harmonious employer-employee relationships, which
have resulted from the NIRA have made the condition of the manufacturing
.ndustry generally appear so precarious that confidence in the future
stability of this industry has been seriously impaired. Confidence is the
most important requisite to recovery.
4. That the entry of the Government into the complex field of commercial and employment relationships comprehended in the NIRA represents an impracticable and unwarranted Intrusion Into the proper field of
private enterprise.
"Although immediate and temporary advantages may have resulted to
some of our member firms through the NIRA," the statement adds, "we
believe that the greater stability which would result from adoption by our
Federal Government of these recommendations would ultimately provide
more definite and more permanent benefits to all concerned."
Regional Labor Board Averts Threatened Strike of
Employees of Brooklyn Edison Co. in New York
City—Union Leaders Assert Settlement Provides
Recognition and Concedes Demands
A threatened strike by employees in the generating and
distributing plants of the Brooklyn Edison Co., that might
have eventually spread so as to deprive most of Now York
City of essential electrical services, was averted on March 19
by the Regional Labor Board. The threatened walkout would
have been called by the Brotherhood of Utility Employees,
which has been seeking to represent employees of the company
in collective bargaining negotiations. The company has
refused to deal with this organization, asserting that the
majority of employees was not in sympathy with the demands
made by the union. An agreement forestalling the threatened
Volume 140
Financial Chronicle
strike was signed March 19 by James E. Toher, national
labor representative of the Brotherhood,and John C. Parker,
President of the company. This agreement provides that in
the future collective bargaining will be the recognized means
of settling all disputes. Mr. Toher declared that under the
agreement the Brotherhood had won recognition and all
other essential demands. Mr. Parker declined to comment
on the agreement.
Jeremiah T. Mahoney, Chairman of the Regional Labor
Board, on March 19 outlined the agreement in the following
statement:
talThe Regional Labor Board is authorized by the Brooklyn Edison Co.
to issue the following statement as to the method of collective bargaining
which exists for all groups of employees of the company:
In accordance with ithe policy of the Brooklyn Edison Co.. in force
since 1934, any group of employees, including the Brotherhood of Utility
Employees of America, can present any matters of collective bargaining
to the management and, in the event the matter is not disposed of by
negotiation with the committee fo4he management, the management will
convene a conciliation board upon petition by such group when signed by
50 employees, or upon request of the Regional Labor Board.
Such conciliation board consists of an equal number of representatives
of the management and of the group concerned, but does not exceed six
members. Such conciliation board is convened in all cases within ten days
of the receipt of the request by the management.
BROOKLYN EDISON CO.,
by JOHN E.PARKER,President.
The Brotherhood of Utility Employees of America authorizes the Regional
Labor Board to state that it will avail itself of the machinery for collective
bargaining described above and will give a fair trial:to the existing machinery
through Governmental awards for the final settlement of disputes that are
not disposed of by the collective bargaining process.
For the
BROTHERHOOD OF UTILITY EMPLOYES OF AMERICA,
by JAMES E. TOHER, National Labor Representative.
1943
contempt of court, and ordered them committed to prison
until they signified their willingness to comply with the
injunction. The strike was originally called Feb. 2 by the
United Anthracite Miners of Pennsylvania, and was directed
against the Glen Alden Coal Co., one of the major producers.
The union contended that the company permitted and encouraged violence and assaults upon its members at a WilkesBarre colliery. The strike has already been productive of
dynamitings, shootings and other violence.
Associated Press advices of March 16 from Wilkes-Barre
described the action of Judge Valentine as follows:
Sheriff Luther M. Kniffen said all but three of the union officers were
In jail and capiases have been issued for two, Victor Martuza and Zigmund
Terutis. The third, Stanley Edmonds, is a hospital patient.
Judge Valentine's order rebuked lawyers representing the strike leaders.
It said "the case presents the unusual spectacle of members of the bar
(who state that the order should be obeyed and that they have so advised
their clients), not only appearing as counsel for the respondents but renderng them every possible aid to avoid compliance with such order, notwithitanding counsels' oath of fidelity to the Court."
00,The proceedings were conducted without attendant disorder and the
prisoners wore divided into groups and taken to the county prison in
automobiles.
&The union officers testified at the contempt hearings more than a week
ago that only the members themselves could obey the Court's order to
rescind the strike call.
A. F. of L. Leaders Threaten Strike in Automobile
Industry Unless Manufacturers Will Confer with
Them—Companies Point Out That Collective Bargaining Is Already Carried On
The American Federation of Labor will call a strike in the
automobile industry unless the manufacturers will agree to
Another statement, clarifying the original agreement, was negotiate directly with William Green, President of the
issued on March 20 by the Regional Labor Board. It read Federation, according to a statement on March 11 by F. J.
Dillon, Federation organizer. Mr. Green announced on
as follows:
March 1 that he had sent a letter to the Automobile ManuIn accordancejwith the policy of the Brooklyn Edison Co., in force since
May 1931, any group of employees, including the Brotherhood of Utility
facturers Association asking for a conference to discuss terms
Employes of America, can present any matters of collective bargaining to
of a possible agreement regarding collective bargaining within
the management and, in the event the matter is not disposed of by negotiathe industry. Alfred Reeves, Vice-President of the A ssociation with the committee for the management,the management will convene
a conciliation board upon petition by such group when signed by 50 emtion,replied on March 7,refusing the conference and pointing
ployees, or upon request of the Regional Labor Board. Such conciliation
out that individual manufacturers bargain respectively with
board consists of an equal number of representatives of the management
their employees through representatives of the employees'
and of the group concerned, but does not exceed six members. Such conciliation board is convened in all cases within 10 days of the receipt of the
own choosing, in accordance with the settlement made by
request by the management.
President Roosevelt on March 25 1934.
A summary of primary election results in 34 automobile
Strike of Building Service Employees in Bronx, New plants, made public
on March 14, showed that of 156,816
York City, Ended by Truce Until April 16—Permaemployees eligible to vote, 133,956 actually voted. The unnent Settlement Will Be Sought in Meantime
A strike of elevator operators and other building service affiliated vote was 72% of the total; the employee associations
employees in the Bronx, New York City, was terminated on or"company unions" received 11%;the American Federation
March 13 as the result of an agreement entered into between of Labor only 6%, and the Associated Automobile Workers
Other ballots were divided among
the building owners and the Building Service Employees of America only 4
Union whereby a truce was proclaimed until April 15. Dur- smaller unions or were blank or voided.
Mr. Reeves, in his letter to Mr. Green on March 7, said
ing the intervening period an attempt will be made to reach
in part:
a permanent settlement of the dispute. The walkout
began
March 7, and union officials ass( rted that 1,225 buildings
had been affected and 6,847 men had gone on strike. The
dispute is concerned chiefly with the question of union recognition, as well as with the workers' attempt to obtain
shorter hours and higher wages. During the strike, flying
squadrons of elevator operators and other strikers wrecked
many lobbies and caused thousands of dollars worth of
damage.
Previous reference to disputes involving New York City
building service employees appeared in the "Obronicle" of
March 2, pages 1413.14. The New York "Herald Tribune"
of March 14 described the agreement ending the Bronx strike
as follows:
111r. Cooper, who heads the Bronx unit of the Building Service Employees'
International Union, said after the meeting that all individual owners who
had signed agreements with the union would be expected to observe the
terms of the agreement during the negotiations and that any understanding
reached later would apply to them, too.
Earlier in the day the union had reported that 1,225 buildings in the
Bronx had been affected by the strike, with 6,847 men out, and Mr. Cooper
had said that 287 Bronx tenants had agreed to pay no rent during the
strike.
The elevator strike continued in Brooklyn, with employees of buildings
being pulled out by union agents and others returning to work as the owners of their buildings signed agreements with the union. According to
Edward A. Bracken, Deputy Chief Inspector in charge of Brooklyn police,
only 388 men were out in Brooklyn, affecting 94 buildings, all apartment
houses. George J. Troy, Vice-President of the Building Service Employees
Council of Greater New York, said that 1,000 men were on strike and
that 3,000 had returned to work.
29 Union Leaders Sentenced to Jail for Defying Injunction in Anthracite Strike—Walkout Began Feb. 2
Twenty-nine union leaders who defied a court injunction
which ordered the termination of an anthracite mine strike
in Pennsylvania were sentenced to jail on March 16 by Judge
W. A. Valentino of Wilkes-Barre, Pa. Judge Valentine, who
issued the injunction order, found the men guilty of
The withdrawal of the American Federation of Labor from the settlement
made by the President of the United States March 25 1934, and the directing
of a strike vote in this industry are acts of unprovoked aggression against
the welfare of the employees in the industry and against the progress of
recovery.
The manufacturers are complying with the Automobile Manufacturing
Code, with the terms of the President's settlement, and with their legal
duties.
The American Federation of Labor, whose members are only a small
minority of the employees of the industry, by withdrawing from the President's settlement and by supporting Mr. Dillon's call for a strike vote, is
thereby creating strife in the industry.
Having repudiated the President's settlement, representing as it does
only a small minority of the automobile workers, and having declared itself
aggressor against the peace of the industry, the American Federation of
Labor has no just claim to be spokesman for the automobile workers generally.
Employees of Ohrbach's Department Store in New York
City Return to Work Alter 12-Week Strike
A 12-week strike of employees of Ohrbach's Affiliated
Stores, Inc., 38 East 14th Street, New York City, was
settled on March 7, Mrs. Elinore M. Herrick, director of
the Regional Labor Board, announced March 8. The
terms of the settlement provided that the 137 striking employees be reinstated by March 18.
Magistrate Alfred M. Lindau, in Essex Market Court,
March 14, freed 103 men and women picketing the store
during the strike, who were held on disorderly conduct
charges. Judge Lindau made his decision after learning of
the settlement of the strike.
Farm Debts Aggregating $200,000,000 Adjusted by
Voluntary Adjustment Committees—More Than
40,000 Farms Saved from Foreclosure
Over 40,000 farms have been saved from foreclosure and
debts aggregating $200,000,000 have been adjusted as a
result of the work of voluntary farm debt adjustment committees, largely during the past year, according to an esti-
1944
Financial Chronicle
mate released March 20 by the Farm Credit Administration
based on reports from State debt adjustment committees.
The announcement continued:
Forty-four States are now participating in the voluntary program to
adjust farm debts to a basis on which farmers can continue to farm and
meet their payments, and there are 2,714 county farm debt adjustment
committees with over 13,000 committeemen. Appointed by the State
Governors, it is the business of these committees to give accurate information and counsel to creditors and debtors in connection with cases of
excessive farm debts; and, if possible, to arrange adjustments or extensions
satisfactory to both parties to prevent foreclosures. In most States the
county organizations work under the direction of the State committee.
According to the FCA report, the debt adjustment work, which began
spontaneously in the Middle and Western States in 1933 is now effective
in almost the entire country. Recently the work ,has been especially
active in the Southern States, and in this section, as elsewhere, according
to the report, it is responsible for a decided improvement in the confidence
and debt-paying morale of farmers.
A report from B. W. DeBord, State Supervisor of the Illinois Agricultural
Conciliatory Committee, shows that from April 1 1933 through March 1
1935 some 3,540 cases involving $34,000,000 of farm debts in Illinois
have been settled satisfactorily. . . .
The work of farm debt adjustment in Indiana, begun more recently, has
resulted in settlement of 354 cases involving an indebtedness of $2,684,679.
L. R. Breithaupt, of the Agricultural Advisory Committee in Oregon,
where the farm debt adjustment movement has established a record for
reconciling conflicting debtor and creditor interests, estimates that more
than 3,500 farms have been saved and a total adjustment of $2,500,000
effected. . . .
In California, the work of the debt adjustment committees made good
headway during the last half of 1934, and the report from T. C. Tucker,
Chairman of the California State Committee, shows that 401 cases were
settled to the end of the year.
Farm debt conciliation which began in most of the Southern States
during the past summer has made remarkable progress. While the State
reports are concerned primarily with the exceptional cases, in most
Instances the successful settlement of the initial cases immediately helped
to create a better understanding of debtor-creditor problems, and pointed
the way to additional voluntary settlements, perhaps a larger number of
which are settled before they reach the committee stage than afterward.
In Arkansas the local county committees have successfully handled 872
cases and have 821 additional in the process of settlement, according to
the State report. A total farm indebtedness of $1,605,043 was settled
for $1,053,722.
John W. Bateman, Chairman of the Louisiana State Farm Debt Conciliation Committee, reports the settlement of 182 cases representing over
half a million dollars of indebtedness in the six weeks ending Feb. 25 1935.
During February just passed the farm debt adjustment committees in
Georgia made 75 adjustments involving an indebtedness of $452,453,
Chas. J. Haden, Chairman of the State Committee, reports.
In the period from June 12 1934, the date of organization of the work
In North Carolina, through Dec. 31 1934, the State Committee reports the
settling by local committees of 1,062 cases involving farm debts amounting
to $3,089,686. The average reduction in the case of debts written down
was 221
/
2c. on the dollar.
Survey of Cost of Emergency Relief by National Industrial Conference Board—Average Cost Per Case
Rose from $15.40 in July 1933 to $34 in December
1934
•
A chart prepared by the National Industrial Conference
Board covering the figures for cost of emergency relief,
the number of cases on the relief rolls, and the average
cost per case, shows the relatively large increase in cost
during the past 18 months as compared with the increase
in number of relief cases. In issuing the chart the Conference Board said:
The number of relief cases in July 1933 was 3,906,874. it declined to
slightly below 3.000.000 cases in January 1934. The increase from dhat
point to December of that year brought the total to 5,261.516. The dip
from November 1933 through March 1934 in the trend was due to the
transfer of a considerable number of relief cases to employment on Civil
Works Administration projects. The CWA data are not included in
this analysis because more than half of the number employed on CWA
projects were drawn from the ranks of the non-relief unemployed workers.
The monthly total obligations for emergency relief in July 1933 amounted
to $60,155,874. By the following November the total reached $70,810,514.
It dropped to approximately $54.000,000 in January 1934 due to the
complementing effect of CWA, and from that time on rose steadily to
a total of $179,502.799 in December 1934. The steepest incline was
experienced during the month of April when the made-work program
of the OWA was supplemented by the work relief program of the Federal
Emergency Relief Administration.
fhe average cost per case in July 1933 was $15.40. Within four months
It rose fo $18.83. From October 1933 to March 1934 there was little
change, but from the latter month on the increase was rapid, reaching
slightly over $34 in November and December 1934. This sudden rise
In cost per case is attributable to the adoption of the work relief policy
by the FERA in April 1934.
The increase in the number of cases for the whole period amounted
to approximately 35%. The rise in monthly cost was 198%. and In
average cost per case 122%.
Donald R. Richberg Made Head of Reorganized NIRB
With Membership of 7—Organized Labor to Have
Equal Representation With Industry
In making known plans for the reorganization of the
National Industrial Recovery Board with a membership of
7, President Roosevelt on March 21 announced that Donald
R. Richberg would temporarily serve as Chairman, to replace S. Clay Williams, whose resignation was noted in
these columns March 9, page 1588. Besides announcing
the appointment of Mr. Richberg to serve as head of the
Board pending the enactment of the new NRA
March 23 1935
the President also announced (we quote from Washington
advices to the New York "Times") the imminent retirement
of Arthur D. Whiteside and the appointment of two new
members, William P. Witherow, engineer and steel manufacturer, and Philip Murray, Vice-President of the United
Mine Workers of America. In part it was also stated in the
dispatch:
Thus organized labor won its long fight for equal membership on the
NRA governing body after having been balked by Mr. Richberg.
Labor "Buries the Hatchet"
Mr. Roosevelt's decision was announced several hours after a labor
committee consisting of William Green, President of the A. F. of L.; John
L. Lewis, President of the United Mine Workers of America, and Sidney
Hillman, a member of the NIRB and President of the Amalgamated Clothing Workers of America, had conferred with him for an hour and a half.
As a result of the meeting organized labor "buried the hatchet" in so
far as its feud with Mr. Richberg was concerned.
A White House statement said:
"The President expects that NRA will carry on its present duties vigorously and effectively, with due consideration of all interests involved while
legislation is pending and shall assist in every way possible in the enactment
of legislation urgently needed to retain and to advance the industrial recovery program, as embodied in the present law, with the anticipation that
by the action of Congress the law will be materially improved and strengthened."
The President also gave out his interchange of letters with
Mr. Whiteside (whose resignation, it is stated, was tendered
March 11), thanking the President of Dun & Bradstreets for
his service with the NRA with which he has been associated
since June 1933. Mr. Richberg is quoted as saying:
"This is only a temporary job for me. The new set-up depends entirely
on what Congress does. They may even want an entirely new board."
Death of Jeremiah Smith Jr.— Served as Financial
Commissioner for Hungary Under League of
Nations
Jeremiah Smith Jr. of Boston, who served as Financial
Commissioner for Hungary under the League of Nations,
died at his home in Cambridge, Mass. on March 12, following a long illness. Mr. Smith gained international distinction for his work in adjusting the financial ills of the Hungarian Government after his appointment to that service
by the League of Nations with the title of CommissionerGeneral. In noting this the Boston "Herald" of March 13,
further said: "Two other foreign countries were "treated"
by him. He aided in organizing the Chinese consortium and
showed the Mexican government how to adjust its national
debt.
Mr. Smith was hailed by the Hungarian Parliament with great acclaim
as his work progressed and it named him the "savior of our country."
It sought to decorate him as a reward for his work, but Mr. Smith declined
any honors and gave instructions that the $60,000 to which he was entitled
for two years work be turned back to the Government.
Honors continued to pour on Mr. Smith following the Hungarian success,
and among them was the offer to become Secretary of the Treasury by
President Roosevelt in 1933, but his illness caused him to decline.
He was appointed a member of the Harvard Corporation to succeed
Dr. Henry P. Walcott of Cambridge, in May 1927. . . .
The League of Nations assigned Mr. Smith to put Hungary's house In
order. There were serious obstacles, not entirely because of the financial
troubles, but because Hungarians were embittered beyond all others as
a result of the war. Within a short time Mr. Smith was able to obtain a
loan of $50.000,000 for the impoverished Hungarian exchequer.
He had charge of the loan and Hungarians were obliged to turn to him
for funds. He cut salaries, eliminated unnecessary jobs. He raised
revenues and in the first year was able to pay the interest on the loan long
before it was due. In the second year it was found that only $15,000,000
of the loan had been spent. His plans continued to make progress to
such an extent that Hungary was released from foreign control.
"I don't know exactly how much I did refuse," Mr. Smith said in telling
of his Hungarian service. "The League of Nations and the Hungarian
Government had agreed on $5,000 a month to cover all costs and I was
there a little over two years. I stipulated at the start that I would take no
salary for when you are going to work blue penciling other people's salaries
you can't very well take a big one yourself. I honestly believed it helped
my work.
"They asked me what they should do with the salary and I told them
it was their money, the first they had to spend, so they might as well do
as they liked. They asked if there was any objections to using it as a
scholarship fund to send students to the United States. I said there was
not, so they did."
The conclusion of Mr. Smith's task as Financial Commissioner for Hungary was reported in our issue of July 3
1926, page 31. Mr. Smith was born in Dover, N. H. His
grandfarther was a former Governor of New Hampshire.
Mr. Smith attended Phillips Exter Academy, which his
farther had attended and from there he went to Harvard.
He was graduated from the College with the class of 1928,
and completed the course in the Harvard law school three
years later and until 1897 he was Secretary to Justice Gray
of the United States Supreme Court, The Boston "Herald"
states:
He afterwards practised law in Boston. He handled many intricate
cases during the course of his law work, but his greatest interest was in
International affairs. When the United States was drawn into the World
War he served overseas in the quartermaster corps as a captain under
General Charles 0. Dawee.
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Financial Chronicle
During peace negotiations in Paris he acted as counsel for the Treasury
and financial advisor to the American peace mission.
Death of Louis Wiley, Business Manager of New York
"Times"
Louis Wiley, business manager of the New York "Times,"
died suddenly on March 20 in New York City. Mr. Wiley,
who was 65 years old, was believed to be recovering from an
operation performed last week. Physicians ascribed the
cause of death as cerebral thrombosis. Mr. Wiley had been
connected with the New York "Times" since 1896, and was
one of the best known newspaper men in the United States.
Notables in the publishing world were included among the
honorary pallbearers at the funeral services yesterday(March
22). _
Among the many messages of condolence elicited by Mr.
Wiley's death was one from President Roosevelt, who said on
March 20:
I am distressed to hear of the passing of my friend Louis Wiley. Mrs.
Roosevelt joins with me in this expression of sympathy.
We quote below a brief account of Mr. Wiley's career, as
given in the "Times" on March 21:
Mr. Wiley came to The New York Times in 1896, thirty-nine years ago,
at the age of 26 years. He had previously had about ten years newspaper
experience, most of it in Rochester, N. Y., near his home town of Hornell.
In Rochester he performed nearly all kinds of reporting duties, including
those of a baseball writer and of a dramatic critic, before entering the
business department of a Rochester paper and becoming business manager.
The year in which Mr. Wiley joined The Times was the year in which
this newspaper was purchased by Adolph S. Ochs. In the course of the
years Mr. Ochs has paid frequent tributes to the part played in building
up The Times by Mr. Wiley's high character, keen intellect and indefatigable zeal.
With his geinius for friendship, Mr. Wiley made and kept close and sincere contacts with persons in all spheres ot activity and in all walks of
society not only in New York but throughout the United States and in
foreign countries.
President Roosevelt Appoints Anning S. Prall
Chairman of FCC
Anning S. Prall, of New York, member of the Federal
Communications Commission, was appointed Chairman of
that body on March 8 by President Roosevelt. Mr. Prall
succeeds Eugene 0. Sykes, of Mississippi, who asked to
be relieved of the duties of Chairman. From Washington
advises March 8 appearing in the New York "Herald
Tribune" of March 9 we take the following:
The announcement, which said Mr. Frail would serve as Chairman
of the Commission until March 11 1936, indicated that a policy of rotating
the chairmanship annually, as with many other Federal commissions,
was contemplated by the Administration
Mr. Sykes, who served a year as Chairman of the old Radio Commission
before it was absorbed by the new agency, will take over Mr. Prall's recent
duties as head of the Radio Broadcasting Division.
The recent confirmation by the Senate of the members
of the FCC was noted in our issue of Feb. 9, page 893.
Dr.
L. J. A. Trip Named as Candidate to Succeed
Leon Fraser as President of Bank for International
Settlements
The directors of the Bank for International Settlements
on March 11 named Dr. Leonardus Jacobus A. Trip as
"official candidate" for President of the Bank for International Settlements, succeeding Leon Fraser, who will
retire with the expiration of his term of office in May. In
Basle (Switzerland) advices, March 11, it was stated that
the Board agreed that Dr. Trip, who remains as President
of the Bank of Netherlands, shall have as an alternate
J. W. Beyen of the Netherlands, who will be in charge of
the Bank for International Settlements during Dr. Trip's
absence from Basle, and will be empowered to sign all bank
documents. In part, the same advices said:
It was further agreed that Herr Beyen will sit with the Board, but will
have no vote. He will take office, it is likely, on May 1. . . .
Mr. Fraser Invited to Serve
The Board proposed that Mr. Fraser remain one of the two American
members of the Board, though he will reside in the future in New York
as Vice-President of the First National Bank. Mr. Fraser answered he
thought it would be better for the World Bank if his seat were filled
by some American resident of Europe who could attend all of the meetings.
The question, however, was left open.
Gates W. McCiarrah, former Bank tor International Settlements President,
who holds the other American Board seat pending a decision whether the
Federal Reserve will use its right to occupy it, has not attended a Board
meeting since retiring from the Presidency.
The question of future American representation in the bank has been
before New York and Washington now since December, and continued
inaction there is increasingly interpreted among Europeans as indifference. . . •
The only American, as things now stand, who will remain on the World
Bank staff after May 14 is Ernest Moore, who has been the President's
secretary since the bank began.
To-day's meeting of the Board was the fiftieth attended by Vincenzo
Azzolini, Governor of the Bank of Italy, who holds an unbroken record
of never missing a meeting. This was brought out by Montagu Norman,
Governor of the Bank of England, who has never missed a meeting of the
1945
Board except when he was overseas, and no meeting has ever lacked the
presence of the Governor of the Bank of France, though the office has
been changed thrice since the World Bank's foundation. Dr. Trip and
Gottlieb Bachmann, President of the Swiss National Bank, have attended
every meeting since becoming directors.
Mr. Fraser announced the bank had now received 200,000,000 French
francs resulting from the exchange of currencies in the Saar, and would
turn this over to France this week. Dr. Hjalmar Schacht, President of
the Reichsbank, hopes to collect 50,000,000 more francs.
Mr. Fraser also announced the appointment of the following arbitrators under the 1935 German short-term standstill agreement: Marcus
Wallenberg, Chairman; Thomas H. McKittrick Jr., of Higginson & Co.,
London, and Franz Urbig. The Board heard unusually full reports on
the situation in Belgium and Switzerland.
An item indicating that Dr. Trip was likely to succeed
Mr. Fraser as President of the Bank for International Settlements appeared in our issue of March 9, page 1563.
Biggs Resigns as Solicitor-General of United
States—To Join RFC—Stanley Reed Nominated
as Successor by President Roosevelt
President Roosevelt on March 18 nominated Stanley Reed
as Solicitor-General of the United States to succeed J.
Crawford Biggs, who tendered his resignation on March 14.
If confirmed by the Senate, Mr. Reed will leave his present
post of General Counsel of the Reconstruction Finance
Corporation. In reporting Mr. Reed's nomination, Washington advices March 18 to the New York "Times" of
March 19 said:
J.
C.
The appointee for Solicitor-General has become distinguished in Washington as an important legal aide in forwarding and defending the policies
of the New Deal. He is a Kentucky Democrat but came to Washington
originally at the request of President Hoover, who made him General
Counsel for the defunct Federal Farm Board. . . .
In his new office Mr. Reed will carry on much the same work as that
already assigned to him at the RFC when he was named Special Assistant
to the Attorney-General to assist in handling questions before the Supreme
Court involving the National Industrial Recovery Administration. . . .
Mr. Reed is also a director of the Commodity Credit Corporation and
a trustee of the Export-Import Banks.
Mr. Biggs, whose resignation becomes effective with
the appointment of a successor, planned to enter private
practice, but according to the Washington advices of March
18 to the "Times" he immediately received a new position
as a voting trustee representing the RFC in the handling
of railroad stocks pledged with the Corporation as collateral
on loans. He was appointed as Solicitor-General in May
1933. His letter of resignation to President Roosevelt
dated March 13 follows:
.Aly dear Mr. President
I hereby tender my resignation as Solicitor-General, effective upon
the appointment and qualification of my successor.
In this connection may I say that I have practically completed two
years of service and I feel that the time has come when I must again devote
my whole time to my personal and professional affairs. I told the Attorney-General last year that it was my intention to resign this spring and
I am informed you were so advised.
Permit me to assure you that I shall always be grateful for the privilege
of serving in your Administration and having had a part in the great work
which has been accomplished under your inspiring leadership.
I leave with a feeling of profound apprec.ation and with a sense of having
performed my duties faithfully and in the public interest.
With great respect, believe me faithfully yours,
J. CRAWFORD BIGGS, Solicitor-General.
President Roosevelt, in acepeting the resignation, wrote:
My dear Crawford
I accept your resignation with very real regret. For nearly two years
you have discharged your important duties with distinction and success.
A survey of your record and that of your office, taking into account the
business transacted, the multiplicity of matters intrusted to your care,
and the results achieved, will challenge comparison with any like period
of time in the history of your department.
That you feel constrained to return to private practice of your profession I can well understand. You carry with you my best wishes and
my sincere thanks for the public service you have rendered.
Very sincerely yours.
FRANKLIN D. ROOSEVELT.
John T. Walker Appointed Deputy Intermediate Credit
Commissioner of FCA
John T. Walker Jr., formerly special assistant to the
Intermediate Credit Commissioner of the Farm Credit
Administration, has been appointed Deputy Intermediate
Credit Commissioner, according to a statement March 19
by Governor W. I. Myers, which added:
In his new capacity Mr. Walker will assist Commissioner George M.
Brennan in directing the operations of the Federal Intermediate Credit
banks and act as Commissioner in the absence of the latter and Deputy
Commissioner Arthur T. Esgate.
Mr. Walker, who is 47 and until recently President of the Atlantic Bank
of Jacksonville. Fla., is a native of Alabama. Mr. Walker was Bank
Examiner in that State for a number of years and later was Vice-President
and agricultural credits specialist in the National Bank of Commerce of
New York City.
J. D. Macpherson Elected Chairman of Montreal Curb
Market—Others Elected
J. D. Macpherson, a partner of Jones, Heward & Co.,
Montreal, was elected Chairman of the Montreal Curb
1946
Financial Chronicle
Market on March 7 to succeed the late C. N. McCuaig,
we learn from the Montreal "Gazette" of March 8. Mr.
Macpherson, who has also been elected to the Governing
Committee of the Montreal Stock Exchange to fill a vacancy
created by the death of Mr. McCuaig, is a charter member
of the Montreal Curb Market and has served as a member of
the Board of Management for the past four years. We
also take the following from the "Gazette":
Coincident with the election of the new Chairman, announcement is
also made of the election of A. E. D. 17,remain, of R.. Moat & Co.. as ViceChairman of the Montreal Curb Market. Mr. Tremain has acted as
Secretary-Treasurer, a position now to be held by G. H. Turpin of Turpin
& Co.
H. J. Child, of Holt, Rankin & Child, has been elected to the Montreal
Curb Market Board of Management, filling the vacancy in that board.
New Director of Seattle Branch of Federal Reserve
Bank of San Francisco
J. W. Maxwell, Chairman of the Board of the National
Bank of Commerce, Seattle, Wash., has been named a
director of Seattle Branch, Federal Reserve Bank of San
Francisco, to serve the unexpired term of the late M. F.
Backus, said the Seattle "Post-Intelligencer" of March 10.
E. J. Buckley Appointed Acting Head of Closed Bank
Division of Pennsylvania Banking Department
On March 4 Luther A. Harr, Pennsylvania Banking
Secretary, appointed E. J. Buckley as acting head of the
State Banking Department's closed bank division. The appointment became effective March 15. Mr. Buckley,
formerly assistant to the acting head of the division, succeeded E. B. Toppin, recently named Vice-President of the
Camden Safe Deposit Co., Camden, N. J.
Howard Butcher, Jr. Re-elected President of Philadelphia Stock Exchange
At the annual election of the Philadelphia Stock Exchange,
held March 4, Howard Butcher, Jr., of Butcher & Sherrerd,
Philadelphia, was re-elected President for a second term.
The following, said the Philadelphia "Inquirer" of March 5,
were elected to the Governing Committee for a term of three
years:
Herbert L. Clark, Harry C. Dackerman, Frank C. Matthews, Harrison
O. Beeler, George E. Snyder, Jr.. B. F. Townsend, Jr., and J. Maurice
Wynn.
Oil Trades Association Elects Rudolph G. Sonneborn
as President
Rudolph G. Sonneborn, President of L. Sonneborn, Sons,
Inc., New York, was elected President of the Oil Trades
Association at the 18th annual meeting held March 12. Mr.
Sonneborn succeeds Walter Sayblot, executive of the Standard Oil Co. of New Jersey. Also elected at the meeting were
Charles V. Bacon, Vice-President; Joseph C. Smith, of the
Smith Weihman Co., Secretary, and Philip C. Moon, Treasurer.
National Fire Waste Council to Hold Annual Meeting
in Washington March 29
The 12th annual meeting of the National Fire Waste
Council will be held in Washington, D. C., on March 29.
The Council, which is affiliated with the Chamber of Commerce of the United States, announces the standing committees with names of chairmen that will meet on the day
before the main meeting:
Chamber of Commerce Co-operating Committee—Paul W. Terry, Chairman.
Contest Committee—Richard E. Vernor, Chairman.
Fire Casualty Statistics Committee—Paxton Mendelssohn, Chairman.
Fire Service Extension Committee—Col. Clarence Goldsmith, Chairman.
Speakers' Committee—T. Alfred Fleming, Chairman.
The Contest Grading Committee, George W. Booth, Chairman, will hold a three-day meeting, March 25 to 27 inclusive.
All of the meetings will be held at the Chamber's headquarters.
Annual International Convention and Inform-a-Show
of National Association of Purchasing Agents to
Be Held in New York May 20-23
Purcthasing executives from all parts of the United States
and Canada are expected to attend the 20th Annual International Convention and Inform-a-Show of the National
Association of Purchasing Agents to be held at the WaldorfAstoria Hotel, New York City, May 20-23, inclusive. "The
Effect of National and International Governmental Policies
on Commodity Prices" is the theme for the general program, the Association announced March 12, with special sessions devoted to discussing their effect on purchasing practice and procedure, and specific commodities such as non-
March 23 1935
ferrous metals; paper, pulp and board; edible oils; heavy
chemicals; foodstuffs; ferrous metals; textiles; lumber;
coal, and mineral oils.
The Inform-a-Show, an industrial exhibit of products and
processes will include displays by representative companies.
Foreign Exchange Brokers' Association of New York
Elects Governors
Charles D. Blauvelt, President of the Foreign Exchange
Brokers' Association of New York City, announced recently
that the following were elected by the board of governors:
To serve three years. Charles D. Blauvelt, Arthur L. Partridge and
Eben S. Church.
To serve two years. Herman Krech. treasurer; and Harold R. Bayley,
vice-president.
To serve:one year. Bernard J. Snow, secretary, and Oscar Peterson.
National Fair to Be Held in Finland Oct. 5 to 13
A national Fair will be held in Helsinki, Finland, Oct. 5
to 13 1935, in the new Grand Exhibition Hall, which is nearing its completion. The Fair is expected to be the greatest
national exhibition ever held in Finland, comprising every
branch of Finnish industry and handicraft, and will afford
the visitor an opportunity to see the multitude of different
products that Finland has to offer in the field of industrial
endeavor.
Reopening of Closed Banks for Business and Lifting
of Restrictions
Since the publication in our issue of March 16 (page 1769)
with regard to the banking situation in the various States,
the following further action is recorded:
MICHIGAN
In indicating that the State Bank of Standish, Mich.,
had reopened, the Michigan "Investor" of March 16 had
the following to say:
The Standish Bank released $172,005 on opening, which was 40%
of the deposits, and trust certificates were issued for the rest by the liquidating corporation of the old bank. The bank is capitalized at $30.000,
with H. A. Chamberlain as President and Coulson Blair as Cashier.
The "Michigan Investor" of March 16 reported that the
Edwin Nash State Bank at Clarksville, Mich., had reopened. Arthur Johnson, it was stated, is the new Cashier
of the institution. Dr. A. I. Laughlin is President.
OHIO
A plan to reopen the closed Liberty Banking Co. of
Fremont, Ohio, was submitted to the Common Pleas Court
by R. B. Bucher, conservator of the institution, we learn
from advices from that place printed in "Money & Commerce" of March 16, which went on to say:
Hearing on the application will be March 22 before Judge A. V.Baumann.
The reopened bank would have a capital stock of $50,000 and added capital
notes of $25,000. It would immediately release 40% of the estimated
$800,000 deposits.
VIRGINIA
The Richmond "Dispatch" of March 13 is authority
for the statement that payment of approximately 8500,000
credited to the fiduciary and trust departments of the
closed American Bank & Trust Co. of Richmond, Va.,
probably will be made within the next month, following
the filing of a report by Brockenborough Lamb, Special
Master. The paper continued:
A majority of more than 1,000 claimants of the fund have agreed to
a plan whereby a distribution of 8832% will be made to fiduciary claimants
and 75% to the trust or mortgage loan claimants, it is understood.
With the filing of Commissioner Lamb's report, which lists the names
and addresses of interested parties and the respective amounts to be distributed, the next step will be for attorneys to ask the Issuance of a "show
cause" order, giving claimants 10 or more days in which to register protests
against any of the proposed features embodied In the distribution plan.
This settlement, agreed upon by the majority of interested parties,
called for the approval of Judge William A. A. Moncure of Chancery Court
and Judge Jullen Gunn of City Circuit Court.
The sum of $606,000 was set aside, to the credit of the Chancery Court,
to provide payment to fiduciary and trust department claimants who
could establish their claims. Consummation of the compromise agreement not only will make available $500,000 in cash, most of which wil
accrue to Richmonders, but also will bring about the return of approximately $100,000 to the receivers of the American bank. This last named
sum will be credited to the bank's estate and thus benefit all the bank's
depositors.
Distribution of $1300,000 within the near future Is expected to stimulate
business here generally.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The New York Stock Exchange announced, March 22, a
proposal to transfer the membership of the late Louis S.
Oppenheimer to I. W. Burnham 2d for $72,000. This price
denotes no change from the last previous sale.
The market value of memberships on the New York Curb
Exchange broke sharply, March 16, when a sale was
arranged at $12,000, a decline of $11,000 from the previous
Volume 140
Financial Chronicle
price of $23,000, on Jan. 28. Later in the day a sale was
made at $13,000.
The second New York Coffee and Sugar Exchange membership of F. Eugene Nortz was sold March 19 to Richard
Lamborn for $3,800, unchanged from the previous sale.
Following his resignation, on March 14, as President of
the Greenwich Savings Bank, New York City, Charles Mason
Dutcher was appointed Honorary Chairman of the institution. Clarence M. Fincke, formerly Executive Vice-President, has been elected President. Mr. Dutcher has been
with the Greenwich Savings Bank for the past 52 years and
had been its President since 1920. Mr. Fincke, before his
connection with the bank, had been a Vice-President of the
Bank of America, New York.
Walter Russell Batsell of Paris, a .partner in the New
York Stock Exchange firm of Batsell & Co., New York,
died on March 12 in this city of heart disease. Mr. Batsell
had made his home in Paris for the past 10 years, and was
on a visit to the United States. The firm of Batsell & Co.,
formed in May of 1933, also has offices in Paris and London.
At a meeting of the Board of Trustees of the City Savings
Bank,Brooklyn, N.Y.,held March 14,Seth Bradford Dewey
was elected to the Board. Mr. Dewey, who is President
and Treasurer of Gage & Tollner, Inc., and a director of
A. T. Dewey & Sons Co., succeeds the late Francis J.
Heaney.
Announcement was made on March 15 by Bernard F.
Hogan, President of the Greater New York Savings Bank,
Brooklyn, N. Y., of the election of Walter E. Trum as a
trustee at a meeting of the Board held March 15. Mr.
Trum is President of J. Trum, Inc., paper box manufacturers, and is also a member of the NRA code authority for
that industry.
A payment of 10% to the 1,700 depositors in the savings
department of the Lawrence Trust Co., Lawrence, Mass.,
which will amount to $730,000, was announced on March 15
by Banking Commissioner Henry H. Pierce, according to
the Boston "Transcript" of March 15, which added:
With this payment the depositors will have received a total of $3,650,000,
or 50% of their claims.
•—••••••
Announcement was made on March 9 by Dr. Luther A.
Harr, Secretary of Banking for Pennsylvania, that a second
advance payment totaling $65,742.84 would be paid to the
1,142 depositors in the Victory Banking Trust Co, of Girardville, Pa., on March 18, according to the Philadelphia "Inquirer" of March 10, which added:
The first payment, $32,778.94-10% of the deposit liabilities—was made
on June 28 1934. The second payment, 20%, makes the total payment
to depositors 80%.
The same paper stated that Dr. Harr further announced
that depositors in the Bank of Auburn, Auburn, Pa., will
receive a sixth advance payment, representing 5% of the
deposit liabilities of the institution, on March 25. We quote
the paper:
This payment, amounting to 228,446.19, will bring the total
distributed
to 52%%. The first payment, made on May 9 1932, was for 10%,
and
the total distributed with the six payments will be $298,896.55.
Directors of the new Capital Bank & Trust Co. of Harrisburg, Pa., formed by merging the restricted Commonwealth
Trust Co. and Union Trust Co. of that city, have elected
William S. Snyder, an attorney, Chairman of the Board.
Other officers chosen for the new institution are: Andrew S.
Patterson (former President of the Union Trust Co.),
Vice-President and Treasurer; Warwick M. Ogelsby (former
President of the Commonwealth Trust Co.), Vice-President
and Secretary, and Paul L. Ellenberger (former Trust
Officer of the Commonwealth Trust Co.), Trust Officer.
The foregoing is learned from Harrisburg advices appearing
in "Money and Commerce" of March 16, from which we
also take the following:
Mr. Snyder (newly elected Chairman) was one of the leaders in the
organization campaign. The new bank will open, probably before the end
of the month, in the building now occupied by the Commonwealth Trust
Company in Market Street. . . . The institution will open with
$300,000 capital and $150,000 surplus and was grated a charter this week.
The appointment of Walter E. Burns, formerly Executive
Vice-President of the Carlisle Deposit Bank & Trust Co.
of Carlisle, Pa., as President of the new institution, was noted
in our issue of last week, page 1770. Mr. Burns assumed his
new duties on March 18, it is understood.
1947
Associated Press advices from Pittsburgh, Pa., on Mar.
15 reported that Charles P. Ortale, President of the closed
Bank of America Trust Co. on that day was sentenced to
three years in jail on a charge of making false entries. The
dispatch continued:
Several weeks ago Ortale pleaded "guilty" to 59 counts after his trial
had been in progress a week.
A plan for reopening the Warren State Bank, Warren,
Ohio, has been presented to the Court, according to a die,
patch from that city, printed in "Money & Commerce" of
Mar. 16, which added:
It is hoped to have the reopening before April 1.
receive 25% in cash credits.
-4---
Depositors are to
M. E. Dennison, heretofore President of the Dollar Savings & Trust Co. of Youngstown, Ohio, was elected Chairman of the Board of Directors, and Carl W. Ullman,
formerly Executive Vice-President, was chosen President in
his stead, at a meeting of the directors held Mar. 12, we
learn from a Youngstown dispatch appearing in "Money &
Commerce" of Mar. 16. The advices continued:
Mr. Dennison presented his resignation as President because of ill health,
but "will continue his duties just as before, as his health permits." He has
completed about fifty-five year. with the bank, having risen in that time
from the lowest position to the highest. Starting as office boy he became
Cashier in 1896, Vice-President in 1907 and President in 1892.
President Ullman, an attorney, has been with the trust department many
years and was elected Executive Vice-President in 1932.
It is learned from Gallipolis, Ohio, advices, appearing in
"Money & Commerce" of Mar. 16, that Frank C. Grist, who
has been connected with the Commercial & Savings Bank of
Gallipolis for the past 15 years, was recently elected Cashier
of the institution.
Closed since 1931, the American Trust Co., a South Bend
banking concern, will reopen soon as a result of a $220,000
fund made available by the Reconstruction Finance Corporation. South Bend advices on Mar. 12, in indicating this,
added:
Representative Samuel B. Pettengill had appealed from an appraisal of
the bank's assets as made by the Chicago RFC office which was $60,000
less than that accepted at Washington. The bank had 12,000 depositors.
The Comptroller of the Currency on Mar. 15 issued a
charter to The South East National Bank of Chicago, Chicago, Ill., with capital of $200,000. Clarence A. Bente' is
President of the new organization and Ernest L. Johnson,
Cashier.
In indicating that a 5% dividend was being paid to
depositors of the closed First State Bank of Mineral, Ill.,
advices from that place on March 12 to the Chicago "Tribune" said:
With the distribution to-day of a 5% dividend, depositors of the former
First State Bank of Mineral have been repaid 52% of money on deposit
when the bank closed. D. W. Grant, deputy receiver, expects two more
dividends will be paid.
Judge Sherman E. Smalley overruled objections of a small
group of depositors of the Farmers' & Merchants' Bank,
Muscoda, Wis., in an all-day hearing and authorized payment to all depositors of the bank of 80% of the segregated
fund held to their credit, we learn from advices from
Muscoda on March U to the Milwaukee "Sentinel.
Articles of incorporation of a new bank which will take
over the assets and quarters of the West End Bank, at
6605 Delmar Boulevard, St. Louis, Mo., were filed with the
Recorder of Deeds at Clayton, Mo., on March 12. The new
institution will be known as the Delmar Bank of University
City, and will be capitalized at $100,000. The St. Louis
"Globe-Democrat" of March 13, authority for the above,
added, in part:
Of the capital stock, $55,000 has been subscribed by the Reconstruction
Finance Corporation and the remaining $45,000 by the organizers. The
Incorporation is subject to the approval of the State Finance Department.
From the St. Louis "Globe-Democrat" of March 10 it is
learned that announcement was made the previous night by
Creighton B. Calfee, Special Deputy State Finance Commissioner in charge of the liquidation of closed banks, that
payments to depositors of three closed St Louis, Mo., banks
would be made shortly through loans by the Reconstruction
Finance Corporation. The banks named are the Chouteau
Trust Co., the Park Savings Co., and the Sarah-Olive Bank.
We quote the paper:
It is expected a 12%% dividend will be paid to approximately 2,800
depositors of the Chouteau Trust Co. The payment will total $70,129.24.
1948
This will be the second dividend disbursement made by the bank, making a
2% paid.
/
total of 371
A payment of 10% will be made to approximately 2,800 depositors of
the Park Savings Co., involving a cash disbursement of $31,189.03. Checks
will be mailed out soon, releasing a 20% dividend to approximately 1,000
depositors and creditors of the Sarah-Olive Bank. The amount of cash
41isbursed will be $24,443.28. This is the second disbursement by the
bank, bringing the total up to 50%.
Circuit Judge O'Malley on March 6 granted the Scruggs,
Vandevoort & Barney Bank of St. Louis, Mo., which was
closed in January 1933, permission to borrow $200,000 from
the Reconstruction Finance Corporation to make possible
the payment of a 20% dividend to creditors. The St. Louis
"Globe-Democrat," authority for the above, added:
A 30% distribution was made last year to creditors, which had claims
totaling $1,305,271 against the bank. In a statement filed in court, the
bank had assets with a face value of $1,132,799.
The Greenville Banking & Trust Co. of Greenville, N. C.,
announced last week the change of its name to the Guaranty
Bank & Trust Co. The institution has combined capital,
surplus and undivided profits of $500,000 and resources in
excess of $4,000,000. A Greenville dispatch in the matter,
printed in the Raleigh "News & Observer," said in part:
The change of name is the only change made in the institution, it was
stated by W. H. Woolard, Executive Vice-President. The change was
made, he said, because of a desire to obtain uniformity in all places served
by the institution and to get away from the local color as expressed in
the name of the town where the parent institution is located.
In addition to the parent bank and branch here, the institution also
operates branches at Bethel, Belhaven and Snow Hill. Preparations are
under way to-day (Mar. 12) for establishment of branches at Washington,
N. C., and Williamston.
The Greenville Banking & Trust Co. was established here in 1901 with
a capital of $10,000. It has grown to such an extent that its resources today, as contained in the last statement, were $4,930,413.02. Combined
capital and surplus and profits were $520,369.56.
E. G. Flanagan is President of the bank, and J. H. Waldrop, Executive
Vice-President.
According to the Raleigh "News & Observer" of Mar. 16,
checks have been mailed to the 415 depositors of the Bank
of Old Fort, Old Fort, N. C., in payment of a 10% dividend.
The paper continued:
The fifth dividend paid, they bring the total received by these depositors
to $31,880, or 50%. Preferred creditors have received $4,525 and secured
creditors $1,956 since the bank closed Sept. 15 1932.
Gurney P. Hood, State Commissioner of Banks for North
Carolina, announced on Mar. 15 that checks aggregating
$8,151.53, and representing a 20% dividend for 638 depositors, had been mailed to the liquidating agent of the
People's Bank of Sanford, N. C., according to the Raleigh
"News & Observer" of Mar. 16, which also supplied further
details, as follows:
The bank closed Apr. 7 1930, and since then a total of 86% has been
paid in dividends. Total claims against the bank amounted to $290,403,
and these have been reduced to $39,864.
The paper also reported Mr. Hood as saying that checks
for a 5% dividend totaling $13,343.57, had been mailed for
the 1,010 depositors Of the Citizens' Bank of Edenton. The
checks represented a 9th dividend, making a total of $226,544, or 85%, paid these depositors. In addition, it was said,
the institution has paid $22,225 to preferred creditors and
$91,899 to secured creditors since it closed Dec. 26 1930.
The Palmetto Bank & Trust Co. of Lake City, S C., a
new bank which replaces the Palmetto State Bank, opened
for business on Mardi 11. The new institution is capitalized
at $25,000 and has a surplus of $2,500. Lake City advices
to the Columbia "State" on the date named, authority for
the above, also supplied the following further details:
The bank is under the Caine officers and directors and using the same
building and equipment as the former Palmetto State Bank.
The Federal Deposit Insurance Corporation began paying the insured
deposits of the Palmetto State Bank of Lake City at the opening of business to-day (March 11). The bank was placed in liquidation by the State
Board of Bank Control at the close of business Saturday (March 9). The
closing of the bank was directly attributed to a robbery in which over
$100,000 in currency was taken from the bank.
Depositors are being paid by representatives of the Deposit Insurance
Corporation through the Palmetto Bank & Trust Co. of Lake City.
W. D. Manley, former head of the Bankers' Trust Co. of
Atlanta, Ga., which operated a chain of 185 banks in Georgia
and Florida, died on Mar. 12 in a private sanitarium in
Asheville, N. C. The deceased banker was 63 years of age.
That A. E. Jolly has been elected director and Assistant
Cashier of the Bank of Montreal, San Francisco, Calif., to
succeed C. E. Neuebaumer, who has been transferred to the
New York agency of the Bank of Montreal, we learn from
the San Francisco "Chronicle" of March 7, which, continuing, said:
March 23 1935
Financial Chronicle
Mr. Jolly entered the Bank of Montreal in 1906 and served in several
branches in Eastern Canada. Prior to coming to San Francisco he was in
the accountants' department of the New York agency of the Bank of
Montreal.
The Wells Fargo Bank & Union Trust Co., San Francisco,
Calif., on March 18 celebrated its eighty-third birthday.
Founded as a part of the Wells Fargo Express Co. in the
days of the gold rush, the bank to-day is a $220,000,000
institution and said to be the largest bank west of Chicago
located exclusivey in one city."
The First National Bank of Hanford, Calif., Capitalized
at $150,000, was placed in voluntary liquidation on Mar. 1.
It was taken over by The Anglo-California National Bank
of San Francisco.
According to the Toronto "Financial Post" of Mar. 16,
the Royal Bank of Canada (head office Montreal) has announced the following changes in the official staff of the
Institution:
H. R. DELANY, formerly of head office, to be Inspector in Superintendent's department, Halifax.
J. E. I. 0OULOMBE, formerly accountant at Papineau and La Salle,
Montreal, to be Manager at that branch.
W. G. DULMAGE, formerly Manager at Cookeville, Ont., to be Manager at Arthur, Ont.
I. G. HEFKEY, formerly of Superintendent's department, Toronto, to
be Manager at Belleville, Ont.
B. D. HENRY, formerly Manager at Arthur, Ont., to be Manager at
Kincardine, Ont.
J. H. STAFFORD, formerly accountant at Osborne & Corydon, Winnipeg,
to be Manager at that branch.
L. W. LYONS, formerly assistant accountant at Winnipeg, to be accountant.
W. P. SPERO, formerly Manager at Kincardine, Ont., to be Manager
at Wallaceburg, Ont.
C. W. ZILLLAX, formerly Manager at Peterborough, Ont., to be Manager at Durham, Ont.
H. OSTROM, formerly accountant at Kingsway, Vancouver, to be Manager at that branch.
J. C. VRADENBURGH, formerly Manager at Osborne & Corydon. Winnipeg, to be Manager at Miniota, Man.
C. G. 31. McBEY, formerly of South Edmonton, Alta., to be Manager
at Okotoks, Alta.
W. D. MELVIN, until recently Inspector, to be AstrIstant Supervisor of
branches in Quebec, New Brunswick and Eastern Ontario, with special
jurisdiction over Montreal city branches.
W. A. PARKER, Belleville, Ont., A. F. LITTLE, Bridgetown, Ont., and
E. H. BALLY, Miniota, Man., retire on pension.
COURSETOFIBANWLEARINGS
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
23) bank exchanges for all cities of the United States from
which it is possible to obtain weekly returns will be 13.6%
above those for the corresponding week last year. Our
preliminary total stands at $5,736,642,798, against $5,050,985,618 for the same week in 1934. At this center there
is a gain for the week ended Friday of 11.6%. Our comparative summary for the week follows:
Cleartngs-Returns by Telegraph
Week Ending March 23
1935
1984
Per
Ceti
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
I
Twelve cities. 5 days
Other cities, 5 days
83.042,203,723 82,726,900,980
165,230,762
193,299,604
267.000.000 II 244.000.000
175,000.000 .1 163.000,000
71,142,927 P 57,445,582
111157,300.000
69,600,000
99,900,000 -184.276,000
166,761,381
78,416,694
158,985,081
70,944,161
46,385,428
54,114.571
r42,085,596
45,150,655
128,402,cl00
29,777,000
+11.6
+17.0
+9.4
+7.4
+23.8
+21.5
+18.5
+17.5
+20.3
+16.7
+7.3
+27.2
64,196,549,835
583,986,830
83,735,773,710
501,997,085
+12.8
+16.8
Total all cities, 5 days
All cities, 1 day
$4,780,535,665
958,107,133
$4,237,770,795
813,214,823
+12.8
+17.6
1,40 nne
41,•.• 00.10141.1 00
011.1/011,000.010
se nffn nos ale
A
,I.
.000/
am ".se
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 March 16.
For that week there is an increase of 6.2%, the aggregate
of clearings for the whole country being $5,941,845,869,
against $5,594,356,821 in the same week in 1934.
Outside of this city there is an increase of 11.5%, the
bank clearings at this center having recorded a gain of 3.6%.
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 an increase of 3.5% and in the Philadelphia Reserve
District of 13.8%, but in the Boston Reserve District there
is a decrease of 2.3%. In the Cleveland Reserve District
there is an improvement of 15.9%, in the Atlanta Reserve
District of 12.1% and in the Richmond Reserve District
of 15.9%. The Chicago Reserve District has managed to
enlarge its totals by 21.2%, the St. Louis Reserve District
by 6.8% and the Minneapolis Reserve District by 6.0%.
The Kansas City Reserve District enjoys an increase of
5.7%, the Dallas Reserve District of 4.8% and the San
Francisco Reserve District of 16.5%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended March 16
1935
1933
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 ._A9 8th St. Louis.._ 4 "
9th Minneapolis 6 "
10th Kansas City 10 "
5 "
11th Dallas
12th San Fran 12 "
$
227,625,526
3,957,332,258
337,051,610
223,114,339
109,786,906
128,087,761
385,653,435
121,255,598
80,612,660
113,437,010
47,651,818
210,236,948
$
232,989,175
3,822,493,198
296,298,097
192,498,690
94,743,636
114,225,403
318,279,456
113,587,818
76,057,628
107,327,312
45,470,643
180,385,865
%
-2.3
+3.5
+13.8
+15.9
+15.9
+12.1
+21.2
+6.8
+6.0
+5.7
+4.8
+16.5
$
211,692,731
3,383,640,265
208,512,575
119,261.223
61,100.815
48.768,207
216,284,462
68,442,741
59,740,594
68,067,620
34,581,907
175,436,196
$
270,575,372
3,969,118,157
325,928,845
215,066,442
110,443,357
94,882,399
378,890,392
101,296,331
70,864,357
106,251,280
40,828,692
192,247,881
110 cities
Total
Outside N. Y. City
5,941,845.869
2,075,150,445
5,594,356,821 +6.2
1,860,342,035 +11.5
4,655,529,330
1,361,698,201
5,876,393,505
2,010,074,786
59 MI*.
/Al 412 OM
246 441 99.11
.-.i1
1(1A IRO 445
002 2,7 114
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended March 16
Clearings at-
Total(12 cities)
$
$
Reserve Dist net-Boston
457,811
436,382
1,847,380
1,678,100
199,319,737 206,845,718
825,739
707,707
319,420
283,216
764,045
705.621
2,764,085
2,458,813
1,376,728
1,207,233
8,416,354
7,314,946
2,859,241
3,059.903
8,527,800
7,796,000
316,466
326,256
227,625,526
232,989,175
/sc. or
Dec.
1933
$
+
First Federal
Me.-Liangor__ _
Portland
Mass -Boston..
Fall River_ _ _ _
Lowell
New Bedford..
Springfield....
Worcester
Conn.-Hartford
New Haven_ _ _
R.I.-Providence
N.H.-Manches'r
1934
1932
$
I +ittrt+tt
c.4°
1935
315,284
is
185,354,009
578,637
216,793
717,706
2.870.538
e649,310
8,287,462
4,545.046
7,765,900
392.046
429,834
2,189,774
239,508,686
780,434
324,504
755,141
2,893,061
2,079,384
7,586,061
5,117,813
8,449.000
461,680
-2.3
211,692,731
270,575,372
Second Feder al Reserve D strict-New
5,596,831
N. Y.-Albany _.
5,309,304
Binghamton...
1,132,274
809,875
27,268,097
Buffalo
25,000,000
575,249
Elmira
481,876
464,769
Jamestown_ _
478.056
New York_ _ _ 3,866,695,424 3,734,014,786
5.502,993
Rochester
5.639,260
3.246,614
3,237,653
Syracuse
2,229,521
2,310,055
Conn.-Stamford
443,338
.450,000
N. J.-Montclair
15,915,803
17,416,743
Newark
26,434,283
29,172,652
Northern N. J.
York-5.1
7,352,022
3,378,406
+39.8
970,655
756.154
-8.3
22,064,846
25,059,879
-16.2
676,125
642,120
+2.9
367,956
611,628
+3.6 3,293,831,129 3,866,318,719
+2.5
7,493,413
6,896,994
+0.3
2,584,618
3,261,282
+3.6
e831,179
2.382,221
252,400
+1.5
592,435
19,506,241
.+9.4
25,555,360
+10.4
27,709,681
33,662.959
Total(12 cities) 3,957,332,258 3.822,493,198
+3.5 3,383,640,265 3,969.118,157
Third Federal
Pa.-Altoona._ _ _
Bethlehem.
Chester
Lancaster
Philadelphia
Reading
Scranton
Wilkes-Barre..
York
N.J.-Trenton..
Total(9 cities).
Reserve Dist rict-Philad elPhia +0.9
284,503
372,326
375,688
bb
a2.434,110
223,812 +-1213
211.407
253,560
655,720 +29.5
536,281
849.071
327,000,000 287,000,000 +13.9 199,000,000
1,177,439 -3.4
e529,785
1,137,151
2,486,227 -23.2
2,765,726
1,908,328
1,388,353 -35.7
1,571,999
892,338
1.002,220 +11.8
1,092,874
1,120,774
1,992,000 +76.4
2,520,000
3,514,700
+13.8
208,512,575
325,928,845
Reserve 13 strict-Clev eland
c
c
C
c
c
C
43,092,481 +19.3
51,417,249
60,749,815 -0.2
60,649,258
8,598,000 +33.9
11,515,100
1,091,594 -7.6
1,008,939
b
b
b
78,966,796, +24.8
98,523,793
c
c
e26,211,360
e27,926,895
7,038,900
e179,052
b
57,905,012
c
c
46,765,567
73,555.520
8,873 300
1,146,355
b
84,725,700
337,051.610
Fourth Feder al
Ohio-Akron....
Canton
Cincinnati_ _ _
Cleveland
Columbus
Mansfield
Youria8town
Pa.-Pittsburgh -
296,298,097
520,986
a2,272,531
475,851
1,106,374
313,000,000
2,473,158
2,276,098
1,850,072
1,095,306
3,131,000
192,498.690 +15.9
119,261,223
215,066,442
Fifth Federal Reserve Dist rict-Richm ond142,047 -17.4
117,286
W.Va.-Ilunt'to
+9.1
1,952,000
2,130,000
Va.-Norfolk_ _ _
26,556,884 +16.0
30,805,842
Richmond.
+26.6
749.539
948,757
C.-Charlesto
S.
51,340,762 +13.1
58,047,265
Md.-Baltimore _
17,737,756
14,002,404 +26.7
D.C.-Washing'
253,955
2,508,000
015,388,526
is
34,149,051
8,801.283
409,086
2,657,000
27,699,451
840,194
57,815,915
21,021,711
Total(6 cities)_
223,114,339
94,743,636 +15.9
61,100,815
110,443.357
Sixth Federal Reserve Dist rict-Atiant a2.419,435 +20.1
2,906,670
Tenn.-Knoxvill
12,562,681 +17.9
14,812,194
Nashville
41,000,000 +12.7
46,200,000
Ga.-Atlanta._ _
1,129,617
+5.5
1,191,932
Augusta
684,028 +15.6
790,699
Macon
13,207,000 -2.6
12,870,000
Fla.-Jack'nville,
18,189,710 +6.6
19,385,986
Ala.-Birm'ham _
954,539 +14.5
1,093,240
Mobile
b
b
b
Miss -Jackson..
85,485 +23.5
105,565
V icksburgh.-23,992,908 +19.7
28,731,475
La.-NewOrlea
1,649,224
8,234,797
21,500,000
756,934
409,336
e5,672,117
9,717,606
737,060
b
91,133
b
2,618,752
10.256,434
30,900,000
830,613
581,749
11,366,199
9,767,585
865,354
b
134,000
27,561,713
114,225,403 +12.1
48,768.207
94,882,399
Total(6 cities)_
Total(10 cities)
109,786,906
128,087,761
1934
Inc. or
Dec.
1933
1932
$
$
$
%
$
Seventh Feder al Reserve D strict-Chi cago61,782 +10.4
68,221
Mich.-Adrian..
470,160 -13.3
Ann Arbor....407,846
71,781,754 +22.7
88,099,215
Detroit
1,519,624 +28.1
1,942,924
Grand Rapids_
963,449 +29.5
1,247,275
Lansing
573,416 +22.9
704,515
Ind.-Ft. Wayne
11,389,000 +16.1
13,225,000
Indianapolis_._
856,735 -10.1
770,375
South Bend...
3,560,780 +4.6
3,725,408
Terre Haute...
12,841,491 +29.2
16,596,528
Wis.-Milwaukee
261,006 +208.8
806,013
la.-Ced. Rapids
4.807,988 +30.6
6,280.519
Des Moines_ _ _
2,217,723 +13.9
2,526,639
Sioux City_ _
b
b
b
Waterloo
410,852 -27.7
297,033
111.-Bloomington
243,931,316 202,212,896 +20.6
Chicago
513,544 +18.4
607,974
Decatur
+6.0
2,538,276
2,690,784
Peoria
558,104 +42.7
796,350
Rockford
740,876 +25.5
929,500
Springfield....
is
503,684
d2,834,193
e454,947
e49,871
e230,877
6,264,000
b
b
11,043,928
b
2,818,283
1,554,332
is
b
186,872,254
e239,550
1,933,145
556,916
928,482
D
127.534
473,692
72,624,646
2,937,980
1,087.300
1.130,661
12,654,000
1,221,621
3,255.499
17,367,992
753,562
5,163,657
2,627,808
b
1,086.298
250.139,149
525,839
2,832,731
1,302,848
1,577,575
318,279,456 +21.2
216.284,462
378,890,392
Eighth Federa I Reserve Dis trict-St. Lo uis-b
b
b
Ind.-Evansville.
+6.6
71.300,000
76,000,000
Mo.-St. Louis
+7.7
26.736,371
28,781,756
Ely -Louisville..
+6.0
15,208,447
16,127,842
Tenn.- Memphis
b
b
b
ill.-Jacksonville.
343.000 +0.9
346,000
Quincy
b
49,100,000
e13,080,634
6.262,107
b
b
b
70,800.000
17,965,462
11.989,108
b
541,761
+6.8
68,442,741
101,296,331
Total(19 cities)
Inc.or
Dec.
1934
1935
Week End. March 16 1935
nnytarla
1949
Financial Chronicle
Volume 140
Total(4 cities).
385,653,435
121,255,598
113,587,818
Ninth Federal Reserve Dis trier-Minn eapolisd1,197.172
1,963,230 -4.1
1,882,487
Minn.-Duluth..
41,289,442
48.908,698 +4.5
51,122,223
Minneapolis...
14,899,316
+8.0
22,376,590
24,176,322
St. Paul
479,102
484,053 +7.3
519,566
B.D.-Aberdeen.
275,151
+26.8
354,327
449,154
Mont.-Billhags _
1.600,411
1.970,730 +25.0
2.462.908
Helena
59,740,594
76,057,628 +6.0
80,612,660
Total(6 cities).
2,352,587
48,880,585
17,020,281
619,179
318,897
1,672,828
70,864,357
Tenth Federal Reserve Dis tirct- Kans as City66,594
61,839 +62.6
100,567
Neb.-Fremont_
b
80,088 +17.0
93,665
Hastings
1,794,265
2,188,995 +0.9
2,209,085
Lincoln
30,708,477 -5.3 e15,349,907
29,088,192
Omaha
2,223,995
1,675,395 +18.8
1,990.731
Kan.-Topeka. _
1,625,24I
2,099,884 +36.3
2,863,020
Wichita
44,607,901
66,999,203 +9.0
73,029,492
Mo.-Kan. City1,194,171
2,569,402 +14.0
2,929,772
St. Joseph_ _ _ _
627,43.
483,020 +24.1
599,515
Colo.-Col. Spgs.
578.091
461,009 +15.6
532,971
Pueblo
172,021
174,340
2,240,675
24,828,956
1.103,043
4,341,220
68,808,837
2,929,026
767,783
885,379
+5.7
08,067.625
106,251,280
Eleventh Fede rat Reserve District-Da Ilas758,508 +124.2
1,700,604
Tex.-Austin_ _ _
35,775.472 +2.4
36,619,513
Dallas
4,431,466 +12.2
4,971,973
Ft. Worth_ _ _ _
2.664,000 -13.4
2,307,000
Galveston
1,841,097 +11.5
2.052,728
La.-Shreveport.
789,743
26,783,462
3,457,750
2,436.000
1,114,952
911,728
29,355,774
5,885,785
2,396,000
2,279.405
+4.8
34,581,907
40.828,692
Franc'scoe5,451,695
+16.6
3,381,000
+19.8
e226,925
+7.0
15,369,972
+11.2
7,764,936
+22.9
3,377,411
+15.3
3,781,350
-7.5
4,140,015
+52.4
+16.5 127.712,882
+22.9
2,068.230
1,296,532
+19.5
d865,242
+22.4
27,956,713
7,673,000
559,014
19,694.663
9,539,946
3,281,147
3,733,015
4,835,242
110,888,541
1,538,108
1,260,177
1,288,315
Total(10 cities)
Total(5 cities)_
113,437,010
47.651,818
107.327,312
45,470,543
Twelfth Feder at Reserve D istrict-San
23,582,859
27,490.201
Wash.-Seattle
6,620,000
7,929,000
Spokane
467,488
510,374
Yakima
23.958,155
26,644,865
Ore.-Portland..
8,972,484
11,024,554
Utah-S. L. City
2,853,448
3.290,904
Calif. L'g Beach_
3,063,727
2,832,488
Pasadena
3,320,076
5.058,413
Sacramento_ _.
San Francisco_ 121,035,298 103,921,120
1,541,139
1,894,675
San Jose
913,268
1,090,939
Santa Barbara_
1,172,101
1,435,237
Stockton
Total(12 cities) 210,236,948 180,385,865 +16.5 175,436,190 192,247,881
Grand total (110
+6.2 4,855.529,3305,876.393,505
5.941,845,869 5,594,356,821
cities)
Outside New York 2,075,150,445 1,860,342,035 +11.5 1.361.698,201 2,010,074,786
Week Ended March 14
Clearings at
1935
1934
Inc. Of
Dec.
CanadaToronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort W11119.M.- -New Westminster
Medicine Slat...
Peterborough....
Sherbrooke
Kitchener
Windsor
Prince Albert._ _ _
Moncton
Kingston
Chatham
Sarnia
Sudbury
$
92,635,244
77,216,532
27,784,559
14,030,755
f18,565,192
3,454,040
1.789.886
3,297,932
4,419,310
1,345,623
1,412,581
2,141,294
3,113,223
2,314,846
217,837
360,070
953,933
347,893
705,481
414,505
503,895
146,773
482.776
542,084
724,214
2,014.603
223,521
520,188
396,296
374,246
315,213
668,358
%
$
109,180,708 -15.2
73,634,115 +4.9
34,058,195 -18.4
13,583.949 +3.3
3,435,280 +440.4
3,122,149 +10.6
1.692,677 +5.7
3,320,093 -0.7
3,825.847 +15.5
+4.7
1,284,810
+1.8
1,388,232
2,100,813 +1.9
3,268,149 -4.7
2,378,528 -2.7
235,051 -7.3
317,718 +13.3
897,183 +6.3
387,780 -10.3
+0.3
703,071
427,627 -3.1
373,958 +34.7
183,189 -19.9
536,383 -10.0
433,250 +25.1
966,966 +25.1
+0.7
1,999,708
276,716 -19.2
+0.2
518,961
459,542 -13.8
390,225 -4.1
375,801 -16.1
684.554 -2.4
Taint(22 ritual
263.432.903
266.441.228
-1.1
1933
1932
$
59,573,206
57,977,942
37,294.677
9,527,885
2,893,188
3,112,909
1,595,471
2,527.332
3,914,565
1.171,623
1,031,418
1,827,710
2,781,938
2,807.032
211.687
264,828
821,242
331,727
.549.415
377,487
299,828
146,829
416,337
440,200
606,849
1,632,173
180,338
414.826
384,637
345,179
264,589
384,393
$
71,056,046
72,056,618
30,233,299
11,380,666
4,916,909
3,661,539
2,153,124
3,981,264
5,043,614
1,795,342
1,536,483
2,516,506
3.142,141
2,633,140
321.265
555,541
1,204,546
493.045
739,303
551,737
451,167
172,399
532,449
589,303
773,565
2,254,703
260,466
595,189
448,901
397,004
364,122
466,449
196.109.460
227,277,845
a Not included in totals. b No clearings available. c Clearing house not
functioning at present. d Clearings for three days. e Figures much smaller
account of bank holiday. f This figure considerably larger due to opening of the
Bank of Canada. 'Estimated.
1950
•
Financial Chronicle
THE CURB EXCHANGE
Trading on the New York Curb Exchange has been extremely quiet during most of the present week, the volume
of dealings being unusually small. The trend of prices has
shown a slight upward tendency, and while there have been
a few changes of a point or more, most of the gains have
been in small fractions. Specialties, mining and metal
stocks and industrial shares have attracted the most attention, but there have been few movements of noteworthy
importance. Public utilities moved under the Cloud of pending legislation and oil issues were practically at a standstill.
Stocks on the Curb Exchange showed slight gains during
the abbreviated session on Saturday. Opening prices were
fractionally higher and the advances were generally maintained throughout the morning. Mining and metals, chain
stores and specialties attracted the most attention, though
there was also considerable buying in the industrial shares
and public utilities. Sherwin-Williams was particularly
active and closed with a gain of 1 Vi points at 873i. American Gas & Electric pref. was also active in the run-up and
registered an advance of 3 points at 89. Other strong stocks
included such prominent issues as American Cyanamid B,
Glen Alden Coal, Lake Shore Mines, Hiram Walker and
Niagara Hudson Power.
Price movements were toward lower levels on Monday,
though the changes were within a comparatively narrow
channel and the turnover dwindled to approximately 114,000
shares. The weak spots included such active issues as
Aluminum Co. of America, General Tire & Rubber, Pittsburgh Plate Glass, United Shoe Machinery, Great Atlantic
& Pacific Tea Co., Pepperell Manufacturing Co. and Tubize
Chatillon A, all of which lost from 1 to 2 or more points.
Chesebrough Manufacturing Co. was especially weak and
dipped about 17 points on a small transaction. A.0. Smith
moved against the trend and closed at 53 with a gain of
3 points.
Firmer prices were in evidence on Tuesday, though the
volume of trading continued to shrink and barely crossed
105,000 shares. Gains of a point or more were recorded by
American Gas & Electric, Celanese Corp. prior pref., Colts
Fire Arms, Mead Johnson, National Container, Pittsburgh
Plate Glass and United Shoe Machinery. Sherwin-Williams
was a soft spot and closed about 1 point off. Aluminum Co.
of America slipped back 34 point to 33 and Pet Milk pref.
was down 23i points at 116.
Quiet trading and irregular price movements were the features of the dealings onWednesday.The turnover was approximately 101,000 shares which was below the previous session.
The best gains were made by the specialties, American Cigar
moving ahead 4 points to 138, while Columbia Gas & Electric
4. Advances among
cony. pref. jumped 43 points to 383
other prominent stocks closing on the up side included Commonwealth Edison, Greyhound Corp. and Technicolor.
Public utilities attracted considerable speculative attention on Thursday. Prominent among the more active
issues showing gains as the market closed were Allied
Mills, Aluminum Co. of America, American Cyanamid B,
American Gas & Electric, Commonwealth Edison, Glen
Alden Coal, Sherwin Williams and Niagara Hudson.
Nearly all parts of the Curb market showed modest improvement on Friday, and while the gains were largely
fractional in the general list, there were a few outstanding
stocks that registered advances of from 1 to 3 or more points,
though the volume of business was smaller than on the preceding day. Among the best gains of the day were Aluminum Co. of America, 3 points to 373.4; Commonwealth
Edison, 33' points to 64; A. 0. Smith, 33 points to 563,
3 .As compared
and Alabama Power 6% pf., 334 points to 43.%
with Friday of last week,closing prices last night were higher,
Aluminum Co. of America closing at 373, against 34 on
Friday of last week; American Gas & Electric at 2134,
against 18; American Light & Traction at 9%, against
7%; Commonwealth Edison at 64, against 5532; Consolidated Gas of Baltimore at 58, against 57; Electric
Bond & Share at 6 against 43(; Greyhound Corp.,. at 36k,
against 323
4; Gulf Oil of Pennsylvania at 52%, against 5134;
Humble Oil (New) at 47, against 4504; International Petroleum at 29%, against 283/2; Parker Rust Proof at 614,
4, and Sherwin-Williams at 86%, against 86.
against 573
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
Mar. 22 1935
Stocks
(Number
of
Shares)
Bonds (Par Value)
Domestic
Foreign
Foreign
Government Corporate
Total
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
59,555 $1,698,000
113,965 2,660,000
105,070 2,636,000
101,050 2,984,000
146,770 4,752,000
141,265 4,606,000
$25,000
48,000
42,000
54,000
121,000
59,000
517 000 31,740.000
33 000 2,741,000
28 000 2,706,000
46 000 3,084,000
36 000 4,909,000
40,000 4,705,000
Total
667,675 $19,338,000
$349,000
$200,000 $19,885,000
Sales at
New York Curb
Exchange
Week
1935
ad Mar. 22
1934
I
I
i,347.258J
Stocks-No.of shares_
867,875
Bonds
$19,336,000 $20,040,000
Domestic
349,000
779,000
Foreign government
200,000
614,000
Foreign corporate
519.335,000 $21,433,000
Total
Jan. 1 to Mar. 22
1935
1934
9,153,571
22,418,032
$285,662,000
5,448,000
2,936,000
$272,442.000
11,528.000
10,663.000
$274,048,000
$294,633,000
March 23 1935
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
March 6 1935:
GOLD
The Bank of England gold reserve against notes amounted to £192,498.539 on the 27th silt., showing no change as compared with the previous
Wednesday.
During the week the Bank announced the purchase of £22,043 in bar gold.
There has been a great deal of activity in the open market, the amount of
gold which changed hands at "fixing" during the week being about £2,500.000.
Sterling showed further weakness owing to a continuation of the pressure
from the Continent and, as a result, the price of gold showed sharp upward
movements and fresh records have been established, the highest to date
being to-day's quotation of 149s. 44.
There was a keen general demand for the amounts offered and prices
have been maintained at a premium over the gold exchange parities.
Certain statements have appeared in the press implying that as the price
has been fixed on supply and demand there has recently been a change in
the procedure of "fixing" the gold price: this is certainly not the case as
the price has always been fixed on the basis of supply and demand. The
misconception probably arises from the fact that owing to the violently
fluctuating exchanges. it was not always possible to give an estimate, of tha
"premium," which a section of the press is so keen to indicate. We should
like to emphasize that this "premium" is not an official quotation, but is
solely a calculation (made after the "fixing") of the excess which buyers
have paid over the price at which an arbitrage purchase would have been
possible. For example,to-day, if one were to take the French exchange rate
at the time when the price was fixed as being 703‘. it would theoretically
have been possible to buy gold at 148s. 6d., sell francs and ship to the
Bank of France, with a slight profit. As the price was fixed at 149s. 44.,
this would have been quoted as including a 10d. "premium" over franc
parity.
Quotations during the week:
Per Fine
Equivalent Value
Ounce
of S Sterling
February 28
144s. Id.
us. 951d.
March 1
145s, Id.
us. 8.53d.
March 2
146s. 10;4d.
us. 6.824.
March 4
148s. 10d.
ii., 4.99d.
March 5
147s. 10Sid.
Ils. 5.88d.
March 6
149s. 4d.
lle. 4.53d.
Average
147s. 0.17d.
us. 6.71d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 25th ult, to mid-day on the 4th inst.:
Imports
Exports
British South Africa ---- £685,985 France
£3,126,679
British India
766,081 Netherlands
10.001
Hongkong
58.050 Belgium
10,625
Australia
98,829 Switzerland
1,154
Netherlands
107,491 Venezuela
57,300
France
11,262 Other countries
483
Germany
9,243
Uruguay
343,260
Venezuela
13,631
Iraq
8,033
Other countries
21,215
£2.123,080
£3,206,242
The SS. Ranpura, which sailed from Bombay on the 24 inst., carries gold
to the value of £487,000 consigned to London.
The Southern Rhodesian gold output for January 1935 amounted to
57,656 fine ounces as compared with 57,893 fine ounces for December 1934
and 57,843 fine ounces for January 1934.
SILVER
The market has been very active and prices made a rapid advance during
the past week. The weakness of sterling has been a factor, but confidence
in the outlook for silver has been manifest and a general bullish feeling
resulted in competitive buying, whilst the market had to depend mainly
on re-sales for supplies.
Demand was particularly heavy on the 2d inst.. when buying for America
and general speculative buying caused a rise of 15-164. and 74d. respectively
In the cash and two months' quotations, which were fixed at 274. and
27 1-16d.: a further advance of Md.on the 4th inst. to 27;id. and 27 3-16d.
raised prices to the highest level reached since August 1928.
With sterling showing some recovery yesterday, and a decline in the
China exchanges, there was a sharp reaction, a large amount of speculative
re-selling being in evidence, but the movement was not altogether unexpected in view of the rapidity with which prices had advanced.
The Indian Bazaars and China have been active, both buying and selling
although the wide movements rendered some limits ineffective.
The market is rather unsettled and it is possible that there may be further
wide fluctuations, but the undertone remains firm.
In presenting his Budget proposals on Feb. 28, the Indian Finance
member stated that the duty on silver imported into India was to be reduced
from 5 annas to 2 annas per ounce. A reduction had been generally anticipated by Indian operators and the effect of the announcement had, to a
large extent, been discounted.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 25th ult. to mid-day on the 4th inst.:
Imports
Exports
British India
£45,236 United States of America- £817,748
Australia
25,107 Austria
15,000
New Zealand
5,200 Norway
1,391
Canada
20,643 France
1,230
Kenya
88,121 Other countries
837
Germany
9,636
Netherlands
17,607
Belgium
10,779
France
230,475
Peru
3,000
Other countries
2,269
£458,073
Quotations during the week:
£836,206
IN LONDON
-Bar Silver Per Os. Std.
IN NEW YORK
Cash
2 Mos.
(Per Ounce .999 Pine)
Feb. 28._25 11-16d. 25 13-16d. Feb. 27
5634c.
Mar. 1.....26 1-164.
26 3-16d.
Feb. 2856gc.
Mar, 2.....27d.
27 1-16d.
Mar. 1
57 1-16c.
Mar.
27 3-16d.
Mar. 2
58 c.
Mar. 5__26 11-16d. 26;jci.
Mar. 4
583c.
Mar. 6._ _26 13-16d. 26 15-16d. Mar. 5
5834c.
Average---26.562d.
26.656d.
The highest rate of exchange on New York recorded during the period
from the 28th ult, to the 6th inst. was $4.863 and the lowest $4.71H•
INDIAN CURRENCY RETURNS
Feb. 15
Feb. 22
Feb. 28
(In Lacs of Rupees)
18.285
18,294
18,321
Notes in circulation
9,170
9.121
9,148
Silver coin and bullion in India
4.155
4,155
4,155
coin
and
bullion
in
India
Gold
3,514
3,572
3.561
Securities (Indian Government)
1,446
1,446
1.457
Securities (British Government)
Stocks in Shanghai on tha 2d inst. consisted of about 11,800,000 ounces
in sycee, 257,000,000 dollars and 45.900.000 ounces in bar silver, as compared with about 12.600,000 ounces in sycee, 257,000.000 dollars and 45,500.000 ounces in bar silver on the 23d ult.
ENGLISH FINANCIAL MARKET-PER CABLE
The faily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Mar.16 Mar.18 Mar.19 Mar.20 Mar.21 Mar.22
Francs Francs Francs Francs Francs Francs
27%d. 27 5-150.
2730. 27 3-I6d. 273-16th
2754d.
Silver, per es__
1468.11d.
147s.234d. 1453.6d. 146s.2034d. 1468.534d•
o51452.4d.
Gold, p. fine
84 13-16
863(
8534;
86%
Consols.234%_ Holiday 8631
British 314%
1053,1
10514
Holiday 106%
10636
1063j
W.L
British 4%
118
11834
11734
Holiday 11834
11835
1960-90
The price of silver in New York on the same days has been:
Silver in N. Y..
(foreign) per
5914
oz.(ets.)
U.S.Treasury- 50.01
U. S. Treasury
(newly mined) 6434
1951
Financial Chronicle
Volume 140
5874
50.01
587
%
50.01
5834
50.01
5811
50.01
59
50.01
6434
6434
6434
6434
6434
NATIONAL BANKS
information
regarding National banks is
following
The
from the office of the Comptroller of the Currency, Treasury
Department:
CHARTER ISSUED
Capital
March 15-The South East Nat. Bank of Chicago,Chicago,Ill__ -$200,000
A.
Beutel.
Cashier:
Ernest
L.
Johnson.
Clarence
President:
Primary organization.
VOLUNTARY LIQUIDATIONS
150.000
March 11-The First National Bank of Hanford,Calif
Effective March 1 1935. Liq. Agent: H. M. Hetzler, care of the
liquidating bank. Absorbed by The Anglo California National
Bank of San Francisco, Calif. Charter No.9174.
25,000
March 11-The First National Bank of Coachella,Calif
Effective Feb. lb 1935. Liq. Agent: A. M. Westerfield Coachella, Calif. Succeeded by The First National Bank in
Coachella." Charter No. 14317.
25,000
March 12-The American National Bank of Wetumka,Okla
Effective March 1 1935. Liq. Agent: D. G. Hall, Wetumka,
Okla. Succeeded by "American National Bank in Wetumka."
Charter No. 14322.
25,000
March 12-The Towanda National Bank, Towanda, Kansas
Effective Jan. 11 1935. Liq. Agent: The Towanda State Bank,
Towanda, Kansas. Succeeded by The Towanda State Bank,
Towanda, Kansas.
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
Allemannia Fire Insurance (Pittsburgh)
P 25c
Allied Laboratories, cony. pref. (quar.)
8736c
1
Altorfer Bros., $3 cony. preferred
American Bakeries Corp.. 75l pref. (quar.)_ _ $134
20c
American Brake Shoe & Foundry (quar.)
5c
Extra
$134
Preferred (quarterly)
6134
American Dairies, Inc. (Md.), pref. (quar.)
$1
American District Telep. ot N.Y.(quar.)
3134
Preferred (quarterly)
15c
American General Insurance. Texas (qu.)
.25c
American Magic l'roducts
25c
American Maize Products
s134
Preferred (quarterly)
60c
American Motorists Insurance (quarterly)
American National Co. (Toledo, Ohio)$134
1,47% preferred A & B (quar.)
50c
American Paper Goods (quar.)
50c
Quarterly
50c
Quarterly
9611
7 preferred (quar.
31
7 preferred (guar.
$1,
7 preferred (quar.
20c
American Screw Co.(quar.)
20c
American Seal-Kap Corp., common
$2
(guar.)
Co.
Steamship
American
8736c
American Thermos Bottle, pref.(quar.)
h$1.17
$7Apref
Co..
Light
Power
&
Arkansas
dilh$1
$6 preferred
25c
Arundel Corp. (quarterly)
6%
(American)
Industries
Electric
Associated
$1
Atlantic City Fire Insurance (quar.)
25c
Atlantic City Sewerage (quarterly)
$236
Atlantic Coast Line, preferred
1736c
Atlas Thrift Plan, pref. (quar.)
$3
Attleboro Gas Light Corp.(quar.)
,20c
Autoline Oil Co.,8% pref. (quarterly)
i$13.
(quar.)
prior
A
Nichols,
$5
Austin
25c
Badger Paint& Hardware Stores, partic.pf.(qu.)
h$53(
Balaban & Katz, preferred
za
18c
(quarterly)
(quar)BancOhio Corp.
1.$j36
Bell Telephone (Penna.), 6%%brat
$1
(quarterly)
A
Class
Bon A',
50c
04Class B (quarterly)
3134
Binghampton Gas Works. 7% pref. (quar.)
16c
Boston Personal Property Trust (quar.)
[8736c
Brandtjen & Kluge, Inc., 7% pref. (quar.)
.440c
Bridgeport Hydraulic Co.(quar.)
British Columbia Electric Power & Gas Co., El%
6% preferred (guar.)
Ti3136
Brooklyn Boro as (guar.)
75c
6% participating preferred (quar.)
5634c
preferred'(extra)
participating
5%
75c
Brooklyn-Manhattan Transit (quar.)
When Holders
Payable of Record
Apr. 1 Mar. 23
July 1
Apr. 15 Apr. 1
Apr. 1 Mar. 15
Mar.30 Mar. 26
Mar.30 Mar. 26
Mar.30 Mar. 26
Apr. 1 Mar. 15
Apr. 15 Mar. 15
Apr. 15 Mar. 15
Mar. 31 Mar. 20
Mar.30 Mar. 27
Mar.30 Mar. 27
Mar.30 Mar. 27
Apr. 1 Mar. 25
Apr. 1 Mar. 20
May 1
Aug. 1
Nov. 1
June 15
Sept. 15
Dec. 15
Apr. 1 Mar. 19
Apr. 1 Mar. 29
Apr. 1 Mar. 22
Apr. 1 Mar. 20
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 22
Apr. 13 Mar. 22
Mar. 30 Mar. 20
Apr. 1 Apr. 1
May 10 Apr. 26
Apr. 1 Mar. 25
Apr. 1 Mar. 15
Apr. 1 Mar. 27
May 1 Apr. 15
Apr. 1 Mar. 25
Apr. 1 Mar. 22
Apr. 1 Mar. 20
Apr. 15 Mar. 20
Apr. 30 Apr. 15
Apr. 1 Mar. 30
Apr. 1 Mar. 20
Apr. 1 Mar.25
Apr. 1 Mar.22
Apr. 15 Mar.30
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 20
10 Mar.30
1 Mar. 20
1 Mar. 20
15 Apr. 1
Name of Company
Per
Share
Buffalo Insurance Co.(N. Y.)(quar.)
$3
75c
Burco, Inc.. $3 cony. pref. (guar.)
Burger Brewing Co., 87 pref. (quar.)
$1
15c
Burroughs Adding Machine Co
15c
Canada Bud Breweries, common
Canada Foundries, preferred
14154
Canadian Fairbanks Morse, pref. (quar.)
$136
Central Franklin Process Co.
$134
7% 1st & 2d pref. (quar.)
h8734c
Central Maine Power,7% preferred
h75c
6% preferred
1i75c
$6 preferred
h8734c
Central Power Co., 7% cumul. pref
h75c
6% cumulative preferred (quar.)
Central Savings Bank.(quar.)
62112
$
Century Ribbon Mills, pref. (quar.)
Sc
Chapman Ice Cream (quar.)
3734c
Chain Store Products Corp., pref.(guar.)
$IX
Chicago Daily News, $7 pref. (guar.)
Cincinnati Sandusky & Cleveland RR.
36
6% preferred (semi-ann.)
1L1
City Investing Co., preferred (guar.)
Citizens Wholesale Supply,7% preferred (qu.). - 873'4c
75c
6% preferred (quar.)
Clearing Industrial District, 6% pref. (quar.)
3136
Cleveland Cincinnati Chicago & St. Louis RR..
$1.34
preferred (quarterly)
$134
Cleveland Railway (quar.)
25c
Cleveland Union Stockyards (guar.)
Colonial Finance Corp. of R. I., 7% pref.(qu.) 1736c
50c
Commercial Credit Trust, pref. (quar.)
52
Commercial National Bank & Trust (quar.)---4c
Commonwealth Investors Co., Calif. (quar.)...
$134
Concord Gas Co.,7% pref. (guar.)
Connecticut Gas & Coke Security75c
$3 preferred (quar.)
Consolidated Chemical Industries3734c
Preferred (quar.)
Sc
Consolidated Royalty Oil (quar.)
20c
Continental Bank & Trust Co. of N. Y.(quar.)_
$136
Coronet Phosphate Co.(quar.)
2736c
Courtaulds, Ltd., Am.dep. rec. for ord.reg-%
c
623
Si
Cudahy l'acking Co., corn.(quar.)
6% preferred (semi-annually)
%
7% preferred (semi-annually)
50c
Denver Union Stockyards (quar.)
$134
7% preferred (guar.)
1234c
Deisel-VVemmer-Gilbert (quar.)
$1
Des Moines Gas,8% pref. (quar.)
$1
Detroit Edison (quarterly)
25.06c
Diversified Trust Shares. series B
!z$334
Dow Drug, 7% preferred
$134
7% preferred (quarterly)
25c
Early & Daniel Co
$134
Preferred (guar.)
75c
Eastern Magnesia Talc. (quar.)
$136
Edmonton City Dairy, 6Si% pref. (guar.)
25c
Elder Manufacturing (quarterly)
$2
8% 1st preferred (quarterly)
$1.%
$1
$5 preferred (quarterly)
Elizabeth & Trenton RR.(s.-a.)
$134
Preferred (semi-annually)
$134
El Paso Electric, 7% pref. A (quar.)
3134
$6 preferred B (guar.)
75c
Empire Trust (quar.)
$1
Eureka Pipe Line (quar.)
h$13j
Fair (The), preferred A
$134
Preferred A (quarterly)
25c
Famllyilman Society. Inc. (quar.)
8736c
$336 partic. preferred (quar.)
7Si
xa
c
36
$336 partic. preferred (extra)
Fanny Farmer Candy Shops (bonus)
75e
Fafnir Bearing (quar.)
Fifth Ave. Bank (quar.)
h$
$6
1
Filling Equipment Bureau, Inc., 7% preferred_
10c
First Bank Stock Corp. (s.-a.)
First State Pawners Society, Chicago, Ill.) (qu.) $134
25c
Food Machinery
Ford Motor,i,Ltd. (England)
lSc
Fostoria Pressed Steel (guar.)
Franklin Telegraph Co. (semi-annually)
85
7 c
Fruehauf Trailer, 77 pref. A (quar.)
Fuller Brush Co..7% pref. (guar.)
53
Fulton Trust Co. (quar.)
25c
Garlock Packing Co., common (quar.)
25c
General Stockyards
$134
Preferred (guar.)
h87Sic
Gilbert (A. C.) Co., preferred
50c
Goodman Mfg.(guar.)
Gptham Silk Hosiery. pref,-No action10c
Great Lakes Engineering Works (quar.)
Sc
Extra
$134
GreataLakes Power Co., $7 series A pref
$5
(Winnipeg)
(qu.)
Great Western Life Assurance
25c
Griesedieck-Western Brewery (quar.)
$134
Gross (L. N.) Co.,79 preferred (guar.)
3736c
GroupCorp ,6% preferred (quarterly)
$1
Hamilton United Theatres,7% pref
25e
Harbauer Co.(quarterly)
$1%
Preferred (quarterly)
$1.125
Hart & Cooley (quar.)
50c
Hartford Gas
50c
89 preferred (quar.)
$1
132
prof
(qu.)_
_
Coal,
5%
Hattield-Cambell Creek
59' partic. preferred (quar.)
$134
Heyden Chemical Co..7% prof. (guar.)
10c
Hibbard, Spencer, Bartlett & Co.(mo.)
16c
Monthly
10c
Monthly
50c
Holland Land Co
50c
Liquidating
75c
Home Telep.& Teleg.• Ft. Wayne,Ind.(qu.)_
20c
Humboldt Malt & Brewing, 8% pref. (quar.)_ _
$134
Hooker Electrochemical. pref. (qu.)
$136
Illinois North Utilities,6% pref.(qu.)
$7 prior preferred (quarterly)$7
15
3C
IndependentWneumatic Tool (guar.)
15c
Indiana Pipe Line Co
32c
E.
(quar.)
Industrial Credit of N.
6c
Extra
8736c
7% preferred (guar.)
15c
Inland Investors (quar.)
25c
Interlake Steamship (quar.)
$136
International Business Machines Corp
$134
International Printing Ink (quar.)
25c
Special
h$1.%
Interstate Dept. Stores, pref
si
Preferred (quar.)
5134
Iowa Public Service Co.. $7 1st pref. (quar.)5136
$634. 1st preferred (quar.)
$134
$6 1st preferred (quar.)
$1.3i
$7 2nd preferred (guar.)
Jamaica Water Supply73657 preferred (semi-ann.)
3136
Johnson Iron Works, Dry Dock & Shipbuilding
$1
Preferred
3134
Rahn's Sons Co.. 7% pref. (quar.)
20c
Kaufmann Dept. Stores
$134
Kaynee Co. (quarterly)
15c
Kelley Island Line &'transport(quar.)
5134
RentuckylUtilities Co.. 6% pref. (quar.)
When Holders
Payable of Record
Mar.30 Mar. 19
Apr. 1 Mar.22
Apr. 1 Mar. 15
June 5 May 3
Apr. 15 Mar.30
Apr. 30 Apr. 15
Apr. 15 Mar.30
Apr. 2 Mar.22
Apr. 1 Mar. 11
Apr. 1 Mar. 11
Apr. 1 Mar. 11
Apr. 15 Mar.30
Apr. 15 Mar.30
June 1 May 20
Apr. 15 Mar. 25
Mar.30 Mar.25
Apr. 1 Mar.20
A
Mpary
.
Apr.
Apr.
Apr.
IM
AParr 2
17
5
1 Mar.30
1 Mar.30
1 Mar. 19
Apr. 30 Apr. 20
Apr. 1
Apr. 1 Mar. 22
Apr. 10
1 Apr.
. 13
2
M.
ar 30 Mar. 21
Apr.
My 1 Mar. 27
May 15 May 1
Apr. 1 Mar. 15
May 1 Apr. 15
Apr. 25 Apr. 15
Apr. 1 Mar. 15
Apr. 1 Mar.22
Mar. 25 Feb. 19
Apr. 15
1 A pr 20
5
May 1 Apr. 20
Apr. 1 Mar. 20
June 1 MaY 20
Apr. 1 Mar. 20
Apr. 1 Mar. 15
Apr. 15 Apr. 1
Apr. 1
Mar.30 Mar. 19
Mar.30 Mar. 19
Mar.30 Mar. 20
Mar.30 Mar. 20
Mar.30 Mar.20
Apr. 1 Mar. 15
Apr. 1
1mf
A:
:
21
0
Apr. 1 M
mar:2
Apr.
21
Apr. 1
Apr. 1 Mar.20
Apr. 15 Mar. 29
Apr. 15 Mar.29
Apr. 1 Mar. 22
May 1 Apr. 20
May 1 Apr. 20
May 1 Apr. 20
Apr. 1 Mar, 16
Apr. 1 Mar. 16
Apr.
M
mar.16
15
Apr. 1 Mar. 23
Apr .. 1 Mar. 21
Apr. 1 Mar. 20
Mar.30 Mar.20
Apr. 15 Mar.31
Mar.30 Mar. 25
May 1 Apr. 15
Apr.AAppr
M
mmar
ra 22
20
56
Apr. 1 Mar. 23
May 1 Apr. 15
May 1 mApr. 2105
Apr. 1 Mar.27
Mar. 29 Mar.
May 1 Apr. 25
May 1 Apr. 25
Apr. 15 Mar.30
Apr. 1 Mar. 20
May 1 Apr. 15
Apr. 1 Mar. 25
Apr. 1 Mar 31
Mar. 20 Mar. 20
Apr. 1 Mar.23
Apr. 1
Apr. 1 Mar. 23
Mar. 20 Mar. 14
Mar.30 Mar. 14
Mar.
Apr.Apr.
m .2
20
0
Apr. 1
Apr. 26 Apr. 19
May 31 May 24
June 28 Jane 21
Apr. 1 Mar. 21
Apr. 1 Mar. 21
Apr. 1 Mar. 27
Apr. 1 Mar. 20
Mar. 20 Mar. 11
May 1 Apr. 15
May
Mar.2
12
5
A pr.
May 15 Apr. 26
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar.20
Apr. 1 Mar. 21
Apr. 10 Mar. 220
May 1 Apr. 15
May 1 Apr. 15
May 1 Mar.30
May 1 Mar.30
Apr. 1 Mar. 20
Apr. 1 Mar. 20
Apr.
r. 29
1 Mar.20
MaMar.20
May 1 Apr. 10
Apr. 1 Mar. 26
Apr. 1 Mar. 20
Apr. 20 Apr. 10
Apr. 1 Mar. 30
Apr. 1 Mar.22
Apr. 15 Mar.26
Financial Chronicle
1952
Name of Company
Per
Share
When Holders
Payable of Record
Kobacker Stores, Inc.(action deferred)
Langendorf United Bakeries, cl. A (omitted).—
$2 Apr. 1 Mar. 19
Larus& Bros.,pref.(quar.)
75c Apr. 13 Mar.30
Lawrence Gas & Electric (quar.)
60c Apr. 1 Mar. 220
Lawyers County Trust Co. (quar.)
$1 Apr. 1 Mar.23
Leader Filling Station,8% pref. (quar.)
50c Apr. 15 Apr. 5
Lefcourt Realty, preferred
75c Apr. 1 Mar.22
Life Insurance Co. of Va.(quar.)
$1 Apr. 1 Mar. 15
Lisk Mfg. Co
/41% Apr. 1 Mar.23
Loew's(Marcus) Theatres, pref
ga Mar. 30 Mar.26
London Life Insurance
$1% Apr. 1 Mar.26
Lorain Telephone,6% pref. (quar.)
$2 May 1 Apr. 17
Lord & Taylor, 2d pref. (quar.)
50c Apr. 15 Mar.30
MacAndrews & Forbes (quar.)
$1% Apr. 15 Mar.30
Preferred (quarterly)
50c Apr. 15 Apr. 1
Magma Copper Co
123c Apr. 15 Mar.31
Magnin (I.) & Co.(quar.)
h21%c Mar.30 Mar. 16
Manufacturers Finance of Bait., pref
17%c Apr. 1 Mar.20
Maritime Telep. & Teleg., 7% pref. (quar.)
15c Apr. 1 Mar.20
Quarterly
21c Apr. 20 Mar.30
Massachusetts Investors Trust
11% Apr. 1 Mar.20
Minneapolis Gas Light.5% pref. (quar.)
Minneapolis-Honeywell Regulator$IM Apr. 1 Mar.20
6% preferred A (quarterly)
$1% Apr. I Mar. 15
Missouri Power & Light, $6 pref. (quar.)
37c Apr. 30 Mar.31
Montreal Light, Heat & Power (quar.)
$2 Apr. 15 Mar.30
Mountain States Telep.& Teleg.((wer.)
1234c Apr. 15 Mar.30
National Cash Register(ran)
50c
Apr. 1 Mar.21
(quar.)
Insurance
National Fire
$13i May 1 Apr. 5
Nat.Power & Light Co.. 6pref.(quar.)
25c Apr. 1 Mar.23
National Shawmut Bank (guar.)
c Apr. 1 Mar. 15
Nation-Wide Securities, Md., vot. shares
1 May 1 Mar.30
Nevada-Calif. Electric,7% pref
Apr. 1 Mar. 15
(quar.)
$2%
RR.
Co.
Northern
New London
50c Apr. 30 Apr. 15
Newmont Mining Corp
40c Apr. 1 Mar. 15
Mew Hampshire Fire insurance (quar.)
11% Apr. 1 Mar. 15
New York Power & Light 7% pref.(qu.)
$1% Apr. 1 Mar. 15
$6 .preferred (quarterly)
4% Apr. 1 Mar.30
(8.-a.)
pref.
1st
Inc.,
8%
Sun,
New York
5% Mar. 30 Mar. 23a
New York Trust CO.(quarterly)
11
Apr. 1 Mar. 21
Niagara Alkali. 7% pref._(quar_)
1 Apr. 2 Mar.26
Niagara Fire Insurance (N • Y. (quar)
511 Apr. 20 Mar.30
North American Investment, 6% pree
591 2-3c Apr. 20 Mar.30
% preferred
25c Mar.30 Mar.27
North & Judd Mfg.(quar.)
Northern Indiana Public Serviceh87%c Apr. 15 Mar.30
7% preferred
h75c Apr. 15 Mar.30
6% preferred
h68%c Apr. 15 Mar.30
53 % preferred
Northern States Power Co.(Dela.)% Apr. 20 Mar.30
7% preferred (quarterly)
1M % Apr. 20 Mar.30
6% preferred (quarterly)
Apr. 15 Mar.20
Northwestern Bell Telep. 6 % pref. (qu.)Mar. 15 Mar. 12
Northwestern Yeast. (quar.)
25c Apr. 25 Mar.25
Ohio Brass, A & B
$1% Apr. 25 Mar. 25
Preferred (guar.)
$2 Apr. 1 Mar.30
Ohio Loan,8% preferred (quar.)
58 1-3c Apr. 1 Mar. 15
Ohio Public Service Co.. 7% prefcrred (mo.)
50c Apr. 1 Mar. 15
6% preferred (monthly)
412-3c Apr. 1 Mar. 15
57 preferred (monthly)
250 Apr. 1 Mar.20
Ohl:Leather (quarterly)
$2 Apr. 1 Mar. 20
(quarterly)
preferred
1st
Apr. 1 Mar.20
2nd preferred (quarterly)
20c Apr. 1 Mar. 20
Ohio Wax Paper Co.(quar.)
25c Apr. 2 Mar. 22
Old Dominion Fire Insurance (Va.)
10c Apr. 1 Mar. 18
O'Sullivan Rubber (quar.)
72c Apr. 1 Mar. 15
Otter Tail Power (Minn.), $6 pref
h66c Apr. 1 Mar. 15
$5% preferred
373,c Apr. 15 Mar 30
Pacific Gas & Electric (quar.)
$1 Mar.30 Mar.27
Pacific Guano & Fertilizer (quar.)
60c May 15 Apr. 20
Pacific Lighting (quar.)
Pennsylvania Power & Light, $7 pref. (guar.)._ $1% Apr. 1 Mar. 16
$1.3 Apr. 1 Mar. 16
$6 preferred (quar.)
11% Apr. 1 Mar. 16
35 preferred (quar.)
75c Apr. 15 Mar.30
Pennsylvania Salt Mfg.(quar.)
37%c Apr. 1 Mar.30
Perfection Petroleum, pref. (quar.)
-a.)...
(s.
cumulative
pref.
$1%
May 1 Apr. 1
Co.,
6%
Philadelphia
25c Apr. 15 Apr. 2
Philip Morris & Co
Penna. Co.for Ins. on Lives & Grant. Annuities
400 Apr. 1 Mar. 19
Quarterly
10
Pinchin Johnson & Co.. ordinary registered._
rec.
for
dep.
ord.
reg
American
12
0
Mar.30 Mar. 21
Reed Roller Bit (quar.)
25c Mar.30 Mar. 21
Extra
25c Apr. 1 Mar. 25
Provident Saving Bank & Trust (quar.)
50c Apr. 30 Apr. 1
Public Service Corp. of N.J..6% pref.(mthly)
Public Service of North. Illinois11
May 1 Apr. 15
7% preferred (quar.)
$1
May 1 Apr. 15
6% Preferred (quar.)
75c May 15 Apr. 24
Pullman. Inc. (quar.)
141 Apr. 1 Mar.28
Ranier Pulp & Paper, class A
90c Apr. 1 Mar. 27
Reliable Fire Insurance (Ohio) (quar.)
3c Mar.25 Mar. 15
Republic Petroleum Co. (monthly)
Apr. 1 Mar. 19
Reversible Collar (quar.)
Mar. 1
Extra
75c Apr. 1 Mar. 23
Richman Bros. (quar.)
Richmond Fredericirsburg & Potomac RR.
$3% May 1 Apr. 30
7% guaranteed (semi-ann.)
$3 May 1 Apr. 30
6% guaranteed (semi-ann.)
31 Apr. 1 Mar.20
Safety Car Heating & Lighting
50c Apr. 1 Mar. 20
St. Paul Union Stockyards (quar.)
preferred
h$23
Mar.30 Mar. 27
Sangamo Electric, 7%
50c Apr. 1 Mar. 22
Santa Cruz Portland Cement
ay 1 A pr. 17
Scott Paper Co..7% series A pref.(quar.)
y 1 Apr. 17
6% series B preferred (quar.)
Seagrave Corp., 7% pref. (omitted).
50c Apr. 1 Mar.31
Securities Investors of St. Louis (quar.)
$2 Apr. 1 Mar.31
8% preferred (quar.)
62%c May 1 Apr. 15
Seeman Bros. Inc., common (quar.))
40c Apr. 1 Mar. 20
Co.(guar.)
Shasta Water'
$3 May 1 Apr. 16
Simpson (Robt.), Ltd., pref. (5.-a.)
50c Apr. 1 Mar. 21
Smyth Mfg. Co.(quar.)
$2 Apr. 1 Mar.20
Sonoco Products Co.,8% pref. (quar.)
37%c Apr. 15 Mar. 31
Southern Calif. Gas.6% pref. (quar.)
373c Apr. 15 Mar.31
Preferred A (guar.)
Southern Counties Gas (Calif.), pref. (guar.)._ $1
Apr. 15 Mar.30
Southern Franklin Process Co7% preferred (quar.)
31% Apr. 10 Mar.29
Southern Indiana Gas & Elec. Co.,7% pref.(qu) 1% • Apr. 1 Mar. 23
6.6 preferred (quar.)
1.657 Apr. 1 1Vlar. 23
6% preferred (quar.)
13% Apr. 1 Mar. 23
Southland Royalty (quar.)
Sc Apr. 15 Mar.30
Springfield Fire & Marine Insurance
$1.13 Apr. 1 Mar. 18
Standard Cap & Seal (quar.)
60c May 1 Apr. 4
Standard National Corp., N. Y.,7% pf.(qu.)_ _ 31% Apr. 1 Mar. 25
$1 Mar.30 Mar. 19
Standard Screw (quar.)
Standard Wholesale Phosphate & Acid Works
1% Apr. 1 Mar.20
Superheater Corp.(quar.)
123c Apr. 15 Apr. 5
Supervised Shares. Inc
1%c Apr. 15 Mar.30
Sutherland Paper (bi-monthly)
Apr. 30 Apr. 20
Extra
Sc Apr. 30 Apr. 20
Swiss Oil
10c Apr. 1 Mar. 25
Tacony-Palmyra Bridge Co.,73% pref.(quar.) $1% May 1 Apr. 10
Taunton Gas Light (quar.)
$I% Apr. 1 Mar. 15
Telephone Investment (monthly)
25c Apr. 1 Mar. 20
Textile Banking (quar.)
50c Mar.30 Mar. 25
Thatcher Mfg Co., $3.60 cum.. pref
90c May 15 Apr. 30
Thrift Stores, Ltd.,6%% 1st pref.(no action)
Travelers Insurance (guar.)
$4 Apr. 1 Mar. 18
Tuckett Tobacco. pref. (quar.)
31% Apr. 15 Mar.30
Twin Disc Clutch (quar.)
250 Mar.28 Mar. 18
a
$1b
11%
48!
11g NiMa
Name of Company
March 23 1935
Per
Share
Union Public Service Co., Minn.
7% preferred A & B (quar.)
$1 3j
6% preferred C & D (quar.)
31
United Bond & Share Corp. (quar.)
1
United Pow. & Lt. corp.(Ran,).7% prof. WO $1 M
United Power & Light Corp.(Han.)—
7% preferred (quar.)
31%
United Securities (quar.)
50c
United Shirt Distributors, Inc.(quar.)
7%c
7% preferred (quar.)
873c
United States Elec. Lt. & Pow. Shs., Inc.(Md.) 30.008
United States Guarantee Co.(quar.)
40c
United Verde Extension Mining Corp
10c
Van de Ramps Holland Dutch Baking—
63 % preferred (quar.)
$1
Wagner Electric, pref. (quar.)
$1
Weinberger Drug Stores (quar.)
2
Western Exploration Co. (quar.)
12%c
Western New York Water Co., $5 pref. (quar.) $1 ei
Western Pipe & Steel Co. of Calif
25c
Western Power Corp.. 7% pref. (quar.)
Western United Gas & Elec.,6%% pref.(quar.) 11
14
6% preferred (quar.)
$1 M
West Point Mfg.(quar.)
$1
Extra
50c
West Virginia Pulp & Paper (quar.)
100
White Rock Mineral Springs
35c
1st & 2d preferred (quar.)
31%
White Villa Grocers, Inc., 6% pref. (quar.)_
Young (J. S.) & Co.(quar.)
$1 M
Preferred (quar.)
31
When Holders
Payable of Record
Apr. 1 Mar,20
Apr. 1 Mar.20
Apr. 15 Mar. 28
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 16 Mar.27
Apr. 10 Mar.25
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Mar.30 Mar. 23
May 1 Apr. 30
Apr. 1 Mar. 10
Apr. 1 Mar. 20
Apr. 1 Mar. 27
Mar. 20 Mar. 15
Apr. 1 Mar.22
Mar.30 Mar. 21
Apr. 15 Apr. 1
Apr. 1 Mar. 16
Apr. 1 Mar, 16
Apr. 1 Mar. 20
Apr. 1 Mar.20
Apr. 1 Mar. 19
Apr. 2 Mar,29
Apr. 2 Mar.29
Apr. 1 Mar. 15
Apr. 1 Mar.22
Apr. 1 Mar.22
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When Holders
Share. Payable. of Record.
Abraham & Straus
30c Mar.30 Mar. 21
Extra
15c Mar.30 Mar. 21
Acme Steel (quar.)
50c Apr. 1 Mar.20
Adams Express 00.5% cum. pref.(quar.)
$ig
30 Mar. 15e
Adams Royalty
Sc Apr. 1 Mar.20
Aetna Fire Insurance (quar.)
40c Apr. 1 Mar. 18
Aetna Life Insurance (quar.)
150 Apr. 1 Mar. 9
Aetna Casualty & Surety (quar.)
50c Apr. 1 Mar. 9
Affiliated Products (monthly)
Sc Apr. 1 Mar. 15
Monthly
Sc May 1 Apr. 15
Agnew-Surpass Shoe Stores, preference (quer.).
Apr. 1 Mar. 15
Agricultural Insur.(Watertown, N.Y.)(quar.)
75c Apr. 1 Mar. 26
Air Reduction Co.(quar.)
750 Apr. 15 Mar. 30
Alabama Power Co.,$7 pref.(quar.)
31
Apr. 1 Mar. 15
$6 preferred (quarterly)
1
Apr. 1 Mar. 15
$5 preferred (quarterly)
1
May 1 Apr. 16
Alabama & Vicksburg Ry.(8.-a.)
2
Apr. 1 Mar. 8
Allen Industries, $3 preferred
$6 Apr. 1 Mar. 20
Allot; & Fisher, Inc.(quar.)
10c Apr. 1 Mar.22
Allied Chemical & Dye Corp.. pref.(quar.)
% Apr. 1 Mar. 11
Allied Laboratories (quar.)
10c Apr. 1 Mar. 25
Extra
10c Apr. 1 Mar. 25
$33 convertible preferred (quar.)
87%c Apr. 1 Mar. 25
Moe (A. S.) Co.,7% prof.(War.)
31% Apr. 1 Mar. 21
Alpha Portland Cement
25c Apr. 25 Apr. 1
Aluminum Co.of Amer., preferred
h250 Apr. 1 Mar. 15
Preferred (quar.) _
37j4c Apr. 1 Mar. 15
Aluminum Goods manufacturing Co
lOc Apr. 1 Mar. 21
Aluminum Mfgs. (quar.)
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 1quarterly
1
Mar.31 Mar. 15
7T preferred quarterly
1
June 30 June 15
7% preferred quarterly
Sept.30 Sept. 15
31
7% preferred quarterly
31
Dec. 31 Dec. 15
Amalgamated Leather Cos., pref
50c Apr. 1 Mar.20
American Agricultural Chemical Co.(quar.)50c Mar,30 Mar. 18
American Asphalt Roofing Corp.8% pref. (qu.) h$14 Apr. 15 Mar.31
American Bank Note, preferred (quar.)
75c Apr. 1 Mar. 13
American Can Co., preferred (guar.)
Apr. 1 Mar. 154
American Capital, $3 preferred
Mar. 25 Mar. 15
American Chicle (quar.)
750 Apr. 1 Mar. 12
American Cigar, preferred (quar.)
$1% Apr. 1 Mar. 15
American Cyanamid Co., com. class A and B.. _
10c Apr. 1 Mar. 16
American Express(quar.)
$1 M Apr. 1 Mar. 22
American Factors Ltd.(monthly)
10C Apr. 10 Mar.30
American Felt. 6% prof. (quar)
$1
Apr. 1 Mar. 15
American Fork & Hoe 6% preferred (quar.)_
$1
Apr. 15
American Gas & Electric Co.. corn. (quar.)..
35c Apr 1. Mar. 14
Preferred (quar.)
$13 May 1 Apr. 8
American Hard Rubber Co..8% pref. (quar.),. _
$2 Apr. 1 Mar. 16
American Hardware(quar.)
25c Apr. 1 Mar. 16
American Hair & Felt 1st preferred
/42 Apr. 1 Mar. 15
American Hawaiian Steamship (quar.)
250 Apr. 1 Mar. 15
American Home Products (monthly)
200 Apr. 1 Mar. 144
American Insurance(Newark)(8.-a.)
250 Apr. 1 Mar. 15
Amer. Invest. Co.of Illinois, 7% pref.(guar.).c Apr. 1 Mar.20
American Mfg. Co., preferred
c Mar. 31 Mar, 15
American Optical Co..7% pref. (quar.)
31% Apr. 1 Mar. 16
American Power & Light Co.,$6 preferred
371c Apr. 1 Mar. 11
$5 preferred
31 c Apr. 1 Mar. 11
American Rolling Mill.6% pref. B
h 2 Apr. 15 Apr. 1
American Safety Razor (quarterly)
$1 Mar.30 Mar. 8
Special
$1 Mar.30 Mar. 8
Extra
25c Mar.30 Mar. 8
American Snuff Co., common
3
Apr. 1 Mar. 14
Preferred
• Apr. 1 Mar. 14
American Steel Foundries. 7% preferred (qu.)
11Oc MarApr.. 30 M
5
mar
ar.15
American Stores Co. (quarterly)
500
American Sugar Refining (quar.)
50c Apr. 2 Mar. 5
Preferred (quar.)
Apr. 2 Mar. 5
$1
American Telep. & Teleg. Co.(quar.)
Apr. 15 Mar. 15
$2
American Tobacco Co., preferred (quar.)
• Apr. 1 Mar. 9
American Water Works ar Electric Co.—
$6 series 1st preferred (quar.)
Apr. 1 Mar. 18
Amoskeag Co.,common
750 July 2 June 22
Preferred (semi-annual)
$23 July 2 June 22
Anchor Cap Corp.,coin.(quar.)
15c Apr. 1 Mar.20
$63 preferred (quar.)
$1% Apr. 1 Mar. 20
ura-Wuppmann
er
Corp.(quar.)
Sc Apr. 1 Mar. 18
Extra
Sc Apr. 1 Max. 18
Appalachian Electric Power,$7 pref.(quar.)31% Apr. 1 Mar, 6
$6 preferred (quar.)
$1 M Apr. 1 Mar. 6
Appomaug Co.(quar.)
250 Apr. 1 Mar. 15
Armour & Co.(Ill.) $6 prior pref.(quar.)
311$ Apr, 1 Mar.11
Armour & Co.(Del.) preferred (quar.)
31% Apr. 1 Mar. 11
Arrow-Hart et Hegeman (quar.)
10c Apr. 1 Mar. 23
Preferred (quar.)
$1 M Apr. 1 Mar. 23
Associated Breweries of Canada (quar.)
r25c Mar.31 Mar. 15
Preferred (quarterly)
r$1% Apr. 1 max. 15
Associated Oil Co
35c Mar.30 Mar. 6
AssociatesInvestment Co.(quar.)
$1 Mar.30 Mar.20
7% preferred (quarterly)
31% Mar.30 Mar.20
Automatic Voting Machine Co.(quar.)
12 0 Apr. 2 Mar. 20
Quarterly
12g0 July 2 June 20
Automobile Insurance of Hartford (guar.)
250 Apr. 1 Mar. 9
Avondale Mills, class A and B (quar.)
25c Apr. 1 Mar. 15
Axton-Fisher Tobacco,class A (quay.)
80c Apr. 1 Mar. 15
Class B (quar.)
400 Apr. 1 Mar. 15
Preferred (quar.)
$134 Apr. 1 Mar. 15
Mar.
1g%
1
lkia
43A
um
Alrg
Financial Chronicle
Volume 140
Name of Company
Per
Share
When Holders
Payable of Record
Babcock & Wilcox
10c Apr. I Mar. 20
Backstay Welt
35c Apr. 1 Mar. 16
Baldwin Co.,6% preferred (quar.)
$1% Apr. 15 Mar.30
Bangor & Aroostook RR. (quar.)
ti3c Apr. 1 Feb. 28
Preferred (quarterly)
$1% Apr. 1 Feb. 28
Bangor Hydro-Electric (quar.)
75c Apr. 1 Mar. 11
% preferred (guar.)
$134 Apr. 1 Mar. 11
6% preferred (guar.)
$1.% Apr. 1 Mar. 11
Bank of the Manhattan Co.(quar.)
37gc Apr. 1 Mar. 19a
Bank of New York & Trust Co.(quar.)
$334 Apr. 1 Mar.22
Bank Stock Trust Shares, series C-I reg
30.2109e Apr. 1 Mar. 1
Series C-2 registered
29.2296c Apr. 1 Mar. 1
Bank of Yorktown
50c Apr. 1 Mar. 20
Bankers Trust Co.(quar.)
7;4c Apr. 1 Mar. 15
Battle Creek Gas Co.. 6% preferred (quar.)
$1% Apr. 1 Mar. 20
Bayuk Cigars, 1st preferred (quar.)
$131 Apr. 15 Mar.30
Beatrice Creamery (special)
50e Apr. 1 Mar. 14
Preferred (war.)
$1% Apr. 1 Mar. 14
Beech Creek RR. Co. (quar.)
50c Apr. 1 Mar. 15
Beech-Nut Packing Co., common (quar.)
75c Apr. 1 Mar. 12
Extra
50c Apr. 1 Mar. 12
Belding Corticelli (guar.)
$1 May 1 Apr. 15
Belding Heminway
50c Apr. 30 Apr. 1
Bell Telephone Co. of Canada
Apr. 15 Mar. 23
r$1
Bell Telephone of Pa..6 % pref (quar.)
$1% Apr. 15 Mar. 20
Belt RR.& Stockyards (quar.)
75c Apr. 1 Mar. 20
6% preferred (guar.)
75c Apr. 1 Mar. 20
Bickford's (quar.)
25c Apr. 1 Mar. 22
Preferred (guar.)
62%c Apr. 1 Mar. 22
Bird & Son, Inc.(quar.)
25c Apr. 1 Mar. 25
Birmingham Electric, $7 preferred
65154 Apr. 1 Mar. 12
$6 preferred
651% Apr. 1 Mar. 12
Black & Decker, 8% cumulative preferred
h50c Mar.30 Mar. 18
Bloch Bros. Tobacco. quarterly
37%c May 15 May 10
6% pref. (quar.)
51% Mar.30 Mar. 25
6% preferred (quar.)
$1% June 29 June 25
Bloomingdale Bros., Inc
10c Mar,27 Mar. 15
Bohn Aluminum & Brass Corp
75c Apr. 1 Mar. 15
Borg-Warner (quarterly)
37 gc Apr. 1 Mar. 15
Preferred (quar.)
$13' Apr. 1 Mar, 15
Boston & Albany RR. Co_
S2 Mar.30 Feb. 28
Boston Elevated (quar.)
$1 Apr. 1 Mar. 9
Boston Insurance (quarterly)
Apr. 1 Mar. 20
Boston & Providence RR.(guar.)
52.125 Apr. 1 Mar. 20
Quarterly
52.125 July 1 June 20
Quarterly
52.125 Oct. •1 Sept. 20
Quarterly
52.125 Jan.2'36 Dec. 20
Bourbon Stockyards Co. (quar.)
$I Apr. 1 Mar. 25
Bower Roller Bearing (quar.)
25c Apr. 25 Apr. 1
Bralorne Mines, Ltd. (quar.)
15c Apr. 15
Brantford Cordage Co..8% pref. (quar.)
r50c Apr. 1 Mar. 20
Brazilian Traction, Light & Power, pref. (guar.) $134 Apr. 1 Mar. 15
Brewer (C.) & Co.. Ltd.(mo.)
Si Mar. 25 Mar. 20
Brewing Corp. of Canada,$3 prof.(quar.)
637
Apr. 15 Apr. 6
Bridgepor. Brass
10c Mar. 30 Mar.26
Bridgeport Gas Light(quar.)
50c Mar.30 Mar. 15
Bridgeport Machine Co
h52 Mar. 25 Mar. 15
Brillo Mfg. Co.,Inc.,common (guar.)
15c Apr. 1 Mar. 15
Class A (quar.)
• 50c Apr. 1 Mar, 15
British-American Assurance (s.-a.)
75c Apr. 1 Mar. 23
British American Oil (guar.)
r20c Apr. 1 Mar. 16a
British American Tobacco (Amer.) ord
10d Apr. 6 Mar. 1
"American" 5% preferred (8.-a.)
% Apr.
Mar. 1
Amer. dep. rcts. ord. bearer (interim)
telOd Apr. 6 Mar. 1
Amer. dep. rata. ord. registered
wliki Apr. 6 Mar. 1
dep. rata. 5% pref. bearer(Interim)A. (semi-ann.) zu(2% 57 Apr. 8 Mar, 1
Amer. dep. rcts. 5% pref. registered (s.-an.). ma%7 Apr. 6 Mar. 1
British Columbia Power Corp., d. A (quar.)
r38c Apr. 15 Mar.30
British Columbia Telep..6% pref. (guar.)
$1% Apr. I Mar. 16
Broad Street Investing Co., Inc.(guar.)
20c Apr. 1 Mar. 16
Brooklyn-Manhattan Transit Corp.
Preferred (quarterly)
$1% Apr. 15 Apr. 1
Preferred (quarterly)
51% July 15 July 1
Brooklyn & Queens Transit $6 pref.(qu.)(quar.)_
50c Apr. 1 Mar. 16
Brooklyn Union Gas (quar.)
$134 Apr. 1 Mar. 1
Brown Forman Distillery $6 preferred (quar.)
$1.% Apr. 1 Mar.20
Bruck Silk Mills (quar.)
25c Apr. 15 Mar. 15
Extra
Sc Apr. 15 Mar. 15
Bucyrus-Erie Co. preferred (guar.)
50c Apr. 1 Mar. 15
Bucyrus-Monighan, class A (quar.)
45c Apr. 1 Mar.20
Buffalo Niagara & Eastern Power, pf. (quar.)_ _
40c Apr. 1 Mar. 15
55 preferred (guar.)
May 1 Apr. 15
Building Products. class A & B (quar.)
25c Apr. 1 Mar. 19
Burdine's Inc., preferred
h$1 Apr. 1 Mar. 16
Preferred (guar.)
70c Apr. 1 Mar. 16
Burkhard (F. M.), preferred
551.10 Apr. 1 Mar. 20
Burma Corp., Amor.dep.receipt(interim)
w 2% an Apr. 5 Feb. 27
Burt (Ir. W.) (quarterly)
50c Apr. 1 Mar. 15
Preferred (quarterly)
$131 Apr. 1 Mar. 15
Cairo Water,7% preferred (quar.)
Apr. 1 Mar. 20
$154
Calamba Sugar Estates;(quar.)
40c Apr. 1 Mar. 15
Extra
$1 Apr. 1 Mar. 15
Preferred (guar.)
35c Apr. 1 Mar. 15
Calgary & Edmonton Corp.(initial)
Sc May 1 Apr. 1
Calgary Power, Ltd.(quar.)
$1% Apr. I Mar. 15
Preferred (quar.)
51% May 1 Apr. 15
California Elec. Generating Co.6% pref.(qu.)
$1% Apr. 1 Mar. 5
California Ink (quar.)
50c Apr. 1 Mar. 22
Cambria Iron Co.(semi-annual)
Si Apr. 1 Mar. 15
Cambridge Investment Corp. A & B (s.-a.)
25c Apr. 1 Mar. 20
Canada Northern Power Corp.,common (qu.)30c Apr. 25 Mar.30
7% cum. preferred (quar.)
131% Apr. 15 Mar.30
Canada Packers, initial
75c Apr. 1 Mar. 15
Preferred (quar.)
Apr. 1 Mar. 15
Canada Permanent Mtge. Corp. (quar.)
Apr. 1 Mar. 15
Canadian Canners. 1st pref.(quar.)
5154 Apt. 1 Mar. 15
2d guar.(guar.)
125,4c Apr. 1 Mar. 15
Canadian Celanese, Ltd., 7% cum. panic. pref_ 651.91 Mar.30 Mar. 15
7% cum. panic. preferred (quar.)
Mar.30 Mar, 15
Canadian Cottons (quar.)
Apr. 1 Mar, 15
Preferred ((Mar.)
$114 Apr. 1 Mar. 15
Canadian Foreign Investment (quar.)
40c Apr. 1 Mar. 15
Quarterly,
40c July 1 June 15
Preferred (quar.)
$2 Apr. 1 Mar. 15
Preferred (quar.)
$2 July 1 June 15
Canadian General Electric (quar.)
r 75c Apr. 1 Mar. 15
Preferred (quarterly)
r87 34c Apr. 1 Mar, 15
Canadian General Investors, coupon (quar.)_
lOc Apr. 15
Canadian Industries, Ltd., A & B (quar.)
$1 Apr. 30 Mar.30
7% preferred (quar.)
r$154 Apr. 15 Mar.30
Canadian 011 Cos.. preferred (quar.)
r52 Apr. 1 Mar. 20
Canadian Westinghouse (guar.)
50c Apr. 1 Mar. 18
Canfield Oil. preferred (quar.)
$154 Mar.31 Feb. 20
Cannon Mills (quar.)
50c Apr. 1 Mar. 18
Capital Administration Co., pref. set. A (guar.)
75c Apr. 1 Mar. 18
Carnation Co..7% preferred (quar.)
$1% Apr. 1 Mar. 20
7% preferred (quar.)
$1% July 1 June 20
7% preferred (quarterly)
$1% Oct. 1 Sept.20
Carolina Power & Light, $7 pref. (guar.)
$1% Apr. 1 Mar. 15
$6 preferred (quar.
$1% Apr. 1 Mar. 15
Carolina Telep.& Te eg
$2% Apr. 1 Mar. 25
Case (J. I.). Co. preferred
51 Apr. 1 Mar. 12
Central Aguirre Sugar (quar.)
3734c Apr. 1 Mar. 19
Celanese Corp. of Amer.,7% cum. pref.
Apr. 1 Mar. 15
$1
Centlivre Brewing Corp.,$2 class A
612%c Apr. 1 Mar.20
Central Hanover Bank & Trust Co.(quar.)- % Apr. 1 Mar. 15
Central Illinois Light Co.6% pref.(quar.)
Apr. 1 Mar. 15
7% preferred (quar.)
1g
Apr. 1 Mar. 15
Central Tube
Mar. 25 Mar. 15
Centrifugal Pipe Corp.(quar.)
10c May 15 May 6
Quarterly
10c Aug. 15 Aug. 5
Quarterly
10c Nov. 15 Nov. 6
1953
Name of Company
Per
Share
Champion Coated Paper, 1st preferred (quar.). $134
Special preferred (quarterly)
$1%
Champion Fiber Co., preferred (quar.)
$1%
Chatham Mfg. Co.,7% wet.(quar.)
$1%
6% preferred (quar.)
$1%
Chemical Bank & Trust (quar.)
45c
Chesapeake Corp.(quar.)
75c
Chesapeake & Ohio (guar.)
70c
Preferred (semi-ann.)
$331
Chesebrough Manufacturing Co.(quar.)
Si
Extra
50c
Chicago Flexible Shaft Co.(guar.)
30c
Extra
10c
Chicago Junction Ry. & Union Stockyards (qu.) $284
Preferred (quarterly)
$1%
Chicago Towel. pref. (guar.)
$1%
Chickasha Cotton Oil(special)
50c
Christiana Securities,7% pref. (quar.)
$1%
Chrysler Corp. (quarterly)
25c
Cincinnati Gas & Electric,5% pref.(quar.)_ _ _ $131
Cincinnati Inter-Terminal RR. Co.
4% preferred (semi-annual)
and. Newport & Covington Lt. & Tr. (quar.)
4% preferred (quar.)
Cincinnati & Suburban Bell Telep. (quar.)-Cincinnati Union Stockyards (quar.)
Cincinnati Union Terminal, preferred (quar.)Preferred (quar.)
Preferred (quar.)
Preferred (guar.)
Citizens Water (Wash., Pa.),7% pref.(quar.)
City Ice & Fuel(quar.)
50c
Claude Neon Electric Products (quar.)
25c
Cleveland Electric Illuminating (quar.)
50c
Preferred (quar.)
$1%
Cleveland & Pittsburgh Ry.7% guar.(quar.)
87gc
7% guaranteed (quar.)
87%c
8734c
7% guaranteed (quar.)
Special guaranteed quar.
50c
Special guaranteed guar.
50c
Special guaranteed quar.
500
Climax Molybdenum Co.(quar.)
Sc
Quarterly
Sc
Quarterly
Sc
Quarterly
Sc
Clinton Trust Co.(New York) (quarterly) _ _
50c
Clinton Water Works,7% preferred (quar.)_.
$154
Clorox Chemical (guar.)
50c
Extra
12%c
Cluett, Peabody & Co., Inc., pref. (quar.)
Coca-Cola Co
Coca-Cola Bottling Corp. (guar.)
621,c4
Coca-Cola International Corp., com. (quar.)
Cohen (Dan.) Co.(quar.)
40c
Colgate-Palmolive-Peet, preferred (quar.)
$1%
Quarterly
12;4c
Collateral Loan Co.,"Boston, Mass." (quar.)
$2
Colonial Ice Co.. $7 pref. (quar.)
$1%
Series B preferred (guar.)
$1%
Colt's Patent Fire Arms Mfg.(quar.)
31 gc
Columbia Broadcasting System, Inc.—
Class A and B stock
40c
Columbia Pictures Corp. (quar.)
25c
Columbus Ry., Pr. & Light.6% pref. A (quar.)
$134
$1.63
6)4% preferred B (quar.)
Commercial Credit (quar.)
50c
50c
8 cumulative preferred B (quarterly)
43, c
7% cumulative preferred (quarterly)
634% 1st preferred (quarterly)
$3 class A preferred (quarter(y)
Commercial Investment Trust Corp., corn. (qu.)
50c
Convertible preferred (opt. 1929) (quari_
m$1%
Commercial Solvents Corp., common (extra)
25c
Commonwealth Edison (quar.)
$1
Commonwealth & Southern, $6 preferred
75c
Commonwealth Utilities Corp..7% pref. A (qu.) $134
6% preferred B (quar.)
$1%
5154
634% preferred C (quar.)
Commonwealth Water & Light, $7 pref. (quar.) 5154
Si
$6 preferred (quar.)
Confederation Life Assoc.,"Toronto" (quar.)
$1
Quarterly
$1
Quarterly
$1
Quarterly
$1
Connecticut Electric Service (quar.)
75c
Connecticut General Life Insurance (quar.)__ _ _
20c
Consolidated Bakeries of.Canada (quar.)
20c
Consolidated Dry Goods,7% pret
652%
Consolidated Film Industries. Inc., pref
50c
Consolidated Gas Co. of N. Y.. prof. (quar.)
$134
Consolidated Gas El. Lt. & Pow. Co. of Balta.:
Common (guar.)
Series A 5% preferred (quar.)
Series D 6% preferred (quar.)
Series E
% preferred (quar.)
Consolidated Investors Trust (semi-ann.)
Special
Consolidated Paper preferred (guar.)
Consumers Gas Co. of Toronto (guar.)
Consumers Power Co., $5 pref. (guar.)
$13.1
6% preferred (quarterly)
$134
6.6% preferred (quarterly)
$1.65
7% preferred (quarterly)
$I%
5% Preferred (monthly)
50c
6.6% preferred (monthly)
55c
Container Corp., 7% cumulative preferred __
557
Continental Assurance Co., Chicago (guar.).50c
Continental Baking Corp., pref. (quar.)
$1
Continental Bank & Trust Co.of N. Y.(quar.)20c
Continental-Diamond Fiber Co
15c
Continental Gas & Electric, pref. (quar.)
$13'
Continental Gin Co., Inc.,6% prof
h75c
Continental Oil (Del.)
12%c
Coperweld Steel (quar.)
12%c
Quarterly
12%c
Quarterly
12%c
CosmosImperial Mills.Initial(guar.)
17;4c
Preferred (quar.)
51,
Cottrell(C. B.) & Sons Co.,6% pref.(quar.)
$1
Courier-Post, preferred (quar.)
SI 4
Courtaulds. Ltd. (final)
toe%
Cream of Wheat (quar.)
50c
Crowell Publishing Co. (guar.)
25c
Crown Willamette Paper. 7% preferred
h$1
Crum & Forster. 8% preferred (quar.)
$2
Quarterly
15c
8% preferred (quar.)
52
Curtis Publishing, $7 preferred
61134
Davega Stores Corp..corn
lec
Davenport Hosiery Mills
25c
Dayton & Michigan RR.(semi-ann.)
87Xc
8% preferred (quarterly)
SI
Dayton Power & Light Co.,6% pref.(monthly)50c
Deyoy Stores, class A
h55c
De Long Hook & Eye (guar.)
75c
Dennison Mfg. Co.. debenture stock
h$2
Deposited Bank Shares (N. Y. series)
4gc
Deposited Insurance Shares, ser. A (semi-ann.)_ e2y4a
Des Moines Gas Co.(quar.)
7% preferred (quarterly)
87%c
Detroit Hillsdale & Southwestern RR.(3.-a.)_.
$2
Semi-annually
$2
$75c
When Bolder*
Payable of Record
Apr. 1 Mar. 20
Apr. 1 Mar. 20
Apr. 1 Mar. 20
Apr. 1 Mar, 20
Apr. 1 Mar.20
Apr. 1 Mar.20
Apr. 1 Mar. 8
Apr. 1 Mar. 8
July 1 June 7
Mar.29 Mar. 8
Mar. 29 Mar. 8
Mar.30 Mar. 20
Mar.30 Mar. 20
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Mar.30 Mar. 20
Apr. 1 Mar. 5
Apr. 1 Mar.20
Mar.30 Mar. 9
Apr. 1 Mar. 15
Aug. 1 July 20
Apr. 15 Mar.30
Apr. 15 Mar.30
Apr. 1 Mar. 20
Mar.30 Mar.23
Apr. 1 Mar. 20
July 1 June 20
Oct. 1 Sept. 20
Jan.116 Dec. 20
Apr. 1 Mar. 20
Mar.30 Mar. 15
Apr. 1 Mar.22
Apr. 1 Mar. 20
June 1 May 15
June 1 May 10
Sept. 1 Aug. 10
Dec. 1 Nov. 9
June 1 May 10
Sept. 1 Aug. 10
Dec. 1 Nov. 9
Mar.30 Mar. 15
June 30 June 15
Sept.30 Sept. 15
Dec. 30 Dec. 15
Apr. 1 Mar. 15
Apr. 15 Apr. 1
Apr. 1 Mar.30
Apr. 1 Mar.30
Apr. 1 Mar. 21
Apr. 1 Mar. 12
Aprl 1 Mar. 15
Apr. 1 Mar. 12
Apr. 1 Mar. 15
Apr. 1 Mar. 5
June 1 May 6
Apr. 1 Mar. 12
Apr. 1 Mar, 20
Apr. 1 Mar. 20
Mar.31 Mar. 9
Mar.29 Mar. 13
Apr. 1 Mar. 13
Apr. 1 Mar. 15
May 1 Apr. 15
Mar.30 Mar. 11
Mar.30 Mar. 11
Mar.30 Mar. 11
Mar.30 Mar. 11
Mar.30 Mar. 11
Apr. 1 Mar. 5
Apr. 1 Mar. 5
Mar.30 Mar. 16
May 1 Apr. 15
Apr. 1 Mar. 8
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar.20
Apr. 1 Mar. 20
Mar. 31 Mar. 25
June 30 June 25
Sept.30 Sept. 25
Dec. 31 Dec. 25
Apr. 1 Mar. 15
Apr. 1 Mar. 16
Apr. 1 Mar. 15
Apr. 1 Mar.25
Apr. 1 Mar. 18a
May 1 Mar. 29
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 15 Apr. 1
Apr. 15 Apr. 1
Apr. 1 Mar.21
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar,15
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr, 1 Mar. 15
Apr. 1 Mar. 11
Mar.31 Mar. 15
Apr. 1 Mar. 18
Apr. 1 Mar. 15
Mar. 29 Mar. 14
Apr. 1 Mar. 12
Apr. 1 Mar. 15
Apr. 30 Apr. 4
May 31 May 15
Aug. 31 Aug. 15
Nov.30 Nov. 15
May 15
May 15
Apr. 2 Mar. 21
Apr. 1 Mar. 15
Mar. 25 Feb. 19
Apr. 1 Mar. 25
Mar. 25 Mar. 14
Apr. 1 Mar. 13
Mar.31 Mar.21
Apr. 15 Apr. 5
June 29 June 19
Apr. 1 Mar. 9
Mar. 28 Mar. 23
Apr. 1 Mar.20
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 20
Apr. 1 Mar. 15
Apr. 1 Mar. 20
May 1 Apr. 20
Apr. 1 Mar. 1
May 1 Mar, 15
Apr. 1 Mar. 15
Apr. 1 Mar. 15
July 5 June 20
Jan. 6 Dec. 20
Financial Chronicle
Name of Company
Per
Share
When Holders
Payable of Record
25c Apr. 1 Mar.20
Devoe & Reynolds A & B (guar.)
25c Apr. 1 Mar. 20
A & B (extra)
lst & 2nd preferred (guar.)
$131 Apr. 1 Mar. 20
15C Apr. 1 Mar. 20
Diamond Shoe Corp. tquar.)
Apr. 1 Mar. 20
654% preferred (quar.)
$1
Diamond State Telephone, preferred (quar.)_
$131 Apr. 15 Mar. 20
Dome Mines, Ltd.(quar.)
5 c Apr. 20 Mar.30
Dominion Glass (quarterly)
5131 Apr. 1 Mar. 15
Preferred (quarterly)
$131 Apr. 1 Mar. 15
Dominion Rubber, pref. (quar.)
$131 Mar. 30 Mar. 23
Dominion Textile Co.(guar.)
r$131 Apr. 1 Mar. 15
Preferred (quar.)
$1V Apr. 15 Mar.30
Dover & Rockaway RR. Co. (5.-a.)
Apr. 1 Mar.30
60c Apr. 1 Mar. 2
Draper Corp. (quar.)
$131 Apr. 1 Mar. 21
Driver-Harris, 7% preferred (quarterly)
Duke Power (quarterly)
75c Apr. 1 Mar. 15
Preferred (quarterly)
$131 Apr. 1 Mar. 15
Dupian Silk Corp.,8% preferred (quar.)$2 Apr. 1 Mar. 8
Du Pont de Nemours (E. 1.) & Co.—
Debenture stock (guar.)
$131 Apr. 25 Apr. 10
Duquesne Brewing
1234c May 1 Apr. 20
1234c Apr. 1 Mar. 21
Preferred A (quar.)
Duquesne Light Co. 5% cum. 1st pref. (q11.)
$132 Apr. 15 Mar. 15
$1 Apr. 1 Mar. 28
Eae Warehouse & Storage (quar.)
Eastern Gas& Fuel Assoc..431% pref.(quar.)_ _ 51.125 Apr. 1 Mar. 15
6% preferred (quarterly)
$131 Apr. 1 Mar. 15
Eastern Steamship Lines, let preferred (quar.)
$131 Apr. 1 Mar. 15
Preferred, no par (quar.i
8731c Apr. 1 Mar. 15
$131 Apr. 1 Mar. 15
Eastern Steel Products, 7% preferred (quar.)
18c Apr. 15 Dec. 31
Eastern Township Telephone Co
Eastman Kodak (quar.)
$131 Apr. 1 Mar. 5
Preferred (quar.)
1131 Apr. 1 Mar. 5
$3
Apr. 1 Mar. 20
East Missouri Power Co.,7% pref.(s.-a.)
4331c Apr. 1 Mar, 20
Economic Investors Trust
2c Apr. 1 Mar. 11
Ecuadorian Corp., Ltd
25c Mar.25 Mar. 9
Edison Brothers Stores (quar.)
$131 Apr. 1 Mar. 15
Electric Auto-Lite, preferred guar.)
25c Apr. 1 Mar. 20
Electric Controller & Mfg.(quar.)
$131 Mar. 29 Mar. 15
Electric Securities Corp.,$5 preferred (guar.)
b0c Apr. 1 Mar. 9
Electric Storage Battery Co. com.(guar.)
50c Apr. 1 Mar. 9
Preferred (guar.)
$2 Apr. 1 Mar. 26
Elizabethtown Consul, Gas (quar.)
$1 Apr. 1 Mar. 20
Elizabeth & Trenton RR. (semi-ann.)
$1 Oct. 1 Sept. 20
Semi-annual
$131 Apr. 1 Mu.20
57preferred (semi-annual)
$131 Oct. 1 Sept. 20
5% preferred (semi-annual)
$134 Apr. 15 Mar. 29
El Paso Electric Co„ Texas,6% pref. (quar.)
50c Apr. 1 Mar. 15
Emerson's Bromo Seltzer 8% preferred (guar.)
$1 June. Ii May 22
Empire & Bay State Telerp„ 4% gtd.(quar.)
$1 Sept. 1 Aug. 22
guaranteed
(quar.)
47.
$1 Dec. 1 Nov. 21
4% guaranteed (guar.)
$134 Apr. 1 Mar. 15
Empire Power Corp. $6 cum. preferred
$134 Mar. 30 Mar, 22
Empire Safe Deposit (guar.)
20c Apr. 8 Mar. 25
Emporium-Capwell
76c Apr. 1 Mar. 18
Endicott-Johnson (quar.)
$131 Apr. 1 Mar. 18
Preferred (quar.)
$2 Aug. 1 July 27
Eppens. Smith & Co., semi-annual
Erie & Pittsburgh RR. Co.7% gtd. (qua,.)........ 8734c June 10 May 31
8734c Sept. 10 Aug. 31
7% guaranteed (quer.)
8734c Dec. 10 Nov.30
7% guaranteed (Guar.)
80c June 1 May 31
Guaranteed betterments (guar)
80c Sept. 1 Aug. 31
Guaranteed betterment (guar.)
80c Dec. 1 Nov.30
Guaranteed betterment (guar.)
20c Apr. 1 Mar. 15
Eureka Vacuum Cleaner (guar.)
25c Apr. 1 Mar. 18
Evans Products
734c Mar.27 Mar. 12
Falconbridge Nickel Mines
6310 Apr. 1 Mar.28
Famise Corp., class A common (quar.)
631c Apr. 1 Mar. 15
Fanny Farmer Candy Shops, Inc
Farmers & Traders Life Ins.(guar.)
$231 Apr. 1 Mar. 11
50c Apr. 1 Mar. 15
Faultless Rubber (qua,.)
15c Apr. 1 Mar. 21
Federal Dept. Stores (qua,.)
10c Apr. 1 Mar. 21
Extra
50c Apr. 1 Mar. 21
Federal Insurance Co.,"J. C.. N. J."(extra)—
15c Mar. 20 Mar. 9
Ferro Enamel (quar.)
16c Mar. 29 Mar. 16
Fifth Ave. Bus Securities (guar.)
20c Mar. 31 Mar. 19
Filenes(Wm.)Sons Co.(qua,.)
10c Mar. 31 Mar. 19
Extra
$131 Apr. 1 Mar. 19
Preferred (guar.)
I0c Apr. 15 Apr. 5
Finance Co.of America, A.& B..(qua,.)
43c Apr. 15 Apr. 5
7% preferred (quarterly)
8 c Apr. 15 Apr. 5
Class A preferred (quarterly)
$231 Apr. 1 Mar. 16
Finance Co. of Penna.(quar.)
$25 Apr. 1 Mar. 20
First National Bank of the City of N. Y.(quar.)
h25c Apr. 15 Mar. 25
First National Corp.(Portland), class A
6234c Apr. 1 Mar. 8
First National Stores (guar.)
$131 Apr. 1 Mar. ei
7% preferred (quarterly)
20c Apr. 1 Mar. 8
8% preferred (quarterly)
$131 Apr. 15 Mar.30
Fishman (M.H.) Co.. pref. A. & B.(quar.)Apr. 1 Mar. 12
Fisk Rubber.$6 pref.(guar.)
$1
$131 Apr. 1 Mar. 15
Fleiman (A. J.), 8% preferred (qua,.)
25c Mar. 25 Mar. 15
Flintkote Co . class A _
25c Apr. 1 Mar. 20
Florsheim Shoe Co., A (quar.)
1231c Apr. 1 Mar. 20
Class B (guar.)
Food Machinery Corp. of N. Y.—
50c Apr. 15 Apr. 10
63107 preferred monthly)
50c May 15 May 10
preferred monthly)
6
50c June 15 June 10
6310% preferred monthly)
Foreign Light & Power,$6 pref.(qua,.)
$135 Apr. 1 Mar. 20
20c Apr. 1 Mar. 15
Formica Insulation
1731c Apr. 1 Mar. 26
Fortnum & Mason, Inc.. 7% pref. (s.-a.)
Fort Wayne & Jackson RR.531% pref.(s.-a.)... $231 Sept. 2 Aug. 20
31. Mar. 25 Mar. 15
49W.37th St., vot. trust certificates (s.-a.)_
50c Apr. 1 Mar. 21
Franklin Process (guar.)
May 1 Apr. 15
$131
Freeport Texas preferred (qua,.)
134c Apr. 1 Mar. 13
Fundamental Investors, Inc
8734c Apr. 1 Mar. 15
Galland Mercantile Laundry (quar.)
$134 Apr. 1 Mar. 15
Gannett, $6 cony. pref. (qua,.)
15e Apr. 5
1mar.2
Mar. 20
9a
General Alliance Corp
mar. 23
Apr.
$134
General American Investors. pref.(guar.)
$2 Apr. 1
General Baking, preferred (guar.)
$131 June I May 23
General Cigar„ preferred (guar.)
15c Apr. 25 Mar. 15
General Electric Co
1$1 Apr. 1 Mar.20
General Fireproofing,7% pref
$131 Mar.30 Mar. 20
General Tire & Rubber. pref. (quar.)
3131 Apr. 1 Mar. 21
General Machinery,7% pref.(qua,.)
$131 Apr. 1 Mar. 14a
General Mills, Inc., preferred (guar.)
$131 May 1 Apr. 8
General Motors Corp.. $5 preferred (quar.)......
30c Apr. 1 Mar. 18
General Printing Ink (guar.)
$6 preferred (quarterly)
$134 Apr. 1 Mar. 18
25c Apr. 1 Mar. 11
General Railway Signal
Apr. 1 Mar. 11
Preferred (quarterly)
$1
1131 Apr. 1 Mar. 15
Georgia Power Co., $6 preferred (quar.)__
$131 Apr. 1 Mar. 15
$5 preferred (qua,.)
1 mar.1
30c Apr. 22
Mar. 20
1
Gibson Art Co.(quar.)
25c M
Gillette Safety Razor (guar.)
Preferred (quarterly)
$131 May 1 Apr. 1
20c Mar. 25 Mar. 23
Gilmore Gasoline Plant No. 1 (mo.)
40c Apr. 1 Mar. 15
Glens Falls Insurance (quar.)
25c Apr. 1 Mar. 18
Glidden Co.(qua,.)
15c Apr. 1 Mar. 18
Extra
Preferred (quarterly)
$131 Apr. 1 Mar. 18
Godschaux Sugar. $7 preferred
111131 Apr. 1 Mar. 18
23.4c Mar.30 Mar. 9
Goebel Brewing (guar.)
Mar.30 Mar. 16
$1
Gold Dust, preferred (qua,.)
$131 Apr. 1 Mar.30
Gold & Stock Telegraph (quar.)p3734c Apr. 1 Mar. 11
Goldblatt Bros.. Inc.(guar.)
$1 Apr. 1 Mar. 1
Goodyear Tire & Rubber,$7 pref.(guar.)
Goodyear Tire & Rubber Co. of Canadar131 Apr. 1 Mar. 15
7% preferred (quar.)
131% Apr. I Mar. 20
GottfrUd Baking Co„ Inc. preferred (quar.)
131' July 1 June 20
Preferred (quarterly)
Preferred (quarterly)
1310% Oct. 1 Sept.20
Name of Company
March 23 1935
Per
Share
When Holders
Payable of Record
1234c Apr. 1 Mar.30
Grand Rapids Varnish (quar.)
25c Mar.30 Mar. 15
Granite City Steel Co.(guar.)
25c Apr. 1 Mar. 12
Grant (W. T.) Co., (guar.)
25c Apr. 1 Mar. 12
Extra
Mar.21
Apr. 1 M.
21
$1
Great Western Electro-ChemIcal pref. (qua,.)
1 Mar. 5
$1q
Great Western Power 7% pref. (guar.)
$1.
Apr. 1 Mar. 5
6% preferred (quar.
60c Apr. 2 Mar. 15
Great Western Sugar (quar.)
1M
ma
ar.
r.5
18
$131 A prr.. 2
Preferred (quarterly)
Green (D.) Co., preferred (guar.)
M
m ay 11
. 18
5
Green (H. L.), initial (quar.)
Apr.
Preferred (quar.)
Apr. 1 Mar. 15
$131141,
Greening(B) Wire, preferred
Greenwich Water & Gas System.6% pref.(qu.)- $131 Apr. 1 Mar. 20
25c Apr. 1 Mar. 15a
Greif Bros. Cooperage Corp., class A. corn
$13,
1 Apr. 1 Mar. 22
Greyhound Corp., preferred A (quar.)
Co.,
7% pref. (guar.)
$1% Apr. 1 Apr. 1
Griggs Cooper &
50c Mar. 29 Mar.21
Groton-Pew Fisheries Co.(guar.)
9
ia
ar.. 8
1N
M
$3
10
%
0 Mar. 29
Group No. 1 Oil Corp.(qua,.)
.
Guaranty Trust Co.of N.Y.(guar.)
4331c Mar. 31 Mar. 18
Hackensack Wat.7% pref. A (qua,.)
25c Mar.30
Helot(' Co.(guar.)
8
mar:30
1,
52 M
82
Extra
7% preferred (qua,.)
21 Mar.15
8h51.0ic
Hamilton Cotton. Ltd.. preferred
Apr.
Mar. 15
Hammermill Paper, pref. (quar.)
40c Apr. 1 Mar. 18
Hanover Fire Insurance Co.(quar.)
$131 Apr. 1 Mar. 20
Hanes(P. H.) Knitting Mills. pref.(quar.)_
$2 Apr. 20 Apr. 10
Hannibal Bridge Co. (quar.)
Apr
..
Harbison-Walker Refractories Co. pref.(guar.) $131 Apr. 20 May
$15.i June 1
Hardesty (R.) Mfg. Co.,7% pref.(quar.)
7% preferred (quarterly)
5131 Sept. 1 Aug. 15
$131 Dec. 1 Nov. 5
7% preferred (quarterly)
$131 Apr. 15 Mar.30
Harrisburg Gas, 7% preferred (guar.)
50c Apr. 1 Mar. 15
Hartrord Fire Insurance (quar.)
75c May 15 May 4
Hawaiian Commercial & Sugar (guar.)
20c June 15 June 5
Hawaii Consol. Ry.,7% pref. A (guar.)
7% preferred A (quarterly)
20c Sept. 15 Sept. 5
7% preferred A (quarterly)
20c Dec. 15 Dec. 5
Hawaiian Agricultural (monthly)
20c mar. 28 Mar. 21
Hawaiian Pineapple, preferred
$2.70 Apr. 30 Apr. 20
Hawaiian Steger Co.(
60c Apr. 15 Apr. 5
-quarterly)
Hazel-Atlas Glass Co
51 y Apr. 1 Mar. 12
Heath (D.0.L& Co.. 7% pref. (guar.)
5131 Mar.30 Mar. 28
Helme (Geo. W.) Co.. common (guar.)
5131 Apr, 1 Mar. 9
Preferred (quarterly)
$131 Apr. 1 Mar. 9
Hercules Motors (quarterly)
15c Apr. 1 Mar. 20
Hercules Powder Co., common (quar.)
75c Mar. 25 Mar. 14
Hibbard, Spencer,Bartlett & Co.(monthly)
10c Mar,29 Mar. 22
Hickok Oil Corp., 7% preferred (quar.)
$IM Apr. 1 Mar. 23
Hincle & Dauch Paper of Canada
1234cAprr.. 21
6 Mar.
Hollinger Consolidated Gold Mines
Holly Development Co. tquar.)
1c Apr. 15I Mar.31
Holmes(D. H.) Co., Ltd
51 Apr. 1 Mar. 22
Hoiophane Co.,preferred (8.-a.)
$1.05 Apr. 1 Mar. 15
Homestake Mining (monthly)
$1 Mar. 25 Mar. 20
Extra
$2 Mar. 25 Mar. 20
Horn & Harden Baking Co., N. J
$131 Apr. 1 Mar.21
Horn& Hardart(Phila.)(guar.)
512tia Mar..r. 1 Mar. 21
Hoskins Manufacturing (guar.)
26 Mar,11
Extra
25c Mar. 26 Mar, 11
Household Finance Corp..class A & B corn.(qu.)
75c Apr. 15 Mar. 29
Participating preference (quar.)
8734c Apr. 15 Mar. 29
Houston Natural Gas Corp.,7% pref.(guar.). 8734c Mar.30 Mar. 20
Howes Bros. Co.,7% 1st & 2nd pref.(guar.).--- $1
Apr, 1 Mar. 21
6% preferred (quarterly)
5131 Apr. 1 Mar. 21
Howe Sound Co
75c Apr. 30 Mar.20
Humble Oil & Refining (quar.)
25c Apr. 1 Mar. 2
Huron & Erie Mtge.Co
50o Apr. I Mar. 15
Hutchinson Sugar Plantation (monthly)
100 Apr. 5 Mar.28
Huyiers of Del. 7% pref. stpd & unstpd. (guar.)
$1 Apr. 1 Mar. 16
50c Apr. I Mar. 11
Hygrade Sylvania Corp., corn
Preferred (quar.)
$131 Apr. 1 Mar. 11
Ideal Cement (quarterly)
25c Apr, 1 Mar. 15
Extra
25c Apr. 1 Mar. 15
Ideal Finance Association, common A (quar.)
1231c Apr. 1 Mar. 9
500 Apr. I Mar. 9
Cony. preferred (quar.)
Preferred (guar.)
$2 Apr. 1 Mar. 9
Illinois Bell Telep
$131 Mar.30 Mar. 20
Imperial Life Insurance (quar.)
1331 Apr. 1 Mar.31
Quarterly
8331 July 2 June 29
Quarterly
Oct. 1 Sept. 30
$3
Quarterly
1-2-36 Dec. 31
$3
Imperial Tobacco of Canada, pref. (8.-a.)
Mar.30 Mar. 15
3
Ordinary (quarterly)
Mar.30 Mar. 15
131
Ordinary (final)
331% Mar.30 Mar. 15
e217 Apr. 20 Mar. 20
Incorporated Investors (5.-a.)
S
Indiana General Service.67
Apr. 1 Mar. 6
° pref.(guar.)
$1
Indiana & Michigan Electric, 7% pref.(quar.)
Apr. 1 Mar. 6
6% preferred (quar)
$131 Apr. 1 Mar. 6
Apr
r..
Indianapolis Power & Light,6X% prof.(guar.)_ $1
M
m ar .. 5
8
6% preferred (guar.)
.
11 g
A Apr. 1 Mar. 12a
Indianapolis Water Co.5% cum. pref. (quar.).... $
Industrial Rayon (quarterly)
42c Apr. 1 Mar. 20
International Bronze Powders3734c Apr. 15 Mar.31
6% cum. partic. preferred (quar.)
International Business Machine Corp.(quar.)_ _ $134 Apr. 10 Mar. 22
20c Apr. I Mar. 15
International Button Hole Machine (quar.)__ _
60 Apr. I Mar. 14
International Carriers, Ltd., common
25c
29 Mar. 11
International Cement Corp
15c Apr. 15 Mar. 20
International Harvester (quar.)
rl5c Mar.30 Feb. 28
International Nickel Co.,common
May
International Nickel of Can., pref.(quar.)
51
Apr.
Apr.
m ar 30
1
International Ocean Tel. Co.(guar.)
$1
International Power Co.. 7% 1st preferred
h$ Apr. 3 Mar. 15
International Salt Co
3734c Apr. 1 Mar. 15a
International Shoe Co.. corn. (guar.)
50c Apr. I Mar. 15
par. 1 Mar. 14
International Silver. preferred
$1
Interstate Hosiery Mills (quar.)
50c
15 May 1
Quarterly
50c Aug. 15 Aug. 1
Quarterly
50c Nov. 15 Nov. 1
Inter-State Royalty Corp., A
28c Apr. 1 Mar. 15
lntertype Corp.,8% 1st preferred (quar.)
$2 Apr. 1 Mar. 15
Investment Foundation, preferred
h38c Apr. 1 5Mar 30
Preferred (quarterly)
37c Apr. 15 Mar.30
Investment Trust of N. Y., Inc.—
Investors Corp. of R. I., 56. 1st pref. (qua,.).-. $131 Apr. 1 Mar. 20
Iron Fireman l'Afg.(quar.)
25c June 1 May 10
25c Sept. 2 Aug. 10
Quarterly
25c Dec. 2 Nov. 9
Quarterly
Irving Air-Chute Co., Inc., common (guar)
10c Apr. 1 Mar. 15
Apr. 1 Mar. 15
Iowa Power & Light,7% pref.(guar.)
$1
6% preferred (guar.)
Apr. 1 Mar. 15
25c Apr. 1 Mar. 18
Irving Trust Co. (quarterly)
Island Creek Coal Co., corn.(guar.)
50c Apr. 1 Mar. 21
Preferred (quarterly)
$134 Apr. 1 Mar. 21
25c Apr. 1 Mar. 15
Jamaica Public Service (guar.)
Preferred (quarterly)
$13( Apr. 1 Mar. 15
Janss Investors Corp. (Los Angeles. Calif.)56 A preferred (quarterly)
$134 Apr. 1 Mar. 21
50c Apr. 1 Mar. 15
Jefferson Electric
Apr. 1 Mar. 11
Jersey Central Power & Light,7% pref.(qu.)-- - st
Apr. 1 Mar. 11
6 preferred (quarterly)
Apr. 1 Mar. 11
5
preferred (quarterly)
$1
Apt.. 11
750 Apr. 15 Mar.
Jewelea Co., Inc. corn.(guar.)
$1 M Apr. 1
Johns-ManvillelCorp., 7% pref. (guar.)
11
1 R Apr. 1 Mar.20
Joliet & Chicago Ry.(quarterly)
Apr. 15 Apr. I 1
Joplin Water Works Co.. 6% pref. (qua,.)
15c Mar.30 Mar. 20
Kalamazoo Vegetable Parchment (guar.)
15c June 30 June 20
Quarterly
15c Sept. 30 Sept.20
15c Dec. 30 Dec. 30
Quarterly
Isma
1%
tiy
Financial Chronicle
Volume 140
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
Kalamazoo Allegan & Grand Rapids RR.(8.-a.) $2.95 Apr. 1 Mar. 15
Kansas City Power & Light, pref. B (guar.)... $134 Apr. 1 Mar. 14
Kansas Electric Power Co., 7% pref. (guar.)...
Apr. 1 Mar. 15
Apr. 1 Mar. 15
6% cumulative junior preferred (quar.)
Kansas Gas& Electric.7% cum.pref.(quar.)....
Apr. 1 Mar. 14
Apr. 1 Mar, 14
$6 Preferred (quarterly)
Kansas Power Co.. $6 cum. preferred (guar.)._
Apr. 1 Mar. 20
$7 cum. preferred (guar.)
Apr. 1 Mar. 20
Katz Drug Co., preferred (quarterly)
Apr. I Mar. 15
Kaufman Dept. Stores preferred (guar.)
Apr, 1 Mar. 9
Kekaha Sugar Co.(monthly)
20c Apr. 1 Mar. 25
Keivinator Corp
1234c Apr. 1 Mar. 5
Kennecott Copper Corp
15c Mar.30 Mar. 15
Keystone Public Service, pref. (guar.)
70c Apr. 1 Mar. 15
Kimberly Clark Corp.,6% pref. (guar.)
$1% Apr. 1 Mar,12
King Royalty Co..8% pref. (guar.)
$2 Mar.31 Mar. 15
Kings County Lighting 6% pref. (guar.)
$1% Apr. 1 Mar. 18
$13‘, Apr. 1 Mar. 18
preferred (guar. quartely)5%
7% preferred (guar.
$114 Apr. 1 Mar. 18
Klein (D. Emil.) Co.
25c Apr. 1 Mar.20
Extra
12%c Apr. 1 Mar.20
Extra
12)4c July 1 June 20
Knabb Barrel Co., Inc., pref.(s.-a.)
75c June 1
Koloa Sugar (monthly)
50c Mar.30 Mar. 25
Koppers Gas & Coke, pref. (guar.)
$1% Apr. 1 Mar. 12
Kresge (S. S.) Co
25c Mar.31 Mar. 12
Preferred ((Mar.).
Si
Mar.31 Mar. 12
Kroger Grocery & Baking %preferred (guar.) $1% Apr. 1 Mar. 20
7% preferred (quarterly)
$134 May 1 Apr. 19
Lackawanna RR. of N..1.. 4% gtd. (quar.)
$1 Apr. 1 Mar. 7
Lambert Co., common (quar.)
75c Apr. 1 Mar. 18
Landis Machine, 7% Preferred (quarterly)
June 15 June 5
$1%
707 preferred (quarterly)
Sept. 15 Sept. 5
Si
7% preferred (quarterly)
Dec. 15 Dec. 5
Lazarus (F. & R.) Co. (quarterly)
10a Mar.30 Mar. 20
Extra
Sc Mar.30 Mar. 20
Lehigh Portland Cement Co.,preferred
8734c Apr. 1 Mar. 14
Lehman Corp.(guar.)
Apr. 5 Mar. 22
6
Extra
25c Apr. 5 Mar. 22
Liggett & Myers Tobacco, pref. (guar.)
$1% Apr. 1 Mar. 11
National
Life
Lincoln
Insurance (saint-ann.)
60c Aug. 8 Aug. 2
Lind Air Products, 6% pref. (quiz.)
$1% Apr. 1 Mar. 20
Link Belt 634% preferred (quar.)
$154 Apr. 1 Mar. 15
Little Miami RR. Co. spec. gtd.(guar.)
50c June 10 May 24
Original capital
$1.10 June 10 May 24
Lockhart Power Co.. 7% pref.(s.-a.)
$334 Mar.30 Mar.SO
Loew's, Inc. (quarterly)
50c May 30 Mar.115
London Tin Corp.. American dep. facts.
734% participating preferred (semi-annual) zw3 % Apr. 8 Mar. 6
Lone Star Gas,6% preferred (guar.)
Mar.30 Mar. 16
Long Island Lighting Co., ser A 7% preferred.- 134% Apr. 1 Mar. 15
Series B 6% preferred
Apr. 1 Mar. 15
Loomis-Saylee Mutual Fund (guar.)
Apr. 1 Mar. 15
Loose-Wiles Biscuit, preferred (quarterly)
Apr. 1 Mar. lg
Lord & Taylor Co. (guar.)
$2% Apr. 1 Mar. 16
Lorillard (P) Co., common (guar.)
30c Apr. 1 Mar. 15
Preferred (quarterly)
$1% Apr. 1 Mar. 15
Loudon Packing (guar.)
37%c Apr. 1 Mar. 15
Extra
1234c Apr. 1 Mar. 15
Louisville Gas & Elec. Co.(Del.),cl. A & B com_ 3734c Mar.25 Feb. 28
Ludlum Steel Co., pref. (guar.)
$1
Apr. 1 Mar. 23a
Lunkenheimer Co.614% pref(quarterly)
Apr. I Mar. 21
• % preferred (quarterly)
July 1 June 20
Ii
61% preferred (quarterly)
Oct. 1 Sept.20
• % preferred (quarterly)
Jan, 1 Dec. 21
it
Mac Trucks, Inc.(quar.)
25c Mar. 30 Mar. 15
Magnin (I.) & Co..6% prof. (guar.)
$1% May 15 May 5
% preferred (quarterly)
$134 Aug. 15 Aug. 5
6% preferred (quarterly)
$1% Nev. 15 Nev.
Mahoning Coal (quarterly)
$6)1, May 1 Apr. 10
ManLschegitz(B.) pref.(guar.)
Apr. 1 Mar. 20
Manufacturers Finance Co. (Baltimore, Md.)- $114
7% preferred (quarterly)
871 Mar.30 Mar,16
Manufacturers & Traders Trust ?mar.)
Mar.30 Mar. 20
Manufacturers Trust Co. (guar.
25c Apr. 1 Mar. 15
Mapes Consolidated Mfg.(guar.
75c Apr. 1 Mar. 15
Quarterly
75c July 1 June 14
Marine Midland Corp. (guar.)
10c Apr. 1 Mar. 15 3
Marion Water,7% Preferred (guar.)
$1
Apr. 1 Mar. 20
Rockwell
Marlin
50c Apr. 1 Apr. 23
Mary-Ann Gold Mines (initial)
Mar. 30 Mar. 20
Mascot 011 (quarterly).
5Pc Mar. 25 Mar. 15
Mathieson Alkali Works (quarterly)
3734c Apr, 1 Mar 4
Preferred (quarterly)
Apr. 1 Mar. 4
$
McCall Corp. common (guar.)
May 1 Apr. 15
5
McClatchy Newspapers,7% pf.(qu.)
43,ic June 1 May 31
7 preferred (quarterly)
43
Sept.
1 Aug. 31
7% preferred (quarterly)
4334c Dec. 1 Nov.30
McColl Frontenac 011, preferred (guar.)
r$1
Apr. 15 Mar.30
McKeesport Tin Plate (guar.)
$1 Apr. 1 Mar. 15
McQuay Norris Mfg.(guar.)
75c Apr. 1 Mar. 11
Mead Johnson & Co.(guar.)
The Apr, 1 Mar. 15
Extra
25c Apr. 1 Mar. 15
Meadville Conneaut Lake & Linesville RR.(s.a.)
Apr. 1 Mar. 15
Memphis Natural Gas, $7 pref. (guar.)
Apr. 1 Mar. 20
Sit'
Memphis Power & Light, $7 pref. (guar.)
Apr. 1 Mar. 16
ge preferred (quarterly)
pr 1 Mar. 16
g ia
Merchants Bank of N. Y.(guar.)
50c
r.30 Mar. 20
Merck & Co., Inc., common (guar.)
10c Apr. 1 Mar. 18
Preferred (quarterly)
$2
Apr.
1 Mar. 18
Merchants dr Miners Transportation Co.(qui
40c Mar.30
12
Merchants National Realty Co.,6% A & B (qu.) $1% Apr. 1 Mar.
Mar. 25
Machine
(quarterly)
Mesta
37tc Apr. 1 Mar. 16
Metal Thermit Corp., 7% pref. (guar.)
51/
1
Apr. 1 Mar. 20
Metropolitan Coal, 7% pref. (guar.)
$1
Mar.30 Mu.23
Metropolitan Edison. $7 ref.(guar.)
$1
Apr. 1 Feb. 28
$6 preferred (quarterly
Apr. 1 Feb. 28
$6 preferred quarterly
1
Apr. 1 Feb. 28
Meyer-Illanke Co.o (guar.)
15c Apr. 15 Apr, 5
7% preferred (quarterly)
$15' Apr, 1 Mar. 20
Midland Steel, preferred
h$2 Apr. 1 Mar, 22
Minneapolis-Honeywell Regulator Co.
preferred
(quarterly)
69'
51% Apr. 1 Mar, 20
Minnesota Mining & Mfg.(guar.)
15c Apr, 2 Mar. 20
Minnesota Power & Light, 7% rater
$1.31 Apr. 1 Mar. 11
$6 preferred
$1.13 Apr. 1 Mar. 11
$1.13 Apr. 1 Mar. 11
89" preferred
missisaippi River Power,6% pref.(guar.)
$135 Apr. 1 Mar. 15
Mississippi Valley Public Secy. 6% pref. B (qu.) $1% Apr. 1 Mar. 22
Missouri -Edison, $7 cum. pref. (guar.)
8734c Apr. 1 Mar. 20
Mitchell (J. S.) & Co., preferred (guar.)
Apr. 1 Mar. 15
Monarch Knitting Mills, Ltd.,7% pref
h$1
Apr. 1 Mar. 15
Monongahela West Penn Public Service Co.
7% preferred (quarterly)
43340 Apr. 1 Mar. 15
Monroe Chemical. $334 prof. (quar.)
8734c Apr. 1 Mar. 8
Montgomery Ward,class A (guar.)
h$1
Apr. 1 Mar. 21
Moore Corp. class A and B pref. (guar.)
al q• Apr. 1 Mar. 15
Moore Dry Goods(guar.)
Apr. 1 Apr. 1
Quarterly
$114 July 1 July 1
Quarterly
$134 Oct. 1 Oct. 1
Quarterly
Si
Jan. 1 Jan. 1
Morris Finance, 7% preferred (guar.)
$1
Mar.30 Mar. 20
$1
Class A (guar.)
Mar.30 Mar. 20
3
Mar.30 Mar. 20
Class B (guar.)
Apr. 1 Mar. 20
Morris5& 10c to 51 Stores,Inc..7% pref.(qu.)_ Si
7% preferred (quarterly)
Si
July 1 June 20
$1
7% preferred (quarterly)
Oct. 1 Sept.20
Morrison Cafeterais Consol., 7% pref.(quar.)
$134 Apr. 1 Mar.23
Morris Plan Insurance Society. (guar.)
$1 June 1 May 27
Quarterly
$1 Sept. 1 Aug. 27
Quarterly
$1 Dec. 1 Nov. 26
15c Apr. 1 Mar. 15a
Mountain Produeert Corp.(guar.)
si
$1.
$1$1
$1„
soi
a
1
Name of Company
1955
Per
Share
When Holders
Payable of Record
Murphy (G. C.) Co., pref. (guar.)
$2 Apr. 2 Mar. 23
$2 Apr. 1 Mar. 20
Murray (J• W.) Mfg. Co.,8% pref.(quar.)___ _
Mutual Chemical Co. of Amor..6% pref. (cm.).. $1% Mar. 28 Mar. 21
$1% Jun 28 Jun 20
69' preferred ,guarter131
6`7 preferred quarterly
$1% Sept. 28 Sept. 19
6'7: preferred (quarterly
$1% Dec. 28 Dec. 19
Myers (F. E.) & Bro.(quarterly)
40c Mar.30 Mar. 15
Nashua Gummed & Coated Paper,7% pf.(qu.)
$194 Apr. 1 Mar. 25
Nassau & Suffolk Lighting, 7% preferred
Apr. 1 Mar. 15
National Auto Fibers, preferred
h$1 51, Apr, I Mar,15
National Battery Co., preferred (quiz.)
55c Apr. 1 Mar. 9
National Bearing Metal Corp. 7% pref
h$1% May I Apr .20
National Biscuit Co.(quarterly)
50c Apr. 15 Mar. 15a
Preferred (quarterly)
$1%; May 31 May 17
National Breweries,Ltd.(guar.)
r40c Apr. 1 Mar. 15
r44c Apr. 1 Mar. 15
Preferred (guar.)
25c Apr. 1 Mar. 12
National Candy (guar.)
1st & 2d preferred (guar.)
$1% Apr. 1 Mar. 12
National Casket (semi-annual)
$1% May 15 Apr. 27
Preferred (quarterly)
$1% Mar.30 Mar. 14
National Dairy Products, $7 pref. A & B (qu.) $1% Apr. 1 Mar, 11
National Enameling & Stamping Co
d50c Mar.30 Mar.20
National Finance Corp.of Amer.,6% pf.(qu.)_.
15c Apr. 1 Mar, 10
National Fuel Gas (quarte ly)
25c Apr. 15 Mar.30
National Grocers Co., Ltd., pref. (guar.)
$151 Apr. 1 Mar.23
National Gypsum 71 preferred (guar.)
Apr. 1 Mar. 16
Si
National Lead (guar.
Si X Mar.30 Mar. 15
Preferred B (guar.
$1% May 1 Apr. 19
National Licorice Co.,6% pref. (guar.)
$1% Mar. 30 Mar. 15
National Oil (quarterly)
25c May 15 Apr. 15
National Oil Products, $7 pref. (guar.)
$1% Apr. 1 Mar. 20
National Standard (guar.)
30c Apr. 1 Mar. 15
National Standard (quarterly)
50c Apr. 1 Mar. 15
National Sugar Refining Co. of N.J. (quar.)
50c Apr. 1 Mar. 4
National Tea Co., corn. (guar.)
15c Apr. 1 Mar, 14
Natomas Co.(guar.)
15c Apr. 1 Mar. 12
Neiman-Marcus Co. 7% pref. (guar.)
$1% May 20
Newark & Bloomfield RR.(semi-annual)
$134 Apr. 1 Mar.22
Newberry (J. J.) Co.(qear.)
40c Apr. 1 Mar. 16
Newberry (J. J.) Realty Co.,634% pref. A (qu.) $1% May 1 Apr. 16
6% preferred B (quarterly)
El% May 1 Apr. 16
New England Gas & Elec. 5534 pref
3754c May 1 Apr. 8
New England Power Assoc., 6% pref
51 Apr. 1 Mar. 18
33 1-3c Apr. 1 Mar. 18
$2 preferred
New England Power Co.,6% preferred (quar.)_ $1% Apr. 1 Mar. 11
New England Telep. & Teleg. Co.(quar.)
Mar.30 Mar. 8
Si
Newport Electric Corp.,6% pref. (guar.)
$1% Apr. 1 Mar. 15
$1% Apr. 1 Feb. 28
New Jersey Pow.& Lt. Co..$O pf.(guar.)
$13( Apr. 1 Feb. 28
$5 preferred (quarterly)
New Jersey Water, 7% pref. (guar.)
5134 Apr, 1 Mar. 20
New York Lackawanna & Western By.(qu.)
$134 Apr. 1 Mar. 14
New York Merchandise (quiz.)
50c May I Apr. 20
Extra
1234c May 1 Apr. 20
Apr. 1 Mar. 21
New York Shipbuilding Corp. (guar.)
$1
Apr. 1 Mar. 15
New York Steam,$6 pref. (guar.)
Si
$11,4 Apr. 1 Mar. 15
$7 preferred (quarterly)
Apr. 15 Mar. 20
New York Telephone 634% pref.(quiz.)
New York Transit Co
Siti
c Apr. 15 Mar.22
New York Transportation (guar.)
50c Mar.28 Mar. 15
Niagara Share Corp. of Md., pref. A (guar.)._ _ $134 Apr. 1 Mar. 15
Niagara Wire Weaving,$p pref. (quiz.)
75e Apr. 1 Mar. 18
Nineteen-Hundred Corp. 'A"(guar.)
50c May 15 Apr, 30
"A"(guar.)
50c Aug. 15 July 31
50c Nov. 15 Oct. 31
"A" (guar.)
Noblitt-Sparks Industries (quarterly)
30c Apr. 1 Mar. 20
North American Co., common (guar.)
25c Apr. 1 Mar. 11
Preferred (guar.)
75c Apr. 1 Mar. 11
75c Apr. 1 Mar. 22
North American Rayon, pref. (guar.)
797 preferred (quarterly)
sly Apr. 1 Mar. 22
North Central Texas Oil Co., Inc., pro!. (guar.) $1% Apr. 1 Mar. 11
51 Apr. 1 Mar. 11
North Eastern Water & Electric (guar.)
Northland Greyhound Lines. Inc., Series I convertible preferred (quarterly)
$1% Apr. 1 Mar. 20
25c Mar. 30 Mar. 18
Northwestern National Insurance Co
$1 June 1 May 20
Northern RR.Co.of N.J.4% gtd.(guar.)
Sept. 1 Aug. 20
4% guaranteed ,ruar.)
Dec. 1 Nov. 21
4% guaranteed guar.)
Norwalk Tire & Rubber,pref.(guar.)
8734c Apr. 1 Mar. 21
Apr. 1 Mar. 20
Norwich Pharmacal Co. (guar.)
Norwich & Worcester RR., pref. (guar.)
$2 Apr. 1 Mar. 11
Apr. 1 Mar. 21
Novadel-Agene Corp., common (guar.)
75c Apr. 1 Mar. 16
Nova Scotia Light & Power (guar.)
Apr. 1 Mar. 15
Si
Nunn Bush Shoe, 1st preferred
Apr. 1 Mar. 15
2d preferred
51
10c Apr. 15 Apr. 6
Oahu Sugar Co.(monthly)
Ogevie Flour Mills (quiz.
$2 Apr. 1 Mar. 22
Apr. 1 Mar. 15
Ohio Edison Co.,$5 preferred (guar.)
Si
Apr. 1 Mar,15
Si
56 preferred (quarterly)
$1.6 Apr. 1 Mar. 15
$6.60 preferred (quarterly)
$7 preferred (quarterly)
$1% Aix. 1 Mar. 15
$1.80 Apr. 1 Mar. 15
$7.20 preferred (quarterly)
Apr. 1 Mar. 11
Ohio Finance,87 preferred
Ohio Service Holding Corp.,$5 preferred
buc Apr. 1 Mar. 15
Apr. 1 Mar. 16
Old Colony RR.(quar.)
Apr. 1 Mar. 15
Old Colony Trust Associates (guar.)
1
Old Line Life Assurance Co. of America (qu.)._
15c Apr. 1 Mar. 15
Omnibus Corp.. pref.(guar.)
$2 Apr.1 Mar. 15
Ontario Mfg. Co.(quarterly)
25c Mar.30 Mar.20
Preferred (quarterly)
Mar.30 Mar. 20
Orange & Rockland Electric. 7% pref. (guar.) _ $15( Apr. 1 Mar. 25
69' preferred (quarterly)
$1% Apr. 1 Mar. 25
Otis Elevator Co., common (guar.)
15c Apr. 15 Mar. 25
Preferred (quarterly)
$1% Apr. 15 Mar. 25
Ottawa Electric Ry. Co_
80c Apr. 1 Mar. 15
Ottawa Light. Heat & Power (guar.)
$1% Apr. 1 Mar. 15
Preferred (quarterly)
$1% Apr. 1 Mar. 15
Ottawa Traction, Ltd. (quar.)
50c Apr. 1 Mar.15
Pacific Finance Corp. of Calif.(Del.)(quiz.)
15c Apr. I Mar. 15
Preferred A (guar.)
20c May 1 Apr. 15
Preferred C (quarterly)
16lIe May I Apr. 15
Preferred D (guar.)
17340 May 1 Apt. 15
Pacific Lighting $6 cum. pref.(guar.)
$134 Apr. 15 Mar.30
Pacific Southern Investors, preferred
h75c Apr. 1 Mar. 15
Pacific Telephone & Telegraph Co. (guar
El% Mar.30 Mar. 20
Preferred (quar.)
$134 Apr. 15 Mar.30
Packer Corp. (quarterly)
25c Apr. 1 Mar. 21
Page-Hersey Tubes, Ltd.(guar.)
r75c Apr. 1 Mar. 15
Preferred (quarterly)
rS1M Apr. 1 Mar. 15
Panama Power & Light Corp.. 7% Pref. (C111.)- $134 Apr. 1 Mar. 15
Paraffine Cos.(quarterly)
50c Mar. 27 Mar. 16
Park Davis (quarterly)
25c Mar.30 Mar. 20
Extra
25c Mar.30 Mar.20
Penman'., Ltd.(quar.)
75c May 15 May 6
Preferred (quarterly)
May 1 Apr. 23
$1
Penne Gas & Elec. Corp.(Dela.)7% pref.(qu.) $1
Apr. 1 Mar. 20
$7 preferred (quarterly)
Apr. 1 Mar. 20
$1
Penn Central Light & Power, $5 pref. (quiz.).... $134; Apr. 1 Mar. 11
$2.80 preferred (guar.)
70c Apr. 1 Mar. 11
Penney (J. C.) Co., common (quiz.)
50c Mar.30 Mar,20
Preferred (guar.)
$1% Mar.30 Mar. 20
Pennsylvania Gas & Electric,7% pref.(quar.)
$154 Apr, 1 Mar. 20
Pennsylvania Glass Sand preferred (guar.)
$134 Apr. 1 Mar. 15
Preferred
14134 Apr. 1 Mar. 15
Pennsylvania Power Co.. $6.60 pref. (inn.) _ _ _ _
55c Apr. I Mar. 20
$6.60 preferred (monthly)
Mc May 1 Apr. 20
$6.60 preferred (monthly)
55c June 1 May 20
$6 preferred (quarterly)
$1 34 June 1 May 20
Pennsylvania Telep. Corp.,6% pref. (quar.)
$1;4 Apr. 1 Mar. 15
Pennsylvania Water & Power corn. (quarterly)_
75c Apr. 1 Mar. 15
Preferred (quarterly)
$134 Apr. 1 Mar. 15
Penna. Warehousing & Safe Deposit Co.(Phila.)
Quarterly
60c Apr. 1 Mar. 23
Financial Chronicle
Name of Company
Per
Share
When Holders
Payable of Record
Name of Company
March 23 1935
Per
Share
When Holders
Payable of Record
10c Apr. 1 Mar. 20
Silver King Coalition Mines
25c Apr. 1 Mar. 8
Peoples Drug Stores, Inc.(quar.)
$1)4 Mar.30 Mar. 9
Singer Mfg. Co.(quar.)
Peoples National Gas Co.,5% preferred (quar.)_ 6214c Apr. 1 Mar. 15
Mar.30 Mar. 9
$234
Extra
Mar.
20
5131 Apr. 1
Peoria Water Works Co., $7 pref. (guar.)
Sioux City Stockyards Co.$134 part ref(quar.) 37lc May 15 May 14
20c June 1 May 15
Pepper (Dr.)(quarterly)
37 c Aug. 15 Aug. 14
$134 participating preferred (quar.
20c Sept. 1 Aug. 15
Quarterly
37 c Nov. 15 Nov. 14
20c Dec. 1 Nov. 15
Quarterly
$134 participating preferred (quar.
1214c Apr, I Mar. 20
S-M-A Corp.(quarterly)
50c Apr. 1 Mar. 15
Perfect Circle Co.(guar.)
$1 May 1 May 1
Mar.
20
Smith
30
(S.
Mar.
Morgan) Co. (quarterly)
30c
Perfection Stores Co. (quar.)
$1 Aug. 1 Aug. 1
Quarterly
$131 Apr. 1 Mar. 25
Peterborough RR.(Nashua, N. H.)(3.-a.)
$1 Nov. 1 Nov. 1
Quarterly
25c Apr. I Mar. 11
Pet Milk Co. corn. (quarterly)
Apr. 30 Apr. 19
10c
Mar.
11
South American Gold & Platinum
$131 Apr. 1
Preferred (quarterly)
$134 Apr. 1 Mar. 15
South Carolina Power Co., $8 pref. (quar.)_
25c Mar. 31 Mar. 25
Pfeiffer Brewing, initial (quar.)
mar.30 Mar. 15
30c
South
1
Penn
Apr.
1
Mar.
011
(quar.)
$134
Philadelphia Co.. $6 cum. preferred (quar.)---South Pittsburgh Water Co.,7% pref. (quar.). $1% Apr. 15 Apr. 1
$131 Apr. 1 Mar. 1
$5 cum. preferred (quar.)
$134 Apr. 15 Apr. I
6% preferred (quarterly)
50c Apr. I Mar. 9
Philadelphia Electric Power 8% pref. (quar.)__
50c Apr. 1 Mar. 9
South Porto Rico Sugar Co.. corn.(quar.)
30c Apr. 15 Mar. 26
Philadelphia National Insurance (semi-ann.)-- 2% Apr. 1 Mar. 9
Preferred (quarterly)
$234 Apr. 10 Mar.30
Philadelphia & Trenton RR.(quar.)
Apr. 1 Mar. 9
$131
Southern
pref.
_
June
Acid
&
Sulphur.
7%
(quar.)
10
30
July
Quarterly
$234
62Xc Apr. 1 Mar. 16
Southern & Atlantic Teleg., gtd.(s.-a.)
$234 Oct. 10 Sept.30
Quarterly
Southern Bleachery & Print Worker 7% pf.(qu.) $1.% Apr. 1 Mar.20
50c Apr. 10 Mar. 31
Phoenix Finance Corp..8% pref. (quar.)
Southern California Edison Co., Ltd.—
50c July 10 June 30
8% preferred (quarter.y)
43Xc Apr. 15 Mar. 20
Original preferred (quar.)
50c Oct. 10 Sept.30
8% preferred (quarterly)
34%c Apr. 15 Mar. 20
Preferred stock, series 0.
% (quar.)
50c Jan. 10 Dec. 31
8% preferred (quarterly)
15
Southern Canada Pow. Co.,6% cum. partic. pf_ 134% Apr. 15 Mar.20
50c Apr. 1 Mar.
Phoenix Insurance (quar.)
37Xc Mar. 28 Mar. 25
Southern Fire Insurance Co.(N.C.)(qu.)
15c Apr. 1 Mar. 20
Pie Bakeries
$2 Apr. 1 Mar. 15
Southarn
Ry. Mobile & Ohio (s.-a.)
Apr,
1
Mar.
20
$131
7% preferred (quar.)
$1% Apr. 1 Mar.20
Southwestern Bell Telep.. pref. (guar.)
75c Apr. 1 Mar.20
2nd preferred (guar.)
$2 Apr. 1 Mar. 15
Southwestern Gas & El. Co.,8% cum. pf.(quir20c Apr. 1 Mar. 2
Pioneer Gold Mines of B. O., Ltd.,common
$131 Apr. 1 Mar. 15
7% cumulative preferred (quarterly)
75c Apr. 1 Mar. 15
Pittsburgh, Bessemer & Lake Erie (s.-a.)
50c Apr. 1 Mar. 15
Southwestern Light & Power Co.. $6 cum. pref_
50c Apr. 1 Mar. 9
Pittsburgh Plate Glass (quar.)
$1 Apr. 1 Mar. 150
South West Penna.Pipe Lines
Pittsburgh Ft. Wayne & Chicago By. (guar.).- 3131 Apr. 1Mar.11
h50c Apr. 1 Ma:. 23
Spang, Chalfant,6% cumul. pref
$ni July 1 June 10
Quarterly
el00% Mar.30 Mar. 15
Sparta Foundry
$131 Oct. 1 Sept. 10
Quarterly
25c Mar.30 Mar. 15
Initial
Jan. 2 Dec. 10
$1
Quarterly
15c Mar. 30 Mar. 15
Extra
$131 Apr. 2 Mar. 11
7% preferred (guar.)
40c Mar.30 Mar. 15
Spencer
Kellogg
&
Sons,
Inc.
(quar.)
June
10
July
2
$1
7% preferred quar.)
12Xc Mar.30 Mar. 15
Spencer Trask Fund (quar.)
5131 Oct. 8 Sept. 10
7% preferred quar.)
$1% Apr. 1 Mar, 15
Springfield Gas & Electric Co., pref.
$1.31 Jan. 7 Dec. 10
7% preferred quar.)
h2734c Mar.30 Mar. 20
Square D Co.. pref. A
Pittsburgh Youngstown & Ashtabula RR.
25c Apr. 1 Feb. 25
Standard Branca. Inc.. common (Misr)
$131June I May 20
7% preferred (guar.)
Apr. 1 Feb. 25
$1
cumul.
preferred,
series
A
Sept.
1
Aug.
20
$7
$131
(guar.)
(guar.)
7% Preferred
Apr. 15 Apr. 15
$1
Standard Coosa-Thatcher.7% pref.(quar.)_ _
S11 Dec. 1 Nov.20
7% preferred (quar.)
Sc Apr. 23 Apr. 16
Standard Fire Insurance (Trenton. N. J.)
$131 Apr. 1 Apr. 1
Plainfield Union Water (quar.)
75c Mar. 25 Mar. 14
Standard Fruit & Steamship Corp.,$3 pref.(qu.)
25c Mar.30 Mar. 12a
Plymouth Oil Co.. common
43 Vic Mar. 31 Mar. 15
Standard Fuel Co.. 634% pref. (quar.)
50c Apr. 1 Mar. 25
Plume & Atwood Mfg.(quar.)
$131 Apr. 15 Mar.30
Standard Oil Co.(Ohio), 5% cum. pref.
1734c Apr. 1 Mar. 22
Pneumatic Scale Corp., 7% pref. (quar.)
iy
a 13
1 Mar. 13
25c Apr.
Stanley Works (quar.)
*131 Apr. 1 Mar. 15
Ponce Electric Co.,7% pref.(quar.)
May 4
6% preferred (quarterly)
3714c
50c Apr. 1 Mar. 21
Pond Creek Pocahontas Co.(quarterly)
Mar. 18
Mar.
30
25c
Starrett
(L.
S.)
Co
Mar.
15
Apr.
1
$1,
g
Porto Rico Power, preferred (quar.)
Mar.30 Mar. 18
$I
Preferred (quarterly)
SPA Apr. 21 Mar. 20
Powdrell & Alexander, Inc., pref. (quar.)
$1, Apr. 1 Mar. 15
Stein(A)& Co..6X% pref.(quar.)
25c Apr. 1 Mar. 15
Pratt & Lambert (quar.)
Stix, Baer & Fuller Co.,7% pref. (quar.)
SI% Apr. I Mar. 15
r3c Apr. 15 Mar. 14
Premier Gold Mining (quar.)
h5631c Mar.30 Mar. 23
Stouffer Corp.. $231 cumulative A
e2% Apr. 1 Feb. 28
Pressed Metals of Amer..Inc.. common
Mar.30 Mar. 15
Sunshine Mining Co
$2 Apr. 15 Mar. 25
Procter & Gamble,8% pref. (quar.)
Superior Water Light & Power,7% pf. (guar.). $131 Apr. 1 Mar. 15
$3 July 1 July 1
Protective Life Insurance (5.-a.)
3 Mar. 1
12Xc
Swift & Co. (quarterly)
ar. 2A
20c Apr.
15
Providence Gas (quarterly)
Feb. 23
Sc Mar.
Sylvanite Gold Mines (quar.)
14
25c M
Providence Washington Insurance Co
Tennessee Electric Power Co.
5234 Apr. 1 Mar. 13
Providence & Worcester RR.(guar.)
1st preferred (quar.
$13
, Apr. 1 Mar. 15
Provincial Paper, Ltd. preferred (quar.)
$131 Apr. 1 Mar. 15
Apr. 1 Mar. 15
Si
6 1st preferred (quar.
6%
Prudential Investors, Inc.,6% preferred (quar.) 5134 Apr. 15 Mar.30
Apr. 1 Mar. 15
$1
7 1st preferred (quar.
ar.
3734c Apr. I Mar. 20
Public National Bank & Trust (quar.)
1 Mar. 15
Apr.
7.2%
1st
preferred(guar.)
$1.
Public Service Co. of Colo.,7% pref.(monthly)_ 58 1-3c Apr. 1 Mar. 15
50c Apr. 1 Mar. 15
6% preferred (monthly)
50c Apr. 1 Mar. 15
6% preferred (monthly)
60c Apr. 1 Mar. 15
7.2% preferred (monthly)
5% preferred (monthly)
r.3 Mar. 15
412-3c AI.1
25c Mar.30 Mar. 10
Tacony-Palmyra Bridge Co.. A & B (quar.)
0 Mar. 1
Public Service of N. J. (quar.)
70c M
$131 Apr. 1 Mar. 23
Tamblyn, Ltd pref. (quar.)
$5 preferred (quarterly)
$131 Mar.30 Mar. I
25c Apr. 1 Mar. 11
Taylor
Milling
(quarterly)
8% preferred (quarterly)
$2 Mar.30 Mar. 1
25c Apr. 1 Mar. 11
Extra
7% preferred (quarterly)
$131 Mar.30 Mar. 1
rlOc Apr. 1 Mar. 9
Teck-Hughes Gold Mines
6% preferred (monthly)
50c Mar.30 Mar. 1
25c Apr. 1 Mar.30
Telephone Investment Corp.(monthly)
Public Service Co. of Oklahoma25c Apr. I Mar. 1
Texas Corp. (quarterly)
7% prior lien stock (quarterly)
$131 Apr. 1 Mar. 20
Texas Electric Service Co..$6 pref. (quar.)....-- $134 Apr. 1 Mar. 15
6% prior lien stock (quarterly)
$134 Apr. 1 Mar. 20
19
5
mua
nre.291
$131 J
Tex-0-Kan Flour Mills. pref.(quar.)
Public Service Electric & GasMar.
$ji% Mar.30 Mar. 1
15c
7% preferred (quarterly)
Texon Oil & Land Co., common
25c Apr. 1 Mar. 15
Thatcher Mfg. Co
$5 preferred (quarterly)
$131 Mar. 30 Mar. 1
142 Apr. 1 Mar. 11
Tide Water Assoc. 011.6% pref
$8 Apr. 1 Dec. 31
Puritan Ice. common
35c Mar.30 Mar. 11
Tide Water 011
Quaker Oats (quarterly)
$1 Apr. 15 Apr. 1
Si Apr. 1 Mar. 20
Time, Inc. (guar.)
Special _
$1 Apr. 15 Apr. 1
$1% Apr. 1 Mar. 20
Preferred (quarterly)
$634 preferred (quar.)
$134 May 31 May 1
7 c Mar. 30 Mar. 16
Tintic Standard Mining (quar.)
Queens Boro. C;as & Elec. Co..6% cum.pf.(qu.) $134 Apr. 1 Mar. 15
Apr. 1 Mar. 20
$1
Tip-Top Tailors 7% pref. (guar.)
Radio Corp. of America. A pref. (quar.)
131% Apr. 1 Mar. 1
581- c Apr. 1 Mar. 15
Toledo Edison Co.,7% preferred (monthly)_
Rainier Pulp & Paper.$2 class A
h60c June I May 10
50c Apr. 1 Mar. 15
6% preferred (monthly)
Rath Packing (quarterly)
50c Apr. 1 Mar. 20
41 2-3c Apr. 1 Mar. 15
5% preferred (monthly)
50c Apr. 1
Ray-O-Vac. Co., 8% preferred (quar.)
Toronto Mortgage Co.,"Ont.." (quar.)
$IX Apr. 1 Mar. 15
Reece Button Hole Machine Co.(quar.)
20c Apr. 1 Mar. 15
Torrington Co
$1 Ap:. 1 Mar. 21
5c Apr. 1 Mar. 15
Reece Folding Machine Co
Tr
-Continental
$134 Apr. 1 Mar. 16
Corp.,
6%
pref.
Reading
Co.,
2nd
preferred
(guar.)
50c
Apr.
11
Mar.
21
_
(quar.)
6234c Apr. 1 Mar. 16
Trico Products (quarterly)
15c May 1 Apr. 20
- Reliance Mfg.(111.)((Mari
Trumbull Cliffs Furnace, preferred (quar.)
$134 Apr. 1 Mar. 15
Preferred (guar.)
$131 Apr. 1 Mar. 21
Apr. 5 Mar.30
Twin Bell Oil Syndicate (monthly)
3c Apr. 11 Mar.3
2
18
Reno Gold Mining Ltd. (quar.)
Apr. 1 Mar. 15
Twin States Gas & Electric, 7% pref. (quar.)_ _
Republic Investors Fund (quarterly)
lc
50c Mar.30 Mar. 12a
Underwood Elliott Fisher Co.common (guar.)._
.23 Mar. 16
20c "'Parr.
Retail Stores Corp., common
$191 Mar.30 Mar. 12a.
Preferred (guar.)
10c Mar. 29 Mar. 15
Reynolds Spring Co
Union Carbide & Carbon Corp
40c Apr. 1 Mar. 8
Reynolds (ft. J.) Tobacco Co.(quar.)
75c Apr. 1 Mar. 18
Apr. 1 Mar. 15
Union
Elec.
Lt.
&
Power
$134
(quarterly)
75c
Apr.
1
Mar.
18
(Ill.) 6% Pref. (quar.)_
Class B
$134 Apr. 1 Mar. 1
Union Pacific R.R. Co
Rice-Stix Dry Goods Co., 1st & 2d pref.(guar.). $131 Apr. 1 Mar. 15
Apr. 1 Mar. 1
Preferred (semi-annual)
Richmond Water Works Corp.,6% pref. (qu.)_ $134 Apr. 1 Mar. 20
Union Twist Drill (quar.)_
25c Mar. 28 Mar. 20
$13 Mar.30 Mar. 15
Rich's. Inc. 634% preferred (quar.)
Preferred (quar.)
$1% Mar. 28 Mar. 20
h25c Apr. 1 Mar. 15
Riverside Silk Mills, class A
United
Biscuit
Co.
of
America,
Apr.
1
preferred (quar.) $14 May 1 Apr. 15
25c
Mar. 15
Class A (quar.)
United Carbon (guar.)
60c Apr. 1 Mar. 16
Sl, Apr. 1 Mar.30
Robbins (Sabin) Paper.7% pref. (quar.)
Apr. 1 Mar. 14
United Dyewood preferred (quar.)
$
Rochester Telephone (quar.)
$131 Apr. 1 Mar. 20
United Eleatic (quarterly)
iti
c Mar. 23 Mar. 5
$134 Apr. 1 Mar. 20
6% preferred (quar.)
Union Electric Light Sc Power(Mo.),pref.(qu.)
$131 Apr. 1 Mar. 15
Rockville-Willimantic Lighting,7% pref.(quar.) $194 Apr. 1 Mar. 15
United Fruit Co
75c Apr. 15 Mar. 21
6% preferred (quarterly)
$13 Apr. 1 Mar. 15
United Gas Sc Electric Corp., preferred (guar.)._
% Apr. 1 Mar. 15
6-7% preferred (quarterly)
$1 X Apr. 1 Mar. 15
United Gas Improvement
- 25c Mar.30 Feb. 28
30c Apr. 1 Mar.20
Ross Gear Tool (quar.)
Preferred (quarterly)
$131 Mar.30 Feb. 28
30c Apr. 1 Mar. 18
Rossia Insurance, (s.-a.)
United Gold Equities of Canada—
25c Apr. 1 Mar. 5
Royal Baking Powder (quar.)
Standard shares (quar.)
2Xc Apr. 15 Apr. 5
6% preferred (guar.)
$134 Apr. 1 Mar. 5
United Light & Rys.(De1.)10c June 15 June 5
Ruud Mfg. (quar.)
7% prior preferred (monthly)
681-Sc Apr. 1 Mar. 15
Safe Deposit frust of Balt. (quar.)
$5 Mar. 28 Mar. 14
53c Apr. I Mar. 15
8.36% prior preferred (monthly)
75c Apr. 1 Mar. 18
Safeway Stores (quarterly)
6% prior preferred (monthly)
50c Am. 1 Mar. 15
7% preferred (quar.)
5131 Apr. 1 Mar. 18
Apr. 1 Mar. 20
United
Loan
Industrial
Bank.
common
31)1
(quar.)
Mar.
18
(quar.)
Apr.
1
preferred
*1
34
6%
Common (extra)
SI Apr. 1 Mar. 20
$IX Apr. 1 Mar. 20
St. Louis National Stockyards (quar.)
United New Jersey RR.& Canal iquar.)
$23', Apr. 10 Mar. 20
St. Louis Rocky Mountain & Pacific RR. Co.
50c Apr. 30 Mar. 29
United Profit Sharing, pref. (8.-a.)
25c April 20 April 50
Common (quarterly)
United Shoe Machinery (quar.)
6234c Apr. 5 Mar. 19
Preferred quarterly)
$131 April 20 April 5a
3714c Apr. 5 Mar. 19
Preferred (quar.)
Preferred quarterly)
$131 July 20 July 5
15c Apr. 1 Mar. 150
United States Foil Co., class A & B. corn
Preferred quarterly)
$131 Oct. 21 Oct. 5a
Apr. 1 Mar. 150
Preferred (quarterly)
San Francisco Remedial Loan (quar.)
75c Mar. 31 Mar. 15
$23
A Apr. 1 Mar. 15
United
States
Gypsum
(quar.)
Savannah Electric & Power$131
Preferred (quarterly)
8% preferred A (quar.)
$2 Apr. 1 Mar. 15
Nar
ar.
. tRa
57ari:. 36
50c 1
United States Industrial Alcohol Co.,common
734% preferred B (quar.)
$134 Apr. 1 Mar. 15
lc June 16 June 5
United States Petroleum (s.-a.)
7% preferred C (guar.)
$131 Apr. 1 Mar. 15
lc Dec. 15 Dec. 5
Semi-annually
$134 Apr. 1 Mar. 15
634% preferred D (quar.)
12Xc Apr. 20 Mar.30
United States Pipe & Fdy Co.(quar.)
Sayers & Scoville Co.(quar.)
$134 Apr. 1 Mar. 20
12Xc July 20 June 29
Common quar.)
6% preferred (quarterly)
$134 Apr. I Tar. 20
Common quar.)
4234c Mar.31 Mar. 16
Scott Paper Co., common (quar.)
1234c Oct. 20 Sept.30
1234c Jan. 20 Dec. 31
Common quar.)
25c Apr. 1 Mar. 15
Scovill Mfg. Co. (quar.)
Apr. 20 Mar.30
$114 Apr. 1 Mar. 6
let preferred quar.i
Scranton Electric,$6 pref.(mar.)
30c July 20 June 29
1st preferred quar.
Sears. Roebuck & Co. (special)
75c May 1 Apr. 1
30e Oct. 20 Sept.30
1st preferred quar.
2nd International Securities 6% 1st pref
6234c Apr. 1 Mar. 15
20 Dec. 31
A
30c Jan.
$1 Apr. 1 Mar.20
1st preferred (quar.)
Security Investment Trust (Colo.) pref. (s.-a.)..
25c Apr. 1 Mar. 21
United States Playing Card (quar.)
Seeman Bros., Inc. common (extra)
50c May 1 Apr. 15
1 Mar. 21
25c
8734c Apr. 1 Mar. 16
Extra
Selected Industries, $534 preferred
$1 X Apr. 5 Mar. 10
United States Sugar Corp pref. (quar.)
Shaffer Stores, 7% pref. (quar.)
SPA Apr. 1 Mar. 25
5
1 June 10
$1 g
Preferred (quarterly)
$131 Apr. I Mar. 20
Sharon Railway
. 18
m ar.
. 1M
$1
United States Tobacco Co., corn. (quar.)
6c Apr. 10 Mar. 18
Shattuck (F. G.) Co
Apr.
$1
Preferred (quarterly)
10c Apr. 1 Mar. 15
Shawmut Association (quar.)
Mar. 21
Apr.
United States Trust Co. of N .f.(quar.)-Apr. 1 Mar. 16
h$1
Sherwin Williams. Ltd.,preferred
Naarr.
Per
Share
Name of Company
Universal Leaf Tobacco (quar.)
Preferred (quarterly)
Universal Products
Upper Michigan Power & Light.6% pref.(quar.)
6% preferred (quarterly)
6% Preferred (quarterly)
8% preferred quarterly
Upressit Metal Cap, pref.(quar.)
Utica Chetuingo & Susquehanna Valley RR.—
Guaranteed (semi-annual)
Utica Clinton & Binghamton By.—
Debenture stock (semi-ann.
Debenture stock (semi-ann.)
Valve Bag, preferred (quar.)
Veeder Root (quarterly)
Vermont & Boston Telephone tserat-ann.)
Vermont & Massachusetts RR.(semi-annual)_ _
Vicksburg Shreveport & Pacific By. Co
Preferred
Victor-Monaghan Co.. 7% preferred (quar.)_ _ _
Virginia Public Service 7% pref.(quar.)
6% preferred (quar.)
Vortex Cup (quarterly)
Class A (quarterly)
Vulcan Detinning, preferred (guar.)
Preferred (quar.)
Preferred (quar.)
Wagner Electric, pref. (quar.)
Walgreen 6;i% preferred (quar.)
Ward Baking Corp., preferred
Warren RR. Co. (semi-annual)
Washington Ry.& Electric Co.5% pref.(quar.)
Waukesha Motor,(quar.)
Weeden & Co.(quar.)
Wesson Oil & Snowdrift Co., Inc., corn
Extra
Western Assurance Co.(s.-a.)
Western Grocers Co. (quar.)
Preferred (quarterly)
Western Maryland Dairy. pref.(quar.)
Western Massachusetts Cos. (guar.)
Western Tablet & Stationery Corp.
7% preferred (quarterly)
West Kootenay Power & Light, pref. (qu.)- - - Westmoreland, Inc. (quarterly)
West Penn Electric. class A (quar.)
6% preferred (quar.)
7% preferred (quar.)
West Texas Utilities Co.,.86 prof.(quar.)
Westinghouse Air Brake Co
Weston Electrical Instrument, cl. A (quar.)__
Weston (Goo.). Ltd. (quar.)
Westvaco Chlorine Products, pref. (quar.)
West Virginia Water Service, $6 pref
Wheeling Stool, 6% cum. prof
50c
$2
20c
514
S14
$1
$1 4
$1
When
Payable of Record
May 1 Apr. 17
Apr. 1 Mar. 22
Mar. 30 Mar. 20
May 1 Apr. 26
Aug. 1 July 27
Nov. 1 Oct. 26
2-1-'36 Jan. 27
Apr. 1 Mar. 15
1 Apr. 15
$3 May
$24 June 26 June 16
$24 Dec. 26 Dec. 16
Apr. 1 Mar. 15
50c Mar.31 Feb. 18
$2 July 1 June 15
$3 Apr. 8 Mar. 12
$2 Apr. 1 Mar. 8
52M Apr. 1 Mar. 8
$151 Apr. 1 Mar. 20
$14 Apr. 1 Mar. 11
S13. Apr. 1 Mar. 11
374c Apr. 1 Mar. 15
62;ic Apr. 1 Mar. 15
14% Apr. 20 Apr. 10
14% July 20 July 10
14,% Oct. 19 Oct 10
814 Apr. 1 Mar. 20
81.54 Apr. 1 Mar. 20
50c Apr. 1 Mar. 16
Apr. 15 Apr. 5
June 1 May 15
30c Apr. 1 Mar. 15
50c Mar.30 Mar. 20
124c Apr. 1 Mar. 15
37 tic Apr. 1 Mar. 15
60c Apr. 1 Mar. 23
50c Apr. 25 Apr. 15
51.4 Apr. 25 Apr. 15
$14 Apr. 1 Mar. 20
50c Mar. 30 Mar. 18
$1.
514
30c
$1.51
514
75c
124c
50c
25c
515.1
hS1
h50c
Apr. 1 Mar. 21
Apr. 1 Mar. 20
Apr. 1 Mar. 15
Mar. 30 Mar. 16
May 1 Apr. 5
May 1 Apr. 5
Apr. 1 Mar. 15
Apr. 30 Mar. 30
Apr. 1 Mar. 16
Apr. 1 Mar. 20
Apr. 1 Mar. 15
Apr. 1 Feb. 15
Apr. 1 Mar. 12
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, MARCH 16 1935
Surplus and
Undivided
ProfUs
• Capital
Clearing House
Members
Bank of NY & Trust Co_
Bank of Manhattan Co_
National City Bank__ __
Chemical Bk & 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_
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
Marine Midland Tr Co
New York Trust Co
Cornell Nat Bk & Tr Co
Public Nat Bk & Tr Co._
$
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
4114
,, nnn
ri,
Time
Deposits,
Average
Net Demand
Deposits,
Average
a
S
$
6,328,000
114,587,000
10,298,100
350.615,000
31,003,000
25,431,700
38,273,300 a1,071,620,000 143.189,000
376,702,000
19,931,000
48,104.400
177,294,700 61,114,089,000
55,907,000
10,297,500
288,548,000 104,285,000
61,512,800
24,323,000
623,354,000
21.458,000
16,124,900
202,253,000
89,218,100
433,762,000
8,845,000
4,344,000
57,819,800
408,704,000
2,319,000
3.608,900
32,601,000
66,817,000
68,839,400 c1,442,477,000
352,000
3,329,600
45,004,000
18,053,000
62,018.800 6686,205,000
270,000
8,160.400
13,947,000
57,743,000
3,340,000
7,503,200
21,361,500
246,641,000
16,482.000
57,525,000
1,210,000
7,644,700
5,148,200
53,996,000
37,526,000
791
nnn nnn
7 non 97•1
nnn
cRA 009
non
• As per official reports: National, Dee. 31 1934; State, Dec. 31 1934; trust
companies, lIcc. 31 1934
Includes deposits in foreign branches as follows: a $206,971,000; b 559,936,000:
C 582,800,000; 6827,482,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended March 15:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, MARCH 15 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans
Other Cash Res. Dep., Dep. Other
Including N. Y. and Banks and
Disc. and
Investments Bank Notes Elsewhere Trust Cos.
Manhattan
Grace National
Trade Bank of N. Y_
Brooklyn2,....,... IV.Innisl
a
24,653,700
4,006,978
1 759
nnn
s
93,700
159,026
91
nnn
s
2.643,400
907,849
I WM
nnn
Gross
Deposits
s
s
1,682,500 24,377,600
149,493 4,325,179
9941
nnn
5090
nnn
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc. and
Investments
Manna/tan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
Brooklyn—
Brooklyn
Cash
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere Trust Cos.
Gross
Deposits
A
S
*5,699,600 8,627,100
662,493
104,704
562,123
*727,232
879,600
*3,031,700
506,500
*5,108,500
22,196,622 15,158,083
9
*
2,470,900 57,118,700
1,102.031
7,359,418
62,541 11,864,307
690,700 18,586,000
33,554,400
67.085,677
85,634,000
2,854,000 30,643,000
121,000 104,748.000
90 onn All
9 A70 A00
7410 190
RI AAA 7,11
s
52,364,200
7,182,579
12,566,271
18,737,000
30,422,800
58,427,199
• Includes amount with Federal Reserve as follows: Empire. 51,553,903: Fiduciary, 5476,669; Fulton, $2,633,400; Lawyers County, 54,403,099.
Per
Share
Name of Company
Whitaker Paper. 7% pref. (guar.)
Whittall Can Co., 65i% pref
Wichita Water Co.. 7% pref. (quar.)
Wilcox Rich Corp.class A (quar.)
Will & Baumer Candle Co., Inc—
Preferred
Wilson & Co., Inc., common
Preferred
Wilson-Jones
Winn & Lovett Grocery, class A (quar.)
Preferred (quar.)
Winsted Hosiery (quar.)
Quarterly
Quarterly
Wisconsin Electric Power 6% pref. (quar.)
64% preferred (quar.)
Wiser Oil Co. (quarterly)
Woodley Petroleum Co. (quar.)
Worcester Salt
Preferred (quar.)
Wright-Hargreaves Mines(quar.)
Extra
Wrigley (Wm.) Jr. (monthly)
Yale & Towne Manufacturing Co
Young (L. A.) Spring & Wire (guar.)
Extra
Zions Cooperative Mercantile Ins. (guar.)
Quarterly
Quarterly
When Holders
Payable of Recor
Apr. 1 Mar. 20
$l.
/414 Apr. 1 Mar. 15
15 Apr. 1
Apr.
81
62Sie Mar.31 Mar. 20
$2
l2;ic
$1.4
75c
50c
814
$1.55
SI
$1 34
$1 34
5
51 4
25c
10c
50c
$134
10c
5c
25c
15c
25c
25c
50c
50c
50c
Apr. 1 Mar. 15
June 1 May 15
May 1 Apr. 15
May 1 Apr. 22
Apr. 1 Mar. 20
Apr. 1 Mar. 20
May 1
Aug. 1
Nov. 1
Apr. 1 Mar. 25
Apr. 1 Mar. 25
Apr. 1 Mar. 11
Mar. 31 Mar. 15
Mar. 30 Mar. 20
May 15 May 4
Mar. 9
Apr.
Apr. 1 Mar. 9
Apr. 1 Mar. 20
Apr. 1 Mar. 21
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 15
July 15
Oct. 15
t The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
stock was
2 The New York Curb Exchange Association has ruled that
not be quoted ex-dividend on tnis date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
accuf Payable in common stock. g Payable in scrip. h013 account of
mulated dividends. j Payable in preferred stock.
the
m Commercial Investment Trust Corp. has declared a quar. div. on
at the
cony. pref. stock, at the rate of 5-208 of one share of coin, stock, or,share.
pref.
cony.
each
for
$1.50
of
rate
the
at
cash
in
holder,
the
option of
cash per
p Goldblatt Bros.. Inc., declared a dividend of 374 cents
share, or 1-40th of a share of stock, at the option of the stockholders.
Fractional shares will not be issued.
of Canada
r Payable in Canadian funds, and in the case of non-residents
will be made.
a deduction of a tax of 5% of the amount of such dividend
it Payable in U. S. funds. o A unit, to Less depositary expenses.
Less tax. g A deduction has been made for expenses.
Condition of the Federal Reserve Bank of
New York
Weekly Return of the New York City
Clearing House
Totals
1957
Financial Chronicle
Volume 140
The following shows the condition of the Federal Peserve
Bank of New York at the close of business March 20 1935,
in comparison with the previous week and the corresponding
date last year:
Mar. 20 1935 Mar. 13 1935 Mar. 21 1934
Assets—
Gold certificates on hand and due
U. S. Treasury_x
Redemption fund—F. R. notes
Other cash
$
$
$
2,089,860,000 2,051,511,000 1.352,839,000
3,118,000
1,063,000
1,063,000
52,109,000
74,505.000
73,578,000
'OM
2,164,501,000 2,127,079,000 1,408,066,000
Total reserves
2,744,000
Redemption fund—F. R. bank notes_ _
Bills discounted:
Secured by U. S. Govt. obligations
6,797,000
1,611,000
2,191,000
direct & (or) fully guaranteed
17,260,000
2,397,000
2,311,000
_ -Other bills discounted
Total bills discounted
Bills bought in open market
Industrial advances
--
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. S. Government securi les_
4,502,000
4,008,000
24,057,000
2,026,000
1,719,000
2,104,000
1,598,000
2,400,000
138,755,000
457,462,000
159,101,000
138,588,000
459,017,000
160,213,000
164,758,000
393,931,000
238,066.000
755,318,000
757,818,000
796,755,000
53,000
Other securities
Foreign loans on gold
Total bills and securities
763,565,000
765,528.000
823,265.000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
284,000
4,045,000
123,103,000
11,658,000
27,999,000
315,000
3,305,000
125,760,000
11,648,000
34,475,000
1.196,000
3,274,000
117,433,000
11,424,000
51,631,000
Total assets
_ 3.095,155,000 3,068,110,000 2,419,033,000
Liabilities—
F. It. notes in actual circulation_ __ ___ 658,207,000 656,043,000 609,647,000
49,505,000
F. R. bank notes in actual circulatio net
Deposits—Member bank reserve ace 't__ 1,889,857,000 1,976,733,000 1,416,621,000
2,570,000
30,531,000
138,572,000
U. S. Treasurer—General accoun
3,825,000
6,441,000
5,846,000
Foreign bank
48,828,000
154,761,000 152.908,000
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
_ 2,189,036,000 2,166,613,000 1,471,844,000
125,774,000 123,235,000 125,168,000
59,123,000
59,737,000
59,588,000
45,217,000
49,964,000
49,964,000
1,492,000
1,492,000
4,737,000
7,501.000
7,501,000
53,792,000
3,525,000
3,593,000
- _
Total liabilities
_ 3,095,155,000 3,068.110.000 2.419,033,000
Ratio of total reserves to deposit and
67.6%
75.4%
F. R. note liabilities combined__
76.0%
Contingent liability on bills pttrch ised
1.773,000
49,000
66,000
for foreign correspondents
Commitments to make industrial ad6.211.000
6.122.000
__-vances
•"Other cash" does not include Fede al 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 08 cents, these certificates being worth less to the extent of the difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
1958
Financial Chronicle
March 23 1935
Weekly Return of the Federal Reserve Board
The following is issued by the Federal Reserve Board on Thursday afternoon, Mar.
showing the condition of the
twelve Reserve basks at the close of business on Wednesday. The first table presents 21,
the results for the System as a
whole in comparison with the figures for the seven preceding weeks and with those of the
corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve
Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the
amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against
outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current
Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BANKS AT
THE CLOSE OP BUSINESS MARCH 20 1,35
3far. 20 1935 Mar. 13 1935 Mar. 6 1935 Feb. 27 1935 Feb. 20 1035 Feb. 13 1935 Feb.
6 1935 Jan. 30 1935 Mar. 21 1934
ASSETS
3
3
3
3
$
$
3
3
$
Gold ctfs. on hand & due from U.S.Treas.: 5,567,221,000 *5,55024,000 5,556,087.000
5,543,025,000 5,516,081,000 5,449,639.000 5.445,101,000 5.350,959.000 4,270,695.000
Redemption fund (F. R. notes)
15,877,000
15,878,000
15,950,000
15.799.000
15.852,000
16,549,000
33,568,000
16,559,000
15,875,000
Other cash •
252,657,000 .253.933,000 247,266,000 257,047,000 253,317,000 264,771,000
270,330,000 280,320,000 220,181,00(1
Total reserves
5,835,755,000 5.824,135,000 5,819,303.000 5,815,871,000 5,785,250,000 5.730.959,000 5,731,990,000 5,647,154.000 4,524,444,000
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
direct and(or) fully guaranteed
Other bills discounted
Total bills discounted
5,000
5,000
250,000
250,000
250.000
250,000
1,759,000
1,986,000
10,868,000
4,487,000
3,170,000
3,217,000
3,208,000
2,830.000
3,278,000
3.113,000
3,351,000
2,719,000
3,207,000
3,451,000
3,059,000
3,124.000
3,304.000
3,558,000
3,500.000
11,605,000
39,807.000
7,657,000
6,425,000
6.108,000
6,464,000
5,926,000
6,510,000
6,428,000
7.058,000
51,412,000
5.299,000
5,505,000
5,506,000
5,505,000
5,503,000
5,501,000
5,538,000
5,502,000
33,250,000
20,409,000
19,869.000
19,470,000
19,163,000
18,729,000
18.375,000
17,824.000
17,493.000
391,080,000 390.186,000 394,388,000 395.688,000 395,748.000 395,726,000 395,630.000 395,652,000 442,865,000
1,494,667,000 1,494,675,000 1,492,673,000 1,511.198,000 1,511,675,000 1,511.683.000 1,511,666.000 1.511,693,000
1,224,043,000
543,660,000 545,500.000 543,425.000 523,425,000 522,925,000 522,925,000 522,925.000 622,925,000
764,987.000
2,430,307,000 2,430,361,000 2,430,486,000 2,430,311,000 2,430.348.000 2,430.334.0002,430,22
1.000 2,430.270.000 2,431,895,000
563,000
Bills bought In open market
Industrial advances
U. S. Government securIties-Bonds
Treasury notes
Certificates and bills
Total U. S. Government securities
Other securities
Foreign loans on gold
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncolleeted Items
Bank premises
All other assets
2,463,672,000 2,462,160,000 2,461,570,000 2,461,443,000 2,460,504,000 2,460,721,000 2,459,976,000
708,000
16,684,000
509,742,000
49,524,000
41,359,000
Total assets
802,000
13,851 000
504,894,000
49,514,000
49,154,000
802,000
16,113,000
457,509,000
49,453,000
47,088,000
803,000
18,529,000
477,747,000
49,436,000
46,657,000
807.000
18.649,000
482,633,000
49,436,000
45,814,000
805,000
16.763,000
415,332,000
49,436,000
46,349,000
805.000
17,165,000
416,543,000
49,336,000
46,286,000
8,917,449,000 8,904,515,000 8,852,088,000 8,870,736,000 8,843,343,000 8,720,615,000 8.722,860,000
2,460,359,000 2,517,120,000
805,000
19,672,000
411,130,000
49.307,000
48.444,000
3,132,000
14,831,000
•49,448,000
52,431,000
118,634,000
8.638.857,000 7,690,908,000
LIABILITIES
F. R. notes In actual circulation
F. R. bank notes in actual circulatIon
3,139,753,000 3,136,652,000 3,159,989,000 3,138,751,000 3,127,655,000 3,118,015,000 3.101,685,000 3,068,172,000
2,984,943,000
100,000
100,000
1,227,000
1,324,000
1,242,000
1,192,000
25,627,000
25.697,000 143,877,000
Deposits-Member banks' reserve account 4,361,278,000 4,588,213,000 4,554,816,000 4,587,949,000
4,644,705.000 4,580,341,000 4,632,647,000 4,541,755,000 3,419,269.000
U. S. Treasurer-General account_ a
309,517,000
87,968.000
88,485,000
99,181,000
38,422,000
72,312,000
35,434,000
56,481,000
24,009,000
Foreign banks
16,430,000
17,587,000
16,323,000
14,355,000
13,629,000
13,567,000
13,424,000
16,073,000
7,378,000
Other deposits
226,393,000 219,098,000 220,399,000 196.746,000 178,973,000 167,945,000 162,684,000 178,141,000
146,980,000
Total deposits
4,913,618,0004,913.766,000 4,880,023,000 4,898,231,000 4.875,819.000 4,834,165,000 4,844.189.000
4,792,450,000 3,627,636,000
Deferred availability items
519,167,000 507.943,000 467,797.000 490,259,000 495,013,000 426,371,000 411,155,000 412,710,000
462,158,000
Capital paid in
146,924.000 147,020,000 146.990,000 147,031,000 146,953,000 146,928,000 146.868,000 146,870,000 145.731,000
Surplus (Section 7)
144,893,000 144,893,000 144,893,000 144,893,000 144,893,000 144,893,000 144.893,000 144,893,000
138,383,000
Surplus (Section 13-B)
14,366,000
14.278,000
13,447,000
12,830,000
12,751,000
12,447,000
12,351.000
11,660,000
Reserve for contingencies
30,815,000
30,822.000
30,822,000
30,824,000
30,821,000
30,822,000
30,822,000
30.820,000
22,530.000
All other liabilities
7,813,000
9,041,000
6,900,000
6,593.000
7,296,000
5,782,000
5,270,000
5,685,000 165,650,000
Total liabilities
8,917,449,000 8,904,515,000 8,852,088,000 8,870,736,000 8,843,343,000 8,720,615.000 8.722.860,000 8,638,857,000
7,690,908,000
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
Commitments to make industrial advances
Maturity Distribution of Bills and
Shart-term Securities-1-15 days bills discounted
26-30 days bills discounted
31-60 (lays bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
Total bulls bought In open market
72.3%
72.4%
72.4%
72.3%
72.1%
72.1%
71.8%
68.4%
224,000
15,084,000
286,000
14,854,000
357,000
13,963,000
366,000
12,940,000
366,000
12,540,000
366,000
12,314,000
317,000
11,739,000
4,935.000
3
1-15 days bills bought In open market
16-30 days bills bought In open market_31-60 days bills bought in open market
61-90 days bills bought in open market...
Over 00 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
72.5%
206.000
15,551,000
$
2
5,613,000
58,000
333,000
1,568,000
85,000
5,073.000
149.000
338,000
619,000
246,000
4,687,000
205,000
276,000
680,000
260,000
7,657.000
6,425.000
608,000
538.000
4,004,000
149,000
702,000
193,000
1,189,000
3,421,000
5,299,000
623,000
590,000
1,173,000
425,000
17,598,000
$
$
$
$
$
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
5,418,000
627,000
635,000
358.000
22,000
36,605,000
2,964,000
4,757,000
6,774,000
312,000
6,108,000
6,464,00(1
5,928,000
6.510,000
6,428,000
7.058,000
51,412,000
112,000
751,000
629,000
4,014,090
3,388,000
702,000
704,000
711,000
3.499,000
163.000
905.000
934,000
660,000
3,426,000
817,000
599.000
857,000
1,219,000
219,000
3,208,000
657,000
1,500,000
386,000
2,989,000
9,374,000
12,346,000
7.677,000
3,853,000
5,505,000
5,506.000
5,505,000
6,501,000
5,502,000
5.503,000
5.538.000
33,250,000
625,000
99,000
1,609,000
530,000
17,006,000
197,000
560.000
1,354,000
312,000
17,047,000
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
Total Industrial advances
20,409,000
19.889,000
19.470,000
19.163.000
18,729,000
18,375,000
17,824,000
17,493.000
1-15 days U. S. certificates and bills-40,550,000 137,100,000 125.685,000
44,540,000
39,690.000
36,222,000
35,114,000
39,467.000
16-30 days U. B. certificates and bills__
34,009,000
28,250,000
40,550,000 128,010,000 124,180,000 120,030,000
36,222,000
39,690,000
31-60 days U. S. certificates and bills___
89,843,000 176,621,000 177.761,000 170,174,000
170.054.000
80,750,000 165.130,000 175,030.000
61-90 days U. S. certificates and bills.-- 272,839,000
93,784,000
91,546,000
93,096,000
92,868,000 183,618.000 179,175,000 172,177,000
Over 90 days U. S. certificates and bills__ 1,993,066,000 1.994,606,000 1,994,944.000 1,994,491,000
1.995,018,0002,009,714,000 2,011.112,000 2.007,374.000
Total U. S. certificates and bills
2,430,307,000 2,430,361,000 2,430,486,000 2,430,311,000 2,430,348,000
2,430,334,000 2,430,221,000 2.430,270,000
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Ovur 90 days municipal warrants
otal municipal warrants
Federal Reserve NotesIssued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
$
4,353,000
880.000
332,000
671,000
228,000
-
90.095,000
65.338,000
137,939,000
106,816,000
364,808,000
764,987,000
510,000
53,000
563,000
3,422,956,000 3,423,984,000 3,435,639,000 3.422.825,000 3,419,985,000
3.382,242,000 3,379,971,000
3,249,829,000
283,203,000 287,332,000 275,650,000 284,074,000 292,330,000 264,227.000 278,286,00(1 3.365,435.000
297,263,000 264,886,000
3.139,753.000 3,138,652,0003.159,589,000 3,134,751,000 3,127,655,000 3.118,015.000 3,101,685,000 3,068,172,000 2,984,943.000
Collateral Held by Agent as Security for
Notes Issued to BankGold ctfs. on hand & due from U.S. Treas. 3,320,679,000 3,312,969,000 3,312,983,000
3,298,357,000 3,280,827,000 3,252,450.000 3,256,450,000 3,258,370,000 2,884,152,000
By eligible paper
5,684,000
4,438.000
4,105,000
4.591,000
4,955.000
5,084,000
4.201.000
56,471,000
5.,587,000
U. S. Government securities
173,000,000 179,000,000 179,000,000 189,000,000 199,100.000 199,000,000 191,000,000 186,000,000 346,700,000
Total Collateral
3 499,363,000 3.496,407.0003,496,088.900 3,491,943.000 3.484.128.000 3.456.534.000 3.452,405,000 3,449,057.000 3.287,323,000
•"Other cash" does not Include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
• Revised figures.
a These are certificates Riven by the U. S. Treasury for the gold taken over from
the Reserve banks when the dollar was devalued from 100 cents to 59.06 cent*
on Jan 31 1931. these certificates being worth less to the extent of the difference, the
difference itself having been appropriated as profit by the Treasury under the
provisions of the Gold Reserve Act of 1931.
•Caption changed from "Government" to "U. S. Treasurer-General account" and $100,000,000
Included in Government deposits on May 2 1934 transfoired to
"Other deposits."
1959
Financial Chronicle
Volume 140
Weekly Return of the Federal Reserve Board (Concluded)
BUSINESS MAR. 20 1935
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
Two Ciphers (00) Omitted
Federal Reserve Bank of-
Total
New York
Beaton
Chicago
Cleveland Richmond Atlanta
Phila.
St. Louis ifinneap. Kan. City
3anFran.
Dallas
8
$
$
$
$
$
$
RESOURCES
DoId certificates on hand and due
322.773,0
100,534,0
187,636,0
142,552,0
1,053,492,0
184.225,0
119,190,0
210,498,0
442,418,0
297,563,0
2,089,860.0
416,480,0
5,567,221,0
from U. S. Treasury
200,0 3,211.0
947,0
481,0
404,0
508,0
1,063,0 1,974,0 1,515,0 1,866,0 3,401,0
327,0
15,877,0
Redemption fund-F.R. notes
27,292,0 10,151,0 10,616,0 10,968,0 5,773,0 17,333,0
73,578,0 33,818,0 11,906,0 10,016.0 13,126,0
252,657,0 28,080,0
Dthet cash
5.835.755,0 444,887,0 2,164,501.0 333,355,0 455,839,0 222,380,0 135,717.0 1,081,292,0 194,780,0 153,629.0 199.551,0 106.507,0 343,317,0
Total reserves
5,0
5,0
Redem. fund-F,R. bank notes_
Bills discounted:
Bee. by U. S. Govt. obligations
820.0
36,0
15,0
15,0
12,0
109,0
530,0
216,0
2.191,0
306,0
4,487.0
237,0
direct st (or)fully guaranteed
31.0
129,0
56,0
5.0
13,0
23,0
247,0
134,0
60,0
97,0
2,311,0
64,0
3,170,0
Other bills discounted
7.657,0
5,299,0
20,409,0
Total bille discounted
Bills bought ln open market
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
301,0
390,0
2.148,0
553,0
535,0
3,724,0
4,502,0
2,026,0
1,719,0
664,0
503.0
1,353,0
276,0
196,0
3.482,0
23,0
628,0
1,377,0
206,0
191,0
1,071,0
$
8
$
8
25,0
99,0
488,0
8
5
20,0
79,0
1.953,0
71,0
143,0
956,0
851,0
371,0
688,0
165,0
138,0
1,450,0
52,335.0 16,112,0 15,488,0 15,643,0 19,636,0 24,111.0
259,773,0 66,965,0 36,607,0 66,318,0 41,333,0 103,422.0
93,735.0 25,123,0 13,543,0 24,883,0 15,506,0 38,798,0
391,980,0 23,452,0
1,494,667,0 97,608,0
543,660.0 36,619,0
138,755,0 25,387,0 30,880,0 16,462,0 13,721,0
457,462,0 103,539,0 132,454,0 70,610,0 58,576,0
159,101,0 38,194,0 49,691,0 26,490,0 21,977,0
Total U. S. Govt. securities_ 2,430,307.0 157,679,0
755,318,0 167,120,0 213,025,0 113,562,0 94,274,0
405,843,0 108,200,0 65,636,0 106,844,0 76,475,0 166,331,0
2,463,672,0 160,518,0
Total bills and securities
708,0
53,0
Due from foreign banks
367,0
16,684,0
banks.,
Fed. Res. notes of other
509,742,0 51,572,0
Uncollected items
49,524,0 3,168,0
Bank premises
41,359,0
681,0
All other resources
763,565,0 171,932,0 215.545,0 117,516,0 95,742,0
67,0
26,0
25,0
73,0
284,0
4,045,0
463,0 1.288,0 1,387,0 1,052,0
123,103,0 38,350,0 46,455,0 46,658,0 19,258,0
11,658,0 4,553,0 6,629,0 3,028,0 2,3250
27,999,0 4,526,0 1,717,0 1,308,0 1,759,0
407,871.0 108,812,0 67,688,0 108,014,0 78.228,0 168,241,0
49,0
18,0
19,0
4,0
5,0
85,0
350,0 2,276,0
951,0
700,0
2,322,0 1,483,0
28,540,0
20,013,0
29,563,0
11.218,0
70,719.0 24,293,0
4,955,0 2,628,0 1,580,0 3,447,0 1,684,0 3,869,0
535,0
839,0
286,0
682,0
225,0
802,0
8,917,449,0 661,251,0 3,095,155,0 553,252,0 727,540,0 392,303,0 255,878,0 1,568,046,0 332,226,0 235,501,0 341,831,0 207,639,0 546,827,0
Total resources
LIABILITIES
F. R. notes In actual circulation_ 3,139,753,0 264,723,0 658,207,0 233,533,0 307,360,0 152,588,0 125,525,0
100,0
100,0
F. R. bank notes in actual circul'n
Deposits:
Member bank reserve account_ 4,361,278,0 290,907.0 1,889,857,0 223,898,0 304,436,0 161,231,0 82,813,0
U. S. Treasurer-Gen. acct._ 309,517,0 23,789,0 138,572,0 11,408,0 32.770,0 15,587,0 9,755,0
5,846,0 1,658,0
1,591,0
620,0
603,0
16,430,0 1,206,0
Foreign bank
226,393,0 4,020,0 154,761,0 11,417,0 3,997,0 1,740,0 4,331,0
Other deposits
627,381,0 130,702,0 100,563,0 174,895,0 119,390,0 255,205,0
34,266,0 8,716,0 2,968,0 6,184,0 2,696,0 22,826,0
435,0 1,172,0
452,0
402,0
502,0
1,943,0
2,661.0 16,833,0 7,233,0 2,089,0 2,501,0 14,810,0
4,913.618,0 319,922,0 2,189,036,0 248,381,0 342,794,0 179,158,0 97.502,0
519,167,0 51,794,0 125,774,0 37.344,0 45,460,0 46,513,0 19,356,0
59,588,0 15,148,0 13,125,0 5,032,0 4,406,0
146,924,0 10,772.0
144,893,0 9,902,0
49,964,0 13,470,0 14.371,0 5,186,0 5,540,0
14,366,0 2,165,0
1,492,0 2,098,0 1,007,0 2,084,0
754,0
7,501,0 2,996,0 3,000,0 1,416,0 2,600,0
30,815,0 1,648,0
7,813,0
225,0
3,593,0
282,0
423,0
326,0
195.0
666,251,0 156,753,0 111,166,0 183,620,0 125,022,0 294,013.0
73,889,0 25,404,0 12,028,0 30.064,0 24,430,0 27,111,0
12,791,0 4,072,0 3,132,0 4,049,0 4,015,0 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
590,0
547,0 1,003,0
1,351,0
810,0 1,363,0 2,054,0
891,0 1,211,0
5,325,0
316.0
146,0
458,0
164,0
303,0
1,382,0
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)
Reserve for contingencies
All other liabilities
785,707,0 139,601,0 103,377,0 118,627,0 48,260.0 202,245,0
8.917,449,0 661,251,0 3.095,156,0 553,252,0 727,540,0 392,303,0 255,878,0 1,568,048,0 332,226,0 235,501,0 341,831,0 207,639,0 546,827,0
Total liabilities
Ratio of total res. to dep. & F.It.
note liabilities combined
Contingent liability on bills ourchased for teen correspondents
Committments to make Industrial
advances
___
72.5
76.1
69.2
76.0
70.1
67.0
74.5
60.9
65.7
71.6
66.0
61.5
7,0
6,0
265,0
206,0
18,0
49,0
25,0
24,0
9,0
9,0
29,0
7,0
6,0
15,551,0
2,816,0
6,211,0
318,0
1.307,0
798,0
728.0
453,0
1,487,0
30,0
69.2
17,0
1,338.
•"Other Cash" does not Include Federal Reserve notes or bank's own Federal Reserve bank notes
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted
Federal Reserve Agent at-
Boston
Total
New York
Chicago
Cleveland Richmond Atlanta
Phila.
M.Louis Minneap. Kan. City
Dallas
SanFran.
Federal Reserve notes:
$
$
Lolled to F.R.Bk.by F.R.Ag8_ 3,422.956,0583,467.0
Held by Fed'i Recterve 13ank___ 283.203,0 18,744,0
$
$
$
$
$
763,434,0 249,880,0 324,016.0 161,801,0 143,695,0
105,227,0 16,347,0 16,656.0 9.213,0 18,170,0
$
$
$
$
s
$
814,620,0 145,250,0 108,861,0 124,660,0 54,390,0 248,882,0
28,913,0 5,649,0 5,484,0 6,033,0 6,130,0 46.637,0
In actual circulation
3,139,753,0 264,723,0
Collateral held by Agent ab Security for notes issued to has:
Gold certificates on hand and
due from U. S. Treasury.-- 3.320,679.0 301,617,0
Eligible paper
286,0
5,684,0
U. S. Government eecuritim- 173,000,0
658,207.0 233,533,0 307,380,0 152,588,0 125,525,0
785,707,0 139,601,0 103,377.0 118,627,0 48,260,0 202,245,0
788,706,0 228,000,0 306,215,0 148,340,0 85.685,0
645,0
245,0
187.0
403,0
2,861,0
22,000,0 20,000,0 15,000,0 60.000,0
826,546,0 125,632,0 110,000.0 117,000.0 55,675,0 227,263.0
836.0
156,0
39,0
15,0
11,0
25.000.0
10.000,0
21,000.0
791.567.0 250.403.0 326.860.0 163.585.0 145.872.0
826.546,0 146,643,0 110,015,0 127.039,0 55,831,0 253,099,0
Total collateral
3.499.363.0 301.903.0
FEDERAL RESERVE BANK NOTE STATEMENT
Two Ciphers (00) Omitted
Federal Reserve Agent at-
Total
Federal Reserve bank notes:
Lsued to F. R.13k.(outstdg.).
Held by Foal Reserve Bank_ _
In actual circulation-net ._
Collat. pledged asst. outst. notes
Discounted & purchased bills.
U. B. Government securities-Total collateral
Boston
s
New York
100,0
5
100,0
100,0
100,0
100,0
100,0
5
$
Chicago
Cleveland Richmond Atlanta
$
$
5
Phila.
St. Louis Minneap. Kan. City
$
s
$
$
Dallas
San Fran.
$
s
100,0
100.0
Dom not Include 194.126,000 of Federal Reserve Sank notes for the retirement of which Federal Reserve banks have deposited lawful money with the Treasurer
United
States.
of the
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the figures for
the latest week appears in our department of "Current Events and Discussions," immediately preceding which we also give the
figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES, BY DISTRICTS, ON MAR. 13 MS
(In Millions of Dollarr)
Federal Reverse District-
Total
BOStill
New York
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louis Minneap. Kan. City
Dallas
San Fran.
18.522
1,160
8,491
1,085
1,186
374
346
2,040
540
361
578
419
1,942
y.sane on securities-total
3,121
212
1,739
199
174
67
52
278
67
35
U
49
205
To brokers and dealers:
In New York
Outside New York
To others
834
171
2,116
15
37
160
722
56
961
21
15
163
2
7
165
6
1
50
4
3
45
28
34
216
4
4
59
1
2
32
7
2
45
5
1
43
19
9
177
Aceeptanees and eomm'l paper bought
L011110 on real estate
Other loans
U.S. Government direct obligations_
Oblige. fully guar. by U. S. Gott-other securities
420
962
3,196
7,284
674
2,865
48
90
301
337
12
160
214
248
1,353
3,386
312
1.239
23
72
167
299
56
269
2
73
134
590
23
190
11
16
78
136
17
59
2
12
123
94
14
49
60
32
303
1,021
90
256
10
37
107
199
25
95
5
6
100
149
10
56
21
13
108
244
21
117
3
23
110
166
28
40
21
340
312
663
66
335
Reserve with Federal Reserve banks._
Cash in vault
Net demand depcelte
Time deposits
Government deposits
Due from banks
Due to banks
. .
0
3,420
282
14,479
4,433
1,015
1,855
4,533
1
255
69
965
312
71
110
207
1.762
64
7,551
1,027
557
137
2,072
152
14
764
302
62
175
257
173
20
725
451
45
133
206
1
53
12
252
139
8
82
107
29
7
206
129
31
94
89
467
46
1,799
522
58
297
625
105
8
404
166
22
116
191
64
5
270
127
5
96
127
101
12
493
165
21
249
292
83
9
321
123
52
164
147
176
18
729
970
83
202
213
Loans and Investments-total
1960
Financial Chronicle
March 23 1935
4,4
ginaurial
(glitanirle
gio
(tentintragi
United States Government Securities
Bankers Acceptances
PUBLISHED WEEKLY
CHICAGO Omos-In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street,'relepnone State 0613.
Lownow Omen-Edwards & Smith, 1 Drapers' Gardens, London, B.C.
NEW YORK AND HANSEATIC CORPORATION
37 WALL ST., NEW YORK
WILLIAM B. DANA COMPANY, Publishers,
United States Treasury Bills-Friday, Mar. 22
rates quotea are tor =count at purcnase.
Witham Street. Corner Spruce, New York.
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.
Daily Record of U. S. Bond Prices Mar.16 mar.18 Mar.19 Mar.20 Mar.21 Mar.22
High 101.14 101.13 101.9 101.8 101.7 101.8
First Liberty Loan
334% bends of 1932-47- Low_ 101.13 101.10 101.8 101.5 101.6 101.6
(First 334e)[Close 101.14 101.10 101.8 101.6 101.7 101.7
54
21
125
54
ita
P Total sales in $1,000 units__
21
Converted 4% bonds of {Hie;
Close
___
__ _
___
___
___
Total sales in $1,000 units-__101.18
101.14
101.15
101.14
101.13
Converted 434% bonds {High 101.19
of 1932-47 (First 434e) Low_ 101.19 101.15 101.10 101.11 101.11 101.11
Close 101.19 101.15 101.14 101.11 101.12 101.13
72
164
133
221
103
47
Total sales in $1.000 units__
Second converted 434% High
-----------------bonds of 1932-47 (Ffrsti Low------------------Second Cis)
Total sales in $1,000 units_
102.26 102.24 102:23
Fourth Liberty Loan
{High 103.6 103.4 103434% bonds of 1933-38_ Low- 103.4 102.30 102.28 102.23 102.23 102.22
Close 103.4 102.30 102.28 102.23 102.23 102.22
(Fourth 434s)
4
121
29
25
11
56
Total sales in $1,000 units_
Fourth Liberty Loan
{1.141-1 100.26 100.24 100.17 100.17 100.17 100.20
434% bonds (3d called)_ Low_ 100.23 100.20 100.15 100.15 100.16 100.16
Close 100.25 100.20 100.17 100.15 100.17 100.17
17
244
194
232
72
90
Total sales in $1,000 units__
High 115.24 115.22 115.21 115.16 115.16 115.21
Treasury
Low_ 115.22 115.22 115.21 115.14 115.16 115.16
434e 1947-52
Close 115.22 115.22 115.21 115.14 115.16 115.17
15
2
5
32
6
Total sales in $1,000 units.__
12
High 110.24 110.23 110.18 110.16 110.20 110.19
4e, 1944-54
Low- 110.16 110.12 110.12 110.14 110.20 110.16
Close 110.20 110.12 110.18 110.14 110.20 110.16
Total sales in $1,000 units___
76
18
87
46
16
8
Hih 105.12 105.11 105.3 105.3 105.2 105.4
4348-3349. 1943-45
ILOW.. 105.9 105.8 104.31 104.29 104.29 104.31
Close 105.10 105.8 105.3 104.29 105.2 104.31
Total sales in $1,000
_
117
21
101
63
11
61
units_High 109.14 109.11 109.1
____ 109.8 109.9
334e. 1946-56
1.0w- 109.12 109.8 109.1_ 109.8 109.8
Close 109.12 109.8 109.1
____ 109.8 109.8
Total sales in $1,000 units__
50
13
1
___
43
11
High 106.22 106.21 106.14 106.10 106.15 106.16
334s, 1943-47
11.0w. 106.18 106.15 106.10 106.10 106.13 106.16
Close 106.18 106.15 106.14 106.10 106.13 106.16
Total sales in $1,000 units...
28
25
27
2 ,
4
10
righ 103.16 103.16 103.7 103.1 103.4 103.3
3s, 1951-55
Low- 103.10 103.7 103
102.31 103.1 103
Close 103.14 103.7 103.3 102.31 103.1 103
Total sales in $1,000 units.....
248
285
197
98
171
136
Hih 103.15 103.14 103.4 103
103.1 103.2
3s. 1946-48
1.0w_ 103.11 103.7 102.30 102.28 102.29 102.31
Close 103.11 103.7 103.1 102.28 103
103
Total sales in $1,000 units._.
417
79
105
78
36
64
High 107.10 107.10 107.5 107.2 107.4 107.6
3N5, 1940-43
lLow. 107.10 107.9 107.5 107
107.1 107.3
Close 107.10 107.10 107.5 107
107.3 107.4
Total sales in $1.000 units_ _
50
3
5
4
202
49
- 107.10 107.11 107
High
107.2 107.6 107.6
834s. 1941-43
Low- 107.6 107.4 107
107.2 107.3 107.3
Close 107.10 107.4 107
107.2 107.3 107.5
Mal sales in $1,000
.
201
9
10
1
49
44
units_High 104.15 104.14 104.5 104.2 104.2 104.3
3145, 1946-49
Low_ 104.10 104.10 104
103.30 103.30 104
Close 104.10 104.10 104.5 103.30 103.30 104.1
Total sales in $1,000 units...
15
57
47
33
4
10
High 104.12 104.11 104.3 104
104.4 104.1
334s, 1949-52
ILOW. 104.12 104.10 104.2 104
104.1 103.31
Close 104.12 104.11 104.2 104
104.1 103.31
Total sales in $1.000 units_ __
100
250
5
41
110
58
High 107.11 107.13 107.10 107.8 107.8 107.11
834s. 1941
ILow. 107.11 107.7 107.4 107.6 107.6 107.7
Close 107.11 107.7 107.10 107.8 107.8 107.10
Total sales in $1,000 units...
8
66
109
9
7
27
High 105.8 105.10 105.4 104.31 105
105
334s. 1944-48
ILow.. 105.6 105.6 104.30 104.26 104.28 104.29
Close 105.7 105.7 104.30 104.26 104.29 105
Total sales in $1,000 units_ _ _
201
78
164
23
110
10
High 100.29 100.28 100.20 100.18 100.23 100.25
234e. 1955-60
how. 100.26 100.20 100.15 100.17 100.17 100.22
Close 100.26 100.20 100.20 100.18 100.23 100.22
Total sales in $1,000
321 1,018
364
_
267
538
384
Federal Farm Mortgage units_{}11gh 103.10 103.6 103.3 103.2 103.4 103.2
334e. 1944-64
1.0w- 103.2 103
103
103
103.1 103.2
Close 103.6 103
103.3 103.2 103.4 103.2
Total sales in $1,000 units...
12
2
16
68
3
6
redeem' Farm Mortgage
Rb 101.26 101.25 101.17 101.16 101.20 101.18
3s, 1944-49
Low- 101.22 101.18 101.12 101.12 101.16 101.14
Close 101.24 101.18 101.16 101.14 101.16 101.14
Total sales in $1,000 units__
83
175
88
117
23
91
Pederal FarmMortgage
High 101.28 101.28 101.23 101.22 101.26 101.25
3s, 1942-47
ILOW.. 101.23 101.22 101.16 101.21 101.23 101.23
Close 101.28 101.22 101.23 101.21 101.25 101.25
Total sales in $1,000 units._
42
134
36
68
140
25
lome Owners' Loan
High 101.13 101.10 101.9 101.7 101.4 101
4a, 1951
ILOW.. 101.10 101.9 101.7 101.5 101.4 101
Close 101.10 101.9 101.7 101.5 101.4 101
Total sales in $1,000 units...
.5
8
320
24
32
•2
borne Owners' Loan
High 101.27 101.26 101.15 101.16 101.18 101.16
38, series A, 1952
11.0w. 101.22 101.16 101.12 101.12 101.13 101.12
Close 101.24 101.16 101.14 101.14 101.14 101.13
Total sales in $1,000 units_ _
104
139
307
99
80
68
tome Owners' Loan
{
(High 100.10 100.7 100.5 100.4 100.4 100.4
Ms,series B, 1949
Low_ 100.5 100.2
99.30 100.1 100.1 100.1
Close 100.8 100.2 100.5 100.3 100.2 100.2
Total sales in $1,000 units.__
4 27
143
640
114
150
137
•Odd lot sales.
Note-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
6 1st 3345 1932-47_ _ _101.10 to 101.141
Si lst 434s 1932-47____101.10 to 101.12
5 4th 434e (uncalled)_ _102.19 to 102.25
25 4th 4345(3d called)__100.12 to 100.28
3 Treasury 434-334% _104.29 to 104.29
3 Treasury 434s 1952..115.6 10 115.6
2 Treasury 334s 1941.107.6 to 107.8
1 Treas. 334s 1944-46.104.24 to 104.24
Bid
Mar.27 1935
Apr. 3 1935
Apr. 10 1935
Apr. 17 1935
Apr. 24 1935
May 1 1935
May 8 1935
May 15 1935
May 22 1935
May 29 1935
June 5 1935
June 12 1935
June 19 1935
June 26 1935
Bid
Asked
July 3 1935
July 10 1935
July 17 1935
July 24 1935
July 31 1935
Aug. 7 1935
Aug. 27 1935
Aug. 28 1935
Sept. 4 1935
Nov. 27 1935
Dec. 4 1935
Dec. 11 1935
Dec. 18 1935
0.10%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Asked
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0.20%
0.20%
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, Mar. 22
Figures after decimal point represent one or more 32d8 of
a point.
Maturity
DU.
Rate
Bid
Asked
Maturity
DU.
Rate
Bid
Asked
June 15 1936Sept. 15 1936-Aug. 1 1935._
Mar. 15 1940_.
June 15 1939_
Sept. 15 1938___
Dee. 15 1935-Feb. 1 1938--Dec. 15 1936.--
1H%
1.3I%
134%
1,4%
234%
234%
234%
2)4%
234%
101.6
101.30
101.1
101.8
103.7
104.15
102.5
104.29
104.11
101.8
102
101.3
101.8
103.9
104.17
102.7
104.31
104.13
Apr. 15 1936-June 15 1938___
June 15 1935._
Feb. 15 1937._
Apr. 15 1937-Mar. 15 1938._
Aug. 11936...
Sept. 15 1937--
234%
234%
3%
3%
3%
3%
334%
334%
103.1
105.17
101.6
104.27
105
105.29
104.6
106
103.3
105.19
101.8
104.29
105.2
105.31
104.8
106.2
The Week on the New York Stock Market-For review
of New York Stock market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY, WEEKLY AND YEARLY
Week Ended
March 22 1935
Stocks,
Railroad
Slate,
Number of and Miscell. Municipal d•
Shares
Bonds
PoreignBonds
Saturday
Monday
Tuesday
Wednesday .._ _ _
Thursday
Friday
Total
300,500
593,612
509,549
488,449
889,610
780,898
$3,814,000
5,620,000
5,259,000
5,160,000
7,310,000
7,228,000
3.562.618 $34.391.000
Sales at
New York Stock
Exchange
$561,000
1,291,000
1,574,000
2,160,000
1,499,000
1,362,000
1934
Stocks-No, of shares_
3,562,618
8,833,240
Bonds
Government
$14,378,000 $18,870,000
State and foreign
8,447,000 12,901,000
Railroad & industrial.. 34,391,000 42,962,000
Total
$57.216.000 174,733.000
CURRENT
$2,641,000
2,589,000
3,824,000
1,794,000
2,061,000
1,469,000
Total
Bond
Sates
$7,016,000
9,500,000
10,657,000
9,114,000
10,870,000
10,509,000
58.447.000 514.378.000 557.218 000
Week Ended Mar. 22
1935
United
States
Bonds
Jan. 1 to Mar.22
1935
1934
46,676,280
135,082,200
$242,870,000
95,508,000
461,120,000
$136,706,100
215,087,500
738,781,000
$799.498,000 $1,090,574,600
NOTICES
-Alfred E. Oldaker has joined the trading department of G. L. Ohrstrom
& Co., Inc. to specialize in preferred stocks of operating utilities.
-Phelps. Penn 3c Co., 39 Broadway, New York. have issued a list of
State and municipal bonds yielding from 2.25% to 4.25%.
-Syle, Carpenter & Black, 65 Broadway, this city, are analyzing
securities of public utility holding companies.
-Michael V. Latti is now in the sales department of Dunne & Co.
-Homer & Co., Inc.. 40 Exchange Place, New York, has prepared a
special circular on high grade railroad bonds.
-James Talcott, Inc. has been appointed factor for Jack Horner Shirt
Corp., N. Y. City, manufacturers of shirts.
-William Happersett is now in tho municipal bond department of
Dunne & Co.
FOOTNOTES FOR NEW YORK STOCK PACES
• Bid and asked prices, no sales on this day.
Companies reported in receivership.
a Deferred delivery.
r Cash sale.
x Ex-dividend.
o Ex-rights.
11 Adjusted for 25% stock dividend paid Oct. 11934.
Listed July 12 1934; par value 10s. replaced 31 par, share for share.
94 Par value 550 lire listed June 27 1934; replaced 500 lire par value.
39 Listed Aug. 24 1933; replaced no par stock share for share.
14 Listed May 24 1934; low adjusted to give effect to 3 new shares exchanged for
1 old no par share.
97 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.
44 Par value 400 lire; listed Sept. 20 1934; replaced 500 lire par value.
41 Listed April 4 1934; replaced no par stook share for share.
49 Adjusted for 25% stock dividend paid June 1 1934.
The National Securities Exchanges on which low prices since July 1 1933 were
made (designated by superior figures in tables), are as follows.
12 Pittsburgh Stock
New York Stock
19 Cincinnati Stock
9, Richmond Stock
New York Curb
Cleveland Stook
14 Colorado Springs Stock 94 St. Louis Stock
New York Produce
4 New York Real Estate
"Denver Stock
93 Salt Lake City Stock
U San Francisco Stock
• Baltimore Stock
le Detroit Stock
99 San Francisco Curb
"Los Angeles Stock
• Boston Stock
San Francisco mining
Buffalo Stock
"Los Angeles Curb
"Seattle Stock
• California Stock
"Minneapolis-St. Paul
"Spokane Stook
'Chicago Stock
"New Orleans Stock
9, Washington(D.C.)Stock
"Chicago Board of Trade al Philadelphia Stock
Chicago Curb
1961
Volume 140
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
NOTICE-Cash and deferred deliver/ gale@ are disregarded in the day's range, unless they are the only transactions of the day. No account Is taken of such
sales in computing the range for the year.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Mar. 16
Monday
Mar. 18
Tuesday
Mar. 19
Wednesday
Mar. 20
Thursday
Mar. 21
Friday
Mar. 22
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
par
$ per share $ per share $ per share $ per share $ per share $ per share Shares
Abraham & Straus
No par
37% *30
3712 *34
3712
*36
3712 *33
35
*30
3712 35
100
Preferred
110
*112 113 *112 11334 *112 11334 *112 11334 *112 11334 11212 11212
100
Preferred Called
*11112 11178 *11112 1118 *11112 1118 *11112 1118 *11112 111% *11112 1113,
48
42
47
47
458 45
45
412 4 8
6,000 Adams Exprees
5
414 412
No Dar
*87
8812 *8712 8812 *8712 8812
10
8812 87 87
100
Preferred
*87 8812 *87
3012 3012 3014 3012 298 30
30
30
1,700 Adams Millis
2912 30
No par
2912 30
10
1014 10% 1018 1,800 Address Multlgr corp
934 10
10
958 938
912 912
958 958
*47
700 Advance Rumely
5
No par
*438 518 *412 514 *458 5
412 47
*478 5
734 734
700 Affiliated Products Ino-No par
778 8
758 758 *738 734
*712 734
758 758
107 107
2,600 Air Reduction Inc
Nit par
106 10634 10458 10434 105 1054 10514 10514 10518 106
300 Air Way Elea Appliance No par
118 14
*1
118
1
1
118
*1
118 *1
1
1
10
1618 1558 164 158 1658 1614 1658 1618 1612 1658 1612 7,300 Alaska Juneau Gold Min
16
Albany & Susquehanna
100
---_ ---- ---- ---- ---- ---212 212 *214 212
No par
400 A P W Paper Co
218 2% *24 212
24 214
*218 234
1
I
1
1
1
118
1
118
8,000 IAlleghany Corp
1
1
118
No par
1
258 234
33, 33, *314 3%
1,500
234 3
Pref A with $30 ware
100
314 33, *212 314
21/ *2
212
234
212 212 *2
100
100
*178 38 *134 212 *2
Pref A with $40 ware
100
*238 234
*2
3
3
100
234 *2
Pref A without warr
212 213 *2
*2
3
*19
22
*19
22
*2112 22 *2112 22
22
Allegheny Steel Co
No par
*20
22 *19
Allegheny & Weet 8% gtd-_-100
128 1107; 4:100 Allied Chemical & Dye-No par
125 12512 12612 12712 127 127 125% 128
12712 129
Preferred
100
*12514 12734 *125 12734 *12514 127 *12514 126 *12512 126 *12512 126
1358 1414 14
143
No par
5,700 Allis-Chalmers Mfg
1358 1358 127 1312 133 1312 1334 14
*14
157 *14
*14
16
16
158 *14
1558 *14
Alpha Portland Cement No par
*15
157
234 314
3
318 2,200 Amalgam Leather Co
212 234
258 238 *214 212 *238 212
1
*2412 28
2914 *2412 30
*2412 2734 *2412 2734
30 .325
*25
50
7% preferred
50
50
52
5278 3,900 Amerada Corp
50
5234 52
51
504 50
52
No par
52
45
45
45
45 *4512 48
*4514 47
300 Amer Agri° Chem (Del).,.No par
*46 47% 47 47
1512 1518 1558 1534 1558 1618 1534 1614 1618 1678 3,200 American Bank Note
10
*1534 16
54
5412 *54% 59
544 54
53 54
54
54
420
54
50
*52
Preferred
*22
2212 2212 2212 2214 2214 2214 2214 2218 2258 23 2318
600 Am Brake Shoe & Fdy___No par
120 121 *120 12112 *120 12112 *120 1211k 122 122
100
80
*121 122
Preferred
11434 11512 10,900 American Can
11312 11414 112 116
26
11353 114% 11214 11358 11234 114
15612 1564 *15612 158
_
.
Preferred
100
200
157 157 *15612
Pre
*155 - - *15514
03-4 11
2,200 American Car & Fdy
1114 1158 1134 1134 1112 -12
11
1114 1114 1018 1
No par
2812 28
294 *2712 29
2812 *27
100
600
29
*28
2958 2958 2958
Preferred
*8
*5
10
*814 10
10
*8
10
No par
*814 9
American Chain
*814 912
5712 5758 58
58
*55
5758 5712 5758 5712 57% 58
100
1.300
58
77 preferred
*72
74
7214 7214 74
No par
74
7414 74
74
*7214 74
900 American Chicle
744
33 *30
33 *30
Am Coal of 141 (Allegheny Co)25
33
33 *30
*30
33 *30
33 *30
*258 27
*214 27s *238 278 *238 278 *212 278 *258 27
10
Amer Colort/Pe 00
2412 2212 2312 234 24
24
20
2358 244 2358 25
5,100 Am °cannel Alcohol Oorp
2414 25
10
8
814
814 812
814 88
814 81/ 2,700 American Crystal Sugar
814 81
814 84
78
100
80 82
8012 784 8412 8112 8414 82
1.150
7% preferred
84's 8312 84
112 112
112 112
14 14
700 Amer Encaustic Tiling---No par
14 14
158 134 *111 178
*234 338 *258 358 *234 34 *212 318
200 Amer European Seses____No par
314
*3
278 3
218 218
214 238
No par
2% 21/
27
214 212
34 7.100 Amer & For'n Power
24 3%
No par
16
16
14
1412 1414 1412 15
1412 1412 *124 14
1,900
16
Preferred
*414 434
No par
414 414 *414 412 *414 412
400
2nd preferred
412 514 *514 534
14
*11
1314 *12
*12
13
$6 preferred
No Par
200
*1012 1314 1234 134 *13
13
10
*97 10
Amer Hawaiian 8 8 Co
*934 98 *934 98 *934 97
*934 10
*934 978
*3
334
27
300 Amer Hide & Leather-No par
278 *234 33
234 234 *3 • 314
314 314
100
Preferred
600
1834
•1712 1758 *15% 1712 *1614 1758 1738 1738 1712 1778 18
1
3138 3,500 Amer Home Products
314 31
3118 31
3112 31
31
3134 31
31's 31
31
35
No par
312 358 1,100 American Ice
Ws 3%
312 312
312 332 3312 334
100
6% non-cum prof
200
*3014 34 *33
*3014 34
33
33
*3314 35
34
34
34
48
No par
458
434 5
412 5
434 5
412 434
54 518 3,000 Amer Internal Corp
I Am L France & Foamite-No pa
---- - -- ---- - - ---- - ----- -- - ---- - -- ---- 100
*134 -2-.
*134 2-14 *134 -3
Preferred
*134 -2-38 •134 -212
34 *21g -3
97 10
10
10
934 1014 10
1058 6,900 American L000motive---No par
9% 978
958 912
100
3234 3234 32
*32
34
900
3412
3212 34
3212 3212 32
32
Preferred
*1912 1978 1918 1912 20
4,200 Amer Mach & Fdry Co__..No par
2014 2014 1934 2014 1934 21
20
*438 5
5
5
5
2,300 Amer Mach & Metals----No par
514
5
5
5
5
514 514
47
47
No par
*4
Voting trust alb
5
200
*414 614 *4
*412 5
614 .4311 614
1312 1414 14
1378 14
No par
1412 1434 15
15
1534 8,700 Amer Metal Oo Ltd
15
15
. *80
100
_ *80
100
8312 824
85
_ *80
6% cony preferred
- *82
*80*2314 26
-- *2314 16- *2314 16- *2314 -213
200 Amer News. NY Corp-- No par
28
2618 26% 28
178 2
158 178
138 134
158 134
212 234 13,700 Amer Power & Light----No par
178 212
No ya
1038 1034 *1012 1118 1012 1012 1114 1112 12
$6 preferred
1312 1314 1358 2,300
9
94 *9
No par
934 10
958 912
WS preferred
1012 1112 1114 1158 3,700
958
1158 1118 1112 11
1158 1118 111 23,000 Am Red & Stand Saify No par
1138 114 10% 118 11
*138
138
138
*137
138
100
30
140
Preferred
138 138 *138 140
*133 138
1534 1658 1812 17
25
10,200 American Rolling Mill
1834 1718 1612 1778 1714 18
1614 17
70
70 *65
400 American Safety Rasor -No par
*66 68
6834 6834 68 68
69 *65
69
47
47
47
47
47
*414
*44
*434
200 American Seating vs o___No par
514
*478 514 *5
____
_ __...... Amer Ship & Comm
No 1/31
40 Amer Shipbuilding Co
No par
233s
;i2T2 -2312 *2218 2312 22% 2234 *2214 2312 2234 2312 *23
321/ 3312 3258 3312 3212 3334 3318 3414 11,400 Amer Smelting & Retir
31% 33
No par
33 333
126 12612 126 126
126 12612 12612 12612 1,000
Preferred
100
'312512 1254 126 126
2nd preferred 6% cam
100
105 10514 *10434 10512 10514 1054 10514 1053, 105 105 *104 10512 1,100
6412 6412 64
64
6418 1,000 American Snuff
64
6514 64 64
64
25
6512 66
Preferred
50
_ _
100
*13014 132 *13014 132 *13012 132 132 132 *13112
3,200 Amer Steel Foundries.._.._No par
134 1314 1358 1314 134 •1321371 141234 1314 13
13
13
91
90
92 92
92
92
*9114 92
91
Preferred
100
*9014 93 *9014 92
3412 3412 3412 *34
3412 *34
600 American Stores
3412
No par
3458 3458 *3412 34% 34
597
59
59
5934 3,500 Amer Sugar Refining
5858 60
100
598 593
6012 614 5914 60
100
Preferred
*130
- *130 13518
100
*13012 13518 132 132 *130__-_ *130
900 Am Sumatra Tobacco__No par
*1918 1958 1918 194 *1914 19% 1914 10-3; 1934 -1-97-8 197 1978
9914 10078 10058 10118 10014 10314 10158 10314 55,200 Amer Telep & Teleg.
100
10114 10278 9878 101
74
7512 2,900 American Tobacco
73
7512 7234 74
76
25
7614 7612 7434 7614 *75
Common class B
13,300
76
77
7434 77
7512 77
25
76% 7712 7678 78
79
78
700
Preferred
138 138 *1363, 1397 13734 13734 *13614 138
100
13812 13812 13534 137
37
37
400 /Am Type Founders
*3
No par
*3
38
212 212 *3
212 212
*24 372
Preferred
230
1178 12
11
100
914 958 1018 1018 11
914 914
*958 1012
9
1078 1018 1118 19,500 Am Water Wks & Ellec-No par
8
834 9
8%
734 814
74 8%
let preferred
400
No par
*5312 584
5212 53
50
50
48
48
55
55 *40
*45
2,600 American Woolen
No par
54 57
51
5% 534
512 313
54 512 *54 512
54
Preferred
5,000
100
3818 383
3614 3612 3512 3012 384 364 3612 3712 374 38
100 am Wilting Paper
1
*4 1
34
*4
*NJ
14
*re
54
34
34
*34 1
Preferred
No par
300
*234 34
3
34
3
3
3
*27
234 234 *258 3
314 1,500 Amer Zino Lead & Smelt___100
3
3
3
3
3
3
3
3
3
3
3
Preferred
300
*31
321
26
31
31
31
31
34
34
347
*34
38
*34
838 878
834 914 21,000 Anaconda Copper Mining„-50
834 914
812 858
814 834
812 8%
200 Anaconda Wire & Cable_No par
*1614 17
17
1614 1614 1638 1638 •16
17 *1514 17
•15
No par
2,500 Anchor Cap
1414 14% 141
*141/ 14% 144 1412 s1412 1478 1414 1434 14
66.50 cony preferred-No par
10
1071
10712 10712 *103 10712 *101 10712 *100% 10712 *101 106 *104
100 Andes Copper Mining
10
312 318 *312 41
4318 44 *3% 412 *212 412 *212 412
1,600 Archer Daniels MidI'd-No par
3838 3834 39 3914 3914 391
39
38% 3934 39
*3838 40
Preferred
100
•119
*119
-__
*119
___
__
7%
*11812 „- *118'2 11,z12
z..7- *119
- *10312 1104
700 Armour & Co (Del) pref _AGO
10312 1-0312 103 103
103 1-0314
*103 1-0612 10212
37
I
44 11,500 Armour of Minot/ new
4
418
4
418
44
4
378 41s
4
414
No par
$6 cony prof
634 6334 6334 6334 03 6312 1.800
63 64
6314 64
64 84
100
Preferred
*80
100
*80
100
*90
100
*90
100
*90 100 *80 100
For too notes see page 1900.
July 1
1933 to Range for
Feb. 28 Year 1934
1935
High
Highest
Lowest
Low Low
$ per share
$ Per share $ per all $ per share
43
35
30
35 Mar 14 3634 Jan 23
111
89
89
110 Jan 10 113 Mar 11
111 Mar 4 11112 Mar 6
;
3 -1- -1-1-7
714 Jan 2 -13414 Mar 15
65
7014 £85
8434 Jan 2 89 Jan 28
34%
16
1412
281:Mar 13 3312 Jan 2
6% 1138
6
8 Jan 12 1114Mar 2
318
3%
712
412 Mar 18
64 Jan 3
478
Vs
47e
838 Feb 11
634 Jan 15
9114 113
10438Mar 18 1154 Jan 8 &P
138
Ps
lii
17 Jan 7
1 Mar 7
1618 2372
1558 Mar 13 z204 Jan 9 '163,
205
19(1
170
254
772
2
312 Jan 8
2 Jan 4
514
114
118
17 Jan 7
1 Mar 2
438 1618
314
7 Jan 4
238 Mar 21
4
1438
3
612 Jan 2
24 Mar 14
378 1438
3
638 Jan 5
24 Mar 13
IA
234
1314
21 Jan 12 23 Jan 7
9814
82
82
125 Mar 18 141 Jan 3 1074 11612 18054
12214 130
12384 Jan 4 1274 Feb 27 117
105s Ws
1038
12 Mar 13 rps Feb 18
1112 2012
1112
14 Mar 13 2014 Jan 5
734
24
24
314 Feb 11
218 Mar 14
26
46
2114
2614 Mar 15 3214 Feb 19
39
55%
27
484 Jan 11 57 Feb 18
2514 48
20
45 Mar 18 5734 Feb 16
1112 2514
114
1312 Jan 12 1812 Feb 19
40
5012
3412
43 Jan 11 5412 Mar 21
1912
1911
38
2214 Mar 19 295 Jan 3
122
96
88
119 Jan 8 12234 Feb 21
904 11434
80
110 Jan 15 123 Feb 18
12612 15212
15158 Jan 4 15714 Mar 8 120
3372
12
12
10 Mar 13 2014 Jan 9
5812
82
31%
2512 Mar 13 4538 Jan 9
412 1214
4
3 Jan 30 1258 Mar 2
40
19
14
7
Mar
6012
11
38 Jan
4614 7058
431/
66 Feb 8 7612Mar 7
354
22
20
2
24
612
318 Jan 25
23 Mar 14
20% 6212
2034
2212 mar 18 334 Jan 3
64 1312
612
612 Feb 5 1038 Mar 2
612 727s
32
5758 Jan 2 8814 Mar 4
118
5'
118
3 Jan 2
III Mar 15
104
4
4
21
Jan
518
21
272 Mar
3% 1314
258
54 Jan 3
2 Mar 13
1154
1154 30
14 Mar 15 2358 Feb 14
64 1712
5
812 Jan 7
378 Mar 14
26
11
1014
124 Mar 14 20 Feb 14
104 2238
1012
10 Mar 15 13 Jan 10
31,
1012
3':
534 Jan b
214 Mar 13
1714 4214
1758
17 Mar 13 2534 Jan 3
2414
25
1
4
361
8
11
Feb
3212
3018 Jan 15
3
10
3
44 Jan 17
34 Jan 2
2534 6514
2534
2878 Jan 2 3714 Feb 16
414 11
434
634 Jan 6
412 Mar 18
18
14
34 Jan 12
12
's Feb 11
34
10
2
Jan
11
6
13
134 Mar
1412 8852
1112
9 Mar 13 2034 Jan c
3$4
3512 7454
32 Mar 19 5612 Jan (
12
1252 2338
1812 Mar 13 2334 Jan
318 10,4
3
74 Jan 2
5 Feb 26
412 10
3
Jan
2
7
Mar
14
418
1278 2758
12%
1312 Mar 15 1714 Feb 1E
91
63
63
72 Jan 2 8312 Mar 22
3454
21
2034
s24 Jan 3 28 Mar 22
3
1214
2
334 Jan 4
112 Mar 13
113
8
2978
11%
Feb
12
1514
Mar
13
1018
912 2814
94
838 Mar 13 1314 Feb 12
Range Sines Jan. 1
On Basis of 100-share Lola
1012 Mar 13
13412 Mar 1
1534 Mar 1s
66 Mar 14
412 Mar 12
5e Jan 3
20 Mar 14
317 Mar 18
121 Feb 4
103 Feb 14
63 Jan 16
125 Feb 20
12 Mar 14
88 Feb 4
34 Mar 15
571/ Mar 13
12612 Jan
184 Jan 29
98% Mar 18
72SMar21
7434 Mar 21
1294 Jan 18
212 Mar 1
9 Mar 15
7% Mar 1
48 Mar 1
478 Mar 13
3512 Mar 18
54Mar 7
24Mar 15
3 Mar 13
31 Mar 20
8 Mar 13
1614 Mar 14
14 Mar 21
103 Jan 4
34 Mar 21
36 Jan 16
11814 Jan 4
997 Jan 21
372 Mar 11
6058 Mar 13
85 Jan 2
934
1618 Jan 1
138 Jan , 1074
12%
24 Jan I
33%
7534 Mar ,
2
638 Feb 21
as
Vs Jan 1
15
2614 Jan 1
281/
4018 Jan 1
71
12612Mar 11
57
112 Jan 11
43
69 Feb 11
106
133 Mar I
1018
184 Jan 1
52
92 Jan ,
3518
43 Jan 1
451/
7012 Feb 11
13518 Mar 1 102
11
2438 Jan :
10018
10734 Mar I
6312
8434 Jan '
6478
8658 Jan '7
13812 Mar I, 105
21s
634 Jan L
7
1938 Jan 1,
10
s1478 Jan II
50
60 Jan .5
914 Jan ,2
534
36
4518 Jan :3
1
134 Jan 1,8
278
612 Jan 1j8
312
434 Jan •4
32
3884 Jan ,
9,8
12% Jan '
758
1978 Feb 2
1318
1758 Jan •
80
1073 Mar '
418
5% Jan ,
4114 Mar
2174
11812 Feb 2
106
64
1064 Feb 2,3
312
618 Jan '3
7038 Jan 113
4614
10612 Feb ,
3114
8
10
11112
1312
36
218
%
1758
3014
100
7114
4854
106
ma
5978
37
46
1034
1334
10012
6514
67
10714
3
754
1252
54
7
345
1
272
354
3812
10
IN
1312
84
41s
284
.10
764
31/
4614
54
17%
13778
284
't534
738
21
/
2
30
5114
125
10912
21
12712
2612
92
4434
72
1294
24
12514
854
89
130%
13
28%
2754
80
174
8354
414
1712
9
501s
1754
1852
2454
108
101s
3912
117
10354
634
714
85
1962
New York Stock Record-Continued-Page 2
IIIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Mar. 16
Mar. 18
Mar. 10
Mar. 20
Mar. 21 1 Mar. 22
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
March 23 1935
Range Since Jan. 1
On Basis of 100-share Lots
July 1
1933 to
Feb. 28
1935
Lowest
Highest
Low
$ per share $ per share $ per share $ per share $ per share $ per share
Shares
$ per share 8 perch
Par $ per share
412 458
418 414 *414 458
412 412
438
458
458 458
1,300 Arnold Constable Corp
638 Jan 3
4 Mar 6
5
273
•338 512 *33i 514 *334 412 *334 412
334 34 *318 5
100 Artioom Corp
No par
334 Mar 15
4.4 Feb 8
34
*6838
*6838 __-- *6838 __-_ *68.4
*6838 ____ *6838 ____ ______
Preferred
100 7018 Jan 22 2018 Jan 22
6334
Art Metal Construction
10
358
•§14 -81
84 312
----914
838 -938
---1,500 Associated Dry Goode
712 Mar 13 1358 Jan 8
1
714
*75
87
*75
87
*75
87
*75
87 .75
83
*75
83
6% 1st preferred
100 81 Mar 6 95 Jan 24
44
*4118 .5212 *424 5212 *4214 6212 *43
5212 *43
.5212 *43
524
7% 2d preferred
100 48 Mar 12 70 Jan 18
36
30
30
*30
36
*30
36
*30
36
*30
36
*30
36
20 Associated 011
25 2934 Feb21 31 Jan 12
26
40
4038 3812 3958 39
4018 384 3978 39
4114 39
41
38,600 Atch Topeka de Santa Fe____100 3734 Mar 6 5538 Jan 7
394
*7518 7712 *754 7712 76
76
7612 7712 76
75
76
77
1,700
Preferred
100 744 Mar 8 8612 Jan 5
5314
2118 2114 21
21
2214 2214 2138 213
20
2234 214 2314 4.000 Atlantic Coast Line RR
*31, 6
100 20 Mar 14 3714 Jan 4
24
*318 378 •318 378 *318 378
8 *34 378 *318 378
At
G
I
&
W
SS
Lines____No
3 Mar 6
par
7 Jan 7
5
•6
0
*6
9
*548 688 *388 658
638 612 *6
9
200
Preferred
6 Mar 5
100
74
912 Jan 19
2134 2178 2112 2178 22
22
22
2214 2218 2214 224 2238 4,500 Atlantic Refining
2138
25
Mar
12
2
Jan
2118
254
3612 37
3712 3712 38
38
3712 3712 37
3712 3678 37
1,400 Atlas Powder
No par 36 Mar 13 43 Jan 11
18
•11014 _ _ 11014 1104 *11012 _ . 11038 1105g *11012 112
11012 11012
60
Preferred
100 10634 Jan 2 11038 Mar 20
75
*4
112 *4
412 *4
-5*4
5
*418 5
*4
5
Atlas Tack Corp
No par
4 Mar 13
734 Jan 8
54
16
161 1
15
1512 15
1614 1512 1658 1514 1712 17
1712 5,900 Auburn Automobile
No par
15 Mar 18 294 Jan 7
164
*64 64
612 638
634 7
714
712
733 758
714
712 1,100 Austin Nichols
No
par
612
Mar
18
14
2
Jan
4
364 3834 .3434 4034 *35
4234 *35
4234 4234 4234 4234 4234
Prior A
70
No pa
3934 Mar 16 63 Jan 2
275*
338
58
318 338
314 358
312 358
338
338
358 4
9,200 Aviation Corp o Del (The)--„5
Mar
3
13
54 Jan 3
312
112 19
112 15*
158
158
158
15*
158
2
178
178
7,100 Baldwin Loco Works
No par
112 Feb 26
112
65* Jan 9
•814 834 *818 812
8h 034
912 934
958 10
10
10
1,900
Preferred
100
9
85* Mar 19 2634 Jan 21
8
818
734 8
8
838
84 812
818 9
814 94 12,800 Baltimore & 01110
100
74 Mar 13 144 Jan 7
938
*912 104
912 . 912 10
101 1
1012 1012 1012 1034 1034 1112 1.500
Preferred
100
94 Mar 13 1772 Jan 7
1034
104 10412 *10412 106 *10412 106 *10412 106 *10412 106 *105 106
20 Bamberger (L)& Co pref
100 10034 Feb 21 105 Mar 11
86
*364 38
*3614 3812 *3614 3812 *3612 3812 .
36
3812 *3612 3812
Bangor & Aroostook
50 364 Mar 12 4214 Jan 2
2914
*10612 107
10614 107 *10614 110 *10712 110 *10712 110
10812 10812
50
Preferred
100 10614 Mar 18 110 Jan 11
9112
*338 418 .338 44 .338 418 *338 44 *312 418
312 312
100 Barker Brother!
No par
314 Feb 25
214
54 Jan 22
*30
3512 *3014 3414 *32
3414 *3018 3414 *3014 3414 *3018 3414
61.i% cony preferred
100
324
Jan
15
14
22
Jan
403
4
6
6
6
6
6
618
6
64
6
614
6
638 10,000 Barnsdall Corp
578 Mar 6
5
7 Jan 5
573
3812 3812 39
394 4014 4034 41
39
40
40
.39
3978 1,200 Bayuk Cigars Joe
No par 3712 Mar 14 4452 Jan 7
23
*110 112
111 111
111 111 al1118 11118 111 III
11112 11112
let preferred
150
100 10734 Jan 11 11112 Mar 22
80
1634 1634 1578 1812 *16
164 1612 1658 1612 1658 1612 1612 1.300 Beatrice
Creamery
25 1578 Mar 18 19 Mar 1
834
*101
*102
_ *102
_ _ *102 10812 *102 10812 *102 1044
Preferred
100 10012 Jan 5 104 Mar 4
55
74 -74
*7312 /73
; 7612 -7d12 *75
7734 .75
7634 76
76
300 Beech-Nut Packing Co
20 72 Feb 2 78 Jan 12
54
1112 1138 1118 1138 *1114 1112 1138 1138 1112 12
12
1212 1,700 Belding Hemingway Co__No par
1118 Mar 18 1312 Fob 23
7
*106 107
100 100
*95 105
*90 113
*90 113
*85 110
100 Belgian Nat Rya part prof
100 Mar 18 11712 Mar 7
8334
1212 1278 1214 1234 1218 1278 1238 1278 1258 1318 1278 1312 8.700 Bend's
Aviation
5 1178 Mar 13 1712 Jan 2
954
1538 1512 1518 1514 1514 1512 1558 154 1538 1578 16
2,900 Beneficial Indus Loan____No par 154 Mar 13 174 Jan
16
7 4 12
35
35
3478 3514 3512 36
*35
3512 3512 36
3512 36
2,700 Beet de Co
No par 34 Jan 30 3814 Feb 19
21
2314 2378 2158 224 2238 2378 2318 237s 23
2434 234 2514 18,400 Bethlehem Steel Corp
No par 2168 Mar 18 3438 Jan 8
23
*5838 59
5534 5712 58
5912 5912 59
58
60
5912 5912 1,400
7% preferred
100 5534 Mar 18 7734 Jan 9
4438
*1514 1612 15
1514
•15
153 *15
1434 15
1534
15
1612
460 Bigelow-Sant Carpet Inc__ No par 1434 Mar 19 2614 Jan 23
18
10
1014 10
1014
1014 1014
1033 11
1034 11
1078 11
2,500 Blow-Knox Co
No par
958 Mar 14 1372 Jan 8
6
*16
2212 .15
2378 .1514 21
*16
21
__ 21 *--- 2312
Bloomingdale Brothers_ No par
18 Feb 16 234 Jan 21
16
*107 10712 107 107 *107 10712 *107 107'2 10712 10758 10812 10812
Preferred
140
100 10314 Jan 22 10812 Mar 22
65
*2814 3034 2814 2814 *25I1 3034 *29
31
*2812 31
31
31
20 Blumenthal & Co pref
100 2814 Mar 13 4034 Jan 23
28
684 218
8 714
678 714
678 712
714 734 8,400 Boeing Airplane Co
618 Mar 18 10 Jan 2
5
634
52
52
5012 52
5234 .5234 *52
521
52
53
524 5314 1,800 Bohn Aluminum & Br
6 4934 Mar 13 594 Jan 8
3334
9714 9714 9714 98
9712 98
97
97
*9612 97
97
97
270 Bon Ami class A
No per 90 Jan 31
98 Mar 18
68
2138 2158 2118 2112 2118 2212 217 2238 215* 2212 2214 2212 10.200
Borden Co (The)
25 2118 Mar 14 2534 Jan 7
18
30
3038 2958 304 3012 3138 31
3138 3034 32
3118 32
12,100 Borg-Warner Corp
10 2814 Jan 15 3418 Mar I • 1112
*418 5
413 418 •44 518 *44 5'a
4
418
418 418
700 Boston & Maine
100
4 Mar 21
*5*
7,
7h Jan 4
*3,
412
*5
8
3
58
5
*58
78
*58
7*
78
100
:Botany
Cons
Mills
class
A
.60
58
Mar
5
111 Jan 9
26
2658 25
2534 251 • 257
5*
2558 2618 2512 265* 26
2631 17,500 Briggs Manufacturing___No th.r
2412
Feb
304
7
Feb
64
20
28
28
27
2714 2712 2734 27
2734 27
2712 2734 2778 2,600 Briggs & Stratton
No par 234 Jan 17 3132 Feb 21
1012
3214 3234 3234 33
3212 3212 33
33
33
33
3212 3212
1,600 Bristol-Myers Co
5 32 Mar 13 3614 Jan 10
25
134
*178 2
134 .1.12 3
*178 2
*112 2
4112 2
200 Brooklyn & Queens TrNo par
134 kfar 8
312 Jan 5
2
*1412 20
*13
20
*1412 18
*1412 18
.13
18
*13
18
Preferred
No par 15 Mar II 3172 Jan 3
20
38
38
38
3878 38
39
*3812 39
39
3914 3834 39
2,300
Bklyn
Manh Transit
No par 3612 Mar 15 444 Feb 19
253
4
*90
91
90
91
9112 9112 92
92
9212 9212 *9334 9412
700
36 preferred series A
No par 90 Jan 4 964 Feb 20
6914
4334 44
43
43
43
43
*43
44
44
4612 4512 4618 2,500 Brooklyn Union Gas
No par 43 i Mar 18 52 Jan 10
46
.52
65
*52
55
*53
55
*53
55
55
55
*534 5678
100 Brown Shoe Co
No par 53 Mar 11 260 Feb 19
41
•125
_ *125 _ _ •125 . __ 5125 . __ 41125 _ __ •125
_ __ ___ ___
Preferred
100 124 Feb 14 124 Feb 14 117
418 _-4-18 *4
-4-12
44 -44
412 112 *414 -412 .418 -412
300 Bruns-Balke-Collender___No par
418 Mar 6
64 Jan 9
4
*414 434
414 414
418 438 *412 478
412 412
48 5
600 Bucyrus-Erie Co
414 Mar 14
10
638 Jan 7
34
84 878
812 812
812 812 *812 914
834 938
9
938 1,100
Preferred
84
5
Mar
13
15
Jan
6
3
•5912 63
*5912 63
*60
*61
63
63
•60
63
6234 63
30
7% preferred
100 6234 Mar 22 74 Jan 25
47
312 34
338 34
314
334
34 334
34 4
4
438 9,200 Budd (E 0) Mfg
No par
314 Mar 15
3
514 Jan 2
42438 2412 24
2412 2412 2512 2434 2712 28
2912 2712 29
2,130
preferred
7%
100 23 Mar 14 33 Jan 22
16
234 278 .234 27
278 278
24 234
212 3
3
318 3,400 Budd Wheel
No par
2
414 Jan 22
212 Mar 21
*379 4
*378 4
*34 4
*378 4
4
4
*4
44
200 Bulova Watch
No par
378 Mar 13
478 Jan 16
212
•94 934
9
918 918 *914 934
918
934 10
10
10
600 Bullard Co
No par
814 Mar 13 15 Jan 2
418
*I
3
*1
3
*1
3
*1
3
*1
3
*1
Burns Bros class A
3
No par
2 Jan 19
Jan 25
24
1
I
•5*
*58
1
*58
*58
78
58
78 .
78
78
100
78
Class A •t c
78 Feb 27
No par
112 Jan 23
4
*14
58
*l4
58
*14
5t1
14
,4
Class
450
8
5
8
*33
B
5
1
No par
14 Mar 20
132 Feb 7
1
54
*38
*18
54
*18
34
*18
54
*18
54
Class B ctfs
*18
54
4
4 Feb 6
No par
4 Feb 20
3
3
318 318
4
3" 4
4
*4
412 .4
412
120
7%
preferred
3
100
J Mar 16
978 Jan 23
3
14
14
14
1418 1334 14
1418 14
1378 1418 14
1438 2,700 Burroughs Add Mach----No Par 1314 Mar 14 1534 Jan 7
1012
*118
114 *118
114
114
114 *114
112 *114
112 *114
112
100 :Bush Term
No par
118 Mar 13
34 Jan 21
4
*518 7
*518 8
*518 8
*54 8
*518 8
*512 8
Debenture
100
614 Mar 4 1012 Jan 22
2
•13
1478 *124 13
1214 1214 1238 13
1234 1234
1212 1212
220 Bush Term HI go pref ctfs
100 12 Mar 11
2212 Jan 21
418
Butte & Superior Mining
_10
138
*118
lh
*118
112 *118
138 •118
138
138
112 .13
158
300 Butte Copper & Zino
5
2 Jan 3
112 Mar 12
112
•34
1
1
*58
54
54
*34
*34
1
1
200 tButterick Co
54
54
84 Mar 1 1
No par
134 Jan 3
1
114 12
1134 12
12
1238 1218 1214
1238 13
1212 1234 2,400 Byers CO (A M)
No par
1138 Mar 14 2038 Jan 7
1334
*33
40 .3514 38
*3514 38
35)4 354 .36
39
*36
39
70
Preferred
100 32 Mar 14 60 Jan 5
40
38
3812 3734 3834 *3812 384 3834 3834 3878 394 39
3912 2,400 California Packing
No par 3612 Jan 16 4212 Feb 18
1658
*a,
58
58
53
12
58
58
*12
58
12
58 1,200 Callahan Zino-Lead
1
12 Feb 19
14 Jan 3
38
*258 234
25
234
258 238
238 234
234 24
3
318 3,200 Calumet & Hada Cons Cop__ _25
212 Mar 13
44 Jan 7
234
*734 8
*734 8
734 818
8
818
812 812
8,2 812 1,100 Campbell W & C Fdy_No par
712
Mar 13 1153 Jan 3
6
1012 1012 1018 1012 10
1038 10
1014
978 10,8
1018 1012 4,800 Canada Dry Ginger Ale
5
938 Mar 1
164 Jan 7
1114
•____ 53 *___ _ 52 *____ 52 *___ 52 *__ __ 52 •____ 52
Canada Southern
100 52 Jan 18 53 Feb 4
44
97 10
958 10
9h 953
912 934
912 9e 16,500 Canadian Pacific
912 10
25
938 Mar 18
1334 Jan 9
1072
.32h 3318 .3212 3318 32
3218 3212 3212 3234 3234 3234 3234
1,000 Cannon mills
No par 32 Mar 13 36 Jan 10
2214
•41.2 5
*412 514
412 412
412 412
438 5
*5
600 Capital Adminis al A
558
1
438 Mar 21
74 Jan 9
44
*3212 35 .3212 35
*3212 35
*3214 35
35
*33
*33
35
Preferred A
10 3212 Feb 25 37 Jan 9
26
*81_ .81
___ *81
_ *81
8138 *81
___ *81
__ ___ __ Carolina Clinch & Ohio Ry-100 8214 Feb 27 844 J1413 15
60
*85 -141-12 .864 -8812 *85 I43-12 85
86
*85 /3812 *85 -8812
110
Stpd
100 85 Mar 20 90 Jan 29
70
4788 4812 4534 47
484 4734 4812 4778 51
47
49
5114 11,000 case (J I)(XI
100 4534 Mar 18 63 Feb 18
35
*80
*80
86
86
86
86
*86
864 86
86
*86
8712
150
Preferred certificates
100 84 Mar 14 99 Jan 8
5878
3814 3812 3712 38
384 3812 3818 3914 3818 3914 3818 384 9.300 Caterpillar Tractor
No par 3612 Jan 16 44 Feb 18
15
2158 22
1958 2034 2014 2034 20
204 20
11,90)) Celanese Corp of Am
2034 22
215
_No par
1958 Mar 18 3538 Jan 7
1718
214
*2
2
2
*2
238 *2
238 *2
238 .2
238
100 ICelotex Corp
No par
2 Feb 36
438 Jan 18
1 le
*114
178 .114
178 *114
178 *114
178 *112
131 •112 lh
Certificates
No par
114 Mar 8
7,
314
Jan
18
.1078 1278 •1218 13
12
12
*13
1114 13
1514 13
16
100
Preferred
too 114 Mar 20 2512 Jan 18
21 2
25
25
z2438 25
25
25
2412 25
26
26
*25
2618 1,800 Central Aguirre Asso__No par
2214 Feb 13 2714 Mar 4
183
4
.35
37
34
34
*35
40
*35
42
38
40
200 Central RR of New Jersey
38 .38
100 31 Mar 18 5518 Jan 4
40
*64 712 •63
, 712 *652 7 4
*64 714
100 Century Ribbon kfIlls___No par
638 658 *612 714
658 Mar 21
1232 Jan 16
512
•9514 105
*954 100
*9514 100
*9514 100
*954 100
*9514 100
Preferred
100 9614 Mar 14 10912 Jan 2
75
4158 4158 4014 41
4138 424 42
4234 4214 4314 43
4334 7,400 Cerro de Pasco Copper___No par 3832 Jan 15 47 Jan 7
234
4
4
4
4
4
414
4
4
5
*4
*412 5
1,200 Certain-Teed Products___No par
33
8
klar
13
Oh Jan 7
258
*24
30
24
2414 *24
4124
28
30
26
26
7% preferred
2534 2534
70
100 23 Mar 12 3314 Jan 23
1058
*438 812 *433 812 •4-38 812 •438 7
*438 7
Checker Cab
*438 7
5
434 Feb 26
652 Jan 7
412
3712 3712 374 3738 3712 38
53714 38
3738 37714 38
3812 1,900 Chesapeake Corp
No par 36 Mar 12 4478 Jan 4
2912
3734 3818 375* 38
3818 3834 3814 3812 38
11,600 Chesapeake & Ohio
3938 394 40
25 3718Mar 12 4532 Jan 7
374
*4
*34
114
*34
14
14
*34
114
fChia & East III Ry Co
534
*34 14
14
100
178 Jan 4
24 Jan 12
I
•114
112 *118 14 *14
138 •14
preferred
112 *114
6%
112 *14
112
100
114 Mar 7
112
24 Jan 8
54
kl
58
kJ
r'S
58
313
34
ki
58
ki
54 2,600 Chicago Great Western
100
28
118 Feb 28
214 Jan 7
158 2
.138 2
2
178
2
178
*134 2
2
2
1,000
Preferred
100
15
8 Feb 28
14
44 Jan 4
•134 2
•14 2
*134 2
*14 2
*134 2
*134 2
:Chic Ind & Loufs• pref__100
134Mar
8
13
4
Mar
8
13
4
112 158
138
158
138
112
138
114
112
lh
138
112 6.000 Chic Milw St P & Pae____No par
114 Mar 11
3 Jan 3
2
238 238
214 238
214
24
2
218 18,800
2
138 218
24
Preferred
100
15*Mar 21
4
Jan
2
4h
34 34
278 318
278 3
24 3
278 318
3
312 6,700 Chicago & North Western
100
278 Mar 13
558 Jan 7
312
57a *5
*5
6
578
6
*54 512
578 64
6
6
Preferred
700
100
418 Mar 14 1032 Jan 8
534
514 538
5
5
*478 5
5
514
538 538
1,000 Chicago Pneumat Tool __No par
518
518
45
8
Mar
14
73
8
Jan
34
7
21
2138 *21
2178 22
2212 421
22
2214 21
22
1,100
22
Conv preferred
No par 20 Mar 13 2618 Jan 7
1414
118
Us *11s
114
114
114
*114
14
14
600 :Chicago Rock Isl & PacIfic_100
134
134 •138
1 Mar 12
238 Jan 9
14
134
14
134
14
184 •134 3
154
214
234
213 *214
700
7% preferred
100
134 Mar 11
238
44 Jan 0
•134
178
14 .158
134
17s •13.8
lh •lh
178
178
2
200
6% preferred
100
112 Mar 13
4 Jan 10
2
Chia 9t Paul Minn & 0m_..,100
118
___.
Preferred
314
100
.10
104 .10
1014 *10
1014 *10
1018 •10
1018 *10
Chicago Yellow Cab
1018
No par
10 Feb 20 114 Jan 3
94
For footnotes see page 1960.
Range for
Year 1934
Low
Mph
$ per share
3
84
4
1012
6384 7018
934
419
714 1814
46
00
36
6478
2912 404
4514 7334
7018 90
2412 5414
5
16
778 24
2112 354
3514 5512
'3
107
512 164
1612 5738
612 165*
314 65
334 1034
412 16
1638 644
1234 3412
15
374
8612 10272
3512 464
9518 116
214
612
1618 3812
10
57g
23
4544
89
10912
1014 1938
100
55
7658
58
84 1314
9512 127
94 234
1218 194
40
26
2418 4912
5478 82
194 40
164
6
26
17
100
88
5014
28
64 1 114
4412 6834
04
76
194 284
1618 313,
54 1912
78
3
12
283*
2712
14
3712
26
84
338
314 5813
284 4478
8318 97
46
804
45
01
11814 12514
104
4
34
94
6
14'2
59
75
74
3
44
18
2
54
278
612
54 154
131
6
58
412
313
1
12
212
4
1512
1012 2194
ea
34
234
012
54 21
112
24
112
31
.
4
4'4
118
1334 3234
40
674
184 444
is
04
234
64
6
1578
1212 2912
4812 5612
104 184
284 384
538 1014
2644 39
85
74
70
9212
35
8634
5678 93
23
3834
174 444
14
678
1
4
613 2218
1834 3218
53
92
54 124
11012
82
3014 4418
34
734
1712 35
44 1812
48s 1
34
3912 484
118
,
7
8
DI
112
512
312 117s
14
7
812
2
312 1314
312 15
534 28
34
94
1414 2834
14
814
94
24
8
2
612
14
4
1134
Ole 216
1
-
r• -
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Mar. 16
Monday
Mar. 18
1963
New York Stock Record-Continued--Page 3
Volume 140
Tuesday
Mar. 19
Wednesday
Mar. 20
Thursday
Mar. 21
Friday
Mar. 22
Sales
for
the
1Weelc
STOCKS
NEW YORK STOCK
EXCHANGE
Range Sines Jan. 1
On Basis of 100-share Lots
LOt11888
Highest
Juts 1
1933 to Ranoe for
Feb. 28 Year 1934
1935
Low Lots
High
Par $ per share
$ per share $ per an $ per share
$ per share $ per share $ Per share $ per share $ per share $ per share Shares
15
1914 3054
10 2512 Mar 12 29N Feb 18
2618 27
1,700 Chickasha Cotton 011
27
261
/
4 2610 27
26
26
26
26
2614 26
35
1158
318
712 Jan 7
312 Mar 15
No par
600 Childs CO
418 418 *378 412 *418 412 *418 412
4
4
334 414
1014
1752
9
9 Feb 23 1213 Jan 28
25
*8
12
Chile Copper Co
*8
12
.8
12
12
12
*8
12
*8
*8
12
4212
3
2614
2914
Mar
Jan
60
/
1
4
31
6
Chrysler
Corp
33/
1
4 32/
1
4 3134 3312 3178 69,000
3212 3318 311
/
4 3234 3213 3338 33
1412
174 241
/
4
No par 20 Jan 14 2238 Mar 12
600 City Ice & Fuel
21
2114 2114 2114 2114
21
21
21
21
*21
2134 21
9213
67
Mar
11
633
8
10
96
Jan
100
87
Preferred
7
90
91
92
92
911
/
4
91
91
9038 9012 *8738 8912
90
90
174 52
100-- 3714
City Investing
50
50
*32
50
*32
50 .32
*32
50
50
*32
*32
12
13
218
112 Jan 17
12 Mar iA
No par
58 8.500 City Stores
12
12
58
12
12
5/3
58
12
12
%
52
114
28
78 Jan 17
/
1
4 Mar 12
28
Voting trust certifs____No par
2,200
313
12
38
*32
38
38
38
32
N
/
1
4
38
38
24
2
552
6/
1
4 Jan 17
No par
4 Feb 28
Class A
*318 5/
*3
5
1
4 *3
5/
1
4 *313 534
5
5
*3
*3
514
2
2
4
Feb
27
61
/
4
Jan
17
par
37
8
No
412
ClassA
'etc
*3
*3
413
414
4
*31
/
4
*33
4
43
414
*31
/
4 414 *3
612
854 211
/
4
12/
1
4 Mar 13 15 Jan 18
No par
1212 1212 *1212 14
200 Clark Equipment
1212 1212 *1134 13
*11/
1
4 1418 *1134 13N
60
7012 78
50 8014 Feb 27 z82 Feb 7
Cleveland & Pittsburgh
*7658 80
*7658 80
*7658 80
*7658 80
*7658 80
*7658 80
31
38
45
__
50
Special
_
___
___
*4313
*4312
-__
*4313
_ *4312
*4312__ *43/
1
4
22
24/
1
4 46
. 2812 Jan 7
*2312 24
*2312 24
24 ....24
200 Cluett Peabody & CO_ _.._No par 24 Mar 22
2412 21/
1
4 *2312 21
-5
*2213 2
115
90.
95
100 11212 Jan 7 12112 Mar 16
Preferred
*12112 124 *12112 124
12112 12112
40
__ *12112
12112 12112 *12112
9514
85
21
161,2
19012
Mar
1617
8
Jan
2
par
(The)
No
18812 19012 18912 19038 3,600 Coca-Cola Co
17814 17814 178 12912 180 18-012 18312 188
4512
5018 57
No par 5512 Jan 5 5738 Mar 8
*5673 57
Class A
5718 *5678 57
600
5718 57/
1
4 5718 57
*57
5714 *57
314
314
__
200
__
Corp_No
pa
Inter=
Cola
.
Coca
_
*348
*362
.*366
_
*368
_
_
-__
*348
*348
9/
1
4 1818
9
1618 Feb 5 1814 Jan 7
8 1612 -fi *1658 16-34 1634 17-14 17 -1-7-38 3,900 Colgate-Palmollve-Peet__ No par
1618 167164 1-7
66
6812 10213
100 101 Jan 3 10512 Mar 15
6% preferred
900
*10418 106 *10414 10513 *10412 10512 10412 10412 104 10414 104 104
10
1
4
2812
9 Mar 13 1534 Jan 7 1, 9/
No par
953 10
1012 10
1038 1,600 Collins & Alkman
95
932 934
1
4
91
/
4 9/
/
4
958 91
94
74
72
100 6934 Mar 13 85 Jan 8
Preferred
90
72
70
70
691
/
4 6978 *7014 79
*70
*69
72
741
/
4
71
9
5
5
712 Feb 15
634 Jan 10
No pa
250 Colonial Beacon 011
61
/
4 7
*658 712 *658 7
*61
/
4 7
*653 712 *658 712
358
8/
1
4
258
12
Jan
21
Mar
13
512
Par
No
Iron
:Colorado
Fuel
&
114
114
114
118
11
/
4
114
113
112 11
118
/
4 3,800
118
1
32
9
1012
21
Jan
Mar
14
2812
5
100
Preferred
101z
140
*813 1012 *8
1
4 814
8
10
11
11
714 74
7/
1658 401
/
4
1034
8
28
195
8
Jan
/
1
4
Feb
10
100
Southern
Colorado
&
13
130
13
121
/
4
13
13
13
13
13
13
13
13
*1212
3314
13
7
7 Feb26 15 Jan 8
100
4% 1st preferred
50
938 912
1
4 *9
934 *94 934
*818 934
812 812 *834 9/
30
7/
1
4
11
61
/
4 Mar 9 13 Jan 8
100
4% 2d preferred
60
*534 7
*5/
1
4 7
7
7
*534 7
712 714
*5/
1
4 7
45
58
774
7313 1,900 Columbian Carbon etc __No par 67 Jan 15 7934 Mar 2
/
4 *7312 7434 73
1
4 731
7138 7212 7212 7314 73/
7312 74
1718
2112 4138
1
4 41
1,S00 Columb Pict Corp v t c_ __No par 3414 Jan 16 4538 Mar 6
41
4134 4118 4112 4134 42
4114 3934 4012 40/
41
6/
1
4 194
412
7/
1
4 Jan 10
338 Mar 13
40,500 Columbia Gas & Elos____No par
418 414
5/
1
4 6
418 414
4
412
452 4/
1
4
458 578
46
52
1
4 Jan 26
781
/
4
100 3512 Mar 13 59/
4914 4,100
3712 38
Preferred series A
3738 37/
1
4 38
41
4212 45
49
4512 50
41
41
71
/
4 Feb 9
100 31 Mar 15 511
5% preferred
3313 3414 *37
42
44
520
3114 33
38
39
44
3214 33
1114
18/
1
4 4014
4714
Feb
20
2
Jan
10
3912
Commercial
Credit
40
4114
4234
4112
4014
411
/
4
413
4
42
4114
8,400
4112
4214 411
/
4
22
2312 301
/
4
25 29 Jan 5 3214 Feb 4
7% let preferred
3038 3012 *303 3034 3012 3012 *30/
150
1
4 3013 30/
1
4 3038
*3012 303
53
32
38
50 5212 Jan 7 5714 Mar 2
Class A
500
1
4 5538 *551
/
4 5613 551
/
4 5552 5614 5614
*5538 5618 5538 5558 55/
3018
24
23
Jan
25
33
Jan
3
2912
25
Preferred B
1
4 3034 *30/
280
,30/
1
4 3034 3034 3034 3012 303
3012 31
1
4'
30/
1
4 30/
85
9112 110
1
4 Jan 2 113 Mar 1
100 109/
/
4 11118 11118 *11112 11178 11118 11114 11118 1111
/
4 11118 1111
/
4
380
635% first preferred
*11118 1111
3534 61
No par 5614 Feb 7 624 Jan 9 32 2214
6,000 Comm Invest Trust
5758 5734 5718 5714 5714 58
5734 5814 5734 583
5812 60
114
91
8412
29
'Mar
13
11512
Jan
111
No par
Cony preferred
300
11214 11214 *11134 11312 *11134 113 *11134 113 *1111
/
4 11212 11134 11134
1
4
1534 3634
15/
1
4 Jan 7
No par 1753 Mar 13 23/
1772 1812 1814 18/
1
4 1838 18/
1812 19
1
4 1814 1918 1812 1918 18,600 Commercial Solvents
14
1
3/
1
4
2
I
13
3
Jan
Star
8
par
No
&
Sou
Commonwith
30,200
kt
78
34
78
34
78
84
78
24 1
1
78
1
4
2111 5204
17/
Ms Jan 4 4058 Feb 13
No par
$6 preferred series
3312 3312 34
311
/
4 3134 3112 3234 32
3414 36
3514 3714 11,900
13
/
1
4
5
5
734 Jan 23
5/
1
4 Mar 18
No par
100 Conde Nast Pub., Ins
*5/
1
4 8
578 5/
1
4 *534 8
*534 8
*534 7
*534 7
351
/
4
22
1612
/
4 Jan 2
27 Slur 15 341
No par
1
4 2712 2814 27/
1
4 2814 27
28
2714 27/
27/
1
4 2814 2814 28/
1
4 5,500 Congoleum-Nairn Inc..
74
714 1413
9 Feb 7 1012 Jan 18
No par
914 914 *9
400 Congress Cigar
97
*9
10
914 914 *9
914 924
91 2
61
32
28
42 Jan 4
23/
1
4 Mar 1
25
25
25
170 Connecticut Ry & Lighting__100
*25
28
25
*2214 27
*2214 27
27
27
58
55
44
100 44 Feb 26 44 Feb 26
Preferred
*35
47
*35
47
*35
47
*36
47
*36
47
*36
47
1
4
514 13/
54
7 Mar 14 1012 Jan 9
No par
600 Consolldated Cigar
7
7
*7
714
*714 8
714 71
718 71
/
4 *658 7
75
31
3014
Jan
24
74
Mar
9
70
100
Preferred
*60
70
*60
70
*60
70
*60
70
*60
70 '360
70
747
3
454
4514
Feb
28
Feb
8
82
/
4
100 711
*72
75
72
72
120
Prior preferred
75
*7213 74
1
4 76
*72
72
73
*65/
70
49
4514
Prior prof ex-warrants____1130 80 Mar 6 80 Mar 6
/
4 *70$8 097 *7048 797 *7038 73
00P8 79/
1
4 *7038 791
*701
/
4 73
614
11
/
4
11
/
4
Jan
16
74
Mar
18
418
1
42
4/
1
4 4/
1
4
418 412
414 4/
1
4
438 438
414 412 2,100 Consol Film Indus
438
75
101
/
4 2038
1612 Mar 22 2213 Feb 15
No par
Preferred
1758 18
178 1814 18
5,500
r19
19
1818 178 1778 1612 171
1
4
1812 47/
1578
1
4 Feb 20 2253 Jan 11
No par 15/
16/
1
4 1758 1718 173
161
/
4 1714
1714 18
/
4 18/
1
4 1934 74,800 Consolidated Gas Co
1712 191
95
s71
471
11
82
Jan
No par 7213 Feb 23
7612 7578 76
Preferred
76
7612 7612 7634 77
76
81
79
8012 4,100
112
43s
113
24 Jan 18
112 Mar 12
No par
112 112
*112 134
112 112 *112 2
1,200 Consol Laundries Corp
*112 2
*152 2
714 1414
714
8/
1
4 Jan 2
612 Mar 13
No pa
634 61
/
4
61
/
4 678
6/
1
4 634
63
/
4 9,600 Consol 011 Corp
678
61
/
4 7
678 71
108
11218
100 10812 Feb 5 112 Jan 28 103
__ *10814 110 *108 10912 *108 10912 *108 10912 *108 1091
8% preferred
•10814
218
212
6N
25
34
Feb
21
Jan
212
prat
100
of
Cuba
Consol
RR
*258 _-3
*258 278 *258 3
100
*258 278
234 234 *234 3
12
12 Mar 12
11
218
/
4 Jan 5
12
*12
r%
12
1,
NO par
12
12
/
1
4 3,800 Consolidated Textile
12
12
53
58
58
13/
1
4
613
414
1
4 Jan 10
9/
1
4 Mar 15 13/
20
1014 lON 10
10 9/
1
4 1014
/
4 1112 3,700 Container Corp class A
1018 1018 1018 1012 101
2
9
23
2
Vs
13
54
Jan
Mar
3
/
1
4
No
par
Class
B
3,300
3/
1
4 4
353 334
3/
1
4 378
3/
1
4 338
3/
1
4 353
3/
1
4 3/
1
4
54
1453
51
/
4
7
13
Jan
412 Mar
634
512 *513 513
300 Continental Bak class A No par
*438 512 *412 512 *424 512
41
/
4 41
/
4
41/4
233
72
/
1
4 Mar 7
1 Jan 3
24
No par
Class B
31 1.800
34
/
1
4
ki
34
7a
34
34
*N
78
34
34
4414 64
4414
Feb 19
Jan
28
54
4614
100
Preferred
5212
200
*49
51
51
51
50/
1
4 501
/
4 *5034
*50/
1
4 53
*5034 53
Feb
18
37
7312
563
4
6412
15
20 6284 Jan
9,400 Continental Can Inc
6412 6614 65/
6614 67
651
/
4 6712 6634 63
1
4 6612 6614 67
113*
6
6
1
4 Feb 18
9/
7 Jan 15
5
700 Cont'l Diamond Fibre
*8
9
71
/
4 71
/
4
734 784 *734 8
8
8
*7/
1
4 812
1
4 38I4
23/
20
2.50 2878 Mar 13 34 Jan 8
3012 2912 2934 294 2914 201
*29
/
4 2934 2912 3012 2952 2958 2,000 Continental Insurance
1/4
N
2/
1
4
11
/
4 Jan 8
34 Jan 2
No par
3,100 Continental Motors
1
*78
78
21
34
34
78
84
78
84
78
34
15/
1
4 2234
1214
6 1518 Mar 14 1918 Jan 3
10,800 Continental Oil of Del
/
4 16
1
4 151
1514 1512 1518 1514 1518 1514 1514 1512 1512 15/
4012 51
4012
/
4 Mar 11 4812 Feb 14
880 Corn Exchange Bank Trust Co 20 411
*4213 43
42
4212 4218 43
4338 431 *4234 4354
43
43
5512
5512 8412
25 62 Feb 6 68 Feb 18
6.114 63
6334 6434 5,300 Corn Products Refining
64
64
65
63
6414 63/
1
4 6414 63
15012
135
157 Mar 16 133
100 149 Jan
100
Preferred
*158 __ _
157 157 *157 _ _ *157 _ _. *158
_ __ *158 _
97s
353
34
61
/
4 Jan 3
41
/
4 Mar 13
No par
412 4-58 1,700 CO2y Inc
412 13434 134 *438 -i12
434 -4/
44 -412
1
4
4
23
Mar
28
3614
391
/
4
Jan
15
NO
par
35
/
1
4
Cream
of
Wheat
etfs
2,700
/
1
4
3812 3812 3814 3812 38/
1
4 38782 38/
x381
/
4
38
1
4 38/
1
4 3858 387
1712
7
8
18
Feb
153
4
No par
1212 Jan 15
14
14
1411
1,800 Crosley Radio core
*13
14
1212 1234 *1234 1312 1312 1312 14
1834 3614
1834
No par 2312 5Iar 14 28 Feb IS
2434 244 2414
800 Crown Cork & Seal
24
24
244 *24
2312 2312 24
24
24
35/
1
4 4414
32
No par 4312 Jan 4 45 Feb 18
$2.70 preferred
*4412 45
*44/
1
4 4412 4412 4412 4434 45
4434 45
500
*4434 45
84
47
Crown W'mette Pap let pfNo par 7412 Mar 13 86 Jan 11 0840
*72
77
*72
77
*69
*69
_ _
_
*73
*7338 77
658
353
314
3
Jan
10
1
.53
312Mar
par
Zellerback
•
t
c...
_No
Crown
4
3
/
1
4
4
1,000
334
312 2/
*31
/
4 -311
1
4
334 233/
1
4 334
17
381
/
4
14
7
Jan
254
Mar
15
600 Crucible Steel of Amerisa____100 14
1612 17
*17
18
*1412 1512 *1412 17
17
16
*1514 17
71
30
44
100 53 Mar 21 68 Jan 2
Preferred
53
53
100
*45
55
.51
55
5712 *45
*53
5712 *50
55
318
04
19
Feb
53
15
8
01
Jan
28
114 *1
1
No
par
CO
(The)
11
*1
118
114
118 •1
100 Cuba
118
118 *1
34 1012
3
7/
1
4 Feb 26
5 Jan 5
100
Cuba RR 8% prof
*514 638 *54 6N
*514 63
•514 638
*514 7
*512 6
212
312
94
758 Feb 18
10
533 Jan 2
UN 6
618 2,200 Cuban-American Sugar
6
6
6
6
6
*534 6
5/
1
4 6
1412
20,8
65
1
Mar
58
3
100 4012 Jan
5412 54
Preferred
5512 54
5413
560
52
5312 511
5178 5534 55
/
4 54
37
3518
5252
50 41 Feb 4 4712 Jan 2
4214 4238 423 *42
42/
1
4 43
4212
700 Cudahy Packing
4112 4112 4214 4214 *42
1312 2938
1312
15 Mar 15 2278 Jan 8
No par
174 171
17
1714 1812 2,600 Curtis Pub CO (The)
15
15
15
15
1514 1514 16
4312 9534
3812
1
4 Mar 14 101 Jan 10
No par 89/
*92
93
93
93
600
Preferred
*91
93
*9234 94
90/
1
4 91
91
91
514
24
2
3 Jan 2
2 Mar 12
212
1
214 253
214
2.53 212 15,300 CurtIss-Wright
218 218
218 2N
2
218
38
514 12 2 4
714
63
1
614 Mar 15 1018 Jan 2
738
718 71
718
Class A
612 7
7/
1
4 814 21,100
68
7
754
91
734
8
Cushman's Sons 7% prat -_100 7314 Jan 16 83 Feb
*7312 8012 .74
8012 *7412 8012 *7412 801 *7412 8012 7412 8012
6412 90
6413
NO par 6418 Jan 23 65 Jan 19
*65
70 .65
70 .65
70
*65
70
*65
70
*65
70
8% preferred
11
912
2112
16 Mar 13 2034 Feb 19
No par
16
16
16
16
16
1612 16'2 1658 171
16
/
4 1634 1718 1.500 Cutler-Hammer In
8/
1
4
6
512
814 Feb 14
5
7 Mar 18
*7
8
7
7
7
7
*6/
1
4 7'2 *7
734 *7
712
300 Davega Stores Corp
101
/
4
1013 3418
24
2414 2378 26
No par 22/
1
4 Mar 18 31 Feb 18
2358 2412 2234 2318 233 24
2414 25/
1
4 10,000 Deere & Co
1014
1014 1914
*21
2133 2013 2012 20/
1
4 21
21
2138 211
/
4 211
20 19 Jan 15 2212Mar 8
/
4 2114 2114
1,200
Preferred
7312
35
2518
2534 2534 2511 25
2514 25
100 24 Mar 13 4312 Jan 7
2512 2612 21
27
2514 2713 5,200 Delaware & Hudson
121
/
4
14
33/
1
4
1112 117
1112 1134
1178 1214 12
1238 1178 1278 1238 1312 7,300 Delaware Lack & weetern-50 11 Mar 13 1918 Jan 7
3/
1
4 1314
112
.183 11
/
4 *138
414 Jan 8
112
112
100
113 Feb 27
112 112
112 *138
300 Deny & Rio Or West pret
124 *115 11
/
4
6312 84
55
*631
/
4 65
*6412 66
66
66
66
100 65 Mar 13 78 Jan 25
6612 *66
67
67
68
800 Detroit Edison
7
5
4
6 Jan 17
*224 41
/
4 *2/
4 Jan 5
1
4 478 *234 478 *234 41
Detroit & Mackinac Ry Co __100
/
4 *234 478 *A 4/
1
4
184
14
10
.6
15
*6
15
15
8 Jan 4 11 Jan 29
*6
15
*6
15
*6
5% non-cum preferred__ _100
15
20
29
2
55
,4
Jan
Mar
22
50
/
1
4
39
038
4414
par
36
*36
x38/
1
4 3834 *36/
1
4 42
*36
44
36
36
200 Devoe dr Raynolds A__ No
99
117
8912
13115 11614 *115 11614 x11614 11614 11612 11612 115 115 *115 11682
100 11412Mar 8 117 Jan 21
let preferred
30
21
2812
21
*2814 28/
/
4 28
28 .28
2813 *28
Vo par 2613 Jan 2 2934 Jan 2S
1
4 2814 281
2814 28
281
/
4
900 Diamond Match
2814 3412
2752
3412 3112 *33
35
/
4 Jan 7 3714 Feb 25
*33
35
*33
35
25 341
*34
35
35
35
200
Participating preferred
25
32
4614
39
39/
1
4 3812 39
39
3934 39
No par 3418 Jan 15 4114 Mar 2
39/
1
4 39
3912 39
3938 5.300 Dome Mines Ltd
23
11
28
512
Jan
87
8
81
/
4
*9
91
/
4
9
9
par
813
Feb
23
1252
912 912
834 8/
1
4
8/
1
4 852 1.000 Dominion Stores Ltd-No
1414 2812
11 18
1
4 1812 191
/
4 191
/
4 1918 19/
1
4 Jan 3
1818 1878 17/
1
4 1918 1978 19/
1
4 20/
1
4 9,000 DOugias Aircraft Co Inc No var 1713 Mar 12 24/
20
814
84
14
15
1473 14/
*1312 14
1
4
*134 14
400 Dresser(SR)Mfg cony A No par
•1314 1414 *1314 14
1312 Mar 15 1612 Feb 19
5
*04 7
3/
1
4
1172
632 6/
1
4
638 638 *618 7
714 Jan 8
200
Convertible class B___ _No par
6/
1
4 Mar 18
*633 7
*612 7
/
1
4
11
/
4
33
82
Duluth 88 & Atlantis
100
33 Jan 9
22 Jan 9
*14
12
*14
12
*84
12
*14
12
*14
12
*14
218
4
12
12 Feb 13
Preferred
100
"8
24
"8
24
"4
24
12 Feb 13
"3
N
*38
N
*sa
3
3
324
111
/
4
3
*3
31,3
•3
3
3
3
3N
*3
5/
1
4 Jan 18
31
/
4 318
3
400 Dunhill International
1
3 Mai 6
1312 23
*1312 15
1312
*1312 15
*1312 15
*1312 15
.1312 15
*1312 15
Duplan Silk
No par
13/
1
4 Feb 5 1713 Jan 3
110
100
92
103 103 *103 105 *103 105
20
Preferred
100 103 Mar 20 103 Mar 20
*103 105 *103 105 *103 105
80
10378
1
4 8734 8714 8812 8778 8838 871 DON 8934 91
19,400 DuPont deNemours(E.1.)&Co.20 8653 Mar 18 9912 Feb 18 31 5938
1
4 86/
87/
1
4 88/
12838
SOO
6% non-voting deb
100 1261
/
4 Feb 8 129 Jan 8 10414 115
.128 12814 12814 12814 *12818 12814 12814 12812 92838 128's 12834 12834
107
90
85
104/
1
4 105
104/
1
4 104/
1
4
10.112 10412 10414 10412 10412 10514 *103 105
550 Duquesne Light 1st oret
100 104 Feb 18 107 Jan 17
21
30
13
*23
. 2212 23 .18
22
23 Mar 5
22 .18
*23
70 Durham TIoelery Mills pref 100 22 Jan 1
.23
25
35 Mar 13
438 *414 412
433 _-414 412
312
418 12,
e
4/
1
4 434 1,100 Eastern Rolling Mills____No par
44 414
8 Jan 7
414 41 _
5,400 Eastman Kodak (N J)___No par 11013 Jan 16 12318 Feb 19
6512
79
11612
11728 11778 11614 117/
1
4 11712 118
116/
1
4 11714 11512 11752 11634 118
147
120
15112 1511 15312 15312
6% cum preferred
100 141 Jan 4 15312 Mar 22 120
60
.151 155 *151 155 *151 155 *15112 155
10
121s 2212
1
4 1712 1882 171 18
/
4 Feb 18
1758 17/
3.000 Eaton Mfg Co
No par
16/
1
4 Jan 15 201
1
4
17/
1
4 17/
191/4
734 Jan 4
6
1
4 33i 4
5352 4
*3/
1
4 372
3/
1
4
378 3/
1
4 '
300 Eitingon Schild
No par
3/
1
4 Mar 19
*31
/
4 412 *312 4/
111
/
4
15
311
/
4
20
2038 204 202
2018 2133 20/
1
4 2112 10.000 Dec Auto-Lite (The)
5 1912 Mar 13 29 Jan 3
1
4 20
20
2078 19/
110
80
11012
Nlar
11
75
110 110
110 11012
110 110
100 107 Jan 23
440
Preferred
109 10958 10912 1101, 110 110
712
3
3
438 438
412 478 4,200 Electric Boat
618 Jan 7
414
414 412
438 412
3
378 Mar lo
4N
4
418
41e
318
613 6/
1
4 2,100 Elec & Mus Ind Am shares
612 Mar 21
838 Feb 18 n 512
612 028
/
4
634 61
/
4 *658 1378
/
4 61
61
7
7
11
/
4 Mar 15
9/
1
4
2
214
11
/
4 21
214 7,500 Electric Power & Light __No par
3 Jan 3
1 12
138
112
112 11
/
4
138 112
138
138
653 21
3 Mar13
6
No par
6
6/
1
4 4.900
41
/
4 41
/
4
5
514
514 61
Preferred
812 Jan 10
41
/
4 4/
1
4
4
418
1934
No par
6
212 Mar 13
714 Jan 11
5
ER preferred
4
4
4
414
4/
1
4 4/
1
4
434 5/
1
4
6
512 2.200
4
4
For too notes see pare 1960,
1718. In 1714 1738
1964
New York Stock Record-Continued-Page 4
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Mar. 16
Monday
Mar. 18
Tuesday
Mar. 19
Wednesday
Mar. 20
Thursday
Mar. 21
Friday
Mar. 22
Sala
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
March 23 1935
Rance Stites Jan. 1
On Baits of 100-share Lots
Aug 1
1933 to Range for
Feb. 28 Year 1934
1935
Low Low
High
Lowest
Highest
$ per share $ per share $ per share $ per share 8 per share Shares
Par $ pa share
$ per share Spit sh $ per share
3912 40
40
40
40
40
39 4118 *39 4218 1,700 Elea Storage Battery
No par 39 Mar 21 4912 Jan 7 31 3373
34
52
82
32
*14
12
*14
12
*14
4
4.14
12
200 :Elk Horn Coal Corp.-No par
12
38 Mar 5
4 Jan 10
II
178
*88 1
*82 1
*82 1
*52 1
"8 1
6% part preferred
Mar
138
Jan
8
10
78
3
4
50
1
334
'5614 6012 *5814 60
*5614 80
5912 60
60 60
600 Endicott-Johnson Corp
45
50 5234 Jan 16 6014 Feb 19
45
63
13012 13012 *130
*130 13014 13014 *130 132
40 Preferred
10 13012 Mar 16 112
100
Jan
125
3
4
120
128
'114 134 *114 --11
4 *112 -134
134 134 *134 2
400 Engineers Public Serv--No par
118 Mar 16
278 Jan 4
178
2
834
*14
15
14
14
*1438 16
1414 1614 1614 17
1,500
85 cony preferred
No par 14 Mar 19 204 Feb13
104
104 234
*15
16
15
15
*1514 16
16
16
17
17
300
SOS preferred
2118
par
Feb
11
Feb
7
14%
No
13
2412
11
*16
19
1512 16
*1534 1612 16
17 *1612 18
500
28 preferred
264
18
12
No par 1512 Mar 19 2253 Feb 13
5
5
5
5
*5
518
5
5
5
5
2,000 Eaultable °Moe Bldg.-No par
5
5 Jan 7
51s Feb 18
6
1038
712 8
8
8
74 8
714 858
8
812 2,600 ErIe
712
14
100
Mar
20
Jan
4
814
9
3
8
24
78
*812 912 *814 94 *853 912 *9
912
912 10
200
First preferred
1018
9 Mar 13 1714 Jan 4
100
1434 2814
*6% 8
*514 8
*538 8
*5
8
*6
8
Second preferred
Mar
12
83
4
13
100
9
Jan
84
23
7
*62%
- *6218
*6218 _ _ *62% _
_
*6218
- .___ __ Erie & Pittsburgh
50 6912 Feb 18 70 Feb 2
50
50
68
1034 -1113
- 4 1012 101
4 *1012 1058 1034 -1078
-. 1058 --1058 1,200 Eureka Vacuum Clean
7
632
143
5 1012 Mar 19 1252 Feb 19
1714 1714 *1758 1734 17% 1814 1758 1832 18
1812 2,100 Evans Product, Co
3
1612 Mar 6 234 Feb 21
5
9
2714
'3
414 *3
3
3
3,2
*3
3
34
3
150 Exchange Buffet Corp---No par
3
3 Mar 12
3
1013
5 Jan 18
1
*118 2
1
*118 2
*1
112
*58 112
90 Fairbanks Co
1
1 Mar 5
214 Jan 19
25
1
236
414 414
4
418
414 412 *412 7
*478 64
180
Preferred
100
938 Jan 18
34
4 Mar 19
334 124
2014 2012 2112 2112 21
2112 2112 2212 22
22
1,900 Fairbanks Morse & Co---No par 17 Jan 11 2413 Feb 20
478
7
1814
86'2 90 *8612 89 8612 8712 89 89 *87 89%
160
Preferred
100 72 Jan 17 91 Feb 20
80
25
7713
3.514 584 *538 534
534 534
6
61
653 652 1,000 Federal Light & Tram
532 Mar 15
734 Feb 15
15
41
4
1114
•50
57
*51
57 *5018 5412 5312 5412 *50
58
20
Preferred
No par 48 Jan 8 58 Feb 7
341a 62
33
*40
55
*40
55 *40
55 *40
55 *40
55 -- Federal Mln & Smelt Co--100 45 Mar 28 50 Jan 17 45
52
107
*51
65 *51
65 *51
65
*5114 65 *51
65 __ ____
Preferred
98
100 61 Feb 28 70 Jan 17
62
50
378 4
*34 4
*34 4
*34 4
*334 4
300 Federal Motor Truck......No par
37 Mar 18
6 Jan 2 15 234
24
884
*214 3
*238 3
*214 234
234 234 *21* 3
10,) Federal Screw worm____No par
2% Mar 14
1
528
4% Jan 7
2
78
7s
"4
*78 1
78
78
7a
78 1
900 Federal Water Seco A____No par
78 Feb 25
138 Jan 7
72
1
4
17
1712 *17
1912 47 17
17
17 *1634 1814 1,100 Federated Dept
_
_No
17
par
Mar
16
2058
18
Jan
7
20
31
30
29
30
29
294 2912 2934 2934 2934 2934 1,000 Fidel Phen Fire Ina
N It-_- _2.50 2812 Mar 14 344 Jan 9
Stores2014
2834 3512
Fifth Ave Bus Sec Corp__No par
614
•
11
•
19 •
19 •
19
19 *
- 19
_
19
Filene's(Wm)
Sons
Co..No
.
1934
par
23
198
80
8
Ja
Jan
in
2313
.10784 no *iiiis no *17
ii2 no *10612 no HO no Ho no
50 6.).5% preferred
100 1054 Mar 6 11034 Jan 15 •85
87 106
1438 1434 14
1414 1458 1458 144 1414 1418 15
1478 144 2,700 Firestone Tire & Rubber
10 134 Mar 13 1818 Jan 7
131$
1311 25's
8772 877
88 86
85 87
8934 8934 8934 8934 8934 9014 1,400
Preferred Bailee A
85 Mar 19 9458 Feb 20
71
67%
2214
4758 4734 *4618 4712 48
4812 4758 4814 4734 4734 4713 4734 1,200 First National Stores-No 100
6914
par 4858 Mar 15 58 Jan 7 5 4738
53
*2134 23 *2134 23 *2112 23 *214 23 *2112 2212 *2112 2212
Florsheim Shoe class A___No par 19 Feb 21 2234 Jan 4
15
1258
25
314 314
3
*234 314 *3
3
314
234 3
*3
314
600 /Follansbee Bras
No par
24 Mar 6
1728
2
2
638 Jan 7
*2713 28
2734 28 *2814 2834 *27
2814 28
284 28
2838 1,100 Food Machinery Corp-No per 2014 Jan 15 29 Mar 12 23 1014
104 2158
10
1038 1014 10% 101 1012 11
11
11
1152 1112 1112 1,200 Foster-Wheeler
No
22
par
Mar
15
84
97
3
2
1713
Jan
81i
*6212 70 *6014 65
6212 6212 6212 6212 647 65
*63 65
50
Preferred
No par 6038 Mar 15 77 Jan 2
80
55
4414
*55* 6
*552 6
'5
514
512 6
*6
68
*634 672
300 Foundation Co
No par
434 Msr 13 1013 Jan 7
64
814 171*
21
*1912 2072 *1912 20 *194 1934 1934 2012 2014 2014
21
700 Fourth Nat Inyeat w w
1 1934 Mar 21 25 Jan 8
1653
1712 274
9
9
858 878
858 88
912 912
9
914
953 912 3,700 Fox Film class A
814
No par
858 Mar 15 134 Jan 2
814 1733
*3534 3612 3534 3534 *34
361 *34
3634 *30
36114 *31
10 Fkln Simon & Co inc 7% pf--100 8514 Jan 2 45 Jan 11
3584
63
20
20
1834 1834 1714 183i 1714 181
1812 1812 1834 21
2012 2134 7,900 Freeport Texful Co
10 174 Mar 18 26 Jan 2
2038
2113 5028
*11414 11612 114 11414 *109 114 *109 114 *109 114
109 114
200
Preferred
100 114 Mar 18 12018 Jan 22 11312 1134 1604
*1418 17
*1418 17 *1418 17 *1418 17
17
17
*15
20 Fuller(0 A) prior pref-No par 15 Mar 13 24 Jan 25
20
1212
14
3312
*478 7
*618 84 *518 81
•518 $
*512 8
*614
56 2d pref
No par
434 Mar 13 12 Jan 24
5
1958
5
41
1
1
142 if2
112 112 *14 158 *118 712
l's
14
400 Gabriel CO (The)ol A.-....No par
1
Mar
13
3
212
Ils
Jan
l's
452 i
8
8
812 812 • 8
812
8
8
8
8
8
8
540 Gamewell Co (The)
No par
8
8 Feb 8
20
Ws Jan 10
8
*6
614
6
6
578 57
578 6
6% 611 *614 638 1,100 Gen Amer Investors
No par
54 Mar 13
758 Jan 4
558
538 114
*8713 89
*8712 89 *87 90 *87 89
*87
89
87
87
200
Preferred
No par 84114 Jan 10 8712 Feb 15
6413
87
73
3312 3334 33 33
33% 33'2 3334 34% 34
35
35
35
2,100 Gen Amer Trans Corp
4358
30
5 3252 Mar 12 3814 Jan 5
2534
1278 1278 1213 1234 1278 1312 13
1314 •1234 1314 1278 1334 1,800 General Asphalt
1134
Mar
10
15
187
Jan
9
12
12
2313
*712 734
77
758 7%
778 8
778
7% 8
8
1,700 General Baking
8
Mar
5
14
712
914
Feb
19
64
84
144
123 123 *123 124
124 124 *12312 1243 212112 12112 *119 12112
90
$8 preferred
No par 115 Jan 10 195 Feb 25 100
100
1084
538 538
514 514
538 51
514 514
514 512
54 54 3,800 General Bronze
71g
514
Mar
6
4
Jan
8
6
5
1012
*2
214
214 214 *2
2
212
2
*2
214
214 214
500 General Cable
No par
2 Mar 20
314 Jan 3
24
214
618
*413 612 •413 5
412 41
*438 61
*4
6
5
200
6
Class A
412 Mar 19
No par
7 Jan 3
414
414 12
*18
2012 19
19 *18
20 *19
20
19
20
*10
21
300
/5$ cum preferred
100
Mar 14 2713 Jan 7
19
WI 33
14
53 53 *5118 53
*5118 53
5112 53
52 52
5172 52
1,300 General Cigar Inc
No
par
5013
Feb 8 6314 Jan 8
27
2414
5934
131 131
13112 13312 *134 135
13334 134
130 133 135 135
330
7% preferred
100 12712 Jan 2 135 Mar 22
97
97 127%
218* 2152 207* 2133 21
2134 2112 2172 2112 228
2134 2212 54.200 General Electric
No par 204 Jan 15 2514 Feb 18 • 16
1678 2514
*1118 11382 Ills 1118 1118 1118 1118 1118 1118 11% 11% 1118 9,665
Special
10 11 Jan 2 1118 Jan 3
11
11
1234
3358 3414 3312 3334 33
3312 328 333* 3234 33'l 3234 3332 10.400 General Foods
No par 3214 Mar 15 354 Feb 18
28
28
11671
33
32
,
ii
53
14
14
4
32
as
38 2,800 Clen'l Gas & Eleo A
14
38
No
14
par
Feb
25
52
Jan
14
14
38
134
*1034 1114 *1034 1118 104 1034 1112 1112 1134 1134 1134 1134
Cony pref series A
400
No par 10 Mar 15 1358 Jan 18
014 19
54
*1134 13 *1134 13
1134 1134 *1134 16
*1134 13
110
$7 pref class A
No par 11 Mar 5 14 Feb 5
634
21
11
*1234 18
*1234 18
*1234 18
*1234 18
*1234 18
*1234 18
88 Dreg class A
No par 1534 Jan 15 16 Jan 24
13
7%
22
*---- 6078 -_-- 607.2 *--__ 607 *48
58
*48 60% *48 608 ..-- -- Gen Ital Edison Elea Corp
5712 Jan 2 6134 Feb 5 P454
60
6218
*62 63
6158 62
62 62 •62 6234 62 624 6234 6234 1,500 General Mills
No par 5978 Feb 6 6514 Feb 28
51
61
8412
*117 11818 *11712 11818 *1174 11818 *11778 11818 *11778 1181 *11718 11818
Preferred
100
116 Jan 3 11818 Feb 14 10012 103 118
2712 27.
7
2758 28
2653 2712 2714 28
2738 2853
2 2884 55,500 General Motors Corp
10 2658 Mar 13 344 Jan 3 13 2238
2458 42
*112 113 113 113 11234 113 11234 11234 112 11284 11212 1124 1,200
$5 preferred
No par •10713 Jan 4 113 -Ian 28
84
8953 109
*8
10
•8
*8
10
10
10
10
1014 1014 1034 1034
400
Gen
Outdoor
Ad, A
No par 10 Mar 20 13 Jan 10
834 21
814
333 332 *332 3ty *338 31
338 358
312 4
4
4
1,200
Common
No par
314 Jan 9
4 Mar 21
3%
314
6%
23 23 *223* 2212 2238 23
23
24
2334 24
2412 242
370 General Printing Ink
No
par
1752
Feb
5
2472
Mar 5
1012
1012 2512
997 *99
997
*99
99 *9812 99
99
9912
9912
99
99
40
86 preferred
No par 9312 Jan 22 100 Mar 5
6114
7312
96
•118 138
14 138 •114 11
*138 14
113 158
112 158
900 Gen Public Service
No par
112 Mar 13
253 Jan 3
58*
152
2
*1914 198 19
19 *1914 20
1914 1914 1912 191
19
19
500 Gen Railway Signal
No par 1558 Mar 13 30 Jan 7
2312
234 4534
*75 88
*75 88 *75 88 *75 88 *75 88
Preferred
*75 88
100
80
Jan
2
1014
91
Jan
30
80
90
vr2 1.
1
1
1
1
1
*78 1
1
1
1
900 Gen Realty & Utilities
1
78 Mar 13
134 Jan 10
1
1
35a
*1514 1538 15
1514 1478 1478 1434 15
15
15
*151* 16
$6 preferred
700
No par 148 Mar 20 197 Jan 10
10
10
288s
18
18
1732 174 *1812 20
1834 19
1812 187
1812 1812 1,200 General Refractories
No par 1634 Jan 30 204 Jan 3
812
104 234 ,
1712 18
1712 1734 1753 1834 184 1834 *1812 19
18% 1912 4,900
Voting trust certlfs
No par 161e Jan 15 1978 Jan 2
714
10
20
1
*16
*1618 18 *1618 18
20 *16
*1618 20
20
16
1618
60 Gen Steel Castings pre!.,No par 15 Mar 12 32 Jan 22
1614
1758 484
1234 13
1234 13
13% 1358 13
135* 1352 1414 1334 14
14,100 Gillette Safety Rasor
No par 12 Mar 14 1512 Jan 10 5 712
812 1473
7312 734 7312 7378 74
74
7312 74
7414 76
76
7614 1,600
Conv preferred
No par 7012 Jan 4 7734Mar .5
4512
72
67
24 214
218 218
218 214 *214 234 *214 21
214 236 2,200 Gimbel Brothers
37 Jan 4
212 Mar 13
No par
212
258
64
*19
1934 *19
1934 •19
2014 *1914 2014 191 191 *1838 1978
200
Preferred
100 1918 Mar 21 2714 Jan 6
1614
1313
30
2538 2538 2484 25
25
2514 25
2538 2478 2514 2514 2538 2,600 Glidden Co (The)
NO par 2338 Feb 7 2778 Feb 21
12
1558
283
3
*107 10834 *107 1084 107 10712 107 107 *10614 107 10618 10612
Prior preferred
250
100 1047s Jan 2 10838 Mar 1
8058
83 1674
258 3
234 278
258 3
3
3
27* 3
21
2,200 Gob& (Adolf)
3
212 Mar 12
434 Jan 25
5
338
34
912
1578 1578 1538 15% 1514 1512 1518 1512 147* 1514 1514 1518 8,800 Gold Dust Corp•I a
NO par 14% Mar 21 18 Jan 7
1534
23
16
*11214 119 *11212 119 *11212 119 *11212 119
100
114 114 *110 117
$6 cony preferred
No par s11358 Mar 14 1164 Feb 25
964
9613 120
8
734 8
838
8
84
8
8
8
84 534 4,100 Goodrich Co(B F)
81
No par
712 Mar 13 1178 Jan 7
8
8
18
*42 46
40
1,100
4014 4012 41
4134 4213 •42 48 *43 48
Preferred
100 40 Mar 15 544 Jan 8
264
-54 6234
17
1738 16
1678 1612 1714 1634 1714 1634 18% 1733 1812 9,900 Goodyear Tire & Rabb-No par 1534 Mar 13 2678 Jan 7
184
1818 4138
73
73 •72
72
79
72
let preferred
*72
700
72
7334 7334 72
73
No par 71 Mar 15 92 Jan 10 7 53111
64
864
*3
3
358
3
3
1,000 Gotham Silk HOBO
234 234
234 234
3
278 3
No par
234 Mar 19
54 Jan 3
34
34 1134
*__:, 36
*20
36 4._ _ __ 36 •_ _- 36
36 *..„ 36
*10
Preferred
100 354 Mar 2 58) Jan 3
3812
384 7113
184 178
134 134
11* 13*
I
134 178
112 Mar 21
134 134
134 178 10,400 Grabam-Palge Motors
314 Jan 3
14
118
44
533 532
532 512
51* 58 2,000 Granby Cons M Sm & Pr---100
514 512
53* 54
54 556
514 Mar 19
714 Jan 7
4
4
134
212 2%
253 212
2% 238
234 234 *212 278 *234 3
900 Grand Tinton Co tr offs
214 Mar 15
1
5 Jan 7
3
4
88
4
1914 1914 2034 2034 2018 2018 .1912 2012 1912 191 *1812 2018
Cony prat series
400
No par 17 Feb 25 294 Jan 3
17
23
40
*1958 21
•1958 21
•1958 21
100 Granfte My Steel
*1958 24
1958 194 •1918 22
No par 1958 Mar 13 23 Jan 10
2078
3113
21
2934 30
29
298 29
2914 2838 2858 2812 2812 2712 2812 2,400 Grant(W T)
No par 2712 Mar 22 3514 Jan 3
25
28
4052
912 934
952 10
6,900 01 Nor Iron Ore Prop--No par
912 978
914 Mar 19 127s Jan 7
9% 94 *94 912
9% 91
734
818 Ws
1038 1012
104 10
1018 114 15.000 Great Northern pref
934 1018 10
1058 1018 11
100
952 Mar 12 1734 Jan 7
1214 324 {
1138
2914 2958 2834 2958 2912 304 30
3014 2912 2912 4.300 Great Western Sugar____No par 26% Jan 15 3172 Mar 4
3013 30
25
25
3514
*12314 12612 *12314 128
Preferred
127 127 *12314 1264 1264 12612 *12314 126
60
100 119 Jan 2 128 Mar 12
99
102 1184
*2014_
_ _
*2014 _
Greene
*2014 _ _ *2014 - -. *2014. - *2014
Cananea
Copper
. ...___
100 34 Feb 6 36 Mar 6
59
18
18
1Is -114 *118 134 *114 158 *114 -138 *114 -1-38
700 Guantanamo Sugar
138
138 _-No par
2,
1 Feb 1
84
34
214 Feb 19
•1614 22 .1614 21
20 *18
Preferred
*18
21
*1614 20 *1614 20
100 19 Feb 16 23 Feb 21
714
714 31
*3
612 *3
512 *3
Gulf Mobile & Northern
512 *3
512 *3
512 *3
100
4 Mar 7
512
6 Jan 6
4
1614
5
10
*7% 912 *7
*7
10
100
*7
Preferred
912
100
014 104 '812 10
712 Mar 12 15 Feb 18
11
12
353*
*---- 23 *12
1712 *12
23 *12
Gulf State, Steel
23 *12
23
23 *12
No par 14 Feb 26 24 Jan 8
1514 42
14
*45
58 *48
58 *48
50 *4814 50 *4814 50
Preferred
10
50
60
100 50 Mar 9 67 Jan 11
254
47
83
,
*2514 26
*2514 26
*2514 26
*2514 2534 *2514 2534
Hackensack Water
*2514 26
25 2114 Jan 15 2512 Mar 5
2012 2614
1978
*3012 31
*3012 31
*3012 31
*3012 31
40
*3012 31
7% preferred clam A
3012 3012
25 30 Jan 18 32 Jan 15
31
28
27
314 4
4
412
334 37
6,100 Hahn Dept Stores
334 334
4
4
4
4
No par
318 Mar 13
614 Jan 13
34
312
814
6678 87
6612 67 *6512 6612 *65
6638 6558 6558 6512 66
1,800
Preferred
100 55 Jan 15 7012 Mar 13
18
2514 6312
*412 5
412 412
4
4
4
4
412 41
412 412
800 Hall Printing
10
4 Mar 19
74 Jan 2 • 314
34
934
*514 7
*54 7
*514 7
*514 7
*51
Hamilton
7
Watch Co
*514 7
No par
7 Mar 9
912 Jan 8
353
34 1178
6413 6412 *64 66
6512 66
66 66
*66 68 *66
68
Preferred
80
63
100 63 Jan 4 75 Jan 23
25
20
*10314 10412 *10314 10412 *10314 10412 *10314 10412 10412 10412 10314 10314
30 Hanna(M A) Co $7 pt___No par 101 Jan 2 10512 Feb 25 •77
84 10134
16
16
1618 1612 *1612 17 *1612 17
17
17
600 Harbison-Walk Refrao__-No par 16 Mar 15 20 Feb 18
1778 1778
13
12
2484
*104 --- •104 - - - *104 _ __ *W4 __ •10313
Preferred
- *10312 _ __ ...__
100 9934 Jan 7 102 Feb 19
100
87
82
.6
-6•18
618 -618 *614 -612 4,64 -612
612 _-6-4 *638 -653
500 Ilat Corp of America al Al
512 Feb 6
753
7 Jan 7
14
14
*82
85
844
8412
*82 844 8312 8312 82 8312 *82 834
250
634% preferred
194 92
100 81 Feb 6 8614 Jan 2
1412
414
34
*14
12
*14
12
.14
12
Havana Electric Ry Co .,,.No par
*14
12
*14
12
ta Jan 2
4 Jan 8
14
4
33
*234 312 *234 312 *234 312 *254 313 *234 312 *234 3't
Preferred
100
812
3
234
234 Jan 26
234 Jan 26
$ per share
4018 4018
*82
42
"8
114
*5614 6012
13012 13012
14 14
*1414 15
*144 17
*16
19
5
5
*712 8
'814 914
*S's 8
*6218_
*1012 114
'1753 1734
*318 414
*ts 178
413 412
*2012 2112
90 90
538 538
*52 55
*40
55
*52 65
*358 44
*214 3
1
1
17
1738
2978 2978
For footnotes see page 1960.
•
New York Stock Record-Continued--Page 5
Volume 140
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Mar. 16
Monday
Mar. 18
Tuesday
Mar. 19
Wednesday
Mar. 20
Thursday
Mar. 21
Friday
Mar. 22
Sates
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
1965
Range Una Jan. 1
On Basis of 100-share Lots
Lowest
Highest
July:
1933 to Range for
Feb. 28 Year 1934
1935
Low Lim
High
$ per share $ per oh
$ per share $ per share $ per share 3 per share 3 per share 3 per share Shares
Par $ per share
5178 214
214
2
2
2
11
178
/
4 Mar 18
158
2
178
4,500 Hayes Body Corp
378 Jan 2 35 11
158 134 *2
/
4
*87
88
8758 89
*87
90
88
91
*88
65
91
8958 •88
25 85 Jan 2 9412 Feb 23
500 Hazel-Atlas Glass Co
*122 132 *128 132 *125 130
130 130 *124 132 *125 132
94
100 Helme (G W)
25 127 Jan 5 132 Mar 11
•14814
.*150
•149
_ _ 5150 _ __ *150
_ *150
100 14212 Jan 10 150 Feb 25 120
Preferred
378 *12 )73-72 1212 1212
*12
ii •1172 1-4 *1212 1*12
I-5
11 Jan 8 16 Feb 20
5/
1
4
No par
100 Hercules Motors
40
7112 7112 *72
72
71
7212 72
71
7178 7178 *7038 72
600 Hercules Powder
No par 71 Mar 12 7758 Jan 8
124 12414 12414 12414 12412 125
12414 12414 *12312 12414 *12312 124
120
100 122 Feb 9 125 Jan 2 10418
37 cum preferred
44
1
4 7658 7614 7614
*74
7658 *75
7614 7614
7638 *7318 7658 •75/
300 Hershey Chocolate
No par 7312 Jan 2 8134 Jan 19
10718 10718 10634 10634 10638 10638 107 107 *10658 10812 *107 10812
80
400
No par 104 Jan 25 10778 Mar 9
Cony preferred
638 678 *618 638 *658 678
4
914 Jan 7
678 67,8
*658 678
534 Mar 15
678 678
400 Holland Furnace
No par
714 *7
7
814 *712 838
5
7
7 Mar 9 11 Jan 2
51
7
/
4
*634 714 *634 7
500 Hollander & Sons (A)
370 370 *382 380
*365 385 *371 380 x368 368 *360 380
200 Homestake Mining
100 338 Feb 5 39118 Jan 7 200
3212 3212 3212 1,300 Houdallie-Hershey CIA __No par 3078 Mar 14 3634 Jan 26 a 7
3134 3134 32
3112 3158 32
*32
3278 31
212
6s 718
91
7
/
4 Feb 19
738
71a
678 718
712 8,700
Class B
612 Mar 13
No par
7
714
04 7
57
57
*521
/
4 58
55
*5214 57/
56
43
5.5
*55
1
4 57
57
500 Household Finance part p1___50 49 Jan 2 57 Mar 19
1014 *1014 11
934 1014 10
1114 1112 1,500 Houston Oil of Tel tern ctfs_100
912 9/
1
4
10
10
1212
918 Mar 15 1734 Jan 2
2
2
2
2
2
21
/
4
2
2
218
2
214
212
238 4,300
112 Mar 13
3/
1
4 Jan 4
Voting trust ctfs new
25
45/
1
4 45
245
451
/
4 4538 4612 4534 47
45
4514 4312 45
20
4,800 Howe Sound v t a
5 43 Jan 15 5218 Jan 3
*318 314 *31
1
4
234
3
/
4 3/
318
1
4 *31
512 Jan 21
318 314
/
4 3/
100
338 312 1,500 Hudson & Manhattan
21
/
4 Feb 27
634 634
7
612 7
7
*7
912
7
7
7/
1
4 758 1,400
814
Preferred
612 Mar 14 1312 Jan 21
100
812 81
/
4
812
81
/
4 838
8/
1
4 812
8
814 834
812 858 5,200 Hudson Motor Car
8 Mar 18 1234 Jan 7 21 6
No par
178
2
2
2
178
1781
134
178 2
11
/
4
178
378 Jan 7
178 2
5,900 Hupp Motor Car Corp
134 Mar 14
10
1014
978 1014
934 978 10
934 11
10
1018
1038 1114 5,700 Illinois Central
934
912 Mar 14 1714 Jan 7
100
17
*14
17
*14
*14
16 '14
17
*14
17
*14
161
/
4
17
100 1678 Feb 26 2334 Jan 4
8% Dref series A
*4214 43
*40
*421
/
4 44
44
43
40
44
40
*41
481
/
4
70
Leased lines
4212
100 40 Mar 21 5712 Jan 10
7
*5
7
*5
*5
7
*5
*512 7
7
7
*5
7
RR Sec ctfs series A____1000
514 Mar 13 10 Jan 4
238 *218 238 *218 238 *218 238 *218 23
1
4 *2
218 2/
214
100 IndIan RefinIng
212 Jan 2
10
218 Mar 16
2512 2838 22578 2658 2614 261
/
4 26
2614 27
2714 261
/
4 2758 7,700 Industrial Rayon
No par 2538 Mar 14 33 Jan 7 36 1314
*81
62
61
61
61
61
6112 621z 6234 63
6134 62
45
1,800 Ingersoll Rand
No par 6012 Mar 13 7018 Feb 20
_ _ '121
*120 140 *120 140
_ *120 134 *120
Preferred
100 109 Jan 7 120 Feb 28 105
47 -473
- --4 4638 4714 4614 4614
*120*48
493
- - 4 4612 4712 4712 -4712
26
1,300 Inland Steel
No par 4614 Mar 22 5514 Jan 2
*212 31
/
4 *212 234 *212 234 *212 238
258 238
212 212
212
300 Inspiration Cons Copper
3/
1
4 Jan 8
212 Feb 27
20
418
418 418
4
*418 414
414
4
412
4
412 412 1,500 Insuranshares Ctfs Inc
2
4711 Feb 14
4 Mar 1
1
1078 1012 1012
*934 1078 *10
958 1014 2,500 IInterboro RapidTran v t a _100
934 10
10
1012
5/
1
4
8/
1
4 Mar 15 1618 Feb 19
_____.,,,.„
5
Certificates
No par
*234 -314 *234 -314 *2.4 -312 *214 -314
2
10 Internat Rya of Cent Amer__100
314 -314 *238 -3-14
3 Mar 14
4/
1
4 Jan 25
,
*212 412 *212 412 *212 412 *212 412 *212 412 *212 41,
5 Jan 3
Certificates
312 Mar 4
212
No par
"1014 1414 *1014 1414 "1014 1414 *1014 1414 *1014 1414 *13
658
1414
100
Preferred
13 Mar 6 1812 Jan 10
*112 2
11
/
4 178
5138
178 *158 2
*112 2
*112 2
2
100 Intercont'l Rubber
3 Jan 7
178 Mar 15
No par
412 412
*458 478 *414 458
412 412
412 412 *412 478 1,100 Interlake Iron
4
7 Jan 7
414 Mar 7
No par
*278 314
234 278
3
318 *278 314
318 314
112
5 Jan 2
3
234 Mar 14
No par
338 1,300 Internat Agricul
35
33
33
*32
*32
35
35
*3214 35
*33
*33
10
36
100
Prior preferred
100 31 Mar 14 4234 Jan 25
15312 15312 15114 15312 *153 156 2156 156
154 154
15512 15512
900 lot Business Machines-No Par 1491
/
4 Jan 15 18112 Feb 18 12534
4
4
1
4
4
414 414
4
3/
1
4 3/
4
418
334 4
4
1,700 Internat Carriers Ltd
858 Jan 8
1
358 Slur 12
23
2314 23
2334 24
2312 24
24
24
241
/
4 24
24
2,100 International Cement
1838
_No par 2278 Mar 15 33 Jan 7
341
/
4 35
235
36
3534 36
36
3612 3614 3778 3738 3778 8,800 Internal Harvester
2314
1
4 Jan 2
No par 3418 Mar 18 43/
13914 13914 140 140 *13914 14012
*13978 141 *13418 141 *138 140
300
Preferred
100 135 Jan 2 14212 Mar 4 110
/
4
138 138
114
138 11
114
1 14
112
158
11
/
4
178 2
2,900 lot Hydro-El Sys CIA
2/
1
4 Jan 9
114 Mar 15
134
25
212
238 212 *238 212
214
238 2/
238
1
4 *214
2/
1
4 212
700 Int Mercantile Marine__No par
2
318 Feb 20
214 Jan 15
23
2314 2278 2314 2278 2338 2318 2312 28,900 Int Nickel of Canada----No par 224 Jan 15 2412 Feb 18 11 1458
2314 2312 2234 23
*12912 130 *129 130 •129 13012 .129 13012 129 129 '129 13012
100
Preferred
100 125 Feb 8 13012 Mar 14 101
814
tnternat Paper 7% pref
100
*138 112
114
P8
114
11
/
4
138
138
114
114
il2
112
700 Inter Pap & Pow ol A__No par
3 Jan 8
11
/
4 Mar 15
178
73
78
78
*58
78
"8
78
•1
/
4
78
•58
1
78
1
38Mar 13
200
11
/
4 Jan 7
Class B
No pa
•12
st
58
ki
*12
34
*12
34
12 Mar 15
300
118 Jan 19
*12
34
34
34
Class C
No par
/
1
4
43
4
5
*5
4/
1
4 5
512
514 538
6
612
6
612 1,600
612
Preferred
4/
1
4 Mar 13 12 Jan 7
100
.2218 22/
1
4 5221
/
4 2234 *2218 2234 '2218 2234 2234 2234 2234 2234
9
300 lot Printing Ink Corp-No par 2112 Jan 15 2412 Mar 1
9934 9934 9912 100
•9934 101
*97 100
9934 9934 9934 9934
65
350
Preferred
100 9812 Jan 2 101 Feb 26
*2858 31
2938 2912 .29
*2878 31
30
•287a 3012 2914 2914
20
300 International Salt
3118 Jan 4
No par 29 Jan 21
.42
43
*4214 4212 42/
1
4 4214 4212 43
43
43
*4212 43
38
500 International Shoe
No par 4214 Mar 19 4514 Jan 10
*14
19
17
•1738 20
17
*1618 20
*1714 20
*1712 1912
19
100 Enternational Silver
100 17 Mar 19 28 Jan 4
.6114 65
'6112 65
*6112 65
61
6114 6012 6012 *6012 65
40
75 Jan 3
90
100 6012 Mar 21
7% preferred
534 6
678 6
5/
1
4 61
/
4
578 614
9/
534 634
1
4 Jan 10
618 634 30,700 Inter Telep & Teleg
538 Mar 13
71
/
4
No par
*9
934
9
912
10
10
912 934 10
10
1012 1012
9 Mar 18 1234 Jan 7
234
900 Interstate Dept Stores
No par
*75
8418 *75
841
/
4 *77
8418 *75
8418 *75
841
/
4 *75
1614
8418
84/
1
4 Jan 7
100 75 Jan 21
Preferred
*6
7
*6
7
*6
7
*618
434
7
*612 7
*612 7
718 Mar 1
6/
1
4 Mar 13
No par
IntertyPe Corp
31
31
*3012 32
3012 3012 *28
20/
1
4
32 '28
32
*3014 3312
3012 Mar 19 38 Jan 8
1
300 Island Creek Coal
'118____ *11612
*11612 _ _ *118
85
10
____ 118 118 *11834 --Preferred
1 110 Jan 22 118 Star 21
*5112 5612 o
-54
5312 -53-12 *5158 54
26
54 -54
500 Jewel Tea Inc
No par 49 Mar 13 57 Jan 7
*5218 54
391
/
4 4058 3834 3934 3958 4034 4018 4034 4014 4212 41
3612
4314 12,400 Johns-Manville
3812 Mar 13 5738 Jan 7
No par
118 118
11712 11934 *11714 118 *11714 118 *11714 118 *11714 11834
87
635
100 11712 Mar 15 125 Jan 4
Preferred
•135 175 •135 175 *13314 175 *13314 175 *13314 175 *13314 175
Feb 19 115
19
130
20
Joliet
&
130
Chia
Feb
RR
gtd_100
Co
7%
554
5234 53 .50
55
53 .51
45
53
5234 53
180 Jones & Laugh Steel pref_100 5234 Mar 18 73 Jan 23
54
541z
*11558
.- - •11514
.,- 51151
/
4 _ .. _ 11514 11514 *11514 - _-- *11514
_
9778
10 Kansas City P & L pf tier BNo par 11514 Mar 20 11812 Mar 9
5414 --434 •*414 --5
*414 -434 *438 5
61
/
4
13
8/
434 -514
1
4 Jan 7
Mar
512
800
Kansas
100
City
514
3
/
1
4
Southern
•678 71
/
4 .678 712 *678 7
9
7
71
714 8
8
8
700
Preferred
658 Star 12
100
1358 Jan 7
912 912
8/
1
4 914
9/
1
4 958
912 92
958 958 *938 958
900 Kaufmann Dept Stores $12-50
514
712 Feb 6 10 Mar 5
16/
1
4 1634
1658 161/4 '1858 1678 1658 1658 1658 1658 1634 1678 1,600 Kayser (J) & Co
12
5 1534 Jan 17 19 Feb 19
*33
40
033
40
*33
40
*33
40 .33
15
40
*33
Keith-Albee-Orpheum pref _100 34 Mar 7 34 Mar 7
40
78
1
/
1
4
1
1
1
1
6
17
78 Mar 16
1
1
23
/
1
4 1
8
Jan
/
1
4
1
3,600
IKelly-Springfield.Tire
778
778 *7,8
*65, 838 4688
571
/
4 914
71
/
4 712 *678 914
6
638 Mar 14
1338 Jan 17
400
6% preferred
No par
9
10
934 10
1034 11
*10
212
2,300 Kelsey Hayes Wheel conv.cIA__ I
10
1014 1012 10
6 Jan 25 11 Mar 19
lO7s
634 718
7
734
734 812
11,
834 Mar 22
734 834 6,100
812 858
858 858
Class B
1
314 Mar 1
15
1518 1434 15
15
1514 1518 1514 1514 1534 1538 1578 6,200 Kelvinator Corp
1458 Mar 13 1814 Jan 9 '‘ 678
No par
*89
90
8812 89
*84
8812 '84
8812 84
84 '84
55
80 Kendall Co pt pf aer A_No par 84 Mar 21 95 Jan 29
8812
1434 15
1414 1434 1438 1478 1458 141
/
4 1412 1514
14/
1518
1
4 1514 21,800 Kennecott Copper
No par
1334 Mar 13 1838 Jan 7
•9/
1
4 10,2 5912 1012 *912 1012 *934 1012 *934 1012 *934 1012
10 Mar 5 11 Jan 8
938
No par
Kimberly-Clark
*358 4
338 3/
1
4
312 312 53
4
3
400 Kinney Co
318 *31
3 Mar 19
/
4 312
214
5/
1
4 Jan 3
No par
2718 2714 2612 27
27
27
2614 2612 *2434 2614 2534 26
280
12
Preferred
No par 25/
1
4 Mar 22 38 Jan 23
1934 2018 1934 2058 2034 2034 2012 21
20
2014
2014 2058 11,800 Kresge (8 S) Co
1014
10 1934 Mar 13 22 Feb 18
10812 11012 .10438 11012 .105 110/
1
4 *10512 110 *10412 110 *10434 110
10
7% preferred
9914
100 10612 Jan 16 112 Jan 4
53
4
3
3
*3
4
*3
4
*112 4
*212 4
2
100 Kresge Dept Stores
4 Jan 17
No par
3 Mar 18
64
.61
*8018
64
*61
64
60
61
*6012 64
20
*6012 64
12
Preferred
100 42 Jan 11 65 Mar 9
*52
6012 *50
8012 *5012 6012 55014 6012 *50
6012 *50
Kresa (S H) & Co
6012
2734
No par 5838 Mar 12 6912 Jan 7
241
2418 2418 24
/
4 24
2418 2378 2414 24/
2414 24
1
4 2438 3,000 Kroger Groc & Bak
19
No par 2314 Mar 5 2834 Jan 2
1314 1314 '8
13
13
1312 *__ 1312 1212 1212 12
1512
140 Laclede Gas Lt Co St Louis __100 12 Mar 22 21 Jan 12
15
24
*11
24
*10
*11
24
*12
24
*1312 24
24
26
80
5% preferred
261
/
4
100 2014 Mar 14 31 Jan 24
267
8
2618
26/
1
4
2612 2612 2634 2612 2634 2612 2612 2612 2658 1,800 Lambert Co (The)
No par 2818 Mar 15 2812 Jan 8
1938
6
6
*534 634 *534 634 *534 634 *534 634 5534 634
100 Lane Bryant
Cs
9 Jan 3
No par
6 Mar 9
5914 938
9/
1
4 938 *914
912
912 912 10
104 10
10
800 Lee Rubber & Tire
518
5
812 Mar 14 1278 Jan 7
11
*1018 1134 *1118 111
11
1134 111
/
4 11/
1
4 12
/
4 *1112 1358
500 Lehigh Portland Cement
1058 Mar 14
ao
17/
1
4 Jan 7
9
*98
_ .98 - _
598
_ _ .98 . . *98 101
*98 101
7% preferred
73
100 8934 Jan 3 99 Feb 20
534 -53-4
6
_-66
-6-38
.5/
1
4 6/
578 118
1
4
614 714 3,800 Lehtgh Valley RR
5 Mar 13 1112 Jan 7
612
50
112
112
112
112
112 158 •112 158 *112
11
/
4 *112 11
/
4
900 Lehigh Valley Coal
2/
1
4 Jan 4
112 Mar 13
17s
Vo par
7
612 912 *658 7
7
71/4
*612 7
500
714 *71
/
4 734
Preferred
4
612 Mar 18 1212 Jan 23
So
6714 6714 6778 68
69
*67
6812 6812 18834 6834 *6778 6834
800 Lehman Corp (The)
No par 6714 Mar 18 7434 Feb 19
58/
1
4
1.512 1434 15
•15
•1458 15
al438 1458 1412 1412 1412 1412 1,700 Lehn & Fink Prod Co
1118
1714 Jan 25
5 1412 Mar 21
2334 241
2434 247s 2312 2412 2334 2418 2334 24
/
4 23/
1
4 2414 6,300 Libby Owens Ford Glass__ No par 2312 Mar 18 32/
21
1
4 Jan 2
*2118 2112 2114 2112 2114 2112 *2118 2134 2112 2112 1,200 Life Savers Corp
*2118 23
6 21 Mar 14 23 Jan 3
1658
99
10112 102
99
*98
99
10234 1031
/
4 102 103 .100 103
6,300 Liggett at Myers Tobacco2l 99 Mar 21 10712 Jan 4
7112
/
4 103 10312 10234 10312 9914 10314 9714 100
10314 1041
9614 9814 11,100
Series II
25 9614 Mar 22 1091s Jan 4
7314
15714 15712 *15714 160
15712 15712 *15714 160
*15718 160 *15714 160
300
Preferred
/
4 Jan 30 15712 Mar 19 123
100 1511
17
*1634 1778 1778 1778 .1678 18
1712 17
"17
*1678 18
300 Lily Tulip Cup Corp_No par
1878 Mar 13 1914 Jan 3! 1414
1434 1434 .14
18
1412 *12518 1434 51314 1434
14
•15
18
300 Lima Locomot WorksNo par
1312 Mar 14 241
1514
/
4 Jan 5
.17
20
*17
19
19
19
19 '17
1918 1718 171 1
19
400 Link Belt Co
No par
171
1112
/
4 Mar 13 22 Feb 16
2478 2512 2538 2534 2514 26
25
25
26
26
2512 27
1,800 Liquid Carbonic
No par 2412 Mar 13 301
/
4 Jan 8
1818
34
3438 3418 3458 33/
3458 32/
1
4 34
1
4 3434 3438 34/
34
1
4 14,400 Loew a Incorporated
No par 3114 Feb 7 381
/
4 Feb 18
1912
10414 10412 10434 10434 *1041
/
4 105
10418 105
*1031s 10412 10314 104
1,100
Preferred
No par 102 Feb 1 103 Mar 22
88
1
1
I
118
118
118
I
118
118
118 *1
118
1,700 Loft Incorporated
No par
1 Mar 15
114
11
/
4 Jan 2
112 *114
11
/
4
138 *114
138
138
114
114
11
/
4
*1/
1
4 112
500 Long Bell Lumber A
No par
114 Mar 12
212 Feb 14
1
1
4 3414 3412 3434 3434 34/
34 '33/
1
4 3412 3458 3412 3412 1,000 Loose-Wiles Biscuit
34
25 3312 Mar 13 3614 Feb 20
3314
7% 1st preferred
*12614 130 *12612 130 *12612 130 *12612 130 *12612 12812 512612 12812
100 126 Jan 30 129 Feb 23 116
1
4 1878 20
1
4 1958 1958 19/
1834 1914 1858 1914 13.900 Lorillard (P) Co
19/
1
4 1978 19/
10 1858 Mar 22 2138 Jan 3
1434
12614 12712 *125 129
100
*12712 130 *12712 130 *12712 130 *12712 135
7% preferred
100 12814 Mar 21 13512 Jan 25
9812
57
8
1
*78
1
*78
1
*78
1
1
100 Louisiana 011
*78
/
1
4
78
No par
34
34 Mar 13
11
/
4 Jan 7
838 *7
838 *7
83g
734 '678 838 57
50
57
Preferred
8313
812
100
71
/
4 Mar 15 1412 Jan 8
6
11
1138 1112 1112 1134 1234 127g 13
1038 11
2,300 Louisville Gas et El A___No par 1038 Mar 18
1058 11
1418 Jan 10
12
37
*3514 3634 *3514 3614 37
3714 3714 371
/
4
800 Louisville & Nashville
3814 3814 37
100 37 Star 18 4712 Jan 7
3412
1338 1338 1378 1378 1358 1358 14
14
.14
15
*1358 14
500 Ludlum Steel
1
13 Star 6
1814 Jan 8
712
.93 10014 *93 10014 *93 100
*98 103
*9712 103
*93 104
Cony preferred
No par 9014 Jan 4 103 Feb 18
50
45
45
45
45
4378 43/
1
4 43/
1
4 43/
1
4 4434 44/
*4414 45
1
4
500 MacAndrew8 & Forbes
10 40 Jan 24 46 Feb 19
21
0
11734 120 .118 120
1
4 120 '11734 120
120 120
10
*11714 120 *117/
8% preferred
100 113 Feb 8 120 Mar 22
8758
__ ____ ____ ____ ____ ___ ____ ____ ____ __ ___ ______ Mackay Coe preferred
100
_
2018
For footnotes see page 1960.
3 Per share
11
/
4
6/
1
4
74
98/
1
4
101
145
12312 153
514 1218
59
811
/
4
111
125/
1
4
4812 73/
1
4
1051
/
4
83
434 1014
534 13
310 x4301
/
4
11
34
258
S1
/
4
43
54
1212 2934
212
5/
1
4
3512 5714
4
1218
9
2614
61e 2414
1 70
714
1358 3878
21
50
4834 66
712 3414
238
434
1938 321
/
4
4912 7334
11634
105
3414 58
2/
1
4
678
218
45*
5/
1
4 171
/
4
612
1212
2
7
2,2
61
/
4
758 2234
218
57A
4
1114
2
618
15
3714
131
164
41
/
4 1218
1838 37/
1
4
2314 4678
137
110
21
/
4
918
2
6
2914
21
11534 130
25
10
2
611
78
312
/
1
4
2/
1
4
812 247a
9
2512
106
68
21
32
38
503a
19
45/
1
4
69
841
/
4
711 17/
1
4
312 1638
211
/
4 8112
558 10
241/
1
4 36
90
1101,,
33
571,
39
6638
121
101
135
140
45
77
9778 11412
8/
1
4 191
/
4
1014 2712
6
10/
1
4
1378 1812
20
3712
412
1
5
20
3
10
2/
1
4
712
1158
21,4
6518 94
16
231
/
4
91
/
4 1814
3
71
/
4
1318 41
1338 2234
101 z114
212
714
19
55
36
8312
23/
1
4 3358
631,
20
27
60
/
4
2214 311
1414
5
7
1412
11
20
7338 90
9/
1
4 211
/
4
212
5
5
161
/
4
6414 78
1112 2312
2212 437a
171
/
4 24
73
110
7412 1111
/
4
129
15212
18
2613
1514 361
/
4
1112 19/
1
4
1618 35/
1
4
2078 37
105
72
Di
3
1
3
3314 24454
119/
1
4 12812
15/
1
4 2218
102 2130
34
Pe
714 2312
12
21
37/
1
4 6212
191
/
4
814
80
97
30
4214
11114
95
2018 33
New York Stock Record-Continued-Page 6
1966
March 23 1935
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Mar. 16
Monday
Mar. 18
Tuesday
Mar. 19
Wednesday
Mar. 20
Thursday
Mar. 21
Friday
Mar. 22
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
Feb. 28 Year 1934
1935
--Loto Low
nia6
S per share $ per share $ per share $ per share $ per share $ per share Shares
$ per share 2 per sh $ per share
Pa $ per share
2114 2158 21
"2112 22
21 1
2178 22
2134 213
2,600 Mack Truck* Inc
2112 22
22
Vo pa
21 Mar 19 2818 Jan 8
22
41 5
3518 3553 3412 3514 3478 351
3478 351
35
353
3512 3534 3,900 Macy (R H) Co Inc
No pa
3412 Mar 18 4414 Jan 2
3514
3514 6218
*534 6
*534 6
578 6
*534 6
*534 614
20 Madison So Gard v t o.. No pa
*534 6
718 Feb 8
213
258
7
512 Jan 2
2078 2078 2018 2034 *2013 21
2012 203
2058 21
2012 2112 2,40 Magma Copper
1214
1512 22314
10 1858 Jan 18 2214 Jan 7
1,8
1,8
*1
11
114
1 18
1,
•1
.1
1,4
1,8
11
300 Mallinaon (H R) & Co___No pa
1
113
2 Jan 4
1 Mar 9
414
8
8
814 81
'714 9
*714 9
812 934
100
8
81
4
738 3338
7% preferred
7 Mar 14 19% Jan 23
100
*78
114
*78
114
*78
IManati Sugar
114
*73
11
2 Jan 4
*73 1 14
100
*78
% Feb 6
114
7s
73
334
.412 478 *318 478
41.2 478
414
5
*414 5
4.418 5
110
1
914
Preferred
I%
4 Jan 7
612 Jan 23
100
*178 318 *178 3% *1711 318 *178 31
3
*178 318
573 Jan 19
812
Mandel Bros
3
No par
*178 3%
414 Mar 11
*25
35
*25
35
*25
35
*28
35
•28
35
*28
35
14
41
20
:Manhattan Ry 7% guar ___100 32 Jan 23 3612 Feb 20
1434 144 144 1434 *15
1512 1434 15
1434 1514
Mod 5% guar
104
1514 1614 3,600
100 1314 Mar 15 22 Feb 1
1034 2938
*1053 108 *1038 1078
1013 1058 1012 1013 *10
'1053 11
1078
600 Manhattan Shirt
1053
1012 2038
26 1012 Mar 20 1314 Jan 5
•1
114 *1
114 "1
114
*1
114
Maracaibo Oil Explor___No par
1
*1
178 Jan 23
1 14
118
*1
1 Feb 23
114
338
434 431
434 434 *452 47
434 434
434 434
434 434 3,000 Marancha Corp
413
434 Feb 27
41t4
512 Jan 14
5
538
•5,18 55*
512
o
538 512
5% 538
512 534
58 .512
6
518 Mar 15
534 534 2,400 Marine Midland Corp
5
6% Jae 24
'I,
1
.12
1
•12
1
•12
1
•,2
1
•,2
1
Market Street Ry
13
118 Jan 8
100
13 Jan 31
13
253
'113 434 *1
434 *1
454 *1
2
14 *1
Preferred
434
8
2
814
Jan
100
*1
253 Jan 2
434
5
.312 6
*312 6
*334 6%
Prior preferred
334 334 *334 6
3
70
3
7 Jan 28
1214
334 Mar 1
334 334
100
17
178 *1
1% *1
2nd preferred
178 *1
18 *1
*34
178 *1
100
1 Mar 15
%
1
214 Jan 8
414
.2112 22
*2112 22
*2112 22
*2134 22
*2118 22
21
12
21
17
200 Marlin-Rockwell
32
No par 20 Mar 13 2558 Jan 23
1
77
7
7
634 7
673 7%
7,8 7%
83* 1958
4.300 Marshall Field & Co
714
751
7
No par
74
634 Mar 14 1114 Jan 3
*612 7
*612 7
*612 7
.613 7
4
100 Martln-Parry Corp
*612 7
128*
No par
613 613
214
913 Jan 7
612 Mar 15
2414 2414 2414 2414 2418 2414 2438 2434 2434 25
25
2334 Mar 14 32 Jan 8
25% 2,000 Mathieson Alkali Works_No par
2312
2313 4084
147 147
*14512 150 *142 150 *142 150 *142 150
Preferred
147 143
600
136
100 138 Jan 2 148 Feb 9 10512 110
3734 3638 3714 3713 3734 3758 3734 364 3734 3714 37% 2,100 May Department Stores
'37
23
30
10 3638 Mar 18 44 Jan 22
4534
•614 612
613 614 *613 614
900 Maytag Co
613 613
7 Feb 18
6% 63*
Na par
612 612
3,4
512 Jan 30
41, 834
38
3912 3818 3818 38
"38
39
3814 4018 4113 43
'38
1,500
Preferred
83
10
36
No par 33 Jan 15 43 Mar 22
3812 *37
40
*37
*37
40 .3812 40
38
3814 39
8
4212
9
350
3234
Preferred ex-warrants _No par 3213 Jan 7 4212 Mar 22
*8018 89% *8014 89% *8014 8978 *8014 893 •8014 897
49
50
Prior preferred
27
9212
No par 8413 Jan 4 92 Feb 18
8978 897
2834 2834 2913 2912 *29
3114 *29
3114 *29
31
300 McCall Corp
29
22
29
24
32
No par 28 Mar 14 32 Jan 10
9
953
914
834 88
9
914 98*
118 1212
914 10
914 912 8,200 :McCrory Stores classA._No par
712 Mar 12 13 Jan 3
34
8
814
734 8
818 812
818 824
1%
Claas B
7 Mar 12 1218 Jan 3
118
813 834
128*
No par
812 812 1.700
.65
67
65
65
*64
6618 *6513 6618 *65
6818 *65
6618
100
Cony preferred
100 5714 Feb 5 69 Jae 17
313
514 635
8
81
8
•713 814
*712 814 *712 814 *712 814
*71
4
100 McGraw-Hill Pub Co__ _No par
77s Mar 9
4
1012
84 Jan 31
4414 45
4334 4414 4412 45
4412 453* 4412 4473 4412 4514 8,700 McIntyre Porcupine Mines____6 36% Jan 15 455 Mar 4
2853
3812 5012
9434 9414 9414 9412 96,4 98 10014 2,800 McKeesport Tin Plate__-No par 9012 Jan 15 10014 Mar 22
9412 9412 *9314 9414 *93
8714
79
9518
634 7
612 634
634 634
4,200 McKesson & Robbina
653 6%
64 67
65* 6%
87 Jan 2
5
638 Mar 15
313
414
914
40
41
4013 4013 40
41
41
41
41
41 14 41
41
1,100
Cony prat series A
11% 4234
912
50 37 Jan 15 45 Mar 4
84
10
*1018 1012 1014 1014 1013 1034 1013 1012 3,000 :McLellan Stores
1038 1053 10
1
No par
914 Mar 12 1538 Jan 3
1718
*89
100 8611 Mar 13 90 Jan 9
93
*89
93
89
89
*87
8918 89
89
*83
91
200
8% cony pref tier A
6
912 9212
*42
43
42
*4112 4.2
42
"4112 43
423 4314 4213 4314
900 Melville Shoe
1712
28
42
Na par 41 Jan 2 4534 Feb 21
rais 342
a
382 .318 353
312 312 *33* 338
334 334
500 Mengel Co (The)
1
3 Mar 12
55* Jan 22
313 11
312
"2113 2512 *2012 2513 *21
2513 2034 2112 *22
2512 *23
24
80
7% preferred
24
24
100 2034 Mar 20 3812 Jan 23
52
'21
2338 *2112 2358 *2112 23
March & Min Transp Co_No par 23 Feb 25 2512 Feb 9 I 22
•21
*21
23
23
*21
23
2512 3334
28
29
2853 29
2838 2834 2712 271
2818 2873 2812 29
5,500 Mesta Machine Co
6 2418 Jan 15 32 Mar 5" 834 22018 253
"27
2814 *2718 2814 *2714 2814 •2714 2814 •2738 28
•2753 28
Metro-Goldwyn Pict pret____27 27 Mar 0 2814 Jan 3
21
18
2814
25* 25* *25
234
234 234 *212 278
500 Miami Copper
234 278
3
3
3% Jan 7
5
212 Mar 13
25*
278
6'2
973 978 10
1018 10
10
10
1018 1013 1053 2,200 Mid-Continent Petrol
913 Mar 15 127k Jan 2
934 97
10
93
913 14%
938 912 .834 912
934 10
900 Midland Steel Prod
93* 953 .834 92
913 912
814 Mar 12 1373 Jan 8
612
613 217,
No par
62
62
6114 6134 62
61
*62
64
63
64
*6212 6412
120
8% Corn 182 Pre
100 8018 Mar 6 70 Jan 22
8514
44
44
7178 7114 7113 71
*7014 7112 *71
71
71
1,400 Minn-Honeywell Reau___No par 58 Jan 15 75 Mar 22
73
72
75
85
IS
205*
•l0718 112 *108 110 *10612 110 *107 110 *107 110
6% pref series A
108 108
10
100 105 Jan 9 110 Mar 14 3 68
87
107
37 Mar 15
4
418
4
4
378 4
4
418
4
413 414 2,500 Minn Moline Pow Impl __No par
514 Jan 2
418
113
1%
573
33
32
*3114 3312 33
32
*3214 3414 *32
3412 3314 3413
400
Preferred
Na par 31 Mar 14 41% Jan 22
15,
1513 411
14
14
%
13
*18
1s
14
*18
*18
14
018
14
200 :Minneapolis dr St Loule____100
18 Mar 4
3
8
Jan
7
4
14
1%
*34
1
24
034 1
*34 1
"4
1
Minn SI Paul & SS Marle___100
"4 1
1 18 Feb 11
034
1 Jan 30
I
353
34
.1
114
.1
114
*1
1 14
.1
113.
*1
113
1 14
1 14
100
7% preferred
1 Mar 6
2 Jan 21
100
1,4
1,4
513
•114
14 *114
134 0113
134 *113 2
*112 2
*112 2
4% leased line ctfs
1% Mar 15
100
3 Jan 14
113
lit
713
27
3
278 3
278 3
3
3
3
312
314 332 2,000 Mo-Kan-Texas RR
25* Mar 13
4% 14%
No par
3
614 Jan 7
612 613
612 612
612 6'2
7
7
678 712
Preferred eerie, A
712 8% 2,200
12
3438
6 Mar 14 1412 Jan 7
614
100
114
114
114
114
114
114
112 112
112 112
100
114 Mar 11
112
112 1,200 :Missouri Pacific
113
3 Jan 4
6
1 13
*2
218
2
2
2
2
13 13
2
2
.2
Cony preferred
17 Mar 14
218
800
100
2
213
4 Jan 7
934
.1113 1214 1114 1114
11
1114
1114 1114 *1114 1134
1153 011
1212 2238
1,300 Mohawk Carpet Mills
11
20 104 Mar 13 1612 Jan 3
57% 5812 5778 577
58
5712 58
2,800 Monsanto Chem Co
5853 5712 5734 5712 58
39
10 55 Feb 29 6012 Jan 3 13 24
615*
2318 2312 22
2278 2234 2338 23
2334 2318 2414 2334 2412 32,700 Mont Ward & Co Ina____No par 2114 Mar 12 3012 Jan 7
1514
20
351
*6012 63
*6012 63
*6012 63
*6012 63
*6012 62
Morrel (J) & Co
*6012 6112
Na par 61 Jan 25 66 Feb 25
347k
37
6314
•_ ___ 70 *__ 70 *___ _ 65 *_-_ - 65 •____ 65
Morris & &MX
____ 65
71
58
5534
50
*28
i2
%
38
138
12 3,100 Mother Lode Coalltion___No par
38
38
38
38
12
38
aa Jan 16
%
12
53 Jan 8
13
'.5
20
*5
20
*6
20
*7
20
*6
1938 *6
20
12
6
Moto Meter Gauge & E0
18
1
18
1818 1713 173* 1718 18
18
1814
1853 1934 1914 2012 3,900 Motor Producte Corp____No par
1718 Mar 18 2853 Jan 4
1514
1614 44%
8
814
738 75*
753 7,2
753 712 *Vs 8
838 1(112
814
83* 834 2,700 Motor Wheel
5
713 Mar 12 1134 Jan 7
712 712
7% 712 *713 78
712 8
753 753
8
8
1,100 Mullins Mfg Co
514 1553
7 Mar 13 1212 Jan 22
3%
No par
4913 4013 5014 5013 5014 5014
51
49
*5014 51
50
49
1218 40
390
Cone preferred
Ws Jan 11 59 Jan 22
10
No par
01312 1412 1312 1312 *13
1412 •13
14
*13
14
1313 1312
13
200 Munsingwear Inc
2514
No par
1313 Mar 18 1534 Jan 24
10
37
553
5,3 514
51s 5,4
Ms 534 5,400 Murray Corp of Amer
51
5
533
553 534
1 Pi
358
10
434 Mar 13
8 Jan 7
•30
32
•30
•31
32
32
*31
3414 .3134 3414 3214 3214
33
100 Myers F & E Bros
14
1312
No par 30 Jan 12 3214 Mar 22
13% 1338 1238 1314 13
1318 1318 1314
1318 1353 1278 1334 7,800 Nash Motors Co
1212 Mar 6 19% Jan 7
1252 8214
Na par
1258
16 *____ 1614
164 15
16
*1434 1631 *15
16
•1613 1834
30 Nashville Chats & St Louts --100 14 Mar 14 271* Jan 8
1934 46
1814
*45* 512
453 45
434 434
434 434
412 434
5
5
900 National Acme
878
33*
1
412 Mar 13
3
714 Jan 7
*738 77
300 National Aviation Corp.__No par
734 *753 734
7%
734 734
77
713 712 *73
514
13 14
6% Feb 20
514
8% Jan 9
- __ - ----- ---- -- -- ---- ---- ----- -2,- - -- --- :National Bellas Hess pref___100
27 Jan 23
314 1234
64 Jan 17
273
------2538 2538 25% 2512 25 -257 2018 2514 -2-6
-58 -14,400 National Biscuit
10 25 Mar 21 3014 Jan 7
2578
267k
49,2
•141 14312 14318 14318 *141 144 *14114 144 •14114 144 •14114 144
100
7% cum pret
14813
100 14118Mar 7 146 Feb 25 12912 131
1453 1412 1412 1434 2,200 Nat Cash Register
141 1
1414 1414
14
1414 1334 1418 14
No par
1312 Mar 14 18,
12
2358
3 Jan 3
12
1438 14% 1418 144 128 14
1318 1358 27,400 Nat Dairy Prod
15
15% 1453 15
No par 12% Mar 21
13
1718 Feb 9
1114
1834
13
37
134 2
134
42
178 3.900 :Nat DepartmentStores No par
14
112 12
112 113
1%
15*
1
112 Mar 7
45* Jan 17
1912 1813 19
19
18
1714 18
1812 19
2038 1913 2014
1.200
Preferred
3
2818
100 174 Mar 18 3434 Feb 16
5
2678 2753 2613 2714 2714 2818 2634 2818 27
2778 2612 2738 51,500 Nati Distil Prod
315*
No par 2458 Mar 11
16
2914 Jan 3
18
25
02278 25
2612 2634
2313 2312 22412 2412 25
26
26
700 Nat Enam & Stamping
161s 3278
No par 2313 Mar 18 29 Feb 18
10
150 160
151 151 *150 160 *150 160 *150 160
*15218 165
100 National Lead
100 145 Jan 18 16812 Jan 14
87% 135
170
100
*15613 16018 15612 18018 *157 16018 158 158 .15712 16553 15712 15858
Preferred A
14618
100 150 Jan 18 168 Mar 20 122
122
*12638 ____ *12638
__ *127
_
- *127 .
_ ___
_ •12638
Preferred B
127
100 1215* Jan 26 125 Feb 26
99% 10012 12112
47 Mar 15
5 _-538
5
5
538 _-51
5 _-5
514 --634
6
-0-4
3 23:800 National Pow & Lt
No par
738 Jan 2
5
6% 1512
100 Nat Rys of Max 1384% In-...100
1 Jan 10
,
34
34
"4 1
*53 1
34
34 Mar 22
34
*38
34
23
*12
*12
34
%
1
82
14Mar 19
100
Id preferred
12
12 Jan 2
100
"8
38
*38
1
14
014
*I1
1
13
14
•14
12
4114 4134 2,900 National Steel Corp
41
4134 4113 42
4114 41
41
33
3413 5814
25 4038 Mar 13 5012 Jan 9
4053 4114 41
97 10
914 9,2 *913 10
900 National Supply of Del
25
9 Mar 13 1453 Jan 3
014
10
21'8
914 914
9%
914 914
*9
38
*36
30
38
40
38
33
36
*37
37
40
*37
*37
100 36 Mar 20 4738 Jan' 3
Preferred
40
3312 60
9
813 858
9
9
1834
No par 2814 Mar 13 1138 Jan 4
834 9
*838 9
914
953 953 1,300 National Tea Co
834
9
4
*2212 24
•2212 2312
02213 2318 '02213 2313 *2214 24
a% 3014
No par 22 Mar 12 2838 Feb 14
*2213 23
Nelsner Bros
500 Newberry Co (J J) .
49
49
15
4812 4812 4914 4914 *4812 4834 4812 4812 4818 4818
31
497
No par 4312 Jan 2 52 Mar 1
112
100
11314 11314 *112 11314
60
7% preferred
80
112 112 .112 113% *112 11314 112 112
100 109 Jan 25 113% Mar 2
53
:New Orleans Texas & Mex--100
6
6 Feb 27
25
15
•5
514 Mar 12
*5
15
15
*5
*5
15
15
*5
15
"5
438 Mar 12
5%
1112 13
8 Jan 3
5
5
5
1
6
518 533 1,800 Newport Industries
5
5
434 5
*434 514
20
20
400 N Y Air Brake
No par
1834 1834 •1834 2012 *187 1912 *19
20
1813 Mar 12 2814 Jan 4
1112
2012 *19
1112 2884
13
13
1214 Mar 12 2134 Jan 7
1258 1314
No par
1412
125 1314 1258 137
183* 4554
1353 1253 13
143* 32,800 New York Central
100 N Y ChM & St Louis Co
6 Mar 12 13 Jan 4
7
84
7
*7
*612 9
100
9
.658 9
*612 9
9
26%
*658 9
97 Mar 12 25 Jan 7
Preferred eerie, A
500
1153 1158 1113 1112 1134 114 *1112 1212 1113 11 12 1212 1212
100
12%
16
4314
New York Dock
*2
358 *2
3% 02
353 *2
100
2 Mar 14 318 Jan 22
253
33*
358 *2
2%
814
353 *2
73
5
20
Preferred
200
412 412 *414 738 *4
•412 6
100
4% Mar 19
5
*413 6
8 Jan 11
738 *4
108
139
*1125* 118
50 N Y& Harlem
50 112 afar 11 122 Jan 22 101
115 115 0115 120 *115 124 *116 120 •115 120
Preferred
112
120
60 11414 Mar 14 11414 Mar 14 112
*11412 160 *11412 160 "11412 160 *11413 160 *11413 IGO •11413 160
52 Jan 3
%
114
22 Jan 31
No par
38 1,200 IN Y Investors Inc
%
12
12
38
%
%
38
38
38
18
"a
la
96
83
__ ____ _-__ _____ NY Lackawanna & Weatern_100
7813
33
6
2414
2%
812 Jan 4
338 3%
-334 37
414
338 418
100
274 Feb20
453 8,500 N Y N H & Hartford
35* 37
353
Con.
, preferred
1013 3753
2,800
100
6 Feb 20 148* Jan 7
8
712
7
6
612 7
653 653
7
614 7
812 613
1,900 NY 0Ando & Western
358
3
412 115*
3
6 Jan 19
3
3
100
318
3
33*
23* Mar 15
234 3
3
314
314
es
114
1,600 N Y Railways pref
No par
sn Feb 28
1 Jan 0
34
34
34
78
34
%
78
34
34
*54
53
34
78
913 2278
7
7
8
613 678
814 3,400 N Y ShIpbldg Corp part stk____ 1
714 714
713 814
734 838
618 Mar 14 1618 Jan 7
93*
72
*72
8014
.72
79
77
*72
*72
79
79
*7218 79
100 72 Mar 14 87 Jan 7
7% preferred
*7218 75
6912
9912
*7114 74
*7114 74
73
80 NY Steam $6 pret
*7114 74
70
7114 7114 7114 7114 *7114 7314
No par 7114 Mar 20 85 Jan 2
109%
*8914 92
*8914 92
92
90
•8014 92
10
*8914 92
92
Na par 90 Feb 2 97 Jan 22
27 let preferred
4,8914 92
83
3413 34
3453 3312 3418 335* 3434 34
3014 4572
34
25
3414 34
3418 5,800 Noranda Mines Ltd
No par
304 Jan 15 3638 Mar 4
4.34
1
1,34
*34
1
1
.54
1
11
418
:Norfolk Southern
138 Jan 17
100
"4
1 Mar 11
1
1
*34
1
187
158 158 •158 160
101
160 180
400 Norfolk & Western
15812 15813
15814 15814 *158 161
100 158 Mat 13 174% Jan 22 138
100,2
*101 --- _ 101 101 *101
82
20
Adjust 4% pref
_ __ 101 101 *10112
*10112
77
100 99 Jan 10 10113 Feb 21
914 932
93 10,4
9% 914
1074 2514
913 1-0
- 51,400 North American Co
9 Mar 13 1312 Jan 2
10%
Na par
934 -11-3; 1012 -1178
45
*3512 3638 *3512 3638 36
34
40
37
39
31
3712 3734 38
4012 2,900
Preferred
50 3511 Mar 15 4214 Feb 13
213 218
2.38 258 8,200 North Amer Aviation
214
2% 253
238
253
214 25*
804
218 23
212
4 Jan 23
2 Mar 13
1
ant 743*
5812 60
60
60
61
61
62
62
900 No Amer Edison pref__ __No par 57 Jan 3 66 Feb 13
63
63
63
39
63
16
713
1,_
19 •_ _ 19 •
19 •
North German Lloyd
1214 •
7%
1114 •
10 Feb 4 10 Feb 4
11 14
31
9214
*8612 93 *8613 93 ;i3fir2 93 ;8•ZiT2 93 ;g(-3T3 93 ii6T1 93
Northern Central
71
50 9113 Jan 21 94 Jan 26
Vnw fnntnnti. &Ow
nntre
10110
'
,
1
I
New York Stock Record-Continued-Page 7
Volume 140
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Mar. 16
Monday
Mar. 18
Tuesday
Mar. 19
Wednesday
Mar. 20
Thursday
Mar. 21
Friday
Mar. 22
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range 5 nee Ian. 1
On Basis of 100-share Lots
1967
/tap 1
1933 to Range for
Feb. 28 Year 1934
1935 ---Low Low
High
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share $ per share Shares
$ per share 3 Per sh $ per share
Par $ per share
1438 1434
1312 137
1334 1414
1334 144
1334 15
14
1518 21,700 Northern Pactile
1412 360,
100 1338 Mar 12 214 Jan 7
1412
37
37
.36
37
*36
37
*36
37 .36
37
37
37
140 Northwestern Telegraph
50 357k Jan 18 3812 Jan 3
38
43
33
112 112 *114
134 *114
154 *14
134 *114
100 Norwalk Tire dr Rubber --No par
134 *114
134
112 Mar 6
214 Jan 4
15*
138
412
2434 *1118 24
20
*20
*20
2312 x20
2314 *20
20
30
Preferred
Mar
20
x20
50
3212
Jan
3
25
29
4014
9% 93
914 93
914 912
913 95
912 10
10
10
5,200 Ohio 011 Co
914 Mar 18 107* Jan 3
No par
812
812 1572
212 212
212 212
212 234
212 212
212 234
212 258 10,500 Oliver Farm Equip
212 Mar 13
No par
45 Jan 2
2
2
7
*1558 1718 *1512 167
17
1714
1634 17
1678 178 1778 18%
1,500
Preferred A
152 Mar 15 2638 Jan 2
No par
9
9
2738
47
*418 413 *418 478 *418 419
4
*4
4
44 418
37 Mar 13
35
400 Omnibus Corp(The)vto No pal
512 Feb 16
3%
638
*65
84
*65
84
*65
*85
84
84
*65
84 - *65
84
Preferred A
100 75 Jan 16 77 Feb 26
70
70
95
*512 6
558 558 *512 6
5,2 6
*512 6
77 Feb 19
100 Oppenheim Coll de Co____No par
*512 6
54
51s
58 Mar 19
145*
13
1318 1234 1234 1234 13
1234 1318 127* 135* x13
13
27,200 Otis Elevator
1258 Mar 13 155* Jan 7
No par
11%
1212
1938
*111 118 *111 118 *112 115
112 112
112 112 xlii 111
120
Preferred
100 106 Jan 7 112 Mar 20
92
92
108
44 45* *412 4% *412 434
48 48
434 518
478 518 2,100 Otis Steel
14
414
par
Mar
714
No
Jan 21
3
35*
8
*27
*2618 3218 *27
34
30
*28
3278 *2818 318 29
400
30
Prior preferred
100 2234 Jan 16 46 Jan 21
74
9
26
*3618 43
*3618 43
*3618 43
*3618 43
*3618 43
*3618 43
Outlet Co
No par 38 Mar 12 45 Jan 8
28
30
47
*11412*11412
.._ •11412
_ *11412
*11412
_ *11412
Preferred
100
97
97
11412
*85 -8-G3-4 8312 -8-5
8512 --86
85 -86
8412 -8112 8414 85
3,000 Owens-Illinois Glass Co
60
25 80 Mar 12 904 Feb 18
60
91
112 *1
*lls
112 *1
13 *1
134 *1
112 *1
14
Pacific Coast
112 Feb 26
118
212 Jan 7
10
118
63s
*212 6
*214 6
*212 6
*214 6
*258 6
*214 6
lst preferred
par
No
Jan
2
33
4
8
Jan
7
312
312
1114
•118 2
*14 2
*118 334 *114 214 *114 312 *114
219
2d preferred
No par
114 Mar 14
4 Jan 7
2
2
612
1412 1412 1434 1434 15
14
1414 143
15
157
1534 1658 19,900 Pacific Gas & Electric
25 1318 Star 6 1658 Mar 22
123
123s 2312
1934 20
2018 2014 19
201.4 2012 2114 2114 23
2214 2314 6,200 Pacific Ltg Corp
19 Mar 18 2334 Jan 11
No par
2034 37
2058
1338 1338 *1212 1834 *1212 1834 *1212 1834 1312 1312 *14
1834
200 Pacific Mills
15
No par 1278 Mar 15 21 Jan 2
34
19
7634 7634 7634 7634 x7618 7612 7612 77
7614 77
7712 7712
550 Pacific Telco & Teieg
100 70 Jan 2 7712 Mar 22 27 6812
69
8512
120 120 *12018 12034 *12112 122 *12112- -12012 12012 *120 121
20
6% preferred
9914 103
11112 Jan 14 12012 Mar 16
100
116
.712 714 *714 712
714 712
712 712
Ps
8
-814
Vs
1,400 Pao Western 011 Corp____No par
7 Jan 24
84 Feb 28 a 5
512
93*
312 334
312 353
312 35*
312 334
312 334
334 4
57 Jan 7 " 2%
12,200 Packard Motor Car
No par
312 Mar 13
234
60s
*1114 115* *1114 1158 81112 1112 *1114 1158 *1114 1158 *1114 1158
500 Pan-Amer Petr & Trans
1138 Mar 8
9
Jan
5
10%
84
103
12
4
*1414 19
*1414 19
*1414 16
*1414 19
*1414 19
*1414 19
Park-Tllford Inc
1412 Mar 13 5734 Jan 11
1
17
3512
15
*34 114
78
*78
78
1
*34
1
1
118
*78
1
200 Parmelee Transporta'n___No par
„
78 Jan 4
12
2
4,88
15* Feb 18
7,
as,
78
*58
78
4.58
78
458
78
4.58
78
Panhandle Prod 0, Ret___No pa
ad Feb 27
15* Jan 7
38
212
58
*612 10
*612 10
*612 10
*612 10
*612 10
*612 10
8% cony preferred
7
612 Mar 12 12 Jan 7
100
7
2112
212 212
28 25*
212 25*
212 25*
239
25* 12,700 :Paramount Publix nes
23* 25*
414 Jan 26
118
10
28 Mar 14
134
673
212 23*
238 212
238 212
238 212
214 238
212 258 7,000 Park Utah C M
334 Jan 3
1
2
214 Mar 21
24
673
58
38
12
33
32
33
12
58
58
53
34 3,500 Paths Exchange
38
8
12
par
Mar
112
Jan
No
12
414
2
12
12
1212 1258 1178 12
1234 1214 1234 1214 1314 *1234 13
45
4,000
Preferred class A
117 Mar 18 174 Jan 2
No par
104 2434
91
9
914 912
914 914
912 95*
912 912
934 10
5,200 Patin° Mines & Enterpr No par
814 Feb 28 1212 Jan 3
814
912
2112
•118
114
Us
14 "118
14
118
118
14
14
Ila
118
500 Peerless Motor Car
3
118 Feb 11
1
1
478
15* Jan 4
68
6714 6714 *66
6712 6712 67
6712 *6514 6712 *67
68
600 Penick & Ford
443*
No par 6412 Feb 5 70 Jan 8
445* 67
651 65% 6518 6512 z6514 6534 6538 6534 6512 6634 6512 668 4,500
Penney (J 0)
5112 7414
3512
No par 84% Feb 5 74 Jan 8
1078 108 *10434 110 *10434 110
*108 109
109 109 *106 111
300
Preferred
100 10778 Mar 18 110 Mar 1 103
10512 10812
*214 234 *214 234
234 234 *23* 234 *212 284 *212 234
100 Penn Coal de Coke Corp
312 Feb 11
214 Mar 13
10
17
Vs
514
*314 312
314 314
314 *318 338
3
314
314
314 35* 1,000 Penn-Dixie Cement
No par
3 Mar 9
512 Jan 7
234
278
734
*16
19
2034 no
•16
2034 *10 2034 *16 2034 *16 2034
Preferred
series
10
11
32
A
2512
100
Mar
1214
Jan
18
26
1734 184 1738 178 1734 1814 1734 1818 1734 1834 1858 191 14,600
4
Pennsy:vania
50 1714 Mar 12 253 Jan 7
2018 373*
1934
35
3538 3434 3434 3434 3434 *3412 35
3512 3512 3538 3818 2,100 Peoples Drug Stores
1953 66
No par 30 Feb 6 3818 Mar 22 3111012
*11212 11634 *11214 11634 *11214 11634 *11214 11634 *11214 11634 *11214 1163
Preferred
4
100 11034 Jan 9 11212 Mar 8
80
86
1124
*1819 19
19
19
1834 19
13
19
1912 21
2014 2212 4,500 People's 0 L & 0 (Chle)
100
1914 4378
18
1734 Mar 7 237* Jan 10
*15* 214
*15* 214
*13* 214 *158 214 *139
*14 214
Peoria & Eastern
214
2
218
8
7
Feb
3
Jan
26
100
2
*8
*814 12
*8
12
11
*8
12
•812 12
*812 12
Pero Marquette__
914 Mar 13 19 Jan 31
12
12
38
100
20
1914 1914 *18
*17
1934
1912 1912 20
201 *18
2412
400
Prior preferred
13
1612
Mar
9
32
IGO
18
1412
Jan
5112
151 *13
1412 1412 *13
1514 *13
1514 1514 1514 *14
20
200
Preferred
12
1318 43
100 13 Mar 15 2412 Jan 11
*1512 1914 *1512 181 *1512 1678 *1512 1814 *1512 1814 *1512 1814
Pet Milk
914
17 Jan 2 193 Feb 4
No par
94 17%
734 734 *739 734"73* 734
758 734
734 77a
8
8
1,500 Petroleum Corp of Am
Mar
14
Jan
8
8
2
814 1414
75
5
939
1314
1278 1314 1278 1314 127s 1314 1318 1312 6,800 Phelps
13
1313 1334
-Dodge Corn
25 1234 Mar 15 1614 Feb 18
11,
4
1314 18%
*2312 2378 2378 241 *2414 25
*2312 24
2438 25
2612 2612
900 Philadelphia CO 6% prat
50 23 Feb 27 2814 Jan 15
2414 37
2112
*__ _ 40
*35
40
*36
40
*36
40
40
40
*40
43
loo $s Preferred
No par 3812 Mar 5 48 Jan 25
49
3814
64%
*112 28 *138 23
*112 21, "1% 21
*114
21
"114
:Philadelphia Rap Tran Co___50
212
2 Mar 12
4 Jan 8 31 1 12
2
8
*314 578 *314 57
*314 513 *314 41
*314 57
*314
77
preferred
57
Mar
8
4
37
8
6
50
4112
Jan
3
12
16
214
214 238
214
238
238
214
21
124 21
134
17s 10,300 Phila & Read 0 & I
No par
134 Mar 21
478 Jan 9
212
34
634
*3634 37
3614 367
37
38
355* 38
3612 371
3718 385* 5,500 Phillip Morris & CO Ltd
10 3514 Mar 12 4634 Jan 11
1018
1112 4838
*0
7
6
6
*5
712 *434 8
*518 61
512 512
200 Phillips Jones Corp
No par
512 Mar 22 11 Jan 4
7
7
21
*5215 57
57
57
*53
57
*53
57
*53
57
*53
57
10
7% preferred
100 57 Mar 18 88 Jan 15
48
48
7473
1434 1514 1412 15
1478 15
15
1514 15
1512 1514 1538 14,300 PhIllps Petroleum
4
16
Mar
Jan
12
133
4
par
11
No
13%
x203
4
334
*3
334 *3
3
334 .234 334
3
3
*3
334
200 Phoenix Hosiery
3 Mar 21
8 Jan 3
6
412
412 1312
*494 56
*4918 56
*4918 56
*4918 56
*4918 56
*4918 56
Preferred
64
50
44
100 55 Jan 23 z 57 Feb 11
14
33
38
38
12
1
14
3
38
I
84
618
38 32,200 :Pierce-Arrow Mot Car Co
3s
14 Mar 18
5
178 Jan 71
34
12
12
38
38
*38
88
12
12
38
*38
*38
12 1,000 Pierce 011 Corp
4
1„
38 Jan 2
25
4 Jan 8
4
*334 54
3% 334 *334 518 *334 51
312 31s
338
518
200
8 Jan 7
Preferred
312 Mar 21
412
100
412
103*
%
78
*24
%
34
34
34
7
3
4
7
8
7
8
7
8
1,400
„
Pierce
Petroleum
34
14
2
par
Mar
Ili
Jan
No
3
4
8
3118 3114 3118 3112 3138 3134 32
32
3
3112
3134 3134 1
1,400 PIllsbury Flour 1
1
18
343
3
Mar 16 3312 Jan 2
3118
MillsMI112
No par
•____ 75 *-_-- 75 *._ - _ 75 *__._ 75 *____ 75 2 *____
75
Pirelli Coot Italy Amer Shares__
75 Jan 18 7612 Jan 25 "75
7014 87
---- ---- ---- ---- ---- --_- - --7- - -- ---- - - ---- - Pitts C C &St L RR Co__100 100 Jan 12 110 Jan 15
7312
---- ---914 *7
914 *7
*718 914 *7
-914 *7
-4i14
*8
114
Pittsburgh Coal of Pa
711 1812
712
7 Mar 14 1012 Feb 4
100
343* •29
.29
32
*29
3172 no
31
*29
31
*29
31
Preferred
26
28
100 30 Jan 5 42 Feb 4
4212
•____ 175 •-___ 175
____ ____ *____ 175
____
__ ____ _ _
_
Pitts POW ei, Chic pref
14112 169
100 172 Feb 14 173 Jan 18 14114
573 6
*534 573
534 578
534 534
534 _-6
6
-i
_______ Pittsburgh Screw & Boll__ No par
44 113*
418
512 Mar 13
9 Jan 11
*1812 2438 •1812 2438 *1834 2312 *1812 2438 *1812 2438 *1812
2438
Pitts Steel 7% cum prat
1514 43
1514
100 2218 Mar 13 35 Jan 21
*118 212 .118 212 *118
134
118
118
1
118
*34
112
300 Pitts Term Coal Corp
118
212 Jan 12
112
1 Mar 21
312
100
13
13
*1018 15
12
12
*1013 14
13
13
*1018 13
170
6%
12
preferred
15
Mar
818
Feb
19
84
25
100
MI
*114
134 *114
112 .114
112
114
114
*114
114
13*
114
300 Pittsburgh United
14
118
5
212 Jan 21
11451 ar 20
25
•25
27
*25
27
2612 2612 *26
2612 *2612 28
*26
28
30
Preferred
255*
100 25 Mar 13 3712 Jan 7
253* 5972
*6
1018 *6
1018 *6
1018 *6
this
1018 *6
104 *6
Pittsburgh & West Virginia 100
10
27
10
144
133
113
•118
112 *118
112 *118
112 •118
112
I
118
1
1
ioo Pittston Co (The)
184
114
1 Mar 21
5
212 Jan 4
No par
•67
7
634 64
634 7
67
7
7
718
74
714 2,700 Plymouth Oil Co
884 Jan 7
5
714 1614
7
612 Mar 15
614 614
614 614 *63
7
612 612
638 7
634 714
1.200 Poor & Co class 13
6
15 114 Jan 9
6
Mar
No
818
147s
par
•134 2
134 14
18 14
134 *134 214 *2
14
214
900 Porto Rio-Am Tob el A
2
No par
15 Mar 19
418 Jan 24
233
6%
58
r's
*38
24
*28
34
*58
34
400
%
54
"8
78
Class B
14
1
No par
314
112 Jan 8
14 Feb 28
914 913
834 9
9
914
912 918
914 10% 10
2,900
105*
Postal Tel & Cable 7% prat _Apo
1012
818 Mar 15 16% Jan 7
1012 29/
1
2
114 114
114
114
138 138 •114
138
114
114
138
15*
900 Pressed Steel Car
114
21
Mar
318
114
Jan
13
No
lvt
par
512
67
*612 73* •64 71
7
738 75*
8
83
*812 914
800
55
Preferred
22
54
634 Mar 15 17 Jan 21
100
47
47
45% 4678 46
4634 465* 4634 4612 4712 47
4738 6,300 Procter & Gamble
3318
3318 6438
No par 427* Jan 12 495 Feb 4
•120 1207,. *120 12038 120 120
120 120 *118 120
118 118
130
5% pref (ser of Feb 1 '29)-100 115 Jan 2 12012 Mar 7 "101
10211 117
2138 2133 21
2214 223 2212 2278 22
22
2434 2378 2434 15,500 Pub Ser Corp of NJ
2012
45
25
No par 2038 Mar 5 274 Jan 25
*64
60
*6414 6518 6518 66
6618 6612 6678 688 .70
72
1,300
$5 preferred
84
5978
67
Ne par 6238 Feb 20 72 Nlar 22
*73
7434 7312 73,2 7414 7518 76
7614 7718 79
7952 8112 2,200
6% preferred
75
78
100 73 Mar 14 86 Jan 28
975
*8114 8558 8518 851 *8534 8702 87
8712 89
89
9014 94
800
7% preferred
106
88
84
100 8518 Mar 18 94 Mar 22
*98 10212 *100 10238 100 100 *10018 1025* 101 104 *103 109
50
8% preferred
11912
105
99
100 100 Mar 14 10814 Jan 19
1004 10034 *10014 104 *101 10418 •101 104
10114 10114 .10314 1044
200 Pub Ser El & Gas pf $5_-..No par 99 Jan 5 102 Jan 16
83%
8712 10412
4212 43
415* 4134 4112 4212 42
4214 421a 43
43
4412 8,100 Pullman Inc
3514
No par 4138 Mar 18 527s Jan 9
354 593*
614 638
8
618 614
6
6
578 6
578 618 6,000 Pure 011 (The)
818
612 1472
No par
578 Mar 21
734 Jan 4
*5012 52
498 5012 *495 5012 50
50
5012 5012 *514 5278
80
8% cony preferred
49
49
Jan
80
4
61
100
Mar
18
498
*878 9
878 9
878 878
814 878
834 878
9
934 2,600 Purity Bakeries
838 19%
88
No par
834 Feb 1 107* Jan 2
418 414
418
4
4
44
4
414
44 43
414
43
8
39,900
Radio
Corp of Amer
57 Feb 18 33 432
No par
4 Mar 13
412
94
*5012 5078 50
507
5034 5034 51
5138 5114 5112 5114 5158 3,800
Preferred
22
2314 56's
50 50 :Mar 18 6212 Jan 25
364 3712 3514 3614 36
374 3638 3812 38
40
384 4012 35,300
Preferred B
No pa
3514 Mar 12 45% Feb 18
15
13%
46
138
114
13
114
15*
114
138
138
138
112
138
15
8
8,200 :Radio-Keith-0mb
No par
114 Mar 13
24 Jan 2
112
112
414
*1612 1634 *1612 1634 1612 1658 17
*1612 18
17
1704 1702
600 Raybestos Manbattan_No par 1612 Mar 13 21 Jan 2
1412 23
111s
*3012 34
*3114 34
*3012 3312 *3012 33
3278 33
3314 3314
400 Reading
so 32 Mar 15 434 Jan 7
3518 56%
35
*3712 401s *3712 401s *3712 4018 *3712 404 *3712 3934 3712 3712
100
lst preferred
3312 4112
28
so 3712 Mar 22 397/ Feb 181
*30
3518 *33
3518 *33
354 *33
3518 *35
3518 35
35
100
20 preferred
50 35 Feb 11 36% Jan 151
294 3912
27
45* *4
*4
44 *4
412 *4
412
4
4
414
414
400 Real Silk ROslery
412
10
5
4 Mar 21
14
612 Jan 3
*2718 30
*2514 30
25l4 30 *2712 30 25 2518 25 25
60
Preferred
100 25 Mar 15 39 Jan 7
6014
35
33%
*158 2
*152 2
*158 2
*158 2
139
15*
134
13
200 Reis (Robt) & Co
No par
las Feb 27
24 Jan 7
.712 12
152
6
153
*712 12
814 814 *814 12
.814 12
*814 12
100
1s1 preferred
100
8 Mar 12 15 Jan 7
538
53
3814
814 838
812 812
818 812
818 810
814 812
858 834 4,200 Remington-Rand
1
8 Mar 13 1114 Jan 7
514
6
1338
7612 *75
76
77 .74
76
77
76
*7512 80
80
80
300
let
preferred
100 712 Jan 15 8318 Feb 18
3234 71
2434
7312 70
70
*70
*70
7418 Y70
74
*72
74
*72
74
10
20 preferred
100 70 Jan 9 753* Feb 15
30
24
70
•____ 115 *---- 109 *-___ 108 *____ 10712 *__ 109 e
109
Rams dr Saratoga RR Co...._.i00 110 Mar 1 110 Mar 1 104
128
114
27* 212
212 212
238 212
2% 212
212 234
234 234 2,800 Rao Motor Car
513
5
214 Mar 13
2
3%
Jan
95* 10
7
934
934 078
9
2
934 10
934 1034 1014 11
11,400 Republic Steel corp
No par
9 Mar 15 155* Jan 7
9
1012 25%
2858 2912 2934 304 30
3012 31
3052 2934 3234 32
35
4,900
6% cony preferred
100 2858 Mar 18 4912 Jan 21
19
334 6712
2914 2912 29l4 31
30
30
*2834 30
*31
32
32% 31
600
6% prof Ws of dap
3912
28 Mar 15 49 Jan 21
3912 4214
*6
7
7
7
*6
*6
*6
7
*6
7
*8
7
Revere Copper & Brass
5
6 Jan 30
5
1412
8 Jan 4 41 6
18
•13
*13
18
*13
18
*13
1778 *13
177 *13
177k
Class A
10 14 Jan 31 17 Feb 25 "14
1114 2812
8534 *60
*60
85
*55
8534 *81
86
*81
8312 *81
8312
Preferred
100
81
Mar
14
35
24
46
Jan
90
885*
2112 2114 2112 21
2118 214 *21
2114 2138 2134 2114 213* 2,000 Reynolds Metal Co
____No
par 2014 Mar 13 2412 Jan 10" 038
1512 27%
*1214 134 *124 1234 •1234 1318 1214 1234 *12
1234 1234 1234
400 Reynolds Spring
1214 Mar 20 147j Jan 4 41 634
1
612 18
46
4678 4814 4634 4412 4014 4438 45
464 47
44
4458 27,500 Reynolds (RI) Tob class B___10 44 Mar 22 515k Jan
3
3934 5334
3934
•5614 59
*5614 5812 *5614 5812 *5614 5812 *5614 5812 5712 5712
100
Class
A
10 5612 Feb 20 61 Jan 8
57
5612
62%
*10
14 '_ _-- 14 *-7
,17 *---, 1718 *-__, 15
1312 1312
100 Rhine Westphalia Eleo Power... 13% Mar 13 1312 NIar 13
1212 23
1212
•514 612 .614 612 *614 612 *614 614
604 614 *514 633
100 Bitter Dental Mfg
No par
512 Mar 15
7 Jan 3
51s 13,2
518
*2238 23
2214 2212 22
2218 22
22
23
2338 2314 2314 3,000 Roan Antelope Copper Mines_
217s Feb 25 26 Jan 22
20
2072 3318
For footnotes see Page 1960.
New York Stock Record-Continued-Page 8
1968
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Mar. 16
Monday
Mar. 18
Tuesday
Mar. 19
Wednesday
Mar. 20
$ per share $ Per share $ per share $ per share
Thursday
Mar. 21
Friday
Mar. 22
March 23 1935
July1
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jon. 1
On Basis of 100-share Lots
Lowest
Highest
1933 to Range for
Feb. 28 Year 1934
1935
Low Low
High
pas $ per share
$ NT Share 3 Per oh 3 INT share
338
4
Rossia Insurance Co
6
1014
30
30
*2914 2934 2978 3-02858
2838 39%
3014 3014 *2934 -3-0-14 *29% -30%
500 Royal Dutch Co (N Y shares)__ 2912Mar 12 3238 Jan 26
41.2 *238
*218 412 *218 412 *218
41* *212 432 *218 41
3%
312 Jan 28
512 Jan 3
412 15
Rutland RR 7% prof
100
13
1038 1134 *1118 111
1112 1112 1134 12 - 12
1212 1214 1238 3.800 St Joseph Lead
10 1014 Mar 13 1758 Jan 3
1614 2772
45
*118 1,4
118 118 *118
1% Feb 18
2 Jan 8
Ds
1%
114 *118
178
300 /St Louis-San Francisco__100
118
118 •114
138
113
•114
138
114
114
211 Jan 8
112
618
114
114
114
114
138
let preferred
100
114 Mar 7
138 *114
11
500
*____ 14 *____ 12
Mar
15
14
Jan
12
8
8
20
*6
10
*6
Louis
Southwestern
100
10
1112 *6
1112 *6
1112
St
*10
25
*10
25
100 12 Mar 4 21 Feb 1
13
13
27
*10
25
*10
25
*10
25
*10
Preferred
25
3812 3834 3714 38
3534
3814 57
38
38
39
No par 3714 Mar 18 46 Jan 2
3814 3814 3814 3918 39
1,800 Safeway Stores
10634 10634 10478 106 *105 108 *105 108
8438 108
106 106
440
6% preferred
100 10434 Mar 11 110 Jan 22
80
105 106
9018
9818 11311
*11112 11212 111% 112
112 112 *11214 113 *11214 113
112 112
100 10612 Feb 7 z11278 Mar 15
100
7% preferred
53g 1214
412
*614 67
No par
6 Jan 15
914 Mar 21
*638 68
7
8
8
878
914 6,500 Savage Arms Corp
814 914
9
2434 2538 24
2478 2478 2538 2514 2618 2512 2612 2534 2614 40,300 Schenley Distillers Corp
1718
1718 3878
5 22 Mar 12 2812 Jan 3
228 212 1,500 Schulte Retail Stores
3
8
*214
238
214 238
212
1
2 Mar 6
4 Jan 2
214 238
214 214 *214 238
100 1012 Mar 12 2018 Jan 18
12
15
3014
12
1212 1112 12
12
1212
400
1012 1118 1118 1112 1112 12
Preferred
No par 55 Jan 2 60 Feb 16
3714
41
6038
*5514 58
*5514 5812 *513
58
*5514 58
*5514 58
Scott Paper Co
*5514 58
18
*38
12
*38
12
38
12
12
12
12
12
12
12 2,600 :Seaboard Air Line
No par
72
2
38 Mar 4
78 Jan 4
31g
34 Mar 14
1
100
1
*12 1
*38 1
*34 1
*12 1
*12 1
Preferred
112 Jan 5
*34
1
2034 3838
*2118 2138 21
217
2112 2112 2134 2134 2238 2238 2212 23
19
1,100 Seaboard 011 Co of Del___No par 2034 Mar 12 2678 Jan 3
47 Jan 26
378 4
200 Seagrave Corp
No par
378 Feb 14
2%
212
5312 4
*312 4
*312 4
*312 4
*312 4
5%
3412 3634 347 3558 17,500 Sears, Roebuck & Co.....-No par 31 Mar 12 .012 Jan 3
3378 3414 3234 34
30
31
3334 3438 3414 35
5114
414
118
Second Nat Investors
1
112 Feb 2
112
2 Jan 7
*138 134 *lag
134 *lag
134 *138
112 *1311
112 *138
112
52
32
1 42 Mar 22 4918 Jan 2
*42
46
*42
46
*42
48
*42
46
*42
44
42
42
10
Preferred
30
12
12
2
No par
/Seneca Copper
313
93 Feb 19
1
738 Mar 13
438 9
75
-814 1-1.700 Servel Inc
77
4
733 -73734 1778
734 118
-74
73
-734
714 Mar 14
738 734
No par
634 1378
8
3,000 Shattuck (F CO
918 Jan 2
6
734 77
8
714
753
712 738
712 733
51, 1314
4
No par
9 Mar 14 14% Jan 21
*9
914
914 912
912 212
212 934 1,600 Sharon Steel Hoop
938 934 *914 912
378 37
1,000 Sharpe & Dohme
No par
4
4
738
4
4
378 378 *338 4
4
4
314 Mar 12
33* 4
5% Jan 3
3214 49
Cony preferred ser A
No par 4478 Jan 29 4712 Jan 7
100
30
*4612 48
*4612 48
04534 47
4634 4634
*457g 47
*46
47
2611
19
io
Shell Transport .4 Trading_ __Z2 2038 Jan 2 2412 Jan 31
*2114 23
*2118 23
*2114 23
*2118 23
*218 23
*2118 23
77 Jan 7
6
1112
538 538
No par
512 Mar 19
538 578 5,000 Shell Union 011
5% 534
8
512 538
533 573
534 572
800
Cony preferred
100 63% Mar 21 7834 Jan 23 074511
65
6312 65
*6314 8612 63% 6312 6612 6612
57
89
6512 6512 65
8
800 Silver King Coalition Mines.„5
838 Feb 15 11 Jan 3 25 514
1212
*812 87
*834 914 x878 834 *8% 9
*834 88 *83 834
818 24%
678 7
3,400 Simmons Co
No par
6 Mar 15 1014 Jan 2
634 634
612 678
8
638 634
612 634
612 652
14
14
14
1438 1438 1412 1434 1534 4,800 Simms Petroleum
10 1312 Mar 15 1834 Jan 9
714
714 1712
137 1414 134 14
73
8
Illa
700 Skelly Oil Co
78
25
6% Jan 15
8 Feb 20
6
738 7'2 *714
78
712 734 *732 712
7'4
712
Preferred
100 60 Jan 22 64 Feb 20
*5934 6712 *5934 70
06214 6534 *6014 6534 *6214 6534 *5712 6534
42
5112 68%
20 Sloss-Sheff Steel & Iron
113
2712
*12
15
13
13
13
13
*13
15
100 13 Mar20 21% Jan 8
12
*1112 12
*1112 15
*21
24
*21
24
*21
24
*21
24
18% 42
*21
24
*21
24
100 24 Mar 12 3434 Jan 21
15
7% Preferred
1678 Mar 14 20 Feb 15
1714 1738 1712 174 1738 1714 178 1714 1734 2.000 Snider Packing Corp_ __No pal
3%
684 1234
*17
1733 17
1234 13
1234 13
22.200 Socony Vacuum 011 CoIne____15
11 Mar 1 1
1212 19%
1211
1214 1212 1218 1212 1214 1212 1212 13
1478 Jan 4
200 SOlvay Am Invt Tr pref
88
10812
100 10712 Jan 15 111% Mar 1
76
*110 11112 *110 11112 *11012 11112 11012 11012 *110 11112 111 111
20
3938
2112 2238 2218 2212 2214 2212 2212 2212 3,900 So Porto Rico Sugar
No par 20 Jan 30 25 Feb 18
20
2214 2234 214 217
137
139
*137
146
*137
146
*137
146
*137
Preferred
115
100 132 Feb 4 140 Feb 26 112
•13634 146 *13634 146
10% 221,
1114 118 1112 1134 1134 1134 1234 1218 128 7,600 Southern Calif Edison
1018
1118 11 18 11
25 1058 Mar 13 1234 Jan 10
Southern Dairies class A __No par
*3
8
*3
8
*3
8
8
*3
8
*3
8
538 103s
*3
538
314
Class B
10
No par
114 Mar 11
1 12
*38
114 *1
114 *1
114
114
114
*58 114
*32 114
114 Mar 11
112
14
1318 1378 1314 1438 1312 1434 25,500 Southern Pacific Co
14% 3334
1334
1358 148 1234 1318 13
100 1234 mar 18 1918 Jan 7
7
912
11,000
Southern
1112
3612
914
83
8
812 88
734 838
7
812
812 834
814
100
758 Mar 11
812
Railway
16% Jan 4
1112 1234 2.800
11
11
11
1112 1118 1134 1118 12
14
4114
*11
Preferred
100 10 Mar 13 2058 Jan 4
1014
113*
3113 4734
32
*24
32
*27
32
*24
32
*24
*27
32
28
28
100
Mobile & Ohio stk tr otfe _-100 2814 Mar 11 3314 Jan 12
2612
*514 578 *514 5 8 *51
*515 579 *518 57
57
*512 578
5
13
Spalding (A GO & Bros.-No par
5 Mar 14
712 Jan 8
6
2014 74
*4414 48
*4414 48
*4538 50
4514 4514 04414 46
*4414 48
10
1st preferred
3014
100 4514 Mar 18 60 Jan 8
153*
Spang Chalfant & Co Inc-- No par
7
7
66
*61
65
*59
65
*59
65
*59
65
*59 -60
*59 05
30
Preferred
20
100 81 Mar 12 66 Jan 7
338 312 *312 338
333 338
338 338
312 334 1,500 Sparks Withington
272
2%
8
312 334
534 Jan 2
318 Mar 13
No Par
41 Mar 21
112
2
732
*414 514 *414 5
40 Spear & Co
*414 478 *414 412
414 414 *414 479
No par
7 Jan 22
6412
39
*63
75
*63
70
*63
70
*63
69
*83
69
*63
69
Preferred
3012
100 70 Jan 4 74 Jan 7
*3312 34
34
3412 35
3514 3512 3512 3512 1,200 Spencer Kellogg & Sons __No par 33 Jan 2 38 Jan 10
11338 3338
3318 3314 34
1214
8
838 13,500 Sperry Corp (The)•1 o
Ms 1153
7% 77
732 734
712 778
734 8
773 818
1
714 Mar 14
934 Jan 2
338
8
13
*8
10
*712 10
*8
10
9
9
*8
10
*812 10
100 Spicer Mfg Co
6
No par
812 Mar 14 1138 Jan 8
2134 4114
34
18
*3334 3812 34
*3312 3612 *3418 3612 *3418 3612 *3412 3612
10
Cony preferred A
No par 3314 Feb 14 x4034 Jan 3
5.814 5612 58
58
59
59
5912 5714 59
19
764
58
714
5412 5634 6,600 Spiegel-May-Stern Co
No par 5412 Mar 13 7912 Jan 17
1714 2514
1512 1538 15
1538 147 1553 1434 15's 1453 147
1453 Mar 21
19% Jan 3
1634
1433 147 40,800 Standard Brands
No par
160
12114 127
12612 12834
Preferred
*12712 130 *12712- __ 129 129
12712 12712 12712 128
No par 123 Jan 3 129 Mar 19 120
47 Jan 21
3
8
-3
*3
*3
314
3
318
900 Stand Comm Tobacco-No par
3
318 318
3
3
*234 3
212 Mar 15
35
43 Jan 3
17
2% 33,
3
211
214
212
318 4,700 Standard Gas & El Co_.-No par
15a
178
112 Mar 15
134 2
14 253
458 17
358 378 9,600
Preferred
3
218 214
No par
134 Mar 15
534 Jan 10
214 212
212 234
234 314
312 4
33
10
36 cum prior prof
578
6% 618
614 614
614 814
712 712 1,200
No par
434 Mar 15 1234 Jan 3
7
513 518 *5
1114 3812
812
6
6
712 8
$7 cure prior pre!
8 Mar 15 18 Jan 7
634 634
7
738
9
84 912 2,300
No par
934
78
75
17
,
118 0118
114
*1%
114 *118 114
114
114
114
300 Stand Investing Corp
1,8
114
No par
118 Mar 9
112 Jan 7
9612 114
9412
11312 11312 11312 11312 11312 113% 11378 114
11412 11412 11412 11514 1,200 Standard 011 Export pref--_100 111 Jan 3 11514 Mar 22
26% 427g
2812 2834 2814 2812 2838 2878 29
2914 2914 2934 29
2612
No par 273 Mar 15 3238 Jan 2
293* 7,700 Standard 011 of Calif
2312 2714
2314
2312 2358 2338 2312 2338 2312 2338 2312 2314 2312 2338 2358 14,500 Standard 011 of Indiana
25 23 Mar 15 2512 Jan 3
41
26
*28
31
*28
31
*28
31
*28
30
*28
30
*28
31
Standard 011 of Kansas
19
10 29% Feb 20 32 Feb 18
3614 3612 3534 36
3534 3612 3612 3712 37% 38
3634 378 15,600 Standard 011 of New Jersey_ 25 3534 Mar 18 4312 Jan 2
3318
3914 5038
6
1538
1312
13
600 Starrett Co (The) L S__-No par 1212Mar 14 3534 Jan 3
6
*1178 1312 *1178 13
*1178 13
*1212 1234 1234 13
4714 8812
458
6234 6234 627 63
6212 6212 6212 627s 6214 6238 6134 6218 3,000 Sterling Products Inc
10 584 Jan 15 6438 Mar 5
3
1%
114
114 *118 112
300 Sterling Securities ol A-No par
11
118
118 118
*118
138 *118
138
1% Mar 19
1
17 Jan 18
8 *3% 312 *3% 312 *318 3%
Preferred
*3% 314 *318 338 *318 3,
No par
314 Mar 14
3
518 Jan 3
7
238
38
200
*34
38
*34
38
*34
Convertible preferred
30
381s
36
*36
38
50 36 Mar 5 3658 Mar 7
3612 3812 36
2838
7
7
714
71s 738
6
412
7% 714
68 7
713 714
738 3,800 Stewart-Warner
633 Mar 6
914 Jan 5
42 1038
313
9,600 Stone & Webster__ ____No par
314
212 Mar 14
378 1333
238 234
2
,
8 234
234 278
258
3
3
278 333
5 Jan 7
258 234
234 234
258 273
234 278 18,000 (Studebaker Corp (The) new 1
234 27
2% 234
238 Mar 15
3 Mar 11
____ --__ __ __ -_ -_ ____
_ ___ ___
"ii
Preferred
100
3% Mar 8 21 Jan 3
-10
-4
600 Sun 011
No par 6012 Mar 20 6812 Feb 18
5112 7414
*55 -62 *55 -(f1-3-4 056 -81-4 6012 6118 *6012 61% 6158 -6158
42
118
120 120
120 12018
330
Preferred
100
100 11512 Jan 10 12018 Mar 22
119 119
11914 120
11912 11912 120 120
96
12
700 Superheater Co (The)__-_No par 117& Mat 15 1638 Jan 10
1258 *1218 1238 1233 1258 12
1112 2514
12
12
*1018 1258 *12
1112
17
17
17
14 14
134 178 1,100 Superior 011
314
178 17
134 14
1
114
134
138 Jan 2
214 Feb 8
114
5% 5%
638 1,400 Superior Steel
5
5% *538 614
6
91 Jan 7
534 534
100
5 Mar 18
5-33 57
458
433 1584
32
47
47
314
200
Sweets
Co
of
8
*33
8
*35
8
4
Amer
(The)
*33
8
47
338
60
Mar 6
*312 478 *338
514 Jan 3
318
534
318
500 /3ymington Co
No par
28
212
12
12 Feb 27
*38
h
78 Jan 4
12
*321
12
*38
12
12
*38
*12
34
32
*112 2
400
Clue A
2
2
No par
178 Mar 8
218 2%
*2
214 *112 214 *218 214
234 Jan 4
112
112
5%
3734 8
100 Telautograph Corp
*734 8
8
8
*734 8
5
8 Mar 6
112
I514
9
978 Jan 9
712
*8
*712 9
414 414 *414 412
600 Tennessee Corp
4
4
418
4
*4
414
4
4
5
4 Mar 15
3%
31s
013 Jan 26
634
1734 1812 6,300 Texas Corp (The)
25 1612 Mar 13 2138 Jan 7 II 1838
175s 1712 1734 1712 18
1938 29%
1712 1758 1718 1712 17
3112 9,000 Texas Gulf Sulphur
No par 3012 Mar 16 3638 Feb 19
30
43%
3012 3138 3034 3112 31% 3112 3114 31% 3034 3112 31
2234
10
34 314
312 358 2,500 Texas PacIfie Coal & 011
314 Jan 2
414 Jan 18
312 31z
212
21a
338 338
612
314 314 0314 338
1012 1018 1012 10,200 Texas Pacific Land Trust
884
12
1
812 Jan 15 11 Feb 20
934 1014 1014 1038 10
6
912 1018
973 1013
200 Texas & Pacific Ry Co
16
16
16
*16
1978
100 1518 Mar 16 2534 Jan 10
2034 *15
13% 4334
*15
151 1518 *137 16
1312
800 Thatcher Mfg
1638 1612
No par 1518 Jan 15 1953 Feb 15
8
18
1612 *1534 1612 *1534 163
17
1612 1838 *16
8
17
*5178 53
83.60 cony prof
No par 61 Jan 6 5318 Mar 8
5238
*5178 54
*5178 53
*5173 54
39
*5212 6012 *5178 54
3838
3
5
53
400
The
Fair
1218
3
3
No
par
538
Mar
12
714
4
2
6
*53
8
7
Feb
14
4
7
5%
*53
5
4
5
4
53
4
*5
534
Preferred
*75% 85
20
*7512 85
100 6118 Jan 7 82 Jan 29
83
*75% 85
60
*75% 85
*7518 95
45
75
75
400 Thermoid Co
278 278
1
212 War 7
234 234 *234 27
212 234 *238 3
414 Jan 7
212
212
91g
*212 234
200 Third Avenue
238 Mar 7
314
4
3
3
100
5 „Tau 5
314
814
314 *3
314 03
314 *3
318 318 *3
100 Third Nat Investors
1 16 Mar 15 21 Jan 7
*1538 164 *1553 1612 1614 1614
13% 2212
*1512 1812 *1538 1812 01518 17
13
553 6
600
Thompson
3
(J
R)
25
518
47
8
11
512
512
512
512
*
Jan
7
8
Jan
15
6
538
53*
438
*514
6
*5
1514 3.500 Thompson Products Ino- No par 1338 Mar 13 1778 Jan 2
1514 15
2014
1414 1414 1412 154 15
10
10
*1414 1412 1338 14
17
17
1% 2
2
218 1,300 Thompson-Starrett 00---Ne par
134 14
Iza Mar 15
2
134
134
312 Jan 7
538
17
14
14
20
24%
20
*12
$3.50 cum prof
No par
17
20
*12
20
*15
20
*12
20
*12
17
*12
75, Mar 18 10 Jan 3 7 712
4,200 Tidewater ABBOO 011
1438
734 8
No par
8
734 8
734 8
734 778
758 734
78 8
400
Preferred
100 84 Jan 8 8812 Mar 5 Z7 4338
8612 861 8612 *851 8612 8612 8612
*85
8612 *85
0412 87
8412 85
*2634 32
10 Tide Water Oil
No par 2634 Mat 20 2712 Jan 29
40
2634 2634 *2634 32
24
*2634 32
*2634 32
*2634 32
18
600
Preferred
100 100 Feb 15 10318 Jan 22
103 103 *10212 10278
80
10012
62
*102 10258 10214 10214 102 102 *102 103
47
538 2,400 Timken Detiolt Axle
10
5
458 Mar 15
811
5
5
5
5%
5
714 Jan 3
434 47
5
514
3
338
2912 3012 2953 31
3014 3012 4,100 Timken Roller BearIng___No par 2838 Mar 15 36% Jan 8
61
24
21
2914 29,
8 29
2912 2912 30
47
51 17,300 Transamerica Corp
47
No par
478 Mar 12
518
812
518
07g Jan 7
478
5
5
518
518
.5
5
5123
514
300 Transue & Williams St'l No par
518 mar 14
814 Jan 3
4% 1312
512 512 "538 614
4%
538 533
514 514
*514 5,2 *518 514
No par
I% Mar 13
214 238
214 212
238 258 6.400 TM-Continental Corp
334 Jan 3
634
214 23
3
278
212 258
214 238
No par 71 Mar 15 81 Feb 11
*647 7434 *647 75
*6478 78
*7012 78
*7012 78
6% Preferred
51
6014 78
*7012 78
300 Trioo Products Corti
No par 36 Feb 7 4212 Jan 7
33
4212
3914 3914 *3814 3912 *3814 -3912 *3814 3912 3914 3914 3912 3912
2534
4,700 Truax Traer coal
No par
4% Jan 15
434 518
434 434 .412 434
5% Feb 20
112
158
512
473 478
412 434
478 5
4
418 1,500 TrULIC011 Steel
334 4
to 312 Mar 13 6 Jan 8 33
358 334
933
353
338 334
358 33*
312 312
100 Twin City Rapid Trans_ No par
4
*314 4
318 Mar 16
*3
4
*3
5 Feb 19
812
4
*312 4
138
318 3% *3
34
750 Preferred
1912 1913 1934 2012 2012
100 18 Mar 18 2734 Feb 18
6
39
4%
18
18% 18% 1914 19
1812 20
20 Ulen & Co
1% 133
/14 Mar 13
No par
134 *114 13
214 Jan 4
1
4
112 *114
1
114 114 *114
*114
112
*5412 56
1,000 Under Elliott Fisher Co No par 54 Mar 14 6113 Feb 19
55
55
*5412 55
2212
BO
5872
5412 5412 *5118 5412 5412 55
12878
_-20
Preferred
_ *130
- *130
100 127 Jan 18 13012 Mar 18
102
95
_ 13012 13012 *12912- - *12912
*12912
1.500 Union Bag & Pap Corp_No par 3714 Mar 21 5012 Jan 22
39% 60%
*4012 ii *4012 4112 4112 -4112 4134 1214 3714 -4-012 383g -3-9
3112
4814 4578 46% 4614 4678 17.600 Union Carbide & Carb-No par 44 Jan 15 49 Feb 18 11 34
BO%
357
4518 4534 4453 4534 4512 4614 46
1618 2,300 Union 011 California
1112 2012
25 144 Feb 6 1638 Feb 21
1112
1512 1512 1578 1618 1618 1618 1534 1818 16
•1512 16
For footnotes see page 1980.
3 per share $ per share
Shares
New York Stock Record-Concluded-Page 9
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Mar. 16
Monday
Mar. 18
Tuesday
Mar. 19
Wednesday
Mar. 20
Thursday
Mar. 21
Friday
Mar. 22
$ per share S per share $ per share $ per share $ per share S per share
8614 8614 8434 8514 8512 8612 86
8612 8612 8834 8634 90
81
8114 8114 8112 8112 8112 8112
8012 8012 8018 8018 81
23
*22
2314 2278 2318 2318 2312 2312 2312
23
23
23
1112 1078 1158 1114 1178
1038 1058 1138 11
1012 1058 10
5
458 478
478 5
518
5
518
478 518
5
518
*7
934 *7
934 *7
10
*7
*7
10
834 .7
10
2312 2312 2334 24
2358 24
24
24
2318 2312 2312 2312
*116 11712 .116 11712 '116 11712 .116 11712 '116 11713 116 116
4978 5014 4734 4918 4778 4814 4838 4914 49
50
4938 51
17a
178
134
214
178
134
134
1.34
Pa
Ds
218 214
2138 2278 2212 2312 2278 25
2114 2134 2138 22
2358 2514
978 1018
912 10
958 10
1018 1018
94 1038 10
1038
*414 512 *414 512 *414 512 *438 512 *414 512 *438 512
70
70 '65
*65
*65
70
70 .65
65
65
65
85
4
4
414 412
*334 4
4
4
412 458 *412 5
7778 7778 7878 x7814 7834 78
78
7812 7778 7838
7812 77
912 978
914 958
958 934
978 10
978 11
1012 1118
88 '8834 9018 9018 9212 92
8814 88
88
88
88
9214
3
258 258 *2
.2
*258 314
3
*2
3
.2
3
.278 312
3
.278 3
278 278
3
278
278
338 312
1812 .1634 18
*1634 1812 •____ 1812 *1658 1812 *17
1712 1978
378 4
4
4
4
4
4
4
914
438
459 414
*4812 50
5014 5058 *4812 51
52
52
50
50 '4718 51
*5118 52
5234 5112 5112 5218 5214 *5218 5278
52
*50
*50
*14058 142 .141 145 *14012 14512 *14012 14512 x139 139
14034 14034
*39
*39
41
41
39
39
*3914 41
*40
41
40
40
138 .138
138
114
114
114
114
112
112 112 .138
112
1512 16
15
14
14
16
*15
1634 16
1634 1634 1712
15
16
16
1512 1434 15
15
16
1512 1614 16
1614
*1958 2012 1958 1958 2014 2014 *20
2012 *20
2018 *20
2012
218 *1
238 "1
218 *1
*1
218 *1
218 *1
218
*6
*612 8
8
7
*6
7
8
*6
8
*6
8
*14
14
14
12
14
14
*14
12
•14
12
12
*14
11
11
12
*1012 1118 11
*11
11
*11
12
.1118 1212
*5
54
.434 514
5
5
478 478
5
514
514
514
78
*56
*56
78
82
*56
*56
78 '56
78
*56
78
4158 4134 4114 4138 4134 4134 4212 4278 4238 43
43
43
14512 14512 *144 147
14512 14512 14512 14512 .14534 147
*14512 147
*512 612
512 512 "5
612 *514 612 *512 012 "6
612
3534 3638 3638 3718 3634 3714 37
3512 36
36
37
3712
4
334 378
4
4
334 334
334 4
4
44 414
712 712
758 738 •778 812 *8
812
734 734
734 818
*49
55
55
"49
*19
55
*49
55
*49
55
*49
55
312 334
3'2
314 34
334
4
334 4
34 334
4
10
1012
97
8
1018
93
8
1012
934 1014
1014 1134 1078 1134
27
2534 2612 26
2434 2812 2414 2512 25
2734 2634 2814
11312 11312 111 11212 113 11412 11312 114
11312 11513 11412 11614
117
68
67
67
68
67
6814 6812 68
63
6714 6714
2812 2918 2712 2814 2778 2834 2778 2838 2734 2958 2814 30
7378 7512 7534 7612 7512 7734 7712 7814
7512 7512 7338 74
*127 12812 *126 12812 12812 12812 130 130 .12534 130
130 130
--_ "14812
__ •150
*1481
__ *15012 ___ *150
- *150
__
247
*40 -*40
*1014
47
-47
*40 -47
*40 -42
40 -40
118
1
1
118
118
1
1
1
118
138
1 12 15s
12
58
12
12
12
58
12
58
*58
24
*58
84
*1914 21
*1914 21
*1914 21
*1914 21
*1914 21
*1914 21
1334 1458 1378 1418 14
1414 1412 1434 1414 15
1434 15
1238
1212 *12
13
*12
13
1234 1234 *1212 14
*1234 1312
9212 *91
9212 *91
*91
9212 "91
9212
9212 *91
9212 .91
*3618 3612 3612 3612 3634 3634 3612 3634 3612 3678 3612 3612
234 278
212 258
234 234
278 278
234 234
234 234
1934 20
19
*1812 2012 19
*19
1934 *1934 2014 *1934 2034
*85
0878 *85
9878 *90
987g .91
987s *85
9878 *91
9878
8434 85
8534 8578 8512 86
86
86 .8834 88
864 8634
*218 21 1 .218 4
*2,8 4
*218 4
*218 4
*212 4
.1518 40
*1518 40
•1518 40
*1518 40
01518 40
.1518 40
*67
70 .6612 70
*6612 70
67
67
*6612 70
*67
75
110 110 0110
_ . *112
•112
.*110
*110 _
14
114
1-14 .118
114 *118 114
1-14
118 114
114 -114
.134 212 *134 212 *134 212 *134 212
134 134 *112 238
.114 212 .114 212 .
212
.114
114
212 .
1 14
212
*1 14
212
412 412
418 412
414 414
438 438
438 438
438 412
*28
2834 2712 2814 2778 2814 2814 2812 2812 2812 2814 2834
.116 11678 11634 11634 .116 1164 *116 11678 11678 117
115 116
*412
138
*5
614
•138
112
*2812 30
212 238
15
15
"8
78
314 334
*6
10
*23
24
*418 414
*80 _ _
*1
118
32
32
*75
7534
22
2234
1912
19
34
3478
*9512 9812
•10
1012
32
*30
3914 3914
46
*44
3934 40
•10612 1084
9712 9712
•158 218
412
38
57g 578
*71, 9
•112 138
3
3
*1712 1838
20
*10
28
*24
16
.14
*5112 5412
712 74
•1878 19
112
*114
.514
71
1'2
112
36
*35
518
51
159
*5
138
1,2
138
138
158
612
*5
614
*518
612
*5
612
138
•138
112
138
138
*138
112
6914
5314
1312
2712
2412
43
7534
1978
278
35
19
141i
44
134
338
69
5318
1312
2714
*2014
43
74513
•1678
278
*34
19
14
.37
*114
338
6912
54
1334
28
2412
4312
75
1934
278
35
19
15
45
134
378
.663, 703
6811
68, 88,2 8914 .6859
5138 5238 5214 5278 527g
5272 53
•13
*27
*20
*3612
7412
*18
*234
*34
184
14
*4018
•112
.314
112
158
1 22
112
*5
834
114
138
*29
2938 *29
30
30
30
*29
30
*29
30
238 259
238 212
212 234
212 234
258 234
*14
1738 *14
1758 *15
1658 .15
1758
1759 *17
34
34
34
34
*38
34
54
34
"h
78
314 358
312 334
334 4
4
4
4
414
*54 8
.514 8
778 814
814 814 *8
10
*2214 24
*2212 24
23
23
*22
24
*21
24
4
418
418 418
414 438 '44 478 .414 518
.80 . _ *80 _ .. _ *80
__ - 0
-- - •80 _-80
_
.1
118
1
11
i
1
I .1
118
3112 3112 31
3212 3112 3214
32
33
3212 3212
*75
7534 *75
7538 7518 7514 '75
7534 7534 76
21
2114 2112 2238 2178 2218 12113 2334 2212 2438
19
19
19
194
19
19
1878 191
1938 1938
3258 3334 3378 3434 3334 354 34
3534 3434 3618
*9512 9759 9712 9712 9712 97,2 07
97
*94
9612
10
10
10
11
*1014 1112 1012 101 *1058 1134
31
31
*2912 31
.3012 31
*2912 311 *3014 31
*394 39
*39
39
39
40
4012 4034 4134 42
4412 4512 44
4512 4612 47
4934 49
48
5012
40
40
40
41
41
4234 42
433
43
4434
108 108 *108 10812 108 1081 109 11014 11114 11114
98
*9712 98
98
98
98
98
99 .100 10034
•158 21
•138 218 *155 24 •159 21
.153 218
4
1
.12
58
•12
8
.12
NA
12
12
559 57
6
6
6
614
6
678
63; 7
.712 9
*7
9
*7
9
*7
9
*7
9
14
112 159
112
14
134
158 158 0 158
134
3
3
234
278
234 278
234 3
278 3
*174 1734
•1712 18
1734 1734 *174 1914 *18
1938
..._
_
_
20
20
.10
*____ 20 •____ 20 *
20
25
*24
*24
25
*24
25
*24
25
*24
25
.14
17
18
15
*15
*14
1512 .15
164 15
5112 5112 .4912 55
52
52
*4912 53
*44
5218
7
718
7
7
759
74 712
858
8
859
1814 1812 1514 18
1812 1838
15
1534 1312 1414
138
138
138
138
11
.
112 11
•114
.114
114
•5
.412 6
6
6
8
*614 714 *612 71
112
178
158 *159
112 138
158 15,3 •112 124
*35
36
36
.35
*35
36
*35
38 .35
36
478
434 478
512
5
518
518
5
478 5
138
1234
1212 121
1334
2734 2534 271 *2714
*2014
2278 *2014 25
. 39
3512 351
52
7412 7412 741 x7412
1934 193 •17
1934
234
234 23
278
35 .34
*34
35
184 1858
18
1814
1314
1314 14
14
47
*35
*40
47
17
178 .114
"114
312
314 31
312
1314 1312
2814 2714
24
*2014
41
41
7413 754
1978 *1678
234
234
35
*34
19
19
14
1378
44
0354
134 *VI
31, 338
For footnotes see page 1960.
.69
5314
1334
28
*22
4334
7518
*164
278
*34
19
1414
"35
*114
312
7018
5378
1334
2812
25
45
754
1934
278
35
19
15
38
13
359
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range &nee Jas. 1
On Baits of 100-Shari Lots
Lowest
par
100
Union Pacific
Preferred
100
Union Tank Car
No par
United Aircraft Corp
5
United Air Lines Tranap vi c 5
United American Bosch __No par
No par
United Bleouit
Preferred
100
No par
United Carbon
No par
United Corp
Preferred
No par
United Drug Inc
5
United Dyewood Corp
10
100
Preferred
No par
United Electric Coal
United Fruit
No par
United Gas Improve
No par
Preferred
No par
/United Paperboard
100
United Piece Dye Wks___No par
100
634% preferred
United Stores class A____No par
Preferred class A
No par
Universal Leaf Tobacco
No par
Preferred
100
Universal Pictures let ptd
100
Universal Pipe 04 Had
1
Preferred
100
U S Pipe re Foundry
20
let preferred
No par
US Distrib Corp
No par
Preferred
100
United States Express
100
U S Freight
No par
US & Foreign Secur
No par
Preferred
No par
U S Gypsum
20
7% preferred
100
U S Hoff Mach Corp
5
US Industrial A1oohol___No pa,
U 8 Leather v I a
No par
Class A v so
No par
Prior preferred v $ c
100
U S Realty & Impt
No par
No par
17 8 Rubber
lot preferred
100
U 8 Smelting Ref & Min
50
Preferred
50
U El Steel Corp
100
100
Preferred
U S Tobacco
No par
Preferred
100
Utah Copper
10
Utilities Pow & Lt A
1
Vadeco Sales
No par
Preferred
100
Vanadium Corp of Am___No par
Van Raalte Co Inc
5
100
7% let pref
Vick Chemical Inc
5
Virginia-Carolina Chem _-No par
100
6% preferred
7% preferred
100
Virginia El & Pow Eli pf ,...No par
Virginia Iron Coal & Coke_ __100
6% prof
100
$ per share
8318 Mar 13
7912 Mar 14
2078 Mar 13
978 Mar 13
412 Mar 13
712 Mar 14
1,500
2318 Mar 21
10
113 Jan 18
5.300
46 Jan 28
112 Feb 27
36,200
36,100
2034 Mar 13
5,400
912 Mar 19
412 Mar 13
65 Mar 21
70
1,400
358 Mar 13
7,700
7158 Feb 6
31,300
914 Mar 18
1,100
8712 Mar 15
100
218 Jan 28
700
214 Feb 26
420
1712 Star 22
2,200
334 Feb 26
500
4812 Feb 20
400
51 Mar 15
20
13314 Feb 9
SO
3612 Jan 15
1,300
114 Jan 16
150
12 Feb 6
5,000
1434 Mar 14
200
1914 Jan 7
134 Mar 6
10
7 Feb 7
500
14 Jan 2
200
11 Mar 14
1,300
412 Mar 12
7612 Jan 3
1,600
4012 Mar 12
110
143 Jan 11
100
5 Feb 6
4,600
3518 Mar 13
1,500
318 Mar 15
1,600
712 Mar 16
53 Jan 22
2,400
3 Mar 13
11,100
918 Naar 13
9,500
2412!Mar 14
4,100
10612 Jan 15
1,300
6278 Jan 3
53,600
2712 Mar 18
4,300
7338 Mar 18
300
11918 Jan 4
____ _ _
14934 Feb 11
10
40 Star 22
5,900
1 Mar 15
8,000
12Mar 15
1912 Mar 13
3,100
1338 Mar 15
200
1114 Feb 7
91 Feb 20
1,800
3418 Jan 14
1,300
212 Star 18
300
18 Mar 15
85 Jan 4
560
7212 Jan 4
4 Mar 5
15 Feb 19
10 Vulcan Detinning
100 67 Mar 14
10
100 10914 Feb 5
Preferred
600 :Wabash
118 Mar 21
100
100
100
Preferred A
134 Mar 1
100
Preferred B
134 Feb 25
1.500 Waldorf System
No par
418 Mar 15
1.600 Walgreen Co
2714 Mar 13
No par
170
100 114 Jan 7
63.2% preferred
1,800 Walworth Co
114 Feb 28
No par
Ward Baking class A____No par
5 Mar 14
800
Class B
114 Feb 28
No pa
100
Preferred
100 284 Jan 12
12,500 Warner Bros Pictures
6
214 Mar 15
10
1412 Mar 13
No par
33.85 cony pref
900 Warner Quinlan
58 Mar 15
No par
4.700 Warren Bros
212 Mar 15
No par
300
Convertible pre(
778 Star 20
No par
100 Warren Fdy & Pipe
No par
22 Mar 13
500 Webster Eisenlobr
4 Mar 14
No pal
___ ___
Preferred
100 90 Feb 18
160 Wells Fargo & Co
1 Jan 5
1
3,000 Wesson 011 & Snowdrift --No par
3012 Jan 15
700
Cony preferred
72 Jan 20
No par
11,100 Western Union Telegraph_ _100 20% Mar 1
2,400 Westingb•se Air Brake
1812 Mar 15
No
- par
21,500 Westinghouse El & Mfg
50 325815.1ar 18
70
1st preferred
50 90 Feb 5
500 Weston Eleo Instruml-No par
10 Mar 18
10
Class A
No par 29 Jan 4
200 West Penn Elee class A
No par 34 Mar 6
350
Preferred
100 3978 Mar 6
360
6% preferred
100 36 Mar 14
240 West Penn Power pref
100 1044 Jan 17
360
6% preferred
100 96 Jan 2
West Dairy Prod el A____No par
158 Feb 27
400
Class B v t e
12 Feb 7
No par
2,500 Western Maryland
512Mar 15
100
2d preferred
8 Mar 6
100
700 Western Pacific
100
138 Feb 26
2,500
Preferred
100
238 Feb 26
100 Westvaco Chlorine Prod_ No par
1634 Mar 13
Wheeling & Lake Erie III CO-100 18 Jan 3
6% non-cum preferred___100 25 Mar 14
200 Wheeling Steel Corp
15 Mar 13
No var
200
Preferred
100 4612 Jan 12
3.460 White Motor
50
Mar 15
2,600 White RI Min Spr etf ____No par
1312 Mar 22
400 White Sewing Machine__No par
114 Mar 15
100
Cony preferred
No par
6 Jan 11
600 Wilcox Oil & Gas
5
1 Mar 14
Wilcox-Rich Corp clam A _No pa, 34 Feb 5
18.000 Wilson & Co Inc
No par
434 Mar 18
No par 2512 Feb 7
1.000
VI pref
100 68 Feb 25
11.500 Woolworth (F W) Co
10 61 Jan 15
900 Worthington P & W
100 1134 Mar 12
310
Preferred A
100 2512 Mar 13
Preferred B
100 2014 Mar 12
270 Wright Aeronautical
.Vo par 3512 Mar 13
1.400 Wrigley (Wm) Jr (Del) No par
7334 Mar 13
100 Yale & Towne Mfg Co
25 1778 Star 13
2,100 Yellow Truck & Coach el B
234 Mar 14
1
Preferred
100 3412 Mar 14
1,100 Young Spring & Wire__. No par
18 Mar 18
5,300 Youngstown Sheet & T___No par
13 Mar 15
5.42 preferred
100 46 Jan 3
Zenith Radio Corp
112 Feb 26
No par
2,400 Zonite Products Corp
1
3 Mar 15
Shares
6,600
700
1,700
21.200
5,600
1969
Highest
illif 1
1933 to Range for
Feb. 28 Year 1934
1935
High
Low Low
S per share $ per eh
11112 Jan 10 6 8978
8834 Jan 11
6278
264 Jan 4
1334
1518 Jan 7
813
31,
678 Jan 31
914 Feb 19
7
2612 Jan 9
19
11712 Jan 2 10414
5314 Mar 1
2014
112
3 Jan 2
2938 Jan 25
2114
1314 Jan 7
64
8 Jan 3
234
82 Jan 7
50
74 Jan 9
3
8112 Mar 4
4912
1278 Jan 10
938
8212
9212 Mar 21
318 Feb 15
1
578 Jan 7
214
24
18
3312 Jan
218
712 Jan 3
6512 Jan 19
4812
37
59 Jan 2
14034 Mar 15 10814
4034 Mar 15
15
78
218 Jan 18
414
1938 Mar 6
12
22 Jan 7
1314
2038 Feb 15
1
258 Jan 3
10 Jan 9
4
4
12 Jan 4
11
1512 Jan 7
711 Jan 3
6
60
84 Jan 22
5318 Jan 7
3414
148 Feb 19 110
714 Feb 19
314
32
4512 Jan 2
678 Jan 7
518
1258 Jan 3
7
45
5914 Feb 16
4
7 Jan 7
1714 Jan 3 6 1058
1718
4238 Jan 7
5314
12414 Jan 3
514
69 Feb 26
2938
4018 Jan 8
94 Jan 23
6714
8134
13014 Mar 24
15214 Feb 26 12458
4812
494 Jan 11
2 Jan 2 31
78
118 Jan 2
59
20 Mar 6
1914
14
2134 Jan 7
1458 Feb 27
334
5414
9418 Mar 1
3712 Mar 11
2318
458 Jan 3
178
2714 Feb 1
10
100 Feb 1
5714
91 Mar 8
60
4 Mar 5
312
1518 Feb 28
15
$ per share
90
1334
7134 89
164 254
818 154
31,
812
8
17
2114 2914
107
120
35
5038
218
878
2114 3772
914
1814
332 1059
5934 754
34
74
59
77
1112 204
86
9938
158
358
4
1314
30
68
214
814
76
54
6314 63
11212 140
1672 4612
'8
3
414 24
1512 33
1612 1958
112
4
4
14
14
114
11
2712
6
1514
6314 78
3414 514
115
146
453 1018
32
6434
54 114
7
1934
45
80
4
1244
11
24
2418 6114
9858 141
5412 634
2938 5978
6714 994
140
99
126
150
4812 67
112
538
84
17.
1914
14
412
35414
2458
172
10
5934
66
358
1618
2212
3134
1212
98
3634
548
26
84
NO
9
27
82
52
8112 Jan 7
36
112
95
95
110 Star 12
238 Jan 8
114
138
478
2
312 Jan 4
238
838
134
114
234 Jan 19
812
712 Jan 10 6 378
878
4
31 Jan 3 1 1559
2214 2978
84,
8 11858
11734 Mar 21 .80
378 Jan 7
114
24
638
5
638 Feb 19
5
12
114
134 Feb 18
114
353
24
24
3234 Feb 21
36
458 Jan 2 11 238
234
84
15
244 Jan 26
12
317s
138 Jan 2
372
78
1
618 Jan 7
1358
314
314
14 Jan 7
8
8
2872
1312 31
28 Jan 8
134
6 Jan 2
3
3
7
65
90 Feb 18
60
90
34
21,
114 Jan 24
34
15
1534 3534
39 Feb 18
524 7434
49
76 Mar 22
2418
294 6678
3434 Jan 7
27 Jan 9 32 1534
154 36
41 Feb IS
2778
274 4714
99 Jan 28
77
82
95
5
0
134 Jan 2
1512
32 Mar 8
15
1638 2912
53 Jan 12
3934
11412 70
6012 Jan 7
47
514 80
5884
4018
65
53 Jan 2
8912 11058
111 14 Mar 22
8812
10214 Feb 1
7834
7814 105
214 Jan 8
:18
1kl
514
78 Jan 8
12
12
212
978 Jan 7
658
718
1714
1124 Feb 20
914
914 23
812
232
338 Jan 7
138
778 Jan 7
24
459 1712
144 2714
2312 Jan 3
1214
2412 29
22 Feb 8
18
25 Mar 14
24
21
36
2014 Jan 21
1112 29
1112
34
68 Jan 22
34
57
2812
15
1859 Jan 3
10
214 3112
2412 Jan 9
2114
112
112
238 Jan 22
378
912 ..74.n 24
4
1114
5
258 Jan 8
2
2
534
35 Feb 18
2718 3418
2278
7 Jan 2
318
484
9
1214 3238
3138 Jan 3
1114
75 Feb 28 68..
,
__554 Feb 18
35
41'6a.514
2112 Jan 7
1312 3173
134
4478 Jan 23
3112
3112 53
33 Jan 11
2214
2338 42
5218 Jan 3
12
1678 75
7912 Jan 7
4734
5412 76
24 Feb 1
1138
14
2212
414 Jan 7
234
234
714
42 Feb 19
25
28
474
21 Jan 2
1018
13
2234
217, Jan 8
1258
1259 3334
66 Jan 21 IS 30
34
5934
212 Jan 8
118
112
434
478 Jan 10
759
332
34
1970
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
March 23 1935
bonds
On Jan 1 1909 the Exchange method of quoting bonds was changed and prices are now and inierest"-ezeept for income and defaulted
when selling outside of the
NOTICE-Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and
for the year.
regular weekly range are shown in a footnote in the week In which they °emir. No account Is taken of such sales in computing the range
N
BONDS
Y. STOCK EXCHANGE
Week Ended Mar. 22
July 1
Week's
r.„
1933 to
;'' e'.
',;
‘
Rangier'
Feb. 28
Friday's,,...
t
-..2., Bid d2 Asked 20 1935
IH
U. S. Government.
Low
First Liberty Loan-341 of '32-47____ .1 D 101.5
J D
Cony 4% of 1932-47
J D 101.10
Cony 44(% of 1932-47
J D
2d cony 448% of 1932-47
Fourth Lib Loan 414% of 1933-1938 A 0 102.22
1933-1938 100.15
e38% (3d called)
1947-1952 A 0 115.14
Treasury 41(44
Treasury 44i-3419_0M 15 1943-1945 A 0 104.29
Treasury 45
J 0 110.12
1946-1958 M 8 109.1
Treasury 3q a
1943-1947 .1 D 106.10
Treasury 344e
Treasury 39
Sept 15 1951-1955 M 8 102.31
Dec 15 1946-1948 .1 D 102.28
Treasury 39
Treasury 351s__-- June 15 1940-1943J D 107
Treasury 341s...._ Mar 15 1941-1943 M S 107
Treasury 341s____ June lb 1946-1949 J D 103.30
1949-1952 J D 103.31
Treasury 3419
Aug 1 1941 F A 107.4
Treasury 348s
1944-1946 104.26
Treasury 34(s
1955-1900 M S 100.15
Treasury 27)2
--1964 M 8 103
Fed Farm Mtge Corp 3X.944-1949 141 S 101.12
Nov 15139
Jan 15 1942-1947 J J 101.16
3s
Home Owners Mtge Corp 49
1951 .1 i 101.5
1952 NI N 101.12
39 series A
1849 F A
99.30
2419
State & City-See note below.
Foreign Govt & Municipals
1947 F A
•Agric Mtge Bank 9 1 6s
•Feb 1 1935 eubeeq coupon
Clunking•inking fund Si A _ _ _Apr 15 1948 A -0
*April 15 1935 coupon on
1963 Iii-N
Akershue (Dept) ext be
1945 J .1
•Anttoquia (Dept) coil 75 A
.._1945 J J
*External a t 75 ser B
*External s 1 79 ser C
1945 / 1
1945.9 J
*External s 1 79 ser D
1957 A 0
•External 5 1 78 155 ear
1957 A 0
*External sec a 1 79 2d ear
1957 a 0
•External sec it 79 34 ser
1958.9 D
Antwerp (City) external 59
1980 A 0
Argentine Govt Pub Wks 61
1959 .1 D
Argentine 69 of/June 1925
1959 A 0
Eat! 5 f 69 of Oct 1925
1957 M 5
External a t (19 genes A
1958 J D
External 69 series B__Dec
198099 N
Exti s f 88 of May 1926
1960 M S
External of fie (State RY)
1961 F A
Exti Se Sanitary Works
Ext169 pub wks May 1927 -1981 MN
1962 F A
Public Works extl 5415
J
Australia 30-yr 59_ _July 15 _.195J
1957 M S
External be of 1927__Sept
1956 M N
External g 4419 of 1928
1943 J 0
Austrian (Govt) 9 1 79
1957 J J
International loan a 1 79
101.19
739
103.6
100.26
115.24
105.12
110.24
109.14
106.22
103.16
103.15
107.10
107.10
104.15
104.12
107.14
105.10
100.29
103.10
101.26
101.26
101.13
101.27
100.10
246
704
73
372
350
118
97
1,145
774
319
1,395
169
554
228
556
3,079
105
608
423
391
691
1,582
9
3212
2614
8812
10512 209
8612
10214 482
924
11734 333
91
10912 328
6712
100 ____
9812 16
8214
22
11
32
2012
334 38
15
1512
618 36
555
412
44 13
438
434 14
2178
2934 30
2412 101
1938
1918
2434 67
1858
11
2514
29
3834 32
68
16
92
9168
7512
17
99
294
7
3612
8658 14
4014
85
36
3614
85
--------2914
2558
5518 110
2712
2538
5414 40
lb
6
1612
1734 24__
1-014
1014 11
864
108 a 108
9912
11212 54
10312 16
984
5614
5778
10
1212 -2912
3
46
28
3
34
2638
3938 19
2718
24212 11
14
7
14
5
1212 49
514
1238 32
618
1238 24
618
15
1214
84
1238 16
6
1238 42
734
5
124
978
23
12
712
42
12
712
27
12
5
104 32
22
75
7
10178
22
8
32
111778
38
27
40
26
2414 ___
4
1958
1
194
9119 Cl
8712 46
2
46
7
4012
3
50
50
7212 10
38
_
2212 ____
18
204
14
12
1438
6011
5512
12
__
2978
2.512
23
____
July 1
Week's
r.
Range
_ 1933 to
." Range or ;
t.2
Since
VS_ Feb. 28
Friday's
1.,
r,
Z 1935
Jan. 1
:I 4: Bid & Asked tZ),
High
High No. Low how
Low
Foreign Govt. 8. Munk.(Con.)
681g
0412 97,4
1944 M 0 944 9412 12
Cuba (Republic) 59 of 1904
93
90
8312
8
90
1949 F A 90
External 5a of 1914 ser A
1
6178
84
8612
84
1949 F A 84
External loan 4e
61
4
77
8012
774
77
J
1953 .1
Sinking fund 5419 Jan 15
1934
2312 284
i943.9 D 2334 2634 75
*Public wits 5419 June 30
10
1
934 1438
934
934
1959 MN
•Cundlnamarca 641s
9554 105
7734
1951 A 0 9558 10058 10
Czechoslovakia (Rep of) 89
9618 105
77
1952 A 0 9612 10112
5
Sinking fund 89 oar B
8
797
105
85
100
10214
100
J
J
1942
Denmark 20-year full Se
9733 101
75
1955 F A 9734 9918 78
External gold 5418
61
9018 9638
1962 A 0 0015 9214 167
External g 4 34e. Apr 15
Deutsche Bk Am part ctf 69 _ rn _1932
4812
4
5514 6012
262
--- 62
•Stamped extd to Sept 1 1935
71 12
40
66
6
Dominican Rep Oust Ad 5418 ____'42 M 8 6914 26914
36
11
5958 64
1940 A 0 6114 64
let ear 534e of 1926
36
8
5918 64
64
1940 A 0 64
2d series sink fund 541s
27
4358
35
___
41
1945 141 N .38
*Dresden (City) external 79
36
_ ___
1948 J -I
*El Salvador (Republic) 88 A
j z .65•56
i
5
_
_
35
62
deposit
of
*Certificates
58
48,2
8412 95
95
1967 1 J 95
Estonia (Republic of) 7,
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 22
High
105.14
102.20
104.4
103
104.16
102.16
118.14
106.20
111.24
109.28
106.30
103.29
103.27
107.20
107.17
104.28
104.28
107.19
105.17
100.29
104
10312 108
70
10734 14
1945 M S 107
102.12 Finland (Republic) ext Se
7012 1014 10434
1956 M S 10238 10314 33
External sink fund 6415
102.14
9978 101%
67
9
100
8
997
0
A
1954
841s
Loan
Mun
101.16 Finnish
674 100 1014
1954 A 0 *9978 101 ____
External 641e serial B
102.14
20
9
2814 3514
1953 M N 29
29
100.16 *Frankfort(City OD 8 18445
18014 190
70 126
1941 J D 18014 187
French Republic extl 7419
22 12712 18034 190
1949 1 D 18034 184
External 7e of 1924
*German Government Interne23
2714 3712
304 324
1965 .1 D 2714
Bona' 35-yr 541s of 1930
3712 4738
31 12
1949 A 0 3712 4112 105
- 334 *German Republic extl 79
2218
3434 3434 *German Prov A, Communal Bk5
4838
41
2312
10
43
1958 .1 D 41
(Cons Aerie Loan) 6)15
1912 32
11528 11525
--------48
1954 51 N ---9634 *Graz (Municipality) 89
91
10812
86
„
10812
106
*Only unmatured coupons on
1134
8
10758 11014 11812
1937 F A 11118 11214 89 778 1118 Or Brit& Ire (U K of) 5415
95% 10858 119
1990 M N al1034 al1234 184
14% fund loan t opt 1980
778 912
22
3912
37
3878 ___
712 1058 *Greek Government steer 7,_ 1984 MN 831
2812 33
164
i
8
285
2812
A
F
1968
74 1014
•S 1 segured 69
712 10
8638
82
67
5
85
1952 A 0 85
732 978 Haiti (Republic) a 1 69 ser A
2015
2634 36,2
8
2814
1946 A 0 27
9818 128
*Hamburg (State) 68
2512 31
15
1
904 95
•Heidelberg (German) ext1 7415-'50 J J 2814 28,4
10114 10314
8614
1960 A 0 10112 10212 20
Heleingfore (City) ext 6418
95
90
- -- - 1945 J J -------- ----25
95
90
*Hungarian Munic Loan 74411
J J
2 292
*Only unmet coup attached
912 ii
9014 95
1946.9 1 -„---904 95
*External Of 79 (coup)_
-- -7
i i.s
-;;,;" -.n"
3'
..7 4
JA
1 --- 31 i 33
95
*Only unmat'd coups attached_
90
294
11
2912 3314
2912 3118
9514 'Hungarian Land 141 Bun 7411 ___'81 MN
90
2938
95
1981 m N 43118 47 ____
90
•Sinkliut fund 741s ear B
45
45
95
90
*Hungary (King of) a 1 7419__ _1944 F A .3418 4112 ____, 3112
3912 4918
1 „.„
8512 904
3612 40
'February coupon on
10812 1 1 124
92
2
1980 MN 11134 11134
9812 10412 Irish Free State exile! 59
9412
79
86
8534 215
9812 10412 Italy (Kingdom of) int! 7s
1951 1 D 79
6
8934
95
09
97
9218 9714 Italian Cred Consortium 75 A ____'37 M B 96
89
82
4
80
8312
1947 M S 80
External sec a t 7.ser B
10058 10234
6818 85
73
8
1952 1 J 684 7412
Italian Public Utility exti 75
884 96
97
90
77
1954 F A 92
117
93
Japanese Govt 30-yr 9 f 6419
6712
7714 84,2
71
81
Extl !inking fund 5415
1985 M N 80
314 37
------23
0
A
-1957
---9314 10734 •Jugorilavta secured s 1 g 75
--------25 -43
4
•79 with all unmet coup_ __ _1957 -- .5
9314 10712
38
:12
40 __-- ---•WIth Oct 1 '33 h sub coups on_ __ ---- .32
10118 11612
97 11014
2938
44 ___
4478
38
1947 F A • ___
9579 994 *Leipzig (Germany) s 1 7s
115 115
--50
1950 J 1:1 ----------*Lower Austria (Pros-) 740_
99
93
--------97 106
*Only unmatured COUP4Iatta-chM!.._ - - .._ .
2714 38
A
g
812
1014
- -I)
1954.9
2739 3812 *Medellin (Colombia) 6419
514
84
5
5
1943 MN
1258 18 •Merdcan Inig Asetng 441e
3
,
5
714 *Mexico (US) extl be of 1899 t _ __'45 Q J e__
55g
25 ---- ' ---- - 878 if
475
878 .......
638
4
*Assenting be of 1899
1945 ---- .7
__
1014 11
434
519
638
.4
4
*Assenting 59 large
1
*Assenting be small
3978
28
412
612 _ _ _
.40 of 1904
•
1954 234 3112
578 3
3
35
11
1954 --.578
2312 3134
•Assenttrig 45 01 1904
418 612
4
5
5
3114
5
24
*Assenting 4. 01 1910 large
7
4
4
1
414
•Aesenting 45 of 1910 small
414
3358 4112
524
034 ___ _
•1Treas Oe of 13 assent ilargeY_ _ _33 1 J *____
9714
91
J J _ _
_ __ _
54
555 -84
•ISmati
91
9738
74
Vil, 66
8512
73
97 10214 Milan (City. Italy) extl 6345 ____1952 A 0 ii
_
_ _ _
17
1958 M 13 _
4912 5312 *Minas Geraee (Brazil) 6415
1-6-14
1.5 -7,1534 1-9-38
"September coupon off
1534
3238 394
91
84
•Ext sec 6419 series A
1959 M S ------- ---11
154 1912
16
7 -,,*September coupon off
1558
86
83
38
9
42
2714
1952 J D 38
38
*Montevideo (City of) 75
8212 86
3612
25
1959 51 N
5
33
3514
*External Of Se aeries A
3538
673 7012
734
1957 F A 9734 9938 22
974 102,2
6134 New So Wales (State) ext159
52
73,2
9712 10212
34
Apr 1958 A 0 9712 298
.External e 1 ba
6734 72
88
1943 F A 103. 10412 32
10312 107,4
6235 Norway 20-year anti 69
52
87,2 10312 107
1944 F A 10418 10458 23
20-year external 69
834 101 104,4
1952 A 0 10218 10335 57
30-year external fie
1718 1858
1985.3 D 9938 10114 58
994 103
40-year 9 f 544e
784
1814 1814
98:2 10234
1963 M 8 100
External s f bs___Mar 15
76
10012 86
1738 19
Bank
55
t
7712
1967.9
extla
Municipal
13
1
101,2
14
1004
1009
8
1005
8
1018
8012
1970 1 D *10118 ---_ _ -_
Municipal Bank int! a 1 59
98 10144
10412 10714
22
1952 I
2878 28
, A 2814
2812 3514
11014 11314 •Nuremburg (City) extl 65
1953 M B 82
83
30
774 83
64
10318 10312 Oriental Dave! guar 6e
EU! deb 541s
1958 51 N
5914
11
7159 79,z
76
5912 8212
78
73
6
195599 N 10112 10112
99 1024
912 1312 Oslo (City) 30-year a I Se
4412 5812
Panama (flog) extl 5418
105 10712
89
47
3
34
105
1953 J D 105
4112 49
244
•Ext1 9135 ser A___May 15
4634
1963 M N 4112 43
33
12
*Stamped
46
37
37
3814
15
364 554
27
*Pernambuco (State of) °WM ___'47 M S
84
____ _- -1212 17
*September coupon off
1312 154
8 --2141178 15
1114 1514
1959 M S 1318
1334
12
1314
9
1 114 1512 *Peru (Rep of) external 78
,.,
7i2
MO J D
712 94
•Nat Loan extl 5169 let ser
814 103
0
114 154
778
814 37
"Nat Loan extls 1 (is 2d eer„ _1961 A 0
414
94
734
1114 1512
7978
58
1940 A 0 7514
33
79
73
1114 1538 l'iand (Rep of) gold fie
1947 A 0 120
11414 12612
83
59
StahltIzation loan s 1 79
123
1112 1512
1950 -1 J 8714 9012 103
6399
External sink fund a 89
8714 95,2
1112 1412
1612
1961 J D _
.
111 i 1434 "Porto Alegre guar 85
18,
2
4 22
io 2 2612
*June coupon off
11
1414
_
-lids
1966 1 J _
___
•Ext1 guar sink fund 741e
144
11
5 -„lila 22
*July coupon off
20i2 2012
944 12
9934
8
1952 M N 99
774
99 10338
Prague (Greater City) 741e
424 47
2858 37
244
99 10258 *Prussia (Free State) ext1 8418 ....'51 51 5 284 304 23
1952 A 0 29
2814 3634
234
7
*External a 1 69
2912
2718 36
HAI A 0 1064 19714
10618 110
94
16
Queensland (State) extla t 7s
1947 F A .102
10638___
834 10534 109
2514 364
25-year external es
1950 NI S 3728 3712
i
3515
3738 4312
*Rhine-Main-Danube 79 A
2518 37
1946 A 0 _ _
13,2
C
224 22,2
-years t 85
224 2412 •Rio de Janeiro 25
1959
10
Id.
5 -7,iii
•AprIl coupon off
199 2412
13
1879 164
*External a 1 854s----------1953 F A -----------1914 2512
1334 18,2
6
--,=
1334
*August coupon off
894 9438
23
21
_ ____
17%
91 12 *Rio Grande do Sul extl at 88 __.194S A- 0 _
88
18
,
2312
6 -,
,
1-811iT2 12
"April coupon off
4434 49
__
_ __
1514
174 17,2
*External elating tuad 6s___ __1968 J D
3834 4312
1514 22
8 ---1514 -1-65034
'June coupon off
50
____
1612
18% 1838
1966 1141 N ___
*External ef 78 of 1926
4612 47
21
10
11 --- 16
16-3-4
•May coupon off
7112 794
19
19
174
___
_
____
D
J
_1967
loan._
rnunic
.175
*External
3312 35%
19
21,2
1 ----1-1110
*June coupon on
23
4
,
25
Low Low
101.5
99
100.17 102.7
99.28 101.10
103
102
102.20 102.22
101.15 100.15
104.10 113.8
97.26 102.28
101.18 108.24
99.26 107
103.28
98.5
93.12 100.20
97.26 100.20
98.12 104.15
104.14
98.8
94 28 101.26
101.15
101.6
97.27 104.18
99.24 102 24
100.15
101.14
98
94.27 99.16
100.20
94.26 100.19
99.18
94.26
96.20
9229
1854
3 _
224 23
------------1538
2 218 11 ---64
30
93
92
8
8
738
2
684
3
74
778
712
.712 12
1
712
714
712
718
628
712 13
712
712
2
614
812
1
752
752
10018 15
7438
99
9112 9172
44
3
9114 93
44
44
914 0212 121
4452
44
9112 9334 42
4414
9078 934 48
9314 38
4412
9114
9138 9314 55
4414
4412
9114 9318 52
45
9078 9314 34
4114
79
8812 87
7758
91
9918 101
9912 10058 113
78
934 9434 96
734
47
8314
10058 101
1.212
8838 9314 54
1945 F A 3212
•Bavaria (Free State) 534s
1949 NI 5 034
Belgium 25-yr extl 6418
1955 1 J 9314
External 9 1 69
1950.3 0 10118
External 30-year at 75
Stabilization loan 79
1956 M N 97
1949 A 0 *9858
Bergen (Norway) be__Oct 15
1960 54 5 6812
External sinkingljund 55
1950 A 0 31
*Berlin (Germany) 9 1 8319
1958 1 D 3038
'External a 1 69._ _June 15
1945 A 0 4.1234
'Bogota(City) extl s f 88
534
•Bolivia (Republic of) exti 8e___1947 MN
4
*External secured 79 Ulat)_ _ 1958 J 1
4
196999 S
*External s f 79(f/03)
1941 1 D 28
*Brazil(US of)external £4
1957 A 0 2312
*External of 541s of 1928
1967 A 0 2318
*External of 641e of 1927
1952.3 D 24
•79 (Central 0.31)
1935 M S 37
•Bremen (State.of) extl 79
1957 m 8 91
Brisbane (City) s 1 59
1958 F A •
Sinking fund gold 55
1960 J D 97
20-year 9169
1962 J D
*Budapest (City) extl If Se
35
'June 1 1935 coupon on
5 J 8419
__AWLS
2
B
6415
(City)
Aires
Buenos
1960 A 0.
External. 1 Os sec C-2
1960 A 0 .83
External s f (19 ear C-3
•Buenoe Aires (Pros-) extl es__ 1961 M B .62
1961 M S 52
065 stamped
1961 F A 462
•Extenaal a 1 6419
1961 F A 52
.6445 stamped
1967
•Bulgaria (Kingdom)a t7s
1718
i 1
'July coupon off
MN
•Stabil'n 9 f 7519 Nov 15 1968
---, 1712
'May coupon oft
1018
*Calder' Dent of(Colombia)7419'48_- _ 1 1
1960 A 0 10558
Canada(Dom'n of) 30-Yr 45
1952 MN 11112
59
1936 F A 1031g
434.
1954 J J •
*Carlsbad (City) a I 8s_
*Cauca Val (Dept) Colom 7419'46._ A 0 *912
1950 M 8 4112
*Cent Agri° Bank (Ger) 7s•
"Farm Loan 5 f 69__July 15 _ 1980 .9 1 34
*Farm Loan of 69__Oct 15 ___1960 A 0 33
•Farm Loan 89 ser A Apr lb __1938 A 0 364
1212
1942 141 N
*Chile (Rep)-Exti 9 1 79
1960 A 0 1114
*External sinking fund 613
1114
A
F
1961
•Ext sinking fund 6s__Feb
1114
_1961 J J
Jan
•Ry ref axle 1 (is
1114
_- -1961 NI II
•Ext sinking fund 65 -Sept
196299 S 1114
"External sinking fund 69
1112
1983 MN
*External sinking fund Se
1112
•Chile Mtge Bk 6415 June 30._1957 J D
1961 .1 D
11 14
•S 1 8445 of 1926_ _June 30
Apr 30
_1961 A 0 11
.Guar 0 169
1982 NI N
11
*Guar s f Ss
1960 M S 10
"Chilean Cons Munic 79
1961 1 D
*Chinese (Flukuang fly) be
Christiania (Oslo) 20-yr 5 f tle '54____ M 13 15134
1950 M 8 3012
*Cologne (City) Germany841e
Colombia(Rep)89 of'28__Oct'61
•April 1 1935 coupon on-Oct 1961 A 0 2514
*Jan 1 1933 coupon on___Jan 1961 11 1 2518
1947 A 0 .1812
• olombla Mtge Bank 614.of
1948 M N
1958
*Sinking fund 79 of 1926
1914
1947 F A
*Sinking fund 79 of 1927
1952 1 D 5918
Copenhagen (City) be
1953 MN 8618
25-year g 4319
1957 F A 4434
*Cordoba (City) extl 51 79
3834
1957 _
*75 stamped
1937 mN- 50
"External a 1 79__ _Nov 15
1937 - -- .4612
•79 atamped
Cordoba (Pros-) Argentina 78 _._ _1942 J J 7112
*Costa Rica 75 Nov 1932 coupon 1951 MN •___
1951 ---- •____
4,7a May 1 1938 coupon on
_--
High No.
101.14 378
Range
Since
Jan. 1
5612
For footnotes see page 197.5.
NOTE-Salo, of State and City securities occur very rare y on the New York tock Exchange. dealings in such securities being alined entirely over the counter,
bsequent page under the general head of "Quotations for Unlisted Securitle9.bid and asked Q uotatIons, however, by active dealers in these securities. will be found )1
Volume 140
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 22
New York Bond Record-Continued-Page 2
Week's
July 1
zr.
.
Ri ange or ;
_ 1933 to
b ....
......
Friday's
Feb. 28
./1“r. Bid & Asked F0.2 1935
ei
Range
Since
Jan. 1
Foreign Govt. &Munlc.(Cond.)
Low
High No
Low Low
High
Home (City) extl 61
1052 A 0 7312 781
/
44
/
4 83
7812
7312 8714
Rotterdam (City) extl 64
1964 M N *11814 12378 _
9213 122 1391
/
4
*Roumania (Monopolies)gu 7e 1959 F A ------------20a
2058 201
/
4
*August coupon off
4
f)
33
3612
Saarbruecken (City) (35
1953 1 J •6312 66 ____
56
7012 78
*Sao Paulo (City) a f 88__Mar
1952 MN
_ ____
18
____
___
*May coupon off
_ ____--16
16
3 _ _
16
19/
1
4
*External 4 1 644e of 1927
1957 1.1-N
iL1
/4
*May coupon off
1412 1413
1
1413 1974
*San Paulo (State) extl of 813--1936 3 3 - - ---154
____ _ ..
*July coupon off
*6 -21
2714 3-0*External sec 4 f 8s
1950 1 J
1212
20
20
*July coupon off
•18
22
181
/
4 2334
*Externals f 75 Water L'n._ __1956 M E ____
_______
1278
191
/
4 20
*September coupon oft
18/
1
4 181
/
4
2 _-!Baldwin Loco Works let 55_ _1940 MN 9838 10014 16
1738 21
9514
•External e t 64
19682 J ------------1034
_ Balt & Ohio let g 4s___July
1948 A 0 98
9938 128
8214
*July column off
15
712
5
____--15
21
Refund & gen Ss scrim A
166
1995 J 0 5518 57
5412
*Secured 5178
1940 :4--0 8413 8578 36
61
7612 9114
1st gold 58
941
/
4
_1948 A 0 104
125
106
July
*Santa Fe (Prov Arif Rep) Di__ I942 M S *54
64 ____
17
52
5734
Ref & gen 6s series C
59
1995 3 0 6378 6718 87
*Stamped- 53
54
23
38
4912 55
P.L E & W Va Sys ref 4s
1941 MN 941s 9534 70
76/
1
4
*Saxon Pub Wks(Germany) 74 _ _'45 1-A 35
37
19
3212
4214
35
Southwest Div 1st 3/
9118 52
7414
1950J J 90
1
4-531*Gen ref guar 614e
1951 M N 35
36
13
2812
3434 40
Tol & Cin Div let ref 44A
12
61
1959 3 3 7818 80
1945 J D *35/8 36
*Saxon State Mtge Inn 7e
4212
49
55
Ref & gen be series D
53
2000 PA 8 5412 5638 47
*Sinking fund g 6348....Dec __.1946 3 D 4934 4934
1
4478
48
5212
Cony 414e
4212
1980 F A 4114 4312 383
*Serbs Croats dr Slovenes 88
1914
1982 M N
1996 IN 8 5412 56
Ref& gen M be ger F
54
137
*All unmatured coupon on
-32
3413
8
2712 40
Bangor dr Aroostook let be
1943 3 J 11134 112
8
9412
*Nov 1 1935 coupon on
*24
31
25
1951 J .1 10238 103
Con ref 45
36
7418
3
*External sec 74 ser B
1962 MN
17
3713 43/
its stamped
1
4
1951 ,--- 10414 10412
5 10112
*All unmatured coupons on
3213 34
12 -.__
2534 42
Batavian Petr guar deb 4348
9458
1942 i J 10312 10414
6
*Nov 1 1935 coupon on
---- 29
2918
4
2218 36
1989 .1 D *61
Battle Crk & Stur let go 381
68 ____
60
Beech Creek let go g 48
88
1936 J J 10012 10118 15
Silesia (Pro, of) ext1 71
1958 1 D 70
71
45
42
6812 7412
2d guar g 54
101 ____
*98
3
3
8912
1936
*Silesian Landowners Also 6s ,.,,._1V47 F A 56
57
3
251
/
4
4938 6114 Beech Creek ext 1st g 3444
66
1951 A 0 *9639 -------1936 M N 17211 17212
&m
Aon!(City of) extl (38
1 117
169 17513 Bell Telep of Pa 5s series B
1948 3 3 11714
8 2 45 103
1946 F A •93
*Styria (Prov) external 71
98
4714
9814 10018
let & ref be series C
/
4
1960 A 0 12112 12214 142 1031
*February 1934 coupon off
0612 9613
2 ____
87
9612 Beneficial Indus Loan deb 88 _ _1948 M S 10934 11014 33
82
Sydney (city) K f 5348
1955 F A 08/
1
4 9918
4
75
9718 10212 *Berlin City Eleo Co deb 6348
3312
3414
0
3
J
273
8
1951
1971 J J 8018 8012 22
Taiwan Elec Pow s f 51
/
45
58
7412 81
*Deb sinking fund 644e
2534
1959 F A 3214 3314 38
Tokyo City be loan of 1912
1952 51 S 6612 6934
3
53/
1
4
6613 7114
*Debentures 6s
3112 3314 27
0
241
/
4
A
1955
Externals f 5341 guar
1961 A 0 7734 7838 14
59
7438 7918 *Berlin Elec El & linden( 61
2758
/
411_ -1958 A 0 3714 3818 42
*Tolima (Dept of) ext174
1947 M N
938
912
4
812
914 1214 Beth Steel 1st & ref 54 guar•_ 242 M N 10512 10612 26
9418
Trondhjem (City) lot 5448
1957 M N 9712 9811 40
6334
91
30-year pm & impt e f be
99
103331
22
1033
1
94
4
3
1936
*Upper Austria (Prov) 78
1945 3 D ____
____ ____
5134 107 107
*Only unmatured coups attch_ __ -- - ____
-___ ____ ____
95 10413 Big Sandy let 4s
--------90
1944 1 D *107
*External 51 6/
1
4e_June lb ._1957 i b _
___
411: ____
_ Bing A I3ing deb 6148
51 ____
25
1950 M 5 *40
•Unmatured coupons on
2. 5F8 V978
82 1-0-0Boston & Maine let be A C
5914
40
1987 M E 6112 64
•Uruguay (Republic) ext1 84_ _1948 F--st 3618 38
5
33
3618 4738
MN 6212 64
let M 54 series II
36
61
1955
*External 8160
1980 El N 3478 36
74
2612
3412 4118
1661 A 0 5912 6112 29
let g 41
/
44 eer JJ
56
*External s 1 6s
1964 M N 34 2 3512 63
2658
3412 41
BOSt021 ANY Air Line let 411-- -1955 F A 2834 3312 25
37
Venetian Prov Mtge Bank 78 ...,.'52 A 0• _ _
8178 _-__
80
80
83
4'1...Botany
Cone
A 0
MI118
1934
634
1
634
914
614e
*Vienna (City of) extl 8 f 6e
952 M N -525a
10114 10818
*Certificates of deposit
A 0 *558
818 ---758
*May coupon on
*85
9178 ____ ___8478 SO
4/*Bowman-BIlt
7s___1934
Hotels
let
Warsaw (City) external 7s------1958 F A 6718
7112 59
41
M 9 *434
65/
1
4 7334
Strop as to pay of 9435 fit red
---414
Yokohama (City) ext1 65
1961 3 0 8178 83
23
63
8014 85
3:•13'way & 7th Av let cone Ss_ __ '433 D
978 _-978
.3
81
:
Brooklyn City RR tat be
6813
10
91
1941 3 3 90
RAILROAD AND INDUSTRIAL
Bklyn Edison Inc gen be A
1049 3 J 10914 11012 22 103
COMPANIES.
Gen mtge 54 eerie, E
1952.3 J 10912 110
10 10212
•3:Abitibi Pow & Paper 114 Is.-'53 1 D 2818 3458 50
1534
2818 41 12 Bklyn-Manh R T see 64 A
8633
1968 3 .1 10514 10614 151
Abraham & Straus deb 51
/
4e
1943 A 0 105
10514 22
87
10338 10514 Bklyn Qu Co & Sub con gtd Se
MN *60
64 ___
5258
_'41
Adams Express coil tr g 44
1948 M 8 89
90
13
61
90
85
181 5* stamped
___ ____
5734
1941 J 1
Adriatic Elea Co ext 7e
1952 A 0 0;034 08934
1
9014
98
10014
Bklyn Union El let g 5s
10412 10554 37
1950 F A *627212
Ala (it Sou 1st cons A be
19432 0 •10734 108
8012 1011
/
4 108
Bklyn 17n Gas let cons g 5s
3 10313
1945 MN 11714 11738
151 cons 4.4 ser 13
19432 D *10012 10314 74
10118 103
let lien & ref 64 aeries A
1947 MN 12212 123
3 105)4
Albany Pertor Wrap Pap 6e
1948 A 0 45.2 46
10
40
40
8458
1936 J 3 -----------Cony deb g 5448
Alb & Buse( let guar 3444
1946 A 0 100
10118
8
83
100 10214
1960 ..1 D 105
Debenture gold be
10512
5
93
1.4 lleghany Corp coil tr be
1944 F A 65
6712 94
4754
lot lien & ref be series B
6112 7512
1957 MN 11018 111
6 100)2
Coil & cony be
19492 D 544 5634 37
41
54
1933 1 J 10212 10212
6614
Bruns
&
West
1
let
88
/
1
4
g
4s
go
•Coll & cony be
1950 A 0 15
25
16
19
15
26
Buff Gen El 434* series B
9812
1981 F A *11138--_ ___
'Certificates of deposit
1312 1634 69
1912
1937 M S 106
1313 26
Buff Roth & Pitts gen 9 be
5
106
91
bs stamped
11
1950 12
5
1957 MN 5314 55
11
12
Consol 41/44
63
50
Alleg & West let go 48
1998 A 0 88
1
88
62
88
9018 42.13url C R dr Nor let & coll5S___ 34 A 0 1818
2
19
19
A Ileg Val gen guar g 48
1942 M 8 10638 10638 10
93
10512 10S
/Certificates
18
__
of
20
,
deposit
Allis-Chalmers Mfg deb be
1937 MN 10034 101
38
8312 10038 10155 12•13ush Terminal let 44 _____ __1952 ,A 0 76
7612 18
39
*Alpine-Montan Steel let 78
1955 M 13 9212 9212
1
50
1955 .1 J 39
87
4278
9734
7
•Coasol be
101e
*75 coupon on
1955
58312 93 --------101 10318 Bush Term Bldgs be go tax ex __ _- '60 A 0 5712 5813
4
31
By-Prod Coke let 51
54
1
4 13
/
41 A
1945 MN 8338 83/
Am Beet Sugar 63 ext to Feb 1 1940.. F A 10038 10012
8
80
98 10212
American Chain 5-yr 68
1938 A 0 10134 10218 17
5812
991
/
4 10214 Cal0& E Corp unf & ref Esi
1937 MN *10814 109 ____ 10238
a Anide Foreigh Pow deb 5e
2030 M S 49
5812 258
32
49
8112 Cal Pack cony deb 55
10412 25
1940 J 1 104
85
American Ice s f deb be
1953 1 D 75
811
/
4 33
62
8812 Cal Petroleum cony deb s f be__ '39 F A 102
70
7
10212
92
Amer I 0 Chem cony 51431
1949 M N 104.2 10714 111
7613 10412 10712
Cony deb e f g 51
/
48
1938 MN 10318 10314
7
9412
Am Internal Corp cony 5445
1949 J J 8912 9118 81
65
8512 94
*Camaguey
Sugar
74
We
1942
6
33
DA
4
314
Amer Mach & Fdy a t 68
1939 A 0 103
103
4 10214 1021
/
4 105/
1
4 Canada Sou cons go be A
a -0 108
1982 -1
108
79
Am Rolling Mill cony be
1938 M N 10334 10514 100
87
10334 112
Canadian Nat guar 43.41
1954 M S 10312 104
30
9118
Am Sm & It let 30-yr be ser A
_•47 A 0 10458 10478 115
92
10338 1051
30-year gold guar 4448
/
4
19573 .3 1091
/
4 11034 31
9114
Am Telep & Teieg cony 44
1936 M S 10212 10278 21 10072 10212 104
Guaranteed gold 41
/
48
19683 D 10414 10412 37
9112
30-year coil tr be
19463 0 109
110
/
4 10812 11014
88 1011
Guaranteed 9 55
July 19693 .1 11334 11414 13
9634
35-year of deb be
1960.3 J 112
11234 131 10034
11118 113
Guaranteed g be
/
18
4 117
Oct 1969 A 0 1161
9618
20-year et 51
/
48
1943 MN 11234 11314 83 103
11134 11312
Guaranteed g 58
1070 F A 116/
1
4 1161
4
9684
/
4
Cony deb 434e
19392 .1 107
10712 19 105
1061
/
4
Guar
10812
19552
D
gold
1137
444e
8
1143
8
June
4
943
15
4
Debenture 54
1666 F A 111 11 11214 80 100
111 11314
Guar g 44411
1956 F A 11134 11234 22
911
/
4
!•Am Type Founders 6s Ws__ 1940 ---- *2912 32 ___
20
31
4112
Guar ir 4445
Sept 1951 M S 11138 11112
7
911
/
4
Am Water Works & Electric-.
Canadian North deb guar 713
/
4 42 10214
1940 J D 10612 1061
Deb 968 series A
1975 M N 67
711.2 57
58
63/
1
4 7912
Deb guar 61
/
44
1
4 11 10514
19463 3 123
124/
10-yr be cony coll tr
1944 M 13 86
91
69
91
80
9714
Canadian
Pac
Ry
4%
deb
stock
____
---843
5234
4 149
8212
:*Am Writing Paper let It 65....1947 1 J 20
2078 19
18
20
2513
1946 51 5 100
Coll tr 414e
101
37
66
32
So equip tr ctfs
.1 11218 11214 13
1944
J
94
•Anglo-Chilean Nitrate 74
MN
1945
734
818
7
314
738 11
Coll tr g Se
Dec 1 1954 J D 10234 10314 79
7314
:emu] Arbor let g 48___July. _1995 Q J 54
54
5
27
5012 5712
Collateral trust 41
/
44
1960 J .1 9534 9712 174
641
/
4
Ark dr Mem Bridge & Ter be
1964 M 5 *90
9512 _
7818
8734 8734 .1•Car Cent 1st guar g 4e
1949 3 J *4212 47 ___
19
Armour & Co (III) lot 434s
1939 1 D 103/
1
4 105
65
75
102 105
Caro Clinch &0 lst be
1938 1 D 1071
/
4 10734
1
9512
Armour & Co. of Del 51
/
4e
1943.3 J 10312 1051
/
4 156
74
103 1061
/
4
let & cons g 64 ser A
Dec 15'52 J D 10858 10914 13
8914
Armstrong Cork cony deb 54
1940 .1 0 104
10414 29
85
104 10434 Cart & Ad 1st go g 44
1981 J 0 7412 7412
2
68
Atch Too dr S Fe-Gen 941
1995 A 0 10834 10934 164
8414
10678 11112 *Cent Branch U P 1s1 g 4a
1948 3 D 30
1
30
2414
Adjustment gold 45__July
1995 Nov 10312 10414
3
75
101 10612 Cent Dist Tel lot 30-yr be
D
10912
19433
1095
8
5
1031
/
4
Stamped 4s_ _ _ _ _ _ July
1995 M N 10418 10434 28
751
/
4 10134 10618 /Central of Ga let g Se-Nov 1945 F A *36
42 ____
39
1909
19552 D *
Cony gold 45 of _104
75 101 12 104
•Coneol gold be
1945 51 N
1412 1514 17
1613
19552 D 10134 102
Cony 4o 011905
13
7414 10114 104
•Re1 & gen 53.45 serial B
1959 A 0
712
714
2
714
cony g 4s Issue 01 1910
1960 J D *100
10212.
78
100 10318
•Ref & gen Ss series C
712
812 11
1959 A 0
712
Cony deb 4444
1948.3 D 10512 10612 30
8814 105 110
•Chatt Div pur money g 44_ _1951 3 D • __
18
/
1
4
_-_1713
Rocky Mtn Div 1st 44
J
10318 1031
1965 J
/
4
4
79
10014 10312
*Mac & Nor Div let g be
1946 1 J e____
25 ___.
35
Trans-Con Short L let 48
19583 J 10914 11012
2
89
10712 11012
*Mid Ga & All Div pur m be___ '47 J J •_ _ _
23 ____
15
Cal-Aris 1st & ref 444s A
1962 M El 11078 111
34
8714 108/
1
4 11213
*Mobile
Div
let
g
5s
------------20
1946
J
J
19463 D 011214 11812 _
All Knox & Nor let g te
991
/
4 110 113
Cent Hudson GA E be
Jan 1957 M 8 1071
4 10014
/
4 10912
For footnotes see Doge 1975.
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange - Members- Niro York Curb Exchange
49 WALL STREET
-
1971
...,
Week's
July 1
BONDS
4.2
Rang. er ; 1933 to
Range
N. Y. STOCK EXCHANGE
ii b
Friday's
3,
04 Feb. 28
Since
.-.31
. Bid & Asked 35,
Week Ended Mar. 22
5 1935
Jan. 1
Low
HOB No. Low Low
High
Atl & Charl AL let 444s A
1944 J 3 10358 10358
1
86/
1
4 10358 104
let 30-year 55 series B
1944 J 1 10838 10838 11
88
105 10914
Atlanta Gas L let be
--------95
1947 1 D •103
Atlantic City let guar 45
1951 3 1 *9112 --------74
AU Coast Line let cone 4a July
252 M S 994 10012 113
711:
9913 163-12
General unified 4348 A
-1964 1 D 8334 8513 116
6112
8334 9212
L & N coil gold 44____Oct
57
1952 MN 7058 7334 12
681
/
4 8212
All & Dan let g 411
1948 J -1 3034 32
4
3)
35
4214
2d4s
28 -__
27
1 *-1948 1 .
30
341:
All Gulf & W I SS coil tr bs
39
1959 .1 J 38
25
3514
3514 47
Atlantic Refining deb 5s
.58 101
1937 3 1 10734 108
10718 103
All de Yad let guar 4s
1949 A 0 *39
53 ____
37
3912 57,2
1941 J J 92
Austin & N W 1st KU if 58
9212
9
75
90
9334
-
NEW YORK
Private Wires is Chicago. Indianapolis and Si, Louie
9514 105
9712 104
58
774
10214 10912
63/
1
4 8814
9418 100
90
99,4
7712 86
5412 76
3914 6078
5412 7612
110 112
10014 104
103 10434
10312 114
66
63
10012 102
101 101
95
95
11314 119,2
11634 12214
10714 11014
3312 44
31
39,2
2914 3938
34/
1
4 4138
10512 1154
10318 10418
102/
1
4 10258
3412 45
6112 79
6212 7938
59/3 74
2834 401
/
4
834 1213
714 11
---- -- 978 9-78
84
91
10812 11012
108 110
10414 1061
/
4
55
62
85
65
10052 105/
1
4
11434 11838
11858 12312
10318 1-65/
1
4
10814 111
10238 10213
10834 11114
1041: 107
5314 7034
1818 24
18
204
76
83
38
51
5614 6858
7734 87,2
10773 10812
10312 1041
/
4
10154 103
10258 1031
/
4
2/
1
4 5,2
108 11158
10234 10438
10312 11354
10314 10514
11234 118
115 12012
11518 11978
11318 11734
109 11578
10934 11458
10614 10758
109 125
8212 8778
991
/
4 10174
10938 11214
10212 10478
9534 9934
40
45
106 108
10818 1091
/
4
7412 78
30
39
10814 10958
42
47
1412 26
714 14
712 1412
15 -1-5
20
25
107/
1
4 110,4
New York Bond Record-Continued-Page 3
1972
July 1
Week's
Range or ; 1933 to
1,14 Feb. 28
Fridates
:4_ ...
1935
41.t. Bid rt Asked 406
::
j
N
BONDS
Y. STOCK EXCHANGE
Week Ended Mar. 22
;..
,3
Range
51nce
Jan. 1
BONDS
R. Y. STOCK EXCHANGE
Week Ended Mar. 22
March 23 1935
July 1
Week's
Range or ; 1933 to
1.6
'
t3
....-.7 Feb. 28
lt
Friday's
at
1935
'.,n. Bed dt Asked aS rS
Range
Since
Jan. 1
Low
Mel)
Low Low
mon No
High
Low Low
99
105 10612
1945 F A 10534 10612 91
7D2 8512 Consol Gas(N Y) deb 5343
43
99 10414
88
1951 -1 D 10314 10414 235
6734
Debenture 4348
50
60
10234 10534
93
10512 45
1957 J .3 105
Debenture 58
105 10834
90
32
32
3514
22 ____
1954 3 3 •. -.
9873 Consol Ry non-con, deb 4.
93
78
3258 324
3253
2912 ---1955 J 1 .___Debenture 45
9738 101
6553
------------448
Debenture 43
9712 9912
8312
4112 -„ 44
1956 J J * _ _ _ _
Debenture 45
7138 814
55
3-9-13
29
10
3714 89
49
57
6512 /'Cons Coal of Md let & ref So 1950 1 0 35
3912
29
10
32
*Certificates of depoeit-- - 3538 37
114 116
100
103 10538
98
10434 --- 1936 J -0 *104
6312 7534 Consumers Gas of Chic gu be
42
98
10712
12
4
10812
1093
10934
N
Al
1952
10458 10458 Consumer, Power let bs C
103
9912 103,2
68
1946 J D 10212 10312 63
10238 10614 Container Corp let 6s
94
173
103
8
905
83
4912
50
8712
4
843
D
J
1943
warr
with
15
53
deb
10514
-year
10113
157 10112
103
9513 100
8933
6
1954 F A 9614 9614
Copenhagen Telep 58 Feb 15
11034 113
20 104
113
9812 1054 107
9
1947 3 D 10612 10658
4 11438 1194 Crown Cork Seal If 68
/
911
11812 62
75
4 10314
1013
19
10234
10212
J
J
1951
85
834 108 11118 Crown Willamette Paper
10914 20
9714 9978
85
9978 12
1940 M 9 99
10814 11118 Crown Zellerbach deb Sew w
84
10912 55
50
37
15
.1 D 404 434 59
1942
hit
Ry
Nor
5348
105
Cuba
10.5
96
-------4012
20
134
18
33
1952.1 .1 31
10278 10278 Cuba RR lit 58 g
85
37
29
134
3
1983 J D 3112 32
let ref 7345 series A
9018 10518 113
112
33
234
15
16
27
2612
0
1936J
&
B
ser
lien
1st
ref 83
87
12
134
33
31 208
13
1950 J .1
---- ---- II•Cuban Cane Prod deb 6s
99
110 ---10838 107,3
9 102
1937 J J 10638 1068
Cumb T & T let & gen Si
4412
37
5014
3812 15
1949 A 0 37
Chic & Alton RR ref g 38
7534 9478
87
7878 801g 143
1943 M N
10112 10614 Del & Hudson let & 2131 48
84
1949.1 .1 105
105% 12
Chic Burl dr Q-IIIDI,334a
100 101
93
5
1935 A 0 10018 10018
9234 106 1091
158
19
4
/
1949 J 1 10812 1087
Illinois Divielon 48
8912 10234
8912
6
MN
9018
8912
.1937
Gold 5348
8414
10634 110
1958 M 9 10812 10914 54
9334 101312 107
General 48
-------1971 J 3 •107
10614 10958 Del Power & Light let 434e
77
10718 10
1977 F A 107
let & ref 43488er B
102
10312
88
____
104
8
•1035
J
1
1969
lot & ref 4338
1971 F A 112
8412 111 11458
11238 23
let dc ref 58 ear A
93
10512 10638
I
1969 3 .1 10658 1064
7312 75
53
lit mortgage 4349
7
1934 A 0 7412 75
1:Chicago & East III lot 63
96
4
*1093
A
F
1936
4s
g
lot
Bridge
&
RR
D
8
97
18
6P'*
6
538
1951 M N
toe &E HI Ry (new co) gen Si
85
10214 1-0-63t
4
1951 M N 10614 10634
Den Gas & El L let dr ref 8 f 55
538 9
*518
6 --__
64
*Certificates of deportit
834 103 10638
2
1951 M N 10618 10638
Stamped as to Penne tax
8212 11112 117
2
1982 MN 211318 11318
Chicago & Erie let gold 58
3914
28
24
74
24
„I
2512
3
1936
*Den
4e
0
g
R
&
10512
let cone
10338
97
19372 1 105
10512 18
Ch G L & Coke let gu g 53
25
30
5
3938
25
1936 3 .3 25
*Conan! gold 434e
2014 35.4
2412
2134 119
1959 M S 2014
t*Chicago Great West let 4.e
12
7
712
99
7
8
A
F
1955
_
Si
R
gen
&
__Aug
West
*Den
G
34
2114
2212
- -__
21
1959 ---, *20
•46 stamped
11
6
64
24
7
,
68
15
2112
*Assented (sub] to
21
19472 J *1558 20
f•Chic Ind dr Louis, ref 68
21
12
1258
19
1414
12
-1978 A0
plan)II
ser
Apr
53
Muir
&
*Ref
22
21
21
*1514
J
19
.1
1947
*Refunding g be ser B
234
4
1
/
2
218
_.
-8
5
3
4
*23
3
J
__1935
etre__
Ft
48
&
M
Dodge
I•Des
21
18
20
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1947.1 1 *18
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@FedFRASER