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The
finanquI
oll1meret31
Volume 136
New York, Saturday, March 25 1933.
Number 3535
The Financial Situation
HE financial markets have been less exuberant
this week after the remarkable recovery which
occurred last week on the resumption of banking
activities. In the stock market there has been a
downward reaction following the sharp rise last
week. Perhaps this was natural, seeing that concrete results in the way of revival of trade and industry are not yet discernible, and perhaps also expectations as to the immediate benefits to accrue have
been keyed too high. In any event, the great enthusiasm which spread over the entire community, with
the President's heroic action in dealing with the
country's banking difficulties, has given way to a
soberer sense of what can be counted upon for the
immediate future. At the same time, however, more
or less concern has been developing as to the outcome of the various schemes of legislation, nearly
all of a radical and extreme type, which are being
rushed through as emergency measures with such
great haste under the compelling force of an executive who, to his credit be it said, is undertaking to
grapple with the unusual situation in which the
country finds itself, with no loss of time. All these
schemes involve the extending of aid and assistance
to those in distress, and sadly in need of such aid
and assistance, which is their warrant and justification, all of which, however, involves the expenditure
of large sums of money, and a fear is growing up
as to whether the job may not prove too burdensome
even for Uncle Sam, with all his superb strength
and great capacity.
Anxiety is also beginning to grow up as to how
some of these schemes, which are novel and untried,
are going to work in actual practice. The fantastic
plan, for instance, for raising agricultural prices
seems to be charged with a great deal of dynamite,
and the fear is as to the consequences, when the
inevitable collapse occurs. It does not serve to allay
anxiety to have the President say with absolute
frankness that the plan of relief is in the last analysis an experiment, and if the experiment fails he
will be the first to admit failure. The doubt and
uncertainty remain all the same. Then there is the
question as to the cost of the experiment, whether
it fails or succeeds. The lower house of Congress on
Wednesday rushed through with great speed the Administration plan of farm relief by the overwhelming
vote of 315 to 98. It is admitted that the measure
is certain to undergo radical changes in the Senate.
As it stands now, the processing taxes, which it is
sought to impose in the effort to raise the value of the
farm products involved, to pre-war level, are calculated, according to even the advocates of the proposal to add $600,000,000 to $800,000,000 a year to
T
the cost to consumers. Is the country in any condition to bear such a huge burden in times like these,
on the supposition even that important benefits are
to accrue to the agricultural classes, though the best
opinion is that this scheme for the relief of the farming population would be destined to failure in the
event it should find its way to the statute book,just
as the previous plans of relief have failed.
Then there are misgivings as to the character and
nature of the various other measures of reform and
rehabilitation which Mr. Roosevelt and his advisers
are said to have under consideration. There is the
case of the railroads, for instance. How are they to
fare? Some of the accounts say that the rail carriers are to be subjected to very radical treatment—
weak roads to be eliminated, just as it is the purpose
of the Emergency Banking Act to eliminate weak
banks. But there is really no analogy between the
two, and in our estimation it would be the gravest
kind of a mistake to undertake to reorganize the
roads on the basis of the present extremely low level
of traffic and earnings. The railroads owe their
predicament entirely to the fact that their tonnage
has fallen away to virtually nothing. This loss of
tonnage in turn has followed entirely from the circumstance that the ordinary activities of the country, in trade and industry, have dwindled away to
next to nothing, owing to the present unparalleled
depression in business. When busineis revives, as
it surely will revive, the railroads will once more
be in receipt of their customary tonnage, and then
the fact will be reflected in a commensurate improvement in their gross and net revenues. Their present
low tonnage is abnormal and subnormal, just as
everything else is, and it would be rank injustice
to treat the carriers as outcasts. And what is more,
it will not be possible, in our estimation, for the
country to have an enduring revival of trade until
these carriers are once more allowed to get firmly
on their feet. Such enormous amounts of railroad
securities are held by savings banks, insurance companies and other kindred concerns that every effort
should be made through wise legislation to bring
back their values to somewhere near their former
basis—just as a matter of policy.
In the meantime great satisfaction is to be derived
from the fact that three constructive measures of
the highest order have been pushed through Congress and are now law. The first of these was the
Emergency Banking Act, which has done so much
good, and is destined to do still more good, as additional banks which have not as yet been licensed to
open for business are helped to their feet. The
second of these constructive measures is the Econ-
1938
Financial Chronicle
omy Act, by means of which the expenditures of
the Federal Government are to be shaved :down in
amount of between $500,000,000 and $1,000,000,000
—an important step in the way of balancing the
budget—through radicall cuts in the compensation
payments to veterans and by lowering the pay of
Federal employees.
The third of the measures referred to is the passage of the bill authorizing the manufacture and sale
of beer with an alcoholic content of 3.2% by weight
and 4% in volume. This last is sure to yield benefits
in many different ways. It will be a new source of
revenue, not alone to the Federal Government, but
to the numerous municipalities throughout'the country. It will provide a new market for some, at least,
of the productions of the farm, and it will give employment to many persons now idle, not merely those
directly engaged in the manufacture and dispensing
of beer, but also for the time being to those employed in erecting plants, buildings and various
other accessories—bottling establishments for one
thing.
Satisfaction is likewise to be derived from the way
in which the Emergency Banking Act is working.
One grave apprehension arising out of the enactment
of that law has been the fear that it would lead to
extensive and uncontrolled inflation. But nothing
of the kind is going to happen, if we may judge from
the Federal Reserve returns issued Thursday night
for the week ending Wednesday. When the banking
crisis was in its acute stage, enormous amounts of
Federal Reserve notes had to be issued, and equally
enormous amounts of Reserve credit had to be extended. But now that the extreme pressure has been
removed, Reserve notes are coming back in large
volume, and large volumes of Reserve credit are likewise finding cancellation because no longer needed.
At the same time gold reserves are•being added to
on a prodigious scale.
All this is evidence at once that the acute stage
of the crisis has passed and that our banking system
is working the way it should work and the way also
in which it has never been allowed to work before,
by a return of note issues and of Reserve credit when
the need for the same has passed away. During the
past week the amount of Federal Reserve notes in
actual circulation has been reduced from $4,292,702,000 to $3,916,342,000, being a contraction of
$376,360,000. It is worth noting, too, that very
sparing use is being made of that new device for
relieving the situation, namely, the issuance of Federal Reserve bank notes. Only $9,269,000 of these
bank notes are in circulation. The volume of Reserve credit outstanding, as measured by the bill
and security holdings has been curtailed in even
greater degree. During the week the total of these
bill and security holdings has fallen from $3,540,310,000 to $2,892,959,000, representing a shrinkage
of no less than $647,351,000. The member banks
reduced their borrowing at the Reserve institutions
from $1,232,316,000 to $670,869,000, being a reduction of $561,447,000. At the same time the 12 Reserve banks allowed their holdings of acceptances
purchased in the open market to fall from $403,316,000 to $352,309,000, while their 'holdings of
United States Government securities dropped from
$1,899,034,000 to $1,864,387,000.
All this was concurrent with a further large addition to the gold holdings. Last week these gold
March 25 1933
holdings rose from $2,683,539,000 to $3,010,777,000,
and the present week there has been a further increase to $3,192,322,000, making the increase for the
two weeks $508,783,000. As a direct consequence of
all this, the ratio of total reserves to deposit and
Federal Reserve note lidbilities combined, which had
risen last week from 45.6% to 49.1%, has increased
further the present week to 55.5%. Another point
is worth noting, namely, that the New York Federal
Reserve Bank, upon which the pressure was
especially severe, and which two weeks ago lid& to
rediscount $210,000,000 of its holdings with other
Reserve banks, and last week was able to reduce
these rediscounts to $143,800,000, this week reports
itself wholly free of such rediscounts. Moreover,
the New York Federal Reserve Bank, which two
weeks ago reported its ratio of reserves down to
41.4%, and last week showed an increase to 43.6%,
•
this week reports its ratio up to 50.4%.
These changes for the better are gratifying, as
already stated, for the twofold reason that they
furnish evidence to show that the acute stage of the
crisis has been safely passed, and that now proper
contraction in the volume of both Reserve notes and
of Reserve credit outstanding is allowed to proceed
in normal fashion, and that the banking system is,
as a consequence,functioning properly.
Previously there was steady expansion and never
any contraction because of the Federal Reserve System's easy money policy. In the carrying out of this
easy money policy the Reserve institutions acquired
an aggregate of over $1,800,000,000 (roughly) of
United States Government securities, nearly $1,000,000,000 having been taken over in the spring and
summer of 1932, and no attempt at substantial reduction of such holdings has ever been made since,
the volume of Reserve credit used in the purchase of
such Government issues being allowed to remain
outstanding.
Now that the country has surmounted the crisis
and a speedy return to the normal is under way, the
truth might as well be proclaimed regarding this
easy money policy of the Reserve authorities. It
is this policy which must be held responsible, in
great part, for the collapse which occurred. As a
result of this policy such a congestion of funds
occurred at the financial centers that it became virtually impossible to find employment for the same.
Rates of interest dropped lower and still lower,
until they approached the vanishing point. The
official call loan rate on the Stock Exchange for
months ruled at 1% per annum, and outside the
Stock Exchange demand loans on security collateral
were often obtainable at 3/2 of 1% per annum. Most
important of all, open market rates for bankers'
acceptances dropped to unheard-of low figures, the
asked rate for 90-day bills being Only 1/
4 of 1% per
annum.
It was the same state of things that enabled the
United States Treasury to dispose of Treasury bills
on a discount basis of only nine one hundredths of
1% per annum. The immediate cause of the breakdown of the Federal Reserve System,for it did break
down, was the withdrawal of huge amounts of gold
for foreign account either for direct export or for
earmarking. This went on day after day until the
earmarkings of gold reached such proportions that
they threatened the complete exhaustion of the gold
holdings of the entire Federal Reserve System. On
Volume 136
Financial Chronicle
March 3, the day before the New York banks were
put on a moratorium basis, the amount of gold withdrawn for earmarking reached the prodigious sum
of $109,700,000, entirely apart,from the amount
taken directly for .export. It was then that a halt
had to be called. Unquestionably these earmarkings
and gold exports were induced partly by fears that
the United States would be forced off the gold standard, but it is equally without question that considerable amounts of such gold would not have been
exported or earmarked if employment for the funds
could have been found at decent rates of interest or
discount. There was no inducement to buy bills on
a discount basis of only 1/4 of 1% per annum,
especially as the commission charged by the Federal
Reserve Bank in making purchases for the foreign
banks had to be taken out of that diminutive return.
It would have been otherwise if the bills could have
been bought to yield a larger rate of return—and
not necessarily even a high rate.
Illustrations of the truth of this statement appeared very quickly, too. After the close of business
on March 3, the day when, as already stated, earmarkings of gold for foreign account aggregated
$109,700,000, no less than $39,754,500 of this amount
was released from earmark after 3 o'clock in the
afternoon. What induced this release has never
transpired, and very likely the Reserve authorities
themselves never learnt the cause of the release, but
it is easy to see what may have brought it about.
Interest rates were now rising rapidly. Open market rates for 90-day acceptances, which early in
February were quoted at only % of 1% bid and/
1
4 of
1% asked, now rose with great rapidity, and on
March 3 were advanced to 3/
1
2% bid and 3%70 asked.
The New York Reserve Bank was itself an extensive
purchaser of bills, and on that day jumped its buyingrate up to 3/
1
4%. Call money on the Stock Exchange then rose to 4%, and in the outside market
commanded 5%. There was now a chance of employing balances on a lucrative basis, and it would
not be surprising if some of the gold previously earmarked had on that account been released, not for
immediate investment, but to leave on deposit with
the banks, to earn interest. As bearing on that
point, it should not escape notice that the New York
Clearing House held a meeting on March 3 and then
gave notice that it had been determined to raise
the rate of interest allowed on demand deposits from
1/4 of 1% per annum to 1% per annum, and the rate
of interest on time deposits to 1/
1
2%.
A direct connection appeared the present week
between the release of gold from earmark and the
purchase of bills for foreign account. The gold
statement of the New York Federal Reserve Bank
showed $13,086,000 of gold released from earmark
(luring the week, of which $8,507,000 represented
gold which had been earmarked for account of Italy
and which was now actually put on board ship to be
exported. It also happens that foreign central banks
are again acquiring acceptances in this market.
'Phis week the acceptances held for foreign banks
increased from $27,478,00 to $42,505,000. Open
market rates for acceptances, which had, as noted,
risen to 3%% asked on March 3, declined thereafter,
1
2% bid and
but yesterday were still quoted at 2/
2% asked. The conclusion therefor would seem safe
that if money rates here in New York had not
dropped to absurdly low figures, because of the easy
1939
money policy of the Federal Reserve banks, rates
here would have remained sufficiently attractive to
foreign banks to lead them to leave their balances
here instead of converting them into gold for actual
export or for holding under earmark. Accordingly,
it may be affirmed that the easy Money policy of
the Reserve System contributed to its own undoing
when the crisis came.
T THIS juncture there comes tne remarkable
piece of news that a member of President
Roosevelt's Cabinet, no less a personage than Secretary of Agriculture Wallace, in an interview published in the current issue of Collier's has made a
plea for inflation of the currency through a reduction of the gold content of the dollar as a measure
of"farm relief. If Mr. Wallace is correctly quoted
he would reduce the number of grains of gold in the
dollar from 23.8 grains to 15 or 16 grains. The argument in support of the contention appears lame, and
we place the interview on record here, without comment, because it is an emanation from such an important source:
"Secretary Wallace pictures the present attitude
of the farmers as the culmination of a 12-year
struggle to find a way out of their difficulties in
the face of determined resistance on the part of the
city dwellers, particularly bankers.
"The bankers, Mr. Wallace says, are invoking the
shades of 1896 in their battle against inflation, but
the farmers are conducting their money fight differently from the way they conducted it in the '30s,
'70s and '90s of the last century. To-day they are
better led and have on their side prominent manufacturers and members of the Chamber of Commerce
of the United States, he says, as well as some insurance company executives 'who are contemplating
what will happen to them if farm mortgages are
cut down and railroad rates are cut, while at the
same time they are compelled to pay their policyholders in full.'
" don't like the word inflation,' Mr. Wallace is
quoted as saying. 'Why not speak of restoration of
values by the sound use of credit and currency? To
be sound, inflation must be controlled. You must
keep it from running wild. I agree with the farm
organizations that one of the most honest ways of
doing this is to allow the price of gold to rise from
$20.67 an ounce to $30.
"This isn't any new thing. It has been done before. In England, when gold become scarce, they
allowed the price to rise from 93 shillings an ounce
to 124 shillings. We've seen it done in many countries. But we've sat on the lid. In the United States
alone of all the great nations the price of gold has
been held down in spite of the scarcity.
"'Most of the farm organizations believe that
the most honest direct method of controlled inflation is to increase the price of gold from $20.67 to $30
an ounce or, in other words reduce the number of
grains of gold behind the dollar
' from 23 grains to
15 or 16 grains. They believe that doing this would
do no injustice to the creditors because the vast bulk
of debt was contracted at a price level 50% higher
than that which exists to-day.'
"Addressing himself to the 'average city man,'
Mr. Wallace asserts that no one group can profiteer
long at the expense of another group. It is to the
advantage of all, he says, that there should be a
balanced relationship between agriculture, industry
and labor.
"'If the United States discovers her true relationship to the other nations of the world, now that she
is a creditor nation, and acts accordingly, and if the
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1940_
Financial Chronicle
different classes inside of the United States treat
one another fairly,' he concludes, 'we can have a
prosperity twice as great as that which we had
in 1929.'"
March 25 1933
banks, and even last week was still rediscounting
$143,800,000 of its bills,the present week it is entirely
free from the rediscounting process, and is itself
carrying all its discounts. At the Federal Reserve
Bank of Cleveland the discounts have been reduced
THE distinctive feature of the condition state- in amount of $54,054,000; at Philadelphia,
$33,ments of the Federal Reserve banks the present 094,000; at Boston, $12,033,000; at Richmond,
$22,week is again the all-around improvement disclosed, 812,000; at Atlanta, $19,389,000; at
Chicago, $24,indicating that the grave crisis through which the 478,000; at St. Louis, $6,361,000; at
Minneapolis,
country has been passing has been surmounted and $2,668,000; at Kansas City, $10,631,000;
at Dallas,
that now a quite rapid return to the normal is taking $1,050,000, and at San Francisco,
$9,178,000.
place. Member banks of the Reserve System have
As a result of the gain in the gold holdings, with
been sharply curtailing their borrowings at the Fed- the concurrent decrease in the amount
of Federal
eral Reserve institutions; the volume of Reserve Reserve notes in circulation, the ratio
of total recredit outstanding is being reduced in prodigious serves to deposit and Federal Reserve note
liabilities
fashion, and the amount of Federal Reserve notes in combined, which last week increased from
45.6% to
circulation is in like manner undergoing very de- 49.1%, has further increased to 55.5%.
The gain
cided contraction. At the same time the gold hold- in ratio the present week would have been
yet larger
ings of the Reserve System are being added to in except that deposit liabilities increased from
$2,123,unmistakable fashion, and the different statistics 739,000 to $2,154,849,000. The increase here,
howafford striking testimony to the great change for ever, was largely in the Government deposits, memthe better which is going on in the condition of the ber bank reserve deposits having dropped during
the
Federal Reserve banks and of the member banks week from $1,963,976,000 to $1,917,618,000, reflectalike. The gold holdings of the System began their ing the diminution in member bank borrowing. The
upward climb the previous week, when the total of amount of United States Government securities held
the holdings rose from $2,683,539,000 March 8 to as part collateral for Federal Reserve notes outstand$3,010,777,000 March 15, and the present week there ing has diminished during the
week from $1,009,has been a further increase to $3,192,322,000, making 300,000 to $1,000,700,000.
A feature this week is
the gain for the two weeks $508,783,000. Federal that the holdings of acceptances
for account of forReserve note circulation, after the large expansion eign central banks has increased
from $27,478,000 to
in previous weeks, shows a reduetion the present $42,505,000, due, doubtless,
to the fact that it is
week from $4,292,702,000 to $3,916,342,000, making possible now to get a much larger
return from investa contraction in amount of $376,360,000. Resort to ments in bankers' bills than the
purely nominal rate
the new devise, namely, Federal Reserve bank notes, that could be obtained before
the banking crisis
thus far has been extremely limited, the amount out- developed.
standing on March 22 of this new form of note issue
being no more than $9,269,000.
HE foreign trade of the United States for the
The most notable change of all is found in the
month of February, both in the case of exports
huge reduction that has taken place in the volume of and imports, declined again to a still lower level.
Reserve credit in use, as measured by the total of The exports amounted to only $100,000,000 against
the bill and security holdings. These holdings have $120,593,000 for January and $153,972,000 for Febbeen reduced during the week in the huge sum of ruary 1932. The value for February this year
$647,351,000, the amount having dropped from represented the smallest month's export shipments
$3,540,310,000 March 15 to $2,892,959,000 March 22. abroad for any month since August 1904. MerchanThe reduction has been mainly in the item of member dise imports last month were valued at $83,000,000
bank borrowing, the discounts for account of the compared with $96,009,000 in January and $130,member banks having dropped during the week from 999,000 in February a year ago. The -excess value
$1,232,316,000 to only $670,869,000, indicating a very of exports last month was $17,000,000. In January
marked improvement in the condition of these mem- it was $24,584,000 and in February of last year
ber institutions. The improvement, too, extends to $22,973,000.
all the different Federal Reserve banks.' At the New
For the eight months of the current fiscal year
York Reserve Bank the volume of Reserve notes in both exports and imports of merchandise have been
circulation was reduced $96,975,000; at the Chicago very low. Exports amounted to $992,217,000 and
Reserve Bank, $72,518,000; at San Francisco, $50,- imports to $754,996,000, the excess of exports being
061,000; at Cleveland, $37,437,000; at Boston, $13,- $237,221,000. For the same period in the preceding
481,000; at Philadelphia, $22,668,000; at Richmond, year exports were $1,412,316,000 and imports $1,250,$18,684,000; at Atlanta, $14,862,000; at St. Louis, 003,000, exports exceeding imports by $162,313,000.
$11,336,000; at Minneapolis, $10,365,000; at Kansas Some variation has occurred from month to month
City, $17,321,000, and at Dallas, $10,052,000.
in the 1932-33 record, but the tendency quite genThe reduction in the discounts for member banks erally has been downward, especially in exports.
also extends to all the different Reserve Districts. Some increase in exports occurred in the last four
At New York the discounts have dropped from $614,- months of last year over the months immediately
222,000 to $248,523,000, showing a contraction in preceding, but this was due mainly to the larger
the big sum of $365,699,000. In a period of great export movement of cotton.
crisis the stress is always most severe at New York,
The decline in exports last month was quite
and the prodigious falling off the past week in the largely due to the reduction in cotton shipments
discounts affords proof that the stress is now over. abroad. The fact is that in large part the increase
One result has been that whereas two weeks ago the or decrease in merchandise exports, during the past
New York Reserve institution had to rediscount year especially, has reflected a larger or smaller
$210,000,000 of its discounts with other Reserve movement of cotton. Exports of the latter in Febru-
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Volume 136
Financial Chronicle
ary were 568,700 bales, much the smallest movement
abroad of cotton since August of last year. In
February 1932 cotton exports were 980,600 bales.
This difference affected the total value of merchandise shipments very materially. Cotton exports
last month represented $20,560,566, compared with
$37,347,800 in February 1932, a loss this year of
$16,787,300, or 45%. Exports other than cotton last
month amounted to $79,439,000 against $116,624,000
a year ago, the loss this year being 31.9%.
On account of the recent severe disturbance in
money conditions in the United States the specie
movement abroad, especially in gold, underwent a
reversal in February. Gold exports in that month
jumped to $21,521,000. In January gold exports
bad amounted to only $14,000, and for the four
months, September to December 1932, the total had
been only $150,000. In February a year ago gold
exports were also large, amounting to $128,211,000.
Gold imports last month dropped to $30,381,000
from $128,479,000 in January, and in comparison
with $37,544,000 in February 1932. For the eight
months of the current fiscal year, July 1932 to
February 1933, inclusive, gold exports have
amounted to $63,224,000 against $374,326,000 of gold
imports for the same period, the excess of gold imports being *311,102,000. For the eight months,
July 1931 to February 1932, gold exports amounted
to $702,080,000, and gold imports to $444,735,000,
the excess of exports for that time being $257,345,000. These are very heavy totals. Silver exports last month were only $194,000, while imports
were $857,000. In both instances these figures are
very low, compared with the rather restricted movement of silver to and from foreign countries in the
past year or two.
HE New York stock market this week suffered
a reaction after last week's sharp rise. Traders appeared to think that a decline was due, and
there was apparently not a little short selling based
on that idea. There were also, however, some developments not to the liking of financial interests.
Some concern was felt with respect to the legislation
that is being hastened through Congress and some
of which appears of a radical type, or at least of a
kind concerning the working of which there must be
more or less uncertainty for some time to come.
American Tel. & Tel. was one of the weak features,
and the public utilities were nearly all under pressure as a result of a special message sent by Governor Lehman to the New York Legislature on Tuesday urging enactment of a series of bills to provide
for stricter regulations of public utilities. Asserting that serious abuses in the operation of utilities
had developed, the Governor put forward a program
for carrying out in the main -recommendations made
by the Public Service Commission for more drastic
supervision of holding companies and otherwise
strengthening existing laws. The Qpvernor's message was followed almost immediately by the introduction in the Senate of a series of bills designed to
effect the changes suggested. Public utilities were
further unfavorably affected by the announcement
of the Public Service Corporation of New Jersey that
the dividend rate on the common stock would be
reduced from 80c. a share to 70c. a share, or from a
yearly basis of $3.20 to $2.80. - The company's statement, which came on March 22, was to the effect
T
1941
that "because of reduced earnings due to existing
economic conditions, coupled with the fact that
cuts were made in both electric and gas rates at the
beginning of the year, the directors have decided to
make a further reduction in wages and salaries and
in the rates of dividends to be paid on the common
stock." This latter, however, was not to affect the
dividend already declared and payable March 31.
It happened, also, that on March 21 the Detroit
Edison Co. reduced the dividend on the capital stock
from $1.50 a share to $1 a share, after having on
Oct. 15 1932 reduced it from $2 a share to $1.50
a share. The Northern States Power Co. also reduced the quarterly dividend on class A common
from $1.50 a share to $1 a share, and the American
Power & Light Co. declared a dividend of 37Y2c. a
share on the $6 cumul. pref. stock and a dividend of
31%c. a share on the $5 cumul. pref. stock, both
payable April 1. Three months previously the quarterly dividend on the $6 pref. stock was reduced to
75c. a share from $1.50 a share, and the quarterly
dividend on the $5 pref. stock to 62/
1
2c. a share from
$1.25 a share. The Wisconsin Telephone Co., which
is owned by the American Telephone & Telegraph
Co., reduced its quarterly dividend on the common
stock from $2 a share to $1.50 a share. The Arkansas Power & Light Co. decreased the quarterly
dividends on the $7 cumul. pref. stock from $1.75 a
share to 58c. a share, and on the $6 cumul. pref.
stock from $1.50 a share to 50c. a share. The Mountain States Power Co., which is controlled by the
Standard Gas & Electric Co., deferred the quarterly
dividend of 1%%, due April 20, on the 7% cumul.
pref. stock. The Carolina Power & Light Co. decreased the quarterly dividends on the $7 cumul pref.
stock from $1.75 a share to 88c. a share, and on the $6
pref. stock from $1.50 a share to 75c. a share. The
American Home Products Corp. also reduced its
monthly dividend on the common stock payable
May 1 from 35c. a share to 25c. a share. A. M.Byers
Co. reduced the quarterly dividend on the 7% cumul.
pref. stock from $1.75 a share to 50c. a share.
Stock prices declined rather sharply the early part
of the week, but recovered part of the. losses on
Thursday, and moved somewhat erratically on Friday. The course of the commercial markets did not
appear to influence stock speculation to any extent,
and, as a matter of fact, the price variations were
not of any great consequence, though wheat reacted
after the rise last week. The May option for wheat
at Chicago closed • yesterday at 52c. per bushel
against 531/
8c. the close on Friday of last week, and
spot cotton here in New York was quoted yesterday
at 6.50c. against 6.55c. on Friday of last week.
Steel production dropped lower, the "Iron Age" reporting operations at the rate of 14% of capacity,
representing a slight further contraction compared
with the previous week. The "Age" reported that
while the steel business was still feeling the effects
of the recent banking crisis, the demand for pig iron
and for scrap steel had shown a sharp increase; also
that the steel industry looked for visible gains beginning this week or next, despite the fact two of its
principal outlets, namely, building construction and
the railroads, do not offer immediate prospects for
important tonnage. The bond market shared in the
weakness in stocks, United States Government issues
also showed a sagging tendency. Bank stocks in
dealings over the counter on the outside moved
i942
Financial Chronicle
lower, some reductions in dividends on the shares
of leading bank§ in addition to those previmisly announced haring contributed to that end. Of the
stocks on the New York Stock Exchange,100 touched
new low levels for the year and 71 advanced to new
high leirels, while on the New York Curb Eichange
the record was 48 new highs and 162 new lows. Call
loans on the New York Stock Exchange ruled at 3%
throughout the whole week.
Trading has been on a reduced basis. On the
New York Stock Exchange the sales at the half-day
session .on Saturday last were 575,850 shares; on
Monday they were 778,708 shares; on Tuesday,
1,208,530 shares; on Wednesday, 990,810 shares; on
Thursday, 979,506 shares, and on Friday, 642,870
shares. On the New York Curb Exchange the sales
on Saturday were 58,005 shares; on Monday, 101,025
shares; on Tuesday, 168,035 shares; on Wednesday,
124,160 shares; on Thursday, 114,390 shares, and
on Friday, 93,950 shares.
As -compared with the close last Friday, prices
show quite general losses. General electric closed
yesterday at 13%, against 145A on Friday of last
week; Brooklyn Union Gas, at 68 bid against 71;
North American, at 183% against 223j; Standard Gas
& Electric, at 73% bid against 93.; Consolidated Gas
of New York, at 43% against 49; Pacific Gas &
Electric, at 24 against 25; Columbia Gas & Electric,
% against 1234; Electric Power & Light, at
at 103
434 against 53/2; Public Service of New Jersey, at
/
2; International Harvester, at 22%
373/ against 411
against 223%; J. I. Case Threshing Machine, at 463'
against 47%; Sears, Roebuck & Co., at 17% against
19%; Montgomery Ward & Co., at 13% against 13%;
Woolworth, at 29 against 3134; Safeway Stores, at
33 against 35; Western Union Telegraph, at 20%
against 233%; American Tel. & Tel., at 93% against
1033%; International Tel. Sz Tel., at 63' against 738;
American Can, at 563% against 59%; United States
Industrial Alcohol, at 203/ against 203'; Commercial
/
s;Shattuck & Co.,at 734
Solvents, at 123' against 123
against 8, and Corn Products, at 543 against 5734.
Allied Chemical & Dye closed yesterday at 783
%
against 8434 on Friday of last week; Associated Dry
Goods at 4 bid against 43/2; E.I. du Pont de Nemours
at 38 against 40; National Cash Register "A" at 73/i
3 International Nickel at 8% against
bid against 7%;
8%; Timken Roller Bearing at 16% bid against 163;
Johns-Manville at 163' against 17; Gillette Safety
Razor at 143/ against 153%; National Dairy Products
%
at 13% against 14%; Texas Gulf Sulphur at 173
Foreign
Power
at
&
American
against 193';
534
against 6; Freeport-Texas at 213' against 213';
/
s;
United Gas Improvement at 15% against 173
Coca-Cola
at
84
39;
against
at
38
Biscuit
National
against 8434; Continental Can at 43 against 43%;
Eastman Kodak at 563/i against 593'; Gold Dust
Corp. at 15 against 15 8; Standard Brands at 163
%
%; Paramount Publix Corp. at % against
against 163
%; Westinghouse Elec. & Mfg. at 2534 against 27;
Drug Inc. at 34 against 343'; Columbian Carbon at
2; Reynolds Tobacco class B at 3034
303' against 313/
against 313
4; Lorillard at 12% against 1334; Liggett
& Myers class B at 58 against 593%, and Yellow
Truck & Coach at 3 bid against 33'.
The steel shares have followed the general market.
United States Steel closed yesterday at 287/s against
303/b on Friday of last week; United States Steel pref.
at 60% against 64; Bethlehem Steel at 133' against
March 25 1933
14%; and Vanadium at 11 bid against 12%. In the
mho group Auburn Auto closed yesterday at 33
against 373 on Friday of last week; General Motors
at 12 against 13%; Chrysler at 9% against 10%;
Nash Motors at 133 against 14; Packard Motors at
13
% against 2%; Hupp Motors at 2 against 2%, and
Hudson Motor Car at 33.' against 434. In the rubber
group Goodyear Tire & Rubber closed yesterday at
143/i against 1534 on Friday of last week; B. F.
Goodrich at 4% against 534, and United States
Rubber at 33/ bid against 43'.
The railroad shares have held up well. Pennsylvania R.R. closed yesterday at 18 against 1834 on
Friday of last week; Atchison Topeka & Santa Fe at
3 against 4434; Atlantic Coast Line at 223/
43%
2
against 22; Chicago Rock Island & Pacific at 3% bid
against 43'; New York Central at 20 against 19%;
Baltimore & Ohio at 1134 against 1134; New Haven
at 153' against 14%; Union Pacific at 723% against
7734; Missouri Pacific at 2% bid against 334; Southern Pacific at 163' against 16%; Missouri-Kansas-Texas at 8 against 8; Southern Railway at 63%
against 7%; Chesapeake & Ohio at 283' against 2934;
Northern Pacific at 1534 against 143%, and Great
Northern at 83
% against 932.
The oil shares have not varied much. Standard
Oil of N. J. closed yesterday at 263' against 2634 on
Friday of last week; Standard Oil of Calif. at 2334
against 233%; Atlantic Refining at 153/8 against 153%,
and Texas Corp. at 123% against 13%. In the copper
group Anaconda Copper closed yesterday at 734
against 738 on Friday of last week; Kennecott Copper
at 93% against 103'; American Smelting & Refining
at 14% against 16; Phelps Dodge at 634 against 63%;
Cerro de Pasco Copper at 83' against 83%, and Calumet & Hecla at 234 bid against 23%.
RICE trends on stock exchanges in the leading
European financial centers were generally
favorable this week. A little irregularity was reported at London, Paris and Berlin, but the preponderance of cheerful sessions occasioned net gains
in all markets. The chief stimulating factor in
London was the rapid improvement in the United
States, which gave rise to the belief that betterment
may be anticipated in other countries as well. Chancellor of the Exchequer Neville Chamberlain predicted in the House of Commons, Wednesday, that
the world situation is likely to improve in the next
few months. "A sense of hope and anticipation of
the future is coming back to the American people,
and that confidence is being reflected over here in
the City of London and in the stock and financial
markets," the Chancellor said. The change in the
United States during the last few weeks "might
almost be called miraculous," he added. The Paris
Bourse was influenced less by American developments than the surmounting of political difficulties
with the national budget. Settlement of this question
and the belief lhat the European atmosphere will be
cleared to a degree as a result of current international conversations occasioned a mild advance
in French securities. The Berlin Boerse was find in
most sessions on the prospect of political stability
in the Reich. A favorable view also was taken of a
speech last Saturday by Dr. Hjalmar Schacht, the
new President of the Reichsbank, in which lie inveighed against currency inflation and promised the
full payment of all foreign commercial indebted-
P
Volume 136
Financial Chronicle
ness of the Reich. Trade and industrial reports
from the leading European countries reflect no
change of any importance.
All sections of the London Stock Exchange were
firm in the initial session of this week. British
funds improved sharply on announcement of a new
plan to reduce the floating debt of the Treasury by
means of a 21/
2% conversion loan due in 9 to 16 years,
to be allotted in small amounts every week on the
tender system. Many good features were reported
among the industrial stocks, and most international
issues also improved. The advance was continued,
Tuesday, with British funds again in the lead.
Home industrial stocks were in demand, and a number of foreign issues also made gains. Overnight
reports of an unfavorable trend at New York unsettled the Anglo-American trading favorites. The
tone was cheerful Wednesday, notwithstanding
irregularity in some sections. British funds receded
at first on reports from Washington that the June
debt payment will not be deferred, but a recovery
followed and net gains were reported. Most industrial stocks were better, but international issues
reflected uncertainty. Trading Thursday was on a
narrower scale, but the trend as a whole was again
good. British funds advanced a little, while industrial stocks held steady. International securities
were a bit better. The trend yesterday was toward
slightly lower levels, both British funds and industrial stocks dropping.
Business on the Paris Bourse was in very moderate
volume, Monday, but most securities improved.
There was a tendency to await developments in
Europe and America, both the public and professional operators preferring to remain aloof. Most
French securities showed small gains, while the international list was irregular. Tuesday's session on
the Bourse was again very quiet, and prices were not
a ffected to any appreciable degree. Gold mining
stocks were quite firm, but other. sections displayed
slight irregularity. The tendency Wednesday was
downward in most departments, although gold
mining issues again improved. Trading was dull,
and a majority of securities drifted slowly downward, with closing quotations the lowest of the day.
After a weak opening, Thursday, prices improved
on the Bourse and a number of issues showed small
net gains for the day. Changes were small in all
departments, with trading still on a small scale.
After a firm opening yesterday, prices eased a little,
and net changes were unimportant.
The rise on the Berlin Boerse, which began after
the Nazi victory at the polls early this month, was
continued as trading was resumed Monday. There
was a general advance, bonds as well as stocks rising
sharply. The declaration by Dr. Schacht for a
sound currency was considered the chief stimulating
factor, with the statements in Rome for treaty revision also important. Shipping stocks were
especially in demand, and brewery stocks showed
almost equal gains. The Berlin market was closed
Tuesday, in observance of the national holiday declared by the new Fascist Government to celebrate
the convening of the Reichstag. The opening
Wednesday was again buoyant, but realizing sales
by professionals caused a drop later in the session,
and net advances were modest in most sections. A
few of the more easily affected speculative issues
showed small losses. An irregular session followed.
1943
Thursday. The start was uncertain, some issues
declining several points, bpt a buying movement developed thereafter, and most stocks closed at about
previous levels. Fixed-interest issues improved.
The tone was firm yesterday, but a recession toward
the elope carried prices off from the best levels of
the day.
PRIME
MINISTER RAMSAY MAcDONALD of
Great Britain engaged this week in one of the
most interesting of his many spectacular endeavors
to prevent European animosities from mounting
further and perhaps breaking out into another general war. After presenting an elaborate disarmament plan at Geneva last week, and thus resuscitating for a moment the rapidly expiring General Disarmament Conference, Mr. MacDonald dashed off
to Rome for a week-end conference with Premier
'Mussolini on the European situation. Reports of
the Rome conversations last Saturday, Sunday and
Monday differ widely, and the interpretations
placed on them are still more at variance. According to the official announcements, the Italian dictator placed before Mr. MacDonald a plan for the
collaboration of the four great Western European
Powers—Great Britain, France, Germany and Italy
—in order to assure a long period of peace for
Europe and the world. The British Prime Minister,
who was accompanied on his journey by Foreign
Secretary Sir John Simon, hurried from Rome to
Paris on Tuesday, and there laid before Premier
Edouard Daladier and Foreign Minister Joseph
Paul-Boncour the new Anglo-Italian plan for European collaboration. Beyond the usual polite and
diplomatic expressions of interest, it is not yet clear
what reception the French accorded the suggestions,
or what modifications were requested. Mr. MacDonald returned to London on Wednesday, and immediately conferred with the entire Cabinet regarding his latest venture. Under cover of the great
interest aroused by the movements of the Prime Minister, an attempt was made to obtain adjournment
of the General Disarmament Conference, but this
plan miscarried. The Conference has been in progress since Feb. 2 1932, without a single noteworthy
achievement.
The elaborate disarmament plan of the British
Prime Minister was given some study by other Powers, but it is clear that the project is no more likely
to obtain general approval than the equally complicated schemes put forward in the name of disarmament on previous occasions by France, Japan, Italy
and other nations. The British plan, which calls
for reduction of European armies by 1,000,000.men,
revision of the arms provisions of the Versailles
Treaty and inclusion of France and Italy in the
London Naval Treaty, was scanned with interest in
Washington, but no official comments were made.
It was reported on the best authority that the United
States will not offer an "American plan" to the
Geneva conference. Paris also maintained official
silence on the British proposal, but in the French
press not a little scorn was heaped on the suggestions and it was candidly asserted that the chances
of acceptance by France and her allies is slim indeed.
Italy was said in Rome reports to view the plan
sympathetically as an honest effort to conciliate the
conflicting viewpoints of the Disarmament Conference. In Berlin the plan was subjected to a good
1944
Financial Chronicle
deal of unofficial criticism. It was considered in
Germany a "basis for progress" and for future
negotiations. Japanese military authorities made
no secret of their serious objections to the British
plan's naval provisions. In Geneva last Sunday,
more than 1,000 blind, crippled and gassed war veterans, representing 8,000,000 veterans of 85 national
associations, filed into the Disarmament Conference
chamber to demand action toward universal disarmament. Edouard Benes of Czechoslovakia, the
appointed rapporteur, was the sole Disarmament
Conference delegate in the Chamber to receive them.
When the Conference resumed, Thursday, discussion centered on methods for further adjournment.
On his arrival in Rome,last Saturday, Prime Minister MacDonald immediately made it plain that his
concern was not exclusively with disarmament but
also with general European problems. "England
and Italy are two of the strongest governments in
Europe," he pointed out to press representatives.
"Their chiefs must put their heads together to find
some means whereby peace can be rendered secure."
It was remarked in a Rome dispatch to the New
York "Times" that Mr. MacDonald aimed less at a
hard and fast agreement with Italy than at a general
discussion, and an announcement that the two countries see eye-to-eye on a great many European questions. The first conference last Saturday was relatively brief, but a more protracted meeting took
place Sunday. At its conclusion an official announcement was issued, which stated that a definite
plan had been put forward by Premier Mussolini
"for an understanding on larger political questions,
with the object of securing the collaboration of the
four Western Powers in an effort to promote in the
spirit of the Kellogg-Briand pact and a no-force
declaration a long period of peace for Europe and
the world."
The plan of the Italian Premier was not further
defined in the communication, but press correspondents apparently were given some idea of its outlines.
A dispatch to the New York "Times" remarked that
it calls for strengthening the machinery of arbitration and for juridical settlement of international disputes, for a pledge by the four Powers to enforce
peace and to revise those clauses of existing treaties
which experience shows have been particularly resented by the nations defeated in the World War,
and for a conference of the Premiers of Great
Britain, France, Germany and Italy. Details of the
plan promptly were communicated to the French
and German Ambassadors in Rome, a dispatch to
the New York "Herald Tribune" said. Premier
Mussolini's project can be ranked, this report added,
as a plan for such reorientation of European policy
as has not been attempted since before the World
War. After a further conference between the two
leaders, Monday, an official announcement was
issued stating that the project for collaboration of
the four Western European Powers had received
additional examination.
Prime Minister MacDonald spoke informally to
press representatives in Rome, late Monday, and he
assured them that no treaty was concluded, nor anything like a treaty. Contrary to some reports, there
was also no decision for an armaments truce, he
said. "Our whole idea has been to open up the possibility of an enlightened agreement between all countries of Europe," he continued. "We are not proceeding on the idea of making an agreement between
March 25 1933
four nations and then imposing it on the others.
On the contrary, all the nations must participate
in the elaboration of whatever agreement is reached
and everything must be done in such a way that they
will be satisfied with the results. What we have in
mind is to create conditions necessary for real peace.
This is, necessarily, an evolutionary process. What
we are aiming at is not an imposed peace but a
negotiated peace, arising from the satisfaction of
all countries that are in a position to disturb the
peace. The fundamental problem is to create a
group of minds working for the common good and
peace." 'Mr. MacDonald also used many phrases
about the necessity for human, personal relations
between nations, the removal of suspicions and the
creation of a better atmosphere, which were quite
impressive when he first began to pronounce them
some years ago. He confirmed that the French and
German Governments were fully informed, and also
added that the 'United States Government will be
kept advised of all steps. Economic questions
entered into the discussions, he admitted, as the plan
"will have important repercussions in the economic
field."
Prime Minister MacDonald and Foreign Secretary Sir John Simon reached Paris, Tuesday, and
conferred for six hours with Premier Daladier and
his associates on the four-Power project and the disarmament plan put forward last week by the British
at Geneva, but the effort to enlist French support
was not followed by any enthusiastic statements.
Not much was disclosed regarding the meeting, but
an official communication issued late in the day
was viewed generally as rather negative. The nature
of the Rome conversations was discussed, the statement said, and the British and French had a prolonged exchange of views. "The French Ministers
thanked their colleagues for the information they
furnished, which will enable them to proceed to a
closer study of the proposals put before them," the
announcement continued. "They will communicate
further with each other without delay. The French
Ministers affirmed their desire to see established in
the interest of peace within the framework and in
the spirit of the League of Nations loyal co-operation
between the four European Powers who are permanent members of the Council of the League."
At the conclusion of the Paris conference, Mr.
MacDonald again received newspaper men, but he
informed them that their was very little to add to
the formal communication. "We have found that
every government is very anxious to get something
done," a Paris dispatch to the New York "Times"
quoted the Prime Minister as saying. "We are all
fully aware of the dangers into which we may drift
if we do not do something together to devise some
way of making European countries more neighborly
in spirit." Mr. MacDonald, the correspondent
added, seemed, if not discouraged, at least aware
that the method of persuasion which he has tried is
not going to yield great results. In a report to the
New York "Herald Tribune" it was indicated that a
number of objections to the Mussolini plan were
placed before the British Ministers by Premier Daladier and his colleagues. These are, first, that the
pact threatened to create a "Big Four" superstructure in Europe which might endanger the League's
existence and prestige; second, that it opened the
door for treaty revision to the four defeated Central
European Powers without consulting Poland and
.11111MEMINII
Volume 136
Financial Chronicle
1945
pared to follow the path of international co-operation with such prudence as opinion at home and
events in Germany demand. M. Paul-Boncour was
said to have given assurances to France's Eastern
and their interests will
WHILE these conferences were in progress, and European allies that they
while the British sugPrance
by
forgotten
be
not
VV after their conclusion, numerous informative
is under examination.
ness"
"neighborli
for
gestion
comments appeared in the periodicals of 'all the
al conversations had
countries concerned. Great Britain was frankly Reports that the internation
vigorously denied,
puzzled by the journey of its Prime Minister and virtually reached an end were
issued after the
statement
some of his maneuvers,London dispatches indicated. according to an official
expressed conMinisters
The
The apparent acceptance by Mr. MacDonald of the close of the meeting.
be useful
ns
would
conversatio
new
Italian plan on Sunday caused much concern at fidence that the
and
preventEurope
in
spirit
better
a
first, but this was tempered on the following day by for producing
al
blocs.
internation
rival
of
formation
the
ing
the assurances that other nations will be consulted.
Prethat
time
a
for
Paris
in
prevalent
were
Rumors
There is much conjecture, a London dispatch to the
disdirect
a
for
Italy
to
go
would
Daladier
mier
New York "Times" said, as to how Mr. MacDonald
proposal,
new
the
on
Mussolini
Signor
with
cussion
found himself adhering to the Mussolini plan on
no such plans have
Sunday and backing away from it on Monday. but it was stated Wednesday that
that some
indicated
Warsaw
dispatches
made.
been
underwas
"When Mr. MacDonald left Geneva it
of
a
alliance
close
form
to
made
be
might
attempt
getof
purpose
the
stood he was going to Rome for
Czechoof
Entente
countries
Little
ting Mussolini to support the British arms plan Poland and the
and Yugoslavia, in the thought
Rumania
slovakia,
France,"
and
Britain
Great
and to co-operate with
a population of 75,000,000,
with
group,
the dispatch continued. "There was a double object that this
partner in the concert of
fifth
a
constitute
in that scheme. It was hoped it would pry Mussolini might
Powers.
away from Adolf Hitler in Germany and at the same
Views entertained on the situation by Prime Mintime improve Franco-Italian relations. Apparently,
MacDonald, and presumably by his colleagues
ister
however, the Italian Premier was more than ready
National Cabinet, were outlined by the Prime
the
of
for his guest. Mussolini had learned previously
in the House of Commons, Thursday. The
Minister
from Dino Grandi exactly what sort of European
plan for preserving peace in Europe
four-Power
,
MacDonald
peace provisions would appeal to Mr.
out within the framework of the
carried
be
should
his
in
them
d
and he had apparently incorporate
the smaller Powers should
Rome plan, but instead of stopping there he added League of Nations, and
The visit to Geneva, he
a startling new feature, the four-Power pact, as his be consulted, he declared.
of the Cabiat
own contribution. Hence the sudden week-end disclosed, was undertaken the request
the
that
General
London
in
felt
changing of the label from the MacDonald plan to net, because it was
danger
imminent
in
was
Conference
Disarmament
the Mussolini plan."
to
journey
subsequent
The
collapse.
In France an attempt was made to view the series of complete
of
Premier
invitation
the.
on
was
however,
Rome,
of conferences in the best possible light. The assurin Rome amounted
ances that the Rome conversations did not mean that Mussolini. "The conversations
it is perfectly
while
now,
"that
said,
he
this,"
to
Great Britain and Italy desired to impose their
being revitalis
life
national
that
everybody
to
plain
views on other nations were accepted, and it was
meet before
should
Powers
four
the
Europe,
in
ized
admitted that the two Premiers at least committed
remove by
to
try
and
apart,
driven
be
might
they
no mistakes in presenting their ideas. "There reto be
have
would
which
dangers
the
s
negotiation
mains, however, a tremendously difficult task," a
on
no
opinion
express
I
anyhow.
eventually
met
"Times"
Paris dispatch of Monday to the New York
the
If
said, "for it is proposed to replace the French con- that, but I have strong hopes of the results.
can be devised
ception of how peace should be maintained with a four Powers came together, if a way
the smaller
of
those
new system of collaboration among the four great for joining with their views
n the
examinatio
on
if
European nations. This is a great deal to ask, nationalities concerned, and
ss to
to
unwillingne
now
lead
especially now with the Hitler Government installed causes of fear which
the
that
deny
would
who
in Germany. It involves a partial abandonment by disarm should disappear,
armistice
the
since
peace
for
done
France of the system of alliances which she has only effective work
built up. It involves a recognition of full equality would be accomplished?"
Co-operation along broad lines was urged by Mr.
among France, Germany and Italy. It makes a fourPower partnership in which two nations are asking MacDonald as he continued his exposition. This
nothing, unless it be peace, and the others ask what could quite rightly be begun in Europe, he remarked,
seems a great deal in French opinion in the name of but would not necessarily end there, as "it might
peace." A Paris report of Wednesday to the New well draw to it the sympathy and aid of our great
York "Evening Post" remarked,. however, that there friends beyond the Atlantic." In Rome, the Prime
was also a good deal of satisfaction in France re- Minister said, he was presented with the short plan
garding the series of conferences held lay Mr. Mac- of Signor Mussolini which links the maintenance
Donald. They caused the war clouds to lift at least of peace with the revision of treaties. Germany, he
momentarily,it was suggested, as Mussolini and Hit- pointed out,already has been accorded arms equality
in principle by the Powers. Both be and Premier
ler appear less likely to conclude an alliance.
French policy with regard to the development was Mussolini felt, he indicated, that Article XIX of the
outlined at some length by Premier Daladier and League Covenant, regarding reconsideration of
Foreign Minister Paul-Boncour, Wednesday, before treaties, was not meant to become dormant. "Every
the Foreign Affairs Commission of the Senate. The treaty is holy, but no treaty is eternal," Mr. Macdiscussion showed, a dispatch to the New York Donald remarked. "The time has gone by when by
Euro.
"Times" said, that the present Government is pre- a combination of any European Powers any
the Little Entente, and third, that by putting
equality of rights into practice it would pose the
problem of the re-armament of Germany.
1946
Financial Chronicle
pean people can be kept bound by obligations which
it regards as being inconsistent with self-respect and
with its honor." Rumors that the Prime Minister
had offered to give up Tanganyika in a general revision of the Versailles treaty and return the former
German part of that territory to the Reich were vigorously denied by Mi. MacDonald. Tanganika was
not even mentioned in the Rome conversations, he
declared.
Plans for a lengthy adjournment of the General
Disarmament Conference went awry as the delegates
gathered at Geneva, Thursday. Arthur Henderson,
President of the Conference, asked for suggestions
on adjournment as the session opened, but no reply
was made. After a pause, Nicholas Titulescu, of
Rumania, moved to proceed with the discussion of
the British proposals and a unanimously favorable
vote followed. It was noted in press dispatches,
however, that the assent of the British, Italian and
German delegates seemed to be very reluctant. The
move for continuing was interpreted, therefore, as
a counterstroke of France and the smaller Powers
to the Anglo-Italian plan for a concert of the major
European Powers.
March 25 1933
parties. It is a curious commentary that this action
was taken in due parliamentary order, by representatives of the people who were elected under the
regulation of the Weimar Constitution. The forms
required by that document were carefully preserved,
even though the present leaders of Germany are
opposed to the German republicanism of the last 14
years and demand a return to the monarchical spirit
represented by Potsdam, the former residence of the
Kaisers, outside Berlin. In this way the innate German love of order and propriety appears to be asserting itself even in these days of rapid change in the
Reich. There is ground for hope that some good
features of republicanism will be retained in the
experiment in government now beginning in the
Reich.
The preponderantly Fascist Reichstag elected by
the German people early this month was convened
for the first time at Potsdam, Tuesday, in the old
Garrison Church, near the grave of Frederick the
Great. A manifesto was issued declaring the occasion a national holiday. President Paul von Hindenburg,in the full regalia of a Field Marshal, welcomed
the Deputies. "The place where we are assembled
to-day admonishes us," he declared, "to look back
ONSIDERATION of the intergovernmental debt to the old
Prussia, which in fear of God attained
problem has been resumed in Washington, with. greatness through
faithful labor, never-failing courthe method of approach for a formal review appar- age, and
devoted patriotism, and on this foundation
ently still a matter of much uncertainty. Only a united the
German peoples. May the old spirit of
little progress seems to have been made toward the this glory
-hallowed site also imbue the present gen
negotiations with the debtor countries, which neces- eration!
May it free us from self-seeking and party
sarily were postponed when the banking crisis de- dissensi
on and join us in national solidarity and
veloped. It was rumored early this week that Presi- spiritua
l regeneration for the benediction of a free
dent Roosevelt would seek power to act on the debt and
proud Germany, united within itself!" Chanproblem under the unusual expedient of a joint "ad- cellor
Hitler spoke thereafter, and briefly urged the
visory" resolution of Congress, to be framed by the restorat
ion of the unity, spirit and will of the GerExecutive. Such suggestions were promptly repudi- man people.
In place of the vacillation of the last
ated, however, and it was intimated that specific 14 years, the
Fascists wish to provide a set governrecommendations concerning treatment of the prin- ment which
will unite the people and give them uncipal debtor nations probably will be made by the shakable authority,
he declared. Not all of the DepPresident. It is worthy of note, meanwhile, that uties attende
d the ceremony, as the Communist
plans for reducing the payments may take some time members are in
jail, while the Social-Democrats preto develop. "It was stated at the White House that ferred to stay away.
Visible everywhere on the occathe President expects the June 15 payments to be sion was the new flag
of Germany, composed of the
made," a Washington dispatch of Tuesday to th6 old imperial black,
white and red banner with the
New York "Herald Tribune" said.
swastika emblem of the Fascists imposed on a white
The default by France on the Dec. 15 instalment field. The Reichstag
held a second meeting for
of $19,261,000 continues to cause some concern in organization purpose
s late Tuesday in the Kroll
Paris, but not enough to remedy the default and opera house in Berlin,
the place being chosen because
effect payment. An attempt to bring the question the inside of the Reichst
ag blinding was destroyed
forward for parliamentary consideration was made in an incendiary fire.
by Deputy Rene Richard, who introduced last week
In its first ordinary session, Thursday, the Reichsa resolution inviting the French Government to tag was asked by Herr Hitler
to grant him dictaplace a $20,000,000 credit at the disposal of the torial powers for four years
in the guise of a "law
United States Government. This resolution was for the elimination of
distress from people and
quietly pigeon-holed by the Finance Commission of country." This bill, which
radically alters the Conthe Chamber,after the Cabinet decided at a meeting, stitution, required a two-thi
rds vote for passage. It
Monday, to avoid making the matter a political was accepted by a vote
of 441 to 94, only the Socialissue. Premier Daladier believes, a Paris dispatch Democrats objecting,
and the Reichstag then adof Thursday to the New York "Times" said, that he journed, subject to the call of
the chair. It will be
must have President Roosevelt's opinion on the ques- reassembled from time to time,
only to hear the
tion before any useful discussion of France's war decisions of the Government and
stamp them with
debt to the United States can be taken up by the its approval. Otto Weis,
spokesman for the SocialChamber of Deputies.
ists, argued vigorously that the bill would not be
required if the Nazis really desired reconstruction,
RGANIZATION of the Third, or Fascist, Reich, but he was cut short by
the Chancellor, who shouted
was completed in Germany this week, and that the Social-Democrats
no longer were needed
the nation placed formally under the four-year dic- in molding the fate of the
nation. Debate was shut
tatorial rule of Chancellor Adolf Hitler and his off after Hermann
Goering, the Nazi President of
associates of the National-Socialist and Nationalist the Reichstag, made
a speech in which he denied that
C
Volume 136
Financial Chronicle
persecution of Jews and other disorders in the Reich
were at all commensurate with the impressions conveyed by reports circulated outside Germany.
In the course of the session, Chancellor Hitler
outlined the general policies of his regime. The revolution now completed in Germany is the most bloodless and disciplined in history, and it will be kept so,
the Chancellor declared. Much of the address was
devoted to a repudiation of foreign criticism of his
regime. The Chancellor relegated the issue of the
monarchy to the background, but he emphasized
again the need for destroying German Communism.
Early convocation of the proposed World Economic
Conference was favored by Herr Hitler, who intimated that the Reich delegation would press for a
downward revision of interest rates on private
loans. The German railways must be returned to
State ownership, he asserted, and relief for German
peasants from their present economic plight was
promised. No experiments are to be made with the
currency, the Chancellor said, and efforts will be
made to augment foreign trade. Turning to foreign
affairs, Chancellor Hitler said the Fascist Government is ready to stretch out a hand to every people
in honest friendship, provided there is a willingness
to forget the sad past. Thanks were expressed to
Prime Minister MacDonald for the proposal of a
concrete disarmament plan, and the Chancellor also
welcomed the proposal of Premier Mussolini of Italy
for a concert of the four Western European Powers.
The address was considered moderate by most
observers.
There were many accounts from Germany this
week, both directly and indirectly, of "atrocities"
at the hands of the Nazis directed mainly against
persons of the Jewish faith. It is hardly to be
doubted that there have been many unwise and unwarranted persecutions of Jews in Germany of late,
as the Chancellor's known personal aversion for
this great people has been adopted by the NationalSocialist party as a whole. But the truth of the
matter probably lies somewhere between the more
violent "atrocity" stories and the denials issued by
the Fascist leaders. The apprehensions in this country over the plight of Jews in Germany certainly are
justified, as it has been reported officially, through
consular agencies, that at least six American Jews
residing in Germany were subjected to assaults and
indignities. Numerous protests by leaders of all
faiths were made to Washington, this week, and Secretary of State Cordell Hull announced Tuesday
that the United States Embassy at Berlin had been
requested to make a complete investigation of the
matter. The outcome of this investigation will be
awaited with keen interest.
1947
diction all British subjects residing in Russia, and
this, of course, could not be countenanced. Announcement was made in the House of Commons,in
London, Monday, that the British Government had
halted negotiations with the Soviet regime for a new
trade treaty because of the arrests. This statement
was made by Captain Anthony Eden, Under-Secretary for Foreign Affairs, who denounced the arrests
as unjustifiable but admitted that the precise nature
of the charges had not been determined. George
Lansbury, leader of the Parliamentary Laborites,
asked how Captain Eden could know that the
charges were unjustifiable if he did not know just
what they were. No answer was made. A statement
was issued in Moscow, Thursday, by Soviet Procurator A. Vishinsky, to the effect that the preliminary inquiries were nearly completed and that three
of the engineers would be released on bail pending
trial. Josef Stalin, Secretary of the Communist
party in Russia, gave personal assurances to the
Moscow correspondent of the New York "Herald
Tribune," Tuesday, that "there is not the slightest
ground" for fears regarding the security of American citizens in Russia.
HE League of Nations moved somewhat tardily
this week for peaceful adjustment of the dispute between Colombia and Peru regarding the
small Amazon River port of Leticia, which Peruvian
nationals tried to wrest from Colombia last autumn.
Efforts by the American republics to conciliate this
conflict have been unsuccessful, and the League of
Nations Council began a pointed study of the problem at the request of Colombia early this month.
A committee of three was appointed March 8, under
the chairmanship of Sean Lester, of the Irish Free
State, to prepare a report. This document was concluded March 17, and promptly published. It held
that Peru is responsible for the "invasion" of Colombian soil and recommended complete withdrawal, to
be followed by negotiations with the help of the
Council's good offices. The Council adopted the
report on the following day, and thus passed judgment on Peru, much in the sense that judgment was
passed on Japan in the Manchurian dispute.
An advisory committee was appointed to concert
the action of League member States, and the United
States and Brazil were invited to participate. The
committee will consist of Council members,and delegates from the two invited non-member nations.
The precedent established by Japan in the Manchurian inquiry was followed by Francisco Garcia
Calderon, the Peruvian representative, who walked
out of the Council meeting when his country was
condemned. The State Department in Washington
••••-••••announced Monday that the United States will parEPRESENTATIONS made by the London Gov- ticipate in exactly the same way it is participating
ernment to Soviet Russia for the release of in the Manchurian matter, that is, through an obfour British engineers arrested on charges of server who will have no right to vote. Hugh R.
sabotage in electrical construction work have been Wilson, American Minister to Switzerland, was
unavailing, and the engineers apparently will be appointed our representative. Brazil has also inditried publicly early next month. The international cated that it will accept the invitation to participate.
flurry occasioned by this "incident" is diminishing, It is understood, Geneva dispatches state, that the
and further developments probably will hinge on Leticia Advisory Committee will consult the varithe course of the trial and its results. Foreign Com- ous governments of the world as to whether they are
missar Maxim Litvinoff replied tardily, late last prepared to accept the Principle of an arms embargo
week, to the British representations. He pointed against Peru, if that country opposes by military
out, however, that the request for release of force the execution of the recommendations for
the arrested employees of Metropolitan-Vickers withdrawal of her troops from the territory seized
amounted to an attempt to remove from Soviet juris- from Colombia.
R
T
Financial Chronicle
1948
N March 23, the Austrian Bank reduced its
O
discount rate 1% to 5%. Present rates at the
leading centers are shown in the following table:
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
Country.
Austria_ _ _
Belgium._ _
Bulgaria__
Chile
Colombia_
Csechosiovakla__
Danzig__
Denmark__
England __ _
Estonia__
Finland-France_ ___
Germany_ Greeee _ ...
Rate fa
Dale
Mar 24
Effect 'Established.
PreWas
Rate.
6
234
94
534
6
5
334
84
44
5
Mar. 23 1933
Jan. 12 1932
may 17 1932
Aug. 23 1932
Sept. 19 1932
334
4
334
2
534
6
234
4
9
Jan. 25 1933 434
July 12 1932 5
Oct. 12 1932 4
June 30 1932 234
Jan. 29 1932 64
Jan. 31 1933 7
Oct. 9 1931 3
Sept.21 1932 5
Dee. 3 1932 10
Country.
Rate in
Date
Effect
Alar24 Estantished.
Rolland__ _
Ft ungarY-- _
I lulls
Ireland__
Italy
Japan
1.1th uarda _.
Norway.
Poland
Portugal..,
Rumania. _
South Africa
sim111.
Sweden. _ - _
Switzerland
234 Apr. 18 1932
434 Oct. 17 1932
334 Feb 1 . 193 1
June 30 1932
3
Ian. 9 1933
4
4.38 Aug. IS 1932
May 5 1932
7
Sept. 1 1932
4
Oct. 20 1932
6
634 Apr. 4 1932
Mar. 3 1932
7
Feb. 21 1933
4
Oct. 22 1952
6
334 Sept. 1 1932
.lan 22 1031
2
vious
Rate,
3
5
4
334
5
5.11
734
434
734
7
8
5
64
4
234
In London open market discounts for short bil s on
Friday were %, as against 9-16@%% on Friday
of last week, and M% for three months' bills, as
against 9-16@5A% on Friday of last week. Money
on call in London on Friday was 3A%. At Paris the
open market rate remains at 1%, and in Switzerland at 13/2%.
_
HE Bank of England statement for the week
ended March 22 again reveals a sizeable gain
in gold holdings, amounting on this occasion to
£3,239,917. This brings the total up to £170,374,908,
the highest it has been since Sept. 26 1928, when it
amounted to £173,204,657. The present figure
represents an increase of no less than £49,807,975
since Jan. 4 1933 and compares with only £121,409,913 at March 23 1932. Circulation also increased
but only £514,000, and so reserves rose £2,726,000.
The reserve ratio rose sharply to 54.68% from
48.55% a week ago; at Jan. 4 the ratio was as low
as 18.22%. At March 23 last year the percentage
was 32.15%. Public deposits rose £7,759,000, while
other deposits decreased £20,869,429. The latter
consists of bankers' accounts which fell off £21,201,081 and other accounts which increased £331,652.
Loans on Government securities contracted £16,192,000 while loans on other securities rose £354,787.
Of the latter amount, £7,802 was to discounts and
advances and £346,985 was to securities. The rate
of discount is still at 2%. Below we show a comparison of the different items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
March 22
1933.
March 23
1932.
March 25
1931.
March 26
1930.
March 27
1929,
£
E
Z
£
E
a 364.330,000 358.835.523 348.807.950 352,303,815 361,786,016
Circulation
29.026.000 10.439.004 9.500.016 18,786,773 19,704,899
Public deposits
119.102.381 106.418.111 91.414.896 90.791,013 94,595.042
Other deposits
Bankers accounts_ 84.944.825 73,448.534 57.703,654 54,874,277 58,240,243
34,217,556 32,969,577 33.711,242 35.916,736 36,354,799
Other accounts_
55,718,258 37.615,906 27.694.684 44,766,909 50,586.855
Government secure
29,665.025 59,916.525 35,783,922 10,411,418 30.069.062
Other securitle3
13.003.543
It Dbmt.& advances- 11.786,694 11,272,884 11,362,456 6.110.557 17.065,519
17.1179,241 48,643.641 24,421.466 13,300,861
Securities
Reserve notes & coin 61.044,000 37.574.390 55,710,551 113,692,754 51,947.535
170,374.908 121,409,913 144,518.501 155,996,569 153,733,551
Coln and bullion
Proportion of reserve
58.12%
45.44%
55.20%
32.15%
54.68%
liabilities
to
A t4 W.
244 W.
2't.
21..“7..
967_
/V
England
a On Nov. 29 1928 the fiduciary currency Was amalgamated with Bank of
England
note lames adding at that time /234,199,000 to the amount of Dank of
notes outatanding-
HE Bank of France in its statement for the week
ended March 17 records a decrease in gold
holdings of 35,423,752 francs. The Bank's gold now
stands at 80,787,797,507 francs, in comparison with
76,508,641,637 francs last year and 56,102,881,810
francs the previous year. A decline is shown in credit
balances abroad of 57,000,000 francs while bills
bought abroad gained 54,000,000 francs. Notes in
circulation reveal a reduction of 681,000,000 francs,
bringing the total of notes outstanding down to
84,818,041,890 francs. Total circulation last year
81,929,466,175 francs and the year before it was
T
March 25 1933
77,370,176,720 francs. French cotnmercial bills discounted and creditor current accounts register increases of 100,000,000 francs and 535,000,000 francs,
while advances against securities decreased 48,000,000
francs. The proportion of gold on hand to sight
liabilities is up this week to 78.85%, as compared
with 69.81% the same time a year ago. Below we
furnish a comparison of the various items for three
years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
Mar. 17 1933. Mar. 18 1932. Mar. 20 1931.
Francs.
Francs.
Francs.
Francs.
Dec. 35.423.752 80.787,797.507 76.508,641.637 56.102,881.810
Gold holdings
Credit bals. abroad. Dec. 57.000.000 2,451,340.877 3.923,096.705 6,911.880,385
°French commercla
Inc.100,000.000 3.758.851.010 4.329,620,486 6.083,163,914
hills discounted
bought abroad Inc. 54.000.000 1,922.451,781 8.804.857.344 19,364.212.058
Adv. against secure. Dec 48.000.0002.liii.1148,145 2.771,4319....2 2,RR1.579.520
Dec681.000.000 84.618.041,890 81,929.466,175 77.370,176.720
Note circulation_
Credit current accts. Inc.535,000.000 20,307.093,586 27.659,565,590 23.741,091.191
Proportion of gold
on hand to sight
78.85%
55.49%
69.81%
2.07%
inc.
DeWitt
a Includes bills purchased in France.
b Includes bills discounted abroad.
ATES for accommodation in the New York
R
money market continued this week to reflect
the relaxation from the effects of the bank crisis
which began immediately after the banks reopened.
The various departments of the market were brought
into approximately normal relations to each other,
taking due account of the official open market policy.
The declining tendency of rates was fairly precipitate
Monday, when yield rates on bankers' acceptances
were cut %% all round by dealers. The buying
rate of the New York Federal Reserve Bank was
lowered the same day from 3 to 2%, for bills due in
1 to 90 days, no quotation being available on later
maturities. Commercial paper rates also receded.
Call money on the New York Stock Exchange re2% Monday but new loans were lowered
1
newed at 3/
to 3%. All subsequent official transactions in call
loans were at 3% this week. In the unofficial street
market call loans were quoted at all times at a concession of M% from the official level. An issue of
$100,000,000 in 91-day Treasury bills was awarded
Monday at an average discount of 1.83%, as compared to the 4.26% rate on the last previous issue,
awat ded during the banking crisis.
After omitting its brokers loan tabulation for two
weeks, figures again were supplied Thursday by the
Federal Reserve Bank of New York. They revealed
an increase of $20,000,000 for the period of three
weeks ended March 22, just half the increase occurring in the final week. The statement of gold imports, exports and earmarkings for the week to
Wednesday night showed an increase of $5,985,000
in the gold stocks of the country.
EALING in detail with call loan rates on the
D
Stock Exchange from day to day, on Monday
had been made at 33/2% the rate for
renewals
after
new loans was marked down to 3%, which was the
ruling quotation for the rest of the week for both new
loans and renewals. The time money market has
been at an absolute standstill the present week as no
transactions have been reported in this section of the
money market. Rates are quoted nominally at
23/2% for 30 to 90 days and at 3% for four to six
months. The market for commercial paper has
shown only a limited amount of activity this week.
The demand has been weak and paper extremely
scarce. Rates are quoted at 3% for all classes of
paper.
4=1=MIIIMMIN
Volume 136
Financial Chronicle
1949
and 3.473/2 a week ago. The dollar was in sharp
demand on Monday when foreign currencies were
freely offered in New York, but found no takers, and
trading was practically at a standstill so far as American traders were concerned. Perhaps one reason for
the sharp upturn of the dollar with respect to the
pound and the chief Continental currencies was the
withdrawal by the Bank of Italy of $8,507,500 gold
on Saturday last from its earmarked stock with the
Federal Reserve Bank of New York. This gave proof
positive to all the world that the embargo placed on
gold by President Roosevelt's action of Mar. 4 did
not apply to foreign central bank gold already earmarked here, a total believed to be not far from
$400,000,000. This gold was earmarked of course
prior to the banking holiday and had already been
sold and consequently was no longer counted as part
of the gold stock of this country. Under present
it is necessary to obtain a permit for the
regulations
SPOT DELIVERY.
—180 Days— —150 Dot--- —120 Doss-earmarked gold out of the country, but
of
shipment
Bid. Asked.
sted.
Bid.
Bid. &skeet.
gold is no longer American property
234
such
as
236
inasmuch
294
294
234
296
Prime eligible bills
,—
—90 Days— —60 Dave— —30 Doll
is understood to be merely
permission
necessary
the
Bid. Asked.
Bid. Asked.
Bid. Asked.
2
294
2
a formality.
234
2
24
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
The trade balance is greatly in favor of the United
254% bid
Eligible member backs
States and at the present time and for many months
234% bld
Eligible non-member banks
past foreign balances in New York have been drawn
HERE have been no changes this week in the down to impracticably low levels. On anything like
rediscount rates of the Federal Reserve banks. a normal return of international trading there is
The following is the schedule of rates now in effect hardly a country but will have to build up its balances
for the various classes of paper at the different on this side to a very great extent in order to accomplish the normal functioning of its international
Reserve banks:
business requirements. The action of the foreign
CLASSES
ALL
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON
AND MATURITIES OF ELIGIBLE PAPER.
exchange market on Tuesday would almost indicate
Rate in
that a movement of funds in this direction has almost
Previous
Date
Riled on
Federal Reserve Bank.
Rate.
Established.
March 24
begun, or is ready to begin, as soon as the foreign
214
Oct. 17 1931
334
Boston
regulations here are sufficiently relaxed to
exchange
234
Mar. 3 1933
334
New York
a
Oct. 22 19:11
314
Philadelphia
the
normal functioning of exchange. In Tuespermit
3
Oct. 24 1931
334
Cleveland
4
1932
25
Jan.
394
Richmond
day's trading sterling cable transfers were quoted
3
Nov. 14 1931
314
Atlanta
214
Mar. 4 1933
7 cents from Mar. 15. French francs
334
Chicaco
3.413/2, off 5%
24
Oct. 22 1931
314
8s. Louts
4
Sept. 12 1930
314
Minneapolhi
8, compared with 3.96 on Mar. 15.
dropped to 3.923/
3
Oct. 23 1931
394
Kansas City
4
Jan. 28 1932
334
Dallas
The par of the Swiss franc is 19.30. The unit dropped
214
Oct. 21 1931
34
San Francisco
on Tuesday to 19.27 from an average of 19.50 a week
13.90,
TERLING exchange receded from the high points earlier. Antwerp belgas, the par of which is
14.06
with
compared
13.95,
to
touched last week and fluctuations have been dropped on Mar. 21
is
of
which
par
the
guilders,
much narrower. Nevertheless the undertone of a week earlier. Holland
a
40.55
from
40.25,
to
21
Mar.
on
sterling must be considered firm, although the flow 40.20, dropped
above
much
week
this
ruled
not
has
and
of funds to London has eased somewhat since Friday week earlier
of last week. This was due largely to the fact that dollar parity.
While trading has been most inactive, the sharp
the London market is already glutted with foreign
in the dollar gives strong indication of the
upswing
funds and seems to offer progressively less opporof
European confidence in the American situreturn
was
tunity for their profitable employment. There
swing of European interests from sterling
The
ation.
in
week
this
exchange
so little interest in sterling
must not be regarded as in the least a
the
dollar
to
the
that
Exchange
market
other
foreign
Paris or any
Equalization Account seems not to have been em- sign of lack of confidence in sterling. Foreign funds
ployed as the sterling rate was on a downward course, are abundant in London and bill dealers there find it
a circumstance regarded as highly convenient to the impossible to hold up the rates. Call money against
London authorities. In New York except on a few bills in Lombard Street is offered at M% down to
occasions the market was listless and at the most 34c7o,two-months' bills at %% to 32%,three-months'
four-months' bills at IA% to 9-16%,
highly nominal. The entire interest of foreign ex- bills at
31%. Banking interest
change circles everywhere is centered on the dollar, and six-months' at M% to 4
on the steady acquisicentered
which moved up sharply and was in active demand everywhere is largely
The accumuEngland.
of
Bank
by
the
in nearly all European centers, so that practically all tion of gold
England
that
rumors
to
rise
has
given
with
of
lation
gold
foreign exchange quotations have fallen sharply
It is
standard.
gold
the
to
to
return
is
they
where
preparing
respect to the dollar and are now about
position
of
the
strong
the
of
because
thought
that
was
declared.
holiday
bank
were before the Michigan
to
cancel
possible
the
be
may
it
England
of
Bank
between
has
been
week
this
The range for sterling
in
the
fiduincrease
0
£15,000,00
the
for
bills,
compared
sight
permission
bankers'
for
3.4134 and 3.4634
with a range of from 3.385A to 3.4734 last week. ciary issue for which authority expires on Mar. 31.
The range for cable transfers has been between 3.463/i The fiduciary issue was enlarged from 060,000,000
the
and 3.413, compared with a range of between 3.39 to £275,000,000 in Aug. 1931 in order to ease
HE demand for prime bankers' acceptances has
been light this week and the offerings have been
extremely limited. Rates were dropped on Monday
% of 1% for all maturities in both the bid and asked
columns. The quotations of the American Acceptance
Council for bills up to and including three-months'
bills are 23/8% bid and 2% asked; for four months,
2ji% bid and 234% asked; for five and six months,
2%% bid and 2% asked. The bill buying rate of
the New York Reserve Bank was lowered on Monday
from 3% to 2% for bills running from 1 to 90 days.
No rates were quoted for bills of longer maturities.
The Federal Reserve banks' holdings of acceptances
have dropped during the week from $403,316,000 to
$352,309,000. Their holdings of acceptances for
foreign correspondents, however, increased during the
week, from $27,478,000 to $42,505,000. Open
market rates for acceptances are as follows:
T
T
S
A
1950
Financial Chronicle
strain on the reserve position of the Bank of England
incidental to the gold drain at that time. On Monday
the Bank of England bought £10,932 in gold bars;
on Tuesday £150,528, and yesterday £950,000. This
gold was acquired from the Exchange Equalization
Fund. All the gold coming into the open market was
taken for shipment abroad. The Bank of England
statement for the week ended March 22 shows an
increase in gold holdings of £3,239,917, the total
standing at £170,374,908; which compares with
£121,409,913 on March 23 1932 and with the minimum of £150,000,000 recommended by the Cunliffe
committee.' The record gold holdings of *the
Bank of England were £176,500,000 on Sept. 12
1928.. The reserves of the banking department
are now at £81,044,000, compared with £37,574,000
a year ago. The reserves are now at the record high
in the Bank's history.
At the Port of New York the gold movement for
the week ended March 22, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$783,000, of which $647,000 came from India,
$127,000 from Peru, and $9,000 chiefly from other
Latin-American countries. Exports totaled $8,507,000 to Italy. The Reserve Bank reported a decrease of $13,086,000 in gold earmarked for foreign
account. In tabular form the gold movement at the
Port of New York for the week ended March 22, as
reported by the Federal Reserve Bank of New York,
was as follows:
March 25 1933
sterling was firmer again; the range was 3.43%@3.44
for bankers' sight and 3.433@3.443 for cable
transfers. Closing quotations on Friday were 3.43%
3 for cable transfers. Comfor demand and 3.43%
mercial sight bills finished at 3.43; 60-day bills at
3.423
%;90-day bills at 3.42;documents for payment
(60 days) at 3.423, and seven-day grain bills at
3.43. Cotton and grain for payment closed at 3.43.
XCHANGE on the Continental countries is much
E
easier than last week. All units have receded
noticeabl
y from the high points reached around
Mar. 3. Italian lire seem to be the firmest of the
Continentals with respect to the dollar. On Saturday
last the Bank of Italy withdrew $8,507,500 gold from
its earmarked stock in New York. As noted above
in the story on sterling exchange, this withdrawal
had much to do with giving firmness to dollar
exchange as measured by the European currencies,
as it was clearly an evidence that foreign central
banks would experience no difficulty in withdrawing
their earmarked gold from this side were they inclined
to do so. This factor is of importance to all foreign
bankers. The gold withdrawn by the Bank of Italy
was acquired some time ago through conversion of
its foreign balances into gold. Italy is on the gold
exchange standard and her reserves are held in the
form of both actual gold and gold exchange. Ever
since Great Britain abandoned the gold standard in
1931 there has been a growing tendency on the part
GOLD MOVEMENT AT NEW YORK,MARCH 16-MARCH 22,INCL. of central banks to build up their reserves in actual
gold rather than in gold exchange. The Bank of
Imports.
Exports.
$647,000 from India
$8,507,000 to Italy
Italy has been gradually converting its foreign
127,000 from Peru
9,000 chiefly from Latinexchange holdings into gold. From Feb. 10 to
American countries
March 10 the foreign balances of the Bank dropped
$783,000 total
$8,507,000 total
390,000,000 lire to 913,000,000 lire. During the
Net Change in Cold Earmarked for Foreign Account.
same period the gold reserves increased 360,000,000
Decrease: $13,086,000
lire to 6,225,000,000 lire. The present gold holdings
The above figures are for the week ended Wednes- of the Bank of Italy are
the highest in its history and
day evening. On Thursday there were no imports or compare with 5,626,000
,000 lire on March 10 1932.
exports or change in gold held earmarked for foreign During the same period
circulation has dropped from
account. Yesterday there were no imports but 13,836,000,000 lire to
12,913,000,000 lire. The ratio
$601,900 of gold was exported to Portugal. Gold of gold to notes in
circulation during the year has
held earmarked for foreign account decreased increased from 40.66%
to 48.20%.
$700,400. For the week ended Wednesday evening,
French francs have been ruling during the week just
approximately $623,000 of gold was received at San slightly above dollar parity.
Par of the franc is 3.92.
Francisco from China. On Thursday $117,000 of On Saturday last the franc was
quoted 3.9432, but in
gold was received at the same port from China and Tuesday's trading dropped to
3.921A and rulled thereon Friday $217,000 more arrived at San Francisco after at not higher than
3.939. These figures comfrom China.
pare with 3.963 on Friday, March 3, and with
Canadian exchange continues at a severe discount. 3.943j on Friday of last week.
Foreign exchange
On Saturday last, Canadian dollars were at a dis- circles are inclined to believe that
thg dollar will gain
count of 16%, on Monday at 16%%, on Tuesday at steadily with respect to the franc
in the immediate
16/%, on Wednesday at 16 15-16%, on Thursday weeks. The Franco
-American trade balance is
at 16%%, and on Friday at 163
4%.
greatly in favor of the United States and in addition
Referring to day-to-day rates, sterling exchange on it is thought that French banking
interests will be
Saturday last was easy in a lifeless market. Bankers' compelled shortly to build up
their balances here
sight was 3.45%@3.463; cable transfers 3.45%@ which are at present unduly
low. The Bank of
3.463/2. On Monday sterling was under pressure; the France continues to lose gold,
chiefly to Great
New York market was dull. The range was 3.43%@ Britain. The bank's statement for
the week ended
3.45 for bankers' sight and 3.43%@3.453 for cable March 17 shows total gold holdings of
80,787,797,507
transfers. On Tuesday the market was more active francs, a decrease for the week of
35,423,752 francs.
but sterling eased off. Bankers' sight was 3.413.(@, Present holdings compare with
76,508,641,637 francs
/'; cable transfers 3.413/2@3.423
3.425
%. On Wed- a year ago.
nesday the market was steadier and the undertone
German marks are nominally quoted and exchange
of sterling improved. The range was 3.42@3.433
transactions are practically at a standstill, due largely
for bankers' sight and 3.4214@3.43% for cable to the unsettled political and
economic condition of
transfers. On Thursday the market was quiet and Germany and, to the
fact that for the present at least,
sterling relatively steady,. Bankers' sight was 3.423' markets can have
no certainty as to just what policies
@3.4338; cable transfers 3.423'@3.433. On Friday, the new Reichsbank
president, Dr. Hjalmar Schacht,
Volume 136
fr
Financial Chronicle
may adopt. The nominal quotations for the mark
ranged this week from 23.79 to 23.93%. It is thought
fairly certain that no currency experiments are to be
made by the German government and the foreign
exchange market has confidence in Dr. Schacht. It
is believed that he will resist any pressure that might
be brought to lower the value of the mark or to engage
in currency inflation. Nevertheless the Reichsbank
reserves have been endangered for some time by the
unsatisfactory foreign trade returns. Hitler has declared on many occasions that Germany must meet
her private foreign obligations, but there is a growing
doubt as to the ability of the country to do so in full.
The reserves of the Reichsbank have been declining
steadily. It is thought that the new government
may press for some new arrangement on the service
of foreign obligations in order to relieve the strain on
the Reichsbank. There is some talk in foreign
financial circles what the attempt will be made to
reduce the measure of independence now enjoyed by
the Reichsbank with respect to the Reich. At
present the entire German financial situation is
lacking in clarity.
•
The London check rate on Paris closed on Friday
at 87.25 against 87.83 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 3.93%, against 3.94 on Friday of last
week; cable transfers at 3.933
4, against 3.9431,
and commercial sight bills at 3.9332, against 3.94.
Antwerp belgas finished at 13.963/ for bankers' sight
bills and at 13.97 for cable transfers, against 14.02
2. Final quotations for Berlin marks were
and 14.023/
23.933/ for bankers' sight bills and 23.94 for cable
transfers, in comparison with 23.903/ and 23.91.
Italian lire closed at 5.133
4 for bankers' sight bills
and at 5.14 for cable transfers, against 5.153
4 and
5.16. Austrian schillings closed at 14.11, against
14.11; exchange on Czechoslovakia at 2.983i,
against 3.003/2; on Bucharest at 0.613I, against
0.603/2; on Poland at 11.243/
2, against 11.243/
2, and
on Finland at 1.533/2, against 1.553/
2. Greek exchange closed at 0.563/ for bankers' sight bills and
at 0.56% for cable transfers, against 0.573/i amd
0.57Y4,.
1951
Bankers' sight on Amsterdam finished on Friday
at 40.32, against 40.41 on Friday of last week; cable
transfers at 40.33, against 40.42, and commercial
sight bills at 40.27, against 40.42. Swiss francs
closed at 19.323/i for checks-and at 19.33 for cable
transfers, against 19.403/2 and 19.41. Copenhagen
checks finished at 15.343/ and cable transfers at
15.35, against 15.443/ and 15.45. Checks on Sweden
closed at 18.213/ and cable transfers at 18.22, against
18.343
4 and 18.35; while checks on Norway finished
at 17.613/ and cable transfers at 17.62, against
17.743/ and 17.75. Spanish pesetas closed at 8.46 for
bankers' sight bills and at 8.463/ for cable transfers,
against 8.49 and 8.493/2.
XCHANGE on the South American countries
presents no new features of importance. All
these units are nominally quoted. There is no free
exchange market in any of the South American
countries as all are governed by exchange control
boards. Buenos Aires dispatches on Monday stated
that the unexpected strength in the dollar featured
the previous week's market activity there, shifting
news interest from the grain market to exchange
transactions. The Government's urgent requirements for dollars on Monday, March 13, to meet
debt payments in New York and the necessity for
buying dollars in Paris because of the scarcity of
Buenos Aires offerings was largely responsible for the
rise in the dollar rate in Buenos Aires.
Argentine paper pesos closed on Friday nominally
at 253
4 for bankers' sight bills, against 253
4 on
Friday of last week; cable transfers at 25.80, against
25.80. Brazilian milreis are nominally quoted 7.45
for bankers' sight bills and 7.50 for cable transfers,
against 7.45 and 7.50 Chilean exchange is nominally
quoted 63', against 63/8. Peru is nominal at 17.00,
against 17.00.
E
XCHANGE on the Far Eastern countries presents
no new features of importance. The Indian
rupee is ruling lower this week because of the lower
quotation for sterling exchange, to which the rupee
is attached at the rate of is. 6d. per rupee. The
Chinese units are fairly steady, but fractionally lower
as they are governed largely by silver prices. On
Monday and Tuesday silver in New York were
quoted at 273
/
8c. per fine ounce, but moved down on
Wednesday to 273lc. Japanese yen are steady but
ruling not far from low figures. The Government endeavors to hold the yen as close as possible to 20.00.
Tokio press dispatches on Saturday last stated that
gold purchases with the American dollar as a basis
were resumed on that day by the Bank of Japan. A
drastic foreign exchange bill empowering the government to declare an embargo on remittances of money
to foreign countries in emergencies was passed by the
House of Peers.
Closing quotations for yen checks yesterday were
21 7-16 against 22.00 on Friday of last week. Hong
Kong closed at 22%@23 1-16, against 23%@23 13-16;
Shanghai at 293/2@293/8, against 3038; Manila at
49 8, against 49.75; Singapore at 397
4,against 40.15;
Bombay at 257
s; and Calcutta at 257
4,against 263/
4,
against 263'.
E
XCHANGE on the countries neutral during the
war follows the course of sterling and the leading
Continentals in displaying weakness with respect to
the dollar. The Scandinavian currencies are easier
as they follow the fluctuations of the pound, with
which they are allied. In Tuesday's trading Swiss
francs dipped to new lows in terms of the dollar,
continuing the movement which developed in the
latter part of last week. Hitherto the Swiss franc
has been the strongest of the European gold currencies. The present trend reflects nothing other than
the return of confidence in the dollar on the part of
European bankers. On March 3 Swiss cable transfers
went as high as 19.70. During the greater part of
this week the unit was quoted just under par of 19.30.
Holland guilders are also easier for the same reasons
which have dominated all the European currencies.
In addition, however, it is believed that there is a
small movement of Dutch funds to the New York
market which will become more conspicuous when the
market here becomes fully normal. There is a superabundance of funds in Amsterdam which cannot be
URSTJANT to the requirements of Section 522
profitably employed in Antwerp, Paris, or London,
of the Tariff Act of 1922, the Federal Reserve
and these funds are bound to seek the New York Bank is now certifying daily to the Secretary of the
security markets.
Treasury the buying rate for cable transfers in the
E
P
1052
Financial Chronicle
•.
different countries of the world. We give below a
record for the week just passed:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
MARCH 18 1933 TO MARCH 24 1933. INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Country and Monetary
Unit.
Mar. 18. Mar.20. Afar. 21. Mar.22. Mar.23. I Mar.24.
EUROPEAustria,sch Ming
.139940
Belgium. belga
.140019
Bulgaria, ley
007200
Csechovloyakta, krone .029812
Denmark, krone
.154300
England. pound
sterling
3.461083
Finland. markka
.015175
France. franc
039439
Germany, relchsmark .238817
Greece, drachma
.005698
Holland. guilder
.404214
Hungary. pengo
174500
051.589
Italy. lira
Norway. krone
177261
Poland. zloty
.111810
Portugal. escudo
.031480
Rumania.leu
.005970
Spain, peseta_
.084857
Sweden, krona
183207
Switzerland, franc... .194082
Yugoslavia. dinar_,,.. .013733
ASIAChinaChefoo Mel
.305833
Hankow tael
.302083
Shanghai tadl
291562
Tientsin tee'
.311250
Hong Kong dollar
.230312
Mexican dollar_ .... .208750
Tientsin or Felyang
dollar
.208750
Yuan dollar
.208333
India, rupee
.259650
.216250
Japan, yen
Singapore (8.8.) dollar .399375
NORTH AMER.Canada. dollar
.840312
1 000195
Cuba. peso
Mexico. peso (sliver). .281212
Newfoundland. dollar .838250
SOUTH AMER.Argentina. peso (gold) .582348
Brazil. mllrels
.076300
Chile. peso
.060250
Uruguay. peso
.473333
Colombia. peso
.862100
OTHER-.
2 746666
Australia. pound
New Zealand, pound. 2.754166
South Africa. pound__ 3.426875
$
.139940
.140019
.007200
.029788
.153446
3
.140120
.139408
.007200
.029777
.152846
S
.140120
.139342
.007200
.020758
.152841
$
.140120
.139219
.007200
.029761
.152753
$
.140220
.139426
.007200
.029763
.153230
3.440916 3.425000 3.427833 3.423625 3.432083
.015208 .015233 .013150 .015158 .015175
.030370 .039233 .039285 .039284 .039347
.233675 .237764 .238336 .238435 .239003 I
.005676 .005697 .005672 .005675 .005655 j
.404046 .402767 .402675 .402775 .403150 i
.174230 .174250 .174250 .174250 .174466 I
.051573 .051535 .051473 .051421 .051362
.176253 .175515 .175323 .175333 .175950
.111710 .111810 .111810 .111810 .111810
.031440 .031400 .031340 .031380 .031400
.005979 .005962 .005954 .005987 .005983
.084775 .084600 .084517 .084525 .084578
.182246 .181438 .181523 .181419 .181807
.19352g .192839 .192914 .192853 .193089
.013787 .013812 .013800 .013650 .013600
.298750
.295000
.287500
.304583
.225625
.205312
.300000
.297083
.289687
.306250
.225625
.206875
.300000
.297083
.289375
.306458
.224375
.206562
.304375
.301458
.293906
.311041
.227812
.208750
.301250
.298333
.290625 l
.307500
.226562 .206875
.205416
.205000
.257725
.212500
.397500
.205833
.206250
.257150
.213500
.395000
.205833
.206250
.257950
.213500
.395625
.207916
.208333
.257725
.213125
.395000
.206250 i
.206666 i
.257750 1
.213625
.396250
.839583 .833177 .831770 .830833 .832804
1.000195 1.000195 1.000105 1.000195 1.000195
.282791 .284683 .285008 .282958 .281650
.837500 .830625 .829250 .828500 .830250
.582182
.076350
.060250
.473333
.862100
.582182
.076350
.060250
.473333
.862100
.582182
.076350
.060250
.473333
.862100
.582049
.076350
.060250
.473333
.862100
.582049
.076300
.060250
.473333
.862100
2.732916 2.721666 2.724166 2.720833 2.727500
2.740416 2.729166 2.731666 2.728333 2.735000
3,411250 3.391250 3.393125 3.389843 3.403125
HE following table indicates the amount of gold
bullion in the principal European banks as of
Mar.21933, together with comparisons as of the
corresponding dates in the previous four years:
T
170,374,908
646,302.380
34,426.500
90,360,000
64,236,000
70,063.000
75,786.000
88,803,000
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.
00000
.5
.12.cov.too 4.4.
cotocacno:4-405 woo.
England__
France a- __
Germanyb_
Spain
Italy
Netherlands
Nat.Belg'ro
Switzerland
Sweden_
Denmark
Norway _
1933.
00lisa,
..00.000000n.:0.2.-•
24%74P.
-400.00're'00.F.
Banks of-
1930.
£
155.996,569
340,414,785
117.100.050
98,708,000
56.130,000
36,413,000
33,730.000
22,439,000
13,545,000
9,574.000
8,145,000
1929.
g
£
153,733,551
272,970,847
128.066.000
102,381,000
54,711,000
30,627,000
25,932,000
19.253.000
13,071,000
9,593,000
8,158,000
Total week 1,276.970,788 1.174,487,546 986,034,805 892,197,404 818,496,398
Prey. week 1,278,705,261 1,158,174.000 983.897.712 890 135.661 816 667.143
a These 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 £2,313,950.
Can Europe Keep the Peace?-Italy and
Germany in New Roles.
The overshadowing events in Europe during the
past week have been the announcement of an agreement of some kind between Prime Minister Ramsay
MacDonald and Premier Mussolini regarding a
peace plan which Premier Mussolini is reported to
have been mainly responsible for outlining, and the
inauguration of the Hitler Government in Germany.
The two events, while formally separate, are in fact
closely related, for a European peace without a
satisfied Germany is now generally conceded to be
out of the question, while at the same time the
character and aims of the new German Government
are in several quarters viewed with open suspicion.
Until the text of the MacDonald-Mussolini agreement, if there is a formal official text, is made
public, the nature of the understanding which is
said to have been arrived at must be gathered from
a few brief official communiques, an interview with
Mr. MacDonald at Rome which did not go far
March 25 1933
beyond generalities, Mr. MacDonald's comments in
the House of Commons on Thursday, and such information as newspaper correspondents have been
able to obtain from official or semi-official sources.
The most detailed forecast, stated to have been obtained at Paris "from a most reliable authority,"
is the one that was given by the Paris correspondent
of the New York "Herald Tribune" on Monday. According to this correspondent, the convention which
Mr. MacDonald and Signor Mussolini approved contemplates a treaty between Italy, France, Germany
and Great Britain under which those Powers "would
pledge the maintenance of peace in Europe for the
next ten years," the basis of agreement at this point
being the Kellogg-Briand anti-war pact. The four
Powers would also "devote themselves jointly to
European co-operation and international solidarity,"
and would welcome the adhesion of other European
nations. The four signatories further affirm, it is
stated, "that, in conformity with the provisions of
the League of Nations Covenant, revision of the
peace treaties can be envisaged under certain conditions," and declare "their common recognition of
the principle of equality of rights for Germany" and
agree upon "putting such equality into effect."
Germany, in turn, is to "reform her military forces
by decrees in a manner designed to transform the
Reichswehr (army) from a long-term standing army
into a short-term conscript army." Equality of
rights is to be extended also to Austria, Hungary
and Bulgaria. Finally, the four Powers agree to
"a common line of conduct on all European questions, including their colonial policies outside
Europe." The agreement requires parliamentary
ratification by each of the signatory Powers.
The far-reaching scope of the principles and policies which inhere in this agreement can be best considered in connection with the criticisms to which
its announcement has given rise. The justification
for Anglo-Italian initiative at the present juncture
is to be found in the fact that Great Britain and
Italy, by the Locarno treaties, are made the guarantors of the non-aggression agreement which Germany made in regard to Belgium and France. The
co-operation of the two Powers, however, throws
Italy to the front as the Continental leader in the
new policy, and thereby challenges the hegemony
which France has claimed and exercised in European
affairs ever since the World War. Unless, accordingly, France joins heartily in the arrangement, the
proposal of the agreement, instead of contributing
to the maintenance of European peace, will only
sharpen the political antagonism between France
and Italy which is already a disturbing factor of
much importance in Central and Eastern Europe
and the Mediterranean.
It is not surprising, therefore, to learn that
France, instead of accepting the agreement "in
principle," as was at first announced, has as yet
gone no farther than to indicate to Mr. MacDonald
its willingness to study the proposal. Neither Mr.
MacDonald nor Premier Mussolini could have had
much doubt as to what the French objections would
be. The four-Power agreement, if concluded, would
doubtless end the fear of an alliance between Fascist
Italy and Fascist Germany, with or without the
addition of Austria and Hungary, and thereby
remove the peril of an alliance whose territory
stretched like a broad band across Central Europe
from the Baltic to the Mediterranean. But it would
Volume 136
Financial Chronicle
also put an end to the importance of the Little
Entente, whose existence has no other special reason
than that of aiding France to keep Germany in subjection, preventing a union of Germany and Austria,
and continuing the territorial and political arrangements which were made by the peace treaties at
the expense of Germany and Austria-Hungary, and
it would bring nearer the time when the anomalous
and irritating Polish Corridor would disappear from
the map. The political influence which France,
through alliances and loans, has systematically
built up in Central and Eastern Europe would be
seriously impaired if not entirely neutralized, but
without necessarily diminishing the influence which
Italy, without either alliances or loans, has also
been systematically cultivating.
Most important of all, however, would be the commitment of the Powers to a revision of the peace
treaties. To whatever extent such revision might
go, it conjures to the French mind an armed Germany, Austria, Hungary and Bulgaria, a working
if not a legal union of Germany and Austria, the
destruction of the military power of the Little Entente, the restoration of territorial union between
East Prussia and the rest of the Reich, now prevented by the Polish Corridor, and the return to a
political situation similar in some respects to what
was found when the Austro-Hungarian Empire
existed. The reference, in the forecasts of the terms
of the agreement, to common policies in colonial matters envisages, to the French mind, the restoration
of some or all of the German colonies, although Mr.
MacDonald, in his speech in the House of Commons
on Thursday, declared emphatically that a transfer
of any of the former German colonies now in the
hands of Great Britain was not mentioned in his
conference with Mussolini.
Whether, assuming that the main provisions of
the agreement have been correctly reported, the
changes which it contemplates can be accomplished
through the agency of the League of Nations is a
question which a number of the Powers, at least, are
likely to regard as important. French opinion, it
is reported, is insistent that whatever is done shall
be done "within the provisions" of the Covenant,
and the unexpected refusal of the Disarmament Conference on Thursday to postpone until after Easter
consideration of the latest British disarmament proposal has been hailed as an intimation that MacDonald and Mussolini, if they wish to inaugurate
a new peace regime, must do so through the machinery of the League. Mr. MacDonald, on the other
hand, in his Thursday speech, took the position
that what had been proposed was in harmony with
the Covenant, and cited Article XIX as specifically
providing for treaty revision. When the two Powers
invoke the League, however, it is for different
reasons. With Great Britain, anxious to keep itself as clear as possible of Continental entanglements, the League is hardly more than a useful
avenue of approach to a problem which in itself is
likely to arouse strong opposition, while to France
the League is an instrument through which France,
with the aid of its allies, can maintain its dominating position in Europe.
If the Anglo-Italian plan, assuming that France
and Germany accept it, is to be in fact limited to an
agreement for common action among the four
Powers,it is hard to see in it much more than a form
of alliance through which, in the name of peace, the
1.953
other States of Europe are to be coerced into good
conduct. The reactions to the plan which have been
reported from the States of the Little Entente indicate that only very substantial inducements are
likely to bring approval for the plan in that quarter,
and the forecasts of the plan do not indicate what
concessions, if any, may be offered. On the other
hand, if the four Powers are able to win other
Powers to their side, what is known of the plan
suggests the possibility of considerable usefulness.
It aims, apparently, to substitute co-operation for
hostility and suspicion, and common policy for extreme nationalistic courses. It proposes to lift the
stigma of inequality from the four States which
were defeated in the World War. The difficulties
in accomplishing either of these things are enormous,
but one may at least see in the recognition of their
necessity, and in the proposal of joint action regarding them, the possibility of hope for a better day.
The outlook at the moment for German co-operation may well seem clouded to even the most impartial observer. The spectacular opening of the
Reichstag on Tuesday, followed on Thursday by a
vote in which, by 441 to 94 with no abstentions,
dictatorial powers for four years were accorded to
the Hitler Government, marks for all practical purposes the end of the constitutional regime. A new
Germany has emerged from a revolution, and henceforth government is to be by fiat. The reports of
outrages are, perhaps, to be discounted, but it seems
indisputable that the new Government has made its
conquest with the aid of violence, and that for a
time, at least, dissent in whatever quarter will be
rigorously repressed. To the extent that the change
represents the revolt of a people against a distasteful past, the movement is natural, and there is
nothing to do but accept it as such and hope that
the German people may profit by the change.
Whether, on the other hand, a Fascist Germany,
inspired by an enthusiastic and flamboyant nationalism, will lend itself readily to co-operation for the
preservation of European peace, and the redress of
such injustices and inequalities as the peace treaties
still impose, is a question which only time can answer. Formally, at least, the declarations of Chancellor Hitler are pacific, but the peace which he
professes to desire is conditioned upon the recovery
of German rights, and the temper in which recovery
is undertaken may well determine whether the
future is to hold peace or war.
In one important respect the position of Germany
regarding any scheme of European co-operation is
identical with that of all the other Powers. It has
been pointed out that the Disarmament Conference
has been attempting to achieve disarmament among
nations whose psychology was obviously that of war,
and that without a change of national temper the
effort was foredoomed to failure. If France, Italy
and the Little Entente have stood out as embodiments of the idea of force, so also in Germany, since
the Hitler movement gathered headway, has the
idea of force more and more predominated. It is
this national psychology that the Anglo-Italian
agreement apparently hopes to alter by substituting
international co-operation and common policies. It
will be possible to overlook a good many things in
the violence of the Hitler revolution if the new Germany shows itself disposed to meet, in a conciliatory mood, the problems of political readjustment
which Italy and Great Britain appear willing and
1954
Financial Chronicle
March 25 1933
treaties to extend automatically to all her treaty
countries any reduced duties or other trade advantages extended to any third country. The various
Danubian plans proposed, the so-called Ouchy Convention, and, in fact, most of the regional or multiForeign Tariffs and Commercial Policies— lateral agreements so much discussed during 1932,
General Characterization of the Past Year.
particularly in various sections of Europe, he states,
In a very comprehensive study of foreign tariffs involve the establishment of tariff preferences or
and commercial policies during 1932, Henry Chal- other trade advantages that are to be limited to the
mers, of the United States Department of Com- participating countries, and which the other nations
merce, particularly emphasizes that during the are to be asked not to insist on having extended to
present period of disturbance in conditions of inter- them, on the ground that these would be special and
national trading it is important to have a clear justifiable exceptions from the most-favored-nation
understanding of the current developments and or tariff-equality principle.
trends in tariffs and other trade-control measures
EFFORTS TO EQUALIZE IMPORTS WITH EXPORTS.
of foreign countries.
With circumstances apparently not yet favorable
He points out that with the continuation and —or the practical methods not yet clear—for interdeepening of the world depression, unusual motives national co-operation to resolve the basic economic
and methods marked the tariffs and other measures problems weighing more or less upon all nations, he
of control of foreign trade taken by the various for- claims that most of the measures taken in the coneign countries during 1932. And aside from the trol of foreign trade during 1932 had the immediate
restrictions on commerce arising from exchange, national interest of each country primarily in mind.
controls, he says, the year saw trade barriers in- Since the volume of exports to other.countries could
creased by various means in over half of the 65 com- seldom be increased, he says, the object of such measmercially important countries, with a general down- ures was usually further to reduce the volume of
ward tendency in tariffs observed in only a very imports, so as to improve the country's merchandise
few areas.
trade balance, and often also to reduce the pressure
upon the local market of even the reduced volume of
DOMINANCE OF FINANCIAL AND TRADE BALANCE MOTIVES..
To a degree seldom seen have the developments in imports of foreign goods that were coming in. The
this field during 1932, he asserts, been dominated fact that so many of the countries commonly rein many countries by urgent monetary and financial garded as debtor countries, whether on private or
considerations, and by the pressure upon govern- public account, have managed to improve their trade
ments to maintain or regain something like a bal- balance during the past year or so by curtailing the
ance in their international payments, in the face of volume of imports into their territories more than
further reduction in the value and volume of goods their exports to other countries had been reduced,
that reduced purchasing power and increasing trade seems to suggest that import restrictions plus
barriers abroad allowed them to sell. It is stated lowered purchasing power are painfully helping to
that the necessity of meeting the interest or other reinforce the efforts of these debtor countries to
payments on a volume of debt, public and private, redress their balance of international payments.
the burden of which had increased by the decline in although on a lower level of trade exchanges.
CURRENT HOPES REST UPON WORLD ECONOMIC CONFERENCE.
prices, trade and general economic activity, conMr. Chalmers declares that with the factors of
tributed to governmental difficulties in balancing
price drops, trade declines, debt burdens, deprecipayments and receipts.
ated currencies, disorganized finances, and excessive
OUTSTANDING TRADE CONTROL MEASURES OF THE YEAR.
Of a specific and immediate nature, the striking trade barriers acting and reacting upon each other,
trade control measures of the past year, he declares, and with the tariff and other trade control measures
have been increases in tariffs primarily for revenue of the earlier years of the depression likewise domior import curtailment rather than for protection, nated by the considerations of nationalism, and in
the widespread European recourse to quotas and the absence of any measures promising early relief,
other methods of imports restriction, and the very the feeling appears to have grown that solution of
wide resort in Europe and elsewhere to exchange the problem of trade barriers and related economic
controls. Of a long-term character, the year's out- problems can come only through international constanding developments in this field have been: sultations and concerted action on the part of the
England's abandonment of its traditional position principal countries. While the actual measures of
and the adoption of a general tariff; the subsequent the year have been, with few exceptions, distinctly
Imperial Economic Conference at Ottawa, which restrictive of international trade, and by devices
resulted in considerable extension of the system of often apparently as difficult to administer as they
tariff and other trade preferences among the areas were to contend with, he asserts that the thought of
constituting the British Empire; and the various governments and commercial communities in many
efforts or projects for regional tariff arrangements countries at the close of the year looked hopefully
or multilateral agreements, particularly in Europe, to the prospective World Economic Conference
planned for the late spring or summer of 1933.
but also in Latin America.
ready to discuss. The call of the moment is less
for a continued insistance upon rights than for a
statesmanlike treatment of the problems which the
attainment of rights involves.
QUESTIONING OF MOST-FAVORED-NATION PRINCIPLE.
According to iMr. 'Chalmers, the factors of considerable significance for the course of commercial
policy during the period ahead are the increased
chafing under the obligation of the strict mostfavored-nation principle, and the many expressions
of desire to abandon or limit the scope of that prineiole. which now obligates a country party to such
Why Wealthy Men Should Have Established
Domiciles.
Protracted litigation which involve-, the large
estate of the late,John T, Dorrance, who was head c.
of the Campbell Soup Co., of Camden, N. J., involves
principles which ought not to go unheeded by persons who have accumulated wealth and have pro-
Volume 136
Financial Chronicle
1955
vided themselves with homes in two or more States.
Thus it occurs that the question of establishing
The controversy arises out of liability for payment a domicile will appeal
strongly to many persons if
of estate taxes, the point at issue being the place of they will give conside
ration to members of their
legal residence or domicile of Dr. Dorrance.
families who may survive them. Not only may
The successful business man died in New Jersey annoying and costly litigati
on be avoided by removon Sept. 21 1930. At the time of his death he was ing uncertainty,
but the possibility of excessive
the owner of three homes. One home, the place of taxation may be reduced
. The larger the fortune
his death, was at Cinnaminson Township, Burling- the greater is the
duty of forethought and proper
ton County, N. J., within easy distance of his place action. As State
laws vary, counsel should be conof business. A second home for summer purposes sulted in order
that all technicalities may be comwas at Bar Harbor, Me., and the third place was at plied with and
uncertainties removed beyond doubt.
Radnor, Delaware County, Pa., a suburb of PhilaThe same good judgment which enables a man to
delphia. Radnor is a social center, being populated accumul
ate a large fortune should guide him in its
chiefly by aristocratic people doing business in disposit
ion, and thus serve to protect his dependents
Philadelphia.
and beneficiaries.
Following the death, New Jersey made a- claim of
$16,768,477 inheritance taxes against the estate, and
Motor Vehicles in Public Service.
Pennsylvania quite as promptly put in a claim for
At the last meeting of the Executive Committee
the same purpose amounting to $17,000,000. The of the National Association of Railroa
d and Utilities
estate is valued at $114,000,000.
Commissioners, it was decided to give the subject
The county Orphans' Court of Pennsylvania held of motor vehicle transportation an importa
nt place
that the domicile of Dr. Dorrance was in New Jer- in the deliberations. A report on
the subject was
sey, and therefore denied the claim of the State of therefore prepared touching upon the
most vital
Pennsylvania, whereupon the Commonwealth at features of motor vehicle operations
by those enonce appealed to the Pennsylvania State Supreme gaged in the public service.
Court, which by a majority decision reversed the
This report revealed that the development of
lower court and upheld Pennsylvania's claim for motor vehicle transportation
for compensation has
$17,000,000.
been meteoric in its nature. To a great extent it
Thereupon the case was appealed to the United has been coincident with the
road building programs
States Supreme Court, and in due time the decision of the nation and the States
during the past 10 or
of the Supreme Court of Pennsylvania was ap- 15 years.
proved. This week an agreement was made between
It has been of inestimable benefit to communities
the executors of the Dorrance estate and the State inadequately served or
not served at all by the railof Pennsylvania to pay to the State the sum of roads. To the extent
that pick-up and store-door
$14,500,000, subject to some adjustments on final delivery has been adopted
, it has almost revolutionsettlement, thus bringing the long controversy one ized transportation practice
s.
step nearer conclusion.
On short hauls in particular, it has resulted in
Executors of the estate have not taken an active superior service and materia econom
l
y of time. It
interest in the legal proceedings, save in one in- has forced rate adjustm
ents by rail lines which have
stance. In addition to the claims of the States the removed discrimination
s that apparently could not
tax of the Federal Government is estimated at be otherwise reached
. It has created additional buy$4,000,000. The question of double taxation will ing demands for the product
s of the automobile facenter into final settlement, and when this point
is tories. It has furnished employment to a large numreached the executors will endeavor to protect the ber of men.
It has been said that there are 100,000
estate from paying too many claimants.
employees solely in the passenger traffic of the lines
The lesson to be drawn from the controversy, engaged in
the public service.
which prevents settlement of the estate, is that
In short, it is stated that its achievements cona
wealthy citizen having a number of homes should stitute a
large chapter in the history of commercial
establish one of them as his domicile. This he might transpo
rtation, and no right-thinking person would
easily do by voting always at the polls of the division desire or
attempt to detract from the credit and
or political precinct in which the home which he glory
of these accomplishments, provided the work
selects as his domicile is located.
can be carried forward in a constructive way and
The United States has such a wide range of lati- under
such restrictions as will insure the perpetuity
tude that the climate varies greatly in different sec- and
financial integrity of the rail lines. If that
tions, with warm winters in the South, cool summers cannot
be done, and if it is not done, then the public
in New England, and a pleasantly mild temperature is going
to choose the lesser of two evils and tax the
in the intervening States during the spring and fall motor
carriers off the highways. The report indimonths. Swayed by comfort and social considera- cates
that the shadow of this action is already distions, thousands of families who can afford to
cernible on the legislative horizon of Texas.
migrate as their pleasure and comfort may dictate
In spite of all that may be said in commendation
thus remove from one State to another and back of the
attainments in behalf of motor vehicle transagain almost yearly.
portation in the public service, it is pointed out that
Town houses and country homes also are very the time
has definitely arrived when effective regucommon, the splendid train services and the con- lation
of these activities in inter-State commerce
venience of automobiles making commuting very must
be established. The responsible passenger
popular. Similar conditions in Eastern cities en- operato
rs, particularly the bus men, have long
courage the ownership of summer cottages at sea- visioned
this necessity, and have been helpful in
shore points for occupancy during summer months, their co-operation
towards its consummation. It is
while the town houses are better adapted to provide thought that the larger
and more dependable of the
comfort during the winter months.
truck operators are also coming to a realization of
1956
Financial Chronicle
this necessity, and it is hoped that at an early date
they will join in the movement which is now apparently gaining momentum.
It is claimed that unbridled and unrestricted
operations of inter-State carriers and failure of
State authority, principally legislative, to exercise
jurisdiction and make and enforce reasonable rules
and regulations have brought upon the industry evils
which promise to engulf it.
It is implied that there is no one so much to blame
for this condition as the truck operators and automobile manufacturers, whose efforts to thwart regulation apparently have paralyzed the hands of Congress and smothered the commendable attempts of
others to remedy the situation.
As the American agriculturist has been brought
to the point of starvation by over-production of farm
crops, just so surely will the operators engaged in
motor vehicle service for compensation be brought
to the verge of bankruptcy by the continuance of a
policy which permits 10 times the number to engage
in the service which the traffic requires. This policy
has resulted in the establishment of rates in many
instances which unquestionably do not meet the
actual out-of-pocket costs. It is spilling the lifeblood °Nile industry and undermining the integrity
of every allied and kindred business, including the
railroads, insurance companies and savings banks.
In its reports for the past three years, the Association has urged the need for Federal legislation which
will adequately protect and safeguard rail and motor
vehicle transportation, and in the face of the precarious condition in which the railroads were then
and now are, a tragedy has almost resulted from the
fact that Congress has persisted in fiddling while
Rome burned, and left the carriers without relief
and almost without hope.
The Chamber of Commerce of the United States
recently discussed the question of whether or not
there is over-regulation of the railroads. It is conceded by everybody that a certain measure of regulation is essential, and since that is true, it must be
sufficient to meet all of the problems arising out
of the whole transportation subject. The final decision must, therefore, rest upon the character of
the regulation and not the extent thereof.
It has been said that motor vehicle transportation
is "too new to be placed in a straight-jacket of regulation which might hamper development." This
argument is hardly sound. While the industry is
young in years, it is a giant in stature, and it has
already reached a point where the blighting effect
of unrestricted competition is commencing to undermine its own foundation. It would do little good to
lock the door after the horse has been stolen.
One of the strongest arguments against regulation
of the motor vehicle is that it would preclude the
application of low rates. It is asserted, however,
that the great majority of ratepayers will be satisfied with reasonable rates, and that in the long run
they will realize that it is not in the public interest
to maintain a policy which will result in actual loss
to transportation operatives.
LONG AND SHORT HAULS.
The question as to what really constitutes long
and short hauls is a very difficult one to answer.
In its answer might be found the solution of the
proper limitations to be placed upon the transfer
companies operating under a "vicinity" or other
kindredly described permits. It is said that in
March 25 1933
England a haul of more than 50 miles is called a long
haul. Manifestly, that would not be true in this
country.
It is stated that investigations of various cases
have revealed that a considerable volume of traffic
is moving over excessively long distances. The Association implies that the real necessity of the shipping
public could in almost all instances be satisfied by
motor vehicle movements under 500 miles, and that
in all probability anything in excess of 1,000 miles
would constitute wasteful transportation. In other
words, it believes that beyond the limit of 500 miles
the traffic in a large measure rightfully belongs to
and should be handled by the carriers.
There is a great deal of discussion these days on
the subject of taxation in all of its many branches.
The railroads justly complain about the great sums
which they pay to the tax collector. The motor
vehicles respond by alleging that their total tax payments exceed those of the railroads by a large volume. It is loosely asserted by many speakers and
writers that neither the railroads nor the motor
vehicles are paying as much as they should in this
way. The fact seems to be lost sight of that all of
these taxes are paid by the ultimate consumer, and
that it availeth little to collect from an apparent
indirect source if we must ourselves contribute the
fund out of which the payments must be made.
It is asserted that the gasoline tax has become
such a habit that it might with propriety be called
a hobby. It has, indeed, reached alarming proportions. It now obtains in every commonwealth and
in one State has reached the astounding sum of 11c.
per gallon. When it reaches this figure it becomes
oppressive, and the burden rests in a large measure
upon the masses who are unable to bear it, because
in the aggregate it is this class which owns the
greater percentage of the motor vehicles.
The Association does not believe that the solution
of our automobile problems as .they relate to the
public service is to.be found through the medium of
taxation. On the contrary, it believes that there
must be regulation which will permit a proper
division and allocation of traffic at rates just to the
public, reasonable to the operators, and which will
bear proper differentials to insure the maintenance
and integrity of both systems of transportation.
The Course of the Bond Market.
The general trend of the bond market was downward this
week. The averages almost reached the levels at the close
on March 15, the first trading day after the bank holiday.
All classes of bonds were similarly affected. While the
banking situation is stronger with the weaker banks closed,
these closed banks must either re-organize or liquidate, and
their influence will be indirectly felt in the bond market
pending the adjustments which must be made sooner or later.
Money rates eased off a little further this week, call money
remaining at 3% and acceptances going down to 2.33%,
with other rates varying between these two. An average of
all short term rates at New York is now 2.67% compared
to the recent peak of 4.15% on March 16, and the artificially
low rate of 0.80% shortly before the crisis. Moody's price
index of 120 domestic bonds stood at 77.88 on Friday, which
compares with 79.11 a week ago.
United States government bond prices fell and then recovered some lost ground this week. Moody's average price
is within three points of its 1932-33 high, reached in February
of this year. The market appears to be under the influence
of two opposing forces at this time. The strong stand taken
by the new Adminiitration in endeavoring to balance the
budget as well as lack of liquidation at present would tend
toward causing better prices, while at the same time there
are also prospects for an increase in debt due to unemployment and mortgage relief promised by the new Administra-
tion. The average price of eight long term government
issues was at 101.03 on Friday as compared with 102.40 a
week ago. •
Following the activity and strength in railroad bonds of all
classes last week, the price trend during the first part of this
week was downward, particularly in the more speculative
group. Sharp advances occurred in Thursday's trading,
however, and most of the bonds recovered to about the closing
prices of last week. The more actively traded 'high grade
bonds showed little change from last week's closing. Second
grade bonds were irregular. Baltimore & Ohio 45s, 1960,
closed at 303
/
4 on Friday as compared with 303 a week ago.
Missouri Pacific 5s, 1980,ended the week at 265/s as compared
with 26 the week before; New York Central 5s. 2013, closed
at 475, this week and 453. a week ago. Southern Pacific
43.s, 1969, sold at 44 compared with 43; and Southern Railway GMs, 1956, at 275/i compared with 287
/g. The average
of 40 rails stood at 73.65 on Friday and was 74.57 a week ago.
Utility bonds for the most part were weak although some
recovery was registered on Thursday. New York tractions
were active and in some demand owing to anticipation of
unification. Changes of only a point or so occurred in high
grade utility bonds, but larger losses were made in the more
speculative issues. Indianapolis Power & Light 5s, 1957,
lost 8% points this week, dropping from 91 to 82%; Texan
Power & Light 5s, 1956, lost 73' points,from 84 to 76M;and
Florida Power & Light 5s, 1954, lost 63 points, from 613i
to 55. The price average of 40 utility bonds closed this week
at 78.10, comparing with 80.49 a week ago.
After the uprush of last week, industrial bonds acted
erratically in common with industrial stocks and also reflected special unfavorable developments and reports. The
Studebaker receivership saw a 10-point drop in the 6s of 1942.
Loew's, Inc. deb. Gs, 1941, were acutely weak on light
volume, losing some 14 points to a price of 525/2 on Friday,
from 66M the week before. Reasonably good resistance
was shown by steel bonds, while rubbers displayed fair
strength on hopes of commodity price improvement. To-
Ince° issues, possibly on the better cigarette consumption
figures for February, were in demand at higher prices. After
their break last week to 35 on the omission of S. S. Kresge
dividends, Kresge Foundation 6s, 1936, recovered to 49 on
4
Tuesday. Oils were lower, Texas Corp. 5s, 1944, losing 23
points to 8214 from 85 a week ago, while Shell Union 5s,
4 points lower to 67% from 73. No definite
1947, were 53
trend was evidenced in the divergent movements of the week,
which outside highest class issues were brought about by
specific individual causes. The price average for 40 industrial bonds closed the week on Friday at 82.14 compared
with 82.74 the previous week.
The foreign bond market remained relatively stationary
during the past week. Japanese and Australian issues moved
slightly upward and an advance of a few points took place in
prices for Argentine and Buenos Aires issues. Chilean,
Danish and Polish bonds declined somewhat and German
issues closed irregularly lower. Others were not changed to
any extent. One of the most pronounced declines took place
in the Leonhardt Tietz (Germany) ext. 73s, 1946, which
sold off some 75' points from 58M last week to 51 this
Friday. The average yield on 40 foreign bonds was 10.76%
this Friday compared with 10.73% a week ago.
The municipal market has been slow to resume activity
since the bank holiday. Most of the trading has been in the
more important issues. Offering prices have been reduced
throughout the list, but bids are scarce. New York City
bonds declined 3 to 55.6 points for long term issues. Banking
difficulties continue to delay payment on the bond interest
coupons of a number of important communities. The
Arkansas legislature has acted on a. plan to refund outstanding
state highway and toll bridge bonds and highway district
bonds with a 3%-25-year issue. The Governor has stated
his intention of signing this legislation, declaring that the
plan is not repudiation but is the best the State is able to do
for bondholders.
Moody's computed bond prices and bond yield averages
are shown in the tables below:
MOODY'S BOND PRICES.*
(Based on Average Yields.)
1933
Daily
Averages.
Mar.24
23
22
21
20
18
17
16
15
4-14
3
2
1
WeeklyFeb. 24
17
10
3
Jan. 27
20
13
6
High 1933
Low 1933
High 1932
Low 1932
Year AgoMar. 24 1932
li Two Years AgoMar. 25 1931
1957
Financial Chronicle
Vt).Rune 736
AU
120
Domes
tic.
Aaa.
77.88
77.88
77.66
78.10
78.88
70.34
79.11
78.77
77.22
101.64
101.64
101.81
101.97
102.14
102.47
102.30
101.97
100.81
120 Domestics by Rai nos.
Aa.
A.
Bea.
MOODY'S BOND YIELD AVERAGES.
(Based on Individual Closing Priers.)
di 120 Dontestke
by Groups
U.
Indus.
78.10
78.44
78.55
79.11
79.91
80.60
80.49
80.03
78.21
82.14
81.90
81.66
81.66
82.50
82.74
82.74
82.50
81.07
76.35
77.11
78.44
78.4.4
78.89
80.14
73.15
75.50
77.77
76 25
76.25
75.09
75.71
71.96
77.99
69.59
78.99
47.58
80.60
83.85
85.99
85.99
87.56
88.23
89.17
88.23
89.31
76.35
87.69
65.71
83.11
84.97
86.21
85.41
86.39
86.84
87.51
86.39
87.61
78.44
85.61
62.01
RR.
P.
87.83
87.69
87.69
87.96
88.63
89.04
89.17
88.77
87.69
Stock
74.67 99.04, 85.48
75.19 99.36 85.87
76.35 100.65 86.64
75.82
76.03
75.92
76.35
77.44
77.66
77.33
76.78
74.88
Excha
72.06
72.85
74.15
78.77
81.30
83.23
82.38
83.11
82.99
83.85
81.66
83.97
74.67
82.62
57.57
102.98
104.51
105.89
105.37
105 54
105.03
105.54
104.85
108.07
99.04
103.99
.85.61
89.31
90.83
92.88
92.53
92.39
91.81
92.25
90.69
92.97
85.48
89.72
71.38
76.25
79.45
81.54
80.49
81.18
81.07
81.90
79.34
81.90
72.06
78.55
54.43
57.98
60.60
62.48
61.34
62.95
63.11
64.31
61.56
64.55
54.18
67.86
37.94
74.88
96.70
84.35
73.45
55.42
70.15
80.72
92.82 106.25 101.14
91.25
77.11
92.68
96.85
57.24 73.65
57.37 73.85
56.84 73.25
57.43 73.95
58.04 74.57
58.66 74.77
58.52 74.57
58.38 74.25
56.71 72.75
nge CM sed
54.18 69.59
54.49 69.96
55.61 71.00
74.51
AU
120
1933
Domes
1)0110
Averages. tic.
Mar.24..
23._
22__
21_
20__
18-17__
18_
15__
4-14_ _
Weekly
Feb. 24__
17._
10_.
Jan. 27__
13__
Low 1933
High 1933
Low 1932
High 1932
Yr. AgoMar.24•32
2 Yrs.Ago
Mar.25'31.
120 Domestics by Ratings.
120 Domestics
by GIOUPt.
40
For-
U.
Indus.
dens.
6.38
8.79
6.80
6.78
6.35
8.77
6.84
6.34
8.85
6.29
6.77
8.76
6.71
6.22
8.67
6.69
6.16
8.58
6.71
8 60
6.17
6.21
8.62
6.74
6.89
8.87
6.37
Excha nge Cl',sad
6 54
9.27
7.22
6.47
9.22
7.18
6.3.5
9.04
7.07
6.03
6.05
6.07
6.07
6.00
5.98
5.98
6 00
6.12
10.76
10.70
10.67
10.62
10.62
10.74
10.73
10.79
10.98
6.35
6.31
6.20
11.19
11.18
11.14
6.85
6.62
6.41
6.55
6.55
6.66
6.60
6.97
6.39
7.22
6.30
10.49
6.16
5.89
5.72
5.72
5.60
5.55
5.48
6.55
5.47
6.54
5.59
7.66
5.95
5.80
5 70
5.76
5.69
5.67
5.60
5 69
5.59
6.35
5.75
8.11
11.05
10.40
10.05
10.20
9.88
9.85
9.62
9.98
9.60
11.19
9.86
15.83
7.16
6.15
6.71
12.66
4.95
5.46
Baa.
Aaa.
Aa.
A.
6.40
6.40
6.42
6.38
6.31
6.27
6.20
6.32
6.46
4.65
4.65
4.64
4.63
4.62
4.60
4.61
4 63
4.70
5.58
5.59
5.59
5.57
5.52
5.49
5.48
5.51
5.59
6.70
6.65
6.54
4.81
4.79
4.71
5.76
5.73
5.67
6.59
6.57
6.58
6.54
6.44
6.42
6.45
6.51)
6.68
Stock
6.96
6.88
6.75
8.32
6.10
5.94
6.81
5.95
5.96
5.89
6.07
5.88
6.70
5.99
8.74
4.57
4.48
4.40
4.43
4.42
4.45
4.42
4.46
4.39
4.81
4.51
5.75
5.47
5.36
5.23
5.24
5.25
5.29
5.26
5.37
5.21
5.76
5.44
7.03
6.55
6.28
6.08
6.17
6.11
6.12
6.05
6.27
6.05
6.98
6.34
9.23
8.68
8.31
8.06
8.21
8.00
7.98
7.83
8.18
7.80
9.27
7.41
12.96
6.68
4.96
5.85
6.82
9.07
RR.
P.
6.60
*Now -The* prices are computed from average yield on the basis of one "Ideal" bond
454% coupon, maturing In 31 years) and do no purport to show either
the average level or the average movement of actual price Quotations. They merely serve to I lustrute in a more comprehensive way the relative levels and the relative
movement of yield averages, the hitter being the truer picture of the bond market.
▪ The lust complete list of bonds used In computing these Indexes was published in the "Chronicle" on Jan. 14 1933. page 222. For Moody's Index of bond prices
by mouths Mick to 1928, refer to the "Chronicle" of Feb. 6 1932. page 907.
89.41
Adolph S. Ochs, of New York "Times," Sees
Bright Prospects Ahead.
America is "recovering from a wild debauch of frenzied
finance, crazy speculation and insensate greed," but "never
ha., the couutry had brighter prospects ahead than at
present," Adolph S. Ochs, publisher of the New York
"Times," said at West Palm Beach, Fla., on March 11, on
the eve of his 75th birthday anniversary, according to advices from the Associated Press.
Mr. Ochs, also the owner of the Chattanooga "Times" and
for 30 years a member of the board of directors of the
Associated Press, paused, it is stated, in anticipation of a
quiet observance of the day with his wife and Mrs. Arthur
Bays Sulzberger, his daughter, to review economic conditions which have gripppd the nation.
"1 am in full sympathy with President Roosevelt's program that only the Federal Reserve banks issue currency,
a.,
I
5.22
4.38
4.68
5.33
6.47
5.23
and that, based on liquid assets of the banks, mobilize the
gold of the country and maintain the gold standard," said
the dean of American newspaper men.
"There is no need of gold currency in this country, and
what we have, as we have plenty, Should be held to preserve
our credit throughout the world.
"Never in its history was the United States so rich, so
strong, so powerful and with brighter prospects ahead than
it is at present. We have barely scraped the soil of our
opportunities, our illimitable resources, our industries and
inventive genius.
"We are for the present recovering from a wild debauch
of frenzied finance, crazy speculation and insensate greed.
Everybody seems to have lost his sense of the responsibility
of wealth, and a get-rich-quick epidemic has swept the
country.
"I think the situation is now well understood, and we
are sobering up and painfully getting our house in order.
1958
Financial Chronicle
The tragic experience we are having will result in educating
the people that care, caution and conservatism are as necessary in economics as in physical health.
"The Ten Commandments and the Sermon on the Mount
cannot be ignored or forgotten, and Should be our guide
and philosophy of life.
"Spontaneity and idealism, so dormant, will be awakened
for the peace and comfort of our children, and if so, it will
be full compensation for our tribulations."
Declaring that he had lived through other periods of economic depression and then had seen the country "chastened
and better for the experience," Mr. Ochs said that healthyminded and industrious men of to-day would gain knowledge
and experience that they could capitalize to their "everlasting advantage."
"The world is on the eve of astonishing developments in
science and industry," he went on. "The inventions and
developments of the past 75 years will be far surpassed
within the next score or more of years.
"During my lifetime there have been introduced and
placed in practical operation (to mention only some of the
most important) the Atlantic cable, electric power and
March 25 1933
light, the telephone, automobiles, radio, wireless, airplanes,
television, manufacture of steel, water-gas, paper made of
wood, the web printing press, the linotype, stereotyping, reinforced concrete, concrete roads.
"All these and other important developments in science,
surgery and medicine were unknown when I was born. All
will be further developed in the next few years.
"I do not believe our trouble lies in over-production, but
rather in under-consumption and maldistribution. We shall
cast aside and scrap much that is now in use to be replaced
by new and more perfect implements for the convenience
and comfort of mankind and for his remunerative and
enlarged employment. So, you see, I am an optimist on my
75th birthday."
Mr. Ochs was born at Cincinnati, Ohio, March 12 1858.
Besides being his 75th birthday anniversary, to-day also
was the 12th birthday anniversary of one of his four grandchildren, Ruth Sulzberger.
In excellent health, active and alert, Mr. Ochs keeps in
close touch with his two newspapers and the Associated
Press. He and Mrs. Ochs celebrated their 50th wedding
anniversary 12 days ago.
Text of Economy Bill Signed by President Roosevelt-Confers Powers to
Effect Reductions in Federal Expenditures.
The economy bill (H. R. 2820) "to maintain the credit of
the United States Government" by empowering the President
to effect reductions in outlays for veterans' benefits and to
reduce salaries in the Government, which as we indicated in
our issue of March 18, (page 1810) was passed by Congress,
was signed by President Roosevelt on March 20. The
following is the text of the newly enacted bill:
IPUBLIO-NO. 2-73d CONGRESS)
IH. R. 28201
AN ACT
To maintain the credit of the United States Government.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled,
TITLE I.
Veterans.
Section 1. That subject to such requirements and limitations as shall be
contained in regulations to be issued by the President. and within the limits
of appropriations made by Congress, the following classes of persons may
be paid a pension:
(a) Any person who served in the active military or naval service and
who is disabled as a result of disease or injury or aggravation of a preexisting disease or injury incurred in line ofduty in such service.
(b) Any person who served in the active military or naval service during
the Spanish-American War,including the Boxer Rebellion and the Philippine
Insurrection, or the World War, and who is permanently disabled as a
result of injury or disease: Provided, That nothing contained in this title
shall deny a pension to a Spanish-American War veteran past the age of
62 years entitled to a pension under existing law, but the President may
reduce the rate of pension as he may deem proper.
(c) The widow, child, or children, dependent mother or father, of any
person who dies as a result of disease or injury incurred or aggravated in
line of duty in the active military or naval service,
(d) The widow and (or) child of any deceased person who served in the
active military or naval service during the Spanish-American War, ineluding the Boxer Rebellion and the Philippine Insurrection.
(e) For the purpose of subparagraph (b) of this section. the World War
shall be deemed to have ended Nov 111918.
Section 2. The minimum and maximum monthly rate of pension which
may be paid for disability or death shall be as follows: For disability, from
$6 to $275: for death, from $12 to $75.
Section 3. For each class of persons specified in subparagraphs (a) and
(b) of Section 1 of this title the President is hereby authorized to prescribe
by regulation the minimum degrees of disability and such higher degrees of
disability, if any, as in his judgment should be recognized and prescribe the
rate of pension payable for each such degree of disability. In fixing rates of
pensions for disability or death the President shall prescribe by regulation
such differentiation as he may deem just and equitable, in the rates to be
paid to veterans of different wars and (or) their dependents and to be
paid for
(a) Disabilities and deaths resulting from disease or injury incurred or
aggravated in line of duty in war-time service:
(b) Disabilities and deaths resulting from disease or injury incurred or
aggravated in line of duty in peace-time service:
(c) Disabilities and deaths not incurred in service.
Section 4. The President shall prescribe by regulation (sublect to the
provisions of Section 1 (e) of this title) the date of the beginning and of the
termination of the period in each war subsequent to the Civil War,including
the Boxer Rebellion and the Philippine insurrection, service within which
shall for the purposes of this Act be deemed war-time service. The President
shall further prescribe by regulation the required number of days of war or
peace time service for each class of veterans, the time limit on filing of
claims for each class of veterans and their dependents, the nature and extent
of proofs and presumptions for such different classes. and any other req irements as CO entitlement as he shall deem equitable and just. The President
In establishing conditions precedent may prescribe different requirements or
conditions for the veterans of different wars and their dependents and
may further subdivide the classes of persons as outlined in Section 1 of this
title and apply different requirements or conditions to such subdivisions,
Section 5. All decisions rendered by the Administrator of Veterans'
Affairs under the provisions of this title, or the regulations Issued pursuant
thereto, shall be final and conclusive on all questions of law and fact, and
no other official or court of the United States shall have jurisdiction to
review by mandamus or otherwise any such decision.
Section 6. In addition to the pensions provided in this title, the Administrator of Veterans' Affairs is hereby authorized under such limitations
as may be prescribed by the President. and within the limits of existing
Veterans' Administration facilities, to furnish to veterans of any war..
including the Boxer Rebellion and the Philippine Insurrection, domiciliary
care where they are suffering with permanent disabilities, tuberculosis or
neuropsychiatric ailments and medical and hospital treatment for diseases
or injuries.
Section 7. The Administrator of Veterans' Affairs subject to the general
direction of the President and in accordance with regulations to be issued
by the President shall administer, execute, and enforce the provisions of
this title and for such purpose shall have the same authority and powers as
are provided in Sections 425, 430. 431. 432. 433. 434. 440, 442. 443. 444,
447. 450. 451. 453, 455, 457. 458. 459, 459a. 459c, 459d, 459e. 459f, Title
38. U. S. C., and such other sections of Title 38. U. S. C., as relate to the
administration of the laws granting pensions.
Section 8. The Administrator of Veterans' Affairs is hereby authorized
in carrying out the provisions of Title I of this Act or any other Pension
Act to delegate authority to render decisions to such person or persons as
he may find necessary. Within the limitations of such delegations, any
decisions rendered by such person or persons shall have the same force and
effect as though rendered by the Administrator of Veterans' Affairs. The
President shall personally approve all regulations issued under the provisions of this title.
Section 9. Claims for benefits under this title shall be filed with the
Veterans' Administration under such regulations, including provisions for
hearing, determination, and administrative review, as the President may
approve, and payments shall not be made for any period prior to date of
application. When a claim shall be finally disallowed under this title and
the regulations issued thereunder, it may not thereafter be re-opened or
allowed. No person who is entitled to any benefits under this title shall
participate in any determination or decision with respect to any claim for
benefits under this title.
Section 10. Notwithstanding the provisions of Section 2 of this title,
any person who served as an officer of the Army, Navy. or Marine Corps
of the United States during the World War, other than as an officer of the
Regular Army, Navy, or Marine Corps during the World War, who made
valid application for retirement under the provisions of Public No. 508.
70th Congress, enacted May 24 1928. Sections 581 and 582, Title 38,
United States Code, and who prior to the passage of this Act has been
granted retirement with pay, shall be entitled to continue to receive retirement pay at the monthly rate now being paid him if the disability for which
he has been retired resulted from disease or injury or aggravation of a
pre-existing disease or injury incurred in line of duty during such service:
Provided, That such person entered active service between April 6 1917,
and Nov. 11 1918: Provided, That the disease or injury or aggravation of
the disease or injury directly resulted from the performance of military or
naval duty, and that such person otherwise meets the requirements of the
regulations which may he issued under the provisions of this Act.
Section 11. All offenses committed and all penalties or forfeiture incurred under the Acts rePealed by Section 17 of this title may he prosecured
and punished in the same manner and with the same effect as if said repeal
had not been made and any person who forfeited rights to benefits under
any such Acts shall not be entitled to any benefits under this title.
Section 12. That whoever in any claim for benefits under this title
or by regulations issued pursuant to this title. makes any sworn statement
of a material fact knowing It to be false, shall he guilty of perjury and shall
be punished by a fine of not more than $5,000 or by imprisonment for not
more than two years. or both.
Section 13. That if any person entitled to payment of pension under
this title, whose right to such payment under this title or under any regulation issued under this title, ceases ugn the happening of any contingency,
thereafter fraudulently accepts any such payment, he shall be punished by a
fine of not more than $2.000 or by imprisonment for not more than one
year. or both
Section 14. That whoever shall obtain or receive any money, check,
or pension under This title, or regulations issued under this title, without
being entitled to the same, and with Intent to defraud the United States
or any beneficiary of the United Statts, shall be punished by a fine of not
At;
Volume 136
Financial Chronicle
1959
more than $2,000, or by imprisonment for not more than one
year, or both.
Section 15. Any person who shall knowingly make or
cause to be made,
or conspire, combine, aid, or assist in, agree to, arrange for,
or in any wise
procure the making or presentation of a false or fraudulent
affidavit, declaration, certificate, statement, voucher, or paper, or
writing purporting
to be such, concerning any claim for benefits under this
title, shall forfeit
all rights, claims, and benefits under this title, and, in
addition to any and
all other penalties imposed by law, shall be guilty of
a misdemeanor and
upon conviction thereof shall be punished by a fine
of not more than $1,000
or imprisonment for not more than one year, or
both.
Section 16. Every guardian, curator, conservator, committee,
or person
legally vested with the responsibility or care of a claimant
or his estate,
having charge and custody in a fiduciary capacity of money
paid, under the
provisions of this title, for the benefit of any minor
or Incompetent claimant,
who shall embezzle the same in violation of his
trust, or convert the same
to his own use, shall be punished by a fine not
exceeding $2,000 or imprisonment at hard labor for a term not exceeding five
years, or both.
Section 17. All public laws granting medical
or hospital treatment,
domiciliary care, compensation and other allowances,
pension, disability
allowance, or retirement pay to veterans
and the dependents of veterans
of the Spanish-American War, including
the Boxer Rebellion and the
Philippine Insurrection, and the World War, or
to former members of the
military or naval service for injury or disease
incurred or aggravated in the
line of duty in the military or naval service (except
so far as they relate to
persons who served prior to the Spanish-Ame
rican War and to the dependents of such persons, and the retirement
of officers and enlisted men
of the Regular Army, Navy, Marine Corps, or
Coast Guard) are hereby
repealed, and all laws granting or pertaining
to yearly renewable term insurance are hereby repealed, but payments
in accordance with such laws
shall continue to the last day of the third calendar month following
the
month during which this Act is enacted. The Administrator of Veterans'
Affairs under the general direction of the President shall immediately cause
to be reviewed all allowed claims under the above referred to
laws and
where a person Is found entitled under this Act, authorize payment or
allowance of benefits in accordance with the provisions of this Act commencing with the first day of the fourth calendar month following
the
month during which this Act is enacted and notwithstanding the provisions
of Section 9 of this Act, no further claim In such cases shall be required:
Provided, That nothing contained in this section shall interfere with payments heretofore made or hereafter to be made under contracts of yearly
renewable term insurance which have matured prior to the date of enactment of this Act and under which payments have been commenced,
or on
any judgment heretofore rendered in a court of competent jurisdiction
In
any suit on a contract of yearly renewable term insurance, or which
may
hereafter be rendered in any such suit now pending: Provided further,
That
subject to such regulations as the President may prescribe, allowances
may
be granted for burial and funeral expenses and transportation of the bodies
(Including preparation of the bodies) of deceased veterans of any
war to the
places of burial thereof in a sum not to exceed $107 in any one case.
The provisions of this title shall not apply to compensation or
pension
(except as to rates, time of entry into active service and special statutory
allowances), being paid to veterans disabled, or dependents of
veterans who
died, as the result of disease or injury directly connected with active
military
or naval service (without benefit of statutory or regulatory
presumtpion of
service connection) pursuant to the provisions of the laws
in effect on the
date of enactment of this Act. The term "compensation
or pension" as
used in this paragraph shall not be construed to include emergency
officers'
retired pay referred to in Section 10 of this title.
Section 18. For the fiscal years ending June 30 1934, any
pension,
and (or) any other monetary gratuity, payable to former
members of the
military or naval service in wars prior to the Spanish-Ame
rican War, and
their dependents, for service, age, disease, or Injury,
except retired pay of
officers and enlisted men of the Regular Army, Navy. Marine
Corps, or
Coast Guard, shall be reduced by 10% of
the amount payable.
Section 19. The regulations issued by the President under
this title
which are in effect at the expiration of two years after
the date of enactment of this Act shall continue in effect without further
change or modification until the Congress by law shall otherwise provide.
Section 20. The President shall transmit to the Congress,
as soon as
practicable after the date of their issue, copies of all
regulations issued
pursuant to this title.
TITLE II.
Officers and Employees.
Section 1. When used in this title—
(a) The terms "officer" and "employee" mean any person
rendering
services in or under any branch or service of the United States
Government
or the government of the District of Columbia, but do
not include (1)
officers whose compensation may not, under the Constitution
, be diminished
during their continuance in office; (2) the Vice-President
the Speaker of
the House of Representatives,'Senators, Representatives
in Congress,
Delegates and Resident Commissioners; (3) officers and
employees on the
rolls of the Senate and House of Representatives; (4) any person
in
of any office, position, or emp.oyment the amount of compensatio respect
n of which
is expressly fixed by international agreement; and (5) any person
in respect
of any office, position, or employment the compensation of which
is paid
under the terms of any contract in effect on the date of the
enactment of
this title, if such compensation may not lawfully be reduced.
(b) The term "compensation" means any salary, pay, wage,
allowance
(except allowances for travel), or other emolument paid for services
rendered
In any civilian or non-civilian office. position, or employment; and
includes
the retired pay of judges (except judges whose compensation, prior
to retirement or resignation, could not, under the Constitution, have
been diminished). and the retired pay of all commissioned and other
personnel of
the Coast and Geodetic Survey, the Lighthouse Service, and the
Public
Health Service, and the retired pay of all commissioned and other
personnel
of the Army. Navy, Marine Corps, and Coast Guard: but does not
include
payments out of any retirement. disability, or relief fund made
up wholly
or in part of contributions of employers.
Section 2. For that portion of the fiscal year 1933 beginning with
the
first day of the calendar month following the month during which This Act
is enacted, and for the fiscal year ending June 30 1934, the compensation
of every officer or employee shall be determined as follows —
(a) The compensation which such officer or employee would receive
under the provisions of any existing law, schedule, regulation. Executive
order, or departmental order shall first be determined as though this title
(except Section 4) had not been enacted.
(b) The compensation as determined under subparagraph (a) of this
section shall be reduced by the pereentage. if any, determined in accordance
with Section 3 of this title.
Section 3. (a) The President is authorized to investigate through
established agencies of the Government the facts relating to the cost of
living In the United States during the six months period ending June 30
1928. to be known as the base period, and upon the basis of such facts and
the application thereto of such principles as he may find proper, determine
.;
an index figure of the cost of living during such period. The President
is
further authorized to make a similar investigation and determination of
an
Index figure of the cost ofliving during the six months period ending
Dec.31
1932. and each six months period thereafter.
(b) The President shall announce by Executive order the index figure
for the base period and for each subsequent period determined by him under
paragraph (a) of this section. The percentage. if any, by which the cost of
living index for any six months' period, as provided in paragraph (a) of
this section, is lower than such index for the base periods shall be the
percentage of reduction applicable under Section 2(b) of this title in determining compensation to be paid during the following six months' period,
or such portion thereof during which this title is in effect: Provided. That
st•ch percentage ofreduction (including reductions made under any existing
law. regulation, or Executive order, in the case of subsistence and rental
allowances for the services mentioned in the Pay Act of June 10 1922) shall
not exceed 15%.
Section 4. (a) Section 4 of An Act Making Appropriations for the
Treasury and Post Office Departments for the fiscal year ending June 30
1934, and for other purposes, approved March 3 1933, is hereby amended
to read as follows:
"Section 4. (a) The provisions of the following sections of Part II of the
Legislative Appropriation Act,fiscal year 1933, are hereby continued in full
force and effect during the fiscal year ending June 30 1934, namely Sections
105 (except subsections (d) and (e) thereof), 107 (except paragraph (5) of
subsection (a) thereof and subsection (b) thereof), 201. 203, 206 (except
subsection (a) thereof), 214. 216. 304. 315, 317. 318, and 323, and for the
purpose of continuing such sections, in the application of such sections with
respect to the fiscal year ending June 30 1934. the figures '1933' shall be
read as '1934'; the figures '1934' as '1935'; and the figures '1935' as
'1936';
and, in the case of Section 203, the figures '1932' shall be read as
'1933';
except that in the application of such sections with respect to the fiscal
year ending June 30 1934 (but not with respect to the fiscal year ending
June 30 1933). the following amendments shall apply:
"(1) Section 216 is amended by striking out the period at the end thereof
and inserting in lieu thereof a colon and the following: 'Prcrided further,
That no employee under the classified civil service shall be furloughed under
the provisions of this section for a total of more than 90 days during the fiscal
year 1934, except after full and complete compliance with all the provisions
of the civil-service laws and regulations relating to reductions in personnel.'
"Section 317 is amended by striking out the period at the end thereof
and inserting in lieu thereof a colon and the following: 'Provided further,
That no part of any appropriation for "public works." nor any part of any
allotment or portion available for "public works" under any appropriation,
shill be transferred pursuant to the authority of this section to any appropriation for expenditure for personnel unless such personnel is required
upon or in connection with "public works." "Public works" as used in this
section shall comprise all projects falling in the general classes enumerated
In Budget Statement No. 9, pages A177 to A182, inclusive, of the Budget
for the fiscal year 1934, and hall also include the procurement of new
airplanes and the construction of vessels under appropriations for "Increase
of the Navy." The interpretation by the Director of the Bureau of the
Budget, or by the President in the cases of the War Department and the
Navy Department, of "public works" as defined and designated herein
shall be conclusive.'
"(b) All Acts or parts of Acts inconsistent or in conflict with the provisions of such sections as amended, are hereby suspended during the
period In which such sections, as amended, are in effect
"(c) No court of the United States shall have jurisdiction of any suit
against the United States or (unless brought by the United States) against
any officer, agency, or instrumentality ol the United States arising out of
the application as provided in this section. of such Sections 105 or 107. as
amended, unless such suit involves the Constitution of the United States.
"(d) The appropriations or portions of appropriations unexpended by
reason of the operation of the amendments made in subsection (a) of this
section shall not be used for any purpose, but shall be impounded and
returned to the Treasury.
"(e) Each permanent specific annual appropriation available during the
fiscal year ending June 30 1934. is hereby reduced for that fiscal year by such
estimated amount as the Director of the Bureau of the Budget may determine will be equivalent to the savings that will be effected in such appropriation by reason of the application of this section and Section 7.(b) Sections 5 and 6 of the Treasury and Post Office Appropriation Act,
fiscal year 1934, are hereby repealed.
(c) Section 215 of the Legislative Appropriation Act, fiscal year 1933
(relating to the limitation on annual leave), is amended by striking out
"Provided further, That nothing herein shall apply to civilian officers and
employees of the Panama Canal located on the Isthmus and who are
American citizens, or to officers and employees of the Foreign Services of
the United States holding official station outside the Continental United
States" and inserting In lieu thereof "Provided further, That nothing herein
shall apply to officers and employees of the Panama Canal and Panama
Rallraod Company on the Isthmus of Panama. or to officers and employees
of the United States (including enlisted personnel) holding official station
outside the Continental United States or in Alaska."
(d) The following sections of Part II of the Legislative Appropriation
Act, fiscal year 1933, are hereby repealed effective on the first day of
the
calendar month following the month in which this Act is enacted; namely,
Sections 101. 102. 103, 104, subsections (d) and (e) of Section 105. 106,
107
(7
(except
1 2
dparagraphs
2
(1), (2), (3), and (4) of subsections (a) theof),
thereof), 108.
(e) Subsection (a) of Section 105 of the Legislative Appropriation Act,
fiscal year 1933, is amended to read as follows, beginning with
the first
day of the calendar month following the month during which this
Act is
enacted
"(a) The salaries of the Vice-President and the Speaker of
the House of
Representatives are reduced by 15%: and the salaries of Senators. Representatives in Congress, Delegates. and Resident Commissioners are reduced
by 15%."
(f) Subsection (b) of Section 105 of the Legislative Appropriation Act,
fiscal year 1933, is amended to read as follows, beginning with the
first day
of the calendar month following the month during which this Act is
enacted:
-(13) The allowance for clerk hire of Representatives in Congress,
Delegates and Resident Commissioners is reduced by the percentage
applicable
by law to other employees on the roll of the House of Representati
ves, such
reduced allowance to be apportioned by the Representative, Delegate.
or
Resident Commissioner among his clerks as he may determine,
subject to
the limitations of existing law, but the compensation of such
clerks shall
not be subject to reduction.under subsection (c) of this section."
(g) Subsection (c) of Section 105 of the Legislative Appropriatio
n Act,
fiscal year 1933, is amended to read as follows, beginning with
the first day
of the calendar month following the month during which
this Act is enacted:
"(c) The rate of compensation of any person on the rolls of the
Senate
or of the House of Representatives (other than
persons included within
subsection (a) ). is reduced by the percentage applicable
by law to employees of the Government generally."
1960
Financial Chronicle
temporary reductiOns
Section 5. The provisionsorthis title providing for
increases in compensation
In compensation and suspension in automatic
upon which the retired
shall not operate to reduce the rate of compensation
e would he based but
,pay or retirement benefits of any officer or employe
amount of retired pay shall
for the application of such provisions, but the
, That retirement deductions
be reduced as provided in this title: Provided
pay, or compensation of
salary,
the
from
made
be
to
law
by
ed
authoriz
the credit of a retireofficers or employees and transferred or deposited to
of salary, pay, or compenment fund, shall be based on the regular rate
under the provisions of
sation instead of on the rate as temporarily reduced
this title.
y of the stock of which
Section 6. In the case of a corporation the majorit
of the stock on behalf of the
Is owned by the United States, the holders
interest of the United States
United States, or such persons as represent the
as may be necessary to apply
In such corpnration, shall take such action
s, and employments under
the provisions of this title to offices, position thereof, with proper allowes
such corporation and to officers and employe
Dec. 31 1931.
ance for any reduction in compensation since
application of the provisions of
Section 7. In any case in which the
diminution of compensation prothis title to any person would result in a
y of the Treasury is authorized
hibited by the Constitution. the Secretar
the Treasury as miscellaneous
into
cover
and
person,
such
from
to accept
compensation of such person as
receipts. remittance of such part of the
ion of compensation .were not
would not be paid to him if such diminut
prohibited,
March 25 1933
unexpended
Section 8. The appropriations or portions of appropriations
any purpose.
by reason of the operation of this Act shall not be used for
but shall be impounded and returned to the Treasury.
tion of any
Section 9 No court of the United States shall have jurisdic
the United States)
suit against the United States or (unless brought by
arising
States
against any officer, agency, or instrumentality of the United
suit involves
out of the application of any provision of this title, unless such
the Constitution of the United States.
TITLE III.
Amendments to Legislative Appropriation Act, Fiscal Year. 1933.
of the LPgislative
Section 1. Sections 407 and 409 of Title IV of Part II
17 of the
Appropriation Act. fiscal Year 1933. as amended by Section
3 1933, are
d
Treasury and Post Office Appropriation Act, approve March
amended to read as follows:
under
"Section 407. Whenever the President makes an Executive order
be submitted to the
the provisions of this title, such Executive order shall
the
after
until
e
Congress, while in session and shall not become effectiv
Congress
expiration of 60 calendar days after such transmission. unless
Executive order
shall by law provide for an earlier effective date of such
or orders.
t In pursuance
-Section 409. No Executive order issued by the Presiden
e unless
of the provisions of Section 403 of this title shall become effectiv
of the enacttransmitted to the Congress within two years from the date
ment of this Act."
Approved March 20 1933.
Indications of Business Activity
CIAL EPITOME.
THE STATE OF TRADE—COMMER
Friday Night, March 24 1933.
the advent of
Although business has begun to revive with
performance.
spring, sentiment is still well ahead of actual the future
and
sed
increa
ly
tionab
unques
has
Confidence
statistics which
offers a prospect decidedly encouraging, but
holidays and
bank
its
with
past,
recent
the
with
do
have to
shown the
yet
not
have
,
morale
ss
busine
a steadily lowering
ingly apparent
turn for the better which should become increas
ed the three
before long. The country as a whole has welcom
put into
been
have
which
pieces of emergency legislation
little quarrel
been
has
There
on.
strati
Admini
the
by
affect
of the prewith the emergency banking legislation in view
or the bill
vailing circumstances, the economy measures
looking to the
legalizing beer. The proposed laws, however,
nt and for
alleviation of farm conditions and unemployme
widely
some
of
tive
produc
be
to
bound
are
relief
railroad
The
.
lement
unsett
some
y
possibl
divergent views and
and recently
stock market has been in the main reactionary
a month ago.
has relapsed into the dullness which prevailed
S. Government
Bond prices have drifted downward and U.
s are seen in
bonds have been weaker. Encouraging factor
actual
though
even
ts
produc
steel
the increased inquiry for
Our banking
level.
low
very
a
at
ed
remain
has
tion
produc
gh it will
system has made a very gratifying recovery, althou
rium can be
,be a long time before the effect of the morato
been hurt by
entirely effaced. The automobile trade has
banking
upted
interr
to
due
t
the long inactivity in Detroi
volume of
the
on
ussion
reperc
a
had
has
This
facilities.
ed to be larger
steel production. Wholesale buying is report
manufacturers
Shoe
.
month
a
over
for
been
has
it
than
a quieter
shown
have
s
textile
gh
continue active, althou
trade
silk
The
better.
tendency. Wool prices have been
recoverbeen
has
hand
other
the
on
rayon
but
has fallen off,
many banks have
ing some of its lost ground. Although
ss is approachbusine
y
countr
the
hout
throug
still to reopen
figures will
ative
compar
and
more
ing the normal more and
. It will then be
pments
develo
actual
reflect
to
begin
soon
made toward lifting
easier to see just what progress has been
ourselves out of the trough of the depression.
adversely affected
Retail business in New York has been
this week. The
r
weathe
rainy
by the almost continuous
reopening of the
the
after
ped
develo
which
rush
buying
first
r, has begun
howeve
ss,
busine
Easter
banks had spent itself.
more expensive
buy
to
cy
tenden
a
be
to
s
appear
there
and
time past.
merchandise than has been the case for some
such lines as ladies'
This has been particularly noticeable in
coats, suits and hats.
ions of higher
In Chicago retail trade improved on predict
reopening of
The
April.
in
tax
sales
retail
3%
a
prices and
was said to
buying
the
But
•
stores.
the banks crowded the
not
be largely of purchases of necessary articles which could
of
many
as
quiet
was
trade
ale
Wholes
be put off longer.
affect
the country banks did not reopen and this had a bad
on the dress industry although wholesale millinery houses
were buying. In St. Louis retail trade was helped by- the
most
reopening of the banks but business was not good in
g
openin
in
oyed
reempl
are
men
1,000
lines. Yet more than
are expected to
ies
brewer
the
and
mines
zinc
and
lead
the
ts
be busy soon. Sharp advances in the price of farm produc
were heartening.
of
In Cleveland the stimulating effects of the reopening
many
in
sed
increa
was
tion
produc
and
felt
the banks was
to
lines of manufacturing as employees were called back
the
under
ng
labori
still
were
ities
commun
work. Many
disadvantage of restricted banking privileges but about 75%
of all the Ohio banks were fully functioning. Retail trade
increased. In Kansas City there was an increase in the
wholesale grocery trade and retail business was more active
reaching a level about equal to that of several weeks ago.
In Minneapolis trade was better and the flow shipments
much larger than those of a year ago. The trade in linseed
various
products was also better. Grocers were buying
of
goods heavily. Department stores are larger buyers
ng.
clothi
wear
men's
and
boys'
and
cottons, linens and silks
es.
There is less hand to mouth buying as confidenee increas
a.
Atlant
and
ond
,
Richm
Dallas
at
better
is
Southern trade
of
In Boston and New England generally the re-opening
Retail
trade.
in
nce
differe
d
marke
no
made
banks
the
was
business has been below normal. Electric consumption
reported as about the same as in the previous week. Shoe
production is active as usual at this time of the year. Wool
was
was reported in better demand and firmer. Leather
ry.
indust
textile
the
in
t
vemen
impro
little
was
There
firm.
In Philadelphia there was some increase in wholesale trade
and the breweries look for a large business. Confidence has
gained with banking facilities restored. The increase in the
wholesale trade was most noticeable in dry goods. There
was a larger business in hardware and shipments of shoes have
increased. The feeling in trade generally has been better.
It would be still more improved if the railroad traffic reports
sco
and the steel outlook were mare favorable. In San Franci
lumber
trade was fair. In northwestern California the
hard
trade is more confident. In Los Angeles business was
its
hit by the earthquake, but is rapidly recovering
equilibrium.
The
Cotton was irregular but has been firmer recently.
of some
lity
probabi
the
and
better
been
n
has
al
positio
technic
bill being
improvement in the Administration's Farm Relief
factors. Cofzing
stabili
proved
have
Senate
the
by
d
effecte
an Governfee has declined sharply fearing that the Brazili
taxes,
ment may yet alter its policy and lower the export
someed
declin
has
Sugar
coffee.
of
s
export
thus increasing
nk holiday
what although it still remains above its pre-ba
. Wheat
strong
larly
particu
been
has
sugar
d
price. Refine
stronger
a
had
y
recentl
has
week
the
after declining early in
weakness in the
the
by
hat
somew
d
affecte
been
has
It
tone.
g farm legislation
stock market and the fear that the pendin
e of futures thus
expens
will tend to help cash wheat at the
has been relCorn
y.
activit
ative
specul
ing
further curtail
and cash
small
been
have
gs
offerin
atively steady. Country
legislation
beer
on
firm
been
has
Rye
d.
deman
better
corn in
wheat than
but has been governed more by the action of
anything else.
fluctuations were
As to the stock market, on the 18th
weak, though
ials
industr
and
irregular, rails being firm
advance in railroad
net
a
was
small
There
d.
change
little
But tho
shares which in a way resumed the leadership.
Volume 136
Financial Chronicle
Saturday's trading stepped back into its old rut with sales
of only 575,850 shares. Wall Street was to all appearance
taking another look at the market. Bonds were dull and
irregular, with sales of only $4,250,000. The developments
in the coal and oil industries were considered rather more
favorable. Stocks on the 21st declined 1 to 4 points, with
sales of 1,208,000 shares. The average decline was 2%
points and was especially marked in the utility stocks, following Governor Lehman's special message about alleged
abuses in that field. Bonds declined, led by United States
Government issues, with total sales $10,200,000. The
recession canceled more than three-quarters of the advance
since the reopening of the Stock Exchange on the 15th.
On the 22d stocks were lower with trading down to 990,900
shares. Some stocks were 10 points below the high of March
15 when the Stock Exchange reopened. Bonds were lower
as a general rule. U. S. governments, however, were an
exception and showed some improvement in tone. The
situation in Germany, while causing considerable concern,
was held subordinate to domestic trade and industrial news
as a market factor. Steel operations were down again but
the setback was generally considered as temporary. Selling
was not aggressive and the decline was orderly.
On the 23d both stocks and bonds advanced, the latter led
by the railroad issues. Sales were 979,500 shares and
$10,973,000,respectively. Shortly after the opening stocks
shot up 1 to 3M points,lost most of the advance in a reaction
around mid-day but rallied to close above the prices prevailing on Wednesday. Commodities were quite generally
higher and the advance in securities was a natural rally after
several days of decline. To-day trading was dull with
closing prices steady. Sales were only 640,000 shares.
Pressure was exerted against some of the market leaders at
first and American Tel. & Tel. touched 92X, a new low for
the year. The recent weakness of this issue has caused
predictions among traders of a lower dividend rate later on.
Dullness developed on the reaction and early losses were
gradually recovered. Commodity markets were generally
strong. Week-end trade reviews reported some improvement. The feeling was general that the Administration
Farm Relief Bill will be modified for the better by the
Senate. One rumor had it that the appointment of a "Dictator" for the railroads was probable. Brokers' loans
declined $20,000,000 and the banking situation showed a
gratifying improvement. The disposition, however, is a
waiting one. The feeling is apparent that it is better to
await developments for a time before entering into definite
commitments. Bonds were also dull and irregularly lower.
U. S. governments registered declines almost without
exception. German issues were particularly weak among
the foreign group. Public utilities were soft and the rails
were about the only issues to give a fairly good account of
themselves. Transactions totaled $9,800,000.
Fall River reported that a good inquiry continued in the
local cloth market throughout last week but mostly at prices
that were sufficiently high to meet the advance in cotton.
At Roanoke, Va., the Freezer shirt factory will open its
plant at Radford, Va., on March 27. The plant was closed
a month ago because of being overstocked after a leading
chain store was liquidated. The plant will reopen at 90%
capacity.
The Ohio River on the 19th flooded towns in three States,
Ohio, West Virginia and Indiana, in the worst floods in 20
years, with seven deaths and a large property loss. Thousands of acres were submerged. Here it rained;snowed and
hailed with temperatures of 34 to 39 degrees. It was 32 to
40 at Cleveland, 56 to 70 at Cincinnati and 44 to 58 at Indianapolis and raining. Snow or temperatures below
freezing prevailed in parts of the Southwest. Snow blocked
highways in western Kansas, flurries fell at Kansas City, a
whistling north wind brought a sandstorm to Oklahoma
and the Texas Panhandle country. Conditions led to the
cancellation of passenger airplane flights. In Kansas City,
where the thermometer rose to 74 on the 18th, it fell to 28
degrees on the 19th. Train schedules were disorganized on
some lines. On the 20th it rained all day hire and all night
with temperatures 35 to 40 degrees. Swollen rivers were
rising in Niw York and New Jersey. It was a gloomy opening of spring. The Hackensack, the Whippany, Passaic and
Delware rivers were all abnormally higher. In Chicago the
temperatures were 30 to 34.
Here on the 22nd it was pleasanter and temperatures were
34 to 43. Floods in the Ohio Valley continued to do much
damage. Boston had temperatures of 36 to 48; Chicago, 28
to 36; Kansas City, 26 to 38; Winnipeg,8 to 26; Milwaukee,
1961
24 to 34; Philadelphia, 28 to 46. To-day it was clear with
temperatures 28 to 42 degrees. Overnight Boston had 26
to 40 degrees, Buffalo, 26 to 32; Portland, Me., 26 to 38;
Chicago, 28 to 36; Cincinnati, 26 to 34; Cleveland, 28 to 30;
Milwaukee, 24 to 32; Kansas City, 38 to 48; Los Angeles,
44 to 58; Portland, Ore., 42 to 52; San Francisco, 46 to 56;
Seattle, 36 to 42; and Montreal, 20 to 32.
Current Business Conditions According to Statisticians
of National Industrial Conference Board-More
Than Seasonal Decline Noted in Activity During
February as Compared with January.
"Business activity in February fell off more than seasonally under the January level," it is noted in the survey of
current business conditions prepared by the conference o
statisticians in industry under the auspices of the National
Industrial Conference Board. The survey notes that "production in most of the basic industries fell off during the
month to an extent that was greater than observed between
January and February in pre-depression years." We
further quote from the survey, which was issued March 20,
a;.• follows:
Automobile output was drastically curtailed at a time when increased
production is normal. Building and engineering construction, on the whole.
declined more than seasonally, though residential building showed the first
gain in several months. Steel and iron production increased in amounts
which were greater than expected between January and February. Bituminous coal output, gaining during the month, made up for the unseasonal
curtailment in January. Electric power production declined by an approximately seasonal amount. Textile activity in February, in falling
below the January level, moved counter to the seasonal between the two
months.
Primary distribution of commodities by rail in February increased slightly
more than seasonally over shipments during the previous month and made
up in a small measure for the unfavorable record of January. Averaging
489,500 cars per week, loadings of all commodities gained 2.5% over the
January average The seasonal movement between the two months in predepression years was an average increase of 1.6%. Shipments of merchandise and miscellaneous commodities averaging 304,000 cars per week, fell
off slightly under the January average, and in doing so moved contrary to
seasonal, which is a 4% increase between the two months. Total carloadings for the month were 13% under those of February 1932. while
merchandise and miscellaneous commodity shipments were 17% below.
Consumer purchasing reflected in the dollar value of department store
sales fell off by an approximately seasonal amount in February. Values
traded per day during the month were 22% below average daily trading
during February 1932. The physical volume of trading per day in February
was roughly 10% below that of a year ago with prices almost 13% below.
Sales during the first half of March declined further on account of the banking situation. Five and ten-cent store sales in February increased less
than seasonally over the January total.
Commercial failures, reported by Dun and Bradstreet to total 2,378 in
number in February, declined 18.5% under the January total to a level 13%
under failures a year ago. The seasonal decline in pre-depression years
averaged 20%. Liabilities incurred, amounting to $65,576,000, were
17.1% below the total for January; the seasonal movement is a decline of
20%. February liabilities were 23% under the total for the same month a
year ago.
Wholesale prices continued their downward course during February and
the first half of March. All commodities taken together showed a decline
of 1.5% between January and February. The greatest drops occurred in
the prices of farm products and foods, while other classes of commodities
shared in the general downward. movement. During the first two weeks of
March there has been some strengthening in prices of farm products, foods,
and building materials. Finished steel prices have continued steady in
recent weeks, with a slight tendency to advance in the past two weeks.
Loading of Railroad Revenue Freight in the Week of
the Bank Suspension.
Loading of revenue freight for the week ended on March 11
which was the week of the bank holiday, totaled 437,813
ears, the car service division of the American Railway
Association announced on March 18. This was a reduction
of 40,014 cars under the preceding week. It also was a
reduction of 137,668 cars under the same week in 1932 and
295,767 cars under the same week in 1931. Details follow:
Miscellaneous freight loading for the week of March 11 totaled 139.417
cars, a decrease of 20,839 cars under the preceding week, 37,069 cars under
the corresponding week in 1932 and 127,820 cars under thesame week in 1931.
Loading of merchandise less than carload lot freight totaled 154,423 cars,
a decrease of 7,629 cars under the preceding week, 30,699 cars below the
corresponding week last year and 65,906 cars under the same week two
years ago.
Grain and grain products loading for the week totaled 18,127 cars, 9,734
cars below the preceding week,9,068 cars below the corresponding week last
year and 18.112 cars below the same week in 1931. In the Western districts
alone, grain and grain products loading for the week ended on March 11
totaled 9,998 cars, a decrease of 6,689 cars below the same week last year.
Forest products loading totaled 13,262 cars. 1,978 cars below the preceding week, 5,705 cars under the same week in 1932 and 21,531 cars below
the corresponding week in 1931.
Ore loading amounted to 1,790 cars, an increase of 426 cars above the
week before, but 455 cars below the corresponding week in 1932 and 4,085
cars below the same week in 1931.
Coal loading amounted to 95,321 cars, an increase of 3,155 cars above
the preceding week, but 46,131 cars below the corresponding week in 1932,
and 45,170 cars below the same week in 1931.
Coke loading amounted to 4,672 cars, 191 cars below the preceding week,
2.544 cars below the same week last year. 3,926 cars below the same week
two years ago.
Live stock loading amounted to 10,801 cars,a decrease of 3,224 cars below
the preceding week. 5,997 cars below the same week last year and 9.217
cars below the same week two years ago. In the Western districts alone.
1962
Financial Chronicle
loading of live stock for the week ended on March 11 totaled 8,190 cars, a
decrease of 4,942 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
compared with the same weeks in both 1932 and 1931.
Loading of revenue freight in 1933 compared with the two previous years
follows:
1933.
1932.
1,910,496
1,957,981
477,827
437,813
2,266,771
2,243,221
559,479
575,481
2,873,211
2,834,119
723,215
733,580
4,784,117
5,644,952
7.164.125
Four weeks in January
Four weeks in February
Week ended March 4
Week ended March 11
Total
1931.
March 25 1933
The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended March 11.
In the table below we undertake to show also the loadings
for the separate roads and systems. It should be understood, however, that in this case the figures are a week
behind those of the general totals-that is, are for the week
ended March 4. During the latter period a total of 15 roads
showed increases over the corresponding week last year, the
most important of which were the Chesapeake & Ohio Ry.,
Great Northern By., Lehigh Valley RR. and Virginian Ry.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED MARCH 4.
•
Total Revenue
Total Loads Receired
Total Revenue
Total Loads Received
Railroads.
Freight Loaded.
from Connections.
Railroads.
from Connections.
Freight Loaded.
1933.
1932.
1931.
1933.
1932.
Total
29,103
34,120
27,686
34,799
Group B:
4,521
Delaware & Hudson
7,831
Delaware Lackawanna & West_
9,930
Erie
150
Lehigh & Hudson River__ ___.
1,246
7,366
Lehigh & New England
Lehigh Valley
1,198
16,904
Montour
1,937
New York Central
328
New York Ontario & Western
241
Pittsburgh & Shawmut
Pitts. Shawmut&Northern
51,652
Total
4,884
7,985
10,831
166
1,509
6,521
1,503
19,638
2,234
373
347
7,142
9,622
13,710
189
1,560
8,266
2,133
26,250
1,429
509
490
5,559
4,947
10,952
1,590
742
5,869
22
20,437
1,646
19
216
6,723
5.375
12,668
1,873
1,015
5,926
23
24,911
1.852
58
241
55,991
71,300
51,999
60,665
417
1,218
6,683
19
198
200
1,114
2,499
5,340
2,945
3,361
3,799
2,277
819
4,215
2,534
658
1,504
8,486
56
227
210
1,188
2,582
6,425
3,609
4.448
4,433
3,346
758
5,297
2,703
597
2,019
10,151
74
359
225
1.952
4,139
7,473
4,629
5,424
5,642
5,290
1,189
6,186
3,540
984
1,446
8,868
45
83
1,991
779
4,981
0,803
151
6,427
3.313
3,287
536
6.102
1,501
967
1,719
9,834
110
110
2,184
1.083
5,964
8,583
161
8,052
4,126
3,892
606
7,100
1,850
37,638
45,926
58,889
47,296
56,341
Grand total Eastern District__ 113,690
131,020
164,309
128,981
151,805
34.550
1,357
195
8,396
6
434
141
1,563
75,681
15,349
8,410
50
3,632
10,563
413
5
8,609
36
16
10
2,519
27,528
12,507
557
2,427
26,550
925
132
5,911
232
315
203
1,255
57,238
11,815
5,463
52
3.027
3,124
12,413
786
5
10,681
51
12
12
3,413
33,077
15,846
906
1
3,492
92,187
113,118
149,658
65,887
80,695
Group C:
Ann Arbor
Chicago Ind. & Louisville
Cleve. CM. Chic. & St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line__
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis_
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia
Wabash
Wheeling & Lake Erie
Total
Allegheny DistrictBaltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley
Central RR.of New Jersey__
Cornwall
Cumberland & Pennsylvania-Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
15,809
13,506
980
2,677
20.311
16,447
1,269
2,758
4,712
2,922
949
497.
5,074
3,047
1.091
396
31,246
32,972
40,785
9,080
9,608
7,947
851
319
106
40
1,363
517
279
6.570
17,359
142
8,890
922
395
182
63
1,378
600
349
7.512
19,366
198
12,977
1.238
619
180
94
1,790
575
424
9.757
24,756
199
3,778
1,159
835
243
75
899
737
3,185
3,091
9.611
688
3,950
1,158
825
274
69
906
775
3,691
3,454
10,076
765
35,493
39.855
52.609
24,201
25,943
260
852
791
4,810
309
1,052
.1,157
648
859
22,756
21,281
159
202
2,411
3,531
730
670
Total
•
Grand total Southern District__
41,199
47,125
62,318
21,907
21,896
76,692
86,980
114,927
48,108
47,838
Northwestern DistrictBelt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw.St. Paul & Pacific
Chic. St. Paul Minn.& Omaha_
Duluth Missabe & Northern__
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern__
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie_
Northern Pacific
Spokane Portland & Seattle____
525
11,984
1,822
13,819
2.832
282
344
2,601
232
7,750
469
1,460
3,827
6,494
746
'958
13.729
2,236
16,069
2.931
347
447
3,483
275
7,634
536
1,603
4,578
7,479
1.025
1,528
18,602
2,786
22.106
4,397
783
980
6,097
393
9,771
584
2,374
5,793
10,415
1,162
1,277
6,499
1,872
5,001
2,302
40
297
3,065
117
1,107
323
1,313
1,573
1,514
878
1,456
7.406
2,231
6,225
2,574
83
332
3,756
136
. 1,798
342
1,375
1,816
1,884
1,229
54.987
63,330
87.771
27,168
32,473
15,553
2,633
232
11,796
9,190
2.177
735
1,768
189
953
313
71
10,361
283
308
9,884
850
953
19,408
3,207
173
14,701
11,872
2,691
989
1,618
194
1,208
457
97
13,230
286
288
12,010
380
1,120
23,674
3,585
221
20,327
14,650
3,374
1,313
2,737
340
1,086
715
117
17,255
294
269
14,484
402
1,347
3,571
1,492
28
4.796
5,300
1,534
788
1,383
10
721
177
81
2,540
291
733
4,383
7
837
3.892
1,858
27
5,188
6,852
1,966
681
1,617
7
712
231
30
3,581
228
717
4,991
7
1,114
67,749
83,929
106,190
28,632
33,699
Southwestern DistrictAlton & Southern
115
Burlington Rock Island
147
Fort Smith & Western
143
Gulf Coast Lines
1,497
Houston & Brazos Valley
171
International-Great Northern_
2,617
Kansas Oklahoma & Gulf
117
Kansas City Southern
1,222
Louisiana & Arkansas
1,274
Litchfield & Madison
204
Midland Valley
367
Missouri & North Arkansas_ _
57
Missouri-Kansas-Teicas Lines- 4.208
Missouri Pacific
- 11,298
Natchez & Southern
60
Quanah Acme di Pacific
109
St. Louis-San Francisco
6,286
Eit. Louis Southwestern
1,719
San Antonio Uvalde & Gulf__
488
Southern Pacific in Texas& La..
4,552
Texas & Pacific
3,228
Terminal RR.Assn.06 51. Louis
1,410
Weatherford Min. Wells & N.W
17
167
155
186
2.046
210
1,537
161
1,547
1,121
394
500
66
4,788
13,947
48
95
7,690
2.226
738
5,500
3,408
1,584
16
2,447
308
142
801
29
1,419
647
1,120
815
498
162
250
2,116
5,881
13
85
2,644
1,212
207
2,364
2,721
1,790
33
2,601
598
116
1,022
50
1,938
551
1,175
984
409
208
378
2,255
7,147
39
77
2,870
1,447
262
2,522
3,420
2,003
34
27.702
32.094
Total
Central Western DistrictAtch. Top.& Santa Fe System.
Alton
Bingham & Garfield
Chicago Burlington & Quincy
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western..
Denver & Salt Lake
Fort Worth & Denver CltY---Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Total
41,276
44,130
.0NPOm..
Total
16,604
11,047
789
2,806
268
730
671
3,529
308
1,186
799
296
723
18,045
14,504
175
162
1,940
2,804
•580
407
c.a
Southern DistrictGroup A:
ktlantic Coast Line
Glinchileld
Gharleston & Western Carolina_
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom_
Seaboard Air IAne
Southern System
Winston-Salem Southbound
so
178
558
590
3,329
169
.1,267
1,068
266
601
15,562
12,560
108
126
1,469
2,546
432
270
a a
Total
231
188
959
47,935
10.710
2,644
1931.
RR
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
,
21,064
tiO3
123
5,213
1932.
Group B:
Alabama Tenn.& Noithern____
Atlanta Birmingham & Coast-All.& W.P.-West.RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile as Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile & Ohio
Nashville Chatt.& St. Louis
New Orleans-Great Northern__
Tennessee Central
I
59,577
1933.
1C0
24,400
1933.
.MOOVMNO,VOnNWF-ONMOCO
Eastern District,
Group A:.
1,935
Bangor & Aroostook
2,299
2,490
291 ' 297
2,994
3,225
Boston & Albany
3,650
5,208
3,987
Boston & Maine
6,695
8,314
10,659
10,209
8,438
605
Central VermOnt
721
2,168
773
2,063
2,305
Malne Central
2,506
3,140
2,796
1,973
New York N. H.& Hartford_
9,349
11,455
12,610
13,187
10,097
517
Rutland
683
1,061
671
837
1932.'
145
696
911
2,020
143
429
1,180
333
602
7,547
3,529
352
193
1,058
1,988
259
512
•Figures of preceding week.
Decrease Noted by United States Department of Labor
in Wholesale Commodity Prices from January to
February.
The index number of wholesale commodity prices as computed by the Bureau of Labor Statistics of the U. S. Department of Labor shows a decrease from January 1933 to February 1933. This index number which includes 784 commodities or price series weighted according to the importance
of each commodity and based on the average prices for the
year 1926 as 100.0, averaged 59.8 for February as compared
with 61.0 for January, showing a decrease of 2% between the
two months. When compared with February 1932, with an
4% has been
index number of 66.3, a decrease of over 93
recorded in the 12 months. In issuing the foregoing under
date of March 18, the Bureau also said:
In the group of farm products decreases in the average prices of barley,
corn, oats, rye, live poultry, cotton, eggs, lemons, oranges, hay, fresh milk
In New York, and wool caused the group as a whole to decrease slightly less
than 4% from the previous month. Increases were recorded in the average
prices of most wheat. Calves, cows,steers, hogs, tobacco, and sweet potatoes.
Among foods price decreases during the month were reported for butter.
cheese, evaporated milk, most canned fruits and vegetables, cured and
fresh beef, mutton, dressed poultry, coffee, cocoa beans, lard, and granulated sugar. On the other hand, dried fruits, canned tomatoes, fresh lamb.
fresh pork, veal, and raw sugar averaged higher than in the month before.
The group as a whole decreased about 3W,% in February when compared
with January.
The hides and leather products group decreased 1 1-3% during the month
due to decreases in all subgroups. Textile products as a whole decreased
Volume 136
Financial Chronicle
slightly more than 1 1-3% from January to February. All subgroups shared
in the decline.
`.1 In the fuel and lighting materials group sharp reductions in the average
.prices of crude petroleum and petroleum products caused the group as a
whole to decline more than 3i.% during the month. Bituminous coal,
coke, and electricity showed minor reductions also, while gas increased
slightly and anthracite coal remained at the January level.
Metals and metal products as a whole showed a further downward
tendency for February, with au subgroups contributing to the decline. The
index for the group was 1% lower than for the month before. In the group
of building materials the average prices of brick and tile, cement, and
lumber moved upward during the month. Paint and paint materials, and
other building materials moved downward, while structural steel showed
no change during February. The group as a whole recorded a decrease of
less than ;
,6 of 1% between the two months.
In the group of chemicals and drugs all subgroups showed slight recescessions during February, causing the group to decline practically 54 of 1%
from the month before. As a whole the housefurnishing goods group decreased slightly more than
of 1% from the previous month, both furniture and furnishings shared in the decline.
The group of miscellaneous commodities decreased
33.4
.% between
January and February due to declining prices of automobile tires and tubes,
crude rubber, and other miscellaneous commodities. Cattle feed and
paper and pulp showed increases during the month.
The February averages for all the special groups of commodities were
below those for January ranging from 1% in the case of semi-manufactured
articles to more than 3Si% in the case of raw materials.
Between January and February price decreases took place in 253 instances,
ncreases in 57 instances, while in 474 instances no change in price occurred.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES (1926=400.0)
1963
Various agencies of the United States Government awarded contracts
during February for buildings to cost $6.140,195. This is nearly $10,000,000
less than the value of contracts awarded during January 1933, and over
$1,000,000 less than the value of contracts awarded by the Federal Government during February 1932.
Comparing permits issued in 351 identical cities having a population of
25,000 and over in February 1933, and February 1932, there was a decrease
of 61.2% in the number and a decrease of 44.9% in indicated expenditures
for new residential buildings. New non-residential buildings decreased
40.4% in number and 50.6% in indicated expenditures. The number of
additions, alterations, and repairs decreased 24.4%, while the cost decreased
41.9%. Total building operations in these cities decreased 32% in number
and 46.9% in indicated expenditures. The number of family-dwelling units
decreased 51.3%, comparing February 1933. with February 1932.
Permits were issued during February 1933, for the following important
building projects: In the Borough of the Bronx, for an apartment house to
cost over $3,000,000; in Sacramento, Calif., for a school building to cost
nearly $300,000; in the Borough of Manhattan, for a hospital building to
cost $800.000: in Oneonta, N. Y.. for a public utilities building to cost
$300.000; and in Rochester, N. Y., for a State Hospital to cost nearly
$800,000. Contracts were awarded by the Supervising Architect of the
Treasury Department for a post office in Columbus, Ohio, to cost over
$1.200.000; for an appraiser's stores building in Baltimore. Md., to cost
nearly $700.000; and for a Federal Court House in Fort Worth, Texas, to
cost over $600,000.
ESTIMATED COST OF NEW BUILDINGS1IN 758 IDENTICAL CITIES
AS SHOWN BY PERMITS ISSUED IN JANUARY 1933 AND
FEBRUARY 1933.
New Residential Buildings.
February
1933.
66.3
50.6
46.1
50.3
52.7
62.5
64.1
69.6
61.8
59.5
59.4
78.3
88.5
46.1
76.5
98.8
59.6
69.4
56.4
55.8
365
63.1
69.7
68.3
94.8
84.3
80.4
104.8
98.0
38.6
80.9
8.5.1
79.3
95.3
52.7
65.8
73.4
79.3
75.3
62.9
75.1
65.8
77.9
80.2
75.5
80.8
60.1
69.8
73.7
77.5
75.9
79.5
64.7
39.5
48.2
76.7
8.6
84.4
56.9
61.9
71.4
69.6
61.0
42.6
32.9
37.8
48.7
55.8
55.2
60.9
53.0
49.5
60.1
68.9
83.3
43.0
57.1
78.2
51.9
61.9
50.1
48.4
27.0
53.4
66.3
66.0
88.7
79.8
75.3
103.2
96.7
38.7
78.2
84.5
78.5
91.3
46.4
62.8
70.1
74.9
81.2
55.9
68.1
62.8
81.7
79.4
71.6
79.3
54.9
62.3
62.7
72.9
73.5
72.3
61.2
44.6
38.2
72.0
6.5
76.8
50.2
56.9
66.7
64.9
71.3
67.3
42 ;0ba 4.in bo
Co
Or)
:o..iu;o «. Co
;N ao
ia
io 414,64 ;-• k..;e. 4.:462
io
January
1933.
;$..
All commodities
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese and milk
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and leather products
Boots and shoes
Hides and skins
Leather
Other leather products
Textile products
•
Clothing
Cotton goods
Knit goods
Silk and rayon
Woolen and worsted goods
Other textile products
Fuel and lighting materials
Anthracite coal
Bituminous coal
Coke
Electricity
Gas
Petroleum Products
Metals and metal products
Agricultural implements
Iron and steel
Motor vehicles
Non-ferrous metals
Plumbing and heating
Building materials
Brick and tile
Cement
Lumber
Paint and paint materials
Plumbing and heating
Structural steel
Other building materials
Chemicals and drugs
Chemicals
Drugs and pharmaceuticals
Fertilizer materials
Mixed fertilizers
Houseturnishing goods
Furnishings
Furniture
Miscellaneous
Automobile tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Raw materials
Semi-manufactured articles
Finished products
Non-agricultural commodities
All commodities other than farm products
and foods
ata not yet available.
February
1932.
6 LiLa
Conimodity
Groups and Subgroups.
.
R 4RStV.ZItft.,==.°3=12SRR=Int84214V.azgReitENtt2=RMURRUR:ttntS
Geographic Division. Cities.
Survey of Building Operations in United States During
February by United States Department of LaborTotal Costs Decreased 46.4% as Compared with
January.
According to reports received by the Bureau of Labor
Statistics of the United States Department of Labor, there
was a decrease of 46.4% in indicated expenditures for total
building operations, comparing February 1933, reports with
January 1933, reports from 758 identical cities having a
population of 10,000 and over. There is usually a seasonal
decrease in building operations of all kinds comparing
February with January. February 1933, however,showed an
increase of 35.8% for this type of building as compared with
January 1933. The number of residential buildings, however, decreased 18%. New non-residential buildings
decreased 13.4% in number and 66.6% in indicated expenditures. Additions, alterations, and repairs decreased 5.9%
in number and 12.6% in estimated cost. During February
1933, 1,742 family-dwelling units were provided in new
buildings. This is an increase of 15.3% as compared with
January. Under date of March 21 the Bureau also said:
Estimated
Cost.
Jan. 1933.
Families Provided for Is
New Dwellings.
Feb. 1933.
Jan. 1933.
Feb. 1933.
New England
Middle Atlantic
East North Central
West North Central_
South Atlantic
South Central
Mountain & Pacific
108
167
181
74
75
72
81
$764,070
1,732,751
530,802
181,558
657,377
437,704
981,925
$363,921
4,272,991
225,490
177,700
535,674
355,282
1,248,161
173
382
115
70
209
248
314
97
818
58
63
173
174
359
Total
Per cent of change_
758
5,286,187
7,179,219
+35.8
1,511
1,742
+15.3
Geographic Division. Cities.
New Non-Residential
Buildings,
Estimated
Cost.
Jan. 1933,
Feb. 1933.
Total construaton
(Including Alterations
and Repairs),
Estimated Cost.
Jan. 1933.
Feb. 1933.
New England
108
Middle Atlantic
167
East North Central
181
West North Central- 74
South Atlantic
75
South Central
72
Mountain &
81
$637,590
10,359,863
633,652
194,107
778,215
3,437,556
17,338,489
$476,422
4,483,076
1,685,139
447,783
1,512,471
1,678,010
850,486
$2,184,902
14,607,381
2,314,914
759,918
2,213,346
4,461,014
19,235,069
$1,473,685
10,838,491
2,596,595
891,216
3,083.525
2,553,809
3,088,879
Total
Per cent of change_
33,379,472
11,133,387
--66.6
45,776,544
24,526.200
-46.4
758
The National Fertilizer Association Notes Further
Advance in Wholesale Commodity Prices During
Week Ended March 18.
Wholesale commodity prices were higher during thelatest
week according to the index of the National Fertilizer
Association but the gain was not nearly so large as that recorded during the preceding week. During the lastest week
which ended March 18, the general index number advanced
three points compared with a gain of nine points for the preceding week. The latest index number is 57.0, a week ago
it was 56.7 and a month ago, 56.0. A year ago the index
stood at 62.6. (The three-year average 1926-1928 equals
100.) Continuing, the Association further noted on March
20:
During the latest week five groups advanced, eight declined and one
showed no change. The advancing groups were foods, grains, feeds and
livestock, textiles, metals and fertilizer materials. The declining groups
were fuel, miscellaneous commodities, automobiles, building materials,
house-furnishing goods, fats and oils, agricultural implements and mixed
fertilizer. Noteworthy gains were shown in the advances for foods, grains.
feeds and livestock and textiles.
During the latest week there were 39 advances in the prices of the individual commodities, while 29 commodities showed lower prices.
During
the preceding week there were 49 price gains and only four price
losses.
Listed among the commodities that advanced during the week were cotton, wheat, corn, cattle, hogs, ham, flour, heavy melting
steel, copper.
lead, rubber, cottonseed oil, cottonseed meal, silk, practically all
feedstuff&
rosin, sulphate of ammonia and coffee. Among the commodities
that declined were lard, butter, eggs, milk, potatoes, apples, silver, brick,
lumber,
gasoline, kerosene, soap and mixed fertilizer. The outstanding
gains were
shown in the prices for wheat and cotton.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Per Cent
Each Group
Bears to the
Total Index.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
100.0
Group.
Foods
Fuel
Grains, feeds and livestock_
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural imptementa
All groups combined
Latest
Week
PreAfar. ls ceding
1933.
Week.
Month
Ago.
Year
Age.
56.6
51.8
41.3
43.6
58.3
84.9
71.3
68.3
76.0
42.2
87.4
61.1
62.5
90.2
56.3
52.3
38.7
42.3
59.1
85.3
71.4
67.9
76.6
42.4
87.4
60.5
65.1
91.7
54.3
52.9
37.7
41.8
59.5
85.3
71.4
66.8
76.6
40.6
87.3
60.6
64.9
91.7
63.7
57.8
48.4
49.7
61.6
89.2
73.4
71.2
81.2
47.6
88.8
69.2
74.8
92.3
57.0
ART
an 0
Alit
1964
March 25 1933
Financial Chronicle
Ordinary Life Insurance Sales During February 23%
Below Those of February 1932.
"Sales of ordinary life insurance in February were 23%
below those of last February," according to the Life Insurance Sales Research Bureau at Hartford, Conn. The
Bureau states that "although this general decrease Was
experienced in every section of the country, the total volume
of new ordinary life insurance sold during the month averaged over $20,000,000 in every working day." Continuing,
the Bureau also said:
The best experience during the month was In the south central section of
of the country. With the exception of Mississippi every State in this section
showed a better experience for the month than the country average. The
New England and the west north central sections also were above the
average during the month.
The following figures, issued by this Bureau, based on the experience of
79 companies which have In force 91% of the total legal reserve ordinary life
Insurance outstanding in the United States, give by sections a comparison
of sales in February to those of last February and also a comparison of the
last 12 months with the preceding 12-month period:
Last 12 Months
February 1933
Compared to
Compared to
February 1932. Previous 12 Mos.
77%
77%
United States total
79
79
New England
77
76
Middle Atlantic
77
77
East North Central
76
79
West North Central
73
74
South Atlantic
75
85
East South Central
82
85
West South Central
72
66
Mountain
76
76
Pacific
Week Ended Week Ended Week Ended
Mar. 18 1933 Mar. 11 1933 Mar 4 1933
Major Geographic Regions.
Atlantic Seaboard
New England (alone)
Central Industrial
Pacific Coast
1
Total United States
-8.2
-9.5
-14.8
-6.9
-8.0
-10.4
-14.4
-5.8
-5.2
-7.)
-9.6
-5.3
-10.8
-9.6
-6.4
Arranged in tabular form, the output in kilowatt hours of
the light and power companies for recent weeks and by
months since and including January 1930 is as follows:
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Mar.25
Anr. 1
1932.
Week of-
1933.
Week of-
1,495,116,000 Jan. 16
1,484,089,000 Jan. 23
1,489.636,000 Jan. 30
1,454,913,000 Feb. 6
1,482,509,000 Feb. 13
1,469,732,000 Feb. 20
1,425,511,000 Feb. 27
1,422,875.000 Mar. 5
1,390,607,000 Mar. 12
1,375,207,000 Mar. 19
Mar.26
Anr. 2
Week of-
1,602,482,000 Jan. 17
1,598,201,000 Jan. 24
1,588,967,000 Jan. 31
1,588,853,000 Feb. 7
1,578,817,000 Feb. 14
1,545,459,000 Feb. 21
1,512,158,000 Feb. 28
1,519.679.000 Mar. 7
1,538,452.000 Mar. 14
1,537,747,000 Mar. 21
1.514,553,000 Mar. 28
1.480.208.000 Aor. 4
1933
Under
1932.
1931.
1,716,822,000 -6.7%
1,712,786,000 -7.1%
1,687,160.000 -7.5%
1,679,016,000 -8.4%
1,683,712,000 -6.1%
1,680,029,000 -4.9%
1,633,353,000 -5.7%
1,684,125,000 -4.4%
1,676,422,000 -9.6%
1,682,437,000 -10.6%
1,689,407.000
1.679.764.000
DATA FOR RECENT MONTHS.
Month of-
1932
1933.
8S.888888.8
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
1933
Under
1932.
1930.
02022000008Q
January....._ 8,480,897,000 7,011,736,000
February....6,494,091,000
6,771,684,000
March
6,294,302,000
April
6,219,554,000
May
6,130,077,000
June
6,112,175,000
July
6,310,667,000
August
6,317,733,000
September _
6,633,865,000
October _
6,507,804,000
November..
6,638,424,000
December__
1931.
o
The drop results from the banking holiday and Is contrary to the usual
trend at this time of the year. With resumption of operations by companies which had suspended during the holiday and increased schedules
by others this week, employment has again turned upward.
PER CENT. CHANGES.
0-0000
000
NEX..0M0MM.-.,0
0 .OVVNMMMt...N.Z
Employment Index of Detroit Board of Commerce
Lower Due to Banking Holiday.
The employment index of the industrial department of
the Detroit Board of Commerce on March 15 was 33.5,
compared with 49.2 on Feb. 28 and 45.5 on Feb. 15 this
year. On March 15 1932 the index was 68.0. In noting
this, Detroit advices to the "Wall Street Journal" of March
20 continued:
1,375,207,000 kwh., compared with 1,390,607,000 kwh.
in the preceding week and 1,537,747,000 kwh. in the corresponding period in 1932. The percentage decline as comparet
with a year ago was 10.6%, as against 9.6% for the previous
week. The Institute's statement follows:
7.6%
.
. __---------------- ---
---77,442,112,000 86,063,969,000 89,467,099,000
Note.-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
Total
3
,
040800.
.
oceoocw
'ao.;--Obo;D:o6i4
Slight Increase Reported in "Annalist" Weekly Wholesale Price Index During Week of March 21Country's Foreign Trade in February-Imports and
Movement of Commodities Irregular.
Exports.
An unimportant rise of 0.1 point was recorded by the
of Statistics of the Department of Commerce
Bureau
The
•
on
prices
wholesale
commodity
"Annalist" weekly index of
at Washington on Mar. 17 issued its statement on the
March 21. The "Annalist" also noted the following:
foreign trade of the United States for February and the eight
The period covered, however, was only five days, since the index for last
months ended with February. The value of merchandise
week, provisionally computed on March 14. with all the grains missing, a
has now been recalculated as of March 16, the first day after the banking
exported in February 1933 was estimated at $100,000,000 as
holiday on which complete quotations were available. The revision lifted
compared with $153,972,000 in February 1932. The imports
last week's index to 82.8 from 82.2 (largely because of the inclusion of the
of merchandise are provisionally computed at $83,000,000 in
grains), resulting in a total gain of 2.3 points over the banking holiday, or
from March 3 to March 16.
February 1933, as against $130,999,000 in February the
THE ANNALIST WEEKLY INDEX OF WIIOLESALE COMMODITY PRICES.
previous year,leaving a favorable balance in the merchandise
(1913=100)
movement for the month of February of approximately
(Unadjusted for seasonal variation.)
$17,000,000. In February 1932 there was a favorable trade
March 21 '33. x21ar. 16 '33. March.2232.
balance in the merchandise movement of $22,973,000..
66.3
66.1
Farm products
for the eight months ended February 1933 have been
Imports
88.2
89.0
Food products
68.0
c69.1
$754,996,000, as against $1,250,002,000 for the correspondTextile products
103.4
101.9
Fuels
ing 8 months of 1931-32. The merchandise exports for the
95.1
94.4
Metals
106.5
106.6
Building materials
eight months ended February 1933 have been $992,217,000
95.2
95.2
Chemicals
69.0
69.0
$1,412,316,000, giving a favorable trade balance of
against
Miscellaneous
82.8
82.9
All enrnmmiltlas2
for the eight months of 1932-33 against $162,$237,221,000
al
are
which
quotations
for
holiday
bank
c Provisional. x Revised, first date after
313,000 in the eight months of 1931-32.
available.
Gold imports totaled $30,381,000 in February 1933 against
The five days' movement of the commodities was irregular. Bursting of
the inflation bubble and the consequent withdrawal of outside speculative
in the corresponding month of the previous
$37,644,000
in
losses
for
wheat,
largely
accounted
interest from the commodity markets
the eight months ended February 1933 were
for
were
depressed
also
and
year,
cotton
and
Wheat
copper.
cotton, hides, coffee and
as against 44,735,000 in the same period
by the threat of unlimited and unpredictable government interference
$374,326,000,
lower,
contained in the President's Farm Bill. Gasoline prices also were
exports in February were only $21,521,000,
Gold
ago.
year
a
Texas
of
breakdown
for other reasons, however-largely the progressive
against $128,211,000 in February 1932. For the eight
proration and the resulting demoralization of the crude petroleum market.
The chief advances were in cattle, hogs and corn, In each case the result of
months ended February 1933, the exports of the metal
light offerings (hogs In any case normally tending upward at this time of
up $63,224,000, against $702,080,000 in the correspondfoot
Sugar
cattle.
and
year), although there was also a better demand for hogs
ing eight months of 1931-1932. Silver imports for the eight
was also sharply higher, on rumors of possible further segregation of stocks
by the Cubans,such as might later cause somewhat of a shortage at present
months ended February 1933, have been $11,516,000, as
prices In this country.
against $18,736,000 in the eight months ended February
further decline
The February farm price index of the farmers'crops show a
and 60 a year
1932, and silver exports were $7,325,000 compared with
to 49 (August 1909 to July 1914=100),from 51 in January
it has
ago. In the four years since February 1929, when it stood at 136,
$14,263,000.
two-thirds. While the prices of the commodities the
fallen 64% or almost
33.3% in
farmer buys have also fallen, the decrease has been far less-only
four years. The result is that his purchasing power has fallen 46.6% since
February 1929, and, at 47, is now 53% under the pre-war level. (It should
be noted that these indices do not represent the total farm income of the
country, which varies with varying sizes of crops, but only the relative
return from year to year on a crop of a given size.
Production of Electricity Again Falls Off.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States during the week ended March 18 1933 was
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
(Preliminary figures for 1933 corrected to March 16 1933.)
MERCHANDISE.
February.
Exports
Imports
Excess of exports
Excess of imports- --
2 Months Ending Feb.
1933.
1932.
1933.
1932.
Increase(+)
Decrease(-)
1,000
Dollars.
100,000
83,000
1,000
Dollars.
153.972
130,999
1,000
Dollars.
220,593
179,009
1,000
Dollars.
303,993
266,519
1,000
Dollars.
-83.400
-87,510
17,000
22,973
41,584
37,474
Financial Chronicle
Volume 136
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
1933.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1932.
1.000
1,000
Dollars. Dollars.
120.593 150,022
100.000 153.972
154,876
135.095
131,899
114,148
106,830
108.599
132.037
153.401
138,961
131,795
1931.
1930.
1929.
1928.
1,000
Dollars.
249,598
224,346
235,899
215.077
203.970
187,077
180,772
184,808
180.228
204,905
193,540
184.070
1.000
DoUars.
410,849
348.852
369,549
331.732
320,034
294,701
266,761
297,765
312.207
326,896
2E38,978
274,856
1.000
Dollars.
488.023
441,751
489,851
425,264
385.013
393.186
402,861
380,564
437,163
528.514
442,254
426.551
1.000
Dollars.
410.778
371,448
420,617
363.928
422,557
388,681
378.984
379,006
421.607
550,014
544,912
475.845
2 months ending Feb 220,593 303,993 473,944 759,701 929.774 782.226
8 months ending Feb 992.217 1,412,316 2,241,407 3.377.608 3,680,142 3,281,309
12 months ending Dec.1,611,636 2,424,289 3.843.1815.240,995 5.128.356
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
96.009
83.000
135,520 183,148
130,999 174,946
131.189 210,202
126,522 185,706
112,276 179,694
110,280 173.455
79,421 174,480
91.102 168,679
98.411 170,384
105,409 188,708
104,468 149,480
97,086 153.773
310.968
281.707
300,460
307,824
284.683
250,343
220,558
218.417
226,352
247,367
203.593
208,636
368,897
369.442
383,818
410,666
400,149
353,403
352,980
369,358
351,304
391,063
838,472
309,809
337,916
351,035
380.437
345,314
353,981
317,249
317,848
346,715
319,618
355,358
326,565
339,408
2 months ending Feb. 179.009 266,519 358,094 592.675 738,339 688,951
8 months ending Feb. 754,996 1,250,003 1.683,017 2,705,661 2,743,851 2,750,519
12 months ending Dec.
1 322.772 2.090,635 3.060,908 4,399,381 4.091,444
GOLD AND SILVER.
2 MonThs Ending Feb.
February.
1932
1933.
1.000
GoldExports
Imports
1933.
1.000
Dollars.
Dollars.
21,521
80,381
128,211
37,644
Excess of exports_
Excess of Imports-SikerExports
Imports
1,000
Dollars.
21,535
158,861
90,567
8,860
Excess of exports_
Excess of imports_ __ _
Inerease(+)
Decrease(-)
1932.
Loos
Dollars.
236,075
72,557
1,000
Dollars.
-214.540
+86,304
163,518
137,326
194
857
942
2,009
1,745
2,620
2,553
4,106
663
1.067
875
1.553
-808
-1,486
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
Gold.
1933.
1932.
1931.
Siker.
1930.
1933,
1932.
1931.
1930.
1,000 1.000 1,000 1,000 1,000 1,000 1,000 1.000
ExportsDollars. Dollars. Dollars. Dollars. Dollars. Dollars Dollars. Dollars.
January
14 107,863
54 8,948 1.551 1,611 3,571 5,892
February
21,521 128,211
14
207
194
942 1,638 5,331
March
43,909
26
290
____
967 2,323 5.818
April
49,509
27
110
____ 1.617 3,249 4,646
May
_ 212,229
628
82
____ 1,885 2,099 4.978
June
_ 226.117
40
26
1,268 1,895 3,336
July
23,474 1,009 41,529
____
828 2,305 3.709
August
18,067
39 39,332
____
433 2,024 4.544
September
____
80 28,708 11,133
____
868 2,183 3,903
October
61 398,604 9,266
____ 1,316 2,158 4.424
November
16 4.994 5,008
____
875
872 4,103
December
13 32,651
36
____ 1,260 2,168 3,472
2 mos.end. Feb 21,535 236,075
69 9,155 1,745 2,553 5.209 11.223
8 mos.end.Feb. 63.224 702,800 106,373 118,687 7,325 14,263 29.363 53.274
12 mos.end.Dee.
____ 809,528 466,704 115,967
____ 13.850 26,485 54.157
ImportsJanuary
128.479 34.913 34,426 12,908 1,763 2,097 2,896 4,758
February
30,381 37,844 18.156 60.198
857 2.009 1,877 3.923
March
..... 19,238 25,671 55,768
_.- _ 1.809 1,821 4,851
April
____ 19,271 49,543 65,835
____ 1.890 2,439 3,570
May
____ 16,715 50,258 23,552
____ 1,547 2,636 3.496
June
-- 20.070 63,887 13,938
____ 1,401 2.364 2.707
July
-___ 20,037 20,512 21,889
____ 1,288 1,663 :3,953
August
24,170 57,539 19,714
____ 1.554 2,685 3,492
September
__ - _ 27,957 49.289 13,680
____ 2.052 2,355 3,461
October
20,674 60,919 35,635
____ 1,305 2.573 3,270
November
21,756 94,430 40,159
___ 1,494 2,138 2.652
December
.100,872 89,509 32,778
---- 1,203 3,215 2,660
2 mos.end.Feb 158.861 72.557 50,582 73,106 2,620 4.106 4,773 8.679
8 mos. end.Feb. 374,326 444,735214,437 183,248 11,516 18.736 24.261 39,584
12 mos.end.Dee.
____ 363,315 612,119 396,054
_- 10.650 28.664 42,781
Daily Index of Staple Commodity Prices
Declines as Prices Even Up Following Deflation
Scare.
Moody's
During the week under review, Moody's Daily Index of
Staple Commodity Prices mirrored the downward readjust-.
ment which took place in commodity as well as security
values as speculation on an immediate currency inflation
was gradually abandoned. The Index declined from 88.3
to 86.5 and now represents a loss of one-quarter of the gain
from the pre-moratorium level of 80.0 to the peak of 88.7
reached on March 16, when all commodity exchanges were
open for the first time since the bank holiday.
Of the fifteen commodities comprising the Index,sugar was
unchanged, corn, hogs, and steel scrap showed slight advances for the week, while all the others showed declines.
Of these the most notable were in coffee, which is now selling
at its 1932-33 low previously reached in January 1932, and
in copper, lead, and wheat, while hides, silk, wool, cocoa,
rubber, silver and cotton displayed an easier tone.
The movement of the Index for each day of the past week,
with comparisons, is shown below:
1965
87.4 Week ago Fri. Mar. 17
Sat.
Mar. 18
87.9 2 wks. ago Fri. Mar. 10
Mon. Mar. 20
'Mar. 26
87.3 Year ago
Tues. Mar. 21
1932-33 flange.
86.3
Wed. Mar. 22
Feb. 4, 1033
Thurs. Mar.23----.5 Low
Sept.6, 1932
86.5 li Igh
Fri.
Mar. 24
* Based partly on unofficial but actual transactions.
88.3
*S7.6
91.3
78.7
103.9
New Business at Lumber Mills Shows Heavy Increase.
New business booked at the lumber mills during the week
ended March 18 1933 was 31% above the previous highest
week of 1933, 38% above that received during the preceding
week and 14% above the corresponding week of 1932,
according to telegraphic reports to the Nationel Lumber
Manufacturers Association from regional associations covering the operations of 695 leading hardwood and softwood
mills. ThiE new business amounted to 156,370,000 feet.
Production totaled 87,571,000 feet which was -lightly higher
than the previous week and 22% below the corresponding
week of 1932. Softwood production was 20% below that
of last year; hardwood, 45% b3low.
Most of the gain in orders was in the softwood regions,
Southern pine, West Coast and Western pine showing the
heaviest orders of the year, as well as Northern hardwoods,
adds the Association, which further reports as follows:
New business at the Southern pine mills was 51% of capacity, compared
with 24% the previous week; at the Western pine mills orders were 22% of
capacity compared with 14% the week before: at Southern hardwood mills
25% compared with 20% the week before. Northern mills also showed
substantial gains.
Compared with corresponding week of 1932. softwood orders were 17%
above; hardwood orders, 15% below. Orders reported by Southern pine
and West Coast mills were nearly 40% above those of the corresponding
week of 1932; Northern hemlock were 62% above and Northern hardwoods
79% above. Other regions showed decreases as compared with last year.
Forest products carloadings during the week ended March 11 were
13,262 cars, a decline from the previous week of 1,978 cars and from the
corresponding week of 1932 of 5,705 cars.
Lumber orders reported for the week ended March 18 1933 by 425 softwood mills totaled 142,262,000 feet, or 77% above the production of the
same mills. Shipments as reported for the same week were 100,908,000
feet, or 25% above production. Production was 80.456,000 feet.
Reports from 287 hardwood mills give new business as 14.108.000 feet,
or 98% above production. Shipments as reported for the same week were
10,654,000 feet. or 50% above production. Production was 7,115,000 feet.
Unfilled Orders.
Reports from 376 softwood mills give unfilled orders of 380.425.000 feet.
on March 18 1933. or the equivalent of 14 days' production. The 550
identical mills(hardwood and softwood)report unfilled orders as 451.104,000
feet on March 18 1933, or the equivalent of 14 days' average production,
as compared with 552.555,000 feet, or the equivalent of 18 days' average
production on similar date a year ago.
Last week's production of 417 identical softwood mills was 79.746,000
feet, and a year ago it was 99,152,000 feet; shipments were respectively
99,879.000 feet and 127.726.000; and orders received 140,661,000 feet and
120,447,000. In the case of hardwoods. 193 identical mills reported production last week and a year ago 5.882.000 feet and 10.640.000; shipments.
9.352.000 feet and 13,820,000; and orders. 11,070.000 feet and 13,090,000.
West Coast.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 178 mills reporting for
the week ended March 18:
SHIPMENTS.
-NEW BUSINESS.
UNSHIPPED ORDERS. I
Feet.
Feel.
Feel.
Coastwise and
Domestic, cargo
Domestic cargo
delivery_
32,310.000 delivery__ __ 95,454.000 intercoastal _ 24.133.000
15,496,000
Export
85,552,000 Export
19,483,000 Foreign
14,832.000
Rail
23,973.000 Rail
64,663,000 Rail
4,234.000
Local
Local
4,234.000
58,695,000
Total
235.869.000 Total
80,000,000 Total
Production for the week was 52.900,000 feet.
Southern Pine.
The Southern Pine Association reported from New Orleans that for 108
mills reporting, shipments were 7% above production, and orders 66%
above production and 55% above shipments. New business taken during
the week amounted to 32.360,000 feet (previous week, 14,527.000 at 106
mills): shipments, 20.893.000 feet (previous week. 14,455.000); and production. 19.436.000 feet (previous week. 18.764.000). Production was 31%
and orders 51% of capacity compared with 31% and 24% for the previous
week. Orders on hand at the end of the week at 108 mills were 66.177.000
feet. The 108 identical mills reported a decrease in production of 16%.
and in new business an increase of 39%. as compared with the same week
a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
115 mills,reporting, shipments were 154% above production, and orders
261% above production and 42% above shipments. New business taken
during the week amounted to 27,868.000 feet (previous week. 19.698.000
at 121 mills); shipments. 19.614.000 feet (previous week. 19.518.000);
and production, 7,713,000 feet (previous week. 8.772.000). Production
was 6% and orders 22% of capacity, compared with 6% and 14% for the
Previous week. Orders on hand at the end of the week at 115 mills were
94,314.000 feet. The 113 identical mills reported a decrease in production
of 48%, and in new business a decrease of 27%, as compared with the same
week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported no
production from 7 mills, shipments 1.077.000 feet and new business.
1.080,000 feet. The same mills reported new business 30% lees than for
the same week last year.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported production from 17 mills as 407,000 feet. shipments 629.000 and orders 954,000 feet. Orders were 11% of capacity
compared with 6% the previous week. The 17 identical mills reported a
loss of 51% in production and a gain of 62% in new business, compared
with the same week a year ago.
1966
Financial Chronicle
Hardwood Reports.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
production from 270 mills as 6.911,000 feet, shipments 9.817.000 and new
business 12,276,000. Production was 14% and orders 25% of capacity.
compared with 14% and 20% the previous week. The 176 identical mills
reported production 43% less and new business 23% less than for the same
week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 17 mills as 204,000 feet, shipments 837.000 and orders 1.832,000 feet. Orders were 29% of capacity.
compared with 11% the previous week. The 17 identical mills reported a
decline of 68% in production and a gain of 79% in orders, compared with
the same week last year.
Seasonal Gain Reported in Production and Shipments
of Pneumatic Casings and Inner Tubes-Inventories Decline.
Shipments of pneumatic casings for the month of January
1933 amounted to 2,596,585 casings, an increase of 42.8%
over December 1932, but were 20.2% below January 1932,
according to statitics estimated to represent 100% of the
industry, released by the Rubber Manufacturers' Association, Inc. Production of pneumatic casings for January
1933 totaled 2,257,846 casings, an increase of 13.9% over
December 1932, but were 34.8% under January 1932.
Pneumatic casings in the hands of manufacturers Jan. 31
1933, amounted to 7,236,845 units, a decrease of 5.3% below
Dec. 31 1932, stocks, and 8.5% under Jan. 311932. The
actual figures are as follows:
March 25 1933
Production at Southern Pine Mills Fell Off During
February, While Shipments Increased.
Lumber production at Southern pine mills averaged 160,z
981 feet per unit during the month of February, according
to reports to the University of Texas Bureau of Business
Research by the Southern Pine Association. This average
output represents a decline of 2.3% as compared with that
for January but is 8.3% greater than production by the
same units in February a year ago.
Shipments, however, increased during February to an
average per week of 167,316 feet per unit, as compared
with 161,569 feet per unit during the preceding month.
Last year in February,hipments averaged 197,046 feet
per unit each week. Average weekly shipments exceded
output by 6,335 feet per unit, or 3.9% during February.
Unfilled orders at .the close of February amounted to
only 450,561 feet per unit, less than three weeks' run at
current operating schedules. At the corresponding time
last year, unfilled orders reached 542,449 feet per unit.
.11p.
Consumption of Rubber in United States During 1932
Decreased 10.3% as Compared with 1931-World
Consumption Also Lower-Absorption During
December 1932 in United States Smallest Since
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS.
February 1922.
[From figures estimated to represent 00% of the industry.]
The United States consumes approximately 60% of the
Shipments.
Production.
Inventory.
world's crude rubber output, and of this quantity nearly
January 1933
2,596,585
2,257,846
7,238,845
80% goes into the manufacture of automobile tires and tubes.
December 1932
1,818,700
1,982,681
7,644,359
While the absorption of rubber was expanding at an average
January 1932
3,253,086
3,462,485
7,911,771
rate
of over 11% per annum between 1920 and 1929, when
The Association, in its bulletin dated March 17 1933,
world consumption reached 790,000 long tons, by 1932 it
gave the following data:
had fallen under 660,000 long tons.
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS AND INNER
TUBES (BY MONTHS).
In the United States, consumption fell from 470,000 long
[From figures estimated to represent 80% of the industry.]
tons in 1929 to 313,122 long tons in 1932. This total was a
drop of 10.3% from the consumption figures of 348,986
Pneumatic Casings.
Inner Tubes.
long tons in 1931, and was a decline of about 25% from the
/menOutShipInvenotaShiptory.
menu,
tory.
put.
mews.
Putrecrod total of 1929. The 1932 consumption was the
smallest for any year since 1923. The December 1932, con1933January
5,789,476 1,806,277 2,077,268 4,957,298 1,674,557 2,028,100
sumption by manufacturers in the United States of 16,990
1932January
6.329,417 2,769,988 2,602,469 6,175,055 2,718,508 2.803,369
long
tons was the smallest for any month since_ February
7,337,796 3,098,976 2,042,789 7,007,567 3,056,983 2.182,405
February
7,902,258 2,936,872 2,363,323 7,553,177 2,801,602 2,143,899
March..
1922, according to a survey of the rubber industry, which
7,876,656 2.813,489 2.958,014 7,552,674 2.579,763 2,708,186
April
has just been completed by Dun & Bradstreet, Inc. The
May
7,502,953 3.056.050 3,406.493 7,130,625 2,727.462 3,093,593
June
x3,999,260 4,514,663:8.051,932 x4,139,358 4,222.816 17,215,371
survey, issued March 21, continues:
4,962,235 2,893,463 1,923,276 4,779,814 2,349,761 1,727,750
July
August
September_ _ _ _
October
November
December
5,327,179
4,876,878
5,500,784
5,963,554
6,115,487
2,471,361
2.030,976
2,054,913
1,842.836
1,586.145
2.123,890
2,465,828
1,439,309
1,369,033
1,454,960
4,901,884
4,602,160
4,970,898
5,329,319
5,399.551
32,067,732 32,200,820
Total1931January
February
March
April
May
June
July
August
September-October
November
December
7,100,846
7.628,520
8,011,592
8,025.135
8,249,856
8,357,768
7,935,565
7.117,037
6,526.762
6,640,062
6,335,227
6,219.776
2,939,702
3,183.274
3.730.061
3.955.491
4.543,003
4.537.970
3,941,187
3,124,746
2.537,575
2,379.004
2.000,630
2.114,577
2,995.479
2,721.347
3,297,225
3,945.525
4,332,137
4,457,509
4,369.526
3,967.987
3.145,488
2,281,322
2.309,971
2.225,036
2,198,560
2,081,146
1,749,188
1,604,071
1,423,376
2,002,347
2.478,234
1,326,824
1.262,634
1,378,924
29,513,246 30,328,536
7.551.503
9,936,773
8,379,974
8,330,155
8,438,799
8,403,401
7,671,801
7,019.217
6,476,191
6,658.913
6,495,708
6,337.570
2,898,405
3,132,770
3,559.644
3,693,222
4,329,731
4,286,467
3,964,174
3,548,335
2.759,431
2,461,578
1,954,915
2.077,704
3.249,734
2.720.135
3,031,279
3,703.949
4,224,594
4,317.543
4,664,964
4.240.403
3,320,103
2,250,494
2,075,716
2,213.261
TAW
38.00222040048 152
38656270 40017 175
Revised.
CONSUMPTION OF COTTON FABRICS AND CRUDE RUBBER IN THE
PRODUCTION OF CASINGS, TUBES, SOLID AND CUSHION TIRES
AND OUTPUT OF PASSENGER CARS AND TRUCKS.
Consumption.
Couon
Fabrics
(80%).
Crude
Rubber ,
(80%).
Produaion.:
Gasoline
(100%).
Passenger
Cars
Trucks
(100%). (100%).
(Pounds.)
(Pounds.)
(Gallons.)
Calendar years:
1926
165.963.182 518,043,062 10,708.063,000 3,929,535 535.006
1927
177,979.818 515,994,728 12,512,976.000 3.093323 486.052
1928
222,243.398 600.413,401 13,633,452,000 4,024.590 576.540
208.824.653 598.994,708 14,748,552,000 4,811.107 810.549
1929
1930
158,812.462 478,755,707 16,200,894,000 2,939,791 569,271
1931
151,143,715 456.615,428 16,941,750,000 2,036,567 435.784
1932
128,981,222 416,577,533 15,698,340.000 1,196,357 245,285
Month of January19,779,481 54,160,529
949,284,000
367,781 55,874
1929
14,559,163 42,108,149 1,080,660,000
243,955 39,522
1930
12,738,467 36,318,980 1,127,532,000
142,869 35,475
1931
12,156,282 36,850,171 1,112,370,000
101,915 21,160
1932
7,899,233 27,368,276 1,110,564,060
111,318 22,154
1933
production
and
cars assembled abroad the
These figures include Canadian
parts of which were manufactured in the United States.
WHOLESALE PRICES OF COMMODITIES.
Average Prima.
lndez Numbers.
1926=100.
Commodity.
Jan.
1933.
All commodities
Crude rubber (cents per pound)
Smoked sheets (cents per pound).- .031
Latex crepe (cents per pound)
.038
Tires (dollars per unit)
Balloon (dollars per unit)
9.51
4.91
Cord (dollars per unit)
Truck and bus (dollars per unit)
27.57
Tubes, inner (dollars per unit)__ _ _ 2.37
Dec.
1932.
Jan. Jan. Dec. Jan.
1932. 1933. 1932. 1932.
.033
.039
.045
.050
9.51
4.91
27.57
2.37
8.48
4.46
26.17
2.05
61.0
6.5
6.4
7.6
44.6
43.2
51.7
45.0
42.1
62.6
6.8
6.7
7.8
44.6
43.2
51.7
45.0
42.1
67.3
9.3
9.1
10.2
39.7
33.5
46.9
42.7
36.5
As the output of rubber on the 6,000,000 acres of tappable trees in the
Orient in 1932 amounted to approximately 715,000 tons, stocks of crude
rubber on hand and afloat showed an almost uninterrupted monthly
increase last year. By the end of January of the current year, these stocks
reached a record high of 425,915 long tons, while consumption fell to 21,661
long tons, the lowest record set down for January in the last decade.
Output of automobiles fell off about 40% last year from the 1931 volume,
and the tire manufacturing industry naturally suffered in proportion. For,
production of automobile casings in 1932 totalled only 40,093,000, as
compared with 48,739,000 in 1931, and 77,944,000 in 1928, the peak year
for the industry. Inventories, however, were kept well in hand, standing
at 7,644,000 at the end of 1932, in contrast to 7,775,000 at the close of
1931, and 13,624,000 on Dec. 311928.
As more tire miles were worn out last year than were replaced, trade
estimates put the replacement needs alone for 1933 at 60,000,000. if the
automobiles now on the highways are to be provided with the proper
safety and comfort necessary to motor-car owners. The mechanical goods
division of the rubber industry has been giving a fairly good account of
itself, and the revival in demand for rubber sundries which came with the
turn of the new year, has been well sustained.
The buyer this year obtains for his dollar more than 30 times the quantity
of rubber that he could have bought with the same dollar in 1926. The price
then was slightly abovell a pound, as compared with 31.4 cents a pound at
the close of 1932. Naturally, this rapid decline In the cost of the raw
material has Increased credit losses in the retail field, due to the fact that
dealers have been losing on their stocks of merchandise, which have been
going down in value.
This is reflected in the insolvency record, which has shown a steady
increase in the distributing division since 1929, with the number of failures
in 1932 reaching a peak of 12, and the involved liabilities a total of $514,800,
the highest that ever has appeared in the compilation of the rubber industry
of Dun & Bradstreet, Inc. While the number of rubber manufacturers
that failed in 1932 attained a new high level of 14, the defaulted indebtedness declined to $923,883 from the record high of $1,952,170 in 1931
British Curb Cuts Canada Grain to Port of New YorkShipments Through Here Virtually at Standstill
Due to Empire Compact.
The following is from the New York "Times" of March 20:
The shipment of Canadian grain to the port of New York for export
is virtually at a standstill because of the restrictions of the Ottawa agreements act withdrawing preference from g ain shipped from one part of
the British Empire to another, through a foreign country. The reports
of ship lines which once found an important source of income in the shipment of Canadian wheat and figures complied by the Port of New York
Authority reveal a severe reduction in 1933 as a result of the act, enacted
last Fall.
Only 103,000 bushels of grain were received at the port in January, as
against 1,040,800 bushels in January, 1932, according to the Port Authority. Virtually all of this grain came by rail.
Every comparison made between the activities of grain since the Ottawa
act became effective and the activity a year ago shows that the port has
suffered, shipping men report. The approach of the spring season when
Volume 136
Financial Chronicle
ship lines count on grain for export has increased the apprehension of
the trade, while negotiations are under way between the State Department and the British Government to change the act or ease the interpretation of its terms.
A shipment of 8,000 bushels was carried to Liverpool on the White
Star liner Britannic and three carloads were sent on the Cunard liner
Laconia, having been shipped down the Great Lakes to Buffalo to an
elevator company and forwarded by rail to New York. Under the Ottawa
act wheat shipped between points in the Empire enters its port of destination at a tariff differential of six cents a bushel below wheat of other
nations, but to obtain this differential it must be clearly indicated
that the wheat is designated for some point within the Empire when it is first
shipped.
The British Treasury ruled Dec. 21 on the Laconia shipment that "convincing evidence" of its destination within the empire must be presented
to warrant the preferential treatment. The documents of the Britannic's
shipment were adjusted for the second test and shipping men and traders
in the corn trade believed the demands of the treasury had been met.
Preference was denied this shipment, however, and the situation has since
remained unchanged.
Increase in Grain at Head of Lakes.
• Canadian Press accounts from Fort William, Ont.,
March 18 stated:
Stocks of grain in store at terminal elevators at the head of the Great
Lakes increased more than 1,500,000 bushels this week, the Board of
Grain Commissioners reports. The total now is 70,564,596 bushels, which
Is 2,000.000 more than a year ago. in bushels the stocks are: Wheat,
65.396,269; oats, 1,295.375; barley, 1.481,507; flax, 588.164: rye. 1.814.647.
Visible wheat in the Western inspection division is 190,955,010 bushels
against 152,311,299 a year ago.
Canada Sees Wheat Gain—Expects Larger Exports
•
Because of Russian and Danubian Conditions.
From the New York "Times" we take the following
(Canadian Press) from Ottawa March 17:
Canada in all probability will improve her wheat export position greatly
In 1932-33 compared with the previous year, the Department of Trade
and Commerce says in its monthly review, issued to-day. Scarcity of
wheat in Russia and partial failure of the Danube crop are given as grounds
for the prediction.
In the present crop year to date Russian and Danubian shipments have
amounted to only 19,000,000 bushels, with the prospect that only 5,000.000
bushels more will be shipped to the end of July, 1933. This would require
of the non-European wheat-producing countries an export of about 64.000.000 bushels for the crop year, or about the same as in the preceding
year.
The new Australian crop is estimated at 200.000,000 bushels, with a
surplus of 150,000.000 for current export. Of this, 101,000.000 bushels
have already been exported.
Argentina's estimate is 236.000,000 bushels, leaving 126,000.000 for
current export. Of that total 57,000,000 have still to be exported.
More Wheat Grown in England Result of Wheat
Subsidy.
The following information was made available March 9
by the Department of Commerce at Washington:
While acreage in other crops, except potatoes and sugar beets, declined,
wheat acreage increased 15% in Great Britain during 1932 compared
with the previous year's plantings, according to a report to the Commerce
Department's foodstuffs division from Trade Commissioner Harry 0.
Mitchell, London.
Yield per acre also increased about one hundredweight, while total
production rose about 15%.
That this condition is due directly to the Government's Wheat Act of
1932 is the opinion of the British Ministry of Agriculture, it was reported.
All other acreage declined, except potatoes and sugar beets, and the latter
also benefited by a government subsidy.
The Wheat Act provided for a charge on millers and importers of flour,
payable to the Wheat Commission, a body composed of representatives
from the milling, grain, flour, importing, packing, and consumers' trades,
who serve without remuneration.
Prom the funds thus established the wheat farmer receives a deficiancy
payment equal to the difference between the average price obtained for
his millable wheat and a fixed standard price established by the Commission.
The Ministry of Agriculture reports that it has had only minor 'administrative problems in the operation of the Act. While the original scheme
was considered unworkable, millers and importers are now working closely
with the Ministry on the scheme which it is hoped will assure farmers
fair return on their millable wheat without crippling the trade.
At present there is some opposition to the scheme on the part of residents of northern England and Scotland, who feel that they are being
taxed to benefit the southern farmers. They point out that the value
of British wheat production figures about only 4% of the total value
of all farm products of the United Kingdom, and that cultivation of wheat
In the British Isles is uneconomic compared with the low coat and efficient
production of other sections of the world.
As English wheat flour is more competitive with the soft Continental
flour than with hard American or Canadian wheat, heavy imports of
Continental flour is helping to depress the prices of native wheat, which
may, if the present position continues, inCrease the margin between the
prices received by the English farmers and the guaranteed price of 45
shillings per quarter assured by the Wheat Act.
Some fear is being entertained that this will increase bread prices. However, in a recent bullietin of the Farm Economics Branch of the Cambridge University, it was stated that only for the deficiency payments
of the Wheat Act, the farmers in the western counties could have held
a heavy deficit on last year's trading accounts.
Deficiency payments are estimated to more than offset the exhaustion of
farm credit and private savings which occurred particularly during 1930.
1931 and 1932, and it is estimated that as a result of the Wheat Act farm
incomes in the eastern counties will be about £20 per farm greater than
the previous year.
French Cabinet Approves Increase in Wheat Price.
On March 8 Associated Press advices from Paris stated:
The price of wheat would be increased about 10 cents a bushel by a
bill approved by the Cabinet to-day. The price would be stabilized at
about $1.25 a bushel.
and used for feeding.
1967
Inferior wheat would be taken off the markt,
From the New York "Herald Tribune" we take the
following from Paris March 11:
Marching farmers protesting against the low price of wheat have created
a real problem for Prance. Aroused to fever pitch over the steady fall
in grain quotations since last summer, farmers throughout the country
have gone on parade. Some demonstrations ended in violence.
Parliament put $12,000,000 at the disposal of the government to aid
harvesting.
French wheat is quoted in Paris at $4.30 to quintal (three and twothirds bushels). This is equivalent to $1.17 a bushel, considerably more
than twice the world market price. But last summer wheat brought
$6 and $7 the quintal.
The farmers ask that all foreign wheat, including American, Canadian
and Argetine, be barred from the domestic market and that prices be restored to the $6 and $7 level, or from $1.55 to $1.90 a bushel.
Tariffs and the quota system have kept France free from the effects of
the world overproduction of grain but still farmers are not satisfied.
Foreign wheat has been subject to a strict quota allotment, which increases
as the domestic crop is used. The percentage allowed to enter the country
immediately after harvest is zero, but it has reached 90% just prior to
a new threshing season.
The Minister of Agriculture advised farmers not to get "jumpy" over
the large crop of 1932.
"Our problem." he said, "arises from alternating good and bad crops."
He said that last year's excess amounted only to a little more than a month's
consumption. He blames speculators for the drop in prices rather than
the size of the crop.
Winter sowings fell this year to about 8,000.000 acres from 13,000.000
acres last year.
The Ministry of Agriculture has ordered officials dispensing the $12,000.000 voted by Parliament to loan money only to those farmers who
prove that they grow wheat of superior quality. Spring wheat has been
discouraged.
March Sale of 62,500 Bags of Farm Board's Holdings of
Brazilian Coffee at 8.76 Cents to 8.83 Cents.
The Sale of the 62,500 bags of Santos coffee from the
Grain Stabilization Corp.'s March allotment brought prices
ranging from 8.76 to 8.83 cents a pound said the "Wall
Street Journal" of Mar. 21, which added:
This compares with prices of 8.53 to 9.05 cents received for the last
batch of 41,750 bags sold from the February allotment.
The last previous sale was noted in our issue of Feb. 25,
page 1277.
Brazil to Buy Up Coffee—Hopes to Eliminate Surplus
Before August.
The following cablegram from Rio de Janeiro, Mar. 22,
is from the New York "Times":
The government, through the National Coffee Department, issued a
statement to-day that by the end of July it would buy up surplus stocks,
freeing the coffee market of old stocks before the new crop comes in.
The statement also said the government would finance the corning
crop, estimated at about 21.000.000 bags.
Report That Coffee is Offered Japan for Ships by Brazil
—Trade Would Cover Period of Twelve Years.
A cablegram from Tokio Mar. 17 is from the New York
"Times":
Japanese shipbuilders are considering inquiries received from the Brazilian
Government through the Japanese Embassy in Rio de Janeiro for construction of warships on a basis of barter, the vessels to be paid for in coffee
and other Brazilian products.
The Shipbuilders Federation has discussed the proposal but deferred
decision pending receipt of fuller information. Junichiro Imaoka, President
of the Iraga Dockyard, was interested, but the shipbuilders represented at
a meeting on the subject considered the plan difficult of realization.
Orders for thirty vessels, including cruisers, destroyers and auxiliary
ships, are offered, the construction and payment to spread over twelve
years. European shipbuilders also have been approached.
A Rio de Janeiro cablegram Mar. 17 to the same paper
stated:
Dispatches from Japan reporting negotiations for the exchange of
Brazilian products for warships could not be confirmed here.
The rumor undoubtedly is connected with a recent appropriation for
repairs and replacement in the Brazilian Navy during a period of twelve
years.
The Lloyd Brazileiro, however, contemplates replacements and enlargemeat for its merchant fleet.
$5,000,000 Sold to the Bank of Brazil by Coffee Exporters as Hedging Move to Cover Future Coffee
Shipments.
Rio do Janeiro advices Mar. 9 to the New York "Times"
said:
Brazil's coffee exporters have sold the Banco do Brazil $5,000,000 in
exchange as a hedging move to cover future coffee shipments.
Mexico's 1932-33 Coffee Crop to Yield 440,000 Bags.
From the New York "Journal of Commerce" we take the
following from Mexico City Mar. 21:
Mexico's 1932-33 coffee crop will yield 440,000 sacks, estimate's the foreign
commerce section of the Ministry of Foreign Relations, which bases its
calculations upon a survey of the world estimated coffee yield this mason
submitted by the Mexican consul in Rio de Janeiro. The section reports
that Mexico exported 450,000 sacks of coffee during 1931, most of which
went to the United States. According to calculations by the section.
Mexican coffee plantations have a total of approximately 80.000.000
bushes, the average yield of coffee in a season being 330 grams per tree.
1968
National Tea Co. Reduces Bread Price in West.
A reduction from Sc. to 4c. was made by the National
Tea Co. in the price of its one-pound loaf of white bread in
all stores in Illinois, Indiana, Iowa and Michigan. Advices
from Chicago to the "Wall Street Journal" of March 20
also said:
The reduction in this standard loaf was made to meet the competition
which has developed out of the recent offer by Atlantic & Pacific of three
eight-ounce loaves for 10c. Continental Baking Co. has been offering its
"wonder bread" in this market in a 12-ounce loaf at Sc.
National Tea cut is designed to keep its 16-ounce loaf to the fore in the
face of recent offers of fractional pound loaves.
Consumption of Sugar in Eleven European Countries
Decreased During First Five Months of Crop
Year 1932-1933.
According to a report issued March 17 by B. W. Dyer &
Co., sugar economists and brokers, statistics of 11 European
countries for the first five months of their crop year 19321933 show the following results: (1) Consumption is lower
by 59,004 long tons, or 2.0%, compared with the same period
the previous year; (2) production is behind last year by
428,630 tons, a decrease of 8.5%; (3) stocks on Feb. 1 1933
were 166,035 tons less than stocks on Feb. 1 1932.
Refined Sugar Price Increased 10 Points to 4.20 Cents
a Pound.
A 10-point increase in the price of refined sugar was
announced by all United States refiners on March 20. The
new price of 4.20c. a pound became effective at the close
of business March 21.
Cuba's Economic Dilemma-How Other Countries
Have Stimulated Production of Sugar at Expense
of Cuba.
The following is from the New York "Times" of Marct 19:
'Some light is thrown upon the economic dilemma in which Cuba finds
herself, in the annual report which has been sent to stockholders of the
American Sugar Refining Co. by Earl D. Babst, Chairman. Cuba's problem
"challenges sympathy," says Mr. Babst, "when one recalls the difficult
position confronting her. During the World War the control of sugar by
the United States, United Kingdom France and Italy became absolute
shipping, with all four countries and
through the international control of'
Canada dependent on Cuba, whose production was stimulated accordingly
in the interest of all and without definite commitments by any for post-war
markets. Production naturally contiued to increase in Cuba in answer
to the war 'stimulative price' and to meet the urgent needs of those countries in the post-war years. Meanwhile, by subsidies, preferences and
tariffs, all four countries started to stimulate, rebuild and create new sugar
production, and Canada substituted imports of empire raw sugars, until all
became self-contained to such an extent that Cuba was faced with a large
unmarketable surplus. The United Kingdom, for example, which benefited
most in receipts of raw sugar from Cuba and in refined sugar from the
United States, legislated in 1919 a so-called preference of 0.92c. a pound
on Dominion and colonial raw sugar; in 1924 a bounty of 4.713c. on homegrown beet sugar; and in 1928 a dumping duty of 0.5056c. on imported
white sugar with an indirect bounty of 0.135c. on British exports of refined.
Similarly all four countries and Canada legislated high raw sugar tariffs,
and other measures, and expended hundreds of millions, directly and
indirectly, on State assistance."
1933 Sugar Beet Prices-Contracts Specify Reduction
If Sugar Tariff Is Removed and Its Market Falls.
The following, from Salt Lake City, is from the "Wall
Street Journal" of March 21:
As last year, growers for the Gunnison Sugar Co., a Wm. Wrigley subsidiary, will be paid for their beets one-half the price received by the sugar
company on sales of its product.
No beet contracts this year specify a minimum initial per ton payment,
And contracts offered by the Utah-Idaho Sugar Co., the Layton Sugar Co.,
the Amalgamated Sugar Co. and other smaller sugar makers hold a clause
providing that in the event tariff protection is withdrawn from sugar
and the price falls below a minimum of $3.25 a hundred-pound sack,
then the price of beets will be decreased to the grower, from the 50-50
schedule, 1% for each Sc. decrease of the market price of sugar. Growers
vigorously objected to this proviso, but, after several days of discussion,
agreed to sign up acreage for the coming season.
As a concession to the farmers, the sugar companies reduced the price
of beet seed from 15 to 12c. a pound.
Amalgamated Sugar will spend between $40,000 and $50,000 this summer for improvements at each of the two Idaho plants, one at Twin Falls
and one at Burley.
Ban on Sale of Loose Milk in New York City to Become
Effective June 1, Health Commissioner Announces.
Health Commissioner Shirley W. Wynne of New York
City announced on March 11 that the sale of dipped milk
in New York City will end on June 1, and unless some
inventive genius is able to devise a dispensing apparatus
that will meet the requirements of the specifications set
up by the Board of Health, the counter sale of loose milk
March 25 1933
Financial Chronicle
in this city will be banned after the above date. In reporting his announcement, the New York "Journal of
Commerce" of March 13 adds:
In making the announcement Commissioner Wynne pointed out that
the majority of devices so far demonstrated to the Board of Health have
failed to measure up to the provisions of the sanitary code because they
were so constructed that they had to be cleansed and sterilized In the retail
shops. The code provides that such device must be sterilized in the
wholesale distributing plants in order to enable the Department of Health
to supervise their sterilization which, of necessity, must not only be thorough
but uniform. So the dispensing apparatus must be compact, simple
and easily cleaned.
The sale of dipped milk was banned after the Loose Milk Commission.
appointed by Commissioner Wynne. had found that it was a serious menace
to public health, principally because of the unclean manner in which
it was dispensed. The Board of Health amended the sanitary code in
1931 and fixed Jan. 1 1933 as the final day for the sale of dipped milk.
Due to protests on the part of wholesale distributors, who complained they
would not have time to make the necessary changes in their plants required
for bottling milk, they were given an extension to June 1.
So far only 12 of the upwards of 350 independent wholesale milk distributors in the city have installed pasteurization plants, but many of
these are pasteurizing and bottling milk for other wholesale distributors
In several districts. Several of these central plants are equipped to pastuerize and bottle 30,000 quarts of milk a day, the bulk of which is being
sold in retail dairies, delicatessen stores and grocery shops.
A reference to the above was noted in our issue of Oct. 15
1932, page 2572.
--6-.
Census Bureau's Final Report on Cotton Ginning.
The Bureau of the Census of the Department of Commerce at Washington issued on March 20 its final report
on cotton ginning (excluding linters). This report shows
that for the present season there were 12,994,430 500-lb.
bales of lint cotton ginned, including 30,500 bales which
ginners estimated would be turned out after the March
canvas. This compares with 17,095,594 bales in 1931;
13,931,597 bales in 1930; 14,824,861 bales in 1929; 14,477,874
bales in 1928; 12,956,043 bales in 1927; 17,977,374 bales in
1926 and 16,103,679 bales in 1925.
Taking linters into consideration, the aggregate production
is likely to be 13,775,000 bales. This computation as to
linters is based on the Department's estimate that linters
are approximately 6% of the lint crop. The total of 13,775,000 bales as the production of cotton lint and linters,
the present season compares with 17,971,466 bales in 1931;
14,918,027 bales in 1930; 16,066,216 bales in 1929; 15,759,935
bales in 1928; 13,972,418 bales in 1927; 19,135,235 bales in
1926; 17,218,556 bales in 1925; 14,525,311 bales in 1924 and
10,808,271 bales in 1923. The present report in full,showing
the production of lint cotton by States in both running bales
and the equivalent of 500-1b. bales is as follows:
REPORT OF COTTON GINNED-CROPS OF 1932, 1931 AND 1930.
Cotton Ginned (Exclusive of Linters).
State.
Alabama
Arizona
Arkansas
California
Florida
Georgia
Louisiana
Mississippi _ Missouri
New Mexico
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
Virginia
All other States
Equivalent500-pound bales.
Running Bales.
(Gowning round as hall bales.)
1932.
1931.
1930.
1932.
1931.
1930.
933,805
67,170
1,282,580
124,473
15,580
861,906
599,380
1,160,741
300.501
67,485
879,684
1,071,883
721,646
487,573
4,303,559
31,316
13,989
1,385,021
110,922
1,838,132
171,238
43,405
1,393,715
876,593
1,719,454
280.367
93,762
771,188
1,235,856
1,010,271
577.994
5,088,779
42,477
11,702
1,444,886
150,545
863,443
256,337
51,118
1.597.475
704,750
1,458,488
153,337
95,841
800,582
856,748
1,015,273
371,433
3,886,126
42.713
8,423
948,902
69,228
1,325,848
129,488
15,151
854,470
610,413
1,179,301
306,640
69,887
682,785
1,083,591
715,878
480.432
4,497,274
31,144
14,418
1,419,689
115,061
1,908,736
176,560
43,164
1,392,865
899,922
1,761,203
288,991
98,124
758,294
1,261,123
1,004,730
594,512
5,322,453
42.423
11,944
1,473,287
155,409
874.356
283.788
50,306
1,592,539
714,529
1,484,311
150,955
98,482
774,73
853,584
1,000,892
378,912
4,039.138
41,952
6,467
United States '12703 231 *18825874 .13755515 12.994,430 17,005,594 13,931,597
*Includes 71,063 bales of the crop of 1932 ginned prior to August 1 which was
counted In the supply for the season of 1931-32, compared with 7,307 and 78,188
bales of the crops of 1931 and 1930.
The statistics In this report for 1932 are subject to revision. Included in
the figures for 1932 are 30.500 bales which ginners estimated would be
turned out after the March Canvass. Round bales included are 722.152
for 1932; 621.370 for 1931; and 524.277 for 1930. American-Egyptian bales
Included are 8.298 for 1932; 13.668 for 1931; and 23,312 for 1930. The
average gross weight of bale for the crop, counting round as half bales and
excluding linters. is 511.5 pounds for 1932; 514.0 for 1931: and 506.4 for
1930. The number of ginneries operated for the crop of 1932 is 13,569
compared with 14,151 for 1931; and 14,508 for 1930.
Consumption, Stocks, Imports and Exports-United States.
Cotton consumed during the month of February 1933. amounted to
441.663 bales. Cotton on hand in consuming establishments on February
28 was 1,441,641 bales, and in public storage and at compresses 9,379,990
bales. The number of active consuming cotton spindles for the month was
23.659,100. The total imports for the month of February 1933, were
15.786 bales, and the exports of domestic cotton, excluding linters, were
557,022 bales.
World Statistics.
The world's production of commercial cotton, exclusive of linters, grown
in- 1931. as compiled from various sources, was 26.329,000 babas, counting
American In running bales and foreign bales of 478 pounds lint, while the
consumption of cotton (exclusive of linters In the United States) for the year
ending July 311932. was approximately 22,896,000 bales. The total number of spinning cotton spindles, both active and idle, is about 161,000,000.
Volume 136
Financial Chronicle
Copies of Universal Cotton Standards Approved at
Conference in Washington of European and American Representatives of Cotton Trade.
The United States Department of Agriculture announced
on March 17 that European and American delegates to the
Universal Cotton Standards Conference, which convened
at the Department of Agriculture on Mar. 13, have completed
examination and approval of 65 sets of copiesof the standards
for use during the next two years by the United States Department of Agriculture and by the arbitration appeal committees of the principal cotton associations of the world.
Conforming to the provisions of the agreements under which
the biennial conferences are held no changes were made
In the standards, says the Department's announcement,
which further said:
Several weeks ago, some of the European cotton associations asked the
Department of Agriculture to call a special meeting under the cotton
standards agreement to consider certain revisions of the grades with
respect to color. This meeting was held by the Department on March 16.
The views of the delegates differed as to the need of changes in the standards.
The European associations withdrew their request and no revisions were
agreed upon.
The Department of Agriculture announced, however that it would make
a comprehensive study of the standards situation with
'a view of determining whether and to what extent revisions of the standards may be desirable.
Users of the standards promised to co-operate in this study, the results
of which, it is contemplated, will be presented to interested groups
before further action is taken.
No action was taken on the request by the European associations that
the cotton standards conference be held, and copies of the standards,
drawn once every three years instead of biennially as at present provided
by the agreements, since the Department of Agriculture and the represents.
tives of the American industry considered the proposal undesirable at this
time.
Attention was directed to the Department's technological work at the
experimental cotton gin at Stoneville, Miss., which seeks to develop better
ginning methods that will improve cotton quality with respect to eliminating dust and other foreign substances. European delegates voiced
objection to the use of sisal bagging on bales cotton, asserting that the
wrapper has no re-use value, and that the sisal fibers impair the quality
of the cotton yarn and are the cause of difficulties in manufacture.
Representatives of nine associations In seven European countries and
of two Japanese associations were in attendance.
Cotton Spinning Industry in Japan Reported Unfavorable—Sales of Yarn and Cloth During Past Three
Weeks Below Production.
The Japanese cotton spinning Industry has displayed
an unfavorable trend during the past fortnight according
to cabled ad vices to the New York Cotton Exchange Service.
Sales of yarn and cloth by mills of Japan in the past two
or three weeks have been considerably below current production. Mill margins have become narrower, to the point
of discouraging operations. Mills are now operating on
about the same average level as in recent weeks, but it
is problematical whether they will maintain this rate of
activity. The Exchange Service, under date of Mar. 20, said:
During the month of February, Japanese spinners used 229.000 equivalent
500-pound bales of all kinds of cotton compared with 230,000 in January,
216,000 in February last year, and 187,000 two years ago. Total consumption in the seven months of the season ending with February was
1,546.000 bales as against 1,477,000 in the same period last season and
1,295,000 two seasons ago. It will he noted that consumption of cotton
by Japan is still running at a very high rate.
Activity in the Cotton Spinning Industry for
-February 1933.
The Bureau of the Census announced on March 21 that,
according to preliminary figures, 31,088,382 cotton spinning
spindles were in place in the United States on Feb. 28 1933,
of which 23,659,100 was operated at some time during the
month compared with 23,766,968 for January, 23,775,136
for December, 24,349,506 for November, 24,587,732 for
October, 23,883,948 for September, and 25,190,276 for
February 1932. The aggregate number of active spindle
hours reported for the month was 6,286,441,996. During
February the normal time of operation was 23% days
(allowance being made for the observance of Washington's
birthday in some localities) compared with 25 for January,
26 for December, 25M for November, 253
% for October,
and 25 2-3 for September. Based on an activity of 8.96
hours per day the average number of spindles operated during
February was 29,541,551 or at 95% capacity on a single
shift basis. This percentage compares with 95.1 for January,87.2 for December,96.9 for November,97.0 for October,
94.6 for September, and 92.3 for February, 1932. The
average number of active spindle hours per spindle in place
for tha month was 202. The total number of cotton spinning
spindle 4 in place, the number active, the number of active
spindle hours and the average hours per spindle in place, by
States, are shown in the following statement.
1969
Active Spindle Hours
for February.
Spinning Spindles.
State.
In Place
Feb. 28.
Active Du:Inc Feb.
Total.
Average per
Spindle in Place.
31,088.382
23,659.100
6.286,441.996
202
Cotton-growing States 19,058,150
New England States_ 10,983.256
1,046,976
All other States
16,804.694
6,235.664
618,742
4.941.603.639
1.230.563.500
114,274,857
259
112
109
1.873,074
1,004.104
3,281.802
980,792
5.940,284
216,756
1,148.284
138,356
568.048
6,145.122
1,792,528
5.689,996
597,424
281.968
676,230
753,554
1.669,990
633,888
2,820,966
707,580
3,205,366
150,536
626,156
133,556
222,234
5,274.292
964,418
5,437,794
498,008
174.176
634.800
505.340
462,921,120
126,516.805
773,422.016
135,015.152
594.538,081
44,011.530
131,378.676
21,213.152
50.105.652
1.344.218.419
220,625.838
1.903,477.152
184,768,249
39.907.310
151,076,563
103.246,281
247
126
236
138
100
203
114
153
88
219
123
335
309
142
223
137
United States
Alabama
Connecticut
Georida
Maine
Massachusetts!
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
Polish Textile Strike Affects 55,000 Operatives.
The textile strike in Lodz, Poland, has now become
general in the textile industry, it is stated in a cablegram
to the Commerce Department from Commercial Attache
Clayton Lane, Warsaw. In making this known March 13
the Department added:
-Lodz is the center of the cotton spinning and weaving industry of Poland.
The annual consumption of raw cotton is about 220,000 bales, including
about 180,000 bales of American cotton. The industry e-mploys about
55,000 operatives.
Italian Silk Market Regarded Critical.
Conditions in the Italii silk industry continued to grow
worse during February and the situation is regarded locally
as highly critical, it is stated in a report to the Commerce
Department's Textile Division from Trade Commissioner
Elizabeth Humes, Roma. The Department, in making
this known March 21, went on to say:
There was practically no demand for Italian raw silk during the month
from either European or American mills and prices continued their decline.
Activity in the reeling industry averaged around 32% of normal in
the last week of December compared with 42% during the last week of
November 1932. Since December, the latest month for which figures
are available, more mills have shut down and In the Friuli district not
more than six of the 36 mills are operating and the ratio is said to be the
same throughout the country.
The Government is now making a study of the silk cocoon raising industry to see what can be done to save it, it was reported.
The silk weaving industry is also reported in difficulty and during the
last week of December loom-hour activity was 56% normal compared with
58% during the last week of November. Exports of raw silk and silk
piece goods have declined proportionately to production.
Plan New YorklFur Exchange—To Trade in Future
Contracts for Raw Skins.
The f lowing is from the New York "Times" of March 21:
Plan, for the opening of an exchange to trade in future contracts for
standard raw furs are now being worked out, following the incorporation In
Albany on Saturday of the New York Fur Exchange. Inc.. It was stated
yesterday by Benjamin Miller, attorney, 363 Sex eath Ave. While be did
not reveal the identity of those behind the project, Mr. Miller said that
leading local furn firms are giving it their support.
Be added that the fur exchange would operate as other commodity
exchanges, its hedging facilities offering means now lacking of cutting
inventory losses. No date as yet has been set for the opening of the
exchange, nor has its location been selected, Mr. Miller said.
Traders in London Establish World's First Fur
Exchange.
Reporting that the world's first fur exchange was opened
in London, Feb. 22, in Beaver Hall, headquarters of the
Hudson's Bay Co.,by the Lord Mayor.Sir Percy Greenaway,
advices on that date from London to the New York "Times"
added:
The ceremony was witnessed by commercial representatives of countries
important in the fur trade and by business men.
P. Ashley Cooper. Governor of the company, described the opening of
the exchange as one of the most important developments in the fur trade in
time: he added that yearly London handled furs amounting to
E12.000.000 or £13,000,000.
Already 120 members have been elected by the exchange.
a long
Petroleum and Its Products—California Production
"Holiday" Proposed—Major Companies Cut East
Texas Drilling Voluntarily—Washington Conference Monday Holds Hope for Rebuilding of
Industry.
The conference of Governors of oil-producing States,called
by the new Administration's Secretary of the Interior Ickes
holds much hope for a complete reorganization of crude pro
duction supervision, with a resulting improvement in the
market strength and probable advance in both crude and
refined prices.
1970
Financial Chronicle
Continued assaults against the efforts of present bodies
charged with the enforcement of proration have resulted in
almost a complete upheaval of all evidences of authority, and
prices of crude therefore remain at a level at which any profit
is impossible. The latest thrust at official supervision as
now practised was given in a decision of the Federal Court in
Texas which held invalid an order of the Texas Railroad
Commission limiting East Texas production to 375,000
barrels daily.
Major oil companies, whose executives had just completed
a personal survey of the East Texas fields, this week put into
effect voluntary curtailment of drilling in that territory. It
is estimated that the Tide Water Oil Co., Texas Co., and
Humble Oil & Refining, have cut their drilling operations
about 50%, and that this move will be followed by similar
action on the part of other majors.
Independent oil producers meeting at Los Angeles have
suggested that a 15-day State-wide holiday in production of
crude be declared to give the California structure a chance
to regain economic strength. The resolution adopted by the
independents, which takes into consideration also the present
prevalence of earthquakes in the State,follows:-"Resolved,
that the consensus of this group of independent oil operators
is that it will be for the best interest for the people of the State
of California, and for the protection of life and property,
that a holiday for the production of oil in the State of California for a period of fifteen days be declared, with adequate
provision (1) for the protection of labor; and (2) for the protection of refineries by rendering available on proper terms
adequate supplies of crude oil from storage; and (3) for necessary production of gas for public use, with compensatory
subsequent reduction in production of oil to allow for oil
produced in the production of such natural gas."
Illegal production is still a very unsettling problem in
Texas, and independent association representatives, meeting
in Austin last Saturday, are considering the drafting of a new
proration order for East Texas. They are of the opinion that
unless illegal production is stopped the price structure is in
danger of toppling even further downward. As a specific
instance, it was stated that on March 16 production in East
Texas exceeded the 420,000-barrel limit by more than 120,000
barrels. T e problem is of so great importance to the economic safety of the lawful operators that murmurs were heard
at this meeting of the people in the affected area taking the
law "in their own hands" if a solution is not found quickly.
Crude production for last week,ending March 18, averaged
2,126,450 barrels daily. California production for that
period showed a daily average drop of 58,500 barrels, due in
large part to the earthquake disturbance.
No price changes in crude were posted during the week.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford. Pa
.52
$1.47 I Eldorado, Ark., 40
.52
Corning, Pa
.75 Rusk Tex 40 and over
.52
Illinois
.62 Salt Creek, Wyo., 40 and over...
Western Kentucky
.40-.50
.60 Darst Creek
Mid-Continent, Okla., 40 and
I Midland Dist., Mich
.70
.52 Sunburst, Mont
1.05
above
.30 Santa Fe Springs, Calif., 40 & over
.75
Hutchinson, Tex., 40 and over..
.52 Huntington. Calif., 26
.75
Spindletop, Tex., 40 and over
.50 Petrolia, Canada
1.75
Winkler, Tex
.52 ,
Smackover, Ark., 24 and over
REFINED PRODUCTS-TEXAS CO.POSTS TANK CAR GASOLINE
PRICE CUT-REFINERS HOPE FOR UPTURN IN QUOTATIONS TO FOLLOW CONFERENCE IN WASHINGTONCONSUMPTION DEMAND IMPROVES THROUGHOUT EASTERN TERRITORY.
The Texas Corporation has met the tank car reductions
posted previously by the Standard Oil Companies of New
4c. for
York and New Jersey, making gasoline, tank car, 43
United States Motor, and 5c. for "Fire Chief." Other major
companies are holding off on this reduction, as they are of
the belief that the market will show strengthening signs
shortly which would eliminate the necessity for such action.
Local fight wars continue in the metropolitan area, with
northern New Jersey and Brooklyn the scenes of the more
important contests. The decision of Vice-Chancellor Berry
in New Jersey refusing to issue an injunction forcing major
companies to cease selling gasoline at the present "war"
prices and to return to the 14.3c. level existing before the
start of the "war" has resulted in a continuance of the fight.
More than 7,000 independent retailers were represented in
the petition to the court asking the injunction.
The industry as a whole is "holding off" for the present,
pending the outcome of the Governors' conference to be
held in Washington on Monday. It is felt that the Governors
of the oil States, meeting with Secretary of the Int nior Ickes
at his request, will be asked to co-operate in the formulation
March 25 1933
of a comprehensive plan whereby a more accurate check
can be kept on production, and proration enforced more'
rigidly than has been the case heretofore. It is the laxity in
enforcement of proration rules which has led to the present
disruption of prices in both crude and refined markets.
An improvement in consumer demand has become noticeable during the past week. The relieving of the banking
situation was responsible for this to some extent, but a more
favorable report is that being made to majors by th )ir
service stations, reporting the return to the road of many
privately-owned automobiles which have been in storage for
an extended period.
Bunker fuel oil has held firmly during the week, with sales
in good volume at 75c. a barrel, at refinery. Diesel has
quieted somewhat, but the price remains unchanged at $1.65
per barrel, at refinery.
No marked improvement in the kerosene situation has been
noted. Water white 41 to 43 is still posted at 514c. a gallon,
tank car at refinery.
Price changes follow:
March 18. The Texas Co. meets gasoline tank car price reduction and
posts United States Motor at 411c., and Fire Chief at 5c. per gallon.
March 20. Retail gasoline prices in Seattle. Washington, advanced 5c.
a gallon, with new prices being 20c., 17c., and 14c. a gallon for the three
grades. Wholesale prices were advanced simultaneously from 4c. to 6c. a
gallon, depending upon local competitive conditions in the Pacific Northwest territory.
Gasoline, Service Station, Tax-Included.
$ 128
$ 15 New Orleans
New York
$ 135 Cleveland
12
18 Philadelphia
19 Denver
Atlanta
135 San Francisco:
13 Detroit
Baltimore
139
Third grade
.17
145 Houston
Boston
Above 65 octane.- 181)
195
Buffalo
145 Jacksonville
Premium
214
155
Chicago
14 Kansas City
14
147 St. Louis
Cincinnati
15 Minneapolis
Kerosene, 41-43, Water White, Tank Car, F.O.B. Ltd, Refinery.
5.0214-.0314 New Orleans, ex__ .5.0314
N. Y.(Bayonne)-5.0511 Chicago
041.4-.031
,4
Tulsa
Los Ang.,ex_ .04 N,-.06
North Texas
03
Fuel Oil, F.O.B. Refinery or Terminal.
5.613
California 27 plus D
Gulf Coast C
5.75-1.00 Chicago 18-22 D-4234-.50
5.75
.71)
.60 Philadelphia C
1.65 New Orleans C
Gas Oil, F.O.B. Refinery or Terminal.
$ 0114
Tulsa
N Y.(Bayonne)Chicago$.0114
32-36 GO
28 plus G 0..5.0311-.04
U. S. Gasoline, Motor (Above (,5 Octane). Tank Car Lots, F.O.B. Refinery.
$.04-.0414
Chicago
N. Y.(Bayonne)
N. Y.(Bayonne)Shell Eastern Pet_5.0514 New Orleans, an. .05-.051.1
Standard 011, N.J.04.-0411
Arkansas
Motor, U. 8-8.0411 New York05-.07
California
Colonial-Beacon.- .05
Motor,standard .05
Los Angeles, ex_ 0414-.0T
.07
Crew Levick
Stand. Oil, N. Y. .05
05-.0511
z Texas
.0411 Gulf ports
Tide Water Oil Co .05
05-.0511
05
Tulsa
Gulf
Richfield Oil (Cal) OM
.0531
.0511 Pennsylvania.Republic 011
%Varner-Quin. Co_ .0511
N. Y.(Bayonne)Bunker C
Diesel 28-30 D
z"Fire Chief," 8.05.
Daily Allowable in East Texas Oil Field Raised to
400,000 Barrels Daily-Order of Texas Railroad
Commission Limiting Daily Output at 290,000
Barrels Held Invalid by Three-Judge Court.
An order was issued by the Texas Railroad Commission
on March 9 fixing the top production allowable for the
east Texas oil field at 400,000 barrels daily, effective at
7 a. m. March 10.
The field at present is operating under a maximum
production of 290,000 daily. Associated Press advices from
Austin continue:
The new production regulation is based on bottom hole pressure, sand
permeability and porosity reflecting the capacity of a well to produce and
sand thickness. One third of the allowable was allocated to the well, onethird to bottom hole pressure and one-third to thickness of the sand.
Until a per well allowable schedule can be worked out, the per well allowable will be 36 barrels daily, the commission ordered,
Advices from Houston to the "Wall Street Journal" of
March 18 said:
A three-judge Federal Court at Tyler has held invalid oil proration orders
of the Texas Railroad Conunission which limited production in the East
Texas oil field to a daily average of 290,000 barrels.
The Commission on March 9 instituted a new order permitting a total
daily allowable of 400.000 barrels. The new order is not affected by the
court decision.
The decision was returned in the case of the People's Petroleum Producers, Inc.
The Texas Railroad Commission readjusted the allowable
production in the east Texas oil field on March 18 to permit
a maximum of 42 barrels a well daily, effective March 21.
According to Associated Press advices from Austin March 19,
R. D. Parker, Administrator of Conservation Rules, said
the original schedule of from 30 to 38 barrels was inadequate
to meet the field maximum permissible production of 400,000
barrels daily. The new range is from 30 to 42 barrels.
Weekly Production of Crude Oil Gains.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
March 18 1933 was 2,126,450 barrels, compared with 2,115,850 barrels per day during the previous week, a daily
average production for the four weeks ended March 18 of
Financial Chronicle
Volume 136
2,145,700 barrels and an average daily output of 2,157,200
barrels for the week ended March 19 1932.
Stocks of motor fuel at all points showed a slight gain of
84,000 barrels for the week under review, totaling 58,306,000
barrels at March 18 1933, as against 58,220,000 barrels at
March 11 1933.
Reports received for the week ended March 18 1933 from
refining companies controlling 91.6% of the 3,856,300 barrel
estimated daily potential refining capacity of the United
States, indicate that 1,988,000 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
40,198,000 barrels of gasoline and 123,465,000 barrels of gas
and fuel oil. Gasoline at bulk terminals amounted to 12,598,000 barrels and 1,010,000 barrels were in water borne
transit in or between districts. Cracked gasoline production by companies owning 95.4% of the potential charging
capacity of all cracking units, averaged 406,000 barrels
daily during the week.
The report for the week ended March 18 1933 follows in
detail:
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures In Barrels of 42 Gallons Each.)
Week
Ended
Mar. 11
1933.
Avezage
4 Weeks
Ended
Mar. 18
1933.
a456,750 413,600
114,000
115,750
43,300
44,500
51,700 651,450
22,850 624,050
159,550 b159,400
58,850
58,900
328,450
306,200
49,400
48,850
32,300
33,050
30,650
30,650
150,100
144,950
35,400
33,700
86,100
88,850
14,850
14,600
31,200
31,350
5,850
5,800
2,500
2,500
37,100
37,100
(.413,800
472,300
467,000
112,700
45.650
47,900
25,600
159,000
59,100
310,400
49,600
31,650
31,000
137,300
33,700
89,150
14,600
31,600
5,800
2,600
37,100
454,250
Week
Ended
Mar. 18
1933.
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern (not including Michigan)
Michigan
Wyoming
Montana
Colorado
New Mexico
California
Week
Ended
Mar. 19
1932.
421,150
99,600
47.050
50,050
24,700
179.800
55.100
329.350
52,150
27.250
34,150
107.400
26,100
98,900
14,500
34,500
6,500
3,500
37.450
508,000
Total
2,126.450 2.115.850 2.145.700 2.157.200
a The Oklahoma City shutdown was ended Tuesday morning, March 14.
b Revised due to transfers. Jones-Fisher now included in North Texas is formed
from Jones County in West Texas, and Fisher, which was formerly included in
"Others" of West Central Texas.
c Not sufficient time to confirm but assume decrease largely due to earthquakes.
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND GAS AND FUEL
OIL STOCKS, WEEK ENDED MARCH 18 1933.
(Figures In barrels of 42 gallons each.)
Co
East Coast
Appalachian
Ind., Ill., Ky
Okla., Kan.,Mo.
Inland Texas_
Texas Gulf
Louisiana Gulf
North La.-Ark
Rocky Mountain
California
.88-432QW:olo
om8gM8881
Potential
Rate.
Reporting:
Crude Runs
to .StiUs.
%
Daily OperAverage. Wed
a Motor
Fuel
Stocks.
Total.
%
038,700
135,000
424,000
390,000
177,700
542,000
142,000
75.000
138,000
8E6,100
99.1 448,000 70.1 15,200,000
95.0
76,000 56.3 1,989,000
97.5 289,000 68.2 8,560,000
84.9 209,000 53.6 .5,308,000
56.4
85,000 47.8 1,674,000
97.7 416,000 76.8 7,124,000
97.3 114,000 80.3 1,925,000
88.5
43,000 54.4
308,000
90.8
31.000 22.5 1,572,000
94.6 d277,000 32.0 14,646,000
Gas and
Fuel Oil
Stocks.
§§§§§=§
Daily Refining Capacity
of Plants.
m
mommw *
C4mo;-4-...-6,14m1.3
District.
Totals week
Mar. 18 1933_ 3,856,300 3,532,500 91.6 1,988,000 56.3 c58306000 123,465,000
Mar. 11 1933. 3.856.300 3.5325510 Al A 2 AAR (inn RA 458
99n non 19,I ,15/1 nnn
a Below are se out estimates Otto al motor fuel stocks
U.S. Bureau of Mines
basis for week of March 18 compared with certain Marchon
1932 Bureau figures:
A. P. I. estimate of B. of M. basis, week March 18 1933_6
59,310,000 barrels
U. S. B. of M. Motor fuel stocks, March 1 1932
64,740,000 barrels
U. S. B. of M. motor fuel stocss, March 31 1932
66,803,000 barrels
b Estimated to permit comparison with A. P. 5. Economics report. which Is
on
Bureau of Mines basis.
c Includes 40.198,000 barrels at refineries. 12,598,000 at bulk terminals. 1,010,000
barrels in transit and 4,500,000 barrels of other motor fuel stocks.
d Not sufficient time to confirm but assume decrease largely due to earthquakes.
Zinc and Lead Mines Reopen, Giving Employment to
1,000 Men.
Advices from Miama, Okla., March 21, said that the
reopening of lead and zinc mines in Oklahoma, Kansas and
Missouri will give employment to 1,000 men. The advices,
noted in the New York "Evening Post" of March 21, add:
Risk) Mining Co. and Vinegar Hill Zinc Co. employed 250 men when
their mines were reopened March 17, and the Eagle-Picher Mining &
Smelting Co. will re-employ 750 men in its Bendelari mill. The Admiralty
Zinc Co. plans to resume operations soon.
Ore production in the district will be increased 2.000 tons a week by the
resumption.
Lead Price Reduced to 3.25 Cents a Pound.
The price of lead was reduced 10 points on March 21 to
3.25 cents a pound, New York, by the American Smelting
ez Refining Co.
Lack of Consumer Demand Brings Out Lower Prices
in Non-Ferrous Metals.
"Metal and Mineral Markets" in its issue of March 23,
reports that commodities, taken as a whole, failed to hold
1971
the gains scored during the preceding week, largely because
consumer demand did not respond to the "vote of confidence"
that greeted the resumption of business after the banking
holidays. During the week that ended yesterday lower
prices were established for copper, lead, zinc, tin, silver and
antimony. Quicksilver was firmly maintained at the
recent advance on moderate offerings. So far as the major
metals were concerned, prices at the close yesterday, with
few exceptions, were higher than before the recent activity
led to the upturn in quotations. In spite of the unsettlement of the last week, most operators hold to the opinion
that, barring unforeseen developments in the European
political situation, the trend in business over the remainder
of the year will probably be slowly upward. The same
publication adds:
Copper Weakens.
The advance In the price of copper to the 5qc. level about 10 days ago
resulted in a falling off in the demand for fabricators' products, as well
as substantial offerings of scrap metal to custom smelters. These circumstances, plus a marked decline in consumer demand for the metal,
made a rece sion in the price structure practically inevitable. Last Thursday business was booked on the basis of both .534c. and 51
%c., delivered
Connecticut, but for the remainder of the calendar week the lower level
was quoted. Beginning with last Monday, no improvement in consumer
Inquiry developing, the price fell to 53ic., which basis prevailed during
the remainder of the seven-day period. Most of the business booked
was for prompt or near-by shipment, but some sales. made early in the
week at the higher levels, specified third-quarter delivery.
Although prices abroad also declined, the movement there was smaller
in degree than in the domestic market. The downward trend in foreign
prices was attributed mainly to unsettled political conditions in Europe
and to the effect of the recent decline in security markets here; the basic
economic factors influencing the industry abroad are generally held to
have undergone no change Japanese buying I reported o continue,
but on a somewhat smaller scale. Prices for the week ranged from Sc.
to 5.15c., c.i.f., the higher figure prevailing at the beginning of the period.
Yesterday the foreign market settled at 5.025c.
Copper traders were interested in the annual statement of Revere Copper
& Brass, which pointed out, among other things, that ". .. having a
substantial tonnage of copper at present low prices will be of great advantage to the company, owing to the difficulty of acquiring much copper
except at advancing prices and in limited amount, and for near-by delivery,
when prices begin again to rise."
Lead Reduced to 3.10c., New York.
Demand for lead during the last week was not only quiet, but unevenly
distributed, so that some traders felt that the market was almost devoid
of all business. Intake of custom smelters increased at the higher levels,
and a little selling pressure served to shake the confidence in the price
structure. The price held at 3.35c., New York, until Tuesday. March 21,
when the American Smelting & Refining Co. lowered its published quotation to the basis of 3.256. With scarcely any improvement in buying,
the same factor reduced the price 15 points yesterday, March 22, to the
basis of 3.10c., New York. In the middle West the price declined on the
days mentioned to the same extent as in New York, establishing the quotation at 3.125c. on March 21. and 2.9756. yesterday. St. Louis basis.
Producers were prepared for a quiet spell after the heavy buying of
recent weeks, for consumers, with but few exceptions, are well taken care
of for ordinary March and April needs. As for the future trend in values,
operators who are disposed to take a favorable view of the outlook count
on some improvement in general business, as well as a reduction in output
that may exceed 5,000 tons a month beginning with April!. The February
statistics that were released during the week showed an increase of about
5,000 tons in stocks of refined metal, but this had little influence on the
market.
Sales of lead for March shipment now total about 18,500 tons, according
to information circulated in the industry. Business booked so far for
April delivery is estimated at 17,000 tons.
Zinc Declines.
Sales of zinc during the last week were largely carload lots for near-by
shipment. A fair inquiry prevailed during the beginning of the sevenday period, with prices at a 3.15c.@3.20c. level, but toward the close.
following a firming of the price structure at the lower figure on Saturday.
Inquiry steadily diminished, until even this quotation became a purely
nominal one yesterday. At this level, however, no selling pressure was
evident, and producers were understood to be holding at that price basis.
Sales for the calendar week ended March 18, according to statistics circulating in the industry, totaled about 3,300 tons.
The statistics of the zinc industry for the months of January and February, as compiled by the American Zinc Institute, in tons, follow:
January.
February.
x19,828
Production
20.076
Production, daily rate
641
717
Shipments
15.040
15,280
Stocks
x129,644
134.440
Unfilled orders
6,313
8.562
Retorts operating end of month
22,660
23.389
Retorts, average for month
21.970
22.500
x Revised figures.
Moderate Trade in Tin.
The downward trend in tin prices found consumers ready to take on a
moderate tonnage almost daily. Compared with a week ago, the pricelof
Straits tin declined about 35 points. A good part of the loss was attributable to the fall in sterling exchange, as London prices showed no
Important variation.
Chinese tin, 99%, closed as follows: March 16, 23.40c.; March 17,
23.35c.; March 18, 23.35c.; March 20, 22.95c.; March 21, 22.85c.: March
22, 22.856.
Steel Production Falls to 14% of Capacity, Still Suffering from Effects of Bank Closings-Steel Scrap
Price at New High Level for Year.
The iron and steel industry and its customers have not
recovered from the bank crisis, the effects of which are
being felt to a greater extent in steel orders and operations
than a week ago, states the "Iron Age" of March 23. However, in pig iron and scrap a marked enlivening of markets
1972
Financial Chronicle
has occurred, resulting in the heaviest sales of pig iron in
many months and a further advance of 25c. a ton in heavy
melting steel scrap at Pittsburgh, the second of that amount
.within two weeks, continues the "Age." Eastern Pennsylvania pig iron in substantial tonnage has been sold to two
large consumers for forward delivery at prices 50c. to $1 a
ton above current quotations, foreshadowing a general increase in prices in that district, while at Chicago and Cleveland there have been decided gains in both sales and inquiries, tonnage booked at Chicago in the week having been
the largest for any like period since 1930, adds the "Age,"
which further goes on to say:
Steel ingot production for the country as a whole has declined this
week to 14% of capacity. Only at Cleveland has there been an increase
in operations, brought about by the resumption on automobile steel orders
by one plant that had been idle. This gain has brought the Cleveland
rate up to 29% from 17% last week, but has not been sufficient to offset
declines at Pittsburgh and Chicago, which together have nearly a half of
the country's steel ingot capacity, or in other important steel-producing
districts. The Pittsburgh rate has dropped to 13%, and Chicago plants
average only 11%. Tonnage booked by Pittsburgh mills in the past week
was the smallest during the entire depression.
While the exuberance that immediately followed the reopening of banks
and exchange markets has evaporated with the sober realization of all
that remains to be done to restore a normal flow of business, a strong
and widespread feeling of confidence exists. This is especially in evidence
among steel producers, who, knowing the length of time required to
start the wheels of industry moving after a severe breakdown, have been
modest in their expectations of nearby improvement.
However, the steel industry looks for visible gains beginning this week
or next, despite the fact that two of its principal outlets, building construction and the railroads, do not offer immediate prospects for important
tonnage. The lag in building construction has been intensified by bold-ups
due to the credit situation, lettings of fabricated structural steel having
amounted only to 4,050 tons, the smallest weekly total this year, while
railroad buying will undoubtedly wait upon the completion of a rehabilitation plan at Washington. Of the structural steel awards, 1,000 tons was
for a brewery addition at Milwaukee.
A start toward resumption of the former scale of activity by the automobile industry has resulted in the release of sizable orders by the Ford
Motor Co. and other makers, the Ford business having been largely in
bars and spring steel, which it usually rolls in its own plant, but which
will be furnished in part by another Detroit mill. Other automobile companies have released tonnage that had been suspended, but the effect of
this upon operations has been felt principally at Cleveland. The automobile industry, while approaching its recent schedules gradually, looks
forward confidently to a bulge in retail sales not later than the middle of
April, and is shaping its plans accordingly.
Developments of interest as indicating the future trend have had mainly
to do with prices. Although pig iron has stiffened only at Philadelphia,
sellers in all markets are declining to quote for delivery beyond the end
of the second quarter. The revival of pig iron inquiry throughout the
country is a probable reflection of the ideas of melters that prices will
advance with any continued increase in the demand. Unlike steel, which
is usually sold on optional contracts, pig iron business is bought only on a
firm and non-cancellable basis.
Scrap markets show a firm undertone, but the only buying flurry has
occurred at Pittsburgh, where No. 1 railroad steel scrap, which brings a
premium over ordinary No. 1 steel scrap, has been sold at $10 a ton. The
minimum for No. 1 heavy melting steel is $8.10. The "Iron Age" composite price for this grade has risen to $7 a ton, the highest since November.
Finished steel prices are stronger with respect to concessions, but the
affirmation of present quotations for the second quarter has slowed up
consumers in making contracts, though some commitments of a routine
character have been entered into. An interesting phase of the steel price
situation is the desire of some large buyers to secure protection for the
remainder of the year at present prices. A large automobile company has
asked all of its suppliers for such a guarantee against advance, and an
important Eastern railroad has requested such protection through the
third quarter. Thus far steel companies are averse to booking any business
or giving protection for the last half of the year. Some sheet producers
are quoting all prices subject to withdrawal.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Based on steel bars, beams, tank plates,
Mar. 21 1933, 1.9230. a Lb.
1 923c. wire, rails, black pipe and sheets.
One week ago
1.9230. These products make 85% of the
One month ago
1 933c. United States output.
One year ago
High.
Low.
1.948c. Jan. 3
1.923e. Jan. 17
1933
1 977c. Oct. 4
1.9260. Feb. 2
1932
1.945c, Dec. 29
2.0370. Jan. 13
1931
2.0180. Dec. 9
2.2730. Jan. 7
1930
2.283c. Oct. 29
2.3170. Apr. 2
1929
2.217o, July 17
2.2860. Dec. 11
1928
2.212c. Nov. 1
24020. Jan. 4
1927
Pig Iron.
r mar. 211933. $13.56 a Gross Ton.
Based on average of basic Iron at valley
$13.56 furnace foundry irons at Chicago.
One week ago
13.56 Philadelphia, Buffalo, Valley and BirOne month ago
14.43 mingharn.
One year ago
Low.
High.
$13.56 Jan. 3
$13.56 Jan. 3
1933
13.56 Dec. 6
14.81 Jan. 5
1932
15.79 Dec. 15
15.90 Jan. 6
1931
15.90 Dec. 16
18.21 Jan. 7
1930
18.71 May 14
18.21 Dec. 17
1929
18.59 Nov. 27
17.04 July 24
1928
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap.
Mar. 21 1933, $7.00 a Gross Ton. 'Based on No. 1 heavy melting stee
One week ago
36.921 quotations at Pittsburgh, Philadelphia
6.831 and Chicago.
One month ago
One year ago
8.21(
Low.
Hig).
$6.75 Jan. 3
1933
$7.00 Mar. 21
6.42 July 5
8.50 Jan. 12
1932
7.62 Dec. 29
11.33 Jan. 6
1931
11.25 Dec. 9
15.00 Feb. 18
1930
14.08 Dec. 3
17.58 Jan. 29
1929
13.08 July 2
16.50 Dec. 31
1928
13.08 Nov. 22
15.25 Jan. 11
1927
Breaking down of the barriers to trade, with the reopening
of banks, freer flow of credit, currency and checks, deflation
March 25 1933
of government costs, rising grain and other commodity and
security values is imparting a greatly improved tone to the
iron and steel markets, states "Steel" of Cleveland, in its
issue of March 20. In reviewing the situation "Steel,' adds;:
This surge of confidence throughout industry has not yet resulted in an
impressive Increase in iron and steel consumption, though it is responsible
for releasing practically all tonnage suspended recently; it is impelling consumers to seek protection farther ahead than at any time during the depression, and it Is setting in motion mechanism certain to generate larger steel
requirements.
Steelmakers are under no delusion as to obstacles still ahead, such as the
employment and railroad situations, which must be overcome before vast
buying power is re-created. There is a strong feeling, however, that
government and industry have passed successfully through a crucial test,
and are gaining fresh vitality for the grind of recovery.
To some extent, the trend is already manifest In steelmaking operations,
which in the week ended March 18 recovered all the ground lost in the
preceding week, and rebounded to 15%. Further expansion seems assured
for this week, for the reason reinstatement of suspended automotive
requirements came too late to affect the rate last week.
Except in scrap, up 50 cents at Youngstown, no price increases are
recorded, but in practically every product the market is stronger, with
broader inquiry, so far forward as Oct. 1 in some instances. Producers are
loath to commit themselves beyond second quarter. Books on heavy
finished steel have not been formally opened, but mills are willing to take
business now at present levels
In a more definite degree, the buoyant note is apparent in demand for
raw materials. A merchant furnace interest at Cleveland has booked
5,000 tons of pig iron, and 10,000 tons are under negotiation there. The
volume of current pig iron businesss at Chicago is the largest in 18 months.
Scrap is more active in all markets.
A greater diversity of orders from miscellaneous manufacturing groups le
considered a portent of gradually mounting steel consumption. Railroads
still defer buying, awaiting further definition of government policies.
Structural shape awards for the week are lower, at 6,135 tons. Cumulative
tonnage in shapes and concrete bars so far this year is 75% of that in the
comparable period last year.
Seasonal buying of cast iron pipe has placed more than 10,000 tons on
makers' books within the week; Chicago is Inquiring for 10.260 MC
Montrose, N. Y. 2,700 tons. Tanks for the Philadelphia Gas Co. require
2.600 tons of plates; 2,000 tons have been purchased for a floating drydock
at San Diego, Calif. A few orders have been distributed for brewery tanks.
Not only in the United States but also in some European countries a
better feeling appears to exist in industry, despite the diplomatic distractions of the moment. Iron and steel production in Great Britain gained
in February, according to "Steel's" cablegram. British steelmakers are
reported forming new comptoirs and rumors of demands for tariff increases
are heard.
All of "Steel's" price composites are unchanged this week; iron and steel
remaining $28.35; finished steel, $46.50; and steelworks scrap $6.46.
Ste 11 ingot production for the week ended March 20 is
placed at about 14% of capacity, according to the "Wall
Street Journal" of March 22. This compares with a slight
shade over 15% in the preceding week and with 163/2%
two weeks ago. The "Journal" further states:
U. S. Steel is estimated at 1455%, against a little under 15% a week ago
and 15%% two weeks ago. Leading independents are at approximately
143, %, compared with 1534% in the previous week and a little under
1834% two weeks ago.
The following table gives the percentage of production for the corresponding weeks of the last five years, with the approcimate changes from the
week immediately preceding:
Independents,
Industry.
U. S. Steel,
24
-%
1932
2.5
- ;i
26
-%
1931
57
+ ii
5734
- --5534
+34
-2
1930
73
80
-Si
66
-134
1929
9434
____97
9234
- - -78
1928
83
8834
Quota Deal Reached on International Steel Cartel.
The following was issued under date of March 9 by the
Department of Commerce at Washington:
Definite agreement is reported to have been reached on quota allotments
for participants of the recently reconstituted International Steel Cartel,
according to a report to the Commerce Department's Iron and steel division
from Commercial Attache R. C. Miller, Brussels.
The Belgium-Luxembourg group of producers have been alloted 26% of
the total. This total must be calculated on the basis of an export trade of
between 6.800.000 and 11,000,000 metric tons annually. No details of
other quota allotments were included in the report.
Production on the part of the membership of the Entente will be controlled, but the basis of control will be activity in the export market.
The trade of the first six months of 1932 was selected as the basis for all
calculations and a figure of 6.800,000 tons set up. On the basis of this
volume of export trade the member countries-Germany, France, Belgium
and Luxembourg-will be permitted to produce a total of about 11,000,000
tons of raw steel annually.
As exports increase the tonnage of steel to be made will rise until, with
exports amounting to 11,000,000 tons, production will amount to about
27.000,000 tons. During this period it appews that the Belgo-Luxembourg
proportion will remain stationary, but the Franco-German group will
benefit, their respective quotas varying as the volume of the trade increases.
Should exports exceed 11.000,000 tons all quotas will become filed, but if,
on the other hand, they should decline below 6.800.000 all quotas would
become liable to alteration. As was the policy of the original Entente,
quotas will be fixed every three months.
The creation of selling organizations was to have been discussed at a
meeting to be held in l'aris Feb. 17, but no word of the progress made there
has yet come to hand. Representatives of the steel industries of Belgium,
France. Germany, Luxemburg and the Saar will participate.
The crude steel production of the members of the Entente in 1931 and
1932 is summarized in Commercial Attache Miller's1r9e3p1ort as follows:
1932.
8tr,i2e9T1:70.90
2. .
Metric Tons.
6,571,000
Germany
3,123.000
2.809,000
Belgium
1,955,000
2.027.000
Luxemburg
1,463,000
1,538,000
Saar
5,604,000
7,822,000
France
that
the
figures
it
foregoing
should
be
noted
with
the
In connection
records of the iron and steel division show a German production amounting
to 5,746,000 tons in 1932, or 175,000 tons more than is shown in the tabulation.
Financial Chronicle
Volume 136
Bituminous Coal Output 4.4% Higher During Week
Ended March 11 1933-Anthracite Production
Practically Unchanged.
According to the United States Bureau of Mines, Department of Commerce, the total production of soft coal during
the week ended March 11 is estimated at 5,500,000 net tons,
an increase of 230,000 tons, or 4.4% over the preceding week.
Production in the corresponding week last year amounted to
8,046,000 tons. However, the stimulated activity during
the closing weeks of the 1931-32 coal year was apparently
influenced by threatened labor difficulties in some of the
producing fields.
Production of Pennsylvania anthracite showed practically
no change in the week ended March 11 1933. The total
output is estimated at 970,000 net tons, in comparison with
967,000 tons in the preceding week, and 1,170,000 tons in
the corresponding week of 1932.
ESTIMATED UNITED STATES PRODUCTION OF Com, AND BEEHIVE
COKE (NET TONS.)
Week Ended.
Mar. 11
1933.c
Mar. 4
1933.
Coal Year to Date.
Mar. 12
1932. 1932-1933.11931-1932. 1929-1930.
Bituminous coal:a
I
Weekly total._ 5,500.000 5,270,0008,046,000 280,455,000343,207,000496,587,000
Daily average _ 917,000 878,0001,341,000
968,000 1,183.000 1,710,000
Pa. anthracite: b
I
I
Weekly total _ _ 970,000 967,000 1,170,000 46,370,000 52,780.000 69,861,000
Daily average. 161,700 161,201/ 195,000
243,800
184,200
161,800
1
Beehive coke:
1
Weekly total_ _
20,900
712,800!
20,500,
21,700
913,800 5,577,000
Daily average_
3,617;
2,424
3,483
3,108
3,4171
18,969
a Includes lignite, coal made Into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales, and colliery fuel. c Subject
to revision.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS),
1973
February 1932, shows an increase of 206,934 net tons.
Shipments by originating carriers (in net tons) are as follows:
Month of-
Feb. 1933. Jan. 1933. Feb. 1932. Jan. 1932.
Reading Co
Lehigh Valley RR
Central RR.of New Jersey
Delaware Lackawanna & Western RR.
Delaware de Hudson RR. Corp
Pennsylvania RR.
Erie RR
New York Ontario dr Western Ry
Lehigh & New England RR
Total
726.044
593,016
307,257
439,480
429,471
490,281
387,841
259,644
149,446
625.588
495,844
265,587
355,796
386,922
500.692
321.444
240.069
133.880
701.051
510.630
320.248
492.902
455,944
409,741
313,406
233,381
138,043
732.252
484.176
288.542
424,220
406,823
380,846
295,770
213.632
143,406
3.782.480 x3,325,822 3,575,546 3,369,667
x Revised.
Employment and Wages in Pennsylvania Anthracite
Collieries Increased from January to February
According to Federal Reserve Bank of Philadelphia.
Anthracite employment in Pennsylvania increased about
12% and wage payments 31% in February 1933 as compared
with January, according to the indexes compiled by the
Philadelphia Federal Reserve Bank from reports collected
by the Anthracite Institute from 152 collieries which
employed in February over 80,000 workers and had a weekly
payroll of more than $2,200,000. Both employment and
payrolls showed a decline in the same period of 1932 of
almost 7%. In noting this, the Department of Research
and Statistics of the Bank added:
The employment index in February was about 57% of the 1923-25
average or 18% below that of a year ago. The payroll index was 48 or 1%
lower than in February 1932. These indexes are the lowest recorded for
this period over a number of years. Comparisons by months follow:
Index numbers-1923-25 monthly average=100.
Wage Payments.
Employment.
Week Ended.
o
February
Arerage
Mar. 4 '33 Feb. 25 '33 Mar.5 '32 Mar. 7 '31 1923.a
.w too
.
w-o . ..c.,
ww-400oww.w
0,ww‘,...00.www
Stale.
Total bituminous coal
Pennsylvania anthracite
0 o =
oo o o
Alabama
152,000
142,000
262,000
423,000
Arkansas and Oklahoma
35,000
20.000
51,000
77,000
Colorado
105,000
81,000
162,000
195,000
Illinois
678,000
048,000 1,084,000 1,684,000
Indiana
275,000
256,000
347,000
575,000
Iowa
68,000
72,000
76,000
122.000
Kansas and Missouri
122,000
108,000
122,000
144,000
Kentucky-Eastern
493,000
383,000
588,000
560,000
Western
122,000
129,000
178,000
215,000
Maryland
33.000
36,000
44,000
52,000
Michigan
8,000
10,000
11.000
32.000
Montana
49,000
38,000
52,000
68.000
New Mexico
26,000
21.000
30.000
53,000
North Dakota
54,000
32,000
30,000
34,000
Ohio
357,000
289,000
378.000
740.000
Pennsylvania (bituminous)
1,494,000 1,413.000 2,047,000 3,249.000
Tennessee
59,000
57,000
103,000
118.000
Texas
9,000
10.000
14,000
19,000
Utah
54.000
47,000
61,000
68,000
Virginia
175.000
131,000
185,000
230,000
Washington
27,000
31.000
39,000
74.000
W. Virginia-Southern b1,315,000 1,020,000 1,300.000 1,172.000
-1
Northern c
290.000
416,000
545,000
717.000
Wyoming
75,000
79,000
92.000
136,000
Other States
5,000
3,000
5,000
7.000
5,270,000 6,081.000 5,771.000 7,786,000 10.764.000
967.000
849,000
791,000
959,000 2,040,000
Total coal
6237(100 fl 939 win 11 Ms (1011 11 745(1(10 12 WU non
a Average weekly rate for the entire month. b Includes
on the
N. at W.: C.& O.; Virginian: K.& M., and 13. C.& 0. c Rest operations
of State, including
Panhandle.
Anthracite Shipments Increased During February.
Shipments of anthracite for the month of February 1933,
as reported to the Anthracite Institute, Philadelphia,
amounted tn 3,782,480 net tons. This is an increase as
compared with shipments during the preceding month of
January, of 456,658 net tons, and when compared with
January
February
March
April
May
June
July
August
September
October
November
December
Yearly average
1931.
1932.
1933.
1931.
1932.
1933.
88.3
87.1
79.9
82.9
78.3
74.2
63.4
65.5
77.8
84.4
81.2
77.7
78.4
74.2
69.3
71.7
68.1
65.1
51.5
43.2
47.8
54.4
62.1
61.0
60.6
60.8
51.1
57.2
75.0
85.5
59.6
63.1
63.9
55 9
45.0
47.2
54.4
76 3
66.6
65.6
63.2
51.5
48.0
51.3
60.4
48.6
31.4
29.0
34.6
39.4
56.0
42 7
47.1
45 0
36.3
47.7
Wage Reduction Approved by Delegates of United
Mine Workers of America-Miners to Vote March 25
on Plan.
Delegates to the special convention of District 13, United
Mine Workers of America, being held in Des Moines, Iowa,
voted on March ii to adopt a report recommended by a
joint scale committee and returned the proposed wage agreement to the miners, recommending that they vote in favor
of it. The report calls for a reduction of $1.10 a day in day
work, 23c. per ton on a tonnage basis, and a 25% cut in
dead work and yardage.
The miners will vote on the new scale March 25, which
day has been declared a holiday for them. The resolution
adopted by the convention and noted in the Des Moines
"Register" of March 18 follows:
Resolved, That we adopt the scale as reported to this convention end
refer it to the rank and file for a referendum vote, with the recommendation by the convention that it be adopted.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve Bank credit
outstanding during the week ending March 22, as reported
by the Federal Reserve banks was $3,108,000,000, a decrease
of $528,000,000 compared with the preceding week and an
increase of $1,512,000,000 compared with the corresponding
week in 1932. After noting these facts, the Federal Reserve
Board proceeds as follows:
On March 22 total Reserve bank credit amounted to $2,887.000,000, a
decrease of $638,000,000 for the week. This decrease corresponds with
decreases of $661.000,000 in money in circulation, $46,000,000 in member
bank reserve balances and $15.000.000 in unexpended capital funds, nonmember deposits. etc.. and an increase of $13,000,000 In monetary gold stock
offset in part by a decrease of $97.000,000 in Treasury currency. adjusted.
Bills discounted decreased $365,000,000 at the Federal Reserve Bank of
New York, $54,000.000 at Cleveland, $33000000 at Philadelphia and
$561.000,000 at all Federal Reserve banks. The System's holdings of
bills bought in open market declined $51,000,000, while holdings of United
States bonds declined $2,000.000, of United States Treasury notes $7,000,-
000. of special Treasury certificates $19,000,000, and of other Treasury certificates and bills $6,000.000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
Bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the different items, was published in the May 31 1930 issue of the
"Chronicle" on page 3797.
The statement in full for the week ended March 22, in comparison with the preceding week and with the corresponding
date last year, will be found on a subsequent page, namely,
2026.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ending
March 22 1933, were as follows:
Financial Chronicle
1974
Increase (±)or Decrease(—)
since
Mar. 22 1933 Mar. 15 1933 Mar. 23 1932
+5.000,000
Bills discounted
671,000,000 —561,000,000
3.52,000,000 —51,000,000 +270.000,000
Sills bought
—19,000,000
Special Treasury certificates
Other U. S. Govt. securities
1 864,000,000 —16,000,000 +1,029,000,000
—14,000,000
Other reserve bank credit
+9.000,000
—1,000,000
TOTAL RES'VE BANK CREDIT_ _ 2,887,000,000 —638,000,000 +1,290,000,000
Monetary gold stock4,264,000,000 +13,000,000 —117,000,000
+49,000,000
Treasury currency adjusted
1.841,000,000 —97,000,000
Money in circulation
6,608,000,000 —661,000,000 +1,128,000,000
+7,000,000
Member bank reserve balances
1 918,000.000 —46,000,000
Unexpended capital funds, non-mem+86,000,000
ber, deposits, etc
466,000,000 —15,000,000
Beginning with the statement of March 15 1933, new
items were included, as follows:
1. "Federal Reserve Bank notes in actual circulation," representing the
amount of such notes issued under the provisions of paragraph 6 of Section
18 of the Federal Reserve Act as amended by the Act of March 9 1933.
2. "Redemption fund—Federal Reserve Bank notes," representing the
amount deposited with the Treasurer of the United States for the redemption of such notes.
3. "Special deposits-member banks" and "special deposits-non-member
bank," representing the amount of segregated deposits received from
member and non-member banks.
A new section has also been added to the statement to show the amount
of Federal Reserve Bank notes outstanding, held by Federal Reserve banks
and in actual circulation, and the amount of collateral pledged against
outstanding Federal Reserve Bank notes.
Returns of Member Banks in New York City and
Chicago—Brokers Loans.
Beginning with the returns for June 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City, as well as those in
Chicago, on Thursday, simultaneously with the figures for
the Reserve banks themselves, and for the same week, instead
of waiting until the following Monday, before which time the
statistics covering the entire bodysof reporting member banks
in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for the
current week, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week shows an increase of $10,000,000, the total of these
loans on March 22 1933 standing at $398,000,000 as compared with $331,000,000 on July 27 1932, the low record
for all time since these loans have been first compiled in
1917. Loans "for own count"increased from $366,000,000
to $367,000,000 and loans "for account of out-of-town
banks" from $15,000,000 to $26,000,000, but loans "for
account of others" decreased from $7,000,000 to 85,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Mar.22 1933. Mar.151933. Mar.231932.
Loans and investments—total
6,484,000,000 6,523,000,000 6,186,000,000
Loans—total
3,151,000,000 3,157,000,000 4,048,000,000
On securities
All other
1,626,000,000 1,674,000,000 2,009,000,000
1,525,000,000 1,483,000,000 2,039,000,000
Investments—total
3,333,000,000 3,366,000,000 2,438,000,000
U.S. Government securities
Other securities
Reserve with Federal Reserve Bank
Gash in vault
Net demand deposits
Time deposits
Government deposits
2,210,000,000 2,253,000,000 1,601,000,000
1,123,000,000 1,113,000,000 837,000,000
609,000,000 669,000,000 659,000,000
56,000,000
85,000,000
40,000,000
4,640,000,000 4,518.000,000 4,666,000,000
739,000,000 740,000,000 753,000,000
170,000,000 170,000,000 214,000,000
54,000,000
859.000,000
55,000,000
756,000,000
Borrowings from Federal Reserve Bank_ 147,000,000
483,000,000
Loans on secur. to brokers & dealers:
367.000,000
For own account
For account of out-of-town banks.... 26,000,000
5,000,000
For account of others
366,000,000
15,000,000
7,000,000
309,000,000
120,000,000
5,000,000
398,000,000
388,000,000
524,000,000
Due from banks
Due to banks
Total
On demand
On time
Loans and investments—total
73,000,000
885,000,000
252,000,000 235,000,000 420.000,000
146,000,000 153,000,000 104,000,000
*Chicago.
1,125,000,000 1,099.000,000 1.460,000,000
Loans—total
On securities
All other
Investments—total
U.S. Government securities
Other securities
647,000,000
646,000,000 1,002,000,000
348,000,000
299,000,000
353,000,000
293,000,000
592,000,000
410,000,000
478,000,000
453,000,000
458,000,000
239,000,000
239,000,000
202,000,000
251,000,000
248,000,000
210,000,000
Reserve with Federal Reserve Bank.... 162,000,000
63,000,000
Cash in vault
150,000,000
128,000,000
140,000,000
14,000,000
809,000,000
357,000,000
17,000,000
136,000,000
191,000,000
788,000,000
359,000,000
16,000,000
90,000,000
133,000,000
13,000,000
925,000,000
384,000,000
24,000,000
112,000,000
252,000,000
2,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank
*On March 9 a member bank In Chicago took over assets and assumed deposit
'abilities of a non-member bank aggregating approximately $135,000,000.
March 25 1933
Robert W. Bingham, J. I. Straus and Josephus Daniels
Appointed Ambassadors — Nomination of New
Envoys by President Roosevelt to England, France
and Mexico Confirmed by Senate.
The nomination of Josephus Daniels of North Carolina,
Jesse I. Straus of New York and Robert Worth Bingham
of Kentucky as Ambassadors to Mexico, France and England, respectively, have been confirmed by the Senate.
The nominations, the first to be made by the new Administration, were sent to the Senate by President Roosevelt on
March 13. The Senate confirmed the nominations of Mr.
Straus and Mr. Daniels on March 16. The nomination of
Mr. Bingham on that day was held up due to a speech he
made in Scotland some time ago. Commenting on this,
Associated Press advices from Washington, March 16, said:
The delay in'the case of Judge Bingham followed a reference by Senator
Arthur R. Robinson, Republican, of Indiana, to a speech by the Kentuckian
in Scotland some time ago which, Mr. Robinson told the committee, might
indicate a pro-British attitude.
Mr. Bingham's nomination was confirmed by the Senate
on March 22 following approval by the Foreign Relations
Committee. Senator Robinson withdrew his objections to
Mr. Bingham's appointment. Associated Press advices
from Washington, March 22, said that he (Senator Robinson) explained to newspaper men he was "satisfied" that
Mr. Bingham had been misrepresented in the press accounts
in America, which, he said, quoted Mr. Bingham as apologizing for America's actions at the Geneva Arms Conference
and expressing great admiration for English institutions.
Regarding the careers of the new Ambassadors, the New
York "Times" of March 14 said in part:
Mr. Daniels was Mr. Roosevelt's chief for eight years as Secretary of
the Navy under President Wilson when Mr. Roosevelt was Assistant
Secretary. Since then he has been occupied with the publication of his
newspaper, the Raleigh "News and Observer."
Judge Bingham is also a newspaper publisher, heading the Louisville
"Courier Journal" and the Louisville "Times."
Mr. Straus is President of R. H. Macy Sr Co., a Harvard graduate in
the class of '93 and a member of the board of overseers of Harvard.
Daniels Consults Clark.
Mr. Daniels paid his respects to President Roosevelt to-day, greeting
him as "Chief," a reversal of titles from the days when they were associated
in the Navy Department.
Later he conferred with Under-Secretary Phillips at the State Department to day,and then discussed the duties of his post with J. Reuben Clark,
who was Ambassador to Mexico under President Hoover and is now in till's
city. Be spoke at the State Department of his pleasure at going to Mexico,
a country in which he is deeply interested.
Mr. Daniels plans to come here for a two-week period of conferences
at the State Department before leaving for Mexico City.
The swearing in of Josephus Daniels by his brother was
described in part in Associated Press accounts from Raleigh,
N. C., March 18, as follows:
Josephus Daniels became "Mr. Ambassador" to-day,
The nation's new representative to Mexico took the oath from his older
brother, Judge Frank Daniels of the Superior Court.
The ceremony took place before the State Supreme Court. Governor
Ehringhaus sat with the court for the occasion. The red-draped chamber
overflowed with the Ambassador's family and friends.
Immediately after the court convened at noon Chief Justice Walter
Stacy recognized Attorney-General Dennis G. Brummitt.
"The happiness we share with his family is tinged with regret as we lose
him," said Mr. Brummitt. "I have the honor to present North Carolina's
most distinguished citizen, Ambassador Josephus Daniels."
"The court is pleased to have the pleasure of joining with North Carolina
in congratulating Ambassador Daniels," said Stacy. "It asks his equally
distinguished brother, Judge Frank Daniels, to administer the oath."
The 74-year-old judge slowly read the prescribed oath. The 70-year-old
Ambassador repeated it after him. A photographer's flashlight cut through
the dark red shadows. The exercise was over.
Bill Signed by Governor of Utah for Payment of Public
Employees in Gold.
On March 12 Associated Press advices from Salt Lake
•
City, Utah, stated:
Governor Henry If. Blood to-day signed a bill providing that effective
July 1 "the Treasurer of the State of Utah and of each taxing subdivision
within the State shall pay all public employees under their Jurisdiction
in gold coin." Sponsors said the measure was designed to prove in this
silver-producing State the inadequacy of gold as a monetary base.
Italy First to Get Gold from United States Under
Permit—Export of $8,507,500 Here Bares Government Stand on $400,000,000 Earmarked.
The first export of gold from the United States since the
declaration of an embargo by President Roosevelt on March 5
was announced on March 18 by the Federal Reserve Bank
of New York. The gold, amounting to $8,507,500, was
removed from earmark here by the Bank of Italy and shipped
to Italy under a special license. In the New York "Times"
of March 19 it was stated:
Since the metal had already been set aside for the account of the Italian
bank of issue, no loss to the gold stocks of this country was involved.
The transaction set at rest all doubts regarding the stand the Government
would take with respect to the $400,000.000 of gold belonging to foreign
central banks that is held in safe keeping in the vaults of the Federal Reserve
Volume 136
Financial Chronicle
banks. This gold had been deducted from the monetary gold stocks of the
country at the time it was earmarked for foreign account. Foreign central
banks that have title to it regard the metal as just as much a part of their
gold reserves as though it were in their own vaults.
Bankers were uncertain whether other central banks would follow the
lead of the Bank of Italy in repatriating their stocks under earmark here.
It had been thought that a substantial part of the metal might be taken
home, but the situation became changed when the United States demonstrated that it did not intend to place any obstacle in the way of the withdrawal of earmarked gold, and the belief grew that a good many central
banks would prefer to keep their holdings here in order to be able to convert
them into dollar exchange if need be.
Transvaal Gold Output Lower—Reduction in February
Ascribed to Larger Milling of Low-Grade Ore.
Under date of March 10 the New York "Times" reported
the following from London:
Gold output in the Transvaal during February was 883,145 ounces, as
against 967,457 in January and 914,012 in February 1932. This output
for last month is the smallest of any month since. April 1931. The decrease
is somewhat paradoxically ascribed to the new conditions which give
the mining companies the benefit of a large premium on gold.
That enables them to treat a much larger proportion of low-grade ore
than previously. For that reason, any great increase in the output is
likely, therefore, to come, not so much from greater activity of existing
facilities, but from actual enlargement of the crushing capacity.
England Offers Conversion Loan—Tenders Asked for
21/6% Issue—Final Maturity in 1949—First Allotment £5,000,000, With Subsequent Amounts Depending on Demand.
With the idea of reducing the floating debt, which jumped
by E200,000,000 to £820,870,000 in the past twelve months,
the British Treasury on Mar. 17 invited tenders for a new
2M% conversion loan which will insure cheap borrowing for
the next sixteen years. Advices to this effect were contained
in a London cablegram Mar. 17 to the New York "Times"
which also stated:
iThe huge expansion of the floating debt was caused by repayment of
foreign credits borrowed in the United States and France in 1931 in an
Ineffectual effort to keep the pound on the gold standard and by the fact
that the government's exchange equalization fund, amounting to £150,000,000, was temporarily financed at the time of its creation by an issue of
treasury bills. The new loan, which will be finally repayable in Oct. 1949
Is not comparable in magnitude or effect with last Summer's conversion of
the £2,000,000,000 war loan, which is annually saving the exchequer
£30,000,000.
Applications will be invited weekly when the usual tenders are received
for treasury bills, and the maximum amount of both to be allotted next
week will be .C45,000,000, of which the new conversion loan will not be
allowed to exceed £5,000,000. Subsequent allotments depend upon the
demand for the loan.
The loan is particularly designed to attract bankers and other professional
dealers in credit who favor a stock with a reasonably near fixed date of
redemption and indicates the government's view that the present period
of cheap money is unlikely to last.
British Treasury Bills Allotted at Lowest Discount on
Record.
The following from London yesterday (Mar. 24), is from
the New York "Evening Post":
Preliminary estimates show that this week's offering of three months'
treasury bills probably was allotted at the lowest discount on record.
It is estimated that the bills were allotted at an average discount of
about 6s. 10lid. per £100. the equivalent of 11-32 of 1%. Last week
the actual allottment rate was Ss. 10.9d. per .C100, the equivalent of approximately 7-16 of 1%.
Australian Premier Announces Suspension by Great
Britain of Debt Payment Which Was to Have Been
Paid by Australia Mar. 21.
The following from Canberra, Australia, Mar. 21, is from
the New York "Times":
The Prime Minister announced to Parliament to-day that Britain had
agreed to postpone the payment on the war debt and interest of £1,960,000,
or $2,450,000, including exchange, which Australia was due to pay on
Mar. 31.
It was expected when the budget was framed that the war-debt interest
and sinking fund payments would be suspended.
J. M. Keynes Advocates Loans for Works—Economist
Urges Spending on "Internationally Concerted"
Development Schemes—Savings in Unemployment
Doles and Increases in Revenue Would Result,
It Is Argued.
From London March 12 the New York "Times" reported
the following:
The "London Times" devotes its main editorial to-night to an analysis
by the economist, J. M. Keynes, of new proposals for the rehabilitation of
Britain and the world which "this times possess a measure of official concurrence."
The editorial explains that Mr. Keynes's thesis is very simply that
the "malaise, variously but consistently recognizable in falling prices,
contracted incomes, diminishing trade, rising taxation and obstinate unemployment, will yield to nothing but a policy of confident loan expenditure
upon schemes of capital development nationally fostered and Internationally
concerted."
The empire governments, the London "Times" recalls, have already
recorded their aim of raising prices while the British policy as defined
by Neville Chamberlain, Chancellor of the Exchequer, is to employ the
Government's credit for promoting public works and private enterprise.
1975
Both sides of the budget, it is argued, will benefit because there will be
savings in the unemployment dole and a higher yield in revenue, but while
Mr. Keynes's doctrine is "obviously not true for all times and conditions"
it receives support because "it springs from a new circumstance which
national exertion (as regards taxpaying) and national discipline (as regards
government economy) have created."
"Mr. Keynes," the London "Times" proceeds, "suggests a British lead
to the world economic conference in which the same principle may be
applied internationally, as it will be a pious futility for the conference to
pass resolutions favoring abatement of exchange restrictions, standstills,
tariffs or quotas which are symptoms only. His main contention, surely
irrefutable, is that the mechanism of prosperity can be set in motion by the
action of governments here and elsewhere and that a measure of positive
action toward prosperity is already within the competence of the British
Government. The pendulum will begin to swing as soon as there is determination enough to swing it."
Premier Mussolini of Italy Offers Plan to Keep European
Peace by Revision of Treaties—Prime Minister
MacDonald of Great Britain Approves It—Proposal
for Parley of Four Powers Sent to Paris and Berlin
—Results Hinge on France.
Following a conference at Rome, Italy, on March 19 between Prime Minister MacDonald of Great Britain and
Premier Mussolini of Italy, an official communique was
issued announcing that a definite plan had been put forward by the head of the Italian Government "for an understanding on larger political questions, with the object of
securing the collaboration of the four Western powers in
an effort to promote in the spirit of the Kellogg pact and
a no-force declaration a long period of peace for Europe
and the world." The Rome correspondent of the New York
"Times," in reporting the foregoing (under date of March
19) went on to say:
What exactly is Premier Mussolini's plan was not stated in the communique, but it was learned that it calls for strengthening the machinery
for arbitration and for juridical settlement of international disputes, for
a pledge by the four powers to enforce peace and for revising those clauses
of existing treaties that experience shows have been particularly resented by the nations defeated in the World War because these provisions have placed them in a position of material or moral inferiority
in regard to their neighbors. If the most glaring injustices of the existing treaties could be removed, it is believed, the present animosities
would S0011 subside and reduction of armaments would follow as a natural
consequence.
Conference Is Proposed.
It is understood that it is proposed this plan should form a basis
of discussion at a conference of the Premiers of Britain, France, Germany and Italy. The conference will not be called, however, until France
and Germany have had an opportunity to study Signor Mussolini's proposal, which has been submitted to them.
• The communique says explicitly that Mr. MacDonald and Signor Mussolini studied a plan for an understanding on the larger political questions. Implicitly it also says that an agreement was reached for an
Anglo-Italian policy toward these political questions. It is evident, in
fact, that if Mr. MacDonald and Signor Mussolini, after a thorough discussion of every phase of the European situation, believe that the cause
of peace can be served by a discussion of Europe's principal problems,
they must themselves have found an agreement on a solution which in
their opinion would best be given to such problems. The implied announcement of this Anglo-Italian co-operation will undoubtedly have a
great moral effect at this moment.
From what can be learned here, Premier Mussolini's plan is based on
the positions of Italy and Britain as guarantors of the Franco-German
Rhine frontier under the Locarno treaty. They thus find themselves, in
a certain sense, in the position of guardians of European peace, and in
this capacity feel justified in calling upon the other great European
powers to collaborate with them in removing the principal causes of
friction in Europe.
Air of Secrecy Avoided.
It is emphasized in both British and Italian quarters that Premier
Mussolini's plan is based on co-operation of all four powers. It would
completely fall to the ground if either of the two powers besides Britain
and Italy refused to participate in the proposed conference. For this
reason throughout the Rome conversations every precaution has been
taken to prevent either France or Germany from gaining an impression
that Mr. MacDonald and Signor Mussolini have been discussing a secret
understanding.
France and Germany have been kept informed on every phase of the
Anglo-Italian conversations and the full text of Signor Mussolini's plan
was submitted to-day to the French and German Governments. Mr.
MacDonald and Sir John Simon, the British Foreign Secretary, on their
return to England will break their journey in Paris to discuss the plan
with French statesmen, while the British and Italian Ambassadors in
Berlin have been instructed to keep their respective governments informed as to the German reaction.
As the project is based to some extent at least on treaty revision, it
may be safely assumed it will be welcomed in Germany. Success therefore hinges on France's acceptance of the proposed conference. It would
be useless for the statesmen of Britain, Italy and Germany to devise
amendments to treaties in the absence of France, who claims leadership
among that strong group of European countries who insist on the strict
observance of the present treaties.
Two Eystoms in Europe.
For all practical purposes the European nations may be divided into
two groups. The first, headed by France, includes the countries that
came into being as a result of the peace treaties or had their territory
increased thereby. The second comprises Italy, which rightly or wrongly
feels she has been cheated of the fruits of victory, and the nations that
were defeated in the war and lost territory under the peace treaties.
Britain dos not fall into either of these two systems and has always
tried to exercise a moderating influence between them.
The revisionist tendency has recently increased in strength as a result
of the accession to power of Adolf Hitler, who makes no secret of his hope
1976
Financial Chronicle
that the restrictions placed upon Germany by the Versailles Treaty as
well as some of its territorial clauses may soon be changed.
If the proposed four-power conference materializes it will naturally
represent a victory for the revisionist tendency, since the mere fact
that such a conference is convoked would be tantamount to loosening
the hold of the treaties. Any nation attending the conference, in fact,
must do so prepared to make some concessions, otherwise it would be
better to refuse to attend in the first place. It is inconceivable that the
conference could be convoked and that the hopes of all countries having
true or imagined grievances could be aroused only to send these countries
away empty-handed. Such a procedure would merely inflame passions
to an even greater extent.
Proposal Is Precise.
Premier Mussolini's plan therefore clearly states the exact purpose
of the proposed conference and contains precise indication of the subjects
to be discussed.
This is confirmed by a draft of Signor Mussolini's proposals submitted to the French Embassy here. It comprises fifteen articles and
consists chiefly in a kind of agenda for the proposed conference. While
laying special stress on the necessity that the four chief European powers
pledge themselves to enforce peace under all conditions, it also enumerates
certain situations created by .the existing treaties that must be changed
in the interests of peace. It is pointed out that the plan eliminates all
possibility that any power would be surprised, since all would know
beforehand just what questions were to be discussed.
If the four-power conference is convoked it will meet somewhere in
Italy, probably in Rome. This for a double reason—our of deference to
Premier Mussolini as the author of the plan to be discussed and because
Signor Mussolini cannot conveniently leave Italy.
Apart from the announcement of the agreement reached between Mr.
MacDonald and Signor Mussolini the only feature of to-day's activities
of the British Prime Minister was his visit to the Pope, which took place
late this afternoon, immediately after his final conference with Signor
Mussolini. The Pope received Mr. MacDonald in his private library and
the two remained long in private conversation. All steps aiming to
promote peace have always had the full support of the Vatican and
therefore the Pontiff was interested to hear what Mr. MacDonald had
achieved in Rome and what he purposed to do in the future. After the
audience the Pope in imparting the Apostolic Benediction especially
blessed Mr. MacDonald's work for peace.
U. S. Gain a Miracle, Says Chancellor Chamberlain
of Great Britain—Tells Commons President Roosevelt Has Restored Confidence—Sees Europe Better
Off—Predicts World Economic Parley in a Few
Months.
Neville Chamberlain, described in the House of Commons
on March 22 by a Labor member as "the gloomiest Chancellor of the Exchequer England ever had," immediately
undertook to disprove the charge by saying that the world
situation was likely to improve in the next few months.
As evidence on which 'he based his new optimism Mr.
Chamberlain (said the London correspondent of the New
York "Times"), cited the case of the United States since
the inauguration of President Roosevelt. The account from
which we quote continued:
"Only a few weeks ago," he said, "anybody looking at the situation in
the United States could only have done so with feelings of gravest anxiety.
To-day, thanks to the initiative, courage and wisdom of the new President,
a change has taken place which might almost be called miraculous.
"Confidence has been largely restored and people who had withdrawn
their deposits from banks are bringing their holdings back. Now a sense
of hope and anticipation of the future is coming back to the American
people and that confidence is being reflected over here in the City of
London and the stock and financial markets."
Sees Gain on Continent.
Concerning the European situation, Mr. Chamberlain said he must not
anticipate what Prime Minister MacDonald was going to tell Parliament
to-morrow about his trip to Geneva, Rome and Paris, but added that it
was evident matters on the Continent had undergone a remarkable and
beneficial change.
"Then there is the World Economic Conference," he continued. "It
may be the fashion to sneer at international conferences. Some members
of the house genuinely wonder whether it was ever intended to hold that
conference at all. I see no reason except some entirely unforseen occurrence arising why the conference should not take place in the course
of the next few months.
"Meantime preparations for the conference are going on everywhere.
It was always best when going to a conference to agree as much as
possible before getting there. Conversations between the parties principally
interested save an indefinite amount of time and trouble when they come
to a round table. I had the pleasure last week of a conversation with
the French Minister of Finance, and I hope shortly to have a similar
conversation with the Italian Minister. After the French conversation I
didn't think that at any time since the war had there been closer cooperation between the views of the British and French Governments upon
the economic subjects which have to be discussed by the conference.
Finds Pessimism 1Vron9.
"When one saw so many hopeful signs, when one saw that the very
severity of the crisis through which the countries have been passing had
made them feel that something must be done, that we cannot be satisfied
with pious resolutions but must take joint and wise action to get an
actual mitigation of the evils from which all are suffering, it was an
altogether mistaken pessimism to think there was no chance of making
progress at the world conference."
Mr. Chamberlain's hopeful remarks were received with cheers by members of all parties, but he was less successful in pleasing the House by
his reticence concerning Britain's own industrial situation and by his
cautions attitude toward schemes now widely advocated for a policy of
expanding expenditures on public works and Government aid to private
enterprises.
In reply to suggestions that taxation must be reduced, Mr. Chamberlain made a non-committal reply that he could not anticipate the budget.
March 25 1933
Sir George Paish Urges Return to Free Trade—Sees
Breakdown Without It, Great Prosperity With It.
The following (United Press) from London is from the
"Wall Street Journal" of March 21:
Unless a world economic conference is summoned soon the crisis in
the United States will spread to nations throughout the world, according
to Sir George Paish, economist, who in a book, "The Road to Prosperity,"
predicted in 1927 a breakdown of the world's economic system.
"The world started suffering from economic paralysis which has suddenly developed into rushing paralysis," he said. "In my opinion the
statesmen of the world should get together immediately in order to prevent
a complete collapse of the world's trade and credit such as recently occurred in the United States."
Sir George said President Roosevelt's inaugural. address was "the statement of a statesman." His only criticism, he said, was that "adjustment
of the internal situation in the United States is impossible without prior
adjustment of the world position."
Says U. S. Prices Depend on World.
Prices in the United States are dependent not merely on conditions in
the United States but on conditions throughout the entire world, and
without recovery in world prices and expansions of United States income
(which is governable by world prices) it would be impossible to adjust
the American situation, he said.
"Few people seem to realize that in reality the world is going through
a serious economic war due to tariff policies for which the creditor nations, particularly the United States and Great Britain, are equally responsible," Sir George said.
"The effect of these tariffs on world trade is deplorable. Britain's
purchases in world markets last year were reduced by three hundred million
sterling. The consequences of this must be obvious. In the same way
President Roosevelt's bank holiday cost the world several million pounds
sterling a week by the mere fact of curtailing United States purchases
and touring activities all over the world. Another consequence of the
moratorium was to cause business men all over the world to wait before
making any capital expenditures. This is due to the tremendous shock
to confidence which the United States embargo on currency caused."
Must Return to Free Trade, He Says.
Asked what lie thought the solution was, Sir George said:
"Every nation must make its contribution by acting to others as it
wishes to be acted to itself. I am convinced the world must return to
free trade. There is no limit to the possible amount of trade which can
be provided under a free trade regime. If the world distress has the
effect which it should have, of inducing nations to trade freely with
each other without hinderances of any kind, either tariffs or controls or
other devices of the devil, then within a very ellort time—probably in
from two to three years—unemployment should cease to mark the breakdown of statesmanship. There will be so great a demand for labor that
the difficulty will be to find the necessary workmen and workwomen
needed to supply all the products which a revived and expanded world
demand will call for."
Speeches of President von HindenburgrandIChancellor
Hitler with Opening of Germant Reichstag.
The new German Reichstag, from which Chancellor Adolf
Hitler demanded and obtained dictatorial powers for four
years, began its first session In the evening of March 21 in
the Kroll Opera House across the street from the Reichstag
Building, which was partly destroyed by fire a few days
before the last election. The Reichstag, as we indicate In
another item, adjourned on March 23 after passing the
dictatorship act. With the opening of the session on March
21 Associated Press accounts from Berlin March 21 said:
The members had come from Potsdam after an impressive dedicatory
service in the old Garrison Church. President von Hindenburg addressed
the members there, appealing for political unity for the sake of "the
soul of a unified, free and proud Germany."
Hermann Goering, Chairman of the Reichstag and one of Chancellor
Hitler's chief aids, called the business meeting to order.
For the first time since the revolution the Republican colors were missing.
A huge Swastika (Nazi) banner was placed behind the Speaker's chair
instead of the Federal eagle, as originally planned.
Among prominent visitors at the opening session was the former Crown
Prince.
As the Communist members of the Refahstag were barred, the Socialists
were placed on the extreme left. The Nazi members filled more than
half of the house.
The Government groups did not occupy the Ministerial benches, as this
is not customary until the house has been organized.
Newspaper men and visitors were searched for concealed weapons.
Functioning with military precision, the Reichstag completed organization within nine minutes and within twenty-five minutes adjourned its
first business session.
The adjournment was until Thursday [March 23], when Chancellor
Hitler will deliver the Government's statement of policy.
Herr Goering was re-elected President by acclamation, and Thomas
Esser, a Centrist, Walter Gmef, a Nationalist, and Ernest Zoerner, a Nazi,
were chosen Vice-Presidents.
Only Herr Esser received a unanimous vote. In the case of the three
other officers the Socialists abstained from voting.
In a brief speech of acceptance, Herr Goering, while the Nazi and
Nationalist members stood, paid tribute to Herr Hitler as a man who,
like no other, was able to-day to give a message of a new Germany.
"Spirit of Potsdam."
"The spirit of Weimar is dead—the spirit of Potsdam, which stands for
duty, discipline, work and cleanliness, lives," he said.
The Reichstag President berated the late Republican flag as symbolizing
oppression, shame and dishonor and predicted that Germany, guided by
the Potsdam spirit, would rise to new glory.
The Chancellor, Herr Goering and other Nazi members of the Cabinet
were dressed in the brown uniform of the party.
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Financial Chronicle
At the same time (March 21) Associated Press accounts
from Potsdam (Germany) to the New York "Evening Post"
said:
A new militant Germany, animated by the old Prussian military spirit,
was proclaimed in an impressive Reichstag opening ceremony to-day in
the Garrison Church where President von Hindenburg and Chancellor
Adolf Hitler were the chief figures.
The Reichstag was meeting for the first time since the electionsof
\larch 5. Another meeting place was used because the Reichstag building
was badly damaged in a fire a few days before the last elections.
The chair of the former Kaiser Wilhelm II was left symbolically vacant
in the royal box occupied by the Hohenzollern princes.
Nationalist Germany's appreciation of the imperial past of the country
became evident in double salutes at the beginning and end of the exercises given by the President with his field marshal's baton to the Crown
Prince and other members of the former imperial family.
Von Hindenburg Speaks.
The solemn opening ceremony in the historic Garrison Church began
with an address by 85-year-old President Paul von Hindenburg, the first
he ever made to the National Legislature.
"The elections of March 5 have shown a clear majority for the newly
formed Government of National concentration," he said.
"Weighty and manifold duties await you. I know the Chancellor and
Cabinet face with determination the difficult problems to be solved at
home and abroad. I hope the members of the new Reichstag place
themselves loyally behind the Govermnent.
"The place where we stand recalls old Prussia which became great
through fear of God, devotion to duty, unflagging courage, and self-denying
patriotism," said the former field marshal who served two emperors in
their share to strengthen and increase the benefits of peace, civilization
and culture. While conscious of their power, they never forgot the responsibility for mutual co-operation of European nations."
He declared that neither the Kaiser nor the Government wanted the war,
which none the less was a fight for Germany's freedom. Hitler rejected
the charge of German war guilt as a lie and appealed to the people to rally
behind President von Flihdenburg, calling him "the symbol of the Westructibility of the life of the German nation."
A cablegram from Berlin March 21 thus quotes President
von Hindenburg in welcoming the new Reichstag as he
stood in the chancel of the church:
"The place where we are assembled to-day admonishes us to look
back to the old Prussia, which in fear of God attained greatness through
faithful labor, never-failing courage and devoted patriotism, and on this
foundation united the German tribes.
"May the old spirit of this glory-hallowed site also imbue the present
generation
May it free us tram self-seeking and party squabbles and
join us in national solidarity and spiritual regeneration for the benediction of a free and proud Germany united within itself!"
Noting that Chancellor Hitler, in his address at the Garrison Church in Potsdam, dwelt on the alternations of rise
and decline that'bad marked German history and ascribed
the declines to the same recurrent cause—internal
fissure,
the Berlin advices March 21 to the "Times" give as follows
the Chancellor's most striking remarks:
"The German divided within himself loses the
power to act. He dreams
of justice among the stars and loses his footing
on earth. The more
the nation and the Reich decline and the protection
of national life
weakens, the more virtue is made of hardship.
"The theory of the individual value of our tribes
obliterates the
realization that a coimnon will is necessary. And
only when distress
and misery emote inhumanly did there grow up
the longing for a new
resurgence, for a new Reich, and through this a new
existence.
"The unification erected by Bismarck seemed
to have ended intertribal conflict, but a new evil arose, for then began
that world outlook
and the disintegration of the German people,
from which we are still
suffering at this moment.
"And this internal decay of the nation became,
as often before, the
ally of the outside world. The revolution of November
1918, started a
struggle which the German nation entered in
the most solemn conviction
that it was merely defending its freedom and right
to existence.
Feebleness la Pictured.
"Neither Emperor nor Government nor people
wanted that war. Only
the nation's decay, the general breakdown, compelled
a feeble generation
to bow—against its better knowledge and most sacred
inward conviction—
to the claim that we were guilty of causing the war.
This breakdown
was followed by decay everywhere.
"In their world position, morally, culturally and
economically, our
people sank deeper and deeper. The worst feature
was the conscious
destruction of belief in our own strength—the degradation
of our traditions, and thus the destruction of the foundations of
confidence.
"Crises without end have since then convulsed our
nation."
The Chancellor then went on to the new spirit that
grew up in Germany. Turning to President von Hindenburg, seated
a few feet away,
he said:
"To this young Germany, you, Herr Field Marshal, by
a magnanimous
resolve entrusted the guidance of the Reich. In a unique
resurgence the
people have, in a few weeks, restored the National honor,
and thanks to
your understanding, Herr President, have consummated the
marriage between the symbols of ancient greatness and youthful strength."
Difficulty la Pointed Out.
Emphasizing the greatness and difficulty of the task
ahead of the
new regime, Herr Hitler sketched in broad outlines
its objectives: Development of singleness of mind in the German nation,
cultivation of
indigenous forces and values and the nation's historical
traditions, a stable
and authoritative Government and its primacy in organizing the
Nation's
life. Ile went on:
"We will honestly strive to unite all of good-will, and we will
render
harmless those who would harm the nation. We want to
fashion the
peasants, burghers and workers of all classes and occupations
into a
genuine Commonwealth in which the different interests shall be
equalized
as the nation's future demands.
1977
"To the outside world, weighing our one-time sacrifices of war, we
want to be sincere friends of peace which at last shall heal the wounds
from which all are suffering."
Then he appealed to the Reichstag to support the Government's firm
resolve to carry out its policy, and added with a sweeping and dramatic
gesture over the seated Deputies:
"There is a venerable head in our midst. We rise to honor the Field
Marshal. To-day, Herr Field Marshal, Providence lets you be the lord
and protector of our people's new uprising. Your wonderful life is for
us all a symbol of the indestructible and vital power of the Gelman nation. German youth gives thanks to you this day and so do all who feel
your assent to the work of German resurgence as a blessing.
"Now may Providence also grant us that courage and endurance which
we, struggling for our people's freedom and greatness, feel at the bier
of our greatest king."
The new dictatorship act, and Chancellor Hitler's speech
in the Reichstag March 23 appear elsewhere in our issue
to-day.
Government of Chancellor Hitler of Germany Receives
Dictatorship Powers—Enabling Act Covers FourYear Period,
The German Reichstag on March 23 completed the work
for which it had been elected and had been called together
by adopting in three readings the Government's enabling Act
which gives to the Cabinet authority to make laws by
decree for four years if it is not meanwhile displaced, said
Berlin advices that day to the New York "Times," which
stated that the vote was 441 to 94.
The new German Reichstag, from which it was indicated
on March 21 Adolf Hitler would demand dictatorial powers,
began its first session on the evening of the 21st inst. Following the action taken on March 23, which was preceded
by a speech by Chancellor Adolph Hitler and an objection
from the Socialists, the Reichstag adjourned indefinitely.
According to the Berlin account that day to the "Times,"
which also had the following to say in part:
Under the enabling Act the Cabinet will have power to promulgate
laws without reference to the Reichstag. In its deeper implications the
law will enable the Hitler-Papen Government to override the Federal Constitution even to the extent of eliminating President von Hindenburg from
further promulgating laws and decrees,as this power is given to the Cabinet.
The law says that the prerogatives of the President remain untouched,
but it is felt that the old Field Marshal has now retired from daily politics.
Held to Be K"aster of Reich.
Thus Herr Hitler to-day achieved the great triumph for which he has
been fighting for 14 years. and it is considered that he is now the master
of Germany with power greater than that of any of his predecessors in the
Chancellery.
The enabling Act means that the Weimar Constitution has ceased to
exist for a long period, probably for good, and that an important part of
the authority of President von Hindenburg has passed to Herr littler.
It will be the Chancellor who wields the power conveyed by Article XLVIII
of the Constitution, which is now superseded by the enabling Act.
The President's right to dismiss the Chancellor. under the present
circumstances. is held to be without practical sigmlflcance.
In a speech temperate yet emphatic in justifying the policies of his
Government. Chancellor Hitler made his first formal parliamentary appearance since he became head of the "National Revolutionary" Government.
Wearing his National Socialist party uniform, which contrasted strangely
with the more formal attire affected by Vice-Chancellor von l'apen. who
sat next to him on the Government bench. the Chancellor rapidly got into
his familiar speaking stride, but those of his auditors who had banked on
a display of forensics were disappointed.
Reads Address Calmly.
Herr Hitler read his official statement with little passion. Only once
did he wax warm, when he announced that if the press abroad saddled the
Reichstag fire on the "national uprising" it would only strengthen him in
his determination to avenge the crime by staging a public execution of the
men who set fire to the building.
Herr Hitler ranged over the entire field of the Belch's internal and foreign
policies,some of which he postulated as follows:
The Government was fundamentally opposed to any experimentation
with the national currency.
The Government sincerely desires to avoid an expansion of the German
armed forces or an increase in armaments and therefore hoped that the rest
of the world would manifest an inclination to fulfill its obligations for radical
disarmament.
The restoration of the monarchy was indlAcussable at the present time.
The extermination of communism in Germany would be one of the Government's cardinal aims.
The Reich was determined to maintain unquestioned its primacy over
the federated States.
The moral purging of the body politic would be quite as much the Government's business as the assertion of its political leadership.
The rescue of the peasantry and middle class would be the special concern
of the Government.
"Treason toward the nation and the people shall in future be stamped
out *ith ruthless barbarity." the Chancellor declared, as the National
Socialists and the galleries loudly applauded.
Herr Hitler said he saw in the two Christian confessions the most important factors for the preservation of the Germans' individuality as a
People.
He asserted that his Government would meet all other confessions with
objective justice, but added that it could not tolerate that "adherence to
a certain confession or membership in a certain race should be construed
as a dispensation from lawful obligations, let alone a license to commit or
tolerate crimes."
Except for a rather moderate and conciliatory speech by Otto Weis. the
Socialist leader, little was heard from the Socialists during the session.
When Chancellor Hitler, in response to this speech, arose once more for a
vigorous attack upon the Socialists,they tried to interrupt him occasionally,
but Captain Hermann Wilhelm Goering, the Speaker of the Reichstag.
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Financial Chronicle
overrode their requests and could be heard exclaiming, "Now you listen
to this first."
Carl Severing, former Socialist Minister of the Interior in Prussia, was
taken into custody by the police as he was about to enter the building. He
was permitted to take part in the voting on the enabling Act, but was then
taken to the Ministry of the Interior for cross-examination.
From the Berlin advices to the same paper we take as
-follows the text of the Dictatorship Act.
Telt of Dictatorship Act.
The text of the enabling Act by which the Hitler Cabinet becomes a
dictatorship follows:
Article I—Federal laws may be enacted by the Government(the Cabinet]
outside of the procedure provided in the Constitution. including Article
LXXXV, Paragraph 2—providing that the budget must be adopted by
legislative act—and Article LXXXVII of the Constitution—providing
for legislative action to authorize the Government to make loans and credits.
Article II—The laws decreed by the Government may deviate from the
Constitution so far as they do not deal with the institutions of the Reichstag
and the Federal Council as such. The prerogatives of the President remain
untouched.
Article III—The laws decreed by the Government are to be drafted by
the Chancellor and announced in the Reichsgesetzblatt (the organ in which
laws are published]. If not otherwise ordered, they shall become effective
the day following the announcement. Articles LXVIII to LXXVII of
the Constitution—regulating the procedure of the announcement and
publication of the laws—do not apply to laws decreed by the Government.
Article IV—For treaties of the Reich with foreign nations regarding matters of the Reich's legislative authority the consent of legislative bodies
is not needed so long as this Act is in force. The Government shall issue
decrees necessary for the enforcing of these treaties.
Article V—This law shall become effective on the day it is announced.
It shall remain in effect until April 11937. It shall expire when the present
Oovernment is replaced by another one.
The German Cabinet of 11 members contains three Nazis: Chancellor
Hitler, Dr. Wilhelm F. Frick and Hermann Wilhelm Goering. The others
are Nationalists and personal appointees of President von Hindenburg.
The leaders of the majority element are Vice-Chancellor von Papen and
Dt. Alfred Hugenberg. The Cabinet includes Franz Seldte, leader of the
Stahlhelm, the organization of war veterans, and General Werner von
Blomberg, the Minister of Defense, who has charge of the Reichswehr,
the standing army.
The powers of the President include the right to appoint and dismiss the
Chancellor.
Chancellor Hitler's speech before the Reichstag is referred
to elsewhere in our issue to-day.
Speech of Chancellor Hitler of Germany in Reichstag
Outlining His Policies.
Mention is made elsewhere in our columns to-day of the
action of the German Reichstag in conferring on March 23
dictatorship powers on the Government of Chancellor Adolf
'Hitler, and of the address in the Reichstag that day of the
Chancellor. From a cablegram from Berlin to the New
York "Times" we take as follows the most important sections
of the address of Chancellor Hitler at the March 23 session
of the Reichstag:
In November 1918 the Marxist organization seized the executive power
by a revolution. Monarchs were dethroned, the Reich and State Governments were deposed and the Constitution was thus broken. The revolution's
material success saved the assailants from the grip of the law.
They sought moral legitimation in the claim that Germany or her government bore the responsibility for the outbreak of the war. This claim was
knowingly false.
But this untrue accusation, which served the interests of our then enemies,
led to the worst oppression of the whole German people, and with the
breach of the assurances given in Wilson's 14 points there began for Germany
a time of unmitigated misfortune. All the promises made by the men of
November 1918 turned out to be, if not purposed deceptions, at all events
no less than condemnable illusions.
That the instinct of self-preservation of the guilty ones finds a thousand
extenuations and excuses is natural. Sober comparison of the average
results of the last 14 years with the promises then proclaimed turns out,
however, to be devastating to the men responsible for a crime unparalleled
in German history.
Minimizes Backing They Had.
The Chancellor then declared that the German people in these 14 years
bad suffered decay in all parts of their national existence such as could
not have been greater, and that despite the possession and use of governmental power by the Weimar regime it had at best had only a fraction of
the German people for supporters and had lost more of them because the
continuance of the decline had opened their eyes to "the necessity of a
fundamental turning away from the ideas, organizations and men in whom
they gradually began to perceive the deeper causes of decay."
Thus the National Socialist movement could enlist ever greater numbers.
Together with other nationalistic organizations, it brushed aside in a few
weeks the powers that had ruled since 1918.
His program for reconstruction. Herr Hitler said, was pivoted on the
conviction that the German collapse had its cause within the national
organism itself and that the purging of it of these defects was a logical
necessity.
The disintegration of the nation, systematically brought about, into
irreconcilable philosophical antagonisms means the destruction of the
basis for any possible communal life. Starting from the liberalism of the
past century, this development leads inevitably to chaos and communism.
The setting fire of the Reichstag as an unsuccessful essay in large-scale
action shows what Europe mignt expect from the victory of this diabolical
teaching.
If certain newspapers, especially outside Germany, now try to identify
the national uprising in Germany with this act of villainy, that can only
confirm my determination presently to average this crime by the public
execution of the incendiary and his accomplices.
Would Root Out Communism.
It was only the lightning speed with which his government had struck
that nad stifled a development that might have shaken Europe, the Chancellor declared, and it would be his foremost task to root out communism
from Germany to the last vestige.
March 25 1933
The government will not lose sight of the positive task of winning the
German workers over to the National State. Only the creation of a true
popular community rising above class interests and oppositions can ultimately destroy the feeding ground of these aberrations of the human mind.
The solidarity of the German people is the more important since only
through it is the maintenance of friendly relations with other countries
possible irrespective of the tendencies or differences that govern them—
for the elimination of communism from Germany is not only a domestic
affair.
The rest of the world may be equally interested therein, since the outbreak of the Communist chaos in the densely settled Retch would have
political and economic consequences in Western Europe that would stagger
the imagination.
Concomitant with the decline in the authority of the government of
the Reich, there had arisen among the parties in the federated States
conceptions incompatible with the unity of the Reich, Herr Hitler said,
but in remedying this the government did not intend "to abandon what has
organically grown to be a theoretical principle of unbridled unitarization."
The government does not intend to use the enabling act to abolish the
States. But it will take such measures as will guarantee henceforth and
forever uniformity of political intentions in the Reich and the States.
The more complete such conformity, the less interest the Reich has in
doing violence to the cultural and economic individuality ot the several
States.
Against Repeated Elections.
The Chancellor contended that repeated elections depreciated legislative
bodies in the popular estimation and said the government would find ways
of drawing the consequences from the last election.
Further-reaching reform of the Reich can result only from living developments. Its aim must be to construct a constitution that unites the popular
will with the authority of genuine leadership. The legalization of such
constitutional reform will be accorded by the people itself.
All the elements inimical to the national uprising will be prevented from
any possibility of influencing the course of events and the theoretical
principle of equality before the law must not be stretched to tolerating
those who condemn the law. Herr Hitler declared.
The government will accord equality to all who will range themselves
behind the national interests and will not refuse the government their
support. It will be our next task to bring the spiritual leaders of these
destructive tendencies to book, but to rescue their misguided victims.
The millions bf German workers who adhere to these ideas of madness and
self-destruction are only the results of the inexcusable weakness of former
governments.
The National Government will take its measures from the viewpoint of
saving the German people, especially the working millions, nameless
misery. The government, therefore, in the mere view of existing conditions,
regards the question of monarchic restoration as indiscussible at present.
Were any State to attempt to solve this problem on its own responsibility, the government would regard that as an attack on the unity of the
Reich and would proceed accordingly.
"Moral Sanitation" Planned.
Concurrent with "eliminating political poison," Herr Hitler announced
a "sweeping moral sanitation," for which the whole educational system,
the theatre, films, literature, the press and the radio would be employed.
The contemplativeness of cosmopolitanism is rapidly disappearing.
Heroism is to ring passionately as the shaper and leader of political destinies.
It is art's task to express this spirit of the times. Blood and race will again
become the source of artistic inspiration. It is the task of the government
to see to It that, just as in the period of restricted political power, the inward
forces and values of the nation shall receive the most powerful stimulus.
This also involves grateful admiration of our great past—in all domains
bridges must be thrown from the past to the future. Reverence for great
men must again be hammered into German youth.
Through extracting the poison from public life the government secures
the prerequisites for a genuine return of religious life. In the two Christian
confessions the government sees the most important factors for the preservation of our individuality as a people. Their rights shall not be touched.
The government hopes, however, that its work for the political and
moral regeneration of.our people will be reciprocally appreciated.
The government will meet all other confessions with objective justice.
But it could not tolerate that adherence to a certain confession or membership in a certain race should be construed as a dispensation from lawful
obligations, let alone a license to commit or tolerate crimes.
For Church-State Amity.
The government, the Chancellor said, would diligently seek to promote
co-operation between church and State. The fight against the materialistic
viewpoint in favor of a genuine community of the people is quite as essential
to the interests of the German nation as it is to the maintenance of the
Christian faith.
The administration of justice, he continued, must be primarily dedicated
to the service of a unified people.
The irremovableness of judges on the one hand must correspond to an
elasticity of judgment for the benefit of the community. Not the individual
but the nation should be the first concern of our judicial procedure. The
soil on which justice thrives can be no other than that wherein the nation
is rooted.
Some of the gravest problems confronting the government. Chancellor
Hitler observed, were those dealing with the nation's economy.
They will be dealt with according to one law. The people do not exist
for the benefit of the economy and the latter is not at the service of capital.
But capital is the handmaid of economy and the economic servant of the
people.
Private Initiative Stressed
The government, the Chancellor stated, would not fundamentally
attempt to solve the problem through bureaucratic methods Initiated by
the State, but would seek to promote private initiative with the fullest
recognition of the rights of private property. He insisted that there must
be a just and fair adjustment between productive intention en the one hand
and productive work on the other.
The problem of public budgets, he asserted, involved the problem of
economic administration. Tax reform should strive to bring about the
reduction of both administrative costs and burdens, and in principle the
tax mill should be placed in midstream, instead of being erected at its
spring.
The government will fundamentally avoid any experimentation with
the national currency.
Two outstanding economic problems demand our urgent consideration.
One is to rescue the German peasantry. The destruction of this class of
our people would have the direst consequences. Its restoration to a point
where agriculture would again be profitable may hit the consumer, but his
suffering would be slight compared with that which would fall on the nation
with the collapse of the peasantry.
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Financial Chronicle
The recovery of the German peasantry is the first prerequisite for the
prosperity of our industry, our domestic trade and our export business.
Without the German peasant asa bulwark,communism would have overrun
Germany and completely destroyed our economy. No financial sacrifice
Is big enough to wipe out the debt we owe the German peasant.
The Unemployment Problem.
Adverting to the unemployment situation, the Chancellor said that the
government was keenly conscious that the entire process of recovery depended on joining up the army of unemployed with the processes of production. It suggested the government's second outstanding problem, he dedared, and its solution could only be effected through the application of
sound economic measures, even if they were temporarily unpopular.
Employment schemes and compulsory labor service constituted only
details in the general framework of this undertaking, Herr Hitler asserted.
The plight of the middle class, the Chancellor continued, was no better
than that of the peasantry.
Its rescue, too, must be undertaken in line with our general economic
policies. The national government is, therefore, determined to make a
thorough job of this historic problem, involving the existence of millions
of German workers. As Chancellor and as a National Socialist I recognize
in them the comrades of my youth.
The Chancellor said that the government hoped to enhance the buying
power of the middle class through relief measures whereby general economy
would be revivified.
Touching on the question of economic self-sufficiency, Chancellor Hitler
declared that while the geographic position of Germany obviously made
such a policy unfeasible the government above all desired to avoid any
impression that it was opposed to promoting the export industry.
Value of Foreign Markets.
We need contact with the outside world and our foreign markets furnish
a livelihood for millions of our fellow-citizens. But we also know the prerequisites for a healthy exchange of commodities.
For years Germany has been forced to give value without receiving.
counter-value. This postulates that the problem of maintaining Germany
as a member in this chain of commodity intercourse is less one of a political
than of a financial nature.
• So long as an equitable adjustment of our foreign debts is denied us, we
shall be compelled to continue our control of foreign exchange and maintain
our barriers against the flow of capital abroad.
It is hoped, however, that while we are obliged to adhere to these measures
under the present circumstances the outside world will not deny us that
measure of understanding that will eventually make it possible for Germany
to re-enter the peaceful competition of the nations.
The Chancellor devoted the closing portion of his speech to Germany's
foreign relations and allied issues. The Reichswehr, he declared, was to be
regarded as the only army in the world conforming to the disarmament
ideal.
Germany has now been waiting for years for the fulfillment of the promise
that the rest of the world was to follow us in disarming. It is the sincere
desire of the National Government to be able to refrain from increasing
the German Army and armament if other nations at last show an inclination to disarm radically. For Germany wants nothing but equal liberty.
The National Government will teach the German people this spirit of
liberty. The honor of the nation, the honor of the army and the ideal of
liberty must once more become sacred among the German people.
They want to live in peace with the world. That is why the Government
stands by all means for the definite abolition of the division of the nations
into two categories.
The National Government is willing to hold out its hand for honest
reconciliation to every nation that is willing to draw the line under the sad
past. The misery of the world can pass only if within and among the nations stable conditions create confidence.
Requisites for Recovery.
This is what the Government regards as necessary for curing the international economic catastrophe:
First, unquestionable authority of political leadership within the country
in order to restore confidence in the stability of conditions.
Second, the securing of peace by the really great nations for the restoring
of confidence among the people.
Third, the definite victory of the principles of common sense in the organization and management of business and general international relief
from reparations and impossible debt and interest obligations.
Here Chancellor Hitler deplored the fact that the disarmament conference
had not thus far achieved practical results. He recognized the proposals
of Prime Minister MacDonald of Great Britain as indicating "a sense of
responsibility and good-will" and asserted that his Government would assist
In every effort that might lead to general disarmament and secure Germany's
claim to equality.
• Even more comprehensive Is the plan of the Italian Premier, who makes
a broad, far-seeing attempt to guarantee the quiet and logical development
'of European political life. We hope and wish that a similarity of ideals
will lend the basis for a steady strengthening of the friendly relations between Germany and Italy.
The Chancellor also emphasized a wish for good relations with the
Vatican and in a relatively brief reference expressed the sympathy of the
government for his native country, Austria. He went on to say that even
where at present there were still difficulties in its relations with other nations
the government would strive for an adjustment.
But, indeed, the basis for such an agreement can never be a division
into victors and vanquished. We are also convinced that such an adjustment in our relations with France will be possible if both governments
tackle the problems in a far-seeing manner.
Friendly Toward Soviet.
As for Germany's relations with Soviet Russia, Chancellor Hitler emphasized, the government was anxious for friendly relations.
The war on communism is our own internal business and will not tolerate
any intervention from abroad. Our relations to all other nations deserve
serious attention, especially those great nations across the seas with which
Germany for a long time has been linked by friendly ties and business
Interests.
He welcomed the plan for the World Economic Conference and pointed
out that the most important question for it was Germany's foreign commercial long-term and short-term debts.
The completely changed conditions of International commodity markets
make adjustment necessary. Ten years of sincere peace will serve the
welfare of all nations better than thirty years with fixed idea of victors
and vanquished.
Chancellor Hitler then turned to the enabling act and pointed out that
among the measures contemplated by the government were some requiring
requisite for amending the Constitution.
majority
a
It would be a contradiction to our sense of the national uprising and
nsufficient for our purpose if the government were to beg the consent
1979
of the Reichstag in each specific case. The government is not actuated
by the intention to abolish the Reichstag as such. On the contrary, the
government reserves the right to inform the Reichstag of its measures
and to ask its consent. But authority and the fulfillment of our tasks
would suffer if doubts could arise among the people as to the stability of
the new regime.
A further session of the Reichstag, in the present state of deep excitement
in the nation, the government deems impossible. Hardly ever did a
revolution of such scope pass by with so much descipline and so little bloodshed as the uprising of the German people in recent weeks. It is my will
and intention to provide for further quiet development.
Will Limit Dictatorship.
The government, he asserted, will use the enabling act only as far as:it
may be necessary for carrying out vital measures. He said the existence
of the Reichstag and Federal Council was not threatened by it. The
prerogatives of the President are to remain untouched; the Federal States
will not be abolished, nor will the rights of churches be curtailed, he
continued.
The government offers the parties of the Reichstag the possibility of
quiet development and resulting reconciliation in the future. But it is
just as well prepared to accept repudiation and a declaration of resistance.
Now, gentlemen, decide on peace or war.
Speyer & Co. Announce Receipt of Funds for April 1
Payments on Berlin Bonds and Bonds of City of
Frankfort-on-Main.
Speyer & Co., as fiscal agents, announced on March 18,
that they have received the regular remittances for payment
of the April 1 1933 coupons of the $10,792,000 City of Berlin
25-year 6% gold bonds of 1925 and of the $12,811,000
Berlin Elevated & Underground Rys. Co. 30-year 1st mtge.
63 % gold bonds; also the regular remittances for the semiannual sinking fund for these loans.
Speyer & Co. further announced that, as fiscal agents for
$2,600,000 City of Frankfort-on-Main 7% serial gold bonds,
they have received the regular remittance for payment of
the April 1 1933 coupons of these bonds.
Albert H. Wiggin Enroute to New York.
In Associated Press advices from Paris, March 23, it was
stated that Albert H. Wiggin, American banker who has
been working for months on the regulation of Germany's
commercial debts, would sail for home yesterday (March 24)
on the Bremen after 10 days in Paris.
F. Abbot Goodhue, President of the Bank of Manhattan
Co. recently returned from Germany. Mr. Goodhue and
Mr. Wiggin represented American banks at the meetings in
reference to the renewal of the German Standstill Agreement.
Reichsbank Dividend Meeting.
According to information received by New York and
Hanseatic Corp., the annual shareholders' meeting of the
Reichsbank is expected to be held on April 7, at which time
also the dividend for 1932 will be declared. The corporation
says:
While it is assumed that the dividend will again be 12% (the stock carries
a minimum dividend guarantee of 8%), no definte information as to the
action of the meeting is available at the present time. To obtain exemption
from the 10% German capital income tax as well as permission for transfer
of the dividend in dollars, American holders must submit two affidavits.
blanks for which may be procured from the New York and Hanseatic Corp.,
37 Wall St., New York. The latter will also attend to the cashing of
coupons abroad subject to German Government regulations and suggests
to detach and forward the coupons now in order to avoid loss of interest or
change in transfer regulations tnrough delay in presenting them.
State Department at Washington Instructs Embassy
at Berlin to Report on Alleged Mistreatment of Jews
in Germany Under Hitler Government.
The State Department at Washington made known on
March 21 that it had instructed the United States Embassy
at Berlin to make a complete report on the alleged mistreatment of Jews in Germany under the Hitler Government. The State Department acted, said a dispatch March
21 to the New York "Times," after Rabbi Stephen S. Wise,
Honorary President, and Bernard S. Deutsch, President of
the American Jewish Congress, accompanied by Max,Rhoade,
Washington attorney, had conferred with under-Secretary
Phillips and urged that the State Department ascertain all
the facts so that it might act accordingly.
The State Department announced its action as follows:
Following the visit of Rabbi Stephen S. Wise the Department has
informed the American Embassy at Berlin of the press reports of mistreatment of Jews in Germany.
The Department also informed the Embassy of the deep concern these
reports are causing in this country.
The Department has instructed the Embassy to make, in collaboration
with the consuls, a complete report on the situation.
After the visit to the State Department Rabbi Wise made
the following statement in behalf of the American Jewish
Congress, said the "Times":
We tried to present the situation that obtains to-day in Germany with
respect to its Jewish people. The facts seem incontrovertible. We feel
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Financial Chronicle
March 25 1933
that our Government ought to inform itself fully with regard to the
facts. We think it will not be long before our Government will have
authentic data with respect to the indignities and outrages on the part
of the Hitler Government against the Jews in Germany.
imizing" news. Mr. Fish said he was highly pleased with the way the
State Department had acted, and expressed confidence that in the final
official reports it would be found first reports had been exaggerated.
Supplying Information.
We take it for granted that, while the information may come through
our representatives in Germany, the Embassy will not rely on official sources
which can hardly be expected to be self-incriminatory. In addition, we
are supplying the State Department with information in our possession.
We made clear to the Department that the leading figures in the
intellectual, the literary and the artistic world of Germany are in hiding—men like Dr. Teodor Wolff, editor of the Berliner Tageblatt; Dr.
Georg Bernhard, editor of the Vossische Zeitung ; Max Reinhardt and
Alfred Kerr.
We called to the attention of the State Department the pressure under
which we have been, to give opportunity for the expression of the deep
indignation of American Jewry, a great part of which is included within
the American Jewish Congress. I cannot remember Jewry being so
wrought up against anything happening to American Jews as the sudden
reversion on the part of a great and cultured and liberty-loving people
to practices which may mildly be characterized as medieval.
It isn't the Jews alone who feel a sense of indignation and resentment.
I have been in touch with some of the most distinguished figures in the
Christian life and leadership in America, and within a few days they
will express their sympathy with us and American Jewry.
Apart from the American people's deep interest in every problem of
human relationships, we were not the first to have called to th attention
of the State Department that at this moment the Government of Germany is doing everything possible in order to make the way of the
administration difficult in dealing with problems of common GermanAmerican concern.
Even the President of the United States will not find it easy, we believe, to bring about a rightful conception of German-American questions
and interests as long as the German Government day by day is not only
alienating Jewish good-will in all lands, but above all, shocking the
sense of decency in public life, which is what Hitlerican is doing to-day.
No more helpful service could be performed either to our own country
or to Germany than to bring the German Government to an understanding of all that Germany is forfeiting in the matter of good-will on the
part of American citizenship.
Dr. Hans Luther, Former President of German Reichsbank Appointed German Ambassador to United
States.
Reperts from Berlin and Washington March 18 indicated
the appointment of Dr. Hans Luther as German Ambassador
to the United States. One of the Washington accounts
March 18—that to the New York "Times" said:
Protests Immigration Curb.
Rabbi Wise and his associates, before going to the State Department,
appeared before the House Immigration Committee and urged revocation
of the executive order of Sept. 8 1930, which had provided for such
strict immigration enforcement that those who might become dependents,
Including young, aged and infirm relatives of naturalized American
citizens have been prevented from entering this country. This has borne
particularly hard on Jews in Germany under present conditions, it was
argued.
Attack on Jews to Be Stopped, Is Word to United
States—German Envoy Delivers Copy of Interviews with Goering Pledging Control.
The fo:lowing (United Press) from Washington March
22, is from the New York "Herald Tribune":
The German Ambassador, Friedrich von Prittwitz und Gaffron, handed
to the State Department to-day an indirect response to protests against
attacks on Jews in Germany. It was in the form of an authorized interview in an Amsterdam newspaper, which said the Hitler Government intended to maintain law and order "in all circumstances," but that it
was believed that not much would be heard in the future regarding attacks
on Jews
The interview was given by Captain Hermann Goering, Minister without
portfrlio in Chancellor Adolf Hitler's cabinet and Minister for Interior
of Prussia, to the Dutch newspaper "Telegraaf." The Ambassador handed
a copy of the interview to the Under-Secretary of State, William Phillips.
It read as follows:
"Concerning attacks on Jews, he (Hitler) will maintain law and order
under all circumstances. He has dismissed fifteen S. A. men (Sturm
Abteilung, or Storm troopers), and has punished them bemuse they attempted to act on their own authority. He does not believe that much
will be heard in the future concerning unlawful acts in Germany. It one
considers that during the last week's a revolution was witnessed, one
will have to admit that it has passed with very little bloodshed."
Three Resolutions-Authorizing State Department to
Protest to Germany Against Attacks Against
American Jews in Reich.
Three resolutions to authorize the State Department to
protest formally to Germany against attacks on United
States citizens of Jewish origin resident in Germany were
introduced in the House. On March 22, with regard thereto a Washington dispatch on that (late to the New York
"Times" said:
One introduced by Representative Dickstein would authorize the Secretary of State to issue instructions to consuls abroad to "insure complete
justice to any applicant for a visa." It was referred to the Immigration Committee.
A resolution offered by Representative Caller requests the State Department to protest to the German Government against the "cruelties,
outrages and insults now practiced against our nationals who are Jews
now domiciled in Germany." This proposal was referred to the Foreign
Affairs Committee,
Representative Douglass of Massachusetts offered the third resolution, which would authorize the President to inform the Hitler Government that the United States views its treatment of the Jews with concern
and to express the hope of the United States that a more humane policy
will be adopted. The resolution was referred to the Foreign Affairs
Committee.
Gets "Minimizing" News.
Representative Fish of New York, who threatened yesterday to introduce another resolution calling for drastic action, visited the State Department to-day and returned to the Capitol with what he termed "min-
The decision to appoint Dr. Luther to the Washington post was apparently
a sudden one, as the agreement of the United States Government was asked
only yesterday after an urgent cable from Berlin, it is understood. So far
as is known, no orders have come from Berlin relieving Ambassador von
Pritcwitz. It is expected he will remain in charge of the Embassy until the
arrival of Dr. Luther, which probably will not be for several weeks.
The same account also said in part:
Although the selection of Dr. Hans Luther as German Ambassador to
the United States aroused some expressions of surprise here, the general
impression at the State Department and among diplomats was one of
approval.
Certain German Government refinancing, which has been forecast for
some time in financial quarters, would be considerably helped by the
presence here as Ambassador of a man of the financial ability and good
repute which the former President of the Reichsbank is deemed to have,
it was said. . .
He was one of the youngest Chancellors Germany had had when he filled
this post for a brief period in 1925. He was 46 years old. . .
The conclusion of diplomats asked about the appointment to-day was that
the present conservative foreign policy of the German Government will be
continued. Dr. Luther's appointment being viewed as confirmation of
Chancellor Hitler's previous declarations. It was also said that it would
be unwise to conclude, from his appointment, that any immediate action
will be forthcoming on the predicted conversion of the German short-term
debts into long-term obligations or on a lowering of the interest rate on
these obligations.
Associated Press advices from Berlin March 18 said:
Dr. Hans Luther, who resigned yesterday as President of the Reichsbank,
has been appointed German Ambassador at Washington, it was learned
to-day from a high authority.
Official announcement of his appointment was withheld, but the Wolf
and Telegrafen-Union News Agencies, with the approval of the Government press department, disseminated dispatches from Washington saying
that the American Government had approved the selection.
Dr. Luther will succeed Friedrich Wilhelm von Prittwitz und Gaffron.
His place as head of the Reichsbank has been taken by Dr. Hjalmar Schacht.
For brief terms in 192.5 and 1926 Dr. Luther was Chancellor of Germany.
He became President of the Reichsbank in April 1930, succeeding Dr.
Schacht. He was born in Berlin and is 54 years old.
In accepting his resignation from the Reichsbank, President Paul von
Hindenburg praised the high quality of Dr. Luther's public service and
expressed the hope that his talents would remain available to the Fatherland.
His wide acquaintance with American financiers, business men and leaders
in intellectual and social life was a factor in the selection of Dr. Luther for
the Washington post. He speaks four languages—English, French,
Spanish and German.
Chancellor Adolf Hitler's National Socialists have criticized Dr. Luther
on the ground that he pursued an "international capitalistic course," but
they favored his diplomatic appointment because he voluntarily gave up
the Presidency of the Reichsbank a year before the expiration of his term.
He could not have been removed legally by the Government.
The appointment of Dr. Luther was welcomed by the "Boersen Courier"
as "useful and commendatory." The paper said negotiations for obtaining
a reduction in interest on debts would be one of the Ambassador's most
urgent tasks, and added that Dr. Luther "seemed to be the right man for
this."
March 20 Associated Press cablegrams from Berlin stated:
The Government press department officially made public to-day the
appointment of Dr. Hans Luther, former Chancellor and President of the
Reichsbank, as German Ambassador to the United States.
His appointment was announced unofficially Saturday when the press
department approved the publication of a statement that the American
Government had approved his selection.
The resignation of Dr. Luther as President of the Reichsbank was noted in our issue of March 18, page 1795.
Dr. Schacht, President German Reichsbank, Promises
to Pay All Debts—Marks Return to Bank in Radio
Talk Asking World to Speed Trade Revival—Says
He Will Try to Repair Drain of Gold Reserve—New
Taxation Under Nazi Regime.
Stating that Dr. Hjalmar Schacht celebrated his return
to the Preidency of the Reichsbank by a brief radio talk
on March 18 in which he announced Germany acknowledged
her foreign commercial indebtedness in full. A cablegram
on that date from Berlin to the New York "Times" continued:
He said he hoped the rest of the world would co-operate in the work
of restoring the normal functioning of international money transfers, without which the revival of business was inconceivable. The Reichsbank,
he declared, was determined to conserve the stability of the mark.
"Money, credit and banking issues are not matters that can afford to
lead an isolated existence under hard and fast mathematical formulas."
Dr. Schacht said. "They are definitely linked to the economic activities
of the Nation. It is, therefore, impossible to conduct a bank or issue without bringing its policies into harmony with those of the National Government.
Finds His Policies Upheld.
"Because of differences of opinion over political and economic policies
I retired from the Reichsbank three years ago. The motives which caused
me to take this step. I am sorry to say, have been amply vindicated.
Arbitrary pressure from abroad, following a highly dangerous policy of
Volume 136
Financial Chronicle
foreign borrowing, so drained our economic organism that the effects of
its ravages not only did not spare our own people but made itself disastrously felt on world economy.
"When I retired from the Reichsbank three years ago its reserves of
gold and foreign currencies was 3,300.000.000 marks. (The mark is
worth about 24 cents.) To-day they are about one-ninth of this total.
In less than two years 10,000,000,000 marks have been paid off on shortterm loans abroad. This constitutes such an inordinate drain that even
a less vulnerable National economy than that of post-war Germany could
hardly have survived."
These payments, Dr. Schacht asserted, compelled Germany to adopt
rigid measures to control her foreign payments, and it was only because
of them that the stability of the mark could be safeguarded. It will now
be necessary, he continued, to restock the Reichsbank's gold reservoir
because the withdrawal of 10.000.000,000 marks acutely accelerated the
process of domestic economic shrinkage.
Will Assist "Small Man."
"As long as the outside world continues to refuse our commodities we
will be compelled to give increased attention to our home markets," he
continued. "Wherever productive possibilities within Germany present
themselves the Reichsbank will be ready to lend a helping hand. It will
be its aim to assist the small man, in whatever capacity he is engaged,
be it trade, industry or agriculture, now that the super-organization and the
bureaucracy of big concerns have brought to light numerous drawbacks
of a social and economic nature."
The Reich Government and the Reichsbank, Dr. Schacht announced,
are determined to pursue a unified policy with respect to financing, banking
and credit issues in dealings with State and private institutions.
Dr. Schacht conferred with President von Hindenburg to day.
The often-repeated promises that the Nazi regime would protect small
enterprises against big business apparently is being translated into action.
In Prussia, the new economic program provides for raising a turnover tax
of 20% on all branch establishments of department and chain stores situated
outside their home towns.
Even more drastic action is envisaged in recommendations voted by
the Chamber of Commerce of Pforzheim. These not only provide increased taxation for chain stores but would also limit their competition
by compelling them to discontinue restaurants, lunch counters, food departments "and all arrangements not connected with the normal conduct
of their business."
Germany Is Expected to Expand Credit—Bank for
International Settlements Obervers See No Other
Way for Dr. Schacht to Finance Nazi Schemes.
A wireless message from Basle, Switzerland, March 17,
to the New York "Times" had the following to say in part:
In Germany to-day, Dr. Hjalmar Schacht has been taking up his duties
as President of the Reichsbank. Dr. Hans Luther, the retiring President,
has been gathering up his private papers preparing to depart for the diplomatic post in a distant country that is said to have been promised him. . . .
As Dr. Luther has stood like a rock, not only against credit experiments
which would affect German currency stability, but also because he has
been the mouthpiece and rallying point of that German sentiment which
wants Germany to pay her private debts and keep her credit sound for
the future.
Bitterne as well as Hugenbergian sentiments are virtually unanimous
for cutting down Germany's outside debts wherever possible and by all
available means. A Nationalist Government spokesman startled the
preparatory economic conference at Geneva recently by expressing the
hope that the World Economic Conference "would be for Germany's private
debts what Lausanne had been for her political debts"
Dr. Schacht, while his high reputation as a banker and his record as
the man who stabilized the mark after the German inflation spree are
both taken as guarantees against risky experiments with currency while
he is in charge of the Reichsbank. IA nevertheless expected to press resolutely
for better accommodation both in the matter of interest and amortization
for Germany's creditors abroad.
Some further moderate expansion of credit under him is also looked
for. Otherwise, how is money to be found for the elaborate Nazi schemes
to reduce unemployment, and why was Dr. Luther forcefully displaced
to make way for him?
It is an interesting commentary on the fallacy of safeguards under the
conditions prevailing in Germany that the provision forced upon the
Government in the Reichsbank act, barring it from displacing the Reichsbank's head against his will and without consent of the World Bank,
should prove wholly illusory in Dr. Luther's case. Under pressure of the
kind in which the National Socialists are adept at applying, even high
government officials in Germany do not now try to retain their posts.
Dr. Lither's resignation was presented voluntarily and the World Bank
provision thus became inoperative.
German Minster of Economics Hugenberg to Seek
Bond Interest Cut—Efforts Under Way to Get
Holders of Long-term Externals to Accept Reduction.
In its issue of March 21, tha "Wall Street Journal" published the following (by mail) from Berlin:
A principal plank in Minister of Economics Hugenberg's policy is reduction of interest on German external bonds. During the recent Standstill
discussions It was mainly due to Herr Hugenberg's emphasis on this point
that interest rates on these credits were reduced to an average of 4%.
At present. every effort is being concentrated upon finding a means of
making holders of long-term bonds accept a similar reduction.
In a speech made last Feb. 26, Herr Hugenberg dealt with this question
from the point of view of transfers. In developing his arguments regarding the necessity of arriving at some definite agreement between
America and Germany, restricting amounts to be transferred from Germany, Herr Hugenberg stated that "Germany cannot pay more in interest
than her export'surplus allows."
Until now, of course, transfers of full interest have been possible because
of a sufficiently favorable balance of trade, but import restrictions which
are still being increased by foreign countries are seriously cutting into this
surplus. It seems possible, therefore, that German exports may be seriously
affected in coming months, in which case Germany's creditors may have to
consent to a reduction in interest rates to save the stability of the mark.
While no one questions that Germany's ability to pay foreign creditors
depends largely on her capacity to export commodities, German bankers
maintain the foreign trade doors are not Irrevocably closed and that it is
preferable to widen these markets by trade treaties and reduction of pro-
1981
duction costa than to assume that Germany's export surplus is a diminishing
quantity.
German Standstill Debts Affected by Conditions in
United States.
From the New York "Herald Tribune" we take the
following (copyright) from Berlin March 18:
One unpleasant result of the bank crisis in the United States for German
business men is likely to be a substantial increase in the Interest burden
on a portion of the Standstill debts held in the United States. This is
the logical sequel to the Federal Reserve Bank's increase in the discount
rate to 3%%. In addition, such a boost will raise Interest rates on certain
types of Standstill debts, notably debts based on commercial bills of the
first class of German debtors for which the interest rate was adjusted to the
private discount rate of the creditor nation, plus the fixed percentage of
the bank fee.
This applies to about half of the German Standstill debts in the United
States. Also, the interest rate of the other half may be affected, since it
Is provided that, in the event the discount rate increase is more than 1%.
the question of interest rates may be reopened. All in all, it is possible
that the greater part of the 20,000,000 marks interest savings in the new
Standstill agreement may be obliterated.
Berlin Boerse Closed for a Day Incident to Assembling
of Reichstag.
In its March 20 issue, the New York "Evening Post"
published the following from Berlin on the same date:
The Boerse and the produce exchanges here will be closed to-morrow
due to the assembling of the Reichstag.
A banking half holiday has also been declared. It is likely that the
exchanges throughout Germany will also be closed.
Germany Offers to Buy War Claims—Asks Final Settlement for $28,000,000—No Provision for Government's Losses—Plan Reported Submitted to Washington—$13,000,000 Would Go to German Interests
Chiefly Ship Owners, and Rest to Americans.
A proposal by Germany to make a final $28,000,000 settlement of the claims growing out of the World War and to
abolish the Mixed Claims Commission thereafter is reported to have been laid before the Secretary of State at
Waahington, according to the New York "Times" of March
21, which also had the following to say:
Robert W. Bonyng of 50 Broadway, American agent for the Mixed
Claims Commission, said that the proposal had been trasnmitted to him
just before the end of the Hoover Administration by Dr. Wilhelm Tannenberg. the German agent. Mr. Bonyng said that he had passed it on to
former Secretary of State Stimson, and that Mr. Stimson presumably had
turned it over to the new Secretary of State, Cordell Hull.
Mr. Bonyng said no provision was made for settling S60,000.000 in claims
by the Federal Government on behalf of the Shipping Board and other
agencies. Instead, it was proposed that about $28.000.000 now available
for settling claims be divided to allow about 815.000.000 for the settlement
of American claims and about $13,000,000 for claims by German interests
principally shipowners.
Conditions of Settlement.
As further conditions, connected with the ending of the work of the
Mixed Claims Commission, Germany also proposed that if the final settlement should be accepted by the United States, no future claims should be
entertained er disallowed claims reopened. It has been the practice,
Mr. Bonyng said, to reopen claims, after their disallowance, providing
claimants were able to advance important new evidence.
No intimation had come from Washington as to Secretary Hull's attitude
toward the German proposal. Mr Bonyng said. He refused to comment
on the proposal, saying that his only action in the matter had been to
forward to Washington the propositions submitted to him by Dr. Tannenberg. The fact that the proposal had been made became known through
a case involving a disallowed claim, In which the claimants, desirous of
submitting new evidence, were told that they would not be permitted
to do so if the German plan should find official approval at Washington.
This case grew out of the disappearance at sea of the Steamship Brown
Brothers, owned by the Universal Steamship Co.. then of 11 Broadway,
off the Azores, in Decebmer 1916. Representatives of the company,
M. Brown of Matawan, N. J., and S. H. Brown of 271 Madison Ave.,
attended the conference and announced that they would oppose the suggested final settlement.
Mr. Oberwager at Conference.
Charles A. Oberwager of 11 West 42d St., former magistrate, who represented Franz von l'apen, now Vice-Chancellor of Germany. during the
difficulties of the latter with the United States Government early in the
World War, was present also. He said yesterday that he had attended
primarily because of his continuing interest in German-American affairs,
and outlined the terms of the proposed division of the $28.000,000 settlement between American and German interests, but said that he did not feel
at liberty to discuss the matter further.
The claim advanced for the loss of the Brown Brothers amounted to
$150,000. It was filed with the State Department in 1917, on the ground
that the ship had passed through an area where German raiders were
operating, but was disallowed by an umpire on the ground of insufficient
proof that the steamship had been sunk by Germans.
The new testimony which the owners wish to present was said yesterday
to include a statement from the mother of the first mate of the lost ship
that she is receiving payments at Oslo, Norway, from funds supplied to
Norway by the German Government.
Mr. Bonyng, discussing the war claims by Americans to which the
proposed $15.000.000 payment would apply, said that they represented
all of the claims allowed to date.
German-American Mixed Claims Commission Seeks
Extension of Life-2,100 Claims Pending.
Arrangements have been made by the German-American
Mixed Claims Commission to hear 12 remaining cases of
American damages during the World War, but 2,100 Amer-
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Financial Chronicle
jean claims have been filed since July 11928, the last effective date for submitting them under agreement between the
two countries. A Washington account, March 20, to the
the New York "Times" from which the foregoing is taken,
added:
Conversations are now proceeding with a view to having the life of
the Commission extended so as to hear the 2,100 cases, but with what
result is not yet apparent.
The 12 cases to be heard are small, miscellaneous items on which substantial agreement has already been reached. The 2,100 cases are also
small and of a miscellaneous character, the total claimed under them
being $3,900,000.
Should an arrangement not be made for considering the cases, the Commission would automatically lapse, its work finished.
Germany Cuts Farm Credit Rate.
United Press advices from Berlin published in the "Wall
Street Journal" of March 3 said:
Reduction of the 6% interest rate on agricultural amelioration credits
to 3% was announced by the Federal Commissioner for unemployment
Wednesday. The reduction so far is effective only in Prussia, but the
Minister was negotiating with other states.
President
von
Hindenberg Tenders Farewell to
Ambassador Sackett.
President von Hindenburg of Germany received United
States Ambassador Frederic M.Sackett in a farewell audience
on March 20 and later presided over a luncheon for Ambassador.and Mrs. Sackett, according to a cablegram March 20
from Berlin to the New York "Times", which further noted:
The 30 guests at the luncheon included Chancellor Hitler, Vice-Chancellor
von Papen, Economics Minister Hugenberg, Foreign Minister von Neurath, Defense Minister von Blomberg, Hermann W. Goering, Minister
Without Portfolio; Under-Secretary von Buelow, the President's son,
Colonel Oscar von Hindenburg; the President's Secretary, Dr. Otto Meissner; the Papal Nuncio, the Chairman of the German Industrialists Federation, Dr. Gustav Krupp von Bohlen, and General von Boetticher, who is
to be the German Military Attache at Washington. The staff of the
United States Embassy was represented by Counsellor George Gordon,
First Secretary Alfred Kliepoth,
Wuest and the Naval Attache,
Captain Castleman.
Mr. Sackett commented on how active and alert he had found President
von Hindenburg and said he was astonished with what closeness the President recalled specific incidents during his Ambassadorship.
Report That National City Bank Plans to Buy Interest
in Bew Briker Bank of Berlin—Proceeds of Purchase from A. E. G. Corp. to Cover Debts.
The following (copyright) from Berlin March 18 is from
the New York "Times":
According to the terms of negotiations on the verge of completion here,
the National City Bank of New York will buy from the AEG Electric Corp.
participation in the Dew Briker Bank for electric values (involving 18,000,000 of the 24,000,000 total nominal capital stock) at a price of 20,000,000 marks. The proceeds will be used to cover AEG debts in the
United States.
The most interesting part of the pending transaction is the sequel. National City Bank is to sell the Dew shares on ten-year payment terms to
the famous Saxon Works Power Co.. owned by the Saxon State, and will
extend additionally an 8,000,000 mark credit to the Saxon Works Corp.
Divers rumors are current, but It is reported that the government currency regulators have approved the transaction and the final decision
depends on the direction of th Saxon Works.
The chief item in the portfolio of the Dew is 49% of the capital stock
of ELG (an electrical supply company), which controls a number of power
concerns in Germany, not all of which are reported in a sound condition.
Industrialists Ask Berlin to Issue Silver Notes.
Assoeiated Press advices from Berlin March 18 to the
New York "Herald Tribune" said:
In an effort to take some of the weight of silver coin out of the trouser
pockets of the nation, industrialists have proposed a silver note similar to
the American greenbacks circulated under the Act of Feb. 28 1878.
Faced by the necessity of paying wages in silver, the factory owners
were forced in many instances to build especially reinforced trucks to carry
the money. One thousand marks in silver weighs roughly 11 pounds, and
payrolls of 100,000 marks are common.
Under the new plan the Government would print notes backed by silver
to circulate with gold back money. The silver notes would be payable in
silver coin at banks, which in turn would cash them for sliver on the
Reichsbank.
Germans Retaliate on Czechoslovakia by Halting
Transfer of Funds.
From the New York "Times" we take the following from
Berlin, March 17:
All payments to Czechoslovakia for goods by checks or drafts and also
interest, service and dividends were stopped to-day by order of the Minister
of Economics in retaliation against similar measures taken by Czechoslovakia several days ago. Special instructions have been sent to the frontier customs officials and to the postal authorities to prevent so much as
one penny from being sent to or received from Czechoslovakia, and the
monthly allowance of tourists and others crossing the German-Czech
border has been reduced to 50 marks.
If' this situation lasts, trade and tourist traffic between the two countries
will come to a standstill.
For unexplained reasons Czechoslovakia had suspended the transfer of
all payments to Germany and ordered payment Into blocked accounts
In Czech banks.
March 25 1933
Soviet Government Curbs Peasants—Orders All to Stay
on Collectives Unless Permitted to Leave.
The following Associated Press account from Moscow,
March 18 is from the New York "Times":
New measures against recalcitrant sections of the peasantry were taken
by the Soviet Government to-day. A decree issued through the Central
Executive Committee and the Council of the Peoples' Commissars ordered that no one leave collective farms to seek work elsewhere withoutspecial permission of the presidium of the respective farms.
Heretofore there have been no such restrictions. This resulted in recent months in a mass movement of peasants to industrial centres in seeking better living conditions because of crop failures in many districts.
The new order is another indication of the government's determination to apply strictest measures in an effort to overcome serious setbacks
to agriculture which have been responsible for a food shortage in most
sections of the country.
Soviet Food Doles Given in Caucasus—Peasants Who'
Are "Diligent" Receive Aid—All Others Threatened
—Sowing Plans Lagging.
The following (Associated Press from Moscow, March 10)
is from the New York "Times":
The Soviet Government now is feeding some of the peasantry in the
North Caucasus region, where the agrarian situation is acute because orfailure of last year's crops due to reluctance of the farmers to produce.
The action, following a recent government decree granting seed loans
for Spring planting in the North Caucasus and the Ukraine, was revealed
only casually in a provincial newspaper reaching here to-day from Rostovon-Don.
The North Caucasus regional Communist party committee, the newspaper revealed, had threatened a stoppage "of food assistance" as one
of the measures taken against collective farms and villages failing in proper
preparations for planting.
"Food where needed will be allowed only to those showing dilligent
work," the edict added.
This was the first open acknowledgement that the State had been compelled to go to the assistance of farmers in this respect, although therehave been indications for some time that a large section of the peasantry
in the chief grain-producting areas were in sore straits. How long the
feeding had been in progress and the number of persons affected was not
revealed.
It was pointed out that, in a number of districts and villages as welt
as collective farms, tractor stations were poorly prepared for Spring planting. The party committee gave the backward collectives ten days to
Improve their work. Otherwise they will face dissolution, distribution
of their lands and property to worthier workers and exile of the entire
offending populations.
One whole village and three collective farms were placed on the dreaded
"black board" as a warning, accompanied by the withdrawal of the government's food doles and loans for seed and fodder.
At the same time it was announced that four district party secretaries
and one tractor station director had been,expelled for improper organization of the sowing campaign.
Russia Pledges Gold to Meet Maturing Reichsmarks—
German Credits.
The following is from the New York "Evening Post" of
March 18:
Of a total of 750,000,000 reichsmarks German credits maturing in Russiain 1933, more than 300,000,600 reichsmarks must be paid between March
1 and July 1, and various agreements recently have been made to facilitate
settlement, including pledge of future gold production.
Gold to be produced by Russia in the second half of 1933 has been earmarked against a credit of 60,000,000 reichsmarks granted by a group of
German banks headed by the D-D Bank.
To meet further maturities of 60,000.000 reichsmarks, Russia has arranged with British banks to assume liability for standstill credits.
Plans to Buy Food—Committee Calls for$2,000,000 to Purchase Cereals.
According to a cablegram from Santiago (Chile), March
11, to the New York "Times," the shortage of cereals for
the Chilean population for the coming winter is becoming
a serious problem. The advices added:
Chile
An inquiry committee has demanded that about $2,000,000 be spent forwheat and flour from Argentina.
Poor harvests and unsatisfactory quality have made local production
Insufficient to feed the population, which is protesting against the high
prices of commodities. A bill placed before Congress to-day would authorize
the Got,ernment to purchase cereals abroad and distribute them underState control. The bill provides for loans from banks to cover the
purchases.
Chilean Export Duty Re-established on Nitrate and
Iodine.
On March 17 the Department of Commerce at Washington
made available the following information:
The Chilean Ministry of Treasury on March 15 instructed the Chilean
custom houses to resume the collection of export duties on nitrate, amounting to 10.14 pesos per metric quintal, and on iodine, amounting to 6 pesosper net kilo, according to a cable to the Department of Commerce from
Commercial Attache Ralph H. Ackerman, Santiago.
These export duties had been removed on July 10 1930,
Chilean Congress Approves Bill Temporarily Increasing
Import Duties One-Half.
For the declared purpose of increasing revenues, the
Chilean Congress has approved a Government bill providing
for an increase of one-half in the rates of the present import tariff, to become effective upon publication, and to
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Financial Chronicle
remain in effect until the end of 1933, according to a cablegram, dated March 10, to the Department of Commerce from
Commercial Attache Ralph H. Ackerman, Santiago. In
Indicating this, on March 11, the Department also said:
Goods in transit are not to be exempt from these increases.
The special reduced rates of import duty applying to goods imported
into the southern territories of Magallanes and Aysen, as well as reduced
rates on specified products, granted to certain countries, including the
United States, under Chilean commercial agreements, are exempt from this
Increase.
Cuban Banks Resume Unrestricted Operations.
All Cuban banks resumed unrestricted operations March
17, under provisions of a Presidential decree of March 15.
Regarding the resumption of operations, a cablegram from
Havana, March 17, to the New York "Times," said:
Cuban banks resumed normal operations to-day for the first time since
March 6.
Officials of various banks in Havana reported there were no excessive
withdrawals and that deposits were in many cases heavier than before the
bank holidays. Commerce has improved greatly and optimism is general.
Following the declaration of the holidays on March 6, the
banks were opened on a restricted basis on March 10, the
"Times" thus reporting this in Hanava advices, March 10:
After a four-day holiday, all Cuban banks opened this morning with
withdrawals restricted to 10% of commercial and savings accounts until
March 26.
Anticipating heavy withdrawals, the banks provided extra facilities.
Reserve police were on duty at all institutions. However, only a small
percentage of the depositors availed themselves of the privilege of withdrawing funds. Similar conditions were reported from the interior.
Only deposits of currency were accepted to-day. Foreign checks could
not be collected, although the banks indicated these might possibly be
negotiated next Monday, when it is expected the New York banks
will open.
Merchants complained that commerce had been paralyzed and asked
that facilities be afforded for conducting business. They petitioned President Machado and Secretary of the Treasury Octavio Averhoff to lift the
restrictions on silver accounts and to permit withdrawals for payrolls,
transportation charges and payment for merchadise. They also asked that
commercial firms be authorized to deposit the checks they are now holding
drawn on the same banks in which they maintain their accounts.
The Cuban bank holiday was noted in our issue of March
11. page 1646.
Gov. Beverley's Action Respecting Reopening of Puerto
Rico Banks—Restrictions on Funds May Force
Delay in Paying Employees.
Following the three-day bank holiday in Puerto Rico
declared by Gov. Beverley on March 4, the Governor's
latter action was described as follows in United Press advices
from Puerto Rico March 10 to the New York "WorldTelegram":
Governor Beverly has followed an order extending the bank holiday
by permitting banks to open daily next week subject to Federal Reserve
and Treasury regulations.
Under date of March 11 San Juan advices to the New
York "Times" said:
On last-minute notice issued by Governor Beverly the banks were permitted to open to-day to meet weekend payrolls only.
No deposits were accepted. All withdrawals exceeding 5% of deposits
required the Governor's approval. It is estimated that more than 100,000
bearer checks for small amounts were issued throughout the island in an
effort to meet current payrolls.
From the same paper we also take the following from
San Juan March 20:
The Puerto Rican bank holiday and the temporaty restriction of with
drawals under the Governor's regulations to S% of the deposits has so
checked the flow of revenues to the insular treasury that it is likely the
monthly payroll cannot be met on March 31, Governor Beverly indicated
to-day.
This afternoon he conferred with the insular treasurer and auditor, hoping to devise means to pay the government employees on time. The bank
regulations may be liberalized to permit payments ko the government
from old or segregated accounts
The Governor's proclamation was referred to in our issue
of March 11, page 1648.
Governor Beverley of Puerto Rico Renews Request for
Bank Powers.
Although the immediate banking emergency has passed,
Governor Beverley of Puerto Rico on March 18 made a
second appeal to the Legislature for powers similar to those
given to the Governor of New York State. We quote from
San Juan advices March 18 to the New York "Times,"
which also had the following to say:
The Governor said he should have power to declare by proclamation,
when an emergency exists, and the authority to take steps to protect
public Interests during the emergency period.
The Governor vetoed a bill offered to him after his previous request.
That measure would have given the Governor broad emergency powers
over banks but subject to the approval of a legislative committee.
The previous request of Gov. Beverley for emergency
banking powers was referred to in these columns March 11,
page 1648.
1983
Measures Vetoed by Gov. Beverley of Puerto Rico—
One Would Have Made His Authority to Deal with
Financial Crisis Subject to Economy Commission.
The following from San Juan, Puerto Rico, March 10 is
from the New York "Times":
Governor Beverly to-day sent two vetoes to the Legislature on the two,
first measures passed.
In vetoing the bank bill, designed to confer on the Governor authority
to deal with the finnacial crisis, he asserted that the attempt of the Legislature to control the Governor's acts by making them subject to the approval of the economy commission made the law unconstitutional
He also disapproved the Senate's attempt to increase Its own appropriations by authorizing the use of 825,000 from the emergency fund of
the Governor, asserting that the Senate had doubled its own cost since.
1928 and that the emeregncY fund must be kept for use in time of disasters
Regulations of New York Stock Exchange Modifying
or Amending Restrictions Imposed Incident to
Bank Holiday.
Since the publication in our issue of March 11 (pages
1649-1650) of restrictions on trading imposed by the New
York Stock Exchange incident to the bank holiday, amendments to or modifications of the regulations previously
given, follow.:
C-5112
NEW YORK STOCK EXCHANGE
Office of the Secretary
New York, March 13 1933.
To the Members of the Exchange:
The Special Committee of Seven hereby rescinds Ruling No. 1, adopted
March 6 1933, which read as follows:
No member shall pay to customers free credit United States dollar
balances in currency. No member of the Exchange shall give a check for
any free credit United States dollar balances. Free credit balances in
foreign currencies held outside the United States are not affected by this
ruling.
Said Committee also hereby rescinds Ruling No. 3, adopted March 61933, which read as follows:
Members may receive U. S. currency in payment of debit balances.
Securities which become fully paid for by reason of such payments are
to customers provided it is not impossible for the member to
obtain such securities by reason of the bank holiday.
Members shall not credit checks received in payment of debit balances.
Said Committee also hereby rescinds Ruling No. 14. adopted March 10
1933. which read as follows:
All checks deposited in and drawn on or payable at New York Clearing
House banks, which have been cleared and collected, may now be credited
to customers accounts, and securities which become fully paid for as a
result of such credits may be delivered.
Said Committee has adopted the following ruling, which will remain in
effect until further notice:
15. Only those checks which have been cleared and collected may be'
credited to customers' accounts, and securities which become fully paid for
as a result of such credits may be delivered.
/UMBEL GREEN, Secretary.
The following notice was also issued March 13 by the
Committee of Publicity of the Exchange:
The Special Committee of Seven hereby fixes Tuesday. March 14 1933,
as the date of delivery on all members' contracts which were extended by
by Ruling 5 of said Special Committee which ruling is hereby rescinded.
All other existing members' contracts shall be deliverable in accordancewith the terms of the original contract.
Such action fixes Tuesday, March 14 1933, as the date for the resumption
of deliveries referred to in Ruling No. 11 of the Special Committee of Seven,
The Committee, also, on March 13 issued the following
notice:
Stock Clearing Corporation Notice.
Pursuant to the action of the Special Committee of Seven taken to-day,
fixing Tuesday, March 14 1933, as the date of delivery on all members'
contracts which were extended by the rulings of said Special Committee,
Stock Clearing Corporation directs:
(a) All open contracts in non-cleared bonds shall be recompared at once
in accordance with the provisions of the second paragraph of Circular
S. C. C. 960 dated March 9 1933. Offices of members shall remain open
to-night until all recomparisons nave been made. To facilitate this work
the Distributing Department and the Night Branch will receive tickets
up to 9:15 p.m.; return tickets up to 9:45 p.m.; last call 9:45-10 p.m.
Date tickets March 14 1933.
(b) Security balance orders on cleared stocks are ready for delivery at
the Night Branch and members shall call for them immediately.
(c) Security balance orders on cleared bonds will be ready for distribution at the Night Branch at the usual time to-morrow morning, interest
having been computed by the Night Branch.
(d) All open contracts in non-cleared stocks which have not already been
compared shall be compared immediately, under date of March 14 1933.
(e) All deliveries on members'contracts,including United States Government obligations, other non-cleared bonds, cleared bonds, cleared stocks
and non-cleared stocks, shall be made through Stock Clearing Corporation
on Tuesday, March 14 1933, in the usual manner.
All facilities of the Day Branch of Stock Clearing Corporation will be
in operation Tuesday. March 14 1933. including Non-Members' Central
Delivery Department.
A loan marked in securities for cash will be held on the floor of the
Exchange to-morrow, Tuesday, March 14 1933. beginning at 10 a.m.
Stock loans may be called or returned to-morrow if notice is given before
11 a.m.
The money desk on the floor of the Exchange will be open as usual
to-morrow.
Notice of New York Stock Exchange Regarding Settlements of Contracts for and Trading in U. S.
Obligations.
The following notice in regard to the settlement of contracts for and trading in obligations of the United State.
of America, was issued March 13 by the Committee of
Publicity of the New York Stock Exchange:
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Financial Chronicle
To the Members of the Exchange:
The Special Committee of Seven has modified Rulings Nos. 4 and 5,
adopted March 6 1933, in the following respects:
(a) to the extent necessary to permit members to make subscriptions to.
and receive, pay for, and deliver, either for their own account or for the
account of customers, United States Treasury Certificates of Indebtedness,
to be lamed as of March 15 1933.
(b) to the extent necessary to permit members, commencing on March 13
1933. to make contracts "over the counter" for the purchase or sale or the
borrowing or lending of obligations of the United States of America, whether
listed on the Exchange or not, and to make deliveries on and payments for
such contracts, either through Stock Clearing Corporation or otherwise
as agreed upon by the contracting parties.
(c) to fix March 14 1933,as the date of delivery on all members' contracts,
made prior to March 13 1933, for the purchase or sale or the borrowing or
lending of obligations of the United States of America.
ASHBEL GREEN, Secretary.
Rulings 4 and 5 referred to above, were given in these
columns March 11, pages 1649 and 1650.
New
York Stock Exchange Permits Members to
Continue Arbitrage Transactions—Are Prohibited
However from Engaging in Transactions Used to
Facilitate Flight from Dollars by Americans.
In an announcement issued on March 17, members of the
New York Stock Exchange are advised that they may
"initiate or continue arbitrage transactions in securities
or commodities between the United States and other countries," but that they will be held "to strict accountability
that no arbitrage transactions in securities or commodites
is used for the purpose of making or facilitating a flight from
the dollar by residents or citizens of the United States."
Weekly reports of arbitrage transactions are required. The
following is the announcement issued by the Committee on
Publicity of the Stock Exchange:
With reference to Circular C-5113 dealing with foreign exchange transactions, the Special Commitee of Seven is advised that the prohibition
against dealing in foreign exchange contained in the Presidential proclamations and the executive orders Issued thereunder is not intended in any way
to interfere with normal arbitrage transactions in securities or commodities.
Members of the Exchange may, therefore, initiate or continue arbitrage •
transactions in securities or commodities between the United States and
other countries; but shall submit weekly reports in the form hereto attached.
Members will be held to strict accountability that no arbitrage transaction in securities or commodities is used for the purpose of making or
facilitating a flight from the dollar by persons residing in, or by citizens of,
the United States.
The Special Committee is further advised that the reports called for by
Circular No. 1176, issued by the Federal Reserve Bank, should include,
and members are instructed to report, the following:
(a) In he case of "foreigners" (defined in said circular as all persona
"who, whatever their nationality, are physically outside the United States")
there should be reported.
(1) all United States Dollar free credit balances (a credit balance is
deemed free only to the extent that a credit would exist alter reducing all
open short commitments to the market);
(2) all United States Dollar unsecured debit balances (a debit balance
shall be deemed unsecured only to the extent that a debit would exist after
reducing all open commitments to the market).
Credit or debit balances in foreign currencies, whether secured or unsecured, held for the account of "foreigners." need not be reported.
(b) In the case of all persons other than "foreigners," free credit balances,
as defined above, held for their account in foreign currencies, and unsecured
debit balances, as defined above, in foreign currencies, shall be reported.
Foreign currencies shall be converted into United States Dollars at the
current rate of exchange, or be reported at cost in United States Dollars,
whichever method is the more convenient, provided that the same method
is applied consistently to all items.
All forward contracts in foreign exchange shall be included in the reports
of debit and credit balances required above.
Members who themselves buy and sell foreign exchange must file with the
Federal Reserve Bank of New York all reports required by its Circular
No. 1176. Members who, While carrying balances for "foreigners" or
foreign currency balances for Americans, make all transactions in foreign
exchange through banks or others who report to the Federal Reserve Bank,
need only file with the Special Committee of Seven reports showing the
balances held at the close of business on March 3 1933, and weekly thereafter. A separate report shall be furnished for each reporting date.
There is no restriction upon the right of a "foreigner" having United
States Dollar credit balances,or securities or commodities held in this country, to withdraw such credit balances or said securities or commodities.
There is likewise no restriction upon a "foreigner" buying United States
Dollars or purchasing securities or commodities in this country.
Members must, however, be careful to make sure that transactions
are for the account of "foreigners." In the case of companies incorporated
under foreign laws, Inquiry should be made to determine whether they are
In fact foreign owned. If owned in whole or in part by persons residing
in, or citizens of, the United States, the facts should be reported to the
Special Committee of Seven. Where the reporting ot a transaction would
prevent or delay execution, members may etecute the transaction provided
it is reported promptly thereafter.
Reasonable traveling and other personal requirements of persons residing
in, or citizens of, the United States, who may happen to be abroad temporarily. may be supplied, even if such transactions entail the purchase of
foreign exchange. Transactions of this character when unusual in amount
or when having the appearance of a flight from the dollar should be reported
to the Special Committee of Seven. All inquiries in regard to foreign exchange matters shall be submitted in writing to the Special Committee of
Seven. No inquiries over the telephone will be answered.
Circular 0-5113 issued by the Exchange follows:
NEW YORK STOCK EXCHANGE.
Office of the Secretary.
March 13 1933.
To the Members of the Exchange:
Enclosed herewith is a copy of Circular No. 1176 issued by the Federal
Reserve Bank of New York under date of March 12 1933, dealing with
transactions in foreign exchange.
March 25 1933
Pursuant to the requirements of this circular all members of the Exchange
carrying balances, either for their own account or the account of customers,
in currencies other than United States dollars (hereinafter called "foreign
exchange") as of the close of business on March 3 1933. shall make report
of such foreign exchange positions and all forward foreign exchange contracts. Members shall also report all balances, both debit and credit,
carried by them or their firms as of March 3 1933. for all persons, firms
or corporations physically located outside of the United States (hereinafter
called "foreigners"). Members who carry foreign exchange balances or
themselves make foreign exchange transactions for their own account or
for the account of customers must file reports in accordance with the said
circular. Members who purchase or sell foreign exchange for customers
but make such transactions only through banks reporting to the Federal
Reserve Bank need not themselves report such transactions but shall
furnish the bank with the necessary declaration.
The circular of the Federal Reserve Bank imposes no restrictions upon
the normal purchasing or selling, either in the United States or elsewhere.
of securities or commodities. It is not the intention to interfere with
normal and legitimate business, but it should be clearly understood that
any transactions which involve a flight of capital or speculative operations
against the dollar are prohibited. When the present rulings of the Exchange
prohibiting members from making contracts for the purchase or sale of
securities or commodities are rescinded, members should, nevertheless,
exercise the greatest care and submit a detailed statement in writing to the
Special Committee of Seven before performing any transactions of an
unusual character which might be in violation of the Federal Reserve Bank
circular. The shipment abroad of securities which are the property of
foreigners, is not prohibited, but the shipment of securities abroad for the
account of citizens of or persons residing in the United States, except
such as may be necessary to close commitments existing prior to March 6
1933. should be closely scrutinized in order to prevent the creation of
foreign exchange balances.
All reports required by the above-mentioned circular must be filed with
the Federal Reserve Bank of New York, 33 Liberty St., New York City.
ASHBEL GREEN.Secretarti•
Death of Samuel T. Hubbard, Dean of New York
Cotton Exchange.
Samuel T. Hubbard, dean of the New York Cotton
Exchange and for many years one of its most familiar
figures, died on March 22 at his home in Yonkers of heart
disease after a lengthy illness. He was 76 years old. Commenting on Mr. Hubbard's life, the New York "Evening
Post" of March 22 said:
Mr. Hubbard, who resigned as head of the firm of Hubbard Brothers &
Co., 66 Beaver Street, in 1929 to become a special partner in the firm,
had not been active for more than a year. Prior to his retirement, however, he was a member of a number of exchanges, including the Chicago
Board of Trade, the Liverpool Cotton Associatiod, the New York Produce
Exchange and the New Orleans Cotton Exchange.
He entered the cotton business with Norton, Slaughter & Co., and
In 1879 became a partner of D. G. Watts, who was then President of
the New York Cotton Exchange.
In 1900 Mr. Hubbard became President himself and 26 years later his
son was similarly honored. After leaving Mr. Watts' firm, Mr. Hubbard
formed the partnership of Hubbard Brothers & Co., in 1895 with his
brother, Walter C. Hubbard. He was at one time a member of the New
York Stock Exchange and at his death belonged to the Downtown Association. the Union League-Club and the New York Club.
• He was also a director of the Atlantic Mutual Insurance Co., the Eagle
Fire Co. of New York, the Norwich Indemnity Co. and the Sun Indemnity
Co. of New York.
Our of respect to Mr. Hubbard's memory the New York
Cotton Exchange resolved to suspend trading on the Exchange March 24, the day of the funeral. The resolution
said:
WHEREAS it has pleased Almighty God to call to His eternal rest our
beloved fellow member. Samuel T. Hubbard, we, the board of managers
of the New York Cotton Exchange, record with deep sorrow the loss of
one who for more than 50 years has been a member of this Exchange.
No man has stood higher in the counsels of the Exchange. No man
has given of himself to the Exchange more generously, No man has
been more appreciated for his sterling qualities of uprightness and courage
than has Samuel T. Ilubbard.
For many years he served on most important committees and two years
as President. Always has he been quick to help, by word and by deed,
his fellow members.
We mourn our loss.
BE IT RESOLVED, that the board of managers tender to his sons and
his nephew (all being members of this Exchange) and to his wife and
daughters, deep sympathy in the loss they have sustained; and be it further
RESOLVED that, as a mark of respect to Mr. Hubbard's memory,
trading be suspended for two minutes at 2:45 o'clock p. m, at the time
of funeral services, Friday, the 24th instant, that the flag upon the Exchange building be half staffed and that a committee of the members be
appointed to represent the membership at the funeral; and be it further
RESOLVED that these resolutions be spread upon the minutes of this
board and a copy be sent to the bereaved family.
Commodity Exchange, Inc., to Be Quartered in International Telephone Building at Broad and South
William Streets.
Official announcement made on March 20 said that the
Commodity Exchange, Inc. has completed arrangements
for establishing its home in the International Telephone
Building at the corner of Broad and South William Streets,
New York. The Commodity Exchange, Inc. represents an
amalgamation of the Rubber Exchange of New York, the
National Raw Silk Exchange, the New York Hide Exchange
and the National Metal Exchange, and is expected to start
functioning as a separate and complete entity on or about
June 1st of this year. Announcement of the completion
of housing arrangements for the new institution was made
Volume 136
1985
Financial Chronicle
at a luncheon tendered the governing committee of the
Commodity Exchange, Inc., by Colonel Sosthenes Behn,
Chairman of the International Telephone & Telegraph Corp.
In announcing this, the International Telephone & Telegraph Corp. also said:
trades for future delivery in any month shall not, during
any one day, be made at prices outside of said price limits.
The firm of Brown, Wheelock & Harris has represented the Exchanges
In the negotiations, and Mr. Edward Shire is architect for the Exchanges.
On the new Exchange futures trading in rubber, silk, hides, silver and
copper will continue as has been the case heretofore on the individual
Exchanges which are now merging.
In this merger it is planned that each of the four markets will maintain
its previous identity as far as that is possible. Each member will be
registered in one of the four specific commodity groups, or in the commission house group or non-trade group. Each trade group will have the
main control over the contract in its own commodity, and over questions
of delivery, certification, grading and similar matters pertaining thereto.
Each such group, too, will retain control over the membership in that
commodity, and will have representation on the Board of Governors. Nevertheless, although a member may be registered in a certain commodity
group, he will, at the same time, have a member's privilege of trading
in the other commodities. The Board of Governors will, of course, have
entire supervision and management of the affairs of the Exchange, and
its powers will also include the determination of any question of conflicting
jurisdiction as between trade groups and/or trade committees.
The Commodity Exchange, Inc., will be limited to 1,015 members.
Memberships will be paid in at $900 each, which will give the new
Exchange a working capital of over $900,000. Memberships can be
acquired only through the purchase of existing memberships.
The Board of Governors of the Chicago Stock Exchange
on March 20 voted a set of rules considered far more drastic
than any previously considered. In indicating the changes
adopted the announcement states that the Exchange is not
to be used to facilitate the "peddling" of stocks to the public, but Is to be strictly a trading center. Corporation reports are to be filed with the Exchange, properly audited,
and are to be available for inspection by the public and the
newspaper representatives at all times. Paul H. Davis,
President of the Exchange, says that "the principles established seem to me to be so far-reaching as to deserve greatly
the confidence of the public. They will bear fruit, however, not during a period of depression but during times of
prosperity when restraint is particularly needed." Among
the more important rules adopted according to the announcement of the Exchange are the following:
According to the telegraph corporation, J. Chester Cuppia.
of E. A. Pierce & Co., in speaking for the Exchanges, said:
As time passes and the advantages of trading in futures are demonstrated, it is expected that other commodities will be added without any
difficulty and with distinct advantage to outside traders in such commodities.
The principal advantage of the consolidation is, no doubt, the opportunity it makes for a broadening market, which obviously is in the
Interests of all who participate in market operations. Increased trading
means a steadier and more orderly price Movement. Many of the older
markets enjoy remarkable steadiness due, in the main, to the large volume
of business that passes through them. The investor and speculator benefit
by the better opportunity of executing trades without risking sharp
fluctuations that often accompany narrow markets. Moreover, the trader
who uses the market as a hedging medium prefers trading in a market
where volume makes for better and safer executions. Floor traders and
floor brokers, too, should benefit from the amalgamation as it concentrates
their work on one floor. At the same time, there is a great economy of
operation as less equipment and less personnel will be required. All these
considerations are obviously important in the development of an efficient
futures trading market.
The Commodity Exchange will, of course, not fix prices. Like other
markets, it will merely provide a place for members to meet for the
execution of trades for their clients, and at the same time it will
establish equitable mks to govern such transactions as are made. These
rules are very strict, and impartially recognize the rights and duties
of buyers and sellers. Business is conducted under a high code of trading
ethics. Without organization along these lines, the New York Stock
Exchange, the London Stock Exchange, the New York Cotton Exchange,
the Chicago Ward of Trade and all the other great exchanges could never
have attained the eminence they have or possess all the power and influence they hold over mankind's affairs in the production and distribution
of essential products throughout the world.
The recent closing of the exchanges in the country provide sufficient
commentary on this phase of commodity trading. Many were the complaints that business could not be consummated until the exchanges opened
again, and it is well known that prices .for the same commodity during
the period of suspension varied sharply in nearby sections. Both producers
and consumers need central, well-organized futures for advantageous marketing. History proves this to be an undoubted fact.
It is also sad to be historically true that any real improvement in
business must come with an improvement in commodity prices from an
unprofitable level to a profitable one. Improvement in security prices
then follows, and thereafter a better condition generally. Better marketing
facilities obviously can have only one outstanding result, viz., betterment
of the price structure, which the producer needs when faced with unsatisfactory prices.
Trading in commodities can be accomplished through spot markets, but
this involves expert knowledge of the commodity bought as well as the
outlay of large sums to cover the purchase value, storage, interest and
insurance charges, and unless deliveries are made against a futures contract, the same result can be obtained through the medium of a futures
market with much lees trouble and at considerably less cost. Such a
futures market is to be found in the Commodity Exchange, and in this
union there will be found strength.
A previous item regarding the Commodity Exchange was
referred to in our issue of Feb. 11, page 935.
Amendmentsto By-Laws of New York Produce Exchange
—Emergency Powers to Board of Managers.
The members of the New York Produce Exchange on
March 20 ratified at a vote held by ballot two amendments
to the by-laws which had been approved by the Board of
Managers.
The first amendment gives the Board of Managers power,
In the event of an emergency by reason whereof the ordinary
media of exchange and payment are not available for Exchange transactions, to adopt such regulations or measures
as may in its opinion meet the emergency.
The second amendment allows the Board of Managers, in
Its discretion, to fix price limits for trading in commodities
futures with reference to the lowest price of the closing
range of each month on the preceding business day; and
New Rules Affecting Listing of Securities on Chicago
Stock Exchange.
1. No security can be bought or sold on the Chicago Stock Exchange
unless and until its listing shall have been accepted by the Governing
Committee upon an application signed and sworn to by a duly authorized
officer of the corporation issuing the security. The Chicago Stock Exchange for many years has had no Bo-called unlisted department, nor
does it list securities upon data or application filed by its own members
or any persons other than the company itself.
2. The application shall contain a full statement of the experience and
reputation of the management as well as a description and history of the
applicant company.
3. Clear and informative financial statements, including a balance sheet,
profit and loss statement and an analysis of surplus, shall be submitted
as part of each application. Such financial statements shall truly disclose
the past operations and present condition of the company and shall be
certified to The Chicago Stock Exchange by duly qualified independent
public ccountants, whose certificate shall be set forth in full as a part
of the application.
4. The securities themselves shall be as proof against forgery or
fraudulent alteration as it is possible to prepare them. They shall be
fully steel engraved, unless they are to be outstanding only temporarily.
5. The applicant company shall maintain a transfer agency and a
registrar in the City of Chicago. To safeguard against the issuance of
unauthorized stock, the registrar shall be an independent, responsible
trust company. Only independent, responsible trust companies may act
as trustees for listed bond Issues.
6. The validity and legality of the securities Hated shall be approved
by competent legal counsel, who shall not be an officer or director of
the applicant company.
7. Securities will not be listed coincident with a public offering. Applications will only be considered when the company demonstrates that
the securities to be listed are sufficiently distributed to the public to
assure a free and open market.
8. Distribution of additional securities of a class already listed shall
be made only after application to list such securities shall have been made
and the methods of proposed distribution shall have been found unobjectionable by the Exchange.
9. Applicant companies shall agree to mail to the Exchange and to
their stockholders with the notice of the annual meeting a report of the
operations for the preceding fiscal year, including a balance sheet, profit
and loss statement, and analysis of surplus. Such financial statements
shall be clear, complete and informative. They shall truly disclose the
operations and condition of the company and shall be certified by duly
qualified, independent public accountants whose certificate in form satisfactory to the Exchange shall be attached.
10. The Chicago Stock Exchange favors a policy of full publicity;
after a security has been listed, the public and the press will be given
access to listirar applications and to reports filed with the Exchange.
Queens County Clearing House Association Formed
by Independent Banks — G. R. Hendrickson,
Chairman.
The Queens County Clearing House Association, which
has been in the process of formation, organized on March 7
with practically all of the independent banks of Queens
County as members, according to the New York "HerIld
Tribune" of March 8, which also said:
Immediately following the organization of the Assoclation the members
elected officers.
Those elected were: Gilbert R. Hendrickson, of the Jamaica National
Bank, Chairman; John L. Karl, of the Richmond National Bank. ViceChairman; Ernest L. King, of the National Bank of Queens County,
Secretary-Treasurer; Oscar Goerke, of the College Point National Bank,
and Edward Lynch. of the National Bank of Far Rockaway. elected to
serve with the officers as members of the Clearing House Committee.
Following the election it was announced that the Queens County Clearing
House Association will act with the other clearing house associations on
all matters of vital interest to the banking fraternity.
Formation of Suffolk County (L. I.) Clearing House
Association.
Organized as the result of the bank holiday, the Suffolk
County Clearing House Association began to function on
March 20 with Louis Auperin, Cashier of the First National
Bank & Trust Co. (Amityville, L. I.), as President. Indicating this, advices from Amityville to the New York
"Times" March 20 added:
Financial Chronicle
1986
Organization had been completed at a meeting Saturday at which officers
were elected.
Mr. Auperin said the new group had been planned to bring banking
operations in the county on a closer basis than had been accomplished
under the Suffolk County Bankers' Association. Frederic Orth, who
was President of the latter organization, other officers and the district
chairman comprise the board of directors of the Clearing House Association.
Volume of Outstanding Bankers Acceptances Drop
$3,578,411 in Month—Total Feb. 28, $703,825,889,
Compared With $707,404,300 on Jan. 31.
The survey of the outstanding bankers acceptance volume
taken just prior to the bank holiday revealed very little
'change from the amount which had been outstanding since
Dec. 31. According to the American Acceptance Council
report issued March 22, the bankers acceptance volume on
Feb. 28 was $730,825,889.
Robert H. Bean, Executive Secretary of the American
Acceptance Council states that this compares with a total of
$707,404,300 for Jan. 31 and of $709,729,568 for Dec. 31,
a reduction of only $3,578,411 from the Jan. 31 totals and
$5,903,000 from the year-end figures. Mr. Bean continues:
lnport acceptances remained practically unchanged with an increase of
'only $30,000. Export acceptances at $173,846,920 were up $7.824,000 for
the month. Acceptances against goods in domestic warehouses were off
$3,609,408. Dollar exchange acceptances declined $2,671,513. and acceptances based on goods stored in or shipped between foreign countries, with a
total of $231,392,784, were off $5,289.754. Domestic shipment credits
remained practically unchanged.
The extent of the sudden shifting of bank holdings of purchased bills.
necessitated by the approaching bank difficulties which came to a head on
'March 6, was seen in the sharp reduction of own and other bills held by
accepting banks from $626,274,495 on Jan. 31 to 3325,006,642 which these
banks reported on Feb. 28. Within a few days after the first of the month
and before the bank holiday, further substantial sales reduced the accepting
banks holdings to about $250,000,000, while dealers portfolios were reduced
in the aggregate to about $18,000,000.
Practically all of the remaining volume of bills were by this time in the
hands of the Federal Reserve banks where such paper could be put to good
use in support of currency issues.
Since the middle of February and more particularly since the first of the
current month,the bill market has been in a disturbed condition accentuated
by sudden and substantial changes in the bill rates necessitated by existing
'conditions in the money market.
The statistics made available by Mr. Bean follow:
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
Federal Reserve
pfsfrkt.
1
2
3
4
5
6
7
8
9
10
11
12
Grand total
Decrease
Feb. 28 1933.
Jan. 311933.
$40,987,807
573,563,405
10,368,795
9,077,797
1,770,737
5,956,932
36,064,013
1,424,970
2,032,969
800,000
1,103,505
20,674,959
$42,997,628
569,945,290
11,081,490
9,568,617
2,120,331
7,651,361
35,903,203
1,702,353
2,213,491
700,000
1,311,426
22,209,110
Feb. 29 1932.
$57,620,457
732,905,145
15,961,162
13,416,870
2,673,281
10,189,632
51,795,633
2,267,747
2,081.101
1,050,000
3,013,369
26,417,483
$703,825,889
$707,404,300
3.578.411
$919,391,880
215.565.991
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored in or shipped
between forelen countries
Feb. 29 1933.
Jan. 311933.
$71,023,085
173.846,920
13,406,591
205,552,043
8,604,446
$70,992,674
166,022,517
13,269.141
209,161,451
11,275,979
$142,141,000
195,033,914
17,354,177
254,116,410
26,466,949
231.392.784
236.682.538
284.279.430
Feb. 29 1932.
CURRENT MARKET QUOTATIONS ON PRIME BANKERS ACCEPTANCES
MARCH 21 1933.
•
Days—
30 •
60
90
Dealers'
Dealers'
Buying Rate. Selling Role.
214
214
214
2
2
2
Days—
120
150
180
Dealers'
Dealers'
Buying Rate. Selling Rate.
214
214
244
214
214
254
Elmer H. Youngman of "Bankers Magazine" on Application of Sound Banking Principles and Methods
to All Banks—Proposal for Federal Clearing
Houses.
Under the head of "Application of Sound Banking Principles and Methods to All Banks," Elmer H. Youngman,
editor of "The Bankers Magazine," presents a proposal for
the inspection and control of banks through Federal Clearing Houses. Mr. Youngman offers his plan as follows:
Total Subscriptions of $1,831,815,600 Received to
Offering of $800,000,000 or Thereabouts of Two
Series of Treasury Certificates of Indebtedness—
Subscriptions Allotted $942,604,500.
Total subscriptions of $1,831,815,600 were received to
the offering of $800,000,000, or thereabouts, of Treasury
certificates of indebtedness offered in two series, both (as
we indicated in our issue of March 18, page 1805) dated
and bearing interest from March 15 1933, one series, TAG1933, being for five months, with interest at the rate of 4%
per annum and maturing Aug. 15 1933, and the other series
TD2-1933, being for nine months, with interest at the rate
of 414% per annum, and maturing Dec. 15 1933. Secretary
Woodin, in his announcement of Sunday night, March 12,
stated that the amount of each series to be issued would be
in the proportion that the total subscriptions for that series
bore to the total subscriptions received for both series. The
subscription books, as we indicated in our item of a week
ago, were closed at the close of business, March 13. The
total subscriptions allotted were $942,504,500—the amount
of allotments in the case of the 4% certificates being $469,131,000 and in the case of the 414% certificates $473,373,500.
Secretary Woodin's announcement of March 19 regarding
the total subscriptions and allotments follows:
Secretary Woodin to-day announced the final subscription and allotment figures with respect to the March 16 offering of 4% Treasury certificates of indebtedness of Series TAG-1933, maturing Aug. 15 1933, and
of 414% Treasury certificates of indebtedness of Series TD2-1933, maturing
Dec. 15 1933.
Due to the bank holiday it was not possible to announce this offering
until March 12, three daYs before the date when payment for the new
certificates would have to be made. In order to have payment made on
March 15, it was necessary to doge the subscription books on Mardi 13,
and fix the basis of allotment upon subscriptions. The books were so
closed, subject to the acceptance for allotment of subscriptions placed in
the mails not later than 9 o'clock p. in., March 13.
The percentage of allotment on cash subscriptions was thus fixed on the
evening of March 13, on the basis of subscriptions then received by the
banks, without information as to the amount of the subscriptions placed
in the mail before 9 o'clock p. m., March 13, and not then actually received
at the Federal Reserve banks.
The allotment on subscriptions made on March 13, on the basis of telegraphic reports received from Federal Reserve banks up to the close of
business on that day, indicated total accepted subscriptions of $870,000,000.
The amounts later required to be allotted on subscriptions placed in the
mail not later than 9 o'clock p. m., March 13, brought the total amount
of subscriptions accepted, including exchange subscriptions, up to
$942,504,500.
The amount of subscriptions accepted exceeds the amount named in the
offering by a larger percentage than usual, owing to the necessity of fixing
the percentage for allotments on cash subscriptions before knowing the
amount of the subscriptions through the mails, as above stated.
Subscriptions and allotments were divided among the several Federal
Reserve Districts and the Treasury as follows:
4% CERTIFICATES OF INDEBTEDNESS OF SERIES T-43-1933.
Federal Reserve District—
882888.88M8
$29,232,500
554,750,000
32,155,600
20,276,500
10,436,000
12,786,000
148,096,500
7,848,500
21,698,000
17,790,000
21,113,500
37,370.500
40,000
000009-Q090Q0
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Total
Total
Total
Cash
Exchange
Total
Subscriptions Subscriptions Subscriptions Subscriptions
Received.
Received.
Received.
Allotted.
n7..6.1Zeic;vioO4o6eic;
(3) That the rules and regulations governing the operations of Federal Clearing
Houses be framed by the respective organizations, but In all eases embodying the
fundamental principles and methods of sound and efficient banking, and that such
rules and regulations be subject to the approval of the Comptroller of the Currency
and the Federal Reserve Board.
These proposals would, if adopted, enerely extend a plan to all banks
that has already been tried and found worthy of general application.
Under the plan every bank would be brought under the watchful care and
inspection of the sound banks of the leading commercial centers. Bad
banking would be checked at the proper time—at its inception.
The plan contemplates the organization of District Federal Clearing
Houses, which might become members of a National Federation of Clearing
Houses. The districts need not be coterminous with the present Federal
Reserve districts, but should be formed to meet the convenient requirements of the banks, commercial and business interests in general. It
would be desirable that the districts should be comparatively small, so
that the supervision and control would be localized, thus assuring familiarity
with the problems to be met.
In putting all banks under the control indicated, some risk would be
run that the small banks might be oppressed by the larger ones. This
risk could be avoided by the provisions of the Act for forming Federal
Clearing Houses and by the authority granted the Comptroller of the
Currency and Federal Reserve Board to approve their rules and regulations.
• Based upon 40 years' observation and study of banking problems, I am
convinced that by bringing all banks under the control indicated above, a
large degree of banking safety would be assured.
OVICONM!..01,
../0.,ts
C40. 00 C
006606
000..
0 04011
NM
That all banks should be required to conform to sound banking principles
and practices is the clear lesson of our recent experiences. To supplement
the aims of legislation now existing or pending to achieve this end, the
following proposals are offered. They rest upon the belief that in every
large commercial center a nucleus of sound banks may be found, and that
if all the banks in the adjoining territory could be brought under the
constant inspection and measurable control of such banks, through Federal
Clearing Houses, our entire banking system could be made to function
safely and efficiently. It is therefore proposed:
(1) That Congress enact a law providing for the organization of Federal Clearing
Houses,of which all banks. State and National,shall be required to become members.
(2) That the laws relating to the organization and management of such Federal
Clearing Houses be framed after consultation with bankers, Treasury officials and
others having practical knowledge of banking.
March 25 1933
86,555,500
218,435,000
6,511,500
1,071,500
1,127,000
1,031,000
50,028,000
1,114,000
1,190,000
1,740,100
564,500
8,597,000
812,811,000
309,559,000
14,548,000
6,428,000
3,991,000
4,366,000
77,000,000
3,532,500
6,851,000
6,293,000
6,717.000
17,009,500
25,000
Totals
8913,593,600 $615,628,500 3297.965.100 n469,131,000
• Includes $297,965,100 exchange subscriptions, which were al otted in full.
Total
Total
Total
Exchange
Total
Cash
Subscriptions Subscriptions Subscriptions Subscriptions
•
Allotted.
Federal Reserve District—
Received.
Received.
.Received.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
1987
Financial Chronicle
Volume 136
. 4% CERTIFICATES OF INDEBTEDNESS OF SERIES TD2-1933.
830,810,000 821,847,500 58.962,500
585,690.500 381,511,500 204.179,000
7,972,500
45,006,000 37,033.500
4,698,000
29,486,500 24,788,500
1.601.500
8,702,000
10,303,500
1.207,000
13.817,000 12,610,000
92,263,500 62.754,500 29,509,000
1,943,000
6.988,500
5,045.500
744,500
22,430,500 21,686,000
2,952,800
8,556,200
11,509,000
2,959,500
26,422,000 23,462,500
3,663.000
43,222.000 39.559,000
273,000
158.500
114,500
816,146,500
317,269.500
20,990,500
12,340,500
4,852.500
5,058,000
50,315,500
4.656,000
7,433,000
6,316,500
10,819,000
16,939,500
236.500
Totals
5918.222.000 5647.715.200 5270.506,800 *5473,373,500
•Includes $270.506.800 exchange subscriptions, which were al otted in full
+111.
Volume of Commercial Paper Outstanding as Reported
to New York Federal Reserve Bank $84,200,000 on
Feb. 28 1933, as Compared with $84,600,000 on
Jan. 31 1933.
, The following release was issued by the Federal Reserve
Bank of New York under date of March 22:
Reports received by this bank from commercial paper dealers show a
total of $84,200,000 of open market commercial paper outstanding on
Ifeb. 28 1933.
Below we
.
furnish a record of the figures since they were
first reported by the Bank on Oct. 31 1931:
1933—
Feb. 28-----$84,200,000
Jan. 31
84,600,000
. 1932—
81,100,000
Dec. 31
109,500,000
Nov. 30
Oct. 31
113,200,000
110,100,000
Sept. 30
108,100,000
Aug. 31
100,400,000
July 31
103,300,000
June 30
1932—
May 31
Apr. 30
Mar. 31
Feb. 29
Jan. 31
1931—
Dee. 31
Nov. 30
Oct. 31
8111,100,000
107,800,000
105,606,000
102,818,000
107,902,000
117,714,784
173,684,384
210,000.000
Assets of 55 Members of United States Building and
Loan League Estimated Over $10,000,000.
Fifty-five of the nation's building and loan associations.
Jilembers of the Unitied States Building and Loan League,
have assets of more than $10,900,000, according to a report
issued March .18 by H. F. Cellarius, Cincinnati, Ohio, Secretary-Treasurer of the League, based on financial statements of the associations as of Jan. 1 1933. Ninety-one
Other member associations have assets between $5,000,000
-and $10,000,000, it is further indicated by the League
. The report states that the associations' business consists
in making monthly instalment mortgage loans to home
Owners on security of Individual homes, and in putting the
Investments of large and small shareholders to work in
-these mortgage lending activities. The League is 'their
national organization. Comparing the statistics from the
large associations citied above with their reports as of
Jan. 1 1932, Mr. Cellarius finds that their average decrease
In assets was only 5.8% during the most trying year of
the depression period. The associations over $10,000,000
had a lower percentage of decrease, 5.5% as compared with
that of the 5- to 10-million dollar associations, which showed
an average decrease of 6.3%.
• In spite of general business conditions, nine of the
-associations showed actual increases in assets in 1932 ranging from $20,000 to $4,000,000. Continuing, Mr. Gellarius
also said:
The 146 associations in these two groups comprise approximately
$1,657,000,000 of the total building and loan assets of the country as of
Jan. 1. This group decreased only $101,542,826 in 1932, practically all of
this amount being paid out in small sums to shareholders who had saved
for a rainy day and found the associations able to .render this service
when the critical hour came.
The conditions reportetd by these associations in the face of the dis•couraging financial and business outlook which characterized the past year
are significant. This group of associations represented 21% of all building
and loan assets at the beginning of 1932. We do not yet have the complete
statistics for all associations as of Jan. 1 1933, but this group may be
taken as a fair sample. .11 there is any bias at all, the percentage of
decrease is probably greater in these larger associations than in the
Smaller ones which have not been listed here. The smaller communities
and cities are the ones which have suffered least in the current depression
cycle, and their real estate prices have not fluctuated to anything like
the extent experienced by the cities. Because of these factors we reasonably
expect the associations to show a record even nearer to "holding their
own" when all of the returns are in than is now seen in the sample of
larger associations.
It mist always be borne in mind that with the large turnover of
money which the associations effect in a period of stress, particularly in
the form of savings paid back to the needy investor, there must be a
considerable influx of new money to keep the total assets up to their
old level. It was estimated three months ago that nearly a third of all
the associations' assets were involved in some kind of turnover in cash
paid out, mortgage loans made, or dividends paid out, last year. Since
the larger associations for which we are reporting here showed only
-minor decreases in their total resources, it is plain that most of their
shareholders continued to save, and also that many were starting to
invest their money for the first time in building and loan associations
in 1932.
The record of the associations' growth and their proportion to the total
savings registered for the country, points to a growing recognition of their
availability as thrift and investment strongholds. In 1910 only 8% of
the total savings of the citizens of the United States was in building and
loan associations. In 1931 the associations were in charge of 15% of
all the investments whirls fall into the "savings" classification. It appears
that this gain in popularity is in little danger of diminishing.
Northwest Bancorporation (Minneapolis) Defers
Dividend Action.
Minneapolis advices on Mar. 23 to the "Wall Street
Journal" stated that the Northwest Bancorporation(head
office Minneapolis) had deferred its quarterly dividend of
15 cents.dus., at this time. E. W. Decker, President of the
organiation, issued the following statement:
"In making this decision our directors felt that during the present period
of reconstruction the corporation should pursue a policy that would conserve its income and resources and build up its reserves. The dividends
which Northwest Bancorporation pays to its stockholders are received
from affiliated banking institutions in the forms of dividends from such
Institutions. Although the net operating earnings, after providing for
current losses and chargeoffs, are considerably in excess of the usual dividend requirements, we feel that by retaining a larger share of their earnings, affiliated banking institutions will be in a position to render greater
service to the communities which they serve.
"The 126 banks and trust companies affiliated in the Northwest Bancorporation group have been classified as 100% sound institutions and licensed
to transact business without restrictions. Since the termination of the
national bank holiday deposits in our banks have shown an increase of
approximately 824,000,000, or over 9%•"
New Receiver Appointed for S. W. Straus & Co., Inc.,
New York, Following Resignation of Messrs. Calder
.and Moses—Former Receivers Report to Court
That Bankrupt House Is Simply a Shell—List
$29,000 Assets—George E. Roosevelt, Chairman of
Real Estate Bondholders Protective Committee,
Issues Statement—New Straus Securities Company
Investigated.
Finding themselves unable to do anything helpful for the
holders of some $380,000,000 in defaulted bonds sold to the
public by S: W. Straus & Co., Inc., Robert Moses and
William M. Calder have resigned as receivers for that bankrupt investment concern, which they described as "simply
a shell," with liquid assets now of only about $29,000.
Formerly it was one of the largest distributors of real estate
mortgage bonds, the parent of a host of corporations now
variously involved in a maze of bankruptcies, bondholders'
suits and other troubles.
In their letter of resignation, made public March 19, Mr.
Moses, who is Chairman of the Long Island State Park
Commission, and Mr. Calder, a former U. S. Senator,
expressed the opinion that the various bondholders' committees which are wrangling over whatever crumbs are left
on the once pretentious Straus securities table, could bring
few, if any, benefits to the disappointed bondholders. The
activities of these groups, the retiring receivers decided,
would simply result in lawyers and other of their employees
getting most of whatever money can be thawed out of the
frozen equities. What was needed, they wrote, was a revision of Federal and State statutes safeguarding the issues of
real estate mortgage bonds and protecting all bondholders
where mortgages are in default.
The letter of resignation was sent on March 16 to Justice
Charles C. Lockwood of the New York Supreme Court, who
appointed Messrs. Moses and Calder as receivers for the
Stralis company on March 3. Their counsel, Stephen
Callaghan, former Supreme Court Justice, sharing their
views, also resigned.
Justice Lockwood announced March 19 that he had
appointed as the new Straus, receiver Louis F. Schultze, a
West Point graduate who lives at the Army and Navy Club,
30 West 44th St., New York. He po3ted a $50,000 bond and
immediately took charge of the bankrupt's affairs.
The letter signed by Messrs. Calder and Moses and sent
to Justice Lockwood is as follows:
On March 3 1933 you honored us by an appointment as receivers of S. W.
Straus & Co., Inc. You were no doubt under the impression that we could
render some useful service in acting as receivers of that corporation in the
general public interest as well as in the protection of the assets of the corporation.
We were of the opinion that we might perform a public service, and It
was with this conception of our duty that we accepted the appointment.
We have found, however, that there is a complete public misapprehension
as to our duties and responsibilities and that we are not in a position to
discharge the duties which you and we had in mina.
Company "Simply a Shell."
We find after a preliminary investigation that S. W. Straus & Co. is
simply a shell. The impression is quite general that this concern guaranteed
and stood back of the numerous bond issues which were offered and sold
0 tif public.
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Financial Chronicle
It was because of this impression which the public had that we as receivers
of this corporation were looked to by the bondholders for relief and assistance. The facts are that S. W. Straus & Co., Inc. (New York), did not
guarantee and did not stand behind any of the bond issues.
Nevertheless, the public through S. W. Straus & Co. relied upon us for
relief and assistance. We are unable to give them any assistance. The
Interests of the bondholders are supposedly protected by large committees
which are soliciting the deposits of bonds covering all the Straus mortgages,
and separate committees organized and are being organized to protect toe
Interests of bondholders of inaividual properties.
Those committees are struggling for supremacy in the control of bonds.
The original committee formed for tnis purpose was sponsored by S. W.
Straus & Co. itself, apparently on some sort of understanding that the
Straus firm would continue to manage the property through a management
corporation which is now in a receivership in the State of Delaware. Later
the committee sponsored by S. W. Straus & Co. resigned and it sponsored
another committee. In toe meantime, the Attorney General of the State
of New York had, on the complaint of bondholders, investigated S. W.
Straus & Co., under the provisions of the so-called Martin Act.
We are advised that El. W. Straus & Co. agreed to go out of business and
to the appointment of receivers by you. As evidence of the weakness of
the Martin Act, it is interesting to note that S. W. Straus & Co. has simply
moved downtown and gone into business again under a slightly different
name. [The new company is known as Straus Securities Co., Inc., with
offices at 60 Wall Street. N. Y. City.]
Liquid Assets $29,000.
We find that your receivers are in possession of miscellaneous assets,
furniture and office equipment, including among other things a list of bondholders in tne various Straus enterprises, with liquid assets of only approximately $29,000, which is in cash.
Access to the list of bondholders is being sought by the committees above
referred to and by various individuals. The officers of S. W. Straus & Co.
profess to regard this list as a valuable asset of S. W. Straus & Co., and it
has been suggested to us that the new organization formed by the Straus
officers would be glad to purchase this list. Since it is probable that this
concern has copies of the list anyway and has furnished the list to its friends,
the only object of buying the list would be to get it away from committees
and individuals who are not on sympathetic terms with the Straus corporation and Its friends.
We are advised that the outstanding bonds are approximately $380,000,000 and these bondholders have no adequate disinterested representation except at a very considerable cost to themselves. We can do nothing
for them. Therefore they cannot look to us for help.
Protective Legislation Urged.
Our opinion is that the bondholders' committee cannot give adequate
relief to the bondholders. What is needed is a revision of Federal and State
safeguarding of the issues of real estate mortgage bonds and protecting all
bondholders where mortgages are in default.
This subject has been under consideration for a long time and nothing
has been done about it. There are thousands of these bondholders, and
obviously the holders of the millionaof dollars worth of outstanding Straus
bonds, many of them people of small means, should have their interests
protected by public officials whose fees would be limited or woo would be
employed on a salary basis, and should not be left to the mercy of numerous
competing groups and committees, the activities of which will further reduce the shrunken equities of the bondholders.
Because of the conditions herein outlined and our inability to perform
any public service, we most respectfully offer our resignations as receivers
and ask that they be accepted at once, and may we be pardoned for the
suggestion that the interest of S. W. Straus & Co. can be fully protected
by the appointment of our associate counsel and our accountant as receivers.
The bulk of the detail work is bound to fall on these gentlemen in any event,
and the expenses of the receivership will be less if they are appointed with
the understadning that they will do the work.
Judge Callaghan, our counsel, shares our view in this matter and has
asked to be relieved at the time of the acceptance of our resignations.
Major Louis F. Schultze, the new receiver, said March 20
that he intended to "lend to the unfortunate bondholders
every assistance I can legally and humanly extend." His
statement follows:
Judge Lockwood has honored me with the appointment as successor
receiver for S. W.Straus & Co., Inc., New York. Until I am able to make
a survey of all matters under my jurisdiction, and have an opportunity to
consult with counsel. I have nothing to say.
I have asked Nathaniel L. Goldstein to act as counsel to the receiver.
Mr. Goldstein is an attorney and a certified public accountant, a former
Deputy State Attorney-General, having served on the staff of Samuel
tratermyer and Henry L. Stimson at the time of the prosecution of the
matters arising out of the Lockwood Housing Committee. I intend to
lend to the unfortunate bondholders every assistance I can legally and
humanly extend.
A statement issued by S. J. T. Straus, who was Chairman
of the board, follows:
The statement of the receivers is incorrect. There are no bonds outstanding which are the obligations of S. W.Straus Co., Inc., nor is the stock
of this company owned by the public, but it is practically wholly owned by
members of the Straus family. The company is not a shell. It now has
assets which cost many millions of dollars and which even now are more
than enough to pay all outstanding creditors.
While S. W. Straus & Co. was not a guarantor of the bonds which it sold.
nor was it under any obligation to pay principal and Interest out of its
own funds, this company nevertheless expended approximately $15,000.000
of its own funds in an effort to protect bondholders. This company was
powerless to prevent the devastating effect of the depression on real estate
values, as is witnessed by the fact that there are now in default hundreds
of millions of dollars' worth of guaranteed mortgages issued by title and
guarantee companies.
The new Straus company was formed with capital contributed by my
loyal friends and its formation was announced publicly in open court before
the receivers were appointed for said company. One of the main purposes
of the new company was to help in every way possible persons who purchased bonds from the old company, and the announcement was made that
the officers of the old company would be associated with the new company
so that the old customers could come to them for information and help.
The statement with reference to bondholders' lists is also incorrect. All
of these Brits are intact and in possession of the receiver as is every asset
belonging to S. W. Straus & Co., Inc.
An immediate investigation into the business activities
of the Straus Securities Co., Inc., 60 Wall St., dealer in
March 25 1933
securities of real estate, municipalities, public utilities,.
industrial companies and banks, was ordered March 20 by
John J. Bennett Jr., State Attorney General. The announcement by Mr. Bennett follows:
The statement of the receivers of S. W. Straus & Co., Inc.. that S. W.
Straus & Co. has simply moved downtown and gone into business again
under a slightly different name has been brought to my attention.
This charge will be investigated immediately and if it is found that
the enjoined company is doing business, contempt proceedings will be
rurtituted at once.
Investigation into the company's activities began March 22
and was completed Jan. 23. Attorney General John J.
Bennett Jr. has announced that he will study the testimony
and decide quickly, whether by assuming posts in the new
concern, officers of S. W. Straus & Co. violated the stipulation agreed upon when the Straus concern was put into
receivership.
S. J. T. Straus, President of the Straus Securities Co.,
Inc., issued a statement March 20 in which he said:
The Straus Securities Co., Inc., was organized with capital supplied by
some of my friends.
The principal purpose of this new company is to render assistance to
bondholders who were customers of the old S. W. Straus & Co., Inc.,
and to give them a place to come to where they can secure information in
regard to issues which have been underwritten by the old company and to.
help them obtain a market for any bonds or securities which they desire to
sell or purchase.
Many people have called on us and have written expressing their satisfaction and appreciation of the fact that a new company has been organized
which will render assitsance to them.
The formation of this new company was announced In open court at the
time the receivers for the old company were appointed. There was on
attempt at secrecy either in fact, in name or in personnel. Furthermore,
the organization of this new company was advertised in the New York
newspapers on March 8 and 9.
We welcome any kind of investigation by any one of the activities of the
new company. If it cannot serve a useful purpose it will be dissolved and
the capital returned toils stockholders.
The interest of the holders of millions of dollars' worth
of bonds underwritten and sold by S. W. Straus & Co. do
not rest upon claims they may have against that corporation as creditors, but upon their ownership of equities in
the properties securing the bonds, according to George E.
Roosevelt of 31 Nassau St., New York, Chairman of the
Real Estate Bondholders Protective Committee.
In his statPment Mr. Roosevelt said in part:
The Real Estate Bondholders Protective Committee is in agreement
with much that is contained in the letter of resignation of the former
receivers of S. W. Straus & Co., Inc. Our committee has been and is
opposed to many past practices of S. W. Straus & Co., Inc.
Unfortunately, the receivers' letter of resignation indicates a lack of
understanding as to the function and activities of reputable bondholders'
protective committees such as the committee of which I am chairman. Our
committee has no connection with the Straus interests. Its members are
seeking to effect reorganizations of the properties in tho best interests of
the bondholders, and have pledged themselves not to accept interest of
any kind in the properties, including management.
Says Holders not Creditors.
Tha confusion created by the statement of the receivers is probably due
to a misunderstanding of the relationship of the Straus company to these
bonds. S. W. Straus & Co., Inc., was a marketing organization which
retailed to the public the so-called "Straus Bonds." The "Straus Bonds"
were in all cases secured by specific properties, but under the methods
employed by Straus the bondholders are not creditors of and have no claims
against the corporation, since the bonds were not the direct obligation of
the Straus company, with the exception of claims resting on Straus's
guaranty of completion of buildings, and actual misrepresentations.
It should also be understood that the receivers are not charged with the
protection of the holders of the so-called "Straus Bonds," and in fact such
receivers frequently have a position necessarily antagonistic to the bondholders. Hence the necessity of an independent bondholders committee.
New Receiver Asked for S. W. Straus & Co.—Bondholders' Suit Wants all its Defaulted Properties
Put Under One Man—Independent Committee
Headed by Lewis H. Pounds, Called Tool of Straus
Interests—Denial is Made.
An application by bondholders for the appointment of a
receiver for all the S. W. Straus & Co., Inc., mortgaged
properties now in default was filed March 21 in the Supreme
Court of New York. The motion, returnable before Justice
Philip J. McCook on March 31, also asks removal of all
independent reorganization committees. An affidavit
characterizes the independent committee headed by Lewis
H. Pounds, recent Republican Mayoralty candidate for
New York City, "as a tool in the hands of the Straus
interests." This charge was vigorously denied by Mr.
Pounds, who said the committee was acting solely in the
interests of the bondholders. S. T. J. Straus, former chairman of the S. W. Straus & Co., Inc., also denied that the
committee headed by Mr. Pounds was acting for any one
except the bondholders. The New York "Times" of March
22 further states:
The action in the Supreme Court yesterday was begun by Samuel L.
Cheff, attorney. of 17 John St., who said he was acting for more than
4,200 bondholders "with equities running into the millions." In asking for
the receiver Mr. Cheff charged that S. W. Straus & Co., Inc., had been
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Financial Chronicle
collecting large fees through the appointment of "various protective committees" for defaulted bonds, and only recently brought into existence "the
Independent bondholders' committee" to continue to collect various fees
after consenting to the appointment of Major Louis F. Schultze, U. S. A.,
retired, as receiver for the S. W. Straus & Co., Inc. Mr. Schultze declined
last night to comment.
Members of Independent Croup.
The independent bondholders' committee, in addition to being headed
by Mr. Pounds, has for its counsel George Gordon Battle. Other members
.are Frank J. MurRhy, Simon Newman, George W. Retz, John D. Rielly,
George U. Tempers, A. L. Werner and Milton W. Eisenberg.
Mr. Cheff asks the court to remove from Straus management the Reliance
Property Management Co., Harvey Brokerage Co., Committee Service,
Inc., New York Property Management, Inc., Straus Securities Co., Inc.,
.and other companies. He also asks that one receiver take possession of
all bonds and certificates of deposit in the hands of the committees and that
the court compel these committees and management companies to turn
.over all their funds to the receiver.
The court is asked to restrain officers and employees of the Straus company from acting on committees or forming any new committees. The
plaintiffs also want a list of all the bondholders.
Regarding the Independent Bondholders' Committee,
headed by Mr. Pounds, an affidavit by Edward W. iron
Glahn, a plaintiff; declares:
This formation of the new "independent" committee is nothing but a
clumsy and ill-concealed attempt to further and continue the illegal scheme
and conspiracy to retain and perpetuate the control and domination of the
Straus interests in the various properties covered by eastern bond issues
sold and underwritten by S. W. Straus & Co.
Charges Plot Before Receivership.
I am informed and believe that the defendant, S. W. Straus & Co.. Inc..
knowing and anticipating that it would soon consent to a receivership. hit
,upon a scheme to hold onto the control of these properties. In pursuance
of this scheme and before the Martin act receivership was signed, S. W.
Straus & Co., Inc., in conjunction with its officers, its agents, its employees,
Its counsel and its wholly owned subsidiaries, the Defendant Reliance
Management Co., Inc., and Harvey Brokerage on one side, conspired
with certain lawyers and laymen friendly to the Straus interests.
Mr. Von Glahn charges that the conspiracy was to
organize the independent committee ostensibly for the protection of the bondholders of these eastern issues, which
amount to about $250,000,000 now in default. The affidavit
states:
There is about $100,000,000 more in eastern Straus bind issues that has
not yet defaulted, but no one can tell when their turn may come. This
new committee was thus formed by the Straus interests, knowing and
anticipating of course, that the Straus company would consent to a receivership. What more easy, if Straus could not sell bonds or other securities,
to do the next best thing, to remain in the committee business to the
accompaniment of fat fees all at the bondholders' risk?
Dummy Committees Alleged.
Further, pursuant to the scheme, all the said Straus dummy committees
have already resigned in favor of the gentlemen comprising and constituting
the independent committee, who, on information and belief, have been
recommended by lawyers and laymen friendly to the Straus interests to
constitute the committee.
I am informed and believe that the so-called independent comimttee is
not independent nor impartial as its name implies but is simply a tool in
the hands of the Straus interests to perpetuate and retain their control and
domination of the properties covered by said issues.
Within the past month the defendant Committee Service, Inc., has been
found under the direction of the defendant, S. W. Straus & Co., Inc., and
pursuant to the scheme to turn over all the former Straus committee bonds
to the Independent Conunittee.
Its directors for the first year are all Straus employees, and the attorneys
who drew up the certificate of incorporation are the Straus lawyers of
Chicago; whether they have the right to practice in this State I leave to the
court. Committee Service, Inc., is to take the place of the defendant,
Reliance Property Management, Inc., in supervising, managing and
operating the buildings of these issues.
Governor Lehman of New York Asks Curb on "Serious
Abuses" by State Utilities—Some Rates "Distinctly Too High," He Says, Urging Wide Power
for Board—Holding Concerns Hit—Governor Proposes Check on Loans to Them by Operating
Companies—Bills Offered.
Governor Lehman of New York sent a special message
to the State Legislature March 21 urging enactment of a
series of bills to provide for stricter regulation of public
utilities. Asserting that serious abuses in the operation
of the utilities had developed, the Governor put forward
a program carrying out in the main recommendations made
by the Public Service Commission for more drastic supervision of holding companies. The Governor's message,
according to press dispatches from Albany, was followed
almost immediately by the introduction in the Senate of a
series of bills designed to effect the changes he suggested.
The Governor's message follows:
The impact of recent events has compelled new Interest in the regulation
of our public utilities. The people, economically harassed, have subjected
the service of our public utilities to more careful scrutiny. As evidence I
cite the numerous complaints that have been filed.
I have never doubted that many of the officials of our utilities are fully
aware of the social responsibilities of their companies and have conducted
their businesses in that spirit. But others have not been and are not so
scrupulous.
Propose Vigorous Regulations.
Serious abuses have been forcefully brought to our knowledge. In certain
cases rates have been retained at levels distinctly too high for these days.
Against such practices the law must be ever vigilant.
1989
I believe it'essential that the consideration of any phase of this public
matter:be aimed, not in molding the Public Service Commission into a
mere quasi-judicial body, but in maintaining and strengthening it as an
administrative agency for the direct and vigorous regulation of the public
service, in accordance with the expressed desire of the people and in their
primary interest.
After full consideration I have concluded that certain changes in the law
are pressing. I recommend now legislation along these lines:
1. A bill to eliminate certain well-known holding company abuses by
decreasing the percentage ofstock which may be held by a holding company
without public approval; by limiting the charges made, and, furthermore,
by authorizing the Commission to strike out of operating expenses of a
company all unjustifiable charges imposed by a holding company.
2. A prohibition against operating companies loaning their funds
to holding companies for holding company purposes unless approval of the
Commission be first obtained. Such approval, moreover,should be granted
only when the public interest clearly demands it. Upstream loans too often
unjustly weaken the operating companies.
3. A bill which make impossible without the prior approval of the
Commission: First, the diversion of funds by means of loans or advances
from operating utilities to other companies, whether holding companies or
affiliates, thereby preserving for the exclusive use of the operating company
the funds which have been collected from its consumers: second, the payment of moneys by the operating utilities to various corporations in the
holding company chain for the latter's securities and services; and, third.
other practices,such as charging to operating expenses the cost of marketing
securities of holding companies.
4. Provision whereby any municipality or group of consumers may
become a party to any suit or proceeding before the Commission or any
court when the municipality's interest and those of its citizens are considered at stake.
For Municipal Plant Service.
5. There are now in operation within the State more than 50 municipal
plants. Provision should be made to authorize the Commission to permit
villages operating electric plants to supply their services to territory immediately adjacent when such services can be offered at rates lower than
those which could otherwise be obtained.
6. A clarification of the law so as explicitly to place all gas transmission
lines under the jurisdiction of the Commission, which, in fact, already has
jurisdiction of all other ga. Properties.
7. An amendment to the transportation corporations law requiring gas
and electric companies to pay interest on consumers' deposits every two
years at the legal rate; instead of at the time of the withdrawal of the
deposit, often many years later.
8. An amendment to the same law to require public utilities to report
to the Commission the amount of unclaimed consumers' deposits and the
names of such depositors and to provide that deposits unclaimed, after a
period of 15 years, shall be paid to the State treasury.
I urge your honorable bodies to enact legislation executing these recommendations.
Utility Head Backs Lehman Measures—Floyd L. Carlisle
Wires to the Governor Approval of New Regulation
Bills.
Floyd L. Carlisle, Chairman of the boards of the Niagara
Hudson Power Corp. and the Consolidated Gas Co. of New
York, sent a telegram to Governor Lehman March 22
endorsing his program for closer regulation of public utilities
and expressing hope for passage of the bills. The telegram
follows:
"I have read your special message of yesterday to the Legislature suggesting certain specific changes in the laws relating particularly to public
utility holding company practices. I believe these proposals are in the
Interest of both the consumers and the companies and hope that appropriate legislation carrying out your recommendations may be passed."
Andrew W. Mellon, Retiring Ambassador to Great
Britain, Returns to United States.
Andrew W. Mellon, retiring U. S. Ambassador to Great
Britain,and former Secretary of the Treasury,reached New
York yesterday (March 24) on the steamer Leviathan.
The day was Mr. Mellon's 78th birthday. From the New
York "Evening Post" of last night (March 24), we quote the
following regarding Mr. Mellon's statements on the reporters' questioning:
"I'm free now and entitled to a rest," was Mr. Mellon's answer to the
numerous questions on domestic and international affairs which were put
to him when he arrived here aboard the Leviathan. "I do not care to make
any reply to serious questions at this time," was his almost invariable response.
Mr. Mellon did declare with positiveness that the United States is not
off the gold standard and has never been so regarded abroad. He said also
that President Roosevelt was quite favorably regarded in London and
abroad. He declined to say anything about the handling of the banking
crisis, the present economic program or the beer bill. He said he did not
care to discuss reports of an inquiry into his regime as head of the Treasury
and had heard nothing of them.
Pressed for a statement of his own position as a wet or dry, Mr. Mellon
declared: "It's past the time. It doesn't matter." He would not expand
on this answer.
The same paper said:
Mr. Mellon is staying at the Biltmore and expects to leave for Pittsburgh
to-morrow, where he will spend the week end. He plans to go to Washington next week to take care of business affairs. He said he would retain
his present home in Washington.
Seymour Lowman Resigns as Assistant Secretary
of Treasury.
Seymour Lowman, Assistant Secretary of the Treasury
since Aug. 1, 1927,resigned on March 13, effective March 15,
to return to his home, Elmira, N. Y., to head the Elmira
Savings Bank. Mr. Lowman for several years had charge
of prohibition enforcement, and also headed the Customs
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Financial Chronicle
Service, Coast Guard and Narcotic Bureau. A former
Lieutenant Governor and State Senator of New York, he
was appointed by Secretary Mellon.
Tenders of $386,906,000 Received to Offering of $100,000,000 or Thereabouts of 91-Day Treasury Bills
. Dated March 22—Total of $100,569,000 Accepted—
Average Price 1.83%.
There was a marked drop in the cost of government borrowering on short term paper in the case of the issue of
$100,000,000 Treasury bills, dated March 22, on which bids
were received at the Federal Reserve Banks on March 20.
Tenders to the offering, (which was noted in our issue of
March 18, p. 1806), amounted to $386,906,000 of which
$100,569,000 was accepted according to an announcement
made by Secretary of the Treasury Woodin on March 20.
The average price of the bills to be issued is 99.537 and the
average rate on a bank discount basis is about 1.83%. Secretary Woodin's announcement, noted in the New York
"Herald Tribune" of March 21 according to Washington
advices, follows:
William H. Woodin, Secretary of the Treasury, announced on March 20
that the tenders for $100,000,000, or thereabouts, of 91-day Treasury bills,
dated March 22, which were opened at the Federal Reserve banks on March
20. amounted to 3386.906,000.
The highest bid made was 99.626, equivalent to an interest rate of about
- 1.48% on an annual basis. The lowest bid accepted was 99.494. equivalent
to an interest rate of about 2% on an annual basis. The total amount of
bids accepted was $100.569,000, and the average rate on a bank discount
basis is about 1.83%.
The last previous issue of Treasury bills offered by the
Treasury was sold at an average rate on a bank discount
basis of about 4.26%, as reported in our issue of March 4,
p. 1475. The issue previous to that sold at a rate of 0.99%.
Offering of 91-Day Treasury Bills to the Amount of
100,000,000 or Thereabouts to be Dated March 29
1933.
Tenders to a new offering of Treasury bills to the amount
:of 8100,000,000 or thereabouts, announced by Secretary of
the Treasury Woodin on March 22, will be received at the
Federal Reserve Banks or their branch up to 2 p. m. Eastern
Standard time, Monday March 27. They will be 91-day
bills and will be dated March 29, maturing June 28 1933,
and on the maturity date the face amount will be payable
without interest. The bills, which will be sold on a discount basis to the highest bidders, will be used to retire a
maturing i$Sue of $100,039,000 due March 29. In his announcement, Secretary Woodin said in part:
They will be issued in bearer form only, and in amounts or denominations
of $1,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
No tender for an amount less than $1,000 will be considered. Each tender
must be in multiples of $1,000. The price offered must be expressed on the
basis of 100, with not more than three decimal places, e.g.. 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on March 27
1933, all tenders received at the Federal Reserve Banks or branches thereof
up to the closing hour will be opened and public announcement of the
acceptable prices will follow as soon as possible thereafter, probably on the
following morning. The secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised of the acceptance or rejection
thereof. Payment at the price offered for Treasury bills allotted must be
made at the Federal Reserve Banks in cash or other immediately available
funds on March 29 1933.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from all
taxation, except estate and inheritance taxes. No loss from the sale or other
disposition of the Treasury bills shall be allowed as a deduction, or otherwise
recognized, for the purposes of any tax now or hereafter imposed by the
United States or any of its possessions.
President Roosevelt's First Two Weeks.
Noting that President Roosevelt's first two weeks in
office have been crowded with events to an extent not
equaled at the National Capital since the war days of 1917
and 1918, a Washington dispatch March 18 to the New
York "Times" furnished the following summary of the
highlights of this unusual period:
Saturday. March 4.
The new President was sworn in and disclosed in his inaugural address
that he would ask for a practical dictatorship,If needed,to meet the National
emergency.
Sunday, Llarch 5,
President Roosevelt closed all banks in the nation for four days and
declared an embargo on gold. He issued a call for a special session of
• the new Congress to deal with the banking situation.
March 25 1933
Monday. March 6.
Congressional leaders bound themselves by drastic rules to enact the
emergency program of the President. Secretary Woodin prepared to
issue emergency currency to keep business going during the banking holiday.
Tuesday, March 7,
Secretary Woodin liberalized the bank holiday orders so requirements
for necessaries might be met.
Wednesday, March 8.
President Roosevelt bound Congressional leaders.. to a program for
meeting the banking emergency, telling them he would ask for practical
dictatorship on convening of the special session the next day.
Thursday, March 9.
Congress met in special session, received the President's message asking
for power and currency to reopen banks, and established a peace-time
record for legislative action, adopting the President's program, the House
unanimously, and the Senate by a vote of 73 to 7. President Roosevelt
extended the bank holiday to allow the administrative branch to catch
up with the legislative action.
Friday, Match 10.
President Roosevelt sent another message to Congress, calling for balancing of the budget, and followed it within an hour with a bill giving
him broad powers to reduce veterans' compensations and Federal salaries.
The Treasury began licensing banks to reopen.
Saturday, March 11.
The House passed the $500,000,000 economy bill by a vote of 266 to
138. The President disclosed his plan to reopen all sound banks.
Sunday, March 12.
President Roosevelt appealed to the nation by radio for full confidence
on the eve of reopening several thousand banks throughout the country.
Licenses were issued to many sound banks to open on the following day.
Monday, March 13.
President Roosevelt sent a 72-word message to Congress demanding
legalization of beer for revenue purposes. Congress hastened action on
the economy program. Many banks reopened throughout the nation.
functioning successfully.
Tuesday, March 14.
The House passed the 3.2% beer bill by a vote of 316 to 97. President
Roosevelt began to draft farm and unemployment relief programs.
Wednesday, March 15.
The Senate passed the economy bill, 62 to 13. The Senate Finance
Committee approved the Administration beer bill, adding wine of similar'
alcoholic content. The stock and commodity markets reopened with
a record rise in prices.
Thursday, March 16.
The Senate passed the beer bill by a vote of 43 to 30 after reducing
the alcoholic content from 3.2 to 3.05%. The House voted final approval
of the economy bill, accepting Senate amendments by a vote of 373 to 19.
President Roosevelt sent a third emergency message to Congress, asking
for immediate action on a farm-relief program.
Friday. March 17.
President Roosevelt decided to hold Congress in session until his Mil
legislative program was enacted. The Administration set its economy
goal at 31,000,000,000 and began using its authority under the economy
bill, not yet signed, to effect the first 3600,000,000 in savings. The House
rejected the Senate amendment to the beer bill, cutting alcoholic content
from 3.2 to 3.05, and indulged in a revolt against the "force rule" under
which it had been operating two weeks, sending the State bank bill back
to committee.
Saturday, March 18.
Congress rested from its labors while the President proceeded to put.
into operation powers given him during the two weeks.
Expanding Volume of Postal Savings—Total Deposit&
Reach Billion Dollars—Proposal Renewed for
Checking Accounts.
Postal savings passed the billion-dollar mark on Feb. 28
for the first time since the system was established in 1912,
according to a statement Issued March 15 by the PostmasterGeneral, James A. Farley. The total amount on deposit on
that date was $1,005,572,570, said the "United States Daily,"
In its weekly issue bearing date Mardh 6-18, from which the
following is also taken:
The amount of deposits on Feb. 29 1932 WAS reported as $692,621,153,
while at the end of 1931 it was $347,416,870, and at the end of 1929 the
total was $153,644,529.
The announcement of the Postmaster•General follows in full text:
"Postmaster-General Farley announced to-day (March 16) that at the
close of business on Feb. 28 1933 there were on deposit at postal savings
institutions throughout the country $1,005,572,570, a total far in excess
of any amount heretofore entrusted to the Post Office Department since,
the postal savings system was established.
"On Jan. 31 of this year there were on deposit in postal savings $942,540,200, while during the month of February these deposits had been,
increased by $63,032,370."
Senator Dill (Dem.), of Washington, on March 9 reintroduced a bill
(S. 76) which he had submitted during the 72nd Couzre.is
checking accounts in postal savings hanks.
Under the provisions of this measure the Postmaster-General would be,
authorized to carry deposit and checking-fund accounts, not to excee,
$5,000 for any one person, association or corporation. No Interest woul,
be paid on any moneys deposited in such accounts, and a charge of not
more than 2c. per check would be made as a service charge.
Any depositor would be entitled to draw funds on demand, but the
Postmaster-General would be authorized to require 10 days' notice for payment of more than 50% of the deposit.
The Federal Reserve Board would be authorized to issue Federal Reserve
notes to the Postmaster-General based on direct obligations of the United
States as collateral on the same terms as provided for local member bank&
of the Federal Reserve Board.
The bill has been referred to the Committee on Post Offices and Post
Roads. •
A similar measure (H. R. 3666) was introduced in the House on March 16
by Representative McFadden (Rep.), of Canton, Pa.
Volume 136
Financial Chronicle
Issuance of Postal Money Orders for Payment in
Foreign Countries Resumed—Their Issuance Restricted to Normal Business Requirements.
Postmastetr Kiely announces that the issue of postal
money orders for payment In foreign countries, which was
sirspended by the proclamation of March 6 by President
Roosevelt, has been resumed as of March 16. According
to the announcement the issue of such postal money orders
shall be restricted to transactions for legitimate and normal
business requirements, for reasonable traveling and other
personal requirements, or for the fulfilment of contracts
entered into prior to March 6 1933. The announcement in
the matter of the Post Office Department at Washington
follows:
Postmaster-General Parley issued on order, effective March 16, resuming
the issuance of postal money orders for payment in foreign countries, which
was suspended by proclamation of President Roosevelt on March 6. The
Issue of such orders, however, shall be restricted to transactions for legitimate and normal business requirements, for reasonable traveling and other
personal requirements, or for the fulfilment of contracts entered into prior
to March 6 1933.
Acting under to-day's order of the Postmaster-General, Third Assistant
Postmaster-General C. B. Ellenberger has sent instructions to postmasters
throughout the country cautioning them to observe the conditions prescribed
in to-day's order. Patrons are to be asked whether the sums to be sent
through foreign money orders are intended for deposit in any savings
institution or for investment in the foreign country.
If such should prove to be the case, or it is desired to so dispatch the
money for other than legitimate and normal business, the issue of the
money order will be postponed until permission is obtained. Postmasters
will submit such cases to the Federal Reserve bank of the district in
which the office is located for decision.
The temporary barring of the issuance of foreign money
orders was noted in these columns March 11, page 1676.
President Roosevelt Insists on Longer Session—Tells
Congress Leaders Farm, Unemployment and Rail
Measures Must Be Passed—Parley at White House.
President Roosevelt, in conference with congressional
leaders at night, March 19, insisted that farm relief, unemployment relief and railroad consolidation should be the
chief additional legislation enacted in the present special
session. As to the President's program, a Washington
dispatch March 20 to the New York "Times" stated:
His program is to complete these and some minor measures without
a recess of Congress in the expectation that an adjournment may be obtained early in May.
This statement was issued by the White House after the conference:
A most interesting discussion was held between the President
a
number of Senators and members of the House of Representatives.and
The
discussion covered many phases of the economic problem.
The subjects discussed included, among others, farm relief through
efforts to raise crop prices and legislation to prevent the foreclosure of
mortgages on both homes and farms; a program to improve and co-ordinate
railroad operations: another program relating to the general problems
of
transportation, and the immediate unemployment relief efforts divided
into three parts—immediate work in National and State forests, Government aid to States and a future program of public works.
In the field of banking, correction of existing abuses was discussed.
Those at the Confcrente.
Those participating in the conference were Vice-President Garner,
Speaker Rainey, Senators Robinson of Arkansas, the majority leader;
McNary, the minority leader; Wheeler, Chairman of the Inter-State Commerce Committee: Pittman, President pro tempore, and Chairman of the
Foreign Relations Committee; Harrison. Chairman of the Finance Committee; Borah and Norris; Representatives Byrns of Tennessee, the majority
House leader; McDuffie of Alabama; Snell of New York, the minority
House leader; Jones of Texas, Chairman of the House Agriculture Committee; Buchanan of Texas, Chairman of the Appropriations Committee;
Ragon of Arkansas of the Ways and Means Committee, and Lewis Douglas,
Director of the Budget.
Representative Doughten of North Carolina is Chairman of the Ways
and Means Committee, but because of his absence in his home State
Representative Ragon represented the Committee.
Senators at the conference told the President that it would be impossible to complete such a program by May. Strong opposition, they
reported, existed against the farm bill. It was the opinion of the Senate
leaders that a month's time would be required to enact adequate railroad
legislation. The President, however, thought that the chief parts of
his program could be put through by the middle of May and that some
minor questions might be deferred until the regular session in January.
Despite the opposition of some Senators to the farm bill, House leaders
present promised the President to pass the measure to-morrow and place
the onus for delay and any changes upon the Senate.
Speaker Rainey announced that the whole range of emergency and
permament legislation was discussed, adding:
"We are going ahead with the President's reconstruction program.
There will be no recess until we have completed the President's recommendations.
"We will put the farm bill through the House to-morrow and send it
to the Senate. I understand that the President will send a message to
Congress recommending an appropriation for the unemployed to be used
in National forests where camps will be established for their maintenance.
This message will be accompanied by a bill. Further relief legislation
to aid the States will be passed later.
"We are also going to reduce the interest on farm mortgages and give
the farmers a chance. It was not decided how the money to do this would
be raised but probably by a bond issue."
Senator Robinson said that the entire range of pending legislation was
under discussion and that the President had been assured of support by
the Democrats present.
Senator Pittman interrupted the President's outline of his program
to say that Western Senators, Democrats and Republicans, would bring
up the sliver question at this session. Mr. Roosevelt is reported to have
expressed an Interest in the subject and to have assured the Westerners
1991
that he would use his influence to have silver discussed at the coming
economic conference.
Senator Borah declined to indicate what foreign questions had been
under discussion, saying that nearly every question now before the people
was touched on. Recognition of Russia, which is favored by Mr. Borah,
was not discussed, it was said, although the Soviet position as a wheatproducing nation was one of the topics before the meeting.
Rejects Recess Proposal.
..Sensing a big fight on the farm bill, some Senate leaders suggested
that with a month's recess differences could be fought out itl the Senate
Committee on Agriculture instead of being paraded before the country
on the floor. They pointed out that grain, cotton and other commodity
exchanges were opposed to the licensing provisions and that flour millers.
packers and textile mills were objecting to taxes on processors.
The President refused to agree to a recess.
Leaders of both parties on leaving the White House agreedIthatithe
President's farm program came through the fire unchanged. They agreed
that he wants immediate action on this legislation.
Congress Passes Robinson-Steagall Bill Amending
Emergency Bank Act to Enable State Banks Not
Members of Federal Reserve System to Secure
Loans Direct from Reserve Banks—Provision Ineluded to Permit Reconstruction Finance Corporation to Loan on Notes or Debentures of State
Banks Instead of Preferred Stock—Text of Bill.
An amendment to the recently enacted Emergency bank
legislation was passed by Congress this week. The Amendment permits State banks and trust companies, not members
of the Federal Reserve System to apply directly to Federal
Reserve Banks for advances. The bill which was adopted
by Congress this week (March 23), is known as the RobinsonSteagall Measure. As the Robinson bill, it passed the Senate
on March 14; as a substitute for the Robinson bill, the House
on March 20, passed the bill of Representlitive Steagall,
which, it was stated in a Washington dispatch March 18 to
the New York "Times" differed from the Robinson plan to
the extent that it would virtually take all "sound" State
banks into the Federal Reserve System without the requirements imposed on Federal Reserve member banks. Under
date of March 21, the Washington correspondent of the New
York "Journal of Commerce", said:
Passage by the Senate of the State Bank Relief bill will be sought tomorrow (March 23) with a view to permitting prompt action by the Reconstruction Finance Corporation in subscribing to bank securities for the purpose of expanding the capital of various financial institutions.
The present measure is an elaboration of the bill originally sponsored by
Senator Robinson, Arkansas, Senate Democratic floor leader, passed by the
Senate, as it was sent to the House, where it was virtually ignored, that
body adopting the amended text thereof as a measure of its own.
Referred to Committee.
The House bill reached the Senate this afternoon and was referred to the
Banking and Currency Committee for consideration. Had the House
merely amended the Senate bill there doubtless would not have been the
delay that since has occurred through the zealousness of the House Banking
Committee Chairman to preserve the prerogatives of the House.
Now the measure has been amended by the incorporation of the proposals
of Senator Bulkley (Dem., Ohio), granting permission to the Reconstruction Finance Corporation to acquire capital notes and debentures of banks
located in States where the double liability requirement is imposed upon
preferred as well as common stocks.
Under the terms of the emergency banking act it is provided that double
liability shall not lie against subscribers to the preferred stock issued by
banks to increase their capitalization at this time.
R. F. C. Chief Subscriber.
It was intended that the Reconstruction Finance Corporation should be
the principal subscriber to such stock and it would not be permitted to assume double liability.
It was found also that in some States where the double liability clause
does not effect issues of preferred stock that the making of such issues would
require the unanimous consent of the stockholders of any institution. At
the instigation of Senator Clark (Dem., Mo.) the provisions of the BulkleY
amendment were explained to take care of this situation.
A fresh start on this legislation will be made to-morrow with the introduction of a new bill encompassing all of the features that have been added to
the original Robinson measure.
Approval of State banking authorities will be required upon applications
for loans from Federal Reserve banks made direct to non-member State
banks.
Same Rules Apply.
These latter, taking advantage of the measure to borrow from Reserve
banks, during the period of their indebtedness would be subject to the
same rules and regulations applicable to borrowing member banks, and required to maintain the same reserve balance deposits as member banks.
The "Times" had the following to say in its Washington
advices March 22 regarding the Senate action that day:
Efforts to amend further the State bank aid bill frustrated a plan to drive
the measure through the Senate to-day, and at nightfall completion of the
bill had to be deferred until to-morrow.
Fighting for an hour and a half, Senator Long eventually went down to
defeat on an amendment instructing the Reconstruction Finance Corporation to revalue and readjust past loans to State banks for a lending basis
of 90% of collateral presented.
The Louisiana Senator complained that the Federal Reserve System
allowed the "big banks" 90 cents on each Si of collateral, but that the
Reconstruction Finance Corporation demanded in some cases three or four
times as much collateral as the money loaned. In the end, a viva voce vote
knocked his amendment out of position.
As the Senate ceased work, Senator Adams offered an amendment to
eliminate provision requiring "a thorough examination" of State banks
before they may obtain loans from the Federal Reserve banks under the
bill. It is said this will be defeated to-morrow, together with several other
1992
Financial Chronicle
pending amendments, and Senator Robinson of Arkansas predicted passage
of the bill then.
Debate on the bill began when the Senate met, but as there were no
printed copies of the measure available, the Senate had to recess for three
and one-half hours until they were ready.
House Action Is Criticized.
Before the recess, Senators Robinson, Glass and Norris criticized the
House for discarding the original Robinson bill and substituting the Steagall
program. The bill introduced to-day did not bear Mr. Steagall's name.
although admittedly largely in his language.
Insisting on his amendment to expand Reconstruction Finance Corporation loans to State banks, Senator Long said that Reconstruction Finance
Corporation officials told him they could "enlarge loans 50 to 75%" if they
had "the same yardstick as the Federal Reserve." Senators Robinson,
Connally, Black, Tydings and Couzens assured Mr. Long that the Reconstruction Finance Corporation now had the power to loan dollar for dollar
on good security.
"The Reconstruction Finance Corporation can go the whole hog down,
but the hog must be good," Mr. Connally remarked.
Mr. Long would not agree. He said the Reconstruction Finance Corporation "charged $3,000 in securities for $1,000 in loans." As for the
Federal Reserve System, he said:
"It has pulled the black cap over the face of the State banks."
"The amendment," Senator Tydings commented, "means that the government throws its resources behind a great many banks that are liable
to close eventually and that means uncontrolled inflation."
Senator Couzens said he was sure Mr. Long did not want the Reconstruction Finance Corporation to accept "cats and dogs" in the way of securities
from the State banks and lend on them up to 90%.
Connally Warns of Reckoning.
Severe criticism of the Reconstruction Finance Corporation for lending
"hundreds of millions" to "all sorts of enterprises" came from Senators,
Connally and Barkley.
Mr. Connally, in attacking Senator Long's proposal, asserted that the
"financial honeymoon will not last forever," and that eventually the banks
will some day be called on to settle "billions" in loans from the corporation.
"The time has come to call a halt in the wholesale loans," he said. "Most
of the money loaned to the railroads went to pay bank loans and the banks
locked the money in their vaults. The government gave many New York
banks money for.their shady paper."
He rapped New York's plea for a loan for the Hudson River Tunnel
and laughed at Senator Long for recently "hawking" the bonds of New
Orleans at the R. F. C. in applying for a loan. Mr. Long said he was
"not complaining," because, he added,"we got 100% on the loan."
The New Orleans loan, it developed, was for a trans-Mississippi bridge,
whereupon Mr. Connally scoffed at this as "a self-liquidating project."
He asked why, if it was a good project, it was not built in normal times.
Senator Glass termed as "dangerous" the Adams proposal to eliminate
the examinations of banks before loans were made. He remarked that
State banks had long had the opportunity to enter the Federal Reserve
System and stated that 300 of them had recently applied for the privilege.
"I am told," he said, "that the Federal Reserve Board, realizing the
gravity of the present situation, has adopted a resolution to loan to nonmember banks."
Reporting the completion of Congressional action on the
bill on March 23, the Washington advices that day to the
"Times" had the following to say:
The bill permitting State banks and trust ocmpanies not members of
the Federal Reserve System to borrow directly from the Reserve Banks
was approved by both houses of Congress late to-day and the presiding
officers were authorized to sign the act and send it to President Roosevelt
at once.
Senate debate lasted five hours, almost all the time on one amendment.
The House disposed of the bill in a few minutes amid shouts of "vote,
vote."
Under the act, for one year the non-member institutions may borrow
from the Reserve Banks by depositing satisfactory collateral just as member
banks do under the emergency banking act. Reserve balances comparable
to those of member banks must be maintained. There must be a thorough
examination of the borrowing institution, and State banking department
approval must be obtained in connection with loans.
Bulkley Bill Included.
Another section comprises the Bulkley bill to permit the Reconstruction
Finance Corporation to lend to State banks on their capital notes or debentures instead of on preferred stock in those States where double liability
is imposed on the Preferred stock. The corporation has the right to sell
the securities in the open market.
The long controversy developed over an amendment by Senator Adams
to strike out the provision compelling "a thorough examination" of State
banks receiving loans. But the only change made in the bill was on a
move by Senator Clark to eliminate two lines which, he said, might result
in invalidating issues or capital notes or debentures.
Senator Glass joined with Senators Connally, Norris, Lewis, Barkley
and others in the attack on the Adams amendment. Weak from a recent
illness, Mr. Glass spoke in a husky voice. The scene reminded one of a
class listening to a distinguished professor. He insisted on thorough
examinations of the banks.
"I may say that the President of the United States with his own hand
wrote that provision into the bill," he said. "He did so because he. the
Secretary of the Treasury and the Federal Reserve Board thought it should
be there. An overwhelming majority of the Banking and Currency Committee voted to retain it."
Elimination of the requirement would allow "thousands of insecure
banks to avail themselves" of Federal Reserve facilities.
"Of a Personal Nature."
"I was about to say something of a personal nature," he added, "but
I note the absence of a Senator to whom my remakrs would particularly
be addressed—by indirection relating to the utter insecurity, if not absolute rottenness, of the banking system of an entire State, dominated, it is
repeatedly alleged, by illicit and corrupt influences."
If the "thousands of insecure" banks used Reserve System privileges
under the Adams amendment, Senator Glass added, "it might result in
their wreckage" sooner than they might otherwise be wrecked.
"Because," he continued. "naturally I should infer that they would
present their best ineligible paper—if there be any such thing on the face
of tne earth as the best ineligible paper—and that would strip the banks of
the last vestige of secure assets and they could not longer function in the
emergency.
kai"Under this proposed amendment banks of that description could avail
themselves of the facilities, acquired over a period of nineteen years, of the
Federal Reserve banking system."
March 25 1933
Senator Adams argued that depositors pay small attention to whether a
bank is a national or State institution, and for their sake the restrictions
should not be too severe.
A plea for liberal administration of the banking laws was made by Senator
Vandenberg, who said that while he had no complaint over the severe
restrictions under which banks were permitted to reopen, a continuance of
this policy would result in ruin for many depositors.
"The banking crisis is not over merely because it has ceased to be faint
page news in Washington," Senator Vandenberg said. "It is still front
page news in many places. Reports from Michigan show 194 banks open
and 340 banks closed."
Sees "Most Ruthless Deflation."
Alluding 'to the policy applied to bank reopening's, he said:
"If we continue on that basis we are embarked on the most ruthless
deflation of this or any other country.
"No wonder not many banks obtained initial licenses when they had to
have surplus exceeding all doubtful paper. The judgment of one bank
examiner on one examination became a death sentence. I do not complain
of the policy then laid down because it was like the World War. The administrators of tne banking crisis have been utterly heroic.
"But banks which did not force their creditors are the ones with the
largest amount of slow paper on hand. They fell under the initial sentence
ofdeath because of the rule ofruthless liquidity. Unless there is longe-range
liquidity, we will needlessly massacre the savings of the American people.
I plead with you not to sell out the depositors of the nation under the hammer."
The Senate bill was passed by the House a few days ago under the name
of the Steagall bill, but the Bull/ley bill was not included. Therefore it was
necessary for the House to concur in this and other amendments.
Presenting the bill, Representative Steagall explained that "peculiar
reasons" made it necessary for the House Banking and Currency Committee
to scrap a recent bill by Senator Robinson to aid the State banks and introduce a measure of its own.
"Well, unless there is a change in the atitude of the Federal Reserve
System toward non-member banks, this bill will here be of little value,"
remarked Representative Hancock of North Carolina just before the House
concurred.
The following is the text of the State banking aid bill,
amending the emergency banking act.
An Act.
To provide for direct loans by Federal Reserve Banks to State banks
and trust companies in certain cases, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled that Title IV of the act entitled "An act to
provide relief in the existing national emergency in banking, and for other
purposes," approved March 9 1933, is amended by adding at the end thereof
the following new section:
"Section 404. During the existing emergency in banking or until this
section shall be declared no longer operative by proclamation of the President
but in no event beyond the period of one year from the date this section
takes effect. any State bank or trust company not a member of the Federal
Reserve System may apply to the Federal Reserve Bank in the district in
which it is located and said Federal Reserve Bank in its discretion and after
inspection and approval of the collateral and a thorough examination of the
applying bank or trust company may make direct loans to such State bank
or trust company under the terms provided in Section 10 (b) of the Federal
Reserve act, as amended by Section 402 of this Act: Provided that loans may
be made to any applying non-member State bank or trust company upon
eligible security.
"All applications for such loam shall be accompanied by the written
approval of the State Banking Department or commission of the State from
which the State bank or trust company has received its charter and statement from the said State Banking Department or commission that in its
judgment said State bank or trust company is in a sound condition.
"The notes representing such loans shall be eligible as security for circulating notes issued under the provisions of the sixth paragraph of Section
18 of the Federal Reserve act, as amended by Section 401 of this Act, to the
same extent as notes, drafts, bills of exchange or bankers' acceptances
acquired under the provisions of the Federal Reserve Act.
"During the time that such bank or trust company is indebted in any
way to a Federal Reserve Bank it shall be required to comply in all respects
to the provisions of the Federal Reserve Act applicable to member State
banks and the regulations of the Federal Reserve Board issued thereunder:
Provided, That in lieu of subscribing to stock in the Federal Reserve Bank it
shall maintain the reserve balance required by Section 19 of the Federal
Reserve Act during the existence of sucn indebtedness.
"As used in this section and in Section 304, the term 'State bank or trust
company'shall include a bank or trust company organized under the laws of
any State, Territory or possession of the United States or the Canal Zone."
Section 2, (a) Section 304 of such act of March 9 1933, is amended by
adding after the first sentence thereof the following new sentences:
"Nothing in tills section shall be construed to authorize the Reconstruction
Finance Corporation to subscribe for preferred stock in any State bank or
trust company if under the laws of the State in which said State bank or trust
company is located the holders of such preferred stock are not exempt from
double liability.
"In any case in which under the laws of the State in which it is located a
State bank or trust company is not permitted to issue preferred stock exempt
from double liability, or ifsuch laws permit such issue of preferred stock only
by unanimous consent of stockholders. the Reconstruction Finance Corporation is authorized, for the purposes of this section, to purchase the
legally issued capital notes or debentures of such State bank or trust company."
ki (b) The second sentence of said Section 304 is amended to read as follows:
"The Reconstruction Finance Corporation may, with the approval of the
Secretary of the Treasury and under such rules and regulations as he may
prescribe, sell in the open market the whole or any part of the preferred
stock, capital notes or debentures of any national banking association, State
bank or trust company acquired by the corporation pursuant to this section."
(c) As used in this section, the term "State bank or trust company"
shall include other banking corporations engaged in the business of industrial banking and under the supervision of State Banking Departments
or of tne Comptroller of the Currency.
The enactment of the emergency bank legislation was
noted in our issue of March 11, pages 1625 and 1662.
Guiseppe Zangara Dies in Electric Chair for Killing
of Mayor Anton J. Cermak of Chicago.
Guiseppe Zangara, who in his attempt to assassinate the
then President-elect Franklin D. Roosevelt on Feb. 15 shot
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Mayor Anton J. Cermak of Chicago who later died of the
effects of the wound, was electrocuted at 9:15 a. m. Mar. 20
at Raiford, Fla. Zangara was sentenced to the electric
chair on Mar. 10 (as noted in our issue of Mar. 11, page
1660) following the death of Mayor Cermak on Mar. 6,
(also noted in our Mar. 11 issue, page 1659). He entered
the death chamber at 9:11 a. m. and was officially pronounced dead at 9:27 a. m. An autopsy was ordered
immediately following the electrocution. The report of the
coroners read in part:
Having completed an autopsy, we find his brain perfectly normal on
gross examination.
Zangara had a chronically diseased gall bladder, which had adhesions.
and was therefore a victim of chronic indigestion. He was, however, a
healthy, well nourished individual.
In our opinion this man was regarded as having been sane and also
regarded medically as criminally responsible for the crime for which he
was executed.
President Roosevelt's Message to Congress Seeking
Legislation in Behalf of Unemployed—Would Provide Work for 250,000 Through Reforestation,
Flood Control, &c.—Proposes Creation of Civilian
Conservation Corps—Legislation Introduced.
In a message to Congress on March 21, President Franklin
D. Roosevelt presented plans for the temporary employment
by early summer of 250,000 men. In furtherance of his
plans the President proposes to create "a civilian conservation corps to be used in simple work . . . and confining
itself to forestry, the prevention of soil erosion, flood control
and similar projects." The President declared that "it is
essential to our recovery program that measures immediately
be enacted aimed at unemployment relief." He went on to
say that "a direct attack on this problem suggests three
types of legislation." These he enumerated as follows:
The first is the enrollment of workers now by the Federal Government
for such public employment as can be quickly started. . . .
The second is grants to States for relief work.
The third extends to a broad public works labor creating program.
The President told Congress that he finds "a clear need
for some simple Federal machinery to co-ordinate and check
these grants of aid." and he therefore asked for legislation
providing for the establishment of "the office of Federal
Rqief Administrator, whose duty it will be to scan requests
for grants and to check the efficiency and wisdom of their
use."
In indicating that he is asking for no new funds at this
time the President said that "the use of unobligated funds,
now appropriated for public works, will be sufficient for
several months." The legislation proposed provides that
each member of the civilian conservation corps be paid "at
a rate to be fixed by the President, not to exceed $30 a
month" and that he be provided with quarters, subsistence,
clothing, medical attendance. In a dispatch from Washington stating that the bill carrying the authorization for
recruiting of the army of unemployed, to be occupied with
reforestation, flood prevention and similar work not competitive with public or private works employing ordinary
labor, was introduced jointly on March 21 in the Senate by
Senatorb Robinson of Arkansas and Wagner and in the House
by Spiaker Rainey, it was added.
In each case it was referred to the committee dealing with labor problems.
The Senate Committee on Education and Labor probably will take up the
bill first, Chairman Walsh having called that committee to meet Thursday
morning.
A dispatch from Washington, March 21 to the New York
"Herald Tribune" had the following to say in part regarding
the bill introduced:
Like the farm relief plan submitted on Friday, the public relief program
ran into immediate difficulties. A a the Democratic Chairman of the House
Agriculture Committee refused to introduce the farm bill, so did Representative William P. Connery, of Massachusetts, the Democratic Chairman
of the House Labor Committee, refuse to sponsor the public relief bill. . . .
Senator Robinson Explains Measure.
Senator Robinson, explaining the measure, said:
"The bill provides for the creation of a system of civilian conservation
corps, the compensation of the members of the corps to be fixed by the
President at not to exceed $30 a month, with quarters,subsistence, clothing,
medical attendance and hospitalization. Enrollment is to be for one
year unless sooner discharged. Involuntary allotment of pay is to be
made in such amount as the President may prescribe to be paid to the
dependents of the employee.
The work contemplated embraces forestation on national and State
lands, the prevention of soil erosion, flood prevention and construction,
maintenance and repair of roads and trails on the public domain, national
parks, national forests and other government reservations. Where skilled
artisans or expert laborers are required, the President may obtain them at
the wages prevailing in the locality.
"No additional appropriations are authorized, the intent of the bill being
to permit the use of unobligated funds in the Treasury already appropriated
for;public works. These amounts to more than $200,000,000. A detailed
statement of them will be furnished the Committee on Education and
Labor."
1993
Senator Robinson indicated that in the main they would be public
building funds.
Chairman Connery Refuses to Sponsor Bill.
In the House the President's message and the accompanying draft bill
were referred to the Labor Committee by Speaker Rainey. In the refusal of
Chairman Connery to sponsor it, Speaker Rainey said he would ask Representative Joseph W. Byrns, the Democratic floor leader, to introduce the
measure and take charge of it on the floor.
Chairman Connery told newspaper men he had advised the White House
of his attitude and that it did not necessarily mean he would fight the
measure on the floor. "I could not have my name go on a bill providing $1
a day wage for married men as well as single men," he said. "The American
Federation of Labor is against the proposal. I come from an industrial
district and for 10 years have been 100% for legislation favored by the
Federation of Labor. I can't go along on this, much as I want to back the
President's reconstruction program."
Speaker Rainey, maintaining his usual unruffled air in the face of this
rebellion at the head of both his agricultural and labor committees, siad:
"The House will pass the measure in reasonable time and have its decks
cleared for the next Presidential proposal."
President Roosevelt's message to Congress follows:
To the Congress:
It is essential to our recovery program that measures immediately be
enacted aimed at unemployment relief. A direct attack on this problem
suggests three types of legislation.
The first is the enrollment of workers now by the Federal Government
for such public employment as can be quickly started and will not interfere
with the demand for or the proper standards of normal employment.
The second is grants to States for relief work.
The third extends to a broad public works labor-creating program.
With reference to the latter I am now studying the many projects suggested and the financial questions involved. I shall make recommendations
to the Congress presently.
In regard to grants to States for relief work I advise you that the remainder
of the appropriation of last year will last until May. Therefore, and because
a continuance of Federal aid is still a definite necessity for many States, a
further appropriation must be made before the end of this special session.
I find a clear need for some simple Federal machinery to co-ordinate
and check these grants of aid. I am, therefore, asking that you establish
the office of Federal relief administrator, whose duty it will be to scan requests for grants and to check the efficiency and wisdom of their use.
The first of these measures which I have enumerated, however, can and
should be immediately enacted. I propose to create a civilian conservation
corps to be used in simple work, not interfering with normal employment,
and confining itself to forestry, the prevention of soil erosion, flood control
and similar projects.
I call your attention to the fact that this type of work is of definite,
practical value, not only through the prevention of great present financial
loss but also as a means of creating future national wealth. This is brought
home by the news we are receiving to-day of vast damage caused by floods
on the Ohio and other rivers.
Control and direction ofsuch work can be carried on by existing machinery
of the Departments of Labor, Agriculture, War and Interior.
I estimate that 250,000 men can be given temporary employment by
early summer if you give me authority to proceed within the next two weeks.
I ask no new funds at this time. The use of unobligated funds, now
appropriated for public works, will be sufficient for several months.
This enterprise is an established part of our national policy. It will
conserve our precious natural resources. It will pay dividends to the present
and future generations. It will make improvements in national and State
domains which have been largely forgotten in the past few years of industrial development.
More important, however, than the material gains will be the moral
and spiritual value of such work. The overwhelming majority of unemployed Americans who are now walking the streets and receiving private
or public relief would infinitely prefer to work. We can take a vast army
of these unemployed out into healthful surroundings. We can eliminate
to some extent at least the threat that enforced idleness brings to spiritual
and moral stability.
It is not a panacea for all the unemployment, but it is an essential step
In this emergency. I ask its adoption.
FRANKLIN D. ROOSEVELT.
The White House, March 21 1933.
William Green Indicates Opposition of American
Federation of Labor to President Roosevelt's
Proposal for Creation of Civilian Conservation
Corps.
Opposition of the American Federation of Labor to the
proposal contained in a message by President Roosevelt to
Congress this week, for the creation of Civilian Conservation Corps, was indicated in a statement issued on March 21
by William Green, President of the Federation. The President's message is given elsewhere in this issue of our paper.
Mr. Green's statement follows:
The bill introduced in Congress to-day providing for the creation of
civilian conservation corps to be recruited from the ranks of the unemployed is fraught with great importance to labor and to the masses of
the people. During the four years of unemployment, while labor has
suffered great distress, it has constantly endeavored to maintain working
and living standards and has jealously guarded the exercise of its civil
and economic freedom.
The regimentation of labor through enlistment in the Civilian Conservation Corps, under military discipline and military control, will, in my
judgment, awaken feelings of grave apprehension in the hearts and
minds of labor.
Military control and military domination, with its segregation plans,
transgresses in a very large degree upon the free exercise of labor and in
itself is repugnant to those who are earnestly endeavoring to bring about
the restoration of normal economic and industrial conditions.
In addition, labor will be greatly alarmed, because it will fear that
the imposition of a form of compulsory service, under miliary control and
army rates of pay, will depress and lower wage scales and wage standards
paid and established for similar work.
The inauguration of a reforestation and reclamation program on as large
a scale as possible, sufficient to employ many thousands of idle working
men, is laudable in itself, but labor believes that such work should be
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Financial Chronicle
carried on through the use of ordinary business methods and that the
workers employed should be paid the prevailing rate of wages for the
work performed and should be permitted to work as free men under normal
working conditions.
The enlistment feature, with time of service circumscribed, the substitution of the military code for the control of civil units, the lower grade of
pay, wherein workmen enlisted in the Civilian Conservation Corps would
compete with free labor and would render valuable service at a rate of pay
much lower than their training and qualifications warrant; the enforced
separation of the bread-winner from his family or the locality in which
he lives are some of the outstanding features of the proposed legislation
which are highly objectionable and to which labor must, in self-defense,
Interpose its objections.
Labor has suffered much and is daily undergoing great hardships, but bad
as the situation is, we cannot believe that the time has came when the
United States should supply relief through the creation of a form of
compulsory military service and through the substitution of the military
code and military control for civil procedure and practical methods.
In opposing the legislation submitted, labor earnestly recommends that
a plan for employment of idle workers in reforestation and reclamation and
other items covered by the bill be formulated, providing for the payment
of standard rates of pay under voluntary conditions of employment and that
the element of "forced labor" and military service be completely elimintaed
and stricken from the plan of employment to be followed.
President Roosevelt. Signs Bill Passed By Congress
Legalizing 3.2% Beer and Wines—Sale Effective
After Midnight April 6—Tax Fixed at $5 a Barrel.
President Roosevelt on March 22 signed the Cullen Bill as
agreed on in Conference, legalizing the sale of 3.2% beer and
wines. As a result of the enactment of the legislation, beer of
3.2% alcoholic weight, or 4% by volume, will be permitted
to be sold,in States where such sale is not barred,after midnight April 6. As to the Congressional action on the bill, we
noted in these columns March 18 (pages 1812-1813) that the
House had passed on March 14 the Cullen bill, providing for
3.2% beer, and that the Senate on March 16 passed the bill
in amended form so as to provide for beer of 3.05% alcoholic
content by weight. To reconcile the differences between
the two bills a conference of the two houses was agreed on;
on March 20 the conference report was adopted by the Senate
by a vote of 43 to 36, while the House agreed to the report
on March 21 without a roll call. From Washington, March
20, a despatch to the New York "Times" said:
The conference report represented a complete agreement on the three
main points at issue. The Senate receded from its admendments reducing
the alcoholic content from 3.2 to 3.05 and prohibiting sale to minors under
16 years of age and, in return, the House accepted the proposal to include
wines.
Stating that the bill was immediately (March 21) signed
by Speaker Rainey of the House, the Washington correspondent of the New York "Journal of Commerce" stated on that
day that an unexpected recess on the part of the Senate
prevented similar action being taken by Vice-President
Garner and halted the bill's progress to the White House for
a day. The account (March 21) continued:
It will be signed by Mr. Garner at the outset of to-morrow's session,
however, and its approval by the President within tne hour is expected.
Jostled and rebuffed in first one house and then the other during several
years past, the bill which bears the name of Representative Cullen (Dem.,
N. Y.) is declared by the wets to be the Congressional response to the mandate of the people as voiced in the elections on November 8.
$150.000,000 Revenue Seen.
When signed by the President to-morrow it will for the first time in
thirteen years let down the bars against the manufacture of "real beer"
and provide the Treasury with a new source of revenue estimated to yield
upward of $150,000,000 annually.
Under its terms malt beverages and wines containing not more than 3.2%
alcohol by weight, equal to 4% volume, will be a legalized beverage that
can be sold in any state whicn by legislative action in tne past nas not
declared otnerwise.
Brewers will have to secure licenses for its manufacture from the Government at a stipulated fee of$1,000. The tax is fixed at $5 a barrel containing
not more than 31 gallons.
Restrictions upon the sale of beer and wines will be lifted at 12:01 a. m.
April 6 if, as expected, the bill is signed by President Roosevelt to-morrow,
because of a 15-day limitation included within its provisions. Licenses,
however, will be available to the brewers Mime,lately upon its approval.
Anticipating enactment of the beer law, the Treasury already has started
preparation of regulations for its enforcement and caused to be printed
the necessary tax stamps.
On March 22 Associated Press advices from Washington
said:
Wasting no time on the act to which he looks for at least a $125,000,000
tax contribution toward balancing the budget, Mr. Roosevelt—as soon as
the bill reached the White House—crossed over to his Cabinet room to affix
his signature, along with that of Vice-President Garner, tnat had been put
on two minutes after the Senate met. The President went to the Cabinet
room by prearrangement to enable photographers to record the scene.
From the Washington account March 22 to the "Times"
we quote:
The beer bill reached the White House to-day before 2 o'clock. Seated
at the head of the Cabinet table, President Roosevelt began slowly to scan
the bill, page by page, as sound pictures were taken.
He used four pens in signing, which were later given to Senator Harrison,
Representative Cullen, the American Federation of Labor and the American
Legion. When he had proceeded to the point of signing one of his secretaries
called to the movie men,"cut for the signature," and slowly the President
wrote his name.
As he did so the members of Congress who had brought the enrolled
bill to the White House—Representatives Cullen and O'Connor of New
March 25 1933
York, Sabath of Illinois, McCormick of Massachusetts and Parsons of
Illinois—came into the picture.
"It's Off," Says Roosevelt.
The President again posed as in the act of actually affixing his signature.
"Well, it's off," he said to Representative Cullen, adding:
"I notice that the Vice-President blotted his signature. He must have
been excited."
Before the President approved this measure, carrying out one of his
pre-election promises, he called the attention of the Department of Justice
to Representative Sabath's bill, authorizing the granting of pardons to the
small violators of the prohibition law, especially those who had been convicted of making and selling beer on a small scale.
Indications are that these pardons will be granted. More than 12.000
persons are serving terms in Federal and State prisons for violations of the
prohibition law, but Department of Justice statistics do not show the
number for beer violations.
The beer-wine act provides as follows:
Grants permission to brewers and wine makers to take out immediate
manufacturing permits.
Levies a tax of $5 on every barrel containing not more than 31 gallons.
Taxes brewers and wine makers $1,000.
Re-enacts portions of the Webb-Kenyon act as a protection to States
whose laws prohibit liquors of less alcoholic content tnan 3.2% by weignt.
Enacts a "saving clause," declaring mat if any provision of tne act "or
application thereof to any person or circumstances" is held invalid, the remainder of the law shall not be effected thereby.
Imposes no restrictions other than protection to dry States on beer and
wine of 3.2% of alconol by weight or 4% by volume.
Modifies all sections of the Volstead law and other acts relating to liquor.
Beer may be removed from the place of manufacture at once for bottling
and storage on the premises of permittees, according to joint instructions
sent to Collectors of Revenue to-day by David Burnet, Commissioner of
Internal Revenue,and James H. Doran, Director of the Bureau of industrial
Alcohol. A tax of $5 a barrel must be paid at the time of withdrawal.
Large quantities already are being bottled, but it was indicated that the
Initial supply would not equal the initial demand.
The joint statement said:
"By the terms of the act it takes effect on the expiration of 15 days after
the date of its enactment, except that fermented liquor taxable thereunder
may be removed prior to the effective date for bottling and storage on the
permit premises, provided that when removed from the place of manufacture
to the bottling premises such fermented liquor shall be subject to tax at the
rate of $5 per barrel.
The "Times" despatch from Washington March 22 also
said:
Wet organizations here estimate that the new beer can probably be sold
in 23 States immediately. Fifteen States have repealed their enforcement
acts, although the Supreme Court of Louisiana has held that the State
had no power to repeal its enforcement act by popular referendum, as was
done in November.
To the 14 States which have acted to permit the sale of beer have been
added States like Maryland, which never enacted enforcement laws. Others
have enforcement laws, predicated on the national law, the alcoholic content
permitted varying with Congressional action.
Still others, including Massachusetts, have laws permitting the sale of
wine and beer of 2.75 or 3% alcoholic content. These States, It Is held,
would be able to legalize beer with slight dilution, even under State legislation.
Licenses Made Ready.
As soon as tne bill was signed tne government issued regulations to permit
158 breweries and bottlers to bottle 3.2% beer so that it can be put on the
market on April 7. Under the law beer can be served in restaurants and
clubs and be sold by grocery and drug stores. Since it is classed as nonintoxicating, sale to minors is permissible.
The bill to legalize 3.2% beer in the District of Columbia will be considered by the House to-morrow, with indications of enactment before the
national act becomes operative so that the capital may have real beer the
first week in April.
House Passes Palmisano Bill Legalizing Sale of 3.2%
Beer in District of Columbia.
By a vote of 180 to 53 on March 23 the House passed the
Palmisano bill legalizing the sale of 3.2% beer in the District
of Columbia when the national act becomes operative on
April 7. From a Washington despatch, March 23, to the
New York "Times" we quote:
A last-minute battle by the dry forces to add an amendment which would
have prohibited the sale of beer in the Capitol or other public buildings
was rejected by a vote of 121 to 72.
The debate lasted more than four hours, with a woman, Representative
Norton of New Jersey, commanding the wets, and Representatives Blanton
of Texas and Stalker of New York directing the fight for the drys.
The drys won a single skirmish and that was the adoption of an amendment by Mr. Blanton prohibiting the sale of beer to persons under 18 years
of age. In every other instance the dry forces went down to defeat.
Representative Tarver of Georgia was the author of the amendment to
make the Capitol and other Federal buildings bone dry. It was not denied
that the amendment was primarily for the purpose of keeping beer out of the
Capitol and Senate and House office buildings, on the theory that so far as
other Government buildings were concerned the heads of departments could
by regulation control the situation in those buildings.
The dry leaders pointed out that under the bill as reported beer could be
sold in restaurants of the Capitol and the Congressional office buildings,
and that this would not be a pleasing spectacle for the reminder of the
country
Representative Black of New York argued in reply that since beer of3.2%
of alcohol had been declared non-intoxicating, it would make Congress
appear ridiculous if it passed a bill for the benefit of the civilian residents
of the District and in the same bill took the position that the beverage was
illegal if sold in the Capitol or the office buildings.
An amendment by Representative Palmisano, author of the bill, which
would have legalized the sale of 3.2% wines and fruit juices, was defeated
on a viva voce vote, as was also a proposal by Mr. Blanton to require
appropriations to be carried in the annual District appropriation bill for
financing the enforcement of the law.
Although Mr. Palmisano holds that the bill as drawn does not permit
the sale of 3.2% wines, other members of the House take the opposite
stand. The bill reads that the term "beverages" includes "beer, lager
beer, ale, porter and other brewed or fermented beverages," and wine is
regarded as a fermented beverage.
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How Beer Is "Legalized"—Basis of Congress Action
Under Existing Law Explained.
From the New York "Times" we take the following (Associated Press) from Washington, March 20:
39 Republicans and four Farmer-Laborites; those voting in
opposition were 73 Republicans, 24 Democrats and one
Farmer-Laborite. Associated Press advices from Washington March 22 said:
This is how the beer bill would make legal the beverages to which it
applies:
The Eighteenth Amendment, which became effective Jan. 16 1920,
provides specifically that:
"The manufacture, sale or transportation of intoxicating liquors within,
the importation thereof into, or the exportation thereof from the United
States and all territory subject to the jurisdiction thereof for beverage
purposes is hereby prohibited. The Congress and the several States shall
have concurrent power to enforce this article by appropriate legislation."
The "appropriate legislation," the Volstead Act, was passed by Congress
In October 1919, over President Wilson's veto, to enforce the Eighteenth
Amendment when it came into effect. The Volstead Act described as
"intoxicating" brandy, whisky, rum, gin, beer, ale, porter and wine con1
2 of 1% alcchol or more.
taining /
The new law amends the Volstead Act so as to exempt beer, ale, porter,
stout, other malt beverages and wines which do not contain more than
3.2% alcohol.
The effect of the new law simply is to declare non-intoxicating the
beverages named which contain no more than 3.2% alcohol.
In the House debate on the farm relief bill to-day Representative Lemke,
(Rep.) of North Dakota, voiced an opinion apparently shared by many
farm representatives when in explaining his support of the bill, he said:
"Normally there are not enough Democrats in my State to fill the postoffices. But we gave Franklin D. Roosevelt a 160.000 majority. We
had confidence in Franklin D. Roosevelt: we still have confidence in
Franklin D. Roosevelt."
Even from some of the big Metropolitan areas the farm plan gathered
strong support.
Actual details of the measure were discussed only casually. But the
bill's chief purpose is a grant of power to President Roosevelt and Secretary
Wallace to be employed in boosting farm buying power.
Nine commodities were included: Wheat, cotton, tobacco, corn, rice,
hogs, cattle, sheep, milk and its products. The Secretary is told by the
measure to secure a higher purchasing power for these commodities by
establishing a better balance between production and consumption.
To bring down production, the Secretary would enter voluntary agreements with producers to slash acreage. In return for such curtailments,
the producer would be paid direct benefits or rent on the withdrawn acreage.
These payments would come out of prorPcsing taxes levied on the commodities. The maximum tax allowed would be the difference between
actual farm prices for a commodity and the price which would give that
commodity its pre-war purchasing value.
Wnen tnis purchasing value is reached, normally through adjustment
of supply and demand, the tax would be removed. But the Secretary
may raise or lower it at any time to prevent shifts in consumption.
Better to insure success of the plan, the Secretary would receive broad
powers to enter marketing agreements and to regulate, tnrougn a licensing
system, toe handling of the commodities in inter-State commerce.
Added to the bill's general plan was the Smith cotton bill—given a
pocket veto last session by President Hoover. It would pool all cotton
on which the Government has loaned money, and then give growers options
on shares of this cotton in return for agreements to cut acreage at least
30%. The growers then would benefit by any increase in cotton prices.
Representative Connery of Massachusetts. who opposes the President's
reforestation employment program, said he felt the farm measure "will
help the unemployed."
"The farmers will have a bigger income," he said. "With that, they
can repair their buildings, purchase new farm machinery and new equipment for their homes, so that industrial workers will be able to obtain
employment in the factories."
Representative Bierman of Iowa, Democratic successor to Gilbert
Haugen, famed advocate of the equalization fee, said he could not support
the bill.
"I have listened to all the committee discussions and all tne debate
and I can't persuade myself it is in accord with the Democratic platform
on which we were elected," he said.
"For one thing, it sits on the foundation of a high protective tariff and
commits the new Administration to a high tariff."
President Green of American Federation of Labor Sees
Benefits to Unemployed Through Enactment of
Legislation Legalizing Sale of 3.2% Beer and Wine.
The action of President Roosevelt, in signing on March 22
the bill passed by Congress legalizing the sale of 3.2%
beer and wine, was hailed on March 22 by William Green,
President of the American Federation of Labor, as a distinct
step toward economic recovery. According to a Washington
account that day to the New York "Herald Tribune," Mr.
Green's concern was with the job-producing effects of the
revival of the brewing industry,. estimated by others as
high as 1,000,000, and his statement touched only briefly
on the benefits to agriculture.
•
From the same account we quote:
Moreover. it was pointed out in other quarters that the Government,and,
therefore, every taxpayer, will benefit through the expected revenues
and, indirectly, will gain further if the Administration's experimental farm
relief bill is passed, because the new act, by increasing demand for certain
products. will operate to reduce the acreage the Department of Agriculture
might be called upon to lease as a means of reducing production.
Every Community Will Be Helped.
"Every community in the Nation will be helped economically." Mr.
Green continued. "It is difficult to correctly estimate the number of
idle people who will he given work through the rehabilitation of the breweries
and through the demand which will be created for farm products, supplies
and material. It is clear, however, that the number of people who will
be recorded an opportunity to work, as a result of the enactment of the
beer measure, will run into hundreds of thousands.
"Labor advocated the enactment of the beer bill for economic as well as
social reasons. The direct beneficial and helpful effect which it will have
upon the unemployment situation will be manifested quickly. It will be
reflected in the building of brewing manufacturing plants, in the modernization and repair of others, in increased transportation. truckage and hauling
and In the demand for material and supplies which go into building construction and into beer manufacturing. Besides, the enactment of this
law will satisfy a social demand for the manufacture and sale of a beverage
which has been determined by Congress to be non-intoxicating.
"It is reasonable to conclude that the enactment of the beer measure
will meet with general public approval and satisfaction, and will help to
eliminate many of the evils which have grown out of the illegal manufacture'
and illegal sale of intoxicating liquors."
Opens New Farm Market.
The economic stimulation which the new act produces has already begun,
but the signing of the measure to-day was regarded as marking its direct
Invigoration of various industries, as well as creating a market for 80,000,000
bushels of products grown on 16,000,000 acres of farm land.
Farm Relief Bill Passed by House—Substitute
Presented in Senate by Senator Smith.
On March 22 the House, by a vote of 315 to 98, passed
the farm relief bill urged for enactment by President Roosevelt in a message to Congress on March 16, published in
these columns last week (page 1817). The bill was favorably
reported to the House on March 20 by the House Committee on Agriculture. On March 21, the House, after
extended debate in which (we quote from the Washington
dispatch to the New York "Times") the measure was
sharply criticized by both Republican and Democratic
opponents, voted 184 to 102 to consider the bill under
drastic procedure prohibiting amendments and forcing a
vote after four hours' discussion, thus assuring the passage
the next day of the Administration's proposal. The"Times"
likewise said:
Even those who inveighed against it voted for the binding rule and
explained the contradiction by saying they were sacrificing their opposition
to support the President.
Nevertheless, the bill seems certain to encounter active opposition
in the Senate, despite the conference President Roosevelt held last night
with members of Congress. Senate leaders said that the bill could not
possibly pass in the upper house in its present form, althougn some of
its more important provisions might be retained.
The passage of the bill in the House by a vote of 315 to
98, was effected through the yea vote of 272 Democrats,
According to Associated Press dispatches from Washington
yesterday (March 24) the Senate drive for drastic rewriting
of the Administration farm bill was launched yesterday at
a closed meeting of the Senate Agriculture Committee, but
Secretary Wallace said he had not yet given approval of
any substitutes for the original sweeping measure. The
Associated Press account as given in the New York "Evening
Post" of last night also said in part:
Senator Smith (Dem., S. C.), chairman of the committee, presented a
substitute bill, making material modifications which earlier he had predicted would prove acceptable to the Administration. Mr. Wallace,
however, said the proposed cnanges would be gone over later in the day
at a session of the Cabinet with President Roosevelt. He will appear before
the committee to-morrow.
The Smith plan, on which the committee took no immediate action,
would reduce the amount of the processing tax to be levied to the bare
amount needed to lease lands to take them out of production. The allotment and licensing features of the Administration bill would be struck
out entirely, but the cotton option plan would stay intact.
Seeks World Wheat Cut.
While Mr. Wallace was reserving opinion on these changes, he undertook
In conferences witn otner officials to set in motion President Roosevelt's
plan for a world-wide agreement to curtail wneat production, to bring it
in line witn consumption.
After receiving tne Smith plan the Senate committee called in for brief
hearings John A. Simpson, President of the Farmers Union. and George
Peek of Moline, Ill.
After hearing Mr. Wallace to-morrow, committee members hope to be
able to set about full discussion of the program and the Smith substitute.
Senator Hendrick (Dem., Wyo.) indicated the attitude of most, saying:
"In my opinion we will not know definitely what form the bill will take
after we have heard Secretary Wallace to-morrow."
Sees Brief Hearings,
Mr. Smith told newspapers that it the committee should decide to limit
the commodities to which the bill would apply, "there would be no need
for extended hearings."
Both the Administration bill and his substitute provide that the relief
should apply to wheat, cotton, corn, hogs, cattle, sheep, rice, tobacco,
milk and dairy products.
Meanwhile Mr. Wallace conferred with Dr. Herbert Fels, economic
advisor of the State Department, and discussed approaches to the question
of bringing production of the chief wheat-producing nations in lines
with
consumption.
In advocating his farm relief program, the President said it would
give
this country advantages in discussions of agricultural and surplus
control
at the World Economic Conference next summer.
Others who took part in the conference included Dr. Mordecai Ezekiel,
Mr. Wallace's economic advisor; Dr. Nils Olsen, chief of the Bureau of
Agricultural Economics,and Dr. Rexford Guy Tugwell, Assistant Secretary
of Agricultural.
Mr. Smith declined to make his substitute public until after the committee meeting. Senator McNary of Oregon, the Republican leader, and
ranking minority member of the committee entered the session determined,
to ask hearings.
1996
Financial Chronicle
The bill was referred to the-conunittee only yesterday, after coming
through the House untouched by a single amendment, passed with a tremendous majority.
President Roosevelt Outlines Plan for Farm Mortgage
Aid.
President Roosevelt on March 23 outlined to a visiting
delegation of members of Senate and House, called by him
to the White House for the purpose, the provisions of a
tentative bill for the refinancing of farm mortgages. The
Washington correspondent of the New York "Journal of
Commerce" on March 23 added:
This measure, seemed destined to become a part of the Roosevelt
Wallace farm relief bill, proposes a bond issue of from $1.000,000,000
farm
$2,000.000.000; the setting up of machinery for the revaluation of
joint
mortgages and the reduction of interest rates; elimination of the
the
stock land bank system, and possibly consolidation of all agencies of
Government making loans to farmers.
mounting
A feature of the drive for agricultural relief legislation is the
Rooseveltopposition to the acreage allotment device contained in the
Wallace bill, culminating in a drive for public hearings before the Senate
Agricultural Committee to expose all inequities of the legislation.
from ChairI' Substitute plans will be advanced, the principal one coming
confine
man Smith (S. C.) of the Agricultural Committee, which would
the legislation to a plan for pooling government-owned and controlled
cotton and the leasing of farm lands to put them out of cultivation.
Purposes of Emergency Farm Bill as Explained by
Secretary of Agriculture Wallace.
a
The Emergency Farm Bill, which was the subject of
special message sent to Congress on Mardh 16 by President
Franklin D. Roosevelt (as noted in our issue of March 18,
page 1817), was discussed by Secretary of Agriculture
Henry A. Wallace, in a radio talk, through the National
Broadcasting Co. and its associated stations on March 18.
Secretary Wallace stated that "the goal of the bill, in terms
of price, is pre-war parity between the things the farmer
sells and the things the farmer buys." The basic purpose
of the bill, Secretary Wallace explained, is "to increase the
purchasing power of farmers"; and the method to be used
in increasing the purchasing power is by restoring the balance between production and consumption as rapidly as
possible." Among other things, the object of the legislation
is (1) to obtain . . . voluntary reduction in acreage or production of certain crops, in return for which producers will
be compensated by means of rental or benefit payments;
(2) to entet into marketing agreements with producers,
marketing agencies and processors of farm products. . . .
(3) To license processors and distributing agencies that
handle agricultural products in inter-State or foreign commerce, in the event that such licensing becomes necessary
In order to aChleve the purposes of the bill; (4) to use the
Smith cotton option contract plan on the 1933 crop of cotton;
(5) to impose taxes on the processing of the basic farm
products. Secretary Wallace's address follows:
about the farm
I am sure all of you wish to know as much as possible
Congress Thursday
bill which the President of the United States sent to
let me
afternoon [March 16] with a special message. First, however,
tell you the story of how this bill came into existence.
and mind
The farm problem, as you know, is very close to the heart
duty was to
of President Roosevelt. When he became President his first
emergency
meet the banking crisis. But as soon as he had met the crushing
situation, and as a
of that problem, his mind turned to the agricultural
to meet
result I sent out a hurry-up call to the leaders of agriculture
with me on Friday of last week.
cotton, wheat,
At that meeting were men who had spent a lifetime in
a Cabinet
hogs, corn, dairying, &c. Because of the necessity of attending
group of
meeting, and for other reasons, I was unable to sit with this
Secretary Rex
farm leaders for more than a few minutes. Assistant
Tugwell, therefore, presided.
concluIt seems that after extended debate the farm leaders reached the
sion that no one plan of production control could serve all the major
farm crops equally well. A plan that might work well with wheat might
not work so well with cotton. The farm leaders realized, in a word,
that different methods of production control would have to be used for
different farm products. They also realized that, as the plan went into
effect for any crop, a method that had looked good on paper might not
work out so well in practice. Accordingly, they wanted to give the
administrators of the plan leeway to modify their methods whenever
necessary.
Above all, the farm leaders wanted something practical, and they
wanted it quick. They therefore recommended that very broad powers be
conferred on the President and the Secretary of Agriculture to deal with
the national emergency. Their recommendations, in general, were in line
with the Topeka speech made by President Roosevelt last fall.
The next step was to give these recommendations legal form. Because
of the Constitutional problems we found this exceedingly difficult, and it
was not until day before yesterday that we were sufficiently satisfied
with the job to pass it on to the President.
In the meantime representatives of the packers, the millers, the cotton
spinners and the grain exchanges came to Washington in large numbers.
Many of them told me they intended to co-operate in every way possible
in case the bill became law. I told them that for my part I wanted to
draw to the limit on their technical knowledge and long years of
experience.
So much, then, for the steps leading up to the introduction of the bill
into Congress. The farm leaders kept their pledge to stay in session until
March 25 1933
they could agree upon a plan to affect this year's crops; we have drafted a
bill to implement their plan; the President has sent it to the Capitol, and
now the question of farm relief is in the broad lap of Congress.
Now for the things the new farm bill proposes to do.
Its basic purpose, first of all, is to increase the purchasing power of
farmers. It is, by that token, farm relief, but it is also, by the same
token, national relief, for it is true that millions of urban unemployed
will have a better chance of going back to work when farm purchasing
power rises enough to buy the products of city factories.
The method to be used in increasing the farmer's purchasing power is
by restoring the balance between production and consumption as rapidly
as possible. Let's help the farmer, the bill says in effect, plan his
production to fit the effective demands of to-day's and to-morrow's—
rather than yesterday's—market.
The goal of the bill, in terms of price, is pre-war parity between the
things the farmer sells and the things the farmer buys. Let me explain
that. In the pre-war years, 1909 to 1914, wheat brought around 88 or
90c. a bushel on the farm; cotton better than 12c. a pound, and hogs
better than 7c. a pound. But, at the same time, the prices of the things
the farmer had to buy—his fertilizer, farm machinery, and the like—were
on a comparable level. In general, these items bought by the farmer
were a little lower than they are right now. But the prices the farmer
got for his wheat and cotton and hogs were, in those pre-war days, more
than twice as high as they are now. It is that gap that we want to
bridge. And this bill provides the bridge.
To reach that goal—a goal not to be attained, perhaps, in one brief
year—the bill gives the Secretary of Agriculture these powers:
(1) To obtain, by contract with farmers, a voluntary reduction in
acreage or production of certain crops, in return for which reduction
producers will be compensated by means of rental or benefit payments.
(2) To enter into marketing agreements with producers, marketing
agencies, and processors of farm products. The intent of this provision is
that there may be organized commodity councils which will include both
growers and processors of a crop. These councils will help determine
which plan of acreage reduction, what scale of taxation on the processed
goods may be wisest. The recolirmendations of the council will then be
considered by the Secretary of Agriculture before any regulations are
issued.
(3) To license processors and distributing agencies that handle agricultural products in inter-State or foreign commerce, in the event that
such licensing becomes necessary in order to achieve the purposes of
the bill.
(4) To use the Smith cotton option contract plan On the 1933 crop of
cotton.
(5) To impose taxes on the processing of the basic farm products. The
amount of the tax, however, cannot be greater than is required to bring
the market price up to the pre-war parity price. Thus, if wheat is selling
at 50 cents a bushel, whereas the pre-war price was 88 cents, there is a
difference of 38 cents a bushel. The tax on flour might, therefore, be as
much, but no more than, 38 cents (considering flour in terms of bushels
of wheat). The chances are that the tax would start at a relatively low
tigure, so as not to restrict retail sales of flour and thus reduce consumption.
The purpose of the tax, of course, is to collect funds with which to
compensate these farmers who have contracted to reduce their production
of the commodity so taxed.
The basic products to which the bill may apply are these: wheat,
cotton, corn, tobacco, rice, hogs, cattle, sheep, and milk and its products.
But before any move is made to tax any one of these products, or to
attempt a reduction in production, it will be essential to call in the
representatives of both producers and processors of the product involved.
With their help, we can work out for each commodity that method of
production control, of taxation and compensation, which offers the beet
hope of success. Under the taxing power, furthermore, there is provision
for public hearings, so that in each step of the way we shall have the
expert advice of those directly interested.
As I have said, different methods of production control may be applied
to different crops.
Thus in reducing the production of hogs, the best method may be for
the Government to pay the hog producer rent on a specified amount of
his corn land, provided he retires that acreage from corn production and
also restricts the tonnage of hogs marketed.
For a crop such as wheat, the rental or benefit payment may be based
primarily upon a reduction in acreage of wheat, with certain provisos
as to alternatives uses of the land so rented.
Under the bill the Secretary is also at liberty to rent land in large
tracts or in selected regions, or to allot the sums for land rentals by
States and counties, so that every producer will have an equal opportunity
to rent a part of his land to the Government and to receive rental payments.
Nor is the consumer's interest ignored. The consumer is amply safeguarded, first of all, by the fact that the tax passed on to him by the
processor declines just as rapidly as the price the farmer recieves for
his product climbs to the pre-war level. Once pre-war parity is reached,
the tax is completely removed. But even more important, the slight
contribution the consumer will make through retail prices will be more
than compensated for by the revived power of farmers to buy the goods
and services the city has to sell. It is provided that in no case will the
farmer's share of the consumer's dollar be more than in the pre-war
period.
This bill, as the President says, follows a new and untrod path. The
successful operation of it depends on the whole-hearted co-operation of
farmers, processors, and consumers. Has the time come when all elements
of our society are willing to pull together to restore economic balance
and attain social justice?
It may be true that the things which this bill strives to attain here
and now may be brought about 10 or 15 years hence by the slow working
of economic law. This action, we hope, will speed the inevitable readjustments with much less suffering than under the harsh hand of uncontrolled
competition.
Some farmers join with urbanites in repudiating with horror the idea of
reducing production at this time. They point out, very probably, that
the world is full of hungry people, and that the great quantities of surplus foodstuffs should be used to feed them. No support of this new
farm bill will disagree with this as an ideal program.
As our economic system works, however, it seems that the greater the
surplus of wheat on Nebraska farms, the longer the bread lines in New
York. In a complicated world system of exchange, it seems to be necessary
to maintain a balance between different groups of producers if we are to
avoid suffering. Our surplussea of food crops seem to have had as
disastrous an effect upon national well-being as crop shortage used to
have on the isolated communities of a simpler age.
Volume 136
Financial Chronicle
looks towards a
This bill attempts a major social experiment. It
anarchy of a
balanced social state. It is trying to subdue the habitual
control in the
major American industry and to establish organized
interest not only of the farmer, but of everybody else.
OperaLosses of $360,000,000 Through Stabilization
tions of Federal Farm Board, According to
Estimates by Henry Morgenthau Jr.—Loss on
Cotton Loans Figured at $159,263,360.
Losses from the stabilization and other operations of the
Federal Farm Board during the Hoover Administration are
placed at $360,000,000 in estimates by Henry Morgenthau Jr.,
recently named by President Roosevelt as Chairman of the
Farm Board. Regarding Mr. Morgenthau's figures, it was
stated by the Washington correspondent of the New York
"Journal of Commerce," on March 21, that "if the necessity
arose for immediate liquidation of cotton stocks upon which
the Board has made advances the losses would be $159,253,350." On March 21 Associated Press accounts from
1997
$689,262.62 against the 28,425
purposes. There are primary liens of
bales of cotton on foreign consignment.
ion Corporation owed the
As of Feb. 28 1933, the Cotton Stabilizat liquidation of the Cotton
Upon the
Federal Farm Board $97,530,235.40.
that about $94,000,000 will still
Stabilization Corporation, it is estimated
this obligation permitted under
against
Credits
Board.
Farm
be unpaid the
ion cotton to Red Cross have
stabilizat
donating
resolution
onal
Congressi
affect the cash loss to the Farm
not been considered, but this will not
merely a bookkeeping adjustment.
Board's revolving fund, for this will be
National Red Cron by the Cotton
Cotton donated to the American
hand is stored in compresses and
Stabilization Corporation and still on
ports.
Coast
Gulf
and
warehouses at Atlantic
the American Cotton Co-operative
There are 11 associations affiliated with
Orleans. The, total farmer memNew
in
ers
headquart
with
n,
Associatio
to be about 248,000.
bership of these associations is estimated Co-operative Association, with
Cotton
The membership of the Staple
approximately 3,500. The Staple
headquarters at Greenwood, Miss., is
the American Cotton Co-operative
Association is not a member of
Association.
above, the Seed Loan Division of the
In addition to the cotton listed
bales of cotton as collateral to
Department of Agriculture has 726,000
loans to farmers.
21, to the New York
From a Washington dispatch, March
quote:
we
,"
"Tithes
future loans to co-operaApplication of sound banking principles to all
Administration,
associations from the new Farm Credit
marketing
tive
Board,
Henry Morgenthau Jr.,
Of the original $500,000,000 fund placed in the hands of the
to the Farm Board, was promised to-day by
successor
in cash
of the Board's original $500,Mr. Morgenthau explained, there is a balance of about $38,000,000
who, at the same time, placed total losses
who
000.
$360,000,
at
fund
and "good loans," which he said former Chairman James C. Stone,
revolving
000,000
to
would have no place In
retired March 4, had estimated would bring the assets of the Board
He said that loans for speculative purposes
all applications for marketing
from $140,000,000 to $159,000,000.
the new credit set-up, and that, in addition,
of the applicants' expendiwould have to be accompanied by a budget
made, he explained,
Stating that it was revealed that, including the Red Cross loans
current and future. No such loans would be
both
tures,
7 bales of
organizations, and added:
2,872,93
on
borrowing
claim
a
the
of
has
ion
ment
investigat
Govern
the
cotton.
without a thorough
being paid to any executives I will
"If I find that excessive salaries are
cotton, the Associated Press also said:
pencil."
red
the
apply
certainly
arrangement
on when asked by newspaper
This is the maximum that could be brought into a pooling
Mr. Morgenthau offered this explanati
of the farm
intended
under the Smith cotton plan, which comprises the first title
new Federal Agricultural Credit Agency
the
if
dents
correspon
ve marketing
relief bill now under consideration in Congress.
leading activities authorized to co-operati
the
on
carry
to
American
the
of
ident
Vice-Pres
e,
Mr. Morgenthau and E. F. Creekmor
Act.
associations in the Agricultural Marketing
pooled,
Corporation, with the Grain
Cotton Co-operative Association, declared that this cotton, if
They said that the Cotton Stabilization
prices
market
at
present
t
equivalen
least
at
value
collateral
a
would have
for early dissolution.
scheduled
was
on,
Corporati
ion
Stabilizat
the
to pay off the primary loans on this cotton without further loss to
Checks Up Losses.
Government other than that accounted for in the statement. In other
agency he heads and
off
these
pay
to
words, an additional appropriation would not be necessary
Morgenthau, discussing the policy of the new
Mr.
Mr.
absorb, made public for the first
primary loans which on cotton amount to $7,000,000, according to
of the Federal Farm Board which it is to
transactions by way of stabilization,
Creekmore.
time details of the Board's past cotton
.
operations
ion
marketing of that connnodity.
stabilizat
on
orderly
was
00
the
for
$94,000,0
ves
cotton,
on
co-operati
loss
the
Of
and loans to
as
the Board has been working
au
Morgenth
Mr.
of
direction
the
Loans to the American Cotton Co-operative Association, if liquidated
Under
cash position with respect to
present
its
on
up
check
to
of Feb. 28, would bring a loss of $57,000,000, and the balance of the loss
night
and
day
He said the position in wheat
would come in loans to the Staple Cotton Co-operative Association.
the various commodities it has financed.
Mr. Morgenthau stated that notwithstanding these losses the Farm
be announced on April 1.
would
reason to doubt" the statement
Board, as a division of the planned agricultural credit administration,
Mr. Morgenthau said that he had,"no
of the Farm Board, that its outwill continue to make loans to help co-operatives to market their crops in
of James C. Stone, former Cimirman
to about $159,000,000, of which
an orderly manner, in his opinion.
standing loans to co-operatives amounted
The latest check-up on cash
"good."
d
considere
be
could
000
The following announcement was made March 21 by the $140,000,available from the much-depleted $500,000,000 revolving fund
readily
au explained.
Federal Farm Board through Mr. Morgenthau:
showed about $38,000,000, Mr. Morgenth
to the Cotton Stabilization CorporaThe Federal Farm Board has completed an anlysis of the figures showing
A defense of the $94,000,000 loss
Creekmore, who was present during Mr.
the cotton stocks held by the American National Red Cross and those held
tion was made by its head, E. F.
present position in cotton. During
Federal
Board's
the
by
made
the
of
been
have
on
by co-operatives on which direct advances
Morgenthau's explanati
on bought in about 6,000,000
Corporati
to
ves
ion
co-operati
Stabilizat
cotton
of
ess
the
ng
indebtedn
Farm Board and the outstandi
the 1929-30 season,
extent of about 4c. a pound
the
to
market
the
sustained
and
cotton
the Board.
bales of
have been received by the farmer
Below is a summary of these stocks as held by the following organizations:
above the price that would otherwise
resultant saving of about $120,000,000
I. American National Red Cross has 548,643 bales of spot cotton.
at the time, he explained, with a
ive Association
Z. The Cotton Stabilization Corporation has 28,875 bales of spot cotton. to farmers. The action of the American Cotton Co-operat
quantities of cotton from the market
3. American Cotton Co-operative Association has 1,352,619 bales of
the following year in withholding large
saved growers another $137,000,000.
cotton of the 1930-31 season.
and a consequent sustaining of the price
4. Staple Cotton Co-operative Association has 214,800 bales of cotton
he said.
of the 1930-31 season.
of Grain Stabilization
This makes a total of 2,144,937 bales.
Move Toward Winding Up Affairs
The Farm Board has made loans to the American Cotton Co-operative
zation Corporation
Stabili
Cotton
Corporation and
Association and to the Staple Cotton Co-operative Association. In addition,
Take Over Balance of
to
Cross
Red
can
on.
ion
—Ameri
Corporati
Cotton
Stabilizat
to
the
It has loaned money
.
As of Feb. 28 1933, the American Cotton Co-operative Association owed
Relief Wheat and Stabilization Cotton
the Farm Board $71,015,748.31. Ten millions of this suns is an effective
Grain Stabilthe
of
affairs
the
up
closing
in
Another step
merchandizing.loan used for its current operations. Of the balance—$61,ation Corpora015,748.31—$60,424,979.72 is outstanding on the 1930-31 operations. The
ization Corporation and the Cotton Stabiliz
Cotton
the
American
to
loans
eous
ement made
accounc
difference of $590,788.59 is for miscellan
an
to
ng
accordi
tion has been taken.
Co-operative Association, the most of which has been reloaned to cotton
an
of the FedChairm
March 21 by Henry Morgenthau Jr.,
associations that ore stockholder members of the American Cotton Co-operaBoard,
Farm
Federal
the
by
tive Association. It is estimated at this time that if the 1930-31 operaissued
As
eral Farm Board.
tions of the American Cotton Co-operative Association were entirely liqui•
said:
cement
0,
announ
$3,375,00
by
about
the
dated, the loans of $60,424,979.72 could be decreased
Morgenthau and John Barton
An agreement has just been reached by Mr.
Indicating a deficit of about $57,000,000 to the Farm Board as of
Red Cross, in connection with
National
American
the
of
Chairman
Payne,
1933.
Feb. 28
of wheat and cotton donated
the final transfer of the stabilization stocks
The Staple Cotton Co-operative Association, as of Feb. 28 1933, owed
to the needy. It was agreed
by Congress to the Red Cross for distribution
the Farm Board a total of $11,511,257.94. One million dollars of this
of stabilization relief
that the Red Cross would take over the balance
total represents an advance by the Farm Board to assist the Staple Associacotton by Oct. 81
wheat by Aug. 1 1933, and the balance of stabilization
tion in the capitalization of the Staple Discount Corporation. This Corpopurposes
1933. During the last two sessions Congress donated for relief
ration makes production loans to cotton producers. A physical facility
wheat and 844,000 bales 01
ion
stabilizat
of
of
balance
bushels
0
n.
Of
the
to
the
ng
85,000,00
Associatio
of
outstandi
total
is
a
1
loan of $28,083.3
stabilization cotton.
the total loan, $7,776,549.55 represents loans outstanding on the 1930-31
ion CorpoThe new arrangement makes it possible for the Grain Stabilizat
operations. If this operation were liquidated at this time, the estimated
within a
ration to reduce its Chicago office to a skeleton organization
deficit would be $S,576,606.41 as the amount of unpaid balance due the
on are
short time. Since the operating costs of the Stabilization Corporati the
Federal Farm Board under this operation.
fund,
paid out of money loaned by the Farm Board from its revolving
The balance of $2,706,625.08 is due from the 1929-30 operation. It is
the
to
l
negotiation with the Red Cross will result in substantia savings
estimated that upon completion of liquidation of this operation the deficit
n
of
obligatio
this
nt.
balance
the
unpaid
Governme
be
Federal
will
which
3.66,
$2,677,74
be
will
due the Farm Board.
On March 16 Associated Press accounts from Washington
The Cotton Stabilization Corporation on Feb. 28 1933 had on hand
said:
conon
foreign
are
bales
28,875 bales of cotton. Of this amount 28,425
Henry Morgenthau Jr., new Chairman of the Farm Board, who recently
signment and will be disposed of within a Mort time. Pursuant to
d the Board would dispose of its wheat futures in such a manner
were
donated
ion
cotton
announce
of
stabilizat
bales
844,063
s,
Congressional resolution
disturb the market," refused to-day to say if any of the holdCross
to
the
Red
1933
not
"as
10
March
to
Up
Cross.
Red
National
American
to the
Croft will
were sold as the grain scored a rise of 5c. a bushel with the reopening
ings
Red
The
cotton.
this
of
baits
548,643
but
all
of
disposed
had
order to provide
of exchanges.
sell this cotton on the open market by Oct. 31 1933, in
questioners.
author"I am not ready to say anything," Mr. Morgenthau told
funds to pay mills for the cotton cloth and other cotton products
But he showed pleasure at the price increase. He has determined that the
liens to the banks have
ized by Congressional resolutions. All primary
Board "shall get out of business as soon as possible."
to the Red Cross for relief
been paid on the stabilization cotton donated
Washington stated:
1998
Financial Chronicle
The last of the Board's cotton stabilization holdings are being turned
over to the Red Cross, and none will be available for marketing. The
Board no longer owns cash wheat, but the Grain Stabilization Corporation
possessed about 30,000,000 bushels of wheat contracts, mostly for May
delivery, last week.
It was learned that Mr. Morgenthau intends to pursue a policy of "full
publicity" in the making of Board loans to co-operative marketing groups.
The last Administration refused to make the loans public.
Grain Futures Act Upheld by Circuit Court of Appeals
of Chicago.
The United States Circuit Court of Appeals, at Chicago,
upheld, on March 16, the Grain Futures Trading Act and
refused to interfere with the Government requirements of
daily reports on sales and purchases of grain. Associated
Press advices from Chicago, March 16, stated that Bartlett,
Frazier & Co. and several other companies had sought an
injunction preventing the Grain Futures Administration
and the Secretary of Agriculture from demanding the
reports.
C. W. Warburton Heads Crop Production Loans
Pending Subsequent Consolidation.
Secretary of Agriculture Henry A. Wallace and Henry
Morgenthau Jr., Chairman of the Federal Farm Board, were
in conference on March 10 as to the future of the Crop Production Loans, now administered by the Secretary of Agriculture. In view of the fact that under the policy outlined
by the President this activity is to be taken over by a consolidated Federal Farm Credit Agency, under Mr. Morgenthau, it was deemed advisable to outline policies to be pursued for the present year. Agreement was reached that
the Secretary of Agriculture would designate Dr. C. W.
Warburton, Director of Extension in the Department of
Agriculture, to be in charge of the Crop Production Loan
organization pending the consolidation. Doctor Warburton
had supervision of crop production loans in the Department
of Agriculture from 1921 to 1931, inclusive.
---Crop Loan Offices Issue First 1933 Checks to Farmers.
Dr. C. W. Warburton, in charge of the crop production
loan organization for the Secretary of Agriculture, announces that the issuance of checks to farmers for 1933
loans began at all field offices on March 17. Funds for
the loans were made available March 16 by the Reconstruction Finance Corporation. Congress appropriated
$90000,000 for 1933 crop production loans. The announcement
by the Department of Agriculture, on March 17, said:
The loan regulations limit the sum that any one farmer
can borrow to
$300 and require that
he reduce his acreage of cash crops 30% under last
year, except within specified minimum limits. The
loans are payable on
or before Oct. 31 1933 and interest is charged at 556%.
Loan applications are pouring into the six regional
offices, and the
last compilation made in the Washington headquarters of
the office showed
more than 100,000 had been received. Regional offices
are at Washington,
D. C.; Memphis, Tenn.; St. Louis, Mo.; pallas, Tex.;
Minneapolis, Minn.,
and Salt Lake City, Utah.
Loan by Federal Farm Board to Wenatchee-Okanogan
Co-operative Federation—Funds to Furnish Part
of Capital of Wenoka Agricultural Credit.
The following announcement was made March 16 by the
Federal Farm Board, through Henry Morgenthau Jr.,
Chairman.
The Federal Farm Board has made a commitment for an effective
merchandising loan of $300,000 to the Wenatchee-Okanogan Co-operative
Federation of Wenatchee, Wash. The money is to be used to furnish
part
of the capital of the Wenoka Agricultural Credit Corporation,
which has
been established for the purpose of making production and marketing
credit
available to fruit growers who are direct members of
the Federation or
members of local co-operatives affiliated with the
marketing agency at
Wenatchee.
Before applying for a loan from the Farm Board,
officials of the
Federation exhausted their efforts to establish the credit
corporation with
local capital. Growers in the Wenatchee and Okanogan
Valleys are in
immediate need of money for use in paying for materials
and labor in
caring for their orchards, which are in danger of
deterioration if not
pruned and sprayed regularly.
Between 3,000 arcl 4,000 carloads, or an average of about
2,500,000 boxes
of apples and pears, are marketed each year by the
Wenatchee-Okanogan
Co-operative Federation for 724 growers who are delivering
fruit to its 13
affiliated local co-operatives.
President Sturtevant of Omaha Grain Exchange Opposed to President Roosevelt's Farm Program.
The Roosevelt Farm Program is "a rehash" of plans
thrown aside by the last Congress, C. D. Sturtevant,
President of the Omaha Grain Exchange, declared
on
March 17, according to Omaha, Neb., advices to the New
York "Times," which further quoted Mr. Sturtevant:
March 25 1933
'This bill reflects the policy of the same crowd of professional farm
racketeers who presume to represent agriculture in Washington. Their
advice and counsel accepted by the Republican party, as evidenced by
the farm marketing act, was largely responsible for the defeat of that party
In November, and is the partial cause of our present financial difficulties. It is tragic that their advice should now be followed by the new
administration, particularly as they have been repudiated by their own
former following. They ruined the Republican party and will, if allowed.
ruin the Democratic party.
"No one in the grain trade would raise his voice in opposition to a sound
plan of acreage control and land utilization. We do protest against the
further grant of dictatorial power to bureaucratic Washington to regulate and control all of the currents of Interstate commerce in agricultural
commodities."
Chicago Grain Brokers Hold Emergency Farm Bill
Would Not Stabilize Grain Prices on Pre-War
Basis—Favored by Illinois Agricultural Association.
Frederick Uhlmann, a leading member and former VicePresident of the Chicago Board of Trade, said to-day that
the agricultural measure prepared by President Roosevelt
was "the most fantastic bill ever proposed by any country
in peace time." An Associated Press dispatch from Chicago
March 17 reporting this, also had the following to say:
The Illinois Agricultural Association, however, made public a statement
by its president, Earl C. Smith, commending the farm bill now pending before Congress.
"It Is the most feasible, practical farm measure presented to Congress
in recent years," Mr. Smith said, "and is deserving of the united support
of farmers and also those interested in other lines of industry and business.
"It is an improvement over previous measures which attempted to
apply one basic principle of law to several commodities despite differences in marketing and other problems."
Many grain brokerage houses and individual traders construed the bill
as bearish, saying it tended to restrict consumer use of commodities. They
added that but for the proposed legislation wheat to-day would have
risen to the limit of Scents a bushel.
Grain men said prices could not be stabilized on the average pre-war
basis as planned. They cited the pre-war average price (1909-14) of
United States wheat, 88y4 cents a bushel, and compared it with to-day's
average price of around 533- cents. Before United States wheat could
be exported in quantity, they said, prices at Liverpool, centre of the world
export trade, would have to exceed those in Chicago by 17 or 18 cents
a
bushel.
This spread covers the cost of insurance and freight on wheat from Chicago to Liverpool. Chicago wheat sold 2% to 4% cents a bushel
higher
than in Liverpool to-day, making a total of some 22 cents a bushel against
export now.
If the minimum price of American wheat were placed at 883. cents,
It was argued. Liverpool wheat would have to sell above 81 a
bushel to
revive export trade.
Kansas City Chamber of Commerce Says Poll of Farmers
Shows Sentiment Against Domestic Allotment Plan
—Opposed to Continuance of Agricultural Marketing Act.
Under date of March 17 Associated Press advices from
Kansas City said:
The Kansas City Chamber of Commerce declared to-day that a poll
of individual farmers in every county of six agricultural States showed
decided sentiment against the domestic allotment plan or government
attempts to control prices or production, but overwhelming
demand
for Federal aid in refinancing mortgages.
The survey also disclosed a heavy vote against continuing the
present
Agricultural Marketing Act and the activities of the Federal Farm
Board.
The survey was conducted in Missouri, Kansas, Nebraska, Oklahoma,
Colorado and Texas. W. A. Cochel, chairman of the agricultural committee and editor of the "Weekly Kansas City Star," said "every
possible
effort was made to obtain a fair expression free from any organized
or
unorganized influence."
Editors of rural papers, bankers and county assessors were asked to
furnish lists of 25 "dirt farmers" in each county of the six States to
whom
the questionnaire might be submitted. In all it was mailed to 484
counties.
Reduction in Cotton Acreage and Other Crops Approved by Special Committee of Conference of
Governors of Cotton-Growing States.
In Associated Press dispatches from Jackson, Miss.,
March 17 it was stated that Governor Sennett Conner
said that Federal legislation aimed at reduction of acreage
in cotton and other key crops has the backing of the special
committee of the conference of Governors of cotton
-growing
States. The dispatch continued:
The special committee, composed of leaders of agriculture
of Louisiana.
Mississippi and Tennessee, meeting with Governor Conner,
approved
the principle of the Roosevelt farm relief measure and
expressed hope
that it may be made effective at once.
Whether the measure, If enacted, would end agitation
for a cotton
holiday in 1934 cannot yet be predicted and may depend on what
reductions
the Secretary of Agriculture invokes under the Act, Governor
Conner said.
Necessity for drastic curtailment by law of cotton held for the
coming
year was emphasized at the conference here, and machinery
was provided
for pledging the support of the cotton-growing South to
proposed Federal
legislation embodying these principles.
The meeting was primarily called by Harry Wilson,
Commissioner of
Agriculture, and J. W. Bateman, Director of Extension, both
of Louisiana,
"In recognition of the increasing peril of cotton overproducti
on."
South Carolina Group for Parmers' Holidays—Adopts
Red Shirt Insignia.
Special correspondence from Anderson, S. C., March 16,
published in the New York "Times" of March 19, said:
Volume 136
Financial Chronicle
The first farmers' holiday organization has been formed in South Carolina by a group of Anderson County farmers. A button bearing the picture
of a red shirt is the insignia of the association.
The group advocates a two-year moratorioun of all sales of homes and
farms for taxes, but members are pledged "not to engage in unlawful
proceedings or breach of the peace." Its purpose is to investigage all
foreclosures and tax sales and to try to arrange settlements between debtor
and creditor fair to both parties.
Henry Morgenthau, Jr., Newly-Appointed Chairman
of Federal Farm Board—Forecasts End of Board
to Be Replaced by Farm Credit Administration—
Report of Board.
Henry Morgenthau Jr., whose nomination as Chairman
of the Federal Farm Board was sent to the Senate on
March 6 by President Franklin D. Roosevelt, and was confirmed the same day by that body, forecast on March 3 the
end of the Federal Farm Board and its replacement by the
"Farm Credit Administration," which he christened the
new farm relief set-up "for want of a better name." According to a dispatch from Washington, March 3, to the New
York "Times," the new agency will be made up of five
divisions, according to the phases of the farm problem they
will handle. The division heads will sit as a commission
with Mr. Morgenthau at the head, and he, in turn, will be
responsible directly to the President and will work closely
with Henry Wallace, who will be Secretary of Agriculture.
This, said the "Times" account, was the new farm relief
machinery pictured by Mr. Morgenthau at his first conference with newspaper correspondents on March 3. In part,
we also quote RS follows from the same advices:
Big Saving in Prospect.
Into the new divisions will be placed the functions of nearly twice as
many farm agencies and bureaus now scattered throughout Washington,
with a potential saving to the Government of several millions annually.
The new Administration will take over the Federal Farm Loan Board and
the various farm-financing institutions it operates, including the Federal
Land Banks, Joint Stock Land Banks, and Federal Intermediate Credit
Banks.
It will absorb the seed-loan operations of the Department of Agriculture
and the crop-production financing by the Reconstruction Finance Corporation, and, "last, but not least," said Mr. Morgenthau, "we shall continue the loans to the co-operatives."
It was on the latter statement, however, that the attention of agrarian
observers centered. To them it meant the new Administration had adopted
a compromise program embracing Mr. Roosevelt's plan for consolidation
and the abandonment of stabilization operations, but retaining the farmerowned co-operative 'movement, which formed the nucleus of the Agricultural
Marketing Act sponsored by Mr. Hoover and which brought the Farm
Board into being.
It is this movement, designed to give the farmer greater control over
the marketing of his products, that has been strenuously opposed by the
old-line traders and commission men and which seemed doomed upon the
depletion of Farm Board funds through its stabilization operations.
A total of $157,000,000 is now outstanding in loans to the three co-operative associations, and James C. Stone, the retiring head of the Board, considered at least $140,000,000 of it as "good loans." To the agrarian
observers it also appeared that abandonment of stabilization operations,
which cost the Farm Board $136,000,000, was being held out to "the
trade" in partial satisfaction of their demands.
Asked if stabilization activities in wheat and cotton might be continued
In the new Administration "in some modified form," Mr. Morgenthau said:
"Listen, the new Administration is going to get the Government out of
wheat and cotton as quickly as possible."
Stone Gives Explanation.
Chairman Stone, who accompanied Mr. Morgenthau to his first press
conference, observed at this point that "of course the Government is
practically out of stabilization now." He explained that with appropriation
of the cotton held by the Cotton Stabilization Corporation for Red Cross
relief and recent cash sales of wheat by the Grain Stabilization Corporation
there was little left to dispose of. He said the Board still held some
wheat futures.
Mr. Morgenthau said a special division might be set up in the new
agency, depending on the passage of legislation, for handling the farm
mortgage problem. The heads of each of the divisions, he explained, would
be appointed by the President, but that he would recommend them.
Herbert Gaston, who was Deputy Conservation Commissioner of New York
under Mr. Morgentliau, will be secretary of the new agency. . . .
Called upon for the present cash position of the Board, Mr. Stone said
It had cash on hand amounting to $36,000,000, of which about $11,000,000
had been committed in loans to co-operatives. In the summer of 1929 the
Board started off with a revolving fund of $500,000,000.
Board Makes Report.
How the Federal policy of financial relief to agriculture had been molded
to be the greatest possible assistance to the farmer under the adverse conditions of 1932 was described to-day in the annual report for that year of the
Federal Farm Loan Board.
"Where prevailing conditions were responsible for delinquencies, it was
the general policy of the banks to encourage borrowers to remain on their
farms, meet maturing loan obligations to the extent of their ability, and
endeavor to restore their loans to good standing," the report said.
"The Board kept in close touch with the banks of the system and
conferred during the year with officers and directors of a number of the
banks regarding their problems. Thorough examinations were made
of all banks, National Farm Loan Associations and officers functioning
under the supervision of the Board."
Underlying the difficulties which many farmers have encountered in
meeting instalments on their loans has been the fact that prices of farm
products declined while the amount of instalments on their loans remained
fixed and farm real estate and personal taxes continued relatively high.
1999
Taxes and Interest Rose.
the
It was estimated that taxes and land mortgage interest consumed in
1932,
aggregate about 36% of the gross income from mortgaged farms in
Although,
as compared with an average of 19% for the previous 10 years.
for
as the result of the continued decline during 1932 in prices received
Land
agricultural commodities, and increased number of borrowers from the
instalBanks failed to nay maturing instalments on their loans, all matured
close
ments had been paid on a majority of the loans in force at the
of the year.
problem
Increased delinquencies, the Board pointed out, have presented a
The
to the banks in meeting operating expenses and bond obligations.
the basis of the
sustained co-operation of the banks in a sound position on
loans depends
prompt payment by borrowers of instalments on existing
levels, the
largely upon the restoration of prices of farm products to higher
Board declared.
additional
"The Federal Land Banks, having received $125,000,000 of
Jan. 23
capital from the Government under the Act of Congress approved
received by
1932, had ample funds with which to grant all applications
provisions of the
them for loans which were sound and qualified under the
extensions or
Federal Farm Loan Act and were in a position to grant
to
withhold foreclosures in order to give borrowers temporarily unable
the
meet their obligations opportunity to work out of their difficulties,"
Board said.
From the "Times" of March 4 we also take the following:
To Consolidate Six Agencies.
have
As head of the Federal Farm Board, Henry Morgenthau Jr. will
the task of consolidating the six Federal agencies now engaged in extending
agricultural credits.- These credits are now handled by the Federal Farm
Board, the Federal Land Banks, the Joint Stock Land Banks, the Intermediate Credit Banks, the Department of Agriculture, and the Regional
Agricultural Credit Corporation.
Mr. Morgenthau was appointed New York State Conservation Commisinterest
sioner by Governor Roosevelt in 1930 because of his long-standing
and
In agricultural matters. Owner of a large farm in Dutchess County
Mr.
publisher of "The American Agriculturist," a weekly publication,
Morgenthau had always displayed a keen interest in the welfare of the
"dirt farmer."
Born in 1891, the son of Josephine and Henry Morgenthau, the latter
President Wilson's Ambassador to Turkey, the present head of the Federal
Farm Board attended Cornell University and specialized in agriculture.
In the World War he served as a lieutenant in the navy.
Mr. Morgenthau, as a member of the Federal Farm Board,
will.serve for the unexpired portion of the term of five years
from June 15 1929.
Resignation of Carl Williams as Member of Federal
Farm Board.
Carl Williams, of Oklahoma, resigned on March 9 as a
member of the Federal Farm Board, the resignation submitted to President Roosevelt to become effective March 15.
Stating this, an Associated Press account in the Washington
"Post" of March 10 added:
Williams was editor of the Oklahoma "Stockman," published at Oklahoma City, prior to his appointment as a member of the Board by President
Hoover. His term was for a period of six years ending in 1935. He was
the cotton expert of the Board and Vice-Chairman.
H. E. Gaston Appointed Secretary of Federal
Farm Board.
Announcement was made on March 7 of the appointment
of Herbert E. Gaston of Albany, N. Y., as Secretary of the
Federal Farm Board. The Farm Board's announcement of
March 7 added:
Mr. Gaston recently resigned as Deputy Commissioner of the State
Department of Conservation of New York to accept this position. He was
born in Oregon and attended the Uiversity of Washington and the University
of Chicago, afterwards becoming engaged in newspaper editorial work in
Spokane, Wash.; Fargo, N. D.; Minneapolis, Minn., and New York City.
In April 1931 Mr. Gaston was appointed as Secretary of the New York
State Conservation Department headed by Henry Morgenthau Jr., who was
commissioned yesterday (March 6 1933) as Chairman of the Federal Farm
Board. On Oct 1 1931 Mr. Gaston became Deputy Commissioner of
Conservation.
Executive Order Issued by President Roosevelt Authorizing State Authorities to Name Conservators
for State Banks Which Are Members of the Federal
Reserve System.
An executive order was issued on March 18 by President
Franklin D. Roosevelt authorizing state authorities having
supervision over a State bank which is a member of the
Federal Reserve System to name a conservator "to conserve
the assets of such banking institution pending further disposition of its business." The Presidential order follows:
By virtue of the authority vested in me by Section 5 (B) of the Act of
Oct. 6 1917 (40 Stat. L. 411) as amended by the Act of March 9 1933. and
Section 4 of the said Act of March 9 1933, and by virtue of all authority
vested in me, I hereby issue the following executive order:
"Whenever the appropriate authority having immediate supervision of
any banking institution located in any State or place subject to the jurisdiction of the United States, which is a member of the Federal Reserve
System and which has not been licensed by the Secretary of the Treasury
to resume its usual banking functions, shall deem it necessary or advisable in order to conserve the assets of such banking institution for the
benefit of the depositors or other creditors such authority may, in accordance with the provisions of the applicable laws or such State or place, appoint such appropriate official as may be authorized under such laws to
conserve the assets of such banking institution pending further disposition
of its business as provided by such laws.
•
2000
Financial Chronicle
"This order shall not authorize any such member bank to reopen for the
performance of usual and normal functions until it shall have received a
license from the Secretary of the Treasury, as provided in executive order
of March 10 1933.
"FRANKLIN D. ROOSEVELT."
Secretary of Treasury Woodin Authorizes 5% Payment by State Member Banks not Yet Licensed
to Open.
The Treasury Department on March 19 authorized
unopened State member banks to permit withdrawals of
amounts not exceeding 5% of their deposits. The announcement by Secretary William H. Woodin follows:
Any State banking institution which Is a member of the Federal Reserve
System and which is not licensed by the Secretary of the Treasury to reopen
for the performance of usual banking functions, may, with the approval
of the appropriate State authority having immediate supervision of such
banking institution, permit withdrawals by depositors and make payments
to creditors of such percentage of the amounts due to them (not exceeding
5%) as it may determine, provided that on or before the time of such
withdrawal or payment, it shall make available for such purpose a fund
for the benefit of and sufficient to pay to all due depositors and creditors
the percentage so determined.
This regulation shall not in any way affect any right created by regulation No. 7 nor limit or restrict any payment thereby authorized.
(Regulation No. 7 provides for reopening of new accounts to be placed in
trust
for 100% withdrawal).
Any right to authorize withdrawals or payment under the terms of
this
regulation shall terminate upon the appointment of any conservator, receiver or other appropriate State official taking charge of the affairs of
such banking institutions.
On March 19 Associated Press accounts from Washington
also said:
At the same time Secretary Woodin issued a regulation declaring
that
after the close of business on March 18 1933 Treasury regulations 6
and 10,
as amended, shall be without force or effect.
The regulations specified concern withdrawals for the transportation
of
food and food products, for the meeting of payrolls and for the necessities
of life.
It was explained unofficially that these regulations were
repealed in
order to conserve the assets of banks closed or under conservators.
Officials
feel, it was said, that with the number of banks now open sufficient
are available to meet pay rolls and provide for the necessities of life. funds
Other regulations affected unlicensed banks are given
elsewhere in these columns.
Regulations of Secretary of Treasury Woodin Easing
Restrictions Against Unlicensed State Banks.
In addition to the regulation issued March 19 by Secretary
of the Treasury Woodin authorizing unopened State member
banks to pay 5% to depositors (this is given elsewhere in
this issue of our paper) some further regulations were issued
at the same time by Secretary Woodin. As to these we
quote as follows from Washington advices March 19 to the
New York "Journal of Commerce":
Further relaxation of restrictions upon non-licensed banks is
provided
In an order by Secretary of the Treasury Woodin of yesterday's
date.
Following close upon the executive order issued by the President empowering appropriate authorities in the States to appoint conservators for
State
banks, members of the Federal Reserve system, the Treasury head
issued
orders making of non effect Treasury regulations No. 6 and 10, and permitting percentage disbursements by non-licensed banks under certain
conditions.
The first order, made public to-day, provided that—
"after the close of business March 18 1933 Treasury regulation No. 6 and
Treasury regulation No. 10. as amended, snail be without force or effect
to authorize any banking transaction therein referred to.'
As to the new regulation cancelling the effect of Regulations 6 and 10 after the close of business on March 18, a
Washington dispatch t)the New York "Times," said:
They permitted limited withdrawals for the shipment, transportation
or delivery of food or feed products, and to meet the needs of communities
for food, medicine, other necessaries of life, the relief of distress, payrolls
and currency expenditures for maintaining employment.
The cancellations were based on the belief that with many banks licensed
and open for normal activities and restricted withdrawals permitted from
others, either through authority of the Treasury or State banking officials,
there will be available an abundance of currency and credit not only to
meet the needs of communities, but to allow a resumption of general business
activities.
Various Sources of Money.
The money to keep the country going will now come from various sources,
as follows:
1. National and State members of the Federal Reserve system, which
have been licensed for reopening of normal activities by the Federal authorities, and State non-member banks which have been licensed to reopen
100% by State authorities.
2. National banks under control of conservators, appointed by the
Comptroller of the Currency, which may be permitted to carry on such
operations as the conservators, with the approval of the Comptroller,
approves.
3. State member banks which, under the new regulation issued to-day,
may be permitted with the approval of the State authorities to make limited payments to depositors and other creditors.
Latitude for State Officials.
4. State non-member banks not reopened which were placed under the
Jurisdiction of the State authorities in an executive order issued by President
Roosevelt on March 10. This order would permit such banks to carry
on any of their usual functions which the State authorities approved, except
as restricted by certain of the Treasury regulations. The State banking
authorities in permitting such activities for these non-member banks have
been asked to conform as closely as possible to principles adopted by the
Federal authorities.
March 25 1933
5. State member banks which may be placed under the supervision of
a conservator or other supervisory officer by State authorities under the
terms of an executive order Issued by President Roosevelt last night. Such
supervising officer would have authority to permit limited withdrawals,
if he was satisfied that the bank's assets would not be unduly damaged
by such action.
By following out such a plan those directing the Government's program
in the banking emergency believe that an orderly and uniform functioning
of licensed and closed banks will be obtained.
The Federal Reserve Bank of New York gave out the
following circular on March 20 regarding the new Treasury
regulations:
FEDERAL RESERVE BANK OF NEW YORK
(Circular No. 1190, March 20 1933. Amending Circular No. 856, dated
July 2 1928. and Circular No. 1005, dated Nov. 1 1930.)
Cash and Non-cash Items Drawn on or Payable at Banks Not Yet Licensed
by the Secretary of the Treasury to Reopen for Performance of Usual
Banking Functions.
To Member and Non-member Clearing Banks
in the Second Federal Reserve Distric::
We quote below Regulation No. 28, dated March 18 1933, issued by the
Secretary of the Treasury under the President's proclamations of March 6
and 9, 1933, declaring and continuing a bank holiday:
Regulation 28.
"After the close of business on March 18 1933. Treasury Regulation
No.6 and Treasury Regulation No. 10, as amended, shall be without force
or effect to authorize any banking transaction therein referred to."
The texts of Regulations Nos. 6 and 10 which are revoked as of the close
of business March 18 1933 by Regulation 28, quoted above, are contained
in our Circular No. 1168, dated March 8 1933.
Banking institutions not yet licensed by the Secretary of the Treasury
to reopen for the performance of usual banking functions may, however,
permit withdrawals from "Special Trust Accounts" which have been
opened on their books in accordance with Regulatiln No. 7. issued March 8
1933,for the receipt of new deposits We quote below the text of Treasury
Regulation No. 7:
"Deposits heretofore received by any banking institution pursuant to
agreement or legislative authority providing for segregation and for repayment without restriction may be paid on demand. Any banking institution which was lawfully engaged In the business of receiving deposits prior
to March 6 1933. may create special trust accounts for the receipt of new
°anoints which shoji be subject to withdrawal on demand without any restriction or limitation and shall be kept separately in cash or on deposit in
Federal Reserve banks or invested in obligations of the United States.
Federal Reserve Banks may open special accounts on their books for their
member banks and temporarily for non-member banks and may receive
in such special accounts the proceeds of new deposits received by such banking institutions. In making deposits with the Federal Reserve Bank
pursuant to this regulation the depos ting bank shall in the case of each
deposit indicate to the Federal Reserve Bank by symbol or otherwise that
the funds so deposited represent new deposits made under this regulation.
Upon receipt of such deposits such Federal Reserve bank shall credit the
same in the special account of the depositing bank herein provided for and
shall hold the same solely for the repayment to such bank. Federal Reserve
banks shall permit the withdrawal of any part or all of sucn new deposits
by the depositing bank without restriction provided that the depositing
bank shall in such order or request for withdrawal indicate to the Federal
Reserve bank by symbol or otherwise that such withdrawal 113 to be made
from such special account, provided however, that no banking institution
shall pay out or permit the withdrawal of any gold or gold certificates."
Member banks and non-member clearing banks are requested not to forward to us for collection (either as cash or non-cash items) items drawn on
or payable at banking institutions which have not yet been licensed by the
Secretary of the Treasury to reopen for the performance of usual banking
functions, unless such items are so marked as to Indicate that they are
drawn on "Special Trust Accounts" opened in accordance with Regulation
No.7. Items forwarded to us for collection which are drawn on such banking institutions and which are not so marked will, at our discretion, be
either returned to sending banks or forwarded to the drawee institutions.
GEORGE L. HARRISON, Governor.
New York State Superintendent of Insurance Withdraws Ruling Prohibiting Dividend Disbursements
by Life Insurance Companies.
The following statement was issued by the New York
State Superintendent of Insurance George S. Van Schaick
on Mar. 23 announcing his intention to withdraw the ruling
suspending the declaring of dividends by life insurance
companies. (A reference to the ruling was made in our
issue of Mar. 18, page 1816):
An examination of the annual statements for 1932 of life insurance companies operating in New York State, audit of the last of which was completed this week, has satisfied me that the emergency ruling of Mar. 14
1933 prohibiting any further declaration of dividends to policyholders
may be and is hereby withdrawn. This audit shows that the net earnings
of all life insurance companies operating in New York State were over
$600,000,000 in 19:32 of which nearly $400,000,000 was earned by New
York State companies. These earnings were sufficient not only to provide
the dividends for 1933 but also substantial additions to reserves for contingencies. Substantially 90% of dividends to policyholders are left with
the companies.
The order suspending the payment of dividends to stockholders remains
unaltered.
Treasury Explains Duties of Conservators Under New
Law to Protect Bank Depositors.
Treasury officials explained on March 13 what will be
the duties of the conservator of a closed bank, the officer
to be appointed under the terms of the new emergency
banking legislation to conserve the assets of any such bank
for the benefit of depositors and other creditors. Indicating
this, a Washington dispatch March 13 to the New York
"Times" stated:
Conservators may be appointed only for national banks and for banks
and trust companies located in the District of Columbia.
The conservator, who is to be appointed by the Comptroller of the Currency, will take over the property of the bank and take such action as may
be necessary to conserve the assets of the institution pending further disposition of its business. The conservator has all powers granted to national
Volume 136
Financial Chronicle
bank receivers and is subject to such bond as may be required by the
Comptroller.
An examination of the bank will then be made and a report sent to the
Comptroller of the Currency. If the Comptroller becomes satisfied that
it may safely be done, he may terminate the conservatorship and permit
the bank to resume business subject to terms and restrictions as he may
prescribe.
While the bank is in conservatorship the Comptroller may require the
conservator to set aside and make available for withdrawal by depositors
and payment to other creditors, on a ratable basis, such amounts as
his opinion may safely be used for the purpose.
The conservator may be permitted by the Comptroller to receive deposits. While the bank is in the hands of the conservator deposits received will not be subject to any limitation as to payment or withdrawal.
These deposits will not be used to liquidate any indebtedness of the bank
existing at the time that the conservator was appointed. Deposits of
this type must be maintained intact at the bank, redeposited at a Reserve
bank or invested in Government securities.
If it is found that a national bank cannot operate on a 100% basis, the
conservator may arrange a reorganization subject to the approval of the
Comptroller. In the writing down of deposits and other liabilities the
consent of depositors representing 75% of the depositors, other creditors
representing 75% of the liabilities and stockholders representing twothirds of the outstanding capital stock is required under certain conditions.
When this requirement is met, any plan of reorganization approved by the
Comptroller is binding on other interested parties.
After fifteen days following the date when the affairs of a bank have
been turned back to its board of directors, with or without a reorganization,
the provisions of the law providing for 100% withdrawal of deposits made
during the term of the conservatorship and that prohibiting the use of
these deposits to liquidate indebtedness will not be effective. The conservator is required to advertise publicly the fact that the bank is to be
returned to its board of directors and notify depoistort by registered mail
of the fact.
Rules and regulations are now being prepared by the Comptroller relative
to the operation of this feature of the law. The maximum penalty for
violation is not more than a year imprisonment and a fine of $5.000.
Ruling on Deposits in Banks Shut Down—Treasury
Bars Their Use in Reorganization Stock Purchase
Without Consent.
From the New York "Journal of Commerce" we taken the
following from Washington March 21:
The Treasury Department is represented as having decided to withhold
approval of the use of any part of the deposits in closed banks for the
purchase of stock in their reorganization without the explicit consent of
the depositors.
Faced with this condition, banks in various sections of the country were
reported to-day as seeking such co-operation in the hope of success in this
and in securing the approval of the Treasury to reorganization plans.
Decline to Comment.
Treasury officials to-night declined to comment upon this situation. The
decision is said to have been reached upon the application of the Baltimore
Trust Co. and the Union Trust Co. of Baltimore. Negotiations were
entered into with officials here by the bankers with the backing of Governor
Ritchie and others in public life. They were followed with interest by
bankers In other cities.
According to reports here to-night, banks in Cleveland are endeavoring
to work out a plan for reorganization that will meet Treasury approval.
A mass meeting of depositors of the closed Commercial National Bank of
Washington was presented with a similar scheme.
Liability Insisted Upon.
One of the difficulties set up in some of these cases is the demand by unsympathetic depositors that in the reorganization of banks the old stockholders contribute to the purchase of stock the amount of their liability
under the National Banking Laws.
In the case of the Commercial National Bank in Washington this would
mean $1,000,000, the set-up proposed contemplating only the creation of a
new corporation with $500,000 of capital with a surplus of $250,000 to be
contributed by depositors on a percentage basis.
Secretary of Treasury Woodin Permits Banks Licensed
to Reopen on Restricted Basis to Rediscount
Renewals of Notes Previously Rediscounted.
Federal member banks which have not been licensed to
reopen on an unrestricted basis were granted permission
by Secretary Woodin, on March 21, to rediscount or pledge
with another banking institution renewals of notes which
previously were rediscounted or pledged with the other bank.
Associated Press accounts from Washington March 21 said.
The action, which permits the unlicensed banks in the
Federal Reserve System to renew their notes or rediscount
them, was issued as regulation No. 29 of the orders promulgated by Secretary Woodin under authority of the
President's bank holiday proclamations.
The notice in the matter issued by the Federal Reserve
Bank of New York follows:
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 1193. March 22 1933).
Regulations Issued by the Secrgtary of the Treasury Under the
President's Proclamations Declaring and Continuing A
Bank Holiday.
To AU Banking Institutions in the
Second Federal Reserve District
For your information, and supplementing our previous circulars on this
subject, we quote the text of a regulation which the Federal Reserve Board
has advised us has been issued by the Secretary of the Treasury, under the
President's proclamations of March 6 and 9 1933, declaring and continuing
a bank holiday:
Regulation 29.
"Any banking institution which is a member of the Federal Reserve
licensed
to
not
perform usual banking functions may reis
System and
discount or pledge with another banking institution renewals of notes which
2001
were previously rediscounted or pledged with such other banking institution."
As we are advised of the issuance of further regulations and interpretations by the Secretary of the Treasury under the President's proclamations
declaring and continuing a bank holiday we will forward the text thereof
to banking institutions in this district.
GEORGE L. HARRISON, Governor.
Federal Reserve Board Extends Time Within Which
Banks Are to Report on Gold Withdrawals.
The date within which the Federal Reserve Board requires
the list of names and addresses of those withdrawing gold
from the Federal Reserve Banks or their members, has been
extended to March 27. The Boird's original notice to the
Reserve banks (given in our issue of March 11, page 1677,)
read:
It is requested that you prepare and forward to the Board as soon as
possible after March 13 1933, as complete a list as can be made from information you are able to obtain, of the names and addresses of all persons
who have withdrawn gold from your bank or a member bank in your district since Feb. 1 1933, and who have not redeposited in a bank on or before
March 13 1933.
As indicating an extension of the time to March 17, we
quote the following circular issued March 12 by the New
York Fedoral Reserve Bank.
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 1177, March 12 1933.)
Information Concerning Withdrawals of Gold.
To AB Banks in the
Second Federal Reserve District:
A telegram has been received from the Federal Reserve Board amending
the request for information concerning gold withdrawals which was reported
in circular No. 1169. The amendment postpones by four days the date
on which the list of persons who have withdrawn gold from the banks is to
be closed and reported to the Federal Reserve Board. The message received to-day is as follows:
It is requested that von prepare and forward to the Board as soon as
possible after March 11 1933, as complete a list as can be made from inforreation you are able to obtain of the names and addresses of all persons
who have withdrawn gold from your bank or a member bank in your district
since Feb. 1 1933, and who have not releposited it in a bank on or before
March 17 1933.
The list which you were requested in Circular No. 1169 to send us should
therefore be completed immediately after March 17 1933.
GEORGE L. HARRISON, Governor.
The further extension of time was announced as follows
by Governor Harrison:
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 1187, March 18 1933.)
Information Concerning Withdrawals of Gold.
To All Banks in the
Second Federal Reserve District:
A telegram has been received from the Federal Reserve Board amending
the request for information concerning gold withdrawals which was reported
in circular No. 1177. The amendment postpones by ten days the date on
which the list of persons who have withdrawn gold from the banks is to be
closed and reported to the Federal Reserve Board. The message received
to-day is as follows:
It is requested that you prepare and farward to the Board as soon as
possible after March 27 1933, as complete a list as can be made from information you are able to obtain of the names and addresses of all persons
who have withdresvn gold from your bank or a member bank in your district
since February 1 19'33. and who have not redepcsited it in a bank on or
before March 27 1933.
The list which you were requested in Circular Nos. 1169 and 1177 to send
us should therefore be completed immediately after March 27 1933.
GEORGE L. HARRISON, Governor.
Information Regarding Gold Payments and Withdrawals Called For From Members by New York
Stock Exchange.
Supplementing its previous call upon members for information regarding gold payments and withdrawals, the New
York Stock Exchange on March 13 issued the following
notice to members:
13. (As amended March 13 1933.)
Members shall immediately prepare a record of all payments, withdrawals
and redeposits in gold coin, gold bullion, or gold certificates made by them
or through their firms between Feb. 11933, and March 17 1933, inclusive.
Members shall also prepare a separate record showing all such payments,
withdrawals and redeposits of which they have knowledge made by them
or through their firms between Feb. 11931, and Jan. 311933, inclusive.
These records shall show the date, the amount involved, the names and
addresses of the persons for whose account such transactions were made,
and how delivery was effected, and shall be filed with the Committee on
Business Conduct, Room 609. 11 Wall Street, New York City, before noon
on March 211933.
All members of the Exchange. and firms registered thereon. holding gold
coin, gold bullion, or gold certificates in safekeeping, or otherwise, shall.
prior to March 17 1933. deliver the same to the persons for whom it is held
unless such persons authorize the deposit thereof in banks.
The earlier notice was given in these columns, March 11,
Page 1676.
Notice of New York Stock Exchange Regarding Measures Against Withdrawals of Currency For Hoarding.
On March 13, the Committee on Publicity of the New York
Stock Exchange issued the following notice to members:
16. In conformity with the regulations issued by the Secretary of the
Treasury, members shall not allow the withdrawal of any currency for
2002
Financial Chronicle
hoarding. Before making payments in currency to customers, members
must satisfy themselves that such withdrawals of currency are not for
hoarding.
Additional List of Banks Licensed to Resume Operation
in New York Federal Reserve District.
In addition to those banks previously licensed to resume
operations in the Second (New York) Federal Reserve District, in accordance with the announcement March 16 of the
New York Federal Reserve Bank (and noted in our issue of
March 18, P. 1799), the Bank announced on March 22 that
the following institutions have also re-opened:
MEMBER BANKS.
NEW JERSEY.
*Cranford—Cranford Trust Co.
The First National Bank of Cranford.
NEW YORK STATE.
Fleischmanns—The First National Bank of Fleischmanns.
a*Hamburg—Peoples Bank of Hamburg.
La Fargeville—First National Bank of La Fargeville.
Wayland—The First National Bank of Wayland.
NON-MEMBER BANKS.
NEW JERSEY.
Cliffside Park—Cliffside Park Title Guaranty & Trust Co.
Garfield—Garfield Trust Co.
Hawthorne—Peoples Bank of Hawthorne.
Hillside—Hillside Trust Co.
Livingston—Livingston State Bank.
Metuchen—Commonwealth Bank of Metuchen.
Newark—D'Avula Salvatore & Sons Bank (Private Bank).
Paterson—Franklin Trust Co. of Paterson.
Merchants Trust Co.
Security Trust Co.
Scotch Plains—First State Bank of Scotch Plains.
West New York—The Trust CO. of New Jersey in West:New:York.
NEW YORK STATE.
Antwerp—Bank of Antwerp.
Baldwinsville—Baldwinsville State Bank.
aCastile—Bank of Castile.
Clyde—Citizens Trust Co.
Fayetteville—Fayetteville Commercial Bank.
Great Neck—Great Neck Trust Co.
Liverpool—Liverpool Bank.
Malverne—Bank of Malverne.
Middletown—Orange County Trust Co.
New Rochelle,-Huguenot Trust Co.
Northville—Northville Bank.
aOakfield—Exchange Bank.
Parish—State Bank of Parish.
Philadelphia—Bank of Philadelphia.
aWellsville—First Trust Co.
Williamson—State Bank of Williamson.
SAVINGS BANKS.
NEW JERSEY.
Bloomfield—Bloomfield Savings Institution.
Elizabeth—Germania Mutual Savings Association.
Mutual Savings Fund Harmonia.
Union County Savings Bank.
Morristown—Morris County Savings Bank,
New Brunswick—New Brunswick Savings Institution.
Perth Amboy—Perth Amboy Savings Institution. '
Plainfield—Plainfield Savings Bank.
Rahway—Rahway Savings Institution.
Raritan—Raritan Savings Bank.
Somerville—Somerville Savings Bank.
* State bank member.
a Bank in Buffalo Branch territory.
Additional Regulations Issued by Secretary of Treasury
Woodin Under President Roosevelt's Bank Holiday
Proclamations.
Supplementing the regulations previously issued by
Secretary of the Treasury Woodin under President Roosevelt's bank holiday proclamations of March 6 and 9,further
regulations (Nos. 1186, 1188 and 1189) have been issued
under date of March 18 and 19 by Secretary Woodin.
The earlier regulations issued by the Treasury Department
were given in these columns March 11, pages 1667 and 1668;
and March 18, pages 1813-1816. As made available by the
Federal Reserve Bank of New York, the latest regulations
and interpretations with respect thereto follow:
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 1186, March 18 1933)
Regulations Issued by the Secretary of the Treasury Under the
President's Proclamation Declaring a Bank Holiday.
To All Banking Institutions in the
Second Federal Reserve District:
For your information, and supplementing our previous circulars on this
subject, we quote below the text of a regulation which the Federal Reserve
Board has advised us to-day has been issued by the Secretary of the Treasury
under the President's proclamations of March 6 and 9 1933, declaring and
continuing a bank holiday. For convenience in reference we reprint the
regulations to which this regulation refers.
7. Authorizing Special Trust Accounts, &c.
"Deposits heretofore received by any banking institution pursuant to
agreement or legislative authority providing for segregation and for repay
March 25 1933
ment without restriction may be paid on demand. Any banking institution
which was lawfully engaged in the business of receiving deposits prior to
March 6 1933, may create special trust accounts for the receipt of new
deposits which shall be subject to withdrawal on demand without any
restriction or limitation and shall be kept separately in cash or on deposit
in Federal Reserve banks or invested in obligations of the United States.
Federal Reserve banks may open special accounts on their books for their
member banks and temporarily for non-member banks and may receive
in such special accounts the proceeds of new deposits received by such
banking institutions. In making deposits with the Federal Reserve Bank
pursuant to this regulation the depositing bank shall in the case of each
deposit indicate to the Federal Reserve Bank by symbol or otherwise that
the funds so deposited represent new deposits made under this regulation.
Upon receipt of such deposits such Federal Reserve Bank shall credit the
same in the special account of the depositing bank herein provided for and
shall hold the same solely for the repayment to such bank. Federal Reserve
banks shall permit the withdrawal of any part or all of such new deposits
by the depositing bank without restriction provided that the depositing
bank shall in such order or request for withdrawal indicate to the Federal
Reserve Bank by symbol or otherwise that such withdrawal is to be made
from such special account, provided however, that no banking institution
shall pay out or permit the withdrawal of any gold or gold certificates."
15. "The permission granted in Regulation No. 7 that deposits heretofore received by any banking institution pursuant to agreement or legislative authority provluing for segregation and repayment without restriction
may be paid on demand,includes any bank in which any such deposits have
been redeposited by or on behalf of the receiving bank in accordance with
such agreement or legislative authority."
23."No banking institution shall permit any withdrawal by any person
when such institution, acting in good faith, shall deem that the withdrawal is
intended for hoarding. Any banking institution, before permitting the
withdrawal of large or unusual amounts of currency, may require from the
person requesting such withdrawal, a full statement under oath of the
purpose for which the currency is requested.'
New Regulation.
"Deposits of the kinds described in Regulations No. 7 and No. 15 are not
subject to the provisions of Regulation No. 23."
As we are advised of the issuance offurther regulations and interpretations
by the Secretary of the Treasury under the President's proclamations
declaring and continuing a bank holiday we will forward the text thereof to
banking institutions in this district.
GEORGE L. HARRISON, Governor.
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 1188, March 19 1933.)
Regulations Issued by the Secretary of the Treasury Under the
President's Proclamations Declaring and Continuing
a Bank Holiday.
To All Banking Institutions in the
Second Federal Reserve District:
For your information, and supplementing our previous circulars on this
subject, we quote below the text of a regulation which the Treasury Department has advised us to-day has been issued by the Secretary of the Treasury
under the President's proclamations of March 6 1933, and of March 9
1933, declaring and continuing a bank holiday. For convenience in reference
we reprint the regulations to which this regulation (No. 28, dated March 18
1933) refers.
6. Permitting Certain Activities in Connection with Food or Feed
Products.
"Any banking institution may handle and collect drafts or other docu
manta in connection with the shipment, transportation or delivery of food
or feed praducts, may pay out or permit the withdrawal of such amounts of
currency as shall be necessary in the judgment of such banking institution
in connection with such shipment. transportation or delivery of food or feed
products, and may perform such other banking functions as may be essential
to the shipment, transportation or delivery cf food or feed products,
provided, however, that no banking institution shall pay out or permit the
withdrawal of any gold or gold certificates."
Interpretation No. 1.
"You are authorized to inform all banking institutions and others concerned that the term 'food or feed products' in Regulation 6, under the
President's Proclamation, promulgated March 6, may be interpreted to
include livestock on the way to slaughter."
Interpretation No. 6.
"Food or feed products as used in Regulation 6 may be construed as
Including whole grain if such grain is intended for processing or consumption
In the immediate future."
10. Authorizing Certain Activities by National or State Banking
Institutions.
"Any National or State banking institution may exercise its usual banking
functions to such extent as its situation shall permit and 88 shall be absolutely necessary to meet the needs of its community for food, medicine,
other necessities of life, for the relief of distress, for the payment of usual
salaries and wages, for necessary current expenditures for the purpose of
maintaining employment,and for other similar essential purposes: Provided,
however,that(1) every precaution shall be taken to prevent hoarding or the
unnecessary withdrawal of currency: (2) no State banking institution shall
engage in any transaction under this regulation which is in violation of
State or Federal law or of any regulation issued thereunder:(3) no National
banking association shall engage in any transaction under this section which
is in violation of any Federal law or of any order or regulation issued by the
Comptroller of the Currency: and (4) no gold or gold certificates shall be
paid out. Each banking institution and its directors and officers will be
held strictly accountable for faithful compliance with the spirit and purpose
as well as the letter of this regulation."
Interpretation No. 2.
"Regulation No. 10 of March 7 under the President's Proclamation of
March 6 is held to authorize payments on account of pensions, workmen's
compensation disability insurance, relief and unemployment."
Interpretation No. 5.
"Regulation No. 10 issued under the President's Proclamation is interpreted to authorize paymentsfor fertilizer and for vegetable and agricultural
seeds for spring planting, where such payments are absolutely necessary and
where the seed and (or) fertilizer are for immediate use."
Interpretation No. 7,
•
'Release of funds for purchase of cotton where absolutely necessary to
maintain operation is interpreted as'Necessary current expenditures for the
purpose of maintaining employment and for other similar essential purposes.'
As used in Regulation 10."
Interpretation No 9.
"Regulation No. 10 issued under the President's Proclamation is Interpreted to authorize payments for nursery stock where such payments are
absolutely necessary to prevent destruction of stock in transit on March 6
1933, or prepared for and awaiting shipment on March 6 1933, under bona
fide commitments."
Regulation 28—March 18 1933.
"After the close of business on March 18 1933, Treasury Regulation No.6.
and Treasury Regulation No. 10, as amended, shall be without force or
effect to authorize any banking transaction therein referred to."
As we are advised of the issuance offurther regulations and interpretations
by the Secretary of the Treasury under the President's proclamations
declaring and continuing a bank holiday we will forward the text thereof to
banking institutions in this district.
GEORGE L. HARRISON, Governor.
Financial Chronicle
Volume 136
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 1189, March 19 1933.)
Regulations Issued by the Secretary of the Treasury Under the
President's Proclamations Declaring and Continuing
a Bank Holiday.
To AU Banking Institutions in the
Second Federal Reserve District:
For your information, and supplementing our previous circulars on this
subject, we quote below the text of interpretation No. 11 which the Federal
Reserve Board has advised us has been issued by the Secretary of the
Treasury, under the President's proclamations of March 6 and 9 1933.
declaring and continuing a bank holiday. For convenience in reference we
reprint Regulation 12 to which Interpretation 11 refers.
12. Regarding Issuance of Certificates Against Sound Assets.
"Clearing house associations and other associations organized to provide
an adequately secured medium of temporary exchange, are hereby permitted to issue certificates against sound assets of banking institutions, such
certificates to be deliverable by each institution to its creditors and depositors on a pro rata basis, provided, however, that no such certificates
shall be issued before Friday, March 10 1933, without the consent of the
Secretary of the Treasury addressed to the Clearing House or other association proposing to issue such certificates, and further provided that this
permission may be revoked in the event that a National plan to meet the
existing emergency is proposed by the Secretary of the Treasury if in his
opinion the success of such plan would be inconsistent with the operation
of the certificate plan."
Interpretation No. 11.
"Regulation No. 12 is not to be construed as permitting a banking institution, open for normal and usual functions under license of the Secretary
of the Treasury, to require depositors to accept clearing house certificates
or other evidences of claims against assets for all or any part of any withdrawal requested."
The Federal Reserve Board has also informed us of an advice by the
Comptroller of the Currency, which is given below following a reprint of
Regulation No. 7, to which the advice refers.
7. Authorizing Special Trust Accounts, &c.
"Deposits heretofore received by any banking institution pursuant to
agreement or legislative authority providing for segregation and for repayment without restriction may be paid on demand. Any banking institution
which was lawfully engaged in the business of receiving deposits
to
March 6 1933. may create special trust accounts for the receipt prior
of new
deposits which shall be subject to withdrawal on demand without
any
restriction or limitation and shall be kept separately in cash or on deposit
In Federal Reserve banks or invested in obligations of the United States.
Federal Reserve banks may open special accounts on their books for their
member banks and temporarily for non-member banks and may receive
in such special accounts the proceeds of new deposits received
by such
banking institutions. In making deposits with the Federal
Bank
pursuant to this regulation the depositing bank shall in theReserve
case of each
deposit indicate to the Federal Reserve Bank by symbol or otherwise
that
the funds so deposited represent new deposits made under this regulation.
Upon receipt of such deposits such Federal Reserve Bank shall credit the
same in the special account of the depositing bank herein provided for and
shall hold the same solely for the repayment to such bank. Federal Reserve
banks shall permit the withdrawal of any part or all of such
deposits
by the depositing bank without restriction provided that new
depositing
bank shall in such order or request for withdrawal indicate the
to the Federal
Reserve Bank by symbol or otherwise that such withdrawal is to be made
from such special account, provided however that no banking
institution
shall pay out or permit the withdrawal of any gold or gold certificates."
"Office of Comptroller of Currency advises that, notwithstanding appointment of conservator for National bank under Conservation
deposits
received by such bank prior to appointment of conservator inAct,
special trust
accounts created under the provisions of Regulation No.7 of
the
Secretary
of the Treasury issued March 6 1933, may be withdrawn upon demand
without restriction or limitation to the full extent of the amount of cash,
Federal Reserve Bank balances and proceeds of United
States obligations
In which such deposits have been kept separate or
invested in accordance
with the provisions of said Regulation No. 7."
We quote below the text of Regulation No. 27. dated March
18 1933,
which the Treasury Department has advised us to-day has
been issued by
the Secretary of the Treasury under the President's
proclamations of
March 6 1933. and of March 9 1933, declaring and continuing a
bank
holiday, and the executive order of March 10 1933.
Regulation 27.
"Any State banking institution which is a member of the Federal
System and which is not licensed by the Secretary of the Treasury Reserve
to re-open
for the performance of usual banking functions may,
the approval of
the appropriate State authority having immediate with
supervision
banking institution, permit withdrawals by depositors and make of such
payments
to creditors of such percentage of the amounts
due
them (not exceeding
5%) as it may determine, provided that at or beforeto
the time of such withdrawal or payment it shall set aside and make available
for such purpose a
fund for the benefit of and sufficient to pay to all depositors
and creditors
the percentage so determined.
"This regulation shall not in any way affect any right created by
Regulation No. 7 nor limit or restrict any payment thereby authorized.
"Any right to authorize withdrawals or payments under the terms of
this
regulation shall terminate gr the armoim-tof any
conservator, reotheaao;u
cerorotherapropateaoidaitagng1
charge
banking institution.'
As we are advised of the issuance of further regulations and interpretations
by the Secretary of the Treasury under the President's proclamations de•
daring and continuing a bank holiday we will forward the text thereof
to
banking institutions in this district.
GEORGE L. HARRISON, Governor.
Suspension of Holidays and Opening of Banks for
Business.
Since the publication in our issue of March 18 (page 1829)
of the bank holidays put in force in the various States, the
following further action is recorded:
CONNECTICUT.
Most Banks Reopened—Savings Banks Restrict Withdrawals.
The banking situation in Connecticut has cleared rapidly,
so far as reopenings are concerned. There were only two
National banks on March 20 which had not as yet received
their Federal license, five having received their permission
to resume. There are now 45 National banks open. The
Hartford "Courant" of March 21, in noting this, added:
Three State banks, one of them a member of the Fec'eral Reserve, are not
performing their full service. Two of these are operating under restrictions and the member of the Federal Reserve System has not been licensed
as yet. There are 79 State banks and trust companies in the State. In
2003
addition there are 75 mutual savings banks, all open and permitting weekly
withdrawals of amounts from $10 to $25 weekly and requiring three months'
notice for withdrawals, as ordered by the Bank Commissioner.
The record of having only three out of 199 banks closed and two under
restrictions for limited withdrawals is regarded as an indication of the good
management of the Connecticut banks.
Practically all of the large depositors of the Manchester
Trust Co. of South Manchester, Hartford County, Conn.,
at a meeting held March 16 agreed not to withdraw a part
of their deposits in order that the institution (which had not
secured a Federal license after the ending of the bank holiday) may reopen shortly, according to an announcement
made after the meeting by R. La Motto Russell, President
of the trust company. A Manchester dispatch to the Hartford "Courant" on March 17, reporting the matter,furthermore said:
The meeting was called Thursday (March 16). when the bank officials
felt that because of the delay in securing the Federal license to reopen it
would expedite matters to explain the situation to the large depositors and
get their co-operation to the plan for reorganization of the capital s ructure,
President Russell said.
The Manchester Trust Co. is both a State bank and a member of the
Federal Reserve System. The State is ready to authorize reopening the
bank. A new Federal Reserve ruling eliminates from the assets equities
In real estate on which there are prior liens, regardless of the value of the
equity. This elimination, not necessarily loss, will be offset by the guarantee of the large depositors to freeze, or in other words, not to withdraw
portions of their deposits, and comply witn the Federal Reserve restrictions for reopening.
The Savings Bank of Manchester, housed in the same building with the
trust company,is in no way affected by the latter in its delay in getting the
Federal Reserve license or plans for its reorganization. The Savings Bank
reopened several days ago.
FLORIDA.
Many Banks Reopening.
Comptroller J. M. Lee of Florida said on March 18, according to Associated Press advices from Tallahassee that
day,that 91 of Florida's 123 State banks which are not members of the Federal Reserve System have reopened for business without restrictions.
Many of the 32 others, he said, have applied for licenses
to do unrestricted business and these applications are b ling
considered at the Banking Department.
Besides these banks there were 45 National banks and
three State banks, members of the Federal Reserve, open
as of March 16.
GEORGIA.
Banks Reopen—State Bank Restrictions to Be Lifted March 27.
Since March 15, 197 banks in 179 Georgia cities and towns
closed by the banking holiday of Governor Eugene Talmadge had reopened at the close of business March 18, it
was announced by R. E. Gormley, State Superintendent
of Banks, according to the Atlanta "Constitution" of March
19. Many of them were permitted to reopen when the
national moratorium on State banks was lifted and the others
as rapidly as examiners could check their conditions.
There are only four State banks in Georgia members of
the Federal Reserve System which have not been reopened,
the paper quoted said.
Restrictions on State banks in Georgia are to be lifted
March 27, we learn from Associated Press advices from
Atlanta, March 22, which said:
Governor Talmadge announced to-day that restrictions placed on Georgia
State banks by his recent order declaring an indefinite holiday would be
lifted with the start of the business day Monday. March 27. The Governor said the "crisis has passed and Georgia banks will be able to operate
under normal conditions."
ILLINOIS.
Banks Reopen.
On March 23 it was reported that 259 State banks in
Illinois, not members of the Federal Reserve, were conducting
normal operations. There are still 445 State banks closed.
IOWA.
Restrictions Being Lifted from Banks.
According to advicesfrom Des Moines,Iowa,D.W.Bates,
Deputy Superintendent of Banking, has released 282 Iowa
banks, both State and Federal Reserve, from the restrictions of the emergency banking law up to March 20.
KANSAS.
Banks Reopen.
All of the 604 State banks in Kansas except 37 were open
and doing business without restrictions on March 15,
according to H. W. Koeneke, State Bank Commissioner.
The Topeka "Capital" of March 16 said that 20 of the
banks were open under 5% withdrawal restrictions. Some
of these were handicapped by failure of money to arrivi
from the Federal Reserve. Others probably will be reorganized, it was said.
March 25 1933
Financial Chronicle
.2004
KENTUCKY.
Conservator for Bank Appointed.
A. V.Pollock, a Vice-President of the First National Bank
of Greenup, Ky., has been appointed conservator of the
Institution, according to a dispatch from that place on March
19 to the Cincinnati "Enquirer," which continuing said:
The bank will be closed until reorganization is effected. Permission
',di ibe requested to release funds deposited since the banking holiday
started and to allow safe deposit box owners access to their boxes.
LOUISIANA.
Slate and Other Banks Reopen.
Under a ruling made by the Louisiana Banking Commissioner, J. S. Brock, general reopening of State charter banks
was effected in that State on March 20, for restricted business. Advices from New Orleans to the New York "Journal
of Commerce" of March 21 added:
In
A general limit of 5% was applied to withdrawals, although varied
Commisspecific instances at the option of the banks in accordance with
to
ed
proportion
was
sioner Brock's rule permitting withdrawal. The limit
the cash on hand in ratio to total deposits.
The 5% allowed here was interpreted by banks as being the same 5%
of total deposits designated for withdrawal under the Clearing House reso
holilution adopted March 2 for opening on March 3. The State banking
day started March 1 was lifted March 3 with a 5% rule and was re-established March 3 to 18, inclusive.
The "Wall Street Journal" of March 22, in reporting
advices from New Orleans, said Commissioner Brock removed restrictions from State banks, of Louisiana, declaring
that "inasmuch as the fear and panic seem to have passed,
the State Banking Department has decided to allow all
State banks in Louisiana to fully open to transact any and
all normal business, subject, however, to the proclamation
of the President of the United States, which does not allow
withdrawals due to excitement, panic, or fear, or for the
purpose of hoarding."
An Associated Press dispatch from Lake Charles, La., on
March 17 stated that announcement was made that day
that under the provisions of the National Banking Act the
affairs of the Calcasieu National Bank in Lake Charles and
Its branches had been placed in the hands of J. R. Nail,
Vice-President of the institution, as conservator, pending
completion "of any arrangement which may be deemed desirable." Appointment of Mr. Nail was announced at
Washington by the office of the Comptroller of Currency,
the dispatch said.
It is learnt from the New Orleans "Times-Picayune" of
March 19 that application has been made to the Comptroller
of the Currency for a National charter for the HiberniaBank & Trust Co. of New Orleans,according to an announce
ment by its President, Rudolph S. Hecht, on the previous
night. The statement issued by Mr. Hecht, as printed in
the paper mentioned, follows:
by the
Although the Hibernia Bank & Trust Co. was given a license
decided to
United States Treasury Department to reopen, the directors
they
holiday;
State
the
delay the resumption of business until the end of
charter.
also believed it to be advisable to function in future under a National
application
Accordingly, during my recent visit to Washington I filed
which
for the organization of the Hibernia National Bank in New Orleans,
pro.
would take over the business of the existing State institution The
18)
(March
to-day
n
posed name was approved by wire from Washingto
and representatives of the Comptroller of the Currency of the United States
Treasury are now in New Orleans.
Pending completion of details and necessary arrargaments, it Is impossible
to make a more definite announcement at this time.
We sincerely regret the inconvenience which t ag been occasioned and
wish to say that every effort is being made by both our own organization
and the Comptroller's office to hasten the completion of the plan.
MAINE.
Two Banks Get Conservators.
The appointment of conservators for two banks in Portland, Me.—the Casco Mercantile Trust Co. and the Fidelity
Trust Co.—was announced on the night of March 19, it is
learnt from Associated Press advices from Portland. The
two trust companies had failed to open after restrictions had
been removed from other banks in the State of Maine, following the banking holiday. We quote in part from the
dispatch as follows:
Robert Braun was appointed by Chief Justice William R. Pattangall
Verrill
of the Maine Supreme Judicial Court for the Fidelity, and Harry M.
for the Casco Mercantile.
store,
local
department
Braun,
&
Braun, Treasurer of Porteous, Mitchell
no formal connection
is a director of the Fidelity Trust Co. Verrill had
g
with the Casco Mercantile, but had served on a committee representin
n with the Casco
other Portland banks which had worked in co-operatio
Mercantile.
Both conservators were authorized to proceed with reorganization of the
banks to enable them to continue in business. . . .
Both institutions announced they would receive new deposits which would
s will be permitted
be subject to unrestricted withdrawals, but no withdrawal
from old accounts pending a revaluation of the bank's assets.
MARYLAND.
Banks Limit Withdrawals.
The Baltimore Trust Co., Baltimore, Md., reopened on
Tuesday, Mar. 21, on a 5% withdrawal basis for old deposit
balances and 100% for new accounts. With regard to the
the
plan announced last week by the company, involving
trust
the
e
supersed
to
bank
formation of a new national
company (noted on page 1835 of our Mar. 18 issue) an
announcement by Howard Bruce, Chairman of the Board,
said in part:
plan for cona
On Tuesday, Mar. 14, we made an announcement of
Trust Co.
serving and assuring the highest realization of the assets of the
the common
This plan involved the formation of a new National Bank,
and for
Co.,
stock of which was to be wholly owned by the Baltimore Trust
based on the
an initial payment to the depositors. The announcement was
the plan and
assurance of the Washington authorities of their approval of
their readiness to advance the necessary money for its execution.
out of the
A number of unexpected obstacles appeared in the working
during the
plan. The efforts of the officers of this company have been,
past week and are stil, being, devoted to overcoming these obstacles.
we do not
While we still hope this plan will be satisfactorily worked out,
wish any longer to delay the opening or the initial payment.
On Tuesday, Mar. 21, the Union Trust Co. of Maryland,
Baltimore, resumed business on a 5% withdrawal basis for
An
old deposit balances and 100% for new accounts.
announcement to the depositors read in part as follows:
of Maryland over
Depositors withdrew from the Union Trust Co.
from a peak of $08.000.000
130,000,000 in deposits, reducing our deposits
we withstood this
that
fact
to their present level of $37,000.000. The
the theory of banking, that
strain is evidence enough to one familiar with
*
our institution has been fundamentally sound. * • ultimately be paid in
will
It is sincerely believed that our depositors
ly accomplished
expeditious
full. We believe that this result could be more
and we have been working
through the organization of ti new national bank,
that it is impossible to do
to that end. However, it has become apparent
the Federal Government
this until the plans in the various departments of
become more coordinated.
MASSACHUSETTS.
Banks Reopening.
to
The Boston "Transcript" of March 18 notes that up
banks
that day there were 138 Federal Reserve member
business
open and 22 were not as yet licensed to resume
without restrictions. The "Transcript" adds:
and nationals—
All of the Boston member banks, both trust companies
Boston branch of
the trust companies solely under State control—and the
general banking
the Bank of Nova Scotia. have all been carrying on their
n lifted the lid.
business ever since the Treasury Department at Washingto
banks that are
State Bank Commissioner Guy did not add to his list of
of course, are
open to-day, but he has only five still restricted. All five,
being accounted
non-members of the Federal Reserve System, the others
for in the Reserve's list.
Two Athol, Mass., banks on March 21 were placed under
the control of conservators—the Millers River National
Bank and the Athol National Bank—according to Athol
advices on that date printed in the Springfield "Republican"
which said in part:
Washington from
Telegrams were received this morning (March 21) from
Carlos W. Tyler, Presithe Comptroller of the Currency to the effect that
appointed conservator
dent of the Millers River National Bank, had been
National Bank,
of his bank and E. Warren Tyler, President of the Athol
conservator of the Athol National.
The appointment of a conservator for the Waltham Trust
Co. of Waltham, Mass., was reported in the Boston "Transcript" of Mar. 22, which said:
President.
State Bank Commissioner Guy has named Shirley Eldridge,
first conservator
as conservator for the Waltham Trust Co. This is the
and follows
named under the new State law enacted on Monday (Mar. 20)
Federal procedure.
best plan
the
developing
of
purpose
"Mr. Eldridge was appointed for the
the only comment
of reorganization possible under existing conditions," was
committee
Commissioner Guy made. He has also appointed an advisory
J. Flynn, Jr., both of
to assist Mr. Eldridge: Thomas I. Curtin and John
Speaker
former
Young,
Waltham and directors of the bank, and B. Loring
of the House of Representatives.
MINNESOTA.
Banks Reopening.
Since the banking holiday and up to March 18, 296 State
Peybanks have been reopened in Minnesota by John N.
Banks.
of
ton, State Commissioner
MICHIGAN.
Holiday Extended—New Bank Organized in Detroit.
Governor William A. Comstock of Michigan issued his
22,
third proclamation relative to Michigan banks, on Mar.
period.
e
indefinit
an
for
holiday
the
g
further extendin
Under this proclamation banks in the State will continue
operation as they have for the past month, it is noted in
the Detroit "Free Press" of Mar. 23. R. E. Reichert,
State Banking Commissioner, announced on Mar. 22 that
146 Michigan banks have been reopened in the past week.
On Tuesday of this week, March 21, the Reconstruction
Finance Corporation and the General Motors Corp. joined
in the formation of a new National bank in Detroit, Mich.,
as a result of which it is expected 40% of the deposits now
tied up in the First National Bank-Detroit and the Guardian
National Bank of Commerce, both of that city, will be made
available. A subscription of $12,500,000, or half of the
$25,000,000 capital stock of the now organization, which
will be known as th3 National Bank of Detroit, has been
underwritten by the General Motors Corp., and an equal
Volume .136
2005
Financial Chronicle
amount in prof Irred stack has been subscribed by the Reconstruction Finance Corporation. The plan has received
the approval of Secretary of the Treasury Woodin. The
new institution, which is the first bank chartered under
President Roosevelt's emergency Act, will take over part
of the assets of both the old banks and assume part of their
deposits. The financing of the new Detroit bank was announc3d in a joint statement issued by Jesse H. Jones, a
director of the Reconstruction Financ) Corporation, and
Alfred P. Sloan Jr., President of the General Motors Corp.
The joint statement, as published in th) Detroit "Free
Press" of March 22, read in part:
The new bank will have a capital of $25,000,000. Twelve and one-half
millions of dollars in the form of a subscription to the common stock has
been underwritten and paid in cash by General Motors Corp. The balance, 12 Yi million dollars, has been supplied by United States Government
funds through the Reconstruction Finance Corporation, in the form of a
subscription to the preferred stock.
The new National Bank of Detroit, so organized, will make available to
the community a sound bank with ample facilities. This is the first bank
chartered under President Roosevelt's emergency Act.
Depending upon the negotiation of a contract between the new bank
and the conservators of the old banks, and subject to the working out of
legal details, it is hoped that approximately 40% of their net deposits will
be immediately made available to the eight hundred thousand odd depositors
of the two old banks. This will be made possible through the new bank's
acquisition of the more liquid assets of the First National Bank and the
Guardian National Bank of Commerce.
In making the announcement, which was the result of
conferences between the Reconstruction Finance Corporation and the General Motors Corp. officials, Mr. Jones was
quoted as saying that "the directors of the Reconstruction
Finance Corporation were praticularly appreciative of the
constructive attitude of General Motors Corp. in connection
with the successful outcome of the negotiations." In commenting on the conclusion of the negotiations, Mr.Jones said:
•This step in providing sound banking facilities in Detroit indicates the
Government's attitude in helping to reconstruct banks on a thoroughly
sound basis and in the interests of depositors. It is Indirect line with President Roosevelt's determination to have banks that are sound and in which
the people will have confidence.
In administering the new banking law, which permits the Reconstruction
Finance Corporation to subscribe to preferred stock, the directors of the
R. F. C. have adopted the principle of matching dollars with the stockholders and depositors of banks, subscribing one dollar of preferred stock
for one .dollar of common stock. When necessary, the Government will
endeavor to help those who help themselves, but cannot be expected to
furnish all of the new capital required.
Mr. Sloan was quoted in the joint statement as saying in
effect that the General Motors Corp. had no desire to enter
in any way the banking business in Detroit or elsewhere,
and was entitled to and had every reason to expect the support of depositors and stockholders by subscribing to its
common stock. "With that in mind," the statement went
on to say, "an offer will be made by General Motors Corp.
to all depositors and stockholders of the First National
Bank and the Guardian National Bank of Commerce for
subscriptions to the common stock of the new bank, at
the same price as paid. by General Motors Corp., that is,
$50 a share. Further, Mr. Sloan stated that "he was hopeful that as soon as the situation was stabilized it would be
possible for the General Motors Corp. to withdraw entirely,
transferring its investment to others to carry on this particular responsibility and duty to the community." The
joint statement continued in part:
The remaining assets of the two banks not taken over by the new National
Bank of Detroit will be made available by liquidation to the depositors,
by the United States Comptroller of the Currency, through his agents,
the conservators for the First National Bank and the Guardian National
Bank of Commerce.
This liquidation will be effected in an orderly manner, with a view to
obtaining the greatest possible recovery for the depositors and the other
creditors. After all claims have been discharged, any balance will be available to the stockholders. Stockholders' liability, however, will not be released under the new arrangement. The conservators will have the right
to enforce that liability, if necessary, to protect the depositors in full.
Advices to the New York "Times" from Detroit on Tuesday, March 21, reported the resignation of Paul C. Keyes
as conservator of the First National Bank-Detroit, and the
appointment of 0. C. Thomas as his successor. The dispatch in this regard said:
Detroit—it is only accepting deposits, but negotiations are
in progress for purchasing the more liquid assets of the inoperative First National Bank-Detroit and Guardian
National Bank of Commerce,which it is designed to supplant,
avowed plans, it is stated, are to release part of the approximately $500,000,000 deposits in those banks, probably
40%, next week.
Detroit advices (A. P.) the previous day, Mar. 23, reported that announcement had been made by John Thomas
Smith (spokesman for Mr. Sloan) of the appointment of
James McAvoy, chief of the legal staff of the General
Motors Corp., as acting President of the new bank. It was
also stated by Mr. Smith that the institution would be
temporarily operated by directors chosen from the General
Motors Corp. organization.
A dispatch to the "Times' on the same day, Mar. 23,
indicating the opening of the new bank the next day, contained the following:
The new bank received its charter from the government Tuesday.
A few hours later, following a radio protest by Police Commissioner Watkins
of this city against the completion of the one-bank plan. the White House
in Washington received more than 5,000 messages from Detroit requesting
President Roosevelt to stop the "Wall Street bank plan," it was reported.
The feature of the Government's program particularly objected to by
Commissioner Watkins is the requirement that entirely new capital must
be supplied locally to match the Government's subscription of preferred
stock, dollar for dollar. Such a ruling, not only in Detroit but in other
cities where depositors and stockholders are protesting to Washington,
will be to force the sale of assets of existing banks to new institutions at
the existing depreciated market values, whereas these assets should be
held to liquidate in the interest of the depositors when an improvement
in business has restored their value, it is asserted here.
A later dispatch from Detroit yesterday (U. P.) stated
that deposits in the new institution reached a total of
$8,664,390 at noon on that day, two hours after the bank
opened for commercial business. We quote from the advices as follows: •
General Motors Corp., which subscribed $12.500.000 toward the capitalization of the bank, started the deposits with a $1 000.000 check.
The Chrysler Motor Co. joined other large depositors with a $1.000.000
deposit. General Motors Acceptance Corp. placed $2.000.000 in the bank
and three other Detroit companies started accounts of $500,000, $250,000
and $140.000.
Bank executives said the bank accepted 145 accounts in the two hours,
130 of which were for small depositors.
Hundreds of depositors massed in the main banking room throughout
the morning. The crowd was variously estimated at between 500 and
1,000 persons.
TheUnion Guardian Trust Co. of Detroit, Mich., with
deposits of approximately $35,000,000, has applied to the
State Bank Commissioner for the appointment of a conservator, according to advices from Detroit to the "Wall
Street Journal" on Mar. 22, which furthermore said:
The application was made under provisions of the emergency banking
legislation which became effective Tuesday, authorizing the banking commissioner to take over and operate trust companies and banks.
That the Union & Peoples' National Bank of Jackson,
Mich., was to reopen on Monday of this week, March 20,
with Stuart M. Schram, a director of the institution, in
charge of its affairs as conservator, was indicated in a dispatch from that city on March 19 printed in the Detroit
"Free Press," which continuing said:
Appointment of Schram was announced Sunday (March 19) in a telegram from F. G. Await, acting Comptroller of the Currency.
The bank, which was a consolidation a few years ago of the National
Union, the People's National and the Jackson State Savings Bank, is affiliated with the Guardian Group of Detroit. . . .
It closed under the Governor's proclamation, reopened under the moratorium plan, and had made application for a license to reopen, four directors having been in Washington the past week in an effort to obtain ,the
license.
The conservator declared that the bank would be operated only on the
5% basis that it has maintained recently until he ascertains the condition
of the bank, communicates with Federal officials, and receives instructions
on what basis the bank will be operated. Officials and directors of the
institution are hopeful that the institution will be reorganized.
NEBRASKA.
Banks Reopen.
It is understood that dividends on the common stock of the new National
Bank of Detroit will be limited until a sinking fund is set up to retire the
preferred stock.
Officials of the Ford Motor Co. made no comment this afternoon on the
formation of the new banking institution.
State banks in Nebraska which have been permitted by
the State's Department of Trade and Commerce to reopen
for unrestricted business total 169, according to Associated
Press advices from Lincoln, March 16.
Three Nebraska banks which closed before the holiday
started, reopened on March 15 for limited business under the
provisions of the Nebraska Legislature's first bank moratorium Act, according to Lincoln advices on that date by
the Associated Press. The banks are the Chapman State
Bank at Chapman, which closed Feb. 28, and the First
State Bank of Kenesaw and the Farmers' State Bank of
Tecumseh, both of which closed March 3. The dispatch
went on to say:
The new bank opened its doors yesterday, Mar. 24. For
the time being—according to Associated Press advices from
Depositors have agreed to "freeze" their accounts for the time being.
but the banks may accept new accounts on a cash box basis.
All will be managed and operated by the same officers and directors.
With the swiftness with which he took office two weeks ago, Paul C.
Keyes, conservator of the First National Bank, resigned to-day. Mr.
Keyes would not amplify the simple announcement of the acceptance of
his resignation by the Comptroller of the Currency, and the Treasury Department in Washington declined to offer any explanation. 0.C. Thomas,
for ten years in the Government service in Washington, was named as successor to Mr. Keyes.
The advices added:
Financial Chronicle
2006
NEW JERSEY.
Conservators Named.
A Washington, D. C., dispatch on Mar. 20 (A. P.) stated
that announcement had been: made by the Treasury Department on that day of the appointment of E. M. Clark as
conservator of the First National Bank at Carteret, N. J.,
E. W. Wood as conservator of the Fords National Bank
at Fords, N. J., and Milton Voorhes as conservator of the
First National Bank at Jamesburg, N. J.
Conservators were named on Mar. 20 for four Monmouth
County, N. J., banks, according to a dispatch from Red
Bank, N. J., to the New York "Times," which said: Frank
McMahon,President, will act for the Second National Bank
& Trust Co.(Red Bank); Clinton B. Lohsen, Vice-President,
will serve the Keansburg National; Ernest Messier, Cashier,
will take control of the First National Bank of Avon, and
E. F. Lyman, Cashier, will handle the affairs of the First
National of Belmar.
NEW YORK STATE.
Some Banks Fail to Open.
The Central Bank of Albany, N. Y., failed to open on
March 21, after the directors of the institution the previous
night had requested the State Superintendent of Banks to
take over its affairs. Associated Press advices reporting
the closing added:
A special Deputy of the Banking Department, who has been conservator
of the bank since the bank holiday ended,is to take charge of the institution.
The Central was founded in 1921 with a capitalization of $200,000.
The Comptroller of the Currency has appointed Edward
J. Werrick, Cashier of the East Side National Bank of Buffalo, N. Y., conservator of the institution, according to
advices by the Associated Press from that city on March
20, which furthermore stated that Edward A. Duerr, the
bank's President, had resigned.
W. L. Chase, President of the Yonkers National Bank &
Trust Co., Yonkers, N. Y., a bank with deposits of about
$8,000,000, was appointed conservator of the institution on
Monday of this week, March 20. A Yonkers dispatch on
March 21 to the New York "Herald Tribune" regarding the
affairs of this bank said:
John Pollard, an employee of the State Comptroller's office, attended a
meeting of depositors of the Yonkers National Bank this evening as the
representative of Warden E. Lawes of Sing Sing. The prison has $60,000
in the bank.
Justice William F. Bleakley of the Supreme Court,a director of the bank,
addressed the depositors, suggesting that if they would subscribe to an
$800,000 issue of preferred stock, half the proceeds of the issue to be used
for capital and half for surplus, toe bank could reopen fully. It was functioning on a limited basis to-day. Justice Bleakley said the bank had
$8.000,000 in deposits, and that while the Federal authorities classified
some of the paper it holds as "technically doubtful," the bank feels this
paper is sound.
A Federal conservator took charge of the Yonkers National Bank to-day,
however, and its activities are said to have been further restricted, pending
reorganization.
March 25 1933
The bank was recently placed under the supervision of a conservator by
the Federal authorities and is operating on a very restricted basis.
The First National, which is the largest of the three national banks in
the city, has deposits of more than $12,000,000.
The Trust Co. of Larchmont expects a certificate some time next week
permitting reopening for full business.
NEW YORK CITY.
Two Banks Operate Under Direction of Conservators.
Charles Hendry, President of the Elmhurst National Bank
of New York, 43-33 Ninety-first Place, Elmhurst, and the
Newtown National Bank of New York, 37-01 Junction
Boulevard, Corona, announced on Mar. 23 that beginning
that day the Elmhurst bank, operating under the direction
of Charles E. Schwagerl, conservator, and the Newtown
bank, under the direction of William A.Bertsch, conservator,
resumed certain of their functions as national banks. The
New York "Times" of Mar. 24 in noting the foregoing adds:
Full and unlimited privileges of depositing in and withdrawing from
special trust accounts, segregated for that purpose, have been extended
to depositors.
This enables the depositors to continue their affiliation with both banks
and to continue to clear checks in the usual manner and also deposit cash
to such special trust accounts, Mr. Hendry explained.
Access to safe deposit boxes is also permitted, and the storekeepers and
business men of the community are being given change for other currency.
The Mercantile Bank & Trust Co., 520 Eight Avenue, of
which Howell M. Stillman is President, was the only bank
in New York City falling within the terms of regulations
issued by the Treasury Department in Washington on Mar.
19. The regulation permits State banks which are members
of the Federal Reserve and which have not yet been licensed
for a full reopening to open and pay up to 5% on deposits,
subject to the action of the various State banking departments. The New York "Times" of Mar. 20 said:
However, both the officials of the bank and Mr. Broderick declined to
make any statement on the matter until later. The latter said he had not
yet seen the Washington order and would not be in position to go ahead
until he made certain that there was no conflict between the order and
various State regulations. Officials of the bank said they could make no
statement until they had had an opportunity to confer with State banking
officials.
NORTH CAROLINA.
Banks Reopening.
Following the issuance of six licenses on March.18 by
Gurney P. Hood, Banking Commissioner, there were a
total of 192 State banks, including branches, and 30 National banks, or a grand total of 222 banks in North Carolina,
with authority to operate without restrictions. A statement
issued March 18 by Commissioner Hood, summarizing the
banking situation, noted in the Raleigh "News and Observer"
of March 19, said in part:
When the banking holiday was declared there were 242 State banks and
79 branches, making a total of 321. Two hundred and sixteen banks and
40 branches, making a total of 256 banking institutions, have filed applications to open without restriction. One hundred and fifty-five licenses
have been issued, which includes 37 branches, making a total of 192.
OHIO.
The Pelham National Bank of Pelham, N. Y., was closed
on March 21 and Carroll Latimer, its Cashier, was named
conservator by the Comptroller of the Currency, according
to the New York "Evening Post" of that date, which went
on to say:
The bank had not been opened for general business since it closed under
the general bank holiday proclaimed by Governor Lehman.
More than 1,000 depositors of the Larchmont National
Bank & Trust Co., Larchmont, N. Y. (for which a Federal
conservator has been appointed), at a meeting held March
21.enthusiastically approved a plan under which they are to
invest at least 20% of the sums they had on deposit in new
stock of the bank, such investment to be matched by the
Government. Advices from Larchmont to the New York
"Herald Tribune" reporting the above went on to say in
part:
The plan was explained by Fenimore N.Goode,a director of the bank,and
was received without dissenting voice. Many of those present were among
the depositors who withdrew $750,000 from the bank in the seven weeks
preceding the moratorium period.
P. W. Trudeau, a Vice-President of the First National
Bank & Trust Co. of Yonkers, N. Y., on March 20 was made
conservator of the institution.
The Mount Vernon Trust Co. opened for business Mar.
24 on a restricted basis, after being closed on Mar. 3.
Opening was with the consent of the Federal Reserve Board
and the State banking authorities. From the New York
"Sun" of Mar. 24 we quote as follows:
At present, depositors can withdraw only 10% of their deposits as of
Mar. 3, but new deposits are without restriction. The bank expects that
all restrictions will be lifted shortly, possibly next week.
A committee of depositors in the First National Bank & Trust Co. of
Yonkers will be named within the next few days by Mayor Joseph Loehr
of Yonkers to confer with the conservator in charge of the bank, P. W.
Trudeau. This action was the result of a meeting of the depositors held
Mar.23 in an endeavor to have the bank resume full and normal activities.
Banks Which Have Not Yet Reopened.
Harold H. Burton, former Acting Mayor and former Law
Director of Cleveland, Ohio, was appointed late Monday,
March 20, President of the Guardian Trust Co. of Cleveland (which has not received a Federal license to reopen for
full business) and chairman of a committee of six men who
will direct the reorganization of the institution. Mr. Burton succeeds J. Arthur House, President of the bank for 16
years, who voluntarily submitted his resignation in order to
give Mr. Burton and the new committee full power. The
Guardian Trust Co., which is a State chartered bank and
a member of the Federal Reserve System,"hopes for a swift
reconstruction and a National charter, under which it plans
to conduct a commercial business." Advices from Cleveland on March 20, from which the above information is
obtained, furthermore said in part:
The directors of the Guardian Trust announced the following reorganization committee: Mr. Burton, Chairman, representing the Interests of the
community and the depositors; Randolph Ride, President of the Ohio Bell
Telephone Co., and Warren Bicknell, Chairman of the board of the Lundoff-Bicknell Co., both representing the directors; Eben G. Crawford.
Vice-President and Secretary of the Cleveland Electric Illuminating Co.,
and Alexander F. Whitney, President of the Brotherhood of Railroad Trainmen, representing the depositors; Harvey H. Brown, Jr., Vice-President
of the Stewart Furnace Co., representing the stockholders.
H. P. McIntosh, Chairman of the board of the Guardian Trust, remains
in that position, and Harry C. Robinson, Vice-President, will continue in
his office. Mr. Robinson announced to-night (March 20) that in order to
effect economies and conserve resources, the bank staff had been reduced
In number by 30%. Five Vice-Presidents, seven junior officers and 167
other employees have been dismissed, effective as of March 15. He said
the action was felt to be necessary as a result of rumors that the bank was
maintaining an extravagant staff.
With reference to the Union Trust Co. of Cleveland, Ohio,
which has not reopened since the recent banking holiday,
organization of a new National bank, "freezing" of a percentage of deposits, gradual liquidation of "frozen" assets
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Volume 136
and a loan from the Reconstruction Finance Corporation
are called for in a plan for the reorganization of the company made public on Tuesday of this week. March 21. The
proposed bank, it was stated, would have a capital of $15,000,000 to $20,000,000 and assets of $80,000,000, as compared with $22,850,000 capital and assets of $253,276,599
of the Union Trust Co. at the close of last year. A Cleveland dispatch to the New York "Times" on March 21,
authority for the above,furthermore said:
No figures were given out on the percentage of deposits that are to be
released by the Union Trust Co.. but the announcement says accounts will
be credited also with segregated deposits, secured deposits, preferred claims
and the balance remaining in the 5% funds now in the hands of the old bank.
Additional information concerning the proposed new bank
was contained in a Cleveland dispatch to the "Wall Street
Journal" of March 22. We quote in part from the dispatch
below:
Organization of a new National bank growing out of the Union Trust Co..
but not a reorganization of that bank, is proposed in a liquidating plan for
the old institution under consideration, officials of the bank said after a
directors' meeting. .
Stock of the new bank will be raised through subscription of preferred
stock by Reconstruction Finance Corporation and common stock raised by
subscription among stockholders, investors and liquidating dividends of
the present bank.
The statement of the bank said:
"The Washington authorities representing the Reconstruction Finance
Corporation and the Treasury Department have been interviewed an have
approved, in principle, but not in detail or amount, a tentative plan for
the organization and financing of a new National bank which will grow out
of but not be a reorganization of the Union Trust Co."
It was reported on Mar. 21 that in Tiffin, Ohio, all banks
were operating upon a 100% basis.
The First National Bank of Portsmouth, Ohio, on Mar.
17 requested the Treasury Department to name a conservator
to handle affairs of the bank pending contemplated reorganization. Columbus advices to the "Wall Street Journal,"
reporting this continuing said:
As of Dec. 31 1932 statement showed bank had $400,000 capital.
$6.486,000 resources and $4,036,000 deposits.
Officers of the People's Bank & Savings Co. and the
Washington Bank & Trust Co., two Cincinnati, Ohio, institutions which have not yet received permits to reopen on
an unrestricted basis, stated on Mar. 20 that reorganization
plans embracing an increase in capitalization and realignment of assets to conform with the standards of the State
Banking Department are under way, according to a dispatch
from that city to the New York "Journal of Commerce,"
which added:
The directors stated that no announcement of the plans could be made
until the Superintendent of Banking had approved.
James Bentley was appointed conservator on Monday of
this week, Mar. 20, of the First National Bank of Toledo,
Ohio, which since the recent national banking holiday has
not been licensed to operate in full, according to the Toledo
"Blade" of Mar. 20. Mr. Bentley, who is Vice-President of
the contracting firm of A. Bentley & Sons Co., took charge
of the institution immediately. His duty will be to aid and
facilitate the reorganization of the bank as quickly as
possible, liquidation being the last resort. In assuming his
office, Mr. Bentley was reported in the "Blade" as saying:
"The success of this entire effort depends upon the full co-operation of
the public and especially the depositors of the bank. In the last two years
this bank has been subjected to a terrific test and it has withstood it in
good shape. I will do my very best to assist in the situation."
We quote further, in part, from the paper mentioned, as
follows:
There are 11,000 accounts in the First National of which only 6,000
are active and only a few hundred of large size
Depositors, taking fright first from the closing of State banks in June
and August 1931 later from the circulation of rumors believed to be malicious, and finally from the fear of State-wide moratorium following the
closing of Detroit banks, withdrew cash reducing deposits from $11,074,904
at May 31 1931 to $5,121.150 at March 15 1933 officials said.
This $5,121,150 represents the 95% of deposits which were restricted
and does not include trust deposits covered by actual cash on Mar 1. and
since that date which amount to $935,231.46.
OKLAHOMA.
Restrictions Being Lifted.
A total number of 171 State banks at which withdrawals
now are totally unrestricted are operating in Oklahoma,
WT. J. Barnett, State Bank Commissioner, announced on
Mar. 20. The "Daily Oklahoman" of Mar. 21, in noting
this, added:
there are only eight banks of the 256 under State control with total
restrictions on withdrawals, Barnett's records showed. When the bank
holiday ended a week ago, there were 14 at which all withdrawals were
banned.
Besides the banks totally restricted and totally unrestricted, the analysts
revealed there now are 22 moratorium banks, compared to 21 at first.
Two have been added and one taken off this list, where restrictions are in
effect on old deposits, but not on new ones.
There now are eight banks limited to 50% withdrawals; two, 40%;
one, 35%;seven, 25%;seven, 20%;four. 15%;fifteen, 10%. and nine 5%.
2007
PENNSYLVANIA.
Banks Reopen—Some Restricted.
The Pennsylvania Banking Department announced on
Mar. 23, according to Associated Press advices from Harrisburg, a list of 57 banks permitted to operate on the restricted
plan authorized by the Legislature and approved by the
Governor Mar. 8. The advices add:
In addition to this number on the restricted plan, the Department announced that 352 of the 410 State banking institutions are operating on
a regular banking basis.
Only one bank, the Braddock Trust Co., Braddock. is still operating
under the bank holiday proclaimed by President Roosevelt.
A Philadelphia dispatch to the "Wall Street Journal" on
Mar. 24 stated that the appointment,of conservators for ten
banks in the Third Federal Reserve District had been reported to the Federal Reserve Bank of Philadelphia by the
Acting Comptroller of the Currency. Of the ten banks
listed six are in Pennsylvania, three in New Jersey and one
in Delaware. The names of the institutions and conservators (as given in the disptach) follow:
First National Bank of Patton, Patton, Pa., F. L. Brown; Berwyn National Bank, Berwyn, Pa.. William H. Fritz; First National Bank & Trust
Co., Frackville, Pa., Robert C. Garrett; Narbeth National Bank, Narbeth,
Pa., Carl B. Metzger; Merchants National Bank, Pottsville, Pa., Thomas
J. Rank; Strausstown National Bank, Strausstown, Pa., William M.
Anspach; Mount Ephraim National Bank, Mount Ephraim, N. J., Robert
W. Janvier; First National Bank & Trust Co., New Egypt, N. .1. Harley
Hendersin; First National Bank, Newfield, N. J., W. Clifford Davis, and
First National Bank, Milton, Del., M. T. Douglas.
Associated Press advices from Freeland, Pa., on Mar. 22,
rep3rted that the following statement had been issued on
that date by the First National Bank of Freeland (an institution which had not reopened after the bank holiday):
"Application for a conservator for this bank has been made to the
Comptroller of Currency at Washington, D. C., and this bank will not
reopen until the Government has taken action on this application."
SOUTH DAKOTA.
Banks Reopen.
South Dakota's banking holiday ended in most communities on March 15, with approximately 175 banks licensed to
resume normal business. According to Associated Press
advices from Pierre, S. D., to the Omaha "Bee" of March
16, which add:
State banking officials announced that 105 of the approximately 160
institutions in the State system had authorization to reopen. This includes
the two Sioux Falls State banks, permitted to resume business Tuesday
because they are clearing house members.
At the same time Federal Reserve officials in Minneapolis said 68 member
banks in 63 South Dakota communities had authority to reopen. Six resumed business previously, making a total of 74 Federal Reserve banks
open in the tate and seven still unopened. A few of the State banks
are members of the Federal Reserve System.
TENNESSEE.
Bank Holiday Extended—Not Mandatory.
"In order to safeguard properly the interests of the depositors and creditors in the banks of the State," Governor
Hill McAlister issued a proclamation March 18 extending
Tennessee's bank holiday until April 18. Advices (Associated Press) from Nashville March 18 said that D. D. Robertson, State Superintendent of Banking, promptly announced that no new regulations governing bank operations
would be issued by him. The holiday is not mandatory,
and most Tenne,see banks are operating as usual except for
Federal restrictions.
VIRGINIA.
Practically All State Banks Open.
At the opening of business March 18 there were but 15
closed State banks in Virginia, four of which are members
of the Federal Reserve System, we learn from the Richmond
"Dispatch" of March 19. There are 232 State banks in
Virginia.
Federal Guarantee Asked for Deposits—Minnesota
Professors Endorse Gov. Olson's Plan—Banker
Urges Suspension of Check Tax.
In its issue of March 8 the New York "Times" published
the following telegraphic advices from Minneapolis March 7:
The undersigned members of the University of Minnesota staff are of the
opinion that drastic action on the part of the Federal Government is required in the present emergency to stop continued contraction of business.
Recovery cannot start without making full and unrestricted use of existing
bank deposits and providing a basis for expansion.
We therefore endorse the recommendation contAined in the memorial
submitted by Governor Floyd B. Olson to the State Leislature yesterday.
This memorial urged that Congress pass a bill providing:
(1) That the Federal Government shall give a full guarantee of all
deposits in all member banks for a period of not less than three years.
(2) Means and methods to facilitate the inclusion in the Federal Reserve
System of all State banking institutions.
(3) That any bank accepting the guarantee of its deposits must apply
until the termination of the guarantee all net income to the elimination of
,slow and worthless assets and that no dividends of any kind shall be paid
so long as there is any liability on the part of the Federal Government under
this guarantee.
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Financial Chronicle
(4) That any bank may elect to terminate the provisions of the guarantee
of its deposits and reassume its control of income subject to the regulations
now or hereafter adopted for a new banking system.
(5) For a thorough-going Federal control of bank management during the
three-year guarantee period or any expansion thereof.
(6) For a complete plan of reorganization of the entire banking system.
LOTUS D. COFFMAN,
GUY STANTON FORD,
ALVIN H. HANSEN,
ARTHUR W. MARGET,
ROY G. BLAKEY,
ARTHUR R. UPGREN,
WALTER R. MYERS,
J. WARREN STEHMAN,
R. A. STEVENSON.
Economic Credit Council of National Association of
Credit Men Urges Branch Banking in Federal
Reserve Limits.
Branch banking by National banks extended to Federal
Reserve District limits is overwhelmingly favored by the
Economic Credit Council of the National Association of
Credit Men, according to a survey just completed and
released on March 20 by Henry H. Heimann, Executive
Manager of the National Association of Credit Men. In
presenting the results of this Nation-wide research of
opinions from the banking, commercial and financial fields
in which the Council has members, Mr. Heimann declared
that "out of the present banking situation will emerge
sound banking legislation and a new banking technique.
The permanent banking legislation should be giver thorough
study and enacted only after a comprehensive survey of
legislative needs. Banking needs from the industrial and
commercial angle should be given more than usual consideration when the banking legislation is finally enacted.
The banking interests in the past presented such a conflict
of interest and division of opinion that it should be a safe
conclusion that the new legislation will issue largely from
the deliberation and study of those without the industry.
It is, doubtful whether a unanimity of opinion on bank
legislation can be developed within the banking industry,
itself, in view of so many conflicting points of view held
by bankers." The announcement made available March 20
by the Association likewise says:
Only seven of the 64 members of the Council are opposed to branch
banking in any form. Two of the seven are bankers and the remainder are in
commercial lines. Four of the seven votes are from the mid-west, two from
the east, and one from the west. Nine bankers, 27 commercial members and
21 manufacturers favor branch banking. The east contributes 17 affirmative votes, the mid-west 27, and the west, 13.
Of those favorably inclined to the extension of branch banking, numbering
57, all but five specified the limit for this measure. Four members favored
extension to city limits, nine asked for State-wide branch banking unrestricted by State laws. 10 felt the need of State restrictions on State-wide
branch banking. Individually and collectively these groups were outvoted
by the advocates of branch banking to Federal Reserve District limits, who
numbered 29 or 56% of the Council's membership.
An analysis of the favorable opinions reveals the following:
Fed. Res.
State (ReStale ((JnreCity
District.
stricted).
stricted).
Limits.
8
5
1
1
East
13
3
7
3
Mid-West
2
1
0
West
5
3
0
0
risaktsx
13
4
4
3
Commercial
11
3
4
2
Manufacturing
Charles R. Whittlesey of Princeton University Urges
New Bank System—Praises Canadian Branch Plan.
Suggestions for a reconstruction of American banking
practice were made in a discussion of the crisis in finance,
issued through the People's Forum of Princeton by Professor
Charles R. Whittlesey of Princeton University's Department
of Economics. Advices to this effect were contained in
a dispatch from Princeton, N. J., March 18 to the New
York "Times," which continued:
The discussion was made public this week. Professor Luther H. Evans
is Chairman of the Forum Committee.
"Commercial banks should ,entirely divorce themselves from security
affiliates." declared Professor Whittlesey in his discussion. "There should
be a unification of banking systems under Federal jurisdiction. Small
banks with a few thousand dollars of capital should not be permitted to
operate, and this creates the necessity of some type of branch banking.
The Canadian branch-banking system has been able to weather the depression without a single failure; it breeds both honest and capable bankers."
Professor Whittlesey said that governmental effort should be in the direction of stopping a possible inflation. "With a return in confidence trade
will Increase," he pointed out, "the velocity of money will rise, and prices
will go up without increasing our already large supply of currency."
Director of Budget Lewis H. Douglas Lays Bank Crisis
to Government—Points to Big Costs, Failure to
Balance Budget—Only Alternative to Keeping
Within Receipts Is Inflation, He Says in Radio
Speech.
Blame for the banking and financial troubles of the
country were put on the Federal Government by the Director
of the Budget Lewis H. Douglas in a radio address over the
March 25 1933
Columbia Broadcasting System from Washington, March 18.
Mr. Douglas declared that the fear whic% brought on excessive hoarding, thus causing the banking emergency, was
traceable to failure to balance the Federal budget. He
asserted (we quote from a Washington dispatch to the
New York "Times") that much of the unemployment was a
result of reckless spending by the. Federal establishment.
The "Times" furthermore indicated what Mr. Douglas had
to say as follows:
Mr. Douglas asserted that the only sure road back to recovery was to
"call a definite halt to the policy of spending. In short," he said, "to
maintain the credit of the United States, to make our people feel a sense
of security."
In part, Mr. Douglas's speech was as follows:
"Whenever a government continuously lives beyond its income or
expends more money than it receives, fear spreads, people want and
demand money, not to spend but to hoard. This, a very human and natural
thing, imposes a strain upon the banks and the security of deposits. Moreover, those who are able to buy cease buying. This, in turn, results in
diminished production of goods, diminished demand for goods, a decline
in the price of commodities, and as a result a fall in the value of securities.
Although from the point of view of the individual who owns securities there
is some weight to be attached to a fall in their value, nevertheless great
importance only is to be attached to that decline when the securities are
held as assets by banks.
Effect on the Banks.
"This importance can be. expressed in these words: As the securities
held by banks recede in value the ability of banks to meet the demands of
depositors diminishes, until finally, as the recession proceeds and the growing fear expresses itself in a greater and greater demand for money, banks
which otherwise might have been able to meet whatever requirements
were placed upon them are compelled to close their doors. Panic spreads
and complete paralysis ensues.
"The effects whiah I have attempted to enumerate are not the only
effects of a policy of reckless spending. It inevitably leads to a decrease
in production. A diminution of production means putting men and women
out of jobs, enlisting them in the army of the unemployed.
"But even this is not all. A dollar is just as much an evidence of
credit as is a Government bond, and whenever a government continually
spends more than it receives, fear develops as to whether that dollar will
remain a measure of fair value, that an advance made in terms of dollars
will be repaid in terms of the same dollar.
"The policy of reckless spending will result in uncontrolled inflation,
and this fear, in turn, contributes to a hesitancy, even a complete cessation,
on the part of industry to make any commitments. It therefore adds to
the diminution of production and the unemployment of men and women.
Moreover, it naturally makes banks afraid to extend credit so that industrial development and production may proceed. Obviously, as a result
of this vicious trend of affairs, consuming power falls, prices, not only of
manufactured articles but also of agricultural products, inevitably decline.
"The remedy, among other things, is to break that vicious circle, to call
a definite halt to the policy of spending, to bring our expenditures into
balance with our receipts.
"The only other alternative to retrenchment is uncontrolled inflation.
This is ruinous to the man who works; it is ruinous to the widow and the
orphan who receive an annuity on an insurance policy; it is ruinous for
the disabled veteran who receives a pension from his government on
account of a disability incurred in its service. We cannot, must not and
will not follow that ruinous road."
Conference Is Called for Economic Action—New
"Continental Congress" of Left Groups Summoned
to Washington May 6-7.
The calLing of a "Continental Congress for economic reconstruction," expected by its backers to bring 5,000 delegates to Washington from all parts of the country on May 6
and 7, was announced at Washington on March 19 by a committee on arrangements for the conference. Making this
known, a Washington dispatch, March 19, to the New York
"Times," went on to say:
The call has been sent to prospective delegates for labor, farmer, unemployed and veterans' organizations by 77 officials of "recognized and
responsible labor groups," it was asserted. They propose that the conference draw up a program for submission to President Roosevelt and
members of Congress.
Norman Thomas and Daniel Hoan, socialists, are listed among the
signers of the call, which reads in part:
"On Saturday and Sunday, May 6 and 7, representatives of farm and
labor organizations will assemble at the national capital in a new continental congress for economic reconstruction. Here we will • draw up a
program to right the grievous wrongs we have suffered and set up a national
council of the working people in city, State and nation to Insure its
realization.
"To effect a complete rnodibilation and unification of farmers and
Industrial workers and others interested in their welfare, the following
organizations are invited to elect delegates:
"(a) Progressive organizations of farmers;
"(b) Organizations of labor;
"(c) Co-operative societies;
"(d) The Socialists and Farmer-Labor parties, single taxers and other
liberal political groups;
"(e) Labor fraternal bodies and unemployed leagues whose purposes
are in harmony with the objects of this conference."
Recovery Plan Asks $2,000,000,000 Loan—Dr. Dickinson
Tells Engineers Bond Issue Would Provide Credit
Nation Needs.
Issuance by the National Government of $2,000,000,000
"recovery bonds" to be spent immediately on goods made
and consumed in the United States would do much to re-
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Financial Chronicle
establish employment and restore business, according to
Dr. H. C. Dickinson, senior scientist of the United States
Bureau of Standards and President of the Society of Automotive Engineers. The New York "Times" thus quoted
him in its issue of March 9 and added:
He made the suggestion last night before several hundred technical men
at a joint dinner of the engineers and the American Society for Testing
Materials In the Hotel New Yorker.
Declaring that there was "an urgent market" in this country for from
20 to 30 billion dollars' worth of products and services, and that the productive capacity—men and factories—was ready, Dr. Dickinson said that
only the third "essential to prosperity" was lacking—credit.
"Suppose to-day we borrowed $2,000.000,000 or so on recovery bonds,
spent the money for products to be used by the people at home who want
to buy them," Dr. Dickinson said. He estimated that the pursuit of this
plan would increase the net national income by about three times the
amount expended for increased employment.
"This would provide more than a market for the goods held by the Government and prices would rise," he predicted. "The goods then would be
sold at a profit, the profit used to help repay the loan and the original sum
could he reinvested in another 10% of the output next month, keeping up
the process."
One Hundred Fifty Economists of Colleges and Universities Petition President Roosevelt to Increase
Price Level—Regarded as Key to Recovery—Endorse
No Single Plan—But Stress Suggestion for Aggressive Credit Expansion by Federal Reserve.
"Immediate and vigorous action looking to an increase in
the general price level" as the spearpoint of a drive to
break the depression was urged upon President Roosevelt
and members of Congress in a petition signed by 150 economists of colleges and universities in all sections of the country
and made public March 11. On that date a dispatch from
Columbia, Mo., to the New York "Times," reporting the
action of the petitioners, as indicated in the foregoing paragraph, further said:
The economists "endorse no single plan for raising prices" but suggest
that "some financial authorities" favor "an aggressive and sustained
credit erpansion."
The petition, the text of which was made public here to-night, was sent
to Mr. Roosevelt and members of Congressional committees on Feb. 25.
Subsequently, with the advent of the banking crisis, University of Missouri
economists, who sponsored and circulated the petition, sent a telegram to
the President urging that this presented an "unprecedented opportunity"
to carry out the suggestions contained in the petition.
Text of Petition.
The text of the petition follows:
To the President -elect and Congress of the United States:
However widely opinions may differ regarding the causes of the agricultural and industrial depression, there is almost universal agreement that
the most important factor in intensifying and prolonging the depression in
all industries is the falling commodity price level. There is also general
agreement that only if commodity prices rise materially can industry, and
particularly agriculture, be extricated from present difficulties without a
long period of extremely painful readjustment.
In view of this generally accepted prinicple, we urge immediate and
vigorous action looking to an increase In the general price level, to be followed by a definite attempt at stabilization
We fully comprehend the
difficulty and possible dangers of such action, but belive that these obstacles
can be overcome,and that it is much better to face them than the intolerable
conditions which otherwise are in prospect. No other conprehensive action
promising material alleviation of these deplorable conditions has been suggested by those who oppose the type of approach suggested in this petition.
Superstitious fear of any kind of monetary adjustments should not be
allowed to stand in the way of vigorously constructive action designed to end
the existing agricultural and Industrial distress.
"Timid Policy" Criticized.
Various plans for raising prices have been proposed. The signers of this
petition endorse no single plan, but urge that the constituted authorities
consider all of them in a sympathetic and courageous spirit. Some economists and financial authorities believe that an aggressive and sustained
credit expansion policy by the Federal Reserve System, as contrasted to the
timid and vacillating policy which has been pursued throughout this
depression, would be sufficient to initiate business and price recovery. It
is possible, however, that stimulation of credit sufficient to materially
raise prices would call for accompanying measures such as the limitation of
gold exports, or concurrent international action with respect to credit
expansion and related matters.
Other monetary adjustments have been advocated, including changing
the price of gold. While such action with respect to the price of gold would
have a more immediate effect on prices than some other proposed measures,
the transition period preceding the time at which the change took effect
would perhaps call for some rather drastic protective measures, designed
to limit foreign and domestic drains on gold. These are important and
difficult details, but no simple plan entirely free from objectionable features
Is likely to be found or to prove effective. For large sections of our population, no monetary adjustments which are likely to be made could be as
destructive or hopeless as existing conditions.
While action designed to raise the general price level is not the only
adjustment needed, the many proposed measures designed to rehabilitate
individual industries or correct comparatively minor maladjustments
should not be accepted as substitutes for the more fundamental and necessary action designed to raise prices in general.
"Frozen" Deposits Payable in Stock—Wall Street
So Interprets Part of New Act Permitting 6%
Preferred Issues—Aid to Weakened Banks.
[From the New York "Times," March 111
The provisions in Title 3 of the new banking bill, providing
for the issuance by National banks of 6% preferred stock,
were construed by bankers yesterday as designed to pro-
2009
vide a means for repairing the capital structure of weakened
banks and at the same time, possibly, to offer depositors in
such a bank a chance to convert their deposits into stock.
It was recalled that the Robinson bill, recently enacted
in New York State, which has served as a model for much
emergency banking legislation, provides that in the case of
closed banks reopened by the Superintendent of Banks for
partial repayment of deposits depositors have the right to
convert the frozen part of their deposits into capital stock
of the bank.
It was the prevailing opinion, however, after that bill had
been studied, that few depositors would care to assume the
double liability which bank stock ownership carries when
the weakness of the institution had already been exposed by
the freezing of part of its deposits. A preferred stock, having no double liability, would have a stronger appeal.
Although there is nothing in the new National Bank Bill
to indicate that the preferred stock is designed for depositor
consumption, the surmise in Wall Street was that this might
be the case. It was pointed out that, according to the plans
of the Federal authorities, as far as they have been disclosed
to Wall Street, the intention is to make a clean sweep of
the banking system, to open fully only those banks that
are entirely sound, and to effect adjustments in others.
It is possible that this process of restoring the banks of
the country to a sound basis might involve in the case of
some individual banks a write-down of deposit liabilities
and in that event some plan would have to be devised for
compensating the depositors for their losses and giving them
an opportunity to recoup.
This objective could be obtained, It was suggested, if in
the case of such banks provision were made for the creation
of 6% preferred stock, carrying no double liability which
depositors could purchase out of that portion of their deposits declared to be not immediately liquid.
Under such an arrangement any recovery from the impaired assets of the bank would at once accrue to the benefit
of the preferred stockholders. A situation would be set
up comparable to what frequently takes place in the case
of reorganizations of industrial or other non-banking corporations. It is a common practice in such reorganizations for
the bondholders to agree to a scaling down of the amounts
owed to them and to accept instead preferred stock of the
reorganized institution.
While this interpretation of the provisions of the new bill
was pure surmise, it seemed a reasonable guess to the banking community. Certainly there appeared to bankers here
little other reason to expect National banks to issue preferred stock. In the case of perfectly sound National banks,
It was said, there would be no incentive to put out preferred
stock ahead of the ordinary shares, while in the case of a
bank whose capital had been impaired it was considered
unlikely that the investing public would find a preferred
stock attractive.
In any case, the new provision was regarded as of only
academic interest to New York State because the issuance
of bank stock not carrying a double liability would be illegal
here, according to expert opinion. It was thought likely that
In some other States the same prohibition would apply.
United States Stops Printing New Reserve Notes.
From the New York "Herald Tribune" we take the following (Associated Press) from Washington, March 23:
The return flow of currency to Federal Reserve banks has been so
large
since March 13, that the Bureau of Engraving and Printing has
stopped
turning out Federal Reserve bank notes which were to furnish
temporary
currency during the bank emergency.
The bureau, which early In March received orders to print
$2,000,000.000
of the new currency, announced to-day that the return of the
regular Federal
Reserve currency had been in such substantial amounts that there
was no
need for more emergency money. Becuase of this the bureau
said 587
temporary employees had been dismissed.
New Federal Reserve Bank Notes Copies of 1929 Banknotes—Emergency Cash Printed from Plates Formerly Used by National Institutions—Governor
Harrison of New York Federal Reserve Bank
Obtains First to Reach New York.
George L. Harrison, Governor of the New York Federal
Reserve Bank, on March 13 drew the first of the new
National currency issued by the Government to reach New
York. He was at the head of the line at the teller's window
at the Reserve Bank at 9 o'clock in the morning, said the
New York "Times" of March 14, which further observed:
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Financial Chronicle
Only $10 denominations were available here yesterday, and not all the
banks received a supply. There was a curiosity demand in the financial
district for the new bills, with most of the inquirers seeking without success
specimens of smaller denominations.
The new bills.are copied after the former $10 National bank notes,
series of 1929, and were apparently made from a hasty revision of the
same plates.
While the older notes are described at the top of the bill as "National
Currency—secured by United States bonds deposited with the Treasurer
of the United States of America," the new issue bears the following additional phrase "or by like deposit of other securities."
The notes have a picture of the United States Treasury on the reverse
and a medallion of Hamilton on the obverse. Like the older notes, the
new bills are "redeemable in lawful money of the United States at United
States Treasury or at the bank of issue."
Instead of the name of the issuing national bank at the left of the medalion,
the bills available here carry the following: "The Federal Reserve Bank of
New York will pay to the bearer on demand Ten Dollars."
The notes are signed at the top left by E. E. Jones, register of the Treasury,and at the upper right by W.H.Woodin, Treasurer of the United States,
as are the National bank notes. The titles "cashier" and "president" at
the lower left and right of the National bank notes are blocked out in
heavy black lines, and carry instead the signatures and titles of A. W.
Gilbart, Deputy Governor, and George L. Harrison, Governor. Where
the National bank notes carry numerals, the new notes have letters, the
new issue being marked B in heavy, black characters.
Present Currency and Its Backing.
Under date of March 9 a dispatch from Washington to
the New York "Times" said:
The present currency and its backing were tabulated to-night as follows:
Amount
Backing.
Outstanding.
Classification—
Federal Reserve notes_ --$3,000,000.000 40% gold to 100% eligible paper.
591,600,C00'100% gold.
Gold certificates
863,000,000 100% circulating bonds.
National bank notes
484,000,060 100% silver dollars.
Silver certificates
United States notes12156,0G0,000 gold set aside by
Gold Standard Act of 1900.
286,000,000(
---------(greenbacks)
1.215,000(
Treasury notes of 1890
2,645,000 100% nonds.
Federal Reserve banknotes
38,000.000 Backed by own value.
Silver dollars
292,000.000 Backed by own value.
Subsidiary silver
121,000,0CC Backed by own value.
Minor (token) coins
(This list excludes the authorization of new currency made by Congress
to-day, which could run into many billions of dollars.)
Annual Convention of American Institute of Banking
to Be Held in Chicago June 12-16--First Large
Convention After Opening of Chicago Exposition.
The thirty-first annual convention of the American Institute of Banking Section of the American Bankers' Association will be held in Chicago, June 12-16, with headquarters
at the Palmer House. This, it is announced, will be the
first large national convention to meet in Chicago after the
opening of the Century of Progress Exposition. It is expected that the attendance will number 2,500.
The convention schedule calls for the annual meeting of
the Executive Council of the Institute the afternoon of
Monday, June 12. The morning of Tuesday, June 13, the
opening general convention session will be held. Beginning
with luncheon that day, there will be eight separate departmental conferences on various phases of banking. These
conferences will be devoted to the following topics: Audits
and Accounting; Bank Administration; Business Development and Advertising; Credits; Deposit Functions; Investments and Investment Banking; Savings Banking; Trust
Functions. The evening of June 13 the annual dance and
the public speaking contest will be held. Wednesday morning, June 13, Institute conferences on the educational work
of the institute, institute publicity, and public speaking will
be held.
Thursday morning, June 14, there will be additional Institute conferences on the administration of chapters, debate,
public education and the women's place in banking. Beginning at noon this day, the departmental conferences will
resume consideration of the same subjects that were taken
up on Tuesday. Thursday night the Institute Chapters will
hold caucuses to decide on the candidates to be voted on for
national office at the final convention session which will
be held on Friday morning, June 16. Friday afternoon there
will be several industrial tours and at night the final ball
will be held preceding the departure of delegates.
The institute consists of 234 chapters in cities throughout
the country, and has a membership totaling 57,718. In spite
of existing conditions, 30.816 members have been enrolled
•this year in the Institute study courses conducted by the
chapters.
Convention arrangements will be in the hands of numerous committees. The following is the membership of the
General Convention Committee:
Chairman, Cl. Edgar Johnson, First Union Trust & Savings Bank;
Vice-Chairmen: Rudolph H. Brunkhorst, Harris Trust dr Savings Bank'
Frank R. Curda, City National Bank dr Trust Co.; Fred A. Cuscaden,
Northern Trust Co.; Robert J. Hargreaves, Federal Reserve Bank; William
March 25 1933
H. A. Johnson, Continental Illinois National Bank dr Trust Co.; Mark F.
Trumbull, First National Bank.
Secretary and Treasurer, Joseph J. Schroeder, 162 West Monroe Street.
Move in France for Payment on Debt to U. S.—Resolution Introduced by Socialist Deputy—French
Premier Daladier Reported as Proposing to Let
Chamber Reverse Decision Uninfluenced—Pleas
by Edouard Herriot and Leon Blum.
Payment of $19,000,000 interest on war debts to the
United States, which was defaulted by France last December
15, was brought officially before the French Chamber of
Deupties on March 18 in a resolution presented by Rene
Richard, a Radical Socialist Deputy. Reporting this,
Associated Press accounts from Paris March 18 added:
The present attitude of the Government was still doubtful.
Friends of Premier Daladier said he was not convinced as to the wisdom
of payment, but many deputies thought the Premier would soon realize a
majority favored it and that he would swing into line.
Former Premier Herriot, whose Government fell upon the issue of the
interest payment last December, has been leading a movement for the
payment supported by former Premier Painieve and others. The movement has had the tacit encouragement of the Government.
The resolution as presented by M. Richard read:
The Chamber invites the Government to place at the disposal of the
Government of the United States of America a credit of $19,000.000, the
amount of the deferred payment due the 15th of December 1932.
M Richard's friends said the resolution was presented in accord with
the views of M. Herriot, who wrote to-day in a Lyons newspaper, "We
must pay."
Both M. Richard and M. Herriot advocated payment as a "gesture,"
because America is in trouble. The latter added that the United States
must be propitiated because its aid is essential to French security. He
added that the Chamber should regard "conciliatory declarations" of
President Roosevelt as meeting its reservations.
The resolution will go to the Foreign Affairs Committee, of which M.
Harlot is Chairman, and which he dominates, and to the Finance Committee, whose Chairman, Louis-Jean Malvy, opposes payment.
Debate in the chamber is not likely for a week.
"A severe crisis has struck the money and the credit of the great American
Republic," Richard said in the preamble. "Before this new fact it is no
longer for a legal discussion that we summon the Chamber but for an act
of international solidarity.
"It is because we believe in the duty and solidarity of peoples; it is because we believe this duty of solidarity is the greatest and most imperative
of international duties; it is because we believe this constitutes an international morality of peoples and democracies that we ask the Chamber to
make this gesture which will honor it and honor our country."
In a Paris wireless message to the New York "Time,." it
was stated that Rene Richard's proposal to authorize the
Government to pay the debt installment due the United
States last December was deferred by the Chamber of
Deputies when it came before the Foreign Affairs Commission on March 22. The account (March 22) to the
"Times" continued:
Former Premier Edouard Herriot, who is President of the Commission
and several members gave briefly the reasons for or against payment.
But on motion of the Socialist members the nomination of a reporter whose
duty it would be to present a report on behalf of the Commission either in
favor or in opposition was deferred until after the Government's attitude
should be presented. The Commission decided first to ask Foreign Minister
Joseph Paul-Boncour to appear to explain the Government attitude.
This proposal coming from the Socialists, who form nearly half the
Government's majority and who have been consistently opposed to payment, puts the Government in the position of having to take a definite
stand, which is just what Premier Edouard Daladier desired to avoid for
fear of a second refusal by the Chamber to pay.
The Central Committee of the National Confederation of War Veterans,
which claims 3,500,000 members, adopted a resolution to-day calling on
the Chamber to reject M. Richard's proposal.
Finance Minister Georges Bonnet, who spent two days in London last
week discussing the program for the World Economic Conference, intimated to-day to friends in the Chamber, says "Le Matin," that Neville
Chamberlain, Chancellor of the Exchequer, had.told him that the British
Government had no intention of demanding from France the war-debt payment due June 15, and that he hoped a common attitude on the debts to
the United States could be established and maintained by the two countries.
On March 20 Associated Press accounts from Washington
said:
So far as the Treasury can find, there is no provision requiring France to
pay interest since Dec. 15 on the $19,261,432 war debt payment to the
United States which she failed to meet on that due date.
The point arose after a strong movement developed in French official
circles for reversal of the decision of the Chamber of Deputies not to make
the payment.
The $19,261,432 sum represented interest on the French debt, rather
than principal, and it was pointed out at the Treasury to-day that the
funding treaty contained no provision for interest on deferred interest
payments.
There is provision, however,for charging interest on deferred principal.
Reporting that everything is being done by the French
Cabinet to avoid introducing into the debt discussions any
political issue, a message March 20 from Paris to the New
York "Times' went on to say in part:
As has been indicated in recent dispatches, it is felt that the only chance
of getting the Chamber to revise its decision of last December not to pay
the United States is to leave it free from governmental and so political
influence. That was the course Premier Daladier recommended to the
Cabinet to-day, and it is the one that will be followed. . . .
Finance Minister Bonnet, who has just returned from London, where
he discussed the program for the World Economic Conference with Neville
Chamberlain, Chancellor of the Exchequer, and Walter Runciman, Pres!•
dent of the Board of Trade, was reported insistent that France must place
herself on an equal footing with Britain and Italy toward the United States.
Financial Chronicle
Volume 136
It is also being urged here that France must be in a position to benefit
by the offer of a moratorium on the coming June and December payments
which, it is reported, the United States is ready to offer, and that France
must avoid seeming to perpetuate her default.
Although there seems to be good ground for confidence that the Chamber
will be influenced by these arguments and reverse its December decision,
It is stated in Parliamentary circles that the fate of the measure must
depend on how it is presented. If the debate becomes in any sense political
those in favor of payment may be defeated. The best chance of success
Iles in the whole matter being pushed through as quietly as possible.
From Paris March 21 Associated Press advices stated:
Former Premier Edouard Herriot urged immediate payment of the defaulted interest on war debts due the United States, and Leon Blum, Socialist Deputy, upheld the Chamber's decision of last December not to pay,
In meetings to-day of the two major parties of the Government's majority.
110 M. Herriot, who talked with Premier Edouard Daladier this morning,
after telling a Radical Socialist Party group that payment should be made,
said he would take no initiative because his own Government was overthrown on the question last December. He emphasized, however, "the
necessity of voting payment without delay."
M. Blum meanwhile told the Socialists they should adhere to the Chamber's refusal until the Government had been assured that President Roosevelt's attitude fulfilled the Chamber's condition for a general conference
of creditors and debtors.
M. Herriot quoted letters in French from New York describing "the
deplorable effect" of the Chamber's refusal to pay last December and the
bad effect on French commerce.
The following from Paris March 10 is from the "Times":
Former Premier Paul Painleve to-day added his voice to those of the
French statesmen who have been trying to induce the French Parliament
to reverse its stand and make the December war-debt payment to the
United States,
"There is only one way to convince the Americans of the true friendly
feeling of France," he said. "Although at grips with tremendous difficulties, President Roosevelt received our Ambassador immediately after conferring with the British. We should reply to one act of good-will with
another. Let us pay as England did, declaring that the sum paid is advanced on whatever settlement may finally be reached.
"It is true that $18,000,000 will not give relief to American banks.
It is not a question of coming to America's aid, for the United States will
save herself, but it is a question of improving relations among France,
Great Britain and the United States, whose understanding will insure
the rights of democracy from serious dangers."
First Post-War Silver Coins Soon
to
Be Issued by
France.
Silver coins will reappear in France toward the end of
this month for the first time since the war, it was stated
in a wireless message from Paris March 22 to the New York
"Times", which added:
One and a half billion francs worth of ten-and 20-franc pieces have
been minted and now repose in the vaults of the Bank of France. That
institution's regents will decide to-morrow the date on which the new money
will be put into circulation.
DA law voted by the French Parliament in June, 1928, authorized the
minting of 100-franc coins in gold at the same time the silver pieces were
cast, but the date for issuance of the gold money has not yet been decided.
giThe new ten-franc coins, worth roughly 40 cents, measure 20 millimeters
in diameter—about the size of American quarter dollars.
Exports by France Decrease While Imports Increase.
Paris advices March 18 to the New York "Times" said:
Figures published by the Government to-day show France's imports
increased 9.3% in the first two months of 1933, compared with the same
period in 1932, while exports diminished 14%. Imports of raw materials
needed for industry rose in value 438,000,000 francs, or 21%. (The franc
is worth about 4 cents.)
111The adverse trade balance was 2.155,000,060 francs for the first two
months of this year. It was 1,166,000,000 francs for the same period in
1932.
The total imports for January and February were valued at 5,204,000,000
francs; the total exports at 3,049,000,000. Imports for the two months
of 1932 were worth 4,740,000,000 francs and exports 3,574,000,000 francs.
France Revokes Depreciated Currency Surtax on
Finnish and Swedish Products.
The French depreciated currency surtax of 15% ad valorem
on imports from Sweden and Finland, in effect since November and December 1931, respectively, has been revoked,
effective March 15 1933, by decrees published in the French
"Journal Officiel" for March 14 and 15, it is made known
in a cablegram to the Commerce Department's Division of
Foreign Tariffs from Acting Commercial Attache Daniel J.
Reagan, Paris. The Department on March 18 further said:
Those decrees were issued in application of Franco-Flu'sh and FrancoSwedish agreements recently concluded wherein France agreed to revoke
the depreciated currency surtax on imports from Finland and Sweden in
return for reciprocal concessions. These agreements were made provisionally effective by decrees which were also published in the French Journal
"OffIciel" for March 14 and 15.
It is reported in the Finnish press that Finland has reduced her previous
conventional duties on numerous articles of interest to French exporters,
and has granted new conventional reductions on others. Finland also
grants certain facilities to the importation and sale of French wines and
liquors, but is no longer obligated to purchase in France the quantities
required to meet legalized needs. Details of the Franco-Swedish agreement
have not yet been made available.
UnderTdate of March 15 advices from Paris to the New
York "Times" said:
The 15% compensating surtax on all imports from countries with depredated currencies was withdrawn from Finnish products to-day and from
Swedish products yesterday in exchange for tariff reductions by Finland
and Sweden.
2011
It is understood the same action will be taken by France on Norwegian
products, and it is likely that wood-pulp exports from the United States to
France will be badly hit.
The United States has been a large exporter of wood pulp to France, but
this competition of American exporters against Scandinavian countries has
been possible only because the latter nations have been unable to take
advantage of the premium resulting from their depreciated currencies.
President Lebrun of France Dedicates Lyons Textile
Fair—Sees Obstacle to Economic Recovery in
"Events Beyond Our Borders".
The great textile fair at Lyons was officially dedicated
on March 12 by President Lebrun of France in the presence
of a huge crowd, according to a Paris cablegram March 13
to the New York "Times" from which we also quote:
When the President visited the fair in the vast palace constructed for
it he was received at the Spanish booth by Dr. Salvador de Madariago,
Ambassador of Spain, and at the British booth was received by Lord
Tyrrell, British Ambassador, and the Ministers of Canada and Egypt.
The Minister of Yugoslavia also had traveled from Paris to visit this famous
commercial exposition.
M. Lebrun in his dedicatory address praised the industry of France's
great textile city, which, he said, had demonstrated remarkable steadiness
amid the economic depression and political troubles. If the world could
only receive assurances of peace there would be a cliance for business to
improve, M. Lebrun asserted.
"Economic recovery," he went on, "demands, above all, reciprocal confidence, moral improvement and established peace. Those events whose
echoes are reaching us from beyond our borders seem to place such hopes
into a more distant future."
Shops of Great Northern Railroad to Reopen with
250 Men.
Announcement was made at Spokane, Wash.,.March 20,
according to Associated Press advices from that place, that
the shops of the Great Northern Railroad will reopen April 3
employing 250 men on a 53 -clay week.
Rail Recapture Clause Repeal Reported by House
Committee.
An Associated Press dispatch from Washington March 24
had the following:
Legislation to repeal the railroad recapture clause and give the InterState Commerce Commission authority to regulate railroad holding companies was approved to-day by the House Inter-State Commerce Committee.
Both bills were sponsored by Chairman Rayburn.
The measure repealing the recapture clause also prescribes a new basis
for rate making, reading as follows:
"In the exercise of its power to prescribe just and reasonable rates the
Commission shall give due consideration, among other factors, to the
effect of rates on the movement of traffic; to ithe need,in the public interest,
of adequate and efficient railway transportation service at the lowest cost
consistent with the furnishing of such service, and to the need of revenues
sufficient to enable the carriers, under honest, economical and efficient
management, to provide such service."
Repeal of the recapture clause, involving several hundred million dollars,
was recommended by the National Transportation Committee headed by
the late Calvin Coolidge, which included in Its membership Alfred E. Smith.
The holding company bill puts the formation of such groups under the
supervision of the Inter-State Commerce Commission and also requires
Commission approval before a single interest may obtain the control or
management of two or more carriers
Yen Control Bill Passed by Japan—Resumption of
Gold Purchases With United States Dollar as Basis.
The following (United Press) is from the "Wall Street
Journal" of March 18:
Gold purchases with the American dollar as a basis will be resumed
Monday by the Bank of Japan.
A drastic foreign exchange bill, empowering the Government to declare
an embargo on remittance of money to foreign countries in emergencies
was passed by the House of Peers, effective at once.
Aimed at establishing effective Government control over the yen, the
foreign exchange law empowers the Government to prohibit or restrict:
1. Acceptance and disposal of foreign currencies and drafts.
2. Export of currencies, gold bullion, gold alloy and articles made
principally of gold.
3. Payments to be made in Japan for residents of foreign countries in
the event export of money or gold is prohibited.
4. Quotation of foreign exchange rates.
5. Acceptance or disposal of securities, debts or credits given in foreign
currencies.
•
6. Issuance and acceptance of letters of credit.
7. Acts giving credit to residents in foreign countries.
8. Import and export of securities.
9. Export of goods on which drafts are not issued for all or part of
the value.
Railroads to End Revenue Pooling—Inter-State Commerce Commission Is Told That Plan to Aid"Weaker"
Lines During Depression Is Futile—Surcharges
Star—Credit Corporation To Be Dissolved.
The Association of Railway Executives has notified the
Inter-State Commerce Commission that there will be no
further pooling of revenues from the emergency freight rate
surcharges, as was suggested by the Commission in a decision on March 13 authorizing continued collection of the
higher rates until Sept. 30. While suggesting that the
pooling plan begun in January 1932 be continued as long
as the surcharges were collected, the Commission left it
optional with the carriers to comply with the suggestion or
2012
Financial Chronicle
March 25 1933
reject it as impracticable. In a Washington dispatch
March 23, the New York "Times" states:
Monday, but Judge Goddard remarked that he would "treat this case
like any other," and set a week from Monday for hearing motions. The
trial date will be set at that time.
The joint railroad petition requesting authority to continue collecting
the surcharges after March 31, when they were due to expire, also asked
that the individual roads be allowed to retain the additional revenues instead of pooling them with the Railroad Credit Corporation, as has been
the practice.
The Commission refused to make public the Association's letter, written
by Alfred P. Thom, general counsel, on the ground that it is "not a part
of the record in the case." But Mr. Thom is understood to have cited
the "Impracticability "of further pooling as sufficient reason for its discontinuance.
$62,000,000 in Surcharges.
From the application of the surcharges on freight rates during 1932
there was paid into the Railroad Credit Corporation a total of $62,000,000.
It had been originally estimated by the Commission that the yield would
be from $100,000,000 to 41125,000,000 on the basis of traffic conditions
prevailing at the time of its decision. As it subsequently explained, however, its estimate was overlarge when applied to the unforeseen lean traffic
conditions of 1932 and the gradual whittling away of the basic rates on
which the surcharges were superimposed to meet competitive conditions.
As a result of the latter reductions, some rates, even with the addition
of the surcharges, veere less at the close of 1932 than before the extra emergency charge was authorized.
From the "World Telegram" of last night (March 24)
we take the following:
Free In $10,000 Bail.
Low Rate Level Feared.
This condition was made the basis of an argument by the Association
of Railway Executives when,in requesting permission to continue collecting
the surcharges, it pointed out that if the practice were immediately discontinued on March 31 the rate structure would suddenly drop to disastrously low levels.
This eventuality was recognized by the Commission when it permitted
temporary continuance of the surcharges.
It was the theory of the pooling plan that the emergency in railroad
transportation did not apply to all railroads, and that the surcharges should
therefore be placed in a fund from which loans might be made to enable
"weaker" roads to meet their fixed charges amd avoid receiverships.
By the end of 1932, however, it became apparent that there were relatively few railroads which were not in the "weaker" class with respect to
earning their fixed charges.
The paying of revenues into the pool would only require taking them out
again by the same roads as contributed, and with little or no purpose. The
pooling system was then recommended for abandonment.
Bernard K. Marcus and Saul Singer Former Officers of
Bank of United States Taken to Sing Sing Prison,
Bernard K. Marcus, former President of the closed Bank
of United States of New York City, and Saul Singer, formerly Vice-President of the bank, entered Sing Sing Prison
on March 21 to serve sentences of from three to six years
for misapplication of funds of the bank.
The conviction of the former chief officers of the defunct
bank was upheld by the Court of Appeals at Albany on
March 14 as noted in our issue of March 18 page 1833.
From the New York "Herald-Tribune" of March 22 the
following is taken:
Marcus and Singer were sentenced on June 23 1931 by Judge George L.
Donnellan in General Sessions. Having appealed and lost, they surrendered on their bonds in the afternoon of March 21 before the same judge
and a few hours later they were on their way to Sing Sing.
Many depositors who lost money in the Bank of United States failure
went to the Criminal Courts Building for a last look at Marcus and Singer.
The courtroom and corridors were crowded. Marcus and Singer did not
appear at 10 A. M. as expected and when they were still absent two hours
later Albert B. Unger, Assistant District Attorney, moved that their bail
of $100,000 each be forfeited, but Judge Donnellan refused. At 12:50 P. M.
Marcus and Singer finally appeared, having been busy winding up personal
affairs and bidding good-by to relatives and friends. Marcus held his head
Ugh and defiantly surveyed the crowd. Singer, pale but calm, was accompanied to court by his son, Herbert, who was convicted with his father
and Marcus, but won out on appeal.
Charles E. Mitchell, Former Chairman of National
City Bank of New York, Indicted by Federal
Grand Jury for Alleged Evasion of Federal Income Tax.
Charles E. Mitchell, former Chairman of the National
City Bank of New York, was indicted yesterday (March
24) by a Federal grand jury in New York City for alleged
wilful evasion of his income tax for '1929. The New York
"Sun" of last night said:
was handed up to
11 There was only one count in the indictment, which
Cox, foreman of the
Federal Judge Henry W. Goddard by Arthur F.
grand Jury.
The maximum penalty is five years' Imprisonment and a $10,000 fine.
What the Bill Charges.
a net income of
The indictment charges that while Mitchell received
a
$2,823.405.95 for the year 1929, he reported for income tax purposes
no tax.
net loss of $48.000 for the year, consequently paying
from
loss
of
a
sale
reported
Mitchell
The indictment also alleges that
the difference
stocks of $1,484,067.53, instead of a profit of $1,388,237.97,
claimed to have taken
being accounted for by a loss of $2,872,305.50 he
stock to Mrs. Mitchell,
on the sale of 18,300 shares of National City Bank
transaction.
which the Government contends was not a bona fide
Mitchell appeared at
Stetter,
D.
Max
Accompanied by his attorney,
for arraignment before
the Federal Building at 2:30 o'clock this afternoon
his hand shook as he
Judge Goddard. He was obviously ill at ease and
at liberty on $10,000
attached his signature to a document. He was already
Mr. Stetter had all
sum.
same
the
In
bond but he was required to renew it
arrangements made for that and there was no delay.
Trial Date to Be Set Later.
indictment and United States
He asked for 15 days to move against the
set for trial a week from
Attorney Medalie objected and wanted the case
At present the financier is free in $10,000 ball, fixed after his arrest
Tuesday night (March 21).
The indictment charges that Mr. Mitchell received a net income of
$2,823,405.95 for 1929, whereas he reported on his income tax return a
net loss of $48,000 for tnat year, and paid no tax.
Mr. Medalie said ne was investigating the circumstances of the income
tax report, to discover why it was approved.
Evidence had been presented to the morning grand jury for the past
three days by Mr. Medalie, his chief assistant, Thomas E. Dewey, and
another assistant, Murray I. Furfein.
Investigation Begun.
Mr. Medalie started his investigation Feb. 22, the day after Mr. Mitchell
testified before the Senate Banking Committee about his repurchase from
his wife of 18,300 shares of National City Bank stock, which he had sold
to her in 1929 to take a loss.
Mr. Dewey and Mr. Gurfein examined many bank accounts and studied
the history of securities transactions of both Mr. and Mrs. Mitchell for
several years back. Witnesses from banks, attorneys and others, some
from Chicago and Florida, were questioned.
Mrs. Mitchell has submitted to two examinations, and Mr. Mitchell
spent an entire day explaining his affairs.
The indictment alleges that Mr. Mitchell's income tax return was
erroneous in reporting a loss from sale of stocks of $1,484,067.53. instead
of a profit of $1,388,237.97. The difference is represented by a loss of
$2,872,305.50, taken from an alleged sale of stock to Mrs. Mitchell.
Items of Income.
The indictment alleges that Mr. Mitchell's income for 1929 was made
up as follows:
$1,206,195.02
Salaries and other compensations
140,105.47
Interest
1,388,237.97
Profit from stock sales
262,874.40
Dividends
4,789.12
Interest on Liberty bonds
4,503.78
Directors' fees
Total
Deductions alleged are:
Interest paid
Taxes paid
Contributions
Total
33,006,705.76
$99,911.12
68,703.79
14,685.00
$183,299.91
The case of the United States Government against Mr.
Mitchell on the charge of income tax evasion was presented
to the Federal grand jury on March 22.
An examination of the books and records of the National
City Bank in furtherance of the inquiry into the income tax
affairs of Mr. Mitchell was begun on Monday March 20
by George Z. Medalie, United States Attorney, following
his return from Washington on March 18 with orders, it is
said, from Attorney-General Homer S. Cummings to conduct the investigation. Mr. Mitchell's testimony before
the Senate Committee inquiring into Stock Exchange trading
was noted in these columns Feb. 25, page 1290.
H. C. Sylvester, Jr., Vice-President of National City
Company, Indicted on Charge of Alleged Forgery
Incident to Loan to J. E. Ramsey of Port of New
York Authority—Resignation Tendered by Mr.
Sylvester.
Horace C. Sylvester, Jr., a Vice-President of the National
City Co., surrendered at the District Attorney's office on
March 21 on an indictment said to charge him with third
degree forgery. From the New York "Herald Tribune" of
March 22 we quote:
The indictment alleges that he directed the Treasurer of the company
to take $10,020 out of the account of a syndicate formed to float a Port of
New York Authority bond issue as an expense of the syndicate when it was
really used for a loan to John E. Ramsey, General Manager of the Port of
New York Authority.
Mr. Sylvester pleaded not guilty when arraigned before Judge George
L. Donnellan, witn whom the indictment was filed in General Sessions, and
was held for trial in $2,500 ball, which was given by a surety company..
In the financial district Mr. Sylvester was assured by innumerable Mende
and associates of their unbounded confidence in his integrity and their
belief tnat he was the victim of circumstances. Scores of bankers took
occasion to call personally at his office at 55 Wall Street and declare their
intention of continuing business relations with his firm, in wnich they
invariably found him fair and straightforward.
The indictment, which carries with it a charge of false entry on the books
of the company as a misdemeanor, alleges that the forgery took place
about June 2 1931, while the company was the manager of a syndicate
organized to dispose of Port of New York Authority bonds issued in March
1931,for $66,000.000. Much of the information and charges in the indictment result from the testimony of Mr. Sylvester before the Senate Banking
Committee in Washington.
On or about the date named, according to the indictment, Mr. Sylvester
had Samuel W. Baldwin, Treasurer of the National City Co., issue a check
out of the expense account of the syndicate, which was cashed and turned
over to Mr. Ramsey as a loan. The indictment cnarges tnat this was not
an expense as booked.
The National City Co. Issued the following statement:
"The resignation of Horace C. Sylvester, Jr. as Vice-President of the
National City Co. has been presented to the board of directors. No action
has been taken. The board of directors will conduct its own investigation
into the circumstances."
Mr. Ramsey, whose name was first brought before the Senate Committee
In Washington by Mr. Sylvester and Edward F. Barrett, also a Vice-President of the investment house, tendered his resignation to John F. Galvin,
Financial Chronicle
Volume 136
Chairman of the Port Authority, last March 5, with the explanation that
ne tnougnt lie was borrowing from „Mr. Barrett as a personal friend and
had no inkling that the money came from the company's account. Mr.
Galvin refused to accept the resignation pending investigation by a special
committee of three commissioners.
The Senate Committee hearing at which Mr. Sylvester
testified was referred to in our issue of March 4, page 1468.
W. R.
and
Morehouse Appointed
Marine Commission
Member of Commerce
of American Bankers'
Association.
Francis H. Sisson, President American Bankers' Association, has announced the appointment of W. R. Morehouse,
Vice-President Security-First National Bank, Los Angeles,
Calif., as a member of the Commerce and Marine Commission of the Association for the term expiring in 1934, to fill
the vacancy caused by the death of John R. Washburn, VicePresident Continental Illinois National Bank & Trust Co.,
•
Chicago.
• ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made Mar. 22, for the sale of a New
York Stock Exchange membership at $111,000, an increase
of $6,000 from the last previous sale Mar. 16.
Arrangements were made, Mar. 22, for the sale of a National Metal Exchange membership at $950, unchanged from
the last previous sale.
—
Arrangements were completed, Mar. 20, for the sale of a
membership in The Chicago Stock Exchange at $3,500; no
change in price.
Dr. Walter B. Pitkin, Professor of Journalism at Columbia
University addressed the Women Savings Bankers of the
Metropolitan Area on Mar. 21 at their regular monthly
dinner meeting, held at the St. Moritz Hotel in New York
City. Dr. Pitkin reviewed the world economic situation
from the standpoint of the consumer,as discussed in his latest
book, "The Consumer." Henry R. Kinsey, President of
the Savings Banks Association of the State of New York
addressed the women at their closed session, a study hour,
which preceded the dinner. He reviewed events in banking
and monetary matters of the past few weeks. Miss Margaret
Doerschuk, Assistant Secretary of the State Association,
was in charge of reservations. Miss Lillian A. Backus,
chairman of the Women's Group presided at the dinner.
The program committee, was headed by Miss Mabel Thompson, service director at the Union Dime Savings Bank.
Dr. Pitkin, Mr. Kinsey and Paul W. Albright, General
Secretary of the State Association, as guests of honor, were
at the speakers' table.
J. Graham Parsons, Sr., a p-artner in Spencer Trask & Co.,
investment bankers, died suddenly Mar. 22 of a cerebral
hemorrhage in Doctors' Hospital in New York City. He
lived in Albany and was 57 years old.
James Mitchell Hoyt, senio- r partner in the former New
York Stock Exchange firm of Prince & Whitely, which failed
on Oct. 9 1930, died of abdominal complications on Mar.
20. He was 47 years old. Mr. Hoyt became senior partner
of Prince & Whitely, which was one of the largest Stock Exchange houses to have difficulties as a result of the market
crash, in 1924. Pfeviously to that he had been associated
for a short while with the brokerage firm of Tobey & Kirk,
New York.
2013
The President was reported as saying in a statement that
the closing was due to "depreciation in securities." William
J. Brennan, Assistant Cashier of the bank, was appointed
conservator, the dispatch said.
Edward Aaron Davis, Vice-President of the National
Shawmut Bank of Boston, Mass., died at his home in
Cambridge, Mass., on March 19 after a brief illness. Mr.
Davis was born Jan. 18 1865 at Chelsea, Vt. He entered
White
the banking business at the First National Bank of
River Junction, Vt., remaining there for 25 years until he
went to Bethel, Vt., as Cashier and Vice-President of the
National White River Bank, of which he has been President
during the last two years. In 1917 he went to Boston to
handle the Liberty Loan drive for Vermont and New Hampshire at the Federal Reserve Bank, and in 1922 he became
Assistant Cashier of the National Shawmut Bank, of which
of
two years later he was made Vice-President in charge
the New England bank correspondents, the office he held
death
at his death. Mr. Davis was also at the time of his
Treasurer of the White River RR. and Vice-President of
the White River Valley Telephone Co.
•
Directors of East Boston Savings Bank, Boston, Mass.,
will meet March 27 to vote on a proposal to take over the
assets and assume the liabilities of the Suinner. Savings
on
Bank of East Boston, according to Boston advices
combined
The
Journal."
Street
"Wall
the
to
22
March
institutions have deposits in excess of $16,000,000, it was
said.
Cummings C. Chesney of 'Pittsfield, Mass., retired VicePresident of the General Electric Co., on Mar. 20 was
appointed President of the Berkshire Trust Co. of Pittsfield to succeed Charles L. Hibbard, who resigned, according
to a dispatch from that city to the New York "Times", which
added that the company would reopenlithe next day for
unrestricted business after reorganization.
Arrangements to merge the Trust.Co. of Orange, Orange,
N. J., with the Savings Investment & Trust Co. of East
Orange. were announced on Mar. 18 by Harry T. Thomas,
President of the latter, as reported in the Newark "News" of
that date. The arrangements are, it was stated, for the Savings Investment & Trust Co., to acquire the stock of the trust
company. The Savings Investment stockholVers will be
asked to ratify the action as soon as possible. The proposed basis of exchange is five shares. of $25 preferred
stock, to be issued by Savings Investment, for one share
of the $100 par stock of the Trust Co. of Orange. An
announcement by Mr. Thomas said:
of $23,000,000
"The Savings Investment.81 Trust has total resources
section of East
and operates from the main oflice in the Brick Church
South Orange.
in
Orange, two branch offices in East Orange and one
It has been in business since 1890.
Both banks
"The Trust Co. of Orange has resources of over $2,000,000.
are nrombers of the Federal Reserve System and are conducting unrestricted
business under licenses granted by the Secretary of the, Treasury of the
United States."
The "News" went on to say:
South
In addition to its branches, Hollywood, Centealg Avenue and
Orange, the Savings Institution controls the East Orange Trust Co., which
also has been licensed to conduct an unrestricted business.
The officers of Savings Ivestment and of the Trust Co. will be continued.
Cash advance payments to depositors of two banks in
the Philadelphia district were announced on Mar. 17 by
Dr. William D. Gordon, State Secretary of Banking for .
20,
this
Mar.
week,
on
Monday of
That a conservator
"Ledger" of
was to take over the affairs of the First National Bank of .Pennsylvania, according to the Philadelphia'
said:
'ivhich
Mar.
18,
was
,
indicated
Hempstead, L. I., pending its reorganization
On Mar. 29 depositors of the Manheim Trust Co. of Philadelphia will
In a Hempstead dispatch to the New York ."Times" on
receive a 10% disbursement, amounting to $27,942. The institution
Mar. 19, which said :
has 4,717 accounts. Two dividends of 10% each previously have been
Directors of the First National Bank of Hempstead, one of Nassau's
oldest financial institutions which closed its doors to depositors yesterday
(Mar. 18) held a special conference today to perfect reorganization plans,
Jeremiah Wood, former Lieutenant Governor and counsel of the bank,
announced.
"The reorganization plans for Hempstead First National," Mr. Wood
said, "will he submitted to the Comptroller of the Currency and other
national banking authorities."
Carroll F. Norton is President of the institution. John Davidson Is
Cashier. Over the week-end eight employees were told that their duties
had been suspended until the official reopening of the bank. A government conservator, it was announced, would take over the bank's business
to-Morrow, pending the reorganization.
The Saratoga National Bank at Saratoga Springs, N. Y.,
closed its doors on Tuesday of this week, March 21, according to a dispatch by the Associated Press from that place.
paid by the bank, which closed its doors Oct. 2 1931.
The Banking Department in anntiuncing the Manheim ctisbursement said
persons receiving checks for $1 or less on account of the dividend payment would be paid at the office of the Northern Central Trust Co .
Broad Street and Erie Avenue.
Depositors of the Glenside Trust Co. will receive a 10% dividend,
Amounting to $36,511, on Apr. 3. The bank has 4,615 accounts. Two
dividends of 10% have been distributed by the bank, which closed
Oct. 3 1931.
That two Hampton, Va., banks are about to merge is
indicated in the following dispatch from Richmond, Va.,
on March 22, to the "Wall Street Journal": ,
Pending consolidation of the Bank of Hampton and the First National
Bank of Hampton. became known with the announcement of the appointment of Col. Joseph E. Healy, Executive Vice-Pi•esident of the Bank of
Hampton, as conservator for the First National. •
2014
Financial Chronicle
"We are getting plans in shape as rapidly as possible to complete the
merger of the Bank of Hampton and the First National," Col. Healy
said,"and.in the meantime,every courtesy and convenience will be afforded
the clients of the 'First National that are permitted us by the National
Banking laws."
The Bank of Hampton was reopened for active business on March 17.
Advices from Troy, Ohio, to the Cincinnati "Enquirer"
on Mar. 18 reported that the respective directors of the
First National Bank of West Milton, Ohio, and the Citizens'
State Bank of the same place, were working on plans to
merge the institutions as soon as possible. We quote from
the dispatch as follows:
Officials of the bank stated to-day that the merger proposal is entirely
voluntary, on the part of the institutions. They have hurried their plans
now because it was felt the present conditions make the plan more feasible.
Both banks are still operating on a restricted basis, and it was stated
neither desires a license to resume full operations until the merger plans
have advanced to a place where they can be completed.
Quarterly dividends were deferred on March 21 by two
of Chicago's largest banks, the Continental Illinois National
Bank & Trust Co. and the First National Bank of Chicago.
In reporting this a Chicago dispatch by the Associated
Press said:
A statement from the Continental Illinois National Bank & Trust Co.said
it had earned its current dividends "substantially twice over" during the
last quarter, but that payment was being deferred "in harmony with what
seems to be the governmental policy of conserving bank assets."
Melvin A. Traylor. President of the First National Bank. said its policy
also was to conserve earnings and build up reserves.
The First National has previously been on a $3 quarterly basis and
Continental Illinois on a $6 annual basis since the first of the year. No
a mention was made in announcements of a time for paying the deferred
dividends.
The directors of the Harris Trust & Savings Bank of
Chicago, Ill., on March 21 declared the regular quarterly
dividend of $3 on the bank's capital stock, according to
advices on that date to the New York "Times." The
dividend is payable April 1 to stockholders of record March
17, it was stated.
March 25 1933
Judson E. Piper, United States Commissioner, said a warrant for
Mr. Bacon's arrest was issued on the basis of the embezzlement charge,
and that the Cashier would be arraigned this morning.
Federal operatives said the bank shortage was discovered by officers of
the bank during the holiday. The bank received permission to open
Tuesday morning (Mar. 14) the operatives said, but closed again after
a few hours.
Mr. Bacon is quotetd by operatives as saying the alleged $25,000 shortage
was used to "cover old losses." Provision to restore the shortage was
said by operatives to be under way.
The alleged shortage covers a period of several years, operatives said.
Other officers of the bank refused to discuss the matter when questioned
by telephone at Lorimor.
--a--
Advices by the Associated Press from Lincoln, Neb., Mar.
14, stated that Fred E. Bodie was chosen Manager of the
Federal Trust Co. of Lincoln at a meeting of the stockholders and directors. The dispatch added:
Mr. Bodie was given full power to act for the corporation aftetr resignations had been accepted from E. C. Wilson, President; H. B. Reynolds,
Executive Vice-President, and L. W. Reynolds, Secretary-Treasurer.
The Hominy National Bank, Hominy, Okla., went into
voluntary liquidation on Feb. 18 1933. The institution,
which had a capital of $25,000, was succeeded by the First
State Bank of Fairfax, Okla.
Regarding the affairs of the Grant State Bank of St.
Louis, Mo., whicth was closed by its directors on Jan. 16
last because of heavy withdrawals, the St. Louis "Globe
Democrat" of Mar 18 stated that a reorganization plan
for the institution was announced the previous day by
Edward Greensfelder, an attorney, who assisted representative stockholders and depositors in drafting the plan. The
paper mentioned went on to say in part:
With a return of normal business conditions, its sponsors say, the
plan should permit the depositors to realize 100 cents on the dollar.
It requires the depositors to waive 65% of their deposits in the old bank.
In consideration of the waiver the $200,000 capital stock of the bank,
together with a surplus of $20,000, will be turned over to a group of
five trustees, to be held for the benefit of the depositors. Also, the
depositors will be given participating certificates in real estate holdings
At a meeting of the board of directors of the Northern and certain securities of the bank which are to be turned over to the
Trust Co.of Chicago, Ill., on March 21 the regular quarterly trustees for liquidation, the proceeds to go to the depositors.
dividend of $4.50 was declared, payable April 18 next to in The depositors will be credited with 35% of their deposits as accounts
the new bank, and may obtain 5% of that amount immediately upon
stockholders of record March 21.
the opening of the bank. The plan provides the remaining amount may
be withdrawn at intervals over a period of one year.
According to the "Michigan Investor" of Mar. 18, V. M.
Mr. Greensfelder said the real estate and securities to be turned over
Geiger, receiver of the State Savings Bank of Bad Axe, to the trustees have a conservative value of $101,000, and that the capital
stock is backed by sound securities which
realize the full amount
Mich., has forwarded his report to the State Banking of the stock valuation even If sold on the would
present market.
Virtually
all of the stockholders have signed the agreement, which
Department and Circuit Court. He is reported as saying
provides that the trust arrangement shall extend for five years. At the
that he is ready ,to talk business with anyone wishing to
end of the •five-year period, if the income from the stock and participating
purchase assets of the bank. The assets total $565,918.73 certificates has reimbursed the depositors to the full 65% of their deposits,
the stock will be turned back to the original holders.
and deposits are $451.590.69, it is stated.
If the income has not been sufficient to repay the depositors in full,
•
the stockholders may obtain their stock by paying depositors the amount
It is learnt from the "Michigan Investor" of Mar. 18 .remaining
due.
that the following officers have keen chosen for the reorganized Commercial Bank of Stambaugh, Mich.: Charles
A. Nelson (City Manager of Stambaugh), President; Henry
G. Hoover, Vice-President, and L. W. Martindale, who
reorganized the institution, which closed June 7 last,
Cashier. Fred J. Dawson, Assistant Cashier, was renamed.
The institution is now ready to do business under the
State and National moratorium, it was stated.
On March 16 George L. Gilkey was appointed President
of the Citizens' State Bank of Merrill, Wis., an institution
recently organized to succeed the Citizens' National Bank of
Merrill, according to Associated Press advices from Merrill
on that date. Charles W. Bruce and E. A. Krembs were
chosen Vice-President and Cashier, respectively. Mr.
Gilkey is Chairman of the Republican State Central Committee for Wisconsin, the dispatch said.
C. S. Thompson, former Auditor of the Bank of Miles
City at Miles City, Mont., has been appointed Cashier of
the Northwest Savings Bank of Mason City, Iowa, and was
to assume his new duties on Mar. 17, according to the Des
Moines "Register" of that date, which added:
The rapid expansion in business following lifting of the bank holiday
necessitated the filling of the vacancy caused by the resignation of Rodney
P. Lien several months ago, according to C. 0. Wilkinson, President.
M. G. Bacon, Cashier of the First National Bank at
Lorimor, Iowa, was placed under arrest on Mar. 15 for
alleged embezzlement of $10,000 of the bank's funds. The
Des Moines "Register" of Mar. 16, In reporting the matter,
said in part:
The action, which was filed in Federal Court under the National Banking
Act, is only a technical charge, however, brought by federal officers in
an attempt to investigate an alleged $25,000 shortage, it was stated here.
The Farmers' National Bank of Glasgow, Ky., capitalized
at $100,000, was placed in voluntary liquidation on March 15
1933. The institution was succeeded by the New Farmers'
National Bank of Glasgow.
The Hernando Bank at Hernando, De Soto County, Miss.,
which was established in 1890, was permitted to reopen on
Mar. 15 without restrictions, according to the Memphis
"Appeal" of Mar. 16, whidh added:
"Our people suffered some inconvenience, of course, from the banking
holiday, but on the whole we had no serious hardship as a result," R. P.
Cooke, Sr. the President, said.
The bank has long been regarded as one of the strongest in North
Mississippi.
Effective March 10 1933, the First National Bank of
MTillan, Idaho, was placed in voluntary 1iquidation-7Th';
institution, which is capit
-ICliMer325,000, was absorbed
the-Wallace Bank & Trust Co. of Wallace, Idaho.
George Tourny, President of the San Francisco Bank,
Francisco, Calif.,
San
one
city,and
—
—of- the leading
—bankers of that
died on March 21. My.
Tourny, who was 71 yeaTra
age, began his banking career as an errand boy with the:o-fd
German.Savings & Loan Association. At the time of his
death he had been connected with the San Francisco Erin
for about 50 years and its President since 1923. In addition to his banking interests, Mr. Tourny was a member of
the San Francisco Park Commission, Treasurer of the BoM
of Regents of the University of California, and Vice-President of the Olympic Club.
Viscount Cranborne has been appointed a director of The
Westminster Bank Limited, London, Eng.
Volume 136
closed fractionally to 2 or more points off on the day. Public
utilities and the higher priced railroad shares were under pressure and weakened as the day progressed. Brooklyn-Manhattan Transit, on the other hand, surged forward in the
early dealings and so did Homestake Mining and United
States Steel, but most of the gains were canceled before the
close. Declines for the day among the prominent market
% points to
favorites included Allied Chemical & Dye 13
783%, Amer. Tel. & Tel. 2% points to 95%, Detroit Edison
23
4 points to 523%, Eastman Kodak 2% points to 55, Eastman Kodak pref. (6) 3 points to 127, International Nickel
pref. 5 points to 78, Liggett & Myers pref. 23% points to 121,
4 points to 54, Public Service of N. J.
National Lead (5) 43
pref. (5) 3 points to 75, Pullman Corporation 234 points to
243
4,Scott Paper 35% points to 28, Union Pacific 3% points
to 713%, West Penn Electric 5 points to 34 and Western
Union Telegraph 134 points to 203%.
Some gains were recorded during the opening hour on
Thursday, but profit taking soon appeared and erased part
of the early advances. Farm and mail order shares were in
demand, particularly in the forenoon when J. I. Case moved
4. Selling
up to 48 and International Harvester touched 233
was heavy in Amer. Tel. & Tel. which was off about a point
at the close and Standard Gas & Elec. dropped off 7 points.
Union Pacific, Allied Chemical & Dye, Auburn Auto and
J. I. Case were strong in the morning trading but yielded
later in the day. The net gains at the close included among
others, Air Reduction, 1% points to 58; J. I. Case Co., 2
points to 463%; Curtis Publishing Co. pref., 2 points to 35;
Delaware & Hudson, 2% points to 54%; Detroit Edison,
23% points to 54%;Glidden Co. prior pref. (7),2 points to 52;
Ingersoll-Rand, 2% points to 253%; Norfolk & Western (8),
4;Safeway Stores pref., 2% points to 783%,
53
4Points to 1253
and Standard Gas & Electric pref. (6),2 points to 26.
Stocks moved back and forth within a narrow range on
Friday. Trading was dull and the turnover was about the
smallest since the Exchange resumed its sessions. Considerable selling was apparent among the pivotal issues,
particularly Amer. Tel. & Tel. which tumbled to a new low
for the year. During the final hour slight improvement was
apparent particularly in the railroad stocks. Traction shares
also were slightly higher, Brooklyn-Manhattan Transit and
Manhattan Railway modified guaranteed registering gains
of about a point. The changes for the day were largdy on
the side of the decline, though there were a few active shares
that showed modest gains. The recessions included among
4, American
others, Allied Chemical & Dye 1 point to 783
Water Works 1st pref. 123% points to 36, Brooklyn Queens
pref. (6) 2% points to 40, Commonwealth & Southern pref.
1 2 points to 223%, Hershey Chocolate 3 points to 47,
2/
Johns-Manville pref. 3 points to 47, New York Steam pref.
12 points to 80, United Biscuit (2) 2% points to 15, United
States Tobacco pref. 534 points to 125, West Penn Electric
pref. 334 points to 363%, and Worthington Pump pref. 2
points to 15. The market was steady at the close.
TRANSACTIONS AT THE NEW YORK STOCK,EXCHANGE
DAILY. WEEKLY AND YEARLY.
Mate,
Railroad
Stocks.
Week Ended
Number of and Mtscell. SfunkiPal &
For n Bonds.
Bonds.
March 24 1933.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total _ _ _
Sales at
New York Stock
Exchange.
575,850
778,708
1,208,530
990,810
979,506
642,870
12,343,000
3,722,000
4,541,000
4,613,000
5.632,000
4,019,000
8 554,000
1,852,000
3,388,000
3,152,000
2,983,000
3,007,000
11,353,000
2,098,000
2,260,000
2,545,000
2,358,000
2,793,000
14,250,000
7,672,000
10,189,000
10,310,000
10,973,000
9,819,000
A 175 274 524.570.000 313.407.000 314.936.000 153.213.000
Jan. Ito March 24.
Week Ended March 21.
1932.
1933.
•
1933.
1932.
4,475,598
54,506.705
$8,547,000
10,092,500
19,288,000
$125,039,600
150,003,000
354,621.900
93,092,179
111
$163,047,950
179,094,000
. 372,508,500
153,213,000 137,927,500
1629,664,509
1714,640.450
Stocks-No. of shares_
5,176,274
Bonds.
Government bonds__. $14,936,000
State & foreign bonds. 13,407,000
Railroad& misc. bonds 24,870,000
Total
Total
Bond
Sales.
United
States
Bonds.
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
March 24 1933.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
Philadelphia.
Shares. Bond Sales
11,628
14,585
22,165
22,214
18,683
3,468
$6,000
5,000
Baltimore.
Shares. Bond Sales. Shares. Bond Sales.
9,021
17,685
24,016
16,403
18,951
3,680
$2,000
5,000
13,000
4,000
7,000
I.mr.]WOM
1,0=11,
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Except for the moderate upward tendency toward the
latter part of the week, the general trend of the stock market
has been toward lower levels. Public utilities have been
weak and frequently under pressure. Railroad issues made
a good start on Monday, but yielded to pressure later in the
week and industrial shares made little or no progress either
way. Sugar stocks were moderately active during the forepart of the week, but the demand for these issues gradually
simmered down. Farm shares and mail order stocks were
in demand on Wednesday, but quieted down as the week
advanced. Occasional rallies were in evidence, but these,
as a rule, were short lived and served only to check the declines. Call money renewed at 3%% on Monday morning,
dropped to 3% at the close and remained unchanged at
that rate during the rest of the week.
Railroad shares and sugar issues were the strong stocks
during the two-hour period of trading on Saturday, and
while there were spasmodic advances in some of the other
market groups, most of the gains were erased before the
closing hour. Delaware & Hudson led the advance in the
rails and closed with a gain of 3% points at 55%, followed
by Atchison and New Haven with an advance of a point
or more. American Sugar was up I% points at 46 and
4,with a
South Porto Rico went into new high ground at 233
net gain of I% points. Aside from these two groups,
changes were exceedingly narrow, though there were occasional stocks that showed a gain of about a point at the
close. Among these were Allis Chalmers, 1 point to 9;
American Tobacco pref. (6), 134 points to 104; Columbian
Carbon (2), 1 point to 32; Delware Lackawanna & Western,
1 point to 233
4;Louis4; Hercules Powder, 13% points to 193
ville & Nashville, 1% points to 303
%; United Fruit, 13%
points to 343
4,and Atchison, 1 point to 4534.
Stocks were fairly steady on Monday though the changes,
as a rule, were within a narrow range. Rails were moderately
strong during the morning trading and a few stocks in this
group held their gains until the end of the day. Industrial
issues were easier and motors and oils were without noteworthy movement. Some buying appeared during the early
trading, but it did not last long and most of the active issues
dragged along to lower levels. The changes were comparatively small and were largely on the side of the decline.
They included among others, such active stocks as Allied
Chemical & Dye, 1% points to 83; American Can, 1 point to
83; Amer. Tel. & Tel., 13% points to 1013/2; Atchison, 3%
points to 61; Bucyrus Erie pref., 2 points to 28; Commercial
Credit A, 1% points to 17; Consolidated Gas, 13% points to
473%; General Cigar, 13% point- to 303
4; Homestake Mining,
13.4 points to 160; Pacific Light, 2% points to 30; Public
Service of New Jersey (3.20), 2 points to 40; Public Service
of New Jersey pref. (8), 3 pcints to 115; Studebaker pref.,
3% points to 143'g; Virginia Carolina Chemical, 3 points to
36; and Vulcan Detinning, 1 point to 17.
On Tuesday stocks were fractionally to 2 points lower all
along the line. Around mid-session there was a modest
rally in the railroad shares but liquidation continued and
the list again weakened, the losses ranging up to 2 or more
points. The turnover was somewhat larger than on the
preceding day but the dealings were largely on the selling
side, particularly among the issues that had weakened on
the previous day. Public utilities also were down, a goodly
part of the recessions centering in stocks like American Tel.
& Tel., Consolidated Gas and a few more of the speculative
favorites. The important changes on the side of the decline
3 points to 57, Allied Chemical &
wore Air Reduction 3%
Dye 3 points to 80, American Can 13% points to 57%,
American Smelting pref. 2% points to 38, American Sugar
8, American Tel. & Tel. 3%
Refining 23
4 points to 323/
points to 97%, American Tobacco 23.4 points to 5634,
Atlantic Coast Line 2 points to 21, Atchison 1% points to
44, Auburn Auto 4 points to 323%, Bethlehem Steel pref. 2%
points to 30, J. I. Case Co. 2% points to 44, Columbian
Carbon 23% points to 293%, Consolidated Gas 33% points to
4434, Corn Products 2% points to 54%, Detroit Edison 5
4, Ingersoll
points to 35, Eastman Kodak 2 points to 573
Rand 3% points to 23, Loew's pref. 5% points to 47%, New
Haven pref. 3% points to 22, Norfolk & Western (8) 5%
points to 120, New York Shipbuilding pref. (7) 4 points to
4, Reading Co. 2 points to
55, Peoples Gas 4% points to 523
27, Union Pacific 3 points to 75, United Stores pref. (314)
53,4 Points to 45 and United States Tobacco 37% points to 66.
Prices continued to recede on Wednesday, and while there
were several feeble attempts to work up a rally, the market
2015
Financial Chronicle
$3,000
18.000
,5.000
10,000
2,000
92,743
111,000
89,756
$31,000
16,701
538,000
125.940
32.450
119.251
S38.000
7.516
311.400
2016
Financial Chronicle
THE CURB EXCHANGE.
Market movements on the Curb Exchange were narrow
and irregular during most of the present week. Trading was
dull, and while there were some special issues that showed
small gains, the downward swing continued until Thursday
when there was a moderate advance in some of the more
active of the speculative favorites. Some profit taking was
apparent from time to time, but the net changes, as a rule,
were without special significance. Public utilities were generally weak, power shares were depressed, industrials were
under pressure and oil shares were quiet. On Saturday
trading was quiet and irregular, most of the dealings being
for professional account. Pan-American Airways was fairly
strong and added a point to its gain of the preceding day,
while Swift International and Deere improved 34-point
each. Public utility stocks, as a group, were almost uniformly soft, and most of the power issues were off on the
day. Short covering in several of the miscellaneous stocks
and industrials was in evidence and had a depressing effect
on the general list. Oil shares and mining issues were
practically neglected and closed with little change from the
final quotations of the preceding day. Curb trading continued mixed and in small volume on Monday, some af the
public utilities being in supply at lower prices, while a few
stocks in other groups made modest advances. National
Power & Light pref. was down about 2 points, United Light
& Power sagged and Electric Bond & Share was lower by
nearly a point. Industrials and specialties attracted little
or no speculative attention, though there were occasional
exceptions like Babcock & Wilcox, which sold ex-dividend a
point higher at 25. Aviation stocks were active, PanAmerican advancing M-point to 27, while General Aviation
moved up about the same to 434. Aluminum Co. of America
was quiet and New .York Shipbuilding turned reactionary
due to selling. Oil shares were quiet, Standard Oil of Ohio
being the weak feature and dipping 134 points to 1534.
The curb market was unsettled on Tuesday due to selling
pressure in the public utilities. Electric Bond & Share was
one of the weak features and fell back to 13 with a loss of
1% points. Commonwealth & Edison, Cities Service pref.,
American Gas & Electric and American Superpower were off
about a point each and large recessions were recorded by
Tampa Electric and Consolidated Gas of Baltimore. Industrial stocks also were down, Aluminum Co. of America
, dipping 134 points, followed by National Sugar Refining,
which dropped a point or more and Neisner Bros. pref.
which declined more than 2 points. Babcock & Wilcox
made a further gain of a point or more and Mead, Johnson
rose 4 points to 45. Investment trusts showed blight
declines, oil stocks were irregular and mining shares closed
on the downside. Irregularity again dominated the dealings
on Wednesday, and while the utilities developed a fairly
steady tone, the industrial stocks were under moderate
pressure. The weak spots included stocks like Consolidated
Gas of Baltimore, Pennsylvania Water & Power, Electric
Bond & Share and a number of other active issues. In the
industrial group, Great Atlantic & Pacific Tea Co. recorded
a 4-point decline and stocks like Parker Rust Proof and
Sherwin-Williams lost about a point each. Oil shares were
dull and showed little or no change from previous levels,
investment trusts were fractionally lower and mining issues
were off on the day with the possible exception of Lake Shore
Mines which gained about a point. Trading on the curb
market displayed considerable improvement on Thursday
as the session opened with a modest rally. Nearly all the
utilities moved ahead, Electric Bond & Share leading the
upward swing with a gain of about 2 points to 14%,followed
by American Gas & Electric with an advance of 2 points to
2134 and the pref. with a similar gain to 80. United Light
pref. and United Gas pref. were also strong features. Miscellaneous stocks were also in demand and gains of a point
or more'were recorded by Deere'& Co., Aluminum Co. of
America, Axton-Fischer and Parke-Davis. Montgomery,
Ward "A" was one of the weak features and declined 3 points
to'52. Investment trusts were higher with the exception of
Selected Industries pref. which yielded about 4 points. Oil
shares were practically neglected and there was very little
movement in the mining shares. The Exchange announced
the suspension of dealings in class A and common stock of
United American Utilities, Inc. until further notice due to
the failure of the firm to maintain a New York transfer office.
Further liquidation dominated trading on the Curb Exchange on Friday and prices drifted slowly downward with
little or no support. Toward the end of the session there
was moderate improvement in some of the more active issues,
but the changes were not especially noteworthy. The
March 25 1933
declines were largely fractional, though there was an occasional loss in the public utilities ranging up to 2 or more
points. Commonwealth Edison, for instance, showed a
drop of 3 points and closed at 64 and National Power &
Light pref. dipped about 2 points. In the industrial group,
Aluminum Co. of America slipped back about 2 points and
there was a loss of about 7 points in Illinois Power & Light
6% pref. Oil shares were in moderate supply, Standard of
Ohio yielding 5 points to 75, while Standard Oil of Indiana
and Humble Oil were off fractionally. Investment stocks
were lower and so were the mining issues. The changes for
the week were largely on the side of the decline and included
among others, Aluminum Co. of America,48 to 45; American
Gas & Electric, 22 to 2034; American Light & Traction, 14%
to 1334; American Superpower, 4 to 3; Associated Gas &
Electric A, 134 to 1
Atlas Corporation, 734 to 7; Central
States Electric, 2% to 1%;Cities Service,3 to 23
%;Commonwealth Edison, 7134 to 64; Consolidated Gas of Baltimore,
533j to 50; Cord Corporation, 63. to 534; Deere & Company,
11 to 10; Electric Bond & Share, 1534 to 133/s; Ford of Canada
5 to 534; Gulf Oil of Pennsylvania, 2934 to 2734;
A, 5%
3 to
Humble Oil, 4234 to 41; International Petroleum, 9%
3 New York Tel. pref., 11534 to 113%; Niagara Hudson
9/s;
Power, 11 to 93/s; Parker Rust Proof, 273
% to 263/2; Pennroad
Corporation, 134 to 134; Penn. Water & Power Co., 5034
5
to 48; Singer Mfg. Co., 9734 to 94%; Swift & Co., 1034 to
3 United Founders, 134 to 1; United Gas Corporation,
9%:
134 to 13/2; United Light & Power A,334 to 234; and Utility
Power, 134 to 1.
A complete record of Curb Exchange transactions for the
week will be found on page 2046.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
IVesk Ended
March 2 1 1933
Stocks
(Number
of
Shares).
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Curb
Richange.
Bonds (Par Value).
Foreign
Foreign
1)omestic. Government. Corporate.
869,000
91,000
115,000
94,000
108,000
310,000
$86,000 $1,402,000
108,000 1,087,000
123,000 2,625,000
80,000 2,227,000
171,000 2,325,000
171,000 2,671,000
659,565 $11,711,000
$787,000
$739,000 813,237,000
Week Ended March 24.
1933.
Jan. Ito March 24.
1932.
Stocks-No. of shares_
659,565
744,205
Bonds.
Domestic
$11,711,000 $11,566,000
Foreign government
611,000
787,000
Foreign corporate
684,000
739,000
Total
Total.
58,005 SI,247,000
101,025
1,788,000
168,035 2,387,000
124,160 2,053,000
114,390 2,046,000
93,950 2,190,000
$13,237.000 $12,861,000
1933.
1932.
7,52(3,275
12,761,151
$188,634,000
8,343,000
10.420,000
5175,147,100
6,490,000
8,584,000
$207,397,000
$190,221,100
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ended to-day (Saturday March 25), bank exchanges for all the cities of the United
States from which it is possible to obtain weekly returns will
be 9.2% below those for the corresponding week last year.
Our preliminary total stands at $3,865,476,582, against
$4,257,537,805 for the same week in 1932. At this center
there is a lose for the five days ended Friday of 4.4. Our
comparative summary for the week follows:
Clearings-Returns by Telegraph,
Week Ending March 25.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1933.
1932.
Per
Cent.
$2.385,583,483 $2,496,240,842
-4.4
143,252,171
182,636,917 -21.5
182,000,000
212,000,000 -14.2
137,000,000
173,000,000 -20.8
47,071,270
51,076,405
-7.8
45,000,000
47,900,000
-6.1
86,277,000
75,884,000 +13.7
No longer will re port clearings
59,671,038
53,377,638 +11.8
5,172,747
55,916,742 -90.7
32,458,230
49,450,294 -34.36
35,474,093
32,356,948
+9.6
20,936,564
Twelve cities, five days
Other cities, five days
$3,148,960,032
309,346,825
53,450,676,350
375,099,560
-8.7
-17.5
Total all cities, five days
All cities, one day
$3,468,306,857
397,169,725
$3,825,775,910
431,761,895
-9.3
--8.0
Tntnl n11 elflpg fnr wepk
83 RIM 47R 5R2
84 2A7 0.:17 anA
_a 2
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
In the elaborate detailed statement however, which we
present further below, we are able to give final and complete
results for the week previous, the w )ek ended March 18. For
that week there is a decrease of 19.3%, the aggregate of
clearings for the whole country being $4,652,155,517, against
$5,765,839,832 in the same week in 1931. Outside of this
city there is a decrease of 28.5%, the bank clearings at this
Volume 136
Financial Chronicle
center recording a loss of 14.8%. We group the cities according to the Federal Reserve districts in which they are located,
and from this it appears that in the New York Reserve
District, including this city, the totals show a loss of 14.8%,
in the Boston Reserve District of 21.3% and in the Philadelphia Reserve District of 36.0%. In the Cleveland Reserve District the totals show a contraction of 44.5%, in the
Richmond Reserve District of 44.3% and in the Atlanta
Reserve District of 27.5%. In the Chicago Reserve District
the totals are smaller by 26.6%, in the St. Louis Reserve
District of 32.1% and in the Minneapolis Reserve District
of 14.0%. In the Kansas City Reserve District the decrease
is 35.5%, in the Dallas Reserve District 15.2% and in the
San Francisco Reserve District 9.7%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1933.
1932.
Inc.or
Dec.
1931.
1930.
Federal Reserve Diets.
$
1st Boston__ _12 cities
211,338,722
2nd New York12 "
3,383,640,265
3rd Philadelphia 10 "
208,512,575
4th Cleveland.- 6 "
119,261,223
5th Richmond_ 6 "
51,100,815
6th Atlanta. _ __11 "
48,768,207
7th Chicago____18 "
213,450,159
8th St. Louis_ 5 "
68,442,741
9th Minneapolis 7 "
60,384,600
10th KansasCity10 "
68,067,620
11th Dallas_ ___ 5 "
34,581,907
12th San Fran_ 13 "
174,606,493
$
268,385,598
3,969,118,157
315,928,845
215,066,4-42
109,603,163
67,310,686
269,821,232
100,754,570
70,220,618
105,533,940
40,828,692
193,267,889
115 cities
Total
Outside N. Y. City
5,766,839,832 -19.3 9,274.102,386 12,125,367,165
1,899,521,113 -28.5 3,808,645,336 3,307,555,087
einnarin
4,652,155,517
1.358,32088
99 Milan
145 MO 460
$
%
450,085,361
-21.3
-14.8 6,602,731.280
-36.0
426,773.259
-44.5
330,738,021
-44.3
146,009,384
-27.5
90,550,456
-26.6
513,155,805
-32.1
131,644,570
-14.0
102,484,685
-35.5
146,779,479
-15.3
56,182,041
-9.7
274,001,045
227.777.646 -11.7
314.360.507
$
509,524,076
8,992,230,675
261,343,619
416,578,014
185,978,461
125,175,443
673,472,802
187,355,224
108,060,715
201,513.033
70,245,324
393,919,779
1933.
Week Ended March 18.
Clearings at1933.
First Federal
Maine-Bangor _
I Portland
Mass.-Boston ._
Fall River _ _
Lowell
New Bedford_ _
Springfield _
Worcester
Conn.-Hartford
New Haven_ _
RI.-Providence
N.H.-Manch'te
Total(12 cities
1
1932.
Inc.or
Dec.
1931.
1930.
$
$
%
$
2
Reserve Dist rict-Boston 315,284
429,834 -26.6
588,128
528,405
No clearings -majority of banks closed or rest ricted.
185,000,000 239,508,686 -22.8 411,187,484 459,254,912
578,637
780,434 -25.9
1,110,857
1,230.693
216,793
324,504 -33.2
450,786
1,082.374
717,706
755,141 -5.0
832,000
1,016.817
2,870,538
2,893,061 -0.8
4,231,880
4,230,765
649,310
2,079,384 -68.8
2.557,280
2,998,872
8,287,462
7,586,081
+9.2
11,753,621
16,854,514
4,545,046
5,117,813 -11.2
6.812,188
7.752,961
7,765,900
8,449,000 -8.1
10,128.900
13,938,500
392,046
461,680 -15.1
452,237
635,263
211,338,722
268,385,598 -21.3
Second Fede al Reserve D Istrict-New
N.Y.-Albany
7,352,022
3,378,408
Binghamton_ _
970,655
756,154
Buffalo
22,064,846
25,059,879
Elmira
676,125
642,120
Jamestown
367,956
611,628
New York_ _ _ 3,293,831,129 3,866,318,719
Rochester
7,493,413
6,896,994
Syracuse
2,584,818
3,261,282
Conn.-Stamfor
831,179
2,382,221
N.S.-Montclair
2.52,400
592,435
Newark
19,506,241
25,555,360
Northern N.J
27,709,681
33,662,959
450,085,361
509,524,076
York+117.6
6,373,347
6,072,881
+28.4
1,073,861
1,222,820
-12.0
39.897,932
52,879,007
+5.3
1,205,961
821,085
-39.8
881,837
1,021,002
-14.8 6,465,457,050 8,817,812,078
+8.6
8,072,125
11,022,749
-20.7
4,233,269
5,499,757
-65.1
3,090,011
4,041,228
--57.4
811,424
985,900
-23.7
31,535,922
35,581,798
-17.7
40.008,741
55,240,370
Total(12 cities 3,383,640,265 3,969,118,157 -14.8
6,602,701,280 8.992,200,675
Third Federal Reserve Dist rict-PhIlad elphia Pa.-Altoona _ _
284,503
520,986 -45.4
783,083
1,339,103
Bethlehem _ _ _
Clearing Ho use has suspe nded clearings temp °racily.
Chester
211,407
475,851 -55.6
1,066,871
1,000,160
Lancaster
536,281
1,106,374 -51.5
2,413,423
2,040.159
Philadelphia _
199,000,000 313,000,000 -36.4 408,000,000 539,000,000
Reading
529,785
2,473,158 -78.6
2,641,691
3,260.895
Scranton
2,765,726
2,276,098 +21.5
3,722,084
5,456,321
Wilkes-Barre _
1,571,999
1,850,072 -15.0
3,102,858
3,371,098
York
.
1,092,874
1,095,308 -0.2
1,895,249
2,008,883
Trenton
2,520,000
3,131,000 -19.5
3,148,000
3,867,000
Total (10 cities 1
208,512,575
Total(6 cities)
119,261,223
325,928,845 -36.0 426,773,259 261,343,619
Fourth Fede r al Reserve D istriet-Clev eland Ohio-Akron
, No clearings recorded; on ly one b ank unrestrict ed.
Canton
b
b
b
b
Cincinnati.... ,
26,211,360
46,765,567 -44.0
60,384,336
68,522,396
Cleveland _ _ .
27,926,899
73,555,520 -62.0 110,862,195 143,731.788
Columbus_ .._ .
7,038,900
8,873,300 -20.7
13,672,500
14,719,800
Mansfield
179,052
1,146,355 -84.4
1,474,711
1,998,376
Youngstown _ ,
b
b
b
b
Pittsburgh _ .
57,905,012
84,725,700
31.7 144,344,279 187,605,854
215,086,442 -44.5
330,738,021
Fifth Federal Reserve Dist rict-Richm ond.W.Va.-Ilunt'g' I
253,955
409,086 -37.9
591,910
Va.-Norfolk _ .
2,508,000
2,657,000 -5.6
3,247,285
Richmond _ .
15,388,526
27,699,451 -44.4
36.513.437
S.C.-Chariest° L No clearing s due to bank holiday .
Md.-Baltimore .
34,149,051
57,815,915 -40.9
78,561,497
D.C.-Washlon.
8,801,283
21,021,711 -58.1
27,152,235
Total (6 cities).
61,100,815
109.603,163 -44.3
Sixth -Federal Reserve Dist rict-Atlant 5Tenn.-Knoxvill
1,649,224
2,618,752 -37.0
Nashville _ _ .
8,234,797
10.256,434 -19.7
(la.-Atlanta _ ,
21,500,000
30,900,000 -30.4
Augusta
756,934
830,613 -8.9
Macon
409,338
581,749 -29.6
Fla.-Jacksonv'l 3
5,672,117
11,366,199 -50.1
Ala.-Biro/high_.
9,717,605
9,767,585 -0.5
Mobile
737,060
865,354 -14.8
Jackson
i o clearings d ue to bank holiday .
Vicksburg_ _ _
91,133
124,000
26.5
La.-New Orilla Clearings figures not ava liable.
Total(11 Mit% I
48,768,207
67,310,686 -27.5
416,578,014
1,089,341
3,953.763
46,483.000
108,171,924
26,280,433
146,009,384
185,978,461
2,000,000
13,340,372
40,936,811
1,303,875
757,268
15,347,680
15,395,470
1,350,302
2,690,992
24,115,234
49,887,557
1,665,245
1,475,444
19,089,000
24,211,644
1.850,780
118,678
189,547
90,550,456
125,175,443
1932.
Inc. or
Dec.
1931.
$
$
2 .
%
Seventh Feder at Reserve D istrict- Chi cagoMich.-Adrian - No clearings due to bank holida y.
Ann Arbor _ _
503,684
473,692 +6.3
637.051
aDetroit
c2,834,193
72,624,646
____ 158,317,190
Grand Rapids_
454,947
2,937,980 -84.5
4,622,031
Lansing
49,871
1,087,300 -54.1
2,489,127
Ind.-Ft. Wayne
1,130,661 -79.6
230,877
2,062,243
Indianapolis__
6,264,000
12,654,000 -50.5
15,921,000
South Bend
Clearings fig ores not available.
Terre Haute__
No clearings reported.
Milwaukee _
11,043,928
17,367,992 -36.4
22,196,441
Iowa-Cedar Ra
b
b
b
Des Moines _ _
2,818,283
5,163,657 -45.4
6,722,090
Sioux City --1,554,332
2,627,808 -40.9
4,059,011
Waterloo
f
f
r
Bloomington
No clearings due to bank holiday.
Chicago
186,872,254 250,139,149 -25.3 445,620,679
Decatur
795,804
239,550
525,839 -54.4
Peoria
1.933,145
2,832,731 -31.8
3,264,903
Rockford
556,916
2,581,402
1,302,848 -57.3
Springfield
928,482
2,083,023
1,577.575 -41.1
213,450,269
299,821,232 -26.6
513,155.805
1930.
2
589,931
214,572,521
5,214,845
4,087,950
3,087,344
19,523,000
29,511,029
b
10,044,497
6,145,699
f
583,371,076
1,211,307
4,590,491
3,454,318
2,635,315
673,472,802
Eighth Feder I Reserve Dia trict-St. Lo nisInd.-Evansville
i,
b
b
b
Mo.-St. Louis.
49,100,000
70,800,000 -30.6
97,800,000 127,200,000
Ky.-Louisville
13,080,634
17,965,462 -27.2
39,463,937
23,205,128
Owensboro_ _
b
b
b
b
Tenn.-Memphis
6,262,107
11,989,108 -47.8
13,639,442
20,691,287
Ill.-Jacksonville Only one ba nk operating.
Quincy
Clearing ho use not functi oning,since bank boll day.
Total(5 cities)
Ninth Federa
Minn.--xDuluth
Minneapolis__
St. Paul
No.Dak.-Fargo
S.D.-Aberdeen
Mont.-Billings
Helena
375.196 02!
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended March 18.
Clearings as-
Total(18 cities
Week Ended Mar.18 1933.
2017
Total(7 cities)
68,442,741
100,754,570 -32.1
134,644,570
187,355,224
Reserve Die trict-Minn eapolisd1,197,172
2,352,587
____
4,393,170
41,289,442
48,880,585 -15.5
67,263,254
14,899,316
17,020,281 -12.5
28.984.941
1,841,258
1,708,848 -7.7
1,832,239
479,102
619,179 -22.6
874,370
275,151
318,897 -13.7
555.734
1.600,411
1,672,828 -1.3
2,974,147
4,072,085
75,857.142
25,675,714
1,908,174
988,188
540,682
3,090,815
60,384,680
120,484,685
108,060,715
Tenth Federa I Reserve Dis trict-Kans as City Neb.-Fremont .
66,594
172,021 -61.3
242,947
Hastings
. No clearings available.
Lincoln
1.794,268
2,240,675 -19.9
2,958,143
Omaha
.
15,349,907
24,828,956 -38.1
38,811,243
Topeka
.
2,223,999
1,103,043 +101.6
2.874,427
Wichita
1,625,249
4.341,220 -62.5
4,965,850
Kansas City.
44,607,909
68,808,837 -35.2
95,747,586
St. Joseph
1,194,173
2,929,026 -59.2
4,050,446
Colo.-Colo.Spg
627,431
767,783 -18.3
936,507
Denver
a
aa
Pueblo
.
578,090
885,379 -34.7
1,158,180
3,168,922
44,695,418
3,071,465
7,195,288
134,584,535
5,848,928
1,156,917
a
1,457,098
Total (10 cities I
68,067,620
70,220,618 -14.0
105,533,940 -35.5
146,979,471,
201,513,033
lias-13.3
-8.8
-41.2
+1.7
-51.5
1,502,089
39,177,508
8,627,038
3,243,000
3,632,406
1,651.296
47,253,355
12,128,686
4,002,000
5.209.987
40,828,692 -15.3
56,182,041
70,245,324
Eleventh Fed!ral Reserve District-Da
Texas-AUsti11 _
789,743
911.728
Dallas
.
26,783,462
29,355,774
Fort Worth .
3,457,750
5,885,785
Galveston_ _ _.
2,436,000
2,396,000
La.-Shreveport
1,114,952
2,279,405
Total (5 cities).
34,581,907
334,464
Twelfth Fede r al Reserve D strict-San Franc' scoSeattle
5,451,695
27.956,713 -80.4
•
39,991,074
Spokane
1,347,000
7,673,000 -82.4
10,113,000
Yakima
996,164
228,925
559,014 -59.4
Portland
_
15,309,972
19,694,663 -22.0
29,336.195
Salt Lake City.
7,764,936
9,539,946 -18.6
14,720,865
Long Beach _ _ ,
3,377,411
3,281,147 +2.9
5,504,568
Los Angeles_ _ _ No longer will report elearin O.
Pasadena _ _ _ ,
3,781,350
3,733,015 +1.3
5.185,596
Sacramento _ _,
4,140,015
4,835,242 -14.4
7,401,932
San Diego_ _ _
e
e
e
San Francisco
127,712,882 110,888,541 +15.2 153,074,464
San Jose
2,068,230
1,538,108 +34.5
2,306,324
_
Santa Barbara.
1,236,532
1,260,177 +2.9
2,020.225
Santa Monica
1,204,303
1,020,008 +18.1
1,765,738
Stockton
1,288,31 -32.8
865,242
1,584,900
_
49,015.415
14,901.000
1,026,414
36,443.714
19,448.116
7,745,029
6,431.430
6,240.999
e
243,323.391
2,700.637
1,950.889
1,873,645
2,819.100
Total (13 elti ) 174,606,493 193,267,889 -9.7 274,001,045 393,919,779
Grand total (II5
cities)
4,652,155,517 5.765,839.832 -19.3 9,274,102,386 12125367,165
onn
Outside NewYor
1933.
Total(32 cities)
113
__oe KR RAQ RAS VIA ft V17 AA5nR7
Week Ended March 16.
Clearings as-
CanadaMontreal
Toronto
Winnipeg
Vancouver
..
Ottawa
Quebec
Halifax
Hamilton
Calgary
Saint John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _ _ _
New Westminster
Medicine Hat _
Peterborough _.
Sherbrooke
Kitchener
Windsor
Prince Albert _ _ _ _
Moncton
Kingston
Chatham
Sarnia
Sudbury
KO1
2
57,977.942
59,573,206
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
196,109,460
1932.
$
72,056,618
71,056,046
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
Inc. Or
Dec.
%
-19.5
-16.2
-23.4
-16.3
-41.2
-15.0
-25.9
-36.5
-22.3
-34.7
-32.9
-27.4
-11.5
+6.6
-34.1
-52.3
-31.8
-32.7
-25.7
-31.6
-33.5
-14.8
-21.8
-25.3
-21.5
-27.6
-30.8
-30.3
-14.3
-13.1
-27.3
-17.6
227,277,846 -13.7
1931.
1930.
$
111,603,891
104,194,473
31,293,776
15,587,440
6,751.614
4.875,434
2,739,134
4,267,621
5,380,539
2,082,277
1,844,581
2,474,684
3,860,091
3,251,886
380,463
350,867
1,686,211
705,123
878.246
616,017
522,196
227,979
780,799
670,899
997,673
3,161,393
341.453
610,792
552,296
554,918
525,678
660,003
$
137,221.500
115,855.469
37,455.515
18,820.105
7,503.722
5,761,177
2,851.122
5,592,228
7,964,187
2,185,551
2,272,643
3,764,279
5,329.240
3,678,449
468,052
569,744
1,917.020
1,231,606
1,058,150
716,915
715,868
286,697
881,583
859,202
1,175,587
5,051.366
417,639
777,251
667,301
556,771
688.631
1,101,452
314,380,507
375,396,022
a No longer reports weekly clearings. b Clearing house not functioning at present.
c 3 days clearings; banks operating on a restricted basis. d 3 days clearings.
e No longer reports clearings. f Only one bank open; no clearings figures available.
• Estimated. a Not included In totals.
Financial Chronicle
2018
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 8 1933:
GOLD.
The Bank of England gold reserve against notes amounted to £150.227,934
on the 1st inst., an increase of £7,981,903 as compared with the previous
Wednesday.
Purchases of bar gold by the Bank of England have been continued on
a large scale, and, according to the daily announcements, the amount
bought during the week under review was £9.726,146.
The outstanding feature of the week was the developments in the financial
crisis in the United States of America. A two days' banking holiday in
New York was declared on the morning of Saturday, March 4, and this
was followed by a proclamation by President Roosevelt providing that all
banks in the United States be closed until Friday morning next. An
embargo was placed on the export of any gold or silver coin or bullion,
or currency. The conditions being temporary, the question as regards
the United States and the gold standard must necessarily be considered
as in abeyance, pending the decisions made at the end of the moratorium.
Following the news from New York there were no dealings in the London
foreign exchange market on the 4th inst., and there was consequently no
gold quotation on that day. On the resumption of business on Monday.
March 6, there were dealings in every foreign exchange except in dollars,
and the appreciation of sterling saw the price of gold fixed at 119s. 7d.
Is. Id. lower than the previous quotation.
open
the
in
gold
of
supplies
increased
the
for
demand
There was a good
market and the amounts available were absorbed by orders from various
Continental sources.
Quotations during the week:
Equivalent Value
Per Fine
of E Sterling.
Ounce.
13s. 11.64d.
121s. 714d.
March 2
14s. 0.97d.
120s.
8d.
3
March
No quotation
March 4
14s. 2.50d.
119s. 7d.
March 6
14s. 2.50d.
119s. 7d.
March 7
14s. 3.46d.
118s. 11d.
March 8
14s. 1.81d.
120s. 0.90d.
Average for above five quotations
The following were the United Kingdom imports and exports of gold
inst.:
6th
the
ult,
on
mid-day
to
27th
registered from mid-day on the
Exports.
Imports.
£569.039
British South Africa
£1,859,178 Netherlands
134,300
477,868 Belgium
British India
41,481
393.327 France
Australia
31,880
27.641 Czechoslovakia
Iraq
1,163
10,491 Other countries
British Malaya
338,344
Netherlands
France
325,814
Other countries
16,550
£777,863
£3,449.213
The SS. Viceroy of India, which left Bombay on the 4th inst., carries
gold to the value of about E460,000: of this amount £218,000 is consigned
to London, £225.000 to New York and £21,000 to Holland.
SILVER.
The first half of the week was quiet, with little movement in prices, but
placed on the export of silver from the
an
been
that
had
the news
embargo
United States served both to discourage sellers and attract speculative
buying, particularly from India, and, as a result, prices made a sharp
advance.
To-day another factor was provided by the report of a plan expected to
be submitted by President Roosevelt to the United States Congress tomorrow; as the reported proposals include a Government campaign of silver
purchase and increase in the silver content of the silver coinage, it is not
unlikely that speculative buying may continue.
There was heavy reselling by China to-day, but the orders were doubtless
dispatched before the news of the American proposals had been received;
offerings, however, were more than offset by the speculative demand.
Although it is possible that prices may advance further, the outlook is
by no means clear.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 27th ult. to mid-day on the 6th inst.:
Exports.
Imports.
£24,700
/38,500 Yugoslavia
Soviet Union (Russia)
11.457 United States of America_ - 11,271
Netherlands
3,635
27,090 Germany
British India
1.682
16.645 Denmark
Australia
1.240
3.571 Netherlands
Canada
Iraq
1.423 Other countries
2.651
2.458
Other countries
£45,179
£101,144
Quotations during the week:
IN NEW YORK.
IN LONDON.
-Bar Silver per oz. std.
(Per Ounce .999 Fine.)
Cash Deliv. 2 Mos.'Deliv.
26%c.
Mar. 1
Mar. 2_ _ --17d.
17 1-16d.
Mar. 2
Mar.3---17 I-16d.
17%cl.
Mar. 3
27 9-16c.
Mar. 4____17%d.
173-163.
No quotation
Mar. 4
Mar. 6____17 11-164.
17%cl.
No quotation
Mar.6
Mar. 7-..-1714d.
17 15-164.
29%c.
Mar. 7
Mar. 8_-18d.
18 1-164.
17.521d.
Average__ _17.458d.
The last reliable rate of exchange on New York at which business was
done before dealings in dollars were suspended was $3.443.
INDIAN CURRENCY RETURNS.
Feb. 22.
Feb. 15.
Feb. 28.
(in Lacs of Rupees)
17474
17432
17525
Notes in circulation
10946
10988
11037
Silver coin and bullion in India
2561
2561
2568
Gold coin and bullion in India
3925
3925
3920
Securities (Indian Government)
The stocks in Shanghai on the 4th inst. consisted of about 160,200.000
ounces in sycee. 217.500.000 dollars and 12.120 silver bars, as compared
with about 158,000,000 ounces in sycee. 217,500.000 dollars and 11.660
silver bars on the 25th ult.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Frt.,
Wed.,
Thurs.,
Tues.,
Mon.,
Sat.,
March 18. March 20. March 21. March 22. March 23. March 24.
177-led. 17 7-16d. 17 11-16d. 177-led.
Sliver, per oz__ 174cl.
1734d.
Gold,p.fine oz. 119s.7d. 1208.7d. 1208.434(1. 1208.06. 1208.634d. 1208.6d.
7594
7534
7591
Coneols, 234%
7534
74
75
British 394%101
10194
1013(
W. L
10034
10034
10094
British 4%11294
11294
11294
11234
1980-90
11294
1123-4
French Rentes
72.00
72.00
72.50
72.70
(inParls)3%fr. 73.00
73.50
French War L'n
(in Paris)5%
110.20
110.20
111.10
111.70
111.90
1920 amort_ 111.70
The price of silver in New York on the same days has been:
Silver In N. Y.,
per oz. (eta.)
2734
2794
2794
2734
2734
2794
March 25 1933
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Mar.23 Mar.24
Mar.18 Mar.20 Mar.21 Mar.22
1933. 1933. 1933. 1933.
Francs. Francs. Francs. Francs.
11,300 11,400 11,300 11,200
Bank of France
1,490
1,570 1,530
1,570
Banque de Paris et Pays Bas
382
391
395
398
Banque d'Unlon Parialenne
218
235
242
239
Canadian Pacific
16,755 16,720 16,790 16,490
Canal de Suez
2,160 2,160 2,160 2,150
Cie Distr d'Electricite
2,170 2,180 2.170 2,150
Cie Generale d'Electricite
56
55
54
54
Cle Generale Transatlantique_
495
508
499
494
Citroen B
Comptoir Nationale d'Escompte 1,080 1,090 1,090 1,080
210
210
200
180
Coty Inc
315
822
328
331
Courrieres
755
765
751
751
Credit Commercial de France
4,630 4,630 4,630 4,600
Credit Fonder de France
2,120 2,120 2,110 2,100
Credit Lyonnais
Distribution d'Electricite Is Par 2,150 2,160 2,160 2,150
2,370 2,390 2,400 2,370
Eaux Lyonnais
812
620
616
613
Energle Electrique du Nord
001
908
912
899
Energie Electrique du Littoral
56
55
54
54
French Lice
91
91
92
92
Gaieties Lafayette
810
800
800
800
Gas is Bon
520
530
530
560
Kuhlmann
760
770
770
770
L'Air Liquid°
991
989
Lyon (S. L. M.)
330
330
-520 -16
Mines de Courrteres
400
400
410
410
Mines des Lens
1,370 1,350
1,380 1,380
Nord Ry
---952
Orleans Ry
"iio
-6458
Parts, France
94
--b-8
95
96
Pathe Capital
980
990
990
1,010
Pechiney
72.50
72.70
73.50
73.00
3%
Rentee
111.70 111.90 111.70 111.10
Bente§ 5% 1920
82.80 83.00 82.60 81.90
Bente. 4% 1917
88.00 88.40 88.10 87.90
Rental 434% 1932 A
1,490 1,490 1,490 1,450
Royal Dutch
1,200 1,245 1,225 1,206
Saint Gobaln C.& C
1,375
1,400 1,395 1,392
Schneider & die
500
510
500
500
Soc,ete Andre Citroen
85
85
84
85
Societe Franottise Ford
142
143
142
143
Societe Generale Fonder°
2,370 2,370 2.400 2,370
Societe Lyonnalse
584
584
585
585
Societe Marsellaise
16,800 16,700 16,700 16,600
Suez
142
144
151
152
Tubize Artificial Silk prof
740
740
740
740
Union d'Electricite
200
200
200
200
Union des Mines
68
68
69
69
Wagon-Ma
1933. 1933.
Prance. Francs.
11,200 11,200
1,470 1,470
-382
223
221
-16,500
-_2,155
-2,170
-55
496
1,080 1-,13813
210
210
_314
764
4,620 4:620
2,110 2,120
2,160 2,160
2,370
2,360
_612
901
56
55
92
92
810
810
530
520
760
760
-510
"iiii
410
400
1,350 1,370
949
-i3i,15
860
93
"Ho
970
72.00 72.00
110.20 110.20
81.40 81.70
87.50 87.60
1,464)
1,470
1,205
1,375
"fa
500
84
84
134
140
-___
2,365
585
16,500 16-,400
148
-iie)
740
-----08
----
THE BERLIN STOCK EXCHANGE.
The Berlin Stock Exchange resumed trading on Friday,
April 29 1932,after having been closed by Government decree
since Sept. 18 1931. Closing prices of representative stocks
as received by cable each day of the past week have been
as follows:
Mar. Mar.
Mar. Mar. Mar. Mar.
22.
21,
20.
18.
Per Cent of Pa
151
148
142
Relchsbank (12%)
98
95
93
Berliner Handels-Gesellschatt (5%)
54
53
53
Commerz-und Privat-Bank A. G
70
70
Deutsche Bank und Disconto-Gesellschaft . 70
62
61
61
Dresdner Bank
100
Pt.
(Ger.
99
(7%). 99
Rye.)
Deutsche Reichsbahn
37
36
Allgemeine ElektrIzItaets-Gesell. (A.E.G.). 34
119
121
121
glerliner Kraft U. Licht (10%)
flail- 119
119
117
Dessauer Gas (7%)
94
day
91
90
Gestuerel (4%)
111
114
111
Hamburg. Elektr.-Werke (834%)
157
159
154
Siemens & Halske (7%,
132
129
127
I. G. Farbenindustrie (7%)
207
208 209
Salzdetfurth (9%)
205
210 210
Rheinische Braunkohle (10%)
104
107
108
Deutsche Erdoel (4%)
77
78
76
Mannesmann Roehren
23
24
22
Hapag
25
26
23
Norddeutscher Lloyd
•Proposed.
23.
152
98
54
70
62
100
37
118
118
95
110
155
133
204
205
104
74
23
24
24.
151
98
54
70
62
100
35
118
118
95
112
155
132
205
207
104
78
23
24
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Mar.
24 1933:
Bid. Ask.
41
38
Anbalt 7810 1946
Argentine 5%, 1945. 4100
54_
pieces
-25
122
Antinquia 8%. 1946
_
Austrian DefaultedCoupons .1
70-27
Bank of Colombia, 7%,'47 124
27
Bank of Colombia, 7%,'48 124
52
48
Bavaria 6348 to 1945
Bavarian Palatinate Cons.
37
34
Cit. 7% to 1945
1012
Bogota (Colombia) 6.34,'47 /18
8
1 4
Bolovia 6%. 1940
Brandenburg Eler, 6s, 1953 8114 6234
4012
Brazil Funding 5%, 31-'51 39
British Hungarian Bank
13112 3212
63-48, 1062
Brown Coal Ind. Corp.
6534 6714
6)48, 1953
12
Call (Colombia) 7%, 1947 f 10
94
Callao (Peru) 734%, 1944 I 712
8
Ceara (Brazil) 8%, 1947_ 1 4
City Savings Bank, Buda1 2.13 30
pmt, 7s. 1953
Deutsche Bk 6% '32 unst'd 182__
Dortmund Mun Util 6s,'48 4112 -4312
33
29
Dulsberg 7% to 1945
38
Duesseldorf 70 to 1945_ ... 34
55
East Prussian Pr. 68, 1953. 52
European Mortgage & Investment 7)45, 1966._ 1 4012 4112
107
French Govt. 534s, 1937._ 104
French Nat. Mail SS.6s,52 10112 10212
37
32
Frankfurt is to 1945
German Atl. Cable 7s, 1945 7212 7512
German Building & Land4012 4212
bank 634%, 1948
71
66
Haiti 6% 1953
65
Hamb-Am Line 84e to '40 61
Hanover Harz Water Wks.
38
36
6%, 1057
55
Housing Os Real Imp 78,'48 52
32
Hungarian Cent Met 78'37 /30
Hungarian Discount At Exchange Bank is. l963..._ 2312 25
Hungarian Defaulted Coup 140
Flat price.
Rid.
Hungarian Rai II k 7345.'32 f85
4012
Koholyt 634s. 1943
Karstadt 6s, 1943 C-D___ 123
Land M Bk, Warsaw 88,'41 54
Leipzig Oland Pr. 6348,'46 65
Leipzig Trade Fair 7s, 1953 35
Luneberg Power. Light &
51
Water 7%, 1948
Mannheim & Paiat 7s, 1941 59'2
46
Munich 7s to 1945
Munk.Bk, Hessen,75 to '45 36
Municipal Gas At Hee Corp
Recklinghausen, is, 1947 46
Nassau Landbank 64s,'38 64
Nat Central Savings Bk of
Hungary 7)45, l962.... 1 3212
National Hungarian & Ind.
125
Mtge. 7%, 1948
Oberpfalz E1CC 7%, 1946_ 48
Didenburg-Free state 7%
36
to 1945
Porto Alegre 7%, 1968.... 1 1284
Protestant Church (Gee42
many) 7s, 1046
('rov Bit Westphalia 65,'33 67
Rhine Westph Else 78 1938 60
Rio de Janeiro 6°7 , 1933._ 1 9
Rom cath Church°6 tie,'46 55
R C Church Welfare 75.'46 40
Saarbruecken M Bk 6s, '47 78
...1 13
Salvador 7%, 1957
Santa Catharina (Brazil)
1 334
8%, 1947
Santander (Colom)78, 1948 1 912
Sao Paulo (Brazil) 68 1947 1 9
7 '32 1 70
Saxon Public' Works 5°'
Saxon State Mtge 65,71147 55
Slem & Halake deb 6s, 2930 30
1033 5112
South Amer Rye
1946_. 54
0%.
Stettin Pub Util 75,
Tucuman City is. 1951._ 1 13
TUCt1112813 Prov. 75, 1950- I 16
Veaten Elea Ry 70, 1947_ 38
Wurtenberg 78 to 1945.... 51
Ask
70
4212
28
56
67
38
63
61
43
40
48
65
84
2912
01
40
134
45
70
6212
1012
58
42
78
1412
934
1111
10
73
59
390
53
57
15
13
41
55
Volume 136
Financial Chronicle
Commercialandp,Xiscelinteottsglairs
-
National Banks.-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
VOLUNTARY LIQUIDATIONS.
Capital.
$25.000
Effective March 10 1933. Liquidating committe
J. B. Wlicox, Mullen, Ida.: Walter II. Hanson e:
and
H. B. Kingsbury, both of Wallace. Ida.
Absorbed by Wallace Bank & Trust Co.,
Wallace, Ida.
Mar. 16-The First National Bank of Muflan. Ida
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were
sold auction
in New York, Boston, Philadelphia and Buffaloat
on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ per Sh.
25,000 Goodwin-Gallagher Sand & Gravel Corp.,
173i
1.844 Richmond Insurance Co. of New York, par $5par $100
634
.50 First National Bank of Cherry Tree,Pa., par
$100
$40 lot
100 Drilling & Exploration Co., coin., no par;90
preferred, no par
$800 lot
10 Regsol Realty Corp., par $100
$15 lot
BondsPer Cent.
$30,000 Beard's Erie Basin fully registered 6%,
1978
18 flat
Bond and 20 mtge., dated April 16 1929. in
which there is now due the sum of $4,689.50the original amount of $9,500, on
with interest at6%
23,000 lot
By R. L. Day & Co., Boston
:
Shares. Stock.
$ per Rh.
31 National Bank of Newbury, Wells
Vt
253i
4 Richard Borden Manufacturing Co.,River,
par
100
314
25 Appleton Co., preferred, par 100
2134
5 Boston Ground Rent Trust, par 100
25
75-100 warrant Towne Securities Corp.; 119 Galveston
Houston Electric
Co., par 100
$2 lot
10 W. L. Douglas Shoe Co., preferred, par 100
7;(
30 Western & Southern Associates
$2 lot
10 Eastern States Real Estate Trust, par 100
8
500 Boston Sand & Gravel Co., common
1
50 Eastern Utilities Associates common
19q
10 Productive Properties Ltd., 6% pref. series H, par 100;
3
common
$30
lot
$1,400 Wickwire Spencer Steel Co.,5 yr. 7% notes class
A, ctf. dap; 595 Wickwire Spencer Steel Co., trust Ws.; 20 Wiley Bickford
Sweet Corp., Prof.;
20 Wiley Bickford Sweet Corp., corn. A; 20 Wiley
Bickford Sweet Corp..
corn. B; 36 24-25 Stevens Walden Inc., corn. class B;
Worcester, Inc., com.; 90 Stevens Walden Inc., class A, 20 Stevens Waldenpar $25; 160 Sterling
Tire Corp., common, par $10; 16 Sterling Tire Corp., pref.
class B, par 8100:
436 Organizers Holding Corp., class B; 426 Orgiuzzier
s Holding Corp.. class A;
receipt for 84,751 shares Triplex Gold Mined, Ltd.,
Iron,
$15 lot
By Barnes & Lofland, Philadelphia:
Shares. Stock.
$ per Sh.
8 Philadelphia Bourse, common, par $50
6
460 Bower & Kaufman, Inc., pref., par $100' 1 common,
par $100
$25 lot
5 Corn Exchange National Bank & Trust Co., par
$20
3234
5 Fidelity-Philadelphia Trust Co., par $103
33914
855 Commercial National Bank
li
620 Ninth Bank & Trust Co
94
20 Northeast National Bank of Philadelphia
10
1,009 Union Traction Co
774
BondsPer cent.
Bond and mortgage, dated Dec. 10 1928 to secure the
sum
of
$3,000
the
at
expiration of three years, interest 6% per annum
$350 lot
Mortgage, dated Sept. 8 1926. Premised, The Roosevelt
Hotel, aggregating
I. $6,888.36
$125 lot
$1,000 Scranton Traction Co., 6% First mortgage, due
Nov. 1, 1932
2734 flat
By A. J. Wright & Co., Buffalo:
Shares. Stock.
10 The Como Mines, par $1
5 Angel International Corp., Par $1
$ per Sh.
120
200
Breadstuffs figures brought from page 2095.A11
the statement below, regarding the moveme
nt of grainreceipts, exports, visible supply, &c.--are prepare
from figures collected by the ,Tew York Produce d by us
Exchange.
First we give the receipts at Western lake and river
ports
for the week ending last Saturday and bine()
Aug. 1 for
each of the last three years:
Receipts at-
Flour,
Wheat, I Corn.
Oats. I
Rye. I Barley.
bbid.1961bs. bush.60 lbs)bush. 56 lbs.bush. 32
lbs.bush.5615s.bush.481bs.
Chicago
146,000
41,000,
650,000
105,000
i
35,000
Minneapolis
636,000,
67,000,
72,000,
33,000
66,000
Duluth
266,000
1
8,0001
9,000
Milwaukee _ _
12,000
I
19,000
6,000,
16,000
Toledo
51,000
22,0001
42,000
2,000
Detroit
,000
2,000
4,000
3,000
6,000
Indianapolis_
36,000
191,000,
84,000;
St. Louis....
148,000
277,000,
170,000,
68,000,
1.000
13,000
Peoria
51,000
28.000
323.000,
66,000,
69,000
Kansas City..
13,000
663,000
102,0001
26,000,
Omaha
118,000
149,000,
31,000,
St. Joseph_
29,000
65,0001
30,000'
Wichita
56,000
2,000,
Sioux City..
20,000'
1,0001
1,000
Total wk.1933 370,000 2.209,000 1,699,000,
535,0001
47,000
207,000
Same wk.1932 370,000 2,780,000 2,849,000 1,163,000,
1
191,000 614,000
Same wk .1931
399,000 6,821,000 3,672,000 1,754,000
161,000 387,000
Since Aug.112,325,000238,522 000 129,215,000 60,865,000,
1932
1931
13,999,000243,331,000 00.897,000 50,418,00 7,365,000 27.759,000
14,311.000328,704,000143,725,000 83,440,0000 5.038.000 24,907,000
1930
16,917,000 39,481.000
Total receipts of flour and grain at the seaboard ports
for
the week ending Saturday Mar. 18 follow:
Receipts at-
Flour.
Wheat. I Corn.
Oats. 1
Rye. I Barley.
Dbl.,.1981bs bush.60 lbs.bush. 56 lbs bush. 32 lbs. bush.581bs
.bush.4815s.
116,000
New York
2,000
22,000,
30,000
Philadelphia _
1
4000
Baltimore_-__
8,000
8,000
9,000,
6,000
Norfolk
9,000
1
I
Orleans
•
51,000
New
72,000
33,000,
I
Galveston
14,000
6,000,
i
Halifax
24,000
143,000
3,000;
5,000
St. John
140,000
I
31,000
Boston
1,000
8,0001
I
W.St. John_ 27,000
210,000
I
Total wk.1933 292,000
507,000
92,000
85,0001,
6,000
Since Jan.1'33 3,034,000 8,130,000,
927,000
895,000, 139,000
61,000
1
1932-277,000
1,020,000
Week
76,000
169,000,
6,000
34,000
Since Jan.1'32 3,611,000 16,573,C00
809.000 1,430,000 1,141,000 411,000
•'oddity,
.do not include grain passing through New Orleans
for foreign ports
on through Ills of lading.
2019
The exports from the several seaboard ports for the week
ending Saturday, Mar.18 1933, are shown in the annexed
statement:
Exports frontNew York
Albany
Boston
Norfolk
New Orleans
Galveston
Halifax
St. John
W.St. John
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels, Bushels. Bushels. Bushels.
108,000
1,000
3,441
228,000
47,000
9,000
43,000
3,000
7,000
143,000
24,000
3,000
140,000
5,000
210,000
27,000
Total week 1933._
876,000
wook 1932
_ 1137000
53,000
Same
69,441
40.953
3,000
36.000
75,000
The destination of these exports for the week and since
July 1 1932 is as below:
Flour.
Exports for Week
and Since
Week
Since
July 1t0-Mar.18 July 1
1933.
1932.
Wheal.
Week
Mar. 18
1933.
Since
July 1
1932.
Corn.
Week.
Mar. 18
1933.
Since
July 1
1932.
Barrels. Barrels.
Bushels.
Bushels. Bushels. Bushels.
United Kingdom. 30,715 1,472,701
69,000 44,150,000
960,000
Continent
8,726
589,435
802,000 67,384,000
52,000 3,620,000
So.& Cent. Amer_ 2,000
101,000
1,000 9,443,000
a
9,000
West Indies
26,000
424.400
1,000
124,000
1,000
43.000
Brit. No. Am. Col. 2,000
45,600
2,000
5,000
Other countries__ _
____
138,791
3,000
509,000
1.000
Total 1933
69,441 2,771,927
876,000 121.612.000
53,000 4,638.000
Tots] 1932
40 053 4.309.623 1.137.000 113.560.000
208.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Mar.18, were as follows:
GRAIN
Wheat,
bush,
4,000
97,000
United StatesBoston
New York
" afloat
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
" afloat
Milwaukee
" afloat
Minneapolis
Duluth
Detroit
Buffalo
" afloat
STOCKS.
Corn,
Oats,
bush,
bush,
7,000
322,000
29,000
159,000
26,000
24,000
56,000
16,000
329,000
139,000
RP,
bush.
1,000
1,000
Barley,
bush.
1.000
566,000
, 5,000
1,000
416,000
6,000
3,000
70,000
4,000
674,000
11.000
3,835,000
38,000
735,000
3,000
84,000
1,967,000
5,491,000
9,000
4,128,000 1,260,000
272,000
38,270,000
841,000
314,000
43,000
88.000
14,266,000 2,695,000 1,642,000
59,000
44,000
1,347,000
251,000
130,000
6,000
11,000
3,928,000 2,411,000
621,000
4,000
9,000
608,000 1,745,000
494,000
11,000
10,000
292,000
9,001,000 14,393,000 3,721,000 1,070,000
492,000
231,000
571,000
498,000
5,559,000 1,801,000
666,000
41,000
570,000
70,000
353,000
187,000
24,285,000 1,011,000 10,292,000 3,580,000 5,282,000
15,656,000
453,000 2,868,000 1,563,000
979.000
147,000
15,000
24.000
26,000
32,000
4,880,000 6,675,000 1,311,000
602,000
670,000
3,620,000
403,000
175,000
Total Mar. 18 1933_139,127.000 35,818,000 23,597,000 7,699,000
8,461.000
Total Mar, 11 1933_142,431,000 36,230,000 24,090,00
7.745,000
Total Mar, 19 1932_205,189,000 21,389,000 16,353,0000 9,233,000 8,631,000
2,944.000
Note.-Bonded grain not included above: Wheat, New York,
bushels;
Boston, 316,000; Buffalo, 2,330,000; Buffalo afloat, 2,776,000;224,000
Duluth,
Erie, 733,000; total, 6,943,000 bushels, against 12,720,000 bushels in 1932. 4.000:
Wheat,
Corn,
Oats.
Rye,
Barley,
Canadianbush,
bush.
bush.
bush.
bush.
Montreal
1,573,000
366,000
808.000
401.000
Ft. William & Pt. Arthur 65,395,000
1,295,000 1,815,000 1.472,000
Other Canadian
33,234,000
2,291,000
831,000 1,075,000
Total Mar, 18 1933_100,202,000
3,952,000 3,454,000 2,948,000
Total Mar. 11 1933__ 99,001,000
3,907,000 3,428.003 2,887,000
Total Mar, 19 1932._ 62,832,000
5,165,000 8,832,000 4,567,000
SummaryAmerican
139,127.000 35,818,000 23,597,000 7,699,000 8,461,000
Canadian
100,202,000
3,952,000 3,454,000 2,948,000
Total Mar. 18 1933..239,329,000 35.818,000 27,549,000 11,153,000
Total Mar, 11 1933_241,432,000 36,230.000 27,997,00 11,173,00 11,409,000
Total Mar. 19 1932..268,021,000 21,389,000 21,518,0000 18,065,00 0 11,518,000
0 7.511,000
The world's shipments of wheat and corn, as furnish by
Broomhall to the New York Produce Exchange,for the ed
week
ending Friday, Mar.17,and since July 2 1932 and July 11931,
are showing in the following:
Wheat.
Exports.
Week
March 17
1933.
Since
July1
1932.
Corn.
Since
July 1
1931.
Week
March 17
1933.
Since
July 2
1932.
Since
July 1
1931.
Bushels.
Bushels,
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 3,534.000 230,511.000 231,254,0
00
11,000 5,253,000
Black Sea___
64,000 19,288,000106,568,000, 859,000 48,641,000 1.790,000
21,750.000
Argentina__ 4,262,000 64,842,000 90.829,00
Australia ___ 4,529.000 113,567,000 109,210,0 0, 1,720,000154,807,000 289,974,000
00
India
1
600,000
0th. countr'd 160,000 21,485,000,
25,446,000 1,471,000 26.675,000 16.007.000
Total
1 12,549.000449,693,000 563,907,000 4,061,000
235,376,000329.521,000
DIVIDENDS.
Dividends are grouped in two separate tables. In
the
first we bring together all the
ds announced the
current week. Then we follow dividen
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.
Railroads
Belt RR. & Stockyards (guar.)
Preferred (quer.)
Chicago Junction, common (quar.)
Preferred (quer.)
Southern fly. Co., Mobile & Ohio, stock
trust certificates
Per
When
Share. Payable.
75c
The
$27(
$134
Apr.
Apr.
Apr.
Apr.
Books Closed
Days Inclusive.
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
Mar.20
Mar. 20
Mar. 15
Mar. 15
$2 Apr. 1 Holders of rec. Mar. 15
Name of Company.
March 25 1933
Financial Chronicle
2020
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Name of Company.
When
Per
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Holders of rec. Apr. 14
500 May
Byers (A. M.) Co., 7% pref. (quar.) _
of rec. Mar.31
Calaveras Cement,7% pref. (quar.)---- 134% Apr. 1 Holders of rec. Mar. 31
3
Holders
Mar.
$1
prof.
Cameron Machine,8%
(quan)---rec. Apr. 1
of
Holders
1
250
Apr.
Canada Dry Ginger Ale of Del. (guar.)Holders of rec. Mar. 15
Apr.
Canadian General Investment, reg.(qu.) 100
Apr.
100
Coupon (guar.)
of me. Mar. 31
Canadian Industries, Ltd., pref. (guar.) $151 Apr. 1 Holders
Capital Administration Co., Ltd.—
of rec. Mar, 30
Holders
Apr.
8750
Preferred series A (guar.)
Holders of rec. Mar,25
Apr.
250
Carpel Corp. (guar.)
o
mitted
pref.
2d
&
Central Franklin Process, 1st
Holders of rec. Mar. 17
Champion International Co.(quar.)---- $136 Apr.
Holders of roe. Mar. 17
5131 Apr.
Preferred (guar.)
Holders of rec. Mar. 20
3
Mar.
$156
Chase Brass & Copper Co.. pref.(guar)
Holders of rec. Mar. 20
134% Apr.
Chatham Mtg. Co., 7% pref. (quar.)_
Holders of rec. Mar. 20
Apr.
154%
6% preferred (guar.)
Chicago Title It Trust Co., guar. div. omi tted
Holders of rec. Mar. 25
Cleveland Union Stockyards Co.(Qum.) 12360 Apr.
Holders of rec. Mar. 15
25e Apr.
Coca-Cola Bottling, A (guar.)
Holders of rec. Mar. 23
Apr.
50c
Columbia Milk (guar.)
of rec. Mar. 20
Holders
Apr.
3736c
_
(quar.)_
Co.
&
Mfg.
Columbian Vise
Commercial Discount Co. of Calif.—
20e
Apr. 1 Holders of rec. Apr. 1
Class A, preferred (guar.)
17360 Apr. 1 Holders of rec. Apr. 1
Class B, preferred (guar.)
$1 Mar.3 Holders of rec. Mar. 25
Confederation Life Assoc. (guar.)
$1 Juno 3 Holders of rec. June 25
Quarterly
$1 Sept.3 Holders of rec. Sept. 25
Quarterly
$1 Dec. 3 Holders of rec. Dee. 25
Quarterly
om itted.
Connecticut General Life Ins. Co. guar. div.
$156 Apr. 1 Holders of rec. Mar. 31
Consolidated Car Heating (guar.)
Ltd.—
Africa,
80.
01
1
ields
Gold
Consol.
.0890 Mar.2 Holders of rec. Feb. 27
Amer. dep. rec, for ord. reg
Holders of rm. Feb. 20
Courtalds, Ltd., Am.dep.rec.for ord.reg. .0850 Mar. 23
Apr. 15 Holders of rec. Mar. 31
156%
(guar.)
pref.
6%
Curtiss-Wright Export,
Holders of rec. Mar. 16
31
Mar.
25c
Danohy Faxon Stores (guar.)
25c Apr. 1 Holders of rm. Mar. 31
Dravo Corp., 6% pref. (Quar.)
Holders of rm. Mar. 31
1
Apr.
136%
Eastern Bakeries. 636% preferred
500 Mar.24
Eastern Magnesia Talcum Co. (quar.)-omitted
div.
A
class
Co.,
Elder Mfg.
$2 Apr. 1 Holders of rec. Mar. 22
1st preferred (guar.)
500 Apr. 1 Holders of rec. Mar. 24
Emerson Bromo-Seltzer, 8% pref. (qu.)
Apr. 1 Holders of roe. Mar. 20
1
334e
...Ferro Enamel Corp., 5% pref.(5.-a.)
50360 Mar. 28 Holders of rec. Mar. 23
Fiat. American deposit receipts
May 1 Holders of rec. Apr. 15
155%
Inc.,
(guar.)
6%
pref.
Prod.,
Fibreboard
Sc
Apr. 1 Holders of rec. Mar. 24
First Bank Stock Corp., corn. (guar.)__
of rec. Mar. 31
Fidelity Title It Tr. Co. (Conn.) (I uar.) $155 Mar. 31 Holders
1 Holders of rec. Mar. 18
Apr.
$236
-ia
Finance Co. of Pennsylvan (quar.)1
Apr.
Holders of rec. Mar. 24
25e
Franklin 1 rocess Co. (guar.)
10c Apr, 1 Holders of roe. Mar.25
Garlock Packing Co., cons. (Otter.)....
1
Holders of rec. Mar. 15
Apr.
500
Gas Security Co.,6% pref. (monthly)__
56% Apr. 1 Holders of rec. Mar. 15
Monthly
1
Holders of rec. Mar.21
Apr,
$151
corn.
(quar.)-General Capital Corp.,
May 1 Holders of rec. Apr. 10
300
Gold Dust, voting trust (guar.)
5fie Mar. 31 Holders of rec. Mar. 24
Gordon-I ow Isheriee Co., l.td. (guar.)
rec. Apr. 12
Gotham Silk Hosiery Co.. 1st pref. Om) $134 May 1 [folders of
Gray Telep. Pay Station Co. guar. dlv. o mined.
Winnipeg
Co.,
Assur.
Great West Life
$5 Apr. 1 Holders of rec. Mar. 20
(quarterly)
1 Holders of rec. Apr. 1
Griggs, Cooper & Co., 7% pref.(quar.). 134% Apr.
Apr. 15 Holders of rec. Mar.31
$156
Guarantee Co. of No. Amer. (quar.).
2236 Apr, 15 Holders of rec. Mar. 31
Extra
of rec. Mar. 15
Guardian Bank Shs. Invest. Tr., pf.(qu) 1834c Apr. 1 Holders of rec. Mar. 15
Apr, 1 Holders
Guardian Invest. Trust. (Hart.), prof..-- 15c
Apr. 1 Holders of rec. Mar. 15
15e
Convertible preferred
Apr. 1 Holders of rec. Mar. 15
Guardian Pub.Ilttl.Inv.Tr.ser.Lpf.(gu.) 150
Apr. 1 Holders of rec. Mar. 15
Guardian Rail Sits. Inv. Tr.,ser.Lpf.(qu.) 200
omitted.
end
Co.—Divid
Halle Bros.
Mar. 23 Holders of rec. Feb. 23
24.9c
Harrods, Ltd., Am.dep.rec. for ord. reg.
Apr. 29 Holders of rec. Apr. 21
Hibbard. Spencer, Bartlett Is Co. (n10.) be
May 26 Holders of rec. May 19
100
Monthly
June 30 Holders of rec. June 23
10e
Monthly
Apr. I Holders of rec. Mar. 25
131%
prof.
011
77
Co.,
Ilickok
Num.)
rm. Mar. 31
'
Corp.. prof. (quar.)- 51.05 Apr. 15 Holders of
Household Finance
750 Apr. 15 Holders of rec. Mar. 31
Common class A It B (guar.)
rec. Mar. 31
of
Holders
15
Apr.
100
Howe Sound Co. (guar.)
of rec. Mar. 21
Howes Bros. Co., 7% 1st pref. (quar.).. 134% Mar. 31 Holders of rec. Mar. 21
31 Holders
Mar.
131%
(guar.)
preferred
7%
156% Mar. 31 Holders of roe. M ar. 21
6% preferred (guar.)
0256% Apr. 20 Holders of Tee. Mar. 28
Incorporated Investors (s.-a.)
Apr. I Holders of me. Mar. 27
Independent Pneumatic Tool Co. Man 25e
May 15 Holders of rm. Apr. 28
15o
Indiana Pipe Line Co. (1.-a.)
12560
Apr. 1 Holders of rec. Mar. 20
Inc..
cool.
(guar.).—
Inland Investors,
Apr. 1 Holders of rm. Mar. 23
25e
Interlake Steamship Co. (Oiler)
of rec. Mar.20
Kahn's4E.) Sons, Co. 7% pref. (guar.)- 154% Apr, 1 Holders of
rec. Mar. 21
31 Holders
Mar.
150
(guar.)
Kalama/oo Veg. Parchment Co.
Kaufmann Dept. Stores, Inc., pref. dlv. ornitte d
1113(Chi.,
Co.
Music
Cambell
Knight
113
131% Apr. 1 Holders of rec. Mar. 20
7% preferred (guar.)
$151 Apr. I Holders of rec. Mar.
Kohn's (E.) Sons Co., hat pref.(quar.)_ _
omitted.
UM.
Cl.
A
Participating pref.
o miffed.
Kelley Island Lime It Transport Co., co tn. div. action31 Holders
of rec. Mar. 24
150 Mar.
Laclede Steel Co. (guar.)
Holders of rec. Mar. 15
31
Mar.
50c
Land Title Building (guar.)
Apr. 1 Holders of me. Mar. 22
Landers, Frary Is Clark, corn. (guar.)- - 37360.
Lawyers Title Ins. Co.(Richmond, Va.),
Apr. 15 Holders of rec. Apr. 10
3%
6% preferred (s.-a.)
May 1 Holders of rec. Apr. 20
Lazarus(F. It R.) Is Co., prof. (quar.)-- $136
Apr, 1 Holders of rec. Mar. 25
75e
Life Ins. Co. of Virginia (guar.)
Holders of rec. Mar. 24
Manufacturers Finance Co.,7% pf.(ass.) 4334o. Mar. 31
25 Holders of roe. Mar. 15
Mar.
lc
Fire Insurance Companies.
(guar.)
Co.
Mascot 011
15
Apr.
750.
Holders of rec. Mar. 31
McQusY-Norris Mfg. Co.,.com. (quar.).
50c Apr. I Holders of rec. Mar. 23
National Fire Ins. Co.(Hartford)(qui Mercantile American Realty Co.
$1 Apr. 4 Holders of rec. Mar. 25
15
Apr.
holders of rec. Apr. 15
155%
Niagara Fire Ins. Co.(guar.)
6% preferred (guar.)
Merchants National Realty Corp.—
1 folders of rec. Mar.25
Apr.
$136
Bank and Trust Companies.
(guar.)
preferred
B
and
A
1 Holders of rec. Mar. 27
Metropolitan Indus.Bankers,7%pfd(on) 17560 Apr,
$156 Apr. 1 Holders of rec. Mar. 23
Central Hanover Bank & Tr. Co. ((lu.)pt dlv. omitted
60c Apr. 1 Holders of rec. Mar. 240 Met. Paving Brick Co.,
Apr,
1 Holders of rec. Mar. 20
734e
County Trust Co., new cap. stock (qu.).
(guar.)
Is
Mtg.
Minnesota Mining
Apr. 1 Holders of rec. Mar. 24
Apr. 15 holders of rec. Mar. 31
Empire Trust Co., cap. stock (quar.)- _ _ 134%
Mo. River-Sioux City I3dge. Co. pt.(g11.) $131
Apr. 1 [folders of rec. Mar. 31
$6
1 Holders of rec. Mar. 20
Fifth Avenue Bank (guar.)
Moore Corp., Ltd., el. A It B.pt.(qu.).. nal 31 Apr. 1 Holders of roe. Mar. 20
Morris 5 Is 100 tores, Inc., 7% pf.(qu.) 134% Apr. 1
May
Holders of me. Apr. 20
$2
Miscellaneous.
National Carbon, pref. (Otter.)
$134 Apr. 1 Holders of rec. Mar. 25
National Pacific Mtge.. prof. (guar.).—
of rec. Apr. 17
Holders
1
May
be
Co.
(monthly)
Affiliated Products
Newberry (J. IA RealtyApr. 1 Holders of rec. Mar. 18
100
194% May 1 Holders of rec. Apr. 17
Alles It Fisher (glum)
654% preferred A (guar.)
756c Apr. 1 Holders of rec. Mar. 20
American Discount Co.(Ga.)(quar.)134% May 1 Holders of rec. Apr. 17
6% preferred B (guar.)
Mar. 22
rm.
of
1
Holders
Apr.
250
$134 Apr. 1 Holders of rec. Mar. 20
American Hardware (guar.)
Niagara Alkali, pref. (quar.)
July 1 Holders of rec. June 17
250
Mar. 31 Holders of rec. Mar. 20
25e
Quarterly
(guar.)
Co.
Mfg.
Judd
Is
North
of rec. Sept. 16
Holders
1
Oct.
250
.)
$136 Apr. 1 Holders of rec. Mar. 20
Quarterly
NorthI'd Greyhound Lines, Inc.,pf.(qu
1-1-34 Holders of rec. Dec. 16
250
e) div. om tted
(Milwauke
Quarterly
Ins.
National
rn
Northweste
18
rec.
Mar.
of
$134 Apr. 1 Holders
Apr. 1 llolders of rec. Mar. 20
25c
American Optical Co.. prof.(quar.)
Ohio Leather Co., corn. (guar.)
Apr. 1 Holders of rec. Mar. 20
Apr, 1 Holders of rec. Mar. 20
$2
American Thermos Bottle Co., pref.(qu) 87340
1st preferred (quar.)
Apr. 1 Holders of rec. Mar. 20
$134
Arrow-Hart & Hegeman Electric Co.— 100
(quar.)
preferred
2d
1 Holders of rec. Mar. 25
Apr.
Apr. 1 Holders of rec. Mar. 15
150.
(quar.)
Common
Old Colony Trust Assoc.(guar.)
$136 Apr. 1 Holders of rec. Mar. 25
500 Apr. 1 Holders of me. Mar. 20
_
(quar.).....
Preferred (guar.)
Life
Ins.
Co.
Mutual
Pacific
24
Mar.
rec.
of
Apr. 1 Holders
500
194%
Apr. 1 Holders of rec. Mar. 22
Arundel Corp. (guar.)
pret.(q11)
Co.,
636%
Realty
So'west
J.)., dividen d omitted
134% Apr. 1 Holders of rec. Mar. 22
ASSOC. Bankers Title de Mtge. Guar. Co.( N.
534% preferred (guar.)
4%
31 Holders of rec. Mar. 20
Mar.
$2
(qu,).
Associated Electrical Industries Ltd_
pf.
Car
Co.,
Tank
Conley
Penna.
Apr. 1 Holders of rec. Mar. 17
roe. Star. 31
Associated Portland Cement,ord. reg..-- 7%
Perfection Petroleum,6% prof.(guar.)— 37560 Apr. 1 Holders of
Apr. 8 Holders of roe. Mar. 22
7%
American dep. rec, for ord. reg
Cori).—
Products
Dairy
ia
Philadelph
15
Mar.
roe.
of
Apr. 1 Holders
me. Mar. 21
of
1
Holders
Apr.
$136
Axton-Fisher Tobacco Co., A corn.(qu.) 800
$636 preferred (guar.)
Apr. 1 Holders of rec. Mar. 21
18e
30c Apr, 15 Holders of rec. Mar. 31
Bancohlo Corp. (guar.)
Philadelphia National Ins. (quar.)
1 Holders of rm. Mar. 1
$336 Mar. 14 Holders of rec. Mar, 14
Bank Stock Trust Shares, ser. C-1 reg-- .34469c Apr. 1 Holders of rec. Mar. 1
-a.)
pref.
(5.
Corp.,
Phillips-Jones
3370 Apr.
$2.57 Apr. 4 Holders of me. Mar. 27
Series C-2 registered
Pirelli Co. of Italy, Amer. Shares
Apr. 1 Holders of rec. Mar. 25
El
12.36c Apr. 1 Holders of rec. Mar. 20
Bourbon Stockyards (guar.)
Pittsburgh-Erie Saw Corp (quar.)
Apr. 1 llolders of rec. Mar. 22
17560
British Aluminium Co., Ltd.—
(guar.)
Pneumatic Scale, 7% pref.
Mar. 22
rec.
of
Holders
8
Apr.
sto5%
reg
American dep. rec. ord.
Provident Adjustment & Invest. Co.2 Ilolders of rec. Mar.23
Apr.
156%
British United Shoe Mach. Co., Ltd.—
(guar.)
634% preferred
• w734% June 8 Holders of rec. May 22
500 Apr, 1 Holders of rec. Mar. 22
American dep. rec. ord. reg
Packing Co., corn. (guar.)
27
Rath
Mar.
rec.
of
Holders
1
Apr.
200
250 Mar. 31 Holders of me. Mar. 21
Broad Street Investing Co., Inc. (guar.)
Reed Roller Bit (guar.)
Apr. 1 Holders of rec. Mar. 20
BuCyrus-Monighaa Co., class A (guar.) 450
Public Utilities.
Apr. 1 Holders of rec. Mar. 28
Amer. Pow. dc Light Co.56 pref.(quar.) 3756c
31340 Apr. I Holders of rec. Mar. 28
$5 preferred (guar.)
1 Holders of rec. Mar.23
Apr.
580
(qu.)
pref.
$7
Arkansas Pow. & Lt. Co.,
Apr. 1 Holders of rm. Mar. 23
500
$6 preferred (guar.)
Brit. Colum. Elec., Pow. dr Gas Co.
156% Apr. 1 Holders of roe. Mar. 20
6% preferred (guar.)
Holders of rec. Mar. 31
Brooklyn Borough Gas Co. COM.(quar.)- $136 Apr. 10
750 Apr. 1 Holders of rec. Mar. 21
6% preferred (guar.)
Holders of me. Mar. 21
1
Apr.
500
Extra participating
654c Apr. 1 Holders of rec. Mar. 21
Extra
Holders of rec. Apr. 1
14
Apr.
$156
Bklyn.-Manhattan Trans. Corp. pf.(all.) 880
Apr. 1 Holders of rec. Mar. 25
Carolina Pow. & Lt. Co., $7 prof. (qu.)
1 Holders of rec. Mar. 25
Apr.
750
$6 preferred (guar.)
Apr. 1 Holders of rec. Mar. 15
Cincinnati Gas& El. Co. pref. A (guar.)- $151
15 Holders of rec. Mar. 31
CM. Newp. & Coy. Lt. & Tr. (quar.).. $136 Apr. 15 Holders of rm. Mar. 31
Apr.
$1.1256
Preferred (guar.)
1 Holders of rec. Mar. 24
Apr.
Ws. of deposit (qu.) $156
Cleveland Ry.
Apr. 1 Holders of rec. Mar. 15
$1
8% pref. (guar.)
Co..
Des Moines Gas,
10
Holders of rec. Mar. 15
Apr.
8734c
7% preferred (guar.)
Apr. 15 Holders of rec. Mar. 31
Detroit Edison Co. capital stock (guar.). $1
1 Holders of rm. Mar. 27
Apr.
$3
(quar.)
Emporia Telephone Co.
134% Apr. 1 Holders of rec. Mar. 27
7% preferred (quar.)
1
roe. Apr. 15
Franklin Telep., 234% guar. stk. (s.-a.) $151 May 1 Holders of
Apr.
Holders of rec. Mar. 15
56011%
Gas Securities Co.common (monthly).Q
rec. Mar. 15
of
500 Apr. 1 Holders
Preferred (guar-)
I Holders of rec. Mar. 20
Greenwich Water dr Gas Syst. pf.(411.)-- $136 Apr. 1
rec. Mar.20
of
Apr.
Holders
$156
Gulf Power Co. $6 pref.(guar.)
of rec. Mar. 15
1
Iowa Pow. & Lt., 7% pref. (quar.)..-- 134% Apr. 1 Holders of rec. Mar. 15
Holders
Apr.
156%
6% preferred (guar.)
1 Holders of rec. Mar. 20
Iowa Public Service Co., $7 1st pt. (qu.) $131 Apr. 1
Holders of rm. Mar. 20
$136 Apr.
1636 1st preferred (quar.)
1
Holders of rm. Mar.20
Apr.
$156
$6 1st preferred (guar.)
$136 Apr. 1 Holders of rec. Mar.20
87 2d preferred (guar.)
1
Holders of rec. Mar.20
134%
Apr.
prof.
Kansas Power & Light, 7%
(gnat.)
134% Apr. I Holders of rec. Mar. 20
6% Preferred (quar.)
15 Holders of rec. Mar. 27
Apr.
$136
6%
pref.
(qu.)Co.
Utilities
Kentucky
Lincoln Telephone & Telegraph% May 20 Holders of rm. Apr. 30
6% preferred A (guar.)
134% Apr. 10 Holders of rec. Mar. 31
5% preferred (guar.)
Apr. 10 Holders of rec. Mar. 31
$131
Quarterly
Louisville Gas & ElectricApr. 15 Holders of rec. Mar. 31
134%
7% preferred (guar.)
156% Apr. 15 Holders of rec. Mar. 31
6% preferred (Qum.)
154% Apr. 15 Holders of rec. Mar. 31
5% preferred (guar.)
Louisville Gas & Electric Co.(Ky.)134% Apr. 15 Holders of rec. Mar. 31
7% preferred (quar.)
156% Apr. 15 .1 olders of rm. Mar.31
6% preferred (guar.)
131% Apr. 15 Holders of rec. Mar. 31
5% preferred (guar.)
75e Mar.31 Holders of rec. Mar. 16
Mass. Lighting Co., corn. (guar.)
2% Apr, 15 Holders of rec. Mar. 31
8% preferred (guar.)
% Apr. 15 Holders of rec. Mar. 31
6% Preferred (guar.)
Apr. 15 Holders of rec. Mar. 31
Mass. Utilities Assoc.5% pref. (guar.)- - 6234e
134%
Apr. 1 Holders of rec. Mar. 23
Minnesota Pow. & Light. 7% pref. (qu.)
$136 Apr. I Holders of rec. Mar. 23
$6 preferred (guar.)
37e Apr. 30 Holders of rec. Mar.31
Montreal Lt., lit. & Pow., corn. (guar.) zw2%
Apr. 15 Holders of rec. Mar. 31
Montreal Telegraph Co
Apr. 15 Holders of rec. Mar. 31
r80c
Montreal Telegraph (Qum.)
Apr. 15 Holders of rec. Apr. 6
$251
Montreal Tramways Co. (guar.)
$134 Apr. 1 Holders of rec. Mar. 15
Municipal Gas Co.(Tex.), pref. (guar.)_
1 Holders of roe. Apr. 8
May
$136
(qu.)
pref.
National Pow. & Lt. Co., $6
Mar. 31 Holders of rec. Mar. 31
$2
New York Telephone Co.(guar.)
(Del.)
Co.
lower
Northern States
134% Apr. 20 Holders of rec. Mar. 31
7% preferred (guar.)
156% Apr. 20 Holders of rec. Mar. 31
6% preferred (guar.)
1% Slay 1 Holders of rec. Mar. 31
Common class A (guar.)
50c Apr. 15 Holders of rec. Mar. 31
Pacific Gas & Elec. Co., con). (guar.).750 May 15 Holders of rec. Apr. 20
Pacific Lighting Corp.. corn. (guar.).—
Apr. 1 Holders of rec. Mar. 20
Penna. Gas & Elec. Co.. 7% pref. (qu.). 134%
$134 Apr. 1 Holders of rec. Apr. 1
Plainfield Valley Water (guar.)
29 Holders of rec. Apr. 1
Apr.
500
(mo.)
pf.
6%
N.
.1.,
Pub. Serv. Corp. of
rec. Mar. 20
1
Pub. Serv. Co. of Okla.7% pref.(qu.).- 134% Apr. 1 Holders of rec. Mar. 20
Holders of
134% Apr.
6% preferred (guar.)
St. Joseph Ky..Light, Heat & Power-814 Apr. 1 Holders of rec. Mar. 15
5% preferred (guar.)
Apr. 1 Holders of rec. Mar. 16
400
Shasta Water Co.(guar.)
Southern California Gas37.360 Apr. 15 Holders of rec. Mar. 31
6% and 6% series A pref.(guar.)
Southern Counties Gas Co. (Calif.)156% Apr. 15 Holders of rec. Mar. 31
6% prefbrred (guar.)
15 Holders of rec. Mar. 31
Stamford Gas & Electric Co. (quar.)--- $256 Apr.
Holders of rec. Mar. 15
Toledo Light dc Pow. Co., pref. (guar.). $156 Mar. 31
$134 Apr. 1 Holders of rec. Mar. 15
'Fri-State Tel. & Tel. Co. (guar.)
Twin State Gas Is Electric CoHolders of rec. Mar. 15
151% Apr.
7% prior lien (guar.)
Union Public Service—Corn. div. omitt ed.
Apr.
Holders of rec. Mar. 21
8734C
7% preferred A (guar.)
Holders of rec. Mar. 21
8756e Apr.
7% preferred B (quar.)
of roe. Mar. 21
Apr.
Holders
750
$6 preferred C (guar.)
Apr.
[folders of rec. Mar. 21
75e
$6 preferred 13 (guar.)
of rec. Mar. 15
134%
Apr.
Holders
pf.
(qu.)
United I'ow. Is Lt.(Kans.).7%
West Kootenay Pow. de Light Co., Ltd—
Holders of rec. Mar. 27
$131 Apr.
preferred (guar.)
Western United Gas & Electric Co.
Holders of rec. Mar. 16
134% Apr.
634% preferred (guar.)
Holders of rec. Mar. 16
134% Apr.
6% preferred (guar.)
Wisconsin Telephone Co., Corn. (quar.). $136
$1%
Preferred (guar.)
Name of Company.
2021
Financial Chronicle
Volume 136
When
Per
Share. Payable.
Books Closed
Days Inclusive.
Name of Company.
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Public Utilities (Continued).
Miscellaneous (Concluded).
250. Apr. I Holders of rec. Mar. 8
American Gas & Elms Co.. Min.(qua?.)
Republic Stamping & Enameling Co.
May 1 Holders of rec. Apr. 7
$134
Preferred (quar.)
Common (quar.)
250 Apr. 10 Holders of rec. Apr. 3
Apr. 1 Holders of rec. Mar. 16
Amer. Superpower Corp.. 1st pref. (qu.) $114
Rhode Island Elec. Protective Co.(qu.) $134 Apr. 1 Holders of rec. Apr. 1
15 Holders of rec. Mar. 146
5234
Apr.
Mar.
24
Apr. 1 Holders of roe.
American Tel.& Tel.Co.(quar.)
Richman Bros. (quar.)
750
250 May I Holders of rec. Apr. 7
Amer. W at. Works & El. Co.. Inc.(qu.).
Bike Krumler, 7% pref. (quar.)
131% Apr. 1 Holders of rec. Mar. 24
250 May 1 Holders of rec. Apr. 7
Apr. 1 Holders of me Mar. 15
Voting trust certificates (guar.)
25e
Robinson Con Cone (guar.)
$131
Apr. 1 Holders of rec. Mar. 10
$6 1st preferred (quar.)
Rolls-Royce, Ltd., Am.dep. rec. ord. reg zw8% May 26 Holders of rec. Mar. 31
Appalachian El. Pr. Co., $7 pref. (qu.)- $131 Apr. 1 Holders of rec. Mar. 11
810
May 1 Holders of roe. Apr. 15
Roos Bros., Inc. (Del.) 5634 pref
Apr.
1 Holders of rec. Mar. 11
5134
$6 preferred (quar.)
Sabin Robbins Paper Co.-$7 preferred d vidend omitted
Apr. 1 Holders of rec. Mar. 15
$3
Attleboro Gas Light (guar.)
St. Croix Paper Co., corn. (quar.)
500 Apr. 15 Holders of rec. Apr. 5
Bangor Hydro Electric Co.,7% pl.(qu.) 134% Apr. 1 Holders of rec. Mar. 10
Mar. 31 Holders of rec. Mar. 20
St. Joseph Stockyards
500
6% preferred (quar.)
134% Apr. 1 Holders of rec. Mar. 10
St. Louis National Stockyards
$1Si Apr. 1 Holders of rec. Mar. 27
1$134 Apr. 15 Holders of rec. Mar.23
Bell Telephone of Canada (quar.)
$1 Apr. 1 Holders of rec. Mar. 24
Santa Cruz Portland Cement Co.((Juan)
Apr. 15 Holders of rec. Mar.20
pref
(qu)
134%
(quar.)
Bell
Scovi11
Apr.
%
$I
1 Holders of roe. Mar.20
Telep. Co of Penna..
Sayers &
$111 Apr. 1 Holders of rec. Mar. 106
Boston Elevated common (quar.)
8134 Apr. 1 Holders of rec. Mar.20
Preferred (guar.)
Brazilian Tr. It.& Pr. Co. Ltd., IA (qu.) 134% Apr. 1 Holders of rec. Mar. 15
Scott Paper Co., 7% Ser. A pref.(quar.) 134% May I Holders of roe. Apr. 15
600 Mar.31 Holders of roe. Mar. 17
Bridgeport Gas Light (quar.)
134% May 1 Holders of rec. Apr. 15
6% series B preferred
/50c Apr. 15 Holders of roe. Mar. 31
BritIsbColumblaPow.Corp., Ltd.. class A
62Sic. May 1 Holders of rec. Apr. 15
Seeman Bros., Inc., corn. (guar.)
$134 Apr. 1 Holders of rm. Mar. 15
Brooklyn & Queens Transit $6 pref.(qu
Shaffer Stores Co.,1% pref. (quar.)_
1H % Apr. 1 Holders of rec. Mar. 25
Apr. 1 Holders of rec. Mar. 1
5134
Brooklyn Union Gas Co. (guar.)
Sharp & Dohme Co., pref. cl. A (guar.).
50e May 1 Holders of rec. Apr. 17
Sieloft Packing Co.(quar.)
300 Mar.31 Holders of roe. Mar. 20
Buffalo, Niagara dr Erie Power Co.
May 1 Holders of rec. Apr. 15
5134
35 preferred (guar.)
Southern Acid & Sulphur Co.corn.(igu.)500. Mar,15 Holders of rec. Mar. 10
40e. Apr. 1 Holders of rec. Mar. 15
Southland Royalty Co. (quar.)
50
Apr. 15 Holders of rec. Apr. 1
Preferred (guar.)
330. Mar.31 Holders of rec. Feb. 28
Series A
Spicer Mfg. Corp.. 53 pre .(guar.)
750. Apr. 15 Holders of rec. Apr. 3
Calgary Power Co., Ltd., corn. (guar.). 5134 Apr.1 Holders of rec Mar.15
S. M. A. Corp. (quar.)
12340 Apr. I Holders of rec. Mar. 20
200. Apr. 25 Holders of rec. Mar.31
Canada Nor.Pow.Corp.,Ltd.com.(qu.)
Stahl-Meyer, Inc., prof. (guar.)
$134 Apr. I Holders of rec. Mar.20
1 H% Apr. 15 Holders of rec. Mar.31
Standard Fuel, 634% pref. (quar.)
7% Preferred (guar.)
134% Apr. 1 HolderS Of rec. Mar. 15
Holders of rec. Mar. 15
Central Illinois Light Co.6% pref.(qu.). 134% Apr
Standard Safe Deposit Co.(N. Y.) (qu.)
500 Mar. 31 Holders of rec. Mar.27
Hinders of rec. Ma:. 15
7% preferred (quar.)
134% Apr.
Standard Screw Co., corn. (guar.)
50c Apr. 1 Holders of rec. Mar. 20
rCentral Illinois Public Service Co..6% & $6 p of. div. action deterred.
State Theater Co. (Boston), pref.(qu.)$2 Apr. 1 Holders of rec. Mar. 25
Holders of rec. Mar. 15
Steel Co. of Can., common (quar.)
May 1 Holders of rec. Apr. 7 Cincinnati Gas & Elec.Co..5% pf, A (OIL )134% Apr.
300
$1.13 Apr.
Holders of rec. Mar. 20
Cincinnati & Sub. Beil Tel.(quar.)
Preferred (quar.)
43310 May 1 Holders of rec. Apr. 7
$3.40 Apr.
Holders of rec. Mar. 21
Citizens l'assenger RR.(Philadelphia)
Stir, Boyer dt Fuller Co., 7% prof.(qu.) 433.40 Mar. 31 Holders of rec. Mar. 15
Cleveland Electric Illuminating Co.
Sunshine Mining Co. (guar.)
100 Mar.30 Holders of rec. Mar. 20
300 Apr.
Holders of rec. Mar.20
Common (guar.)
Supervised Shares, Inc., cap. stk. InItial. 5.017 Apr. 15 Holders of rec. Mar. 31
Clinton Water Works 7% prof. (guar.) 131% Apr. I Holders of rec. Apr. 1
Telautograph Corp., corn. (guar.)
250 May 1 Holders of rec. Apr. 14
May
Holders of rec. Apr. 15
(qu.).
Pr.
&
Lt..
pref.
B
Columbus
fly..
3134
Mar.
22
of
rec.
Title Guarantee & Trust Co.(quar.)-400. Mar.31 Holders
Holders of rec. Mar. 15
6% 1st preferred (guar.)
13.4% Apr.
Toronto General Trust Corp. (quar.)$2 Apr. 1 Holders of rec. Mar. 18
Holders of rec. Mar. 10
Apr.
Commonwealth & So. Corp.,$6 pf.(qu.) $134
$4
Apr. 1 Holders of rec. Mar. 20
Travelers Ins. Co. (guar.)
Holders of rec. May 15
313.4 June
Commonwealth UM.Corp. pt. C
Tuckett Tobacco Co., pref. (quar.)- - $131 Apr. 15 Holders of roe. Mar. 31
Holders of rec. Mar. 20
United Dyewood Corp., pref.(guar.)$134 Apr. 1 Holders of roe. Mar. 31a Commonwealth Water & Lt.7% pf.(qU.) 134% Apr.
Holders of rec. Mar.20
$134 Apr.
56 preferred (quar.)
United Linen Supply Co., class A (guar.) 87340 Apr. 1 Holders of rec. Mar. 20
Holders of rec. Mar. 15
750. Apr.
Connecticut Elec. eery.,corn.(guar.).70 Apr. 1 Holders of rec. Mar. 17
United States Banking Corp. (monthly)
Holders of roe. Mar. 31
100 May 1 Holders of rec. Apr, 45 Control. Gas Co.of N. Y..5% Pf. KULL- 134% May
United Verde Extension Mining Co
of
Pr.
Co.
Balto.
Consol. Gas. El. Lt.&
250 Apr. 1 Holders of rec. Mar. 25
Weinberger Drug Stores, Inc., com.(lu.)
Holders of rec. Mar. 15
900 Apr.
Common (guar.)
$1 Apr. 5 Holders of rec. Mar. 25
West Coast Oil, preferred
Holders of rec. Mar. 15
5% preferred series A (guar.)
ISi% Apr.
be. Apr. 1 Holders of rec. Mar. 21
West Va. Pulp & Pap. Co.. corn. (qtr.)- Holders of rec. Mar. 15
6% preferred series D (quar.)
114% Apr.
500 Mar. 31 Holders of rec. Mar. 22
Western Massachusetts Co. (guar.)Holders of rec. Mar. 15
134% Apr.
$131 Apr. 1 Holders of rec. Mar. 20
Whitaker Paper Co.. prof. (quar.)
534% Preferred series E (guar.)
8204
Apr.
Holders of rec. Mar. 15
Co.
of
Toronto
(quar.)
Mar.
24
Consumers Gas
$134 Apr. 1 Holders of rec.
Young (J. S.) Co.. corn.(guar.)
Holders of me. Mar. lb
Consumers Power Co.,$5 pref.(guar.)-- 134% Apr.
$131 Apr. 1 Holders of rec. Mar.24
Preferred (guar.)
Holders of rec. Mar. 15
6% preferred (guar.)
034% Apr.
Holders of rec. Mar. 15
6.6 preferred (guar.)
1.65% Apr.
Holders of rec. Mar. 15
Below we give the dividends announced in previous weeks
134% Apr.
7% preferred (guar.)
Holders of rec. Mar. 15
50o.
Apr.
6%
preferred
and not yet paid. This list does not include dividends an- 6.6% preferred(monthly)
55e. Apr.
Holders of rect. Mar.15
(monthly)
nounced this week,these being given in the preceding table.
Holders of rec. June 15
$1si July
55 preferred (guar.)
Holders of rec. June 15
6% preferred (guar.)
134% July
Holders of rec. June 15
Per
When
Books Closed
1.65% July
6.6% preferred (guar.)
Name of Company.
Share. Payable.
134% July
Holders of rec. June 15
Days Inclusive.
7% preferred (guar.)
Holders of roe. Apr. 15
500 May
6% preferred (monthly)
Railroads (Steam).
Holders of rec. May 15
500 June
6% preferred (monthly)
Alabama & Vicksburg (8.-a.)
Apr. 1 Holders of rec. Mar. 8
3%
Holders of rec. June 15
50e July
6% preferred (monthly)
Atlanta & Charlotte Air Line(s-a)
Hinders of. rec. Apr. 15
$414 Sept. 1 Holders of ree. Aug. 20
550 May
6.6% preferred (monthly)
Bangor & Aroostook common (quar.)
50o Apr. 1 Holders of rec. Feb. 28a
Holders of roe. May 15
550 June
6.6% preferred (monthly)
Proferred (quar.)
134% Apr. I Holders of rec. Feb. 28e
Holders of rec. Jane 15
550 July
6.6% preferred (monthly)
Beech Creek
50e Apr. 1 Holders of rec. Mar. 15
Holders of rec. Mar. 136
Apr.
Cont.Gas& El. Corp.. Corn.(guar.)- - $134
Boston & Albany (quar.)
Mar. 31 Holders of rec. Feb. 28a
1%7 Apr.
Holders of rec. Mar. 130
$2
7% preferred (guar.)
Boston & Providence (guar.)
$2.125 Apr. 1 Holders of me. Mar. 20a Dayton Power & Light Co.6% pf.(qu.).
Holders of rec. Mar 20
50e Apr.
Quarterly.
52.125 July 1 Holders of rec. June 20a Duke Power Co..corn.(qua?.)
1%
Apr.
Holders of rec. Mar. 15
Quarterly
52.125 Oct. 1 Holders of rec. Sept. 20.
Holders of rec. Mar.15
131% Apr.
Preferred (guar.)
Carolina ClInchlield & Ohio (guar.)
$1
Apr. 10 Holders of rec. Mar 31
Duquesne Light Co.5% 1st pref.(on.).. 131% Apr. 1 Holders of roe. Mar. 15
Stamped certificates (guar.)
Holders of rec. Mar.15
Apr.
10
Mar.
31
Apr.
Holders
of
rec.
5134
Eastern Gas & Fuel Assoc.6% O.(qu.). 134%
Chesapeake Corp.(quar.)
Holders of rm. Mar. 15
500
Apr. 1 Holders of rec. Mar. 8
$1.125 Apr.
434% prior preference
Chesapeake & Ohio, common (quar.)_
234% Apr. 1 Holders of roe. Mar. 86 El Paso Elec..7% pref. A (guar.)
134% Apr. 1 Holders of rec. Mar. 31
Preferred (semi-annual)
$3
July 1 Holders of rec. June 8
134% Apr. 1 Holders of rec. Mar. 31
$6 preferred B (guar.)
June
Holders of rec. May 20
Cincinnati Union Terminal 5% pt.(qu.). 134% Apr. 1 Holders of rec. Mar. 22
Empire & Bay State Teleg 4% gtd.(qu.) 51
Cleveland & Pittsburgh, guar (quar.)_ 8730 June 1 Holders of rec. May 10
Holders of rec. Aug. 21
Sept.
51
4% guaranteed (guar.)
Special guaranteed (quar.)
500 June 1 Holders of roe. May 10
Holders of rec. Nov.20
Doe.
51
4% guaranteed (quar.)
Guaranteed (qua?.)
Holders of rec. Mar. 15
Apr.
87340 Sept. 1 Holders of rec. Aug. 10
Empire Power Corp., $6 pref. (quar.)--- $134
Special guaranteed (qua?.)
Holders of rec. Mar. 166
500 Sept. 1 Holders of rec. Aug. 10
Apr.
Engineers Pub.Serv.,56 pref.(quar.) _ $134
Guaranteed (quer.)
87340 Dec. 1 Holders of rec. Nov. 10
Holders of rec. Mar. 168
Apr.
$13.4
preferred (quar.)
$534
Special guaranteed (quar.)
500 Dec. 1 Holders of rec. Nov. 10
Holders
of rec. Mar. 1641
$134
Apr.
$5 preferred (qu..r.)
Erie dr Pittsburgh 7% guaranteed (quar.) 87340 June 10 Holders of rec. May 31
Holders of rm. Apr. 6
May
Electric Bond & Share Co..$6 pref.(qu.) $1 3.4
7% guaranteed (quar.)
87340 Sept. 10 Holders of rec. Aug: 31
Holders of rec. Apr. 6
5134 May
$5 preferred (Qua?.)
7% guaranteed (quar.)
Holders of rec. Mar. 27
Apr.
87340 Dec. 10 Holders of rec. Nov. 30
El
Elizabethtown Consol Gas Co.(quar.)
Guaranteed betterment (quar.)
800 June 1 Holders of rm. May 31
Holders of rec. Apr. 26
F.scanaba Pow.de Trait.6% pref.(on.).. 13.4% May
Guaranteed betterment (guar.)
800 Sept. 1 Holders of rec. Aug. 31
Holders of rec. July 27
114%
6% preferred (gum.)
Aug.
Guaranteed betterment (quar.)
800 Dee. 1 Holders of rec. Nov.30
Holders of rec. Oct. 27
13.4% Nov.
6% preferred (guar.)
Dayton & Michigan (semi-ann.)
873-4c Apr. 1 Holders of rec. Mar. 16
2-1-34
Eloiders of rec. Jan. 27
13.4%
preferred
(guar.)
6%
8% preferred (guar.)
51
Apr. 4 Holders of rec. Mar. 16
Holders of rec. Mar. 15
Apr.
Fall River Electric Light Co. (quar,)
50c
Delaware RR. Co. (s.-a.)
$1
July 1 Holders of rec. June 16
Holders of rec. Mar,20
Lt. & Pr. Co.,$6 1st pref.(qu.)- 51Si Apr.
Foreign
Georgia RR. & Banking Co
5234 Apr. 15 Holders of rec. Apr. 1
Holders of rec. Mar. I
Apr.
Fran krd & So.PhIla.City Pass.Ry.(QU.)- $414
Grand Rapids & Indiana (8.-a.)
$2
June 20 Holders of rec. June 10
Holders of rec. Mar. 15
$134 Apr.
Georgia Power Co.. 56 pref. (guar.).
Joliet & Chicago 7% guar. (quar.)
8131 Apr, 3 Holders of rec. Mar. 22
$1'4 Apr.
Holders of roe. Mar. 15
32 preferred (quar.)
Kansas City Southern, Prof. (quar.)_..._ 500
Apr. 15 Holders of rec. Mar. 31
Germantown Passenger Ry.(guar.). - 51.3131 Apr.
Lackawanna RR.of N.J.4% gtd.(qu.)- $1
Apr. 1 Holders of rec. Mar. 7
Green & Coates Street Pass. Ry.(Phila.)
Mahoning Coal RR ,corn.(guar.)
$631 May 1 Holders of rec. Apr. 12
(quarterly)
Apr.
$13.4
Mill Creek & Mine Hill Nay.& R.R. (13-a) 513.4 July 10 Holders of rec. July 3
Hackensack Water Co.. 7% pt. A (on.). 43310 Mar.3 Holders of rec. Mar. 15
New London Northern (quar.)
$234 Apr. 1 Holders of rec. Mar. 15
Mar.3 Holders of rec. Mar. 15
500
Hartford Gas Co. (quar.)
N.Y.. Laclia.& Western.5% gtd.(qtr.). 3134
Apr. 1 Holders of rec. Mar. 14
50e
Mar.3 Holders of rec. Mar. 15
8% preferred (guar.)
North Carolina (s.-a.)
334 Aug. 1 Holders of rm. July 20
200.
Honolulu Gas,common
North. RR. of New Jer. 4% gtd.(guar.) 51
June 1 Holders of rm. May 23
Mar.31 Holders of rec. Mar.30
Illinois Bell Telephone (guar.)
$2
4% guaranteed (quar.)
51
Sept. 1 Holders of rec. Aug. 21
Illinois Power Co.6% prof.(guar.)
1.34% Apr. I Holders of rec. Mar. 15
4% guaranteed (quar.)
$1
Dec. 1 Holders of roe. Nov. 20
7% preferred (quar.)
131% Apr. 1 Holders of rec. Mar. 15
Norwich & Worcester, pref. (quar.)
Apr. 1 Holders of rec. Mar. 1
- 52
Illinois Pow.& Lt. corp.,6% pl.(qu.).. 104% Apr. 1 Holders of rec. Mar. 10
Old Colony (guar.)
131% Apr. 1 Holders of rm. M.1
$6 preferred (quar.)
$134
May 1 Holders of rec. Apr. 10
Philadelphia & Trenton (quar.)
5234 Apr. 10 Holders of rec. Mar.2
Indiana & Michigan Elec., 7% pt. (1t1.) 1St% Apr. 1 Holders of roe. Mar. 7 •
Pitts. Bess. & Lake Erie. corn. (s.-a.).- 134% Apr. 1 Holders of rec. Mar. 1
6% preferred (guar.)
1Si% Apr. 1 Holders Of TEO. Mar. 7
Common (quar.)
780. Apr. 1 Holders of rec. Mar. 1
Indianapolis Power & Light Co.
6% preferred (guar.)
5134 June 1 Holders of rec. May 1
634% preferred (quar.)
134% Apr. 1 Holders of rec. Mar. 6
Pittsburgh Fort Wayne & Chicago (q11.) 134% Apr. I Holders of rec. Mar. 1
Indianapolis Wat. Co.5% pt. A (OU.)--- 134% Apr. 1 Holders of roe. Mar. lie
7% preferred (guar.)
134 % Apr. 4 Holdere of rec. Mar. 1
International Hydro-Elec. SystemQuarterly__ _
134% July 1 Holders of rec. June 1
Preferred (quar.)
8734c Apr. 15 Holders of rec. Mar.28
7% preferred (guar.)
% July 4 Holders of rec. June 1
Jamaica Public Service Co.. Ltd.(qu.).250. Apr. 1 Holders of rec. Mar. 17
Quarterly
% Oct. 1 Holders of rec. Sept.
7% preferred (guar.)
134% Apr. 1 Holders of rec. Mar. 17
7% preferred ((Var.)
134% Oct. 3 Holders of rec. Sept.
Jamaica Water Supply Co.
Quarterly
134% Jan.214 Holders of rec. Dec.
7Si% preferred (s.-a)
134% May 1 Holders of roe. Apr. 10
7% preferred (guar.)
% Jan.4134 Holders of rec. Dec.
Jersey Central Pow. & Light Co..
Pittsburgh Youngstown & Ashtabula534% preferred (guar.)
154% Apr. 1 Holders of rec. Mar.10
7% preferred (guar.)
% June 1 Holders of rec. May 2
6% preferred (guar.)
13.4% Apr. 1 Holders of rec. Mar. 10
7% preferred (quar.)
131% Sept. 1 Holders of rec. Aug. 21
7% Preferred (quar.)
131% Apr. 1 Holders of rec. Mar. 10
7% preferred (guar.)
134% Dec. 1 Holders of roe. Nov.20
Joplin Water Works,6% pref. (quar.).- 134% Apr. 15 [folders of rec. Apr. 1
Providence & Worcester
5234 Apr. 1 Holders of rec. Mar. 8
Kansas City Power & Light pref. B(qu.) $134 Apr. 1 Holders of rec. Mar. 14
500 Apr. 13 Holders of rec. Mar. 23
Reading Co.. 2nd preferred (guar.)
Kansas Elec. Pwr, Co., 7% pref. (quar.) 131% Apr. 1 Holders of rec. Mar. 15
234% Apr. 1 Holders of rec. Mar. 21
Sharon (s.-a.)
0% prior preferred
134% Apr. I Holders of rm. Mar.15
Uplon Pacific, corn
13.4% Apr. 1 Holders of rec. Mar. la Kansas Gas & Elec. Co.,7% pref.(guar.)
% Apr. 1 Holders of rec. Mar. 15
Preferred (s.-a.)
2%
Apr. 1 Holders of rec. Mar. la
$6 preferred (qua?.)
313i Apr. 1 Holders of rec. Mar. 15
United N. J. RR.& Canal Co.(quar.).. 23.4% Apr. 10 Holders of rec. Mar. 20
Kings County Lighting Co..7% Pf.(qu.) 131% Apr. I Holders of rec. Mar.20
Quarterly
5234 July 10 Holders of rec. June 20
0% preferred (quar.)
134% Apr. I Holders of rec. Mar.20
Quarterly
323.4 Oct. 10 Holders of rec. Sept. 20
5% preferred (guar.)
134% Apr. 1 Holders of roe. Mar.20
Vermont & Massachusetts (5.-a.)
$3
Apr. 7 Holders of rec. Mar. 14
$1 34 Apr. 1 Holders of rec. Mar.20
Quarterly
234% Apt. 1 Holders of rec. Mar. 8
Vicksburg Shreveport & Pao,prof.
Lockart Power, pref.(s-a)
Mar.31 Holders of rec. M.31
E334
234% Apr. 1 Holders of rec. Mar. 8
Common (s-a)
Lone Star Gas Corp.. corn. (quar.)
Ul6c. Max.31 Holders of rec. Mar. 13
Long Isl. Ltg.Co..err. A,7% pf.
134% Apr. 1 Holders of rec. Mar. 15
Public Utilities.
Series B,6% preferred (guar.)
134% Apr. 1 Holders of ree. Mar.15
Alabama Power Co.. $7 pref. (quar.),._ 134% Apr. 1 Holders of rec. Mar. la
Louisville Gas & Elec.. ser A&B(quar.)_ 43 Si% Mar.25 Holders of roe Feb. 28
134% Apr. 1 Holders of rec. Mar. 15
Malone Light & Power Co.(monthly).-_
$6 preferred (guar.)
150. Mar. 30 Holders of rec. Mar 20
45 preferred (War.)
134% May 1 Holders of rm. Apr. 15
Memphis Natural Gas pref.(gum.)
$131 Apr. 1 Holders of roe. Mar. 20
Apr. 15 Holders of rec. Mar. 15
Am.Dist. Teleg. Co.of N.J., com.(qu.) $I
Marconi Intern'l Marine Communication
$ig Apr. 15 Holders of rec. Mar. 15
Preferred (quar.)
Co., 'Final
r to 2S4%
2022
Name of Company.
Financial Chronicle
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Public Utilities (Continued).
Memphis Pow.& Light Co.,$7 pt.(qu.)_
SI% Apr. 1 HOlders of me. Mar. 11
$6 preferred (guar.)
$144 Apr. 1 Holders of rec. Mar. 11
Metropolitan Edison Co.. $6 pref. (qu.) 5144 Apr. 1 Holders of rec. Feb. 28
Minneapolis Gas Light Co., panic.(qu.) 514
Apr. 1 Holders of rec. Mar. 15
Mississippi River Pow. Co.. pfer. (qu.) $144 Apr. 1 Holders of rec. Mar. 15
Mississippi Valley Publics Service Co.-6% preferred 13 (guar.)
14% Apr. 1 Holders of rec. Mar. 22
Mohawk Hudson Pow.Corp..lat pf.(qu.)
May I Holders of rec. Apr. 15
2d preferred (guar.)
$1%
Apr. 1 Holders of rec. Mar. 15
Monongabela Valley Water Co., pf.(qu.)
Apr. 15 Hoidens of rec. Apr. 1
Monongahela West Perm Public Service
7% preferred (guar.)
144% Apr. 1 Holders of rec. Mar. 15
Nassau & Suffolk Ltg. Co.,7% pf.(qu.)_ 144% Apr. 1 Holders of rec. Mar. 15
New England Gas & Electric Association
$54 preferred (guar.)
$1% Apr. 1 Holders of rec. Feb. 28a
New England Power Assn., corn.(qu.)
Apr. 10 Holders of rec. Mar. 31
500
Apr. 1 Holders of rec. Mar. 10
Preferred (guar.)
5145
New England Power Co., pref. (guar.).... $14 Apr. I Holders of rec. Mar. 10
New England Tel. de Tel. (guar.)
$14 Mar. 31 Holders of rec. Mar. 100
N. Y Pr. & Lt. Corp.,7% pref.(quar.). 134% Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 15
$6 preferred (guar.)
$14
14% Apr. I Holders of rec. Mar. 15
N.Y.Richmond Gas Co..6% pf.(qu.)
New York Steam Corp.,$6 pref.(quar.) $14
Apr. 1 Holders of rec. Mar. 15
$144
Apr. 1 Holders of rec. Mar. 15
$7 Preferred (quer.)
New York Telep. Co.,64% pref.(guar.) I%% Apr. 15 Holders of rec. Mar. 20
New York Transportation Co. (quar.)
500. Mar. 28 Holders of rec. Mar. 15
Newark Telep. Co.(Ohio).6% Pf. (qu.) 144% Apr. .1 Holders of rec. Mar.31
Newport Electric Corp.. Pref.(guar.)
.
- $114 Apr. 1 Hollers of rec. Mar. 15
Niagara Hudson Pow.(guar.)
25e. Mar.31 Holders of ref,. Mar. 3
North American Co.. com.((Mar.)
12%
Apr. 1 Holders of roe. Mar. 6
preferred (guar.)
750
Apr. I Holders of rec. Mar. 6
North Ontario Pow•Co.,Ltd..com.(qu.). 50e
Apr. 25 Holders of rec. Mar.31
6% preferred (guar.,
144% Apr. 25 Holders of rec. Mar.31
North Shore Gas Co., 7% pref. (quar.)_ 144% Apr. 1 Holders of rec. Mar. 10
Nor. N. Y. Utilities. Inc.(monthly)
1240. Mar. 30 Holders of rec. Mar. 20
Northwestern Bell Telep. (guar.)
Mar. 31 Holders of rec. Mar. 29
$2
64% preferred (guar.)
134% Apr. 15 Holders of rev Mar. 20
$1.80 Apr. 1 Holders of rec. Mar. 15
• Ohio Edison Co.,$7.20 pref.(quar.)
$7 preferred (guar.)
$134 Apr. 1 Holders of rec. Mar. 15
$6.60 preferred (guar.)
$1.65 Apr. 1 Holders of rec. Mar. 15
56 preferred (guar.)
$14 Apr. 1 Holders of rec. Mar. 15
Si 34 Apr. 1 Holders of rec. Mar. 15
55 preferred (guar.)
Ohio Pubfic Service Co.. 7% pf.(mthly.) 58 1-3e Apr. 1 Holders of roe. Mar. 15
50e
Apr. 1 Holders of rec. Mar. 15
6% preferred (monthly)
41 2-30 Apr. 1 Holders of rec. Mar. 15
5% preferred (monthly)
Ohio Telephone service, pref. (quar.)
$144 Apr. 1 Hollers of rec. Mar. 24
Orange & Rockland County Electric
7% preferred (guar.)
154% Apr. I Holders of rec. Mar. 25
6% preferred (guar.)
1.4% Apr. 1 Holders of rec. Mar. 25
Ottawa Light, Heat & Power Co. Ltd.
Common (guar.)
$14 Mar.31 Holders of rec. Mar. 15a
$1% Apr. 1 Holders of rec. Mar. 15a
Preferred (guar.)
Otter Tall Power Co (Del.)$6 pref.(go.) $14 Apr. 1
$14'. Apr. 1
35)4 preferred (guar.)
Pacific Lighting Corp., pref. (quar.).--. 314 Apr. 15 Holders of rec. Mar. 31
Pacific Telep. de Teleg. Co., corn.(guar.) 314 Mar. 31 Holders of rec. Mar. 20
Common (quar.)
Si 4
Apr. 15 Holders of rec. Mar. 31
Preferred (guar.)
314
Apr. 15 Horders of rec. Mar. 31
Preferred (guar.)
Apr. 15 Holders of rec. Mar. 31
$144
Panama Power & Light Corp.
% Apr. 1 Holders of rec. Mar. 17
7% preferred (guar.)
25c
Apr. 1 Holders of rec. Mar. 15
Peninsular Telep., corn. (guar.)
Apr. 1 !folders of rec. Mar. 10
Penn Cent. Lt. & Pr.Co., $5 pref.(qu.)- 5154
Apr. I Holders of rec. Mar. 10
70e
$2.80 preferred (guar.)
Apr. 1 Holders of rec. Mar. 20
Pennsylvania Pwr. Co.,$5.60 Pref.(me.) 55c
55c
May 1 Holders of rec. Apr. 20
$6.60 preferred (monthly)
55e
June 1 Holders of ma. May 20
$6.60 preferred (monthly)
$14 June 1 Holders of rec. May 20
$6 preferred (quarterly)
Apr. 1 Holders of rec. Mar. 15
Pennsylvania Pow.& Lt. Co.,$7 p1.(qu) 5154
$6 preferred (guar.)
$14 Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Niter. 15
35 preferred (goer.)
5134
75e. Apr. 1 Holders of rec. Mar. 15
Pennsylvania w ater & Pwr.,corn.(qu.)..
514
Apr. 1 Holders of rec. Mar. 22
Preferred(initial)
$134 Apr. 17 [folders of rec. Apr. 3
Peoples Gas Light & Coke
624c Apr. I Holders of rec. Mar. 15
Peoples Natural Gas,5% pref. (quar.)
25e
Philadelphia Co„ corn (guar.)
Apr. 25 Holders of rec. Apr. 1
5144 Apr. 1 Holders of rec. Mar. 1
$6 Preferred (quar.)
51.4 Apr. 1 Holders of rec. Mar. 1
$5 cum. preference (guar.)
14% May I Holders of rec. Apr. 1
6% cum. preferred (s.-a.)
Philadelphia Elec. Pow. Co..8% pf.(gli) 500
Apr. 1 Holders of rec. Mar. 10
Philadelphia Sub. Vat. Co., pref.(au.). 144% June 1 Holders of rec. May 12a
y$1.90 Apr. 1 Holders of rec. Mar. 10
Philadelphia Traction Co.(s.-a.)
30c Apr. 1 holders of rec. Mar. 15
Providence Gas Co. (guar-)
Public Serv. Co.of Colo.. 7% p1.(mthly) 58 1-3e Apr. 1 Holders of rec. Mar. 15
50c Apr. 1 Hollers of rec. Mar. 15
6% preferred (monthly)
41 2-3c Apr. 1 Holders of rec. Mar. 15
5% preferred (monthly)
80e. Mar. 31 Holders of rec. Mar. 1
Public Service Corp. of N.J., corn.(gni
2%
Mar. 31 Holders of rec. Mar. 1
8% preferred (guar-)
1 yg % Mar. 31 Holders of rec. Mar. 1
7% Preferred (guar.)
14% Mar. 31 Holders of rec. Mar. 1
5% preferred (guar.)
50e. Mar. 31 Holders of re). Mar. 1
6% preferred (monthly)
Public Service Electric & Gas Co.
134% Mar. 31 Holders of roe. Mar. 1
7% preferred (guar.)
$14 Mar. 31 Holders of rec. Mar. 1
$5 preferred (guar.)
Queens Hof o. Gas& Elec.,6% pref.(gPE) 144% Apr. 1 Holders of rec. Mar. 15
Richmond Water Works.6% pref.(go.). 144% Apr. 1 Holders of rec. Mar.20
Apr. 1 Holders of rec. Mar. 15
RidgeAvenue Passenger Ry. (guar.)-- $3
31% Apr. 1 Holders of ree Mar. 20
Rochester Telephone (guar.)
64% preferred (qllar.)
154% Apr. 1 Holders of ma Mar. 20
Rockville-\A illimantie Lighting Co.
144% Apr. 1 Holders of rec. Mar. 15
7% Preferred (guar.)
14% Apr. 1 Holders of rec. Mar. 15
6% preferred (guar.)
Savannah Elec. & POW.CO..6% pf.(a-a) 3% Apr. 1 Holders of roe. Mar. 10
2% Apr. 1 Holders of rec. Mar. 10
8% preferred A (quar.)
14% Apr. 1 Holders of rec. Mar. 10
74% preferred B (guar.)
144% Apr. 1 Holders of rec. Mar. 10
7% preferred C(guar.)
144% Apr. 1 Holders of roe. Mar. 10
64% preferred D (guar.)
Scranton Elec. Co.. $6 pref. (quar.).... $144 Apr. 1 Holders of rec. Mar. 7
Apr. 1 Holders of rec. Mar. 1
Second & Third Streets Pass. RY. (qu.). 53
Apr. 1 Holders of rec. Mar. 15
South Carolina Power Co.. $6 pref.(qu.) $14
South Pittsburgh Water 7% Pref. (qr.). 1g% Apr. 15 Holders of rec. Apr. 1
14% Apr. 15 Holders of rec. Apr. 1
6% preferred (guar.)
Sou. Calif. Edison Co.. Ltd.
2%
Apr. 15 Holders of roe. Mar.20
Original preferred
144% Apr. 15 Holders of rec. Mar. 20
Series C.54% preferred (guar-)
Sou. Canada Pow.Co., Ltd..6% pf.(gni 144% Apr. 15 Holders of rec. Mar.20
Sou. Ind. Gas & El. Co., 7% pref.(qui_ 151% Apr. 1 Holders of rec. Mar. 18
6% preferred (guar.)
134% Apr. 1 Holders of rec. Mar. 18
1.65% Apr. 1 Holders of roe. Mar. 18
6.6% preferred (guar.)
Southwestern Bell Telep. Co. pf. (gr.). $141 Apr. 1 Holders of ma Mar. 20
Southwestern Gas & El. Co., 7% pf.(qu) 144% Apr. 1 Holders of rec. Mar. 15
Southwestern Lt. & Pw. Co.. 6$ pf.(qu.) S134 Apr. 1 Holders of rec. Mar. 15
Springfield Gas & Elec. CO.. Pref. (qu.). 5134 Apr. 1 Holders of roe Mar. 15
Standard Gas & Elec. Co„$7 pref.(au.). V% Apr. 25 Holders of rec. Mar. 31
$14 Apr. 25 Holders of rec. Mar.31
$6 preferred (guar.)
Tennessee Elec. Pow. Co..5% 11.(WSJ- 134% Apr. 1 Holders of roe. Mar. 15
134% Apr. 1 Holders of roe. Mar. 15
6% preferred (guar.)
144% Apr. 1 Holders of roe. Mar. 15
7% Preferred (guar.)
$1.80 Apr. 1 Holders of rec. Mar. 15
7.2% preferred (guar.)
500. Apr. 1 Holders of roe. Mar. 15
0% Preferred (monthly)
60e. Apr. 1 Holders of roe. Mar. 15
7.2% preferred (monthly)
144% July 1 Holders of roe. June 15
5% preferred (guar.)
6% preferred (guar.)
134% July 1 Holders of roe. June 15
144% July 1 Holders of roe. June 15
7% preferred (guar.)
7.2% preferred (guar.)
51.80 July 1 Holders of ref). June 15
6% preferred (monthly)
May 1 Holders of rec. Apr. 15
500
6% preferred (monthly)
500
June 1 Holders of rec. May 15
6% preferred (monthly)
July 1 Holders of me. June 15
500
600
May 1 Holders of roe. Apr. 15
7.2% preferred (monthly)
600
June 1 Holders of roe. May 15
7.2% preferred (monthly)
7.
2 preferred (monthly)
600
July 1 Holders of rec. June 15
March 25 1933
Per
When
share. Payable.
Name of Company.
Public Utilities (Concluded).
Standard Power & Light. pref. (guar.)...
154
Taunton Gas Light Co. (guar.)
$14
Telephone Investors Corp.(monthly)._
200.
Toledo Edison Co., 7% pref.(monthly). 58 I-30
6% preferred (monthly)
50e
5% preferred (monthly)
41 2-30
Union ELLt.de Pr.Co.(111.).6% Pf..(gu.) 134%
Union ELLt.& Pr.Co.(Mo4.7% pf.(qu.) 144%
Union EI.Lt.& Pr•Co.(Md.),6% pf.(qu.) 14%
United Corp., corn.(guar.)
100.
Preferred (guar.)
75e.
United Gas & Elea Corp.. pref.(guar.). 1)4%
United Light & Rys. Co.(Del.)7% preferred (monthly)
58 1-3e
6.36% preferred (monthly)
530.
6% preferred (monthly)
50o.
United Gas Improvement Co.„ corn.(qu.)
30e.
Preferred (guar.)
$14
United Ohio Utilities Co,6% pref. (qu.) 14%
$6 preferred (guar.)
$14
A & B (guar.)
$1
Vermont Lighting Corp., pref. (guar.).- $14
Virginia Public Service Co..7% pf.(qu.) 144%
6% Preferred (guar.)
134%
West Penn Elect. Co.. class A (guar.).- $144
West Penn Power Co.. 6% prof. (guar.) 14%
7% preferred
144%
West Texas Utilities, $6 pref. (quar.)
$14
Western Power
% pref. (guar.). 144%
Wichita Water Co.,
Corp.,i% pref. (quar.).-- 134%
Wisconsin Elec. Pwr.,64% pref.(go.). 154%
6% preferred (guar.)
14%
Banks & Trust Companies.
Bank of Nieto-rattan Co.(guar.)
Bank of New York & Trust CO. (guar.)..
Bankers Trust Co. (guar.)
Brooklyn Trust Co., cap. stock (guar.).
Chase National Bank (guar.)
Chemical Bank de Trust Co.(guar.).Commercial Investors Trust7% 1st preferred (guar.)
6)4% 1st preferred (guar.)
Commercial Nat. Bk.& Tr. Co.(quar.)Continental Bank & Trust Co. of New
York (guar.)
First National Bank of New York (go.).
Fulton Trust Co.(guar.)
Guaranty Trust Co. (guar.;
Irving Trust Co.. capital stock (guar.)
National City Bank (N. Y.)(guar.).New Rochelle Trust Co.(N. Y.)(go.)
New York Trust Co., capital stock (citi.)_
Public National Bank & Trust (guar.).United States Trust Co.(guar.)
500
$34
74%
Si
500
450
May
Apr.
Apr.
Apr.
Apr.
Aor.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Books Closed
Days Inclustos.
Holders of roe. Apr. 15
Holders of roe. Mar. 15
Holders of rec. Mar. 20
Holders of rec. Mar. 15
Holders of me. Mar. 15
Holders of roe. Mar. 15
Holders of rec. Mar. 15 ,
Holders of rec. Mar. 15
Holders of rec. Mar. 15 '
holders of rec. Feb. 24
Holders of reo. Feb. 24
Holders of rec. Mar. 16
Apr.
Holders of roe sler. 16
Apr.
Holders of 're, Mar. 15.
Apr.
Holders of res. M.e. 16
Mar.3 Holders of .to. v eh. 28
Mar.3 Holders of roe Feb. 28
Apr.
Holders of roe. Mar. 31
May
Holders of rec. Apr. 12
Apr.
Holders of rec. Mar. 31
Apr.
Holders of rec. Mar. 24
Apr.
Holders of rec. Mar. 10
Apr.
Holders of rec. Mar. 10
Mar.30 Holders of rec. Mar. 17
May 1 Holders of rec. Apr. 5
May 1 [folders of rec. Apr. 5
Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 25
Apr. 15 Holders of rec. Apr. 1
Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of roe. Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1
1
1
I
1
1
Holders of roe. Mar. 150
Holders of rec. Mar. 24
Holders of rec. Mar. 13
Holders of rec. Mar. 25
Holders of rec. Mar. 11
Holders of roe. Mar. 22
144% Apr. 1 Holders of roe. Mar. 4
144% Apr. 1 11 elders of rec. Mar. 4
Apr. 1 holders of roe. Mar. 15
$2
30e
$25
$3
$5
25e
25e
51
5%
500
515
Apr. 1
Apr. 1
Apr. 1
Mar.31
Apr. 1
Apr. 1
Apr. 1
Mar.31
Apr. 1
Apr. 1
25e
124e
44
8%
40c
50e
50c
$1.13
30.3.
Si
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Holders of rec. Mar. 21
Holders of rec. Mar. 25
Holders of rec. Mar. 20
Holders of rec. Mar. 3
Hollers of rec. Mar. 18
Hoiders of rec. Mar. 11
Holders of rec. Mar. 15
Holders of rec. Mar. 188
flolders of rec. Mar-20
Holders of rec. Mar.21
Fire Insurance Companies.
Allemania Fire Ins. Co.(Phila., Pa.) Ow.)
American Ins. Co.(Newark, N. J.)(go.)
Huston Ins. Co. (guar.)
Glen Fails Insurance Co.. (guar.)
Hanover Fire Ins. Co. (guar.)
Hartford Fire Iniuraner. Co.(guar.).Phoenix Fire Ins. (guar.)
Springfield Fire & Marine Ins. Co. (qu.)
United States Fire Ins. Co.(guar.)
West American Ins. Co.
Miscellaneous.
1 Holders of roe. Mar. 21
1 Holders of rec. Mar. IS
1 Holders of ree Mar. 20
1 loiders of rec. Mar. 15
1 [folders of rec. Mar. 25
I Holders of rec Mar. 15
1 Holders of rec. Mar. 15
1 Holders of roe. Mar. 15
1 Holders of roe. Apr. 20
.
Abbott Laboratories. Inc.. Corn. (guar.) 500
Apr. 1 Holders of roe. Mar. 17
Abraham & Straus. Inc., corn. (quar.)
30e
Mar.31 Holders of rec. Mar.21
Preferred (guar.)
3134 May 1 Holders of rec. Apr. 15.
Acme Steel (guar.)
250
Apr. 1 Holders of rec. Mar. 20
Affiliated Products. Inc.(monthly)
10c Apr. 1 Holders of rec. Mar. 17
Agnew Sur) Shoe St. Ltd..7% pf.(qu.)- 1)4% Apr. 1 Holders of ree. Mar. 15
Air Reduction Co.(guar.)
75e Apr. 15 Holders of rec. Mar.31
Allied Chemical & 1)ye Corp.. pref.(gli.) 144% Apr. 1 Holders of rec. Mar. 10
Aluminum Goods Mfg. Co.(guar.)
10e
Apr. 1 Ifoldors of rec. Mar. 21
Aluminum Mfg.. Inc„ corn.(goer.)
50o
Mar. 31 Holders of rec. Mar. 15.
Common (guar.)
50e
June 30 Holders of rec. June 15
Common (guar.)
500
Sept.30 Holders of rec. Sept. 15
Cfpnmon (guar.)
500
Dec. 31 Hollers of rec. Dec. 15
Preferred (guar.)
5134 Mar. 31 holders of roe. Mar. 15
Preferred (gust.)
$154 June 30 folders of rec. June 15
Preferred (guar.)
S134 Sept.30 Holders of me. Sept. 15
Preferred (guar.)
5151 Dee. 31 folders of rec. Dee. 15
American Bakeries Corp..7% prof.(au.) 144% Apr. 1 Holders of rec. Mar. 15
American Bank Note
pref. (guar.). I SS% Apr. 1 Holders of roe. Mar. 138
American Brake ShoeCo..
de Foundry Co.
Common (guar.)
15e
Mar. 31 Holders of rec. Mar.24
Preferred (guar.)
144% Mar.31 Holders of rec. Mar.24
American Can Co.. pref. (guar.)
144% Apr. 1 Hollers of roe. Mar. 160
American Chicle Co.(guar.)
50e. Apr. I Holders of me. Mar. 11
Extra
25e. Apr. 1 hbolders of recs. Mar. 11
American Cigar Co., pref.(guar.)
$14
Apr. 1 folders of rec. Mar. 17
American Dock Co..8% prof.(guar.).- 2%
Apr. 1 lolders of me Feb. 20
American Envelope.7% pref.(guar.).- 1 g% June 1 Holders of roe. May 25
7% preferred (guar.)
1)4% Sept. 1 Holders of rec. Aug. 25
7% preferred (guar.)
134 % hie. 1 Holders of rec. Nov.25
American Express Co. (guar.)
$14 Apr. 1 Holders of roe. Mar.22
American Factors. Ltd.(monthly)
10e
Apr. 10 Holders of rec. Mar.31
American Hawaiian $S. Co., corn. (qu.) 25e
Apr. I Holders of roe. Mar. 15
American Horne Prod Corp.(monthly)... 350
Apr. 1 Holders of roe. Mar. 14a
American Maize-Products Co. corn.(qr.) 250
Mar. 31 Holders of rec. Mar. 22
Preferred (guar.)
$144 Mar. 31 Holders of roe. Mar. 22
American Mfg. Co.. pref. (guar.)
S134 Mar.31 Holders of roe. Mar. 15
American Optic Co. 7% 1st pref. (qr.). 144% Apr. 1 Holders of IVO. Mar. 18
American Safety Razor Corp.(guar.).75e Mar.31 Holders of rec. Mar. 7
American Snuff Co.. corn. (guar.)
3%
Apr. 1 Holders of rec. Mar. 16
Preferred (guar.,
134% Apr. 1 Holders of tee. Mar. 16
Amerfcan Steam Ship Co. (guar.)
$1
Apr. 1 Holders of rec. Mar. 21
American Steel Foundries, pref. (guar.).
500. Mar. 31 Holders of reo. Mar. 15
American Storm Co.. corn.(quar.)
500. Apr. 1 Holders of roe. Mar. 16
American Sugar Ref. Co..corn.(guar.).500. Apr. 3 Holders of rec. Mar. 6.4
134% Apr. 3 Holders of rec. Mar. 60
Preferred (guar.)
Amer. Tob. Co.. Inc.. preferred (guar.). 1)4% Apr. 1 Holders of roe. Mar. 10
American Wringer Co.(guar.)
3740 Apr. 1 Holders of roe. Mar. 15.
Amoekeag Co common (s-a)
July 3 Holders of roe. Juno 24
$1
Preferred (8-a).
5244 July 3 Holders of me June 24
Anchor Cap Corp. corn. (guar.)
150
Apr. 1 Holders of roe. Mar.25
Mg Apr. 1 Holders of roe. Mar. 20
Preferred (guar.)
'
Apponaug Co. common (guar.)
50c Apr. 1 Holders of roe. Mar. 15
Armour & Co. of Del. 7% pref. (guar.). 151% Apr. 1 Holders of rec. Mar. 10
Associated Breweries (Can.) 7% pf.(qu.) 144% Apr. I Holders of rec. Mar. 15
Aasoclates Investment Co.. COM. (gu.). $1
Mar. 31 Holders of roe. Mar. 21
Preferred (guar.)
$154 Mar. 31 Holders of rec Mar 21
Atlas Thrift Corp.. 7% pref.(guar.).- 174c Apr. 1 Holders of rec. Mar.25
Auburn Automobile Co.(guar.)
50e Apr. 1 Holders of rec. Mar. 21
Austin. Nichols de Co.. Inc., pr. A (gu.) 25e
May 1 Holders of roe. Apr. 14
Babcock & Wilcox (guar.)
25e
Apr. 1 Holders of rec. Mar. 20
Bankers Investment Trust of Am.(8.-a.)
150 June 30 Holders of rec. June 16
Barber(W.H.), pref.(goat.)
Apr. 1 Holders of roe. Mar. 27
S134
Preferred (guar.)
$154 July 1 Holders of rec. June 26
Preferred (guar.)
51% Oct. 1 Holders of rec. Sept.26
Barnet Leather Co., Inc., pf. (liquld'g). 224%
Bayuk Cigar. 1st pref. (gust.)
3154 Apr. 15 Holders of ma Mar. 31
Beaton & Cadwell Mfg. Co (monthly).- 1234c. Apr. 1 Holders of roe. Mar. 31
Beeeh-Nut Packing Co.. corn. (guar.).- The Apr. 1 Holders of roe. Mar. 13
7% preferred A (quar.)
144% Apr. 15 Holders of me Apr. 1
Financial Chronicle
Volume 136
Name of Company.
When
Per
Share. Payable.
Books Closed
Days Inclusive.
Name of Company.
2023
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Beatrice Creamery Co.. pref. (quar.)--- $138 Apr. 1 Holders of rec. Mar. 14
Electric Controller az Mfg. Co.(guar.)._ 250
Apr. 1 Holders of roe. Mar.20
Bell View On Syndicate (guar.)
Apr. 1 Holders of rec. Mar. 20
50c
Electric Storage Battery Co.. corn.(qu ) 50c
Apr. 1 Holders of rec. Mar. 11
Extra
$2
Apr. 1 Holders of roe. Mar. 20
Preferred (guar.)
Apr. 1 Holders of roe. Mar. 11
500
Binford's, Inc.,common (guar.)
15c
Apr. 1 Holders of rec. Mar. 25
Electrical Securities Corp., $5 pt. (guar.) SI% Mar. 31 Holders of roe. Mar.15
Convertible preference(quar.)
62.4c Apr. 1 Holders of rec. Mar.25
Emerson's Bromo-SeltzerBird & Son. Inc., new stock (initial).- d$14 Apr. 1 Holders of rec. Mar.25
Common A & 13 (guar.)
Apr. 1 Holders of roe. Mar. 24
500.
Bon Ami Co., class A (guar.)
El
Apr. 30 Holders of rec. Apr. 15
Empire Sate Deposit Co., cap. stk. (go.) 24% Mar.30 Holders of rec. Mar.23
Class B (guar.)
500
Apr. 1 Holders of rec. Mar. 24
Endicott-Johnson Corp., corn.(guar.)._ 750.
Apr. 1 Holders of rec. Mar. 24
Borg-Warner Corp.. 7% pref.(quar.)- 14% Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
$14 Apr. 1 Holders of rec. Mar. 24
Bernet. Inc.. class A
250
Jan. 12 Holders of rec. Jan. 12
Aug. 2 Holders of roe. July 25
Eppens. Smith & Co.(8.-11.)
$2
Boy') Ltd.Equitable Office Bldg. Corp., rem.(qu.) 25e
Apr. I Holders of rec. Mat. 15
Amer. dep. rec. for def. reg. abs
zw2% Mar.2 Holders of rec. Mar. 1
Preferred (guar.)
14% Apr. 1 Holders of roe. Mar. 15
Amer.dep rec. for 74%ord. reg.slis_z w34% Mar.2 Holders of rec. Mar. 1
Eureka Standard Consol Mining (guar.) 3c
Mar.31 Holders of rec. Mar. 18
Brantford Cordage Co.. Ltd.. pref.(qu.) t50c
Apr. 1 Holders of rec. Mar. 20
Ewa Plantation Co. (guar.)
60e. May 15 Holders of rec. May 6
Brewer (C.)& Cu.(mouthly)
75e. Mar.2 Holders .if roe. Mar. Apr. 1 Holders of rec. Mar. 21
Creamery
25c
(guar.)
Briggs & Stratton Corp.. corn. (guar.).- 25e
Mar.3 Holders of rec. Mar. 20
$14 Apr. 1 Holders of rec. Mar. 21
Brill° Mfg. Co.. Inc.. corn. (firer.)
150
Apr.
Holders of rec. Mar. 15
Family Loan Society Inc.. $334 pf.(qu.) 8
37
71
: Apr. 1 Holders of rec. Mar. 15
Class A (quar.)
500
Apr.
Holders of rec. Mar. 15
Extra
Apr. I Holders of rec. Mar. 15
British Amer. Oil Co.. Ltd.. cap.(guar.) 1200
Apr.
Fanny Farmer Candy Shops.corn.(qu.). o25c
Holders of rec. Mar. 18
Apr. 1 Holders of rec. Mar. 15
Bilk -Amer. Tob. Co..Ltd..ord.(interlin)
10d Mar.3
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 15
u600
5% preferred (a. a.)
wi0c1
Mar.3 Holders of rec. Mar. 3
Farmers & Traders Life Ina.(Syracuse)Bucyrus-Erie Co.. 7% met
500
Quarterly
Apr.
$24
Holders of rec. Feb. 28
Apr. 1 Holden of roe. Mar. 11
Building Prod.. Ltd.. corn. A & B (qu.)
25c Apr.
Faultless Rubber Co.,corn.(guar-)
Holders of rec. Mar. 16
60e. Apr. 1 Holders of rec. Mar. 16
Buret). Inc..6% pref.(guar.)
75c
Apr.
Federated Dept. Stores. Inc.(quar.)..
Holders of rec. Mar. 23
15c. Apr. 1 Holders of rec. Mar. 21
Burma Corp., Ltd., Am.dep. rec.(lilt.). wl Han Apr. 2 Holders of rec. Mar. 10
Fifth Ave. Bus Securities ((Hoar.)
16e. Mar. 29 Holders of rec. Mar. 15
Ordinary register
Filene's Sons Co.. corn. (guar.)
wl Sian Apr. 2 Holders of mt. Mar. 10
20e Mar.31 Holders of rec. Mar. 20a
Burt (F. NI.) & Co. Ltd., pref. (guar.)._ 114 % Apr.
Preferred (quar.)
Holders of rec Mar. 15
214 Mar. 31 Holders of rec. Mar. 20a
Common (guar.)
d50c Apr.
First National Stores. corn.(guar.)
624c Apr. 1 Holders of rec. Mar. 150
Holders of rec. Mar. 15
Cahoon)Sugar Estates (guar.)
400. Apr.
7% first preferred (guar.)
Holuers of rec. Mar. 15
14% Apr. 1 Holders of rec. Mar. 150
Preferred (guar.)
Fishman (M. H.) Co.. Inc.
35a. Apr.
Holders of roe Mar. 15
Cambria Iron Co.(s.-a.)
A & B preferred (guar.)
Holders of rec. Mar. 15
214 Apr. 15 Holders of rec. Apr. I
Apr.
$1
Canada Bread Co., lot pref. (guar.) _
£81
Florsheim Shoe Co..6% cum. pf.(qua-. 14% Apr. I Holders of roe. Mar.15
Holders of rec. Mar. 15
Apr.
Canada Packers. Ltd.. 7% pref. (guar.) 14% Apr.
Ford Motor Co. of Belgium
Holders of rec. Mar. 15
5%
Canada Permanent Mtge. Corp.(quar.)- 24% Apr.
Fortnum & Mason, Inc., 7% prof. (s.-a.) 1740 Apr. 1 Holders of rec. Mar.20
Holders of rec. Mar. 15
Canadian Canners, Ltd., cony. pf. (qu.) t5c
Franklin Process Co., Common (guar.)._ 250
Holders of rec. Mar. 15
Apr.
Apr. 1 Holders of rec. Mar.24
Class A preferred (quar.)_
Holders of rec. Mar. 15
f$1% Apr.
Freeport Texas. new 6% pref. (guar.).- 14% May 1 Holders of roe. Apr. 14
Canadian Car az Foundry Co.. pref.(qu.) 144c0. Apr. 1 Holders of roe. Mar. 27
Freiman (A. J.). pref.(guar.)
14% Apr. 1 Holders of rec. Mar. 15
Canadian Celanese. Ltd.. 7% pref. (qu.) 14% Mar.3 Holders of rec. Mar. 18
Garland Mercantile Laundry (guar.) _$1 .16 2-3 Apr. 1 Holders of rec. Mar. 15
Canadian Cottons. Ltd., pref.(quar.)
l$1% Apr.
General American Investors Co.. Inc.
Holders of rec. Mar. 18
Canadian General Elect.. coin. (guar.). 121
Holders of rec. Mar. 15
$6 preferred (guar.)
Apr.
$14 Apr. 1 Holders of rec. Mar.20
Preferred (guar.)
General
18734c Apr.
Holders of rec. Mar. 15
Co..corn. (guar.)
Apr. 1 Holders of rec. Mar. 25
500
Canaolari Oil Cie.. Ltd.. pref.(quar.)... $2
Apr.
Holders of rec. Mar. 20
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 25
22
Canadian Silk l'roducts Corp., class A.
374e Mar.3 Holders of rec. Feb. 15
General Electric
Apr. 25 Holders of rec. Mar. 100
(quar.)lect
10e
Co.. Cora. (gear.)
Canadian Westinghouse Co.. Ltd.(qu.).
150c Apr.
Holders of rec. Mar. 20
Special
Apr. 2' Holders of reo. Mar. 100
150
Canfield Oil Co.. pref. (guar.)
214 Mar.3 Holders of rec. Mar. 20
General Mills. Inc.. pref.((mar.)
Apr.
Holders of rec. Mar. 14a
$14
Cannon Mills Co. (quar.)
250 Apr.
Holders of rec. Mar. 18
General Motors Corp..$5 pref. (guar.)._ $14 May
Holders et rec. Apr. 10
Cartier, Inc., 7% pier
874a. Jan. 3 Holders of rec. Jar. 14
General Printing Ink Co., pref. (quar.). $14 Apr.
Holders of rec. Mar. 27
Case (J. I.) Co.. 7% cum. pref.
Apr.
81
General Ry. Signal CO.. corn.(quar.)
Holders of re,. Mar 11
250
Holders of rec. Mar. 10
Apr.
Celanese Corp. of Amer.. 7% pref. (qu.) 14% Apr.
Holders of rec. Mar. 18
Preferred (quar.)
214 Apr.
Holders of rec. Mar. 10
Central Aguirre Assoc.. common (guar.) 374c Apr.
General
Holders of rec. Mar.20
m
yanuar.)
(a Corp.nls
May
co.(quar.)_ 50c
Holders of rec. Apr. 14
Central Mauhattre Properties
$1.08
51% May
Holders of rec. Apr. 14
Centrifugal Pipe Line Crorp.capetk.(qu.)
10c. May 15 Holders of roe. May 5
Gibson Art (guar.)
15c
Holders of rec. Mar. 20
Apr.
Capital stock (guar.)
10a. Aug. 15 Holders of roe. Aug. 5
Gillette Safety Razor (quar.)..
Mar.3 Holders of rec. Mar. 21
25a
Capital stock (guar.)
10e. Nov. 15 Holders of roe. Nov. 6
Preferred (guar.)
814 May
Holders of roe. Apr. 1
Chain Store Products, pref. (quar.)
374e Apr. 1 Holders of rec. Mar. 20
Gilmore Gasoline Plant No. I (monthly) 20e
Mar.2 Holders of rec. Mar. 22
Champion Coated Paper Co. Wei.(Go.). $14
Apr. 1 Holders of rec. Mar. 20
Glidden Co., 7% preferred (quar.)
Holders of rec. Mar. 18
131% Apr.
Special preferred (guar.)
$14 Apr. 1 Holders of rec. Mar.20 Gold Dust, $6 pref. (guar.)
214 Mar.3 Holders of rec. Mar. 17
Champion ilber Co., pref.(quar.
Cold & Stock Telegraph Co.(guar.).- $134 Apr.
Apr. 1 Holders of rec. Mar. 20
214
Holders of rec. Mar. 31
Chesebrough Mfg. Co iquar.)
$1
Mar.31 Holders of ire Mar. 10
Goodyear Tire & Rubber Co.. pref.(qu.)
Holders of rec. Mar. I
50c. Apr.
Extra
50c. Mar.31 Holders of rec. Mar. In
Goodyear Tire& Rub.of Can.. pref.(qu) 5134% Apr.
Holders of rec. Mar. 15
Chicago Daily News, $7 pref. (quar.)
$131 Apr. 1 Holders of rec. Mar. 20
Gottfried Baking Co.. Inc.. el. A (guar.,
760. Apr.
Hoiden of rem Mar. 50
Chic. Dock & Canal Co..7% pt. A (qr.) 134% Apr. 1 holders of roe. Mar. 15
Class A (guar.)
75e. July
Holders 01 rec. JUDO 20
6% preferred il Polar.)
14% Apr. 1 Holders of rec. Mar. 15
Clan A (guar.)
75e. Oct.
Holders or roe Sept 20
64% preferred C (quar.)
14% June 1 Holders of ree. May 15
Preferred (guar.)
Holders of rec. Mar. 20
131% Apr.
Chicago Towel. pref (quar.)
214 Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
Holders of rec. June 20
1 31% July
Christiana Securities 7% pref. (guar.). 14% Apr. 1 Holders of rec. Mar. 20
Preferred (Quer.)
138% Oct. 2 Holders of rec. Sept. 20
Cincinnati XX holesale GroreryPreferred (guar.)
Jn.2 '34 Holders of rec. Dec. 20
138%
6% preferred (guar.)
13.4% Apr. 1 Holders of rec. Mar. 15
Govt. Gold Wiring Areas Cons., Ltd.City Ice ar I uel, cow.(guar.)
50e. Mar.81 Holders of roe. Mar. 15
Amer. dep. roe. reg. shares
Holders of roe. Doe 30
v w45%
City Investing Co.. pref. (guar.)
514 Apr. 1 Holders of rec. Mar. 28
Granite City Steel Co. (guar.)
25e Mar.3 Holders of rec. Mar 15
Claude Neon Electrical Prod. Corp.
Grant(W.T.) CO.(quar.)
25c. Apr.
Holders of rec Mar 13
Common (quar.)
25c
Apr. 1 Holders of rec. Mar.20
Great Lakes Tramiport, pref. (guar.)._
$1
Holders of rec. Mar. 24
Apr.
Preferred (quar.)
3.5e
Apr. 1 Holders of rec. Mar. 20
Great Western Electro-Chemical Co.
Clinton Title & Nitre Guaranty (s-a)
20e
Apr. 1 Holders of rec. Mar. 23
6% 1st preferred (guar.)
138.% Apr.
Holders of roe. Mar. 21
Clorox Chemical Co. (qren)
50c
Apr. 1 Holders of rec. NIar. 20
Great Western Sugar, pref. (guar.)
$14 Apr.
Holders of rec. Mar. 15
Cluett, Peabody & Co.. Inc.. pref.(qr.). 14% Apr. 1 Holders of rec. Mar. 21
8740. Apr.
Grief & Bros., class A (guar.)
Holders of rec. Mar. 21
Coats (J. & P.). Ltd.. coin.(guar.)
60
7% preferred (guar.)
Apr.
Holders of rec. Mar. 21
134%
Coca-Cola Co. (guar.)
3138 Apr. 1 Holders of roe. Mar. 11
Group No. 1 Oil Corp. (guar.)
$100 Mar.3 Holders of rec. Mar. 10
Coca-Cola Internat. Corp., corn. (qu.). $34 Apr. 1 Holders of rec. Mar. 11
Gurd (Chas.) & Co., Ltd.,pret. (guar.). 514 Apr.
Holders of rec. Mar. 15
Colgate-Palmolive-Peet. pref.(guar.)... 814
Apr. 1 Holders of rec. Mar. 10
Hall Baking, 7% pref. (guar.)
Holders of roe. Mar. 20
87%e Apr.
Colt's Patent Fire Arms (guar.)
Mar. Si Holders of rec. Mar. 11
25e
liammermill Paper Co..6% prof.(guar.) 134% Apr.
Holders of rec. Mar 15
Commercial Credit, 8% prof. B (guar.). 50c
NI ar. 31 Holders of rec. Mar. 11
Hanes (P. H.) Knitting Mills. pf. (qu.) 214 Apr.
Holders of rec. Mar. 20
7% preferred (quar.)
43310 Mar. 31 Holders of rec. Mar. 11
Ilarbauer Co.. 7% Pref. (guar.)
Holders of rec. Mar 21
134% Apr.
64% preferred (quar.)
134% Mar.31 Holders of rec. Mar. 11
131% July
7% preferred (guar.)
Holders of rec. June 21
Commercial Invest. Trust Corp. (guar.)
50c. Apr. 1 Holders of rec. Mar. 4
7% preferred (guar.)
14% Oct.
Holders of rec. Sept. 21
Convertible pref. optional ser. of 1929 11-52 Apr. 1 Holders of rec. Mar. 4
14% 1-1•14 Holders of rec. Dec. 21
7% preferred (guar.)
Congress Cigar Co. (gt111X.)
250
Mar.30 Homers of rec. Mar. 14
Hardesty
June
(R.).
14%
7%
Holders of rec. May 15
pref.
(gear.)
Collateral Loan Kolar.)
22
Apr. 1 Holders of rec. Mar.4
7% preferred (guar.)
134% Sept.
Holders of roe. Aug. 15
Consolidated Dry Goods, pref.(s -a.)... $24 Apr. 1 Holders of rec. Mar. 25
7% preferred (guar.)
14% Dec.
Holders of roe. Nov. 15
Conn. Gas & Coke Securities com.(qu.)_
20c Apr. 1 Holders of roe. Mar. 15. Harrods, Ltd., ordinary
1933
10
register
$3 Preferred (quar.)
75c Apr. 1 Herders of rec. Mar. 15
Amer. dep. rec, for ord. reg
1933
10
Consolidated Paper Co., 7% pref. (go.) 1734c. Apr. 1
Hazel-Altos Glass Co
75e. Apr. 1 Holders of rec. Mar. 15
Continental Baking Corp. prof. (guar.). 61% Apr. 1 Holders of rec.
Mar. 20
Extra
250. Apr. 1 Holders of rec. Mar. 15
Continental Casualty & Asaur. Co.(qu.)
50c Mar.31 Holders of rec. Mar. 15
Heath (D. C.)& Co.. pref. (guar.)
$14 Mar.31 Holders of rec. Mar.29
Continental Gin. 6% pref. (quar.)
14% Apr. 1 Holders of rec. Mar. 16
Helme (Geo. W.) corn.(quar.)__
Apr. 1 Holaers of rec. Mar. 11
$14
Coon (W. B.) Co. 7% pref. (guar.)
14% May 1 Holders of rec. Apr. 12
Preferred (guar.)
814 Apr. 1 Holders of rec. Mar. 11
Cottrell(C. 13.) & Sons Co.(annual)__-_
34
July 1
Hercules
Powder
3734e
Co..
Mar.
25 Holders of rec. Mar. 14
corn.
(guar.).
6% preferred (guar.)
14% Apr. 1
Hayden Chemical Corp., prof.(quar.).. 814
Apr. 1 Holders of rec. Mar. 15
6% preferred (quar.)
14% July I
Hibbard, Spencer. Bartlett & Co.
6% preferred (guar.)
14% Oct. 1
Monthly
10e. Mar.in Holders of roe. Mar. 24
6% preferred (quar.)
134% 1-1-'34
Holland Land alquldstIng)
50e.Holders of rep. Dec. 14
Cream of Wheat Corp. (guar.)
50o
Apr. 1 Holders of rec. Mar.27
Hollinger
Consol
.
Mar
51%
Holders of rec. Mar. 10
Gold
Mines.
Ltd.(m0.)
Creamery Package Mtg. Co.. pref.(qu.)- $14 Apr. 10 Holders of roe. Apr.
1
Hornestake Mining Co.(monthly)
750 Mar.25 Holders of rec. Mar. 20
Crown Willamette Paper Co.. 1st pf.(qu) 881
Apr. 1 Holders of roe. Mar 13
Horn & Hardart Baking Co.
Crum & Forster
100
Apr. 15 Holders of rec. Apr. 5
Common (guar.)
$14 Apr.
Holders of rec. Mar.21
Pseferred Wirer.)
$2
Mar 31 Holders of rec. Mar. 21
Humble Oil& Refining Co.(guar.)
50e
Holden of rec. Mar. 2
Apr.
Preferred (quar.)
$2
June 30 Holders of rec. June 19
Hunts Ltd.. A & B
1240 Apr.
Holders of rec. Mar. 17
Cudahy Packing, common (guar.)
624e Apr. 15 Holders of roe. Apr. 5
Huron & Fan Mfg. Corp. (guar.)
Apr.
$2
Holders of rec. Mar. 15
6% preferred (s-a)
3%
May 1 Holders of roe. Apr. 2(
Huron & Erie Mtge.(guar.)
214 Apr.
Holders of rec. Mar. 15
7% Preferred (s-a)._
334% May 1 Holders of rec Apr. 20
Huyiers of Del.. 7% pref. stpd. (guar.) 21
Holders of rec. Mar. 17
Apr.
Davenport Hosiery Mills
124c Apr. 1 Holders of rec. Mar. 21
Preferred unstamped (guar.)
Apr.
$1
Holders of rec. Mar. 17
Preferred (guar.)
$I 4 Apr. 1 Holders of rec. Mar. 21
Hygrade
Suivanla.
corn.
Apr.
150c
Holders of rec. Mar. 100
(guar.)
&
De Long Hook Eye Co.(qinn)
50e. Apr. I Holders of rec. Mar. 20
Preferred (quar.)
$134 Apr.
Holders of rec. Mar. be
Extra
25e. Apr. 1 Holders of roe. Mar.20
Ideal Cement Co., corn.(guar.)
25e
Apr.
Holders
of rec. Mar. 15
Devoe & RaYnolde. 1st & 26 prof. (qu.) $14
Apr. 1 Holders of roe. Mar 21
Imperial Chem.Industries. Ltd. (final) x w34% JUDO
Holders of rec. Apr. 13
Diamond Shoe Corp. (guar.)
15e
Apr. 1 Holders of rec. Mar. 20
Imperial Tobacco Co. of Can.. Ltd.
Preferred (qar.)
81% Apr. 1 Holders of rec. Mar. 20
Ord. shares (Interim)
14% Mar.3 Holders of roe. Mar. 1
Diversified Trust Shares,series B
.16983c Apr. 1
.
Preference shares (s-a)
3%
Mar.3 Holders of roe. Mar. 1
Dome Mines(guar.)
250. Apr. 20 Holders of roe. Mar. 31
Indiana General Service Co..6% Pt.(qu) 14% Apr.
Holders of rec. Mar. 6
Extra
20e. Apr. 20 Holders of roe. Mar. 31
64% preferred (guar.)
Holders of rec. Mar. 6
14% Apr:
Dominion Bridge Co., Ltd. (quar.)
1500. May 15 Holders of roe Apr. 29
Indiana Pipe Line Co.. cap. stock
150
May 1 Holders of rec. Apr. 28
Dominion Glass Co.. Ltd.. common (qu.) lux Apr. 1 Holders of rec. Mar. 15
r Industrial Rayon Corp.-Dividend act ion defe med.
Preferred (guar.)
14% Apr. 1 Holders of roe Mar. 15
Industrial Rayon (guar.)
500
Holders of roe. Mar. 27
Apr.
Dominion Stores. Ltd.. corn.(quar.)
1430e
Apr. 1 Holders of roe. Mar. 15
Internat. Business Machines (guar.)._ 214 Apr. 10 Holders of rec. Mar. 22a
Dominion Textile Co.. corn. (quar.)
1$1
Apr. 1 Holders of roe. Mar 15
International Button Hole Sew. Mach. 200
Apr.
1
Holders
of rec. Mar. 18
Preferred (guar.)
414
Apr. 15 Holders of rec. Mar.31
Extra
Apr. 1 Holders of rec. Mar. 18
100
Draper Corp. (quar.)
50e. Apr. 1 Holders of rec. Mar. 4
International Carriers. Ltd.(guar.)
Apr. 1 Holders of roe. Mar. 25
5c
Driver-Harris Co.. 7% pref. (quar.)
14% Apr. 1 Holders of reo. Mar. 21
International Harvester, corn
15e. Apr. 15 Holders of rec. Mar. 20
Duplan Silk Corp.. pref.(guar.)
22
Apr. 1 Holders of roe. Mar. 13
International Life Ina.(liquidating)
$14
E.I. du Pit de Nemours dr Co.
International Nickel Co. of Can.
Debenture stock (quar.)
14% Apr. 25 Holders of rec. Apr. 10
7% preferred (quar.)
May 1 Holders of roe. Apr. 1
Eagle Warehouse & Storage ((Huar.)._
31
Apr. 1 Holders of rec. Nf ar. 28
International Salt Co.(guar.)
3
g175Ve. Apr. 1 Holders of rec. Mar. 15]
Early & Daniels (qum)
250
Mar. 31 Holders of roe. Mar. 20
International Shoe Co.. corn.(guar.).-Apr.
1 Holders of rec. Mar. 15
50c.
7% preferred (guar.)
14% Mar.31 Holders of rec. Mar. 20
Preferred (monthly)
50e. Apr. 1 Holders of rec. Mar. 16
Eastern Steam Ship Lines. Inc.. pf.(q.) 874c Apr. I Holders of rec. Mar. 17,a
Preferred (monthly)
May
506.
1 Holders of rec. Apr. 15
1st preferred (quar.)
$138 Apr. 1 Holders of rec. Mar. 17,a
Preferred (monthly)
50o. June 1 Holders of rec. May 15
Eastern Steel Products Co.. Prof. (qu.) 514% Apr, 1 Holders of rec. Mar. 15
Inter-Ocean Re-Insurance Co.(s-a)
St
Mar.31 Holders of rec. Mar. 14
Eastman Kodak Co..oom.(guar.)
75e. Apr. 1 Holders of rec. Mar. 4
Internee Corp.. lat Prof.(guar.)
Apr. 1 Holders of rec. Mar. IS
22
Preferred (guar.)
$14
Apr. 1 Holders of rec. Mar. 4
Investment Foundation, pref. (guar.).- 6
37
130
34. Apr. 15 Holders of rec. Mar. 31
Edmonton City Dairy.64% pref. (qu.) 14% Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
Apr.
15 Hoiders of rec. Mar. 31
Electric Auto-Lite, preferred (quar.)... $14 Apr. 1 Holders of rec. Mar. 25
Irving Air Chute. rem.(guar.)
Apr. 1 Holders of rec. Mar. 15
Financial Chronicle
2024
Name of Company.
When
Per
Share. Payable.
Books Clossi
Days Inclusive.
Miscellaneous (Con)inued).
Apr. 1 Holders of rec. Mar. 23
Island Creek Coal Co., corn.(quar.)____ 50c
31% Apr. 1 Holders of rec. Mar. 23
Preferred (guar.)
,Sc. Apr. 15 Holders of rec. Mar. 13
Jewel Tea Co., Inc.. common (quar.)_25o. Apr. 1 Holders of roe. Mar. 13
Jones, Laughlin Steel. 7% aura. pt.(qu.)
Katz Drug Co., pref.(guar.)
Sl% Apr. 1 Holders of rec. Mar. 15
204012c
Keystone Custodian Fund, series G
83 1-3
Keystone Watch Case Co
31% Apr. 1 Holders of reo. Mar 13
Kimberly-Clark Corp., pref. (guar.)._
tpr. 15 Holders of rec. Mar. 31
Illc
Kirby Petroleum
250. Apr. 1 Holders of roe. Mar. 20
Klein(D E.) Co., Inc.. cons.(guar.)._
Koppers Gas & Coke Co., pref. (guar.).- 31% Apr. 1 Holders of rec. Mar. 11
51% Apr. 1 Holders of rec. Mar. 20
Kresge (S. 8.) Co., preferred (guar.).___
Kroger Grocery & liakiog1%% May 1 Holders of rec. Apr. 20
7% 2nd preferred (quar-)
LakeV lew&rKar Co.(Lonoun),Interim.Zu 13% `7.
Apr. 1 Holders of rec. Mar. 17
31
Lambert Co.. corn. (guar.)
1%% June 15 Holders of roe. June 6
Landis Machine. pref. (just.)
10e Mar.31 Holders of rec. Mar. 20
Lazarus (F. & R.), corn. (guar.)
Lebigh Portland Cement Co.. Pt.(311.)-- 87%o. Apr. 1 Holders of tee. Mar. 14
60c. Apr. 5 Holders of rec. afar. 21
Lehman Corp., cap. stock (quar.)
Apr. 1 Holders of rec. Mar. 10
Liggett & Myers Tobacco. prof. (quar.)- 51%
May 1 Holders of rec. Apr. 25
(KM.
stock
cap.
Lincoln National Life Ins. Co.
600. Aug. 1 Holders of rec. July 26
Capital stock
70e. Nov. 1 Holders of rec. Oct. 26
Capital stock
331-30 Mar.31 Holders of rec. Mar.31
Lock John Pipe (monthly)
Apr. 1 Holders of rec. Apr. 1
32
Preferred (guar.)
July 1 Holders of rec. July 1
32
Preferred (guar.)
Mar.31 Holders of rec. Mar. 15
250
Loew.s, Inc., corn. (guar.)
50e Apr. 1 Holders of rec. Mar. 15
Loorais-Sazies, (guar.)
Loose-Wiles Biscuit Co., 1st pf. (quar.). 51% Apr. 1 Holders of rec. Mar. 23a
8234 Apr. 1 Holders of rec. Mar. 17
Lord & Taylor (guar.)
300. Apr. 1 Holders of rec. Mar. 15
Lorillard (P.) Co., corn.(quar.)
Preferred (quar.)
1%% Apr. 1 Holders of rec. Mar. 15
30. Apr. 20 Holders of rec. Apr. 10
Lucky Tiger Comb.Gold MIDI; Co.(qu.,
Lumbermen's Ins. Co. (Phila.) (guar.). 5134 Apr. 15 tIolders of rec. Mar. 31
Apr. 1 Holders of rec. Mar.22
3134
Lunkenheitner Co.. pref.(guar.)
5134 July 1 Holders of tee. June 21
Preferred (guar.)
Oct 2 Holders of rec. Sept.22
$134
Preierredtquar.)
2% Apr. 1 Holders of roe. Mar. 27
Lycoming Mfg. Co.,8% pref.(quar.)
May 15 Holders of rec. Apr. 21
50c
Macy (R. H.)& Co.(guar.)
25C Apr. 15 Holders of rec. Mar. 31a
MacAndrews & Forbes Co., corn.(guar.)
1%% Apr. 13 holders of rec. Mar. 31a
1 referred (guar.)
25e Mar.31 Holders of rec. Mar. 17
Mack Trucks, Inc.. com.(guar.)
Magnin (L) & Co., 6% pref. (quar.)
134% May 15 Holders of tee. May 6
134% Aug. 15 Holders of roe. Aug. 6
6% preferred (guar.)
134% Nov. 15 Holders of rec. Nov. 6
6% preferred (guar.)
Holders of rec. Mar. 17
750 Apr.
Mapes Consolidated Mfg.(guar.)
Holders of rec. Mar. 10
Apr.
Mapes Consolidated Mfg. Co. (quar.)-- 75e
200. Mar.3 Holders of rec. Mar. la
Marine Midland Corp-(guar.)
25e
Holders of rec. Mar. 20
Apr.
Marlin-Rockwell Corp., corn. (spec.)
Holders of roe. Mar. bu
Mathieson Alkali Works,cons.(guar.) __ 37340. Apr.
Holders of rec. Mar. 8
Apr.
8134
Preferred (Oust.)
of rec. Apr. 15
Holders
May
50e
McCall Corp.(quar.)
McColl Frontenac Oil Co., pref.(guar.). 131% Apr. 15 Holders of rec. Mar.31
Apr. 1 Holders of rec. Mar. 20
McKee (A. G.) & Co., class 13 (guar.)._ 50c
31
Apr. 3 Holders of rec. Mar. 15
McKeesport Tin Plate Co. (guar.)
75e Apr. 1 Holders of reo. Mar. 15
Mead. Johnson & Co., corn. (quar.)____
Merchants & Miners Transp. Co.(guar.) 37%c Mar. 31 Holders of rec. Mar. 9
Apr. 1 Holders of rec. Mar. 17
$2
Merck Corp., pref. (guar.)
Mar.31 Holders of rec. Mar. la
CM
Mergenthaler Linotype
Apr. 1 Holders of rec. Mar. 16
150
Mesta Machine (guar.)
8134 Apr. 1 Holders of rec. Mar. 16
Preferred (guar.)
3134 Apr. 1 Holders of rec. Mar. 20
Metal & Thermit prof. (guar.)
$134 Mar.31 Holders of rec. Mar. 24
Metropolitan Coal Co.. pref.(quar.)._._
Apr. 1 Holders of rec. Mar. 25
Midland Steel Prod.,8% pref. (quar.)- 81.
Minneapolis Honeywell Regulator
1%% Apr. 1 Holders of tee. Mar. 20
6% preferred, series A (guar.)
Mitchell(J.S.) dc Co.. Ltd.. pref.(guar.) 3134 Apr. I Holders of rec. Mar. 17
Monroe Chemical Co., pref.(guar.).- 8734c. Apr. 1 Holders of roe. Mar. 10
31%c. Apr. 1 Holders of roe. Mar. 10
Monsanto Chemical Works blunt.)
Moore (tt in.) Dry Goods Co.(Ouar.) -- 51% Apr. 1
5134 July 1
Quarterly
3134 Oct. 1
Quarterly
$134 1-1-34
Quarterly
Apr. 15 Holders of rec. Apr. 4
25e
Morris (Phil.)& Co., Ltd.(guar.)
Morris (P.) Consol., Inc., cl. A (guar.) _ I%% Apr. 1 Holders of rec. Mar.20
Al%% Apr. 1 Holders of rec. Mar. 20
Class A (guar.)
Morris 5e.& 100. to $1 Sta.,7% pf.(qu.) 134% Apr. 1
134% July 1
7% preferred (guar.)
134% Oct. 1
7% preferred (guar.)
134% 1-2-34
7% preferred (guar.)
$1.37 Mar.31 Holders of rec. Mar. 21
Morris Finance A (quar.)
27340 Mar. 31 Holders of rec. Mar. 21
8 (quarterly)
5134 Mar. 31 holders of roe. Mar. 21
Preferred (guar.)
Mar.31 Holders of roe. Feb. 28
250
Motor Finance Corp (aunt.).
2% Mar. 31 Holders of rec. Mar. 24
87 preferred (guar.)
200. Apr. 1 Holders of tee. Mar. 15a
Mountain Producers Corp. (guar.)
Holders of rec. Mar. 14
55.56
Municipal Service Corp
Apr.
Holders of rec. Mar.23
32
Murphy (G. C.) Co.. prof.(guar.)
Myers(F. E.)& Bro. Co., pref. (guar.). $134 Mar.3 Holders of rec. Mar. 15
Holders of rec. Mar. 15
Apr.
100
Nation Wide Securities Co
Holders of rec. Mar. 17
Apr.
National Battery Co., pref. (guar.)._ 550
700. Apr. 1 Holders of tee. Mar. 17
National Biscuit, common (guar.)
Holders of rec. Mar. 15
400 Apr.
National Breweries, Ltd.. Common (.3(1.)
Holders of reo. Mar. 15
44c Apr.
Preferred (guar.)
Apr.
25c
Holders of rec. Mar. 16
National Candy Co., corn.(guar.)
Holders of rec. Mar. 16
$131 Apr.
1st & 2nd preferred (quar.)
3134 Mar.3 Holders of roe. Mar. 15
National Casket Co., Prof. (guar.)
Holders of rec. Mar. 17
National Dairy Prod.. pref. A & B (au) 81% Apr.
Holders of rec. Mar. 22a
National Distillers Prod. Corp.. pf.(qu.) 6234c Apr.
Apr.
Holders of rec. Mar. 10
National Finance Corp. of America (qu.) 15c
Holders of rec. Mar. 10
Apr.
15e
6% preferred (guar.)
Holders of rec. Mar. 10
Apr.
15c
Extra
National Finance Corp.(Baltimore)Holders of rec. Mar. 25
Apr.
20c
Class A & II (quarterly)
Holders of rec. Mar. 25
Apr.
200
8% preferred (quarterly)
Holders of rec. Slat. 18
National Gypsum Co., 7% prof. (guar.) 1%% Apr.
51% Mar.3 Holders of rec. Mar. 17
National Lead Co.Common (guar.)
May
of rec. Apr. 21
Holders
5134
Preferred B (guar.)
National Licorice Co., pref. (quar.).-. 51 34 Mar.3 Holders of rec. Mar. 18
r National Refin'g, pref. div. action dfe trod.
Holders of rec. Mar. 20
Apr.
National Standard Co.(Mich.) (guar.). 30c
1234c Mar.3 Holders of rec. Mar. 20
National Steel Corp. (guar.)
of roe. Mar. 1
Holders
Apr.
500.
National Sugar Refs. Co. of N. J
Holders of rec. Mar. 14
Apr.
National Tea Co., common (guar.)._ 15c
New England Grain Prod., A pref.(au.). 15134 Apr. 1 Holders of roe. Apr. 1
$134 July 1 Holders of rec. July 1
A preferred (guar.)
Holders of tee. Mar. 20
10o. Apr.
N Y Ship Building Corp.. Dania.& fdrs..
Holders of rec. Mar.20
Apr.
134%
Preferred (guar.)
Apr.
Holders of rec. Mar. 31
New York Sun, Inc., 8% 1st pf. (s.-a.). 4%
Apr. 1 Holders of rec. Mar.24
New York Transit Co., cap. stk. (s-a)._ Mc
15o. Apr.
Holders of roe. Mar. 16
Newberry (J. J.) Co.. Com..(guar.)
Niagara Share Corp. of Md.5134
Holders of rec. Mar. 15
Apr.
Class A $6 preferred (guar.)
3134 July
Holders of rec. June 15
Class A $6 Preferred (guar-)
Oct.
5134
Holders of tee. Sept. 15
Class A $6 preferred (quar.)
$134 Jan 23 Holders of rec. Dec. 16
Class A $o Preferred (guar.)
500. May 1 Holders of roe. May 1
Nineteen Hundred Corp., class A (gust.)
50o. Aug. I Holders of reo. Aug. 1
Class A (guar.)
60e. Nov. 1 Holders of rec. Nov. 1
Class A (guar.)
Holders of rec. Mar. 20
100 Apr.
North American 011 Consolidated
Holders of roe. Mar. 10
Apr.
North Central Texas OIL pref.(quar.)-__ 3134
Holders of rec. Mar. 22
Norwalk Tire & Rubber Co. pref.(qu.)-- 87340 Apr.
Holders of rec. NIar. 20
Apr.
Norwich Pharrnacal Co., cap. stock (qu.) 51
Holders of rec. Mar. 24
51% Apr.
Novadel-Agene (guar.)
Ilolders of roe. Mar. 24
51% Apr.
Preferred (guar.)
Mar.3 Holders of rec. Mar.20
3c
Occidental Petroleum Corp
Holders Of rec. Mar. 22
Apr.
Ogilvie Flour Mills Co., corn. (quar.)___ 132
Holders of rec. Mar. 10
3734c Apr.
Ohio Finance Co. (guar.)
Holders of rec. Mar. 10
2% Apr.
)
o preferred
olders of roe. Mar. iS
A
$2
Omnibus Corp., Pref. (guar.)
Name of Company.
March 25 1933
When
Per
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Ontario Loan & Debenture Co.(quar.)_. $134 Apr. 1 Holders of rec. Mar. 15
Ontario Mfg. Co., pref.(guar.)
El% Apr. 1 Holders of rec. Mar. 20
Apr. 15 Holders of rec. Mar.31
15e
Otis Elevator Co., corn. (guar.)
$1% Apr. 15 Holders of rec. Mar.31
Preferred (guar.)
Owens-Illinois Glass Co., pref.(Oust.).. $1% Apr. 1 Holders of rec. Mar. IS
Pacific Indemnity Co. (guar.)
25c Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 20
Page-Ilersey Tubes, Ltd.. pref.(quar.).. 51%
The. Ayr. 1 Holders of rec. Mar. 20
Common (guar.)
250
Mar. 31 Holders of rec. Mar. 20
Parke Davis & Co. (guar.)
May 15 Holders of roe. May 5
750
Penmans, Ltd., corn. (auar.)
$1% May 1 holders of rec. Apr. 21
Preferred (guar.)
30c. Mar. 31 Holders of rec. Mar. 20
Penney (J. C.) Co., corn.(guar.)
134% Mar.31 Holders of rec. Mar. 20
Preferred (guar.)
Apr. 15 Holders of rec. Mar. 31
Pennsylvania Salt Mfg. Co. (guar.).- 75c
Pa Warehousing & Safe Deposit (guar.). $1% Apr. 1 Holders of rec. Mar. 25
25e Apr. 1 Holders of rec. NIar. 8
Peoples Drug Stores common (guar.).50c. Apr. 1 Holders of rec. Mar. 17
Periect Circle Co., corn. (guar.)
30e. Mar.31 Holders of roe. Mar. 20
Perfection Stove CO.(guar.)
Apr. 1 Holders of rec. Mar. 11
Pet Milk Co., pref. (guar.)
8134
$1% Apr. 1 Holders of rec. Mar. 21
Philadelphia Dairy Prod., pref. quit..
Plnhim Johnson. American shares
w7%% Apr. 8 Holders of rec. Mar. 11
Apr, 1 Holders of rec. Mar. 10
Pioneer Gold Mines of B.C. Ltd.. corn..
Apr. 1 Holders of rec. Mar.31
50
Pioneer MI11 Co., Ltd., corn. (monthly)_
501Ire
Pirelli Co.of Italy
15e
Apr. 1 Holders of rec. Mar. 20
Pittsburgh Plate Glass Co. (guar.)
Apr. 1 Holders of rec. Mar.25
50c
Plume dr Atwood Mfg.(guar.)
Apr. 1 Holders of tee. Mar. 17
Powdrell & Alexander, pref. (guar.).- - 31%
Pratt & Lambert, Inc., common (guar.). 12340 Apr. 1 Holders of roe. Mar. 15
Apr. 4 )folders of rec. Mar. 15
Premier Gold Mining Co., Ltd. (guar.). 13e
2% Apr. 15 Holders of rec. Mar. 24a
Procter & Gamble Co.,8% pref.(guar.).
Prudential Investors, Inc., $6 pref.(qu.) 5134 Apr. 15 Holders of rec. Mar. 31
750 May 15 Holders of rec. Apr. 24
Pullman, Inc.( guar.)
Apr. 1 Holders of rec. Mar. 10
50e
Pure 011 Co., 8% pref
37140 Apr. 1 Holders of roe. Mar. 10
6% Preferred
1 Holders of rec. Mar. 10
Apr.
3734c
534% preferred
1 Holders of rec. Dec. 31
1 5
ry
$41
Puritan Ice Co., pref.(s.-a.)
Apt.
$
Holders of rec. Apr. 1
Quaker Oats Co. common (quar.)
15 Holders of rec. Apr. I
.3
Aipary
1141% N
Extra
Holders of rec. May 1
6% preferred (guar.)
Holders of rec. Mar. 1
100 Apr.
Reece Button Hole Mach.(guar.)
Holders of rec. Mar. I
Se Apr.
Reece Folding Machine (aunt.)
.
r..
prr
kp
Holders of roe. Mar. 2
755:: A
:4
Reliance Mfg.Co. of Ill,, pref.(quar.)-- $1
Holders of rec. Mar. 1
Reynolds (11.3.) Tobacco Co.(guar.)- - Holder( of rec. Mar. 1
Class B (guar.)
Rich's. Inc., 634% preferred (guar.) -- 134% Mar.3 Holders of roe. Mar. I
Holders of rec. Mar. 1
Rice Stix Dry Goods Store, let pf.(qu.). 81% Apr.
Holders of roe. Mar. 1
87%o Apr.
2nd preferred
of rec Mar. 1
Holders
Apr.
Riverside Silk Mills, Ltd., cl. A. (quar.). 25e
Holders of rec. Mar. 20
300 Apr.
Ross Gear & Tool Co., corn. (quar.)
Holders of rec. Mar. 1
1754% Apt.
Safeway Stores, Inc., corn. (guar.)
Apr.
Holders of rec. Mar. 1
7% preferred (guar.)
6% preferred (guar.)
134% Apr. 3 Holders of rec. Mar. 1
350. Mat.
Holders of rec. Mar. 1
Scott Paper Co.. corn.(guar.)
Holders of rec. Mar. 1
25c. Apr.
Scovill Mfg. Co. (guar.)
Holders of roc Mar. 1 a
Selected Indus., Inc., 5534 prior stk.(qu) $134 Apr.
Holders of roe. Mar. 21
150 Apr.
Shawmut Association (guar.)
Apr. 10 Holders of roe. Mar. 20
fle
Shattuck (F. G.) Co., corn. (quar.)
Apr. 20 Holders of red. Mat. 31
$2
Sheaffer(W. A.) Pen, pref. ((Blair.)
July 20 Holders of rec. June 30
$2
Preferred (guar.)
Oct. 20 Holders of rec. Sept. 30
32
Preferred (guar.)
7%
Siemens & Halske (Berlin)
May
Holders of roe. Apr. 15
Simpson (Robert) Co., pref.(5.-a.).... 83
Mar.3 Goblets of rec. Mar. 10
$1
Singer Manufacturing Co
30 Mar.3 Holders of tee. Mar. 10
Siscol Gold Mines
Holders of rec. Mar. 18
134% Apr.
Slane!, (E. J./ Co.. Prof (guar.)
$1
Apr.
Smith (S. Morgan) Co. (guar.)
Apr.
Holders of tee. Mar. 10
South Acid dv Sulphur Co., Inc., pf.(qr.)
Mar.3 Holders of rec. Mar. 15
25c
South Penn Oil Co
400. Apr.
Holders of rec. Mar. 10
South Porto Rico Sugar Co.. corn.(au).
Apr.
2%
Holders of rec. Mar. 10
Preferred (quar.)
Holders of rec. Mar. 15
Apr.
South West Pennsylvania Pipe Line (qu.) $1
Apr.
25e
Holders of rec. Mar. 18
Southern Mills (guar.)
Mar.3 Holders of rec. Mar. 15
250
Sparta Foundry Co. (aear.)
15o Mar.3 Holders of too. Mar. 15
Spencer Kellogg & Sons, Inc.(quit.)....
25e
Mar. 30 Holders of rec. Mar. 15
Spencer Trask Fund, Inc. (guar.)
25e. Apr. I Holders of rec. Mar. 6
Standard Brands, Ins., corn.(quar.)
Apr. I Holders of rec. Mar. 6
134%8134
$7 preferred (guar.)
Apr. 15 Holders of reo. Apr. 15
Standard-Coosa-Thatcher 7% pt. (qu.).
Standard Fuel Co., Ltd.. 634% pref.(qu) 11%% Apr. 1 Holders of rec. Mar. 15
25e
Mar. 31 Holders of rec. Mar. 15
Standard Oil Co. (Ky.)
% Apr. 15 Holders of rec. Mar. 31
Standard 011 Co.(Ohio).5% Pref.(guar.)
25e
Apr. 1 Holders of roe. Mar. 15
Stanley Works,corn.(guar.)
37%c May 15 Holders of rec. May 6
6% preferred (guar.)
$1% Mar.30 Holders of tee. Mar. 18
Starrett. L. S. Co., pref. (guar.)
Apr. 1 Holders of rec. Mar. 15
$1%
Stein (A.)& Co., Prof.(guar.)
27Sio Apr. 1 Holders of rec. Mar.23
Superior Portland Cement. Inc
12%0 Apr. 15 Holders of rec. Apr. 5
Superheater Co. (guar.)
Apr. 1 Holders of roe. Mar. 15
Supertest Petroleum Corp..corn.(guar.) 250
$1% Apr. 1 Holders of rec. Mar. 15
Preferred A (quar-)
37%c Apr. 1 Holders of rec. Mar. 15
Preferred B (guar.)
500 Mar. 31 Holders of tee. Mar. 10
Tacony Palmyra Bridge Co.,corn.(qu.)_
500 Mar. 31 Holders of rec. Mar. 10
Class A (guar.)
250 Apr. 1 Holders of roe. Mar. 3
Texas Corp. (guar.)
Mar.31 Holders of tee. MAr. 10
Texas Oil & Land Co., corn. (quit.).... 250
Apr. 1 Holders of rec. Mar.24
50c
Textile Banking Corp. (guar.)
Apr, 1 Holders of rec. Mar.24
25e
Thompson (John R.) Co.(guar.)
37%e Mar.31 Holders of roe, Mar. 25
Tine, Inc. (guar.)
12%e Mar. 31 Holders of roo. Mar. 15
Extra
5e
Mar. 31 Holders of rec. Mar. 18
Tintic Standard Mining Co
Toronto Elevator Ltd., 7% pref.(au).. 13,
1% Apr. 15 Holders of tee. Apr. 1
ta%
Apr.
Holders of rec. Mar. 15
Toronto Mortgage Co. (guar.)
50o
Apr.
Holders of rec. Mar. 176
Torrington Co. (guar.)
Holders of roe. Mar. 20
'Fri-Continental Corp.. $6 pref.(guar.).- $134 Apr.
62 lie. Apr.
Holders of rec. Mar. 10
Trio° Products Corp.(guar.)
9.618c Apr.
Holders of rec. Mar. 31
Trust Fund Shares, ref
0.618c Apr.
Coupon
Underwood Elliott Fisher Co.com.(qu.).. 12340 Mar.3 Holders of rec. Mar. ha
8134
Mar.3 Holders of tee. Mar. 110
Preferred (guar.)
A pparrr.
i5,30. M
.. 3 ti 000li
aarrr
e fr
re
fft rrre
Union Twist Drill Co.. Preferred (guar.). 134%.20
United Aircraft & Transp. Corp. pt.(qu.)
ofders
Union Carbide & Carbon Corp
.
r United Dyewood Corp., pt. dB,. action poste° ned.
Holders of rec. Apr. 15
United Biscuit Co. of Amer.. Pt. (qu.)_. $154 May
50o. Apr.
Holders of rec. Mar. Is
United Fruit Co
Holders of roe. Mar. 20
United Loan Corp.(Bklyn., N.Y.)(qu.) 3134 Apr.
Holders of tee. Mar. 20
United Piece Dye Works 64% pt.(au.). 134% Apr.
5% Apr. 29 Holders of roe. Mar. 3Ia
United Profit Sharing Corp. capstk.(9-9)
United Shoe Mach. Corp., corn. (guar.) 6234e Apr. 5 Holders of roe. Mar. 14
3734e Apr. 5 Holders of rec. Mar. 14
Preferred (guar.)
50, Apr. 1 Holders of tee. Mar. 166
United States Foil Co.. corn. A dc B
$134
Apr. 1 Holders of tee. Mar. 156
Preferred (guar.)
Mar. 30 Holders of rec. Mar. 20
United States Guarantee Co. (aunt.)... 34
250
Apr. 1 Holders of roe. Mar. 15
United States Gypsum (guar.)
8134 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
U. S. Pipe & Foundry Co.. com.(aunt.). 12340. Apr. 20 Holders of rec. Mar. 31
12340. July 20 Holders of recs. June 30
Common (guar.)
1234g. Oct. 20 Holders of tee. Sept. 30
Common (guar.)
12340. 1-20-34 Holders of tee. Des. 30
Common (guar.)
30e. Apr. 20 Holders of tee. Mar. 31
1st preferred (guar.)
300. July 20 Holders of rec. June 30
1st preferred (guar.)
30e. Oct. 20 Holders of rec. Sept. 30
hat preferred (guar.)
300. 1-20-34 Holders of too. Dee. 30
1st preferred (guar.)
United States Tobacco Co., Com.(guar.) $1.10 Apr. 1 Holders of rec. Mar. 13
Preferred (guar.)
134% Apr. 1 Holders of rec. Mar. 13
25e. Apr. 1 Holders of roe. Mar. 21
United States Playing Card Co.(guar.).
May 1 Holders of rec. APr. 13
Universal Leaf Tobacco,corn.(guar.)._ 500
2a Apr. 1 Holders of rec. Mar. 16
,w
Preferred (guar.)
Apr. 10 Holders of rec. Mar. 17
Vickers, Ltd
Elg Apr. 1 Holders of rec. Mar. 20
Victor Monaghan Co. pref.(guar.)
2,5e
Apr. 1 Holders of rec. Mar. 16
common( uar)
VortexC PC
Class A (guar.)
6234c APr. 1 Holders of rec. Mar. 15
Volume 136
Financial Chronicle
Per
When
Share. Payable.
Name of Company.
Miscellaneous (Concluded).
Vulcan DetinnIng Co.. pref. (quar.)__ _ 164%
Wagner Electric Co., Pref. (quar.)
14S
Waldorf System, Inc., corn.(guar.)
25c.
Wa(green Co., 63% pref. (quar.)
1
Ward Baking Corp., pref. (quar.)
25e
Waukesha Motor Co. (quar.)
30e
. Wesson 01I&Snowdrift Co.,Inc.,cm.(qu.) 1240
West Penn Pipe Lines (quar.)
$1
Western Grocers, Ltd., pref.(guar.)._
$1.4i
Western Maryland Dairy Corp. pf. (au.) 51.5i
Western Tablet & Stationery Corp.—
Preferred (quar.)
SIN
Westinghouse Air Brake Co. (quar.)
25c
Westmoreland, Inc. (quar.)
30c
Weston (Geo.), Ltd., corn. (quar.)
25c
Westvaco Chlorine Prod. Corp.7% preferred (quar.)
16i%
Whitaker Paper Co., pref. (quar.)
$14.1
White Rock Mineral Springs Co.—
Common (quar.)
500.
First preferred (quer.)
1gi%
Second preferred (quar.)
s$2
Wilcox-Rich Corp., class A (quar.)
6244e
Will & Baumer Candle Co., Inc. pf.(qu.) $2
Winn dr Lovett Grocery Co.. el. A (qu.)_
500
Preferred (guar.)
1 %
Winstead Hosiery Co.(quar.)
51.44
Quarterly
311i
Quarterly
$144
Wiser Oil Co.(quar.)
250
Quarterly
25c
Quarterly
250
Quarterly
25c
Wright Hargraves Mines, Ltd.(quar.).. u5c
Wrigley(Wm.) Jr. co.(monthly)
25o.
Monthly_
250.
Yale & Towne Mfg
150
Books Closed
Days Inclusive.
Apr. 20 Holders of reo. Apr. 7a
Apr. 1 Holders of rec. Mar. 20
Apr. 1 IIolders of rec. Mar. 20
Apr. 1 Holders of rec. Mar. 20
Apr. 1 Holders of rec. Mar. 17
Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 15
Apr. 15 Holders of rec. Mar. 20
Apr. 1 Holders of rec. Mar. 20
Apr. 1 Holders of rec. Mar. 21
Apr. 29 Holders of rec. Mar. 31
Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar.20
Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of roe. Mar. 20
Apr. 1 Holders of rec. Mar. 17
Apr. 1 Holders of rec. Mar. 17
Apr. 1 Holdesr of rec. Mar. 17
Mar.31 Holders of rec. Mar. 20
Apr. 1 Holders of rec. Mar. 15
Apr. 1 Ilolders of rec. Mar. 20
Apr. 1 Holders of rec. Mar. 20
May 1 Holders of reo. Apr. 15
Aug. 1 Holders of rec. July 15
Nov. 1 Holders of rec. Oct. 15
Apr. 1 Holders of rec. Mar. 11
July 1 Holders of roe. June 10
Oct. 2 Holders of rec. Sept. 12
Jan2'34 Holders of rec. Dec. 12
Apr. 1 Holders of roe. Mar. 15
Apr. 1 Holders of rec. Mar. 20
May 1 Holders of rec. Apr. 20
Apr. 1 Holders of rec. Mar. 20
The New York Stock Exchange has ruled that stock will not he quoted exdividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will not be
Quoted ex dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stook.
IPayable in common stock. g Payable in scrip. 11 On account of accumulated
dividends. .1 Payable in preferred stock.
n Meteor Motor Car Co. dividends cover first half of this year and are payable
the came dates in order to save postage.
o Westinghouse Electric & Mfg. distribution of 44 share of Radio Corp. of America
stook for each share held. Preferred stockholders have option of receiving
$3.50
In sash in lieu of above. Dividend including the optional feature. constitutes
to
preferred holders full payment of preferential dividend for 1933.
y Govt. Gold Mining Areas Cons. Ltd. div. In based on
Union
of
So.
Africa
currency.
g Wisconsin Power 3r Light has rescinded their recent declaration of
preferred
dividends and have deferred action until existing conditions are
clarified.
r In view of existing conditions action on dividends is being
deferred.
s White Rock Mineral Springs 2d pref. stock pays $2.50 per share on 859 shame—
equivalent to 50e. per share on 4,295 shares of common stock for which
the 2d pref
may be exchanged, and payable on the equivalent number of common
if so exchanged
before the record date.
(Payable In Canadian funds.
u Payable In United States funds.
o A unit.
to Less deduction for expenses of depositary.
x Less tax.
y A deduction has been made for expenses.
Weekly Return of New York City Clearing House.—
Beginning with March 311928, the Now York City Clearing
House Association discontinued giving out all statements
previously issued and now make only the barest kind of
a report. The now returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the Now York Clearing House Association,
having been admitted op Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
2025
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, MARCH 18 1933
Clearing House
Members.
Bank of N.Y.& Tr. Co_
Bank of Manhattan Co__
National City Bank....._
Chemical Bk.& Tr. Co_ _
Guaranty Trust Co
Manufacturers Tr. Co
Cent. Hanover Bk.&Tr_
Corn Exch. Bk.Tr. Co
First National Bank
Irving Trust Co
Continental Bk. de Tr.Co
Chase National Bank
Fifth Avenue Bank
Bankers Frust Co
Title Guar.& Trust Co,..
Marine Midland Tr. Co_
I.awyers Trust Co
New York Trust Co.... _
Com'l Nat. Bk.& Tr.Co.
Public Nat.Bk.dr Tr.Co_
Totals
• Capital.
*Surplus and Net Demand
Undivided
Deposits.
Profits.
Average.
$
6,000,000
20,000,000
124,000,000
e20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000.000
4,000,000
148,000,000
500,000
25,000,000
10,000.000
10,000,000
3.000,000
12,500,000
7,000,000
8,250,000
S
9,219,800
36,889,200
81.454.100
e46,652,600
181,233,500
2_20,297,500
1,69,031,200
L22,550,000
;81,483,400
62,412,100
5,756,000
111.132,900
. 3,673,000
:77,138,100
, 20,467,100
35,546,200
11' 2,116,600
22,019,400
8,653,000
r 4,406,700
(117101 Onn
Time
Deposits,
Average.
s
$
77,005,000
202,139,000
a721,939,000
209,109,000
5724,439,000
199,008,000
379,255.000
162,817,000
258,047,000
251,576,000
19,398,000
c974,353,000
35,763,000
d418,840,000
24,553,000
33,742,000
8,160,000
146,996.000
35,317,000
30,029,000
10.025,000
32,303.000
163,440,000
23.549,000
45,356,000
93,485,000
51,722,000
19,658,000
21,579,000
48,982,000
2,333,000
100,085,000
2,973,000
50,120,000
327,000
5,267,000
1,163,000
15,789,000
2,208,000
26,717,000
872 120 400 4 012 4/35 000
717.031.000
•As per official reports: National. Dec. 31 1932; State, Dec. 31 1932;
trust
companies, Dec. 31 1932; e as of Jan. 18 1933.
Includes deposits in foreign branches: a $172,691,000;
6
$51,953,000;
o
$58.
561,000; d 527,677,000.
•
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ended March 17:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. MARCH 17 1933.
NATIONAL BANKS—AVERAGE FIGURES.
Loans,
Disc. and
Investments.
Cash.
Res. Dep., Dep. Other
N. F. and Banks and
Elsewhere. Trust Cos.
Manhattan—
Grace National
$
16,666.500
$
162,800
$
2,809,900
Brooklyn—
Peoples National
5,315,000
152,000
312,000
Gross
Deposits.
$
$
2,008,500 17,524,700
74,000
4,684,000
-1
TRUST COMPANIES—AVERAGE FIGURES.
Loans,
Disc. and
Investments.
Manhattan—
County
Empire
Federation
Fiduciary
Fulton
United States
Brooklyn—
Brooklyn
Einect County
Cash.
Res. Dep., Dep. Other
N. Y. and Banks and
Eltehwere. Trust Cos.
$
$
$
19,872,700 1,487.900 2,693,800
46,060,500 *2,103,200 6,482,700
5,678,548
74.448
399,047
8,930,186 .2,524,534
402,183
17,897,000 .2,627,200
375,300
66,781,126 6,371,225 16,357,377
77,071,000
21.469.864
5,389,000 29.811,000
1.639.816 7.652.509
Gross
Deposits
$
8
18,735,800
2,783,500 46,405,000
539,880 5,157,312
210,851 10,845,151
641,300 17,262.100
61,904,280
313,000 98,173.000
24.270.693
•Includes amount with Federal Reserve as follows: Empire, $923,600; Fiduciary!
$1,918,579; Fulton, $2,397,200.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of
Now York at the close of business Mar. 22 1933, in
comparison with the previous week and the corresponding date
last year:
Resources—
Mar.22 1933. Mar. 15 1933 Mar. 23 1932.
Gold with Federal Reserve Agent
Gold redemp.fund with U.S. TressurY-
556,843,000
25,915,000
467,743,000
40,084,000
493,217,000
10,255,000
Gold held exclusively agst. P. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank.
582,758,000
83,097,000
152,228.000
507,827,000
70,734,000
182,987,000
503,472.000
112,622,000
318,903,000
818,083,000
761,548,000
934,997,000
60.759,000
47,845,000
55,320,000
Total reserves
Non-reserve cash
Redemption Fund—F. R. Bank notes
Bills discounted:
Secured by U. S. Govt. obligations___
Other bills discounted
878,842.000
32.831,000
440,000
809,393,000
21,849,000
170,000
990,317,000
20,285,000
184,712,000
63,811.000
480,241,000
133,981,000
88,987,000
43.869,000
Total bills discounted
111118 bought In open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Other certificates and bills
248,523,000
64,130,000
614,222,000
86,037.000
132,856,000
20,703,000
166,637,000
155,359,000
156,338,000
148,202,000
109,414,000
38,992,000
303,415,000
250,696,000
196.055,000
625,411,000
4,861,000
555,236,000
5,116,000
344,461,000
4,331,000
Total gold reserves
Reserves other than gold
Total U.S. Government securities__
Other securities (see note)
Foreign loans on gold
Deduct bills rediscounted with other
Federal Reserve banks
Total bills and securities (see note)._ _
143,800,000
942,925,000 1,116,811.000
502,351,000
Resources (Conctuded)—
Gold held abroao
Due from foreign banks (see note)
Federal Reserve notes of other banks
Uncollected Items
Bank premises
All other resources
Total resources
Mar.22 1933. Mar. 15 1933 Mar. 23 1932.
1,393,000
10.949,000
107,606,000
12,818,000
32,088,000
1,391,000
4,195,000
145,567,000
12,818,000
27,182,000
2,347,000
2,794,000
95,859,000
14,817,000
13,545,000
2,019.892,0002,139.376,000 1,642,315,000
LlaSUUtes—
Fed. Reserve notes in actual circulation.
F. R. Bank notes in actual circulation__
Deposits—Member bank reserve acct.Government
Foreign bank (see note)
Special deposits—Member bank
Non-member bank
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
Ratio of total reserves to deposit and
Fed. Reserve note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
897,775,000
8,614.000
764,251,000
58,152,000
5,039,000
4,256,000
360,000
12,412,000
994,750,000
3,301,000
834,843,000
165,000
6.668,000
1.598,000
82,000
16,749,000
561,373,000
844,470.000
860,110,000
845,299,000
118,789,000
58,426.000
85,058,000
6,760.000
130,092,000
58,426.000
85,058,000
7,639,000
92,065,000
59,431,000
75,077,000
9,070,000
821,864,000
12,687,000
1.799,000
8,949,000
2.019,892,000 2,139,376,000 1,642,315,000
50.4%
43.6%
70.4%
14,205,000
9,180.000
108,150,000
• Revised figures.
NOTE.—Beginntng with the statement of Oct. 17 1925, two new items
were added in order to show separately the amount of balances
held abroad and amounts
due to foreign correspondents. In addition, the Caption "All other earnings assets," previously
made up of Federal Intermediate Credit Bank debentures, was
to "other securities," and the caption, "Total earnings assets" to "Total
cbanged
bills and securities." The latter term was adopted as a more
accurate description of the total
of the discount acceptances and securities acquired under the provislon.1 of Section 13 and 14
of tne Federal Reserve Act, which it was stated are the only
therein.
items included
March 25 1933
Financial Chronicle
2026
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Mar.23,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 1973, being the first item in our department of "Current Events and Discussions."
OF BUSINESS MAR. 22 1933.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE
Mar.22 1933. Mar. 151933. Mar. 8 1933. Mar. 1 1933. Feb. 21 1933, Feb. 15 1933 Feb. 8 1933. Feb. 1 1933 Mar. 23 1932.
5
S
$
3
$
S
S
S
S
RESOURCES.
2,458,432,000 2,215,268,000 1,931,656,000 2,180,967,000 2.367,987.000 2,447,357,000 2,469,982,000 2,414,852,000 2,192,547,000
Gold with Federal Reserve agents
48,410,000
37,148,000
35.744,000
44,596,000
48,756,000
87,495,000
Gold redemption fund with 11. 5. Tress.. 105,011.000 135,058,000 138,309,000
2.505,726.000 2,452,000,000 2,240,957,000
Gold held exclusively agst. F. R. notes 2,563,443,000 2,350,326,000 2,069,965,000 2,268.462,000 2,416.743.000 2,491,953.000
397.699,000 427,415,000 282,879,000
363,030,000
437.943,000
385.672,000
278,547,000
301,237,000
266,101,000
Board
R.
F.
with
Gold settlement fund
345,175,000 343.699.000 375,759,000 483,651,000
Gold and gold certificates held by banks_ 362,778,000 359,214,000 335,027,000 237,949,000 263,707,000
Total gold reserves
Reserves other than gold
3 192,322,000 3,010.777,000 2,683,539,000 2,892,083,000 3,118,393,000 3,200.158.000 3,247,124.000 3,255,174,000 3,007,487,000
178,895,000 137,405,000 125.432,000 174,454,000 186,251.000 187.225,000 195.227,000 201,413,000 210,896,000
3,371,217,000 3,148,185,000 2.808.971,000 3,066,537,000 3.304,644,000 3,387,383,000 3,442,351.000 3.456,587,000 3,218,383,000
76,575,000
79,729,000
78,796,000
73,607,000
73,586,000
67.880,000
48,390,000
77,318,000
125,346,000
Non-reserve cash
170,000
740,000
Redemption fund—F. R. Bank notes _
Bills discounted:
66.737,000 341,647,000
62,914.000
81,485,000
Secured by U. S. Govt. obligations__ _ 324,233,000 *769,602,000 982.188,000 418,921,000 105,102,000 204,888,000 189.726.000 201,953,000 323,936,000
346,636,000 *462,714,000 431,748,000 293,470,000 222,036,000
Other bills discounted
665,583,000
670,869,000 1,232,316,000 1,413,936,000 712.391,000 327,138,000 286,373,000 252,640,000 268,690,000
Total bills discounted
81,696,000
31,338,000
31,338,000
30,784,000
352,309,000 403,316,000 417,289,000 383,666,000 •179,576,000
Bills bought in open market
U. S. Government securities:
318,732,000
421.173.000
420,894,000
421,099.000
421,021,000
420,832,000
425,313,000
422,627,000 425,013.000
Bonds
83,896,000
457,874,000 465,084,000 459.015,000 457.880,000 452.661,000 438,044,000 399,171.000 333,895,000
Treasury notes
19,000,000
Special Treasury certificates
432,370,000
1.008,547.000
963,847,000
950,165,000
983,886.000 989.937,000 996.466,000 957,251.000 960.551,000
Other certificates and bills
Total reserves
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_
Uncollected items
Bank premises
All other resources
Total resources
1.763,615,000
1.864,387,000 1.899,034,000 1,880,794.000 1,835,963,000 1.834.233,000 1.809.308,000 1.783.912.000
3.415.000
3,435,000
4,797,000
4,697,000
4,719.000
5,831,000
5,644,000
5,394,000
834,998,000
6,991,000
2,892,959,000 3,540,310,000 3,717.850,000 2,936.739,000 *2345644,000 2.131,262.000 2,071,325,000 2,067.058,000 1,589,268,000
3,613,000
36,861,000
421.196,000
54,037,000
60,185.000
3,610,000
17,955,000
366,178,000
54,028,000
53,568,000
3,615,000
12,719,000
344,518,000
54,029,000
54.555.000
3.515,000
11.083,000
400,335,000
53.962,000
54.082.000
3.498.000
13,289,000
333,656,000
53,962,000
52,998,000
3,510,000
11.642,000
390.639,000
53,962,000
53,481,000
3,539,000
10.964,000
302,438,000
53,962,000
50,977,000
3,505,000
11,835,000
329,504,000
53,880,000
47,814.000
6,629,000
14,009,000
343,167,000
57,828,000
36,143,000
5,342,002,000
6,966.154,000 7,261.322.000 7,044,647.000 6,594.133,000 *6181277,000 6,105,386,000 6.01.5,285,000 6.048,979,000
LIABILITIES.
2,572,815,000
3,916,342.0004.292.702,000 4,215,006.000 3.579.522,000 3,000.248,000 2,891,145,0002,773.192,000 2,729,971,000
F. It. notes in actual circulation
3.301,000
9.269.000
F. R. Bank notes in actual circulation
Deposits:
1,910,603,000
1,917,618,000 *1963976,000 *1776 221.000 2,038.228,000 2,271,129,000 2,236,095,000 2,419,399,000 2,437.705.000
Member banks—reserve account
43,340,000
36,520,000
12,128,000
51,542.000
40,729,000
27.766,000
37,643,000
111,472,000
27,688,000
Government
37.542,000
44.930.000
10.874,000
59,422,000
60.799,000
41,956,000
49.175,000
14,491,000
23,040,000
Foreign banks
39,002,000
52,754,000
*40,109,000
bank
Special deposits: Member
767.000
9,120,000
*4,851.000
Noii-member bank__
18,333,000
27,972,000
23,213,000
28,704,000
26,741.000
49,240,000
49,394,000 *64,075,000 *57,414,000
Other deposits
1,983,150,000
2.499.670,0002.539.739,000
2,154,849.000 2,123,739,000 1.951,222.000 2.157,190.000 2,399,398,000 2.375.763,000
Total deposits
430,814,000 384,676,000 421,801,000 404,198,000 *331,695,000 388,938,000 292,664.000 329,894,000 341,612,000
Deferred availability items
156.027,000
149,793,000 150,210,000 150,120,000 150.303,000 150,474.000 150,916,000 151.034.000 151,080.000
Capital paid in
278,599,000 278.599,000 278.599,000 278.599.000 278,599,000 278,599,000 278,599,000 259,421,000
278,599,000
Surplus
28,977,000
19.690,000
20,126,000
20,025,000
20,863.000
24,321,000
27,899,000
28,095.000
26,488,000
All other liabilities
Total liabilities
Ratio of gold reserve to deposits and
F. R. note liabilities combined
Ratio of total reserves to deposits and
F. It. note liabilities combined
Rediscounts between Federal Reserve
banks
Contingent liability on bills purchased
for foreign correspondents
—
Maturity Distribution of Bills and
Short-Term Securities1-15 days bills discounted
18-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 days bills bought in open market
18-30 days bills bought in open market.._
31-60 days bills bought in open market
81-90 days bills bought in open market
Over 90 days bills bought In open market
Total bills bought in open market
1-15 days U. S. certificates and bills—
16-30 days U. S. certificates and bills..._
31-60 days U. S. certificates and bills
61-90 days U. S. certificates and bills_
Over 90 days certificates and bills
Total U.S. certificates and bills
1-15 days municipal warrants
18-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
Total municipal warrants
6,968,154,000 7,261,322,000 7,044,647,000 6.594,133,000 '6181277,0008,105,3S6,000 6,015,285,000 6.048.979.0005.342,002,000
52.5%
46.9%
43.5%
50.4%
57.7%
60.7%
81.5%
61.7%
66.5%
55.5%
49.1%
45.6%
53.5%
61.2%
84.3%
05.3%
65.6%
70.6%
143,800,000
210,000,000
27,478,000
28,051.000
29,398,000
30,284,000
35.684,000
39,682,000
40,655,000
334,881,000
42,505,000
$
3
$
$
5
$
$
$
5
992,301,000 1,122,083.000
46,290,000
53.398,000
74.154,000
91,878,000
61,312,000
79,371,000
10.097,000
15.368,000
585,190.000
28.255.000
43,6723100
43,902,000
11,372,000
239,497,000
21,807.000
31.696.000
23,619,000
10,529,000
203,195,000
19.631,000
29,926,000
22.787,000
10,834,000
173.661,000
19,978.000
28,259.000
19.979,000
10,763,000
189,603,000
20,796.000
27.747,000
20,084.000
10,480,000
512,343,000
38.787,000
61,352,000
35,321,000
17,780,000
670,869,000 1,232,318,000 1,413.936.000
502,668.000
32,170,000
58,205,000
66,836,000
10,990,000
712,391,000
327.138.000
288.373,000
252,640,000
268,690,000
665,583,000
75,421,000
68,151.000
136.775.000
71,456,000
506,000
106,316,000
62,351,000
128.318,000
105,730,000
603,000
88,645,000
62,215,000
123,946,000
141,262,000
1,221,000
68,122,000
75,533,000
110,108,000
128,883,000
930,000
59,312.000
30.319.000
35,753.000
48,481,000
211,000
6,407,000
8,411,000
5,799,000
10.167.000
7.581,000
8.733.000
5,148,000
9.876,000
7,154.000
5,020.000
8,654.000
10,480,0(10
33,172,000
8,554,000
11,048,000
28,678,000
244,000
352.309,000
403,316,000
417,289.000
383,666,000
174,076.000
30,784,000
31.338.000
31,338,000
81,696,000
52,750,000
58.050,000
193,337,000
133,715.000
571,085,000
146,788.000
58,750,000
204.117,000
144,945,000
441,868,000
141,231,000
33.750,000
80,601,000
215,697,000
476.972.00(1
89,950.000
138,680.000
92,250,000
197.797,000
441,868,000
89,950,000
169,301,000
63.250.000
174,497.000
453,167.000
73.550,000
50,000.000
203,031,000
203.897,000
433,369.000
82,800.000
89.950.00))
203.031.000
203.897,000
428,869,000
5,250,000
3,500,000
48,236,000
129,530,000
245,854,000
983,886.000 1.008,937,000
996,466,000
957,251.000
960,551.000
950,165,000
963,847,000 1.008,547.000
432,370.000
4,672.000
4,769.000
3,000
3,397.000
13,000
3,377,000
10,000
3,000
4,521,000
1,190,000
50.120,000
60.000.000
170,227,000
248,140,000
455,399,000
5,280.000
5,535,000
5,555.000
4,694,000
84,000
30,000
51,000
58,000
51.000
25.000
25,000
25.000
25,000
25,000
25.000
52,000
28,000
5,394.000
5.644,000
5,631,000
4.719,000
4,697,000
4.797,000
3,435.000
3,415,000
5,791.000
Federal Reserve Notes—
3.249,887.000 3,133.828,000 2,992,411,000 2,942.459.0002,822,758.000
Issued to F. It. Bank by F. It. Agent... 4,314,448,000 4,728,517,000 4,550,680,000 3.885.116,000 249,639,000 242,483.000 219.219,000 212,488,000 249,940,000
398,106,000 435,815,000 335,674,000 285.594,000
Held by Federal Reserve Bank
2,773,192,000 2,729,971.000 2,572.815,000
3,916,342,000 4,292,702,000 4,215,006.000 3.579,522.000 3.000,248,000 2.891,145,000
In actual circulation
Collateral Weld by Agent as Security
for Notes Issued to Bank—
By gold and gold certificates
Gold fund—Federal Reserve Board
By eligible paper
U. S. Government securities
Tntril
• Revised figures.
1.132,237,000 1,128.607.000 854,067,000
1,262,847.000 1,091,383,000 805.571.000 835,532,000 988.742.000 1.066.412.000 1.337.745.000 1,286.245.00(1 1,338,490.000
1.195,585,000 1.123.885,000 1,126,085,000 1,345.435.000 1.379.245,000 1.350.945.00(1 235.255,000 250.763.0011 709,703,000
877,152,000 1,512,877,000 1.754.975,000 1,032,589.000 435.547,000 265.334.000
000 310.200.000 308.800.000
1,000,700,000 1.009,300,000 886,400,000 861.900.000 473,700.000 445,100
2.972.415.000 2,902.250.000
4 330 284.01)0 4.737.445.000 4.573.031.000 3.875.458.000 3.277.234.000 3.157.791,000 3.021,437.000
Volume 136
Financial Chronicle
2027
Weekly Return of the Federal Reserve Board (Concluded).
WEEKLY STATEMENT OF RESOURCES AND LIABILI
TIES OF EACH OF THE 12 FEDERAL RESERVE
BANKS AT CLOSE OF BUSINESS MAR. 22 1933
Two Ciphers (00) omitted.
Federal Reserve Bank ofTotal.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago.
St. Louis. Minneap. Kan.City Dallas. San Fran.
RESOURCES.
$
$
$
9
$
$
3
3old with 3'ed. Res. Agents-- 2.458,432,0 157.344,
$
$
$
$
$
$
0 556,843,0 124,750,0 256,470,0 141,245,0 83,545,0 698.057, 124,480,
DoId redm.fund with U.S.Treas. 105,011,0 6,596,0
0
0 53,082,0 95,280,0 29,673,0 137,663,0
25,915,0 9,950,0 7,777,0 3,284,0 6,785,0
24,018,0 1,702,0 3,168,0 3,762,0 1,686.0 10,368,0
Gold held excl.agst. F.R.notee 2,563,443,0 163,940,
0 582,758,0 134,700.0 264,247,0 144,529,0 90,330,0 722,075,0 126,182,
Gold settlem't fund with F.R.Bd 266,101,0 3,271,0
0 56,250,0 99,042,0 31,359,0 148,031,0
83,097,0 8,997,0 19,847,0 16,555,0 17,611,0
34,300,0 21,025,0 13,505,0 9,947,0 16,748,0 21,198,0
Gold & gold ctfs. held by banks_ 362,778,0 27,536,0
152,228,0 19,658,0 31,796,0 8,459,0 7,378,0
54,404,0 3,675,0 2,093,0 18,518,0 6,413,0 30,620,0
Total gold reserves
3,192,322,0 194,747,0 818,083,0 163.355,0 315,890,0 169,543,
0 115,319,0 810,779,0 150.882,0 71,848,0 127,507,0 54,520,0 199,849,0
Reserves other than gold
178,895,0 15,141,0
60,759,0 18,009,0 9,670,0 8,571,0 5,668,0
23,496,0 10,235,0 2,613,0 5,480,0 6,541,0 12,712,0
Total reserves
3,371,217,0 209,888,0 878,842,0 181,364,0 325,560,0 178,114,
0 120,987,0 834,275,0 161,117,0 74,461,0 132,987,0 61,061,0 212,561,0
Non-reserve cash..
125,346,0 6,569,0
32,831,0 4,225,0 7,243,0 6,222,0 8,812,0
Redem.fund-F.R.bank notes_
24,390,0 5,566,0 2,738,0 5,048,0 4,976,0 16,726,0
740,0
150,0
440,0
50,0
Bills discounted:
100,0
Bee.by U.S. Govt.obllgations 324,233,0 8,849,0
184,712,
52,320,0
0
21,511,0
6,187,0
4,223,0
Other bills dLscounted
22,401,0 2,428,0
688,0 1,982,0
808,0 18,124,0
346,636,0 13,188,0
63,811,0 70,940,0 38,522,0 18,013,0 28,449,0
15,341,0 4,193,0 10,825,0 18,239,0 5,395,0 59,720,0
Total bills discounted
670,869,0 22,037,0 248,523,0 123,260,0 60,033,0 24,200,0
32,672,0
37,742,0 6,621,0 11,513,0 20,221,0 6,203,0 77,844,0
Bills bought in open market
352,309,0 57,640,0
64,130,0 10,657,0 7,074,0 18,225,0 16,542,0
U. S. Government securities:
86,619,0 15,632,0 12,960,0 8,675,0 3,491,0 50,664,0
Bonds
422,627,0 21,799,0 166,636,0 29,850,0 36,362,0 9,917,0
60,498,0 13.957,0 17,261,0 12,561,0 18,020,0 25,730,0
Treasury notes
457,874,0 27,516.0 155,360,0 33,260,0 47,435,0 12,936,0 10,036,0
13,064,0
78,918,0 17,555,0 12,689,0 15,112.0 10,463,0 33,566,0
Certificates and bills
983,886,0 53,797,0 303,415,0 65,031,0 92,743,0 25,296,0
40,544,0 228,301,0 34,320,0 24,808,0 29,547,0 20,457,0 65,627,0
Total U.S.Govt.securities_ 1,864,387,0 103,112,
0 625,411,0 128.141,0 176,540,0 48,149,0 63,644.0 367,717,
0 65,832,0 54,758,0 57,220,0 48,940,0 124,923,0
Other securities
5,394,0
4,861,0
525,0
8,0
Total bills and securities
2,892,959,0 182,789,0 942,925,0 262,583,0 243,647,0 90,574,0
112,858,0 492,078,0 88,085,0 79,239,0 86,116,0 58,634,0 253,431,
Due from foreign banks
3,613,0
269,0
0
1.393,0
388,0
348,0
137,0
123,0
Fed. Res. notes of other banks
480,0
15,0
10,0
102,0
36,861,0
102,0
465,0
246,0
10,949,0
725,0 2,922,0
6,515,0 2,502,0 1,910,0 3,356,0
Uncollected items
421,196,0 44,660,0 107,606,0 32,116,0 39,535,0 2,217,0 2,250,0
570,0 2,480,0
35,918,0
12,580,0
50,104,0 19,416,0 10,913,0 23,902,0 18,690,0 25,756,0
Bank premises
54,037.0 3,280,0
12,818,0 3,181,0 6,929,0 3,237,0 2,422,0
All other resources
7,595,0 3,285,0 1,746,0 3,559,0 1,741,0 4,244,0
60,185,0
580,0
32,088,0 4,522,0 1,897,0 6,770,0 5,375,0
1,300,0 1,095,0 1,930,0 1,230,0 1,515,0 1,883,0
Total resources
6,966,154,0 448,650,0 2,019,802,0 489,104,0
628,131,0 323,189,0 265,407,0 1,416,737,0 281,181,0 172,947, 256,300,
0
0 147,289,0 517,327,0
LIABILITIES.
F.R notes in actual circulation_ 3,916,342,0 250,856,
0 897,775,0 286,020,0 386,408,0 195,764,0 162,223,
F. R. bank notes in act'l circurn
995,236,
0
0 162,534,0 106,189,0 132,378,0 47,593,0 293,366.0
9,269,0
5,0
8,614,0
619,0
Deposits:
31,0
Member bank-reserve account 1,917,618,0 118,627,0 764,251,() 110,762,
0 140,092,0 63,034,0 43,953,0 276,416,
Government
0 67,185,0 42,071.0 85,358,0 63,023,0 142,846,0
111,472,0 2,892,0
58,152,0 3,204,0 2,130,0 2,009,0
Foreign bank
16,519,0
14,937,0 1,764,0 1,069,0 1,978,0 2,306,0 4,512,0
14,491,0 1,036,0
5,039,0 1,490,0 1,405,0
553,0
497,0
Special-Member bank
1,845,0
483,0
52,754,0
326,0
412,0
705.0
412,0
993,0
4,256,0 4,141,0 12,363,0 4,971,0 4,934,0
Non-member bank
11,476,0 4,718,0
9.120,0
614,0
492,0
95,0 3,989,0
360,0
717,0
413,0
905,0
Other deposits
130,0
3,339,0 1.651,0
49,394,0
986,0
324,0
235,0
2,0
12,412,0
382.0
454,0 2,953,0 3,962,0 2,216,0
7,318,0 5,467,0 1,550,0 1,190,0
694,0 10,854,0
Total deposits
2.154,849,0 123,584,0 844,470,0 120,768,0 159,356,
0
75,434,0
Deferred availability items
68,249,0
315,331,
430,814,0 41,955,0 118,789,0 36,310,0
0 81,268,0 46,616,0 89,665,0 66.532,0 163,576,0
37.286,0 32,671,0
Capital paid in
47,500,0 21,909.0 8,881,0 21,321,0 18,988,0 28,395,0
149,793,0 10,774,0
58,426,0 15,845,0 13,956,0 5,135,0 16.909,0
Surplus
15,535,0 4.299,0 2,847,0 4,012,0 3,797,0 10,526.0
278,599,0 20,460,0
85,058,0 29,242,0 28,294,0 11,616,0 4,641,0
All other liabilities
10,544,0
39,497,0 10,186,0 7,019,0 8,263,0 8,719,0 19,701.0
26,488,0 1,016,0
6,760,0
919,0 2,212,0 2.569,0 2.841,0
3,638,0 1,054,0 1,395,0
661,0 1,660,0 1,763,0
Total liabilities
6,966,154,0 448,650,0 2,019,892,0 489.104, 628,131,
0
0 323,189,0 265,407,0 1,416,737,0 281,181,
0 172,947,0256,100.0 147,289,0 517,327,8
Memoranda.
Reserve ratio (percent)
55.5
56.1
50.4
44.6
59.7
Contingent liability on bills pur65.7
52.5
63.7
66.1
48.7
59.9
53.5
46.1
chased fnr fnen enrronnandontsi
4250&0 3 102 n
14 205 n 4 4fi2 n 4 207 n
1 0N7 A
1 4170
c n94 n
1 44A n
0770 1 2:12 A 1.232.0 2.975.8
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent al-
Total.
Boston. New York. Phila. Cleveland. Richmond
Atlanta. Chicago. St. Louis. Minneap. Kan.City.
Two Ciphers (00) omitted.
3
5
5
$
Federal Reserve notes:
$
9
$
$
$
$
s
Issued to F.11..Bk. by F.R.Agt. 4,314,448,0
Held by Fed'I Reserve Bank. 398,106,0 276,669,0 1,007,799,0 304,756,0 407,019,0 206,478.0 178,172,0 1,103,791,0 170,827,0 111,785, 149,999,
0
25,813,0 110,024,0 18,736,0 20,611,0
0
10,714,0 15.949,0 108,555,0 8,293,0 5,596,0 17,621,0
In actual circulation
3,916,342,0 250,856,0 897,775,0
286,020,0 386,408,0 195,764,0 162,223,0 995,236.
Collateral held by Agent as se0 162,534,0 106,189,0 132,378,0
curity for notes issued to bks:
Gold and gold certificates
1,262,847,0 57.327,0 443,743,0
.
85,050,0 74,470,0 40,740,0 20,545,0 358,057,
Gold fund-F.R. Board
1,195,585,0 100,017,0 113,100,0 39,700,0
0 33,780,0 25,082,0 10,480,0
Eligible paper
877,152,0 75,718,0 291,914,0 101,289, 182,000,0 100,505,0 63,000,0 340,000,0 90,700,0 28,000,0 84,800,0
0 62,268,0 41,181,0 39,775,0 103,709,0 20,570,0
U.S. Government securities 1,000,700,0
21,451,0 19,413,0
44,000,0 160,000,0 79,000,0 90,000,0 25,000,0
59,000,0 303,000,0 30,000,0 37,700.0 40,000,0
Total collateral
4,336,284,0 277,062,0 1,008,757,0 305,039,
0 408,738,0 207,426,0 182.320.0 1.104.766,0 175,050,
0 112,233,0 154,693,0
Dallas. San Fran.
s
$
52,068,0 345,085,0
4,475,0 51,719,0
47,593,0 293,366.0
II
,
9
16.673,0 96.900,0
13,000,0 40,763,0
7,797,0 92,067,0
15,000.0 118,000,0
52,470,0 347,730,0
FEDERAL RESERVE BANK NOTE
STATEMENT.
Federal Reserve Agent at-
Total.
Two Ciphers (00) omitted.
Federal Reserve bank notes:
Issued to F. R. Bk.(outstdg.)
Held by Full Reserve Bank_
$
20,001,0
10,732,0
In actual circulation
Collat.pledged agst.outst. notes:
Discounted & purchased bills_
U.S. Government securities
27,084,0
1,200,0
Total collateral
Boston. New York.
$
$
1,000,0
995,0
12,241,0
3,627.0
9,269,0
5,0
8,614,0
6,493,0
20,591,0
1,200,0
Phila.
$
Cleveland Richmond Atlanta.
$
5,000,0
5,000.0
1,600,0
981,0
12,241,0
2,850,0
3,350.0
2,264,0
12,241,0
6,200,0
2,264,0
619,0
$
$
Chicago.
$
St. Louis. Minneap. Kan.City. Dallas. SanPran.
$
$
$
$
$
160,0
129,0
31,0
179,0
5,000,0
5,179,0
WEEKLY STATEMENT OF RESOURCES AND
LIABILITIES OF EACH OF
THE 12 FEDERAL RESERV
E BANKS AT CLOSE OF BUSINESS MAR. 15 1933.
Two Ciphers (00) omitted.
Federal Reserve Bank ofTotal.
Dos
- ton. New York. Phila. Cleveland.
Richmond Atlanta. Chicago.
St. Louts, Minneap. Kan.City. Dallas. San Fran.
RESOURCES.
$
$
$
$
$
Gold with Fed. Res. Agents__ 2,215,268,0 157,027,
$
$
$
0 467,743,0 110,200,0 184,970,0
$
$
$
$
Gold redm.fund with U.S.Treas. 135,058,0 4,617,0
$
40,084,0 11,214.0 13,955.0 144,545,0 69,500.0 550,027,0 122,725,0 58.720,0 103,280.0 53,318,0 193,213,0
5,301.0 6,840,0
31,184,0 1,762,0 3.683,0 3,822.0 1,200,0 11.396,0
Gold held excl. agst.F.R.notes 2,350,320,0 161.644,0
507,827.
0
121,414.
0 198,925,0
Gold settlesn't fund with F.R.lid 301.237,0 4,584,0
0 76,340,0 581.211,0 124,487.
70,734,0 9,631,0 32,653,0 149,846.
0 62.403,0 107,102.0 54,518.0
Gold dr gold etts. held by banks_ 359,214,0 28,790,0
15,900,0
47,098,0 27,647,0 14,366,0 19,572,0 15,646,0 204.609.0
182,987.0 19.247,0 25.667,0 7,075,0 28.125.0
15,281.0
6.615.0
29,834,0 3,912,0 1,528,0 13,908,0
8.344,0 31.307.0
Total gold reserves
3,010,777.0 195,018,0 761,548,0 150,292,0
257,245,0 172,821,0 111.080.0
658,143,0 156.046,0 78,297,0 140,582. 78,508,0
0
Reserves other than gold
251,197.0
137,408.0 10,510,0
47.845,0 17,308,0 7,893,0 6,344,0
3,767,0
18,035,0 8,549,0 1,855,0 3,299,0
4,017,0 7,936,0
Total reserves
3,148,185,0 205,528,0 809,393.0 167,600,
0 265,138,0 179,165,0 114,847,0
676.178,0 164,595,0 80,152,0 143,381,
0 82,525.0259,183.0
Non-reserve cash
77,318;0 3,525,0
21,849.0 2,894.0 5,100,0 4,409,0
Redem.fund-F.It. bank notes_
2,988.0
16,548,0 4,716,0 2.049.0
170,0
170.0
2,415,0 2.927,0 7,918,0
Bills discounted:
Bec. by U.S. Govt.obligations 769,470.0 20,632,0 480,241,
0 81,335,0
Other bills discounted
462,846.0 13,438,0 133,981,0 75,019,0 65,758,0 22,709,0 13.797,0
30,722,0 8.527,0 2,002,0 7.642,0 1.258,0
34,847,0
48.329,0 24.303,0 38,264.0
31,498,0 4,455,0 12,179,0 23.210,0 5.995,0 52,175,0
Total bills discounted
1,232,316.0 34,070,0 614,222,0
156,356,0114.087,0 47,012,0 52,061,0
62,220.0 12.982.0 14.181.0 30.852.0 7.253.0 87,022.0
March 25 1933
Financial Chronicle
2028
Two Ciphers (00) omitted.
Federal Reserve Bank at-
Total.
403,316,0 64,195,0
425,013,0
465,084,0
19,000,0
989,937,0
21,799.0
27,516,0
19,000,0
53,797,0
Total U.S. Govt. securities_ 1,899,034,0 122,112,0
c,ther securities
Cleveland Richmond Atlanta,
Chicago.
9,075,0 20,542,0 17,965,0
156,338,0 28.848,0 41,513,0 9,918,0 10,020,0
148,202,0 33,259,0 54,150,0 12,937,0 13,065,0
250,696,0 65,033,0 105,877,0 25.294,0 50,545,0
555,236,0 127,140,0 201,540.0 48,149,0 73,630,0
LIABILITIES.
IR. notes in actual circulation_ 4,292,702,0 264,337,0
3,301,0
AB. bank notes in act'l circurn
eposits:
121,404.0
1,967,229,0
account
reserve
Member bank156,0
27,688,0
Government
23,040,0 1,795,0
Foreign bank
93,0
36,774,0
Special-Member bank
4,719,0
Non-member bank
581,0
64,289,0
Other deposits
2 123,739,0 124,029,0
384,676,0 60,503,0
150,210,0 10,774,0
278,599,0 20,460,0
802,0
28,095,0
Total liabilities
7 261,322,0 480.905,0 2,139,376,0 516,683,0
Memoranda.
mtingenta liability on bills purchased forlorn enrreRnondents
49.1
27.478.0
43.6
52.9
2.006.0
9.179.0
39.3
2.885,0
$
3
3,449,0 54,282,0
65,649,0 13,955,0 17,592,0 15,630,0 18,021,0 25,730,0
85,635,0 17,555,0 12.694,0 16,042,0 10,463,0 33,566,0
263,933,0 34,322,0 24,809,0 29,548,0 20.456,0 65,627,0
415,217,0 65,832,0 55,095,0 61,220,0 48.940,0 124,923,0
120,000,0
500.0
690,547,0 96,818,0 84,050,0 100,951,0 59,642,0 266,227,0
102,0 A 246,0
102,0
10,0
14,0
480,0
430,0 11,567,0
833,0 1,405,0
2,389,0 1,759,0
22,418,0 6,795,0 5,103,0 19,631,0 11.917,0 17,660,0
7,595,0 3,285,0 1,746,0 3,599,0 1.741,0 4,244,0
1,314,0 1,076,0 2,132,0 1,269,0 1,542,0 3,020.0
560,065,0
337,284,0 272,408,0 1,417,469,0 279,058,0 176,075,0 273,213,0 160,826,0
173,870,0 116,554,0 149,699,0
994,750,0 308,688,0 423,845,0 214,448,0 177,085,0 1,067,754,0
3,301,0
246,095,0 64,978,0 39,870,0 87,937,0
834,848,0 112,193,0 132,314,0 67,643,0 43,871,0
287,0
306,0
301,0
473,0
120,0 25,099,0
7,0
273,0
165,0
713,0
565,0
836,0
3,196,0
860,0
959,0
2,433,0
6,668,0 2,581,0
1,846,0
1,040,0
5,581,0
3,434,0
1,393,0
749,0
1,598,0 1,595,0 17,007,0
221,0
846,0 1,081,0
1,623,0
107,0
466.0
166,0
62,0
82,0
890,0
14,910,0 7,952,0 1,151,0
701,0 3,168,0 4,155,0 1,613,0
16,749,0
269,731,0 80.494,0 44,013,0 91,894,0
72,943,0
74,092,0
155,095,0
117.405,0
860,110,0
20,543,0 9,024,0 4,576,0 18,526,0
130,092,0 44,616,0 24,628,0 28.167,0 4,227,0
16,101,0 4.300,0 2,865,0 4,023,0
58,426,0 15,845,0 13.934,0 5,135,0 4,620,0
39,497,0 10,186,0 7,019,0 8,263,0
10,544,0
11,616,0
85,058,0 29,242,0 28,294,0
808,0
3,843,0 1,184,0 1,048,0
887,0 2,164,0 3,826,0 2,989,0
7,639,0
Total deposits
eferred availability items
Ipital paid in
irplus
1 other liabilities
serve ratio (per cent)
8,879,0
3,0
7,261,322,0 480,905,0 2,139,376,0 516,683,0 647,960,0
Total resources
s
$
$
93,110,0 17,504,0 14,771,0
525,0
21,800,0
1,500,0 -143,800,0
115,703,0 143,656,0
3,540,310,0 221,877,0 1,116,811,0 297,526,0 346,502,0
123,0
137,0
348,0
388,0
1,391,0
269,0
3,610,0
835,0
1,636,0
2,259,0
407,0
4,195,0
240,0
17,955.0
29,800,0 2.172,0
366,178,0 45,143,0 145,567,0 40,206,0 19,766,0
12,828,0 3,172,0 6,929,0 3.237,0 2,422,0
54,028,0 3,280,0
27,182,0 4,490,0 1,918,0 3,197,0 5,385,0
53,568,0 1,043,0
Total bills and securities
,ue from foreign banks
ed. Res. notes of other bankS
ncollected items
ank premises
A11 other resources
St. Louis. Minneap. Kan.City. Dallas. San Fran.
$
$
a
$
86,037,0 13,507,0
5,116,0
5,644,0
Ills rediscounted for, or with
(-), other F. R. banks
Phila.
a
s
$
s
RESOURCES (Concluded)UM bought in open market____
r. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Other certificates and bills__
Boston. New York.
57,645,0 344,027,0
76,585,0 139,491,0
429.0
72,0
713,0 1,721,0
37,0 2,401,0
65,0
644,0 11,755,0
78,051,0 155,882,0
11,522,0 28,252,0
3,792,0 10,395,0
8,719,0 19,701,0
1,097,0 1,808,0
273,213,0 160,826,0 560,065,0
647,960,0 337,284,0 272,408,0 1,417,469,0 279,058,0 176,075,0
45.8
62.1
45.9
50.6
64.7
49.9
59.6
60.8
51.8
2,720,0
1,071,0
962,0
3,572.0
934,0
632,0
797,0
797,0
1,923,0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Two Ciphers (00) omitted.
$
Boston. New York.
$6
s
Phila.
$
Cleveland Richmond Atlanta.
3
$
s
Chicago.
$
St. Louis. Minneap. Kan.City. Dallas. San Fran.
$
$
8
Federal Reserve notes:
120.949,0 172,785,0
1,124,444,0 329,315,0 449,085,0 227,641,0 197,425,0 1,153,459.0 180.898,0 4,395,0 23.086,0
Issued to F.R.Bk.by F.R.Agt. 4,728.517,0 289,604,0
85,705,0 7,028,0
20,627,0 25,240,0 13,193,0 20,340,0
t Held by Fedl Reserve Bank_ 435,815,0 25,267,0 129,694,0
214,448,0 177,085,0 1,067,754,0 173,870,0 116,554,0 149,699,0
4,292,702,0 264,337,0 994,750,0 308,688,0 423,845,0
In actual circulation
Collateral held by Agent as security for notes issued to bks:
39,040,0 17,500,0 322,027,0 28,025,0 21,220,0 10,480,0
1,091,383,0 47,010,0 358,643,0 74,700,0 74,470,0 105,505.0 52,000,0 228,000,0 94,700,0 37,500,0 92,800,0
Gold and gold certificates
1123,885,0 110,017,0 109,100,0 35,500,0 110,500,0 66,442,0 57,166,0 269,359,0 29,338,0 25,740,0 29,940,0
Gold fund-F. R. Board
1,512,877,0 97,176,0 537,900,0 138,439,0 139,564,0 17,000.0 73,500,0 335,000,0 30,000,0 36,700,0 40,000,0
Eligible paper
81,000,0 125,000,0
U.S. Government securities._ 1,009.300,0 35,500.0 120,000,0
121.160,0 173,220.0
329.639.0 449.534.0 227.987.0 200.166.0 1.154.386.0 182.063.0
1.125.643.0
289.703.0
4.737.445.0
Total collateral
NT.
STATEME
NOTE
FEDERAL RESERVE BANK
Federal Reserve Agent al-
Total.
Two Ciphers (00) omitted.
Federal Reserve bank notes:
I Issued to F. R. Bk. (outstdg.)
I Held by Fed'i Reserve Bank_
$
In actual circulation
Collat.pledged agst.outst. notes:
Discounted & purchased bills_
U.S. Government securities
Total collateral
Boston. New York.
S
s
6,841,0
3,540,0
6,841,0
3,540.0
3,301,0
3,301,0
6,841,0
6.841,0
6.841.0
6.841.0
Phila.
s
Cleveland Richmond Atlanta.
s
CURRENT NOTICES.
the Improved Banking
-The Financial Advertisers Association on
Outlook:
TION
ASSOCIA
SERS
FINANCIAL ADVERTI
Central Office, Chicago
March 20 1933.
York, N. Y.:
Editor Commercial & Financial Chronicle, New
Dear Siry behind us. Those
The acuteness of banking difficulties is apparentl
virtually with the guaranty of
banks which have reopened have done so
will continue to function; those
the Government that they are sound and
are safe from depositor
opened on a limited basis or not permitted to open
and the public has a
runs. For the first time, wo know where we stand,
s.
positive reason for confidence in the active institution
the past three years have
Here is a definite base for progress. Further
partly from choice and partly
done much to restore our sense of values;
fundamental functions and
because of legislation banks will recognize
fundamental rules of conduct.
s action created a basis
There is a further essential step. The President'
confidence should be foremost
for confidence; the maintenance of that
on March 12 did
In the bankers' minds. President Roosevelt's radio talk
took the public into confidence
two things which banks should consider-he
a language that the public
and explained why and wherefore, and he talked
could comprehend.
opportunity to continue in
The going banks have an obligation and an
to the public their
this vein-individually or in groups, they can explain
what the banks and the
functions, what banks may or may not do. and
of publicity is essential if the
public may expect of one another. The light
if we are to continue to enjoy public
public mind is to be illuminated, and
confidence.
journals would do well to stress
I believe this is a matter which banking
again. Anything a bank says or does may be
to the readers over and over
all may be to say and do nothing.
dangerous, but the most dangerous of
obtaining advertising material of this
If banks display sufficient interest in
Advertisers Association will be glad
nature, I feel sure that the Financial
to assist in getting it for them.
Sincerely yours,
H. A. LYON, President.
Ralph B. Randall announce
and
Bechhold,
Siegfried
-Alan T. Burleigh,
Inc., with offices at 111 Broadway,
the formation of A. T. Burleigh & Co.,
with the origination and
itself
concern
New York. The new company will
Burleigh, who is President, was
wholesaling of investment issues. Mr.
which dissolved in 1925. Mr.
formerly a partner of Maguire & Burleigh,
of Rechhold & Co., K. G. Ruling,
Bechhold, of the private banking family
Randall, Financial Attorney, is
Germany, is Vico-President, while Mr.
.
Treasurer
and
Secretary
s
s
Chicago.
8
$
is
69,687,0 413,225,0
12,042,0 69,198.0
57,645,0 344,027,0
12,818,0
40,500,0
0,006,0
8,300,0
85,450,0
107,763,0
112,717,0
107,300,0
70.714,0 413,230.0
St. Louis. Minneap. tian.City. Dallas. San Fran.
$
s
s
$
$
Wagon-Announcement has been made of the organization of Dobbs,
to engage in
seller & Durst, members of the Los Angeles Stock Exchange,
in the now firm
a general brokerage business in listed securities. Partners
Durst, H. F.
consist of Walter V. Dobbs, II. H. Wagenseller, Willis II.
Manager
formerly
was
Dobbs
Christy and E. Roger Dillingham. Walter V.
firm, II. F.
of the stock department of Banks, Huntley & Co., with which
. II. II.
Christy and E. Roger Dillingham were also formerly associated
respecWagenseller and Willis II. Durst are President and Vice-President
Durst
&
r
Wagenselle
tively of the investment banking firm of Griffith,
their associaIn addition to their new affiliation, they will continuo actively
business.
tion with the latter firm which does a general investment securities
offices
Dobbs, Wagenseller & Durst will occupy space in the Los Angeles
of Griffith, Wagenseller & Durst.
two Now York
-Announcement Is made of the consolidation of the
Farwell & Co., under
Stock Exchange firms of Haliaday & Co. and Hitt,
will continue business
the new partnership name of Halladay & Co., which
The partners of the new
at the address of the latter firm, 14 Wall Street.
Macaulay Hamilton, William B.
firm of IIalladay & Co. are: Reg Halladay,
Ambrose, William A. Hooven
Scarborough, James A. Wilsey, C. Arthur
the firm.
and August H. Schenck, the floor member of
office of N. W. Ayer & Son, Inc.,
York
New
the
of
Okle,
13.
William
of stockholders. Mr. Okla
was elected a director at the annual meeting
since 1920 and has been a Vicehas been with the advertising agency
are Wilfred W. Fry,
President since 1929. Directors who were re-elected
Adam Kessler Jr., Clarence L.
William M.Armistead, George It. Thornley,
Jordan, Harry A. Batten and Gerold M. Lauck.
the stock exchange firm bearing
-Benjamin Block, who withdrew from
active in the Street with a new
his name last December will again become
p headed by Mr. Block
partnershi
now
firm, Benjamin Block St Co. The
and Henry De Sola
will include Joseph R. Blake, floor member; Leo Ullman
will be maintained with
Mendes, as partners. Offices for the time being
Peter J. Maloney & Co., 50 Broadway.
30 Broad St., New
R. S. Dickson & Co., Inc., Charlotte, N. C., and
ve legislation enacted
York. have prepared a circular pertaining to constructi
of all political
bonds
and
and proposed affecting North Carolina State bonds
bonds may obtain
subdivisions. Any dealer or institution holding such
a copy of this circular.
of State and
-Webster, Kennedy & Co. have prepared a special survey
population, assessed
municipal bonds, giving complete details covering
and ratio of debt to assessed
valuation, total debt, net debt, per capita debt
and United States
valuation of more than 300 cities'and all of the States
possessions.
N. Y., announce tho
-Johnson, Logan & Co., Inc., 120 Broadway,
the management of C.
opening of a municipal bond department under
Wilson and Mr. Ehlenborger
Albert Wilson and Arthur Ehlenberger. Mr.
were both formerly with Geo. 11. Burr & Co.
Financial Chronicle
Volume 135
Sinanriat
Tire
antnirle
Tninintrrilll
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
-12
Mos.
6 Mos,
Including Postage
$10.00
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11.50
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In Dominion of Canada
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13.50
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Possessions and Territories
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15.00
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The following publications are also issued:
MONTHLY PUBLICATIONS—
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NOTICE.—On account of the fluctuations in the rates of exchange,
remittances for foreign subscriptions and advertisements must be made
in New York funds.
Terms of Advertising
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert: Business Manager, William D. Riggs:
Treas., William Dana Seibert; See.. Herbert D.Seibert. Addresses of all, Office of Co.
Wall Street, Friday Night, March 24 1933.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 2015.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Range for Week.
Lowest.
Highest.
Range for Year 1933.
Lowest.
Highest.
Railroads—
Par. Shares. $ per share.
per share. $ per share. Seer share.
Colo & So 1st pret_100
Jan 19% Feb
30 15% Mar 21 1534 Mar 21 14
Del & Mackinac pf-100
Mar 5
100 5 Mar 23 5 Mar 23 5
Mar
III Cent preferred_ _100
MStP&SSMLL-100
NatRye of Met1st pf 100
Feb 21% Feb
200 17% Mar 20 18% Mar 20 17
70 7 Mar 24 7% Mar 20 4% Feb 7% Mar
% Mar 18
% Mar 18
31 Jan
200
% Mar
Pacific Coast 1st P1-100
Pitts Ft W & Chi pf.100
Rutland RR prof. _100
South Ry M &0afs100
2% Mar 22 2%
10139 Mar 23 139
800 '9 Mar 18 10%
200 10 Mar 22 12
Indus. &
Art Metal Construct_10
Asso Dry Gds 1st pf 100
2d preferred
100
Barker Bros pref....100
Brown Shoe pref. 100
100 3% Mar 18 3% Mar 18 3% Feb 334 Feb
Feb 2334 Jan
100 20% Mar 23 20% Mar 23 18
100 17% Mar 23 17% Mar 23 15
Jan
Jan 19
20 9% Mar 23 0% Mar 23 7% Jan 9.35 Mar
20 108% Mar 22 iosy, Mar 22 108% Mar 110
Jan
City Investing
100
Comm Cred prof (7)_25
Dresser Mfg class A.
Class B
10 45
40 18%
400 7%
400 2%
Mar 22 45
Mar 21 18%
Mar 22 7%
Mar 24 3
Fash Park Assoo pfd 100
Franklin Simon pre; 100
Hamilton Watch
*
360 3
110 14
30 3
Mar 20 3 Mar 20 3
Mar 18 20% Mar 20 12
Mar 21 3 Mar 21 3
Feb
Keith-Albee-Orp pfd100
Kresge Dept Stores_ •
Mengel Co pref._ _ _100
100 10
270 25
Mar 24 10
Mar 22 1
Mar 20 32
Jan 14
Mar 2
Jan 32
Newport Industries
300
Outlet Co prof
60
1
100
100
1
Mar 22 1% Feb 2% Jan
Jan
Mar 23 137% Feb 143
Feb
Mar 21 6
Jan 11
Mar 20 8
Jan 12
Mar
Mar 22 45
Feb
Jan 49
Mar 21 18% Mar 2034 Jan
Mar 21 6% Feb 8
Jan
Mar 21 2% Mar 3% Feb
Mar 24 8
Mar 22 1
Mar 21 22
4
Feb
Jan 23% Feb
Jan 3% Feb
Jan
Jan
Mar
1% Mar 24 1% Mar 23 1% Mar 2% Jan
Mar 22 105 Mar 22 105
Feb105
Feb
10 105
Pac Tel & Tel prof...100
Panhandle PARpref 100
Param't-Publix Ms_ _10
Penn Coal Rs Coke_ _-50
Pitts Term Coal._ _100
50 106
40 6%
200
14
100 1%
Shell Transp & Trad _£2
Sloss-Sheff St & Zr _100
Preferred
100
340 11% Mar 21 1134 Mar 21 1134 Mar 18
Jan
200 9 Mar 22 11 Mar 23 7
Jan 11
Mar
60 10 Mar 22 1034 Mar 22 834 Feb 12% Mar
United Amer Bosch_ _.*
U S Tobacco pref.-100
Univ Leaf Tob pref-100
600 3
40 125
10 100
100
Va Iron Coal de Coke100
50
1
3
Mar 21 106 Mar 21 106
Mar 24 634 Mar 24 5%
Mar 20
% Mar 201
14
Afar 22 1% Mar 22
34
Mar 21 1 Mar 21
34
Marl 110 Jan
Jae 634 Mar
Mar
11 Feb
Feb 11% Mar
Feb 1
Mar
Mar 211 334 Mar 18 3
Mar 3% Feb
Mar 24130% Mar 21t 125
Mar 130% Mar
Mar 20 100 Mar 20 9934 Mar 103
Feb
Mar 221
3
Mar 22
2% Feb
3% Feb
*No par value.
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, Mar. 24.
Maturity.
Int.
Rate.
Md.
Dee. 15 1933_ . 14%
Sept.15 1933... 114%
June 15 1933... I Si %
May 2 1933 _. 2%
Aug. 11934... 23.4%
Feb. 11938... 254%
Dee 15 1936.
23e%
Asked.
99
991.s,
9924n 992"ss
1004n
100
100,st 100,s2
99"ss 100
9820s, 98"s,
99
991.s.
Mazurite.
Int.
Rate.
May 2 1934... 3%
June 151935..
Apr. 15 1937...
Aug. 1 1936._.
Sept. 15 1937...
Aug. 151933...
Dec. 15 1033
3%
3%
314%
3st%
4%
41.4' or-
Md.
Asked.
1002133 10143,
100"s, 100"ss
99.0n 1000ss
1000ss 100"n
loco.. 100"ss
100"ss 100"ss
10117s. loin..
U. S. Treasury Bills—Friday, Mar. 24.
Rates quoted are for discount at purchase.
Mar. 29 1933
Apr 12 1933
Apr. 19 1933
Ayr. 26 1933
May 10 1933._ _ ._ __
BM.
Asked.
2%
2%
2%
2%
2%
1%
1%
1%
1%
1%
May 17 1933
May 24 1933
May 31 1933
June 7 1933
June 21 1933
Bid.
Asked.
2%
2%
2%
2%
2%
1%
1%
1%
1%
134%
--100"ss
100"a
100"ss
23
Converted 434% bonds(High 10128s, 10120n 10122n 10120,, 101"ss 101"ss
of 1932-47 (First 4)(s)i Low_ 10124s, 1012% 101"ts 101"s: 10111n 101"st
(Close 10124ft 101 24SI 1011021 101",, 101"H 101",,
32
115
212
80
37
26
Total sales in 81.000 units-Second converted 431
, % Sigh
- ------- -----------___
-----.--__
-___
---bonds of 1932-47 (First Low_
Second 4%s)
Fourth Liberty Loan
{High 10221., 1021ss 101"st 101,,s2 101"n 10111n
4h% bonds of 1933-38
Low_ 10120n 101",, 1010n 101,0n 101,0a: 101"ss
Close 102
Total sales in 81.000 units—
108
{High 109,
11
Treasury
Low_ 109
434s, 1947-52
Close 109
26
Total sales in $1.000 units-(High 105
1012233 101 1033 10112s, 1011433 1011183
300
10820
:
1080n
108,n
69
104,1st
473
10871,
107212
1071tt
225
104"st
Low_ 1012133 10420e 1032433
Close 10121,3 1041133 1032433
16
128
234
Total sales is $1,000 units...
William Street, Corner Spruce, New York.
Sales
for
Week.
—
First Liberty LoanHigh 101"n 101,0n 10111st 101"ss 101
3%' bonda of 1932-47..-{Low. 101"ss 101*ss 10124s, 10030,1 10Own
Close 101201, 101021, 10020s, 101212 101241,
(First 354s)
31
113
112
49
189
Total sales in $1,000 units__
I
Converted 4% bonds ofHigh
1932-47 (First 45)
4s. 1944-1954
WILLIAM B. DANA COMPANY, Publishers,
STOCKS.
Daily Record of U. S. Bond Prices. Mar.18 Mar.20 Mar.21 Mar.22 Mar.23 dfar.24
(Fourth 434s)
Transient display matter per agate line
45 cents
On request
Contract and Card rates
CHICAGO OFFICE—In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
Week Ending March 24
2029
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Below we furnish a daily record of the transactions in
Liberty Loan and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation
{High 103%, 103,
12 102,,n
st
Low_ 102"as 102"n 102,
103
1020n
Close 103
160
160
206
Total sales in $1,000 units—
[High 1012.41 101ss, 101
99223,
Low_ 101108 101
3%s, 1943-1947
814s. 1946-1956
560
108
1072ss
107"st
62
104"at
103,411
1041132
279
103
102"n
1022,22
204
10024,2
100'n
191
107,4n
107"st
107"n
195
1042,22
104,,n
1040,12
680
1031n
102",
102,,n
110
100"n
1004s,
286
107"1:
106"ss
107
512
104"st
103"81
103"ss
202
10210:3
101"st
101,0n
50
100",,100w
100
100
1001033 1001n 100
Close 1011233 101
39
399
142
284
39
225
Total sales in $1.000 units—
(High
Low_
Close
Total sales in $1,000 units...
Se. 1951-1955
98
97243,
972433
971012
97"n
972 as
96"n
971232
96'132
29
242
418
High 1022n 101"ss 101
Low_ 1012433 101431 100,n
Close 101"s: 1010s: 100,42
Total sales in $1.000 units__ ..
11
47
460
[High 101",, 101",, 101
35{8. 1941-43
Low_ 101 10st 101,21 100112
Close 101uss 1010s, 1002s,
Total sales in $1.000 units.-61
38
294
[High 9922ss 99712
9822,3
334s. 1946-1949
Low. 99'ss
9820n 98.82
Close 99133
981033 98,st
TrVal 6,11.6 lee 51 NIA opal..
AL
£712
dell
1154s. 1940-1943
971in
97,n
97,51
136
10028s,
100"n
100"n
244
100"st
1001n
100un
368
98"st
980ss
98"ts
97143,
97
977n
349
100"st
100"sa
10014n
442
100"tt
100%
10021s,
76
98041
98"n
225
225
97s
1s
96,41:
9614n
295
100"n
100
100,n
208
100"n
99"ss
1002ss
350
980,n
97ss
"
98"e 97"ss
eMa•
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1st 4ga
lois. to 1018n
23 4th 434s
2 Treas. 354s June
10 Treas. 3s
10178, to 10102st
100"n to 100"s0
97•33 to 97'n
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 3.43340
3.44 for checks and 3.43%03.44% for cables. Commercial on banks,
sight, 3.4303.4334; 60 days, 3.42%; 90 days. 3.4234, and documents
for payment, 60 days, 3.43%. Cotton for payment, 3.43.
To-day's (Friday's) actual rates for Paris bankers'francs were 3.9334@
3.93 9-16 for short. Amsterdam bankers' guilders were 40.30040.32.
Exchange for Paris on London, 87.85, week's range, 87.85 francs high and
87.14 francs low.
The week's range for exchange rates follows:
Checks.
Cables.
Sterling, Actual—
High for the week
3.46%
3.4634
Low for the week
3.41%
3.4134
Paris Bankers' Francs—
High for the week
3.9454
3.943
3.92
3.9254
Low for the week
Germany Bankers Marks—
23.90
23.93
High for the week
23.79
Low for the week
23.78
Amsterdam Bankers' Guilders—
40.44
40.44%
High for the week
40.23
Low for the week
40.26
The Curb Ecchange.—The review of the Curb Exchange is
given this week on page 2016.
A complete record of Curb Exchange transactions for the
week will be found on page 2046.
CURRENT NOTICES.
—William F. Vester and Arthur B. Wallace, formerly with Hoit, Rose &
Treater, are now associated with Munds, Winslow & Potter in their bank
and insurance stock department and will represent the firm in the eastern
section of the United States.
—James Talcott, Inc., has been appointed factor for Paragon Underwear
Co., Inc., New Hartford. N. Y., manufacturers of sport knitwear and
bathing suits. and Widder Brothers, New York City, manufacturers of silks.
—R. F. Gladwin & Co., members Bank Stock and Unlisted Dealers
Assn. of N. Y., announce that John L. Laver is now associated with them
in their insurance stock trading department.
—Ewart & Bond, Inc., announce a change in corporate name to Ewan,
Noyes & Bond, Inc., and the removal of their New York offices to 63
Wall St.
—Henry B. Sawyer has been elected President and a director of SlaytonLearoyd. Inc., of Boston, succeeding the late Hovey E. Slayton.
—Bond & Goodwin, Inc.. have prepared a special circular on Interborough Rapid Transit and other New York traction companies.
—Van Alstyne, Noel & Co., New York, announce the installation of a
private telephone wire to their Philadelphia office.
—Mahon & Co.. members New York Stock Exchange, announce the
removal of their offices to One Wall St.
—Hornblower & Weeks have prepared a study of copper prices and
copper stocks over a period of 40 years.
—Bacon, Whipple & Co., Chicago, have rentcvc their offices to Room
740, 135 S. La Salle Street.
—Bristol & Willett, 115 Broadway, New York, have prepared an analysis
of Ruberoid Co.
2030
March 25 1933
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
Kir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Mar.18.
Monday
Mar.20.
Tuesday
Mar.21.
Wednesday
Mar.22.
Thursday
Mar.23.
Frklay
Mar.24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Pret`toul
Year 1932.
Richest.
Lowest.
Railroads
Par $ Per share $ per share
per share per share
$ Per share $ per share $ per share Shares
1778 June 94 Jan
41/
1
4 4418 4314 4538 4318 4412 83,100 Atch Topeka & Santa Fe--100 3458 Feb 25 4718 Mar 16
35 July 86 Jan
Preferred
100 59/
1
4 Jan 6 88 Feb 9
6112 62
62 62/
1
4 6034 6034 1,100
954 May 44 Sept
1
4 Feb 25 2618 Feb 11
12,100 Atlantic Coast Line RR.--100 16/
21
2134 22 .2358 2212 23
100
334 June 2138 Jan
814 Feb 27 1258 Feb 9
/
4 43,300 Baltimore & Ohio
10
1
4 111
/
4 1078 111
1114 10/
/
4 Jan
100
6 June 411
Preferred
934 Feb 27 1584 Feb 9
1212 1234 131
/
4 13/
1
4 1234 1314 3,800
9/
1
4June 3534 Aug
50 20 Jan 5 2634 Jan 27
Bangor & Aroostook
*24
27
2912
*2434 2912 *24
Sept
June
91
6858
Jan
4
85
Jan
27
100
50
Preferred
40
81
*81
86
*811
/
4 8812
81
7 Mar 1 12 Mar 15
4 July In Sept
100
Boston &Maine
*812 12
*812 12
*8/
1
4 12
Mar
4
Jan
12
Tr_No
par
1014
5
Mar
id
Brooklyn
&
Queens
July
*3
,
8
538
*3/
es
*318 584
1
4 5/
1
4
1
4 Jan 18
2314 June 58 Mar
No par 40 Jan 5 45/
Preferred
40 40
*35
42 *35
100
40
1118 June 5014 Mar
1
4 52,600 Bkin Manh Transit-No par 2134 Feb 25 31 Feb 3
26
1
4 29/
1
4 28/
2818 27/
1
4 26/
3112 June 7538 Mar
75/
77
$6 preferred series A_No par 64 Mar 2 7938 Feb 3
1
4 7578 *7534 7712 1,300
75
*12
88
*1
/
4
38
12 Apr
218 Aug
12 Jan 11
/
1
4 Jan 3
500 Brunswick Ter &Ry SecNo par
*12
N . *12
58
33
58
714 May 20/
/
1
4
Jan
6
1
4 Mar
7
/
1
4
Feb
23
14
25
818 812
938
Canadian
Pacific
838
858
878
9
9
913
28,800
858
834
88
39 July 70 Feb
*47 65 *50,2 65 *50 65 *47
*47 65
65
Caro Clinch & Ohio stpd_ _100 52 Feb 28 55 Jan 31
65 *47
13
14
2 A
Jan
g
91342 JulyJul y 33
1
4 Feb 2S 3012 Feb 9
25 24/
2958 29
2958 3018 295. 3038 28/
29/
1
4 2812 2958 73,100 Chesapeake & Ohio
1
4 3014 28
802 1
*12
3
*12
1
11
/
4 Feb 10
118 Feb 10
*12 1
*12 1
100
Chic & East Ill Ry Co
*12 3
12 May
5 Aug
114 Jan 11
34 Feb 27
1.
1
1
112 *1
100
1
112
112 *1
*34
200 6% preferred
*84 1
114 June
532 Aug
3 Jan 11
*238 258 *2/
11
/
4 Feb 23
213
400 Chicago Great Western-100
2
2
*2
212
214 214 *2
1
4 212
212 May 1513 Jan
1
4 1,500
412
5
338 Feb 21
838 Jan 10
412 412
434 4/
Preferred
100
414 4/
514
1
4 *5
414 5
u3
g
8/
1
4 A3
238 Jan 9
18
10
4 June4
114 Feb 27
112 1,
8
1/
1
4 134 *112 134
112 178
1.12 134 1,500 Chic Milw St P & Pao_ _No par
IN 11
/
4
May
3/
1
4 Jan 11
214 238 2,400
11
/
4 Feb 28
214 2/
1
4
, 258 258
214 214
214 212
212 2
Preferred
,
4
100
2 May 1412 Aug
8
438 4,
438 412
614 Jan 11
4•
414 10,300 Chicago & North Western_ 100
/
4
4
412
3 Feb 24
418 412
334 41
*612
Jan
712 712 *714 734
4 Dec 31
914 Jan 11
7
7
514 Feb 27
400
714
7
7,8 *612 734
Preferred
100
112May 1632 Jan
414
4
4
*4
*334 4
*334 4
414 438
5/
1
4 Jan 11
*37s 414
500 Chicago Rock Isl dr Pacific_100
3 Feb 28
5/
1
4 51
314 Dec 2712 Jan
512
412 Mar 1
8/
1
4 Jan 11
538 538
513 512
1,100
7% preferred
100
5
,
8 *538 7
514 512
51
512
2 May 2412 Jan
458 Feb 27
512 *414 512 *4
512
712 Jan 11
514 *412 51
514 *4
300
6% preferred
100
413 June 2912 Sept
*15/
1
4 25
*1512 25
*1512 25
*1513 25
1
4 Feb 20
1512 151
*1512 24
100 Colorado & Southern
100 1514 Feb 24 15/
*158
*138
218 218 *214 21
218 *17g 218 *178 218
1 Dec 1112 Jan
218 Mar 23
100 Consol RR of Cuba pref 100
114 Feb 24
1
4 Sept
5234 5534 5512 5814 52
32 July 92/
54
5612 85,600 Delaware & Hudson
56
5634 5114 54% 54
100 3758 Feb 25 5814 Jan 11
li
9 Sept
2112 2314 2212 24
8 2218 24
23
may 4578
2214 23,
2378 2312 24,
83
11June
8 37,000 Delaware Lack & Western_50 1714 Feb 25 2738 Jan 11
53
•134 713 *2
5
41
712 *2
3 Feb 14
*2
Deny & Rio Or West pref.-100
2 Feb 28
*214 312
712 *2
*512
*512 584
512
514 514
512
2 May 1184 Sept
6/
1
4 Jan 11
512
Na
53
100
4 Feb 25
51s
800 Erie
*514
*512
612 *514 618 *512 7
6
258 May 1578 Aug
734 Jan 11
6
614 *E118 612
5 Feb 2,i
200
First preferred
100
1
4 Aug
4
4
334 334 *214 334 *2
2 May 10/
*238 458
43
. *3/
1
4 4
Second preferred
100
514 Jan 11
500
3 Feb 28
512May 25 Jan
/
4 Jan 11
9/
1
4 934
100
818 914
8/
1
4 958
9/
1
4 10
634 Feb 27 111
878 912
884 938 10,500 Great Northern pref
2 May 10 Sept
2 Jan 6
*1,
4 312 *112 312 *134 312 *154 312
•134 312 *IN 31
Gulf Mobile & Northern 100
2 Jan 6
*334 0
*4
213 Dec 1512 Sept
514 Mar 17
6
234 Feb 28
*3
6
Preferred
100
*334 6
*334 6
*334 6
1
4 Jan
*1358 1414 1338. 183
12,
8 May 30/
,
4 *1212 13
4 13
1,800 Hudson & Manhattan_ _ _ _100 1112 Feb 27 1534 Jan 12
13
13
,
8 1238 12
1
4 Sept
1334 1434 1418 147
484 June 24/
1438 1238 1338 1318 1414 1314 1334 20,800 Illinois Central
13
100 1018 Feb 25 1512 Mar 16
*6
*512
7 Feb 17
8
4 May 1412 Jan
512 Mar 23
8
*518 8
10
RR Sec Ws series A__1000
512 512 •518 8
612
1
4 Mar
214 June 14/
1
4 Feb 3
7/
584 6
418 Feb 27
7
658 718 24,300 Interboro Rapid Tran v t c_100
5/
1
4
534 678
•878
214 June 1514 Sept
9
9
9
9
913 912
9
800 Kansas City Southern
100
612 Feb 27 11 Feb 9
934 10
914 914
sept.4
5
712 Jmua
ny
e 2
35
814 S
*13
1412 1418 15 *14
100 1212 Feb 25 16 Feb 9
*13
16
14
15
15
15 *13
Preferred
900
12
5 June 2914 Sept
1138 1218 1034 1112 1118 1214 *1114 1134 4,900 Lehigh Valley
50
8/
1
4 Feb 24 1478 Jan 9
1214 1218 127
2912 30/
3228
g 3014 3114 21,800 Louisville & Nashville__ _..100 2114 Jan 3 3258 Mar 20
2878 311
/
4 2814 3078 2934 31,
1
4 30
9 Sept4638 Mar
1
4 Jan 25
/
4 17/
1238 1238 *1278 1738 *12/
2 1718 1718 17/
1
4 17/
40 Manhattan Ry 7% guar 100 12 Mar 16 18/
1
4
1
4 *14,
1
4 *121
0/
1
4 1058 16,800 Manh Ry Co mod 5% guar.100
4 June 2034 Mar
918
8
738 81
8,2 81
918 978
8/
1
4 8/
1
4
6 Jan 3 10581,1ar 24
*112
*112
5
9 Jan
218 Dec
Feb
3
•112
2
/
1
4
pref__100
178
Mar
3
Market
St
Ry
prior
*112 5
*112 5
*112 5
5
1
*18
1
*18
1
*18
14
*18
18 Jan
32 Aug
*18
14
*18
14
18 Jan 23
58 Jan 19
Minneapolis di St Louis_ __100
*12
1.1
*12
118
12 Dec
4/
1
4 Sept
12 mar 20
•/
1
4 118
*12
114 Jan 11
*12 11
/
4
400 Minn St Paul di SS Marie.100
12
1
114 may 13 Sept
1
4 Mar 20
812
8/
858
534 Jan 3
8
818 88
8
8
8
8
858
9,300 Mo-Ran-Texas BR.._ No pa
734 8
314 June 24 Sept
100 1112 Jan 3 2058 Mar 20
1712 187
1812 1914 1912 2058 1834 20
Preferred series A
1812 1938 7,300
1834 20
112 May 11
Jan
312 31
438 Jan 11
214 Jan 20
100
238 314 +212 3
314 314
2/
1
4 212 *258 3
700 Missouri Pacific
2114
3 May 2674 Jeapnt
414
434
478 5
7 Jun 10
4/
458 5
100
312 Feb 24
1
4 45
418 41
Cony preferred
4/
1
4 434 3,000
*18
*1
/
4
1
*18
14
Fob
*18
I.
14 Mar 15
*1
/
4
14
18 Jan 3
Nat Rys of Mexico 2d pref_100
14
*18
/
1
4
mua
ny 33
6538
4 sJeapn3
342 J
8
13
2012 1812 198
1913 2014 1978 21
100 14 Feb 25 2113 Jan 11
19
1984 2078 1912 2012 133,900 New York Central
412 Feb 9
2/
1
4 Jan 25
312 *3
3
3
3
312
*3
312 *3
3
300 N Y Chic & St Louis Co.. 100
3
3
June
155
8
Jan
2
Feb
9
412 412 *418 43
418 418 *4
413 412 *412 514
series
A
100
314
Jan
3
614
412
Preferred
300
8214 May 12713 Aug
50 104 Mar 3 120 Jan 28
*108 110 *108 110
*108
107 108
108 108 *105 108
60 N Y & Harlem
/
4 Jan
6 May 311
/
4 Feb 27 • 1788 Jan 11
15
100 111
1
4 15
110N
1558 1558 161
Y N 11 & Hartford
1434 16
15
1558 29,000
/
4 1414 1534 13/
1178 July 7834 Jan
2438 2138 23
25
100 19 Mar 1 3034 Jan 11
2512 2512 2512 22
Cony preferred
2158 2334 2112 2212 2,900
358 July 1534 Sept
/
4 Feb 9
758 Jan 4 111
10
10
1014 10
9/
1
4 10
9
,
s 1038
1012 1014 1034
1014 5,400 N Y Ontario & Western__. 100
18 Dec
1 Feb
*12
3
*18
3
4
*/
1
4
34
*14
3
4
/
1
4
Jan
20
18
Mar
15
NY
Railways
pref
100
No Par
*18
84
14
14
*34
78
334 Sept
34
3
78
14 Dec
/
1
4 Jan 3
113 Jan 11
100
1
200 Norfolk Southern
*34
*34
84
84
*34
78
57 June 135 Sept
120 12212 120 12012 1255 12534 *12214 125
*123 128 *12218 129
100 11112Mar 2 130 Mar 15
600 Norfolk & Western
65 July 8112 Dec
70/
1
4 7958 79/
100 27818 Jan 31 8312 Jan 5
*7912 82
*7912 82
808090
Preferred
1
4 7912
*7912 82
5/
1
4May 2538 Sept
100 1012 Feb 27 1738 Jan 11
15
4 15,
8 21,200 Northern Pacific
1514 1434 1578 1312 1514 1358 1438 141g 1512 14,
311 Sept
1 Mar
*1
*1
2 Jan 12
1 Jan 25
4
100
4
*I
4
*I
•I
4
4
4
*1
Pacific Coast
61:June 2338 Jan
50 1354 jan 3 1912 Mar 16
18/
1
4 1834 1812 1918 1718 18,
1
4 1878 1712 1833 56,000 Pennsylvania
1814 17/
4 17
/
1
4 May
514 Sept
114 Jan 17
*12
9
*12 2
100
/
1
4 Feb 17
*1
/
4 2
Peoria & Eastern
*12
2
*12 2
*12 2
•6
184 June 18 Aug
814 Feb 10
71
10
378 Mar 3
712 *6
*5
712 *6
7
*6
100 Pere Marquette
7'2
7
712
312 June 26 Aug
6 Jan 3 1258 Feb 10
100
Prior preferred
9
10
10
1134 117g *813 1134 1078 1112 *0
100
10
11,2
2/
1
4June 24 Aug
412 Feb 28 1012 Feb 10
100
Preferred
10
40
712 712 *7
*714 10
718 7,4
738 738
*712 813
*5
*5
•5
6 Dec 2112 Aug
Pittsburgh & West Virginia 100 10 Mar 15 10 Mar 15
*5
8
8
*5
*5
8
8
912 June 5214 Sept
1
4 Jan 11
24 Feb 27 32/
5
*2712 2812 *2612 281
27
27
27
29
29
700 Reading
28
30
29
15 July 33 Jan
1
4 Jan 4 31 Jan 14
50 26/
1st preferred
8 *2514 29,
*2512 2958 *2512 2633 *2513 2958 *2514 29,
s *2514 2958
15 May 38 Sept
5
25 Jan 5 28 Jan 13
2958 *2312 2512 *2312 2958
2d preferred
100
2512 *24
2512 *24
2512 2513 *24
58 May
6/
1
4 Jan
112 Jan 5
/
1
4 Jan 30
118
118 *1
400 St Louis-San Franclsco___100
118
1
1
1
118
*I
118 *1
934 Jan
1 May
17/4 Jan 17
118 Feb 27
10
1st preferred
/
4
700
/
4
138 138 *114 138 *114 138 •114 11
11
/
4 11
184 134
3 May 1378 Sept
514 Mar 15
1
4 71
St Louis Southwestern__ 100
5/
1
4 Mar 15
*314 712 *314 712 *314 712 *3/
*314 8
*314 8
20
1
.12 an
8518 D
100
*4/
1
4 29
Preferred
*418 29
*418 29
*418 29
*41g 29
*418 29
a8 Jan 5
Jan
Sept
*14
/
1
4
No pa
14
14,
14 Jan 3
500 Seaboard AirLine
*14
38
*14
38
*14
/
1
4
N
/
1
4
/
1
4 Jan 10
/
1
4 Jan
11
/
4 Sept
Jan 0
402
7
78
100
*12
*12
78
*1
/
4
78
*12
78
*12
78
6/
1
4June 37/
1
4 Jan
1
4 Jan 11
100 1118 Feb 25 19/
1538 1658 63,800 Southern Pacific Co
1434 1614 1558 17
1618 1718 1612 1758 1512 17
212 May 1812 Sept
834 Mar 16
418 Mar 2
100
7
13,900 Southern Railway
638
614 634
718 712
7/
1
4 712
712 7/
1
4
658 7/
1
4
3
July
2334
Sept
Mar
16
934
100
5
/
1
4
Jan
3
712
8
Preferred
78
4,200
734
812
9
9
918
8/
1
4 938
712 834
13 Nov 35 Sept
100
Texas & Pacifist
29
29 *16
2878 •16
*16
29 *16
29
1*16
3878 *16
3/
1
4 May 14 Mar
634 Feb 3
512 61
418 Feb 25
100
500 Third Avenue
558 5/
1
4
533 538 *5
5/
1
4 *5
5/
1
4
5/
1
4 5/
1
4
118 Dec
158 Jan 20
413 June
11
/
4 Jan 10
158
200 Twin City Rapid Trans No pa
8 *1
112 158 *118 1,
*112 3
*158 3
*115g 3
7 June 2411 Jan
758 Mar 16
7 Jan 9
100
Preferred
*612 10
*613 10
7 750
10
1178 *7
7/
1
4 714 *7
27% July 9412 Feb
1
4 Mar 16
100 6414 Mar 2 80/
74
79,300 Union Pacific
72
75
7714 783 78
79/
1
4 75
7838 71
7412 72
40 May 715s Aug
100 63 Jan 6 6812 Feb 10
200
Preferred
65
63 *63
*6188 63
63
*63 65
65 65 *62 65
/
1
4 June
414 Aug
11
/
4 Jan 4
218 Jan 10
100
Wabash
*184 2
*158 2
*1/
1
4 2
*134 2
*134 2
*134 2
6 Jan
3/
1
4 Jan 11
1 June
Preferred A
IN Feb 27
100
200
214 214
*214 212 *214 212 *214 212
214 214 *214 212
112
May
788
Feb
10
113
8 Sept
100
4
Feb
27
Maryland
Western
612 812 4,500
6
,
g 628
6
61'8
558 6
612 714
614 658
2 May 1114 Sept
100
558 Jan 12
71
/
4 Feb 9
2d preferred
7
712
*612
812 *512 818 *5
400
7/
1
4
8
*6
7/
1
4 *5
12
June
484
Aug
Jan
9
114
Feb
3
2
100
Western
Paclf10
*138
112
*1.38
112
*138
112
300
112
112
*1/
1
4 112
112 112
84 May
878 Aug
178 Mar 2
3/
1
4 Jan 11
100
Preferred
100
*258 3
258 2/
1
4 *258 3
*258 3
nsa 3
nss 3
Ls per share
$ per share $ per share
,
8 4338 4512
4414 4558 4518 46
6412 62 62
6412 6412 61
g 22 2238 2158 2378 21 2278
11034 1158 1112 1218 1058 1134
1318 14
1314 131
/
4 1334 14
27
*24
28 *2514 27 *24
8118 8118 *8114 85
83 83
*812 12
*812 12
*812 12
*318 5
/
4 61
/
4
*3/
1
4 6/
1
4 *31
42
*35 42 *35 42 *35
2612 2714 2612 2712 2518 27
73
- 73
73
7412 7514 7514
-54 -1.3-
5
*1278
*127g 16
*1318 16
*13/
1
4 16
89 *--- 89
89
418
414 434
434 5
4/
1
4 5
*4258
*45
*45
51
*45
51
51
1234 1378 1312 1312 1314 1414 1338
612
612 7
*6/
1
4 7
6/
1
4 7
214 *1,
4 2
*134
2
214 214
914 *8,
3 9
*9
*8511 914 *858
60
5934 56
6034 60 61
57
*34 1
*34
*34 1
*34 1
• 1272 1332 1278 1318 1212 13
13
*34 2,2
*34 212
*34
*84 212
11g
138
lig
138 138
114
13,
212 212
258 258
258 258
2
t48
1
4 ;82 f
212 212 *112
*212 3/
1
4
112 11
2
2
/
4 *118
Industrial & Miscellaneous
No par
Abraham & Straus
*1278 16
16
*1278 16
100
Preferred
89
89
89
No par
4/
1
4 412 10,100 Adams Express!
412 434
412
100
Preferred
*4258 52
50 *4258 52
No par
1312 1378 3,300 Adams Mills
1334 1312 14
800 Address Multigr Corp_.No par
*614 612 *6
612
7
No par
*134 2
400 Advance Rumely
*134 2
2
9
914 1,300 Affiliated Products Ino_No par
9
9/
1
4
9
No par
5714 5914 12,300 Air Reduction Inc
5912 5734 60
Air Way Elm Appliance No par
*34
1
1
*34 1
1438 1334 1414 1312 14 45,000 Alaska Juneau Gold Min_ -10
No par
A
P W Paper Co
2
212
*78
2
*1
/
4
118 118 6.800 Alleghany Corp
No par
118
118
I
Pref A with 630 war?...100
400
2
*2
212 *2
212
*11
/
4 312
Pref A with $40 wary-AGO
100
212 *112 3
Fret A without wart_ __ _100
158
158
212 .112 2Is
700
•Bid and asked prices, no sales on this day. s Sold 15 days. a Ex-dividend.
y Ex-rights
1318 Feb 23
80 Mar 3
3 Feb 28
50 Jan 4
10 Feb 16
61
/
4 Mar 18
154 Feb 21
754 Mar 1
471
/
4 Feb 25
12 Feb 28
1118 Jan 14
1 Jan 5
1 Jan 4
11
/
4 Feb 24
11
/
4 Feb 24
112 Mar 21
161
/
4 Mar 16
80 Mar 3
534 Mar 16
5114 Jan 24
1534 Jan 9
1018 Jan 3
258 Jan 11
1012 Jan 21
641
/
4 Jan 11
114 Jan 5
1438 Mar 22
114 Jan 27
11
/
4 Jan 11
318 Jan 5
212 Jan 4
234 Jan 6
10 June
68 July
11
/
4 May
22 June
12 June
8/
1
4 Dec
114 June
414 May
3074 July
12 June
734 June
/
1
4 Dec
/
1
4 May
2458 Aug
98 Mar
912 Sept
73 Sept
30/
1
4 Mar
14 Sept
478 Aug
1612 Mar
6312 Sept
312 Sept
1658 Jan
4 Mar
358 Sept
84 May
8,4 Sept
58 June
8
8
84.11111e
Sept
Sept
rar FOR SALES
New York Stock Record—Continued—Page 2
DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
HIGH AND LOW SALE PRICES—PER SHARE. NOT PER CENT.
Saturday
Mar.18.
Monday
Mar.20.
•
2031
Tuesday
Mar.21.
Wednesday
Mar.22.
Thursday
Mar.23.
Sales
for
Friday
Mar.24.
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & MIscell. (Con.) Par
•131, 7
*612 7
.612 7
7
7
s554 gh *534 612 LOGO Allegheny Steel Co—_No par
8312 8412 83 85
794 834 7/114 R138 7934 8212 7714 80 72,300 Allied Chemical & Dye-No par
*11834 12112 *119 121 *11912 121
1194 11912 1184 11814 *118 12012
200
Preferred
100
9
814 878
778 8
728 74
9
3
812
712 712 2,500 Allls-Chalmers Mfg____No par
*6
712 *553 712
612 612 *6
72 "6
100 Alpha Portland Cement No par
712 *6
712
*38 1e
*34 138
%
72
*18 132
*34 118
*38 138
100 Amalgam Leather Co__No par
*6
*6
12
9
*64 9
*638 9
*638 9
•638 9
7% preferred
100
*2112 2178 2112 2178 2112 2218 2112 214 *2114 2112 2114 22
1,900 Amerada Corp
No par
1014 1014 1014 1014
914 1018
934 1028 10
94 914
1134 3,500 Amer Agric Chem (Del) No par
13
1314 1212 1212 12
1214 1112 11% 1118 1134 1134 1134 2,400 American Bank Note
10
*3514 407 *3618 3934 36
364 35
35
*36
40 *34
40
130
Preferred
50
212 234
234 218
212 218
2
253 *2
212 *2
24 1,400 American Beet Sugar__No par
*812 9%
8
818
8
8
S
8
*714 8
*7
84
180
7% preferred
100
1212 1212 128 1234 *10
123 •1018 1134 1134 1134 21134 1134
700 Am Brake Shoe & Fdy_No par
.68
75 "6534 75 *65% 68
6553 8538 6312 65 x6428 6128
Preferred
80
100
5912 6018 59
6034 5612 5912 564 5814 5714 5938 5533 5734 64,800 American Can
25
*11614 125 *11612 125 *116 122 3118 11812 11414 11414 *115 122
Preferred
300
100
812 Si
818 818
818 8% *814 84
9
812 9
94 2,100 American Car & Fdy—No par
•18
22
*18
22
18
18
*1634 20 *17
20 *17
Preferred,
100
20
100
*138 2
*112 134 *112 134 *112 134 2112 134 '
AtaeliCall Chun
1 124 134
No par
*412 7
*412 7
*412 7
*412 7
*44 7
7% preferred..100
*412 7
*38
3912 *38
3912 38
38
3712 3712 "37
38
37
37
300 American Chicle .
No par
.•212 4
*212 4
*212 4
*212 4
*212 4
*212 4
Amer Colertype Co
10
16
16
16
1618 1514 1512 1412 15
15
1514 154 1512 2,800 Am Ccmm'i Alcohol Corp_20
*18 2
*12 2
Cl., 2
*12 2
Amer
Encaustie
par
*12
Tiling_
*12
2
No
2
514 514
514 514 *434 514 *44 5
*428 5
*438 5
400 Amer European Sec's_No par
6
64
512 614
5
512
5
54
5
6
5
514 12,200 Amer & Fora Power___No par
*1114 1112 1078 11
1034 11
934 1014 1014 11
1018 1018 1,300
Preferred
No par
712 712
7
7
6
6
534 53
6
8
2d preferred
1,100
6
6
No par
*9
912 *812 94
Vs 778
712 712
8
*74 8
8
700
36
,
.
No
Da
5
5
*5
514
5
5
*45
54
518 518 *412 518
400 Amerpreferred__.
.
Hawaiian S
---------*318 334
318 318
3
3
*24 314 .218 34 *218 3
Amer
Hide
200
&
Leather_No
par
•16
1812 *16
18
*1412 18
*1412 18 *15
17
16
16
100
Preferred,
100
3334 3212 33
3312 3333 3338 3338 33
33
334 3118 3214 3.700 Amer Home Products_No par
512 512
5
53* 54
528
478 5
514 514
5
5
1.700 American Ice
No par
nil
34
*30
34 *30
34
34
34 *25
34 *27
34
100 6% non-cum Dreg
100
634 7
718
7
64 64
614 83g
612 7
612 68
5,000
Amer
Corp—No
par
Internat
.38
12
*38
12
*32
12
*38
12
*32
12
*38
Am L France dr Foamite No par
12
*2
3
*2
3
*2
3
*2
3
*2
3
*2
3
Preferred
100
*74 734
713 734
7
Vs
612 7
734
7
74 734 2.000 American Locomotive...No par
2312 2312 *22
2312 22
22
*21
237 *2118 237
22
22
Preferred
300
100
11
11
11
11
1014 1034 10
1014 1034 108* 1012 1012 2.000 Amer Mach dr FdrY Co-No par
*134 17
*112 134 *112 11 *112 13
*112 18
134 178
200 Amer Mach St Metals—No par
1'434 5
414 434
418 418
478 478 *434 5
•434 5
800 Amer Metal Co Ltd___No par
.2012 2212 *19
22
19/
1
4 191
/
4 19/
1
4 1938 .1914 22
*19/
1
4 22
130
6% cony preferred
100
*21
22
*21
24
21
21
.1912 20 *1912 20 *1912 20
20 Amer News Co Inc___No par
6
47
614
534 6
458 5
478 5/
534
1
4
5
5'8 8,700 Amer Power & Light_No par
16
16
1578 1578 14
14
1234 14
13
13
12% 13
1,800
$13 preferred
No par
•13
1534 1314 1418 1112 1212 1012 10/
1
4 1114 1112 1058 10/
1
4 1.500
$5 preferred
No par
6% 718
634 7
614 634
6
64
618 634
6
611 29,300 Am Bad dr Stand San'y No par
83
9
812 9
8
818
734 8
84 8%
10.300
8
American
78
Rolling
Mill
25
*22
24
*234 24
*22
2312 *21
23
*2118 24
*21
23
American Safety Razar No par
38
*12 112
78
78
*12 112
78
*12 11
•12 11
100 American Seating v t e_No par
%
%
*4
32
•I8
14
*18
74
*18
700 Amer Ship & Comm_ __No par
14
1
*18
*12__._ •12
__ •12
__ *121/4
__ *1212 131 .12/
1
4 134
Amer Shipbuilding Co.No par
1534 16
1534 1618 1414 -1512
141
/
4 -15
15
157g 1412 151
/
4 23,400 Amer Smelting & Refg_No par
*394 401
404 41
38
39
38
38
39
39
4034 4034 1,100
Preferred
100
.2814 3134 2712 2812 02514 30 *26
30
29
29 *2812 29
900
2d preferred 6% cum_ _ _100
377 38
3712 3712 *37
3712 •37
3712 38
381 *3812 3712
700 American Snuff
25
*93- _ *93 _ . *9514 - - - *96
- - *93 _ __ *93
_____
Preferred
100
63* -63-4
612 -d18
6
-6/
1
4
6 --6
6
-6
6
6
-1
/
4
1,800
Amer
Steel
Foundries_
_No
par
*41
75
1041
75
*4112 75
41
4112 *35
41
*35
41
100
Preferred
)00
34
34
*34
3412 33
34
33
334 34
34
*3212 3334
800 American Stores
No par
358 365
3418 36
3212 3412 3218 3414 34
3314 3418 21,200 Amer Sugar Reining
35'8
100
9018 9018 90
9112 904 9014 90 90
90
90'e 8912 9014 1.400
Preferred
100
713 74*
8
871
818 812
758 778
8
734 838
3,500 AM Sumatra Tobacce_No par
8
10212 10312 10112 10314 9714 101
9518 9712 9412 99
9214 9412 124,900 Amer Telep .55 Teleg
100
584 5812 *574 5812 5614 5634 56
553 56
5614 56
57
1,300 American Tobacco__
25
81
6153 614 6134 584 61
5814 60
594 6138 5833 5912 24,100
Common
class
B
25
104 104 *10212 10512 *10212 106 *10212 104
104 104
10412 1044
400
Preferred
100
*41
7
7
7
*6
7
8
634
6
6
*434 7
600 Am Type Founders____No par
*12
15 *12
15
12
12 *11
1312 *1012 13 .1012 12
10
Preferred
100
1418 1412 14
14
12
1312 1118 12
1112 1284 1112 12
5,400 Am Water Wks & Elec_No par
1338 13% 1212 1212 1178 12
1012 11
11
11
1012 1012 1,300
vol
Common
par
tr
ettk-NO
*35
58 •20 451 *21
4518 •2112 40
*2114 40
35
38
let preferred
200
No par
512 51
53* 5%
434 43
484 454
5
5
*412 5
800 American Woolen__ _._No par
27
2534
267
2414
2712
25'2 2434 2418 2518 27
2518 2518 1,600
Preferred
100
*4
4
*14
1
*14
1
*14
4
*4
4
*14
12
Am Writing Paper efs_No par
*14 312 .14 31
*I% 212 18
314
*172 34 "178 34
Preferred
certificate;
No
par
*353 334 .314 334 *3
3
353
3
•212 318 *24 3%
100 Amer Zinc Lead & Smelt__1
•19
25 *19
25
*1812 221 •1812 2218 *1812 2118 *1812 2118
Preferred
25
712 73
712 7%
7
7%
612 7
634 734
7
714 38,500 Anaconda Copper Mining_50
*434 (Ps *43* 64 .418 61
__. 618 *4
618 *4
618
Anaconda Wire & CableNo pa
1318 1318 x14
1414 1312 14
1212 1234 12
131
/
4 12
1212 2.900 Anchor Cap
No par
*60
70 .61
74
105838 74
*5934 74
1165
74
*65
74
36.50 cony preferred-No par
.312 5
*312 5
*3
5
•3
5
*3
5
*3
5
Andes Copper Mining_No par
.13
1414 •1234 134 *1112 13
1138 1153 9114 1314 *111
/
4 131
100 Archer Daniels Slicll'd_No par
100 100 "9813 100
*9812 100
*9812 100 *9812 100
*9812 100
7% Preferred
10
100
.45
50 *46
50 *43
51
•44
50 *48
50 *46
50
Armour & Co (Del) pref__100
2
218
17
213
134 17
18
178
134
134
11e
178 6,100 Armour of Illinois class A_-2
14 14
118 114
118 14
14 11
/
4
1
118
1
118 4,200
Class B
25
12
13
1214 13
1112 1218 1118 1112 1118 1218 12
12
4,500
Preferred
100
*118 2
*134 2
11138 2
*118 2
118 134
118 118
300
Arnold
Constable Corp-No par
*24 3
*212 3
*212 311 *212 3
*212 3
24 212
30
Artloom
Corp
No par
*1
114 *1
114 *1
114 *1
114 *1
114 *1
114
Associated Apparel Ind No par
*4
434
434 48
412 412 *414 4/
1
4 *412 458 •4
412
300 Associated Dry Goods_
1
•634 15
"168 15
•634 15
•634 15
•64 15
64 63
10 Associated 011
25
•412 612 *412 612 *412 612
412 412 •438 612 *438 612
100 AU G & WI EIS Linei_No par
43
*434 10
434 434
*434 10
434 .412 8
*412 8
200
Preferred
100
1512 1534 154 1538 1518 1514 15
1514 154 154 15
1514 8,700 Atlantic Refining
25
12
1312 128 1314 *12
1212 *12
1212 *12
1212 12
12
2,200 Atlas Powder
No par
624 6234 *6234 6412 6234 6234 *6234 6412 *6234 6412 *6234 6417
130
Preferred
100
No
*14 2
178 2
.178 312 .134 2
.134 2
.134 2
500 Atlas Tack Corp
3712 38
x32
37
334 36
38
3814 3214 34
3234 348 14,600 Auburn Automoblle No par
*1
113 •1
118 *1
14 *1
118 118
14 *I
14
100 Austin Nlehola
No par
72
714
74 7%
634 714
612 7
678 738
65
7 77,400 Aviation Corp of Del (The)....5
1
4
5/
5/
1
*412 5
4 512
412 5
1
4 5/
1
4
5/
1
4 52 2,300 Baldwin Loco Works_No par
48 5/
•13
1312 13
1314 1214 1214 1218 1212 12
138
1284
12
580
Preferred
100
75 *73
75 *73
*73
75
73
73
7212 73 *73
75
30 Bamberger (L)& Co pref _.100
•12 172
*54 173
*12 1s
"4 17
*34 17
*34 178
Barker Brothers
No
par
378 378
358 378
312 3/
1
4
312 358
312 334
358 33g 4.400 Barnsdal Corp
5
•1311 up, *1314 1612 13
1314 *1034 12
*1034 *12
1114 1114
80 Bay uk Cigars Inc
No
pa
11150 55 •50
*50 60
55
*50
55
*5012 55
504 5017
10
1s1 preferred
100
1114 1114 1114 1134 104 11
1012 1012 1012 1034 10
1018 3,600 Beatrice Creamery.
50
.5678 60 *574 60 *5578 60
5733 575 *57% 60 *5758 60
100
Preferred
100
49 49 *47
4912 49 49
48
48 .47
49
48
48
600 Beech-Nut Parking Co
20
412
*334 43* *4
312 334
312 312 *312 3%
334 35
600 Belding Heminway Co_No par
•63%
116334
... 116314 64
*6212 63
*8278 63
63
63
100 Belgian Nat Avs part pref._ __
9
-94
9 .-918
814 9
8
8/
1
4
812 834
818 81
9.500 Bend's Aviation
5
1238 114 11% 11
1234 12
12
11
1114 1134 1112 1112 2,300 Best dr Co
No par
13% 141r 137 1412 13
1334 13
1334 1312 1414 134 1334 18,500 Bethlehem Steel Corp No par
323
30
3314 3212
33
3212 30
30 31
3113 30
30
1,800
7% preferred
100
74 718
634 634 *612 634
612 64 *6
63
*6
634
700 Blaw-Knox Co
No par
*5
20
20
*5
*5
20
*5
20 *.-_ _ 20 •---- 20
Bloomingdale Brothem No par
5412 5412 *5512
60
*54
— *554
- *554
- *5512
70
Preferred
100
1214 124 1234 1234 *1012 .12
1114 -11-12 *1134 -1-2-1
11 II
600 Bohn Aluminum & Br_No par
5618 *53
*52
*52 57
5514 *54
55
53
53 .54
56
100 Bon Ami class A
No par
Booth FIsheries
No par
1*t preferred
100
2314 2238 2314 2038 2234 2012 21/
25
1
4 211
/
4 2234 2012 2178 13,8111 Borden Co (The)
25
3
84
8
814
712 734
75
75
734 74
772 8
3.000 Borg Warner Corp
10
*4
%
58
*4
*11
58
*14
12
*14
%
*4
%
Botany
Cons
Mills
class
A-50
37
4
334 334
312 312
318 334
38* 334
314 314 1,600 Briggs Manufacturing_No par
•Bid and asked prices, no sales on tills day. a Optional sale. 2 Ex-dividend. y Es-rights. e Cash Sale.
PER SHARE
Range Since Jan 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Praline
Year 1932.
Lowest.
Highest.
$ per share $ per share $ per share S Per share
518 Feb 11
814 Jan 9
5 May 15 Sept
705 Feb 27 89% Jan 12
4212 June 8814 Sept
11814 Mar 23 12178 Feb 1
9612 Apr 120 Dec
912 Mar 16
6 Feb 27
4 June 1538 Sept
5% Jan 10
612 Mar 21
44 July 10 Jan
1 Jan 4
38 Feb 21
218 Sept
14 Apr
68g Feb 2
5 Feb 23
4 Dec 10 Mar
12 Jan 2234 Sept
1812 Mar 2 2218 Mar 15
714 Mar 1 1134 Mar 24
312June 1512 Sept
8 Mar 2 1378 Mar 16
5 May 2212 Sept
344 Feb 27 39% Jan 13
28 June 47 Feb
14 Apr
1 Jan 30
218 Mar 18
28 Aug
93 Aug
938 Mar 17
1 Apr
234 Jan 5
918 Mar 3 127 Mar 17
612 June 1778 Sept
x6134 Mar 24 75 Jan 12
40 July 90 Feb
29% June 737 Mar
494 Feb 25 6234 Jan 11
9312 June 129 Mar
112 Feb 27 12834 Jan 28
818 Jan 23
912 Mar 15
318 June 17 Sept
15 Feb28 20 Jan 13
15 Dec 50 Aug
2 Feb 24
314 Jan 10
74 Sep
18 Apr
312Mar 1
7 June 26 Jan
8 Jan 17
34 Mar 2 40 Jan 21
18 June 38 Nov
2 Feb 24
4 Feb 9
814 Sept
2 July
13 Feb 27 228 Jan 5
11 May 27 Sept
1 Jan 5
5 Jan
14 Jan 10
34 Dec
4 Feb 23 1038 Jan 6
23 Apr 1534 Sept
378 Feb 27
84 Jan 11
2 May 15 Sept
9 Feb28 147 Feb 9
5 May 384 Jan
98 Jan 11
54 Feb 27
23 May 2114 Aug
612 Feb28 12 Jan 11
334 June 33 Jan
612 Mar 23
44 Jan 5
3 May
64 Aug
24 Mar 2
4 Mar 17
1 May
6% Sept
478 May 27 Sept
1312 Feb 14 1912 Mar 15
2912Mar 1 3914 Jan 11
25 June 5153 Mar
334 Feb 24
612 Jan 12
38 Dec 2134 Mar
35 Dec 68 Mar
25 Feb 15 34 Mar 16
211 June 12 Sept
838 Jan 11
414 Feb 27
14 Jan
12 Mar 15
ag Aug
38 Jan 5
1 July
214 Jan 2'
44 Aug
114 Jan 3
812 Mar 16
334 July 1514 Aug
578 Jan 3
1734 Jan 3 24 Mar 17
1718 Dec 49 Sept
712 June 2214 Jan
88 Feb 27 1312 Jan 11
1 Jan 27
334 Mae
1 June
2 Jan 4
914 Aug
112 June
538
Mar
18
318 Feb 24
612 June 32 Aug
154 Jan 4 21 Jan 12
an
17 Jan 20 30 Feb 6
14 July 33
4 Feb 27
3 June 1714 Sept
94 Jan 11
1514 June 58 Jan
1234 Mar 22 2412 Jan 11
10 July 4934 Jan
1012 Mar 22 2112 Jan 12
75 Jan 11
418 Feb 27
34 June 1214 Sept
3 May 1812 Sept
534 Mar 2 1038 Jan 11
2034 Jan 9 z2478 Mar 15 .1338 June z2914 Mar
1% Feb 2
334 Sept
%June
78 Mar 20
78 Sept
14 Feb 1
38 Jan 5
18 Apr
1112 Mar 3 13 Feb 1
10 June 254 Jan
518 May 2714 Sept
1034 Feb 25 18 Mar 16
31 Jan 10 42 Mar 16
22 June 85 Jan
15 July 55 Feb
2012 Jan 2 303 Mar 17
3218 Jan 10 x3912 Mar 16
2134 June 3612 Aug
10218 Jan 9 101 Feb 23
00 Jan 106 Sept
434 Feb28
8 Mar 16
3 May 1518 Sept
34 July 80 Feb
40 Feb 3 56 Jan 9
20 May 3634 Mar
30 Feb 27 3514 Jan 27
394 Jan
13 Jun
2112 Jan 19 365 Mar 20
45 May 90 Aug
80 Jan 19 9112 Mar 20
234 Apr 1014 Aug
918 Jan 31
6 Jan 13
6934 July 137% Feb
9214 Mar 24 10938 Jan 11
8634 Mar
49 Feb 23 6334 Jan 24
4012 Jun
44 June 8934 Mar
5034 Feb 25 6534 Jan 24
10234Mar 1 117 Jan 14
9514 June 11812 Oct
4 June 25 Jan
9 Jan 13
5 Jan 3
1012 July 70 Jan
1012 Feb28 1878 Jan 11
11l8 Mar22 194 Jan 9
11 May 3412 Mar
11 May 31 Mar
1012Mai 22 1634 Jan 9
26 June 75 Jan
35 Mar 24 58 Jan 12
118May 10 Sept
612 Mar 16
312 Mar 2
2213 Feb 16
934 Mar 16
154 Jan 3978 Sept
14 may
214 Aug
38 Feb 8
12 Jan 3
2 July
34 Feb 17
24 Feb 10
8 Aug
Feb28434
114
Mar
May
16
68 Sept
214
10 June 35 Aug
20 Feb 21 20 Feb 24
938 Mar 16
3 June 1932 Sent
5 Feb28
3 Apr 15 Sept
418 Jan 31
418 Jan 6
514 May 174 Mar
8 Jan 20 154 Mar 16
40 May 75 sent
624 Jan 11 66 Jan 30
138 Mai
4 Jan 23
9 Sept
234 Feb 7
7 API 154 Sept
934 Mar 3 14 Mar 16
85 Anr 10014 08
95 Feb 23 100 Mar 18
24 May 61 Aug
41 Jan 3 54 Mar 16
2% Sept
238 Mar 18
118 Feb28
5* June
%June
14 Mar 16
2 Sept
34 Feb 20
34 May 158 Aug
7 Feb 27 1334 Mar 17
118 Mar 23
313 Aug
1 May
118 Jan 19
118 Dec
534 Sept
218 Feb 27 212 Feb 20
3 Aug
%June
%Mar 2
114 Jan 11
34 Feb 20
54 Mar 16
3 May 11 Sept
612 July 1612 Aug
634 Mar 24 16 Feb 14
438 Dec 1214 Aug
412 Mar 22 e434 Feb 21
58 Dec 1512 Jan
512 Jan 14
434 Mar 21
828 Feb 218 Sept
1238 Feb28 1714 Jan 5
7 Dec 2512 Feb
9 Feb 14 1314 Mar 21
4512 Jun
794 Jan
61 Jan 5 66 Jan 11
37 Aug
111 Feb 27
2 Mar 20
1 July
3114 Feb28 5612 Jan 11
2834May 15134 Jan
178 Sept
78 Feb 2
18 Feb 16
h Feb
54 Feb 27
8% Dec
8 Mar 16
IlIJune
64 Jan 10
2 May 12 Aug
38 Feb 25
934 Feb28 1538 Jan 12
8 May 3718 Aug
6814 Feb28 7312 Feb 1
62 July 99 Feb
h Apr
38 Jan 4
31I Aug
72; Feb 27
338 June
7 Sept
3 Mar 2
414 Jan 10
314 Jan 6 1314Mar 21
2 Dee 13 Feb
27 Jan 18 5012 Mar 24
30 Dec 59 Jan
7 Mar 2 12 Jan 10
1012 Nov 4312 Jan
45 Feb 24 6212 Jan 6 62 Dec 95 Jan
2914 May 453 Dec
45 Jan 5 50 Jan 27
34 Feb 20
5 Mar 16
834 Sept
218 Jan
63 Mar 24 6512 Jan 5 572 June 8218 Dec
412 May 1884 Jan
618 Feb 27 1112 Jan 11
9 Mar 2 1334 Mar 16
534 June 243 Feb
74 June 295 Sept
1018 Mar 2 1678 Jan 11
254 Feb28 3612 Mar 16
1614 July 74 Jan
34 Feb28
8 Mar 18
3% June 10 Aug
63 Feb28
7 Jan 5
614 June 14 Feb
53 Jan 25 5412 Mar 20
49 Dec 61
Jan
912Mar 2 1424 Jan 11
478 June 2214 Jan
52 Feb 23 55 Jan 30
31 June 55 Nov
18 May
1 Aug
14 Nov
14 Jan
18 Feb 27 2634 Jan 11
20 July 4318 Mar
91 Jan 11
512 Feb28
338 May 1414 Sept
-- _.. -- - -- ---- ---- -114 Sept
14 Apr
iasFeb
2I
518 Jan 11
278 June 11114 Mar
sap
New York Stock Record-Continued-Page 3
2032
March 25 1933
1:28- FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Plat.18.
Monday
Mar.20.
Tuesday
Mar.21.
Wednesday
Afar.22.
Thursday
Mar.23.
Friday
Mar.24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots._
Lowest.
Highest.
PER SHARE
Range for PreDLOUI
Year 1932.
Highest.
Lowest.
8 per share $ per share $ per share $ per share $ per share $ per share Shares Indus. Sr Miscall. (Con.) Par $ per share $ per share $ per share $ per shore
714 Feb 28
No par
My Mar 15
4 May 1012 Jan
8
878
S78 878 *8
200 Briggs dr Stratton
88 *8
878
*612 9
88 *8
400 Brooklyn Union Gas_ _ _No par 8418 Mar 2 82 Jan 11
413 June 8912 Mar
70
70 *68
70
71
*70
71
*65
71
71
71
*70
23 July 36 Feb
200 Brown Shoe Co
No par 2812Mar 3 33 Jan 6
30
*30
31
*29
31
*29
3012 30
31
*211
301 *30
118 July
412 Sept
134 Mar 3
434 Mar 21
414 4,700 Bruns-Balke-Collender_No vas
4
438
4
414
4
4
438
414 412
438 434
714 Sept
10
2 Feb 27
312 Mar 16
112 June
600 Bucyrus-Erie Co
*3
314
278 2% *258 3
212 258
*234 3
234 234
314 314
418 Jan 11
212 May 1012 Sept
5
234 Feb 23
800 Preferred
*314 4
332 312 *338 44 *314 4
*314 4
100 27 Mar 23 36 Jan 4
35 June 80 Sent
28
28
80 7% preferred
27
28
2713 2712 30
30
27
28
*2812 31
*78 1
78 1
3,100 Budd (E G) Mfg
312 Sept
118
No par
78 Feb 7
2 Jan 11
13 Apr
1
1
1
118 118
118
118
100
3 Mar 16
5 Jan 11
312 July 14 Jan
*378 4
10 7% preferred
*378 4
*378 4
.378 4
4
4
*38 4
58 May
412 Jan
No par
1 Feb 8
214 Jan 11
114
114
114 114 1,000 Budd Wheel
118
118
11
114
114 lin *118 114
118 Apr
312 Jan
No par
%Mar 2
138 Feb 2
1
1
1
200 Bulova Watch
*78 212
1
212 *1
212
*78 212
•1
21g May
434 Mar 16
8 Sept
No par
212 Feb 17
400 Bullard Co
483 412 *313 4%
*318 412 *318 438 *318 414 *314 4
83 Mar 16
6% June 13% Aug
613 Feb 14
714 734
67
8
8
714 778
733
8
8
712 784 1,200 Burroughs Add Maoh_No par
700 Bush Term
No par
2 Feb 27
334 Jan 5
3 Dec 2134 Mar
212 252
238 238
234 234
212 212 *2% 234 *212 258
100
3 Feb 24
400
Debenture
914 Jan 11
7 Dee 135 Mar
4
4
4
*4
5
*4
8
4
4
414 414
4
Bush Term Bldgs gu pref--100 1012 Feb 28 2312 Jan 5
1214 July 85 Jan
*1212 20 *1278 20 *1278 1818 •1278 20
*13 _ _ *13
25
118 Jan 18
1 Feb 10
178 Sept
12 July
118 *1
118
1
1
300 Butte & Superior Mlning_10
118 *1
1
113 -1718 *1
1
12 Apr
2 Sept
%Mar 2
1 Mar 16
5
78 1,400 Butte Copper dr Zlne
84
84
*12
84
*58
84
84
84
78
34
84
133 June
5% Sept
*113 234 *112 212
No par
113 Jan 14
2 Jan 30
113 113
234 *134 3
100 Butterick Co
*134 212 *18
81 Feb 25 16 Jan 11
No par
7 May 2432 Sept
3,800 Byers Co (A M)
11
12
11
11
1112 1218 1178 1178 1038 1212 1078 11
100 3018 Mar 2 4614 Jan 19
Preferred
3514 May 69 Sept
20
*3018 35
3014 3014 3018 30% *3014 46
*3014 45
*3013 45
734 Mar 2 1212 Mar 18
414 June 19 Sept
*11
1134 11
11
98 97
934 1014 1,700 California Packing_ _ _ _No par
913 97
1014 1012
38
10
14 Jan 19
118 Sept
400 Callahan Zinc-Lead
12 Mar 16
12 Jun
12
*14
12
*14
12
*14
12
38
*38
12
*38
77 Sept
Mar
16
214
Cop_25
2
Feb
7
314
112 May
Calumet
dr
Hecla
Cons
1,500
234 234
234 278
213 212
212 *214 28 *214 234
914 Aug
312 Feb 1
2 Feb 28
212 June
300 Campbell W & C Fdy--No par
*3
478 *3
3
3
3
3
3
3
*3
48
38
6 June 15 Sept
5
7% Feb 25 1114 Mar 24
914 934
912 1014
912 934 10
1034 1033 1114 4,400 Canada Dry Ginger Ale
*914 912
*1733 1834 *1738 1834 1634 1738 *1212 1678 *1533 1678 *155$ 1734
No par 14 Feb 2 18 Mar 16
10'eJune 2334 Sept
200 Cannon Mills
91 Sept
9518 7i8 9518 612 *518 6
218 Apr
634 Mar 17
*518 612 *5% 6
Capital Adminis al A_ _ _No par
412 Feb 24
*513 6
317 *10
19 June 32 Aug
Preferred A
50 25% Jan 18 26 Jan 16
317 *10
*15
32
*15
32
*15
32 *15
3178
1634 June 6534 Sept
46'2 4812 464 4812 4312 4733 4258 4533 4512 4838 44
100 3013 Feb 27 5214 Mar 18
4634 127,100 Case (J I) Co
Preferred
30 May 75 Jan
840
_
100 41 Feb 27 60 Jan 11
4912 4912 4812 50
5134 51
48
4934 49
5133
498 47
453 June 15 Jan
Tractor_-..No par
512 Mar 2
912 Mar 16
3,800 Caterpillar certificates8
8
8
858
814 812
712 818
812 812
738 712
9 Jan 11
1% June 1258 Sept
41 Feb 27
800 Celanese Corp of Am__No pox
*514 8
6
•6
*514 6
534 6
*534 6
58 5%
13Mar15
78 Aug33 Jan
Corp
par
1
Mar
17
Celotex
No
4
2
4
2
*84
2
*3
4
2
*3
4
2
*3
*84 112
*3
52 Dec
214 Feb
38 Feb 4
Certificates
. No par
% Feb 4
%
38 *--,,
% *-,
33 *--,
--„,
3/3 *--=
33 *--,,
300
113 Jan 5
118 Dec
712 Mar
3 Jan 11
Preferred
*112 2
*113 2
*ix 2
*112 2
•112 2
*112 2
June
738
2012
Sept
23
Mar
16
4,900
Central
Aguirre
Asso__No
par
14
Jan
3
4
21
2013
2178
2112
2034
2134
203
2218 2278 x2213 23
2014
614 Jan
238 June
338 Jan 19
100 Century Ribbon Mills_No par
214 Feb 3
234
212 212
*252 318 *258 314 *258 314 *212 314 *21
55 Dec 85 Jan
10
Preferred
100 52 Feb 27 63 Jan 12
58
58
72 .55
70 *60
72
*56
62 *56
*55 62
312June 1512 Sept
5% Jan 4 1038 Mar 16
832 812 8,700 Cerro de Pasco Copper_No par
734 8
814 878
734 812
834 9
812 834
100 Certain-Teed Products_No par
1 Jan 9
138 Mar 17
58 Dec33 Feb
134 *1% 138
188 133 *118 138 *118 112 *118 112 *11
41 Feb 23
432 Dec 185,3 tug
7% preferred
100
12
*4
12
5 Feb 2
*4
812 *4
812 *4
*4
10
*4
12
City
Ice
&
Fuel
No
par
Jan
18
1,800
718
Mar
1212
11
Oct 2812 Feb
1012
1018
3
10% 10
1018
1014 10
1014 1034 1018 1034 1014
Preferred
100 4734 Mar 17 x5214 Feb 15
20
4353 Nov 68 Jan
*45, 4734 4734 4734 4734 4734 *____ 48 *....._ 48 *____ 48
5 1618 Mar 20 2078 Jan 18
1612 Aug 3018 Sept
17
1714 18
*1714 1838 *1714 1818 2,900 Checker Cab Mfg Corp
1712 1734 16% 1738 17
478 June 22034 Sept
1858 1934 1812 1878 13,760 Chesapeake Corp- No par 14% Jan 3 2034 Feb 10
1938 2038 1958 2012 1818 1934 1734 19
33
3'3 312
312 312
2,000 Chicago Pneumat Tool_No par
238 Feb 7
4 Feb 17
1 May
3
834 Jan
3
333
3
333
383 33
Cony preferred
No par
512 Feb 28
712 Jan 21
212 June 1214 Sept
678
100
7
7
7
*5
*5
7
*5
8
*5
*5
7
71
6% Jan 4
878 Feb 17
6 Dec 14 Mar
90 Chicago Yellow Cab___No par
832 *718 8
*734 8
714 714 *718 814
8
8
700 Chickasha Cotton Oil
10
6 Mar 2
9 Mar 22
5 June 1212 Sept
8
8
81
9
*712 812
8
8
.712 8
*712 812
8 Sept
No par
2 Feb 28
4 Jan 12
112 June
*212 32 *214 312
234 234
300 Cbilds Co
*312 434
3% 4"
*212 4
93
5
734 Mar 3 1714 Jan 4
6 June 2134 Sept
914 97
912 1034
1012 1118
934 1033
953 933
98 51,800 Chrysler Corp
Mar
16
218 Jan
City
Stores
No
par
14
Feb
28
1
July
300
14
*1:
34
12
*12
12
12
81
*12
88
*88
84
88
8% Jan
5 Mar 24
6 Feb 27
314 July
100 Clark Equipment
No par
5
5
17
*5
17
*5
512 *5
512
*5
17
*5
10 Apr • 22 Mar
91.112 1353 *1134 1338 *1134 1353 *11
14 *127 14
1134 1278
200 Cluett Peabody it Co--No par 10 Jan 27 1312 Mar 16
Preferred
100 90 Jan 4 90 Jan 4
90 June 96 Feb
*90 100 *90 100 *90 100 *90 100 *90 100 *90 100
6812 Dec 120 Mar
5.600 Coca-Cola Co (The)-__No par 7312 Jan 3 z88 Mar 15
8414 85
85
8714 8314 8334 8312 8532 8414 8412 8312 84
Class A
300
No par 4453 Jan 6 46 Feb 11
4158 July 50 Mar
45 *45
45%
4512 *45 4512 45
4512 *45
45
45 *45
912 953
1014 Dec 3113 Mar
952 933
712 Mar 2 13 Jan 11
912 10
912 912 3,000 Colgate-Palmollve-Peet No par
1014 1038 10
1033
100 5813 mar 2 81 Jan 18
85 June 95 Mar
59 *_ ___ 60 *50
58 *50
59 *50 80
300 8% preferred
69
*5812 60
234 May 1078 Mar
Collins
&
par
313
Feb
28
5
Jan
5
500
No
*4
5
4
4
*312
414
Alkman
*312 3%
383 333
334 334
Non-votIng preferred _ _ _ 100 --------------------55 June 80 Mar
._ 7018
7018 *____ 7018 *-- _ 65% *---- 6518 *-- -- 6518
9 Jan 1212 Oct
Colonial Beacon Oil Co_No par 1012 Feb 21 12 Jan 4
*912 1078 *___*912 108 *912 1078 *912 10% *912 1034 *913 1034
713 Jan 11
2% July 1478 Sept
Cy Feb 27
412 424
412 45
5,800 Colorado Fuel & Iron._No par
412 434
412 5
5
512
518 512
1312 May 4178 Mar
8,500 Columblan Carbon v to No par 2318 Feb 27 3534 Jan 16
30
30
3114 2912 301
3114 3212 32
3212 24112 3012 29
414 May 1478 Aug
634 Mar 2 1058 Jan 6
400 Columb Piet Corp v t o_No par
*7
8
7
7
634 7
*658 7
*712 8
714 71
414 June 21 Sept
1012 1114 23,400 Columbia Gas & Elee-No par 1014 Feb 27 1734 Jan 11
12
1078 1125 1112 12
1218 1212 1218 1234 11
Preferred seriesA
100 59 Mar 2 771 Jan 113
40 Apr 7978 Aug
84 *60
8438 60 61
81
900
82
60 60
*64
7318 64
37 June 11 Mar
51
54 514
4 Feb 27
618 Mar 17
1,300 Commercial CreditNo par
514 514 *5
514
5
5
518 518
6
1134 July 28 Sept
Class A
50 16 Feb 27 2418 Feb 9
@FedFRASER