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Me.
11111nirrital
Volume 138
finandut
tiro-rade
New York, Saturday, March 3 1934.
Number 3584
The Financial Situation
O-MORROW, March 4, completes the first year
of President Roosevelt's Administration. It
constitutes, probably without a question, the most
eventful period in the history of the American republic during peace times. Another statement can
also be made without fear of contradiction, namely,
that no head of the nation ever took over the reins
of government from his predecessor under more trying circumstances in peace times. This is conclusively proved by the fact that immediately on his
accession to control all the banks throughout the
country, from one end to the other, had to close
down and suspend payments and a bank holiday (or,
more accurately, a bank moratorium) be declared,
so seriously disturbed had the banking situation
become.
At such a time it seems natural to take a retrospect
of the President's first year of his four-year term,
not for passing in review the acts which have
marked the course of his Administration, which has
certainly seen a great change for the better in trade
and business, but to note the extent of the real progress made and whether or not the progress has been
as substantial as there was reason to expect it to be.
That is the true test by which to judge the work of
the Administration—namely, whether at this time
we have advanced as far as we should have in the
stage of recovery.
If, on the one hand, the President started his
Administration under most trying circumstances,
on the other hand he had the advantage of having
everything down to bedrock in the industrial and
economical world after the long period of depression
Which started in the autumn of 1929. Whatever
change there was to be, had to be a change to a
greater state of activity. Things were so low and
depressed that they could not go lower and become
more depressed unless the country's industries
should come to complete stoppage, which, of course,
was out of the question. The steel industry, for
instance, was at the time operating at only 15%
of capacity. The President had a further advantage
that, being a new man at the helm, he was certain,
in any reasonable state of things, to command the
confidence which the old Administration had lost.
In other words, the public would be inclined to
think that a change of Administration which, justly
or unjustly, was being held responsible for the unprecedented industrial breakdown, meant the removal of the greatest obstacle to industrial recovery
and to trust the President implicitly to carry the
country back to the old and more prosperous state.
This was really an element of inestimable value in
T
the case of Mr. Roosevelt, inasmuch as he enjoyed a
wide dekree of popularity and immediately added to
this popularity by the skill he displayed in handling
the banking suspensions.
His achievements are to be viewed in the light of
these circumstances; that is, the extent of these
achievements is to be measured accordingly. Without a doubt the general economic situation of the
country to-day is immeasurably better than it was
12 months ago, though this does not possess the significance it ordinarily would have, since everything
was pretty nearly dead at that time, yet the question
is a pertinent one whether in the 12-month interval
the forward movement has been as pronounced as
under ordinary circumstances it would have been.
The distinguishing feature of the President's Administration has been that he has endeavored to inaugurate a New Deal. With commodity values, and particularly the value of farm products, at inordinately
low levels, he has devoted his efforts to bringing
about a higher level. Being wedded to the idea that
these low prices must be ascribed to the working of
the gold standard, he has undertaken to depreciate
the value of the dollar by reducing its gold content.
The assumption has been plainly a mistaken one, as
the Administration's own acts have clearly demonstrated, inasmuch as the President and his assistants have over and over again sought to impress the
public mind with the idea that an enduring trouble
has been overproduction—overproduction in wheat,
in cotton, and in numerous other things, and at
this very moment he is still engaged in efforts to
curtail production.
In the last analysis the matter resolves itself into
the question whether the New Deal and the operations under it have been a substantial help in promoting recovery, or has it lessened its force and held
it back? Put in that simple form, the answer becomes very simple. The country is enjoying greater
activity, not because of normal progress, but because of the Government's own artificial processes
and devices. The number of the unemployed has
been greatly reduced, but not because of normal
growth in business but in a predominant degree because of the employment provided by the agencies
set in motion by the Government itself. Cotton and
wheat are higher than at the extreme point of the
depression back in the early months of 1933; not
because of any real change for the better but because
of the artificial props set up by the Government.
Remove these props and the whole structure collapses. This must be admitted even though it must
also be admitted that the Administration is actively
1434
Financial Chronicle
at work trying to correct the overproduction, which
is such a continuously overhanging influence of depression, and notwithstanding also the Administration has brought to its aid its vaunted scheme of depreciating the gold value of the dollar, which was to
be a sovereign remedy. The dollar, by official proclamation, has been reduced from its former value of
100c. to only 59.06c. In a word,it cannot be affirmed
that anything enduring has thus far been accomplished in the way of restoring natural conditions.
There is nothing to indicate that a stage has been
reached where trade is ready to proceed in ordinary
normal fashion, whatever the future may have in
store for the country.
We shall not discuss the action of the Administration in passing off the gold standard or the repudiation by the Government of the country's pledged
faith to pay its obligations in gold, though there is
an express stipulation to that effect in the obligations themselves. These are very discreditable performances which have to an inestimable degree impaired the prestige and good repute of the nation.
On the other hand, the fact cannot be ignored that
these various acts and the uncertainty as to their
ultimate working effect have so greatly disturbed
public confidence in the integrity and stability of
things that there is great reluctance on the part of
business men, who look carefully into the future, to
venture upon new enterprises, since they are completely bewildered as to where the upheaval is going
to lead. This frame of mind is certainly holding
much business in abeyance for the time being, and
seems likely to have the same dampening effect for
the future, until clear indications appear that the
Government is going to withdraw from the many
activities in which it is now engaging and let private
business once more assume its proper function as
the primary source from which trade and business
spring.
Another thing that is acting to the serious detriment of trade is the ready way in which the Administration is ever prepared to extend its activities in
one direction or another, both in new fields and in
old fields where it has already actively injected
itself. The experience with the different codes has
been that one step invariably leads to another, and
.that Government authority is being steadily extended and with such persistency that very little
will soon be left for private initiative to perform,
the Government fixing the prices of commodities,
the wages and the hours of labor, and pretty nearly
everything else in connection with production and
manufacture. In these circumstances it is natural
that business men should refrain from engaging in
large-scale enterprise, since the outcome, by reason
of the injection of the Government into every phase
of business, is causing the deepest solicitude and
disquiet. To that extent unquestionably the ceaseless interference with the private functioning has
been acting to hold down the volume of trade, and
prevented the growth and development which would
otherwise have occurred. The authorities at Washington seem to hesitate at nothing, and so confident
are they of their own capacity that they never hesitate.for a minute to assume new functions.
The business man to-day, because of the way in
which the Government is usurping private functions,
does not know where he stands. He opens his morning paper with trepidation and fear, to discover
what new steps and new schemes the Government
•
Mar.3 1934
is projecting vitally affecting his business operations, and he is sure to find an endless variety of
them. As a matter of fact, the ordinary business
executive can hardly find time to read all the news
items in his daily paper or keep himself informed
as to what is going on in Washington. Nor does the
matter end with the President himself. Many of the
members of his Cabinet supplement him in his everwidening endeavors. Particularly are to be mentioned the Secretary of Agriculture, Henry A. Wallace; the Secretary of the Interior, Harold L. Ickes,
and Hugh S. Johnson, the Recovery Administrator.
Each is all the time throwing out suggestions that
profits must be eliminated or indicating that a
30-hour week for labor is coming, at the same rate
per hour pay in wages, with the result that the New
Deal is now actually acting to ptevent that development in business which everyone had been hoping to
count upon.
It is one of the addresses made by Secretary of
Agriculture Henry A.Wallace that provoked the protest which has been published the present week from
John W. Davis, Democratic candidate for President
in 1924. Mr. Davis indicated that he had no hope in
"miracles to save us," and said that instead the
country should turn to "the prosaic process of following paths marked out by reason, common sense
and the past experience of mankind." He also criticized the "New Deal" as threatening to destroy "that
personal liberty which Americans of past and present days have been taught hitherto to hold as the
most precious of possessions." What he said on the
latter point deserves wide circulation, and we quote
below a few of the pregnant paragraphs he spoke,
with particular reference to Mr. Wallace's proposition that there be forcible control of both marketing and production of the products of agriculture,
even to the point where "every plowed field should
have its permit sticking up on its post":
"Is it conceivable that American farmers or American citizens will submit to that sort of thing? Are
they ready to support the army of Government
agents, employees, inspectors, reporters and spies
that would be used to carry it on? Have they not
enough of these already? Are they willing to bow
their necks to the flood of rules, regulations, proclamations and edicts that would be issued in order
to fit their daily lives and conduct to the prescribed
system?
"If there are to be orders, somebody must give
them. Without impugning the high purpose and
integrity of the great majority of our public servants,
are we 60 sure of their constant wisdom, their disinterestedness, their ability to resist temptation,
their freedom from political influence, that we are
willing to trust them with unlimited power?
"Every Socialist, every advocate of social discipline, of a planned economy, of a nationalist regimentation—call it what you will—must answer in
the end this question: Who is to sit in the driver's
seat and hold the reins and whip? And the answer
cannot be made in such vague collective terms as the
State,the Government or society, for these only move
by human hands. Who are the men, gentlemen, that
you would set to rule over us?
"I pass the question of constitutional authority,
since constitutional questions seem not to lie within
the scope of the proposed debate. I say only that I
am not aware of any provision in our fundamental
laws that gives any power whatever to limit the
right of any man to carry on the business of farming to any extent he chooses, unless indeed in time of
actual war. But the thrust of this proposed regimentation goes even deeper than that. It threatens,
Volume 138
Financial Chronicle
1435
if it does not seek, to destroy that personal liberty will give us the remainder of this year to work under
which Americans of past and present days have been the present program before changing the system,"
taught hitherto to hold as the most precious of Mr. Morgenthau is quoted as having said. However,
earthly possessions."
he stated it as his belief that a study of the central
An exaggerated idea prevails as to the extent of bank bills was "worth while and important." But
the business recovery during 1933, since comparison he expressed the opinion that the future monetary
is with the wretchedly poor figures of 1932. When policy must remain in doubt at the present time.
comparison is made with 1929 or 1928, the volume "I do not believe anyone is wise enough to tell us
of production for 1933 is found to make a sorry now what our future monetary policy will be. We
exhibit, and while of course the activity in this haven't had sufficient experience." For this reason
earlier year was in part speculative, and no one the Secretary asked for more time and more expericounts on an early return to the unduly expanded ence "before we get into a definite and fixed prooutput of those days, the difference against 1933 is gram." He declared that we are not ready for this
so striking as to make it plain that there is a wide kind of legislation at present. "We will have to
gap still to be bridged before it can be claimed that study what the future monetary policy is going to
we are anywhere nearly back to a normal state of be," he said. He indicated that the Administration
activity. In the following little table we make a should continue its present program for at least
five-year comparison, which indicates in a striking another year before attempting any change in moneway how really small was the recovery in 1933 bear- tary policy. This is the proper attitude at the presing in mind the extent of the collapse during the ent time, when the country is so deeply disturbed by
period from 1929 to 1932:
propositions of legislation of one kind or another
and
by the action of the different Government agenPRODUCTION FOR CALENDAR 'YEARS.
cies
in assuming new powers and functions. InciYear—
N
I -.1933
1931
1930
1929
1932
dentally
it is worth noting that Secretary MorgenSteel (net tons)
22,878,571
13,322.833
25,192,715
39,286,287
54,312,279
Iron (gross tons)
13,212,785
8,686,443
18,275,165
31,399,105
42,285,759
thau
is
frank
enough to express doubt even as to the
Coal (bituminous)
327,940,000 309,710,000 382,089,000 467,526,000 534,988,593
Coal (anthracite)
49.399.000
49,855,000
59,646.000
69,385,000
73,828,000
future
monetary
policy of this country.
Automobiles
1,959,201
3354,870
5,358.420
1,370,678
2,389,738
Construction contracts
4
awarded
$1,255,708,400 $1,351,158.700 $3,092,849,500 $4,523,114,600 85,750,790.500
ea.6
444 I 4
It will be seen that whereas steel production in
1933, at 22,878,571 tons,compares with a production
of 13,322,833 tons in the calendar year 1932, it contrasts with a production of no less than 54,312,279
tons in 1929. In like manner, while the make of
iron in 1933, at 13,212,785 tons, compares with only
8,686,443 tons in 1932, it contrasts with 31,399,105
tons in 1930 and 42,285,759 tons in 1929. In the
case of coal, 327,940,000 tons of bituminous were
produced in 1933, which compares with 309,710,000
tons in 1932, but with no less than 534,988,593 tons
in 1929. Similarly, the outturn of automobiles in
1933 was 1,959,201 vehicles as against 1,370,678 in
1932, but back in 1929 the output was no less than
5,258,420 vehicles, and as for the building industry,
the F. W. Dodge Corp. found that the construction
contracts awarded in the 37 States east of the Rocky
Mountains in the 12 months of 1933 represented a
money outlay of only $1,255,708,400, but in 1929 the
contracts represented a money value of $5,750,790,500 and in 1928, $6,628,286,100. Thus the New
Deal can be claimed to have accomplished very little
towards a restoration of normal activity, and this,
too, though its own agencies and bureaus have contributed no small part of the activity that was
actually achieved.
"great need of the hour is that the Government should withdraw from these outside
activities, since they are creating such an artificial
state of things, instead of allowing itself to be drawn
in deeper and deeper. In view of that fact, it is
pleasing to find that Secretary of the Treasury Morgenthau on Thursday asked a House Banking and
Currency subcommittee not to report for enactment
any new monetary legislation during the current session of Congress. Mr. Morgenthau testified on the
bill to establish a Federal monetary authority or
central bank of issue. The measure is sponsored by
the Committee for the Nation, and was introduced
in Congress by Chairman Steagall of the Banking
and Currency Committee. "I hope that Congress
T
TN THE "Monthly Review" of the New York Federal Reserve Bank for March 1, some interesting
figures are given to show the effect of the large purchases of new issues of Government securities during the past month on the current money situation
and also the extent of these new acquisitions of Government securities by the banks. The "Review"
points out that these purchases have carried the
total loans and investments of weekly reporting
member banks in 91 cities throughout the country
to the highest level in two years. It points out that
'during the four weeks ended Feb.21 the Government
security holdings of the reporting banks have increased in the huge sum of $954,000,000 to a total of
$6,199,000,000, a volume substantially larger, it is
stated, than was reached by the total Government
security holdings of all member banks during the
financing of this country's participation in the
World War. The increase during the past month, .
we are told, reflected chiefly purchases of Treasury
certificates and Treasury notes issued on Jan. 29
and of the Treasury notes issued on Feb. 19, though
including also smaller amounts of new Treasury
bills.
The net demand and time deposits of the reporting banks, it appears, did not increase in proportion
to the increase in total loans and investments during the past month for the reason that a large part
of the proceeds of new Government securities purchased by the banks for their own account and for
their customers was left on deposit in the banks
pending Government expenditures. Nevertheless
the demand deposits of these banks increased
slightly further, largely as the result of inter-bank
deposits, so that the total of net demand and time
deposits rose to a level approximately as high as at
any time since 1931.
A potential source of a further large increase in
the supply of "deposit currency," it is pointed out,
may be seen in the great increase in Government deposits in the banks which occurred during the past
month as the result of Government borrowing; the
unexpended balances of the Government on deposit
1436
Financial Chronicle
in weekly reporting member banks rose more than a
billion dollars in four weeks to $1,418,000,000 on
Feb. 21, the largest amount on record. This is
interesting, because the deduction is made that when
these funds are spent it is to be expected that a considerable part will go into widely distributed deposit accounts of individuals and business concerns,
and thus will expand the active money supply of the
country. At the outset the creation of these large
deposits to the credit of the Government had no
effect on the reserve position of the banks, but fairly
large amounts of the new Government securities
were paid for in cash, which was transferred temporarily from member 'bank reserves to Government
deposits in the Reserve banks. This had the effect
for a time of reducing excess member bank reserves
from the high level reached near the end of January,
but in the latter part of February, it is stated, there
was a renewed and rapid expansion of excess reserves, due chiefly to the heavy inflow of gold. The
gold importations for the month are reported at
about $381,000,000, which, according to the New
York Reserve institution, is "by far the largest gold
inflow in dollar amount that has ever been received
by the United States in a single month, and is also
the largest amount in weight." As a result of the
payments received by the banks for imported gold,
excess reserves of the principal New York City banks
rose above $350,000,000 at the end of February, an
amount approximately equal to the previous high
point reached in January 1933, and excess reserves
for all member banks rose to a new high level above
$1,000,000,000—all of which foreshadows continued
ease in money for some time to come.
HAVE received some criticisms of the plan
which the New York Central RR. put forth
last week for obtaining, roughly,$60,000,000 to meet
early maturities. The criticism is that the plan is
too costly and it does seem as if the railroad were
obliged to pay a rather steep price for its borrowing under,the plan proposed. The criticism is that
the rate of interest at 6% per annum is higher than
the company should be obliged to pay. Under the
plan proposed the par value of the stock is to be
changed from $100 a share to no par value, and $59,911,100 in 6% bonds convertible into stock at $40 a
share for three years and $50 a share thereafter to
maturity in 1944, is to be issued. The bonds are to
be offered to stockholders at face value at the rate of
$1,200 of bonds for each 100 shares of stock held.
A temporary loan is being arranged to meet bond
maturities of $48,000,000 of New York Central &
Hudson River 4% debentures and $4,500,000 Boston
& Albany 4s and certain equipment trusts on May 1
pending payment on the new bonds on May 10. The
conversion price established necessitates a change in
the par value of the stock. The present authorized
capital cosists of 7,000,000 shares of $100 par value,
of which 4,992,599 shares are outstanding. After
the proposed change the authorized stock will consist of 10,000,000 shares without par value, of which
4,992,599 shares will be substituted for the outstan
• ding shares.
For the carrying out of the plan the consent of
the holders of two-thirds of the company's capital
stock is necessary, and a special meeting of the
stockholders has been called April 24 for this purpose. It is expected that the Reconstruction Finance
Corporation will co-operate in this plan and lend to
VV
Mar.3 1934
the company for three years, subject to approval of
the Inter-State Commerce Commission, up to $20,000,000 in case the stockholders should not exercise
their subscription rights in full. Arrangements have
'been made with a group of underwriters to insure
provision of the remainder of the funds. The bonds
are to be secured by collateral, and they will be subject to call as a whole or in part for three years at
105; for the next three years at 102; the following
three years at 101, and for the final year at 100.
Jesse H. Jones, Chairman of the Reconstruction
Finance Corporation, on Feb.18 announced that the
Reconstruction Finance Corporation had agreed to
lend the New York Central any part of $20,000,000
that it may need in meeting its May 1 bond maturities. The entire requirements of the road will be
approximately $60,000,000, the commitment of the
Reconstruction Finance Corporation in that respect
being conditioned on the road making arrangements
with its bankers and others to underwrite the remaining $40,000,000. The bonds immediately sold
on a when issued basis at a premium on the New
York Curb Exchange, and yesterday closed at 1171%.
As the maturities to be taken up bear only 4% interest, the effect of issuing, roughly, $60,000,000 of
bonds to replace them will be to add $1,200,000
annually to the fixed charges of the company, and
if the bonds were called prior to 1937 there would
be a further addition to cost.
This comes at a time when President Roosevelt
has 'been urging lowering of interest rates to diminish the burdens of railroads and other public utilities. The 6% rate does look high, and the addition
of $1,200,000 a year to the yearly fixed charges seems
to rate the credit of the company unduly low. On
the other hand, during the calendar year 1933 the
company fell $5,400,000 short of meeting its fixed
charges, even before this addition of $1,200,000. It
does seem as if the Reconstruction Finance Corporation, which is assisting so many .undertakings at
low rates of interest, should find it possible, directly
or indirectly, to obtain the needed funds for the company at less than 6% interest. Assuming that the
company is obliged to resort to private borrowing
we must take it for granted that it has thoroughly
canvassed the field and finds a rate less than 6% per
annum not sufficiently attractive to induce the success of the subscriptions. In that event it inevitably
follows that the company is confronted by an inescapable condition even though it may be in full accord with the theory that low interest rates and not
high rates ought to form the fundamental of railroad
policy for the future. The proposition is certainly
indubitably sound.
HE large gold importations are now finding
their way rapidly into the Federal Reserve
banks, and are inducing an intensified degree of
ease in the money market, with the result that the
member banks keep reducing their borrowings at
the Reserve institutions and at the same time are
adding enormously to their cash reserves. During
the past week the holdings of gold certificates by
the 12 Reserve banks (the banks are not permitted
to hold any gold but only the substitutes in the
shape of gold certificates, the Government retaining
the gold itself) ran ,up from $3,712,311,000 to $3,895,811,000. At the same time member bank borrowing,
already at extremely low level, has been further
reduced from $66,467,000 to $64,390,000, as indicated
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Volume 138
Financial Chronicle
by the discount holdings of the 12 Reserve banks and
as indicated also by another reduction from $75,111,000 to $62,345,000 in the acceptance holdings
of the Reserve 'banks. Owing to the reduction in
these two items, the volume of Reserve credit outstanding, as measured by the total of the bill and
security holdings (the amount of the holdings of
United States Government securities having remained virtually unchanged), has been reduced
during the week in amount of, roughly, $15,000,000,
having fallen from $2,574,606,000 to $2,559,339,000.
Concurrently, member bank Reserve deposits have
increased from $2,830,118,000 to $3,093,119,000. In
consequence, total deposits of the 12 Reserve institutions have risen from $3,127,884,000 to $3,265,381,000, notwithstanding that Government deposits
of the Reserve banks diminished during the week
from $165,546,000 to $45,261,000.
But while Government deposits within the Reserve
institutions have thus been reduced, Government
deposits with the member banks have greatly increased, and furthermore, while the holdings of Government securities by the Reserve banks have remained unchanged, the holdings of Government
securities by the member banks have presumably
undergone great expansion. The figures in this
latter particular, for the latest week, are not yet
available as yet, but, as already pointed out further
above, the New York Reserve Bank, in its discussion of money market conditions during the month
of February, has pointed out that during the four
weeks ended Feb. 21 the Government security holdings of the reporting member banks increased no less
than $954,000,000. This was due to their purchases
of Treasury certificates and Treasury notes issued
on Jan. 29, and qf Treasury notes issued on Feb. 19.
The Government deposits of the member banks increased as a result of the large acquisitions of new
issues of Government securities by reason of the fact
that a good part of the proceeds of new securities
purchased remained with the member banks as Government deposits, thereby swelling the cash reserves
of the member banks and raising them to great magnitude and far in excess of legal requirements.
Gold importations, which the New York Reserve
Bank estimates at $381,000,000 for the month of
February, acted in the same way to swell the cash
reserves of the member banks. The New York Federal Reserve Bank, in the remarks already quoted
above, says that the excess reserves of the principal
New York City banks rose to above $350,000,000 at
the end of February and that the excess reserves
for all member banks rose to a new high level above
$1,000,000,000. Parenthetically it may be said here
that the importations of gold for the week ending
Feb. 28 are reported at $129,687,000, while the monetary gold stock is reported as having increased during the same week in amount of $198,000,000. This
serves to make good the discrepancy of the previous
week, when the importations of the metal were put
at $204,608,000, while the increase in the monetary
gold stock of the country was given as only
$114,000,000.
The amount of Federal Reserve notes in circulation has further expanded during the week, but only
to a moderate extent, having risen from $2,970,309,000 to $2,979,637,000, and the increase having
been partly offset by a reduction from $197,750,000
to $196,376,000 in the amount of Federal Reserve
bank notes in circulation. With both the amount
1437
of the Reserve notes outstanding and of the volume
of the deposits greater, larger cash reserves were
required by the Reserve institutions, but the addition
to the gold holdings was of such magnitude that the
ratio of reserves to deposit and Federal Reserve note
liabilities combined was raised during the week from
65.1% to 66.3%—everything thus being indicative
of great and growing ease.
UMEROUS increases and resumption in dividend declarations by corporate entities have
again been a feature of the week. The American
Chicle Co. declared a quarterly dividend of 75c. a
share on the common stock, payable April 1, making
the dividend a regular distribution at that amount;
previously from Jan. 1 1930 to and including Jan. 2
1934 the regular dividend was only 50c. a share, but
was supplemented by an extra dividend of 25c. a
share. The South Penn Oil Co. increased its quarterly dividend from 25c. a share to 30c. a share. The
American Safety Razor Corp. increased its quarterly dividend on common from 75c. a share to
$1 a share. The Hercules Powder Co., Inc., raised
the quarterly dividend on common from 37y2c. a
share to 50c. a share. The Eureka Vacuum Cleaner
Co. resumed dividends on common after having suspended payments since April 1932. The Pittsburgh
Plate Glass Co. declared on extra dividend of 10c. a
share, in addition to the regular quarterly dividend
of 25c. a share. The Bohn Aluminum & Brass Corp.
increased the dividend on common from 50c. a share
to 75c. a share, payable April 2 1934. The General
Electric Co.increased the dividend on common from
10c. a share to 15c. a share, payable April 25 1934.
The Public Service Co. of Northern Illinois declared
2% on the 6% cumul.
a quarterly dividend of 13/
4% on the 7% cumul. pref.
pref. stock and of 13
stock, both payable on March 20; these are the dividends which ordinarily would have 'been payable
Feb. 1, but which had been deferred pending submission to the stockholders of the recapitalization plan,
which was approved on Feb. 26.. The Canada Northern Power Corp., Ltd., declared a quarterly dividend
of 25c. a share on common, payable April 25; only
20c. a share was distributed on this issue from
April 25 1931 to and including Jan. 25 1934, though
on the latter date the company also paid a bonus
of 10c. a share.
N
HE foreign trade statement for the month of
January shows no improvement. Merchandise
exports for the month were again considerably lower,
and while shipments abroad of raw cotton in January were further reduced, the loss was by no means
confined to that one very important commodity.
Imports of merchandise last month were slightly
higher in value than for December. Exports
amounted to $172,000,000 in January and imports
to $135,000,000, the excess of exports being $37,000,000. For December, merchandise exports were
valued at $192,627,000 and imports at $133,518,000,
the excess of exports being $59,109,000. The decline
in exports last month from December was $20,627,000, or 10.7%. The value of merchandise exports in December was nearly as high as that for
October (the difference being only about $1,000,000),
and October exports were the largest in two years.
Cotton exports in October contributed in a marked
degree to the heavy export shipments in that month.
The increase in merchandise imports last month
over December was only $1,482,000.
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1438
Financial Chronicle
. The foreign trade in January, both for exports
and imports, continued considerably larger than for
the corresponding month last year. Exports in
January 1933 were valued at $120,589,000 and imports at $96,006,000, the excess of exports being
$24,583,000. The foreign trade at that time a year
ago was close to the lowest in value for a great many
years. The improvement from month to month in
the intervening period was almost continuous up to
October last, since which time the recession has
been slight. The betterment during the past seven
months is clearly shown by the comparison made
below. For the seven months, July 1933 to January
1934, merchandise exports were valued at $1,178,317,000 and imports at $992,417,000. For the corresponding figures of the preceding year, exports
amounted to $891,593,000 and imports only to $671,994,000. The increase for the 1933-34 record has
been very marked.
As to cotton, exports in January this year
amounted to 757,469 bales, compared with 837,756
bales in December and 846,610 bales in January 1953.
January cotton exports in bales were the lowest
for that month since January 1931. As to the value
of cotton exports, quite a different story is told.
Foreign shipments of cotton from the United States
last month were valued at $41,482,800 compared with
$44,296,356 for December last and only $29,727,120
for January 1933. The increase in the value of cotton exports last month over a year ago was $11,755,700, or 40%, due to the advance in cotton prices
which has occured in the interim. Exports other
than cotton in January this year were about $130,517,000 against $90,862,000 a year ago. Here also
the larger amount this year was in considerable part
contributed by the recent advances in prices of all
commodities. In its report on the January foreign
trade the Department of Commerce indicates that
there was a large falling off in shipments abroad
for that month in unman ufactured tobacco, inedible
vegetable products, textiles, chemicals, wood and
paper products, and vegetable food products. Exports of machinery and vehicles increased somewhat.
On the import side there were larger receipts in
January of wines and liquors, crude rubber, vegetable oils, and furs. There were declines in the value
of imports of wood and paper products, metals and
manufactures, and miscellaneous articles.
HE New York stock market has again been a
very dull affair, and in the absence of all vim,
prices sagged lower, though on Friday short covering brought an upward reaction. Bad weather has
served to intensify the dullness. On Sunday night
and Monday the northern part of the country had
to contend with another severe snowstorm, which
greatly impeded transportation and kept quite many
away from business. Here in New York City for
the two days the snow reached about 10 inches. The
solicitude regarding Congressional action on the bill
for the regulation of the Stock Exchanges served as
a further depressing influence. There has been
nothing to complain of as far as the indexes of trade
and business are concerned, they nearly all pointed
to a good increase as compared with the depressed
figures of 12 months ago. The steel trade continues
to give an unusually good account of itself, and on
Monday of this week the American Iron and Steel
Institute reported the steel mills of the country
T
Mar.3 1934
engaged to 45.7% of capacity against 43.6% the week
previous, 39.9% the week before, and 37.5% the previous week, and the highest rate since August of last
year. The production of electricity for the week ending last Saturday by the electric light and power
industry of the United States was reported at 1,646,465,000 kilowatt hours as against 1,425,511,000 kilowatt hours in the corresponding week of 1933 and
1,512,158,000 kilowatt hours in the same week of
1932, the increase over last year being 15.5% as
against somewhat over 11% in each of the two weeks
preceding and 12.5% increase in the week ending
Feb. 3, though the significance of the increase is
diminished by the fact that last year, owing to the
growing intensity of the depression the production
kept .steadily declining. Car loadings of revenue
freight on the railroads of the United States for the
week ended last Saturday (Feb. 24) were reported
at 573,371 cars as compared with 462,315 cars in
1933, being an increase of 24.0%. On the other
hand, the commodity markets, and particularly cotton and wheat, were as lacking in strength as the
stock market, though here also on upward reaction
occurred on Friday. Bonds also, and more particularly the low-priced and speculative issues, were
inclined to weakness, though here the recovery came
quickly, with the high-priced issues continuing their
leadership. The foreign exchanges were not much
of a feature in the financial transactions of the week,
the fluctuations being quite light from day to day,
with some indications that the gold importations are
drawing to a close.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
8c. the close on Friyesterday at 877
/8c. against 881/
day of last week. May corn at Chicago closed yesterday at 515
/
8c. the close the previous
/
8c. as against 505
Friday. May oats at Chicago closed yesterday at
353
/
8c. as against 351/
8c. the close the previous Friday. The spot price for cotton here in New York
closed yesterday at 12.50c. as against 12.40c. on Friday of last week. The spot price for rubber yesterday was 10.50c. as against 10.56c. the previous Friday. Domestic copper was quoted yesterday at Sc. as
against 8c. the previous Friday. Silver continued
firm, but moved within a narrow range. In London
the price yesterday was 20Y2 pence per ounce as
against 20% pence on Friday of last week, and the
New York quotation yesterday was 46.50c. an ounce
as against 46.65c. the previous Friday. In the matter of the foreign exchanges, cable transfers on London yesterday closed at $5.07.A,the same as the close
the previous Friday, while cable transfers on Paris
closed yesterday at 6.58c. as against 6.56c. the close
on Friday of last week. On the New York Stock
Exchange 76 stocks touched new high levels for
1934 during the week and 33 stocks dropped to new
low levels for the year. On the New York Curb Exchange 45 stocks ascended to new high figures for
the year, while 18 stocks touched new low levels.
Call loans on the New York Stock Exchange again
continued unaltered at 1%.
Trading was of only moderate volume. On the
New York Stock Exchange the sales at the half-day
session on Saturday last were 1,223,130 shares; on
Monday they were 2,187,870 shares; on Tuesday
1,270,910 shares; on Wednesday 1,322,090 shares;
on Thursday 1,241,820 shares, and on Friday
,480.550 share 3. On the New York Curb Exchange
the sales last Saturday were 219,527 shares; on Mon-
V rilurno 138
Financial Chronicle
day 360,555 shares; on Tuesday 247,375 shares; on
Wednesday 282,309 shares; on Thursday 288,325
shares, and on Friday 315,136 shares.
As compared with Friday of last week, prices are
irregularly changed. General Electric closed yesterday at 223
4 against 217
4 on Friday of last week;
North American at 201
4 ex-div. against 203
4;
Standard Gas & Electric at 137
% against 1334';
Consolidated Gas of N. Y. at 403j against 403%;
Brooklyn Union Gas at 74 bid against 771
/
2; Pacific
Gas & Electric at 203/
2 against 20; Columbia Gas &
Elec. at 1614 against 163/
8; Electric Power & Light
5 against 7%; Public Service of N. J. at 3931.
at 7%
against 407%; J. I. Case Threshing Machine at 763
4
against 763
4;International Harvester at 4234 against
7
4234; Sears, Roebuck & Co. at 473
4 against 47%;
Montgomery Ward & Co. at 3234 against 3234;
Woolworth at 52 against 513; Western Union Tele3
graph at 573% against 5934; Safeway Stores at 53%
against 533'; American Tel. & Tel. at 122 against 121;
American Can at 1033
% against 103; Commercial
Solvents at 2834 against 283
4; Shattuck & Co. at
113
% against 1034, and Corn Products at 75 against
73m.
Allied Chemical & Dye closed yesterday at 154
against 15534 on Friday of last week; Associated Dry
Goods at 173 against 163
4;E. I. du Pont de Nemours
at 1003
4 against 1013/
8; National Cash Register A
at 203
4 against 203%; International Nickel at 237%
against 233
%; Timken Roller Bearing at 38 against
365
4; Johns-Manville at 583% against 60; Coca-Cola
at 1063 bid against 10834; Gillette Safety Razor at
115
% against 115
%; National Dairy Products at 16
against 153
%; Texas Gulf Sulphur at 383% against
3934; Freeport-Texas at 465
% against 475%; United
Gas Improvement at 173
% against 183%; National
Biscuit at 4134 against 41; Continental Can at 7934
against 783.; Eastman Kodak at 91 ex-div. against
893/2; Gold Dust Corp. at 2034 against 197%; Standard
Brands at 2234 against 22; Paramount-Publix Corp.
ctfs. at 534 against 43
4; Westinghouse Electric &
Mfg. at 417
4 against 4134; Columbian Carbon at
673
4 against 673
4; Reynolds Tob. class B at 413
against 41; Lorillard at 1734 against 173/2; Liggett &
Myers class B at 87 against 867
4; Yellow Truck &
Coach at 63/2 against 63/2; Owens Glass at 87 bid
gainst 89. United States Industrial Alcohol at 543
4
against 553/2; Canada Dry at 2534 against 243
4;
National Distillers at 275
% against 263/2; Crown Cork
4 against 32, and Mengel & Co. at 73/2
& Seal at 313
against 834.
The steel shares moved lower, notwithstanding the
increase in steel operations. United States Steel
closed yesterday at 56 against 573% on Friday of last
week; United States Steel pref. at 9% against 943/2;
Bethlehem Steel at 46 against 4614,and Vanadium
at 2934 against 283%. In the motor group, Auburn
4 against 533/s on Friday
Auto closed yesterday at 533
General
Motors
at 393% against 3934;
week;
last
of
4; Chrysler at 567%
Nash Motors at 273% against 283
against 575%; Packard Motors at 6 against 634; Hupp
Motors at 634 against 634, and Hudson Motor Car
at 203% against 2134. In the rubber group, Goodyear
Tire & Rubber closed yesterday at 383% against 39
on Friday of last week; B. F. Goodrich at, 1634
%
against 163/2, and United States Rubber at 195
against 193%.
The railroad list was also weak most of the time.
Pennsylvania RR. closed yesterday at 355% against
37 on Friday of last week; Atchison Topeka & Sante
1439
Fe at 673% against 673%; Atlantic Coast Line at 493/2
against 49; Chicago Rock Island & Pacific at 5 against
534; New York Central at 393/
s against 41; Baltimore
& Ohio at 31 against 3234; New Haven at 20 against
203%; Union Pacific at 12934 against 128; Missouri
Pacific at 5 against 5; Southern Pacific at 2934
against 293
4; Missouri-Kansas-Texas at 123/2 against
123%;Southern Ry. at 3234, against 33; Chesapeake &
5 against 441
Ohio at 44%
4; Northern Pacific at 31%
against 3234, and Great Northern at 283% against 29.
The oil stocks have moved slightly lower. Standard Oil of N. J. closed yesterday at 47 against 47%
on Friday of last week; Standard Oil of Calif. at
397% against 40; Atlantic Refining at 32 against 32.
In the copper group, Anaconda Coppe.- closed yesterday at 153% against 157% on Friday of last week;
Kennecott Copper at 197% against 2034; American
Smelting & Refining at 4534 against 465
%; PhelpsDodge at 17 against 17; Cerro de Pasco Copper
at 36 against 36, and Calumet & Hecla at 534
against 53/2.
TOCK exchanges in the leading European financial centers pursued their separate ways in
rather dull sessions during the current week. All
markets were uncertain in the initial session, but
the London Stock Exchange witnessed an advancing
tendency which began modestly Tuesday and was
broadened in subsequent dealings. The trend on the
Paris Bourse was downward almost without interruption, owing largely to reports that important
French concerns were in difficulties. Occasional
unconfirmed rumors that Chancellor Dollfuss of
Austria had been assassinated contributed to the
gloom on the Parisian exchange. The Berlin Boerse
reflected a somewhat increased public interest in
securities, and prices advanced in most sessions.
The gold drain from France decreased markedly this
week, according to available reports, but the gain
in confidence occasioned by this circumstance did
not suffice to offset visible uncertainties in some of
the Continental markets. In London, however, the
lessened gold shipments to America were considered
heartening, and the slight improvement in currency
prospects contributed to the advance there. Somewhat more important, however, were new indications
that the depression is relaxing in severity throughout the United Kingdom. Industrial activity, as
reflected in the Board of Trade index, shows continued improvement. At annual stockholders' meetings in London, Thursday, a number of British industrial leaders expressed the opinion that further
decisive recovery is likely. The situation in France
is much less promising, while reports from Berlin
fail to reflect any pronounced change.
Very quiet dealings marked the initial session of
the week on the London Stock Exchange. British
funds were well maintained, but almost all other
sections of the market showed lower quotations. Industrial securities were heavy on intimations that
extensive tax reductions are unlikely, while international issues moved lower on unfavorable weekend reports from New York. A better tone was in
evidence Tuesday, although trading remained at a
low ebb. British funds were steady, and the industrial group showed a few good features. South
African gold mining stocks were sharply better on
demand from Cape Town. The international group
was marked upward in line with better reports from
New York. Prices advanced Wednesday at London,
S
1440
Financial Chronicle
and activity also was more pronounced. British
funds moved upward,and home rail stocks also were
in good demand, owing to excellent traffic returns.
There was a little liquidation of industrial stocks,
but most issues showed gains. The international
section was generally improved. Thursday's session
at London was distinctly cheerful, with some British
funds in such demand that new high prices were
reached. Rumors of a new advance in the American
gold price occasioned strength in gold mining stocks.
Industrial securities were in wide request and substantial gains were recorded. Only the international securities failed to participate in the upward
movement. The upward movement was continued
at London yesterday, with British funds in excellent
demand. Most industrial stocks showed gains despite modest profit-taking.
The Paris Bourse was heavy as trading started
Monday, and the dull tone was maintained all
through the day. Rentes fell sharply, while French
stocks also showed substantial losses. Gold mining
issues were in better demand than others. In Tuesday's dealings rentes recovered slightly, owing to
assurance by Finance Minister Germain-Martin
that the franc will not be devalued. Fresh losses
were recorded in French industrial and bank stocks,
while international securities, with the exception of
gold mining issues, also sagged. Month-end settlements occupied the Bourse Wednesday, and the
tendency was again downward. The carry-over at
23
4% was much higher than has been common in
Paris recently, and the increased charge contributed
to the lower tendency. The market also was troubled
by rumors of Central European difficulties. Rentes
were marked substantially lower, and French stocks
of all descriptions also were offered at concessions.
Gold mining issues remained in persistent demand.
Thursday's dealings were unsettled by a sharp decline in Citroen shares, which followed reports that
the company was in financial difficulties. It was
stated late in the day that the Citroen management
had obtained large advances from banking houses.
French stocks were decidedly weak, and rentes also
lost ground. International issues fared no better,
as there were again numerous rumors of trouble in
Austria. After early firmness, further unsettlement
developed on the Bourse yesterday, and prices
dropped back about to previous closing levels.
The Berlin Boerse was uncertain at the start of
trading, Monday, as the Reichsbank report reflected
a further substantial loss of gold. This influence
was offset in part by Dr. Hjaimar Schacht's positive
statement that there will be no tampering with the
currency. Early recessions were overcome by a
modest increase in public buying, and most securities closed with small net gains. The buying
movement increased Tuesday, and almost all securities showed wide advances. Gains were most pronounced in potash shares, some issues advancing
three points or more, but other groups of issues also
participated. Rumors of increased dividends helped
some of the stocks forward. A further gain in general confidence on Wednesday caused even larger
advances in securities. Shipping obligations were
especially in demand on rumors that the Reich Government would guarantee payment of interest on
external bonds of the companies in order to remove
the possibility of the seizure of vessels in foreign
ports. Some speculative favorites among the industrial issues advanced up to five points. The trend
Mar. 3 1934
Thursday was irregular, as some profit-taking
occurred. Shipping shares again were in demand,
and a number of other issues also gained, but quite
a few losses were interspersed with the advances.
Mining stocks were in demand in a quiet session
yesterday, but other issues receded.
EVERAL recent declarations by monetary
authorities in Europe reflect the anxiety caused
by the heavy flow of gold from Europe to the United
States, which followed the temporary stabilization
of the dollar at 59.06% of its former parity. There
were indications this week that the gold flow has
reached its'height and is now likely to diminish, for
a time at least. It is reported, indeed, that the
British Exchange Equalization Fund this week purchased most of the gold available in the London
auction market, although for some weeks almost all
such metal was taken for shipment to the United
States. The significance of the British action remains to be determined. In France the lower gold
exports, coupled with firm action by the Doumergue
Government toward a balanced budget, occasioned
a belief that the "battle of the franc" has been won.
The determination of that country to maintain its
adherence to the gold standard was expressed last
Monday by Finance Minister Germain-Martin, in
an address before the Senate. France, he said, will
not yield to "the campaign carried on in AngloSaxon countries to invite France to inflate or devalue her currency." No devaluation and no inflation will remain the French formula, M. GermainMartin declared. German monetary authorities are
equally determined not to countenance any tampering with the currency of that country. Dr. Hjalmar
Schacht, President of the Reichsbank, stated in no
uncertain terms late last week that the present German Government will not indulge in any currency
experimentation. The question of currency conversations between the British and the United States
Governments was discussed in the House of Commons last week. Chancellor of the Exchequer Neville
Chamberlain merely stated, as he had many times
before, that he did not think such conversations
would be fruitful in the present circumstances.
S
LOWLY emerging out of the mass of proposals
and legislation under consideration at Washington is an Administration program for stimulating
the exportation of agricultural products from the
United States. Increased exportation of industrial
products also is aimed at, but George N. Peek, Foreign Trade Adviser to President Roosevelt, made it
clear early this week that sales of our surplus farm
products will receive first consideration. The foreign trade policy of the United States was reviewed
by President Roosevelt at a long meeting, Monday,
which was attended by a dozen of the President's
closest advisers in the State, Agricultural and Commerce Departments. Secretary of State Cordell
Hull, who is a persistent advocate of lower tariffs
and increased foreign trade, stated in advance of
the gathering that there seemed to be general agreement among leading Administration officials on the
need for a more liberal foreign trade policy. Only
when the position is clarified, Washington reports
said, will consideration again be given the question
of commercial treaties with other countries.
After the meeting ended, announcement was made
that Mr. Peek would assume the presidency of the
S
Volume 138
Financial Chronicle.
1441
newly organized Export-Import Bank of Washing- other governments already possess such power, it
ton, and also of two additional institutions with a was remarked. "The exercise of the authority which
like aim of increasing American exports. The Ex- I propose must be carefully weighed in the light of
port-Import Bank was formed some weeks ago in the latest information," the message said, "so as to
order to assist trade with Russia, and all of its give the assurance that no sound and important
$11,000,000 capital was subscribed •by agencies of American interest will be injuriously disturbed."
the United States Government. Mr. Peek will continue to advise the President on foreign trade matTHOUGH peaceful conditions prevailed in Austers, while as executive head of the three banks he
tria this week, wild rumors of every conceivwill have an opportunity to put his ideas into effect. able variety emanated from Vienna and from neighThe announcement last Monday gave the first indi- boring capitals regarding present and prospective
cation that additional banks would be formed with events in the small Teutonic country. The belief is
funds of the Federal Government to stimulate for- universal that the suppression of the Socialists by
eign trade. One of the new institutions will be the Dollfuss-Heimwehr Government will prove the
formed with Cuban trade directly in mind, while the prelude to further developments, internally and inother will have for its aim the increase of trade with ternationally, and there is a natural tendency to
all countries other than Russia or Cuba. Mr. Peek magnify all occurrences. For this state of affairs
made it known that these new banks will not make the Austrian authorities are not alone to blame.
long-term loans in order to foster exports, but will Threats of subversive activities by Austrian Nazis,
act as a "real credit agency." Tariff rates may play made last week by Theodore Habicht, the German
an important part in the program now being devel- "Inspector-General for Austria," caused general apoped, and it was intimated that President Roosevelt prehension. It appeared this week that Herr
would send an important message to Congress deal- Habicht's remarks were ill-timed, as even the baging with such rates.
popping and swastika displays that characterize the
Washington reports of Tuesday indicated that the Nazi movement have been absent. In view of the
facilities of the bank designed for Cuban trade prob- statements by the German Inspector-General, the
ably will be put to immediate use in the sale of a Austrian Government sent some additional batsubstantial amount of silver to the Cuban Govern- talions of troops to the Austro-German border as a
ment. The cash position of the regime in Havana matter of precaution. The excitable foreign correis poor, and it has.desired for some time to increase spondents in Vienna reported this troop movement
the circulation of silver in Cuba, a dispatch to the as the preparation for a Fascist march on Vienna.
New York "Times" explained. The silver purchase With varying degrees of plausibility it was reported
probably will ease the Cuban Government's immedi- that the monarchy will be restored in Austria, that
ate problem on salary and other payments, it. was the country will slowly align itself with Germany,
thought. Suggestions were heard in political circles, and that it will be drawn into an Italian scheme for
the report stated, that the silver scheme would go a Danubian sphere of influence.
far toward allaying the opposition of representatives
Developments within Austria are not such as to
of the beet-sugar producing States in the West to the contribute to a clarification of the situation. In
Cuban sugar quota proposed in the pending Costigan Vienna, the former Socialist stronghold, the Govbill. Mr. Peek declared Tuesday that Russia and ernment took further measures for eliminating the
Cuba present problems peculiar to themselves, and Socialist party as a factor in the political life of the
that special banks were considered advisable in country. Plans were drawn up for ousting many
order to increase trade with those countries. Sepa- Socialist families from the municipal apartment
rate books will be kept for the three banks, but the houses and for turning these dwellings over to memsame staff will operate all of them. The Russian bers of the Heimwehr. Means were sought to end
and Cuban banks probably will begin to function in the consumers' co-operative societies, and even creabout 30 days, according to Mr. Peek, while a some- mation societies are being abolished and their instiwhat longer period will be required to place the third tutions closed. Financial difficulties, which always
bank in operation.
crop up in times of stress, are beginning to appear
The message of the President on tariff matters was in the form of strenuous objections to "Socialist"
placed before Congress yesterday. This document taxation. Significant, also, was a mass meeting of
followed the anticipated lines, as the Executive re- monarchists in Vienna, Monday, which was attended
quested broad powers to enter into commercial agree- by Prince Ernst von Starhemberg, leader of the
ments with other countries and to modify existing Fascist Heimwehr.
tariff rates and import restrictions in a manner cal- s Prince Starhemberg assumed on Tuesday the
culated to benefit agriculture and industry. "I am duties of spokesman for the Austrian Government.
requesting," Mr. Roosevelt said, "authorization for He talked frankly with newspapermen in the Heimthe Executive to enter into executive commercial wehr headquarters, and authority was given his reagreements with foreign nations and in pursuance marks by the presence of Herr Ludwig, the head of
thereof, within carefully guarded limits, to modify the Austrian Government press department. Ausexisting duties and import restrictions in such a way tria, the Prince asserted, will be definitely Fascist
as will benefit American agriculture and industry." and anti-democratic under the Dollfuss-Heimwehr •
In citing the need for such authority, the President regime. Chancellor Dollfuss is thoroughly in symquoted statistical data on the heavy decline in for- pathy with Heimwehr aims and aspirations, and no
eign trade, and he portrayed the effects of this on differences of opinion have arisen on policies, the
Americans generally. The American Government, Heimwehr leader continued. He made it plain that
he added, should be in a position to make fair offers the immediate program contemplates a restoration
for fair opportunities in order to protect the trade of the confiscated property of the Austrian nobility,
of the country against discrimination and injurious but some doubt was cast on the advisability of a
bargains. The executive branches of virtually all restoration of the Hapsburg regime. "We have much
N
1442
Financial Chronicle
in common with the German Nazis, as we are equally
enemies of democracy and have many of the same
ideas about economic reconstruction," the Prince
said. But Austrian independence will be staunchly
maintained, he added. It was asserted emphatically
that the Austrian Government is Fascist, with a
leaning toward the Italian type of Fascism. Relations between Austria and Italy will be close, but
they will not endanger European peace, the Heimwehr head stated.
MONG the many outward signs of the ferment
in Europe regarding the Danubian countries
it, an extended visit which Fulvio Suvich, the Italian
Under-Secretary for Foreign Affairs, paid to the
Hungarian and Austrian capitals. Signor Suvich
remained in Budapest from Feb. 21 to Feb. 23, and
he spent last Saturday in Vienna. It was generally
reported, and not denied, that the aim of the Italian
representative was to foster closer political and
economic ties between his own country and Hungary
and Austria. At the conclusion of his visit to Budapest, Signor Suvich declared that political and economic problems "of this part of the world" had been
surveyed in his long talks with Premier Goemboes.
He declined to discuss the Austrian situation with
representatives of the press because "Europe's state
at present is so delicate and nervous that it is not
opportune to make far-going declarations on that
question." No indication was furnished of the trend
of discussions at Vienna. In Rome, however, it was
stated Thursday that the Italian, Hungarian and
Austrian Premiers probably will meet some time this
month for a conference. Some concern was caused
in Berin by the Italian "diplomatic invasion" of the
Danube area, but the conclusion apparently was
reached in the German capital that attempts at a
customs union or a political association would have
little chance of.success unless they were supported
by the Reich. The Little Entente countries viewed
the Italian mission with undisguised alarm, and the
question of an immediate convocation of a Little
Entente conference was considered.
A
ERMANY and Poland are drawing steadily
closer, according to all available indications,
and there seems to be some evidence in support of
the contention of a few observers that Warsaw will
prove less amenable hereafter to French influence
and more inclined to favor Berlin. Ratifications
of the 10-year non-aggression pact between Germany
and Poland were exchanged last Saturday, and this
action was promptly followed by a proclamation of
a "propaganda alliance." An official announcement
at Berlin, Monday, indicates that this unique
arrangement calls for efforts to stimulate mutual
sympathy and understanding. "To promote the
effect of the recent Polish-German agreement," it
was stated,"the representatives of both parties have
determined their common will to co-operate on all
questions in forming public opinion in their respective countries, to the end that mutual understanding
may be increasingly awakened and a friendly atmosphere thereby assured. Complete unanimity was
reached respecting the steps to be taken in the fields
of the press, authorship, radio, moving pictures and
the theatre." Economic differences which heretofore have marred the relations of the two countries
also are well on the way to settlement, it appears.
Substantial agreement is said to have been reached
G
Mar.3 1934
on the question of customs duties applied by each
country on the products of the other, while a freight
and passenger agreement will regulate the traffic on
vessels plying between Gdynia and Hamburg.
IN AN age that is witnessing the rapid disappearance of kings and emperors, it is more than a
little interesting to note the coronation in Manchuria of Henry Pu-Yi, who took the name of Emperor Kang Teh as he assumed the titular rule,
Thursday, over 30,000,000 Chinese and a handful of
other peoples in the Japanese puppet-State of Manchukuo. The new Emperor was selected by the Japanese and his coronation seems to reflect, to some
degree, the requirements of polity in the expansionist aims of the Tokio militarists on the Asian continent. Beginning two years ago, it was rumored
persistently that Henry Pu-Yi would be chosen to
ascend the throne, and the rumors were confirmed
by an announcement at Peiping, last year, by Japanese diplomatists. In these circumstances it seems
doubtful whether the enthronement of the young
Emperor will have more than passing significance,
or will affect materially the clashes of national interest that are currently determining the fate of Eastern Asia.
The coronation ceremony, nevertheless, was a
resplendent affair. Clad in rich ceremonial robes,
the Emperor departed from the palace at Hsinking,
the capital, early in the day, and attended at a
nearby temple the impressive ritual which signified
his ascendancy of the throne. He returned to the
palace a few hours later and completed the ceremony
by taking his place on a finely carved ebony throne.
Old and new customs were joined in this ceremonial.
The Emperor rode to and from the temple in a modern bullet- and bomb-proof American automobile.
The people of Manchuria were permitted no part
in the affair. The road traversed by the Imperial
party was lined with troops and the capital had all
the aspects of a besieged city. Manchukuoan troops
were in the majority, but it was noted by press correspondents that every third soldier was a Japanese
"charged with the double duty of guarding the Emperor and watching his Manchukuoan comrades."
The name of Kang Teh, taken by the Emperor,signifies tranquillity and virtue in the Chinese ideology,
and these terms indicate that the sovereign intends
a peaceful and benevolent rule. His empire will be
known in Chinese as Ta Manchu Tikuo, or Great
Manchu Empire. The area of the "Empire" was,
until 1900, a grass-covered plain over which small
groups of nomads wandered with their herds. The
movement during the last three decades of some
30,000,000 Chinese northward of the Great Wall into
Manchuria is the greatest migration of people within
a similar time recorded in history.
Emperor Kang Teh sat for three years, as a baby,
upon the Dragon Throne of China, but this 28-yearold scion of the Ching Dynasty was deposed in 1911
when Republicanism began to roll over China proper
in a revolutionary wave. As he ascended, through
Japanese connivance, the throne of Manchukuo, the
Chinese inhabitants of Hsinking appeared to take
little interest in the proceedings. They complained
only, a dispatch said, that their way to work was
barred by the tense lines of soldiers. The Emperor
gave out a statement, in which he declared that it
will be his constant aim to prove worthy of the divine
mandate of kingship conferred upon him. He drew
Volume 138
Finncial Chronicle
a sharp contrast between the last two years of calm
rule in Manchukuo and the "disunity, poverty, suffering, corruption, disorder and continued civil strife
in China proper" during the decades of so-called
republican rule. "Let the world judge," he said,
"whether we deserve the right to a separate existence and whether we ought to have the foreign encouragement of recognition by suppressing banditry,
the corrupt rule of 'squeeze' and exploitation of the
masses by predatory War Lords." The annual
salary and civil list requirements of the new Emperor will be $1,750,000.
ANADIAN authorities took the first step late
last week toward the formation of a central
bank, as recommended by the Royal Commission last
year. Suggestions made in the report submitted by
Lord Macmillan were faithfully followed in a Government bill introduced in the House of Commons,
at Ottawa, and the proposed legislation is likely to
be enacted without substantial change, as approval
of the step, in principle, was promptly expressed by
Mackenzie King, leader of the Opposition. Under
the bill the new institution, to be known as the Bank
of Canada, would have wide control over the credit
and currency of the Dominion. The head office
would be in Ottawa, while establishment of branches
and agencies throughout Canada would be permissible. The bank would be a privately owned
institution, with original capital of $5,000,400, and
its shares of $100 par value would be offered for
general public subscription. Gold held by the chartered banks of Canada, and that in the vaults of the
Finance Department at Ottawa, would be transferred to the Bank of Canada, which also will have
the power to require transfer to it of gold held by
any person in the Dominion. Any profit resulting
from the sale of gold or the devaluation of the currency is to be payable into the consolidated revenue
fund of the Dominion Government. Only British
subjects could be shareholders, and the dividends
would be cumulative, but limited to 6%.
Currency functions would be taken over almost
entirely by the Bank of Canada from the Finance
Department and the chartered banks. With the
organization of the bank,issuance of Dominion notes
is to cease and the bank will issue its own notes,
while assuming liability for Dominion notes outstanding. Chartered banks would have the right at
first to issue notes to the amount of their paid-up
capital, but this privilege would be abridged from
year td year. Credit functions of the bank will be
those of a reserve institution. It will be empowered
to buy and sell or rediscount bills of exchange or
promissory notes endorsed by the chartered banks,
which must maintain with it deposits equal to 5% of
their deposit liabilities in Canada. Loans and advances may be made by the Bank, under the legislation, direct to the Dominion Government and also
to the Provincial Governments "with appropriate
limitations." The bank will act as fiscal agent for
the Dominion Government, and it may also act in the
same capacity for the provincial regimes, by
agreement.
In outlining the Government's proposal, Finance
Minister E. N. Rhodes declared that the central bank
is not to be regarded as a break with the past. "We
are not cutting away from the system which has
served us so well," he added. "Rather, the central
bank is to be seen as but another stage in the natural
C
1443
evolution of our banking system. It is not proposed
that the bank shall be directly responsible for the
general price level in Canada. It is believed desirable, however, and it is intended, that the bank shall
have a definite measure of control over the total
volume of credit and thus be in a position indirectly
to exert an influence over the general price level."
The bank will be controlled by a Governor, a Deputy
Governor and seven directors, who must all be British subjects without political office. The Governor
and his Deputy would be appointed for seven-year
terms, at first by the Government, and later by the
directors with Government approval.
An interesting indication of the practical working
of the bank in the present currency position of Canada is contained in a report of the Canadian Press,
published last Saturday. The bank will take over
about $70,000,000 gold now held in the Dominion
Treasury to secure notes, and about $30,000,000 to
$40,000,000 held by the chartered banks. Note issues
•of the bank are to be secured by not less than 25%
gold coverage, so that the upper limit of note circulation on the immediately prospective basis is somewhat in excess of $400,000,000, whereas current note
issues of the Treasury and the chartered banks are
only $310,000,400. A check would result from the
provision for retirement over a 10-year period of the
chartered bank issues, it is indicated, but on the
other hand all figures are still based on the old standard value of $20.67 a fine ounce for gold, so that
any devaluation of the currency would increase the
note issue potentialities to a corresponding degree.
Concurrently with the introduction of the central
bank legislation, bills were presented providing for
a 10-year extension of the charters of the Canadian
commercial banks. All the banking bills quickly
passed their first reading and were then sent to the
Banking and Currency Committee of the House of
Commons, where they will be discussed fully.
PRIVATE
parties have no recourse against the
United States Government's abrogation of the
gold clause in bond and other contracts, but it appears that the Republic of Panama may make an
issue of this matter and force a hearing before an
international tribunal. Panama is in a position to
take such action under the Canal Treaty of 1904,
which obligates the United States "to pay to the
Republic of Pamana the sum of $10,000,000 in gold
coin of the United States on ratification of this convention, and also an annual payment during the life
of this convention of $250,000 in like gold coin, beginning nine years after the date aforesaid." It was
made known here, Thursday, that the check for
$250,000 tendered earlier in the week to Nelson
Cromwell, as fiscal agent of Panama, under this
treaty, had been returned to the United States Treasury with the explanation that it did not appear fully
to discharge the obligation. Washington dispatches
state that Dr. Ricardo J. Alfaro,.Minister of Panama, has conferred at some length on the question
with Secretary of State Cordell Hull, but reticence
was observed on the trend of such discussions. The
understanding prevails here that Panama will seek
an additional payment of $173,000 at this time to
compensate for the reduction in the gold value of
the dollar, as compared with the currency of 1904
when the treaty was signed. The treaty itself provides that any disputes arising under it shall be
adjusted by a joint commission, to be named by the
1444
Financial Chronicle
Presidents of the two countries. Of possible moment
in the matter is a pledge by the Panaman Republic
of the $250,000 annual payment as part of the security on its United States dollar bond issues.
HERE have been no changes the present week
in the discount rates of any of the foreign
central banks. Present rates rat the leading centers
are shown in the table which follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
Country.
Austria....
Belgium...
Bulgaria_ _ _
Chile
Colombia__
Czechoslovakia__
Danzig. __ _
Denmark._
England_ _ _
Estonia....
Finland ___
France._ _ _
Germany__
Greece
_ _
Holland .
80.8 in
Date
Effect
Mar.2 Established.
Previsas
Rate.
5
334
7
434
4
Mar. 23 1933
Jan. 13 1932
Jan. 3 1934
Aug. 23 1932
July 18 1933
6
234
8
514
5
334
4
234
2
534
434
3%
4
7
234
Jan. 25 1933
July 12 1932
Nov. 29 1933
June 30 1932
Jan. 29 1932
Dec 20 1933
Feb. 8 1934
Sept.30 1932
Oct. 13 1933
. exit. 18 1933
434
5
3
234
634
5
234
5
734
3
Country.
157,000,000 francs, respectively. Notes in circuiation
show a contraction of 63,000,000 francs reducing the
total of notes outstanding to 81,022,539,280 francs.
The total of circulation a year ago was 83,986,388,185 francs and the year before 83,188,502,400 francs.
The proportion of gold on hand to sight liabilities
stands this week at 77.09% as compared with 77.20%
last year and 67.18% the previous year. Below we
furnish a comparison of the various items for three
years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
PreRate in
'ions
Date
Effect
Mar.2 Established, Rate.
Hungary__ 434 Oct. 17 1932 5
India
334 Feb. 16 1933 4
June 30 1932 334
Ireland_ _ ... 3
Dec. 11 1933 314
3
Italy
3.65 July 3 1933 4.38
Japan
434 Aug. 16 1933 5
Java
Jan. 2 1934 7
6
Lithuania
Norway _ ... _ 334 May 23 1933 4
Oct. 25 1933 6
Poland_ __ _ 5
Portugal... 534 Dec. 8 1933 6
Apr. 7 1933 6
6
Rumania
Feb. 21 1933 7
SouthAfrica 4
Oct. 22 1932 534
6
Spain
Sweden
234 Dec. 1 1933 3
%
Jan. 22 1931
Switzerland 2
Mar.3 1934
Changes
for Week.
Gold holdings
Credit bats. abroad.
a French commercial
bills discounted
bBills bought abroad
Adv. agt.securs_
Note circulation....
Credit current accts.
Proportion of gold
on hand to sight
liabilities
Feb. 23 1934. Feb. 24 1933. Feb. 26 1932.
Francs.
Francs.
Francs.
Francs.
—463,440,324 73,971,475,499 81,016.694,523 75,059.297,227
—1,000,000
14,039,847 2,601,241,056 6,267,740,745
+638.000,000 5,964,184,206 3.303,437,486 5,544,283,188
No change.
1.056.097,800 1.799,562.220 8.859,483.982
—67,000,000 2,934,674,913 2,580,468,598 2,707.281,188
—63,000,000 81,022,539,280 83,986,388,185 83,188.502,400
+157,000,000 14,935,681,805 20,956,538,857 28,536,167,448
R7 1R./,
77.20%
77.09%
—0.5607
a Includes bills purchased in France. 17 Includes bills discounted abroad.
In London open market discounts for short bills
HE Bank of Germany in its statement for the
on Friday were 15-16%, as against %@15-16% on
third quarter of February reveals a decline in
Friday of last week and 1% for three months' bills, gold and bullion of 20,874,000 marks. The total of
as against 15-16@1% on Friday of last week. Money gold, which is now 312,433,000 marks, compares
3 %. At Paris with 786,716,000 marks last year and 929,590,000
on call in London yesterday was 4
the open market rate remains at 2V1_70 and in Switzer- marks the previous year. A decrease is shown in
land at 13%.
reserve in foreign currency of 2,112.000 marks, in
bills of exchange and checks of 30,267,000 marks, in
HE Bank of England statement for the week other assets of 7,113,000 marks and in other liabilities
ended Feb. 20 shows a gain of £20,398 in gold of 3,602,000 marks. Notes in circulation show a loss
holdings which again brings the total up to new high of 66,252,000 marks, reducing the total of the item
ground, the figure now being £192,002,585. This to 3,228,599,000 marks. Circulation a year ago
compares with £150,966,736 a year ago. As the aggregated 3,111,224,000 marks and the year before
gain in gold was far more than offset by an expansion 4,003,215,000 marks. Silver and other coin, notes on
of £2,748,000 in circulation, reserves fell off £2,727,- other German banks, advances, investments and
000. Public deposits rose £2,773,000 and other other daily maturing obligations record increases of
deposits decreased £6,107,730. The latter consists 21,696,000 marks, 804,000 marks, 2,321,000 marks,
of bankers' accounts which dropped off £7,989,192 7,834,000 marks and 42,143,000 marks respectively.
and other accounts which increased £1,881,462. The proportion of gold and foreign currency to note
The reserve ratio is at 52.86% in comparison with circulation is now 9.9% in comparison with 29.6%
53.45% a week ago and 40.3% last year. Loans on a year ago and 26.9% two years ago. A comparison
Government securities rose £2,312,000 and those on of the various items for three years appears below:
other securities decreased £2,884,336. Of the latter
REICHSBANICS COMPARATIVE STATEMENT.
amount £2,326,136 was from discounts and advances
Changes
Feb. 23 1934. Feb. 23 1933. Feb. 23 1932.
for Week.
and £558,200 was from securities. No change was
Reichsmarks. Reielismarks. ReiChdmarks. Retchsmarks.
made in the discount rate which remains 2%. Below
Assets—
—20,874,000 312,433,000 786,716,000 929,590,000
Gold and bullion
39,458,000
50.453,000
79,573,000
Of which depos. abroad No change.
we give a comparison of the items for five years:
—2,112,000
7,940,000
Reserve In foreign curr.
T
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
.
1934.
Feb. 28
1933.
Mar. 1
1932.
Mar. 2
1931.
Mar. 4
1930.
Mar. S
£
E
£
E
£
a 367,402,000 359,284,058 351,785,826 350,722,320 347,295,975
Circulation
32,101,000 26,440,988 7,022,690 7,827.444 7,674,949
Public deposits
127.941.782 139,016,288 113,958,377 100,024,428 99,616,324
Other deposits
Bankers' accounts. 90.278,734 104.474,124 80,482,570 66,612,662 63,694,475
35,921,849
Other accounts_ .... 37,662,048 34,542,164 33,475,807 33.411.766 38,631,356
34,394,684
Governm't securities 75,648,610 86.500.258 47,235,906 40.678,332
21,944,703
18,027,719 30,507,949 47.304,859
Other securities
6,840,871
1)1st. & advances_ 5,804,612 11,964.868 11,356,645 10.639,093 15,103,832
12,223,107 18,543,081 35,948,214 30,039,239
Securities
Reserve notes dr coin 84,600,000 66,732,678 44,666,909 51,039,561 64,994,223
Coln and bullion.... 192,002,585 150,966,736 121,452,735 141,761,881 152,290,198
Proportion of reserve
60.57%
47.32%
36.92%
40.3%
52.86%
l to liabilities
4%
5/
3%
25
2.7,
Rank rata
Bills of exch. and checks
Silver and other coin_
Notes on other Ger. bki.
Advances
Investments
Other assets
LiabilUtes—
Notes in circulation
Other liabilities
Other daily matur. oblig
Propor.of gold & foreign
curr. to note circurn_
133,974,000 145,947,000
—30,267,000 2,645,341,000 2,277,255,000 3,164,664.000
+21,696.000 305,190,000 325,120,000 225,529,000
+804.000
11,961,000
12,494,000
12,506,000
70,718,000
+2,321,000
76,061,000 158,605,000
+7.834.000 659,876,000 400,873,000 161,809,000
—7,113,000 600,115,000 790.779,000 837,679,000
—68,252,0003,228,599,0003,111,224,0004,003,215,000
+42,143.000 468,278,000 364,764,000 331,799,000
—3.602,000 239,546,000 759,858,000 803,984,000
—0.515
9.9%
29.615
26.915
HE New York money market reflected, this week,
only to a very slight degree the heavy flow of
gold from European shores. Rates already are so
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
low under the official easy money policy that it would
note issues adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
be difficult to reduce them further, and the inflow
gold therefore has been without its ordinary effect
of
dated
statement
HE Bank of France weekly
money rates. Call loans on the New York Stock
on
of
holdings
gold
in
decline
Feb. 23, shows a
were 1% for all transactions of the week,
Exchange
the
loss,
further
this
to
463,440,324 francs. Owing
or new loans. In the unofficial
renewals
whether
as
francs
73,971,475,499
at
now
is
gold
Bank's
compared with 81,016,694,523 francs last year and street market transactions were reported every day
75,059,297,227 francs the previous year. Credit at %%, or a concession of Yt% from the official
balances abroad and advances against securities re- rate. Time loans showed a slightly easier tendency
strucveal decreases of 1,000,000 francs and 67,000,000 in some of the longer maturities, but the rate
$75,000,of
issue
An
unaffected.
was
general
in
ture
francs while French commercial bills discounted and
was
creditor current accounts rose 636,000,000 francs and 000 Treasury discount bills due in 182 days
T
T
Volume 138
Financial Chronicle
awarded on a competitive basis, Monday, at an
averge discount of 0.62%. Brokers' loans against
stock and bond collateral decreased $92,000,000 in
the week to Wednesday night, according to the usual
statement of the Federal Reserve Bank of New York.
The more comprehensive statement of the New York
Stock Exchange, covering the entire month of February, showed an increase for that period of $34,935,620.
in detail with call loan rates on the
DEALING
Stock Exchange from day to day, 1% remained the ruling quotation all through the week
for both new loans and renewals. The market for
time money has shown moderate improvement this
week, a number of transactions in two to five months'
maturities having been reported. Rates are nominal
at 34@,1% for two to five months, and 1@13'1.70
for six months. The demand for commercial paper
has been brisk this week, and there has been a good
increase in the supply of paper. Rates are 1%
for extra choice names running from four to six
months and 134% for names less known.
l'HE market for prime bankers' acceptances has
been firm this week though the shortage of
bills has restricted business to some extent. Rates
are unchanged. Quotations of the American Acceptance Council for bills up to and including 90 days
are /% bid and M% asked; for four months, 4
3 %
bid and %% asked; for five and six months, 1% bid
and 4%
7
asked. The bill buying rate of the New
York Reserve Bank is
for bills running from 1 to
90 days, and proportionately higher for longer
maturities. The Federal Reserve banks' holdings of
acceptances fell during the week from $75,111,000
to $62,345,000. Their holdings of acceptances for
foreign correspondents, however, showed an increase
from $4,635,000 to ,835,000. Open market rates
for acceptances are as follows:
SPOT DELIVERY.
-180 Days- -150 Days- -120 DaysMd. Asked. Md. Asked. Btd.
Asked.
Prime eligible bills
4
1
14
1
14
Si
-80
Days
-90 Days-80 Dogs
Bid. Asked. Bid. Asked. Bid.
Asked.
Prime eligible bills
bi
14
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
1% bid
Eligible non-member banks
1% bid
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Ban Francisco
Rate in
Elrea on
March 2.
2
I%
234
y
3
3
234
234
33,5
3
3
2
Date
Established.
Previous
Rate.
Feb. 81084
Feb. 2 1934
Nov. 18 1933
Feb. 31984
Feb. 9 1934
Feb. 10 1934
Oct. 21 1933
Feb. 8 1934
Sept. 12 1930
Feb. 9 1934
Feb. 8 1934
Feb. 16 1934
234
2
3
234
334
334
3
3
4
355
334
234
TERLING exchange is exceptionally steady, with
S
the market on the whole rather dull. Fluctuations have been within a narrower range than at any
time in perhaps a year, as measured in terms of the
United States dollar. The same condition is true of
sterling in terms of French francs, or gold, although
the London check rate on Paris has been permitted
1445
to move fractionally lower by the British exchange
control. The range this week has been between
$5.061
/
1 and $5.08 for bankers'sight bills, compared
with a range of between $5.04 and $5.143/g last week.
The range for cable transfers has been between
$5.063
/ and $5.08%, compared with a range of be2 a week ago.
tween 5.004 and 5.143/
The following tables give the mean London check
rate on Paris from day to day, the London open
market gold price and the price paid for gold by the
United States:
MEAN LONDON CHECK RATE ON PARIS.
77.44
Wednesday Feb. 28
Saturday Feb. 24
77.43
Thursday March 1
Monday Feb. 26
77.85
Friday March 2
Tuesday Feb. 27
LONDON OPEN MARKET GOLD PRICE.
1368. 6d. Wednesday Feb. 28
Saturday Feb. 24
1365. 5d. Thursday March 1
Monday Feb. 26
136s. 7d. Friday March 2
Tuesday Feb. 27
77.093
77.28
77.10
137s. Id.
137s. Id.
136s. 7d.
PRICE PAID FOR GOLD BY THE UNITED STATES
(FEDERAL RESERVE BANK).
35.00
Wednesday Feb. 28
35.00
Saturday Feb. 24
35.00 Thursday March 1
35.00
Monday Feb. 26
35.00
35.00 Friday March 2
Tuesday Feb. 27
Although the exchange market is dull, the undertone of sterling is firm, owing no doubt in large measure to seasonal causes, but also to the fact that there
is again a marke<disposition of foreign funds to seek
London as a harbor of safety, accompanied by renewed evidence that foreign funds already domiciled
there are less inclined to move elsewhere. According
to London bankers there has been a cessation of flow
of American funds from London to New York in the
past week, indicating a certain hesitancy over the
prospect of the security market here. This feeling
is also shared by owners of foreign funds on deposit
in London, which for the past several weeks has also
shown a tendency to favor the New York market.
Hitherto for many weeks the movement of funds
to this side were offset by the heavy demand for
sterling with which to buy gold in the London market
for American account. This gold buying, it would
seem has now practically ceased for the time being,
largely because the French franc has moved upward
in terms oflthe dollar and the dollar is at such level
with respect to the pound that it is no longer profitable to buy gold abroad and sell it in New York.
This may be gauged from the fact that when the
United States set its gold purchasing price at $35
ah ounce on February 1 the dollar rate in London was
$34.10, that is to say, the dollar equivalent for the
London gold price as fixed in the London open market
was $34.10. The dollar equivalent varies with the
fluctuation in dollar-sterling exchange. Curfently
the dollar rate in London is around $34.72 as compared with the Treasury price of $35. This means
that the dollar abroad is more nearly approaching the
official valuation of 59.06 cents assigned to it by
Washington.
Viewed from another angle, according to daily
tabulations worked out by Dow, Jones Sr Co., on a
percentage of the new parity the dollar-sterling rate
and price for gold in London indicated the value of
the dollar in London (at close of market) as 103.89%
on February 1 and as 100.81% on February 28. By
the same calculations the dollar was valued in Paris
on February 1 at 104.22%, reached 107.11% on February 5, and improved to 100.91% on February 28.
On Saturday last for the first time since the adoption
of the gold bullion standard, the discount on the
French franc in terms of dollars was less than 1%,
owing to the steady firming of the franc. It is believed that the British exchange control has inter-
1446
Financial Chronicle
vened in the market several times in the past few
weeks with a view to keeping the dollar-sterling rate
free of wide fluctuations. On Tuesday there were
£475,000 of gold in the open market, which was
bought by private purchasers either for hoarding or
for investment purposes and not for shipment to the
United States. This is the first time since the United
States adopted the gold bullion standard early in
February and began attracting gold that the daily
offering of gold in the London open market was not
taken for shipment to the United States. This sudden cessation of American gold-buying is partly responsible for the present lack of buoyancy in sterling
exchange. A Paris dispatch on Tuesday stated that
with the sailing of the Berengaria on that day there
had taken place probably the last direct shipment of
gold from Paris to New York for some time to come.
There is no change in the London money market
and funds are in perhaps even greater abundance.
Call money against bills is in supply at Yi% to %%.
Two-months' bills are quoted %% to 15-16%,
three-months' bills 1%, four-months' bills 1%,
and six-months' bills 1 1-16%. On Saturday last
there were £520,000 bar gold available in the London
open market, the bulk of which was taken for shipment to the United States. On Monday £770,000
was taken for shipment to the United States. On
Tuesday, as noted above, £475,000 was bought by
private purchasers. On Wednesday £1,300,000 of
bar gold was available and was so strongly bid as to
raise the price to a level that would make it unprofitable to export to the United States. On
Thursday £810,000 available was taken for "unknown
destinations." On Friday £225,000 was available and
was taken for unknown destinations. The Bank of
England statement for the week ended Feb. 28showed
an increase in gold holdings of £20,398, the total
standing at £192,002,585, which compares with
£150,966,736 a year ago and with the minimum of
£150,000,000 recommended by the Cunliffe Committee.
At the Port of New York the gold movement for
the week ended Feb. 28, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$129,687,000, of which $86,700,000 came from England, $24,756,000 from Holland, $14,196,000 from
France, $2,226,000 from Switzerland, $1,681,000
from Canada, $84,000 from Belgium, and $44,000
from Cuba. There were no gold exports. The Reserve
Bank reported a decrease of $350,000 in gold earmarked for foreign account. In tabular form the gold
movement at the Port of New York for the week
ended Feb. 28, as reported by the Federal Reserve
Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,FEB.22-FEB. 28,INCLUSIVE.
Imports.
$86,700,000 from England
24,756,000 from Holland
14,196,000 from France
2,226,000 from Switzerland
1,681,000 from Canada
84,000 from Belgium
44,000 from Cuba
Exports.
None.
land, $7,312,200 from France, $1,713,700 from
Switzerland, $1,553,400 from Holland and $418,600
from Canada. There were no exports or change in
gold held earmarked for foreign account. On Friday
$1,359,100 of gold was received from France. There
were no exports, but gold held under earmark for
foreign account decreased $251,500.
Canadian exchange continues at a slight discount.
On Saturday last Montreal funds were at a discount
of 4
3 8%. On Monday the discount was the same. On
Tuesday Montreal funds were at from 4
3 % to 4
5 %
3 % to M% discount,
discount, on Wednesday from 4
on Thursday at from %% to 9-16% discount, and
on Friday at M% discount. Important news items
relating to the formation of a central bank for
Canada will be found in our news columns.
Referring to day-to-day rates, sterling exchange
on Saturday last was steady in quiet trading. Bankers' sight was $5.073/2@$5.07%; cable transfers,
$5.0754@$5.08. On Monday sterling was in some
demand and steady. The range was $5.08@$5.083/
for bankers' sight and $5.083@$5.0854 for cable
transfers. On Tuesday the pound was dull and
easier. Bankers' sight was $5.063.i@$5.083; cable
transfers, $5.063/2@$5.083/2. On Wednesday sterling
was steady and dull. The range was $5.0634@
$5.065
% for bankers' sight and $5.06%@$5.0634 for
cable transfers. On Thursday sterling continued
steady in a quiet market. Bankers' sight was
$5.06IA@$5.07%; cable transfers, $5.06%@$5.08.
On Friday sterling was a trifle firmer; the range was
$5.0754@$5.08 for bankers' sight and $5.073/2@
$5.0814 for cable transfers. Closing quotations on
3 for demand and $5.073/ for
Friday were $5.07%
cable transfers. Commercial sight bills finished at
$5.0634; 60-day bills at $5.063; 90-day bills at
$5.0534; documents for payment (60 days) at $5.063,
and seven-day grain bills at $5.0714. Cotton and
grain for payment closed at $5.063
4XCHANGE on the Continental countries is
generally firm in terms of the dollar. French
francs are especially so, and while still below mint
parity with respect to the dollar, the franc has
nevertheless firmed up to a point where it is no longer
practicable to import gold from Paris to New York
on an exchange basis. As noted above, the Federal
Reserve Bank of New York reports an import of
$14,196,000 in gold from France this week, and also
an impOrt of $86,700,000 from England. A large
part of the gold from England came originally from
the vaults of the Bank of France. A week earlier,
that is for the week ended Feb. 21, the Reserve
Bank reported an import of $67,328,000 from France
and $105,392,000 from England. According to a
Paris dispatch, the Berengaria, which sailed on
Tuesday, is bringing the last French gold for the
United States which can be expected for some time.
The following table shows the relation of the leading
European currencies still on gold to the United
States dollar.
E
$129,687,000 total
Net Change in Gold Earmarked for Foreign Account.
Decrease: $350,000.
Two footnotes to the Reserve Bank's weekly statement read:
"We have been notified of the receipt at Seattle between Feb. 5 and 21
of approximately $671,000 of gold from China."
"Imports from France of $3,721,000 of gold previously acquired and
Included in the monetary gold stock of the United States."
Mar.3 1934
France (franc)
Belgium (belga)
Italy (lira)
Germany (mark)
Switzerland (franc)
Holland (guilder)
Old Dollar
Parity.
3.92
13.90
5.26
23.82
19.30
40.20
New Dollar
Parity.
6.63
25.54
8.91
40.33
32.67
68.06
Range
This Week.
6.553 to 6.58%
23.23 to 23.34
8.50 to 8.67
39.47 to 39.65
32.18 to 32.31
67.05 to 67.29
The discount on French francs in terms of dollars
The above figures are for the week ended Wednes- frequently averaged less than 1% this week, the
day evening. On Thursday imports amounted to franc having ruled around 99.06% of dollar-franc
$29,542,900, of which $18,546,600 came from Eng- parity. Future francs are offered around 23/ points
Volume 138
Financial Chronicle
under spot, while three-months' francs are around
4
points under spot. On Saturday last 90-day
francs were 10 points under spot. At the present
price of francs it is impractical for arbitrageurs to
take gold from the Bank of France for shipment to
the United States. The gold imports from France
reported this week and other shipments now on the
water were engaged some time ago. The firmness
in francs is due in part to a more confident tone in
the European centers in the belief that M.Doumergue
will be successful in organizing a satisfactory budget,
in effecting economies and in restoring public confidence. The Bank of France statement for the
week ended Feb. 23 shows a loss in gold holdings of
463,440,324 francs, the total standing at 73,971,475,499 francs, which compares with 81,016,694,523
francs a year ago and with 28,935,000,000 francs in
June 1928 when the unit was stabilized. The Bank's
ratio continues at a high figure, standing at 77.09%
on Feb. 23, compared with 77.65% on Feb. 16,
with 77.2% a year ago and with legal requirement
of 35%. As a result of the heavy drain on gold
during the past few weeks the Paris money market
is showing a decided tendency toward firmness,
and it is thought quite probable that despite this
unfavorable factor the Bank of France will again
increase its rate of rediscount within the near future.
Some French exporting interests have set up a
demand for devaluation of the franc. M. GermainMartin, Minister of Finance, stated emphatically
before the French Senate a few days ago: "Our
formula is no devaluation and no inflation. Inflation or devaluation would be a swindle toward
those from whom we had borrowed." He pledged
the Government to give the country an absolute
guaranty of stable currency.
The London check rate on Paris closed on Friday
at 77.10, against 77.37 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.57, against 6.55 on Friday of last week;
cable transfers at 6.58, against 6.56, and commercial
sight bills at 6.56, against 6.55. Antwerp belgas
closed at 23.29 for bankers' sight bills and at 23.30
for cable transfers, against 23.26 and 23.27. Final
quotations for Berlin marks were 39.69 for bankers'
sight bills and 39.70 for cable transfers, in comparison
with 39.57 and 39.58. Italian lire closed at 8.64 for
bankers' sight bills and at 8.65 for cable transfers,
against 8.59 and 8.60. Austrian schillings closed at
18.95, against 18.90; exchange on Czechoslovakia at
4.16, against 4.15; on Bucharest at 1.003/
2, against
1.013/2; on Poland at 18.90, against 18.84, and on
Finland at 2.27, against 2.26%. Greek exchange
closed at 0.94 for bankers' sight bills and 0.943/i for
4 and 0.943.
cable transfers, against 0.933
-4--
1447
for some time yet, but at a slower rate. Most of the
gold which Holland has been shipping in recent
weeks has come from private holdings and not from
the Bank of the Netherlands. The Bank's own gold
which has been shipped out recently has gone to
Paris in order to support the guilder against the
firmer French franc. Measured by ne.w dollar parity
the guilder and the Swiss franc are relatively easy,
but the current shipments of gold to this side, although coming from private holdings, tends to
strengthen both currencies. The Scandinavian units
of course follow the trends and fluctuations of sterling. Spanish pesetas are in but slight demand in
the New York market and, while not anchored to
gold, are Manipulated by the Spanish authorities to
move with the French franc.
Bankers' sight on Amsterdam finished on Friday
at 67.27, against 67.07 on Friday of last week; cable
transfers at 67.28, against 67.08, and commercial
sight bills at 67.25, against 67.05. Swiss francs closed
at 32.29 for checks and at 32.30 for cable transfers,
against 32.19 and 32.20. Copenhagen checks closed
at 22.68 and cable transfers at 22.69, against 22.66
and 22.67. Checks on Sweden closed at 26.19 and
cable transfers at 26.20, against 26.17 and 26.18
while checks on Norway finished at 25.52 and cable
transfers at 25.53, against 25.49 and 25.50. Spanish
pesetas closed at 13.59 for bankers' sight bills and at
13.60 for cable transfers, against 13.51 and 13.52.
XCHANGE on the South American countries is
largely dormant and presents no new features.
Official quotations, governed by national exchange
control boards, are of course quite nominal and rule
well above the unofficial or "bootleg" market. Argentine paper pesos are quoted officially around
333
4-34 but the "open market" in New York runs
between 25.95 and 26.25.
Argentine paper pesos closed on Friday nominally
4on Friday
at 333
4for bankers' sight bills, against 333
of last week; cable transfers at 34, against 34. Brazilian milreis are nominally quoted 8.45 for bankers'
sight bills and 83/ for cable transfers, against 8.47
and 83
4. Chilean exchange is nominally quoted
103, against 103.. Peru is nominal at 24.10,
against 24.75.
E
XCHANGE on the Far Eastern countries is
strongly inclined at all times to move in harmony with the fluctuations in world silver prices.
This is especially true in the case of the Chinese units
which at present are.showing a slightly softer undertone. The Hong Kong dollar ranged this week between 38.87 and 39.38, compared with a closing price
5
The
on Friday of last week of 39 9-16 @ 39/s.
between
35
and
range
of
a
Shanghai dollar has had
35.625, compared with a closing price on Friday of
XCHANGE on the countries neutral during the last week of 355 . Japanese yen are firm in terms of
war are generally firm, fluctuating within new dollar parity and while fluctuating rather widely,
somewhat narrower limits, due largely to the greater move more in sympathy with sterling than any other
steadiness of the major currencies, the dollar, the currency. The yen is manipulated by the most
French franc and sterling. Gold holdings of the stringent of exchange control boards. Tfie range
Netherlands Bank on Feb. 19 amounted to 813,000,- this week has been between 29.91 and 30.13, com000 guilders, against 833,000,000 a week earlier, and pared with a closing price of 30.05 on Friday of last
1,023,000,000 guilders on Feb. 20 1933. The Bank's week. In terms of the old dollar par of the yen was
record holdings were 1,033,000,000 in January 1933 49.85 and new dollar parity is 29.91. The Indian
and at the lowest last year were 741,000,000 in July. rupee fluctuates of course with sterling, to which it
The smallest holdings in the last five years were is anchored at the fixed rate of is. 6d. per rupee.
424,000,000 guilders in 1930. The Amsterdam mar- The quotation in New York, currently around 38.25,
ket expects the outward gold shipments to continue compares with former par of 36.44.
E
E
1448
Financial Chronicle
Closing quotations for yen checks yesterday were
30.00, against 30.05 on Friday of last week. Hong
Kong closed at 393 ® 39 5-16, against 39 9-16 ®
3998; Shanghai at 353/s, against 35%; Manila at
3
50.35, against 50.30; Singapore at 59%,
against
59%; Bombay at 383., against 39% and Calcutta
at 383., against 39%.
DURSUANT to
the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
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.
FEB. 24 1934 TO MARCH 2 1934, INCLUSIVE.
Country and Moneta
Unit.
Noon Baring Rate for Cable Transfers in New York.
Value In United Stales Money.
Feb. 24. Feb. 26 . Feb. 27. Feb. 28. Mar. I.
Mar. 2.
EUROPES
S
S
S
S
S
Austria, whining
.187450 .187816 .188491 .188325 .188308* .187908*
Belgium, belga
.232238 .232333 .232683 .232776 .232630 .232653
Bulgaria. lev
.013400* .013300 .013300. .013300 .013125* .013125.
Czechoslovakia, kron .041408 .041443 .041493 .041485 .041487 .041475
Denmark. krone
226516 .228775 .226780 .2261E8 .226436 .226616
England, pound
sterling
5.076896 5.082166 5.074666 5.083660 5.074375 5.075166
Finland, markka
.022366 .022425 .022416 .022433 .022408 .022441
France, franc
065598 .065643 .085675 .065713 .065687 .065721
Germany. reichsmark .395198 .395166 .395238 .395707 .395730 .398078
Greece, drachma
I .009360 .009400 .009415 .009405 .009350 .009362
Holland, guilder
I .670458 .670661 .670961 .671350 .671150 .671676
Hungary, pengo
.294666* .294900* .292900• .295586* .295666* .295666*
Italy, lira
.085639 .085080 .088060 .086490 .085600 .086730
Norway, krone
.254960 .255133 .255072 .2E4372 .254691 .255033
Poland, zloty
.188100 .188250 .188716 .188480 .189168 .188850
Portugal, escudo
.046591 .046800 .046530 .046522 .046640 .046600
Rumania, leu
009925 .010020 .009937 .009937 .009950 .009937
Spain, peseta
.134976 .135107 .135214 .135407 .135407 .135653
Sweden, krona
.281672 .262038 .261850 .281227 .261550 .261841
Switzerland. franc__ .321716 .321807 .322253 .322207 .322185 .322366
Yugoslavia. dinar__ .022725 .022620 .022637 .022675 .022880 .022675
ASIAChina.351250 .350000 .346666 .349166 .348750 .347083
Chafe° (yuan) der
Hankow(yuan)der .351250 .350000 .346666 .349168 348750 .347083
Shanghai(yuan)dol'r .350781 .349062 .346093 .349062 .348593 .346875
Tientsin (yuan)dol'r .351250 .350000 .346666 .349166 .348750 .347083
Hongkong, do1lar__ .389062 .387500 .385000 .388437 .388437 .388437
India, rupee
381500 .382350 .381830 .381400 .381625 .382020
Japan, yen
298940 .299250 .298500 .298350 .299050 .299150
Singapore (3.94.) dol'r_ .695125 .593750 .593750 .591250 .592500 .593750
AUSTRALASIAAustralia. pound
4.042500 4.048333 4.042916 4.034583 4.040833 4.039166
New Zealand. pound- 4.052500 4.058333 4.053333 4.045000 4.051250 4.049683
AFRICASouth Africa, pound 5.017500 5.022187 5.015625 5.000000 5.016875 5.015625
NORTH AMER.Canada. dollar
.993489 .993593 .992916 .992708 .993645 .993906
Cuba, peso
.999750 .999750 .999750 .999510 .999550 .9995.50
Mexico. peso (silver). .277320 .277320 .277220 .277025 .277320 .277300
Newfoundland. dollar .991000 .991125 .990250 .990125 .991250 .991875
SOUTH AMER.Argentina, peso
.338566* .338150. .338175 .337600* .338300• .338125*
Brazil milreis
.085100• .085120* .085137 .085775* .085650* .085700*
Chile, peso
.096875* .097050* .096800 .100000* .100300* .100250*
Uruguay. peso
.798500* .797333. .800733 .800833* .801000• .801000*
Colombia. peso
.720700* .708000* .709200 .709200. .714300• 714300.
• Nominal rates; firm rates not available.
HE following table indicates the amount of gold
bullion in the principal European banks as of
March 1 1934, together with comparisons as of the
corresponding dates in the previous four years:
T
Banks of
England _
France a...
Germany b__
Spain
Italy
Netherlands_
Nat. Belgium
Switzerland Sweden
Denmark_ _
Norway _ _ _
1934.
I
1933.
1932.
1931.
1930.
E
192,002,58
150,986,736 121,452,73
141,761,881 152,290,198
591,771,803 648,133,55 600,474,377 447,389,581 342,843.770
13,648.750 36,540,.11
42,440,2
103,873,500 114,730,050
90,467,000 90,354,0
89.942,
96,622,000 100,684,000
76.780,000 63,263,000 60,854,
57,309,000 56,126,000
67,800.000 85,636,000
72,310,
37,171,000
36,418,000
77,676,000 74,788,111
72,202,
40.459,000
33,672,000
67,548,000 88,884.111
64,894,
25,719,111
22,438,000
14,568.000
11,438,
11,440,
13.352,000
13,554,000
7.398,000
7,399,000
8,160,
9,552,000
9,578,000
6,574,000
8,015,000
6,559,111
8,134,000
8,146,000
Total week 1,208,234,1U 1,265,399,792 1.150.528.312 981,343,962 890,480,018
Prey. week 1,213,871,313 1,262.572,017 1,139.166.923 979.636.289 889.287.580
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year Is £1,972,900.
Federal Interference and the Child Labor
Amendment.
The systematic campaign which is being carried
on in behalf of the pending child labor amendment
of the Federal Constitution aims to marshal support
for one of the most far-reaching and ominous extensions of Federal authority into the constitutional
rights of the States and the liberty of the individual
that the State Legislatures have ever been asked to
Mar. 3 1934
consider. Both the amendment itself and the circumstances under which its adoption is now being
urged are extraordinary. The amendment was proposed to the States in a joint resolution adopted by
the House of Representatives on April 26 1924, and
by the Senate on June 2. No limit was set to the
time within which the States should act on tile
amendment, but between August 1924 and March
1927, the amendment was rejected by twenty-six
States. As the Constitution requires that threefourths of the States shall ratify an amendment in
order to make it effective, and the adverse votes of
thirteen of the forty-eight States would, accordingly,
defeat ratification, it would seem that the negative
votes of twenty-six States should have been sufficient
to set the proposal aside. The advocates of the
amendment, however, taking advantage of the absence, both in the Constitution and in the amendment itself, of any provision limiting the time within which the States must act, have not only insisted
that the amendment was still properly before the
States, but have added the contention that the Legislatures which voted against the amendment may,
if they choose, change their votes. The amendment,
in other words, it is claimed, is to be regarded as
properly before the country until such time, however
far distant, as the Legislatures of thirty-six States
shall act upon it. It is to secure a reversal of the
negative votes previously given, as well as to obtain
as many affirmative votes elsewhere as possible, that
the campaign for the amendment is now being waged.
Down to the present time some twenty States have
ratified, and the issue is being actively pressed in a
number of other States.
The constitutional question involved is not, unfortunately, at all points clear. It appears to be
settled constitutional doctrine that a State Legislature which has once ratified an amendment cannot rescind its action, but whether a negative vote
can be changed to an affirmative one appears to be
an open question. To the ordinary mind, whether
lay or legal,it would seem that the action of a State,
once it has been taken, should be final irrespective
of whether the action were affirmative or negative,
but the Supreme Court has not been called upon to
rule on the question. The precedent of the ratification of the Fourteenth Amendment is of very doubtful authority because of the extraordinary political
conditions of the time. The Fourteenth Amendment, proposed in 1866, was at first rejected by the
Legislatures of nine of the former Confederate
States. As three other States-Delaware, Maryland and Kentucky-had also rejected it and California had not acted upon it, ratification had failed.
The First Reconstruction Act of March 2 1867, however, made the acceptance of the amendment a condition of the restoration of the nine Southern States
which had rejected it. To add to the confusion, New
Jersey and Ohio, which had ratified, rescinded their
action. On July 20 1868, Secretary of State Seward,
unwilling to commit himself on the legal questions
involved, issued a proclamation announcing that the
amendment had been ratified by the Legislatures of
twenty-three States and "by newly-constituted and
newly established bodies avowing themselves to be
and acting as the Legislature of" six of the reconstructed Southern States, and that if the ratifications voted by New Jersey and Ohio "be deemed as
remaining of full force and effect" the amendment
was in force as a part of the Constitution. An irri-
Volume 138
Financial Chronicle
1449
tated Republican Congress ignored the proclamation, dicial and unhealthy conditions," but includes all
and the next day adopted a resolution declaring that persons under 18 years of age and puts their labor,
the amendment was in force and directing the Secre- "whether in home or on farm or elsewhere," under
tary of State to proclaim it as such. It is certainly supreme Congressional control. On Feb. 16, Dr.
to be hoped that a precedent drawn from the corrupt Henry S. Pritchett, President of the Carnegie Founand heated partisanship of Reconstruction days will dation for the Advancement of Teaching, was quoted
not have to be turned to to-day in the effort to force in a published statement as saying that "if the occupational control of all persons under 18 is turned
the child labor amendment upon the country.
The attempt to reverse the action of States which • over to a Government agency in Washington estabhave already, in sufficient numbers, rejected the lished by Congress, our whole conception of conamendment is bad enough, but the amendment it- stitutional government is abandoned." On the same
self is worse. A single attentive reading of the pro- day Dr. A. Lawrence Lowell, President-emeritus of
posal, one would think, should be enough to condemn Harvard University, in a radio address at Boston,
it. The amendment is in two sections. The first attacked the amendment as impowering Congress to
section provides that"the Congress shall have power prescribe what work shall or shall not be done by
to limit, regulate and prohibit the labor of persons persons up to 18 years, or whether they shall work at
under eighteen years of age." The second section all. "Why," he asked, "should we confer authority
declares that "the power of the several States is un- if we do not want it used."
impaired by this article except that the operation of
To these cogent criticisms are to be added the
State laws shall be suspended to the extent neces- weighty protest voiced by Elihu Root, former Secresary to give effect to legislation enacted by the Con- tary of State, in a statement which he gave out in
gress." The mischief which these provisions em- this city yesterday. The amendment, Mr. Root debody, together with the strenuous efforts which are clared, "would confer upon 'Congress the power to
being made to force the adoption of the amendment exercise upon the people of any State compulsion
notwithstanding, have been strikingly brought out as to the way in which they should bring up their
in some recent discussions of the subject.
children. Nothing can be conceived more essentially
On Dec. 28 last, in a letter to the New York belonging under the right of local self-government
"Times," President Nicholas Murray Butler of Col- than the right to regulate family relations. Such
umbia University, after recounting the history of the a change in our fundamental law cannot be adopted
amendment and the efforts made to secure ratifica- without a repudiation of the principle of local selftion at this time after twenty-six States had re- government upon which our system rests."
jected it, declared that while "every reasonable perThe replies to these criticisms have been far from
son is opposed to child labor just as every reason- convincing. It has been urged,for example, that the
able person is an upholder of temperance," the pro- child labor situation is beyond the power of effective
posed amendment "is precisely the wrong way with control by the.States, that not all States have child
which to deal with the problem to which it refers." labor laws, and that unfair industrial competition
It would "again attack our Government at its foun- is found between States which prohibit child labor
dation by once more enormously extending the Fed- and those that do not. The prohibition or restriceral police power to the invasion and destruction of tion of labor of persons under 16 years of age which
the historic rights of our States and local govern- is found in many of the NIRA codes cannot, it is
ments as well as those of the family." The adoption claimed, be retained without constitutional amendof the amendment would "bring no less than 40% of ment after the codes expire by limitation, although
our total population, or 45,000,000 human beings in why the age limit should be extended to 18 is not
all—all those under 18 years of age—under the direct explained. The most common rejoinder appears to
control of the Congress of the United States. The be that such a comprehensive authority as President
Congress might then send Federal agents and in- Butler and others see in the amendment will not in
spectors into every home, every family, every school fact be used—a hoary contention which has been
and every church to see what any one under 18 years brought forward on many another occasion when
of age was doing and whether he was doing any- advocates of Federal usurpation have campaigned
thing which the Congress, under authority of the against State and individual rights. How hollow
amendment, had either limited, regulated or pro- the contention is is sufficiently demonstrated in the
hibited." He specifically charged that those who presentation which Secretary of Labor Perkins made
brought forward the amendment and 'forced it of it in an address to the Kentucky Legislature, in
through Congress "had definitely in mind a Fed- advocacy of the amendment, on Feb. 21. "The
eral control of the population under 18 years of age amendment," she declared,"is an enabling act, not a
quite equal to anything which has been brought about statute, and will give to Congress power to pass
in Communist Russia, which so many of these very such legislation as is demanded by public opinion,
and only that." One has only to recall the drastic
persons criticize and attack."
Guthrie,
the
William
D.
eminent New provisions and egregious prescriptions of the VolOn Jan. 2
to
the
"Times,"
letter
in
a
lawyer,
endorsed stead Act to realize the lengths to which Congress,
York
quoted,
as
and
goaded by self-constituted spokesmen for "public
views,
Butler's
President
President
Butler had done, the resolution of the American Bar opinion," would almost certainly be driven in interAssociation, at its meeting on Aug. 30, declaring preting an amendment which,by its own terms, gives
that the amendment should be "actively opposed as unlimited powers of prohibition, regulation or
an unwarranted invasion by the Federal Government
It is greatly to be regretted that President Rooseof a field in which the rights of the individual States
and of the family are and should remain paramount." velt should have come out in favor of the amendThe amendment, Mr. Guthrie pointed out, "is not ment, as he did in a letter to an officer of the Massalimited to the prohibition of the labor of young chusetts League of Women Voters made public in the
children in factories or sweat-shops or under preju- New York "Times" on Feb.9, and should have voiced
1450
Financial Chronicle
apparent contempt for the opposition by declaring
that, in his opinion,"the matter hardly requires further academic discussion." The question of the
child labor amendment is not academic. The very
agitation which supporters of the amendment have
carried on for some years has helped to rid the country of all but a few vestiges of the objectionable
forms of child labor which were common years ago,,
and such as are left are rapidly disappearing, as
President Butler declared, "through action by the
several States and through the education of public
opinion." It is nonsense to maintain that all labor,
whatever its character, of persons under 18 years of
age is a menace to health, education or the proper
freedom of child life, yet the proposed amendment
not only makes no distinctions itself, but puts it in
the power of Congress to go the whole length from
absolute prohibition to the most arbitrary exceptions, and to enforce its policy by further additions
to the army of Federal officials already created to
inspect and regulate industry, business and agriculture.
The amendment should be killed and buried for
exactly what it is, namely, a deliberate attempt of a
small but energetic group of social reformers to undermine still further the constitutional foundations
of the country and strengthen Federal dictatorship
of the home, the school, the church, the club, the factory, the office, the farm and the mine and social life
generally.
"Main Street" Needs "Wall Street" to Keep
Surplus Capital Advantageously Employed
Link Which Serves Expanding Industry.
"Wall Street," by which is meant that portion of
New York City where investment and speculation
in securities, the raising of great loans for all sorts
of legitimate enterprises and banking on a large
scale commensurate with the needs of a nation of
125,000,000 of active and enterprising people, in fact
this country's greatest financial centre, has been
temporarily placed under a cloud at Washington by
the introduction of a bill in Congress which undertakes to impose many drastic regulations upon the
New York Stock Exchange. The bill is fathered by
Senator Fletcher, of Florida, and is an outgrowth of
an investigation by a Senate Committee of which
Senator Fletcher is Chairman.
Probably some regulative measure will be adopted
but the bill which will be passed by both Houses of
Congress and will go before the President for his
approval will surely be minus many tentative provisions which experienced financiers and leading
business men who must negotiate loans in order to
carry on their great enterprises regard as impracticable.
A recent expression embodied in a public address
delivered by one of the so-called steel magnates may
be taken to represent the attitude of the large borrowers who need to negotiate loans from time to
time to carry on. The speaker was Ernest T. Weir,
Chairman of the National Steel Company, who has
been fighting with great vigor a battle in the interest of all investors who supply capital for the conduct of the great industrial corporations which have
made this country conspicuous as a manufacturing
nation.
Chairman Weir recited his experience in Wall
Street as follows:
Mar.3 1934
"I wanted •forty millions of dollars for twentyfive years at a time when forty million looked like
the National debt. That was in 1930.
"I wanted this money to invest in American industry—to integrate vast flung resources and properties—to build and rehabilitate plants—to provide
work for American workmen, both in the construction and operation of an enlarged company.
"I got the money, not from Wall Street but from
Main Street via Wall Street. Wall Street, financially speaking, is the shortest direct route and connecting highway that I know of with Main Street
of the Nation. It might temper public judgment if
Wall Street were truly represented for what it actually is—a by pass and the actual gateway to Main
Street.
"Don't aid or abet the destruction of our economic
system until you are sure you have something better.
You wouldn't cut your head off because your face
was dirty—you'd probably wash it. Remember,
California didn't tear up its giant Redwoods to
clear a path for the automobile—it built around or
through them, and I am convinced that basically our
economic system, while not perfect by any means, is
as stalwart and as deeply rooted in this country as
are the giant monarchs of the California forests."
The reference to "Main Street" is well taken. The
occupants of that thoroughfare are the thrifty
people of the United States. The home folks everywhere who by industry, frugality and self denial
have accumulated capital which they desire to invest in large enterprises which it is impossible for
any one of them to handle individually but who in
the aggregate are able to supply a backlog on which
the more skilled American leaders can safely rely
for aid.
Wall Street in its broad sense ties the small
capitalist with the railroads, with industrial plants
and with every form of legitimate business which as
a whole has made of the United States a haven for
the best people on earth.
Drastic steps which would sever these important
relations and segregate "Main Street" from "Wall
Street" would be to destroy the foundations upon
which prosperity has been built heretofore and upon
which it must rely for its recovery and further
progress.
When large industrial corporations•are formed it
is often the case that invested capital is represented
by the funded debt, that is by bonds, and in addition
by preferred stock and that connom stock is based
upon good will and the prospect of earnings which
will give to the shareholders dividends, the rate of
distribution increasing as the company's business
grows and profits are enlarged. These provisions
are 60 well established and understood that there is
no deception. The hazard assumed by the buyer of
shares is measured by the low price of the shares
and as the risk diminishes as earnings grow the
market value of shares enhances. Upon these principles a capitalist large or small will invest a portion of his savings in bonds and preferred stock and
if he cares to assume a risk he will in addition buy
some of the common stock to hold either for dividends or for a profit as the market value increases
as earnings become assured to an extent which justifies a market value above the original purchase price.
It sometimes also occurs that upon organization
common stock is given as a bonus to the investors
in either the bonds or preferred shares, or both, and
the owner of shares so obtained can well afford to
retain the common stock which has cost him noth-
Financial Chronicle
Volume 138
1451
defaulted issues, were unsettled and erratic, probably in
sympathy with the downward trend in the shares market.
Chicago & Eastern Illinois gen. 5s, 1951, sold at 21% compared with 23 last week; Denver & Rio Grande Western gen.
5s, 1955, .old at 253
4 compared with 2734; and Missouri
Pacific 1st & ref. 5s, 198 t, closed at 3234, compared with 35
a week ago. The Western Pacific 1st 5s, 1946, which closed
at 41 last Friday, sold as low as 33 upon announcement
by the management that the interest due March 1 would be
deferred. The price later rallied to 38.
Utility bonds of all grades except the highest displayed
considerable uncertainty during the past week. Losses did
not reach particularly noticeabk proportions. In the
highest grades, however, the demand continued and many
issues reached top levels, not only for this year but for all
time. Such issues as Consolidated Gas, Electric Light &
Power Co. of Baltimore 4s of 1981, Duquesne Light 434s,
1957, Public Service Electric & Gas 4s, 1971, United Electric
Cc., N. J., 4s, 1949 and N. Y. Gas Electric Light, Heat &
Power 4s, 1949 reached prices to yield 4% or lower. One
noticeable feature of the week was the resumption after a
year's lapse of public utility financing in the form of a $15,000,000 issue of American Water Works & Elec. Co., Inc.,
Coll. Trust 5s, 1944.
Industrial bond prices for the most part reacted during the
week. On the average losses were not sharp, but more volaThe Course of the Bond Market.
tile bonds yielded moderately in many cases. Oils were
Bond prices have remained not far below their recent high relatively firm, Texas Corp. 5s, 1944, being unchangea since
levels. High grade issues have lost little or no ground, but a week ago at 1003/?. Skelly Oil 534s, 1939, wsre 134 points
at 93% and Union Oil of Calif. 5s, 1945, with warrants,
the lower grades were off moderately this week. The daily lower
were unchanged at par. In the steel group, Bethlehem
volume of transactions declined as the week advaoced. issues were firm, with 5s, 1936, up % to 101% and the 5s,
News of direct interest to the bond market was lacking, 1942 unchanged at 10634. Among the tire and rubber
except for the continued rise of excess reserves of banks.
bonds, U. S. Rubber Es, 1947, were off % to 7834 while
U. S. Government bond prices eased somewhat this week, Goodrich 6.3, 1945, were % lower at 84. Among miscellanebut remain close to recent highs. The Government's pur- ous speculative issues, declines were greater, as for example
1941, filed, which were 53, compared
chases of gold (there was an increase of $198,000,000 in mone- McCrory Stores 5Y,s,
to 56 a week earlier, United Drug 5s, 1953, which were down
tary gold stock this week), have tended to swell the excess
%
234 to 7434 and Chilas Co. deb. 5s, 1943 which were 25
reserves of member banks to large proportions. New York lower to 5834•
•
City member banks' excess reserves of $357,000,000 this
The foreign bond market was fairly steady. Germar
week, up $225,000,000 from a week ago, topped last year's issues were irregularly higher, Westphalia United 6s showing
record high of $356,000,000 on Jan. 11 1933. Excess re- a large advance on a point basis. Argentine and Brazilian
serves of member banks outside New York City broke last issues were steady, Uruguayans lower. Finnish bonds
year's high point several months ago. Short-term money reached new highs, while Denmark and Norwegian obligarates again eased off slightly.
tions were fractionally lower.
High grade railroad bonds were strong to firm, maintaining
Bidding on new municipal issues continued active and
the highest levels which have been recorded in recent years. prices remained firm. The State of Pennsylvania marketed
Atchison gen. 4s, 1995 and Pennsylvania cons. 4s, 1948, a $30,000,000 33j% issue of 10-20 ysar bonds at 1013
4•
sold at 998
4 and 102, respectively, comparing with 9934 and
Moody's computed bond prices and bond yield averages
102 last week. Medium and low grade bonds, especially are given in the following tables.
ing. Any dividends which such an investor may receive on his common shares or any profit which he
may obtain by their sale will operate to mark down
the cost of his investment in the bonds. When common shares are bought in the open market the purchaser knows, or should know, that the buyer always assumes the risk of encountering a declining
market as stocks will either rise or fall, the uncertainty of their movement creating the element of
speculation. Even real estate mortgages have an
element of uncertainty as has been disclosed in the
past few years. For the small capitalist who feels
that he cannot afford to assume any hazard, Government bonds and mutual savings banks have appealed
as affording a minimum of risk. These fundamental
principle's are well understood and it is only when
unsophisticated persons, overcome by a greed for
great profits, disregard them and become reckless
that they must pay a penalty for speculation in
which they ought never to have indulged.
moonrs BOND PRICES.
moonrs BOND
YIELD AVERAGES.t
(Based on Individual Closing Prim.)
91.53
90.55
87.69
84.85
95.48
84.85
92.39
74.15
82.62
57.67
107.67 98.41
107.67 97.16
106.25 95.48
105.37 93.26
110.42 101.97
105.37 93.11
108.03 100.33
97.47 82.99
103.99 89.72
85.61 71.38
75.19
99.36
05 92
1402
04 AR
949 '20
88.50
88.36
88.50
88.50
88.36
88.23
87.69
87.43
101.14
100.98
100.98
100.81
100.81
100.49
100.17
100.33
87.30
87.43
87.58
87.43
87.83
88.10
87.56
87.04
86.12
100.17
100.00
100.00
100.00
100.33
100.33
99.68
99.88
99.68
89.31
87.98
84.85
82.02
93.40
81.78
89.31
71.87
78.55
54.43
75.50
74.36
70.52
66.55
80.37
66.38
77.66
53.16
67.86
37.94
92.68
91.39
88.36
85,74
97.31
85.61
93.26
69.59
78.99
47.58
83.97 98.88
82.38 98.73
78.44 98.09
74.25 97.00
88.50 101.14
74.25 96.54
89.31 99.04
70.05 78.44
87.69 85.61
65.71 62.09
85.87
72.85
54.49
69.96
77.11
78.88
8210
7295
57 91
7190
an ao
7209
Mar. 2 __
1._
Feb. 28._
27._
26.,.
24__
Feb. 23_ _
22._
21._
20_ _
19_
17__
1615._
14._
13_
12_
10__
9._
8._
7__
6...
&_
3._
2__
1__
Weekly
Jan. 26__
19__
12__
5._
Low 1934
High 1934
Low 1933
High 1933
Low 1932
High 1932
Yr. AgoMar.2 '33
2 Yrs.Ago
Mar 9 '29
5.08
5.10
5.09
5.10
5.10
5.07
5.06
504
5.06
5.05
5.05
5.05
6.07
5.10
5.12
5.14
5.14
5.14
5.14
5.11
5.10
5.13
5.15
5.19
5.31
5.38
5.59
5.81
5.04
5.81
5.25
6.75
5.90
8.74
6.65
A R7
Act.
A.
4.64
4.65
4.65
4.66
4.65
4.64
4.63
4.64
4.65
4.65
4.65
4.66
4.70
4.72
4.73
4.74
4.75
4.74
4.75
4.75
4.73
4.76
4.77
4.79
5.20
5.22
5.21
5.22
5.23
5.20
5.19
Stock
5.18
5.19
5.18
5.18
5.19
5.20
5.23
5.26
Stock
5.29
5.27
5.29
5.27
5.24
5.23
5.27
5.29
6.37
4.85
4.93
5.04
5.19
4.63
5.20
4.73
5.96
5.44
7.03
5.47
5.57
5.81
6.04
5.18
6.06
5.47
6.98
6.34
9.23
5.73
AA
Aaa.
A
Ea°.
RR.
6.62
6.73
7.12
7.56
6.18
7.58
6.42
9.44
7.41
12.96
5.23
5.32
5.54
5.74
4.92
5.75
5.19
7.22
6.30
10.49
5.PPP".545.
PPoq.”.
"
4"'''PP'"c*P" PPPPPP'PPP1
coocnoomo
wbbo .4c3toma. ocAcy.o6
00-4VoPW&O.-.00 I-.1P0m90.-.01-•to ..00,pw04.0 *.0000,cy
109.12
109.12
109.12
109.12
109.31
109.49
108.94
108.75
108.76
100.49
100.17
100.17
100.33
100.49
100.65
100.81
6.88
9.22
7.18
-4
93.99
93.99
93.99
93.99
94.43
94.58
94.14
93.85
93.26
87.96
87.69
87.69
87.56
87.60
88.10
88.36
St
30
ForP. U. Indus. ofons.
6.31
A 27
0 00
a 41,
7
4
110.42
110.05
110.05
109.86
109.86
109.86
109.49
109.31
P. U. Indus.
120 Domestic
Corporate by Groups.
a 00
4.97
6.33
4.97
6.36
6.34
4.96
4.99
6.34
4.99
6.34
4.94
6.28
4.93
6.24
Excha nge Clo
6.20
4.92
4.93
6.21
6.19
4.93
6.18
4.92
4.92
6.18
4.94
6.21
4.98
6.28
6.29
5.03
Excha nge Clo
5.07
6.32
6.31
5.05
6.30
5.06
6.31
5.05
5.01
6.23
4.99
6.23
6.27
5.03
5.05
6.30
6.37
5.11
*
95.48
95.18
95.33
95.33
95.33
95.03
94.58
94.29
RR.
93.11 78.66 96.54
92.82 78.32 96.54
92.97 78.55 96.70
92.82 78.55 96.23
92.68 78.55 96.23
93.11 79.22 97.00
93.26 79.68 97.16
Excha Lure Clo sod
93.40 80.14 97.31
93.26 80.03 97.16
93.40 80.26 97.16
93.40 80.37 97.31
93.26 80.37 97.31
93.11 80.03 97.00
92.68 79.45 96.39
92.25 79.11 95.63
Excha nge Clo sed
91.81 78.77 95.03
92.10 78.88 95.33
91.81 78.99 95.18
92.10 78.88 95.33
92.53 79.80 95.93
92.68 79.80 96.23
92.10 79.34 95.83
91.81 78.99 95.33
90.69 78.21 94.43
101.81
101.64
101.64
101.47
101.64
101.81
101.97
Stock
101.81
101.64
101.64
101.64
101.47
100.81
100.49
100.33
Stock
100.17
100.00
100.17
100.00
100.00
100.33
99.84
99.68
99.36
00000s400
110.23
110.23
110.05
109.68
109.86
110.42
110.23
120 Domestic Corporate
by Ratings.
&
94.88
94.58
94.73
94.58
94.58
95.03
95.18
AU
120
1934
Domes
Daily
Averages. tic.
6-.0WWW-4-40
Mar. 2__ 101.88
I__ 102.01
Feb. 28_ 102.05
27._ 102.14
26._ 102.10
24_ - 102.28
Feb. 23- 102.34
22._
21-- 102.31
20__ 102.28
19__ 102.24
17__ 102.21
16._ 102.21
15-- 102.17
14__ 101.97
13.- 101.82
12_ 10.- 101.73
9._ 101.69
8-- 101.82
7-- 101.76
6- 101.93
5-. 102.02
3- 102.07
2._ 101.77
I__ 101.47
Weekly
Jan. 26._ 100.41
19__ 100.36
12__ 99.71
5__ 100.42
High 1934 102.34
Low 1934 99.06
High 1933 103.82
Low 1933 98.20
High 1932 103.17
Low 1932 89.27
Yr. AgoMar. 233 98.30
2 Yrs.Ago
120 Domestic
Corporate* by Groups.
ki0;.4.
U.S.
120
120 Domestic Corporate
1934
Goo. Domesby Ratings.*
Daily
Bonds. tie.
Averages. **
Corp.* Aao.
Aa.
A.
Bao.
1.2iaW4i4L'i41.56
L.16M64.9;i4
•
.
D 0 00-,.0W0Ww00 4.0.00.000N
(Based on Average Yields.)
4.72
4.74
4.74
4.73
4.72
4.71
4.70
7.38
7.42
7.43
7.44
7.46
7.47
7.49
4.68
4.69
4.69
4.70
4.70
4.72
4.74
4.73
7.51
7.52
7.51
7.51
7.52
7.51
7.53
7.58
4.74
4.75
475
4.75
4.73
4.73
4.77
4.77
4.77
7.57
7.57
7.62
7.61
7.56
7.55
7.53
7.55
7.63
4.82
4.83
4.87
4.94
4.68
4.97
4.81
6.35
5.75
8.11
7.97
8.05
8.33
8.55
7.49
8.65
8.63
11.19
9.86
15.83
11.18
10 2.
•These prices are computed from average yields on the basis of one "Ideal" bond (44i% coupon, maturing in 31 years) and do not purport to show either the average
level or the average Movement of actual price quotations. They merely serve to Illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market. For Moody's index of bond prices by months back to 1928, see the issue of Feb.6 1932. page 907
•• Actual average price of 8 long-term Treasury issues. 4The latest complete list of bonds used in computing these indexes was published In the issue of Feb. 10 1934. Dace
920. ft Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
1452
Financial Chronicle
BOOK NOTICE.
THE MENACE OF RECOVERY—WHAT THE NEW
DEAL MEANS. By William MacDonald. 401 pages. New
York: The Macmillan Co. $2.50.
This is the first book to give both a detailed history and
a critical appraisal of the Roosevelt recovery program from
Its inception in the presidential campaign of 1932 to the
end of 1933. It begins with a summary and analysis of the
proposals put forward by President Roosevelt in his campaign speeches, following which come chapters on President
Roosevelt's course as President-elect, the personnel and
ideas of the "brain trust" and other presidential counsellors,
and the bank crisis of March, the resumption of banking
operations under Federal license, and the pursuit of the gold
•hoarders. The Emergency Banking Act, the Agricultural
Adjustment Act, the act creating the Tennessee Valley
Authority, the National Industrial Recovery Act, the Securities Act, the Farm Credit Act and other statutes embodying
the recovery program are then taken up in order, their provisions analyzed and summarized, the history of their application narrated until the end of the year, and the principles and policies of the acts subjected to detailed criticism.
The story of the Government manipulation of gold is then
traced, a number of the industrial codes, including those
for the cotton textile industry, iron and steel, petroleum,
automobiles, retail trade and newspapers, are next examined, and a special chapter is devoted to the plan of
"subsidizing the farmers." A final chapter points out the
real significance of the "new deal" and the prospect which
It holds out for business, industry and finance. Extracts
from some of the most important of the recovery statutes
are given in an appendix, and there is a useful list of the
abbreviations used in designating statutes, administrations,
boards and other agencies.
The author pays tribute to the high character and personal sincerity and devotion of President Roosevelt, and
fully recognizes the great financial and business difficulties which confronted the country when the Administration
began, but he is nevertheless outspokenly critical of most
parts of the Administration's policy and of the economic and
political theories on which it rests. "A stranger aggregation
of talent and devotion," he writes regarding the "brain
trust," "had never been assembled to advise a Government,
but the measure of its influence was not its unity but the
revolutionary character of its ideas," chief among the ideas
being the substitution of Government control for competition
and individual initiative, and the development of "an enlightened dictatorship" which should "supply the nation with
a mind." The emergency banking policy embodied "the pernicious theory of 'easy' money,'easy' credit and more indebtedness as a remedy for financial ills which easy money and
credit and extravagant speculative indebtedness had contributed directly to bring about." The abandonment of the
gold standard is declared to have been wholly without justification, and the repudiation of the obligation of gold contracts "a deliberate breach of faith."
"There was not a substantial feature" of the Agricultural
Adjustment Act, the author concludes after reviewing its
history and provisions, that was not "open to weighty objection," While the processing taxes are criticized as "class
legislation on an unprecedented scale." The difficulties
of dealing with unemployment are fully conceded, but the
Unemployment Relief Act is a Federal dole which makes no
contribution whatever to the permanent solution of the
unemployment problem, while the public works provisions
of the NIRA embody on a colossal scale the twin fallacies
of "recovery by spending" and recovery by means of artificially made work most of which the country is in no
condition to afford. The Tennessee Valley Authority, of
whose organization and plans there is a particularly full
description, is pointed to as "one of the most ominous elements" of the Administration program, since it not only
launches the Federal Government on an extraordinary course
of social planning and control which, if successful, is likely
to be extended to other regions, but also puts the Government directly into competition with private industry and has
"by inference aimed a blow at all industry for profit."
Equally incisive criticisms are made of the Securities Act,
the Farm Credit Act and the Home Owners' Loan Act.
Mr. MacDonald sees nothing particularly encouraging in
such revival of industry and trade as had appeared by the
end of 1933. It would have been impossible, he says, for
the Government to "pour billions of money and credit" into
business and trade in the way it has without some resulting
stimulation, but "the prosperity that followed was far more
apparent than real." He rejects as economically unsound
the whole theory of Government control which inheres in
the recovery program, and which threatens to extend itself
to all undertakings except, perhaps, the very smallest, and
points out that the line which separates what is now being
done from out-and-out socialism is being rapidly obliterated.
He also frankly questions the constitutionality of much of
the program. President Roosevelt's position, he declares,
has become that of a virtual dictator, and ."the disclaimer
that what is being done is temporary, and that when the
'emergency' has been tided over personal and social freedom
will return, has only the importance of a gesture." The
recovery program is "shot through with economic fallacies
and social vagaries," and dictatorship inheres both in the
program itself "and in the purpose to continue it." The
outlook for the future is indicated in the following passage
from the final chapter: "Meantime the indirect attack upon
capital goes on through price-fixing, control of supply, restriction of competition, enforced costs of production or distribution which limit profits or reduce them to unimportance, the campaign against privately owned utilities, extreme taxation, and Government control of banking and
credit. If, by systematically restricting the ways in which
capital may be used, capital is progressively made unprofitable, the acquisition by government of capitalistic enterprises which no longer offer a field for individual or corporate initiative, and the relegation of presidents, treasurers
and managers to the status of hired men will not be a difficult transition."
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, March 2 1934.
General trade showed some improvement after a slight
pause in the previous week owing to the blizzard and shorter
week because of the holiday. While the servere wintry
weather retarded trade to some extent, it also had the effect
of increasing employment not a little, especially in New York
City, where thousands of men were put to work to remove
the snow. Basic industries made good showing. Steel
operations rose to 45.7% of capacity, the highest since last
August, and they exceed the February rate of both 1933 and
1932. Electric output showed another increase and is now
15.5% over the figures for the same week last year. The
output of automobiles reached the largest total since 1930.
The shoe and textile industries were doing a better business. There was also more activity among chemical plants;
and washing machine manufacturers reported the largest
number of men employed in three years. Employment in
the automobile industry was about 40% higher than a year
ago with earnings approaching the 1929 level. In the radio
trade there was an increase in employment of more than
Mar.3 1934
1
100% and in some other industries there was a gain of more
than 200%. Retail business was well maintained despite
the very severe snowstorms on Monday. There was a
heavy demand for overcoats, galoshes and rubbers but
retailers lost many sales because stocks in many instances
had been cleared. Sales of hardware and automobile
accessories continued large. The movement of spring goods
was not up to expectations during February but it exceeded
that of the same month last year by at least 25 to 30%.
Wholesale buying was on a larger scale. Wholesale business
for February was estimated at 30 to 40% higher than in
the same month last year. Commodity markets showed a
reactionary trend during the week. Cotton declined to the
lowest level in several weeks owing to liquidation caused by
the delay in reporting the Bankhead bill out of Committee.
Rallies occurred from time to time on later news from Washington that the bill was being revised and that a favorable
report would be forthcoming in the near future. The
demand from the trade was comparatively light. The weakness of wheat also affected cotton. To-day the Bankhead
bill was reported out of Committee and prices rallied sharply.
1453
Financial Chronicle
Volume 138
Wheat declined to the lowest point in two months under heavy Revenue Freight Car Loadings for Latest Week 24.0%
Higher Than a Year Ago.
liquidation influenced by reports of snow and rains in the
freight for the week ended Feb. 24
revenue
of
Loading
the
in
decrease
the
and
Southwest
the
of
area
drought
cars, a decrease of 25,525 ears,
573,371
to
amounted
1934
but
visible supply was not as large as had been expected,
later prices rallied on buying stimulated by further inflation or 4.2%, below the preceding week, but was an increase of
talk. Corn, oats and rye followed the downward trend in 111,056 cars, or 24.0%, over the corresponding period last
year. It was also an increase of 37,873 cars, or 7.0%, as
wheat early in the week and rallied with it later.
Coffee futures after advancing to new high levels early compared with the same week in 1932. Total loadings for
those
in the week weakened later on and show a decline for the the week ended Feb. 17 1934 were 15.7% in excess of
week. Sugar was somewhat stronger owing to buying for the week ended Feb. 18 1933.
The first 16 major railroads to report for the week ended
stimulated by more favorable Washington news concerning
quotas recommended by President Roosevelt. Butter was Feb. 24 1934 loaded a total of 247,064 ears of revenue freight
firm with receipts light and demand fair. Hides were rather on their own lines, compared with 258,049 cars in the precedquiet and lacked definite trend. In the leather trade a good ing week and 203,063 cars in the seven days ended Feb. 25
business was reported with prices firm. Wool was rather 1933. All of these carriersagain showed increases over the
quiet but prices showed little change. Silver showed some totals for the same period last year. Comparative statistics
follow:
decline.
The cold weather continued over the weekend and on REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
Sunday a raging winter storm which continued for two days
Rec'd from Connections.
held half of the United States in a snowy,icy grip, which tied
Loaded on Lines.
Weeks Ended.
up traffic and caused many deaths. The heavy snow fall
Feb. 24 Feb. 17 Feb. 25 Feb. 24 Feb. 17 Feb. 25
1934. 1934. 1933. 1934. 1934. 1933
throughout the East and Middle West caused the Civil
Works Administration to authorize use of CWA employees Atchison Topeka & Santa Fe Ry_ 16.667 17,612 15,677 4,237 4,128 3,447
21,889 21,453 18,014 7,025 6,836 5.277
& Ohio RY
in cleaning snow in 33 States. Here in New York the fall Chesapeake
14.251 14,335 11,244 5,655 5,738 4,987
Chic. Burlington & Quincy RR
Chic. Milw. St. Paul & Pacific Ry 18,856 17,059 13,094 5,792 5,933 5,745
of snow was more than 9 inches and 48,000 men and 4,600 Chicago
13,436 14,240 11,455 8,536 9,118 7,288
& North Western Ry
695
2,588 2,923 2,119 1,239 1,350
trucks were at work on Tuesday and with the CWA em- Gulf Coast Lines & subsidiaries
International Great Northern RR 2,972 2,891 2,211 2.114 1,914 1,354
ployees added to the departments force the expect,ed number Missouri Kansas Texas RR
3,934 4,292 3,923 2,401 2,587 2,107
13,101 13,256 10,921 7,409 7.486 6,029
Missouri Pacific RR
was boosted to 90,000 men but only a small part of the CWA New
39,724 42,614 31,425 61,019 62,434 45,754
York Central Lines
3.440 3,845 3,135 8,832 8,895 6,576
N.Y. Chicago & St. Louis Ry
workers, through a misunderstanding, were actually at work Norfolk
18,359 18,538 14.075 3,512 3,930 3.075
& Western fly
53,868 56,239 44,283 34,123 33,677 26,803
removing snow. Outside of New York City especially, in Pennsylvania RR. System
a
a
a
4,883 5,133 3.590
Marquette RY
the New England States conditions were much the same or Pere
a
1
1
17,444 18,765 13,780
Southern Pacific Lines
4,652 4,854 4,117 7,393 7,782 6,605
worse, buses, trains, and all kinds of transportation being Wabash RY
-- ---greatly delayed or supended entirely.
247,084 258,049 203,063 159.287 161,808 125.742
Total
On Thursday and Friday temperatures rose considerably,
a Not available.
which helped the great army of workers but much snow still
TOTAL LOADINGS AND RECEIPTS FROM.CONNECTIONS.
remains to be cleaned away. To-day it was 28 to 45 degrees
(Number of Cars.)
here and fair. The forecast was for rain and warmer.
Overnight at Boston it was 28 to 40 degrees; Baltimore, 26
Feb. 24 1934. Feb. 17 1934. Feb. 25 1933.
Weeks Ended.
to 34; Pittsburgh, Pa., 28 to 38; Portland, Me., 22 to 34;
18,822
19,829
18,660
_
Chicago Rock Island & Pacific Ry.
46;
to
32
36
Cleveland,
40;
to
Cincinnati,
38;
Chicago, 34 to
22,143
26,031
26,112
Illinois Central System
10,915
12.285
12,048
St.
Ry
58;
Francisco
to
30
48
Louis-San
Milwaukee,
Charleston,
36;
to
30
Detroit, to 40;
Dallas, 42 to 46; Savannah, 50 to 60; Kansas City, Mo.,
58.145
49.880
56.820
Total
36 to 46; Springfield, Mo., 36 to 42; St. Louis, 38 to 50;
Oklahoma City, 38 to 44; Denver, 30 to 54; Salt Lake City,
The American Railway Association Feb. 24, in reviewing
42 to 54; Los .Angeles, 56 to 80; San Francisco, 54 to 62; the week of Feb. 17 stated:
Seattle, 50 to 54; Montreal,28 to 32, and Winnipeg,22 to 42.
for the week ended on Feb. 17 totaled 598,896
"Annalist" Weekly Index of Wholesale Commodity
Prices Unchanged for Week of Feb. 27-Monthly
Average for February Higher.
No change was recorded by the "Annalist" Weekly Index
of Wholesale Commodity • Prices in the course of a quiet
week, the index standing at 108.2 on Feb. 27, unchanged
from the revised figure of Feb. 20. In noting this the
"Annalist" said:
With foreign quotations for the dollar reflecting a decline in terms of
the old dollar to 59.7 cents from 60.1, the index in terms of the old dollar
declined to 64.6 from 65.0 (revised). The monthly average for February,
reflecting the rise in the weekly figures, advanced to 108.1 from 105.2
(revised) in January); in terms of the old dollar it went to 65.4 from 66.1
(revised).
Both the fuel index and the two combined series, as here given, have been
revised back to Oct. 3 1933, so as to reflect more accurately the rise in bituminous coal prices brought about by the adoption of the bituminous code.
The revised monthly series are here given; the revised weekly indices will be
published shortly in the "Annalist." but may be obtained meanwhile from
the "Annalist" upon request.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for Seasonal Variation (1913=100)
Feb. 27 1934. Feb. 20 1934. Feb. 28 1933.
91.9
91.9
61.5
Farm products
106.4
107.0
83.9
Food products
a122.9
•122.6
64.1
Textile products
al55.5
154.5
104.3
Fuels
104.9
104.9
93.8
Metals
113.6
113.6
108.5
Building materials
99.5
99.5
95.2
Chemicals
86.9
87.0
68.0
Miscellaneous
al08.2
79.7
108.2
All commodities
a65.0
76.0
64.6
h All mmmmiltIra nn said basis
for
quotations
France, Switzer•Preliminary. a Revised. b Based on exchange
land, Holland and Belgium.
THE "ANNALIST" MONTHLY INDEX OF WHOLESALE COMMODITY
PRICES.
Monthly averages of weekly figures-unajusted for seasonal varloation (1913=100)
Feb. 1934.
Jan. 1934.
Feb. 1933.
62.0
91.8
88.0
Farm products
102.5
85.5
106.6
Food products
0119.8
64.9
*122.4
Textile products
al55.6
104.7
155.5
Fuels
93.8
105.2
104.9
Metals
108.5
112.2
113.5
Building materials
95.2
99.0
99.5
Chemicals
68.5
85.8
87.0
Miscellaneous
80.4
108.1
al05.2
All commodities
80.1
a66.1
65.4
h All rnmmnilltleti on fold Imam
SwitzerFrance,
for
•Preliminary. a Revised. b Based on exchange quotations
land. Holland and Belgium.
Loading of revenue freight
cars, an increase of 26,392 cars above the preceding week, 81.367 cars above
thesame week in 1933 and 26.631 cars above the corresponding week in 1932.
Miscellaneous freight loading for the week of Feb. 17 totaled 204,854
cars, an increase of 10,144 cars above the preceding week, 50,543 cars above
the corresponding week in 1933 and 21,277 cars above the corresponding
week in 1932.
Loading of merchandise less than carload lot freight totaled 160.728
cars, an increase of 432 cars above the preceding week and 1,917 cars above
the corresponding week in 1933, but 27,362 cars below the same week
In 1932.
Grain and grain products loading for the week totaled 30.285 cars, a
decrease of 974 cars below the preceding week, but 4.156 cars above the
corresponding week in 1933. It was, however. 10.642 cars below the Same
week in 1932. In the Western districts alone grain and grain products
loading for the week ended Feb. 17 totaled 19,958 cars, an increase of 4,135
cars above the same week in 1933.
Forest products loading totaled 23,014 cars, an increase of 1,683 cars
above the preceding week,8,880 cars above the same week in 1933 and 3,672
cars above the same week in 1932.
Ore loading amounted to 4,177 cars, an increase of 1,581 cars above the
preceding week, 1,949 cars above the corresponding week in 1933 and
1.038 cars above the corresponding week in 1932.
Coal loading amounted to 148,263, an increase of 9.797 cars above the
preceding week, 9,100 cars above the corresponding week in 1933 and
36,199 cars above the same week in 1932.
Coke loading amounted to 11,108 cars, an increase of 991 cars above the
preceding week, 3,864 cars above the same week in 1933 and 4,917 cars
above the same week in 1932.
Livestock loading amounted to 16,467 cars, an increase of 2,738 cars
above the preceding week and 958 cars above the same week in 1933, but
2,468 cars below the same week in 1932. In the Western districts alone
loading of livestock for the week ended Feb. 17 totaled 13,087 cars, an increase of 868 cars above the same week in 1933.
All districts reported increases for the week of Feb. 17 compared with
the corresponding week in 1933. All districts except the Central Western
also reported increases compared with the corresponding week in 1932.
Is Loading of revenue freight in 1934 compared with the two previous
years follows:
Four weeks In January
Week ended Feb. 3
Week ended Feb. 10
Week ended Feb. 17
Total
1932.
1934.
1933.
2,177,562
564,098
572,504
598,896
1,924,208
486,059
504.663
517,529
2.266.771
573,923
561.535
572,265
2 012 ma
2 422 420
2 074 444
In- the following table we undertake to show also the
loadings for the separate roads and systems for the week
-Cfeb71.-7 1934. During this period only 28 roads
ende
showed decreases as compared with the corresponding week
last year. Among the larger carriers showing increases as
were the Pennsylcompared with the same week in
1454
Financial Chronicle
vania System, the Baltimore & Ohio RR., the New York
Central RR., the Chesapeake & Ohio Ry., the Southern
Ry. System, the Louisville & Nashville RR., the Norfolk
& Western Ry., the Illinois Central System, the Atchison
Mar.3 1934
Topeka & Santa Fe Ry., the Chicago Milwaukee St. Paul
& Pacific Ry., the Chicago & North Western Ry., the Reading Co., the Chicago Burlington & Quincy RR., the Missouri
Pacific RR.and the Southern Pacific Co.(Pacific Lines).
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED FEB.
17
Railroads
Total Revenue
Freight Loaded.
1934.
Eastern District.
Group Alangor & Aroostook
toston At Albany
baton de Maine
:entre' Vermont
lathe Central
few York, N. H.& Hartford
tutiand
Total
Group B)elaware & Hudson
Mlaware Lackawanna & West_
Me
ehigh & Hudson River
ehigh dr New England
Lehigh Valley
fontour
few York Central
few York Ontario & Western_
Ittsburgh & Shawmut
Ittaburgh Shawmut&Northern
Total
Group Con Arbor
:hicago Ind. dr Louisville
leve.(In. Chic. &St. Louis
tentral Indiana
1etrolt & Mackinac
letrolt & Toledo Shore Line
/etrolt Toledo & Ironton
brand Trunk Western
fichigan Central
fonongahela
few York Chicago & St. Louis
are Marquette
Ittsburgh &Lake Erie
Ittaburgh & West Virginia....
rabash
1/heeling & Lake Erie
Total
;rand total Eastern District
Allegheny District.
kron Canton & Youngstown
.altimore & Ohio
;essemer & Lake Erie
.uffalo Creek & Gauley
'entral RR. of New Jersey....
kernwall
'umberiand & Pennsylvania...
igonier Valley
ong Island
Penn-Read Seashore Lines_ _ _
ennsylvanis System
Reding Co
'Mon (Pittsburgh)
Test Virginia Northern
7estern Maryland
Total
Pocahontas District.
besapeake & Ohio
forfolk & Western
torfolk & Portsmouth Belt Line
irginian
Total
Southern District.
Group AAtiantic Coast Line
lischfield
barleston d Western Carolina
rurham & Southern
asinew/lie & Midland
'orfolk Southern
iedmont & Northern.. _ __
itlchmond Frederick. & Potom
81eaboard Air Llne
84mthern System
rinston-Salem Southbound„.
1933.
Total Loaas Received
from Connections.
1932.
1934.
2,105
3,196
7,636
926
2,950
10,695
527
1,695
2,598
6,761
537
2,474
9.523
468
2,033
3,312
8,542
648
2,755
11,298
559
232
4,658
10,347
2,191
2,707
11,841
1,082
280
4.089
8,572
1,849
2.007
10.427
819
28.035
24,056
29,147
33,058
28,043
5,995
10,036
13,486
132
2,175
9,021
1,79b
20,763
2,049
454
365
5,987
7,605
10,593
146
1,497
7,975
1,630
17,477
2.159
336
221
4,399
8,986
11,309
149
1,502
7,335
1,733
19,237
1,892
401
379
7,172
6,065
14,227
1,772
1,001
6,711
32
29,673
2,209
19
217
5,583
4.763
12,567
1,588
768
6,090
33
24,615
1,800
20
196
66,270
55,626
57,322
69,098
58,023
479
1,265
7,133
30
189
275
2,089
4,015
7,290
4,940
3,845
5,133
4.120
1,347
4.854
3,391
408
1,454
7,578
18
176
203
1,087
2,865
5,266
3,048
3,524
4,110
2.396
1.117
4,586
2,943
587
1,580
8,812
65
259
234
1,237
2.635
6,053
3,605
4,380
4,105
3,168
1,051
5,416
2.567
1,063
1,712
12,604
66
91
3,656
1,507
7,370
10,391
147
8,895
5,313
4,645
810
7,782
3,025
1,020
1.714
12,216
62
78
3,058
922
6,258
8,361
139
7,917
4,843
3,960
569
7,168
1,744
50,395
40,779
45,754
69,277
60,029
144.700
120,461
132,223
171,433
146.095
419
27,496
1,611
290
6,149
4
383
210
679
1,064
56,239
14,928
5,750
98
3,200
253
22.266
677
231
5,055
1
305
241
895
788
47,763
11,144
2,631
56
2,503
b
26,535
860
134
6,330
55
345
228
1.150
c
58,215
12,420
4,534
68
2,937
782
13,646
1,137
6
10,512
32
17
17
2,881
1,552
33,677
14,451
1,331
5,:115i
-
703
12,569
711
5
8,923
33
17
10
3,176
1,365
29,417
12,036
536
1
3,343
118,520
94,809
113,811
85,536
72,850
21,453
18,538
.950
3.625
20,750
16,393
648
3,463
17,333
14,230
1,159
3,299
6,836
3,930
1,076
666
6,110
3,212
903
461
44.566
41,254
36,021
12.508
10,686
9,195
1,263
347
132
50
1,179
448
286
7,351
20.028
135
7,804
727
331
118
40
1.416
459
248
6,165
16,876
145
8,528
924
339
156
43
1,317
525
368
7,288
18,303
180
4,912
1,638
1,031
469
114
1,223
1,004
2,947
3,906
12,598
641
3,957
1,309
756
368
86
983
721
3,099
3,051
10,282
653
Total Revenue
Freight Loaded.
Railroads.
1933.
Group BAlabama Tenn. dr Northern...
Atlantic Birmingham de Coast__
All.& W.P.-West.RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gull Mobile Ar Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile & Ohio
Nashville Chatt. & St. Louis
Tennessee Central
Total
Total Loads Received
from Connections.
1934.
1933.
1932.
1934
182
706
629
3,580
207
1,155
883
394
1,191
18.139
19,827
94
.139
1,671
3,029
386
195
556
493
2,689
170
1,098
688
235
1,028
17,250
17.311
114
147
1,530
2,278
309
247
630
582
3,145
231
1,126
687
288
1,344
17.939
15,478
110
140
1,791
2,509
449
400
790
1,048
2,637
219
664
1,401
508
601
8,500
3,993
500
236
1,341
2,400
679
1933.
127
588
874
2,502
165
575
1,016
307
545
8,618
2,856
438
215
1,181
1,921
637
52,212
46.091
46,696
25,917
22,095
Grand total Southern District
92,626
80,420
84,647
56,400
47,360
Northwestern District.
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul de 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
Lake Superior & Ishpeming....
Minneapolis & St. Louts
Minn. St. Paul & 8.8. Marie
Northern Pachic
Spokane & International
Spokane Portland & Seattle
706
14,240
2,233
17,059
3,645
593
549
4,120
255
d8.216
533
257
1,641
4,085
7,884
75
•1,026
659
12,650
1,843
15,607
3,168
467
458
2,730
246
7,987
541
198
1,556
4,427
7,072
81
580
968
13,926
2,280
17,704
3,237
497
451
3,288
230
7,809
535
b
1,730
4,755
8,190
b
861
1,455
9,118
2,134
5,933
2,758
142
353
4,193
123
1,827
350
118
1,268
2,059
1,974
166
643
67.117
60,250
66,461
34,614
32.089
17,612
2,380
188
14,335
1,699
10,547
3,034
964
2,153
199
989
1.868
545
114
13,454
213
413
11,352
248
944
16,820
2,744
184
12,858
1,489
9,967
2,851
1,054
2,564
571
1,215
1.667
305
69
9,724
225
314
10,010
1,019
854
21,638
3.082
147
15,872
b
13,878
2,687
1,086
2,285
443
1,434
b
478
88
12,738
256
325
13,263
729
1,081
4,128
1,624
28
5,738
528
6,202
2,095
761
1,534
2
982
936
294
63
3,225
240
853
5,636
5
1,063
3,767
1,758
32
5,594
777
6,135
1.893
709
1,353
5
813
799
175
43
2.655
235
702
4,993
7
934
83,251
76,504
91,510
35,937
33,379
122
140
170
2,923
2,891
162
1,495
1,348
201
416
527
77
4,292
13,256
35
106
7.298
1,893
5,311
3,823
1,608
22
117
148
216
2,087
2,675
136
1,361
1,330
110
417
832
51
4,322
12.204
45
107
7,107
1.778
4,266
3,177
1,342
23
177
151
208
a 2,685
1,597
167
1,466
924
b
449
650
50
4,750
14,088
44
109
7,721
2,189
5,181
3,271
1,685
30
3,360
332
167
1,350
1,914
858
1,197
740
319
758
311
193
2,587
7,486
20
114
3,337
2,052
2,273
3,436
2,121
32
2,756
358
143
721
1,258
754
1,304
637
201
518
141
282
1,965
6,254
33
131
2.753
1,376
1,782
2,479
2,067
29
Total
Central Western District.
Atch. Top.& Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy_
Chicago &Illinois Midland....
Chicago Rock island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western
Denver & Salt Lake
Fort Worth & Denver City-Illinois Terminal
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria dr Western
Union Pacific System
Utah
Western Pueblo
Total
Southwestern District.
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas._
Litchfield & Madison
Midland Valley
Missouri & North Arkansas_ _ -Missouri-Kansas-7exas Lines
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR. Assn. of St. Louis
Weatherford Min.Wells dr N.W.
.
1,445
8,280
2,238
6,305
1,924
87
371
4,219
158
1,444
334
51
1.428
1,472
1,661
120
552
30,483
37,951
34,329
40,414
25,265
48.116
Total
43.831
47.592
35.057
27.942
a Estimated. b Not available. c Pennsylvania-Reading Seashore L nes include the new consolidated lines of the West Jersey Sr Seashore RR.. former y part of
Pennsylvania RR.. and Atlantic City ER•,formerly part of Reading Co.: 1932 figures included in Pennsylvania System and Reading Co. d Estimated figure. •Previous
week's figures
Total
Moody's Daily Index of Staple Commodity Prices
Closes Week With Sharp Rally.
Prices of the principal staples, after two weeks of intermittent weakness, rallied sharply in the last two days of the week
under review. Moody's Daily Index of Staple Commodity
Prices, after declining gradually to 137.8 from the year's
high of 140.4 two weeks ago, recovered almost all of the lost
ground on Thursday and Friday, closing at 140.0.
Seven of the fifteen commodities included in the Index
show gains for the week, the most important being in hogs
and steel scrap, followed by smaller advances in cotton,
coffee, corn, sugar and cocoa. A decline of three quarters
of a cent in hides featured the losses, the others, in silk, rubber, and silver, being only fractional. Wheat, copper, lead
and wool tops were unchanged, the last three of these for the
fourth week in succession.
The movement of the Index number during the week, with
comparisons is as follows:
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.
Fri.,
Feb. 23
Feb. 24
Feb. 26
Feb. 27
Feb. 28
Mar. 1
Mar. 2
139.1
139.2
138.5
138.4
1'37 8
138.3
140.0
2 weeks ago,
Month ago,
Year ago,
1933 High,
Low,
1934 High,
Low,
Feb. 16- - Feb. 2
Mar. 2
July 18
Feb. 4
Feb. 16
Jan. 2
140.4
136.8
80.1
148.9
78.7
140.4
126.0
Index of Wholesale Commodity Prices of National
Fertilizer Association Decreased During Week of
Feb. 24-Drop Follows Three Consecutive Weekly
Advances.
For the first time in several weeks wholesale commodity
prices were lower during the week ended Feb. 24 according
to the index of the National Fertilizer Association. This
index declined three points during the latest week receding
from 71.5 to 71.2. (The three year average 1926-1928
equals 100.) During each of the three preceding weeks the
index steadily advanced. The total gain of the three preceding weeks amounted to 20 points. The loss of three
points during the latest week leaves the latest index number
17 points higher than it was a month ago. •A year ago it
stood at 56.0. At the beginning of 1934 the index stood at
68.6. The Association further announced as follows on
Feb. 26:
During the latest week five groups declined, two advanced, and seven
showed no change. The declining groups were foods, fuel, grains, feeds
and livestock, fats and oils, and miscellaneous conunodiiies. None of the
losses were large. The advancing groups were building materiam and
metals, both of which moved up slightly.
The prices for 26 individual commodities advanced while the prices for
24 conunodities declined. During the preceding week there were 45
advances and 13 declines. Two weeks ago there were 32 advances and 17
declines. There were fewer price advances during the latest week than for
the last several weeks. Cotton was only slightly lower than for the preceding week. Other commodities that declined were lard, eggs, corn, wheat,
cattle, light weight hogs, gasoline, calfskin, raw sugar, flour, cottonseed
oil, and rubber. Listed among the advancing commodities were burlap,
most vegetable oils, pork, potatoes, rye, sheep, heavy hogs, heavy melting
steel, copper. silver, brick, lumber, and coffee.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Group.
Latest
Week
Feb. 24
1934.
Preceding
Week.
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 implements
72.5
67.7
54.0
72.4
69.2
90.5
79.3
78.5
85.0
54.4
93.1
67.5
75.8
92.4
72.9
68.0
54.7
72.4
69.4
90.5
79.2
78.3
85.0
54.9
93.1
67.5
75.8
92.4
'
71 0
'71 a
3
.G.P0>ChOCOONC.4
Per Cent
Each Group
Bears to the
Total Index.
inn n
1455
Financial Chronicle
Volume 138
All ems"na R....v.011e",
Month
Ago,
Year
Ago.
71.4
67.8
51.1
69.5
68.2
84.9
78.9
79.0
85.2
45.2
93.0
67.0
74.0
92.3
54.6
52.8
37.3
41.7
59.1
85.3
71.4
66.8
76.6
40.2
87.3
60.6
65.0
91.7
en
a
all
Hardware and grocery firms reported the largest year to year increases
in szles ever recorded by this Bank. In the case of the grocery concerns,
liquor sales were partly responsible for the unusually favorable comparison,
but the increase of 29%% without liquor sales was of about the same proportion as the increases which occurred last July and August. Stationery
sales, moreover, were ahead of a year previous by the largest amount in
over four years, and sales of shoes, paper, cotton goods, and diamonds
showed larger increases over a year ago than in any-month since last summer.
Men's clothing and jewelry firms reported more favorable year to year
comparisons than in December, but the increases were somewhat smaller
than in November. Sales of reporting drug concerns were slightly smaller
than a year ago,following a sizable increase in the previous three months.
Grocery and hardware firms continued to report substantially larger stocks
of merchandise than a year previous, while diamond and jewelry concerns
again reported sizable reductions. The rate of collections to accounts outstanding at the end of the previous month continued to average considerably
higher than a year earlier.
P. C. of Accounts
Outstanding
Dec. 30 Collected
in January.
Commodity.
Net
Sales.
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Stationery
Paper
Diamonds
Jewelry
Weighted average
+46.6
+39.7
+45.6
Stock
End of
Month.
1933.
9134.
32.7
31.4
66.2
96.4
40.9
36.6
57.9
--
43.0
56.4
41.4
36.0
7
3-97.
51.4
49.1
49.2
114.6
62.2
+64.3
+15.2
+27.8
+18.9
+27.3
+40.4
+31.2
4-33.0
+28.0
-23.7
-29.7
•Figures reported by the Silk Association ot America not yet available.
Department Store Sales During January in New York
Federal Reserve District 12% Above Year AgoLiquor Sales Attributed 2% of Increase-Store
Sales in Metropolitan Area of New York Higher
During First Half of February.
"During the first half of February sales of the leading
department stores in the Metropolitan area of New York
were 15% higher than in the corresponding period of the
previous year, and exclusive of the sales of wines and liquors
by a number of the stores, the advance amounted to 104%,
the largest increase in recent years," it is stated in the
March 1 "Monthly Review" of the Federal Reserve Bank
of New York. In reviewing sales during January by department stores in the entire Second (New York) District,
the "Review" said:
Total January sales of the reporting department stores in this District
were 12% higher than a year ago, and excluding liquor sales the increase
amounted to 9 %. Reduced to an average daily basis to compensate for
Percentage Change
From a Year Apo.
Net Sates.
Jan.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern N. Y.State
Southern N. Y. State
Hudson Riv. Valley Dist_
Capital District
All department stores
Apparel stores
+12.6
+11.4
+13.0
+11.2
+8.2
+22.8
+13.6
+12.4
+17.0
+6.7
+15.2
+12.2
+14.8
P. C. of Accou nts
Outstanding
Dec. 30 Collected
in January.
Feb.
to Jan.
Stock on
Hand End
of Month.
1933.
1934.
-3.2
-3.6
.49
+4.5
-8.9
+2.2
-2.2
+20.9
+2.9
+5.0
-2.2
+20.3
+3.8
-1.9
50.0
42.6
44.3
27.1
43.7
34.9
34.6
52.0
43.0
46.4
30.8
42.2
37.1
32.6
Locality.
+1.5
-5.8
-2.0
-3.8
-1.8
-
4-577
+22.4
47.1
46.9
48.4
January sales and stocks in the principal departments are compared with
those of a year previous in the following table:
n
Increase of 34% Over Year Previous Reported by New
York Federal Reserve Bank in January Sales of
Wholesale Firms.
According to the Federal Reserve Bank of New York
"sales of the reporting wholesale firms during January averaged 34% higher than a year ago, the largest advance
to be reported since the record increases of July and August
1933." In its "Monthly Review" of March the Bank also
reported:
•
Percentage Change
January 1934
Compared with
January 1933.
differences in number of shopping days the increase over a year ago was
about the same as was shown for December. Substantial increase in total
sales were reported in all localities, and on an average daily basis, sales in
Bridgeport, Northern New Iork State, and Southern New York State
showed the largest increases over a year previous in several years. Sales
of the New York, Buffalo, Newark, Rochester, Syracuse. and Hudson
River Valley stores also showed substantial gains over a year ago in the
daily rate as well as in total volume, and apparel store sales remained well
above the level of a year ago. As compared with the corresponding month
of 1932, however, department store sales remained considerably smaller in
all localities.
Department stores in most localities and apparel stores also continued
ta report a higher rate of collections than in 1933, and stocks of merchandise
on hand, at retail valuation, remained well above a year ago for the sixth
consecutive month.
Woolen goods
Silks and velvets
Mtn's and boys' wear
Musical instruments and radio
Books and stationery
Hosiery
Shoes
Home furnishings
Linens and handkerchiefs
Men's furnishings
Luggage and other leather goods
Worren's and Misses' ready-to-wear
Silverware and jewelry
Women's ready-to-wear accessories
Toilet articles and drugs
Furniture
Cotton goods
Toys and sporting goods
Miscellaneous__ _
Net Sales
Percentage Change
January 1934
Compared with
January 1933.
Stock on Hand
Percentage Change
Jan. 31 1934
Compared with
Jan. 31 1933.
+31.7
+27.8
+25.8
+22.8
+18.2
+13.2
+12.4
+11.3
+10.8
+10.5
+10.4
+8.6
+8.6
+8.2
+4.4
+3.2
+3.1
-5.2
+15.4
+24.7
+19.9
+28.1
+9.4
+0.1
+39.2
+19.9
+15.3
+22.7
+25.4
+25.7
+15.0
+18.8
+25.9
+2.6
+26.4
+43.3
+21.2
+15.8
Federal Reserve Board's Summary of Business Conditions in United States-More than Usual Seasonal
Increase Noted in Industrial Production During
January-Factory Employment Declined Seasonally
"The volume of industrial production increased by more
than the usual seasonal amount in January and the early
part of February," stated the Federal Reserve Board in its
summary of general business and financial conditions in the
United States, issued Feb. 24. The Board said that "the
general level of wholesale commodity prices, after showing
relatively little change during the last five months of 1933,
advanced considerably after the turn of the year." The
Board's summary follows:
Production and Employment.
of factories and mines, as measured by the Federal Reserve
Board's seasonally adjusted index of industrial production, advanced from
75% of the 1923-1925 average in December to 78% in January. This
compares with a recent low level of 72% in November and a level of 65%
in January 1933. The January advance reflected chiefly increases of
more than the usual seasonal amount in the textile, meat packing, automobile and anthracite coal industries. Activity at cotton mills, which had
reached an unusually high level in the summar of 1933 and had declined
sharply in the latter part of the year, showed a substantial increase in
January. Output of automobile also increased by more than the usual
seasonal amount, while activity in the steel industry showed little change.
following a non-seasonal increase in December. In the first halfof February
there was a further growth in output at automobile factories and activity
at steel mills showed a substantial increase.
Factory payrolls, which usually decline considerably at this season,
showed little change between the middle of December and the middle of
January, while factory employment declined by about the usual seasonal
amount. There were substantial increases in employment and payrolls
In the automobile, hardware, shoe and women's clothing industries, while
decreases, partly of a seasonal character, were reported for the hosiery.
tobacco, furniture and lumber industries.
Value of construction contracts, as reported by the F. W.Dodge Corporation, showed a decline in January and the first half of February, following
substantial increases in the latter part of 1933. As in other recent months,
public works made up a large part of the total.
Output
Distribution.
Freight traffic increased in January by more than the usual seasonal
amount, refiecting larger shipments of coal and merchandise. Sales by
department stores showed the usual seasonal decline after the holiday trade.
Foreign Exchange.
The foreign exchange value of the dollar in relation to gold currencies,
which in January had fluctuated around 63% of par, declined after Jan. 31
to slightly above its new parity of 59.06%.
Wholesale Prices.
Wholesale commodity prices showed a general increase between the third
week of February, and the weekly indez
third
the
and
week of December
1456
Financial Chronicle
of the Bureau of Labor Statistics advanced from 70.4% of the 1926 average
to 73.7%. There were substantial increases in live stock prices, wool
continued to advance, and cotton reached a level higher than at any other
time since 1930. Scrap steel advanced to about the level prevailing in
the summer of 1933.
Bank Credit.
As a consequence of the reduction on Jan. 31 of the weight of the gold
dollar, together with subsequent imports of gold from abroad, the dollar
amount of the country's stock of monetary gold increased from $4,035.000,000 on Jan. 17 to $7,089.000,000 on Feb. 14. About $3,000,000 of this
increase was reflected in a growth of the cash held by the Treasury, which
includes gold bullion.
Notwithstanding a further reduction in discounts for member banks and
in acceptance holdings of the Reserve banks, member bank reserve balances
increased moderately during this period, reflecting gold imports, a return
of currency from circulation, and a reduction in United States Government
deposits with the reserve banks. In the middle of February these balances
were more than $900,000,000 above legal reserve requirements.
At reporting member banks there was a growth between Jan. 17 and
Feb. 14 of more than $600,000 in holdings of United States Government
securities and of more than $500,000,000 in United States Government
deposits, reflecting Treasury financing. Loans on securities and all other
loans increased sllghtly, and bankers' balances showed a substantial growth.
Short-term money rates in the open market remained at low levels.
On Feb. 2 the Federal Reserve Bank of New York reduced its discount rate
from 2% to 1.3i %, and during the succeeding two weeks reductions of
% were made at the Federal Reserve Banks of Cleveland, Boston, St.
Louis. Dallas, Richmond, Kansas City, Atlanta and San Francisco.
Increase of 2% in Wholesale Commodity Prices During
January as Compared with December Reported
by United States Department of Labor.
Wholesale commodity prices during January increased
2%, according to an announcement made Feb. 20 by Commissioner Lubin of the Bureau of Labor Statistics of the
United States Department of Labor. The index number for
the month rose to 72.2% of the 1926 average as compared
with 70.8% for December. We quote further from the
announcement as follows:
The upward movement in prices was well scattered throughout the
10 major groups of commodities with 8 of the groups showing advances and
only 2, fuel and lighting materials and housefurnishing goods, recording
slight decreases. Of the 784 price series 242 or more than 30% of the
total carried in the index showed an increase, while decreases were registered
in only 118 instances, with 424 items showing no change. How the various
commodity groups acted during the month of January is shown in the
following table:
COMMODITIES SHOWING CHANGES IN PRICE BETWEEN DECEMBER
AND JANUARY.
Group.
Increases.
Decreases.
No Change.
Total.
Farm products
Foods
Hides and leather products...
Textile products
Fuel and lighting
Metals and metal products_
Building materials
Chemicals and drugs
Housefutnishing goods
Miscellaneous
55
57
8
31
7
24
25
13
5
17
9
25
14
18
11
13
5
12
8
3
3
40
19
63
8
93
56
84
48
32
67
122
41
112
24
130
88
89
81
52
242
118
424
784
Total
Among the important price increases were 29% for fresh apples, 16%
for potatoes, 12% for lard. 10% for cotton, 6% for meats, 5% for grains
and 3% for butter, cheese and flour.
The index shows an increase of more than 18% over January 1933, when
It was 61.0. The present average is nearly 21% higher than for February
1933, when prices had reached their low point (on a monthly average basis)
with an index of 59.8. As compared with the average for the year 1929,
when the index stood at 95.3, prices last month were lower by 24%. The
comparable index for January of 1930 was 92.5. January 1931 was 78.2,
January 1932 was 67.3.
The largest increase for January was shown for the farm products group,
which rose by more than 5%. The index for the group is 4334% above the
low point of February 1933, and more than 37% higher than in January
1933. Among the important farm products which showed price increases
during the month were grain livestock, poultry, cotton fresh fruits, tobacco
and wool. Average prices for alfalfa hay, hops, fresh milk in Chicago and
San Francisco and clover-seed, on the other hand, registered price declines.
Wholesale prices of foods showed the second largest price increase, the
group as a whole advancing by nearly 3%. The index for the group is
nearly 20% above February 1933 and about 15% higher than the corresponding month of last year. Price increases affected cereals, meats,
fruits and vegetables, cocoa beans, coffee, pepper and certain vegetable
oils. Raw and granulated sugar were the more important items showing a
weakening in prices.
The miscellaneous group of items registered a rise of 23i%. Market
prices of cattle feed rose nearly 10%. Crude rubber continued to show a
decided strengthening of prices. Advances in wholesale prices of cigars
and cigarettes and cylinder oils were in the main responsible for the 355%
rise in other miscellaneous items. No change was recorded for automobile
tires and tubes.
An advance of nearly 234% was shown in the metals and metal products
group. The rise was due to increasing prices of certain agricultural implements and motor vehicles. The indexes for iron and steel and plumbing
and heating items remained unchanged, while the average of nonferrous
metals showed a slight decline.
Stronger market prices for cotton textiles, silk and rayon, burlap, jute
and sisal more than counter-balanced weakening prices of clothing and knit
goods causing the textile products group as a whole to increase 0.1 of 1%.
Price decreases for coke, gas, Pennsylvania fuel oil, and gasoline were largely
responsible for the slight drop in the fuel and lighting group. Bituminous
coal registered an advance, while anthracite coal and crude petroleum showed
no change from the December level.
The hides and leather group advanced 0.3 of 1% from December to
January due to rising prices of hides and skins. In this group the average
price of boots and shoes, leather and other leather products showed an
easing off during the month.
The building materials group registered a further price advance and
ncreased by nearly 1%. Brick and tile, cement, paint, paint materials
Mar.3 1934
and other building, materials shared In the upward movement. Lumber
declined slightly, while structural steel remained at the level of the month
before.
The group of chemicals and drugs increased by 1% due mainly to rising
prices of grain alcohol, /nixed fertilizers and fertilizer materials. The
subgroup of chemicals showed minor price declines. Declining prices of
furniture caused by housefurnishing goods group to drop fractionally.
Raw materials, including basic farm products, pig tin, pig lead, raw silk,
crude rubber and similar articles, showed an increase of nearly 3%.
The present index averaged more than 27% higher than January a year ago.
This group was 32% higher than in February 1933.
In contrast to the upward movement of raw materials, semi-manufactured articles, including such items as leather, rayon, iron and steel bars,
wood pulp and similar commodities, declined ;4 of 1% to a level of 26%
above a year ago. Prices of this group of items are at present 28% above
the February 1933 average.
Prices offinished products, among which are included more than 500 fully
manufactured articles, moved upward about 1;6% to a point 14% above
January of a year ago,and to a level of 16% above the low point of February
1933.
The non-agricultural commodities group, which includes all commodities
except farm products, advanced 1 1-3%. The group now stands more than
15% over a year ago and nearly 18% over the level for the month of February of last year.
The combined index for all products exclusive of farm products and
processed foods advanced 1% between December and January. It showed
an increase of more than 16% over last January and nearly 19% over the
low point reached in February.
The index number, which includes 784 commodities or price series
weighted according to their relative importance in the wholesale markets
is based on average prices for the year 1926.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES (1926= 100.0).
Groups and Subgroups.
All commodities
Farm products
Grains
Livestock and poultry._
Other farm products- _
Foods
Butter, cheese and milk.
Cereal products
Fruits and vegetables_ _ _
Meats
Other foods
Bides and leather products
Boots and shoes
Mdes and skins
Leather
Other leather ploductsTextile products
clothing
Cotton goods
Knit goods
Silk and rayon
Woolen dz worsted goods
Other textile products._
Fuel and lighting materials
Anthracite coal
Bituminous coal
Coke
Electileity
Gas
Petroleum products....
Metals and metal products
Agricultural implements
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building materials
Brick and tile
Cement
Lumber
Paint 4: paint materials_
Plumbing and heating
Structural steel
Other building materials
7.1hemicals and drugs
Chemicals
Drugs dr pharmaceuticals
Fertilizer materials
Mixed fertilizers
lonsefurnIsbing goods_ _ _ _
Furnishings
Furniture
discellaneou.s
Automobile tires & tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous_ __ _
taw materials
3emi-manufactured articles
Inished products
4on-agricult. commodities
GI commodities other than
tnrm nrrulitote anii tnnila
•Data not yet available
Jan.
1934.
Dec.
1933.
Jan,
1933.
Jan.
1932.
Jan.
1931.
Jan.
193.).
72.2
58.7
63.7
41.1
67.4
64.3
65.0
85.8
68.0
48.9
64.0
89.5
98.5
77.2
79.9
87.0
76.5
87.5
86.5
70.6
29.7
84.3
76.9
73.1
81.5
90.8
83.5
*
•
51.1
85.5
85.2
83.6
96.9
66.1
72.5
86.3
86.6
93.9
87.4
78.4
72.5
86.8
89.8
74.4
78.8
65.2
88.9
71.2
80.8
82.9
78.8
67.5
42.2
68.5
83.0
18.9
81.8
64.1
71.9
76.0
75.0
70.8
55.5
80.4
38.0
64.3
62.5
65.1
84.7
63.0
46.0
63.4
89.2
98.8
74.9
80.1
87.6
78.4
87.9
85.5
71.2
29.6
84.3
75.9
73.4
81.5
90.6
83.6
94.0
92.2
51.6
83.5
85.1
83.6
90.9
66.6
72.5
85.8
85.7
91.2
88.0
77.5
72.5
88.8
88.8
73.7
79.2
59.0
68.1
89.9
81.0
82.9
79.3
65.7
43.2
80.3
82.5
18.0
79.0
61.9
72.3
74.8
74.0
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
68.0
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
71.8
79.3
54.0
62.3
62.7
72.9
73.5
72.3
61.2
44.8
38.2
72.0
6.5
76.8
50.2
56.9
66.7
64.9
67.3
52.8
46.7
53.4
54.8
64.7
67.8
71.0
62.2
61.9
81.9
79.3
88.8
49.0
77.5
98.9
59.6
89.6
55.8
55.8
37.7
83.3
70.7
67.9
94.8
84.4
80.5
107.5
98.6
38.8
81.8
85.5
79.9
95.3
55.4
74.1
74.8
79.3
75.2
85.6
75.4
74.1
77.3
81.0
75.7
80.6
60.6
69.9
75.5
77.7
76.1
79.5
65.6
39.7
53.0
78.0
9.3
85.2
58.3
63.1
72.1
70.3
92.5
78.2
73.1
101.0
62.4
93.8
75.2
100.5
103.9
75.3
80.7
97.3
97.2
83.7
87.6
75.7
103.9
76.9
88.4
108.2
74.5
91.0
88.7
105.1
95.1
103.8
64.4
104.2
108.3
90.8
102.3
106.1
71.3
87.2
79.1
88.9
73.5
94.7
64.8
85.9
49.0
75.2
84.9
73.7
77.2
87.9
73.3
81.7
91.2
88.9
91.9
88.1
84.1
83.8
96.9
99.9
92.6
95.8
87.3
50.4
97.2
88.9
97.3
94.4
92.0
85.5
103.1
95.1
101.3
89.5
92.2
87.4
94.3
83.8
93.1
87.0
90.4
00.3
92.3
76,4
95.4
83.2
92.2
87.4
97.0
83.0
96.9
87.8
93.0
84.5
88.3
98.0
89.6
65.3
81.4
89.8
90.4
97.1
88.3
93.8
84.9
92.9
92.1
94.8
81.3
72.2
58.0
47.2
113.5
75.0
88.1
83.6
17.1
31.1
99.3
89.9
04.0
72.7
90.2
73.7
92.1
81.5
90.7
79.3
75 R
77.5
67.3
71.7
79.0
89.5
Both Wholesale and Retail Trade During January
Increased Over January 1933 According to Federal
Reserve Bank of Chicago.
Notable gains during January over the corresponding
month of 1933 according to the Chicago Federal Reserve
Bank, were recorded in sales of reporting wholesale groups
in the Seventh (Chicago) District, "with practically all firms
sharing in the increase. Comparisons with a month previous
showed a contrary-to-seasonal expansion of 1% in the grocery
trade, of 5% in drugs, and of .34% in dry goods, while
recessions of 233/2% in hardware and 28% in electrical
supplies were slightly greater than usual for January, the
Bank said. In its "Business Conditions Report" of Feb. 28,
the Bank continued:
Collection conditions in the early part of this year were considerably
improved over those prevailing a year ago, a reflection of the betterment
being shown in the ratios of accounts outstanding at the end of January
to sales during the month, which ratios in all lines were much lower than at
the same time last year. Prices in general continued firm to higher.
WHOLESALE TRADE IN JANUARY 1934.
Per Cent Change
From Same Month Last Year.
Commodity.
Groceries
Hardware
Dry goods
Drugs
Electrical supplies
1457
Financial Chrcnicle
Volume 138
Accounts
ColOutstand'p. teatons.
Net
Sales.
Stocks.
+22.3
4-78.4
4-49.1
4-24.8
4-60.4
4-16.8
4-9.9
---0.8
4-51.7
4-13.1
4-5.9
---0.4
4-26.5
4-27.0
---2.64-19.5
4-36.7
4-2.3
+20.5
Ratio of
Accounts
Outstand' p
to
Net Sales.
102.4
338.4
219.4
185.4
209.7
Department store trade in the Seventh District declined less than seasonally in January, the recession of 49% in total sales comparing with one of
52% in the 1924-33 average for the month. The gain of 23% over January
1933 was the largest in the yearly comparison since last August when a
28% increase was recorded. The fact that there was one more trading day
In January this year partly accounted for the size of the gain shown over the
month last year, as daily average sales increased only 18X %•
It will be noted in the table that Milwaukee registered the heaviest gain
over a year ago among the larger cities, and that the total for stores in
smaller centers exceeded that of last January by a higher percentage than
In any of the four large cities. Stocks, which declined as is usual in January
from the preceding month, totaled 10% heavier than on Jan. 31 a year
ago, which increase is the smallest recorded in this comparison since the
first gain of 9% was shown in August; the rate of turnover this January
was a little greater than for the month last year.
DEPARTMENT STORE TRADE IN JANUARY 1934.
Locality.
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Per Cent Change
January 1934
from
January 1933.
Ratio of January
Collection.,
to Accounts
Outstanding
End ofPreceding Mona.
Net
Sales.
Stocks End
of Month.
1934.
1933.
+23.4
+21.9
+15.4
+24.6
+28.3
+13.0
-10.3
+15.9
+39.3
-0.6
28.1
40.7
45.2
38.4
34.9
21.2
32.1
43.4
33.6
35.4
31.7
36.5
+10.2
+ 23.2
Although the decrease of 52% from the preceding month in January
sales of shoes by reporting dealers and department stores represented a
slightly greater than seasonal decline, the dollar volume sold exceeded that
of January last year by 19%. This gain was the heaviest recorded in the
year-ago comparison since April 1930, and most firms shared therein. A
recession of 4% took place in stocks between the end of December and
Jan. 31, but they totaled 5% above those held on the same date of 1933.
As in other merchandising phases, the gain over last January in the retail
furniture trade was large, amounting to 25% for reporting dealers and
department stores. The recession of 27% in the comparison with the preceding month was less than the 34% decline shown in the 1928-33 average
for January. Although stocks on hand diminished 5% during the month,
they totaled 23% in excess of those held at the end of January 1933, whereas
a month previous they were but 12% heavier in the yearly comparison.
Total January sales of 14 reporting chains, operating 2,545 stores in
the month, dropped seasonally 42% from December, but aggregated 11%
greater than in January last year. Grocery sales declined in this latter
comparison, but those of other chains which include drugs, five-and-tencent stores, shoes, cigars, men's clothing, and musical instruments shared
in the aggregate gain. As compared with the preceding month, shoe sales
alone recorded expansion.
Seventh District
Wholesale Commodity Prices Dropped During Week of
Feb. 24 Following Eight Consecutive Weekly Increases According to United States Department of
Labor.
"Wholesale commodity prices showed the first decline of
the present year during the week ended Feb. 28," according
to an announcement made March 1 by Commissioner Lubin,
of the Bureau of Labor Statistics, of the U. S. Department
of Labor. "The general index recorded a decrease of 0.4
of 1%," Mr. Lubin said, "placing present prices at 73.4%
of the 1926 average as compared with 73.7% for the week
ending Feb. 17. The decline was due largely to a reaction
in the market prices of farm products, foods and hides and
leather products. For the fourth consecutive week the
special group of 'all commodities other than farm products
and foods,' remained at the level of the week before. He
continued:
The present level is 2Yi% over the high point reached last year during
the week ending Nov. 18, when the index stood at 71.7. and shows a rise
of 3;4% since the first week of January. Prices are nearly 23% over the
corresponding week of a year ago when the general index stood at 59.7.
As compared with the low point of the year 1933 (week ending March 4)
when the index was 59.6, prices are up by slightly more than 23%. The
general average is about 23% under the average for the year 1929 when the
index number registered 95.3.
Of the 10 major groups of items covered by the Bureau six showed a decline, and two, textile products and house-furnishing goods showed a
fractional increase. The metals and metal products and chemical and
drug groups remained at the level of the week before.
The following was issued by the Department of Labor as
to the Index of the Bureau of Labor Statistics:
The farm products group showed the greatest decrease and dropped by
1;i%. Grains showed a further weakening in prices and fell off more than
234%. Flogs, calves, live poultry, cotton and eggs were among other important items showing price decreases. Among the items showing advances were steers, sheep, potatoes and clover seed. The decline of 0.6 of
1% in the foods group was largely due to falling prices for butter, flour,
hominy grits, corn meal, lard, raw sugar, fresh pork and cotton seed oil.
Stronger prices were recorded for hams, cured pork, coffee, corn oil, cocoa
beans and edible tallow.
Due to declining prices for hides and skins and other leather goods, the
of 1%. Weakenhides and leather products group moved down nearly
ing prices for gasoline were largely responsible for the fractional decline in
the fuel and lighting materials group. Advancing prices for paint materials,
sand and gravel were more than counter-balanced by declining prices for
certain lumber items, with the result that the building materials group
eased offfractionally. The miscellaneous group of commodities also showed
a minor decrease due mainly to weakening prices of rubber.
The minor advance in the house furnishing goods group is largely attributable to increased prices for mattresses and dinner sets. Advancing prices
of cotton textiles more than offset decreases for knit goods and certain
raw silk items, causing the textile group to show a minor advance. The
general level of the chemicals and drugs, and the metals and metal products
groups showed no change from the preceding week.
The index number of the Bureau of Labor Statistics is composed of 784
separate price series, weighted according to their relative importance in
the country's markets and is based on average prices for the year 1926 as
100.0. The accompanying statement shows the index numbers of the
major groups of commodities for the past two weeks, for one year ago, for
the low point of 1933, and the average for the year 1929.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF FEB. 17
AND FEB. 24 1934. FEB. 25 AND MARCH 4 1933, AND YEAR 1929.
(1926=100.0)
Week EndingFeb. 24 Feb. 11
1934.
1934.
Feb. 25 Mar. 4
1933.
1933.
Year
1929.
All commodities
73.4
73.7
59.7
69.6
95.3
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
All commodities other than farm
products and foods
61.2
67.0
90.1
76.7
73.6
85.0
86.6
75.4
82.1
68.5
62.1
67.4
90.4
76.6
73.8
85.0
86.:
75.4
81.9
68.6
40.8
13.7
67.6
50.7
64.3
77.4
69.9
71.3
72.7
59.6
40.6
53.4
67.6
50.6
64.4
77.4
70.1
71.3
72.7
59.6
104.9
99.9
109.1
90.4
83.0
100.5
95.4
94.2
94.3
82.6
78.7
78.7
66.2
66.2
91.6
Industrial Employment and Payrolls in Chicago
Federal Reserve District Increased During January
Contrary to Seasonal Trend-Advances of 4%
and 8%, Respectively, Largest Since August Last.
"Increases of 4% in employment and 8% in payrolls
reported by Seventh (Chicago) District industries for
January were not only contrary to seasonal trend but the
largest for any one month since last August," states the
Feb. 28 "Business Conditions Report" of the Federal
Reserve Bank of Chicago. "As in the preceding month,"
the report notes, "the January gains were largely the result
of the continued expansion in the automobile industry."
We further quote from the report as follows:
Vehicles, covering the manufacture and repair of cars and locomotives
as well as automobiles, showed increases of 23% in working forces and
31% in wage payments. Metals and products, other than vehicles, also
showed expansion-2% in men and 4% in wages. In the textile industries
which showed a sharp contraction during the preceding two months, employment increased 1% and payrolls 5%. Rubber products followed the
trend in the automobile industry but showed a more moderate rise. Both
leather products and the paper and printing industries increased payroll
amounts by a small percentage; the gains, however, were accompanied by a
contraction in employment volumes. In other reporting manufacturing
groups, losses ranged from 1 to 9% in employment and from 1 to 12% in
payrolls, stone, clay and glass products experiencing the smallest and wood
products the largest declines.
The seasonal contraction in the merchandising group, amounting to 17%
in employment and 11% in payrolls, was more than sufficient to offset the
gains made by the other non-manufacturing groups, so that data for this
classification as a whole dropped below the December figures by 5% in
employment and 1%% in payrolls. For all reporting industries-manufacturing and non-manufacturing-the general employment level this
January was 27% higher than in January 1933, and PaYrolia totaled
35% larger.
EMPLOYMENT AND EARNINGS-SEVENTH FEDERAL RESERVE
DISTRICT.
Week of Jan. 15 1934.
Industrial Group.
Metals and products..a
Vehicles
Textiles and products
Food and products
Stone, clay and glass
Wood products
Chemical products
Leather products
Rubber products_b
Paper and printing
Total mfg., 10 groups
Merchandising_ c
Public utilities
Coal mining
Construction
Total non-mfg.,four groups.._
Total 14 groups
No. of Number
Reportof
tap
Wage
Firms. Earners.
863
182
158
418
150
289
121
82
8
368
2,639
307
79
22
316
724
3,363
173,160
221,353
31,967
70.225
7,312
23,522
18,000
18,786
7,271
51,276
Earnings.
$3,300,000
4,993,000
475,000
1,449,000
132,000
302,000
379,000
313,000
146,000
1,146,000
630,872 812,635,000
37,711
723,000
79,502
2,242,000
4,537
86,000
10,157
199,000
Per cent Change
from Der. 15 1933.
EarnWage
Earners. laps.
+3.8
+31.2
+5.0
-6.7
-0.9
-8.0 -12.1
-1.7
-3.1
-1.5
+0.6
+2.4 +10.0
-3.3
+1.6
+2.0
+23.1
+1.3
---7.3
+6.2 +10.6
-16.5 -11.3
-0.1
+1.6
+9.1
+7.4
+1.7
+0.7
83,250,000
-5.0
-1.5
762.779 S15,885,000
+4.1
4-7.9
131,907
Other than vehicles. b Michigan and Wisconsin. c Illinois and Wisconsin.
Monthly Indexes of Federal Reserve Board-Further
Increase Noted in Industrial Production During
January as Compared with December-Factory
Employment Unchanged from December, but Above
Year Ago.
The Federal Reserve Board, under date of Feb. 26, issued
as follows its monthly indexes of industrial production,
factory employment, &c.:
1458
Financial Chronicle
BUSINESS INDEXES.
(Index numbers of the Federal Reserve Board 1923-25=100).'
Adjusted for
Seasonal Variation.
Without
Seasonal Adjustment.
Jan. Dec. Jan. Jan. Dec. Jan.
1934. 1933. 1933. 1934. 1933. 1933.
Industrial production, total
p78
Manufactures
p76
Minerals
p87
Building contracts, value z-Total_ _ p51
Residential
p12
All other
p82
Factory employment
71.8
Factory payrolls
Freight-car loadings
64
Department store sales
P68
13
94
71.8
65
64
73
22
8
33
59.4
62
69
56
60
75
73
85
as
p76
69
p75
67
p85
80
46
P41
11
p10
p67.
73
70.5
71.0
52.9
53.1
58
55
121
P56
64
63
71
18
7
27
58.1
39.2
51
49
INDUSTRIAL PRODUCTION-INDEXES BY GROUPS AND INDUSTRIES.*
(Adjusted for seasonal variation.)
61
p78
86
p97
32
48
94
36
137
108
123
30
87
88
84
26
48
86
38
132
59
113
Industry.
Jan. Dec. Jan.
1934. 1933. 1933.
Bituminous coal
Anthracite coal
Petroleum
Zinc
Silver
Lead
67
82
p118
66
66
68
119
67
29
67
57
53
107
39
36
45
.
FACTORY EMPLOYMENT AND PAYROLLS-INDEXES BY GROUPS
AND INDUSTRIES.
(Underlying figures are for payroll period ending nearest middle of month.)
Employment.
Group and Industry.
Payrolls.
Adjusted for Sea- Without Seasonal Without Seasonal
sonal Varimione.
Adjustment.
Adjustment.
Van. Dec. Jan. Jan. Dec. Jan. Jan. Dec. Jan.
1934. 1933. 1933. 1934. 1933. 1933. 1934. 1933. 1933.
Iron and steel
Machinery
Textiles, group
Fabrics
Wearing apparel
Food
Paper and printing
I.umber
Transportation equipment_ _
Automobiles
Leather
Cement, clay er glass
Nonferrous metals
Chemicals, group
Petroleum
Rubber products
Tobacco
69.8 71.4
62.1 62.6
79.3 78.8
86.4 85.9
61.6 60.9
90.3 90.3
90.1 91.2
44.1 46.7
57.7 54.7
75.3 88.9
78.6 77.2
(4.3 53.3
61.5 62.3
102.1 160.4
90.6 90.7
80.4 83.4
63.3 66.4
50.6 68.4 70.4
44.5 61.4 61.9
69.2 79.8 79.6
72.2 87.1 87.5
61.5 61.6 60.3
79.6 89.4 92.0
79.6 90.7 92.8
35.0 42.6 46.2
47.4 55.8 51.3
.53.3 71.1 58.6
72.9 79.0 75 2
39.4 50.4 51.9
44.8 61.0 61.6
76.4 101.8 100.6
78.4 88.9 89.6
59.7 79.5 81.3
64.0 58.9 67.5
49.6
44.0
69.6
72.8
61.7
78.8
80.2
33.8
46.1
50.4
73.3
36.7
44.4
76.2
75.0
59.1
60.4
42.7
42.4
58.9
65.5
49.4
76.9
74.3
24.1
44.1
55.0
59.8
31.4
46.2
79.4
72.7
60.2
42.9
44.8
43.0
58.1
66.8
40.3
78.1
77.2
27.5
40.2
43.3
54.4
32.0
46.2
78.8
72.5
60.7
50.4
22.7
26.0
44.2
46.6
39.2
64.1
67.0
16.3
34.0
38.3
43.7
20.2
27.5
60.7
64.6
35.4
38.3
•Indexes of production, car load ngs, and department store ea es based on daily
averages. p Preliminary. z Based on 3-month moving averages, centered at second
month.
Further Advance in Retail Prices of Food Reported by
United States Department of Labor During Two
Weeks Ended Jan. 30-Latest Increase 0.6 of 1%.
"The index number of retail food prices during the two
weeks' period ending Jan. 30 recorded a further advance
and rose by 0.6 of 1%," according to an announcement
made Feb. 24 by Commissioner Lubin, of the Bureau of
Labor Statistics of the U. S. Department of Labor. "The
general level of retail food prices for Jan. 30 rose to 105.8%
of the 1913 average as compared with 105.2% on Jan. 16
and 104.5% on Jan. 2," Mr. Lubin said, continumg:
The present Index places prices 17% above the low point reached 'a
April 1933, when the index stood at 90.4. It is 11%% over the level
for a year ago, when the index registered 94.8, and within 1%% of the high
Point for the past year, when the Index was 107.4 on Sept. 26. As compared with two years ago, when the index registered 109.3, present prices
are down by 3%.
The rise was caused by continued advances in average prices of butter,
vegetables, beef cuts, leg of lamb, rice and recent advances in canned salmon, hens, cornmeal, rolled oats, and canned peas and tomatoes. Among
the items showing price declines were fresh milk, vegetable lard substitute,
eggs, macaroni and bananas. Wheat cereal, granulated sugar, flour, white
bread and lard showed no change In average prices.
In Mr. Lubin's announcement it was also stated:
In contrast with a rise of 0.7 of 1% in the index for meats, the Indexes
for cereals and for dairy products showed very little change during the
two weeks' period. Comparing prices with Jan. 15 1933, cereal foods have
shown an advance of 27%. Meats have risen slightly more than 3% and
dairy products increased nearly 3%, with the general average 113,
6%
higher than a year ago. As compared with Jan. 15 1932. cereal foods have
advanced 13% in contrast with an 11% decrease for meats and a decline of
0.7 of 1% for dairy products.
Prices used in constructing the weighted index numbers of the Bureau
are based upon reports from all types of retail food dealers in 51 cities and
cover quotations on 42 important food items. Indexes are based on the
average price for the year 1913 as 100.0%. Comparisons of the current
index with the indexes for Jan. 16 and for Jan. 2, and with Jan. 15 1933
and Jan. 15 1932, are shown in the following table:
1934
All foods
Cereals
Meats
Dairy products
Jan. 30
Jan. 16
Jan. 2
1933
Jan. 15
1932
Jan. 15
105.8
142.8
103.0
95.9
105.2
142.5
102.3
96.0
104.5
142.4
100.8
95.7
94.8
112.3
99.9
03.3
109.3
126.4
116.0
96.6
Changes in Retail Prices of Food by Cities.
Of the 51 cities covered by the Bureau. 28 showed advances of 34 of 1%
or more, the largest increase being that of 4.2% for Pittabugh. Other
Percent Change on
Jan. 30 1934
Compared with.
City.
Mining.
Jan. Dec. Jan.
1934. 1933. 1933.
Iron and steel
56
Textiles
p87
Food products
96
Paper and printing._ _
__
Lumber cut
34
Automobiles
P58
Leather and shoes_ __
__
Cement
49
Petroleum refining.... __
Rubber tires
Tobaccomanufactures 138
Percent Change on
Jan. 30 1934
Compared with.
City.
Manufactures.
Group and
Industry.
Mar. 3 1934
cities showing an increase of 2% or more were Denver, Houston, Newark
and San Francisco. Decreases of % of 1% or more were reported for 11
cities covered by the Bureau, with the greatest decline, 2%,In New Haven.
Twelve Cities showed no change (or a change of less than % of 1%) during
the two weeks. Prices in Washington, D. C., increased
of 1%•
As compared with Jan. 15 1933, all of the cities showed material advances.
Pittsburgh, where food prices have increased nearly 21%, showed the
largest advance during the 12 months. The smallest increase was reported
for Los Angeles, amounting to a little more than 1%. In Washington,
D. C., the Increase was 9%. During the two-year period since Jan. 15
1932, only six cities have shown advances. Decreases for the remaining
45 cities ranged from 0.2 of I% in Manchester, N. H.. to 15% in Butte.
Prices in Washington, D. C., were about 3%% below the average of two
years ago. Per cent changes for each city during the two weeks' period
and since Jan. 15 1933 and Jan. 15 1932 are shown in the followin; table:
Jan. 15 Jan. 15 Jan. 16
1932. 1933. 1934.
Atlanta
Baltimore
Birmingham _
Boston
Bridgeport _
Buffalo
Butte
Charleston,S.C.
Chicago
Cincinnati
Cleveland
Columbus
Dallas
Denver
Detroit
Fall River
Houston
Indianapolis_
Jacksonville ._
Kansas City- - Little Rock......
LosAngeles...._
Louisville
Mancheeter__ _
Memphis
Milwaukee
+10.7
-2.9 +11.5
-1.3 +14.1
-3.3 +8.2
+8.0
+2.3 +12.3
-15.2 -I- 3.1
--6.8 +10.2
-7.9 +12.2
-6.3 +11.5
+15.1
+1.1 +18.5
+13.3
+1.3 +8.2
--0.3 -1-17.0
--2.5 +11.8
-2.9 +19.4
3.2 +13.0
+13.6
+10.8
-0.6 +19.8
+1.1
+2.7 -1-19.7
-0.2 +11.2
+16.4
-4.7 +13.5
Jan. 15 Jan. 15 Jan. 16
1932. 1933. 1934.
+1.3 Minneapolis_
-2.4
-0.2 Mobile
-3.3
+0.7 Newark
+0.7 New Haven_
-1.1 New Orleans_ _
-3.6
+0.4 New York
-1.8
+1.9 Norfolk
-1.4
-1.6 Omaha
-0.4 Peoria
-0.7
-0.7 Philadelphia__ _
+2.5
-1.4 Pittsburgh
+3.1
+1.6 Portland, Me.- -4.2
+0.1 Portland, Ore. _ -6.6
+3.2 Providence_ _
-3.0
-0.4 Richmond
-4.2
+0.9 Rochester
+2.5 St. Louis
-2.1
-0.5 St. Paul
-0.7
-0.1 Salt Lake City_ -4.3
+0.8 San Francisco
-3.8
-1.6 Savannah
-1.1 Scranton
-2.8
+1.6 Seattle
-3.4
+1.2 Springfield, III_ -1.3
+1.0 Wash'g'n, D.C. - 3.6
+0.9 United States.. -3.2
+16.3 +0.3
+10.4
0.0
+9.9 +2.1
+8.3 -2.0
+9.6 +1.7
+10.1 +1.1
+7.7 +0.1
+19.7 +1.1
+13.4 -0.9
+20.5 +0.7
420.8 +4.2
+8.4 +0.2
+3.8 +0.1
+8.5 +0.8
+9.4 -0.6
+14.1 +0.8
+15.2 +1.0
+16.8 +1.5
+9.9 +1.1
+5.6
+11.5
+10.9
+8.6
+12.3
+9.6
+11.6
+3.4
+1.1
-0.6
+1.7
+0.3
+0.5
+0.6
Changes in Food Prices by Commodities.
Of the 45 articles covered by the Bureau, 23 showed Increases of more than
)i of 1% during the two weeks' period, 8 recorded decreases of the same
description and 14 showed no substantial change in average prices. As
compared with a year ago 32 of the 42 items covered have shown an Increase while 10 have registered a decrease. Over the two-year period 10
of the 42 items covered have shown an increase and 29 a decrease, with
eggs, navy beans and granulated sugar recording no change in the general
average. Contrasted with an average price 62% higher than a year ago,
flour prices at present are 42% below two years ago. The price of bread
is 11% above that level and 23% higher than January of a year ago. Prices
of white potatoes, which increased 4% during the two weeks, are 80%
above that of a year ago and 59% higher than two years ago. Although
Pork chops are 21% higher than a year ago, the present price is 5% below
the level of January 1932. Sliced bacon, with a present average 11%
above January 1933, is 133 % lower than two years ago. Coffee showed a
slight increase during the two weeks but still remains 8% under the average for last January and 15% below the average for two years ago. The
following table shows the per cent change that has taken place in each of
the items covered on Jan. 30 as compared with Jan. 16 1934, Jan. 15 1933
and Jan. 15 1932.
Percent Change on
Jan. 30 1934,
Compared with.
Percent Change on
Article.
Jan. 30 1934
Compared with.
Article:
Jan. 15 Jan. 15 Jun. 16
1932. 1933. 1934.
Sirloin steak_ _ _
Round steak _ _
Rib roast
Chuck roast...
Plate beef
Pork chops_ Bacon sliced Ham sliced_
Lamb,leg of - _
Hens
Salmon, red.
canned
Milk, fresh Milk, evapor'd.
Butter
Oleomargarine _
Cheese
Lard
Vegetable lard
substitute.. _
Eggs
Bread, wheat.Bread,rye
Flour
Jan. 15 Jan. 16 Jan. 16
1932. 1933. 1934.
Corn meal
+10.1 +25.7
Rolled oats._ _ _ -14.3 +1.543
Corn flakes_ _
+4.7 +5.9
Wheat cereal... +6.1
+8.0
Macaroni
-3.1 -1- 5.4
Rice
+2.7 +26.7
Beans, navy _ _ _
0.0 +34.9
-19.2 -2.5
-18.6 -1.6
-21.8 -5.2
-20.0 -3.2
-18.8 -4.8
-4.7 +20.6
-13.5 +10.7
-16.0 +9.4
-5.8 +4.6
-18.3 4-6.5
-1-0.4
+0.5
+0.5
0.0
+1.0
-0.4
+1.3
+0.7
+5.5
+1.7
-27.9 +9.3
-4.3 +5.7
-15.0 +2.0
-18.5 -1.9
-29.4 -5.2
-11.8 +0.9
-6.9 +16.0
+1.4
-0.9
0.0
+3.2
-15.1 -8.0
+1.6 Coffee
+2.2 'tomatoes. can'd
+9.5 +20.9
0.0 Prunes
+6.8 +23.6
Raisins
-19.1 -2.1
-0.5 Bananas
-2.5 +0.9
-1.0 Oranges
-6.1 +2.6
0.0 Peaches, can'd
-1.2 Pears, can'd_
-12.8 +2.1
0.0 -8.6
4-11.3 +23.4
+-61.5
Potatoes
+58.8 +80.0
Onions
-28.8 +74.1
Cabbage
+9.8 +55.2
Pork and beans. -20.0 +3.0
Corn, canned_ _ -3.5 +11.0
Peas,canned__ _ +20.1 +27.8
Sugar
0.0 +5,9
Tea
-7.8 +1.9
+4.8
+1.5
0.0
0.0
-.00
+1.4
+1.8
+3.9
+4.4
-4.3
+1.5
+0.9
+7.3
0.0
0.0
+0.3
+5.1
+1.9
0.0
-3.7
0.0
+0.6
-0.5
0.0
Chain Store Sales Exceed Seasonal Performance.
Chain store sales results in January disclosed further improvement in various directions. Volume of business done
by each of the important divisions regularly reviewed was
substantially ahead of that for the same period of the previous year. Furthermore, every group, but one, the grocery,
made a seasonally better showing than in December 1933,
notwithstanding the extraordinary gains which had already
been recorded in the latter month reports the current monthly
survey issued by "Chain Store Age," which further went on
to say:
"Average daily sales of the 19 leading chain store companies used In
compiling the monthly survey," continues that publication "amounted
to approximately $6,565.000 in January 1934, as compared with $6,000,000
In the similar month of 1933, an increase of 9.4%." The "Chain Store.
Age" index of January sales was approximately 88.0 of the 1929-1931 average for the month as 100, as against 80.1 In January, last year.
Volume
Financial Chronicle
138
The index of January sales of six 5-and-10-department store chains rose
to 108.2, a new high level. The previous high mark was 100, in January
1932, while in January 1933, the index was 92.7.
Similarly, the drug group comprising two chains, also touched new high
ground in January, the index advancing to 108.3 from 107.7 in December.
The previous high was 107.8 in January 1932. A year ago, the figure stood
at 95.8.
The sales index for two large shoe chains in January was 100, as compared
with 97.2 in December and 81.2 in January 1933. The index for the apparel group in January was approximately 88.0 compared with 87.6 in
December, and 76.2 in January 1933.
ps, Sales of grocery chains declined less than the seasonal amount, with the
result that an index figure of approximately 80.0 was indicated for the
month, as against 82.5 in December 1933, and 75.8 In January 1933.
Chain store officials are not concealing their elation over the growing
vitality of general business everywhere, particularly in the agricultural
sections. The steadily rising values obtained by the farmer on his products
Is bringing him greater prosperity and this is being reflected in the heavy
business reported by chains operating extensively in the rural regions.
The Institute's statement follows:
PER CENT CHANGES (1934 OVER 1933).
Major Geographic
Divisions.
Croy
StateValue.
California
$289,395,000
Waahington__ __ 88,883,000
Colorado
. .
Idaho
52,360,000
Oregon
50,725,000
Montana
43,554.000
Utah
22,782,000
•Decrease.
Increase
Over
1932.
16.3%
47.9%
47.7%
52.9%
50.7%
5.9%
25.1%
StateWyoming
New Mexico
Arizona
Nevada
Total
Crop
Value.
$19,477,000
16,962,000
16,046,000
3,020,000
Increase
Over
1932.
40.5%
72.8%
26.4%
.7.7%
$662,670,000
28.4%
Sales of Ordinary Life Insurance During January in
United States Above January Year Ago-First
Increase in 24 Months.
The Life Insurance Sales Research Bureau at Hartford,
Conn., reported on Feb. 23 that the volume of sales of
new ordinary life insurance in January in the United States
showed an increase over January 1933. During 1933 the
monthly comparisons showed a steady improvement but
January 1934 represents the first increase recorded in 24
months, the Bureau said, continuing:
Seven sections of the country shared the gain; only two, the New England
and Middle Atlantic, failed to equal the production of last January. Of the
companies reporting figures, 64% reported gains in sales during January,
The figures given below show the comparison of sales in January 1934 to
January 1933 and for the 12-month period ending in January to those of the
preceding 12-month period:
January 1934
Compared to
January 1933.
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
United States total
Last 12 Mona,
Compared to Preceding 12 Months.
91%
94%
102%
105%
114%
117%
128%
109%
102%
93%
86%
90%
94%
91%
101%
97%
89%
87%
101%
90%
These figures, prepared by the Life Insurance Sales
Research Bureau, represent the experience of companies
having in force 90% of the total ordinary legal reserve life
insurance outstanding in the United States.
Weekly Electric Output 15.5% in Excess of Same
Period Last Year.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of
the United States for the week ended Feb. 24 1934 was
1,646,465,000 kwh., an increase of 15.5% over the corresponding period last year, when output amounted to
1,425,511,000 kwh. This was the largest percentage
increase since the week of Aug. 5 1933, which showed a
gain of 15.6% over the week ended Aug. 6 1932. The
current figure also compares with 1,640,951,000 kwh.
produced during the week ended Feb. 17 1934 and 1,651,535,000 kwh. during the week ended Feb. 10 1934.
With the exception of the Southern States region all of
the seven geographic areas showed larger percentage increases over the same week in 1933 than those for the week
ended Feb. 17 1934 as compared with the week ended
Feb. 18 1933.
Week Ended
Week Ended
Week Ended
Feb. 24 1934. Feb. 17 1934. Feb. 10 1934.
Week Ended
Feb. 3 1934.
+14.2
+14.4
-I- 24.7
+4.1
4 12.5
+7.5
+16.3
+13.2
+12.1
+15.4
+7.0
+8.9
+3.1
+12.0
+12.9
+11.6
+14.5
+10.0
+8.5
+4.6
+8.9
+11.8
+12.3
+16.6
+10.8
+8.6
+6.2
+17.6
+15.5
+11.6
+11.4
+12.5
New England
Middle Atlantic
Central Industrial
Southern States
Pacific Coast
West Central
Rocky Mountain
Total United States_
Arranged in tabular form the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1930 is as follows:
Week of--
Farm Buying Power in Far Western States Increased
28% During 1933 Over 1932, According to Bank of
America (California).
A 28% increase for the year in the buying power of farmers
in the 11 Far Western States is set forth by the Bank of
America, Pacific Coast branch banking system, in a report
showing that the 1933 crops for the area increased $146,556,000 over 1932 to a value of $662,670,000, the highest
total in three years.
Higher prices for products rather than increased production, the bank states, accounts for the larger income of
the farmer. The value of the 1933 crop, it is added, exceeds
the 1931 return by 3.7%. The preliminary crop values in
each of the 11 Far Western States is computed by the
bank as follows:
1459
1933.
Week of-
1932.
Week of-
1931.
1933 over
1932.
May 6 1,435,707,000 May 7 1,429,032,000 May 9 1,637,296,000 0.5%
May 13 1,468,035,000 May 14 1,436,928,000 May 16 1,654,303,000 2.2%
May 20 1,483,090,000 May 21 1,435,731,000 May 23 1,644,783,000 3.3%
May 27 1,493,923.000 May 28 1,425,151,000 May 30 1,601,833,000 4.8%
June 3 1,461,488,000 June 4 1,381,452,000 June 6 1,593,662.000 5.8%
June 10 1,541,713,000 June 11 1,435,471,000 June 13 1,621,451,000 7.4%
June 17 1,578,101,000 June 18 1,441.532,000 June 20 1,609,931,000 9.5%
June 24 1,598,136,000 June 25 1,440,541,000 June 27 1,634,935,000 10.9%
July 1 1,655,843,000 July 1 1,456,961,000 July 4 1,607,238,000 13.7%
July 8 1.538,500.000 July 9 1,341,730,000 July 11 1,603,713,000 14.7%
July 15 1,648,339,000 July 16 1,415.704,000 July 18 1,644,638,000 16.4%
July 22 1,654,424,000 July 23 1,433,990,000 July 25 1,650,545,000 15.4%
July 29 1,661,504,000 July 30 1,440,386,000 Aug. 1 1,644,089,000 15.4%
Aug. 5 1,650,013,000 Aug. 6 1,426,986,000Aug. 8 1,642,858,000 15.6%
Aug. 12 1,627,339.000 Aug. 13 1,415,122,000 Aug. 15 1,1329,011,000 15.0%
Aug. 19 1,650,205,000 Aug. 20 1,431,910,000 Aug. 22 1,643,229,000 15.2%
Aug. 26 1,630,394,000 Aug. 27 1,436,440,000 Aug. 29 1,637,533.000 13.5%
Sept. 2 1,637,317,000 Sept. 3 1,464,700,000 Sept. 5 1,635,623,000 11.8%
Sept. 9 1,582,742,000 &IAA.0 41,423,977.000 Sept. 12 1,582,267,000 11.1%
Sept. 16 1,663,212,000 Sept. 17 1,476,442,000 Sept. 19 1,682,660,000 12.7%
Sept.23 1,638,757,000 Sept. 24 1,490,863,000 Sept. 26 1,660,204.000 9.9%
Sept.30 1,652,811,000 Oct. 1 1,499,459,000 Oct. 2 1,645,587.000 10.2%
Oct. 7 1,646,136,000 Oct. 8 1,506,219,000 Oct. 10 1,653,369,000 9.3%
Oct. 14 1,618,948,000 Oct. 15 1,507,503,000 Oct. 17 1,656,051,000 7.4%
Oct. 21 1,618,795,000 Oct. 22 1,528,145,000 Oct. 24 1,646,531.000 5.9%
Oct. 28 1,621,702,000 Oct. 29 1.533,028,000 Oct. 31 1,651,792,000 5.8%
Nov. 4 1,583,412.000 Nov. 5 1,525,410,000 Nov. 7 1,628,147,000 3.8%
Nov. 11 1,616,875,000 Nov. 12 1,520,730,000 Nov. 14 1,623,151.000 6.3%
Nov. 18 1,617,249,000 Nov. 19 1,531.584,000 Nov. 21 1,655,051,000 5.6%
Nov. 25 1,607,546,000 Nov. 28 71,475,268,000 Nov. 28 1,599,900.000 I 5.9%
Dec. 2 71,553.744,000 Dec. 3 1,510,337,000 Dec. 5 1,671,466,000 l
Dec. 9 1,619,157,000 Dec. 10 1,518,922,000 Dec. 12 1,617,717,000 6.6%
Dec. 16 1,644,018,000 Dec. 17 1,563,384.000 Dec. 19 1,675,653.000 5.2%
Dec. 23 1,656,616.000 Dec. 24 1,554,473,000 Dec. 26 1.584,652,000 6.6%
1932.
Dec. 30 1,539,002,000 Dec. 31 1,414,710,000
1933.
Jan. 2 1,523,652,000 8.8%
1934.
Jan. 6 1,583,678,000 Jan. 7 41,425,639,000 Jan. 9 1,619,265,000 9.7%
Jan. 13 1.646,271,000 Jan. 14 1,495,116,000 Jan. 16 1,602.482.000 10.1%
Jan. 20 1,624,846.000 Jan. 21 1,484,089,000 Jan. 23 1,598,201,000 9.5%
Jan. 27 1.610,542,000 Jan. 28 1,469,636,000 Jan, 30 1,588,967,000 9.6%
Feb. 3 1,636,275,000 Feb. 4 1,454,913.000 Feb. 6 1,588,853,000 12.5%
Feb. 10 1,651,535,000 Feb. 10 1,482,509.000 Feb. 13 1,578,817,000 11.4%
Feb. 17 1,640,951,000 Feb. 18 1,469.732,000 Feb. 20 1,545,469,000 11.6%
Feb. 24 1,646,465,000 Feb. 25 1,425,511,000 Feb. 27 1,512,158,000 15.5%
Mar. 3
Mar. 4 1.422.875.000 Mar. 5 1,519,679,000
Revised figure. y Includes Thanksgiving Day.
DATA FOR RECENT MONTHS.
Monlis of-
1933.
1932.
1931.
January ____
February ___
March
April
May
June
July
August
September_
October
November ._
December
6,480,897,000
5,835,283,000
6,182,281,000
6,024,855,000
6,532,686,000
6,809,440,000
7,058,600,000
7,218,678,000
6,931,652,000
7,094,412,000
6,831,573,000
7,009,164,000
7,011,736,000
6,494,091,000
6,771,684,000
6,294,302,000
6,219,554,000
6,130,077,000
6,112,175,000
6,310,667,000
8,317,733,000
6,633,865,000
6,507,804,000
6,638,424,000
7.435.782,000
6,678,915,000
7,370,687,000
7,184,514,000
7,180,210,000
7,070,729,000
7,286,576,000
7,166,086.000
7,099,421,000
7,331,380,000
6,971,644,000
7,288,025,000
1930.
1933
Under
1932.
8.021,749,000 7.6%
7,066,788,000 10.1%
7,580.335,000 8.7%
7,416,191,000 4.3%
7,494,807,000 25.0%
7,239,697,000 *11.1%
7,363,730,000 *15.5%
7,391,196,000 1114.4%
7,337,106,000 a9.7%
7,718,787,000 a6.9%
7,270,112,000 a5.0%
6,566,601,000 a5.6%
Total
80,009,501,000 77,442,112,000 86,073,969,000 89.467.099.000 a3.3%
a Increase over 1932.
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%.
Report by National Industrial Conference Board
Shows Prices of Finished Manufactures Increased
from July to December While Production Decreased.
During the six-month period July to December 1933
prices of finished manufactures rose 3.6%, labor cost per
man-hour, 27.7%; labor cost per unit of product, 54.3%,
and labor cost in relation to manufacturers' gross income,
48.8%; while, on the other hand, production declined
30.9% according to computations of the National Industrial
Conference Board, based on data of the United States Bureau
of Labor Statistics and the Federal Reserve Board. The
Conference Board further announced as follows on Feb. 27:
Until 1929 production Increased greatly and prices declined moderately.
Labor cost per man-hour increased somewhat, but the intensity of manufacturing activity lowered labor cost per unit of product, while the price
decline raised the labor cost in relation to gross income.
After 1929, in the depression years, production and prices fell precipitously; hours were reduced, and employment was curtailed. Labor cost
per man-hour changed little until the latter part of the period, when it fell
because of cuts in wage rates. The reduction of the labor force, characteristic of the period, was a selective process, the more experienced workers
being retained in employment. Labor cost per unit of product, therefore,
declined, while labor cost in relation to Bross income held levels
generally
higher than cost per man-hour.
After March 1933 production increased sharply until July and
Prices
rose in less degree. Labor cost per man-hour was somewhat less, and, aided
by better plant utilization, labor cost per unit of product was reduced.
After July production fell abruptly and prices rose slightly. The higher
wage rates imposed by government policy increased labor cost
Per manhour. Curtailment of hours lessened the efficiency of plant operation, and
introduction of new employees lowered the average efficiency of the work-
1460
Financial Chronicle
Ing force. As a result, labor cost per unit of product increased, and labor
cost in relation to manufacturers' gross income rose.
National Collections and Sales Show Strong Upturn,
According to Survey of National Association
of Credit Men.
Collections and sales conditions in 112 major markets of
the United States reflected a definite betterment in business
conditions, according to the February survey announced
yesterday by the National Association of Credit Men, with
a more marked improvement than was evident in the January survey. Under date of March 1 the Association reports:
Based on reports from branch offices in these markets in every State,
the survey comes from reports by member firms in banking, manufacturing and wholesaling lines. Eighteen cities report collections as good compared with 14 in January. Twenty-six find sales in the good column
compared with 14 in January. Twenty-six find sales in the good column
compared with 18 previously.
Cities reflecting good sales are Birmingham, Ala.; Little Rock, Ark.;
San Diego, Calif.; Boise, Idaho; Springfield, Ill.; Cedar Rapids, Iowa;
Waterloo, Iowa; Louisville, Ky.; Springfield, Mass.; Worcester, Mass.;
Duluth, Minn.; St. Paul, Minn.; Helena, Mont.; Omaha, Neb.; Albany,
N.'Y.; New'cork, N. Y.; Charlotte, N. C.; Cincinnati, Ohio; Columbus,
Ohio; Oklahoma City, Okla.; Chattanooga, Tenn.; Austin, Tex.; Houston,
Tex.; San Antonio, Tex.; Richmond, Va.; Charleston, W. Va.
Collections are reported good in Birmingham, Ala.; Little Rock, Ark.;
Boise, Idaho; Cedar Rapids, Iowa; Des Moines, Iowa; Waterloo, Iowa;
St. Louis, Mo.; Billings, Mont.; Helena, Mont.; Omaha, Neb.; Charlotte,
N. C.; Grand Forks, N. Dak.; Columbus, Ohio; Chattanooga, Tenn.;
Austin, Tex.; Houston, Tex.; San Antonio. Tex., and Richmond, Va. .
Business Conditions in New England According to
Federal Reserve Bank of Boston-Only Seasonal
Changes Noted in Activity in January as Compared
with December.
"In January," reports the Federal Reserve Bank of
Boston, "practically no change other than seasonal occurred
in the level of general business activity in New England, as
compared with December 1933." The Bank said that "after
seasonal allowances had been made in each series a sizeable
increase took place in the amount of raw cotton consumed
by mills in this district during January, but there were
decreases in raw wool consumption, boot and shoe production,
and the volume of new building contracts awarded." In its
"Monthly Review" of March 1 the Bank further reported:
The amount of raw cotton used by New England mills in January was
about 88,200 bales, as compared with 61,800 bales in January, 1933. 63,000
bales in January 1932. and 61,500 bales in January 1931. Raw wool
consumption, however, reported as 18,410,000 pounds, grease equivalent.
for January 1934, was smaller than in the corresponding month of the
three preceding years or in December 1933.
Production of boots and shoes in this District usually increases materially
between December and January, but such was not the case in January 1934.
In 1933, however, shoe production was maintained at a relatively high
level in New England.
The volume (square feet) of commercial and industrial building contracts
awarded in New England during January declined from December by
more than the usual seasonal amount. but was slightly higher than in
January 1933. A similar condition prevailed in the volume of residential
contracts awarded. The value of total new construction contracts awarded
In this District during January 1934, was nearly three times as much as in
January 1933, but was about 17% lower than in December 1933.
Although a decline of 0.9% occurred in the number of wage earners employed in representative manufacturing establishments in Massachusetts
between December 1933 and January 1934, an increase of 0.5% took place
in aggregate weekly payrolls, and there was also an increase of 1.5% in
average weekly earnings per person employed, according to theMassachusetts
Department of Labor and Industries. Prom the three percentage changes,
it would appear that manufacturing operations in Massachusetts were more
nearly "full-time" in January than in December.
Most conditions pertaining to distribution In New England during
January 1934. compared favorably with those of the corresponding month
last year. The 51 reporting department and apparel stores showed a sales
volume for January 23% larger than in that month of 1933.
A special survey covering retail establishments of all types in 78 Massachusetts cities and towns brought out the fact that the dollar volume of
the sales of 1,057 concerns In January 1934, exceeded that in the corresponding period of 1933 by almost 20%. Nearly 73% of the total number
reported an increase, while about 21% reported a decrease, and about 6%
reported the same volume in January each year.
RETAIL SALES IN MASSACHUSETTS JANUARY 1934, COMPARED WITH
JANUARY 1933.
Group.
Food
General merchandise
Automotive
Apparel
Furniture & household, radio_
Restaurant & eating places
Lumber
All other
TrItrd
Number Percentage
Number Number Reporting Change
Total
No
Number Reporting Reporting
in
Reporting Increase. Decrease. Change. Dollars,
156
130
118
142
83
89
78
261
107
112
67
125
63
54
56
185
36
8
46
12
17
29
18
52
13
10
5
5
3
6
4
24
+7.9%
+18.3
+19.6
+27.0
+26.9
+0.1
+22.3
+30.7
1057
769
218
70
-4-19.4
Marked Improvement Noted in Practically All Measurements and Indicators of Business in St. Louis
Federal Reserve District-Industrial Production
and Wholesale and Retail Trade Higher.
The Feb. 28 "Monthly Review" (compiled Feb. 21) of
the Federal Reserve Bank of St. Louis says that "practically
all measurements and indicators of business in the Eighth
(St. Louis) District during the past 30 days reflected marked
Mar.3 1934
improvement over the similar period immediately preceding and the corresponding time a year ago." The
"Review" adds:
Industrial production was larger in both comparisons, and distribution of
commodities, both through retail and wholesale channels, was substantially
larger than in 1933. Relatively the most favorable showing was made in
wholesaling and jobbing lines. the total January volume, according to
interests reporting to this bank, being the largest, with the exception of
last May,since October 1930. It will be recalled that the opening months
of 1933 represented approximately the low point of the depression, also
that since a year ago there has been a sharp advance in commodity prices.
Increases in the volume of sales in January, however, are too great to be
accounted for by these two factors, and indicate actual and substantial
improvement. As exemplifying this, there may be cited increases this
January over last in sales of boots and shoes, of 61%; clothing more than
100%; drugs and chemicals 28%; dry goods 92%; electrical supplies 100%;
stoves 70%; furniture 47%; groceries 36%, and hardware 54%.
The augmented volume of business has been accomplished by strengthening of confidence in the business community and among the public generally.
Merchants are buying more freely and a broader variety of goods than at
the same period during the preceding two or three years. Latest reports
indicate that holiday trade was larger than early estimates and cut heavily
into retail stocks, with the result that inventories weer considerably reduced.
Since the middle of January there has been a general disposition to replenish
stocks and fill out assortments, also to order goods for late spring and
summer, and as far ahead as fall distribution. Advance buying has been
stimulated by belief in many quarters that the upturn in commodity prices
may continue during later months of the year. While improvement has
been most noticeable in industries handling goods for ordinary consumption,
betterment has also taken place in the heavier and more permanent lines,
notably iron and steel, clay products, glass, and lumber.
The employment situation as a whole underwent no marked change as
contrasted with the preceding 30 days, defections in certain groups of
wage earners being offset by gains elsewhere. As a result of colder weather,
activities at bituminous coal mines gained slightly in momentum, January
and early February production in all fields of the district being at a higher
average daily rate than in January and December last year. With but
minor interruptions by cold weather, the season to date has been favorable
for field work, and preparations for planting crops and general farm work
has made considerable progress. This is true particularly in the cotton
areas, where forward preparations are far beyond most seasons, and equaling, if not exceeding the earliest years in the past. Prices of cereals were
well sustained in January, and that month was marked by a good advance in
livestock prices.
Gauged by sales of department stores in the chief cities of the District,
retail trade in January was 50.2% less than in December, but 24.1%
greater than the January 1933, volume. Combined sales of all wholesaling
and jobbing firms reporting to this bank were 75% greater than in December
and about two-thirds larger than the January 1933, total. The dollar value
of permits issued for new construction in the five largest cities of the District
in January was 11% larger than in December and 178% in excess of January 1903. Construction contracts let in the Eighth District in January were
106% larger than in January 1933, and 48% less than the December 1933,
total. Debits to checking accounts in January fell slightly below the
preceding month, but were 5% larger than in January 1933.
According to officials of railroads operating in this District, the volume
of freight traffic handled during January and the first week of February
was considerably larger than during the same period in 1933, and about
even with that for the same time in 1932. With the exception of livestock,
increases as contrasted with last year were recorded in all classifications,
with a particularly good showing being made by merchandise and miscellaneous freight. For the country as a whole, loadings of revenue freight
for the five weeks ending Feb. 3. totaled 2,741,660 cars, against 2,410,267
cars for the corresponding period in 1933 and 2,840,694 cars in 1932. The
St. Louis Terminal Railway Association, which handles interchanges for
28 connecting lines, handled 68,286 loads in January, against 61,258 loads
During the first nine
in December, and 60,686 loads in January 1933.
days of February the interchange amounted to 21,510 loads, which compares
with 17,881 loads during the corresponding time in January,and 18,943 loads
during the first nine days of February 1933. Passenger traffic of the reporting roads in January increased 3.5% over the same month in 1933, the first
time an increase was reported over the previous year since September 1928.
Estimated tonnage of the Federal Barge Line, between St. Louis and New
Orleans, in January was 65,000 tons, which compares with 106,086 tons in
December, and 81,304 tons in January last year. The decreases in both the
month-to-month and yearly comparisons was due partly to the unusually
low stage of water in the Mississippi River.
Generally through the District, reports relative to collections during the
past 30 days reflect the steady improvement which began last summer.
Wholesalers in the large centers of population report Feb. 1 settlements
relatively the largest for that month since 1931. with an increased number
of customers taking advantage of discounts. Liquidation with merchants
and the banks in the cotton sections was in considerable volume. Retailers
in that area report that farmers are paying current bills more promptly
and in many instances are reducing indebtedness of long standing. In
both wholesale and retail lines, a favorable development during the past
several months has been a substantial reduction in losses from weak accounts. Less than the usual seasonal betterment in collections is noted in
the tobacco districts, due to the fact that the crop is being marketed more
slowly than in preceding years.
Business in San Francisco Federal Reserve District
Increased Slightly During January According to
Isaac B. Newton of San Francisco Reserve Bank.
Isaac B. Newton, Chairman of the Board and Federal
Reserve Agent of the Federal Reserve Bank of San Francisco, in this report of business conditions in the Twelfth
(San Francisco) District, issued Feb. 27, said that "a slight
expansion in business in the District was indicated during
January by seasonally adjusted measures of industry and
trade. Employment by public agencies continued to offset
decreases which ordinarily occur in other fields of work at
this time of year," Mr. Newton said, adding that "new
construction contracted for totaled about the same as in
the preceding month." He further said:
Unusually mild temperatures favored the growth of crops during January
and permitted greater use of livestock ranges than is ordinarily possible
at this season. Rain and snowfall had been less than normal in most Parts
of the district up to Feb. 15. Prices of farm products increased further
Volume 138
Financial Chronicle
during January and the first half of February, these increases accompanying
greater activity in marketing of crops and livestock than in January 1933.
Consumption of electric power, which affords a measure of activity in
a wide variety of industries, was about the same in January as in December.
Stimulated by rising orders, lumbering changed little during January,
although considerable decline ordinarily occurs during that month. The
daily average volume of petroleum production was the smallest since last
March, but it remained in excess of Federal allotments. Seasonally adjusted
indexes of both flour milling and slaughter of livestock were higher in
January than in December.
Sales of department stores decreased from December to January more
than seasonally but, on a daily average basis, were 13% larger in value
than in January 1933. Daily average freight carloadings were the same
in January as in December, resulting in an advance of 3 points in the adjusted index to 67% of the 1923-1925 average. Wholesale trade was
maintained at about the same level as in December.
Disbursements by the United States Treasury, including payments for
gold coin and newly mined gold, exceeded Government collections in this
area during the five weeks ending Feb. 21. Funds entering the District
banking structure from this source accumulated only in part as reserve
deposits of member banks, an outflow through inter-district commercial
transactions having reduced Twelfth District banking reserves. There was
little change in demand for currency, and Reserve Bank credit in local
use remained at a low level. Time deposits at reporting member banks
decreased slightly during this period, but net demand deposits rose as
Treasury funds were disbursed. District banks were allotted $125,000,000
of new United States Government securities during these five weeks.
As usual, most of these purchases were paid for with deposit credit, resulting
in substantial increases in Government deposits and in investment holdings
of United States securities. Total loans of reporting member banks declined
slightly during this period. On Feb. 16 the discount rate of the Federal
Reserve Bank of San Francisco was set at 2%. superseding the rate of
214% which had been in effect since Nov. 3 1933.
Pace of Industrial Recovery During Recent Weeks Sufficient to Insure Continued Expansion During Next
Several Months According to Dr. F. A. Buechel of
University of Texas—Finds Current Statistics of
Texas Business Improved Over Year Ago.
Industrial recovery has proceeded with quickened pace
during the two weeks prior to Feb. 27 and now appears to
have gained sufficient headway to insure continued expansion during the next few months by its own momentum unless some totally unforseen emergency arises, according to
Dr. F. A. Buechel, assistant director and statistician in the
Bureau of Business Research of the University of Texas.
"Although such disconcerting prospects as possible labor
disturbances and a relapse of business with cessation of
Government spending under the Civil Works Administration cannot be ignored, ameliorating circumstances are already visible," Dr. Buechel said, adding:
Strengthened governmental powers for arbitrating disputes and the
probability of a more co-operative attitude among responsible labor leaders
should greatly moderate labor troubles; and the normal spring pick up in
industry, together with the merging of CWA activities with the more permanent structure of the Public Works Administration should greatly inprove the employment situation. Moreover,the bulk of the funds provided
by the Federal Emergency budget remains to be spent and, in addition,
farm bonus payments scheduled for disbursement during 1934, approximate
$1,000.000,000.
Business prospects, therefore, on the basis of existing facts for the first
six months of the year are the brightest they have been since the depression
began. From the longer-term point of view, however, not much can be
said until the Government's policy on fundamental problems are more
fully matured. There still remains to be developed a sounder banking
system, a more closely articulated transportation system, a comprehensive
program of agricultural re-adjustment and an international policy which
will open foreign markets for our agricultural and industrial products. It
may reasonably be expected that those problems will be considerably clarified during the next six months and that as a result, the more distant outlook from the new point of vantage thus created may be less hazy than it
is at present.
The future danger lies in the possibility that the impending sharply rising
business trend may be credited entirely to the emergency measures which
have been adopted whereas much of the business improvement would
doubtless have taken place had no such radical measures been adopted. In
evidence of this fact we need only to inspect the curves of industrial activity
In the leading commercial countries of Europe where the low point in the
depression was reached in the summer of 1932.
Although Texas and the Southwest are doubtless reaping immediate benefits from the administration's policy of production control as it relates to
oil, and of both prbduction control and bonuses in connection with cotton,
it should be recognized that the measures so far adopted and now under
consideration are of an emergency character and that a long-time program
for this region remains to be developed.
Current statistics of Texas business are making an increasingly better
showing in comparison with those of a year ago. Commercial failures are
67% fewer in number and liabilities of failed firms, 79% less in amount
than a year ago. Lumber production, according to reports from the Southern Pine Association increased 10%. Retail sales in 86 Texas department
stores and specialtyshops increased 28%,and collections were6% better than
a year ago. Cotton manufacturing plants in Texas showed marked increases in operation as reflected in bales of cotton used, cloth produced
and sold, and in unfilled orders at the end of the month. Building permits increased 16%.
New Business at Lumber Mills Continues Gain—
Production Drops Slightly.
Lumber orders received at the mills during the holiday
week ended Feb. 24 1934 were greater than for any week
since November except for one week in January; production
was slightly less than during the preceding week, otherwise
heaviest since November; shipments exceeded every week
since November, according to telegraphic reports to the
National Lumber Manufacturers Association from regional
1461
associations covering the operations of leading hardwood and
softwood mills. The reports were made by 1,301 American
mills whose production was 175,853,000 feet; shipments,
169,501,000 feet; orders, 180,666,000 feet. Revised figures
for the previous week for 1,322 mills were 180,975,000 feet;
shipments, 163,254,000 feet; orders 169,935,000 feet. The
Association, in reviewing lumber operations for the seven
days ended Feb. 24, further stated:
During the week ended Feb.24, Southern pine, West Coast and Southern
Hardwoods reported orders slightly under production, Northern hemlock,
appreciably below. Total softwood orders were 3% above production,
hardwood orders a fraction of 1% below nardwood output. All regions
reported orders above those of corresponding week of 1933 except Northern
hemlock. Total softwood orders were 83% above those of last year; hardwood orders 67% above those of last year's week. Production during the
week ended Feb. 24 was 71% above that of a year ago; shipments were
31% above those of similar week of 1933 and orders 81% above, in similar
comparison.
Unfilled orders at the mills on Feb. 24 as reported by 1,347 mills were
747,091,000 feet compared with 749,001,000 feet the previous week as rePorted by 1,341 mills. Identical mills reported unfilled orders the equivalent
of 22 days' average production of reporting mills compared with 18 days
on similar date of last year.
Forest products carloadings totaled 23,014 cars, during the week ended
Feb. 17, an increase of 1,683 cars above the preceding week. 8,880 cars
above the same week in 1933 and 3,672 cars above similar week of 1932.
Lumber orders reported for the week ended Feb. 24 1934 by 963 softwood
mills totaled 156,131,000 feet, or 3% above the production of the same mills.
Shipments as reported for the same week were 146,136,000 feet, or 3%
below production. Production was 151,149,000 feet.
Reports from 362 hardwood mills give new business as 24,535,000 feet,
or 1% below production. Shipments as reported for the same week were
22,915.000 feet, or 7% below production. Production was 24.704.000 feet.
Unfilled Orders and Stocks.
Reports from 1.347 mills on Feb. 24 1934 give unfilled orders of 747,091.000 feet and gross stocks of 4,755,907.000 feet. The 540 identical
mills report unfilled orders as 520,582,000 feet on Feb. 24 1934, or the
equivalent of 22 days' average production, as compared with 413,986.000
feet, or the equivalent of 18 days' average production on similar data
a year ago.
Identical Mill Reports.
Last week's production of 400 identical softwood mills was 131,779,000
feet, and a year ago it was 79,158,000 feet; shipments were respectively
126,836.000 feet and 97,375,000; and orders received 141,788,000 feet
and 77,669,000 feet. In the case of hardwoods, 212 identical mills reported
Production last week and a year ago 17.177.000 feet and 7.861.000; shipments 14,997.000 feet and 10,811,000 and orders 16,858,000 feet and 10,085,000 feet.
SOFTWOOD REPORTS.
West Coast Movement.
The West Coast Lumbermen's Association reported from Seattle that
for 573 mills in Washington and Oregon and 22in British Columbia reporting
shipments were 6% below production, and orders 2% below producAon
and 4% above shipments. New business taken during the week amounted
to 100,859,000 feet (previous week 86.023,000 at 591 mills); shipments
96,533.000 feet (previous week 85.264,000); and production 103,017,000
feet (previous week 103,874,000). Orders on hand at the end of the week
at 573 mills were 367,646,000 feet. The 184 identical mills reported a
gain in production of 62%, and in new business an increase of 106%. as
compared with the same week a year ago.
Southern Pine.
The Southern Pine Association reported from New Orleans that for
172 mills reporting, shipments were 9% below production, and orders 2%
below production and 8% above shipments. New business taken during
the week amounted to 27,189,000 feet (previous week. 29,550,000 at
189 mills); shipments 25,206,000 feet, (previous week 27,894,000); and
production 27,688.000 feet (previous week, 31,710,000). Orders on hand
at the end of the week at 172 mills were 87,136,000 feet. The 86 identical
mills reported a gain in production of 13%, and in new business a gain of
19%, as compared with the same week a year ago.
Western Pine.
The Western Pine Association reported from Portland. Ore.. that for
131 mills reporting, shipments were 28% above production, and orders
43% above production and 12% above shipments. New business taken
during the week amounted to 33,004,000 feet (previous week, 33,837.000
at 125 mills); shipments 29,436,000 feet (previous week, 32,895.000);
and production 23.037,000 feet (previous week, 23,112.000). Orders on
hand at the end of the week at 131 mills were 111,846,000 feet. The 104
identical mills reported an increase in production of 225%, and in new
business an increase of 90%,as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported
production from 17 American mills as 676,000 feet, shipments 1,428,000
feet and new business, 3,002,000 feet. Orders on hand at the end of the
week were 5,713.000 feet.
California Redwood.
The California Redwood Association of San Francisco reported production from 20 mills as 6,637,000 feet, shipments, 4,891.000 feet and new
business, 6.706,000 feet. Orders on hand at the end of the week were
31,711,000 feet. Eleven identical mills reported production 81% greater
and new business 119% greater than for the same week last year.
Southern Cypress.
The Southern Cypress Manufacturers Association of Jacksonville, Fla.
reported production from 26 mills as 1,351,000 feet, shipments 2,258.000
feet and new business 2,396.000 feet. Orders on hand at these mills at
the end of the week were 3,995,000 feet.
Northern Hemlock,
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported softwood production from 24 mills as 1,381,000
feet, shipments 985,000 and orders 828,000 feet. Orders on hand at the
end of the week at 16 mills were 4,310.000 feet. The 15 identical mills
reported a gain of 160% in production and a loss of 35% in new business,
compared with the same week a year ago.
HARDWOOD REPORTS.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 338 mills as 22,365.000 feet, shipments 20,949,000 and
1462
Financial Chronicle
new business 21,610,000. Orders on hand at the end of the week at 386
mills were 123,428,000 feet. The 197 identical mills reported production
111% greater and new business 51% greater than for the same week last
year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported hardwood production from 24 mills as 2,339,000
feet, shipments 1,966,000 and orders 2,925,000 feet. Orders on hand at
the end of the week at 22 mills were 11,306,000 feet. The 15 identical
mills reported a gain of 215% in production and a gain of 295% in orders.
compared with the same week last year.
We also give below the report of the National LumberManufacturer's Association for the week ended Feb. 17 1934:
New business at the lumber mills was booked in greater volume during the
week ended Feb. 17 than during any week since November except for the
last three weeks of January; production and shipments were heaviest since
November, according to telegraphic reports to the National Lumber Manufacturers Association from regional associations covering the operations of
leading hardwood and softwood mills. The reports were made by 1,304
American mills whose production was 179,220,000 feet; shipments, 161,396,000 feet; orders, 168,242.000 feet. Revised figures for the previous
week for 1,265 mills were production. 166,953,000 feet; shipments. 154,964,000 feet; orders, 159,559,000 feet.
During the week ended Feb. 17, Western pine, Northern pine, Cypress
and Northern hemlock regions reported orders greater than production.
Total softwood orders were 4% below production hardwood orders 16%
below hardwood output. All regions reported orders above those of corresponding week of 1933. total softwood orders being 47% above and hardwood orders 20% above those of last year's week. Production during the
week ended Feb. 17 was 62% above that of a year ago; shipments were
23% above those of the same week of 1933, and orders 44% above, in
similar comparison.
Unfilled orders at the mills on Feb. 17 as reported by 1,341 mills were
749,001,000 feet; gross stocks were 4,733,119,000 feet. Identical mills
reported unfilled orders the equivalent of 21 days' average production of
reporting mills compared with 18 days' on similar date of last year.
Forest products carloadings totaled 21,331 cars during the week ended
Feb. 10 1934, an increase of 1,158 cars above the preceding week, 8,987
cars above the same week of 1933 and 1,584 cars above similar week of
1932.
Lumber orders reported for the week ended Feb. 17 1934. by 959 softwood mills totaled 145.734,000 feet, or 4% below the production of the
same mills. Shipments as reported for the same week were 139,716,000 feet.
or 8% below production. Production was 152,527,000 feet.
Reports from 365 hardwood mills give new business as 22,508,000 feet,
or 16% below production. Shipments as reported for the same week were
21,680.000 feet, or 19% below production. Production was 26,693,000 feet.
Unfilled Orders and Stocks.
Reports from 1,341 mills on Feb. 17 1934. give unfllled orders of 749,001,000 feet and gross stocks of 4,733,119,000 feet. The 536 identical
mills report unfilled orders as 516,328.000 feet on Feb. 17 1934, or the
equivalent of 21 days' average production, as compared with 439.211.000
feet, or the equivalent of 18 days' average production on similar date a
year ago.
Identical Mill Reports.
Last week's production of 398 identical softwood mills was 134,527.000
feet, and a year ago it was 84,861.000 feet; shipments were respectively
127.251,000 feet and 103.686.000; and orders received 130.517,000 feet
and 88,630,000 feet. In the case of hardwoods, 207 identical mills reported
production last week and a year ago 17,350.000 feet and 8.710,000; shipments 14,102,000 feet and 11.696.000 and orders 14,577,000 feet and
12,104.000 feet.
SOFTWOOD REPORTS.
West Coast Movement.
The West Coast Lumbermen's Association reported from Seattle that
for 569 mills in Washington and Oregon and 22 in British Columbia reporting, shipments were 18% below production, and orders 17% below production and 11% above shipments. New business taken during the week
amounted to 86,023,000 feet, (previous week 83,159,000 at 588 mills);
shipments 85.264,000 feet, (previous week 86,882.000); and production
103,874,000 feet, (previous week 96.315,000). Orders on hand at the end
of the week at 569 mills were 368.822,000 feet. The 184 identical mills
reported an increase in production of 59% and in new business an increase
of 50%, as compared with the same week a year ago.
Southern Pine.
The Southern Pine Association reported from New Orleans that for
179 mills reporting, shipments were 13% below production, and orders
7% below production and 6% above shipments. New business taken during
the week amounted to 28,601.000 feet, (previous week 27,165,000 at 158
mills); shipments 26,913.000 feet, (previous week 23.499,000); and production 30,826.000 feet,(previous week 31,626.000). Orders on hand at the
end of the week at 179 mills were 89,723.000 feet. The 91 identical mills
reported a gain in production of 13%. and in new business a gain of 22%,
as compared with the same week a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
125 mills reporting, shipments were 42% above production and orders
46% above production and 3% above. shipments. New business taken
during the week amounted to 33,837,000 feet, (previous week 34,573,000
at 131 mills); shipments 32,895.000 feet, (previous week 32,092,000); and
production 23,112,000 feet,( previous week 22.571.000). Orders on hand
at the end of the week at 125 mills were 120.013,000 feet. The 99 identical
mills reported an increase in production of 139%, and in new business an
increase of 58%,as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis. Minn., reported
Production from 19 American mills as 361,000 feet, shipments 1,290,000
feet and new business 1,476.000 feet. Orders on hand at the end of the week
were 4.103,000 feet.
California Redwood.
The California Redwood Association of San Francisco reported production from 23 mills as 6,942,000 feet, shipments 5,792.000 feet and
new business 5,163.000 feet. Orders on hand at the end of the week were
28,400,000 feet. Eleven identical mills reported production 91% greater
and new business 67% greater than for the same week last year.
Southern Cypress.
The Southern Cypress Manufacturers Association of Jacksonville, Fla.,
reported production from 24 mills as 1.373,000 feet, shipments, 1,870,000
feet and new business 1.920.000 feet. Orders on hand at these mills at the
end of the week were 3.665,000 feet.
Mar. 3 1934
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported softwood production from 20 mills as 1,102.000
feet, shipments 973,000 and orders 1,220,000 feet. Orders on hand at the
end of the week at 13 mills were 4,168,000 feet. The 13 identical MI112
reported a gain of 113% in production and a gain of 143% in new business,
compared with the same week a year ago.
!HARDWOOD REPORTS.
The Hardwood Manufacturers Institute, of Memphis, Tenn.. reported
production from 345 mills as 24,591,000 feet, shipments 20,077,000 and
new business 20.848,000. Orders on hand at the end of the week at 386
mills were 122,767,000 feet. The 194 identical mills reported production
92% greater and new business 17% greater than for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported hardwood production from 20 mills as 2,102,000
eet, shipments 1,603,000 and orders 1,660,000 feet. Orders on hand at the
end of the week at 16 mills were 7,340,000 feet. The 13 identical mills
eported an increase of 229% in production and an increase of 72% in orders,
ompared with the same week last year.
Value of Canadian Newsprint Exports During January
Below December but Higher Than January 1933.
The value of newsprint exports from Canada during January was $6,415,668, according to the Dominion Bureau of
Statistics. This compares with $6,437,759 in the preceding
month and $5,204,445 in January 1933. Exports to the
United States were $5,631,973. Exports of paper of all
grades were $6,782,480. Advices from Montreal, Feb. 26,
to the New York "Times" of Feb. 27, said:
For the 12 months ended with January, exports of newsprint were
37,962,926 hundredweight with a value of 370,411,730, compared with
34,632,587 hundredweight valued at $79,509,558 in the previous 12 months.
Increase in Distribution of Automobiles in Mid-West
During January Over December Reported by
Chicago Federal Reserve Bank—Sales at Wholesale and Retail Above December but Below Year
Ago—Orders Booked by Furniture Manufacturers
Higher.
The Federal Reserve Bank of Chicago in its "Business
Conditions Report" of Feb. 28 said that "although distribution of automobiles in the Middle West during January
expanded somewhat over the low December volume and
dealers' stocks were replenished during the period, delays in
receiving new models continued to prevent any notable
gain in sales, which totaled less both at wholesale and retail
than in the .corresponding month last year, when sharp
increases were recorded." The Bank added:
Sales of used automobiles totaled heavier than in January last year.
Stocks of new cars, it will be noted in the table, despite their heavy gain
over the preceding month, aggregated considerably less than on the same
date a year ago, while used cars held numbered more than at that time.
Dealers reporting on deferred payment sales had such sales amounting to
4734% of the total value of cars sold by them, which ratio compares with
48% a month previous and 54% a year ago.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes in January 1934 from Previous Months.
Per Cent Change from—
New Cars—Wholesale—
Number sold
Value
Retail—
Number sold
Value
On Hand Jan.31—
Number
Value
Used Cars—
Number sold
Salable on hand—
Number
Value
Companies Included.
Dec. 1933, Jan. 1933,
Dec. 1933.
Jan. 1933.
+28.8
+23.9
—34.1
—33.1
18
18
15
15
+10.7
+2.3
—20.4
—16.2
54
54
47
47
+87.6
+106.2
—28.3
—30.4
54
54
47
47
+11.0
+24.4
54
47
—5.8
—11.3
+8.2
---2.1
54
54
47
47
In reportinz on orders booked by furniture manufacturers
in the Seventh (Chicago) District, the Chicago Reserve
Bank said:
January orders booked by furniture manufacturers reporting to this
Bank expanded 88% over those of December, which gain in the monthly
comparison compared with one of 56% in January 1933 and of 107% in the
1927-33 average for January. Shipments declined 3% from December in
comparison with a gain of 5% in January 1933 over the preceding month
and a recession of 16% in the January average. In consequence of the
rise in orders booked, which reversed the lead of shipments over orders
obtaining since last August, the volume of unfilled orders also increased
for the first time in several months, so that on Jan. Slit stood at a ratio of
75% to current orders, a rise of 11 points during the month. Orders and
shipments were both considerably in excess of the low volumes of January
a year ago, current orders being 37% greater than those of January 1933
and shipments 9% higher. The rate of operations to capacity averaged
47%, unchanged from December, and 16 points higher than last January.
Automobile Production in January.
January factory sales of automobiles manufactured in the
United States (including foreign assemblies from parts made
in the United States and reported as complete units or
vehicles), based on data reported to the Btreau of the
Census, consisted of 161,006 vehicles, of which 115,956
were passenger cars, 44,729 trucks, and 321 taxicabs, as
compared with 84,152 vehicles in December, 130,087
Financial Chronicle
Volume 138
vehicles in January 1933, and 119,344 vehicles in January
1932.
The statistics in the table below from January 1933 to
January 1934 include data received from 119 manufacturers
in the United States, 32 making passenger ears and 87
making trucks (10 of the 32 passenger car manufacturers
also making trucks). Figures for taxicabs include only those
built specifically for that purpose; figures for trucks include
ambulances, funeral cars, fire apparatus, street sweepers,
and buses. Canadian figures are supplied by the Dominion
Bureau of Statistics.
Of the 120 manufacturers shown in previous reports,
seven discontinued business in 1933. On the other hand,
six manufacturers, not included in prior statistics, supplied
data for January 1934 and the respective months of 1933.
NUMBER OF VEHICLES.
Canada.
United States.
PassersTotal. ger Cars. Trucks.
0
1934January
1933'
January
February
March
April
May
June
TaxiTrucks. cabs.x
4,946
1,958
WWW0, N0014305,,
N...a0000C4001WWW
Total.
Passenger
Cars.
wbowomp ,
mmoww m
Ial.a7mbobVoiio'oloW
Year and
Month.
2,921
3,025
5,927
6,957
8,024
6,005
5,322
4,919
4,358
2,723
1,503
2,171
437
273
705
1,298
1,372
1,318
1,218
1,160
1,450
959
788
1,091
101,006
115,956
44,729
321
130,087
106,888
118,002
180,713
218,347
253,387
233,141
236,556
196,143
138,542
63,987
84,152
108,321
91,340
99,225
152,939
184,644
211,448
195,019
195,076
160,891
108,010
42,818
52,601
21,761
15,396
18,117
27,363
33,649
41,904
38,118
41,412
35,243
30,469
19,558
30,252
5
152
660
411
54
35
4
68
9
63
1,611
1,299
Total (year). 1,959,945 1,602,332 353,242
1932January
119,344
98,706 20,541
February
117,418
94,085 23,308
March
118,959
99.325 19,560
April
148,326
120,906 27,389
May
184,295
157,683 26.539
June
183,106
160,103 22,768
July
109,143
94,678 14,438
August
90.325
75,898 14,418
September
84,150
64,735 19,402
October
48,702
35,102 13,595
November
59,557
47,293 12,025
December
107,353
85,858 21,204
4,371
65,924
97
25
74
31
73
235
27
9
13
5
239
291
3,731
5,477
8,318
6,810
8,221
7,112
7,472
4,067
2,342
2,923
2,204
2,139
July
August
September
October
November
December
53,855 12,069
3,112
4,494
6,604
5,660
7,269
6,308
6,773
3,166
1,741
2,361
1,669
1,561
619
983
1,714
1,150
952
804
699
901
601
562
535
578
Total (year). 1,370,678 1,134372 235,187 1,119 60,816 50,718 10.098
x Includes on y factory-built taxicabs, and not private passenger cars converted
into vehicles for hire. • Revised.
Hog Processing Tax Increased from $1.50 to $2.25 per
Hundredweight.
The processing tax on the slaughtering of live hogs was
increased from $1.50 per hundredweight, live weight basis,
to $2.25 per hundredweight, live weight basis, at midnight
on Feb. 28. In announcing, on Feb. 26, the effective date
of the proposed increase, Secretary of Agriculture Henry
A. Wallace said:
This is the final of the progressive increases in the rate of the hog processing tax called for under Hog Regulations, Series 1, Revision 1, issued by
the Secretary of Agriculture on Dec. 31 1933.
The hog processing tax is being collected to finance the 1934 corn-hog
production adjustment program, under which a maximum of $350,000,000
In adjustment payments will be made to participating hog producers.
The increase in the hog processing tax from $1 to $1.50
on Jan. 31 was referred to in our issue of Feb. 3, page 760.
Farmers Paid Over $30,000,000 in Emergency Hog
Program.
A total of $30,643,101.95 was paid by processors for the
pigs and sows slaughtered during the emergency hog marketing program last August and September, it is shown by the
complete report of the field audit section of the Agricultural
Adjustment Administration. As to the showing the AAA
on Feb. 26 stated:
A total of 6,410,866 head of animals were purchased. Of this number,
1,083,738 head were light hogs processed into meat: 222,144 head were
sows processed into dry salt meat; and 5,104,984 were pigs under 80 pounds
in weight,converted into inedible products of grease and fertilizer tankage.
The largest amount of money-$3,634,508.82-was paid for pigs and
sows from Missouri. The second largest sum-$3,570,484.26-was paid
for hogs from Iowa. Although ranking about ninth in United States hog
production, the amount of money spent for pigs and sows from South Dakota ranked third, totaling $3,481,596.47. Shortage of feed was responsible for the heavy sales from this State and others in similar straits.
The emergency marketing program furnished substantial relief to fanners
in the drouth-stricken States such as South Dakota, because it provided a
profitable outlet for pigs which otherwise would have starved or would
have been sent to market at sacrifice prices if finished out on high-priced
feed. In proportion to the past annual hog production of the two States,
for example, farmers of South Dakota sent nearly four times as many pigs
and sows to market as did the farmers of Iowa, the leading corn and hog
producing State. The total tonnage from South Dakota, however, did
not equal the tonnage from Iowa, hence the latter State received slightly
more money. South Dakota led in marketing light pigs, the total being
713,310 head. Missouri sold the most heavy pigs, a total of 147,995.
and Iowa sold the most sows, 70,341.
The emergency hog marketing program was inaugurated on Aug. 23
1933 and continued through 534 weeks as a means of reducing future hog
supplies which were threatening to depress hog values in the winter of
1933-34. Besides making a comparatively prompt adjustment in potential
tonnage of pork and furnishing substantial aid to farmers in drouth areas,
1463
the program provided approximately 100 million pounds of dry salt pork
for distribution among needy unemployed families, through the Federal
Emergency Relief Administration.
The tabulation of purchases and expenditures by States follows:
-Total Pigs and Sows
-Total Pigs and Sows
Number
Live Weight
Number
Live Weight
Head.
Cost.
StateHead.
Cost.
State276,419.70
New York....
1,564
37,564.20 Hentucky____ 58,137
113,133.55
1,629
6,873.39 Tennessee... _ 25,563
New Jersey.__
15,827.64
4,061
6,388.63 Alabama
Pennsylvania_
1,354
6.982.06
Mississippi___
1,806
Ohio
405,676
1,919,576.09
133,324.67
32,053
Indiana
1,798,16's.82 Arkansas
357,096
542.95
123
3,114,212.43 Louislana____
Illinois
576,919
1,550,841.63
379,750.66 Oklahoma.... 373,779
Michigan
77,340
376,667.90
92,142
844,952.97 Texas
Wisconsin
167,921
32,462.88
6,866
Minn&sota.___ 468,653
2,224,588.79 Montana
18.688.49
3,846
3,570,484.26 Idaho
Iowa
615,805
30,928.90
7,057
3,624,508.82 Wyoming-- - Missouri
781,581
180,485.01
41,091
North Dakota 238,961
1,014,638.97 Colorado
9,104.29
2,138
South Dakota 807,782
3,481,596.47 New Mexico_
25,240.71
5,848
2,460,863.05 Arizona
Nebraska ____ 473,400
4,499.98
1,029
3,081,984.55 Utah
Kansas
698,830
467.13
89
21,740.21 Nevada
Maryland____
5,170
19,158.02
3,778
86,506.43 Washington..
Virginia
19,830
66,503.09
38,593.46 Oregon
14,200
West Vizginia_
8,485
9,589.10
1,960
No. Carolina_
4,425
18,203.92 California....
10,311.47
So. Carolina__
2,686
38,663.28
Georgia
10,589
6,410,866 830.643,101.95
Florida
5,614
22,024.38
Dairy Production Shows Marked Decrease Under Year
Ago, According to Bureau of Agricultural Economics-Sharp Rise in Prices of Butter and Cheese
Noted Together with Unusuaily Heavy Out-ofStorage Movement.
Recent important developments in the dairy situation
include a marked decrease in production as compared with
a year ago, an unusually heavy out-of-storage movement of
butter and cheese, and a sharp rise in butter and cheese
prices, according to the Bureau of Agricultural Economics
United States Department of Agriculture, in its current
report on the dairy situation, issued Feb. 23, which noted:
December production of principal manufactured dairy products was
decidedly less than that of a year ago, milk production per cow on Feb. 1
was 8.9% less than on that date last year, butterfat prices in mid-January
were low in relation to feed grains, there was a heavy out-of-storage movement of creamery butter in January, the December trade output of butter
was 1.9% larger than in December a year ago, and prices of cheese on
the Wisconsin Cheese Exchange rose from eight cents on Dec. 30 last
to 12.75 cents on Feb. 9.
Total production of the principal manufactured dairy products (computed on a milk equivalent basis) was 2.9% larger in 1933 than in 1932.
The largest increase was in production of evaporated milk-9.2%. Condensed milk was the only product to show a decrease-23%. Oleomargarine production increased 22.5% from the low level of 1932. Movement of butter and cheese into consuming channels was less in 1933 than
in 1932, and last year there was a large accumulation in stocks of these
products.
Crop Production Loan Bill of $40,000,000 Approved by
President Roosevelt, Who Says It Should Be "Last
of Its Kind".
On Feb. 23 President Roosevelt signed the bill which
makes available a fund of $40,000,000 for emergency crop
loans. In affixing his signature to the bill the President
stated that "this loan should be considered as the tapering
off loan and should be the last of its kind." The President
also made the statement that "unfortunately previous crop
loans showed a large loss to the Government." .In prior
years," he added,"administrative costs exceeded the interest
collected." The President's statement made with the signing
of the bill follows:
In approving the bill providing $40,000.000 for emergency crop production loans for 1934, I do so on the theory that it is proper to taper off the
crop loan system rather than to cut it off abruptly. A useful purpose will be
served by aiding certain farmers who cannot yet qualify for crop production
loans from the newly established Production Credit Associations. However,
where farmers have security to offer this year, they should be required to
obtain their loans from the associations which have been established.
Unfortunately, previous crop loans showed a large loss to the Government. In prior years administrative costs exceeded the interest collected.
The amount appropriated this year is far below the appropriations of
previous years. This 1934 loan by the Government should be considered
as the tapering off loan and should be the last of its kind.
Sowings to Fall Wheat in Europe Lower According to
Bureau of Agricultural Economics.
A small decrease in fall wheat sowings in Europe and a
considerable decrease in the French North African wheat
area are now indicated by information received by the
Bureau of Agricultural Economics, U. S. Department of
Agriculture, from its offices in Berlin andl,Paris. The
Bureau says that although no reports are as yet available
for several countries, the area represented by the reporting
countries constitutes most of the European total; that present
information points to reductions of about 9% in the Danube
Basin area despite a small increase for Bulgaria; 5.6%'in
Italy, more than 2% in Germany, and 1% or less in Spain
and France. Czechoslovakia has a 3% increase and Greece
an 8% increase over last year. Under date of Feb. 26 the
Bureau further said:
Weather conditions so far have been reported as less favorable than-a
year ago in most European countries except Spain and Portugal, and crop
prospects of many districts of French North Africa are reported as only
1464
Financial Chronicle
fair and below average. Drouth,and then excessive rains and cold weather.
delayed sowings and crop growth especially in Morocco.
Some anxiety has been expressed concerning the probability of winter
kill in some of the eastern European countries, particularly in Poland, as
a result of insufficient snow cover. Unfavorable weather in Italy is said
to be partly the reason for the acreage reduction there.
More active trading on the continental European wheat markets during
January is reported. There was a fair demand for foreign wheat, with
Holland and Belgium at times showing lively interest in both overseas
wheat and Hungarian and Russian descriptions. Prices of overseas wheat
on the Continent were well sustained until the latter part of the month when
they weakened largely as a result of pressing offers from Argentina.
30,710 Tons of Raw and Refined Sugar Shipped from
Puerto Rico to United States During Week of
Feb. 24, as Compared with 20,245 Tons Same Week
Last Year.
Raw sugar shipments from Puerto Rico to the United
States from Jan. 1 to Feb. 24 totaled 120,508 short tons,
an increase of 51.8% when compared with shipments of
79,494 during a similar period last year, according to cables
to the New York Coffee & Sugar Exchange. Refined shipments increased 25% and were 21,598 tons, compared with
17,275 in the 1933 period, the Exchange said.
Shipments of raw and refined together for the week of
Feb. 24 amounted to 30,710 tons, against 20,245 in the
same week last year, according to the Exchange, which said
that about 15% of the total available for the United States
of the 1933-34 crop has been shipped to date.
Stocks of Raw Sugar in New York Warehouses Higher
in February—First Increase Since Last July.
Raw sugar stocks in licensed warehouses in New York
increased 169,000 bags or 35% during February, the first
increase in stocks since last July, according to the New York
Coffee & Sugar Exchange. Stocks on Feb. 26, the Exchange
announced that day, totaled 650,724 bags against 482,000 on
Jan. 26. The exchange said:
The largest part of this sugar is of Cuban origin and will probably be
held, duty unpaid, in the warehouses which are bonded, until the expected
downward revision in the Cuban tariff becomes effective. Last year at
this time only 168,000 bags were in store, a sub-normal stock.
Drop in Amount of Coffee Destroyed by Brazil Not
Due to Any Change in Policy National Coffee
Council of Brazil States—Destruction Will Be
Continued in View of Removing Surpluses—Only
46,000 Bags Destroyed During First Half of
February.
The National Coffee Department of Brazil in a cable to
the New York Coffee and Sugar Exchange announced
that recent decreases in the quantities of coffee destroyed
do not indicate any change of policy and that destruction
will be continued with a view to withdrawing all production
surpluses with the exception of coffee pledged against the
1930-40 20,000,000 sterling loan or for necessary bonus and
propaganda obligations. The announcement further stated
that recent decreases are due to the Department's decision
not to destroy the sacrifice quota coffees until they are
graded and paid for. However, the following amounts are
now authorized and destruction has already begun; States Sao
Paulo, 1,480,000 bags; Minas Gerea,s, 450,000 bags, and
Parana, 173,000 bags. In announcing the foregoing on
Feb. 27, the New York Coffee and Sugar Exchange included
the following note:
Present policy of the Department calls for delivery to the Department
by the planter of 40% of his 1933-34 production to be designated as a
sacrifice quota and paid for at the rate of 30 milreis per bag. Brazil's
1933-34 crop is estimated at 29,880,000 bags, of which 11,952,000 will be
delivered to the Department.
The drop in Brazilian coffee destruction is indicated in the
following release issued Feb. 19 by the Exchange:
That destruction of coffee In Brazil has slowed up was indicated by the
fact that only 46,000 bags were destroyed during the first half of February
according to cables to the New York Coffee and Sugar Exchange. This
total compares with 178,000 bags during the last half of January and
112,000 during the first half, while from July to December 1933, 7.740,000
bags were eliminated, an average of 1,290,000 bags per month. The
total destroyed since the start in June 1931, amounts to 26,401,000 bags.
Trading on New York Coffee and Sugar Exchange
During February—Transactions in Both Coffee
Futures and Sugar Above January.
Trading in coffee futures on the New York Coffee &
Sugar Exchange during the first two months of 1934 more
than tripled the trading for a similar period during 1933,
the Exchange announced, adding:
Transactions totaling 1,674,250 bags were recorded against 488.250 bags
last year, an increase 242%. Trading during February amounted to
868.750 bags compared with 805,500 for January and 214.000 bags during
Feb. 1933. The market has been an advancing one making new highs
during the month
Sugar trading on the Exchange during the similar period totaled 906,400
tons, an increase of 27% over the total traded during the first two months
Mar. 3 1934
of last year. Trading during February amounted to 459,950 tons against
446,450 tons in January and 466,750 tons in February last year.
Coffee Deliveries for Consumption During February
Largest for Any One Month in History of New
York Coffee & Sugar Exchange—Totaled 1,363,516
Bags Against 1,108,809 Bags in January.
Deliveries of coffee for consumption in the United States
during February totaled 1,363,516 bags, the largest quantity
for any one month in the 52-year history of the New York
Coffee & Sugar Exchange. January's deliveries were 1,108,809 bags and February last year but 980,000 bags.
The Exchange further announced as follows:
Consumption for the 8 months of the crop year from July 1 1933 to Feb.
28 1934 amounted to 8,289,708 bags—an increase of 13.3% over the
7,315,819 bags delivered during the similar 1932. 1933 period. The record
disappearance is due in some part to the advancing prices of the past few
months which naturally has encouraged the building up of invisible stocks.
Higher Duty on Imported Wheat Flour Requested in
United Kingdom—Duty Reduction on Miscellaneous Products Considered.
The United Kingdom Import Duties Advisory Committee
is considering applications for an increase in the duty on
wheat flour, now dutiable at the general tariff rate of 10%
ad valorem when imported from sources outside the British
Empire, and for the duty-free admission of organic intermediate products used by textile dyers and printers producing dye-stuffs on fiber, when imported under license issued
by the Board of Trade, according to a cablegram received in
the United States Department of Commerce from Commercial Attache Lynn W. Meekins, London. In noting this,
an announcement by the Commerce Department issued
Feb. 23 added:
It is also announced that the British Board of Trade has under consideration applications to exempt copper methyl-arsenate and filicic acid
imported into the United Kingdom from the "key industry" duty of
33-1/3% ad valorem, and to extend the duty exemption on amorphous
carbon electrodes to include those over 3 feet long and over 12 Inches in
diameter. The previous exemption was limited to electrodes with certain
specifications.
If the above applications are granted, the products would, however, be
subject to the general tariff rate of 10% ad valorem.
February Trading of Cocoa on New York Cocoa Exchange Highest for Any February Since Opening
of Exchange.
Volume of cocoa trading in February on the New York
Cocoa Exchange was the greatest in any February sincd the
opening of the Exchange in 1925, according to statistics
issued at the close of the month. Total sales were 7,360 lots
or 98,624 tons compared with 4,999 lots or 66,987 tons in
January of this year. Volume of trading in Feb. 1933 was
2,726 lots or 36,528 tons.
House Agriculture Committee Votes Favorable Report
on Bankhead Cotton Control Bill—Measure Would
Limit Tax Exempt Sales of Cotton to 10,000,000
Bales Yearly, with Tax of 50% of Price on Excess.
The Bankhead cotton control bill was reported favorably
yesterday (March 2) by the House Agriculture Committee,
by a vote of 14 to 6. As introduced by Representative Bankhead of Alabama, and later revised by the Committee, the
bill would limit tax exempt sales of cotton during the current
year to 10,000,000 bales. The measure would remain
effective only during the crop years 1934-35 and 1935-36.
If the President should find that "the economic emergency
in cotton production and marketing will continue or is likely
to continue," he is authorized to extend the bill by proclamation through the crop year 1936-37. The latest reference to
the bill was contained in our issue of Feb. 24, page 1309.
A Washington dispatch, March 2, to the "Wall Street
Journal" summarized the principal provisions as follows:
Sales of tax exempt cotton for the current crop year are limited to 10,000.000 bales. After this year, the Secretary of Agriculture Is authorized to
ascertain the available supply of cotton and the probable market demand
and establish a quota for 1935-36. The allotment agreed on is to be announced at least 60 days prior to the beginning of the crop year.
A tax of 50% of the "average central market price per pound. The
Secretary of Agriculture is givea uthority to proclaim from time to time
the average price of 3i middling spot cotton at the 10 spot markets.
The bill stipulates that no tax shall be collected upon the ginning of cotton
which is to be stored for one year by the producer. Until the tax has been
paid and "bale tags" secured, the cotton in storage is subject to a lien in
favor of the Government for the amount of the tax.
Provision is made that should the Secretary fail to establish a quota for
a crop year, the tax would be suspended.
The Secretary is authorized to make regulations necessary to protect the
Interests of sharecroppers and tenants in making allotments and issuing
tax-exemption certificates.
The Secretary is also authorized to purchase cotton produced in excess of
quotas at a price not to exceed 55% of the central market price. These
purchases would be made In quantities which would be disposed ot for charitable purposes. The cotton would also be used for development of new uses
Purchases of this type would be exempt from the tax.
Volume 138
Financial Chronicle
Members of the House Agriculture Committee are considering the advisability of proposing an amendment requiring producers to reduce acreage
in accordance with the American Agricultural Administration adjustment
program in order to be eligible for tax exemption certificates.
Review of New York Cocoa Exchange for Week Ended
Feb. 23—Memorandum by Great Britain for Conference of Cocoa Producing Countries Discounted.
In its review of the cocoa market for the week ended
Feb. 23 the New York Cocoa Exchange said:
The British Government memorandum suggesting a conference of cocoa
producing countries was made public last week and was followed by profit
taking. The news had been largely discounted. However, new buying
came in from domestic manufacturers who have been reporting excellent
consumption of cocoa and chocolate products. For the week ending Feb. 23,
the cocoa market closed with net gains of 5 to 7 points. Volume of trading
continues heavy on the N. Y. Cocoa Exchange. The March liquidation
was absorbed in an orderly fashion and first notice day on Friday came with
16 transferable notices issued. New York warehouse stocks advanced to
1.061.097 bags, the largest in history.
An account of the British memorandum was contained
in a London cablegram Feb. 19 to the New York "Journal
of Commerce" which said in part:
A Government memorandum on the world-wide cocoa situation, especially
in relation to the possible regulation of prices and production, has been
issued. The agenda of the memorandum includes a call for a meeting of
producers, formation of an international body which shall study the cocoa
situation and the creation of a fund with which to control the marketing
of the product and the possible setting of prices if necessary.
The memorandum suggests, first, "the meeting of representatives of the
producing countries" for the purpose of discussing "whether they should cooperate to raise the world price of cocoa to a more remunerative level by
introducing a greater measure of co-operation in marketing the commodity
and adopting an orderly, but flexible, program for expanding cocoa production as demand increases."
As a second point the memorandum questions whether such co-operation
"would be facilitated by the creation of a small international body for the
purpose of studying information regarding production, consumption and
other cognate matters in relation to the world cocoa situation."
Studies Output Rise.
The third point questions whether it is necessary in order to overcome the
present emergency crises due to excess stocks "to create a fund with which
to hold some part of present excess stocks off the market."
World Cotton Consumption Near Pre-depression Levels,
According to New York Cotton Exchange—Consumption of all Growths from Aug. 1 to Jan. 31
662,000 Bales Above Same Period Year Ago.
The world cotton textile industry is now almost back to
the pre-depression levels of activity, according to a report
issued Feb. 26 by the New York Cotton Exchange Service.
During the first half of the current cotton season, that is
from Aug. 1 to Jan. 31, world cotton spinners used more
cotton than in any corresponding period since the 1929-30
season, when the depression had barely begun. The Exchange Service tentatively estimates world consumption of
all growths of cotton during the six-month period from
Aug. 1 to Jan. 31 this season at 12,667,000 bales as compared with 12,005,000 in the corresponding peroid last
season, 11,698,000 two seasons ago, 10,979,000 three seasons ago, and 12,984,000 four seasons ago, in the 1929-30
season. The Exchange Service's report further states:
In only five half seasons have world cotton spinners used more than the
12,667.000 bales consumed in the first half of this season, in the second
half of 1926-27, in the first half of 1927-28, in the first and second halves
of 1928-29 and in the first half of 1929-30. World consumption of all
growths during the first half of this season was only 2.4% below the average
consumption of 12,972,000 bales during these five half-seasons of maximum consumption.
World spinners used approximately 7,045,000 bales of American cotton
during the first half of this season as compared with 6,977,000 during the
first half of last season, 6,126,000 two seasons ago, 5,377,000 three seasons
ago and 7,050.000 four seasons ago. Consumption of foreign growths
totaled approximately 5,622,000 bales as compared with 5,028,000 during
the first half of last season, 5,572,000 two seasons ago, 5,602,000 three
seasons ago and 5,934,000 four seasons ago. Consumption of American
cotton constituted 55.6% of the all-cotton consumption total as compared
with 58.1% in the first half of last season, 52.4% two seasons ago, 49.0%
three seasons ago and 54.3% four seasons ago. Thus, while the world
used a slightly smaller proportion of American cotton relative to all growths
than last season, it used a larger proportion than in any of the three previous seasons.
The stock of all cottons In the world on Jan. 31, including the unpicked
portions of American and foreign crops, is tentatively estimated by the
Service at 28,714.000 bales as compared with 28,912,000 on Jan. 31 last
year, 28,783,000 two years ago, 25,324,000 three years ago and 22,980,000
four years ago. While the mid-season stock of all growths was about the
same as last year and two years ago, the stock of American cotton was considerably smaller, aggregating 17,430.000 bales this year as compared with
18,972,000 last year and 19,511,000 two years ago; three years ago it totaled
14,581,000 bales, and four years ago 12,043,000. The mid-season stock of
foreign growths, on the other hand, was the largest on record, totaling
11,284,000 bales as compared with 9,940,000 last year, 9,272,000 two years
ago, 10,743,000 three years ago and 10,937,000 four years ago.
Petroleum and Its Products—Oil Agreements Again
Delayed—Oklahoma State Oil Authorities Back
Ickes's Program—Code Decision Appeal Furthered
Nation's Crude Production Off.
With representatives of the oil administration currently
conducting a canvass of members of the petroleum industry
who must sign the modified marketing and purchasing agree-
1465
ments to determine whether they had any further objections
to offer, Harold L. Ickes, administrator, diselosed.yesterday
(Friday) that until this canvass is completed, he will take
no definite action on the matter.
Additional support for Mr. Ickes's program for the industry was seen in the action of the Oklahoma Corporation Commission limiting March output in that State to the Federal
limit of 456,400 barrels daily. Last week, the Texas Railroad
Commission voted to hold down March production to 926,000
barrels daily, approximately 21,000 barrels under the level
established for the State by the Federal allocations.
Thus the fear voiced by Mr. Ickes that the findings rendered in several lower Federal courts that the petroleum code,
under which authority to curtail crude production is given
to the Federal Government, would result in a complete breakdown of the proration move seems to be completely quieted,
according to all present indications. While the question of
the code's constitutionality has not yet been taken to the
United States Supreme Court, State oil authorities in both
Texas and Oklahoma to date display every tendency to backup Mr. Ickes's plans.
Legal obstacles hindering Government attornies in their
efforts for speedy submission to the United States Supreme
Court of the question of the constitutionality of the petroleum
code were cleared by an order issued last Tuesday by Federal
Judge Randolph Bryant of the Eastern Texas district, whose
decision challenging the constitutionality of the code on Feb.
12, incidentally, was the initial blow to the code's existence.
Following his decision, two other lower Federal courts found
the code unconstitutional.
Last Tuesday, Judge Bryant sustained a demurrer to
one of five indictments against men who were charged with
conspiracy to install illegal by-passes on a lease in the East
Texas field. Immediately after this move, Charles I.
Francis, Special Assistant to the United States AttorneyGeneral, left Houston for Washington to present an appeal
to the United • States Supreme Court.
Action of the Federal Grand Jury in returning the indictments, which the Court held invalid, greatly facilitated
matters, inasmuch as this move made it possible for an
appeal to be taken directly, instead of through the circuitous
route of appeals to intermediate courts. Federal lawyers
appearing in the case from its start have stressed their desire
for speedy submission of the question of the code's constitutionality to the United States Supreme Court.
In connection with new legislation which Mr. Ickes has
announced the oil administration will ask Congress to pass
during the current session, members of the Texas Railroad
Commission, authority of which was fully upheld by a
majority decision in a three-judge Federal Court rendered
the sams day as the code ruling, have asked that no Federal
legislation be passed which will lessen control of the Commission within the State's oil industry.
Senators Connelly and Sheppard received a telegram from
Chairman Lon Smith and two other members of the Railroad
Commission Thursday asking them to use thier best efforts
to prevent any Federal legislation that would in any way
lessen control by the Commission of the oil industry in
Texas.
Crude oil production last week dipped 63,100 barrels from
the previous week, averaging 2,226,050 barrels daily, reports
to the American Petroleum Institute disclosed. Sharp declinas in output in Oklahoma and California were offset to
some degree by a considerable gain in production in Texas.
Output in the first two States dipped 54,700 and 19,600
barrels, respectively, while production in Texas rose 13,300
barrels daily.
Stocks of domestic and foreign crude oil held at the close
of last week dipped 1,454,000 barrels to 339,703,000 barrels,
compared with 341,157,000 barrels in the preceding week,
Mr. Ickes announced. The drop, which follows a rise of
526,000 barrels during the previous week, comprised a dip
of 1,398,000 bs.rrels in domestic crude oil stocks and a decline
of 56,000 barrels in foreign crude stocks.
The recent cold weather, in addition to hampering deliveries of fuel oil and other petroleum products, put refiners
operating in Pennsylvania in a very difficult position in
regard to running oil and petroleum products. While demand is affected by the weather, all refineries have had to
work extra shifts to keep products moving.
Conditions in this field, however, generally speaking, are
reported "vastly supezior" to the same period a year ago.
A more confident feeling is evident with many factors holding
that the spring business in oil and gasoline will be very heavy.
1466
Financial Chronicle
Some talk is being heard of higher crude oil prices once
the seasonal spurt in/demand for gasoline and other motor
fuels is under way. In support of this theory, its proponents
point to the fact that prices have been well sustained during
recent months and the statistical position of the crude oil
market is excellent. With output being held down to market
demand, strengthening of crude oil prices might well follow.
There were no price changes.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford,Pa
$2.45 Eldorado, Ark., 40
$1.00
Corning,Pa
1.20 Rusk, Tex., 40 and over
1.03
Illinois
1.13 Darst Creek
.87
Western Kentucky
1.13 Midland District, Mich
.90
Mid-Cont., Okla., 40 and above__ 1.08 Sunburst, Mont
Hutchinson, Tex., 40 and over_..._ 1.03 Santa Fe Springs, Calif.,40and over 1.35
1.30
Spindietop, Tex., 40 and over
1.03 Huntington. Calif., 26
1.04
Winkler, Tex
.75 Petrolia, Canada
1.82
Smackover, Ark., 24 and over
.70
REFINED PRODUCTS—EASTERN GASOLINE FIRMER WITH
PRICE ADVANCES IN ROCHESTER AND DETROIT—PRICE
WAR IN SOUTHERN CALIFORNIA CONTINUES UNCHECKED
—GASOLINE ALLOWABLE RAISEDBY OIL ADMINISTRATION.
Developments in the nation's refined products markets
during the past week were mixed with favorable news from
Eastern and Western markets being offset by further cuts
in gasoline prices in Southern California in the current
gallonage war raging in that area.
In the local field, advances in kerosene prices pushed tank
car and tank wagon quotations up to 6 cents a gallon, refinery, as most major factors swung into line with the
3 -cent markup initiated by Standard Oil of New Jersey in
the middle of the week. Retail prices moved up M cent a
gallon last weak with the current strengthening tone of this
item attributed to the sharp rise in consumption following
recent cold spells. Likewise readjustments were made at
scattered points throughout the New York and New England
marketing area during the week.
The local bulk gasoline market continued to hold within
the same narrow channels as has marked recent trading
periods. The extremely cold and stormy weather during
February curtailed consumer demand to a serious point, but
prices withstood this pressure and seem more than likely to
respond to favorable weather with the resulting rise in consumption with advances. Seasonal gains in demand will
find the market in a good technical position to take full
advantage of the increased consumption.
Improved marketing conditions in upstate New York
were reflected in an advance of 1% cents to 16% cents a
gallon in service station prices of gasoline posted by the
Standard Oil Co. of New York. Detroit also reported a
letdown in competition with prices moving up 1M cents a
gallon as all leading distributors swung into line to
173/2
cents, 19 cents and 21 cents.
Bulk gasoline markets in the Midwest, despite the continued unfavorable weather conditions, strengthened during
the week, regaining much of the ground lost within the past
ten days. Prices in the Chicago area have moved back to
around their recent highs and sentiment has improved to a
marked degree. Last week's mark-up in the retail price
level by the Standard Oil of Indiana was a prime factor in
the improved feehng, with the better tone evident in the
Oklahoma and Kansas gasoline markets also proving a
stimulant.
Fuel oils in the local market came in for their full share of
attention as increased consumption due to the cold weather
during the past month or so depleted dealers' stocks. Prices
are firm to strong with a rising tendency evident. Grade C
bunker fuel oil is well sustained at $1.20 a barrel, refinery,
and Diesel oil at $1.95, same basis, with the market for both
these items strong.
In the southern California area the price war, which
• followed on the heels of the signing of a cartel agreement,
approved by Mr. Ickes, under which gasoline sales on the
Pacific Coast were supposed to be stabilized, was intensified
during the week with additional severe slashes in price levels
in the affected area developing. Secretary Ickes, in making
known the further delay in the marketing agreements, disclosed that he is watching the California situation carefully.
Wednesday, just one week after the originai cuts of 1 cent
in third grade gasoline and 1M cents a gallon in regular and
premium grades, all major distributors in the southern
California area slashed prices of third grade an additional
2 cents with regular and premium grades being cut an
additional 3cents a gallon, making the total cuts in one week
3 cents for third grade and 43. cents a gallon for regular and
premium grades.
Mar.3 1934
Under the newly revised schedule, third grade gasoline is
priced at 13 cents a gallon,regular at 143/2 cents and premium
grades at 163/i cents a gallon in Los Angeles and the entire
area south of the Techahapi. Local competitive conditions
are held to blame for the sharp reductions.
Previous price wars in this area, while not as bitter as the
present one, have endangered the State's crude oil price
structure as the weakness in gasoline prices spread throughout
the entire State. The last war some months back was settled following an investigation by representatives of the oil
administration and signing of the cartel recently was believed adequate insurance against such wars in the future.
However, the war broke out on the heels of the cartel's
formation and thus far has continued unchecked.
Effective the first of the month, March allowable production of gasoline was increased 4,651,000 barrels over February to 31,791,000 barrels, by Administrator Ickes, who also
ordered that allowable output in each refining district shall
be allotted to individual refineries in that district by the
planning and co-ordination committee, subject to his approval.
The planning and co-ordination committee will allot the
allowable gasoline production in refining districts as follows:
East Coast, 5,778,000 barrels; Appalachian, 1,395,000;
Indiana-Illinois-Kentucky, 4,957,000; Texas, 7,868,000;
Louisiana, Arkansas, Mississippi and Alabama, 1,851,000;
Rocky Mountain, 629,000 and California, 5,062,000 barrels.
The order specified that containers shall be the standard
42-gallon barrels.
As previously announced, individual refining companies
have the right to appeal for changes in their allocations, first
to the regional refinery committee, then, if desired, to the
planning and co-ordination committee at Washington.
Each refining unit was ordered to notify the regional committee or an agency designated by the committee of its
contemplated output and sales of gasoline during March
and its contemplated stocks of gasoline at the close of the
month.
Administrator Ickes approved the resolution of the planning and co-ordination committee making the proposed commercial discount schedule on motor fuels effective from and
after March 1.
The standard contract form governing sales of oil products
to commercial buyers, and a resolution by the planning and
co-ordinating committee, annulling previous contracts since
Aug. 19 1933, was approved last week end by the Administrator.
The commercial consumer contracts permit a discount of
1 cent a gallon off tank wagons, or 3 cents of retail prices a
gallon for purchases running between 3,000 and 10,000 gallons
a month, and 2 cents a gallon off tank wagon and 4 cents a
gallon off retail prices, for purchases in lots or more than
10,000 gallons a month.
At the same time, it was disclosed, Mr. Ickes approved an
interpretation of Rule 3, Article 5, defining a dealer or reseller as one who resells not less than 85% of the gasoline
which he purchases. This was done, it was pointed out,
in order that commercial consumers could not qualify as
dealers and get a larger discount than•permitted in the standard form of contract.
Storage of gasoline at refineries last week increased 1,034,000 barrels to 32,060,000 barrels, the American Petroleum
Institute reported. The unfavorable weather conditions
prevailing during the week coupled with the continued excessive rate of refinery operations were held mainly responsible for this sharp rise.
Refineries reporting operations worked at 68.4% of capacity, running 2,287,000 barrelt• of crude oil to stills daily,
compared with operations at 66.5% of capacity in the
previous week when crude oil runs to stills averaged 2,224;000
barrels daily.
Price changes follow:
Saturday. Feb. 24.—All leading companies increased service station
prices of gasoline 134 cents a gallon to 17M cents for third grade. 19 cents
for regular and 21 cents for premium.
Monday. Feb. 26.—Standard Oil of New York advanced service station
and tank wagon prices of gasoline at Rochester 1% cents to 16M cents a
gallon.
Tuesday, Feb. 27.—Standard 011 of New Jersey advanced the tank car
price of kerosene
cent a gallon to 6 cents. Republic 011 advanced kerosene
cent to 5M cents a gallon.
Wednesday. Feb. 28.—All major companies operating in the southern
California area slashed service station prices of regular and premium
grades of gasoline 3 cents a gallon with third grade being cut 2 cents a
gallon.
Thursday, March 1.—Effective immediately. Standard Oil of New York
and the Gulf Refining Co. met the Yi cent a gallon advance in kerosene
prices initiated by Standard Oil of New Jersey Tuesday.
1467
Financial Chronicle
Volume 138
Gasoline, Service Station, Tax Included,
New York
$ 17
New Orleans
5.20
Detroit
$.19
PI:dladelphia
Atlanta
.19
Houston
17
z.12
17
San Francisco:
Boston
Jacksonville
.19
Third grade_ _ _. .15-17
Buffalo
.18
Los Angeles:
Chicago
Above 65 octane_ .19A
.183
Third grade_ _ _ _ .13
Premium
205
14)4
.2194
Cincinnati
Standard
.205
Premium
.16)4 St. Louts
14
Cleveland
z Lass taxes.
Denver
.19
Minneapolis
15
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery.
New York:
North Texas
.03
New Orleans, ex.S.4 A-4 A
(Bayonne) -5.053.4-.06 I Los Ang.,ex__ .04)4-.06
Tulsa
.0494-.0394
Fuel Oil, F.O.B. Refinery or Terminal.
N. Y.(Bayonne):
California 27 plus D
Gulf Coast C
$1.05
• Bunker C
$1.20
5.75-1.00 Phila. Bunker C_1.15-1.20
Diesel 28-30 D......_ 1.95 New Orleans C
1.05
Gas Oil, F.O.B. Refinery or Terminal.
N.Y.(Bayonne).
c Tulsa
I Chicago:
$.013i
28 plus G 0_ _8.03 A-.04 I 32-36 GO
5.0194 I
U. S. Gaslolne, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery.
Chicago
3.035(-.04
N. Y.(Bayonne):
N. Y.(Bayonne):
New Orl.,ex .0514
Standard 01IN.J.:
Shell Eastern Pet _ S.06
Arkansas
04 -.04
New York:
Motor, U. S__-$.06
62-63 octane__ .05H
.05 -.07
Colonial-Beacon__ .0634 California _ _
Stand. 011 N. Y__ .0615
Los Ang.,ex_ _ .0454-07
z Texas
.06
Tide Water Oil Co .06
Gulf
.06h Gulf ports_ ___ .05
04
:Richfield Oil(Cal.) .07
Republic Oil
0654 Tulsa
Pennsylvania_ .05
Warner-Quin. Co_ .063(
Sinclair Refining- .06
x Richfield "Golden." z"Fire Chief," $0.07.
Daily Average Crude Oil Production Off 63,100 Barrels
During Week Ended Feb. 24 1934, But Continues
in Excess of Allowable Figure-Gas and Fuel Oil
Inventories Again Decline-Motor Fuel Stocks
Continue to Increase.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Feb. 24 1934 was 2,226,050 barrels, an increase of 43,050
barrels over the allowable figure effective Jan. 1 1934 at set
by Secretary of the Interior Ickes. This also compares with
2,289,150 barrels per day produced during the week ended
Feb. 17 1934, a daily average of 2,230,250 barrels during
the four weeks ended Feb. 24 and an average daily output of
2,192,600 barrels during the week ended Feb. 25 1933.
Inventories of gas and fuel oil fell off 1,149,000 barrels
during the week under review, or from 110,061,000 barrels
at Feb. 17 to 108,912,000 barrels at Feb. 24 1934. In the
previous week inventories declined 1,130,000 barrels.
Further details, as reported by the American Petroleum
Institute, follow:
County-wide stocks of motor fuel showed a further increase in the seven
days ended Feb. 24 of 927,000 barrels. Stocks at hand at all points on the
latter date amounted to 55,976,000 barrels, as against 55,049,000 barrels
at Feb. 17 last and 58,781,000 barrels at Feb. 28 1933.
Imports of petroleum at principal United States ports for the week
ended Feb. 24 totaled 858,000 barrels, a daily average of 122,571 barrels,
compared with a daily average of 131,714 barrels for the week ended Feb.
17 and 111,357 barrels daily for the four weeks ended Feb. 24.
Receipts of California oil at Atlantic and Gulf coast ports for the week
ended Feb. 24 totaled 1,037,000 barrels, a daily average of 148,143 barrels,
compared with a daily average of 88,000 barrels for the week ended Feb. 17,
and 83,536 barrels daily for the four weeks ended Feb. 24.
Reports received for the week ended Feb. 24 1934 from refining companies
controlling 92.4% of the 3,616,900-barrel estimated daily potential refining
capacity of the United States, indicate that 2,287,000 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, 32,060,000 barrels of gasoline
and 108,912,000 barrels of gas and fuel oil. Gasoline at bulk terminals,
In transit and in pipe lines amounted to 20,441,000 barrels. Cracked
gasoline production by companies owning 95.1% of the potential charging
capacity of all cracking units, averaged 428,000 barrels daily during the
week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
_
Dklahoina
Kansas
Actual Proauction.
Federal
Average
4 Weeks
Agency
Allowable Week End. IVeek End. Ended
Feb. 24
Feb. 17
Effective
Feb. 24
1934.
1934.
1934.
Jan. 1.
446,600
110,000
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central'I exas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
Total Texas
884,000
North Louisiana
Coastal Louisianx
Week
Ended
Feb. 25
1933.
440,400
109,900
495,100
115,000
455,950
109,850
521,500
108,550
52,300
55,000
26,700
128,700
43,100
415,200
52,900
43,100
47,350
54,850
26.100
129,000
43,250
413,450
47,200
43,450
45,450
53,950
25,600
128,950
43,150
409,200
48,750
43,400
47,800
46.550
25,650
157,750
59,450
302.400
22,350
50.350
111,750
110,800
109,800
106,100
928,750
915,410
908,250
818,400
28,750
44,350
28,250
45,150
28,150
45,550
29,000
33,150
69,300
73,100
73,400
73,700
62,150
Arkansas
Eastern (not incl. Mich.)._
Michigan
33,000
94,200
20,000
31,250
92,650
28,350
31,600
90,950
27.700
31,300
91.800
26,650
31,950
91.000
13,850
Wyoming
Montana
Colorado
29.000
6,800
2,300
30,850
5,900
2,800
30,150
5,100
3,000
30,350
5,350
2.850
31,550
5,600
2,650
Total Louisiana
Total Rocky Mtn.States
New Mexico
California
38,100
39.550
38.250
38,550
39,800
41,200
437,600
41,600
440,500
41,600
460,100
41,600
452,600
37,100
468,300
Tots! United states_ _ _ _ 2,183.000 2.225.050 2.289,150 2,230.250 2.192,600
Notes.-The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
The following paragraphs are quoted from the official order of the Department
of the Interior, approved and promulgated Dec.20 1933:
"There shall be no net withdrawals of crude oil from storage during the months
of January, Feuruary and March 1934,except in special cases upon the recommendation of the Planning and Co-ordination Committee,and the approval of the Petroleum
Administrator. The period from Jan. 1 1934 to March 31 1934, inclusive, shall
constitute the reckoning period for the determination of net withdrawals.
"Excess production or withdrawals from storage of crude oil in any State during
he months of October. November and December 1933 shall be charged against the
allowable of the State for the months of January, February and March 1934."
CRUDE RUNS TO STILLS, MOTOR FLEL STOCKS AND GAS AND FUEL
OIL STOCKS WEEK ENDED FEB. 24 1934.
(Figures in barrels of 42 gallons each.)
Daily Refining Capacity
of Plants.
Crude Runs
to Stills.
District.
Reporting.
Potential
Rate.
East Coast__
Appalachian__
lnd., Ili., Ky.._
Okla.,Kan., Mo
Inland Texas__
Texas Gulf _ _ -_
Louisiana Gulf..
No. La.-Ark_ _
Rocky Mtn....._
California
Total.
%
%
Daily OyerAverage. ated.
a Mater
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
582,000 582,000 100.0 453,000 77.8 16,057,000 4,763.000
769.000
86,000 61.6 1,941,000
150,800 139,700 92.6
436,600 425,000 97.3 344,000 80.9 8,382,000 3,621,000
462,100 379,500 82.1 217,000 57.2 5,909,000 3,104.000
93,000 .56.3 1,335,000 1,655,000
274,400 165,100 60.2
537.500 527,500 98.1 487,000 92.3 5,421,000 4,871,000
162,000 162,000 100.0 113,000 69.8 1,854,000 1,338,000
638,000
310,000
49,000 64.1
76,500 92.6
82,600
736,000
25,000 39.3 1,070,000
63,600 78.8
80,700
87,417,000
13,697.000
420,000
51.1
96.9
848,200 821,800
Totals week:
Feb.24 1934_ 3,616,900 3,342,700 92.42,287,000 68.4 b55.976,000 108.912,000
Feb. 17 1034_ 3,616,900 3,342,700 92.4 2,424,000 66.5 c55,049,000 110,061,000
a Below are set out eat mates of total motor fuel stocks in U. S. on Bureau of
Mines basisfor week of Feb.24,compared with certain February 1933 Bureau figures:
A.P.1.estimate on B.of M.basis, week of Feb.24 1934
A.1°.1. estimate on B.of M.basis, week ot Feb. 17 1934
55,757,000 barrels
U. R. B. of M. motor fuel stocks. Feb. 1 1933
58,781,000 barrels
U.S. B. of NI. motor fuel stocks. Feb. 28 1933
b Includes 32,060,000 barrels at refineries, 20,441,000 batters at bulk terminals
In transit and pipe lines, and 3,475,000 barrels of other fuel stocks.
c Includes 31,026,000 barrels at refineries, 20,588,000 barrels at bulk terminals.
in transit and pipelines, and 3,435,000 barrels of other motor fuel stocks.
x Because of the many changes made by companies in their method of reporting
stocks to the American Petroleum institute, it has been decided to discontinue our.
attempt at estimating figures on a Bureau of Mines basis until further notice.
Foreign Demand for Copper Continues in Good Volume
-Domestic Trade Quiet.
"Metal and Mineral Markets" for March 1 reports that
prices for major non-ferrous metals showed little variation
during the last week. The tone remains steady, largely on
prospects for a strong seasonal uplift in general business
activity. The marked improvement in the operating rate
of steel companies is attracting wide interest. The American
Iron and Steel Institute reports operations for the current
week at 45.7% of capacity, against 43.6% a week previous,
and 34.4% a month ago. Demand for copper, lead, and
zinc in the domestic market was quiet throughout the last
week. Foreign buying of copper again was active, but the
sales volume was not quite up to the mark of recent weeks.
Quicksilver and antimony prices in the domestic trade advanced. Our index number of non-ferrous metal prices for
February was 67.45 against 67.32 in January and 67.84 in
December. The same publication says:
•
Domestic Copper Quiet.
Postponement of the copper code hearing to March 12 and recent developments in the National Recovery Administration program were probably
the principal factors in bringing about practically a cessation of buying in
the domestic copper market last week. Much discussion in the trade
centered around the twelve points of General Johnson, and opinion in
several directions was to the effect that the industry would ultimately be
"handed a code." Despite the lack of consumer interest in the metal,
prices were maintained on an 8 cent, delivered Connecticut, basis. Some
inquiry prevailed yesterday for metal at a fraction below this level, but
elicited no interest on the part of sellers. On the other hand, certain consumers let it be known that as soon as the current situation cleared they
would enter the market for 8-cent metal.
Lack of a domestic outlet for their metal did not particularly perturb
sellers, inasmuch as the foreign market again absorbed a fair tonnage at
prices slightly above the domestic level. The good buying abroad extended
throughout the week,and was said to reflect principally improved industrial
conditions in Europe. In some directions, speculation and governmental
purchases for munition purposes were also held to be important factors in
the buying. During the week prices abroad ranged from 8.05c. to 8.25c.,
c. I. f.
During January the United Kingdom imported 13,663 long tons of copper,
against 12,217 tons in the same month last year. The January 1934 imports
consisted of 6,990 tons of electrolytic copper and 6,673 tons of other kinds.
In January a year ago the imports included 4,491 tons of electrolytic and
7,726 tons of other kinds.
Lead Market Steady.
Sales of lead reported last week were very much smaller in volume than in
the preceding seven-day period, but, in the absence of any pressure to sell,
the market presented a steady to firm appearance. The New York quotation held at 4c., the contract basis of the American Smelting & Refining
Company, with the price in St. Louis also unchanged at 3.90c.
Forward business on the books of producers is of moderate volume only,
especially when viewed in the light of present economic conditions, and the
feeling prevails in a number of directions that substantial buying of lead is
likely to occur as soon as it becomes evident that production is being held in
check. Current consumption of lead domestically is estimated at about
31,000 tons a month. Producers maintain that increased spring demands
could easily expand shipments to a point well above this figure.
Lead production of the world during January, on refined basis, amounted
to 122,724 short tons, against 135,050 tons in December, the American
Bureau of Metal Statistics reports. In January, 1933, production totaled
105,262 tons.
Fair Demand for Zinc.
Zinc sold in fair volume last week, with metal for the more forward positions receiving particular interest on the part of consumers. With the
exception of a relatively light tonnage of metal sold at a concession on
Tuesday, the 4.40c., St. Louis, basis was generally maintained. On that
1468
Financial Chronicle
day,owing to the aforesaid sale and the small volume of business transacted,
the quotation for the day, on a weighted-average basis, fell below the
4.40c,level to 4.395c. Outlook for the metal was said to be good, especially
as the result of the recently improved status of the steel industry. As soon
as even a moderate increase in demand develops, an upward trend in the
price of the metal is held to be probable, provided, of course, that concentrate production in the Tri-State district is kept within bounds.
Tin About Unchanged.
United States deliveries of tin during February came to 2,940 long tons,
against 3,310 tons in the month previous. The trade was a little disappointed in that deliveries did not show a gain over the January figures.
Buying of tin was quiet, tin-plate mills restricting purchases to a minimum
despite the apparent increase in tin-plate operations to slightly above 60%
of capacity. Compared with a week ago, the New York market for Straits
tin closed moderately lower.
Chinese 99% tin was quoted nominally as follows: Feb. 22d, holiday;
23d, 51.25c.; 24th, 51.20c.; 26th, 51.15c.; 27th, 51.10c.; 28th, 51.05c.
Quicksilver Advances.
Demand for quicksilver was fairly active in the last week,though most of
the business reported was in lots of 10 flasks and under. Prices realized
ranged from $73 to $75 per flask, according to quantity and seller. The
market closed firm at $74 and $75. The tense political situation abroad has
exerted more than a little influence on the market. Imports of quicksilver
into the United States in 1933 amounted to 22,555 flasks, against 8,114
flasks in 1932. according to U. S. Department of Commerce figures.
Steel Output at Highest Rate Since Last August
Scrap Prices at Highest Level Since 1930.
The American Iron & Steel Institute on Feb. 26 1934
announced that telegraphic reports which it had received
indicated that the operating rate of steel companies having
98.1% of the steel capacity of the industry would be 45.7%
of the capacity for the current week, compared with 43.6%
last week and 34.4% one month ago. This represents an
increase of 4.8% over the estimate for the week of Feb. 19
1934. Current operations are at the highest rate since the
Institute began to issue its weekly tabulation of production
on Oct. 23 last. Weekly indicated rates of steel operations
since the latter date follow:
1933.
Oct. 23
31.6%
Oct. 30
26.1%
Nov. 6
25.2%
Nov.13
27.1%
Nov.20
26.9%
1933.
Nov.27
26.8%
Dec. 4
28.3%
Dec. 11
31.5%
Dec. 18
34.2%
Dec. 25
31.6%
1394.
Jan. 1
29.3%
Jan. 8
30.7%
Jan. 15
34.2%
Jan. 22
32.5%
Jan. 29
34.4%
1934.
Feb. 5
27.5%
Feb. 12
39.9%
Feb. 19
43.6%
Feb. 26
45.7%
The upward surge of activity in the iron and steel industry
has gathered added momentum, reported the "Iron Age"
on March 1. Ingot output has made further gains, scrap
prices have reached new high ground, and consumer demand
has become more and more diversified. The only reactionary
influences are severe, weather conditions, which have held
back building operations, and sporadic labor difficulties,
especially among automotive plants in the Chicago district,
continued the "Age," which further stated: -
Mar.3 1934
can be said of a later reduction of $1 a ton on the same product at Pittsburgh, as well as a $2 a ton mark-down on so-called Ford steel, a hot-rolled
pickled and deoxidized sheet used by Ford in place of cold-finished material.
While producers are now expected to withdraw these reductions, not all
mills have yet done so. This retreat in the face of the automobile industry's
guns may prove to have been merely temporary, but it has apparently
forestalled any general advances in sheet and strip prices which might affect
second quarter tonnage. If higher prices are now filed, consumers will
probably be given 10 days to cover for the quarter and thus only spot
orders will be affected by the advances.
The "Iron Age" composites for finished steel and pig iron are unchanged
at 2.028 cents a pound and $16.90 a ton, respectively.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Feb. 27 1934. 2.0280. a Lb.
Based on steel bars, beams, tank plates
One week ago
2.0280. wire, rails, black pipe and sheets.
One month ago
2.0280. These products make 85% of the
One year ago
1.9230. United States output.
High.
Low.
1934
20280. Jan. 2
2.028c. Jan. 2
1933
2.036c. Oct. 3
1.8670. Apr. 18
1932
I.9770. Oct. 4
1.9280. Feb. 2
1931
2.0370. Jan. 13
1.945c, Dec. 29
1930
2.273c. Jan. 7
2.0180. Dec. 9
1929
2.317e. Apr. 2
2.273a. Oct. 29
1928
2.2860. Dec. 11
2.2170. July 17
1927
2.402c. Jan. 4
2.212c. Nov. 1
Pig Iron.
Feb. 27 1934, $16.90 a Gross Ton. Based on average of basic iron at Valley
One week ago
516.90 furnace foundry irons at Chicago,
One month ago
16.90 Philadelphia. Buffalo, Valley, and Elymingham.
One year ago
13.56
High.
Low.
1934
516.90 Jan. 2
$16.90 Jan. 1
1933
16.90 Dec. 5
13.56 Jan. 3
1932
14.81 Jan. 5
13.56 Dec. 6
1931
15.90 Jan, 6
14.79 Dec. 15
1930
18.21 Jan. 7
15.90 Dec. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov.27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap.
Feb. 27 1934, 812.75 a Gross Ton.
Based on No. 1 heavy melting steel
One week ago
$12.25 quotations at Pittsburgh,Philadelphia,
One month ago
11.92 and Chicago.
One year ago
6.831
High.
Low.
1934
512.75 Feb. 27
$11.33 Jan.
12.25 Aug. 8
1933
8.75 Jan.
8.50 Jan. 12
1932
6.42 July
11.33 Jan, 6
1931
8.50 Dec. 2
15.00 Feb. 18
1930
11.25 Dec.
17.58 Jan. 29
1929
14.08 Deo,
18.50 Dec. 31
1928
13.08 July
15.25 Jan. 11,
1927
13.08 Nov.2
"Steel" of Cleveland, in its weekly summary of the iron
and steel markets, on Feb. 26 stated:
Though unsupported by further large commitments from leading consumers last week, steel works operations continued on an expanding scale,
rising four points to 47%, highest since last August, and apparently making
a rapid approach to 50%.
While steel makers see an active month ahead in completing shipments
for first quarter, a temporary lull in new contracting is anticipated pending
final determination of prices and formal opening of books for second quarter.
The tremendous rush of shipments, however, such as ensued last December when users were given the opportunity to cover first quarter needs
a month in advance of price increases, evidently will not be duplicated
in March. Instead, steel makers expect a steadier and more consistent
upward trend.
Raw steel production has risen from 4434 to 47% of capacity, the highest
Automobile manufacturers have been persistent in efforts to accumulate
rate since last August. Operations are up one point to 28% at Pittsburgh,
stocks,
but with heavier production ahead, steel makers look to them
two points to 29% in the Philadelphia district, five points to 55% in the
. to be among the first to place important orders for second quarter, to
Valleys, two points to 67% at Cleveland, and six points to 49% at Buffalo.'
insure early rolling schedules.
Chicago remains unchanged at 4434 %, Detroit at 77%, the Wheeling
Reaffirmation of prices on semi-finished steel, plates, shapes, bars, pipe,
district at 80%;and the South at 50%.
wire, and some other products is anticipated by some producers, but in
Scrap prices are stronger in virtually all centres, and advances in heavy
sheets and strip the market for second quarter awaits further clarification.
melting steel at Chicago and Pittsburgh have raised the "Iron Age" scrap
In sheets a new classification, heretofore known as Ford special, has
composite from $12.25 to $12.75 a gross ton, its highest level since October
been recognized-designated as hot-rolled, pickled in the breakdown
1930.
annealed deoxidized-with the base price $2.65c. Pittsburgh, a reduction
Demand from the motor car industry shows no abatement and is reflected
of $1 a ton. Withdrawal of the recent $1 a ton reductions on hot-rolled
In the heavy bookings of sheet and strip producers. Several mills are
strip at both Pittsburgh and Chicago is reported, with indications that
now turning down orders for cold-finished sheets and enameling stock, as
there will be no change for second quarter.
their capacities for these grades are fully taken up for March. Retail
Following recent efforts of General Motors to acquire the Corrigan
orders for automobiles now exceed 60 days' capacity production and are
McKinney Steel Co. and its affiliate. Newton Steel Co., Ford is reported
in the largest volume since 1929. The one threatening factor is continued
preparing plans for increasing semi-finished and finishing mill capacity.
labor agitation, which has succeeded in building up dissatisfaction among
With recent assurances from Washington that railroads soon will buy
automobile workers notwithstanding that their total earnings this year
the remaining portion of their total rail requirements, which were estiwill approximate those of 1929 if the current rate of activity is maintained.
mated at 845,000 tons when makers reduced the price to $36.3734. it is
Steel bookings from the automobile sector are being supplemented by
understood this price is to be extended from the expiration date March 1
broadening demands from other sources. Mills are commencing to get
to April 1. The carriers still have about 500,000 tons to order. New
releases from the Pennsylvania RR. against its purchase of 72,000 tons
York Central will purchase approximately 8,000 tons of rail fastenings
for car construction, as well as its orders for electrification work. Speciwith the 40,000 tons of rails on which it opens bids this week. Chesapeake
fications for the 175,00(; tons of steel for the Van Sweringen cars are being
&'Ohio has distributed 600 tons of screw spikes.
preapred and should reach the mills late this week or early next week.
In sharp contrast with freight car awards in January-officially 152
Early action is looked for on 105,000 tons of rails wanted by the Baltimore
is the estimate for February, 19.725, exceeding the total for the past three
& Ohio, the Erie and the New York Central. The time limit for closing
years. A heavier movement of steel products to equipment builders is
rail contracts at the present price of $363734 will be postponed from
in immediate prospect. New York New Haven & Hartford has ordered
March 1 to March 31, with final delivery extended from June 30 to July 31.
50 streamlined, air-conditioned coaches.
A resolution authorizing this change has been submitted to the board of
Structural shape awards for the week, 14,661 tons, were lighter than
directors of the American Iron & Steel Institute for approval at its next
in the preceding week, but so far this year tonnage is 77% larger than
meeting, March 15.
In the comparable period in 1933. The Army Quartermaster Corps is an
Heavier demand for steel is coming from a wide variety of smaller conimportant customers, its purchasing program, including steel towers,
suming groups, including makers of road machinery, farm equipment,
hangars and equipment, running up to $70,000,000. Coltexo Corp.,
electric refrigerators, radios and stoves. Tin plate business is supporting
Monroe, La., has placed 2,000 tons of spiral welded rust-resisting iron
an output of 60% of milt capacity. Export trade continues to expand.
pipe for a 17-mile gas line.
Fabricated steel lettings remain light, totaling 6,700 tons compared
Heavy melting steel scrap has risen 50 cents a ton at Chicago, and at
with 14,925 tons in the previous week. It now seems probable that it
Detroit, Cleveland and Philadelphia the scrap market is up 50 cents to El.
Will be May or June before the steel industry will benefit in a large way
Pig iron shipments continue to increase steadily. Birmingham plants
from Government-financed building projects.
expect to manufacture a substantial portion of a Porto Rican order for
Steel prices, despite the code, continue to respond to the pressure of
6,000 tons of cast pipe. A cargo of 6,100 tons of North African manthe automobile industry. The dissatisfaction of motor car buildings with
ganese ore has arrived at Fairfield, Ala., for the United States Steel Corp.'s
the single-price policy now observed by the mills was first reflected in the
subsidiary there.
reported moves of General Motors to acquire steel capacity and has now
Steel works operations last week advanced six points to 44% at Chicago;
culminated in the award of a contract by Ford for the construction of sheet
434 to 47, Buffalo; 2 to 28. Pittsburgh; 2 to 2934. eastern Pennsylvania;
and strip capacity. While the Ford mills will not be completed for six
and 9 to 54, Youngstown. They remained unchanged at 79, Detroit;
months, it is estimated that they will take care of half of the company's
69, Wheeling, and 52, Birmingham; and were down 3 points to 79 in New
flat-rolled steel needs, if its output totals 1,000.000 cars a year.
England, and 2 points to 77, Cleveland.
Unquestionably these developments have tended to break the morale
"Steel's" iron and steel price composite is off two cents to $32.40 on
of the steel trade. A recent cut of El a ton on hot strip at Chicago is
an adjustment in basic iron at Pittsburgh; finished steel remains $51.10.
directly traceable to pressure from the automotive industry and thesame
while the scrap figure is up 12 cents to $11.95.
35% two weeks ago. Independents are credited with a rate of over 4634%.
compared with 443i %in the preceding week and with 42M % two weeks ago.
The following table gives the percentage of production for the nearest
corresponding week of previous years, together with the approximate change
from the week immediately preceding:
.
Industry.
U. S. Steel.
Independents.
1834-134
25
134
52 +134
80 -1
8935+1
8334- 34
57 -1-3t4
1534- 34
2534-1
53 +1
8534 _-91 +1
90 • ___
04 -1-3
21 -2
243-4-2
5134+23-4
75 -2
87 +1
77 -1
80 +434
Bituminous Coal and Anthracite Output Increased
Sharply During the Week Ended Feb.17 1934.
According to the United States Bureau of Mines, Department of Commerce, total production of bituminous
coal for the week ended Feb. 17 1934 was estimated at
8,015,000 net tons, a sharp increase as compared with
7,720,000 tons produced during the preceding week and 7,520,000 tons in the corresponding period in 1933. The
current figure represented the highest weekly output recorded
in the present coal year.
Anthracite production amounted to 1,655,000 net tons
during the week ended Feb. 17, as against 1,222,000 tons
in the week ended Feb. 10 1934 and 1,279,000 tons in the
week ended Feb. 18 1933.
During the month of January 1934 estimates show that
32,916,000 net tons of bituminous coal and 6,125,000 tons
of anthracite were produced as compared with 29,600,000
tons of bituminous coal and 4,424,000 tons of anthracite
in the month of December 1933 and 27,060,000 tons of
bituminous coal and 3,807,000 tons of anthracite in the
month of January 1933.
During the coal year to Feb. 17 1934 a total of 302,056,000
net tons of bituminous coal were produced as compared
with 265,894,000 tons in the coal year to Feb. 18 1933,
while anthracite production during the same period amounted
to 46,388,000 net tons, as against 43,801,000 tons. The
Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Coal Year to Date.
Week Ended
Feb. 17
1934.c
Feb. 10
1934.d
Feb. 18
1933.
1933-34.
1932-33.e
1929-30.e
Bitum. coals:
Weekly total 8,015,000 7,720,000 7,520,000 302,056,000 265,894,000 468,501,000
982,000 1,726.000
Daily avge__ 1,336,000 1,287,000 1,253,000 1,114,000
Pa. anthra. b:
Weekly total 1,655,000 1,222,000 1,279,000 46,388,000 43,801,000 66.232,000
248,100
163,400
173.100
Daily avge_ _ 275,800 203,700 213,200
Beehive coke:
564,700 5,395,900
726,900
Weekly total
23,800
24,100
25,200
19,621
2,053
2,643
Daily avge__
4,200
3,967
4,017
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales, and colliery fuel. c Subject to
revision. d Revised. e Production during first week in April adjusted slightly to
make accumulations comparable with year 1933-1934.
ESTIMATED WEEKLY AND MONTHLY PRODUCTION OF COAL BY
STATES (NET TONS-000 OMITTED.)d
Week Ended
State.
Monthly
Production.
Feb. 10 Feb. 11 Jan.
1934. 1933. 1934.
Dec.
1933.
1
1
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Steel ingot production for the week ended Feb. 26 is
placed at nearly 45% of capacity, according to the "Wall
Street Journal" of Feb. 27. This compares with 42% in
the previous week and with 3932% two weeks ago. The
"Journal" further reported as follows:
U. S. Steel is estimated at 42%, against 38% in the week before and
1933
1932
1931
1930
1929
1928
1027
1469
Financial Chronicle
Volume lid
Coal Year to End of Jan:
Jan.
1933.
19331934,
19321933.
19291930.
210
46
98
969
368
70
122
186
84
237
1,187
360
117
199
930
268
536
4,240
1,560
315
605
650
196
42
10
47
25
38
497
1,750
12
43
209
32
624
298
31
10
60
34
52
446
1,51
93
13
100
197
42
2,420
795
176
50
255
130
220
1,975
7,930
330
60
252
805
178
1,553
555
80
10
1.455
299
92
3
6,266
2,194
376
50
Total bit. coal
Penna. anthra
7,720
1,222
7,736 32,916 29,600 27,060 282,977 247,450 444,800
1,240 6,125 4,424 3,807 42,923 40,826 62.472
Total coal_ __ _
8,942
8,976 39,041 34,024 30,867 325,900 288.276 507,272
Alabama
Ark. & Okla_ _
Colorado
Illinois
Indiana
Iowa
Kansas & Mo_
Kentucky:
Eastern
Western
Maryland
Michigan
Montana
New Mexico_
North Dakota
Ohio
Penna.(bitum.)_
Tennessee
Texas
Utah
Virginia
Washington_ __ _
West Virginia:
Southern a_ _ _
Northern b
Wyoming
Other States c....
ss
737 7,704 6,513 14,891
200 1,933 1,874 4,465
553 4,201 4,240 8,132
3,515 29,977 22,014 49,179
1,225 11,522 10,204 14,859
352 2,504 2,991 3,513
553 4,367 4,768 .5,577
2,099 24,667 21,701 38,909
719 5.963 8,007 11.440
142 1,282 1,080 2,152
323
669
47
258
202 1,812 1,668 2,835
119
971 1,020 2.175
197 1,317 1,327 1,517
1,586 17,319 10,826 20,372
6,248 69,432 61.895 119,138
314 3,009 2,848 4,518
879
526
521
46
306 2,062 2.177 4,190
682 7,228 6.331 10,591
156 1,212 1,249 2,048
5.489 61,042 54,616 86,356
1,233 19,091 15,792 30,588
329 3,439 3,309 5,617
139
156
190
11
a Includes operations on the N.& W.; C. dr O.; Virginian; K.& M., and B.C.&
G. b Rest of State, including Panhandle. c This group is not strictly comparable
for the several years. d Figures for 1933 and 1934 are estimates subject to revision.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended Feb. 28, as reported
by the Federal Reserve banks, was $2,574,000,000, a decrease of $16,000,000 compared with the preceding week and
of $11,000,000 compared with the corresponding week in
1933. After noting these facts, the Federal Reserve Board
proceeds as follows:
On Feb. 28 total'Reserve bank credit amounted to $2,567,000,000, a
decrease of $25,000,000 for the week. This decrease corresponds with an
Increase of $198,000,000 in monetary gold stock and decreases of $96,000,000 in Treasury cash and deposits with Federal Reserve banks, and
$4,000,000 in non-member deposits and other Federal Reserve accounts,
offset in part by increases of $263,000,000 in member bank reserve balances
and $11,000,000 in money in circulation.
The System's holdings of bills discounted declined $2,000,000, of bills
bought in open market $13,000,000 and of Treasury certificates and bills
$24,000,000, while holdings of United States Treasury notes increased
$24,000,000.
The statement in full for the week ended Feb. 28, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
pages 1514 and 1515.
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 Sec. 18
of the Federal Reserve Act as amended by the Act of March 9 1933.
2. "Redemption fund-Federal Reserve bank notes," representing the
amount deposited with the Treasurer of the United States for the redemption
of such notes.
3. "Special deposits-member banks," and "Special deposits-nonmember banks," representing the amount of segregated deposits received
from member and non-member banks.
A new section has also been added to the statement to show the amount
of Federal Reserve bank notes outstanding, held by Federal Reserve banks,
and in actual circulation, and the amount of collateral pledged against
outstanding Federal Reserve bank notes.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
Feb. 28 1934 were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Increase (÷) or Decrease (-1
Since
Feb. 28 1934. Feb. 21 1934. Mar. 11933.
$
64,000,000 -2,000,000 -648,000.000
62,000,000 -13,000,000 -322,000,000
+596,000.000
2,432,000,000
+4,000,000
8,000,000 -10,000,000
TOTAL RES'VE BANK CREDIT_ _2,567,000,000 -25,000,000 -369,000,000
Monetary gold stock
7401,000,000 +198,000,000 +3.345,000,000
+84,000,000
+1,000,000
Treasury and National bank curreney2,302,000,000
Money in circulation
5,355,000,000 +11,000,000 -1,077,000,000
Member bank reserve balances
3 093,000,000 +263,000,000 +1,055,000,000
Treasury cash and deposits with F. R.
banks
3,403,000,000 -96,000.000 +3,100,000.000
Non•member deposits and other F. R.
--17,000.000
accounts
419,000,000 --4,000,000
Returns of Member Banks in New York City and
Chicago-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in New York City, as well as those in Chicago,
on Thursday, simultaneously with the figures for the Reserve
banks themselves, and for the same week, instead of waiting
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in the
different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks for the
current week, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week shows a decrease of $92,000,000, the total of these
loans on Feb. 21 1934 standing at $858,000,000, as compared with $331,000,000 on July 27 1932, the low record
for all time since these loans have been first compiled in
1917. Loans "for own account" decreased from $790,000,000 to $698,000,000, and loans "for account of out-of-town
banks" from $152,000,000 to $150,000,000, while loans "for
account of others" increased from $8,000,000 to $10,000,000.
1470
Financial Chronicle
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Feb. 28 1934. Feb. 211934. Mar. 1 1933.
Mar.3 1934
Loans and investments—total
7 005,000,000 7,096,000,000 6,512,000,000
Loans—total
3,331,000,000 3,476,000,000 3,079,000,000
Soviet Union and Great Britain Renew Trade Relations
Through Treaty Signed at London—End Ten
Months' Commercial Warfare—Russia to Purchase
More British Goods and Utilize Additional British
Shipping—Moscow to Obtain Credits.
1,669,000,000 1,769,000,000 1,640,000,000
1,662,000.000 1.707,000.000 1,439,000,000
3,675,000,000 3,620,000,000 3,433,000,000
agreement at London Feb. 16, thus ending the ten months'
trade war between the two countries and placing their
On securities
AU other
Investments—total
U. S. Government securities
2,585,000,000 2,553,000,000 2,338,000,000
Other securities
1,030.000,000 1,067,000,000 1,095,000,000
Reserve with Federal Reserve Bank —.1,0/1,000,000 850,000,000 683,000,000
Cash in vault
3),000,000
42,000,000
92,000,000
Net demand deposits
5,411,000,009 5.368.000,000 4,983,000,000
Time deposits
682,000,000 683,000,000 776.000.000
Government deposits
761,000,000 717.000,000
34,000.000
Due from banks
83,000,000
76,000,000
62,000,000
Due to banks
1,334,000,000 1,320,000,000 898.000,000
Borrowings from Federal Reserve Bank_
183,000,000
Loans on secur, to brokers ik dealers:
For own account
698,000,000 790,000.000 398,000,000
For account of out-of-town banks
150,000,000 152,000,000
9,000.000
For account of others
10,000,000
8,000.000
11,000,000
Total
On demand
On time
Loans and investments—total
Loans—total
858.000.000
950,000,000
418,000.000
533,000.000 674,000,000 243,000.000
275,000,000 278,000,000 175,000,000
Chicago.
1 317,000,000 1,404,000,000 1,003,000,000
570,000,000
571,000,000
618,000,000
277,000,000
2/3,000,000
827,000,000
278,000,000
233,000,000
833,000,000
346.000,000
272,000,000
388,000,000
U. S. Government securities
547,000,000 553,000,000
Other securities
250,000,000 280.000,000
Reserve with Federal Reserve Bank
333,000,000 303,000.000
Cash in vault
41,000,000
41.000,000
Net demand deposits
1155.000,000 1,138,000,000
Time deposits
359,000,000 357,000.000
Government deposits
69.000,000
69,000,000
Due from banks
173,000,000 165,000,000
Due to banks
325,000,000 320,000,000
Borrowings from Federal Reserve Bank_
189,000,000
199,000,000
229,000,000
64,000,000
809,000,000
286,000,000
4,000,000
97,000,000
168,000,000
On securities
All other
Investments—total
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
The Federal Reserve Board resumed on May 15 1933 the
publication of its weekly condition statement of reporting
member banks in leading cities, which had been discontinued
after the report issued on March 6, giving the figures for
March 1. The present statement covers banks in 91 leading
cities instead of 101 leading cities, as formerly, and shows
figures as of Wednesday, Feb. 21 1934, with comparison for
Feb. 14 1934 and Feb. 22 1933.
Great Britain and the Soviet Union signed a new trade
commercial relations again on a normal basis. The treaty,
which becomes effective after formal exchange of ratifications,
pledges Russia to purchase more British goods and to use
British ships so far as possible in transporting goods to
Britian. It omits any discussion of the dispute over the
Lena gold fields, which will be settled by separate negotiaThe treaty was signed on behalf of Britain by Sir
tions.
John
Simon, Foreign
Minister, and
President of the Board of Trade.
Walter
Runciman,
Ambassador Maisky and
Alexander Ozersky, chief Soviet trade representative, signed
for Russia.
A London dispatch Feb. 16 to the New York
"Times" summarized
the
principal treaty
provisions as
follows:
The treaty may help to restore the balance of trade, which was heavily
weighted in Russia's favor, but its effects upon American trade are not likely
to be great. The embargo of last spring following the British engineers'
trial in Moscow dealt serious blows to the machinery industry of Lancashire, and American recognition of Russia may have diverted many
Russian orders for such products to the United States.
The official text of the treaty will not be Issued until Tuesday, but the
terms became known unofficially to-night. The pact contains nine clauses
and an annex providing for gradual equalization of the trade balance over a
five-year period.
Clause 1 provides for full and reciprocal most-favored-nation treatment
In each country for the other's goods. Clause 2 guards against any dumping
by either country which would frustrate the preferences already granted.
If such dumping occurs this clause provides that negotiations shall be
opened, and either country will have the right to cancel Clause 1 on three
months' notice.
In Clause 3 Russia "declares her intention" of using the proceeds of
her sales to Britain for increasing her purchases of British goods and for
chartering British ships. An annex to this clause establishes ratios for gradually changing the balance of trade.
By the end of 1934 the ratio of Soviet sales to Britain and Soviet expenditures here will be 1.7 to 1. By the end of 1938 it is hoped the ratio will be
stabilized at 1.1 to 1.
Credit Facilities Given.
In Clause 4 Britain gives the Soviet Government credit facilities equal
to those of any other country. The fifth clause gives diplomatic immunity
to Soviet trade representatives here and contains the important provision
that disputes arising from transactions in the United Kingdom shall be
subject to the jurisdiction of British courts.
Clause 6 provides most-favored-nation treatment for ships, cargoes and
Passengers. The seventh states the obvious fact that Soviet imports are
not entitled to Empire preferences, while the eighth says British exports to
Russia are not entitled to preferences that Russia may grant to her Baltic
or Asiatic neighbors.
The eighth clause points out that most-favored-nation treatment applies
in all British colonies and mandates but not in the dominions and their
mandates. Finally, Clause 9 deals with the exchange of ratifications in
Moscow and says the agreement may be denounced by either side on six
months' notice.
As is known, the publication of the returns for the New
York and Chicago member banks was never interrupted.
These are given out on Thursday, simultaneously with the
figures for the Reserve banks themselves, and cover the
same week,instead of being held until the following Monday,
before which time the statistics covering the entire body of
reporting member banks in 91 cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
William C. Bullitt Sails for Post at Moscow—Arebasreporting member banks of the Federal Reserve System for
sador to Soviet Union Will Have 24 on Staff of
the week ended with the close of business on Feb. 21:
Embassy and Consulate General.
The Federal Reserve Board's condition statement of weekly reporting
William C. Bullitt, American Ambassador to the Soviet
member banks in 91 leading cities on Feb. 21 shows increases for the week of
$82,000,000 in loans, $332,000.000 in United States Government securiUnion, sailed from New York for his post at Moscow Feb. 15,
ties, $427,000,000 in Government deposits and $28,000,000 in time deaccompanied by a number of the consular'and diplomatic
posits, and a decrease of $86,000,000 in net demand deposits.
officers assigned by the State Department to represent the
Loans on securities increased $95,000,000 at reporting member banks in
the New York district and $99,000,000 at all reporting member banks.
United States in Russia. Several of the persons appointed
"All other loans" declined $26,000,000 in the New York district and $37.already speak Russian fluently, and Mr. Bullitt has said
000,000 at all reporting banks.
Holdings of United States Government securities, incident to the Treas- .that all members of his staff must learn to make themury's recent financial operations, increased substantially in nearly all disselves understood in that language by mid-summer. The
tricts, the total increase being $332,000,000. Holdings of other securities
list of State Department appointments, numbering 24,
increased $8,000,000.
follows:
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
John C. Wiley of Indianapolis, counselor, transferred from the State
statement, had total loans and investments of $1,061,000,000 and net deDepartment.
mand, time and Government deposits of $1,084,000,000 on Feb. 21, comGeorge C. Hanson of Bridgeport, Conn., Consul General, transferred
pared with $1,027,000,000 and $1,052,000,000. respectively, on Feb. 14.
from IIarbin.
A summary of the principal assets and liabilities of the reporting member
Loy W. Henderson of Colorado Springs, Second Secretary, transferred
banks in 91 leading cities that are now included in the statement, together
from the State Department.
with changes for the week and the year ended Feb. 21 1934; follows:
A. Dana Hodgdon of Leonardtown, Md., Consul, transferred from the
Increase (+) or Decrease (—)
State Department.
Since
Harold Shantz, of Rochester, N. Y., Consul, transferred from Nairobi.
Feb. 211934. Feb. 14 1934.
Feb. 211933.
Angus I. Ward of Chasse11, Mich., Consul, transferred from Tientsin.
George F. Kennan of Milwaukee, Third Secretary, now at Moscow.
Loans and Investments—total_ _ 17,494.000.000 4-402,000.000 +1,179,000.000
Bertel E. KunihoIm of Gardener, Mass., transferred from the State
Loans—total
4-62.000.000 —152,000,000
8,348,000,000
Department.
Charles E. Bohlen of Ipswitch, Mass., Vice-Consul, transferred from
On securities
+99,000,000
3,630,000,600
—63,000,000
Paris.
All other
—37,000,000
4,718,00u,000
—89,000,000
Elbridge Durbrew of San Francisco, Vice-Consul, transferred from
Mae=17
-49—total
9,143,000,000 +340,000,000 +1,331,000,000
Bucharest.
U.S. Government securities-- 6,199,000,000 +332,000,000 +1.363.000,000
E. Lee Murray of Frederick, Md., Chief Clerk,transferred from Peiping.
Other securities
+8,000,000
2,947,000,000
—32,000,000
George 0. Minor of Charleston, W. Va., disbursing officer, transferred
Reserve with F. R. banks
from Paris.
—14,000,000 +274.000.000
1,996,000,000
Cash in vault
—5,000,000
230,000,000
—13,00,1,000
Also Chauncy Simering of New York. Fred E. Waller of Lansing, Mich.;
Phillip F. Cherp of Ivanhoe, Minn.; Arne A. Kock of Fitchburg. Mass.:
Net demand deposits
—86,000,000 +579,000.000
11,246,000,000
Time deposits
+28,000,000 —120,000,000
4,372,000,000
Henry W. Amthell of Trenton; Victor F. Sheronas of 13ethayres, Pa.;
Government deposits
1,418,000,000 +427,000.000 +1,289,000,000
George J. Vukamanic of McKeesport, Pa.; Bartley P. Gordon of HaydenDue from banks
—44,000,000 +156,000,000
1.389,000,000
vine, Maas.; Charles C. Skinner of Los Angeles; Lucien H. Hurteau of
Due to banks
—57,000,000 +512,000.000
3,147,000,000
Woonsocket, R. I.; Ellis A. Johnson of Springfield, Mass., and Tyler Kent
4-1,000,000
11,000,000
of Wytheville, Va.
Borrowings from F. K. banks
—54.000,009
Volume 138
Financial Chronicle
French Minister of Finance Pledges Maintenance of
Franc at Present Value—Criticizes "Those Across
the Atlantic Who Are Giving Advice About Devaluation."
Germain Martin,the Minister of Finance, twice on Feb. 26,
once from the tribune of the Senate and a second time
before the annual meeting of the Syndical Union of Bankers,
denounced the idea of devaluating the franc and pledged
its maintenance at its present value.
According to a wireless message from Paris Feb. 26 to
the New York "Times," M. Martin asserted that France
will not yield to "the campaign carried on in Anglo-Saxon
countries to invite France to inflate or devaluate her currency." He saw the worst sort of economic and financial
consequences as resulting from such a move, the message
said, adding:
"Our formula is no devaluation, no inflation," he said, "but it will be
to reshape the budgetary equilibrium by appealing to the country's good
sense to spare itself the misfortunes which monetary manipulation would
bring. We agree with the Finance Commission that a constant level in
the value of the franc is necessary to the security of workers and the life
of the nation."
M. Caillaux, who is President of the Senate's Finance Commission,
applauded these words, saying:
"Inflation or devaluation would be a swindle toward those from whom
we have borrowed."
Before the bankers M. Martin was equally emphatic. He again denounced "those across the Atlantic who are giving advice about devaluation."
He maintained that those who previously had saved and then lost fourfifths of their savings when the franc was devalued in 1928 were now completely despoiled, and this situation had brought on "the greatest political
and social consequences."
He denied that France would be forced to devaluate against her will or
that devaluation would bring the price of gold here nearer to the level of
world prices. All the pretended benefits of devaluation, he insisted, could
be accomplished "neither by devaluation nor inflation but by financial and
economic reforms starting with a balanced budget."
Finally, M. Martin pledged the government to give the country an
"absolute guarantee of a stable currency."
Both the Senators and bankers who heard these declarations gave every
evidence of heartily supporting them. There can be no doubt that a
large majority of Frenchmen in political and financial circles oppose tampering with the franc. The subject has been discussed with complete
frankness now for more than a week before both Houses of Parliament,
where all the pros and cons are considered.
What the Minister of Finance said to-day expressed a general determination and it can be taken as the French answer to Walter Lippmann's article
urging France to devaluate the franc. In a sense that article started the
entire discussion here.
French Deny Move to Devalue Franc—Premier Dou
mergue Reported Pledged to Resist Such a Policy.
From Paris Feb. 17 a wireless message to the New York
"Times" had the folkiwing to say:
The financial markets here are now governed by the fact that the formation of the Doumergue Cabinet and the majority assured to him in
Parliament have already calmed public opinion. When the budget is voted
and the Chamber adjourns, it is expected that confidence will return.
Gold coins which were in demand by the public no longer find any
buyers. The hope is expressed widely that foreigners also will finally feel
reassured on the French situation and on the future of the franc.
Financial circles have been exceedingly surprised at rumors circulating
abroad concerning an eventual devaluation of the franc, even when predieting only its being attached to a new gold basis, as in Czechoslovakia.
Not only is the present government firmly opposed to any such measure,
but the feeling is that there could be no question of such action unless there
were a panic among the French people and enormous exports of home
capital should have exhausted the gold reserves of the bank.
Value of Franc Cut on London Market—Decline Laid
to Slowing Down of Movement of Gold from Paris
to England.
Indicating that the depreciation of the franc taking
place in that market could be explained by the slowing down
of the gold movement from Paris to London, a London
cablegram Feb. 17 to the New York "Times" further stated:
1471
M.Patenotre, a native of Atlantic City, sought to recover the sum under
a contract guaranteeing him normal exchange for $1,000,000 to be sold
him in eight monthly surds of $125,000.
The bank, whose appeal was rejected by the Tribunal, contended the
transaction was speculative, against good morals and was annulled by the
imposition of a gold embargo by the United States. M.Patenotre replied
that he had sums of money payable to him in America and had made the
deal as a matter of "insurance" against exchange fluctuations.
Political opponents attacked the former Under Secretary for the dollar
exchange transaction.
een in United States Capital
in France.
A Paris wireless message Feb. 24 to the New York
"Times" is authority for the following:
$1,000,000,000 Cut
According to estimates in trustworthy quarters, Americans are believed
to have repatriated already half the capital they had exported to France
last year. The total of this is placed at about $1,000,000,000, but that
figure represents a mere estimate and is not supported by any exact data.
Taking as a basis the movements of the French bank returns, it has
been calculated that capital repatriated into France between 1926 and
1931 was 40,000,000,000 francs, or about $1,500,000,000 at the former
dollar valuation; but those repatriations concerned not only liquid funds,
but also proceeds of large quantities of foreign securities bought long before
by French people.
France Offering Bonds at High Rate—Alleged Hoarding
of Some 40,000,000,000 Francs Reported as Causing
Tightness in Money Market.
Under date of Feb. 19 advices from Paris to the New
York "Times" said:
The opening to-day of subscriptions for a Government loan on behalf
of the posts, telegraph and telephone has focused attention on the extremely high cost of borrowing money in France.
Bonds are being issued at 5% interest for 30 years at a purchase price
of 895 francs per 1,000-franc bond,the interest being exempt from all special
taxes, covering income tax on stocks and bonds. No figure has been set
for the total desired, but it is understood to be about 1,000,000,000 francs.
These rates compare as follows with issues elsewhere:
The Dutch city of Helder has just issued a loan at 4%, issue Price 67:
the Swiss 3% Federal loan was quoted at 97.50, whereas French 3s, perpetual, closed at 67.85 to-day; British 3X% Government bonds are worth
nearly 103; Italy has just arranged for the conversion of her 5% bonds
to 334%. and the American Liberty Loan 3,4s are selling above par.
Recently the Union d-Electricite, a French utility of the first order
and highest credit, whose issues always meet the best possible reception,
had an issue of 10-year bonds at 950 Per 1,000 francs, 6% interest, which
represents effective interest exceeding 8%.
One reason for the tightness of the money market, as to-night's information points out, is the fact that about 25.000,000,000 francs in bank
notes and about 15,000,000,000 in gold is being hoarded.
France Rejects Tax on Salaries of Foreign Workers
in That Country.
The French Senate rejected on Feb. 26 a Chamber of
Deputies measure to impose a 10% tax on salaries of foreign
workers in France, according to- Associated Press advices
from Paris.
French Enter Pact to Aid Manchukuo—Will Extend
15-Year Credits for Developments.
From Tokio Feb. 13 the New York "Times" reported
the following:
Andre d'Olivier, a representative of the French National Association
for Economic Expansion, who has been in Manchukuo several months
investigating markets, has concluded a draft agreement with the South
Manchuria Ry.
According to his statements in the "Japan Advertiser," the agreement
creates a joint company capitalized at 100,000 yen, half of which is subscribed by Japanese and half by French interests. The directorate consists
of six Japanese appointed by the railway and six Frenchmen nominated by
the Comite des Forges and other heavy-industry combinations.
The French industrialists will extend 15-year credits. The agreement,
M. d'Olivier points out, is exclusive, but he believes other countries will
not grant such liberal terms.
The French are prepared to supply railroad material, electrical machinery, harbor equipment and building materials. The smallness of the
capital is not an index of the extent of the business the company expects
to handle as an intermediary between public and semi-public bodies in
Manchukuo and French heavy industries.
Paris Bank Loses Suit Over Dollar Exchange—Ordered
to Pay American $126,490 Under Contract.
The following (Associated Press) from Paris Feb. 26, is
from the New York "Herald Tribune":
Germany's Foreign Creditors Renew "Standstill" Agreement in Berlin for Another Year—No Change in
Interest Rate—Review of Credits in July by Consultative Committee in London.
The fourth standstill agreement regulating the holding of
short-term foreign credits frozen in Germany was signed
at Berlin on Feb. 16 by the creditors' committee representing foreign bank creditors and the German committee,
it was stated in a copyright cablegram Feb. 16 from Berlin
to the New York "Herald Tribune," which added that the
new stillholding arrangement extends, with only minor
changes, the previous credit agreement for one year until
Feb. 28 1935.
In noting that the accord provides for no changes in
interest rates, a Berlin wireless message to the New York
"Times" also stated:
The Traveller's Bank, headed by B. Coles Neidecker, an American,
to-day was ordered by the Tribunal of Commerce to pay Raymond Patenotre, American-born former Under Secretary of National Economy, 1,946,000 francs (approximately 8126,490) in his suit against it for nearly 3,000,000
francs.
In view of the German financial and trade situations, it was also agreed
to postpone any further capital repayment except through the utilization
of registered marks. Thus, contrary to the slight relief accorded to Germany's long-term creditors, the international standstill group was unable
to obtain any fundamental improvement in its position.
The rise which occurred in the franc last week, which was maintained
until the middle of this week, was brought about by a heavy demand
for francs to pay for the gold bought in Paris.
The franc's present decline is therefore not due to renewed pessimism
but to the falling off in the flow of gold from France. Early this week
the Paris-London exchange rate was 77 francs to the pound, while the
current rate is 77i1.
For the moment, the franc is considered safe by observers here. It
was not disturbed by the political disorders, and the advent of the new
Government in France has brought about some return of confidence.
The market here is more hopeful about the prospects of the franc than
at any time since the political troubles first became acute, and that confidence will be maintained if the budget is balanced and the gold movement
abates.
1472
Financial Chronicle
2,600,000,000 Marks Involved.
The standstill credits will come u for a fresh review by the consultative
committee in London next July. The volume of short-term credits covered
by the agreement to-day is estimated at 2,600.000,000 marks, of which
the American share is reckoned at 900,000,000. This shows a reduction
from 8,000,000,000 marks in 1930 and from 3,800,000,000 marks on Feb. 28
1933.
In addition to the bank credits included in the renewal. Germany holds
a varied line of non-banking short-term credits estimated at 3,400,000,000
marks. These have been reduced from an estimated total of 6,800,000.000
In 1930. Her outstanding long-term debts are now estimated y the Institute for Business Research at 6,800,000,000 marks.
The failure of the standstill creditors to obtain a more favorable adjustment of their position is attributed to the international situation
generally and the position of Germany particularly. Speaking for the committee, F. A. Goodhue of New York, its Deputy Chairman, expressed
satisfaction with the agreement as a whole and over the likelihood of further
improvements in Germany's economic position.
In Mr. Goodhue's view, Germany's trade balance will adjust itself later
because domestic improvements which require additional imports of raw
materials, thereby causing a temporary trade deficit, will eventually affect
her export position advantageously.
According to the copyright account Feb. 16 from Berlin
to the "Herald Tribune" the pact was signed,by Franck C.
Tiarks of England, Chairman of the Conference; by F.
Abbot Goodhue and James H. Gannon for the United
States, and by representatives of banks in Great Britain,
France, Belgium, Czecoslovakia, Denmark, Holland, Sweden
and Swtizerland. That account also had the following to
say in part:
The fourth stillholding agreement affects only 2,600,000,000 marks, of
which 266,000,000 marks are guaranteed by the Gold Diskont Bank, as
compared with foreign short term debts totaling at least 8,000,000,000
marks held in the Reich when the financial collapse came in the summer
of 1931. A rapid reduction in these debts was shown by the fact that the
first standstill agreement signed August 1931, regulated the total of 6,300,000,000 marks; the second pact in February 1932, 5,000,000.000 marks,
while the third accord in February 1933, dealt with a total of 3,850.000,000
marks.
Two Factors Aided Reduction.
The great reduction In the total of standstill credits within the last year
Is due largely to two factors. First, the use of the so-called register mark,and
second, currency devaluation, particularly of the dollar.
From the Berlin advices Feb. 16 to the "Times" we take
the following:
Text of Statement.
A memorandum covering the negotiations was issued by the American
creditors' committee, headed by James H. Gannon and Mr. Goodhue.
The statement follows:
For the fourth time since the crisis in 1931 representatives of German
bankers and industrialists have met with foreign bankers' representatives in
conference and concluded a mutually satisfactory sandstill agreement, this
time for the period up to Feb. 28 1935.
It will be recalled that the first agreement was reached at the request
ofseven great powers at their meeting in London on July 23 1931. On their
part, the Powers then undertook to co-operate for the purpose of restoring
confidence, but this has proved difficult, and continuation of the standstill
agreement therefore has been necessary.
It has not been found necessary to alter the machinery of previous
agreements to any extent owing to their generally satisfactory working.
Under the present agreement, for example, there has been notable progress
toward the establishment of a real correspondence between Germany's
trade-financing requirements and her outstanding credits. The difference
In this respect is shown by a comparison of her trade figures and the volume
of credits for identical year [the figures being in marks], thus:
Volume of
Volume of
German
Standst-t1
Trade,
Credits.
1930
22,429.000,000 8,000,000,000
1931
16,328,000,000 6,300.000,000
1932
10,406,000,000 5,000,000,000
1933
9,076,000,000 *2,300,000,000
* Availments Dec. 31 1933.
This great reduction in the standstill credits is tangible evidence of the
inherent strength of German economy. The depreciation in the currencies
of many creditor countries, notably in the dollar and pound, has contributed
appreciably to the reduction, but it is to be noted, first, that while depreciation favored the German debtor in the relative currency, it did not commensurately injure the creditor, and second, that a great volume was
repaid while the parity of the mark and other currencies obtained.
It is difficult to analyze exactly the repayments up to date in all categories
of this reduction in order to arrive at the average discount, but it seems
probable that this discount has not greatly, if at all, exceeded 6%.
This figure for the whole is borne out by an analysis of large individual
creditors, who arrive nearly unanimously at this 6% discount.
In the standstill year just ending a further contribution to reduction
was the working of that clause in the agreement [Clause 10, by which the
creditors could call for repayment In registered marks]. Such calls accounted for some 400,000,000 marks out of the year's total net reduction of
514,000,000 marks. About 300,000,000 marks were sold for travel, additional export and other purposes, and 100,000,000 marks were re-invested in
Germany. On sales certain discounts were accepted by the creditors, but
these discounts set against investments, and the receipts by creditors of
a out 110,000,000 marks at par under other clauses of the agreement,
brought the average discount for the past year to not above, say,12%.
Another decided advantage beyond the liquidation of commitments
as a whole has followed the operation of Clause 10 and repayments in registered marks. This has been the possibility opened to creditors to concentrate such calls upon credits unsatisfactory to them. Thus there has
been permitted a wholesome improvement in the character of credits still
outstanding, the security behind which arranged under previous agreements
is maintained.
1111(Coming to the negotiation of the new agreement, foreign creditors had
to consider the material liquidatilon of the past, the opportunity to continue this in the substantial degree permitted by the maintenance of the
right to call for registered marks, the undertakings of German debtors to
use unavailments for export and import financing only and the need to
keep at the disposal of Germany sufficient credit margin to permit her
freely to import cotton and other agricultural products and oils and other
raw materials from the creditors' own countries and to export freely in
order to secure the devisen to meet their interest on other obligations.
Mar. 3 1934
It had been a shrinkage In exports, and consequently in the Reichbank's
devisen position, 274,000,000 marks on June 30 1933, which brought the
German transfer moratorium on that date. By Jan. 31 1934, the position
Improved to 383,000,000 marks, but Dr. Schacht, noting that the greater
part of this came from German nationals, not from trade, and also emphasizing the capital and interest payment restrictions placed upon other
German long-and-medium-term creditors, expressed an inability to furnish
actual devisen or currency for any capital repayments to other creditors
for the time being.
Devisen from the Reichsbank would have been required to permit a nondiscriminatory further outright reduction in unavailed credit lines. This
was equally true in the case of accumulated or future payments of lold
Diskontbank instalments under is guarantee.
Having satisfied themselves of this fact by a full study of the figures.
foreign creditors, as at the London meeting in July 1933, agreed to postpone
payments. There will be a review of the whole position at the regular
consultative committee meeting in London on July 31 1934.
Another Review in Summer.
Meantime with regard to the Gold Diskontbank, an agreement was
reached that unavailments in the lines guaranteed by the Gold Diskontbank
could be canceled as offsets to accumulated instalments, and furthermore
that such cancellations could be made of unavailments in lines outside the
Gold Diskontbank also as offsets to accumulated installments.
In all the accumulations will amount to some 54,000,000 marks by
March 1 1934, and the cancellations as arranged above, if practicable and
agreeable to the creditors in the same amount, would be a complete offset
to Gold Diskontbank obligations.
In view of the present prevailing low rates of interest and commission
now applied on the short-term debt, which had been reduced materially
In the past year, it was agreed to continue the present schedule of rates.
It was agreed there were already distinct signs of improving trade for
Germany through betterment of world conditions, and it was already
manifest that due to increased business and a rise in commodity prices
Germany might require an increased amount of assistance to finance its
International trade, which function its old-established banking connections
abroad had always looked upon as a desirable business.
While the problem of Germany's entire external debt still continues to
be a serious one, to which both the debtor and the creditor must continue
to give every intelligent attention and sympathetic consideration, most
satisfactory progress had been made and daylight could be plainly seen
ahead.
Debtors Express Satisfaction.
A communique issued by the debtors' committee records satisfaction
over the renewal of the credits. They include unused credits from the
expiring agreement, amounting to 270,000.000 marks, which the Germans
hope will make it possible to finance imports during the period of economic
revival.
Germany's method of financing her exports, the standstill creditors hold,
has its drawbacks both from the German and foreign creditors' points of
view. It is believed, however, that so long as the method is carefully
controlled by the German authorities and, until currency relationships and
price levels have been more permanently stabilized, it is in the interest of
Germany that the system should continue.
If it were not in force now, it is declared, the amount of foreign exchange
at the disposal of the foreign creditors as a whole would be reduced. The
creditor committee's report adds a note to the effect that it received from
German authorities definite confirmation that no German foreign bonds had
been or were being bought out of ordinary foreign exchange resources of the
Reichsbank but only from the proceeds of"supplementary exports or foreign
exchange already in the hands of German nationals abroad and brought back
to Germany by means of such purchases."
The Berlin conference on long-term tredits was referred to
in these columns Feb. 3, page 775, and Feb. 10, page 957.
Signing of Debt Agreement Between Germany and
Switzerland.
United Press advices Feb. 16 from Berne, Switzerland,
stated:
Germany and Switzerland to-day signed an agreement, effective until
June 30, under which the Reich will pay Swiss creditors 100% charges on
all debts.
British Views Respecting Agreement on Germany's
Short-term Debts.
From the New York "Times" we take the following
from London Feb. 16:
The outstanding merit of the fourth standstill agreement regarding Germany's short-term debts, as seen here, is that it has been effected in a
friendly fashion between debtor and creditor without Government intervention.
This is held to be the method best calculated to insure the working
of an important part of the international financial machine, which it is
essential to keep going until currency has again been stabilized. The
London "Times" financial editor writes:
"So few are the modifications that it [the agreement] may be said merely
to extend the old agreement expiring Feb. 28 until the same date of 1935.
The fact that no reduction is made in interest rates is welcomed, especially
as, owing to the German foreign exchange position, the general repayment
of capital such as was provided for in previous years is not to occur in the
coming year."
President Schacht of Reichsbank Opposes Devaluing
of the Mark—Would Hurt Germany's Export Business, He Says—Tells Bankers of Reich No Cuts
Are Planned in Bond or Savings Bank Interest—
Warns on High Imports.
There will be no devaluation of the mark, according to
an emphatic statement made on Feb. 22 by Dr. Hjalmar
Schacht, President of the Reichsbank, to members of the
League of German Bankers. He was equally firm in disposing of rumors that the Hitler Government contemplated
a reduction of interest rates on bonds or savings accounts.
Making this known, a wireless message from Berlin to the
New York "Times" further said:
The German banking business, he added, has been purged of ite defects,
and any attacks on it, he said, are both unjustifiable and pernioin -
Volume 138
Financial Chronicle
Bars Currency Experimentation.
"All scribblers and schemers to the contrary," Dr. Schacht says, "you
may rest assured that the present German Government will not indulge
in any currency experimentation. It is determined to rule with the confidence of the people.
"You kn w I am partial to plain talk. I therefore propose here and now
to state calmly that I am fully conversant with the views that obtain in
certain exporters' circles that German exports cannot be maintained unless
we devalue the mark.
"Now, I am firmly convinced of the necessity not only of maintaining
but also of augmenting our export trade in the interests of our unemployment situation. I even go so far as to utter a solemn warning against the
practice of increasing imports of raw materials for the benefit of home markets without simultaneously providing foreign currencies through increased
exports to pay for such raw products.
"Yet, despite all this I cannot bring myself to undertake devaluation
of the mark. My reasons for this are the following:
"The German export trade to a preponderant extent rests on our ability
to convert raw materials into finished commodities. The cost of our raw
materials would thus immediately rise. Our position in this respect is
fundamentally different from that of England, which obtains her raw products from her own imperial dominions.
"In the second place, the gigantic sacrifice that a whittling down of the
mark would entail would avail us little becauss it would not help to halt
the shrinkage of world commerce, nor would it increase our share in this
reduced volume over the normal proportion for the very cogent reason that
neither the United States nor England has definitely stabilized and they
would only counter our devaluation with further depreciation of their
currencies."
Present Method Defended.
•
There are other expedients at Germany's disposal for counterirg the
currency actions of other countries, Dr. Schacht declared.
Averting to judgments expressed by Germany's creditor bankers during the recent standstill ne otiations in Berlin, Dr. Schacht explained that
the German method of supporting and promoting the German export trade
through supplementary exports, blocked marks, scrip and the repurchase
of cheap German bonds abroad had enabled Germany to recover a certain
part of the foreign trade lost to her through devaluation of the American
and British currencies.
This system, he explained, was capable of development and expansion,
and Germany was determined to extract the maximum benefits from it,
especially now that her foreign creditors had been convinced of its justification.
He desired, he concluded, to say with all possible emphasis that the
German Geyer ment was determined to protect the individual purchasing
power of the laborer and the man who saves, and there could, therefore,
be no question as to its determination to protect the mark from depreciation.
1473
The Ministry of Economics has published figures, giving details of the
repatriation of German foreign bonds, with the object of refuting the
charges made abroad that Germany uses a considerable amount of her
foreign ctirren y resources to repurch_se her bonds while only partially
meeting her debt service.
The total amount of bonds repatriated in the two years ended Nov. 30
1933, was Rm.781,000,000 nominal, calculated at par of exchange. Of this
amount, Rm. 348,000,000 was needed for ordinary amortization, while
the balance was mainly reserved for the purpose of future amortization.
Since the beginning of 1933, no foreign currency has been taken from the
Reichsbank or from ordinary exports for repatriation of bonds. The repurchases have been achieved almost exclusively by means of the so-called
additional exports or from the sale of German-owned forei n securities
which both, it is maintained, absorb no devisen, but even yield it. It
is said that Germany can only by these means continue the partial sinking
fund payments under the transfer moratorium and maintain interest payments at the present rates,
Benefit to Reichsbank.
Of the total repurchases of Rm. 781,00,000, Rm. 549,000,000 resulted
from additional exports. This figure, calculated at the dollar and sterling
exchange rates at Nov. 30 1933, was equal to Rm. 365,000,000 nominal.
Taking the average purchase price of the bonds at 50%, this means that
Rm. 183,000,000 from additional exports was needed to buy these bonds
and the remaining Rm. 183,000,000 of foreign currencies w nt to the
Reichsbank. A total of Rm. 121,000,000 nominal was repatriated by
means of the sale of German owned foreign securities, Rm. 69,000,000 was
repatriated by extraordinary repurchases provided for in the indentures of
bonds, and Rm. 42,000,000 was repatriated through insurance companies.
The figures do not include the recent big wave of bond repatriation. It is
estimated that the book profits on the total repurchases exceed Rm. 500,000.000, and that the annual debt service has been reduced by approximately
Rm. 70,000,000.
It is maintained that these purchases at "scrap" prices do not result from
dumping of goods, as the German authorities examine every export transaction with a view to avoiding unfair competition with foreign industries.
Germany Reported to Have Cut Foreign Debt 46%26,500,000,000 Marks in June 1930-14,600,000,000
at Start of This Year—Devaluation Played Part—
United States Is Still Chief Creditor, with Great
Britain Next in Line.
In 33/i years of the depression Germany has been able
to reduce her foreign debt roughly 46%, it was stated in
Associated Press advices (by mail) from Berlin Feb. 13 to
the New York "Times," from which we also quote:
From a high point of 26,500,000,000 marks in June 1930, it sank to
an estimated 14,600,000,000 marks on Jan. 1 of this year, and between
July 1931,the time of the bank crisis, and September of last year it dropped
9,200,000,000 marks.
The United States remains Germany's principal creditor, with Great
Britain, Holland, Switzerland and France following in the order named,
in oth short and le g term credits extended to this country.
Indicative f the way the debts have been whittled down is the estimate
of 6,000,000,0 0 marks in short-term credits still in Germany at the close
of last ye r, compared with 9,350,000,000 in September 1932. A similar
s rinkage is n ted in the long-term credits, which declined from 10.180,000.000 to 6,800,000,000 marks over the same period.
The reductio w s contributed to by three factors. The devaluation
of the American and British currencies, as well as of those moneys of the
sterling bloc of countries, had netted the German debtors a 3,900,000,000mark reduction up to last September. Between July 1931, and last September 4,300,000,000 marks was taken from Germany by the creditor nations.
Pre-maturity payments by Germany also account for an estimated 1.000.000,000 marks.
In the category of registered marks, a form of credit frozen in Germany
that can be withdrawn if the proceeds are to be spent in the country, a
reduction of some 406. 00,000 marks in two years is recorded. The major
share of this reduction was used by Americans traveling here or purchasing
German goods with the released credits.
One of the principal problems to face a conference in April will be that of
arranging for this year's transfer necessities. It is estimated that Germany
must transfer roughly 1,100,000,000 marks into foreign currencies during
the year. This compares with 1,328,000,000 marks in estimated transfers
for the preceding year. Last year's amount was not transferred in full and
neither will this year's be, pending the outcome of the conference in April.
Under the terms of the moratorium at present in force on German pay•
ments abroad 7o.9% of the interest payments on the medium and long-term
loans are to be transferred. This 'applies to credits obtained before July
1531, with the exception of the Dawes and Young loans, which are transferred in full, both interest and amortization charges being paid. No
amortization payment transfers were provided for credits originating prior
t July 1931.
An estimated 700,000,000 marks will go to the interest account in this
year's payments, this being reduced by whatever arrangements are made
concer ing the transfer problem.
A copyright cablegram Feb. 18 from Berlin to the New
York "Herald Tribune" quoted a communique as stating:
Acquisition of bonds has therefore taken place almost exclusively in
forms which bring foreign exchange into Germany. It must also be emphasized that not only ordinary but also extraordinary amortization of German
loans (allowed for in the respective agreements) have since 1933 been made
by means of bonds acquired through additional exports.
A further extract from the communique was given as
follows in the "Herald Tribune" cablegram:
The exchange of foreign securities into German foreign bonds in the first
instance led to an additional influx of foreign exchanges, for such share
exchanges are permitted only to security holders in Germany on condition
they sell additional foreign securities abroad to one-third of the value of the
exchanged securities and that foreign exchanges so obtained are handed
over to the Reichsbank. The influx of additional foreign exchanges into
the Reichsbank as a result of the additional export transactions was by
far the largest.
German Decree Embraces all Farm Trades—Entire
Industry Will Be Linked in Government Agricultural Corporation.
The third decree regarding the temporary organization
of the Reichs' agricultural corporation—the so-called Reichs
Naerstand—promulgated on Feb. 20, not only completes,
for the time being, the structure of this formidable pillar
of pending co-operative reorgarization of German economics,
but also, for the first time, reveals the lines along which this
rebuilding is to be carried out. The foregoing is from copyright advices from Berlin Feb. 25 to the New York "Herald
Tribune," which also had the following to say:
Under the new decree the agricultural corporation embraces all branches
of trade, handicraft and industry contributing to the production, working
up and distribution of any product yielded by German soil or agriculture.
This is based on the principles of Gottfried Feders, the State Secretary,
who considers that such trades are not branches but "functions" of the
economy agriculture corporation. Among the trades covered by the decree
are fertilizers, mills, feeds, bakers, all branches of the livestock, market,
fishing, both wholesale and retail, and the packing industries, as well as
wool.
The industries concerned comprise breweries, malt and yeast factories,
sugar, chocolate, candy and biscuit factories, all distilleries, starch factories, margarine plants, soda water producers, sawing mills and all wholesale and retail trade connected with these branches.
All the industrial groups affected by the new regulation probably will be
linked later by horizontal organizations which will take care of individual
requirements in the different branches, while the entire produce market
will be excluded from all other professional organizations. Complete
market control will be exercised by Walter Darre, the Reichs' Minister of
Food Supplies and the Reich's peasant leader, while all other questions
pertaining to the industries concerned will remain under the control of
Dr. Schmitt, the Reich's Minister of Economies.
Market regulating measures already have been introduced for milk,
butter, eggs, margarine, wheat, rye and the union rye-wheat mills enforced
in November. It is indicated that eventually all produce and foodstuff
trading will be subjected to price control, since it is an important part of
the Nazi economic policy that this indispensable link should be reduced to a
mere function for the benefit of the distribution of German agricultural
products and the maintenance of a fair price level, while misuse for private
capitalistic purposes should be impeded.
While the principles applied to the organization of agriculture are regarded as a model for future co-operative development in this country, it is
hardly to be expected that trade, within other corporations, will be subjected to similar limitations. Guilds of handicrafts concerned, such as
butchers, bakers and the millers, will be maintained for other than market
regulating purposes, but the appointment of guild chairmen requires the
consent of the Reich peasant leaders.
Germany's Bond Repurchases—Ministry of Economic's
Defense.
With reference to the repurchase abroad by the Reichsbank of German dollar bonds, an item regarding which
appeared in our issue of Jan. 20, page 412, and in which Gain by German Farmers—Agricultural Yield in Year
Up to 6,570,000,000 Marks.
it was maintained by the Reichsbank that such rebuying was
Under date of Feb. 24 Berlin advices to the New York
in accordance with its rules, the London "Financial News" "Times" said:
of Feb. 13 reported the following from its Berlin corre,
The week's trade developments were generally satisfactory so far as
certain industries are concerned. The stores reported the public was buyspondent on Feb. 12:
1474
Financial Chronicle
ing a better quality of goods, particularly in centres of agricultural population.
Light is cast on this latter trend by the estimate of the Institute for
Studying Trade Fluctuations which shows that agricultural products in
the current year have yielded farmers 6,570,000,000 marks against 5,840,000,000 in the preceding year. But the yield remains much below 1928,
when it was 9,120,000,000 marks.
Germany Plans Job Fund-500,000,000 of 2,800,000,000
Marks to Be Used on Road Projects.
From Berlin Feb. 17 the New York "Times" reported
the following:
Business sentiment in Germany is optimistic as a result of the Finance
Ministry's announcement that much work will be available as a result of a
2,800,000,000-mark fund to be created in 1934, of which 500,000,000 marks
will be for the construction of motor highways. The Ministry also promises numerous reductions in taxation and the
cessation of the burdensome "voluntary levy for national work."
F. Abbot Goodhue Returns from Meeting at Berlin of
Representatives of Germany's "Stanstill" Creditors.
F. Abbot Goodhue, President of the Bank of the Manhattan Company returned on Feb. 28 on the S.S. Olympic from
Berlin where he was attending a meeting of representatives
of the Standstill Creditors Committee. Mr. Goodhue said
he was much encouraged by the improved conditions and outlook in Europe.
Chancellor Hitler Abolishes Reichsrat, Further Centralizing Governmental Control in Germany—Body
Had Represented Individual States Under Weimar
Constitution.
Chancellor Hitler took an additional step toward the
complete centralization of Government in Germany when on
Feb. 14 he signed a decree abolishing the Reichsrat, the
Federal Council, which under the Weimar Constitution
represented the 17 individual States of the (ich. An
official statement said that the Reichsrat no longer had any
reason for existence, since the sovereign rights of the States
had been transferred to the Central Government by the
law of Jan. 30, and the State Governments, by the same
law, had been placed under the jurisdiction of the Government at Berlin. The Reichsrat had been 100% Nazi for
some time, and had given unquestioned support to the
Hitler regime. A Berlin dispatch Feb. 14 to the New York
"Herald Tribune" commented on the order as follows:
In addition, it was recalled, the enabling act of last March conferring
dictatorial powers upon Chancellor Adolf Hitler had rendered superfluous
both the Reichsrat and the Reichstag (the Lower House) in that their legislative functions had been assumed by the Central government. Under the
enabling act, administrative measures were to be communicated to the
States through the respective Stadholders (viceroys), instead of through the
Reichsrat, as previously.
Created by the Weimar post-war constitution as the body to which the
States sent appointees, the Reichsrat superseded the Bundesrat of the
Bismarckian era. Its role was, for the most part, obscure, but it had a brief
period of prominence when Dr. Heinrich Bruening was Chancellor. In
governing by emergency decree, Dr. Bruening used the Reichsrat instead
of the Reichstag as the place in which he expounded his measures and
explained them to the public.
Germany and Poland Conclude Agreement Designed
to Mould Public Opinion Toward Mutually
Friendly Feelings.
Germany and Poland have concluded an agreement
designed to establish mutual understanding and sympathy
in formulating public opinion within the two countries, it
was announced at Berlin Feb. 26. Each nation agreed
to subject to concerted supervision such agencies creating
public opinion as the press, literature, radio, moving pictures and the theatres, in the hope thus to eliminate the
effect of adverse propaganda in recent years. United
Press advices from Berlin Feb. 25 added the following
details:
The communique said: "On all questions touching public opinion it
was agreed that constant co-operation shall be permanently maintained
to arouse increasing mutual understanding and guarantee a peaceful
atmosphere." Further conferences are to be held in Warsaw shortly
to work out technical features of this supervision.
Signing of Commercial Treaty Between Belgium and
Argentina—Stipulates Amount of Exchange Necessary for Belgium and Luxembourg Investments in
Argentina.
A commercial agreement involving "most-favored-Nation"
treatment has been signed between Belgium and Argentina,
according to advices to the Commerce Department from
Commercial Attache Alexander V. Dye, Buenos Aires.
The Department, in announcing this on Feb. 21, said:
The agreement, it is pointed out, stipulates the amount of exchange
necessary for Belgium and Luxembourg investments in Argentina. It also
provides that the amount of exchange derived from Argentine exports to
Belgium and Luxembourg will be given to those countries, with the exception of a certain amount to be retained by Argentina for the service on
the foreign debt.
Mar. 3 1934
According to the agreement, the sum of 4,000,000 pesos is placed at the
disposal of the Government of Belgium and Luxembourg at the rate of
exchange in force on May 11933. to be applied to the liquidation of commercial credits which are still awaitinng exchange.
The agreement is to become effective twenty'days after the date of exchange of ratifications, and is for the period of ten months, subject to
extension by tacit agreement until one of the contracting parties indicates
Its desire to terminate it.
Argentina recently concluded a similar agreement with Great Britain,
the report states.
Columbia Borrows to Buy Destroyers—Loan of 3,500,000 Pesos for Portuguese Warships Announced
in Bogota.
From Bogota, Colombia, Feb. 22 a cablegram to the
New York "Times," said:
"El Tiempo" announced to-day that the government contracted for a
3,500,000 peso short term loan with the Bank of the Republic yesterday.
The national sales tax on gasoline, which totaled 1,400,000 pesos in 1933.
was pledged for servicing the loan. No foreign banks participated.
The proceeds are destined, it is reported, to pay for two new destroyers
purchased from Portugal. costing 4,600,000 pesos
External Sinking Fund 6% Gold Bonds of 1923 Series
"A" of Argentine to Be Retired Through Sinking
Fund.
The Chase National Bank of the City of New York,
acting for the fiscal agents, is inviting tenders for the sale
to it of Government of the Argentine Nation external sinking
fund 6% gold bonds of 1923 series "A," at a price below par,
in an amount sufficient to exhaust the sum of $402,868.53
in the sinking fund. Tenders will be received up to 12 o'clock
noon, April 2 1934, at the Corporate Trust Department of
the Bank, 11 Broad Street, New York.
Tenders Invited for Retiring Through'Sinking Fund
Bonds of Argentine.
The Chase National Bank of the City of New York, acting
for the fiscal agents of the Government of the Argentine
National external sinking fund 6% gold bonds State Railways issue of 1927, is inviting tenders of such bonds at a
price below par in an amount sufficient to exhaust the sum
of $319,548 available in the sinking fund. Tenders will be
received at the Corporate Trust Department of the Bank,
11 Broad Street, New York City, until noon, April 2 1934.
Canal Zone Postal Savings Interest Rate Cut to 23/2%•
Advices from Panama City, Feb. 16, to the Chicago
"Daily Tribune" said:
The Canal Zone's postal savings department has reduced interest from
3 to 2%% on the complaint of American and native bankers that depositors
are withdrawing their savings and putting them in the postal system. The
Canal Zone savings are not under the United States Postmaster-General,
but under the Canal Governor, who is responsible to the Secretary of War.
Destruction of Scrip Issued a Year Ago During Bank
Holiday by Philadelphia Clearing House Association—Of Total of About $35,000,000 Printed Only
$8,000,000 Was Placed in Circulation.
Redeemed scrip, to the amount of $8,000,000, issued by the
Philadelphia Clearing House Association a year ago was
disposed of on Feb. 23, with its destruction in an incinerator,
in the Fidelity-Philadelphia Trust Co. The scrip destroyed
numbered 1,034,000 pieces. With regard thereto we quote
the following from the Philadelphia "Public Ledger" of
Feb. 24:
The scrip was issued March 10 1933, through the Philadelphia Clearing
House to member banks, to meet payrolls when President Roosevelt directed
all banks in the nation to close.
After the scrip was burned, M. S. Altemose, Assistant Secretary of the
bank, executed an affidavit certifying to the cremation, together with the
serial numbers of the paper used as legal tender during the bank holiday.
Of the scrip issued last March, $2,810 still is outstanding, and if not
retired within six years will be turned over to the State as money belonging
to unknown persons.
Scrip burned ranged in $5, $10, $20 and $50 denominations, Mr. Altemose
said.
Present at the destruction of the scrip was Evan Randolph, Vice-President of the Philadelphia National Bank, on the Committee with Mr. Altemose to direct the proceedings.
There are 3,200,000 pieces of scrip, with a value of $26,700,000, which
were printed for the Clearing House, but which never were used.
The scrip destroyed was used over a three-day period and redeemed
within the following month, Mr. Altemose said.
Outstanding Brokers' Loans Increased for Fifth Consecutive Month on New York Stock Exchange
During February—Latest Advance $34,935,720—
Total of $938,010,227 Feb. 28 Compares with
$903,074,507 Jan. 31.
For the fifth consecutive'month oustanding brokers' loans
on the New York Stock Exchange have increased, the
advance for February being $34,935,720. The Feb. 28
total was reported by the Exchange at $938,010,227, as
compared with $903,074,507 Jan. 31. The Jan. 31 total
Financial Chronicle
Volume 138
represented an advance of $57,941,983 over the Dec.30figure
of $845,132,524.
During February demand loans amounted to $656,626,227,
which compares with the January total of $626,590,507,
while time loans during February totaled $281,384,000
against $276,484,000 in January. The Exchange made
public the Feb. 28 figures as follows yesterday (March 2):
New York Stock Exchange member total net borrowings on collateral,
contracted for and carried in New York, as of the close of business Feb. 28
1934, aggregated $938,010,227.
The detailed tabulation follows:
Time Loans.
Demand Loans.
(1) Net borrowings on collateral from New York
$280,181,000
$582,073.678
banks or trust companies
(2) Net borrowings on collateral from private
bankers, brokers, foreign bank agencies or
1,203,000
74,552,549
others in the City of New York
$281,384,000
8656,626,227
Total
Combined total of time and demand borrowings $938,010,227.
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
Below we give a compilation of the figures since January
1931:
1931—
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 29
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov.30
Dec. 31
1932—
Jan. 30
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 30
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1933—
Jan. 31
Feb. 28
Mar. 31
Apr. 29
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 30
1934—
Jan. 31
Feb. 28
Demand Loans.
$1,385,582,515
1,505,251,689
1,629,883,494
1,389,163,124
1,173,508,350
1,102,285,060
1,041,142,201
1,069,280,033
802,153,879
615,515,068
699,919,108
502,329,542
Time Loans.
8354,762,803
334.504,369
278,947,000
261,965,000
261,175,300
289,039.862
302,950.553
284,787,325
242,254,000
180,753,700
130,232,800
84,830,271
Total Loans.
$1,720,345,318
1,839.758,058
1,908,810,494
1,651,128,124
1,434,683.850
1,391,324,922
1,344,092,754
1,354,067,350
1,044.407.879
796,268,768
730,151.908
587,159,813
452,706,542
482,043.758
496,577.059
341,003,662
246,937,972
189,343,845
189,754,643
263.516,020
269,793,583
201,817,599
213,737,258
226,452,358
59,311,400
42,620,000.
36,526,000
38,013,000
53,459,250
54,230,450
51,845,300
68,183,300
110,008.000
122,884,600
123.875,300
120,352,300
512.017,942
524.663,758
533,103,059
379,015,669
300,397,222
243,574,295
241,599,943
331,699,320
379,801,583
324,702,199
337,612,558
346,804,658
255,285,758
222,501,556
207,601,081
207,385,202
398,148,452
582,691,556
679,514,938
634,158,895
624,450.531
514.827,033
544,317,539
597,963,524
104,055,300
137,455,500
103,360,500
115,106,986
130,360,986
197,694,564
236,728,996
283,056,579
272.145,000
261,355.000
244.912,000
247,179,000
359,341,058
359,957.056
310,961,581
322,492,188
528,509,438
780,386,120
916,243,934
917,215,274
896,595.531
776,182,033
789,229,539
845,132,524
626,590,507
656,626,227
276,484.000
281,384,000
903,074,507
938,010,227
In our issue of April 8 1933, page 2336, we gave the
monthly figures back to January 1926.
Corporations Re-acquiring Their Own Stocks for
Resale May Sell Same Without Registering It with
Federal Trade Commission, Provided Sale Is
"Broker's Transaction"—List Issued by New York
Stock Exchange.
Advices to the effect that corporations which have reacquired their own stocks for resale at a future date may
sell the stock without registering it with the Federal Trade
Commission, provided such sale is a "brokers' transaction,"
were contained in a Washington dispatch, Feb. 19, to the
New York "Evening Post," in which it was also stated:
This interpretation came from Trade Commission officials to-day as the
result of inquiries which have been received from a number of companies,
which have reacquired their own securities.
The section of the Securities Act referred to provides exemption from the
requirement that certain transactions are unlawful unless a registration
statement is in effect.
It exempts "brokers' transactions, executed upon customers' orders on
any exchange or in the open or counter market, but not the solicitation
of such orders."
Sub-section 1 of this same section, it was declared, also would permit
such resale, where there is no issuance of a prospectus or solicitation
involved.
On Feb. 15 the New York Stock Exchange made public a
list of 259 companies which have notified the Exchange of
the number of their own shares they have reacquired and
are holding in their treasuries. Approximately 800 companies have stocks listed on the Exchange, said the New
York "Times" of Feb. 16, in whict it was also stated:
Publication of this data follows the approval of a rule by the Exchange
in December under which corporations listing securities after Jan. 31 1934
would be required each month to notify the Exchange for public announcement of the number of shares of their own stock which they had acquired,
and to place such stock under "restricted registration." When this rule
was passed the Exchange indicated that corporations already listed would
be asked to subscribe to this rule voluntarily.
The statement yesterday by the Stock Exchange follows:
"In response to the circular letter of Dec. 29 1933, enclosing copy of a
report, dated Dec. 18 1933, of the Committee on Stock List to the Governing Committee of the New York Stock Exchange, the following companies
have reported reacquired holdings of their own listed stocks as set forth
herewith.
"The Committee on Stock List intends to publish in the regular "Saturday
Bulletin," shortly after the close of each month for which such notices
1475
are received, further advices of reacquired listed stocks and notices of
changes in amounts of reacquired stocks held."
Senate Committee Hearing on Bill for Federal Regulation of Stock Exchanges—Richard Whitney of
New York Stock Exchange Says Power Given to
Federal Trade Commission Under Bill Would
Lodge 'with Latter Authority to Manage and
Operate Exchanges.
Richard Whitney, President of the New York Stock Exchange, who a week ago voiced his opposition before the
House Cominittee on Inter-State and Foreign Commerce
to the Fletcher-Rayburn bill providing for Federal regulation of stock exchanges, was heard in opposition to the bill
this week by the Senate Banking and Currency Committee.
We alluded in our issue of Feb. 24 (page 1321), to what Mr.
Whitney had to say in criticism of the bill and the powers
which would be conferred under it upon the Federal Trade
Commission. We likewise referred in the item to Mr.
Whitney's proposal for the creation of a stock exchange coordinating authority to exercise regulatory power. At the
hearing before the Senate Committee on Feb. 28 Mr. Whitney again presented his suggestion for a co-ordinating authority and in taking exception to the power which the bill
lodges with the Federal Trade Commission he said the
authority given the latter "is not the power to regulate, but
is in fact, and in great detail, an absolute power to manage
and to operate them." Incident to the authority vested in
the Commission, Mr. Whitney said "the mere fact that
provisions are carried in the bill whereby the securities of
corporations cannot be dealt in on national exchanges
unless they are not only listed upon such exchanges but also
registered with the Federal Trade Commission, suggests
that the bill may have been intended to establish indirectly a
form of nationalization of business and industry which has
hitherto been alien to the American theory of Federal
Government.:'
We give herewith Mr. Whitney's prepared statement
presented to the Senate Committee on Feb. 28:
Mr. Chairman and Gentlemen:
I appear before you in opposition to Senate Dill No. 2693 entitled "A
bill to provide for the registration of national securities exchanges operating
in inter-State and foreign commerce and through the mails and to prevent
inequitable and unfair practices on such exchanges, and for other purposes."
On the occasion of my appearance before the Committee on Inter-State
and Foreign Commerce of the House of Representatives I took up in
detail the sections of the identical bill pending before that Committee.
This discussion is now in print and I shall make copies of it available to you
for the record.
It is not my desire at this time to discuss the bill in detail, but to make
clear beyond any possibility of misunderstanding the position of the New
York Stock Exchange with regard to Federal regulation.
The pending bill, as I read it. has three main purposes. First, it establishes rigid laws to govern exchanges and vests in the Federal Trade Commission the power not only to regulate but actually to administer their
business. Second, it seeks to restrict and control the credit system. Third,
it seeks to vest in the Federal Trade Commission the control of corporations
regardless of whether or not they are engaged in inter-State commerce.
If the stock of a corporation is listed, the corporation is subject to the regulations of the bill and the potential control of the Federal Trade Commission. If a corporation's stock is not listed. its value is impaired by its
ineligibility as collateral in any loan by a member of an exchange or by any
institution which transacts a business in securities through a member of
an exchange.
Any attempt to regulate by statute and in minute detail, the operation
of security markets is impossible of accomplishment. Rules of law effective
to-day would be worse than useless to-morrow and the harm that would be
done before Congress could assemble and amend them would be beyond
repair. The purpose of Federal regulation should be to establish supervisory powers with authority to prevent abuses as time and circumstances
require.
The power given to the Federal Trade Commission over stock exchanges
by this bill is not the power to regulate but is, in fact, and in great detail
an absolute power to manage and to operate them. Under its provisions
there is no function of a stock exchange from the admission of its members
to their expulsion which is not subejct to the control of the Federal Trade
Commission. The election of officers of exchanges and the appointment of
their committees can be regulated and representatives of the Commission
have the right to attend every meeting of every committee of all exchanges.
Such a power carries with it a corresponding duty and the Federal Government will be responsible for the operation of every security exchange in the
country.
Under the bill the Federal Trade Commission is given broad power to
control credit for the alleged purpose of preventing excessive speculation.
The Federal Trade Commission was originally established to adminster
legislation dealing with restraints of trade and dishonest practices in
commerce among the States. There is nothing in the purposes for which it
was founded or its history or in the experience of its personnel to suggest
that it is fitted to regulate security exchanges or to control credit by fixing
the amount that brokers and banks may lend upon securities.
The authority of the Federal Trade Commission to deal with credit is
in conflict with the control already vested by law in the Federal Reserve
System and its member banks, and the vesting of control of individual
credit in the hands of a single administrative body does violence to the
principle on which our entire banking system is founded.
The power over credit granted to the Federal Trade Commission is not
absolute but is limited by inflexible margin requirements which will be low
in times of stable or declining prices and in periods of rising prices the/
will be so high as to prevent the flow of capital into business.
1476
Financial Chronicle
The immediate effect of these margin provisions will be the liquidation
of a substantial part of the debit balances now carried for customers by
members of exchanges. There is no assurance that markets subject to the
restrictions contained in the blll could absorb the volume of this liquidation.
Furthermore, if the bill should be construed to apply to loans made by banks
on security collateral, the volume of liquidation may freeze our security
markets. No good that can be anticipated from these provisions will
compensate for the harm they are certain to cause.
IV.
The power given by the bill to the Federal Trade Commission to control
accounting practices, to dictate the form of financial statements and the
information of all kinds which must be submitted whenever required, vests
in the Federal Trade Commission the ability to dominate the management
of all companies whose securities may be listed on exchanges. The apparent
purpose of these provisions is to correct the abuses in corporate procedure
which exist to-day because of the inadequacy of State laws. The remedy
for this situation is a national incorporation law applicable to all companies
doing busines in inter-State commerce. This should be accomplished by
direct Federal legislation. It should not be dealt with indirectly by delegating the regulatory power to an administrative Commission, whose
cregulations will apply only to corporations which list their securities on
exchanges.
Under the provisions of the bill the securities of corporations cannot be
dealt in on national exchanges unless they are not only listed upon such
exchanges, but also registered with the Federal Trade Commission. In
connection with such registration the Federal Trade Commission may,
in its discretion, impose such conditions as it may deem necessary in the
public interest. It thus appears that under the guise of establishing
sound corporate practices the Federal Trade Commission will be vested with
absolute power to take over the management of all corporations whose
shares are listed on exchanges, regardless of whether or not they are engaged in inter-State commerce. These provisions are not a necessary or
proper part of a law regulating stock exchanges. The mere fact that they
have been included suggests that the bill may have been intended to establish indirectly a form of nationalization of business and industry which
has hitherto been alien to the American theory of Federal Government.
V.
The bill is predicated upon allegations that the facilities of security
exchanges have been abused. But the scope of the bill is not limited to
the correction of these abuses. They do not warrant the Federal Government in taking over the security exchanges. They do not warrant placing
the control of credit in the hands of the Federal Trade Commission. They
do not justify the Federal Government in using its power over Inter-State
commerce and the mails as a lever to regulate security exchanges, and
through the control of exchanges to regulate corporations, which are not
engaged in inter-State commerce. I do not believe that the liberalism of
to-day is predicated on the conception of a national as opposed to a Federal
Government. I do not believe that this liberalism requirse the Federal
Government to operate our exchnage., to control our credit and to regulate
our 'corporations. Reform should be limited to the correction of abuses
and should n8t retard recovery by unwise restrictions upon individual
Initiative.
It is the purpose of the New York Stock Exchange to assist in every
possible way in the prevention of fraudulent practices affecting stock
exchange transactions, excessive speculation and manipulation of security
prices. We should be glad to see a regulatory body, constituted under
Federal law, supervise the solution of these grave problems. We suggest
In principle, and subject to the requirements of law and the Constitutional
power of Congress, an authority or board to consist of seven members,
two of whom are to be appointed by the President; two to be Cabinet officers, who may well be the Secretary of the Treasury and the Secretary of
Commerce; and one to be appointed by the Open Market Committee of the
Federal Reserve System; the two remaining members will be representatives
of stock exchanges, one to be designated by the New York Stock Exchange
and the other to be elected by members of exchanges in the United States,
other than the New York Stock Exchange. Such a body would bring together a personnel which would be properly co-ordinated with the banking
system and in other respects qualified to administer the broad supervisory
power which our proposal would give. We suggest the inclusion in the
power given to this body of authority to regulate the amount of margin
which members of exchanges must require and maintain on customers'
accounts; authority to require stock exchanges to adopt rules and regulations designed to prevent dishonest practices and all other practices which
unfairly influence the prices of securities or unduly stimulate speculation;
authority to fix requirements for listing of securities; authority to control
pools, syndicates and joint accounts and options intended or used to unfairly influence market prices; authority to penalize the circulation of
rumors or statements calculated to induce speculative activity; and to
control the use of advertising and the employment of cusomters' men or
other employees of brokers who solicit business. This body should also
have the power to study and if need be to adopt rules governing those
instances where the exercise of the function of broker and dealer by the
same person may not be compatible with fair dealing, as well as the power
to adopt rules in regard to short selling, if the supervisory body should
become convinced that such regulation is necessary.
We believe that these regulatory measures will prevent abuses affecting
transactions on exchanges and will at the same time not interfere with the
maintenance of free and open markets for securities.
This proposal represents the considered view of the New York Stock
Exchange adopted by its Governing Committee, which has given me authority to present it to you. I say to you confidently that the Exchange will
co-operate fully and by all the means in its power to assist in the prevention
of unwise or excessive speculation and abuses or bad practices affecting the
stock market.
RICHARD WHITNEY,
President of New York Stock Exchange.
Hearing Before House Committee on Bill for Federal
Regulation of Stock Exchanges—Frank R. Hope
of Association of Stock Exchange Firms and
Edward A. Pierce Cite Objections to Bill—Mr.
Hope Sees Bill Eliminating Floor Transactions—
Mr. Pierce Contends Destruction Will Result
from Legislation Instead of Regulation—Costs
Under Federal Securities Act.
Indicating his views on the bill providing for Federal
regulation of Stock Exchanges, Frank R. Hope, President
of the Association of Stock Exchange Firms, told the House
Committee on Inter-State Commerce, on Feb. 24, that the
bill would give the Federal Trade Commission power to
Mar.3 1934
"destroy" corporations. He is also quoted in a dispatch
from Washington on Feb. 24, to the New York "Times" as
saying that the measure exceeded its purposes of Exchange
regulation and investor protection, and as further declaring
that it would become a vehicle for the regimentation of
credit and corporation practices.
Edward A. Pierce, a New York broker, also heard at the
hearing of the House Committee on Feb. 24, is reported as
testifying that the New York Stock Exchange could have
prevented the "debacle of 1929" by fixing maximum loan
values on stocks. The further testimony of Messrs. Hope
and Pierce, as contained in the "Times" account from Washington, Feb. 24, follows:
He [Mr. Pierce] advocated the fixing of loan values instead of enactment
of the proposed bill, which, he said, would force the scrapping of a great
part of businesses like his, which has 45,000 customers in 37 cities.
The Fletcher-Rayburn bill would lead to security "bootlegging," he
declared.
Mr. Hope Opposes Wide Control.
_
Mr. Hope read from a prepared paper, saying:
"If this proposal is carried out, the Federal Trade Commission, through
its control of so many of the varied phases of the financial and economic
life of the country, may restrict the operation of and even destroy corp.,
rations that incur its displeasure.
"The Federal Trade Commission, through its various powers of regulation and dictation of the conduct of officers, directors and stockholders, is
given indirect but potentially effective directional control over the investigation of all capital."
Mr. Hope declared this power would create a state of confusion and
conflict. He favored a board composed of financial instead of Government
agents—"if such a board must exist."
He contended that companies like the New York Central RR. would not
be able to float a $40,000,000 convertible bond issue now contemplated if
the section of the proposed measure were put into effect which forbids
"any transaction whereby a put, call, straddle or other optional privilege
is acquired."
Mr. Whitney's Objections Backed.
Mr. Pierce, who said he went to New York "after spending half my life
in Maine" and built a huge business which deals not only in stocks but in
bask: commodities, is reported in some circles to have differed occasionally
with Richard Whitney, President of the New York Stock Exchange, who
attended the Committee session to-day.
Mr. Pierce said, nevertheless, that he was with Mr. Whitney in his
objections to the bill, "since I'm quite sure Mr. Whitney and his associates
are honest."
Mr. Pierce added that the Fletcher-Rayburn bill, in his opinion, did
"not provide for regulation but destruction," and said "it would help me
by driving 85% of my competitors out of business, if I could manage to
keep out of Atlanta or Leavenworth myself."
"If the New York Stock Exchange, when Radio reached $100, had
fixed a maximum loan value of $50 on that stock, do you suppose it would
ever have reached $2501" he asked in snaking a suggestion that fixing the
loan value would end speculation.
Mr. Pierce said that in July 1929 he had instructed his firm's branches
not to margin stocks on the Chicago Exchange and was consequently
sharply criticized. Later, he indicated, he had increased margins to a
maximum of 80% or refused to margin them entirely.
Mr. Pierce said, however, that he believed the Exchange was honestly
endeavoring to correct the abuses which it is now showing occurred previous
to 1929.
Security Act Cost Is Told.
Earlier in the hearing it was brought out that the American Water Works
Co. had spent $250,000 to qualify a single $15,000,000 bond issue under
the Securities Act of 1933. Mr. Hope, who was then testifying, said:
"It is not inconceivable that the Federal Trade Commission would require
somewhat similar data for the registration on Exchanges, and one should
consider the expense of these requirements if every outstanding security
presently listed on the Stock Exchange must go through somewhat similar
procedure."
Chairman Rayburn asked the witness if the tact that the company had
not previously had its property accurately evaluated had not let to this •
expense, and the witness replied that this was probably true.
Mr. Hope asserted that Section 18 of the proposed bill was so worded
as to eliminate the odd-lot dealer.
"This section would absolutely prohibit floor trading," he said. "This
phase of the stock business accounts for a considerable volume of transactions and thereby promotes marketability of securities and liquidity of
credit."
Hearing Before House Committee on Bill for Federal
Regulation of Stock Exchanges — Eugene E.
Thompson Presents Views of Various Markets
Outside New York—Representatives of Cincinnati,
Los Angeles and San Francisco Exchanges Also
Heard.
The view that if the bill for Federal regulation of Stock
Exchanges is passed, "many local Stock Exchanges will
cease to function" was expressed before the House Committee on Inter-State Commerce by Eugene E. Thompson of
Washington, President of the Association of Stock Exchanges, who spoke for 19 markets outside New York. Reporting this from Washington, on Feb. 23, a dispatch to the
New York "Times" stated that appearing with Mr. Thompson were W. D. Gradison, President of the Cincinnati Stock
Exchange; W. G. Paul, Secretary of the Los Angeles ExChange, and Frank C. Shaughnessy, President of the San
Francisco Exchange. As to the views expressed by these
various witnesses, the dispatch stated:
"It will seriously impair if not destroy the value of securities markets,
will reduce State and other taxes, throw thousands out of employment, and
Volume 138
Financial Chronicle
end the essential function of Stock Exchanges," said Mr. Thompson of
the bill.
"Instead of being a measure for the protection of the investor in corporate capital, it may prove to be the most dangerous legislation of its character that Congress has ever enacted. There is anxiety and unrest on the
part of security owners as to the next move, and should the bill be passed
there is certain to follow an avalanche of selling—or efforts to sell—such
as we have never before witnessed."
Back Mr. Whitney's Criticisms.
Mr. Thompson objected to the bill in principle and endorsed in detail
Mr. Whitney's criticisms made yesterday and to-day; he also added some
of his own. His chief objection, however, was to the provisions segregating
the functions of dealer, underwriter and specialist and limiting the latter's
activities.
Mr. Thompson and his colleagues declared that there was not enough
volume of business in the average local exchange to allow brokers to
continue in business if they were forced to confine their activities to dealing
for customers alone.
Furthermore, the effect of these provisions would be to drive all small
local concerns to Wall Street, when they issued new stock or attempted
to expand by floating new issues.
"To destroy the means of livelihood of hundreds of brokers on local
exchanges now acting also as dealers is treating them most unfairly," Mr.
Thompson said.
Local exchanges had already adopted strict rules protecting the interest
of the investor and the public, he pointed out.
Mr. Gradison remarked that "the small stock exchanges, which are local
in nature, play an important part in the economic life of their communities,
and it is necessary that there be local markets in order to rasie capital for
the industries in their localities through the sale of securities.
"Thousands of companies are dependent solely on local markets to raise
capital which are unable to compete in the large financial centers," he
said. "Unless there is a market providing a fair degree of liquidity it will
be almost impossible for the local security dealers to function."
Mr. Thompson said that as of Feb. 19 1934, 2,140,015,288 shares of stock
were listed on exchanges outside New York, representing $10,690,816,255.
Furthermore, he and his colleagues declared, the provision preventing
brokers' loans on any but listed securities would prevent their advancing
credit for stock market operations on State and city bonds, Federal bonds
or securities, bank and insurance stocks, and other forms of collateral, not
making up a large part of their securities.
The listing requirements would tend to drive listed stocks off exchanges
and throw the "over-the-counter markets" to the bucket shop and the securities bootlegger, they said.
Group of Investment Houses Organize to Oppose
Certain Features of Fletcher-Rayburn Stock
Exchange Regulation Bill Affecting Investment
Business.
A group of 18 investment houses .
w}licit' are engaged in
the investment business as dealers and underwriters, and
which also act as brokers, has been organized to oppose certain features of the Fletcher-Rayburn Stock Exchange Control bill particularly affecting the investment business.
This group is not acting in opposition to Stock Exchanges.
Permission has been obtained for spokesmen of the group
to appear before Committees of the Senate and the House
in Washington. As to the organization of the group, it was
announced on Feb. 26:
The primary reason for the formation of this independent group is that
the Exchanges and most of their members are interested chiefly in the bill
as it affects the commission brokerage business, while these 18 houses are
engaged in the investment business as well as in brokerage activities. They
therefore plan to present their position as to the bill from the standpoint
of firms which are both investment and brokerage houses.
The opposition of this investment house group to the Fletcher-Rayburn
bill in its present form is based mainly on the following grounds:
1. That the bill, by restricting credit and forcing the liquidation of
bank and brokerage loans, would set in motion a new deflationary movement
and so retard recovery.
2. That the bill, while designed to regulate securities exchanges, goes
far beyond that and gives large regulatory power over all businesses and
Industries whose securities are listed on any exchange. It affects all
investors and all property owners and wage earners.
3. That the bill, by depriving investment firms and security dealers of
the right to act as brokers, will go a long way toward putting an end to
the existing facilities in the United States for the creation and distribution
of securities
Trowbridge Callaway, of Callaway, Fish & Co., 15 Broad
Street, New York, and former President of the Investment
Bankers' Association of America, is Chairman of the group.
The investment firms comprising the group are:
Chas. D. Barney & Co.
Callaway, Fish & Co.
Cassatt & Co.
Clark, Dodge & Co.
Field, Glore & Co.
Hallgarten & Co.
Hemphill, Noyes & Co.
A. Iselin & Co.
Kidder, Peabody & Co.
Ladenburg, Thalman & Co.
Laurence H. Marks & Co.
G. M.-P. Murphy & Co.
Biter & Co.
L. F. Rothschild & Co.
Edward B. Smith & Co.
Spencer Trask & Co.
Tucker, Anthony & Co.
White, Weld & Co.
Hearing Before House Committee on Bill for Federal
Regulation of Stock Exchanges—Representatives
of Chicago and Boston Exchanges Describe Measure
as Paralyzing—G. H. KInnicutt, Representing 18
New York Firms, Declares Measure Deflationary.
The bill for Federal regulation of stock exchanges was
described as paralyzing legislation by Michael J. O'Brien,
President of the Chicago Stock Exchange; Charles A. Collins,
President of the Boston Stock Exchange, and G. Hermann
Kinnicutt, representing 18 New. York investment houses,
1477
in testimony before the House Inter-State Commerce Committee on Feb*. 27. Mr. O'Brien and Mr Kinnicutt asked
in effect for Federal supervision rather than regulation; the
former explained to the Committee how the Chicago Stock
Exchange had. moved to create for itself what it regarded
as iron-clad regulations to protect the investor, the operator
and the entities doing business. In the dispatch from
Washington Feb. 27, from which the foregoing is taken,
he was quoted as saying:
Let the Government aid us by legislation to prohibit unethical practices
and control unethical individuals whom we cannot reach. I believe that
In considering what Government regulation may be necessary, Congress
should weigh most carefully how to preserve the efficiency of the organization we have built up.
The further views expressed at the hearing Feb. 27 were
reported as follows in the "Times" dispatch:
All three witnesses asserted that under the regulatory system as proposed in the Fletcher-Rayburn bill there would be a contraction of credit
and a definite slowing up of recovery. All held that it would make legitimate financing for corporations and marketing of securities for small holders
exceedingly difficult.
Submits Chicago Rules.
Mr. O'Brien said that he thought the Chicago Exchange had attained
substantial protection for evety one concerned by the introduction of
"10 simple principles" and that he thought governmental interference
on too grand a scale would do more harm than good.
The measures which the Chicago Exchange had adopted, he listed as
follows:
"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 Comauthorized
mittee upon an application signed and sworn to by a duly
Exchange
officer of the corporation issuing the security. The Chicago Stock
it list
does
for many years has had no so-called unlisted department, nor
persons
any
or
members
own
securities upon data or application filed by its
other than the company itself.
experience
"2. The application shall contain a full statement of the
and reputation of the management, as well as a description and history
of the applicant company.
balance
"3. Clear and informative financial statements, including a
shall be subsheet, profit and loss statement and an analysis of surplus,
shall truly
mitted as part of each application. Such financial statements
and
disclose the past operations and present condition of the company
indequalified
duly
by
Exchange
shall be certified to the Chicago Stock
in full as
pendent publlc accountants, whose certificate shall be set forth
a part of the application.
forgery or frau"4. The securities themselves shall be as proof against
shall be fully
dulent alteration as it is possible to prepare them. They
temporarily.
steel engraved, unless they are to be outstanding only
Safeguards Stock Issues.
agency and a
"5. The applicant company shall maintain a transfer
issuance of
registrar in the City of Chicago. To safeguard against the
responsible
unauthorized stock, the registrar shall be an independent,
may act
trust company. Only independent, responsible trust companies
as trustees for listed bond issues.
approved
be
shall
"6. The validity and legality of the securities listed
or director of the
by competent legal counsel, who shall not be an officer
appllcant company.
offering. Appli"7. Securities will not be listed coincident with a public
demonstrates that the
cations will only be considered when the company
public to assure
the
to
securities to be listed are sufficiently distributed
a free and open market.
already listed shall
"8. Distribution of additional securities of a class
have been made
be made only after application to list such securities shall
found unobiecbeen
and the methods of proposed distribution shall have
tionable by the Exchange.
Exchange and to
"9. Applicant companies shall agree to mail to the
of the
their stockholders with the notice of the annual meeting a report
profit
operations for the preceding fiscal year, including a balance sheet,
statements
financial
Such
and loss statement and analysis of surplus.
the
shall be clear, complete and informative. They shalt truly disclose
duly
operations and conditions of the company and shall be certified by
qualified, independent public accountants, whose certificate in form satisfactory to the Exchange shall be attached.
publicity;
"10. The Chicago Stock Exchange favors a policy of full
access
after a security has been listed, the public and the press will be given
to listing applications and to reports filed with the Exchange."
Defends Boston Operations.
Mr. Collins defended the conservatism of New England in its securities
operations and testified that financial houses provide a fair market for the
outstanding supply of unlisted securities in New England States and new
capital for their industries.
"Outside of the members who are also members of the New York Stock
Exchange, there are only 11 (of 139) members who carry margin accounts
for customers. This is due to the fact that probably more than in any
other part of the country the people of New England are inclined to buy
and pay for their securities and put them away as long-term investments.
There is an unusually large investment public which buys stock in less than
100-share lots and probably 60% of the business transacted represents
Investment business as distinguished from speculative business."
Mr. Collins said that due to this situation, New England particularly
opposed Article 10 of the proposed legislation which makes it unlawful
for a concern to be both a dealer and broker. Ile said that enforcement
of this article would,in his judgment, make the listed security of the small
holder in the small town less valuable becuase of marketing difficulty,
an increased cost to industry for financing and consequently a decreased
valuation of the security sold the investor.
"The proposed act," Mr. Kinnicutt said, "is a highly deflationary
measure and will retard the recovery now under way. The use of credit
will be reduced through restrictions both on the loans of brokers and others,
precisely when the Government is seeking to increase both the amount
of available credit and the extent of its use. Through extensive liquidation
security prices would be depressed."
Opposition to Fletcher-Rayburn Bill for Federal
Regulation of Stock Exchanges Voiced by Business,
Banking and Insurance Interests in Philadelphia.
Opposition to the Fletcher-Rayburn bill for Federal regulation of Stock Exchanges (the National Securities Exchange
1478
Financial Chronicle
Act of 1934) was voiced at a meeting in Philadelphia on
Feb. 23 of representatives of the largest industrial, commercial, banking and insurance companies in Philadelphia
and Eastern Pennsylvania. Some 250 leaders were in attendance at the meeting, and in a resolution adopted it was
declared that the bill in its present form "is detrimental to
the business interests of this country and to the individuals
interested in the welfare of the corporations." As given in
the Philadelphia "Public Ledger" of Feb. 24, the resolution
reads as follows:
•
Resolved, That is the sense of this meeting that the National Securities
Exchange Act of 1934 in the form now before the respective Committees of
the Senate and House of Representatives of the United States Congress is
detrimental to the business interests of this country and to the individuals
interested in the welfare of the corporations. It produces a conflict of
authority between the Federal Trade Commission and other constituted governmental agencies competent to regulate the corporations subject to their
jurisdiction, such as financial institutions, railroads and public utilities,
and appears to destroy completely the jurisdiction of many State regulatory
bodies.
Resolved, That it is the sense of this meeting that the National Securities
Exchange Act should be opposed in its present form, and that unless so
amended that its harmful and objectionable features are eliminated the
passage of this bill by the Congress of the United States should be opposed
and the effort of those represented at this meeting should be directed to
accomplish its defeat.
Resolved, That the Chairman of the meeting be and is hereby requested
and authorized to appoint a Committee of such number as he may deem
proper to act for the interests represented by this meeting with power to
take such steps as in their judgment may seem necessary to bring to the
attention of the members of the Senate of House of Representatives of the
Congress of the United States the reasons why the National Securities Exchange Act should not be passed in its present form.
Mar.3 1934
Dangers to Officers and Directors of Coraportions
Seen by Executive Committee of Philadelphia
Chamber of Commerce in Bill Providing for Federal
Regulation of Stock Exchanges.
The Executive Committee of the Philadelphia Chamber of
Commerce on Feb. 21 called the attention of its members to
the dangers to officers and directors of corporations having
securities listed on the Stock Exchanges, and to investors in
securities, contained in the proposed National Securities
Exchange Act of 1934. From the Philadelphia "Public Ledger" of Feb. 22 we quote further as follows:
Pointing out that while the bill ostensibly is designed to regulate Stock
Exchanges, it contains many provisions that are seriously restrictive to
business, and give the Federal Government, through the Federal Trade Commission, inquisitorial powers in all lines of business, the Chamber officials
ask business men to study the bill and express their views to the Pennsylvania delegation in Congress.
The Chamber states that "while the bill is designed for the purpose of
providing additional protection to investors, that this bill has gone to
extremes that are dangerous to private business. The Act is retarding the
issuance of and transactions in legitimate securities necessary in promotion
of the public interest, for the maintenance and increase of employment,
operating capital and the continuance and development of production and
distribution facilities, goods and services."
Among the provisions of the bill, the Chamber states, is one that makes
It unlawful for any member of a national securities exchange or person
who transacts a business in securities through the medium of such member, directly or indirectly "to borrow on any security registered on a
national securities exchange from any person other than a member of the
Federal Reserve System."
Modification of Bill Providing for Federal Regulation
of Stock Exchanges Suggested at Senate Committee Hearing by Thomas Corcoran of RFC—
Some of Objections Made by Richard Whitney
According to the "Ledger," the resolution was adopted
Should Be Met, Mr. Corcoran Admits—Senator
after the meeting had been addressed by Joseph P.
Fletcher in Agreement—Powers of Federal Trade
Wayne Jr., President of the Philadelphia National Bank,
Commission Would Be Curbed—Working of Marwho presided; William Clark Mason, of the law firm of
ginal Provisions.
Morgan, Lewis & Bockins; George H. Houston, President of
Appearing on Feb. 27 before the Senate Committee or
the Baldwin Locomotive Works, and John P. Connelly, an Banking
and Currency at its hearing on the bill for Federal
attorney—the speakers describing the bill as a peril to regulation
of stock exchanges, Thomas Corcoran, an attorney
Industry. From the "Ledger" we also qubte in part:
attached to the Reconstruction Finance Corporation, and
said to be one of the authors of the bill, while reported as
Mr. Wayne Bees Danger in, Bill.
strongly supporting the measure in general, suggested (it
Mr. Wayne was one of a conunittee of five Philadelphia business heads
was stated in the Washington dispatch to the New York
who called the meeting. The others were Philip H. Gadsden, President of
the Philadelphia Chamber of Commerce and Vice-President of the United
"Herald Tribune") a few modifications with a view to
Gas Improvement Co.; William A. Law, President of the Penn Mutual Life
meeting some of the objections advanced before the House
Insurance Co.; Benjamin Rush, President of the Insurance Co. of North
Committee last week by Richard Whitney, President of
America, and Samuel D. Warriner, President of the Lehigh Coal & Navigation
Co. Mr. Warriner offered the resolution.
MI New York Exchange. Mr. Corcoran read the bill,
"When the bill was introduced in Congress," Mr. Wayne said in opening
section by section, explaining the purpose its drafters had
the meeting, "business men, investors and bankers thought that it didn't
in mind in the imposition of various restrictions, it was
refer to them but was designed to regulate Stock Exchanges. It has been
found, however, that there are many 'jokers' in it that have an important
indicated in the "Herald Tribune" advices, which in part
bearing on the corporations represented here." . . .
continued:
Need for Regulation.
Mr. Mason, as did Mr. Wayne in his preliminary remarks, said there was
need for some regulation of stock trading as a safeguard for the interests
of the general public. However, he pointed out, the "other purposes" in
the title of the bill "was very cleverly conceived to give the Federal
Trade Commission almost complete control of industry in this country."
"This bill as at present constituted," Mr. Mason continued, "would
give
the Federal Trade Commission control over all forms of business and
the
issuance of all securities, except those on which the principal and
income
Is guaranteed by the United States Government."
Mr. Mason then pointed out that some of the liability features on officers,
directors and even those who own more than 5% of the securities of any
one corporation would virtually serve to bar any financing in the
immediate
future by industrial corporations.
Loan Provisions.
In this connection Mr. Mason noted the fact that the proposed legislation
would in effect eliminate the use of securities not listed on an
Exchange
as collateral for a loan from a banking institution. Another
provision, he
stated, would make it unlawful for any member of a national
securities
exchange or person who transacts a business in securities through the
medium
of such member, directly or indirectly, to borrow on any security
registered
on a national securities exchange from any person other than
a member
bank of the Federal Reserve System.
Mr. Mason urged those present to direct the attention of their representatives in Congress to the numerous restrictive features of the proposed
legislation, stating that "a large number of members of Congress desire
to pass
constructive legislation after they have given it intelligent consideration."
"This bill," Mr. Mason concluded, "Is not designed so much to give the
public protection from abuses in stock trading, which unquestionably have
existed, as it is to give the Federal Trade Commission control not only of
all corporation activities, but also of the individuals managing the
corporations and their security owners."
Maintaining that new corporate financing had been seriously hampered
by the Federal Securities Act of 1933, Mr. Houston declared that
passage
of the Fletcher-Rayburn bill in its present form would stop the
"normal
flow of new blood into industry." That new blood, he continued,
is the
sale of capital issues or securities.
Mr. Houston said that in 1933 new industrial financing had been only 3%
of the previous six-year average. "If Congress passes this new bill, even
the 3% will be eliminated," he continued. . . .
Mr. Wayne stated that there was need for sonic legislation, such
as pro.
posed in the Fletcher-Rayburn bill, "but not in its present form."
"There should be protection for investors against fraudulent securities
and abuses," Mr. Wayne said, "but there should be no handicap placed on
legitimate business."
Whitney on Stand To-day.
In an unusual procedure, Roland Redmond, counsel for the New York
Stock Exchange, participated in the hearing, offering comments as Mr.
Corcoran elaborated the various provisions of the bill. Permission to do
this was granted by the Committee. . .
One of the chief modifications proposed by Mr. Corcoran with a view to
meeting objections from the exchanges was in the section which has been
interpreted as giving the Federal Trade Commission broad powers over all
the corporations in the country. Mr. Corcoran described as a "bugaboo"
the suggestion by critics that the Commission might undertake to determine
whether it was desirable from an economic standpoint for specific corporations to issue securities.
The section in question provides that a security may be registered with
a national securities exchange upon application by the issuer by filing with
such exchange and with the Federal Trade Commission "such undertakings.
information and documents as the Commission may by its rules and regulations require in the public interest and for the protection of investors."
Mr. Corcoran proposed that there be inserted a clause that such rules and
regulations should be designed "to secure honest protection to investors
and honest dealing in the securities."
"This Is the section which the New York Exchange has advised all the
corporations in the United States that it puts them completely under
the domination of the Federal Trade Commission," said Mr. Corcoran.
"This section permits the Commission to dictate listing requirements on
stock exchanges. It. in effect, says the Commission shall have something
to say about listing reeuirements if they are not stiff enough to meet standards necessary for the decent protection of the public. It is an unfair
Interpretation of the language that there is any attempt to set up a capital
ssues committee in the Federal Trade Commission.
Would Clear Intent of Bill.
"The modification which I suggest would make sure that there can be
no charge of an intent on which Industry can be rallied against this bUl.
It will do away with the bugaboo which has been raised."
Mr. Redmond said an amendment along the line suggested by Mr.Corcoran "would go a long way toward removing the objection." He pointed
out, however, that the bill vested broad powers in the Commission in
many of its sections, and that it should be modified at many points in order
to prevent a misuse of authority.
Mr. Corcoran defended provisions of the bill requiring monthly and
quarterly reports by corporations listed on Exchanges after Senator Duncan
U. Fletcher of Florida, Chairman of the Committee, who introduced the
bill, had expressed the opinion that these requirements were a little too
sweeping in character.
"I think there is ground for some complaint," said Senator Fletcher.
"I have numerous letters from people who say they would have to have
auditors and accountants in their plants practically continuously through
the year for the purpose of making these monthly and quarterly reports."
W.Corcoran said that the cost of the reports should not be nearly so
great as claimed and that the monthly reports were not of such a nature as
Volume 138
to necessitate outside assistance. He agreed with a suggestion by Senator
F. C. Walcott of Connecticut that it might be well to quaiity the provisions
in such a way as to preclude a requirement by the Federal Trade Commission for a physical inventory at frequent intervals.
Seek to Curb Poos Trades,
When Senator Hamilton F. Kean of New Jersey said he thought semiannual reports should be sufficient, Mr. Corcoran insisted that it was
desirable to obtain more frequent information. "You would have six
months of mystery," said Mr. Corcoran, "on which the pools could op-
erate."
Mr. Corcoran asserted and Mr. Redmond denied that the position of the
New York Exchange that provisions relative to corporate practice should
be incorporated in a bill relating to corporations rather than in a stock
market measure was"a red herring" across the trail. There is little chance.
Mr. Corcoran said, for the passage of legislation for Federal incorporation
within four or five years.
In going through the bill Mr. Corcoran first dealt with provisions which
he said related to control or borrowed money which reached the stock
market. To charge the Trade Commission with control of the exchanges
without full powers would be, he said, like putting "a baby in a cage with
a tiger to regulate the tiger." Mr. Corcoran then dealt with sections which
he said were intended to protect the investor after he entered the market.
Ban on Options Attacked.
Defending a provision permitting investors to file suits for damages,
Mr. Corcoran said that this was a "bugaboo" raised by critics both of this
measure and of the Securities Act. He said such a provision was highly
desirable.
Mr. Redmond at one point objected to provisions reiating to options
which Mr. Corcoran had defended. "You are destroying completely a
Perfectly legitimate form of contract just because it can be abused," said
Mr. Redmond.
Ferdinand Pecora, counsel to the Committee, said the evidence in the
Committee's stock market investigation had shown that "options had
been prostituted to improper ends."
As to proposed modification of the bill Associated Press
accounts from Washington Feb. 27 said:
Modifications considered for the control bill would restrict the broad
powers otherwise conferred upon the Federal Trade Commission.
The proposed change, authors of the bill explained, would specify the
information to be required of a corporation seeking to register its shares.
The present provisions would empower the Commission to obtain whatever data it should deem desirable.
Ferdinand Pecora, Committee counsel, also said such a change was under
consideration and probably would be carried out.
Another modification under consideration would exclude banks from the
section prohibiting loans on unlisted securities and confine that prohibition
largely to brokers.
1;$ Still another would exempt "arbitrage transactions" from the section
giving the Trade Commission power to say when and how short sales shall
be made. Such transactions are intended to equalize quotations on a stock
listed on two or more Exchanges.
According to the Washington adviees Feb. 27 to the
New York "Times," the amendments which the Senate
Committee has under consideration include modification of
the marginal provisions in so far as they affect the banks;
exclusion of Government bonds from the category of securities
detailed in the marginal requirements provision of the bill
as now written, and amendment of the sections prohibiting
fictitious transactions through the use of the mails or other
means of inter-State commerce, requiring that these include
unlisted as well as listed securities. From the "Times"
dispatch we also quote:
•
"Tipster Sheets" a Target.
Other amendments would make "tipster sheets" an illegal means of disseminating information as to any security registered on a Stock Exchange;
give Exchange membership privileges to odd-lot dealers; clarify the provisions setting up a uniform system of accounting for corporations, and make
periodical audit of the books of such corporations mandatory. . . .
Margin Clause Is Explained.
Mr. Corcoran showed how the much-debated marginal provisions of the
bill would operate. As they now stand, the borrowing maximum of a
$1,000 bond which is at par to-day, but which in the past three years had
reached a low of $800, would be governed by the low of $800 and not the
current par value, he said.
"On such a bond the borrower can get 80% of $800 or $640," he explained,
"but if ho borrows on the current price of 81,000, he can only get $400 or
40%. The proposed law puts a very definite premium on securities which
have maintained stability over a period of three years, although such a
situation as pictured in the case of the $1.000 bond is possible."
. It is because of this that the Committee is expected to amend the law
so as to exclude Government and, possibly, municipal bonds from the
proposed marginal requirements.
An amendment making the proposed law apply only to marginal accounts
subsequent to Oct. 1 of this year would be justified, in Mr. Corcoran's
opinion.
"We don't want to put a dampening on any upturn," he said.
Investor Is Protected.
The raising of the margin limits was definitely in favor of the investor,
he declared, as under the percentages provided in the bill it would not be
nearly so easy to close the buyer out.
In general, he said, the bill operated for the protection of stockholders.
Asked how the over-the-counter market was to be regulated, Mr. Corcoran
replied that as long as the Government exercised control of communications in inter-State commerce it could control this aspect of the problem.
He argued that uniform accounting would in the end benefit corporations.
This is one of the provisions opposed by the Stock Exchange.
The witness also defended the provision which prohibits one broker from
lending another broker money held for customers. This,said Mr. Corcoran,
was "merely a matter of fairness as between broker and customer."
The statement by Mr. Corcoran to the Senate Committee showing how the marginal provisions of the bill work
and how they differ from the present marginal requirements
of the New York Stock Exchange, was given as follows in
the Washington advices to the "Times":
1479
Financial Chronicle
MARGINS.
(1) Margin Rules: Note—All the following rules relate to minimum
margins; the broker as a matter of his private relations with his customers
can always require more on particular securities:
(a) Present New York Stock Exchange rules.
(x) On accounts with debit balance of less than $5,000, customer must
maintain margin of 50% of debit balance—equivalent of permitting broker
to lend 66 2-3% of value of securities; applies to all accounts where customer "puts up" less than $2,500.
(y) On accounts with debit balance of more than $5,000, customer must
maintain margin of 30% of debit balance—equivalent of permitting broker
to lend 77% of value of securities; applies to all accounts where customer
"puts up" $2,500 or more.
(b) Rule proposed by Fletcher-Rayburn bill:
The broker may not lend more than whichever is the higher of—
(a) 40% of the current value of securities equivalent to the customer's
putting up 60% of the market value of the securities purchased or 150%
of the debit balance (i. e., the broker's loan of 40% of the market value); or,
(b) 80% of lowest price within three years equivalent to customers
putting up 20% of the market value of the securities purchased or 25%
of the debit balance (i, e., the broker's loan of 80% of the market value).
(2) Comparative tables illustrating operation of margin rules:
Rules.
N. Y. Stock Exchange—
Debit of less than 85,000
Debit of more than 85,000
Fletcher-Rayburn40% loan value on speculative securities
80% loan value on stable
as...m.111m
Minimum
Maximum
Minimum
Maximum
Per Cent of No. of Times Per Cent of
Per Cent
Debit Balance
Deposit
Value Secur's
of
Customer
Value of His Customer Customer
Must
Can Buy
Must
Securities
Put Op as inMarket Val. Put Oyes
Broker
Margin. of Securities. Margin.
May Lend.
33 1-3
23
3
4 1-3
so
40
60
1 2-3
150
511
205
66 2-3
77
33 1-3
25
(3) How much stock can a customer buy with a given deposit?
With a $2,500 deposit customer can buy the following values of securities:
(a) $7,500—under present New York Stock Exchange rule.
(b) 34.100—under Fletcher-Rayburn 40% speculative loan rule.
(c) 312,500—under Fletcher-Rayburn 80% stable loan value rule.
With a $10,000 deposit:
(a) $43,333—under present New York Stock Exchange rule.
(b) $16,666—under Fletcher-Rayburn 40% speculative loan rule.
(c) $50,000—under Fletcher-Rayburn 80% stable loan value rule.
(4) Protection afforded margin trader by larger margin:
(a) Suppose a trader without resources to meet additional margin calls
buys 100 shares X stock at 100 on New York Stock Exchange margin—
putting up $2,300 on $10,000 market value of securities. Accpunt reads:
810,000
Market value, long position
7,700
Debit
cusdebit,
equals
value
market
where
If stock drops suddenly to 77,
tomer's margin is wiped out.
(b) Suppose the trader buys the same 100 shares of X stock at $100 on
the Fletcher-Rayburn 40% loan value margin. He will have to deposit
$6,000 on $10,000 market value of securities and his account will stand:
810,000
Market value, long position
4,000
Debit
If the stock drops to 77, the trader can still readjust the account to the
required margin on a smaller number of shares without additional cash.
By selling 20 shares for $1,540 and applying the proceeds to the debit
balance, the trader can re-establish his account on the following basis:
56,160
Market value, long position
2.460
Debit
By thedrop in the market the trader will have lost part ofhis investment, but not all.
(a) Suppose that with the same down payment of $2.300 referred to in
the first case above the trader buys the maximum number of shares of the
same stock at the same price, which broker will be permitted to carry for
him under the Fletcher-Rayburn 40% loan value margin rule: He will be
able to buy 38 shares of a market value of $3,800 and his account will stand
$3,800
Market value, long position
1,500
Debit
account
the
the
to
readjust
stil
can
trader
the
to77,
If the stock drops
required margin on a smaller number of shares without additional cash.
By selling eight shares at 77 for $616 and applying the proceeds to the debit
balance the trader can re-establish his account on the following basis:
82,310
Market value, long position
884
Debit
oneapproximately
lost
have
will
By the drop in the market the trader
third of his original investment, but he will still have an equity in an account and may be able to recoup with a rise in the market.
J. F. Forbes of American Institute of Accountants Says
Rules of Fair Practice Proposed by I. B. A. Would
Give American Investors Protection of Independent Audits to Practically Same Extent as
That Accorded British Investor Under Companies'
Act.
Proposed rules of fair practice for investment bankers,
which have been under consideration by. the Board of
Governors of ,the Investment Bankers Association of America at Chicago, will, if adopted, accord American investors
the protection of independent audits to substantially as
great an extent as does the British investor under the
Companies' Act, according to John F. Forbes, President
of the American Institute of Accountants. "The I. B. A.
rules would," says Mr. Forbes, "overlap to some extent
the provisions of the Federal Securities Act, but apparently
they would cover, in addition, issues of securities marketed
entirely within ,the boundaries of one State." Mr. Forbes
also says:
Such issues are exempt under the Securities Act. These rules, together
with regulations now enforced by the New York Stock Exchange and other
securities exchanges and the provisions of the Securities Act, would insure
1480
Financial Chronicle
scrutiny by an independent accountant of the accounts of the great majority of companies offering to the public securities in excess of $100,000.
The I.B.A. rules prescribe that no investment banker shall be the originator of any investment security with certain exceptions unless he agrees
with the issuer to cause financial statements to be audited by an independent
or certified public accountant and made available to the investor at the end
of each fiscal year following the issue. Stock exchange regulations and the
Fletcher-Rayburn bill to regulate security exchanges also provide for recurrent annual audits in addition to the independent audit prerequisite to
listing or registration. The agreement on the part of the issuer to issue
annual statements certified by independent auditors is, perhaps, of more
importance to the investor than the audited statement required at the
time of issue because it will afford authentic information as to the progress
of the company whose securities he has acquired.
Municipal and governmental issues are exempt in the proposed rules of
fair practice, as in the case of the Securities Act, from the independent
audit requirement and such issuers are simply required to provide the
investment banker for submission to investors "adequate information"
regarding the financial condition of the issuer. The efforts of the National
Association of Municipal Finance Officers in collaboration with the American Institute of Accountants and other organizations to improve accounting practice of governmental subdivisions and to encourage independent
audit of municipalities and counties may make it possible in the near future
for taxpayers and investors to obtain information as complete as that
required in the case of industrial issues.
The I.B.A. rules set forth at some length the minimum information to
be disclosed by financial statements of issuers. They contain a significant
provision that any changes in accounting principles or methods, particularly depreciation rates, shall be indicated in the next succeeding balance
sheet. A similar regulation has recently been adopted by the New York
Stock Exchange and is distinctly a step forward. It prevents misinterpretation of the facts in comparison with earlier statements based on different accounting principles or methods. The proposed rules of fair practice also require publication of the accountant's full certificate with the
annual report in order that the investor may be informed of the qualifications and limitations of the audit.
An item regarding the meeting of the Board of Governors
in Chicago appeared in our issue of Feb. 17, page 1150.
New Offering of 182-Day Treasury Bills to Amount of
$100,000,000 or Thereabouts—To Be Dated March
7 1934.
Henry Morgenthau, Jr., Secretary of the Treasury, announced on March 1 that tenders will be received at the
Federal Reserve Banks, and the branches thereof, up to
2 p.m., Eastern Standard time, Monday, March 5, to a new
offering of Treasury bills to the amount of $100,000,000 or
thereabouts. Tenders will not be received at the Treasury
Department, Washington. They will be 182-day bills,
dated March 7 and maturing Sept. 5 1934. On the maturity
date the face amount will be payable without interest. The
bills will be sold on a discount basis to the highest bidders and
will be used to meet an issue of similar securities to the
amount of $100,050,000 maturing March 7. Secretary
Morgenthau's announcement continued in part:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, $100,000. $500,000 and $1,000,000
(maturity value).
No tender for an amount less than $1.000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e. g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of 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 5 1934.
all tenders received at the Federal Reserve Banks or branches thereof up to
the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final. Those submitting tenders will be advised of the acceptance or rejection thereof. Payment at the price offered for Treasury bills allotted must be made at the
Federal Reserve Banks in cash or other immediately available funds on
March 7 1934, provided, however, any qualified depositary will be permitted
to make payment by credit for Treasury bills allotted to it for itself and its
customers up to any amount for which it shall be qualified in excess of existing deposits when so notified by the Federal Reserve Bank of its district.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.
Tenders of $420,115,000 Received to Offering of $75,000,000 or Thereabouts of 182-Day Treasury Bills
Dated Feb. 28 1934—$75,088,000 Accepted—Average
Rate 0.62%.
The offering of $75,000,000 or thereabouts of 182-day
Treasury bills dated Feb. 28, to which tenders were received
at the Federal Reserve Banks and the branches thereof up
to 2 p.m., Eastern Standard time, Feb. 26, sold at an average
rate of about 0.62% per annum, on a bank discount basis,
Henry Morgenthau, Jr., Secretary of the Treasury, announced Feb. 26. This compares with a rate brought by a
previous offering of 182-day bills (dated Feb. 14) of 0.99%
and a later offering of 91-day bills dated Feb. 21 of 0.57%.
Mar.3 1934
The average pnce received for the Treasury bills dated Feb.
28 is 99.688.
Secretary Morgenthau said that the tenders received for
the bills dated Feb. 28 totaled $420,115,000 of which $75,088,000 were accepted. Except for one bid of $3,000 at
99.861, he said, the accepted bids ranged in price from 99.750,
equivalent to a rate of about 0.49% per annum, to 99.676,
equivalent to a rate of about 0.64%, per annum, on a bank
discount basis. Only part of the amount bid for at the latter
price was accepted.
The bills mature on Aug. 29 1934, at which time the face
amount will be payable without interest. The offering, as
noted in our issue of Feb. 24, page 1329, was announced on
Feb. 21 by Secretary Morgenthau.
to Amount of 322,627.31 Ounces Purchased by
Treasury During Week of Feb. 23—Total Purchases
1,145,910 Ounces.
Silver purchases by the Treasury received by the various
United States mints during the week ended Feb. 23 totaled
322,627.31 ounces, Henry Morgenthau, Jr., Secretary of the
Treasury, announced Feb. 26. During the previous week,
ended Feb. 16, receipts of silver by the mints amounted to
232,630 ounces. Reference to this was made in our issue of
Feb. 24, page 1329. Total receipts of silver purchased by
the Treasury since the issuance of the President's proclamation of Dec. 21 1933, authorizing the Department to buy at
least 24,000,000 ounces annually, and up to and including
Feb. 23, amount to 1,145,910 ounces. The Dec. 21 proclamation was given in our issue of Dec. 23, page 4440. The
total weekly receipts by the mints are as follows:
Silver
Week Ended—
Jan, 5
Jan. 12
Jan. 19
Jan. 211
Feb. 2
Week Ended—
Ounces.
1,157.00 Feb. 9
547.00 Feb. 16
477.00 Feb. 23
94,921.00
Total
117,554.86
Ounces.
375,995.83
232,630.00
322,627.31
1,145,910.00
$1,861,000 of Government Securities Purchased by
Treasury During Week of Feb. 24—$350,000 of
Amount for Account of FDIC.
Secretary of the Treasury Henry Morgenthau, Jr., announced on Feb. 26 that during the week ended Feb. 24
the Treasury Department purchased 1,860,000 of Government securities. Of this amount, the Secretary said,
$350,000 was for the account of the Federal Deposit Insurance Corporation and the remainder for other accounts.
Since the inception of the Treasury's support to the Government bond market several months ago, reference to which
was made in our issue of Nov.25 1933, page 3769, the weekly
purchases have been as follows:
533,868,000
Nov. 25 1933
18,748,000 Jan. 13 1934
• 17,032,000
Dec. 2 1933
2,545,000 Jan, 20 1934
Dec. 9 1933
2,800,000
7,079,000 Jan. 27 1934
Dec. 16 1933
7,900,000
16,600,000 Feb. 5 1934
Dee, 23 1933
*22,528,000
16,510,000 Feb. 13 1934
Dec. 20 1933
11,950,000 Feb. 17 1934
7,089,000
1,861 000
Jan. 6 1934
44,713,000 Feb. 24 1934
* In addition to this amount, 5638,400 of bonds held by the Treasurer as collateral
security for postal sayings deposits purchased Feb. 9 by the FDIC.
Treasury Denies Report that Government Securities
Are Being Purchased Through Use of Gold Certificates.
From the Brooklyn "Daily Eagle" we take the following
from Washington, March 2:
Reports that the United States Treasury is purchasing Government
securities in the open market through the use of gold certificates issued
against the gold obtained through revaluation were emphatically denied
by Treasury officials.
"It just isn't true, that's all." one high official declared.
"We are not doing that at all. The only Government securities the
Treasury has purchased in the open markets are those announced each
week by Secretary Morgenthau."
The purchases referred to are those made each week for the account
of the various investment accounts, such as the Federal Deposit Insurance
Corp., Postal Savings System, Veterans Insurance Fund and the General
Sinking Fund of the Treasury.
Roosevelt Cites Old Barn in Favoring Tax
"Depreciation."
From Washington Feb. 14 the New York "Times" reported the following:
An old barn on a farm owned by President Roosevelt, at Hyde Park,
was used by him to-day as an example of why he would favor changes in
allowances for "depreciation" under the taxation statutes. But the President has no concrete suggestions to offer.
He told newspaper correspondents that when he bought the farm in
1910 it was improved with a house and barn, the latter erected in 1790, but
appraised at $A,000 by an insurance company.
Each year afterward, until 1928, when the barn was burned, the President, in keeping with the law, charged off about 21,4% of its value to
"depreciation."
The farm, he conceded, was worth as much after the barn burned as
before.
Volume 138
Financial Chronicle
1481
on Purchase Price
Secretary of Treasury Morgenthau Says Administra- Secretary of Treasury Morgenthau
of Gold—To Be That Prevailing on Day of Deposit
tion s Monetary Policy Is Distinctly Experimental
of Gold.
—Tells House Coinage Committee It Is on "DayIn the New York "Sun" of Feb. 23 it was stated:
to-Day" Basis—Urges Year's Trial of Present Program and Asks Delay on Bill to Create Monetary
Th3 profits banks and others are making through import of gold and
resale to the Assay Office at $35 an ounce are "almost too good to be
Authority—Governor Black Also at Hearing.
which may account for some spasms of doubt which, it is said,
The Administration's monetary policy is "distinctly" an real."
prompted inquiry to be made of the Treasury as to how firm the $35 bid
experiment, Secretary of the Treasury Morgenthau told the was. The Secretary has now telegraphed Reserve banks, mints and
price quoted the day the gold arrives will be paid,
House Coinage, Weights and Measures Committee, March 1. assay offices that thenot
get through the Assay Office machine for a week
if the gold does
Mr. Morgenthau said that the Treasury is operating on a even
thereafter and if, in that period, the price of gold should be changed.
"day-to-day" basis, and he urged that Congress defer action Anyhow, the only price change fitting in with the Government's ideas
would be an upward one, which would only increase the profit of the
on "monetary authority" legislation at the present session, gold
importers.
saying that the Treasury should have at least a year to
bearing on the above we also quote the following
As
Secretary,
The
situation."
the
"find out a little more about
published in the "Wall Street Journal"
Washington
from
while admitting the experimental nature of the monetary
23:
Feb.
of
had
He
well.
very
worked
has
it
far
thus
policy, said that
Action of Secretary of Treasury Morgenthau in wiring Governor Harrison
appeared before the Committee to discuss a bill sponsored of the New York Federal Reserve Bank and Superintendents of Mints
for sale is that
by Representative Goldsborough, based on suggestions for- and Assay Offices that the price to be paid for gold offered
prevaillng on the day of the deposit of the gold was for the purpose of
mulated by the Committee for the Nation. This measure allaying
the price
regarding
gold
of
shippers
any uneasiness on the part of
would give the Federal Government, through the Treasury, they would receive for their metal. It was explained that for a time
assay offices and there was a
sole and absolute, authority to issue all currency,and would shipments were piling up at the various the
gold and completion of the
delay between the arrival of
authorize the Treasury to act as a central bank without considerable
operations of weighing and assaying it, thus causing some uncertainty
should make a change
Government
currency
present
the
the
abash
accepting deposits. It would
as to what price would prevail if
in its purchasing price from the present figure of $35 an ounce. There
issuing function of the Federal Reserve Banks.
is no indication that any change in price from this figure is contemplated
We quote, in part, from a Washington dispatch March 1, at the present time.
It was officially stated at the Treasury Friday, however, that all mints
to the New York "Times," which describes the testimony
are practically up to date and there is now practically
given by Mr. Morgenthau and by Eugene Black, Governor and assay officers
any
no delay and that the only object of the telegram was to clear up
of the Federal Reserve Board:
uncertainty that may exist as to what price would prevail in the event
Mr. Morgenthau was presenting the Roosevelt administration's views
to the House Banking and Currency Committee.
"As far as I am concerned," he continued, "we are on a day-to-day
basis. As far as I know, no man can tell us where we will be six months
from now, or a year from now. Whether we are going to continue to be
successful, I can only say I hope so, but no one knows. We have only
been on the new monetary plan two months."
Mr. Morgenthau told the Committee that the plan under consideration was "worth while and important," but suggested that it be put away
for the time being.
"The country has just come through one of the most difficult banking
crises it ever had, and we are just beginning to see daylight a little," he
declared. "What the future monetary policy of the country will be, I
doubt any one is sufficiently wise to tell, because we have not had enough
experience."
For that and other reasons, he said, it would be better if the Goldsborough Bill and other monetary legislation were postponed and the
administration had at least until January 1935, "to try its own hand without intereference."
"The administration is not ready for the proposed legislation," he
argued. "We are not ready because we don't know enough about it. We
want the benefit of at least a year on our present policy. We have, however, got to keep our mind absolutely open and meet things as they come
along. As long as it is working well we would like to try it a little longer
and give it a chance."
Mr. Morgenthau said that the prices of commodities and gold were
going along together. He left the impression with the Committee that
he was far from being "firmly wedded" to Professor Warren's gold price
increase plan.
"I am not saying if prices take a nose dive I won't be up here to-morrow
pleading for a change," he laughed.
Displaying a chart showing that since February 1933, the world price
of gold had increased 68% and farm commodities had gone up 57%, Mr.
Morgenthau said it was a true picture.
"Both appear to be going along pretty well together," he commented.
"In a few weeks," he continued as he inspected the chart with members of the Committee,"we have changed the price of gold to $35 an ounce;
we have had use of the 162,000,000,000 fund to stabilize the currency.
But it is impossible to tell what the future will be and just how to handle it.
I believe we need more experience, more time to tell us the best way to
handle the monetary situation, before we can reach a fixed program."
Representative Busby of Mississippi asked if Mr. Morgenthau felt
that the Government was meeting its monetary responsibilities.
"For the first time in years the administration is setting the pace and
determining the monetary policy of the nation," was the reply.
Mr. Morgenthau added that the chart indicated that the program was
working, and pointed out again that farm commodities and gold "have
gone forward together."
"The higher the world price of gold, the higher that of commodities?"
asked Representative Cross.
"That's certainly the way it seems to have been working," the Secretary
replied. "The record on price levels seems to show our present plan is
working. I'd like to see it tried a little longer."
"I take it," said Representative Hancock, "that our position is that the
Present monetary policy is more or lees an experiment and it is not your
recommendation that Congress take any action to change the present
system."
"That's right," Mr. Morgenthau said. "Fortunately. since I've been
in office business has been getting a little better from day to day. I don't
know of any one who is smart enough to tell us exactly where we will be
six months or a year from now.
"The previous administrations tried a good many things that didn't
work; we've got something that does, and I'd like to go along with it.
However, the Treasury is operating on a 24-hour. day-to-day basis."
Alter Mr. Morgenthau concluded his discussion, Eugene Black. Governor
of the Federal Reserve Board, was called. Mr. Black said that the Federal
Reserve System was "doing everything it could to make direct loans,"
but was prevented in many cases because many of the applications were
from persons whose credit is "strained."
He said that he had written to Chairman Steagall of the Committee
suggesting changes in the law to permit loans on "indorsement or collateral," instead of on "indorsement and collateral," as now prescribed.
"I think we are going to have recovery when we relieve the big, heavy
industries, and by the same token help the small industries." Mr. Black
replied to a question. "Intermediate credit banks for industry, I think,
are absolutely necessary."
One of the principal studies being made by the Committee concerns
proposals to authorize direct loans to small industires and to individuals.
there should be a change in the price of gold.
United States Stabilizing Fund Seen in Use Soon—Gold
Devaluation Profit Taken from Treasury General
Fund.
The following (United Press) from Washington March 2
is from the New York "World Telegram:"
The $2,808,221,137 profit realized by the Government from the devaluation of the dollar was taken out of the general fund of the Treasury to-day,
presumably as a preliminary to inauguration of stabilization operations.
billion
Removal of the gold profit from the general fund wiped out a half
to
dollar surplus and brought the deficit for the period from July 1 1933
corthe
in
$2,096,387,590
a
of
Feb. 28 to $2,352.170.239, against deficit
responding period of last year.
the
The gold profit was listed in the Treasury's statement to-day under
heading "trust and contributed funds and increment on gold." It is underconceal
to
fund
general
stood the gold profit figure was taken out of the
the use of $2,000,000,000 of this profit in stabilization operations.
Assay Office Now Clearing Gold Receipts Without
Delay—Smaller Flow of Gold from Abroad Enables
Staff to Handle Metal Promptly.
Despite further substantial arrivals of European gold at
the port of New York this week, it was said at the United
States Assay office that it was no longer necessary to delay
the weighing and checking of the metal, as it had been during
the preceding fortnight when the gold rush from abroad was
so great that importing banks were sometimes forced to wait
for one or two days before their consignments could be
handled by the Assay Office staff. The New York "Times"
of Feb. 24 described the method of clearing the imported
gold through the Assay Office as follows:
Nothing is taken for granted at the Assay Office. The importer of gold
brings it there himself. The United States assumes responsibility for the
metal just before it is put on the weighing balances. The scales are tested
each day.
The importer receives a receipt for the number of ounces of metal he has
delivered and must then go to the Custom House for a certificate that the
gold actually arrived from abroad and was in the custody of custom officials
until it reached the Assay office. He must also obtain an affidavit from
the Federal Reserve Bank certifying that the gold was legally imported.
Then the importer receives a check on the United States Treasury for paper
currency up to 95 or 98% of the estimated value of the gold, if it comes from
recognized sources. This check is issued within a day or two.
Huge Write-off by United States Treasury—$310,684,292
Circulating Gold is Erased—No Longer Legal Money
—Per Capita Wealth Drops from $46.03 to $41.91.
The monthly United States Treasury statement of circulation of United States money as of Jan. 31 shows numerous
changes from the statement as of Dec. 31. The outstanding
feature is the writing-off of all the $310,684,292 gold coib
shown in circulation Dec. 31. This large sum, says the New
York "Sun" of March 2, equal to $2.46 per capital of population, is still in circulation but is no longer counted by the
Treasury as lawful money under the gold reserve act, which
is the reason for its omission. From the account in the "Sun"
we also quote:
The Treasury still shows, as of Jan. 31, $177,635,099 gold certificates
in circulation, compared with $212,882,883 Dec. 31 A footnote to the
statement says that "gold certificates are secured dollar for dollar by gold
held in the Treasury for their redemption for uses authorized by law."
At the end of Dec. 5 a similar footnote said "gold certificates are secured
dollar for dollar by gold held in the Treasury for their redemption." In such
fashion does the Treasury make conditional redemption which previously
was technically unconditional although actually not performed.
1482
Financial Chronicle
Because of the elimination from the money supply of the gold coin the
per capita money in circulation is now $41.91. compared with $46.03 at
Dec. 31 1933 and 345.04 Jan. 311933.
The Jan. 31 statement bears the notation that "on this day the books
of the Treasury were closed as of 3 p. m." It was about an hour later that
day that the presidential proclamation devaluing the dollar under the gold
reserve act of Jan. 30 took effect and gave the Treasury a profit of nearly
$3,000,000,000 on the gold held in its own general fund and on the metal
held by the Federal Reserve Banks, taken by the Treasury under that act.
Gold Stock Revaluation.
Because the Treasury books closed at 3 p. m. that day the money statement of Jan. 31 does not show the revaluation of the gold stock, the total
gold being listed as $4,036,336,157. compared with $4,322,599,178 at the
end of December. From the statement it appears that the Federal Reserve
Banks turned over to the Treasury their gold in time for the Jan. 31 statement to show it, for the gold listed as security for gold and silver certificates
jumped from a Dec. 31 figure of $1,159,015,955 to a Jan. 31 figure of
$3.734,876,724. Instead of gold for Federal Reserve Banks and agents,
which in December amounted to 31,767,949.566, the statement for Jan. 31
shows $2,611,127,025 gold certificates held for such banks and agents.
The gold money outside the Treasury, which in December included not
only the coin now written-off but also $810,154,273 held by the Reserve
Banks, now shows no gold held by the Reserve Banks, which are credited
with $946,114,600 certificates.
Attempts to reconcile the Treasury monthly statement of money in
circulation with the Treasury daily statement, though both bear the notation that the Treasury books closed at 3 p. m.,are difficult. Even respecting
total gold there is a discrepancy of about $1,500,000, the monthly statement reporting $4,036,336,157 and the daily statement $4,034,867,780.
On the daily statement gold certificates outside of the Treasury are shown
to be 31,126.973,149; on the monthly statement the figure is given as
$1.123.749,699.
Other Changes Revealed.
Other changes revealed by the Jan. 31 circulation statement include a
minor one in silver certificates. Apparently the Treasury has begun to
turn out silver certificates secured by bullion rather than coined silver
dollars, as provided under the act of May 12 1933 (farm act). The January
statement shows $840,000 of certificates so secured, but the whole amount
of these new silver certificates is shown to be still in the Treasury, no part
having been placed in circulation as of recent date.
The aggregate amount of silver certificates showed a considerable decline
between Dec 31 and Jan. 31, or from $406,918,544 to $391,048,917.
Most other forms of money showed decreases, except national bank notes
and subsidiary silver coin.
The footnote referring to the redemption of silver certificates appearing
in the Dec. 31 circulation statement declared that such certificates were
redeemable dollar for dollar in standard silver dollars; this has been changed
slightly in the January Treasury statement by the addition of a parenthetical
clause which states that redemption may take place in silver bullion.
Government Dismissal of Gold Hoarding Case Averts
Ruling by Supreme Court on Constitutionality
of Orders—Gold Bars Held by F. B. Campbell
Had Been Returned to Treasury.
The Supreme Court failed to hand down a ruling in a
case which had been expected to test the constitutionality
of President Roosevelt's Executive Orders against gold
hoarding, for on Feb. 12 the Court dismissed a case which
had been carried to it on appeal by Frederick B. Campbell
of New York City. No ruling was returned since the
Government decided to ask dismissal of the case on the
ground that Mr. Campbell had turned back to the Treasury
the 27 gold bars he held, estimated by the Government to
be worth $200,00C. Associated Press Washington advices
Feb. 12 summarized the case as follows:
One count in the indictment charging Mr. Campbell with possessing
gold in violation of the President's Executive Order was dismissed in
New York Federal Court. The New York court held good, however,
another count which charged him with violating the gold hoarding act
by failing to report gold he possessed. This count is pending.
The United States appealed the ruling dismissing one of the counts,
but did not immediately docket it in the Supreme Court. Mr. Campbell
did so, however, in an effort to obtain an early opinion on the validity
of the Administration's action.
James C. Biggs, the Solicitor-General, explaining his motion to dismiss,
said that all the gold involved in the case had been delivered to the Government. This left nothing to be litigated.
Mr. Campbell returned the gold under protest, Mr. Biggs said. Officials expected Mr. Campbell to bring new proceedings in a test of validity
and to recover possession of the gold he has delivered.
Panama to Increase Silver Coins—Will Have $300,000
Worth Minted in Philadelphia.
The following from Panama City, Feb. 9, is from the New
York "Times":
The Government of Panama will have $300,000 in fractional silver coins
minted at the mint in Philadelphia, Minister of Finance Jiminez stated
to-day. This will bring the total silver circulation to $1,000.000.
Senor Jiminez said that one of the main reasons for increasing the silver
coinage was the depreciation of the dollar and the people's loss of confidence
In American paper money, which is the chief medium of circulation here.
.J. H. Rand, Jr., of Committee for Nation, Asks More
Silver Purchases—Also Tells House Coinage Group
Price of Gold Should Be Raised to $41.34 an Ounce.
Extension of the Government's silver purchasing policy,
now confined to newly-mined metal, was urged on Feb. 19
by J. H. Rand, Jr., Chairman of the Committee for the Nation, before the House Coinage Committee, according to
United Press accounts from Washington, Feb. 19, to the
New York "Journal of Commerce", which further stated:
He also recommended that the gold purchase price be increased to
541.34 an ounce.
Mar.3 1934
Rand testified that he favored monetary steps taken by the Roosevelt
Administration, but he did not think that the dollar price of gold has been
made high enough, or that the silver purchasing program has had the
desired effect.
Mr. Rand indorses the Dies Bill, which contemplates the receipt of silver
at a premium above the market price, in exchange for exports of agricultural commodities. He estimated that in five years this would add about
$1,000,000,000 to the Nation's silver currency, which he said would be
small, but helpful.
China Ratifies London Silver Agreement—Acts to
Prevent Dumping and Aid Currency Stabilizing.
Despite the bitter opposition of China's most influential
_—
bankers, the Central" Political
Council of the Nationalist
government at Nanking formally ratified on Feb. 28 the silver
agreement which was the one concrete result of the World
Economic Conference last year at London. Advices (copyright) fromiShanghai, Feb. 28, to the New York "Herald
Tribune," from which the foregoing is taken, went on to say:
Commenting on the Council's action, H. H. Hung, Minister of Finance,
said the object of the agreement was to prevent dumping silver and emphasized his belief in the necessity of currency stabilization as regards foreign
trade. He added: "The attempts of the United States Government to
advance the price ofsilver are aimed at a revival of America's silver industry
and an expansion of the country's foreign trade."
Stressing the fact that China's adverse balance of trade is several millions
of dollars annually, Mr. Kung said that, in the event of a rise in the price
of silver, the outflow of the metal from China would be comparatively less
than at present, and also predicted that commodity prices would fall in
consequence, to the advantage of China's import trade
The disadvantage to China of a high silver price, he said, would lie in the
serious effects upon Chinese exports in the world market, which, coupled
with a great increase in imports, would, he said, aggravate the precarious
situation of Chinese commerce and industry.
"However," he said. "currency is only the medium through which trade
is conducted, hence exports are not dependent so much upon the value of a
currency unit as upon the purchasing power of the nations concerned."
Mr. Kung remarked that during the World War, when silver prices
reached their peak, the Chinese dollar was practically on a par with the
American dollar, despite which fact Chinese products found a ready market
abroad during the period. To-day, he said, with the price of silver low,
Chinese exports encounter the greatest difficulties in face of the world
depression. He said this illustrated the principle that foreign trade is
dependent primarily on the matter of purchasing power.
Efforts to relieve the depression, in Mr. Kung's view, depend upon a
world-wide revival in trade, and this, in turn, is contingent upon stabilization of currencies. Mr. Kung said the Chinese Nationalist government
had concluded that an embargo on silver exports or an export duty would
involve merely one phase of the question. During the last year, International exchanges have been greatly disturbed on account of the fluctuations
in silver, he added. This was, he added, the reason why the silver-producing and consuming Countries concluded the London agreement with the
of preventing dumping of large quantities of silver on the world
object .
market.
On Feb. 23 Associated Press advices from Shanghai said:
The Shanghai Chinese Bankers' Association to-day petitioned H. H.
Rung, Finance Minister, to delay the national government's ratification of
the London silver agreement, hoping to enable China to act freely if the
United States effects a sudden rise in the price of silver.
Alarm is felt that President Roosevelt may boost the price.
In that event, Chinese experts said, this country probably would resort
to an increased levy on the export of silver rather than an embargo.
Chinese Bankers Reported to Have Asked United States
Not to Advance Silver—Petition President Roosevelt—See Deflationary Effect on Their Country.
From the "Wall Street Journal" of Feb. 28 we take the
following from Washington:
A petition has been received by the Roosevelt Administration from
Chinese bankers, asking that no move he made by this Government to increase the price of silver. Full details of the request, however, could not
be learned, but it was explained by the Chinese bankers that any such move
on the part of the United States would interfere with the economic situation
in China.
If steps should be taken by this Government to advance the price ofsilver,
it would force down the commodity price level in China.• Being on a silver
standard. China is one of the world's greatest users of the metal and a boost
in the United States price would adversely affect the Chinese people.
While the Chinese bankers plea was an unofficial one, it was said at the
legation that there had been no governmental communication to the United
States on the question of silver.
Indian Silver Duty Reduced—New Tariff Equivalent
to About 12 Cents, Against 18 Cents Previously.
In its Feb. 28 issue the "Wall Street Journal" reported the
following from Bombay:
The Indian government has reduced the import duty on silver by 23.4
annas to 5 annas an ounce, but government expects only a small import of
silver in the next 12 months as a result.
George N. Peek to Head Import-Export Banks to Be
Established by Federal Government—Three of
These Banks to Be Formed—One to Foster Trading
with Russia, a Second for Trade with Cuba and
the third to Finance Trade with Other Countries.
Following a conference on Feb. 26 between President
Roosevelt and his Inter-departmental Commercial Policy
Committee, it was announced that George N. Peek, Foreign
Trade Adviser to the President, is to head three proposed
import-export banks—one of which has already been referred to in these columns, the Export-Import Bank of
Washington, the certificate of incorporation of which was
given in our issue of Feb. 24, page 1331; this institution is
Financial Chronicle
Volume 138
planned to extend credits for the financing of trade with
Russia. The other two banks to be created, it is reported,
are respectively to foster trading with Cuba and other foreign countries. The proposed import-export bank to develop
trading with Cuba is referred to in another item in this
issue of our paper.
As to those participating in the conference held at Washington on Feb. 26, Washington advices to the New York
"Herald Tribune" said:
Present in the conference with the President were the following:
For the State Department: Cordell Hull, Secretary, and Francis B.
Sayre, Assistant Secretary of State; and Herbert Feiss, Economic Adviser.
For the Department of Agriculture—Henry A. Wallace, Secretary, and
Rexford G. Tugwell, Assistant Secretary.
For the Department of Commerce—John Dickenson,Assiistant Secretary.
For the RFC—Stanley Reed, General Counsel, and Harry F. Payer,
Foreign Trade Adviser.
For the Tariff Commission—Robert Lincoln O'Brien, Chairman.
George N. Peek, Foreign Trade Adviser to the President.
From the same account we quote:
George N. Peek, Foreign Trade Adviser to the President, accepted an
invitation of the President to assume the Presidency of all three banks
while continuing in his present post as well. Mr. Peek will direct the
development of a foreign trade administration to advise not only on financing but on the control of exports and imports and the adjustment of tariffs.
Roosevelt to Ask Tariff Powers.
The President will send to Congress in the next week or two a message asking authority to raise or lower existing tariff duties. [This message sent
to Congress, March 2, is referred to elsewhere in this issue. Ed.) The
conferees were agreed that such Presidential power was necessary to carry
out the long-range foreign trade program which the President has in mind.
This program embraces the thesis that exports must be balanced by imports
and that tariff changes will be necessary to increase the volume of imports
even though some so-called uneconomic industries must take a sacrifice
in tariff protection.
The establishment of the new banking system was announced by the
White House after the President had been in conference for two hours with
ten of his chief advisers on Trade Policy. The objective, it was explained.
Is to provide for Americans wanting to trade with Russia. Cuba and other
nations a line of credit not now available through the commercial banks.
A statement, as follows, was issued on Feb. 26 by Mr.
Peek.
In accepting the Presidency of the Export-Import Bank of Washington
it is only fair to agriculture, to so much of industry as may be affected by
its operation and to the public briefly to make known my views.
To agriculture:
I shall not forget the farmers' interest, to which I have devoted myself
for at least a decade. I have said on many occasions that I am in politics
for agriculture, not in agriculture for politics. I call attention to the fact
that for many years I have advocated expansion of our agricultural exports
to relieve our burden of surpluses, present and recurring. Increased exports of agricultural products to some countries is possible to some extent
in spite of existing handicaps, while exports of industrial products alone
are possible to certain other countries. Both types of exports can benefit
the farmer, the first by directly expanding his markets and the second
by relieving unemployment and thus stimulating the demand for agricultural
products in our own industrial centres.
To industry:
Due to changing conditions throughout the world, government can and
should assist in many directions in the conduct of a sound international
trade. I urge industry in its own interests to be temperate in its demands
and I invite its fullest co-operation. I want to make it clear that this
bank has been created for the purpose of assisting our foreign trade and of
providing facilities, not now obtainable in regular banking channels, for
financing the seller. It has not been created for the purpose of acting as
Santa Claus to hand out presents at home and abroad. Eventually,
exports and imports must balance.
To the public generally:
I say that this is just one more move on the part of the President in his
program to break the back of tho depression. We did not get into our
trouble in a few weeks or months, and we shall not be lifted out of it by
any miracle. A second export bank is now being set up for Cuba and a
third will be formed at once for other foreign countries.
Agricultural prices are and for a long time have been unduly depressed
and ruinously below their fair relation to other prices. Agriculture must
be restored promptly to its proper place in the nation's life This must
be done, as the President has repeatedly pointed out, not only for the sake
of the farmer, but for the sake of industry and labor; indeed, for the nation
as a whole. The organization of this new agency adds one more force to
those already working in unison to recreate a balanced national recovery.
In addition to the duties as President of these banks, I will continue
as foreign trade adviser to the President. in which capacity I shall undertake to co-ordinate the information pertaining to the many activities in
foreign trade which arc now scattered throughout many departments and
bureaus of the Federal Government.
Proposed Import-Export Bank to Develop Trade with
Cuba—Report that Cuba Will Borrow $10,000,000
from United States, Which Will Be Used to Purchase Silver to Be Minted Into Dollars in This
Country.
Incident to the proposed creation, at the instance of the
Administration in Washington, of the import-export bank
designed to foster trade with Cuba, it was indicated in
Washington dispatches Feb. 27 that the plans include the
sale to the Cuban Government of a substantial amount of
silver. The plans respecting the formation of this, and two
other import-export banks, to be headed by George N.
Peek, are noted elsewhere in this issue. Regarding the proposed silver purchases of the Cuban Government, and the
borrowings of Cuba, Assocaited Press accounts Feb. 28 from
Havana stated:
1483
It was learned on high authority to-night that the Cuban Government
was considering inflation of its dollar through the minting of new dollars
made of silver purchased in the United States.
Under the plan, the Cuban Government would borrow approximately
$10,000,000 in the United States and spend it all for United States silver
to be minted at the United States Government mint at Philadelphia.
Based on the silver content of the present Cuban dollar, the loan would be
sufficient to supply the nation with approximately 35.000.000 new silver
dollars, thereby relieving the money shortate on the Island.
It was understood that if the plan was adopted the loan would be negotiated through a Cuban-import-export banking corporation, to be set up
along lines similar to that dealing with Russian loans. The loan would be
made by private banking interests in the United States, co-ordinated by the
United States Government.
Jefferson Caffery, of Louisiana, became the accredited United States
Ambassador to Cuba to-day when he presented his credentials to President
Carlos Mendieta at the palace.
A Washington account Feb. 27 to the New York "Times"
said in part:
While the Cuban export bank will be designed for the promotion of
general export trade, the only deal now in sight is toe silver purchase,
It was said to-night. The Cuban Government, whose cash position is poor,
has desired, since last August, to increase the circulation of silver in the
Island.
The bulk purchase now anticipated willserve, Cuban experts here thought,
to ease the Mendieta Government's immediate difficulties about paying
salaries and other current obligations.
Plans for the formation of the Cuban export institution still are in the
hands of the State Department. The details are in charge of Sumnet
Welles, Assistant Secretary of State and former Ambassador to Cuba.
Mr. Welles said to-night that he hoped to have the bank in existence by the
end of the week.
Cuban Delegation Coming.
He said that no intergovernmental loan was involved in the silver transaction. Any advances made by the proposed bank will be made to American
silver producers, it was indicated, to enable them to extend the credit
desired by the Cuban Government. A delegation of Cuban financial experts
is expected to arrive here within a few days, at the invitation of the State
Department, to discuss silver needs and other potentialities of increased
trade with this country.
Reports to the State Department from Havana to-day said that 88 sugar
mills now are grinding, and that the production soon will be normal. Negotiations for the new commercial treaty with the United States are going
forward at an accelbrated pace. Should Congress grant executive tariff
adjustment powers, it was indicated, the Cuban treaty could be concluded
within a short time.
Reference is made elsewhere in this issue to the hearing on
Feb. 27 before the Senate Finance Committee on the sugar
bill, at which it was urged by Secretary of State Hull that as
a minimum Cuba be given a quota of 2,000,000 tons of
sugar.
Senate Passes Independent Offices Bill After Adding
$354,000,000 in Benefits to Veterans and Federal
Employees—Measure, Virtually Nullifying Economy
Act, Goes to House for Conference—Presidential
Veto Indicated if Enacted—Senate Defeats Proposal for $2,400,000,000 Cash Bonus Payment—
President Roosevelt Declares He Would Veto
Similar Bill, Scheduled for Vote in House March
12—National Economy League Backs Program to
Simplify Veteran Aid.
The saving of $400,000,000 which was achieved as a result
of the passage of the Economy Act of 1933 appeared endangered late this week, following acceptance Feb. 27 in
the Senate of amendments to the Independent Offices Bill
which inserted in the measure a total of $354,000,000 in
benefits for veterans and Federal employees. Administration leaders in both House and Senate predicted that if
the bill were enacted in its latest form it would be vetoed
by President Roosevelt. In the final Senate debate Feb. 27
an amendment offered by Senator Long, which would have
provided for "greenback" payment of the $2,400,000,000
soldiers' bonus in full, was defeated by a vote of 64 to 24.
Meanwhile, further agitation for veterans' legislation has
proceeded in the House of Representatives as a result of
action which will insure a House vote March 12 on the
proposal for a $2,400,000,000 bonus payment. President
Roosevelt has flatly declared that he will veto such a bill.
In a memorandum, written in response to a letter Speaker
Henry T. Rainey sent to Marvin H. McIntyre, the President's Secretary, and made public by Mr. Rainey Feb. 27,
the President said:
Dear Henry:
Mac has shown me 'your letter of Feb. 21. Naturally when I suggested to you that I could not approve the bill for the payment of the
bonus certificates I did not mean that I might let it become law without
my signature. I don't do things that way. What I meant was that
I would veto the bill, and I don't care who you tell this to.
Let me know your thought on the next step.
F. D. R.
We quote in part from a Washington dispatch Feb. 27
to the New York "Times" regarding the Senate approval
of the Independent Offices Bill, with various amendments,
on that date:
Despite Senator Robinson's warning that the bill, as adopted, would
be vetoed by the President, a coalition of Republicans and Democrats
inserted in the measure virtually every benefit for veterans abrogated
by the Economy Act of March I. Insertion of the American Legion
1484
Financial Chronicle
_plan forced through an unexpected $139,000,000 for veterans in addition
to $215,000,000 already voted for pay-cut restoration.
Senator Borah, supported by a vote of 45 to 39, drove into the bill
a barrier against any part of the pay-cut restoration going to Government
employees, including members of Congress, receiving $6,000 or more.
Just before the bill was passed and sent to the House for concurrence
in amendments, a roll call on substitution of veterans' legislation, consisting of the American Legion plan offered by Senators McCarran and
Steiwer, showed 68 for and only 15 against, these being a group of hardand-fast Roosevelt men, including Senator Byrnes, who had been in
charge of the Administration strategy.
Part of the $139,000.000 for veterans was approved last night when
the Senate adopted the McCarran-Steiwer measure giving Spanish-American
war veterans 90% of their former benefits at a cost of $61,487,000: Of
this, $21,000,000 is liberalization accorded through President Roosevelt's
Executive Orders. Other items of the veterans' legislation were:
An amendment for emergency officers of the World War, $2,942,000;
amendment for Spanish-American veterans' widows,$8,477,000: McCarranSteiwer amendment restoring World War presumptive disability cases to
the rolls, $44,933,000.
Added to these sums was $215,993,124 for restoration of the 15% pay
cut under the McCarran amendment.
In addition to these, the Senate accepted a proposal by Senator Goldsborough to pay totally blinded veterans $150 monthly and one by Senator
Bone to pay double pensions to widows and dependents of men lost in
the Akron, Shenandoah and J-3 disasters.
Senator Robinson's warning of a veto came after he had declared that
politics actuated the drive to enlarge the Administration's plan for veterans.
"This subject has been handled in a political manner and has been
dealt with in a manner that in my opinion, will result in defeat of the
legislation through an Executive veto," he exclaimed as he read a statement.
Senator Long's move for a full cash bonus payment was made as an
amendment to the Independent Offices Bill and was a parallel of the
Patman amendment allowing the President to issue $2,400,000,000 of
currency, The Louisiana Senator met with rebuffs even from many
pro-bonus Senators, who held that with this amendment the benefits to
veterans under the Legion plan would be seriously endangered. Senators
Cutting, McCarran, Shipstead and Barkley all took this position, while
Senator Tydings pointed out that the Legion had not even asked for such
a scheme "in this time of National and world-wide crisis."
With the bill sent to the House, attention is now concentrated on that
body's approval. It has never had an opportunity to vote on veterans'
legislation, the Independent Offices Bill having been passed there Jan. 11
under a gag rule preventing amendments to the Economy Law and adopted
by the close vote of 197 to 192.
Assurance that the House of Representatives will vote
March 12 on a proposal for the immediate payment of
$2,400,000,000 in adjusted service certificates was obtained
Feb. 20 when, despite the opposition of President Roosevelt,
145 Representatives affixed their signatures to a petition
to discharge the Ways and Means Committee from further
consideration of the Patman bill which would require the
disbursement of the amount mentioned in greenbacks. Just
before the final signatures were obtained Speaker Rainey
had issued a statement on the floor of the House which said:
I am authorized by the President to say this is not the time to pay the
bonus, and that he cannot approve any legislation to that effect.
The National Economy League, in a letter signed by
Henry H. Curran, Director, and sent to all Senators Feb. 17,
suggested a two-point program for veterans' legislation.
This would provide for generous treatment for the wardisabled veteran and his dependents, but no gratuity or
preference over other citizens for veterans whose disability
is not the direct result of war service. A Washington
dispatch Feb. 18 to the New York "Times" quoted-from
the letter as follows:
"This," the letter declared, "is Identically the program presented by
the President to the people of the United States in his address before the
convention of the American Legion last October."
"We petition you again, as we did in our letter to you of Jan. 20, to
support the President in this just principle as to benefits to veterans."
Regarding the bill introduced by Senator Reed, the letter said that it
apparently embodies the "four-point program" of the American Legion,
"regarding which there is a great deal of agitation by various veterans'
organizations."
The letter said that the National Economy League favored the second
section of this bill, restoring former higher rates of payments to war-disabled veterans. However, it declared that the three other sections were
"In direct violation of the just principle laid down by the President of the
United States."
The first section, the League contends, would restore to the pension
rolls out of hand the 30,000 "presumptive" cases that have been rejected
by the President's board of review as non-service connected; the third section pledges the Government to give free doctoring for any disease "irrespective of whether it was due to the service; and the fourth section provides
pensions for widows of veterans whose deaths are in no way due to their
war service."
Washington advices to the "Times" Feb. 20 closer
.
=
the signing of the petition in the House to force a vote oa
the bonus bill in part as follows:
p Signers of the petition to force a vote on the question, with March 12
the earliest date under the rules, comprised 97 Democrats, five FarmerLaborites and 43 Republicans. . . .
It was soon evident that several of the Democratic signers were in a bad
fix politically. They had signed with the idea of courting veteran votes in
the fall campaign, and when it was certain that a record vote would be
taken they pleaded with Representative Byrns, the majority leader, for
some way out.
Representative Patman of texas, author of the bill, which was introduced on March 9 1933, was among the last to sign the petition. Stating
later that it did not indicate that he was going contrary to the wishes of
deb
um .
the President, he added:
"111111.
p "In his Indianapolis speech President Roosevelt said that when
economic conditions justified the bonus would be paid. If there ever was a
economic
conditions
were
good it is now. There are $3,140,time when
000,000 in the Treasury and the bonus payment would be a good way to
put it to work."
Mar.3 1934
Strategy for Blocking Bill.
President Roosevelt was urged by unnamed members to send to Congress
a message dealing specifically with reasons why the bonus could not be paid
from Treasury funds at this time. Mr. Patman conceded that if such a
message were "strong and plain enough" it would probably block the bill.
Another manoeuvre against the bill, designed to forestall criticism of
the President by bonus advocates, was tentatively decided upon later in
the day. This contemplated the Ways and Means Committee reporting
the bill unfavorably any time prior to March 12.
It could not be determined at once whether sufficient strength could be
mustered in the committee to assure this parliamentary strategem, but
Republicans quietly joined with the Democratic leaders to work toward
that end.
If the Committee should so report the bill, sponsors of bonus payments
would be defeated for the duration of this session, as the rules provide
that once a petition has been "presented" on any measure another cannot
be brought up at the same session.
Informed that something like this was in the air, Mr. Patman said
that "they had better not start any dirty, underhand tricks like that."
President Roosevelt Asks Legislation Creating Federal
Communications Commission to Regulate Wire
and Radio—Special Message Requests Congress to
Give New Body "Full Power to Investigate" and
Make Recommendations for Further Action Next
Session—Bills Introduced.
President Roosevelt, in a brief special message to Congress
Feb. 26, recommended the creation of a new agency to be
known as the Federal Communications Commission, to
be given all authority over communications now held by
the Federal Radio Commission and the Inter-State Commerce Commission. In addition, he urged that the new
body be given "full power to investigate and study the
business of existing companies and make recommendations
to Congress for additional legislation in the next session."
The President pointed out that whereas the railroads and
other forms of inter-State transportation are supervised by
a single Governmental body,and the same method is followed
with respect to power, in the communications field there is
"no single Government agency charged with broad authority." The text of the message follows:
To the Congress:
I have long felt that for the sake of clarity and effectiveness the relationship of the Federal Government to certain services known as "utilities"
should be divided into three fields—transportation, power and communications. The problems of transportation are vested in the Inter-State
Commerce Commission, and the problems of power, its development,
transmission and distribution, in the Federal Power Commission.
In the field of communications, however,there is to-day no single Government agency charged with broad authority.
The Congress has vested certain authority over certain forms of communications in the Inter-State Commerce Commission, and there is in
addition the agency known as the "Federal Radio Commission."
I recommend that the Congress create a new agency to be known as
the "Federal Communications Commission," such agency to be vested
with the authority now lying in the Federal Radio Commission and with
such authority over communications as now lies with the Inter-State
Commerce Commission—the services affected to be all of those which
rely on wires, cables or radio as a medium of transmission.
It is my thought that a new commission such as I suggest might well
be organized this year by transferring the present authority for the control
of communications of the Radio Commission and the Inter-State Commerce Commission. The new body should, in addition, be given full power
to investigate and study the business of existing companies and make
recommendations to the Congress for additional legislation in the next
session.
FRANKLIN D. ROOSEVELT.
The White House, Feb. 26 1934.
The report recommending Federal regulation of the communications systems of the Nation under a Central Government Agency, was referred to in our issue of Feb. 17,
page 1161.
On Feb. 27, in compliance with the President's recommendations, bills were introduced in the Senate and House
to provide for the creat'on of a Commission of Seven to
regulate inter-State and foreign commerce by wire and
radio. As to the proposed legislation, Associated Press
advices from Washington Feb. 27 said:
Plans to speed it to enactment were announced by the authors, Senator
Dill of Washington and Representative Rayburn of Texas, Chairmen of
the Senate and House Inter-State Commerce Committees, respectively.
In order to assure early Congressional approval, the bills, which differ
slightly, omit several controversial points in connections with regulating
the issuance of securities, creation of sinking funds and mergers.
While both provide for a Commission of seven members, the Rayburn
bill merely would transfer the functions of the Radio Commission to the new
unit. The Dill measure would reapeal the Radio Act of 1927 and include
its own provisions relating to control of radio braodcasting.
The legislation is designed to provide for a single Government agency
to regulate COMMIE1810113 by transferring to the proposed communications
commission the present authority now vested in the Inter-State Commerce
and Radio Commissions.
Power would be given the new agency to study the operations of communications companies with the view to making further recommendations
to the next Congress.
Senator Dill said that under his bill "the Commission will organize
and set up rate regulation first. As it becomes familiar with communications problems it can make recommendations to Congress for such additional powers as will be helpful in the development of our communication
systems."
The House Chairman said that the proposed Commission under his
measure would not have any authority over intra-State charges for service,
but that his bill provides charges shall be just and reasonable.
Volume 138
Financial Chronicle
From the Washington account Feb. 27 (United Press)
in the New York "Journal of Commerce" we take the
following:
Radio Zone Changes.
The Dill bill repeats the language of the present Radio Act almost in its
entirety and contains also the amendments approved by the 72d Congress,
but pocket-vetoed by President Hoover. These amendments, which would
be enacted into law with passage of the Dill bill, provide changes in radio
zoning and make more stringent the prohibitions against alien ownership
of radio stations.
Station licenses, under the bill, could not be granted to or held by:
1. Any alien or the representative of any alien.
2. Any foreign government or the representative thereof.
3. Any corporation organized under the laws of any foreign government.
4. Any operating, controlling, holding or other corporation of which any
officer or more than one-fifth of the directors are aliens, or of which more
than one-fifth of the capital stock is in alien hands.
H. L. Hopkins Opposes Use of $950,000,000 Fund for
School Relief—Testifies Before House Committee—
National Educational Association Seeks $100,000,000 to $300,000,000 for 1935.
Harry L. Hopkins, Federal Relief Administrator, told the
House Education Committee Feb. 26 that the use of any
portion of the $950,000,000 relief fund appropriated by
Congress for State education relief was inadvisable. He
declared that any relief to schools should be by a direct
Congressional appropriation based on the consideration of
the merits of each case. Mr. Hopkins testified before the
Committee in opposition to a proposal to divert $50,000,000
from the $950,000,000 fund for educational relief purposes.
A Washington dispatch Feb. 26 to the New York "Times"
summarized other testimony as follows:
Members of the National Education Association and 32 other similar
organizations appeared subsequently before the committee and asked
for amounts ranging from 3100,000,000 to $300,000,000 for the fiscal
year 1935. This they testified was necessary if comprehensive education
of the youth of the Nation was to be continued.
Others heard were Dr. John H. Richmond, State Superintendent of
Schools of Kentucky; J. E. O'Brien, President of the State Teachers Association of Alabama; Dr. A. F. Harmon, State Superintendent of Schools
of Alabama, and Mrs. Mary Fitz Hill, President of the Alabama State
Parent-Teacher Association.
"A Federal appropriation of at least $100,000,000 is needed as emergency aid for schools in 1934-35," Dr. Richmond said. "Such action
to be effective must be taken by the present Congress. Action deferred
until January 1935, will be too late; it will invite repetition of the denial
of adequate schooling which has occurred during the present school year."
Dr. Richmond gave as his reasons for the need of Federal aid the reduction of school revenues in 1933-1934; the inadequacy of school opportunities for youngsters; the certainty of increased enrollment next year
and the impracticability of further State and local borrowing for school
support.
Investment Bankers to Vote March 9 in Washington
on Fair Practice Rules for Investment Banking
Code.
Investment bankers throughout the United States will vote
on the fair practice rules for the investment banking code
at a meeting to be held in Washington March 9—the date
having been extended from March 5. Notice of the meeting
was sent. by the Investments Bankers' Code Committee
to all investment bankers eligible to vote on the rules,
following extended meetings of the Committee in Washington.
With the announcement the Committee also submitted to
investment bankers its revised draft of the fair practice rules.
The preliminary draft of the rules was previously submitted
on Feb. 19 to regional meetings of investment bankers in
26 cities. All of these 28 meetings reported their deliberations to the Code Committee in Washington and changes
that the Committee has made in the rules are said to be
mainly based upon the reports from the regional meetings.
Excepting certain changes relating to municipal securities,
the Committee revisions are said to be mainly of a technical
nature. An announcement issued at Chicago on Feb. 25
by the Investment Bankers' Association, from which the
foregoing is taken, also said:
Investment bankers eligible to vote on the fair practice rules are those
who have assented to the basic investment banking code, which was approved by the President Nov. 27. More than 1,100 investment banking
organizations have assented. These may vote by proxy, by mail ballot
or in person at the meeting in Washington March 5. The Code Committee has sent proxy blanks and ballots to those eligible to vote and in
its letter to the assentors to the code the Committee has advised that in
voting for the rules a voter waives no rights to object later to any specific
provisions. He may present objections or other suggestions to the National
Recovery Administration previously to or at a public hearing which the
NRA will hold in Washington some time after March 5, which hearing is to
be held before final approval of the rules by the National Recovery Administrator.
The meeting in Chicago to consider the fair practice rules
was referred to in our issue of Feb. 17, page 1150. With
respect to the changes in the revised draft, the New York
"Journal of Commerce" had the following to say on Feb. 26:
Public Securities.
As predicted, changes were made with respect to rinancial information
Which must be secured and published by underwriters of municipal and
other public securities. Other minor changes were made throughout
1485
the code. In general, these changes tended to tighten the rules already
set up, with definitions broadened and with the scope of the rules usually
made clearer.
securIn the original draft it was required that public issuers submitfor all
ities offered the assessed valuation of properties subject to the issuers
taxing power, the bonded debt, self-supporting debt, the amount of the
sinking fund, the population and the record of tax collections for three
years. The new draft applies with respect to these requirements, only
stateto issues payable from ad valorem taxes and no longer requires the
ment of self-supporting debt and the amount of the sinking fund.
In the
In both drafts the opinion of independent counsel is required.
all
old draft, which applied to all public issues, his opinion had to cover
limitations
only
new
the
possible limitations of taxing power, whereas in
specifies
for taxing real estate are demanded. The new draft, however,
state
that for issues not payable from ad valorem taxes, legal opinion must
the means for payment and whether prior claims exist.
Titles of Issues.
The old draft, in the paragraph dealing with the titles of securities
offered,condemned misleading titles in all cases. The new draft specifically
excepts public securities and adds:
which is mis"If any new issue of public securities shall have a title
the facts with regard
leading as to the lien, terms, or priority of such issue,there
prospectus,
no
is
if
or,
any,
if
thereto shall be stated in the prospectus,
In some other manner disclosed to each purchaser of such security."
titles to
because
primarily
made
It is understood that this change was
public issues are prescribed by law and that the laws, in many cases having
would
been written years ago do not deisgnate the securities in ways that
be immediately intelligible.
a
carried
issuers,
by
The original darft, in the section of information
requireclause calling for information on carrier issues in accordance with
ments of the Inter-State Commerce Commission. Presumably because it
was unnecessary, this clause is omitted in the revised draft.
in
In the list of definitions the meaning given to "issuer" was expanded
issues
order to cover investment trust offerings. In the case of such
duties of
the issuer is the person "performing the acts and assuming the
means
depositor or manages . . ." The term "person." in both drafts,
Stc.
natural persons, co-partnerships, corporations, associations.
4,039,474 with CWA Jobs in January to Be Demobilized
by May 1—Administrator Hopkins Orders Payment
of Prevailing Rates of Wages—PWA to Disband
State Organizations—American Association of
Social Workers Protests Plans to End CWA Relief
Disbursements—CWA Now Employs Only 2,607,000
Following Further Cuts.
The Civil Works Administration employed 4,039,474 persons in January, according to figures submitted to the Senate Feb. 19 by Secretary of Labor Perkins. This total compared with 3,419,449 in December and 1,477,245 in November.
The report also showed that Public Works Administration
employment, including road work financed with PWA funds,
was 267,990 in December against 251,851 in November. The
CWA perfected its plans last week for the complete demobilization of the men on its payrolls by May 1. Harry L.
Hopkins, Civil Works Administrator, issued an order,
Feb. 17, that, beginning March 2, all employees will be paid
the prevailing rate of wage for the kind of work they are
doing in their respective communities, although in no case
shall the pay be less than 30c. an hour.
The CWA was further scheduled to lose 377,500 workers
yesterday (March 2), thus reducing the forces to 2,607,000
persons, under reductions ordered by Mr. Hopkins Feb. 24.
He repeated instructions that major reductions be made in
communities where seasonal opportunities for reemployment are greatest or in communities where there is the least
industrial unemployment. Those persons least in need of
employment or in whose immediate family another member
is working are to be dropped first.
Mr. Hopkins in his instructions to State Civil Works Administrators Feb. 17 said:
To accomplish necessary reductions, you should lay off those needing employment least, dropping first all workers in whose immediate family
another member is working, leaving no more than one person gainfully
employed in the family, and then workers who have other resources, making
sure that needy women receive equal consideration with needy men.
Make major reductions in those communities in which seasonal opportunities for re-employment are greatest or in which there is least industrial
unemployment. Least desirable projects should be discontinued first. Reductions to be made in educational programs and any other Federal projects
will be ordered through Federal departments and you will be notified.
Any new employment for replacements or for any other purpose shall be
on the basis of need. Effective not later than March 2, wages paid employees will be the prevailing rate of wage for the kind of work performed in
each local community, but in no case less than 30c. an hour.
Secretary of the Interior Ickes, Public Works Administrator, Feb. 18 announced the termination of the services of
regional advisers and of all members of PWA State Advisory
Boards at the close of business Feb. 28. On the same date
there were also ended the services of all field personnel of
the PWA except those who must be retained by State engineers to carry on their work.
Opposition to the Administration's program for demobilization of the CWA by May 1 was expressed Feb. 17 by a
conference of the American Association of Social Workers
meeting at Washington. Principal recommendations of the
conference were summarized as follows by the Washington
correspondent of the New York "Times," Feb. 18:
Reports submitted by delegates from 55 cities said the steps already
taken toward demobilization of the ONVA had created a serious feeling of
1486
Financial Chronicle
insecurity among the unemployed who had received this form of work relief.
The conference recommended the continuance of large Federal employment projects, based on workers' qualifications for jobs rather than on
their need for them.
Changes recommended in taxation methods to raise the funds for this
purpose included plugging loopholes in the •Income Tax Law; recovery of
sums "lost to the Govermzfent from deducting capital losses from current
income," and from tax exempt securities; applying the income tax to
Government employees; increases in the higher brackets of the income tax,
and increases in the excess profits and inheritance taxes.
Other recommendations favored the creation of a permanent national
system of welfare services of the Government. As steps to achieve such a
program are urged financial and administrative participation of Federal,
State and local government on an equitable basis; substitution of modern
social welfare legislation for poor laws now in operation, and abolition of
residence requirements now necessary before needy persons can receive help.
President Roosevelt Outlines How Emergency Relief
Program as Substitute for CWA After May 1—
Threefold Plan to Create Employment Described—
Will Aid Farmers, "Stranded Populations" and
Urban Unemployed—Would Provide Work for SixMonth Period.
President Roosevelt on Feb. 28 made public his plan for
a new emergency relief program as a substitute for the Civil
Works Administration when the CWA is entirely discountinned May 1. Stating that "the experience of the past nine
months has shown that the problem of unemployment must
be faced on more than one front," the President in a memorandum issued at the White House outlined a plan which
would divide the unemployed into the following three groups:
"1. Distressed families in rural areas.
"2. Those comprising 'stranded populations,' or living in single-Industry
communities in which there is no hope of future re-employment, such as
miners in worked-out fields.
"3. The unemployed in large cities."
The President remarked in his memorandum that direct
relief is not "an adequate way of meeting the needs of ablebodied workers." At the same time he said that the Federal
Government should not embark on a work-giving program
which might be interpreted by some "as a permanent mqhod
of support." He therefore said that under his new plan
work will be given to an individual for a period not to exceed
six months.
A Washington dispatch Feb. 28 to the New York "Times"
noted the financial backing for any such relief program in
part as follows:
There will be available for this program about $500,000,000 already
appropriated by Congress and an indeterminate sum, which might be
diverted from contemplated relief and recovery appropriations yet
to be
made, totaling more than $2,000,000,000.
A large part of the latter total will be required to continue public works,
administering of direct relief and financing of the Reconstruction
Finance
Corporation.
In his budget message President Roosevelt last January put
$3,166,000,000 as the maximum sum he would request for all relief and recovery purposes for the rest of this fiscal year, ending June 30,and for the next
fiscal
year.
From that sum has been deducted $950,000,000 already
appropriated.
Including $450,000,000 or more for the continuance of the Civil
Works
program on a diminishing scale until May 15, and $300,000,000 or less
to
be used for relief work in the coming fiscal year.
The text of the White House memorandum Feb.28 follows:
The experience of the past nine months has shown that the problem of
unemployment must be faced on more than one front.
Coincident with the plans for the demobilization of Civil Works has been
the development of a program to meet the peculiar needs of three separate
and distinct groups in need through no fault of their own.
It has been found that these three groups fall into the following classifications:
1. Distressed families in rural areas.
2. Those composing "stranded populations," 1. e., living in singleindustry communities in which there is no hope of future re-employment,
such as miners in worked-out fields.
3. The unemployed in large cities.
The administration will be guided by these groupings in expending the
$950,000,000 recently appropriated by Congress.
The care of needy persons in rural areas is a problem quite distinct and
apart from that of the industrial unemployed. Their security must be
Identified with agriculture. They must be placed in positions of .selfsupport. In many parts of the country this calls for a change from commercial farming and dependence upon a single cash crop, to the raising of
the various commodities needed to maintain the families.
Relief Funds for Rural Families.
Relief funds, therefore, will be expended on behalf of rural families in a
manner and to an extent that will enable them to achieve self-support.
Work for wages from relief funds is not an essential part of this phase of the
program and will be provided only in so far as it is necessary to accomplish
the primary objectives. No encouragement of an extension of competitive
farming is contemplated, but rather the placing of thousands of persons,
who have made their living from agriculture, into a relationship with the
soil that will provide them a security which they do now enjoy.
Some of the methods to be employed include building or rebuilding
to provide adequate farm homes; the provision ofseed and of stocks for other
than commercial purposes, and opportunities to these workers to earn
modest cash incomes through part-time or seasonal employment in small
Industrial enterprises. There should also be a planned distribution of the
regular jobs on highways, in the National and State parks and forests and
other public work prosecuted in agricultural communities.
The plans call for complete co-operation with the Department of Agriculture and with the State and county agricultural departments throughout
the country. They substitute for direct relief an opportunity to obtain and
maintain self-support in an accustomed environment and completely
divorce relief activities in rural areas from those in the cities.
Mar.3 1934
Only a careful survey can determine the number of families included
in "stranded populations," but there are sufficient data already collected
to indicate a situation of substantial proportions. The solution of the
problem of these families involves their physical transplanting, in a largo
majority of cases, since the areas in which they concentrated offer neither
future employment at wages nor opportunities for self-support through
agriculture.
It is planned to explore this difficult situation and, in collaboration
with the subsistence homesteads division of the Department of the Interior,
and with other Federal and local agencies, devise and apply definitely
remedial measures which will affect an appreciable number of these families.
These measures will be directed first at maintenance on small tracts of
and then at the development of supplemental or industrial opportunities
to provide for a normal standard of living
The needy unemployed living in cities and towns and who, in the course
of coming months may reasonably look forward to regular jobs, are entitled
to and should receive, in so far as possible, adequate assurance of means
to maintain themselves during the balance of the period of their enforced
idleness. The Federal Government, both in its relief measures and in its
civil works program, now nearing completion, has been meeting an emergency situation.
Direct Relief Not Adequate Way of Meeting Needs.
Direct relief, as such, whether the form of cash or relief in kind, is•not
an adequate way of meeting the needs of able-bodied workers. They very
properly insist upon an opportunity to give the community their services
in the form of labor in return for unemployment benefits.
The Federal Government has no intention or desire to force either upon
the country or the unemployed themselves a system of relief which is repugnant to American ideals of individual self reliance. Therefore, work
programs which would not normally be undertaken by public bodies, but
which are at the same time outside of the field of private industry, will be
projected and prosecuted in and near industrial communities.
Labor on those projects will not be expected of dependent members
of the communities who are unable to work, but will be confined to those
needy unemployed who can give adequate return for the unemployment
benefits which they receive.
Work will be given to an individual for a period not to exceed six months.
This is in order that it may not be considered, or utilized, as a premanent
method of support. It will be administered by and under the direction of
those responsible for the unemployment relief activities in industrial
communities.
Every effort will be made to continue opportunities for work for the
professional groups in need—teachers, engineers, architects, artists, nurses
and others.
This program expresses a conviction that industrial workers who are
unemployed and in need of relief should be given an opportunity for livelihood by the prosecution of a flexible program of public works. The
several States will be aided, as the Federal Relief Law provides. in the
financing of this enterprise.
President Roosevelt, in Special Message to Congress,
Asks Authority to Modify Tariff Rates in Negotiating Reciprocal Agreements with Other Nations—
Bill Introduced in House Would Set No Limit on
Continuance of Pacts if Not Terminated in 3 Years
—Senator Harrison Predicts Passage of Measure,
with Power to Revise Rates as Much as 50%.
In a special message to Congress yesterday (March 2),
President Roosevelt asked that he be authorized to negotiate
commercial agreements with foreign nations, and he further
requested that in concluding such agreements he be authorized, "within carefully guarded limits," to modify existing
tariff rates "in such a way as will benefit American agriculture and industry." Immediately after the message was
read to Congress an Administration bill was introduced in
the House. This measure was said to embody the principal
recommendations of the President, authorizing him to negotiate reciprocal agreements within prescribed limits and repealing the flexibile provision of the 1930 tariff act. The
final paragraph of the bill provides that the proposed trade
agreements shall be subject to termination at the end of three
years, but contains the qualifying clause that if they are not
ended at such time they will continue indefinitely unless
terminated "upon not more than six months' notice." The
bill would permit the President to revise existing duties up
to a maximum of 50%.
After its introduction in the House the bill was referred to
the Ways and Means Committee. No action can be taken
in the Senate at this time, since tariff legislation must, under
the Constitution, originate in the House.
In discussing the reasons for his asking tariff revision
power, the President said in his message that world trade
has been reduced to approximately 70% of its 1929 volume,
and in terms of dollars has fallen to 35%. Secondly, he
pointed out, other Governments are "to an ever increasing
extent winning their share of international trade by negotiated
reciprocal trade agreements." The complete text of the
President's tariff message follows:
To the Congress:
I am requesting the Congress to authorize the Executive to enter into
executive commercial agreements with foreign nations, and in pursuance
thereof within carefully guarded limits to modify existing duties and import
restrictions in such a way as will benefit American agriculture and industry.
This action seems opportune and necessary at this time for several reasons.
First, world trade has declined with startling rapidity. Measured in
terms of the volume of goods in 1933, it has been reduced to approximately
70% of its 1929 volume: measured in terms of dollars, it has fallen to 35%.
The drop in the foreign trade of the United States has been even sharper.
Our exports in 1933 were but 52% of the 1929 volume and 32% of the 1929
value.
Volume 138
Financial Chronicle
This has meant idle hands, still machines, ships tied to their docks,
despairing farm households and hungry industrial families. It has made
Infinitely more difficult the planning for economic readjustment in which
the Government is now engaged.
jpYou and I know that the world does not stand still; that trade movements
and relations once interrupted can with the utmost difficulty be restored;
that even in tranquil and prosperous times there is a constant shifting of
trade channels.
How much greater, how much more violent is the shifting in these times
of change and of stress is clear from the record of current history. Every
nation must at all times be in a position quickly to adjust its taxes and tariffs
to meet sudden changes and avoid severe fluctuations in both its exports and
its imports.
You and I know, too, that it is important that the country possess within
its borders a necessary diversity and balance to maintain a rounded national
life, that it must sustain activities vital to national defense and that such
Interests cannot be sacrificed for passing advantage.
Equally clear is the fact that a full and permanent domestic recovery
depends in part upon a revived and strengthed international trade and that
American exports cannot be permanently increased without a corresponding
Increase in imports.
Second, other governments are to an every increasing extent winning
their share of international trade by negotiated reciprocal trade agreements.
If American agriculture and industrial interests are to retain their deserved
place in this trade, the American Government must be in a position to bargain for that place with other governments by rapid and decisive negotiation
based upon a carefully considered program and to grant with discernment
corresponding opportunities in the American market for foreign products
supplementary to our own.
If the American Government is not in a position to make fair offers or
fair opportunities its trade will be superseded. If it is not in a position at a
given moment rapidly to alter the terms on which it is willing to deal with
other countries, it cannot adequately protect its trade against discriminations and against bargains injurious to its interests. Furthermore, a promise
to which prompt effect cannot be given is not an inducement which can pass
current at par in commercial negotiations.
For this reason, any smaller degree of authority in the hands of the
Executive would be ineffective. The executive branches of virtually all
other important trading countries already possess some such power.
I would emphasize that quick results are not to be expected. The successful building up of trade without injury to American producers depends upon
a cautious and gradual evolution of plans.
The disposition of other countries to grant an improved place to American
products should be carefully sounded and considered; upon the attitude of
each most somewhat depend our future course of action. With countries
which are unwilling to abandon purely restrictive national programs or to
make concessions towards the re-establishment of international trade, no
headway will be possible.
The exercise of the authority which I propose must be carefully weighed
In the light of the latest information so as to give assurance that no sound
and important American interest will be injuriously disturbed. The adjustment of our foreign trade relations must rest on the premise of undertaking
to benefit and not to injure such interests.
In a time of difficulty and unemployment such as this, the highest consideration of the position of the different branches of American production
is required.
From the policy of reciprocal negotiation which is in prospect, I hope in
time that definite gains will result to American agriculture and industry.
Important branches of our agriculture, such as cotton, tobacco, hog
products, rice, cereal and fruit raising, and those branches of American
Industry whose mass production methods have led the world will find expanded opportunities and productive capacity in foreign markets and will
thereby be spared in part, at least, the heart-breaking readjustments that
must be necessary if the shrinkage of American foreign commerce remains
permanent.
A resumption of international trade cannot but improve the general
situation of other countries and thus increase their purchasing power.
Let us well remember that this in turn spells increased opportunity for
American sales.
Legislation such as this is an essential step in the program of national
economic recovery which the Congress has elaborated during the past year.
It is part of an emergency program necessitated by the economic crisis
through which we are passing.
It should provide that the trade agreements shall be terminable within a
period not to exceed three years; a shorter period probably would not
suffice for putting the program into effect.
In its execution the Executive must, of course, pay due heed to the
requirements of other branches of our recovery program, such as the
National Industrial Recovery Act.
I hope for early action. The many immediate situations in the field of
International trade that to-day await our attention can thus be met effectively and with the least possible delay.
FRANKLIN D. ROOSEVELT.
Senator Harrison, Chairman of the Senate Finance Committee, in a statement yesterday (March 2) said that the
President's bargaining trade policy is a vital part of his
recovery program. The Senator is quoted as follows:
It is in keeping with the party's platform pledge and the candidates'
campaign promises. It will obtain quick results and present to the President
the means whereby he may cope with what other governments are doing.
Everyone knows that the President has the welfare and interest ofAmerica
at heart and that the broad powers conferred on him in the suggested legislation will be used to the advancement rather than injury to American
industries.
"The trade agreement will be terminable at the expiration of three years,"
Senator Harrison added. It may be made terminable sooner, he pointed out,
depending upon the provisions of the bargaining agreements themselves.
"The tariff rates cannot be increased or lowered more than is now authorized by law to the tariff commission," the Senator said. "If the President
should be compelled to wait for Congressional action to ratify each trade
agreement, the whole plan would be destroyed. World conditions are
changing so rapidly, and other governments are moving so quickly, that it
is necessary, if our interest is to be protected, that the President be authorized to act promptly and efficiently.
"The legislation does not seek to destroy the United States Tariff Commission. It will continue to operate and perform the mission it was originally
designed to do. namely, ascertain facts as a fact-finding body.
"I have no doubt that the House of Representatives will pass the legislation, and when that is done the committee on finance will begin consideration of the bill for its report to the Senate. There should be no need for
unnecessary and prolonged discussion. We will proceed with its opportunity for fair and full discussion."
1487
President Roosevelt in Message to Congress Recommends Legislation Whereby Federal Government
Would Guarantee Principal and Interest on Bonds
of Home Owners' Loan Corporation—Also Proposes That Corporation Be Authorized to Purchase
Bonds of Federal Home Loan Banks with View to
Aiding Building and Loan Associations.
In a message addressed to Congress on March 1, President Roosevelt recommended that legislation be enacted to
provide for the guarantee by the Federal Government of
principal and interest on bonds of the Home Owners' Loan
Corp. The President also stated that "authority should
also be given to the HOLC to purchase bonds of the
Federal Home Loan Banks, thus enabling the Corporation
to make funds available to these banks and to the building
and loan associations which are in need in financing in order
to encourage private building."
Stating that the original purpose of the $2,000,000,000
HOLC program was to refinance mortgages on houses as a
means of preventing foreclosures. United Press advices,
March 1, from Washington to the New York "Journal of
Commerce," added:
Although it was slow in getting started, the HOLC is making rapid
progress now in that phase of its work.
93.595 Loans on Homes.
It has made loans of $266.077,985 on 93,595 homes. More than 99%
of this work was accomplished simply by exchanging the Corporation's 4%
bonds for the mortgages existing on the properties. The interest on the
bonds was guaranteed, but not the principal.
But this is only one phase of the intended home program. President
Roosevelt wants the HOW to make cash loans, with mortgages as
collateral, to finance repairs on homes. These loans would go into trade
channels immediately, since the money would be spent for materials and
labor.
It also is desired to use capital from HOLC bonds to buy
Federal Home Loan Bank bonds. The money thus given the banks would
be used to finance new homes directly or to provide building and loan
associations with funds for the same purpose.
Thus far this phase of the program has not advanced far because HOLC
bonds could not be sold to advantage and there hasn't been much cash
available. With the principal of the bonds guaranteed, a strong market
is believed to be assured.
The following is the text of President Roosevelt's message
to Congress on March 1: To the Congress:
On Jan. 10 I recommended to the Congress the passage of legislation
guaranteeing the principal as well as the interest of the $2,000,000,000 of
bonds authorized for the refinancing of agricultural indebtedness.
I now recommend that the Home Owners' Loan Act be similarly amended.
The purpose of such legislation, as in the case of farm financing, will be to
assure the continued progress on a self-sustaining basis of the making of
loans for the purpose of refinancing home mortgages without interruption.
These is the same reason for acknowledging publicly what already
amounts to a moral obligation in respect to these bonds as there was in
the case of bonds authorized to be issued through the FCA.
By making provision for an exchange of the new type of bonds guaranteed
as to principal as well as interest for those already issued, those mortgagees
who have shown their willingness to co-operate with the Government's program by accepting the original bonds will be placed on an equal footing
with mortgagees who will hereafter obtain the fully guaranteed obligations
proposed by this legislation.
Out of the funds which may be made available as a result of the proposed
guarantee of principal of these bonds, the HOLC should be enabled
to extend further assistance for the modernization of homes as well as for
the making of repairs.
Authority should also be given to the How to purchase bonds of
the Federal Home Loan Banks, thus enabling the corporation to make
funds available to those banks and to building and loan associations which
are in need of financing in order to encourage private building.
FRANKLIN D. ROOSEVELT.
The White House,
March 1 1934.
Indicating the effEct on the bonds of the President's
recommendation, the New York "Times" of March 2 said:
Bonds Rise Sharply on News.
Reports that President Roosevelt intended to ask Congress to guarantee the principal of the Home Loan bonds caused a rush to buy the
bonds in the last minutes of Exchange trading and the last two hours
of over-the-counter trading here yesterday.
On the Real Estate Securities Exchange, the day's business in these
bonds aggregated $194,000. The news of the President's plan did not
reach New York until closing time for this market, but prices were up
on the day to 94j for the bonds. This is the most active day ever reported in this market for the bonds.
Dealings in the securities market of the New York Produce Exchange
resulted in a larger gain in price on a substantially small volume. The
market closed at 9534, up 13( points on the day, with sales totaling $26,000
The legislation under which bonds issued by the Federal
Farm Mortgage Corp. are guaranteed as to principal and
interest was referred to in our issue of Feb. 17, page 1118.
Senator Wagner Dissatisfied with Record of NLB,
Despite Settlement of 69% of Disputes—Chairman
Calls Percentage Too Low—Urges Bill Giving Body
Greater Authority and Making It Permanent,
Although 69% of the disputes placed before the National
Labor Board have been settled, Senator Wagner of New
York, Chairman of the Board, said Feb. 21 that this percentage is too low and that "some settlements have been
unsatisfactory." After calling at the White House, Senator
Wagner said that he would soon introduce in Congress a
1488
Financial Chronicle
bill to clarify Section 7 (a) of the National Industrial Recovery Act, with particular reference to the company
union. The bill, he added, would provide for making the
Board a permanent body with quasi-judicial powers, such
as the authority to subpoena witnesses and to administer
oaths. In a statistical summary of the work of the Board
and 17 of its 18 regional boards, Senator Wagner said:
Disputes involving 914,000 workers have been before the boards, or
a total of 1,818 cases, to Feb. 1, of which 69% were settled. Altogether,
about 650,000 workers have been put back to work or kept at work, or had
their less acute disputes adjusted.
Included in this total are 599 strikes, of which we have settled 80%,
besides averting 197 more strikes—a total of 482,500 returned to work
or kept at work in strike situations.
Cases pending are 322, or 18%, involving 164,000. About 100,000
workers (or a flat average of 5,500 to a board) come under cases, largely
of strikes, which dragged on, where no definite solution[couldibe enforced,
or of disputes where some adjustment resulted whose terms were not reported to the boards.
The record has a disquieting aspect. Its percentage of settlements is too
low, and some settlements have been unsatisfactory. The statistics bear
out what the boards in many regions have been reporting for some time,
namely, that the willingness to use the boards displayed by the majority
is encountering the impediment of a small minority whose desire for industrial peace is not uppermost.
This impediment is increasing. Certain industrialists' efforts to challenge the boards' authority is symptomatic. Far more significant is the
fact that three quarters of all the disputes involve complaints of denial of
the right of self-organization and collective bargaining contained in Section 7 (a) of the Recovery Act.
Clearer understanding and recognition of these rights and of the National
Labor Board's authority seem to be the requirements of the present situation as indicated by our six months' experience.
Resolution Adopted by Senate Calling for Information
Regarding Authority for Creation of Governmental
Corporations, Including Federal Surplus Relief
Corporation, Commodity Credit Corporation, Federal Emergency Housing Corporation, &c.
Under a resolution adopted by the United States Senate
on Feb. 6, information is called for as to the authority for
the creation of various agencies of the Federal Government,
including the Federal Surplus Relief Corporation, the Commodity Credit Corporation, the Federal Emergency Housing
Corporation, and the Electric Home and Farm Authority,
Inc. The resolution, which was submitted by Senator
Steiwer, that "no Act of Congress specifically authorized
the organization of any of such corporations." As adopted
by the Senate the resolution reads:
Whereas, It appears that certain corporations have been set up by
various agencies of the United States Government in connection with the
administration of acts of Congress, and among others the following:
Federal Surplus Relief Corporation, in connection with the administration of the Agricultural Adjustment Act and the Federal Emergency
Relief Act of 1933;
Commodity Credit Corporation, in connection with the administration
of the Agricultural Adjustment Act, the Reconstruction Finance Corporation Act, and the Executive Order reorganizing agricultural credit agencies
of the United States, dated March 27 1933;
Federal Emergency Housing Corporation, in connection with the administration of title II of the National Industrial Recovery Act;
Electric Home and Farm Authority, Inc., in connection with the administration of the Tennessee Valley Authority Act of 1933; and
Whereas, Detailed information with respect to the organization of
such corporations is not available to the Members of Congress, and no
reports have been made concerning the operations of any such corporation; and
Whereas, No act of Congress specifically authorized the organization
of any such corporations: Therefore be it
Resolved, That the several agencies of the United States Government
having supervision over the operations of the corporations named above
are hereby requested to transmit to the Senate, at the earliest practicable
date, a statement showing (1) the authority for the orgainzation of the
corporations in connection with the administration of such agencies; (2) the
functions performed or intended to be performed by such corporations;
(3) the amount of money, if any, which has been received and expended
by such corporations, together with a general statement of the sources of
all receipts and the purposes for which the money has been expended;
(4) the number of officers and employees of such corporations and the
salary received by each officer or employee, together with copies of the
articles of incorporation, by laws, and other pertinent matter relating
to the incorporations of such corporations.
Mar. 3 1934
tract for the production of fuel, vegetables, poultry, small livestock and
other produce for home use—foods which such people are now unable to
buy in sufficient quantities because of their crippled incomes.
Every project so far approved is aimed as a test; some represent the
home garden type of development where workers will live within easy
transportation distance from centres of employment; others will provide
an opportunity for submarginal farmers to get on to better lands.
NI 44
Among the projects approved to date is one for Hightstown, N. J., where
200 homesteads for Jewish needle workers from the congested clothing area
of New York are being established.
Another project at Rochester provides for 33 homesteads for low-income
workers, many long unemployed and on relief rolls, others engaged in parttime seasonal work.
General Johnson Offers 12-Point Program for Revising
NRA Codes—Recovery Administrator, Opening
Washington Hearings as "Field Day for Critics,"
Defends Accomplishments of NRA, While Admitting Some Mistakes-Manufacturers, Consumers,
Small Business Men and Labor Voice Protests at
Series of Meetings—Code Conferences Next Week
to Survey Changes Recommended by Administrator, Including Proposal for Cut in Work-Week
and Advance in Hourly Wages.
A tentative 12-point program for improvement in the
code structure of the National Recovery Administration was
presented Feb. 27 by General Hugh S. Johnson, Recovery
Administrator, as he opened a series of hearings in Washington which he characterized as "a field day for critics" of the
NRA. Five simultaneous meetings later heard comments
and suggestions for changes in various branches of code
administration, where hundreds of spokesmen for manufacturers, labor, consumers and the small business man
gathered to discuss complaints that had poured in from all
parts of the country. Almost 2,000 persons heard the
opening speech by General Johnson, in which he defended
the work of the NRA and, while admitting that mistakes
had occurred in the task of codifying American industry
within a period of nine months, asserted that the NRA had
justified its original estimate of the number of men for
whom it would provide re-employment and the extent to
which it would increase mass purchasing power. The enemies
of the Blue Eagle, he said, are those who oppose higher
wages and shorter hours. The Administrator announced
that the NRA will shortly begin a new Blue Eagle campaign
and another drive for compliance.
The 12-point program submitted by General Johnson
was as follows:
1. A more uniform and equitable rule of National price stabilization
Is those cases where it is necessary to maintain wages at a decent standard
against the certain results of predatory and cut-throat competition, and
further insurance against increase of prices faster and further than increase
of purchasing power.
•
2. A more effective rule on costs for purposes of maintaining rules
against sales below costs of production.
3. Uniformity of wages and hourly rates in competitive industries.
4. Uniform classification of areas for the purpose of the North-South
differentials,5. Further reductions in hours per week and further increase in hourly
wages.
6. Certainty of protection against monopoly control and oppression
of small enterprise.
7.A much improved method for securing prompt and effective compliance.
A
b safe method of financing code administration without racketeering
cause
an8
9. Elimination of inconsistent or conflicting provisions among various
codes.
10. Adequate labor and consumer representation in an advisory capacity
on code authorities.
11. Uniformity of Governmental representation on code authorities.
12. Wide use of mechanism for settling labor disputes in connection
with code administration.
General Johnson said that the code conferences which will
open in Washington next week will seek to determine how
many of these changes may be made effective by Presidential rulings.
$4,600,000,000 Asked for Homestead Aid—Federal Fund
Spokesmen for manufacturers at the five meetings asked
Limited to $45,000,000.
for
greater encouragement of private capital investments,
Subsistence
available,
the
HomeWith only $25,000,000
stead Division of the Interior Department has had projects and attacked the Securities Act and the proposed Stock
which would cost $4,500,000,000 proposed to it, Secretary Market Regulation Act. They also expressed opposition to
Ickes indicated on Feb. 17. Advices to this effect were any additional lowering of working-week hours. Representacontained in a Washington dispatch Feb. 17 to the New tives of various labor groups, on the other hand, asked
for substantial reduction of the work-week and a proportionYork "Times," which also had the following to say:
ate increase in hourly wages, to provide for greater spread of
The opportunity to live on a small farm and raise edibles while workemployment. Spokesmen for the American Federation of
ing in cities has resulted in 2,000 separate applications for homesteads.
These come from every State and also from Puerto Rico, the Virgin Islands,
Labor charged that there is widespread violation of labor
Hawaii and Alaska. Applications from California, Texas, Florida, New
provisions in codes, and cited specifically alleged violations
P
Jersey, Illinois, Iowa, Pennsylvania, Ohio and Alabama each total more
than the original $25,000,000.
of the code for the automobile industry. Representatives of
"Of the proposed projects," said M. L. Wilson, Director of the Division,
consumers
said that code enforcement failed to provide for
$750,000,000
in
of
that
upwards
indicates
examination
preliminary
"a
C0111311111er protection and charged that important posts in the
proposals have genuine merit which would entitle them to further study
and consideration."
NRA were held by conservative leaders. Small industries
The factors considered by the Division in judging a project, according
asserted
that there was inadequate protection against
high
enough
people
is
so
calibre
of
that
whether
the
to Mr. Wilson, are
monopolistic tendencies under the various codes.
they will make the most of a plot of from two to five acres, employing the
Financial Chronicle
Volume 138
We quote, in part, from a Washington dispatch Feb. 27
to the New York "Herald Tribune" describing some of the
testimony offered at the NRA hearings in Washington on
that date:
Stop-loss price fixing in NBA codes was assailed as inimical to consumers
and then upbraided as ineffective by those who supported the principle.
The opponents warned of "buying strikes on the part of the consuming
public." From another quarter came the proposal for the NRA to go further
into price fixing but for the benefit of the consumers, to protect them against
rising prices of commodities.
More control of production was sought at one meeting and from another
side came the prediction that the need for production control should grow
smaller. From all quarters came an attack on code "chiselers."
Communist in Basic Disagreement.
Robert Minor, representative of the Communist party, stood virtually
alone in "basic disagreement with the NRA." The figures showed that
unemployment was permanent as far as the capitalist system was concerned,
he declared. Joe Kiess, Secretary of the Furniture Workers Industrial
Union, had charged earlier that the NRA had actually lowered living
standards in his trade. General Johnson promptly challenged him to produce
data and to lay his complaints before Mr. Davis.
Donald R.Richberg, General Counsel of NBA,following the Administrator,
emphasized that the aims of the recovery effort were to bring about the
organization ofself-government in industry "under our form of constitutional
government." He stated there was no occasion either for state socialism
or a dictatorship in this effort, ''since we have faithful defenders of the
Constitution."
He pointed out that while he had been quoted as saying an economic
revolution was in progress in this country, he maintained that this "is
different from saying a political revolution is under way, or that the NRA
Is devoted to overturning our institutions of Government." Leaders in
the recovery movement, he said, "are devoted to maintaining the purposes
and traditions of American life under which we have prospered for 150
"Some people may prefer marching black shirts, brown shirts or red
shirts," he said, "but we in the NRA believe in marching toward the old
goal, the greatest happiness for the greatest number of people. We may
not be marching in step, but our hearts are beating in tune."
For the National Association of Manufacturers, George H. Houston,
President of the Baldwin Locomotive Works, estimated that since March
about 3,900,000 persons had been re-employed, exclusive of those employed
through direct relief. Of the very large number still without work most
were concentrated in the field of durable goods and in the provision of
services, he said.
Mr. Houston resisted the idea of reducing maximum hours in the durable
goods field to 30 or 32 hours a week, pointing out that it would mean
Increasing costs and prices and further reducing "the already seriously
curtailed demand for durable goods." Unemployment would be frozen
for the indefinite future, he warned.
Renewed capital investments and the flow of long-term credit were
Imperative to energize industry and increase employment, Mr. Houston
continued, attacking the Securities Act for drying up the sources of credit.
William H. Green, President of the American Federation of Labor,
concluded the general public session by praising General Johnson's definition
of the purpose of the National Industrial Recovery Act.
"We must continue to follow this formula. The hours of labor must be
still further reduced. The same rule is inevitable. There is no choice in
the matter. Revival of the heavy industries must not be made at the expense of exploitation of labor. If we want to reduce the cost of production,
we can reduce independent labor costs.
"It is the part of practical wisdom to continue the policies of the Administration. It is the part of unwisdom to shift now to new policies. It is
but human that we become impatient. But we must not check those who
are doing an almost superhuman piece of wofft. It is true that we have
not realized all our hopes, but we do not want to go back to the old way.
We want to erect a superstructure of industrial recovery that will build
for permanent success. Labor will stand solidly back of the plan to reach
this goal."
At the group conference on trade practices bearing on prices Dr. Paul
Nystrom, representing the Limited Price Variety Association, Inc., was
allowed to speak for an hour, subjected to a fire of questions from Deputy
Administrator A. D. Whiteside.
Dr. Nystrom protested against "arbitrary and unnecessary changes"
in usual contractual relations between manufacturers and distributors;
"unfair and unjust discrimination" against certain classes of retail distributive institutions by the establishment of arbitrary classes of buyers,
price differentials, etc."; direct measures to fix prices "or to secure the
material results of price fixing," and measures "intended to limit or resulting
In the limitation of production, and which, if not carefully controlled, will
inevitably raise prices and insure not only a coverage of costs but also
of net profits at the expense of distributors and, eventually, consumers."
Dr. Nystrom asserted that the provisions make for monopoly. Price
fixing particularly, he said, is a long step in the direction of monopoly, and
he recommended that the Administration exercise great care or a condition
already bad would become worse.
He said that the open price system is in effect now in more than 50
codes and forecast "severe consumer resistance this spring."
At the group meeting on code administration Elinore M. Herrick, acting chairman of the New York Regional Labor Board, asked that organized
labor be authorized to police codes. Compliance and enforcement,she said,
are the greatest problems facing the NRA. "Solving this problem cannot
and will not be done by industry," she continued. Two methods of insuring
compliance were outlined, one to write "enforcement techniques" into the
codes, and the other by policing of industry by organized labor.
Text of General Johnson's 'Speech.
The complete text of General Johnson's address on the
National Industrial Recovery Act follows:
The National Recovery Act is an attempt to spread employment,increase
wages,cut out unfair and destructive trade and industrial practice and make
definite the rights of labor. It recognized that this could be done only by
voluntary consent of action among employers. It was a new and unprecedented proposal. It created for us the job of trying to get more than
3,000,000 employers to do something that many of them believed was
sacrificial of their own interests and to do it together and at about the
same time.
It was freely predicted as an impossible task.
In taking this Job I knew that it was bound to raise such conflict of
opinion that the administrator could not avoid assaults of great and powerful interests on many acts of administration and on every personal ground
that could be invented. At the very outset I predicted precisely what has
1489
happened—to the extent of saying that taking the job was exactly like a
man mounting the guillotine on a bet that the axe would not work.
It did not require much brains to foresee that, and, anyway, it is a small
matter. I mention it here because this is an open round-up for criticism, and
I think it necessary to draw a sharp line between the kind of criticism that
is helfpful and should be encouraged, welcomed and acted upon, and the
kind that is wholly unwarranted, highly obstructive and against which I
have contested with all the strength I have.
When a man has asserted that any provision of a code or any act under
it works a hardship, or an injustice, or produces a bad result, or operates
against the economic principles of the President's program, or contrary to
any statutory provision or any pronouncement of the President's policy, or
that some official is unjust, incompetent, inefficient or unfair, or when the
criticism is of method or organization and, in every one of these cases,
where facts and not epithets are presented, and especially where a suggestion of improvement is made, the doors of the NRA are wide open to such
an assertion and we will go more than half way to meet it.
Indeed the assertion that we have ever done anything else is absurd, and
that is a statement which I can prove to anybody's satisfaction. All that
you need to do is to consider the organization and method of NRA. From
the very first day and the very first plan for its organization the effort was to
put in all controlling positions through which the codes must strain, men of
every possible shade of opinion—from those who were popularly considered
extreme on the radical side to men who were thought to be conservative.
We created a Board of Industrialists to pass on the codes from that viewpoint and—least it be thought that NRA itself was industrial-minded—the
Secretary of Commerce was asked to name them. But to get a completely
opposite point of view, we created a Board of Labor Leaders also to pass on
the codes, and similarly, lest it be thought that NRA should influence this
selection, we asked the Secretary of Labor to appoint the board. On my
personal staff, with access to everything that passes the control office. I
selected an industrial assistant but I also selected a labor assistant—one
of the outstanding leaders of the labor movement in this country.
There was complaint that the consumer's interest might be overloosed in
the shuffle. Now, while we think that every person and thing in this
country—every factory, store, railroad or other enterprise—is a consumer
and therefore that the real consumer's representative is the President
himself, we nevertheless recognized the necessity for a channel of complaint
and criticism and therefore set up a Consumer's Board, the function of
which is to pass on all codes from that point of view.
Even in our staff and service departments such as the legal and research
and planning departments, we similarly sought to secure leaders of economic
and political thought from both sides of the argument to keep every policy
and action, broad, flexible and constantly informed by every shade of
opinion.
This idea has attended every act of NRA. At all hearings there sit
representatives appointed by all three of these boards of directly conflicting interest.
Not a code or order comes across my desk that is not accompanied by
the reports of all these advisory interests. While some one must make
an ultimate decision, no such decision is ever made without extraordinary
effort to compose these conflicting points of view.
In addition to all this, there is not a single important action taken by
NRA that is not the result of a public hearing. In those hearings every
person—from communist to conservative—who asserts any interest in
the subject-matter is invited to get up and make any criticism, comment or
suggestion that may occur to him, and never has any one been denied,
curtailed or silenced. It all goes into the record and is considered when
action is taken.
Also, it has been our invariable practice whenever a responsible and
effective proponent of any adverse point of view has presented specific
criticism of method and personnel to give that person complete access to
anything we do have here; to invite that person to join this organization
himself(or to nominate some one to join it) and show us how we can improve
our performance. This has been done in many cases and will continue to
be our practice.
Our latest effort in this direction is the appointment of a distinguished
board to examine and report to the President on all complaints of an
oppressive effect of codes or administrator on small business. This board
was nominated by Senator Nye and appointed by the President, and
will be presided over by Clarence Darrow.
Finally, at our first monetary breathing space, we have called this
conference, open to the world, the sole purpose of which is to receive criticisms—open or confidential, direct or implied—and I assure you that there
is nothing but truth and sincerity in this endeavor.
Now if we could have done something more, from the very beginning, to
Invite and foster and encourage criticism—to play the game squarely and
on the open—I don't know what it would have been. If we could have
created a machine better designed to make criticism effective and to keep
adversary points of view always before us I would not know how to invent
it. To me the continued assertion that we resent, or repel, or ignore
criticism is an absurd and howling irony on an organization which has done
more to make vibrant criticism the breath of its life than any other on
record.
But. in curious inconsistency, the strictures on NRA go on to say that
there is constant controversy in this organization. By the very nature of
the organization and method I have just described, controversy on conflicting views of adversary interest is of the very essence of NRA. It could
have been done differently with great ease. We could have set up here a
military oligarchy. (By the way we have been accused of that). Instead of
bringing in men commissioned to express adversary opinions we could have
fired anybody who did so. We elected the contrary course because NRA is
an economic democracy, an arena for controversy, a place where an earnest
attempt is made to reach realistic compromise of conflicting opinion for the
general good and not a place for the exploitation of academic theory at the
expense of the common welfare.
But there is a sort of assault on NRA to which I have continuously
objected. It is a very different thing from what I have described—unwarranted aspersions on the good faith of men assisting here who to my
certain knowledge have come to us at great personal sacrifice and given
their strength and ability and health and manhood—like crusaders in a
holy cause, and to limits of devotion the like of which I never saw even in
the war. With two exceptions, the maximum salary here is $6,000 and there
is hardly any one here in a principal position who has not earned much
more than that. Some of them can and do earn many times more in other
employment. They are here to serve their country at a crisis inspelled by
just such faith as sends a soldier into the ranks in war.
I object to attemps, by fugtive innuendo, to shake public confidence, by
outright lies or half-baked and ignorant assertions respecting acts and
policies—usually uttered with the air of some secret and special information. There Is no inside information about NRA, because it does whatever
it does under the full gaze of whoever desires to take the trouble to look.
I do not repel these statements when they are true, but I do think they are
vicious when (as in 90% of cases) they are entirely inaccurate and misleading.
1490
Financial Chronicle
Mar.3 1934
I object to having my assistants characterized by epithet without an
the significant lines in American Commerce. If there are any clear lines of
iota of justification in fact. It tends to make public service by competents
demarcation they are regional rather than State Boundaries. The areas are
impossible.
economic rather than political. The general low wage scales in the whole
I think we have a right to answer such statements to the American people,
of the South and especially the starvation wages of negroes in some industo substitute facts for nonsense and, where we know the circumstance,
tries had spread their effect like a great grease stain over large parts of the
especially when we know that the motive of such sniping and sapping is to
map of the United States—degrading the wages and living conditions of
deceive the public for some particular purpose—political or otherwise—a
labor in other regions far removed, On the strength of unconscionable
purpose subversive of good. To hold differently would be to say that there
wages the Birmingham district was invading the Detroit Stove market, for
Is some handicap on a great national enterprise that leaves it helpless and
example, leaving the Michigan Stove Industry no alternative except
naked to the assaults of its enemies. There is no such handicap. We shall
marked wage cuts. Metropolitan sweat shops were doing a similar thing in
continue in the future as in the past to welcome constructive criticism,to
the Garment trade—intra-State though their operations may have been
act on it promptly where we can, and to answer and resist destructive and
physically—both manufacture and sale—yet they were effectively closing
unsupported attacks in every case.
the great Metropolitan markets to any product not manufactured under
The purpose of this meeting is to make a round-up of every kind of
similar degraded and disgraceful labor conditions. We had to devise a
helpful comment that has been produced as a result of six months of operameans of insuring some improvement by operators working physically
tion under the President's Re-employment Agreement and the codes.
intra-State, to protect inter-State commerce from the most sinister and
That should be time enough to give us some real results of experience.
threatening aspect of the depression—predatory wage and price cutting to
Do not suppose that we do not have a great deal of material wholly outside
the imminent threatended destruction of American living standards. It is
what will be gathered here. We receive from 1,000 to 3.000 letters a day.
a constant process of levelling with no other direction than downward. It
They are all digested and the comment in them classified, not only for the
had to be arrested. Here again the answer was the President's agreement
purpose of feeling daily the pulse of the recovery program, but for the
and the Blue Eagle.
identical purpose of this meeting—to get all critical comment promptly
Fourth: With a law affecting established practices of nation-wide
and to find out where there is an inequitable or unintended bearing of the
extent, except in glaring outstanding and important cases, you could no
codes. Also the Administration maintains a daily digest of newspaper
more enforce it by court process and criminal prosecution than you could
comment which covers practically every publication. These also are
enforce prohibition. It had to be enforced by public opinion. In order for
studied personally every day by myself and my assistants.
the public to support those who were co-operating to create employment
Before we open this hearing it may be appropriate to say what we already
and purchasing power and to withhold support from those who were not,
know from all these sources needs immediate attention.
there had to be a symbol easily recognizable, striking and effective. We
1. A more uniform and equitable rule of National price stabilization in
designed the Blue Eagle for this purpose. It sounds simple but it was the
those eases where it is necessary to maintain wages at a decent standard
first time in our history that the people as a whole were ever given a chance
against the certain results of predatory and cut-throat competition,and
to enforce a statute enacted in their own interest by their own participation.
further insurance against increase of price faster and further than increase
It was as effective a demonstration as was ever given. For a variety of
of purchasing power.
reasons it has lagged somewhat of late but it will not lag long. We are
going out to restore public information about the Blue Eagle in any region
2. A more effective rule on costs for the purposes of maintaining rules
where that may be necessary—call it what you will (and chiselers big and
against sales below costs of production.
little
call it plenty of names) the Blue Eagle must be made indispensible to
3. Uniformity'of wages and hourly rates in competitive industries.
popular support for every business enterprise in this country.
4. Uniform classification of areas for the purpose of the North-South
Five: There was an immediate necessity for starting the codification
differentials.
process throughout the whole of industry. The President's Reemployment
5. Further reductions in hours per week and further increase in hourly
agreement provided for wages and hours on a little more drastic scale than
wages.
was convenient for some industries. Relief for them lay in submission of
6. Certainty of protection against monopoly control and oppression of
codes and an accurate determination after a public hearing of what the
small enterprise, and, especially, the inclusion in codes of adequate buying
exact rates should be. The plan worked. The Blue Eagle brought in the
(as well as selling) provision to guard against oppression of small business.
Codes.
7. A much improved method for securing prompt and effective comSixth: As a rule of administration, it is much easier to lay down a general
pliance.
rule and then deal with the exceptions than to attempt to deal with each
8. A safe method of financing code administration without racketeering
case separately. The President's agreement laid down the General Rule.
and abuse.
The Codes permitted us to deal with the exceptions. We should have
9. Elimination of inconsistent or conflicting provisions among various
failed on any other plan.
codes.
Such were the reasons for the President's Reemployment Agreement and
10. Adequate labor and consumer representation in an advisory capacity
the Blue Eagle. That, too, has been criticized on the following grounds:
on code authorities.
First: That too much was promised for it and that it failed to fulfill the
11. Uniformity of governmental representation on code authorities.
promise—indeed that it accomplished nothing.
12. Wider use of mechanism for settling labor disputes in connection
Second: That its effect to increase wages increased prices faster than
with code administration.
consumers'income increased and thus retarded recovery.
There are many other matters which have already developed but these
Third: That the methods used were those of ballyhoo and propaganda.
are the 12 principal heads of improvement and these, together with whatever
Now some of these charges raise questions of pure fact—and some raise
may develop as a result of this meeting, will be the principal heads of
questions of conjecture and opinion. Let us speak first to fact and of the
discussion in the Code Conference which opens March 5.
often repeated statement that the Blue Eagle delivered less than WU
It is our purpose to determine, in the Code Conference, the opinion in
promised for him. I propose to prove to you from the record that this
codified industries as to how many of these improvements we can put
charge is pure invention—in other words that it is one of those delioerate
into effect by general Presidential rulings, leaving to each industry the
misrepresentations designed and intended to hurt and hamper NRA and
opportunity to show why the application of such rulings can not, or ought
for no other purposes—in other words, a fraud on the public. Let us look
not to, be applied to it, or to what extent such rulings ought to be modified
at the record because happily all of these things were made of record.
or stayed. It is our plan to move into this corrective process just as soon
On June 6 1933—ten days before the passage of the Act I held a press
as the Code Conference is finished.
conference at which I said according to the record "We must put a lot
I go thus into some detail because I do not want anybody to assume
of men back to work quickly at more than subsistence wages." I was
the error that either of these two conferences is a gesture or a kind of"pep"
asked "Can you do that with this bill?" The answer was "It is a gamble
meeting. They are both in deadly earnest and the purpose of them is to
but we believe we can." As to Title II of the Bill (Public Works) which
mop up the errors, shortcomings and mistakes of the rapid process of codiwas then being prepared for in NRA, I said "one billion of expenditures
fication which, measured in figures of employment has already covered
will put one million men to work and it is hoped that by October Title II
about 90% of American Industry and which in a relatively short time will
will be operating at the rate of one billion dollars—one million men. As
have covered it all.
It turned out, NRA was not charged with responsibility for Title II. A
For any man to understand NRA he must know something of the history
different plan and policy was adopted for which we have no responsibility.
of its several phases and the reason why its various actions were taken
What I am responsible for is Title I, and of this the record shows I said:
when and as they were.
"Title I, however, is more important, and it is estimated that three million
As I have said, the law was passed on June 16. On July 9 the great
men can be put to work under this Title."
Cotton Textile Code was signed: on July 26 the Wool Textile and ShipThat was the promise I made. Last fall after the PRA was in full effect
building Codes; on August 4 the Electrical and Coat and Suit Codes; on
we took a census with the co-operation of the Census Bureau, and had
the 19th the Petroleum, Iron and Steel and Lumber codes. There were
the results tabulated by them. This calculation on the most conservative
several other smaller codes but until September 1 these were the only
basis showed a re-employment under codes and agreements at that time
major industries to come under codes. The Electrical, Textile, and Iron
of 2,750,000 and an increased payroll of 83,000,000,000 as a result of
and Steel codes came so quickly because they had been worked on long
codes and agreements. My own belief is that the actual figure of re-employbefore the Act was passed and the Petroleum industry had much experience
ment was more than 3,000,000. The net of all that is to say that our
in at least trying to get together. It was absolutely necessary to get such
stark estimate made on June 6 in an unknown field of the effect of Title I
a group of major industries to come forward, both to show the way to
was on the least favorable basis about 92% accurate so that, when any
others and to get some experience in the translation of the general principles
man says that extravagant promises were made for the Blue Eagle, and
not fulfilled, he simply has no regard for the facts. Since these facts are
of the Statute into practicable working formulae.
But it takes weeks and sometimes months to make a major code and no
available to everybody. I can only conclude this is a deliberate attempt
such rate of progress could have codified all of Industry in time to do any
to deprive the public of the benefits of NRA by misrepresentation.
good. The answer was the PRA and the Blue Eagle. The Blue Eagle
The second similar statement is that NRA has increased :vices faster
was urgently necessary for six compelling reasons, any one of which—
than purchasing power and so has done more harm than good and might
taken alone—justify him and the combination of all of which left us no
better never have been done at all. Before going into actual figures on
other choice.
this, here is a point of tremendous importance that these persons overlook.
First: Industries are themselves competitive for labor in the open market.
If yesterday approximately 3,000,000 people were out of work and toWe could not apply one rule to one industry and another rule to its fellows.
morrow they are put on steady subsistence wages, and if in the meantime
We had to bring all under the same rule immediately.
the cost of living has gone up 5%, are those people better or worse off
Second: In anticipation of new burdens under the Agricultural and
than If nothing at all had been done for them? If! have no money to buy
Recovery Acts, several industries had rushed into speculative overproduca beefsteak dinner does it make much difference to me whether it costs
tion. Stocks were piling up in mountains. We were keenly aware that,
$1 or $1.05? I say—and I think those 3,000,000 re-employed will all agree—
unless something were done instantly, we would be deluged by a new wave
that I will take the $1 and buy liver and bacon with it. The claim of this
of unemployment with possible tragic results.
criticism—even before we consider its truth—is cruel, cynical, buncombe.
Third: We talk about Inter-State and intra-State Commerce. As John
But like the statement about extravagant promises, this comment is
Marshall once said: "In commerce we are one people," and that was
also simply untrue. As I have shown, with a few exceptions, the codes
never more forcibly demonstrated than upon passage of the Recovery Act.
and re-employment agreements did not go into effect until September 1933.
We are raising costa by increasing payrolls. Intra-State commerce and
The National Industrial Conference Board index on tile cost of living for
industry competes with inter-State commerce and industry. Unless we
September was 77.9%. At the end of December it was 77.3%; at the end
could find some rule to put them on the same basis of hours and wages, we
of January 77.5%, and preliminary estimates for the end of February
would not have been justified in doing anything at all because intra-State
77.8%. In the meantime the NRA increase in payrolls was $3,000,000,000.
operations would simply have ruined inter-State enterprise. This was so
In other words, with the cost of living stationary, NRA re-employed
clear and threatening that no man who lived here through those anxious
3,000,000 people (who were without jobs before) and added 83,000,000,000
days will over again be persuaded that there is any important enterprise in
to the annual wherewithal of workers to live. It must be remembered, too,
this country that is not (in the language of the Act) "In or affecting interthat all this happened during a downward cycle of production when.
State commerce." We have had an astonishing lesson which it is vitally
without NRA we would probably have had a fresh deluge of unemployment.
important that the whole country should understand. State lines are not
That, as I have said before, was why we hurried.
Volume 138
Financial Chronicle
Now these are the cold hard facts of this NRA job, and of these underhanded, tricky and dishonest criticisms of NRA. I ask you—can you beat
it? And, do you blame this Administration—extended to the limit of
physical and nervous capacity to do something to relieve this hour of
crisis and distress—do you blame the Administration of NRA for contesting
and resenting it?
Let's come to the third criticism of the Blue Eagle and of these results—
that they were achieved by propaganda and ballyhoo. Of course, that
charge is tied up with the other two. Ballyhoo is false promise, false
incitement, false salesmanship.
But, as I have shown, there was nothing false about the representations
of NRA. We delivered what we promised and what we delivered was all
to the good for American workers of all classes. What then is this talk of
Ballyhoo? I'll tell you what it is. It is that some of these enemies of higher
wages and shorter hours object because we went over their heads straight
to the people with the Blue Eagle, and showed workers how they could
every one co-operate to get the benefits intended for them by this Act.
It was—to these gentlemen—too terrifying simple. All that people had
to do was to patronize Blue Eagle firms and ignore the rest. No employer
could afford not to have the Blue Eagle and to have the Blue Eagle he had
to play the game. That is the reason for this campaign of misrepresentations of NRA. That's all there is to these personal assaults—all there is
to what has recently disclosed itself as a concerted action by misrepresentation to break down NRA. It is the work of gentlemen who consider it a
God-given right to sit at first table of the great American dining room and
who simply cannot abide the idea that the mass of people of this country
have any right to anything more than left overs and whatever drops to the
floor. Our efforts to the contrary are—accordingly—"Ballyhoo," and to
their minds, the way to destroy them is to try to fool people into believing
that they are a failure and of no use.
Well, gentlemen, it won't work. You can't get away with it. 90% of
industry is under codes. All of it is under codes or agreements. The Blue
Eagle had just begun to function. We are going on as we have begun. We
are about to embark on a new Blue Eagle Campaign and a new and much
tighter drive for compliance. These meetings are the first move in a closing
up of our ranks for a new forward movement by NRA. Chance or circumstance may stop it, but you are not going to stop it or even make it
falter.
So much for the Blue Eagle and these attempts to clip his wings. Now
let's get back to a few words more on the purpose of these two great
conferences.
The Reemployment Agreement contained very few trade practices and
exception and stays were all handled by a single small Board giving uniformity of result—but when the codes came in, they covered a wide range
of provisions. Each required special study and negotiation and a very large
number of officials to deal with a vast variety. The need for action
was great and urgent and, with so many hearings and determinations going
on at once, it was unavoidable that a considerable degree of ununiformity
should creep into the codes. All of the proposals were experimental. We
felt that the important thing was to get all of industry codified and that a
considerable variety of tentative provisions was very necessary for the
purpose of experimentation and study. We could change them later as
soon as we could prove what was good and what was bad—not by academic
conjecture—but by experience.
This variety served to raise most of the complaints and objections which
have already listed. It is our hope that, out of the criticism and comment
received here, and the wealth of material of a similar sort we have already
accumulated, we may be able, on the eve of the new and more prosaic
phase of Code Administration, into which we are now passing, to do much
to make for a vast improvement in the whole great organized economic
structure under NRA.
Therefore we welcome you. We will try to give you every opportunity to
present your case. We will record that presentation and give it earnest
consideration in connection with the Code Conference. You will under
stand that there are rules necessary to orderly procedure that we must ask
you to observe. You will also understand from what I have said why that
we will not receive personal aspersions. Neither will we receive attacks on
the law itself because that it not a matter within our control. It should be
taken up with Congress. Nor will we entertain attacks on other departments of government or the statement of general policy laid down by the
President in setting up this organization. These too are matters not within
our control. We are here to hear of our own policies, methods, acts, errors.
mistakes and blunders, and not those of anybody else over whose acts we
have no control and for whose results we are not responsible.
John W. Davis Criticizes "New Deal" as Threat to
Personal Liberty—Former Democratic Presidential
Candidate Assails Policies Advocated by Secretary
Wallace—Ridicules Attempts to Eliminate Farm
Surplus—Calls for Less Restraint on Human
Activity.
John W. Davis, Democratic candidate for President in
1924,in a statement issued Feb. 27 criticized the"New Deal"
as threatening to destroy "that personal liberty which Americans of past and present days have been taught hitherto
to hold as the most previous of possessions." The statement
was written at the request of the Foreign Policy Association
and the World Peace Foundation, which recently made public
a pamphlet by Secretary of Agriculture Henry A. Wallace,
entitled "America Must Choose." This pamphlet invited
"dispassionate discussion" of the choice of economic nationalism and internationalism or a middle course.
Mr. Davis expressed little hope in "miracles to save us,"
and said that instead the country should turn to "the prosaic
process of following paths marked out by reason, common
sense and the past experience of mankind." He listed the
three choices offered by Secretary Wallace as follows:
(1) National isolation—raising under strict regimentation only so much as
we can consume at home and withdrawing from production anywhere from
40,000,000 to 100,000,000 acres;
(2) a revival of international trade, accepting in payment for our goods
the goods offoreign buyers and lowering our tariff wall to make this possible;
(3) a middle ground, chosen as a matter of expediency, whereby only
25,000,000 acres of good land would be taken out of production and only
$500,000,000 worth of foreign goods would be admitted.
After pointing out that Secretary Wallace said he personally favored an international,rather than a strictly nationalis-
1491
tic, policy, Mr. Davis's statement continued as follows,
according to the New York "Herald Tribune" of Feb. 28:
"I pass the question of constitutional authority,since constitutional questions seem not to lie within the scope of the proposed debate," Mr. Davis
said. "I say only that I am not aware of any provision in our fundamental
laws that gives any power whatever to limit the right of any man to carry
on the business of farming to any extent he chooses, unless, indeed, in
time of actual war, but the thrust of this proposed regimentation goes even
deeper than that. It threatens, if it does not seek to destroy, that personal
liberty which Americans of past and present days have been taught hitherto
to hold as the most previous of earthly possessions."
Mr. Davis wondered "why some advocate of decreased production has
not proposed an alternative but more certain method of abolishing farm
surpluses."
"Why not," he inquired, "enact that no machinery whatever should be
employed in agriculture except hand implements, a horse-drawn plow and
drag harrow? True, that would put more corns, if possible, on the farmer's hands and would probably starve a large part of the urban population.
But is would do away with surpluses all right and new occupation as farm
laborers would be opened up to those of the unemployed who were not too
much weakened by hunger to reach it.
Somebody Must Give Orders.
"Is it conceivable that American farmers or American citizens will submit to that sort of thing? Are they ready to support the army of Government agents, employees, inspectors, reporters and spies that would be used
to carry it on? Are they willing to bow their necks to the flood of rules,
regulations, proclamations and edicts that would be issued in order to fit
their daily lives and conduct to the prescribed system?
"If there are to be orders, somebody must give them. Without impugning the high purpose and integrity of the great majority of our public servants, are we so sure of their constant wisdom, their disinterestedness, their
ability to resist temptation, their freedom from political influence, that we
are willing to trust them with unlimited power?
"Every Socialist, every advocate of social discipline, of a planned economy, of a nationalist regimentation—call it what you will—must answer
in the end this question: Who is to sit in the driver's seat and hold the
reins and whip? and the answer cannot be made in such vague collective
terms as the State, the Government of society for these only move by
human hands. Who are the men, gentlemen, that you would set to rule
over us?"
Mr. Davis said that the second alternative presented by the Secretary
offered a much fairer prospect.
Economic Laws Still Function.
"Who can doubt that there are natural laws in the social and economic.
as well as in the physical worlds," Mr. Davis demanded, "and that these
cannot be overridden without courting disaster. The law of supply and
demand, for example, cannot be tlpvarted by governmental price-fixing
or even by experiments with the currency. Those who bite on that rock
are sure to break their teeth. Just as incontrovertible is the axiomatic
truth that men live in this world only by exchanging their labor, or the fruits
of it, for the labor and products of other men."
The "paths marked out by reason, common sense and the past experience of mankind" translate, in Mr. Davis's opinion, "into terms, among
others, of less restraint on human activity not more; a freer exchange of
goods and service with other nations, not increased prohibitions; more
economy in government and lower taxes, not higher taxes and increased
spending—and so on down the line."
In conclusion, Mr. Davis said: "When the wind has blown over the antheap, the ants will build it again, never fear, if they are given time. But
they will not work if they are urged into blind paths or pushed in several
divergent directions at one and the same time. By all means let us have the
debate the Secretary suggests,so that we may chart our true course."
Secretary Ickes Warns Administration's Critics They
Are "Laying Lighted Match to Keg of Powder"—
Tells Chicago Women "Constrictive Critics" Fail
to Offer Substitute Policy—Declares People Won
at Polls in 1932.
Critics of the Administration's recovery program whware
identified with great wealth and who seek a return "to the
old system" were accused of "laying a lighted match to a
keg of powder when they raise difficulties in the way of
President Roosevelt's policies," according to Secretary of
the Interior Ickes in a speech at Chicago Feb.24. Addressing
a joint meeting of the Chicago and Cook County Leagues
of Women Voters, Mr. Ickes declared that such critics
"run the risk of blowing themselves up along with the
rest of us." Associated Press advices from Chicago Feb. 21
quoted Mr. Ickes as follows:
"I have noted that those who criticize the President and his methods
offer not a single substitute policy," said the Secretary. "They are negative
critics. Hypocritically they grieve over bureaucracy. But they offer nothing affirmative. They are constrictive critics. They are as lacking in
effective remedies as was their administration prior to March 4."
Tracing a history of American economics from the Colonial days, while
admitting that he was not trying to "give a complete or even carefully
balanced review of our American social order," Mr. Ickes said that the
early Americans bred pioneers who, generation after generation, successfully coped with human and natural enemies in laying the foundation for
the republic.
"From exploting nature, we turned to the exploitation of human beings,
to the building up of an industrial and commercial empire," he said.
From the profits of human slavery in the South and of cheap immigrant
labor in the North the descendants of the pioneers "lived more and more
lives of ease and comfort." Then came, ho said, the series of inventions
which developed "almost human machines at which women and little
children could be profitably exploited."
"The brutal social dictum was enunciated that it was better for children
to work in factories than to be on the streets, and our captains of industry
cheerfully and not altogether unselfishly assumed that if they were not in
factories children would be on the streets serving no good purposes," Mr.
Ickes continued.
"The exploiters of our national resources and the Simon Legrees holding
to their tasks men, women and children too weak to defend themselves.
early sensed the possibility that the economic system they were erecting
might some day tumble about their ears unless they safeguarded it by
securing control of Government."
1492
Financial Chronicle
They placed men in city councils, on county boards, in State legislatures
and in the halls of Congress, he said,"who knew which side their bread was
buttered on." "Nor did these rugged individualists overlook the courts,"
he added.
The people won in November 1932, Mr. Ickes said. "because the rugged
individualists, the captains of industry, the masterful financiers were so
disorganized and frightened that they neglected to give their customary
attention to the political affairs of the nation."
No one,said the Secretary, expected the millennium, but he expressed the
belief that a "social revolution" occurred on Nov. 8 1932, and said he was
convinced that "the people themselves desire and intend to have a better
social order."
Secretary Ickes Pleads for Conservation of Natural
Resources—Says Administration Is Formulating
25 to 50 Year Plan—Attacks Waste of Timber,
Oil and Land in Chicago Speech.
The Roosevelt Administration has "a 25 or 50 year plan"
for the natural resources of the United States, Secretary of
the Interior Ickes told the annual convention of the Chicago
Dental Society Feb. 26. The program contemplates the
development of more water power projects like those at
Boulder Dam and in the Tennessee Valley, he said. Mr.
Ickes' address constituted a vigorous plea for the conservation of national resources, including forests, land and oil.
Associated Press Chicago advices Feb. 26 outlined his remarks as follows:
"No man has a right to make $5,000,000 by destroying the forests at
the headwaters of a river if that exploitation causes floods that destroy
property worth $50.000,000 down stream.
He described President Roosevelt as "a practicing conservationist"
and himself as "an ardent one."
"Under the New Deal the property of the people will be developed, under
wise control, for the benefit of the people," he declared.
As a waste of natural resources the Secretary referred to the destruction
of timber land, the "extravagant exploitation" of oil and the "serious
depletion" of the Western ranges through over-grazing.
"On these great plains," he said, referring to the Western Uplands,"land
Is being destroyed at an alarming rate."
He estimated that at least 35,000,000 acres of formerly cultivated land
has been "practically destroyed" by erosion and pointed out that it takes
"at least 400 years" to build a single inch of productive soil from raw subsoil clay.
The country is paying, he said, for the acts of its "thoughtless, exploiting,
destructive forefathers."
"They had the vices that went with their virtues," he said. "The
universal ambition was to acquire wealth, and it was catch as catch can,
no holds were barred.
"I do not object to any man building up a great fortune, providing he
can do so without injury to others. But I do take serious objection to a
man enriching himself at the expense of others.
"No man has a right to live in soft luxury through the employment of
women or children of tender years, at toilsome, back-breaking tasks beyond
their strength, for wages insufficient to support themselves in decency. No
man has a right to become a multi-millionaire through the waste or willful
destruction of essential natural resources, especially if such destruction
means loss of property and life to others."
Destruction of the country's forests, he said, has made its rivers abnormally high in rainy seasons and abnormally low in dry periods. He referred
to "the tragedy of Devil's Lake," the North Dakota town where the lake
has "moved" three miles away as its water level dropped.
Secretary Ickes Approves New Form of Oil Contract for
Sales to Commercial Consumers—Discounts of 3 or
4 Cents Allowed for Large Purchases.
Secretary Ickes, Oil Administrator, announced Feb. 23
that he had approved a standard form of contract to govern
sales of petroleum products to commercial consumers, as
well as a resolution by the Planning and Co-ordinating
Committee of the oil code, annulling previous contracts
since Aug. 19 1933. Mr. Ickes said he had been advised
that the contracts which the Committee annulled violated
a section of the code which prohibits deviations from posted
prices through rebates, allowances, scrip books or other
devices. A Washington dispatch of Feb.23 to the Associated
Press added the following details of the announcement:
As approved on the recommendation of the Committee, the new standard
form of commercial consumer contract would permit a discount of one cent a
gallon off tank wagon, or three cents a gallon off retail prices, for purchases
running between 3,000 and 10,000 gallons a month, and two cents a gallon
off tank wagon, or four cents a gallon off retail prices, for purchases in lots
of more than 10,000 gallons a month.
The Secretary announced an interpretation of rule 3. article 5, prohibiting
deviation from the posted prices, to define a dealer or re-seller as one who
resells not less than 85% of the gasoline which he purchases. The interpretation was made so that commercial consumers could not qualify as
dealers and get a larger discount than permitted in the standard form
of contract.
March Allowable Gasoline Production Increased 4,661,000 Barrels Over February to Meet Usual Seasonal
Increased Demand—Secretary Ickes Sets Output
at 31,791,000 Barrels.
An increase in the allowable production of gasoline for
March, to provide for the usual seasonal spring increase in
potential consumptive demand, was announced Feb. 26 by
Secretary of the Interior Ickes, Oil Administrator. The
order sets March gasoline output at 31,791,000 barrels, an
increase of 4,651,000 barrels over the February total. It
became effective March 1. The order also provides that the
allowable gasoline production in each refining district shad
Mar.3 1934
be allotted to individual refineries in that district byTthe
Planning and Co-ordination Committee, subject to the
approval of Mr. Ickes. A Washington dispatch Feb. 26 to
the New York "Journal of Commerce" listed the newlallotments as follows: •
Gasoline production for March at refineries in the respective districts is
listed as follows:
East Coast, 5.778.000 barrels; Appalachian, 1,395.000 barrels; Indiana,
Illinois, Kentucky, 4,957,000; Oklahoma, Kansas and Missouri, 4,251,000:
Inland Texas, 2.248,000; Texas Gulf Coast, 5,620,000; Louisiana Gulf
Coast, including Alabama, 1.205,000; north Louisiana-Arkansas, including
Mississippi, 646.000; Rocky Mountain area, 629.000, California, 5,062,000.
It is specified that containers shall be the standard 42-gallon barrels.
In the case of gasoline manufactured in one of the said districts which is
shipped into and placed in the manufacturer's or affiliated company's
storages, the order continues, the refining company which has manufactured the gasoline shall be held accountable.
Other Provisions Given.
It is further provided that, within five days of receipt of this order each
refining company shall notify the regional committee, or an agency designated by the committee for this purpose, as to its contemplated production
and sales of gasoline during March and its contemplated stocks of gasoline
at the end of that month.
• "Such other pertinent data" deemed necessary by the "Planning and
Co-ordinating Committee will be furnished on forms to be supplied by either
of the committees or their agencies.
Individual refining companies shall have the right to appeal for changes
in their allocations, first to the regional refinery committee, and then if that
appeal is denied, to the Planning and Co-ordination Committee in Washington.
E. G. Budd Manufacturing Co. Accepts Mediation of
National Compliance Board in Labor Dispute—
Agrees to Recommendations Regarding Employee
Organization—Will Re-hire Strikers as Volume of
Business Increases.
Edward G.Budd,President of the Edward G.Budd Manufacturing Co. of Philadelphia, announced Feb. 25 that
recommendations of the National Compliance Board incident
to the plans for settling the protracted labor dispute at the
Philadelphia plant were, as he understood them, "in line
with the company's wishes throughout." Mr. Budd issued
his statement after he had read a report made public by the
Board Feb. 24, proposing that it supervise a ballot to
determine whether the employees wish any form of selforganization. The Board also suggested that the company
take back the men who participated in the strike of last
November (who are still out of work) as increase in employment makes this possible, and that any dispute arising in
the course of the settlement be referred to the Board for
adjustment. The decision was signed by William H. Davis,
Chairman of the National Compliance Board; William J.
Barrett,industrial member,and T.P.Behney,labor member.
Mr. Budd's statement of Feb. 25 follows:
I have read the discussion and recommendations of the National Compliance Board in connection with the controversy involving our employees.
Our formal answer to the recommendations has been mailed to Mr. Davis
and he will make it public as he sees fit. As I understand them, the recommendations are in line with the company's wishes throughout.
The Compliance Board has been painstaking in its investigation of this
matter. 'Mr. Davis personally visited the plant and interviewed the 19
representatives elected by our employees. These representatives have
revised the plan of organization of their association, and in accordance
with the procedure discussed by Mr. Davis with the representatives at
the time of his visit on Feb. 10, the redrafted plan will be submitted by
the representatives to the employees for a vote. This of course is a matter
for the employees and their representatives to arrange in their own way
without interference by us or by anyone else. When Mr. Davis interviewed the 19 representatives they themselves requested him to send an
observer to be present when the vote is taken.
Mr. Davis recommends that as the continued Increase in the volume of
business makes it possible to do so, we take back all of the strikers who are
still out of work and available for re-employment. This is in accordance
with our wishes. In fact, we have already re-employed the greater part
of them.
Of the 1,368 alleged strikers who on Dec. 18, after the decision of the
National Labor Board, applied for re-employment, the company has already
re-hired 732. in addition to 269 re-hired prior to Dec. 18. The balance
Includes the men who have secured positions elsewhere and a number who
have failed to appear when we offered them positions. We shall offer
positions to the remainder as fast as business justifies, barring only those
who, by acts of violence in connection with this unwarranted strike, or
by their conduct in fomenting it, have demonstrated their unavailability
for re-employment. Mr. Davis' recommendation relieves us from the
suggestion that we discharge loyal employees to make places for those who
left their jobs.
The strike did not originate within the plant, but was industriously and
skillfully stirred up by outsiders. I wish publicly to express the pride I
feel in the Independence of mind under misinformation, the courage under
threat, and the cool judgment which has guided the great mass of our
employees and made possible continuous operation throughout this most
distressing period.
Secretary Wallace Charges 10 Large Packing Companies
with Conspiracy to Contiol Retail Meat Prices-Show-Cause Hearing to Be Held April 9—H, H.
Swift, Vice-President of Swift & Co. Denies Concern's Guilt—Armour & Co. and Others also Deny
Charges.
Secretary of Agriculture Henry A. Wallace announced
Feb. 22 that he had preferred charges alleging conspiracy
to control retail meat prices against ten large packing corn-
Volume 138
Financial Chronicle
panies, and that a hearing on the charges will be held
April 9 in Jackson, Miss. At that time the companies named
will have an opportunity to show cause why the Secretary
should not issue an order directing them to cease violation
of the Packers and Stockyards Act, which provides penalties
for violation of $500 minimum and $10,000 maximum fines,
or imprisonment for not less than six months or more than
five years. Harold H. Swift, Vice-President of Swift &
Company, one of the companies named in the charges, denied Feb. 22 that his concern had been engaged in a conspiracy to control retail meat prices. Mr. Swift said:
Swift & Co. deny the charges in the complaint and are confident that
there has been no violation of law.
At the same time Henry Veeder, general counsel for Swift
& Co., stated:
Swift & Co. have not been violating the anti-trust laws in the South
or anywhere else. We try to live up to the laws; we do live up to them.
P. L. Reed, First Vice-President of Armour & Co., on
Feb. 23 said:
•
Armour & Co. is certain that there has been no violation of the law as
charged in the complaint filed by the Secretary of Agriculture and is confident that the facts when developed will show conclusively that there is
keen competition among packers and that the charges will not be justified.
We are co-operating in every way with the Agricultural Adjustment Administration and complying with the provisions of the Packers and Stockyards Act.
From the Chicago "Journal of Commerce" of Feb. 24 we
take the following:
Cudahy Ready to Give Facts.
E. A. Cudahy Sr., Chairman of Cudahy Packing Company, said:
"Speaking for the Cudahy Packing Company, I feel sure that this company has not violated the anti-trust laws and I have already advised the
Secretary of Agriculture that we are ready at all time to co-operate with
him in developing the facts."
Thomas E. Wilson, President of Wilson and Company, expressed the
conviction that the "complaint will not be justified when the facts are
known." "I am sure," he said, "that the companies named will gladly
co-operate with Mr. Wallace. As a matter of fact, had they had the opportunity to do so, they would have done that without a complaint, and
the resultant publicity damaging to the industry."
On Feb. 23 a Chicago dispatch to the New York "Times"
had the following to say in part:
Further denial of charges made by Secretary Wallace that retail prices
of meats had been fixed and sales apportioned by leading packers were
issued to-day as ten of the country's largest packers prepared to fight the
accusations. . . .
T. Henry Foster, President of John Morrell & Co., said his concern had
never had been in combination with any packers in restraint of trade or
for the purpose of fixing prices and apportioning sales.
Denials previously had come from Swift & Co. and Wilson & Co. Concerns named were the Swift and Wilson companis, Armour, Morrell, the St.
Louis Independent Packing Company, Jacob Dold Packing Company, Memphis Packing Company, Abraham Bros. Packing Company and the Cudahy
Packing Company.
Regarding the charges a Washington dispatch Feb. 22 to
the Chicago "Daily Tribune" said:
Secretary of Agriculture Henry A. Wallace to-day opened a new war on
the country's majoring meat puking companies, charging them with price
collusion and attempted monopoly of the retail field in a large Southern
sales area.
Invoking the obscure Federal Packers and Stock Yards Act, the Secretary cited ten large packing concerns on March 24 to file formal answers.
On April 9, he announced, they will be accorded a public hearing at Jackson, Miss.
The packers involved in the Government action are Armour and Company; Swift and Company; Wilson and Company; Morris and Company,
an Armour subsidiary; the St. Louis Independent Packing Company, a
Swift subsidiary; Abraham Brothers Packing Company; the Cudahy Packing Company; Jacob Hold Packing Company; John Morrell and Company;
and the Memphis Packing Corporation.
Charges Exchange of Prices.
In general, the charges preferred by Mr. Wallace are that these ten companies furnished to each other "information on prices at which they would
sell meats and meat food products.
"This practice," it was said, "was for the purpose of enabling the respondents to give unreasonable preferences and advantages to certain
purchasers of meats and meat products; to give preferences to certain
localities; to discriminate unjustly between certain persons ; to force competitors out of business and to manipulate prices and apportion sales in
commerce."
Seth Thomas, Department of Agriculture solicitor, who conducted the investigation which led to the Department's action and who will prosecute
the charges brought by the Government, declared to-day that action against
the ten packers might have been taken under the Federal Anti-Trust Laws
as well as under the Packers and Stockyards Act. The latter statute was
chosen, he indicated, because the Department of Agriculture is the prosecuting agency under it, whereas the Department of Justice has jurisdiction over
cases brought under the Anti-Trust Laws.
Second Action Under Law.
It was the second action ever to be brought under the authority of the
act, Mr. Thomas pointed out, the only former case being the Federal Government's prosecution of the Cudahy Company for its refusal to permit Government access to the company's accounts. This case was salted at the
Circuit Court of Appeals, which held for Cudahy and was never appealed to
the Supreme Court.
The monopolistic practices alleged to have been brought in by the packers involved in to-day's proceeding extend back as far as 1927, Mr. Thomas
revealed, and were conducted in Tennessee, Mississippi, Alabama, Arkansas, Texas, and "divers other States."
"Early last summer," said the solicitor, "the Department of Agriculture began receiving complaints from individuals and finis; in Southern
1493
States about alleged unfair trade practices in the retail selling of meat and
meat products.
Check Period 1927 to 1933.
"We immediately began to look into the situation in a preliminar:.
way. Facts found at that time indicated that the Department, under the
responsibility placed upon it by the Packers and Stockyards Act, could not
ignore its plain duty of making a thorough study of the practices of
packers doing business in the Southern States. The intensive study by
our investigators, covering the period 1927 to 1933, began in November and
has continued up to the present."
Secretary Wallace explained that the action announced to-day does not
interfere with the proposed marketing agreement for the packing industry
which after months of futile negotiations has recently appeared on the
verge of approval. That the Department's allegations will affect the attitude of the packers, however, seemed probable and indications were that
the entire marketing agreement program will be scrapped.
Under the terms of the marketing pact, Mr. Wallace declared, the packers would be exempted from certain provisions of the Federal Anti-Trust
statutes. But he denied that a price fixing agreement similar to the one
charged by the Department in its citation would be possible under such an
agreement. While retail prices could be "stabilized" at a given level
under the proposed pact, he explaind, such fixed prices would be applicable
generally for the packing industry and not confined to a given group in
a localized area.
House Labor Committee Holds Hearings on Proposed
30-Hour Week Bill—Most Witnesses Favor Principle
of Shorter Hours, but Doubt Practicality of Imposition on Industry by Arbitrary Legislation—Secretary Perkins, Administrator Hopkins, General
Johnson and Gerard Swope Among Those Who
Testify.
Testimony by Government officials who both praised and
opposed a proposal for an arbitrary 30-hour work week was
heard last week by the Labor Committee of the House of
Representatives, which is considering a 30-hour bill introduced by Representative William P. O'Connor Jr., Chairman
of the Committee. Secretary of Labor Perkins endorsed
the objective of the bill, while qualified support was given
by Harry L. Hopkins, Civil Works and Emergency Relief
Administrator. General Hugh S. Johnson, Recovery Administrator, and Gerard Swope, President of the General
Electric Company, were among the witnesses who opposed
the bill. Miss Perkins favored the 30-hour week as an expression of public policy, but said she opposed the actual imposition of such an arbitrary limit upon industry until opportunity is first afforded to judge its probable results. We
quote from her testimony Feb. 16 as given in Associated
Press Washington advices of that date:
Miss Perkins testified that she also would suggest that Congress adopt
a resolution emphasizing the feeling that the NRA codes had not yet reduced hours of labor enough.
"I favor a shortening of the work week, either by law or in practice, or
both." Miss Perkins explained. "I think it is essential for our civilization
and for maintaining a balance between industrial workers and farm workers.
But if we move to shorten the work week we must take into account the
stability of the workers' wages and increase them commensurately with
the decrease in hours of work."
Endorsing the Wagner-Lewis measure to create a national unemployment
Insurance fund through a 5% levy on payrolls of employers of ten or more
Persona as probably "the most important bill in a decade, comparable to
the National Industrial Recovery Act." Miss Perkins expressed the hope
It would be enacted this session.
Mr. Hopkins, at the hearing Feb. 20, said that he believed
hours should be reduced, but added that he had not carefully
studied the provisions of the O'Connor bill. He warned,
however, against "a glorified spread-the-work" project by
legislation. A Washington dispatch Feb. 20 to the New
York "Times" noted his testimony in part as follows:
He agreed with Representative Lundeen, a member of the Committee.
who advocated unemployment insurance, old-age pensions, accident and
maternity benefits. He favored the Wagner-Lewis bill providing an excise
tax on payrolls to be paid back to employers in those States enacting job
insurance laws, but he felt that even that proposal would not answer the
problem of how to cope with unemployment in a depression such as the
present one.
Mr. Hopkins explained that he would like to see a plan for unemployment
reserves which would be supplemented by work opportunities on socially
useful projects not competing with ordinary commercial and industrial
enterprises.
Many Not Working Forty Hours.
While many of the codes have a maximum, forty-hour week, said Mr.
Hopkins, many of the industries are not even working forty hours. He
suggested that some effort be made to ascertain how many industries were
operating below forty hours.
The administrator was not impressed with the argument that the shorter
work week would "ruin business." In New York State. where he had observed the progress of important social legislation, he said that this argument had been used over and over again. Business, instead of moving out
of the State, was continuing to move into it, he declared. Talk of business
fleeing from States where humane labor laws were enacted he discounted
"100%."
"They tell you the world will come to an end and all the factories will
close if such legislation is enacted," he asserted. "Well, the world does not
come to an end and the factories do not close."
In legislation of this sort we must consider the interest of the whole
People. Business has its proper sphere of interest, but there is a whole flock
of idle people down here who have not an interest in this thing—in fact,
they haven't anything.
The testimony of General Johnson and Mr. Swope was
reported, in part, as follows in an Associated Press dispatch
from Washington Feb. 21:
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Financial Chronicle
General Johnson told the Committee he considered the NRA "a much
more flexible and intelligent way" of reaching the problem of workers'
hours than blanket actions would be, because so many circumstances had
to be taken into account.
"My opinion from nine months' experience in watching the codes go
by," he said, "is that you couldn't apply a flat rule in industry. Such a
law would be acceptable only if it were made just as flexible as it is now.
You've got to maintain a flexibility to prevent an untoward result neither
you nor anybody would want to have.
"The complaints that have been coming in from the small industries
have been chiefly not that there were any monopolistic tendencies of the
codes, but that they could not subsist under the shorter hours given them.
These would be nothing to what you would get if you passed a law of this
kind."
Asked whether the people generally would consider the flat thirty-hour
week better than the NRA, General Johnson replied that the industries
"would turn backward somersaults at the thought of a thirty-hour week."
"I think something has got to be done very promptly to shorten hours
and raise wages," he said, however, "and it Is my intention to do more."
He said that further shortening of hours should be in proportion to the
return of business, "not in one bite, but in two or three bites."
The Administration reported that some of the NRA industries had come
out of the red ink and would make money this year. Then, he explained,
It would be time to call on them to pass on benefits to their workers.
Regrets Leniency on Motor Codes.
The general said, however, that if he had it to do over again he would
not permit the automobile industry's maximum to be stepped up from
thirty-five to forty hours, as he said he had been forced to do when its code
was extended because he had promised to give the automobile manufacturers the advantage of the approaching forty-hour average in other lines
when they signed the first three-month agreement.
General Johnson laughed loud and long when Mr. Connery, a Massachusects Democrat, called his attention to reports that the NRA grievanceairing meeting called for next month "could be termed the first move of a
Fascist' conference."
"No," the General replied, swinging around in the swivel chair at one
end of the big committee table, "that idea is simply ridiculous. We've
necessarily had to try this and that, and have blundered In some things;
and we want to get some consistency in the codes. There's no Fascist
about it."
The NRA head endorsed such social legislation as unemployment insurance and old age pensions.
Mr. Swope said that first there must be increased consuming power to
get the heavy industries going, and the General agreed.
Prices of 24 Additional Food Items Listed in Latest
Issue of "Consumers' Guide"—Cost of Food to
Consumer 113/i to 12% Higher on Jan. 30 Than
Jan. 15, Last Year According to Dr. F. C. Howe
of AAA.
"Consumers' interest in the average food prices published
in the "Consumers' Guide" has been so great that we have
extended the list to include more commodities," Dr. Fred
C. Howe, Consumers' Counsel of the Agricultural Adjustment Administration stated on Feb. 26 in releasing the 12th
issue of the publication. In addition to the usual 14 food
• prices heretofore listed, prices of 24 more items are included
in this issue, which presents a representative group of dairy,
cereal, and meat products, and fresh and canned vegetables
and fruits. Only the latest figure for each is reported, but
price changes may be obtained by comparing each issue of
the "Consumers' Guide" with the previous one.
Food prices continue to edge upwards, Dr. Howe reported.
In general, food cost consumers about M% more on Jan. 30
than on Jan. 16, and between 11/ and 12% more than on
Jan. 15 of last year. These higher prices to consumers are
being reflected in many instances in higher prices to farmers.
In some cases farmers have been getting more while consumers' prices have shaded off.
In the two weeks from Jan. 16 to Jan. 30 the following
changes occurred in prices of some of the more basic foods:
Milk prices to farmers went up a cent per 100 pounds; consumers' average
price dropped 1-10th of a cent.
Butterfat farm prices advanced 2l1 cents a pound; consumers were
Charged 4-5ths of a cent a pound more.
Beef brought farmers 3 cents a hundredweight less; consumers paid
1-10th of a cent more per pound for round steak and rib roast, but the
same price for chuck roast.
Hog prices to farmers advanced 19 cents a hundredweight; chops were
priced to consumers at 1-10th of a cent a pound less. Lard prices did not
change.
Lamb prices moved up both to farmers and to consumers. To the
farmer they advanced 70 cents a hundredweight. To consumers, leg of
lamb was sold at 1.2 cents a pound more.
Hens went up in farm and retail price. Farmers got 9-10ths of a cent
a pound more; consumers paid 4-10ths of a cent more.
Eggs dropped in both prices; they went down one cent at the farm.
Consumers' price dropped 3-10ths of a cent a dozen.
Wheat advanced on average of 2 cents a bushel to the farmer; consumes,
• were charged the same prices for white bread, flour and wheat cereal.
"The spread between consumer and farm prices on 14 of
these important foods," Dr. Howe pointed out,"was slightly
smaller on Jan. 30 than on Jan. 16. On a typical monthly
bill for these 14 items it dropped from $11.32 to $11.27.
While both the total retail and farm values of these typical
monthly purchases per family increased, the latter advanced
more than retail values, with a resulting decrease of 15 cents
in the distributors' and processors' margin." Other features
carried in this issue of the "Consumers' Guide" include:
"Consumers Pay the Cost of Tariffs," a statement by Dr. Mordecai
Ezeidel, Economic Advisor to the Secretary of Agriculture.
Mar. 3 1934
"Peaches Into Dollars," an account of the successful operation of the
California cling peach agreement.
"False Bottoms Up" tells of the efforts made by the Government to
protect consumers in the sizes of containers used for marketing foods.
The third installment of the "Story of Milk" reveals the present low
consumption of milk in relation to the requirements of adequate healthful
diets.
"Where's the Money to Buy Farm Products" pictures the drastic drop
In incomes of workers In four main industries during the depression.
Dallas Chamber of Commerce Opposed to 5-Day, 30Hour Measure--Proposal Would Disrupt Business,
Directors Contend.
The compulsory 30-hour,5-day week now being considered
by Congress was condemned by the directorate of the Dallas
Chamber of Commerce on Feb. 9 as destructive to business.
The Dallas "News" of Feb. 10, in reporting this, went
on to say:
"It would disrupt business and impose prohibitive conditions of employment in many lines of industrial, business and commercial endeavor,"
according to a resolution unanimously adopted by the board.
The bill, introduced by Representative W.P. Connery, Jr., of Massachusetts, prohibits the employment of labor in any industry for more than
thirty hours each week, except in industries where there is a shortage of
labor. The President is given authority to determine exceptions. The bill
further provides that in industries where codes of fair competition set up
more than 30 hours per week the reduction in hours must be made without
reduction in minimum wages.
S. B. Colgate, of Colgate-Palmolive-Peet Co., Sees No
NRA Gain—Company's Costs Rose Without Bringing Benefits, He Reports.
The National Recovery Administration has raised operating costs with no compensating gain to date, S. Bayard
Colgate, President of the Colgate-Palmolive-Peet Co., told
stockholders in the concern's 1933 report issued on Feb. 24,
it was noted in a Chicago dispatch on that date to the
New York "Times" from which we also quote:
"Doubtless there must be a tag between the time when more persons
are employed and when this increased purchasing power makes itself felt,
but meanwhile we will continue to do our part," he said.
Operations of the company resulted in a net profit after all charges
and taxes of $373,389, equal to $1.48 a share on 252 275 preferred shares.
In 1932 net was $53,301, or 21 cents on the preferred.
Surplus of $8,203,836 was reduced to $6,171.850 on Dec. 31, largely
through the payment of $1,513,580 in preferred and $497,845 in common
dividends and deductions of $1,034,869 for adjustments. Current assets
were carried at $38,092.856 and liabilities at 84,399.445, compared with
336.154.293 and $4.206,662 respectively a year earlier. Accounts receivable
droped $3,858,421. Curren. asset-liabillty ratio is shown at 8.2 to 1.
Code for Trucking Industry Affects 2,000,000 Owners
of Motor Vehicles—Pact Expected to Add 300,000
Employees—Sets Base Week of 48 Hours.
A code of fair competition for the trucking industry,
applying to owners of approximately 2,000,000 motor vehicles
which transport property over public highways became
effective Feb. 26, following its approval by President Roosevelt Feb. 10. Those subject to the provisions of the code
include operators for hire and operators not for hire, except
in so far as the latter are covered by other codes.. The
American Trucking Association, Inc., estimated that as a
result of the code about 300,000 employees will be added to
the trucking payrolls, representing an annual wage increase
of $260,000,000. Leading provisions of the code were summarized, as follows, in the New York "Herald Tribune,"
Feb. 25:
The code provides for a base work week of 48 hours and minimum wages
for skilled and unskilled labor ranging from 25e. to 55c. an hour in the
North. It requires that all operators subject to the code register within 30
days of the effective date, giving the number of vehicles, number of employees, tonnages carried and other pertinent facts necessary for policing
of the industry.
Operators for-hire must file their minimum rates within 45 days and
must adhere to them under penalty of violation of the code. Certain trade
practice rules must be observed by all such operations and additional rules
may be formulated by trade agreement by natural or territorial divisions of
the industry.
Leon Henderson Appointed Chief of NRA Research and
Planning Division to Succeed Col. Robert H.
Business
Connections
Montgomery—Latter's
Barred Him from Post.
Leon Henderson, of the the Russell Sage Foundation, was
appointed Director of Research and Planning in the National
Recovery Administration Feb. 26 by General Hugh S.
Johnson, Recovery Administrator, to succeed Col. Robert
H. Montgomery, who had been named for the post in an
announcement issued by the NRA Jan, 16. Upon publication of a report Feb. 25 that Colonel Montgomery had
submitted his resignation to General Johnson, the latter
stated that the Colonel had never held the post of Chief of
the Planning and Research Division, and that the earlier
announcement of his appointment had been "premature."
General Johnson said he had discovered the existence of a
statute which would prevent a man from assuming a Govern-
Volume 138
Financial Chronicle
ment post in which he is called to pass upon the business
of clients appearing before the Government. Colonel
Montgomery is a member of the accounting firm of Lybrand,
Ross Brothers & Montgomery, and many of the largest
corporations in the country are among his clients.
A Washington dispatch Feb. 26 to the New York "Times"
described Mr. Henderson's career as follows:
Mr. Henderson, the new planning chief, was in charge of property
accounting for the Ordnance Department during the war. He Laugh,
industrial management at the University of Pennsylvania and was Professor of Industrial Economics at Carnegie Institute of Technology. Subsequently he served under Governor Pinchot of Pennsylvania as Deputy
Secretary of State in charge of Reclassification of Personnel. He has been
lent to NRA by the Russell Sage Foundation, where he is in charge of
research and consumer credit.
Senate Adopts Resolution Requesting Information
on NRA Personnel and Past Records—Inquiry
Ordered on Charges by Senator Nye That 'Big
Business" in NRA Is Hurting Small Merchant.
The NRA was asked by the Senate in a resolution approved Feb. 21 to furnish the names of all persons employed
by the NRA in the District of Columbia, together with their
compensation, present and past business connections, and
"so far as practicable" their connection with the various
Industrial codes of fair competition. The resolution was
introduced Feb. 20 by Senator Nye of North Dakota in an
effort to learn whether participation of "big business" in
code administration results in damage to small merchants.
The Senate on that day (Feb. 20), by a vote of 41 to 33,
referred the resolution to the Finance Committee, which
reported it the following day with several minor amendments; among these was the inclusion of the words "so far
as practicable," thus leaving it practically within the discretion of the NRA as to whether all the data desired will
be supplied. General Hugh S. Johnson, Recovery Administrator, appeared before the Finance Committee Feb. 21 and
said he had no objection to the revised draft of the resolution. As adopted by the Senate on Feb. 21 the resolution
reads:
Resolved, That the National Recovery Administration is requested to
transmit to the Senate, at the earliest practicable date, the following
information:
(1) The names of all persons who have been or are now employed in the
District of Columbia by such Administration, either in a regular or advisory capacity, so far as practicable, the compensation, if any, received by
them, together with the residence addresses of such persons and the designation of the positions held by them with the Administration.
(2) The present and past business connections of all persons described
in paragraph (1) who have held or are now holding positions (other than
positions of stenographers, clerks, or messengers) on any NRA department
or board.
(3) A list of all industrial codes, either pending or approved, with which
each person designated in paragraph (2) has been connected in any capacity,
so far as practicable, either official or advisory.
(4) The positions now held by all employees, deputies, attorneys, and
advisers who have severed their connections with such Administration, such
information to contain particularly the statement as to whether any such
employees, deputies, attorneys, or advisers are now, or have been at any
time, employed as members, officers, or agents of code authorities named
under approved NRA codes.
(5) A list of all codes handled by each Administrator, Deputy, or Assistant Deputy of such Administration.
(6) The names of all members of each code authority, together with the
name of the firm or other business connection of each such member.
(7) A list of all salaried employees and officers of the Administration
In the various States.
NRA Restaurant Code Prohibits "Free Lunch" at
Liquor Establishments—Pact Covers Roadside
Stands, "Hot Dog" Vendors and Lunch-Wagon
Proprietors — Provides Six-Day Week — Code
Authority to Act as "Sanitary Committee"—
NRA Predicts Additional Employment of Between
125,000 and 150,000 in Industry.
Approximately 1,500,000 persons are affected by the code
of fair competition for the restaurant industry, which became effective Feb. 26. President Roosevelt's approval of
this pact was noted in our issue of Feb. 24, page 1341. According to the detailed provisions of the code, as made public Feb. 25 by the NRA, premiums and the giving away of
food are specifically forbidden, thus eliminating the socalled "free lunch" of liquor establishments licensed as
restaurants. The NRA stated that the code will apply not
only to the usual type of restaurant, but also to roadside
stands, "hot-dog" vendors, and lunch-wagon proprietors,
under the following clause:
The term restaurant as used herein shall include any establishment
which, for compensation, prepares and offers food for consumption either
on or off its premises, or by catering and banquet service or by box-lunch
service, or by curb service, and customarily serves at least 10 people
per day.
The code provides for a basic six-day work week of not
more than 54 hours for men and 48 hours for women. The
maximum hours provision does not apply to guards and
1495
watchmen, maintenance employees and executives in certain
salary classes. General Hugh S. Johnson, Recovery Administrator, estimated that the hourly provisions will necessitate
the employment of between 125,000 and 150,000 additional
workers.
A Washington dispatch, Feb. 25 to the New York "Times,"
listed other code provisions as follows:
Basic minimum wages subject to review within 90 days by the Administrator to determine their adequacy are established for service and nonservice employees, excluding curb employees.
General Johnson said, in transmitting the code to the President, that the
industry expected that the minimum wages would result in in increase in
payrolls over the amounts paid on June 15 of 25%.
Another exception to the provisions of the code is for persons engaged in
curb selling, who are classified as outside salesmen and exempted from
wage and hour provisions.
Must Post Maximum Hours.
Regional Boards will be urged to bring all their facilities into play to
insure enforcement of the code provisions. They have been ordered by NRA
headquarters to call the particular attention of the members of the industry
to the provision which specifies that a notice of the maximum hours provided for each class of restaurant be posted "in a conspicuous place, readily
accessible to all employees," within eight days.
The question of tips is not specifically treated in the code, but there is a
provision that no deductions may be made from the wages of employees
other than for meals, lodging and uniforms. "Service employees" are
defined in the code to include waiters and hat and coat checkers.
Meals may be included as part of the wages only by mutual agreement
between employer and employee and deductions for meals are limited to $3
a week. Lodging may be deducted only upon approval of the Code Authority
and in cases of established custom. Such deduction is limited to $2.50 a
week. The deduction allowable for a uniform for a woman employee is $5
per uniform.
The same deduction may be made in the case of a male employee unless
he is required to pay a maximum of $20 for a uniform of standard design
usable in performing the same work for other employers in the same city
or place.
Employment Pees Prohibited.
The custom of receiving fees from those looking for work is strictly prohibited. A provision in the article on trade practices states that "no
employer shall accept, nor shall he knowingly permit any of his employees
to accept money or gifts of any kind from an employee or prospective
employee for the privilege of working or for any other advantage."
A provision has been written into the code for the creation within 60
days of a "Sanitation Committee" in the Code Authority. This Committee
will co-operate with a committee appointed by the Conference of State
and Provincial Health Authorities of North America and the United States
Public Health Service.
These three agencies are expected to formulate and recommend for the
Administrator's approval minimum standards of cleanliness, maintenance
of equipment and other sanitary safeguards.
Basic minimum wages have been set as follows:
Non-Service
Serried
Employees.
Population of Cities or Towns—
Employees.
$25.00
$10.50
Over 500,000
14.50
10.50
250,000 to 500,000
14.00
10.25 .
100,000 to 250,000
13.50
10.25
25,000 to 100,000
12.75
10.00
10,000 to 25,000
12.00
9.50
Lew than 10,000
Differentials of 10 and 15% from the basic rates are established for
some Southern and Western States.
National Compliance Board to Investigate Charges
That Ford Motor Co. Discriminated Against Former
Strikers—To Act in Disputes at Edgewater and
Chester Plants—Representatives of Employees
Had Entered Formal Complaints.
William H. Davis, Director of the National Compliance
Board of the National Recovery Administration, announced
Feb. 25 that he had written Edsel Ford, informing him that
the Board planned to make a "detailed investigation of the
company's alleged refusal to bargain collectively. with employees of its Edgewater,N.J. plant." This action followed
the refusal of the Ford Co. to send representatives to a hearing in Washington last week, when spokesmen for employees
of the plant charged that 511 striking workers had been
"blacklisted." The Board announced Feb. 26 that it would
also hold a hearing at Chester, Pa., on complaints that the
Ford plant there had discriminated against strikers.
We quote in part from a Washington dispatch Feb. 25
to the New York "Herald Tribune" regarding the latest
aspects of the dispute between the Ford Co. and the NRA:
In a letter to Mr. Davis, informing him "it is not our intention to be
represented or to take any part in the hearing" . . . B. J. Craig,
Secretary of the Ford Co., asserted . . . "in our opinion, the answer
and exhibits which have already been sent to you are more than sufficient
to disprove, beyond any possibility of doubt, the complaint that this
company violated Section 7 of the code for the automobile manufacturing
Industry."
The case involves a charge by employees that following their"walk-out"
on Sept. 29, in an effort to force better working conditions in the Edgewater
plant, the company officials persisted in a refusal to reinstate the strikers
in a group and that all efforts to bargain on the point have been repulsed.
Edsel Ford Letter Produced
It was said by several of the employees, testifying in Friday's hearing
that spokesmen for the United Automobile Workers, Local 18613, an
American Federation of Labor affiliate, attempted to dissuade the workers
from the "walk-out" and that the plant manager, Neil S. Brown, also
remonstrated with them.
One of the striking employees produced a letter written to him by Edsel
Ford in which the latter asserted "Mr. Brown is our representative and you
Financial Chronicle
1496
may discuss with him the working conditions to which your letter makes
reference."
"It has always been our chief care," Mr. Ford asserted in the letter,
"to see that working conditions in our plants shall be of the highest possible
order, and we should be glad to hear of any instance where this may not
be the case."
It was charged in Friday's hearing, however, that on a previous occasion
when the strikers sought to confer with Mr. Brown, he threatened that
unless they returned to their machines within five minutes they would be
Permanently barred from the company's employment. It was also charged
that following the "walk-out" some 511 strikers were "blacklisted" and that
none of them has since been re-hired.
On Feb. 15, Mr. Davis notified the company of the hearing set for last
Friday. The Ford company did not appear, but sent a letter declining to
appear.
Mr. Davis Announces Decision.
Mr. Davis's resultant letter, notifying the company of the decision to
undertake an Immediate investigation, was addressed to the Ford Motor
Co. and the attention of Edsel Ford. It said:
"I had hopes that we would be able to carry on our Administrative investigation of the complaint that the Ford company has violated Section 7
of the code for the automobile manufacturing industry by continuing the
frank interchange of information, which began when I sent to the Ford
company a copy of the complaint and was continued when you submitted a
statement of your position, together with copies of two letters and a transcript of what was said to be stenographic notes of the meeting on Oct. 18.
It seemed to be clear from your answer and transcript that the occurrences
at Edgewater quite closely involved the occurrences at Chester.
"The purpose of the hearing on Friday was to try to eliminate by hearing
both sides any dispute about what actually occurred. Your decision not
to be represented, nor to take any part In the hearing has made it impossible
to pursue the investigation in that way or to bring it promptly to a conclusion."
cosi 1
Details of Pacific Coast Oil Cartel Approved by Oil
Administrator Ickes.
Details of the cartel signed by 25 major and independent
oil companies of the Pacific Coast and approved by Secretary
of the Interior Ickes, were made available on Feb. 18 at
San Francisco, according to United Press advices from that
city. The approval of the cartel was noted in our issue of
Feb. 17, page 1133. Stating that the agreement is designed
to solve the overproduction problem in the petroleum
industry by placing sales on a quota basis, the United Press
on Feb. 18 added:
George Leigh-Jones, President of Shell Oil Co. and Chairman of the
Regional Marketing Committee under the Petroleum code, made public
the agreement, which does not provide for price fixing.
Principal signers of the cartel. intended also to bring about stabilization.
are Associated 011 Co., General Petroleum Corp. of California, Richfield
Oil Co. of California, Shell 011 Co., Standard Oil. Co. of California, The
Texas Co., and the Union 011 Co. of California.
Smaller signatories are Bachmann Petroleum Corp., R. R. Bush 011
Co., The Caminol Co., Ltd., Estado Petroleum Corp., Gilmore 011 Co..
Hancock Oil Co., MacMillan Petroleum Corp., Norwalk Co., The Petrol
Corp. Rio Grande 011 Co., St. Helena Petroleum Co., Ltd., San Fernando
Refining Co., Seaside 011 Co., Signal Hill Oil & Gas Co., Sunset Pacific
011 Co., Triangle 011 & Refining Co., Ltd., Western 011 & Refining CO..
and D. R. Wilson Refining Co. Other independents may sign later, it was
expected.
The contracting ell companies will divide up between them the gasoline
to be sold on the Pacific Coast, using a quota base derived from sales of
gasoline in October 1933.
The group of companies is divided into three classifications, A, B and C.
The seven largest companies are in the A group, five medium-sized firms
are in the B class and the remainder are in the C class.
The quota figures for the various States and companies will not be made
lWblic at this time, it was said by Mr. Leigh-Jones,
Smaller independent companies will benefit from certain gasoline price
differentials, since they cannot hope to compete on the same basis with
the larger units.
For instance, the class C companies will be permitted to sell low octane
gssoline for retail deliveries at one cent a gallon below the price charged by
the major companies. On high-grade gasoline, the class C companies are
given a concession of X-cent a gallon.
All companies in all groups are to sell at three cents a gallon below their
respective retail prices on tank truck deliveries. The same hold true of
sales to dealers. Truck and trailer sales are to be three cents a gallon below
retail, as are tank car deliveries.
The companies which signed the cartel are now serving the area embraced
by the State of California, Oregon, Washington, Arizona and Nevada,
and the Territories of Hawaii and Alaaka. A supplementary agreement
specifically held that each of the companies "shall so conduct its marketing
operations in the States of Idaho, Montana, Utah and New Mexico, adjoining the Pacific Coast area, as to conform to the marketing policies and
Practices of the marketing companies enjoying by volume a leading marketing position in such States and shall undertake not to demoralize the
markets therein."
On Feb. 24 Associated Press advices from San Francisco
stated that R. K. Davies, a director of Standard Oil Co. of
California, has been elected head of the Pacific Coast
Gasoline Cartel.
4111.
List of Companies Filing Registration Statements
with Federal Trade Commission Under Securities
Act.
Securities of 10 corporations, totaling in value $29,500,000,
were announced by the Federal Trade Commission on Feb. 22
as having been filed with it for registration under the Securities Act of 1933. The largest proposed issue among those
made public that day was one for $18,750,000, estimated
value, filed by Equity Corp. of Jersey City, N. J., an
investment company of the general management type, which
is proposing to issue 150,000 shares of $3 convertible preferred
stock and 4,500,000 shares of common stock. The list of
registration statements announced Feb. 22 follows:
Mar.3 1934
Carey Trust of New York,(2-680), Tulsa, Oklahoma, organized Feb.3 1934
as an Oklahoma express trust to own, hold and collect income, dividends
and proceeds from shares of stock in Natural Gas Development Corp.
properties. The company proposes to issue 2,300 units of certificates of
beneficial interest in "Carey Trust of New York" in an aggregate amount
of $264,500. Underwriters, who are not yet designated, are expected to
purchase the units at $92 each and sell them at $115. Among officers are:
W. E. Brown, President, and H. I. Shanks, Secretary-Treasurer, both of
Tulsa, Oklahoma.
Bondholders Protective Committee for Lake Charles Hotel Building Co., Inc..
First Mortgage6% Serial Gold Bonds,(2-681),New Orleans,calling for deposit
of the above mentioned issue in an outstanding amount of $354.000; the
original issue was $375,000. Members of the committee are: John F.
Finkel, Joseph M. Miller, Wilfred G. Gehr, Robert Moore Jr. and J. C.
Monte.
Committee for Holders of Orpheum Theatre and Realty Cu. First Mortgage
0% Gold Bonds, (2-682), San Francisco, calling for deposits of the above
mentioned issue in the amount of an authorized $2,500,000. The original
issuer, Orpheum Theatre & Realty Co., operates theatres and manages
real estate and buildings. Members of the committee are: Arthur 0.
Bush, W. 8. McCreery, Louis A. Schwabacher, E. R. Levy, Alfred F.
Meyer, Harold J. Schoenfeld and Joseph Ehrman Jr.. all of San Francisco;
and Martin Beek, New York City. and Albert Schoenberg, Kansas
City, Mo.
Bondholders Protective Committee for First Mortgage Sinking Fund FifteenYear Gold Bonds Issued by Tomahawk Kraft Paper Co., (2-683), Milwaukee.
Winsconsin, calling for deposit of the above mentioned issue In the amount
of $1,150,000 in a readjustment plan. The plan contemplates the formation
of a new corporation to acquire the assets and assume the liabilities of the old
company in exchange for part of Its capital stock. The new company Is
expected to have an authorized capital of 75,000 shares of common stock,
the old company transferring to it all or substantially all of its properties
and assets in exchange for 18,000 shares of common stock. Members of the
committee are: Charles F. Smith, Wausau, Wisconsin; Phil C. Waite,
Oshkosh, Wisconsin and Joseph A. Auchter, Milwaukee, Wisconsin.
Entity Corporation,(2-684). Jersey City, a Delaware corporation conducting an investment company business of the general management type, and
proposing to issue 150.000 shares of $3 convertible preferred stock and
4.500,000 shares of common stock in an estimated aggregate amount of
$18,750,000, the proceeds to be used for company purposes. Underwriter
is Allied-Distributors. Inc., Jersey City. Among officers are: David M.
Milton. New 1 ork,President; R.Sherrard Elliot, Jr., Jersey City, Secretary
and Assistant Treasurer, and W. Franklyn Best, Rutherford, New Jersey.
Treasurer and Assistant Secretary.
Model Maker Corp., (2-685), New York, a New York corporation incorporated Jan. 15 1934, to take over and continue publication of"The Model
Maker," a monthly magazine, to publish and sell books and pamphlets on
model making and related subjects. The company expects to issue $5,000
common stock, the proceeds to be used to purchase tights to the magazine
as well as obtain back numbers and bound volumes, and for other organization purposes. Among officers are: L01.1113 B. Gerold, Tuckahoe. N. Y.,
President, and Francis S. Spon, Brightwaters, L. I., Secretary-Treasurer.
Star Oil Refining Corp.. (2-686), Boston, an Arizona corporation organized
owns
July 6 1933. for the re-refining of crank case oil. The company
control interest in the Star Oil Refining Corp., a Massachusetts company.
amount
aggregate
an
at
A
Class
It proposes to issue capital common stock
not to exceed $403,000. Among officers are: G. Richard Duffy, Medford,
Mass., President; Edward S. Quinlan, Treasurer, and Patrick J. Quinlan,
Secretary, both of Winthrop, Mass.
Photocolor Pictures, Inc.,(2-687), Spiro Fmk,Irvington-on-Hudson, N. Y.,
a New York corporation organized Jan. 30 1934, to operate the plant and
equipment of Photocolor Corporation, which has exclusive patents covering
the processing of natural color motion pictures. The company will Issue
133.681 shares of common capital stock at an aggregate amount not to
exceed $668,405. The'company has a contract for operation of the business of Photocolor Corporation whereby it is to provide management,
financing and other services In exchange for 50% of the operating profits.
Among officers are: Frank E. Nemec, Irvington, N. Y., President, and
Frederick J. Lind, Mt. Vernon, N. Y., Secretary-Treasurer.
Affiliated Distributing Group, Inc.. (2-688), Jersey City, a New Jersey
corporation sponsoring and distributing investment trust shares known
as Trusteed Income Estates certificates, an estate building plan, in the
amount of $650,000 or 541 certificates at $1,200 each. The underwriter,
Trusteed Estates, Inc., of Baltimore, will receive a commission of $72
less $1 out of the first 10 monthly payments of $10 each. In addition, the
underwriter receives a discount of 1.617% on the regular ask price of the
trust shares purchased by the trustee for the founder's account. Sale
of the securities is designed to furnish funds for purchase of Trusteed
American Bank Shares series B and Trusteed Industry Shares which are
to be held in trust for the account of the founders. Among officers are:
W. E. Stewart, New York, President; F. J. Ring, Jersey City, Treasurer,
and D. B. Brayshaw, New York, Secretary.
Associated Simmons Hardware Companies Reorganisation Committee.
(2-689), New York, calling for deposits of Associated Simmons Hardware
Co. as follows: $4,781,500 principal amount of secured gold notes and
35,879 preferred participation shares. The committee plans reorganization
of the Associated Simmons business. Members of the committee are:
W. B. Snow Jr., of Boston, Chairman; Jasper W. Tully, San Francisco,
and Richard Harte, Parkersburg, W. Va.
On Feb. 28 10 security issues (registration statements
690-699), totaling almost $3,000,000, were announced as
having been filed with the Federal Trade Commission for
registration. More than one-half of this amount is for
industrial projects,including a million-dollar brewing venture.
The remainder representsreorganization or refunding projects.
The following is the list:
Wondet Heater Co. (2-690), Niantic. Ill., a Delaware corporation PrePosing to manufacture heating stoves, hot water equipment and the like.
The company expects to issue $250,000 common stock, the proceeds to
. osz.
wy
t;urr
ere-nm
M iiiid
be need for organizing expenses. The underwriters are pre.
Co., Inc., New York. Among officers are: V. O. Jones.
Jones, Vice-President and Treasurer, and Marie K. Jones, Assistant
Secretary.
Secretary,
c
Decatur,
6,
e-12
(12
u1
la ln
Charles
teddiC
on
,ra
9ophia
tici,
ot Nlidaenrs
co
veharl
hie, calling
E Ps
mmille
mortgage
for deposits of William Jackson. an individual, address unknown,
and former owner of property. The issue involve; first mortgage real
estate 6% class A gold bonds of $240,000 face value. The committee
consists of: Claude C. Smith, Walter Stokes and W. Burton Richards
The character of business done by Jackson at the time the securities to
be called were issued is described as "professional straw bondsman."
Committee For Reorganuation of Property and Affairs of Missouri-Illinois
Bridge Co. (2-692), St. Louis, calling for deposits of first mortgage sinking
Volume 138
Financial Chronicle
fund 7% gold bonds in the amount of $600,000 of Missouri-Illinois Bridge
Co. of Louisiana, Mo. The company, at the time the securities to be
called were Issued, was preparing for construction of a toll bridge across
the Mississippi river extending from a point near Louisiana, Pike County,
Mo., to a point opposite in Pike County, Ill. Committee members are:
Albert T. Perkins, St. Louis; C. G. Buffum, Louisiana, Mo.; George S.
Carkener, Kansas City, Mo.; W. J. Garner, Louisiand, Mo.; Meridith C.
Jones, St. Louis; E. B. Rodgers, Louisiana, Mo., and George Witsma Jr..
St. Louis.
Bondholders' Protective Committee in the Matter of Certain First Mortgage
6% Serial Real Estate Gold Bonds of Abilene Hotel Co. (2-693), Si. Louis,
calling for deposits of the above issue of Abilene Hotel Co., Abilene, Taylor
County, Texas, which, at the time the securities to be called were issued,
owned the Hilton Hotel property which is the real estate mortgaged as
security for the above-named bond issue. This issue is for $279,000 now
outstanding. Members of the committee are: W.C. Collins, Miss Cora B.
Conklin, W. 0. Shillington, Dr. Luther E. Todd and H. M. Tenney. all
of St. Louis. •
, ,Clinton Mint Co. (2-694), Lalngsburg, Mich., a Delaware Corporation
growing and stilling peppermint, proposes to issue $10,000 common stock
shares, the proceeds to be used for organization purposes. The underwriter, E. P. Gage & Co., Jacksonville, Fla., is to receive 15% commission.
Among officers are George C. Shaver, President, and E. J. Murdock,
Secretary-Treasurer, both of Laingsburg.
J. J. Kiser and M. S. Cohn (2-695) Indianapolis, calling for deposits
under a plan of re-organization of Oxford Gables Realty Co., Indianapolis,
an Indiana corporation which, at the time the securities to be called were
issued, was engaged in the real estate and apartment house business. The
issue called for deposit is $167,100 par value of preferred stock.
Best Incinerator Co. (2-696), Des Moines, a Delaware corporation manufacturing and selling incinerators and sanitary equipment, proposing to
issue 5,000 shares of no par common stock in a total amount not to exceed
$250,000. None of the proposed issue has been underwritten but an option
to purchase 1,000 shares at $42.50 per share has been given E. P. Gage,
Jacksonville, Fla., who is to sell them at $50 a share. Among officers are:
Charles A. Horner. President, and David M. Reese, Secretary-Treasurer.
both of Des Moines.
Idaho Minerals Co.(2-697), Boise. Ida., an Idaho corporation developing
metal mining, and proposing to issue 650,000 shares of common stock at
an aggregate price of $32,500 to be used for organization expenses. Among
officers are: J. J. Oberbillig, President-Treasurer, and C. A. Johnson,
Secretary, both of Boise.
Lulu Mining Corp. (2-698), Salt Lake city, Utah, a Delaware corporation
proposing to develop a mining claim in the San Francisco mining district
of Beaver County, Utah, and proposing to issue 200.000 shares of treasury
stock in an aggregate amount not exceeding $110,000 to be used for organization purposes. Among officers are: George C. Gray, President, and
Joseph F. Lloyd, Secretary-Treasurer, both of Salt !Lake City.
Crown Brewing Co. (2-699), South Boston, Mass., a Delaware corporation
not yet in operation but proposing to manufacture and sell beer and malt
liquors. The company expects to issue 1,000,000 shares of par value
common capital stock in an aggregate amount not to exceed 81,000.960,
the proceeds to be used for equipment and other organization expenses.
Among officers are: Henry L. Pierce, President and Norton P. Webber,
Secretary-Treasurer, both of Nahant, Mass.
Inimaking public the above lists the Commission said:
In no case does the act of filing with the Commission give to a security
the Commission's approval, or indicate that the Commission has passed
on the merits of the issue.
A list of registration statements_filed with the Commission appeared in our issue of Feb. 24, page 1333.
Registrations Under Federal Securities Act in January
Total $66,769,138—Exceed December Totals.
Total gross securities filed with the Federal Trade Commission and becoming effective during January under the
Securities Act of 1933 amounted to $66,769,138, which was
greater than the total gross of effective registrations for
either October or December. However, the larger January
total represented a smaller number of effective registrations
than in October or December, said the Commission under
date of Feb. 28, its survey continuing:
Based solely on registration statements which became effective as distinguished from the total number of registration statements filed, the Commission found that approximately 88% of the gross proceeds registered for
January effectives represented common stocks. The remainder is in preferred stocks, certificates of beneficial interest and participation. warrants,
&c. None of these securities represented borrowing.
More than $54,000,000 of the January effectives, or 81% of the total,
were filed by financial and investment companies, which is a higher proPenton than shown by this class of companies in any of the last three months
of 1933.
Manufacturing is the only other group showing a substantial volume, with
effective registrations for $11,000,000 of securities, or more than 16% of
the total.
Tables showing the foregoing statistics and contributory
•
data are as follows:
TABLE I. DISTRIBUTION BY TYPE OF SECURITY OF TOTAL GROSS
PROCEEDS OF 35—SECURITe-frEbISTRXTIONS EFFECTIVE IN
JANUARY 1934, EXCLUDING REORGANIZATION SECURITIES.
Percent
of Total.
Amount.
Type of Security—
87.84
$58,653,024
Common stock
9.61
6.416,814
Preferred stook
and
interest
beneficial
of
participation and
Certificates
2.55
1.699.300
warrants
---.
Mortgages, debenture and mortgage bonds
---Short-term notes
100.00
$66,769,138
Total
TABLE 2. DISTRIBUTION BY TYPE OF INDUSTRY OF TOTAL GROSS
PROCEEDS OF 35 SECURITY REGISTRATIONS EFFECTIVE IN
JANUARY 1934.
Percent of
Total.
Amount.
Type of Industry—
1.45
8969,139
Extractive industries
16.57
11,057.144
Manufacturing industries
81.15
54,186,505
and
investment
Financial
.83
556.350
Service
Total
566,769,138
100.00
1497
In preparingithe statement for;January, the proceeds of the security
the
registrations effective have been broken down, first, according to
amounts of securities registered for the account of the issuer and for the
account of others, and,second, into the securities registered for the account
of the issuer which (a) are to be disposed of for cash and selling expenses,
(b) are reserved for subsequent issue and (c) are issued for consideration
other than cash. The following table presents this distribution:
TABLE 3.—DISTRIBUTION OF GROSS AND NET PROCEEDS OF
SECURITIES REGISTERED AND SECURITIES OFFERED FOR
SALE FOR 35 SECURITY REGISTRATIONS EFFECTIVE IN JANUARY 1934, EXCLUDING REORGANIZATION SECURITIES.
Amount.
866,769.138
Total gross proceeds of securities registered
105.000
others
Total gross proceeds of securities registered for account of
Total gross proceeds of securities registered for account of issuer-- 866,664,138
60,249,761
Total net proceeds of securities registered for account of issuer
$6,414.377
Difference between gross and net proceeds
Total gross proceeds reserved for subsequent issue
Total gross proceeds issued for other than cash
7,567,906
3,384,158
$10,952,064
Total gross proceeds, securities not now offered for sale
10,493,314
Total net proceeds, securities not now offered for sale
Total gross proceeds, securities to be disposed of for cash and selling 55,712,074
expenses
Total net proceeds, securities to be disposed of for cash and selling 49.758.447
expenses
$5.955,627
,Cost of selling, distribution. &c
Only $105,000 securities of a total of 366,769.138 were registered for the
account of others. Of the foregoing total, over 73i million dollars of gross
proceeds represents reservations for subsequent issue either directly or
under the terms of warrants or subscription rights. &c. In addition, over
3g million of the gross proceeds is accounted for by the issuance of securities
for other than cash consideration. These two items represent a total of
approximately 11 million dollars of gross proceeds registered which are not
immediately offered for sale.
Deducting this gross from the total gross proceeds registered for the
account of the issuer leaves a total of $55,712,074 as the gross proceeds of
securities to be disposed of for cash or for selling expenses in connection with
their disposal. The net proceeds of these securities is estimated to be $49,766,447,leaving a difference of 55,955.627 or only about 10%,as the amount
absorbed in cost of selling and distributing the securities to be disposed of
for cash and selling expenses. This comparatively low rate is accounted
for primarily by the heavy preponderance of investment trusts in the
January registrations.
Table 4 shows the distribution of the net proceeds of the security registrations effective in January according to proposed use to be made of the
funds obtained. Of the total net proceeds, $43,461,560 or over 72%, is
to be devoted to investment uses, chiefly, of course, by the financial and
investment companies which registered the great bulk of the securities under
the effective statements. Only one other item, i.e., "reserved for subsequent issue," accounts for as much as 10% of the total net proceeds and
besides this item, only two others,"working capital" and "funding, refunding, and conversion". amount to as much as 5%•
TABLE 4.—DISTRIBUTION ACCORDING TO PROPOSED USE OF THE
NET PROCEEDS OF SECURITIES REGISTERED FOR THE ACCOUNT
OF ISSUER IN 35 SECURITY REGISTRATIONS EFFECTIVE IN
JAUNARY 1934, EXCLUDING REORGANIZATION SECURITIES.
Percent
of Total.
Amount.
.38
3227,788
Organization and development
2.30
1.387,587
New company plant construction, &c
.97
585,925
Acquisition of assets
40,833 • .07
Acquisition of capital stock of other companies
and
additions
equipment
and
Old company plant
.37
220,000
betterments
5.09
3,066,696
Working capital
5.87
3,537,204
Funding, refunding and conversion
72.14
43,461,560
Investment
11.54
6,955.246
Reserved for subsequent Issue..
1.27
766,922
Miscellaneous, unclassified and unaccounted for
Total net proceeds, securities registered for the
680,249,761
account of issuer
100.00
The figures of registrations in December and the last
quarter of 1933 were given in our issue of Feb. 10, page 974.
Graphic Arts Master Code Approved by President
Roosevelt—Combines 50 Separate Pacts—Completion Described by Geperal John<on as "Unique
Achievement"—Covers 400,000 Employees in Normal
Times—President Stresses Right to Organize.
A code of fair competition for the graphic arts industries,
estimated normally to employ 400,000 men, was approved
by President Roosevelt Feb. 17. The industry ranks as the
fifth most important in the United States in value of products
which normally approximates $2,400,000,000 annually.
General Hugh S. Johnson, Recovery Administrator, termed
the completion of the pact a "unique achievement" becaus9
of the complexity of the industry and the diversity of interests
involved. The master code approved by the President is
an amalgamation of almost 50 separate codes, and covers all
printing trades except photo-engravers, electrotyping and
stereotyping. It stipulates that the maximum working
week shall not exceed 40 hours, and specifies minimum wages
for various classes of skilled employees.
The code became effective Feb. 26, and on that date the
New York Employing Printers Association, Inc., sent a copy
to every commercial relief printing establishment in New
York City and Long Island, warning that a copy of the code
must be posted in the mechanical department, and quoting
from the approved pact regarding the hours and wage provisions, with special regard to overtime work.
President Roosevelt, in an Executive Order issued Feb.
24, modified the graphic arts code to bring certain of its
provisions in uniformity with similar sections of the daily
1498
Financial Chronicle
newspaper publishing code. One provision of the modifying
order requires Government members of the Code Authority
to "give particular attention to the provision authorizing
minors to sell newspapers and periodicals" and to deliver
them. The Government members are instructed to report
to the President within 60 days. Another section of the
Executive Order covers the "freedom of the press' clause in
the graphic arts code and makes the same comment as that
uttered by the President in approving the newspaper code.
The President added, however, that both sections are "nevertheless respectively approved as submitted and without
modification, condition or qualification."
A Washington dispatch Feb. 17 to the New York "Times"
added the following details of the graphic arts code:
For administrative purposes the industries are divided into two major
groups, one dealing with the production and distribution of printing and
the other with its specialized distribution.
The administrative agency for the industries will be a board called
the National Graphic Arts Co-ordinating Committee, consisting of 20
members. Each of the four major divisions of the production side of the
Industry will have a National Compliance Board and each of the industries
within each national product groups will have a code authority. Provision
is made for regional compliance boards and regional code authorities. •
Provisions of the code setting up three separate labor boards were deleted
by President Roosevelt's order. In their stead the President directed
creation of a bipartisan board consisting of five employers, five labor
spokesmen and an impartial chairman to handle all labor controveries
under the code.
Concerning one section of the executive order, which was opposed by
labor groups as leaning in the direction of whittling away labor's rights
under Section 7a of the Receovery Act, the President, in an addendum
to the executive order approving the code, said:
"In view of the disagreement concerning the application of the condition it appears to me desirable to state here that my aforesaid condition
is not to be construed or interpreted in such manner as to conflict with
Section 7a of the National Industry Recovery Act. Nor shall such condition interfere with the right of the employees of any locality to express
their desire to share regular work with bona fide resident unemployed
competent mechanics in their particular trade or craft and to appeal to
all agencies o the Government to assist them in the exercise of this right."
The Graphic Arta Code does not cover metropolitan daily newspapers, but
it does cover small country dailies. The reason for this is that the National
Editorial Association, one of the proponents of the code, whose membership
embraces the small dailies, requested Inclusion in the code because many
of Its members do a commercial printing business:
The text of the President's Executive Order of Feb. 24
follows:
EXECUTIVE ORDER.
A Code of Fair Competition for the Graphic Arts Industries and a Code
of Fair Competition for the Daily Newspaper Publishing Business having
been approved respectively In executive orders dated Feb. 17 1934, and
certain provisions in the two codes being substantially identical in phraseology and alike in effect and meaning, to wit, Section 17 (b) of Article I
of the Code of Fair Competition for the Graphic Arts Industries and Article
VII of the Code of Fair Competition for the Daily Newspaper Publishing
Business, and Section 19 (b) of Article II of the Code of Fair Competition
for the Graphic Arts Industries and Section 1 (a), (b) and (c) of Article V
of the Code of Fair Competition for the Daily Newspaper Publishing
Business, and whereas the conditions of approval of said sections and (or)
Articles in the two codes are different.
Now,therefore, I, Franklin D. Roosevelt, President of the United States,
pursuant to the authority vested in me by Title I.of the National Industrial
Recovery Act, approved June 16 1933, and otherwise, to bring about uniformity and for other purposes, do hereby modify and amend my said
orders of approval of said code of fair competition for the Graphic Arts
Industries and said code of fair competition for the daily newspaper publishing business, respectively, as follows:
1. The Government members of the Code Authority of the Graphic Arts
Industries shall give particular attention to the provisions authorizing
minors to sell newspapers and periodicals and to deliver newspapers,
periodicals and advertising newspapers. They shall report to the President
not later than 60 days hence.
2. My comment with respect to Article VII of the Code on Fair Competition for the Daily Newspapers Publishing Business applies also to
Section 17 (b) of Article I of the Code of Fair Competition for the Graphic
Arta Industries, but said Article VII of the Code of Fair Competition for
the Daily Newspaper Publishing Business and said Section 17 (b) of Article
I of the Code of Fair Competition for the Graphic Arts Industries are nevertheless respectively approved as submitted and without modification,
condition or qualification.
FRANKLIN D. ROOSEVELT.
Approval recommended:
HUGH S. JOHNSON, Administrator.
The White House, Feb. 24 1934.
Mar.3 1934
Grants Authority.
He said:
"This certainly grants authority to prescribe what work all young people
up to 18 years of age shall not do, and what they must do. It would
empower Congress to forbid them to do any work, whether paid or unpaid,
on any farm, garden, or in the household, by way of assisting their parents
or otherwise; to prohibit a youth whose father was dead from helping
his mother by milking the cows or doing the chores out of school hours;
or a girl whose mother had died from taking charge of the younger children.
"No doubt it will be argued that no Congress would do such things.
Let us not be dogmatic, or too sure what enthusiasm or excitement may
or may not produce, but ask ourselves why should we confer authority
if we do not want it used? Where power is granted there is always a
tendency to use it. Has not every Department or Bureau of the National
Government sought to exercise the powers given it? The officials selected
for the purpose are naturally people who believe in its objects, for to
appoint those who did not would seem unfair. They are anxious to do
good as they see it; so they prepare plans and beseech Congress to enact
laws and vote appropriations, until we have now in Washington a vast
bureaucracy striving to do things; and the more ambitious their projects
are, the more far-reaching and hence the more expensive, the better they
are pleased.
The world has not suddenly become wholly new, or yet perfect, and
what has happened in the past is not entirely without significance for the
future. Twice, at least, by amendments to the Constitution, we have
conferred upon Congress powers that we have regretted afterwards. Look
at the case of the 14th amendment which gave Congress power, after the
Civil War, to enforce in the Southern States the policy of reconstruction.
Some of the provisions of that amendment have proved to be dead letters;
but the whole plan of reconstruction, of which it was a part, no one now
defends, and it left a legacy of bitterness that still lingers. The power it
gave to legislate for the South was a grevious mistake.
The 18th amendment, which he described as "fresh in our minds." was
cited as another example by Dr. Lowell.
Dr. Lowell also said:
We all want to stop the exploitation of children in factories, mines and
Industries. I for one certainly do. But we do not want interference
with the home, or with the healthy and improving occupations of youth.
Former Senator Reed Asks Defeat of Child Labor Bill—
Calls Proposed Amendment Blow at American
Homes—Fears Misuse of Powers It Bestows Upon
Congress.
James A. Reed, former United States Senator from Missouri, described th6 proposed child labor amendment to the
Constitution dn Feb. 23 as designed to "substitute for the
authority of the parent the authority of Congress." The
proposition, Mr. Reed said in a radio address, "comes to us
under a false title." In an Associated Press dispatch from
Washington, Feb. 23, to the New York "Herald Tribune"
Mr. Reed was quoted as follows:
The ordinary and casual reader would understand that it is a proposition
Intended to protect children of tender years against being thrustinto sweatshops and into unhealthful places to work for a livelihood, but that is far
from the real purpose and the real language of the amendment.
Let me-read it to you: "Section 1—Congress shall have power to limit,
regulate and prohibit the labor of persons under 18 years of age."
Sees Blow at U. S. Homes.
Adopt that amendment and the Congress of the United States will have
power not only to regulate the labor of children but the labor of young men
and young women up to the very day when they become 18 years of age.
It is revolutionary, it strikes at the home, it is inimical to the discipline of
the family, it substitutes for the discipline of the home and for the rights
. .
of the parents the "ipso dixit" of a Congress.
Moreover, the language is so broad that Congress would have the power
to regulate and to control the education of children, for the education of
children comes within the language of limiting and regulating the labor
of the child. . . .
It may be said that Congress will not exercise this power to !ts fullest
extent. That is a dangerous fallacy and illusion. There are very few
powers that have ever been conferred upon Congress by the Constitution
that it has not seen fit to exercise first or last and already that ancient and
revered doctrine is being stretched to the breaking point.
Cites State Laws on Subject.
I am not talking about children of tender years, for unfortunately there
have been cases where children too young have been put to work in factories
or in mills, but fortunately the laws of the various States have governed
that proposition, and if I remember right there are only one or two States
in the Union that do not have laws calculated to protect the infant, the
small child; but no State,so far as I know, has over gone so far as to invade
the home and say that a boy of 16 or 17 years of age shall not be permitted
to work. . . .
To my mind this un-American thing ought tolbeikilled by every legislative body.
Child Labor Amendment Opposed by Dr. A. Lawrence
Lowell, President Emeritus of Harvard University W. D. Guthrie of Bar Association Warns of Dangers
in Child Labor Ban—Opposes Federal Amendment
—Disapproves Exploiting Children in Industry,
as Menace to Family and Home—Would Retain
ut Against Interference in Home—Cites MisDenies AmendState Laws—Senator Wald
takes in Two Amendments.
ment Would "Russianixe" Children of America.
Maintaining his stand against the child labor amendment,
The child labor amendment to the Constitution, which
A. Lawrence Lowell, President-Emeritus of Harvard, declared in an address in Boston on Feb. 16 that if it were only has been ratified by twenty States, was criticized and dea measure to prevent the exploiting of children in factories, fended on Feb. 25 in radio addresses broadcast from WOR.
In the New York "Times" of Feb. 26 it was stated that
mines and kindred occupations, he would not oppose it.
The Boston "Herald" of Feb. 17 further reported what William D. Guthrie, attorney and former President of both
the State and city bar associations, condemned the amendhe had to say as follows:
ment as a "distinct menace to the family, to the home and
But, in fact, it is far more than that, and it is to this more that many
of us object so strongly that 10 years ago this seine amendment was rejected
to our local self-government." State Senator Albert Wald,
by more than half the States.
in defending it as "humane legislation," derided contentions
The educator then cited in his opinion the most essential clause, which
that it would "Russianize" the children of America and
was: "The Congress shall have power to limit, regulate and prohibit the
labor of persons under 18 years of age."
denied that it would pave the way for "military conserip-
Volume 138
Financial Chronicle
tion" of children under 18. From the "Times" we also
quote as follows:
Mr. Guthrie declared that if the amendment were approved by 36 States,
the exercise of the power it would confer upon Congress would "not be
limited to the praiseworthy and good intentions and purposes and promises
which are now being professed or avowed.
Cites Prohibition al Parallel.
"It is a power," he went on,"which could and ultimately probably would
be exercised to its utmost extent, as was surely demonstrated in the case
of the prohibition amendment by the extreme provisions to which Congress
resorted in the Volstead Act."
Mr. Guthrie warned of a possibility that "hundreds, if not thousands,
of Federal agents, inspectors, police, truant and other officers attached to
Federal bureaus centralized in Washington" would act as the enforcement
officers of this law.
"I have for many years," Mr. Guthrie went on, "been heartily in favor
of protecting children and preventing them from working in factories, mills,
quarries, mines,canneries and like employment under unhealthful and prejudicial conditions; but I am convinced that the power to regulate and control
child labor should remain vested in the States as essentially a proper subject
for local regulation and local self-government.
"I am convinced that the Federal Government would fail in its enforcement just as fully and signally as it failed to enforce the prohibition amendment and with just as great confusion, demoralization and injury to
society."
Mr. Guthrie argued that under the language of the amendment Congress
"could regulate the help children might give their parents in the home
or on the farm," and that passage of the amendment would virtually transfer control of education to the Federal Government.
"Interesting, if not ominous," he said,"is the fact that many of the very
same people who brought about the adoption of the prohibition amendment and the enactment of the oppressive and odious Volstead Act are
now, with equally mistaken zeal and perhaps equal error and blindness.
even if in good faith, agitating for the adotpion of the child labor amendment."
Wald Scoffs at Objections.
Senator Wald described as "misleading arguments" assertions that the
amendment would "Russianize the children of America—take from parents
control over their children and hand it over to the Children's Bureau at
Washington, give the Federal Government the right to say how our schools
shall be run, and pave the way for military conscription of all under 18."
As sponsor in the State Senate of the joint resolution of the New York
Legislature for ratification of the amendment, Senator Wald ridiculed the
assertion that the "wording of the amendment was sent to this country
direct from Communists in Moscow," and defended the amendment as
the only way to solve the child-labor problem.
Dr. Leo Wolman Resigns as Member of National Labor
Board but Later Withdraws Resignation at Request of Senator Wagner — Chairman Denies
Newspaper Reports of Disagreement on Policies.
Dr. Leo Wolman, member of the National Labor Board,
resigned as a member of that body and then withdrew his
resignation at the request of Senator Wagner, Chairman of
the Board, according to an announcement, Feb. 25. Newspaper reports that a division of opinion within the Board
had prompted Dr. Wolman's resignation were denied by
Senator Wagner. The news dispatches had said that Dr.
Wolman did not agree with his associates as to the manner
of enforcing code compliances. He was reported to have
advocated a greater use of moral suasion to promote code
compliance rather than the employment of legal force. Senator Wagner's statement of Feb. 25 follows:
Upon my urgent request Dr. Leo Wolman, I am gratified to state, has
consented to withdraw his resignation as a member of the National Labor
Board. I wish also to refute statetnents appearing in the press of to-day
that there exists any disagreement of policy in the National Labor Board
which prompted his resignation.
•
There is no such disagreement. Dr. Wolman's sole reason for tendering
his resignation was that holding the two important offices of Chairman of
the Labor Advisory Board and member of the National Labor Board involved too great responsibility for one man. However, with the vital questions now pending before the National Labor Board for decision, we felt
we needed his unusual ability, understanding of the problems and his
advice during the economic crisis.
Comments by Guaranty Trust Co. of New York on
Effects of Devalued Dollar and Trade Barriers—
Suggests as Part of Recovery Program Re-examination of Foreign Trade Policy with View to Curtailing Excessive Tariffs Which Restrict Business—
Warns That Competitive Advantages Now Enjoyed
by American Exporters Are Not Likely to Continue
Indefinitely.
The competitive advantages now enjoyed by American
exporters that are due to the cheapening of the dollar
cannot be depended on to continue indefinitely, states the
Guaranty Trust Co. of New York in the current issue of
"The Guaranty Survey," its review of business and financial
conditions in the United States and abroad, published on
Feb.26.
"And if the recovery program of the United States is
designed to accomplish what its name implies," the "Suvery"
points out "the next step may well be a re-examination of
foreign trade policy with a view to sweeping away some of
the excessive barriers, at home as well as abroad, that now
restrict the development of this important branch of American business. While the main consideration in devaluing
the dollar was,of course, the stimulation of domestic industry
1499
and commerce, foreign trade is a branch of business that
should be most directly affected by such action," says "The
Guaranty Survey." Continuing, it says:
In fact, the rise in domestic prices that the act of devaluation is designed
to bring about should take place partly as a result of shifts in foreign
trade due to the cheapening of the dollar; and the subject is daily becoming
more important to business men generally.
General Effects of Devaluation.
The broad relation between devaluation and foreign trade is very simple.
Devaluation of a Nation's money cheapens that money in terms of foreign
currencies and consequently cheapens that Nation's goods in terms of
foreign goods. It makes it less costly for foreigners to import goods from
the Nation that devalues its currency and more expensive for that Nation
to import goods from abroad. In this way, it stimulates the export trade,
and restricts the import trade, of the devaluing Nation. In the United
States at present, for example, the general level of wholesale commodity
prices has risen only 22% since last March, while the exchange value of
the dollar has dropped about 40%. This change has made American
goods cheaper in terms of foreign currencies, thus giving a competitive
advantage to American exporters, although prices of many commodities
that enter into foreign trade, including such conspicuous examples as
cotton and wheat, have risen more than the general average.
These effects on exports and imports are temporary. They continue
only until the alteration in exchange rates is offset by changes in price
and wage levels.
Peculiarities of Present Situation.
The expectation of devaluation resulted in the flight of large amounts of
American capital to foreign countries. Much of this capital is now seeking
to re-enter the United States and is producing a demand for dollar exchange resulting in large gold shipments from abroad—a situation, obviously
that is not conducive to active purchases of American goods by foreigners.
Moreover, international trade is now subject to artificial influences and
restrictions to an extent that has not been witnessed in peace times for
more than a century. Consequently, the competitive advantages now
enjoyed by American exporters that are due to the cheapening of the
dollar cannot be depended on to continue indefinitely. In some quarters
It is believed that other countries will undoubtedly take measures, either
by competitive currency depreciation or by means of tariffs, import quotas,
and other restrictions, to protect their gold reserves from being drained off
to the United States.
These qualifying factors have already produced some striking effects
contrary to what might have been, and probably was, anticipated on
theoretical grounds. Rather than increasing after devaluation, as it should
theoretically, the pound moved lower; and a similar contrary movement
was registered by the franc.
Causes of Dollar's Srength.
Among the reasons for these unexpected movements are that there has
been a rush to purchase dollars by those Americans who had sent or left
their funds abroad as a protection against dollar depreciation, that the
stabilization of the dollar has encouraged foreign capital to seek the security
of American money in the face of the growing political unsettlement in
Europe, and that England, in the belief that the new dollar is undervalued, is disinclined to support sterling and prefers to let the pound fall
with the dollar for the time being.
More surprising to some than the exchange developments is the behavior
of domestic commodity prices since devaluation. The general trend has
been upward, but by no such proportion as would be suggested by the
percentage of devaluation.
The mere fact of relative stabilization is, of course, a favorable element
In the outlook for foreign trade. For the first time since last March the
dollar has a definite and tangible value. Even this factor, however, is
subject to several qualifications. The Government still has authority
to make further changes in the gold content of the dollar and has given
some indications of leanings toward the idea of "managing" the currency
by means of such changes.
Special Factors.
The repeal of prohibition has t elped to place American foreign trade
on the reciprocal basis that is essential to its permanent success. As a
creditor Nation, the United States must, in the long run, be an importing
Nation. The main problem is how and what to import without serious
effects on domestic industry. Prohibition repeal has helped to solve
this problem and is, to that extent, a step in the right direction.
A factor on which the Administration places much reliance is the plan
for reciprocal trade agreements with foreign Nations. A further step
that will probably prove important •is the pending creation of a special
foreign trade board to negotiate with foreign Nations for increases in
quotas on American goods.
But more important than all these special influences is the general
economic recovery that has taken place in most of the leading commercial
nations of the world, despite the handicap of political uncertainties and
obstacles in many of them. This movement, if it continues, will bolster
confidence, increase purchasing power, relieve the financial and political
pressure on governments, and make for better feeling.
Unfortunately,some of the new national boundaries established in Europe
after the World War were dictated by humanitarian and political, rather
than economic, considerations. Certain peoples found that they had realized
their nationalistic aspirations only by placing themselves in an untenable
economic position. They were political units but not economic units.
In the vain effort to achieve balances and reasonably self-sustaining industrial systems, these new nations adopted prohibitive tariffs and other
trade restrictions, with the result that old trade routes were abolished,
established markets were shut off from their customary sources of supply,
the industrial plants that had depended on those markets fell into disuse.
and productive facilities were needlessly duplicated.
Growth of Trade Barriers.
There was thus created an economic strain that aggravated racial antagonisms and made it even more imperative for the nations concerned to
achieve as great a degree of economic independence as possible. The older
and larger nations with interests at stake took sides, and the situation
developed into a deadlock in which political and economic issues were almost
Inextricably intertwined. This state of affairs still exists and, aside from
Its direct adverse economic effects, is a cause of much international Illfeeling. It has played no small part in contributing to the world-wide
depression and in promoting the ultra-nationalistic spirit that has dictated
the economic policies of nations in the last few years.
Effects of the Recovery Program.
r Certain recent developments in the United States have not improved the
background for foreign trade or for international agreement on currency
stabilization. The obvious implications of the National Recovery Administration, as far as foreing trade is concerned, are toward higher tariff
rates and more restrictions on imports, rather than the reverse.
1500
Financial Chronicle
PI Any sustained increase in exports must7go:hand-in-hand with an increase
In imports. If this country wishes to restore its foreign trade, it must be
Prepared to accept the natural consequences of its creditor position and
permit foreign nations to pay their debts in their own goods and services.
City Bank Farmers Trust Co. Celebrates 112th
Anniversary.
The City Bank Farmers Trust Company of New York
City, which is America's oldest trust company and probably
the oldest in the world commemorated on Feb. 28th its 112th
anniversary. On Feb. 28 1822, the Legislature of the State
of New York granted a charter to the pioneer trust company, "for the purpose of accommodating the citizens of the
State" and a few months later empowered it through an
amendment to the charter to execute any trust "which has
been or may be created by any deed."
As pointed out in an advertisement which the company
published this week, cows roamed Wall and William Streets
at the time the company started on its business career and
New Yorkers were beginning to complain about the shutting
off of sunlight in the financial district by "the tall, massive
.buildings, four and even five stories high." The need for
trust services at that time lay mainly in the settlement of
estates and the handling of real property. To-day the functions of a trust company have become widely diversified,
embracing a variety of trust services for individuals, corporations and Governments, although their primary purpose continues to be in the management and preservation of
property.
The City Bank Farmers Trust Company was incorporated
originally under name of The Farmers Fire Insurance and
Loan Company. In 1836 the name was changed to The
Farmers Loan and Trust Company and in 1929 when it became an integral part of the National City Bank organization its name became City Bank Farmers Trust Company.
The company continues to-day as in the past to conduct
solely a trust business.
Changes in Capital Structure of Chase National
Bank of New York Ratified by Stockholders.
Shareholders of the Chase National Bank of New York
at a special meeting on Feb. 27 approved the plan of recapitalization recommended by the directors, involving the
issuance of $50,000,000 of 5% cumulative preferred stock
of the par value of $20 per share and the reduction of the
common capital of the bank from $148,000,000 to $100,270,000. This reduction is accomplished by reducing the par
value of each share of common stock from $20 to $13.55,
the number of shares of common stock outstanding being
unchanged. The common capital in the amount of- $47,730,000 r,leaPed through this reduction in the par value
of the shares of common stock will be applied to the charging
off or writing down of certain assets of the bank, which
assets and their proceeds will remain the property of the
bank, as required by the Comptroller of the Currency and
the Federal Reserve Board. It is also announced:
Up to the close of business Feb. 26 shareholders of the bank have subscribed for $1,682,920 of the preferred stock. Shareholders are entitled
to subscribe for the preferred stock up to March 14 1934 (at 3 p. m.) at
the price of $20 per share. The balance of the preferred stock not subscribed by common shareholders will be purchased by the Reconstruction
Finance Corporation at the same price.
Upon completion of this recapitalization plan it is expected that the
total capital funds of the bank, including capital, surplus and undivided
profits, will exceed $209.270,000, and that the figure of reserves for contingencies will be increased by approximately $14,000,000.
At this week's meeting Winthrop W. Aldrich, Chairman
of the board of directors, who presided, is said to have
piformed shareholders that the bank planned to retire all
of the new preferred stock within three years, thus effecting a saving of 1%.•in the amount of dividends payable.
The New York "Times" of Feb. 28, in indicating this, also
said in part:
Under the terms of the bank's agreement with the RFC the stock will
carry dividends of only 4%, instead of the stated figure of 5%, if retired
within three years.
Mr. Aldrich also revealed that the earnings of the bank, while currently running below the rate of $25,000.000 a year achieved In 1933,
were still better than $20,000,000 annually. He declared he believed
the bank readily could pay the dividends on the new preferred stock,
plus amortization at a minimum rate of $2,500,000 a year. and maintain
Its present dividend rate of $1.40 a share on the common shares.
Federal Interference Doubted.
Mr. Aldrich said that he did not believe that the Government would
attempt through its ownership of preferred stock to interfere with the
management of the bank. He said that the terms of the agreement were
such that the Government would be in a position to interfere only if the
bank defaulted on its dividends on the preferred shares. He remarked
that, in his opinion, such circumstances, if they should arise, would justify
the Government in concerning itself with the bank's management. He
indicated that he did not consider there was any likelihood that conditions
would arise which would give die RFC as a preferred shareholder the right
to a dominant voice in the affairs of the bank.
Mar.31934
Conditioned upon the completion of the recapitalization
approved by the shareholders at the meeting held Feb. 27
1934 the board of directors of the Chase National Bank
at its meeting Feb. 28 declared a dividend payable April 1
1934 to shareholders of record at the close of business
March 10 1934, of 35 cents per share on the 7,400,000 shares
of the common capital stock of the bank. The transfer
books will not close for the purpose of this dividend.
Reference to the proposed changes in the capital structure
of the Chase National appeared in our issue of Jan. 27,
page 624.
Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of Feb. 24 (page 1343),
with regard to the banking situation in the various States
the following further action is recorded:
ARKANSAS.
• A press dispatch from Jonesboro, Ark., on Feb. 19,
printed in the Memphis "Appeal," stated that a new bank
for that place is planned by L. N. Allen, head of the Allen
Cooperage Co.;• Herbert Parker, business man, and E. L.
Westbrooke, Sr., attorney. It is proposed to take over
the assets of the defunct Bank of Jonesboro, the dispatch
said.
CALIFORNIA.
From the San Francisco "Chronicle" of Feb. 20 it is
learned that the Monterey County Trust & Savings Bank
at Salinas, Calif., has become a member of the Federal
Reserve Bank of San Francisco, and as such the Secretary
of the Treasury had granted it a license, effective Feb. 17
1934, to conduct normal banking operations.
COLORADO.
According to Washington advices on Feb. 22 appearing
in the Denver "Rocky Mountain News," the First National
Bank of Boulder, Colo., closed since March 4 1933 was
expected to open on that day or the next, as the result of
the completion of reorganization plans and necessary
formalities by the Treasury. We quote further from the.
dispatch as follows:
The movement to reopen the bank, containing more than $1,000,000
in deposits, has been aided for many menths by Senator Alva B. Adams
of Colorado.
His office assisted the interests behind the reorganization in perfecting
their plans and obtaining a loan from the Reconstruction Finance Corporation and approval from the Comptroller of the Currency
The bank will reopen with a capital stock of $300,000, of which $120.000
will be subscribed by citizens and $180,000 will be financed through the
RFC.
That a new bank will shortly be opened in Golden, Colo.,
which will replace the Rubey National Bank of that place,
which has been closed since the bank holiday last March, is
indicated in the following taken from the Denver "Rocky
Mountain News" of Feb. 25:
Payment of an initial dividend of 37%% to depositors In the Rubey
National Bank of Golden was authorized yesterday (Feb. 24) by the Comptroller of the Currency.
The payment is expected to release sufficient funds to provide for Immediate opening of a new bank at Golden.
II. F. Parsons, President of the Golden Chamber of Commerce, was
informed of the action by Senators Edward P. Costigan and Alva B.
Adams, both of whom said it was apparent that nothing now stood in the
way of reorganization.
The Rubey bank,one of the State's pioneer financial Institutions, did not
reopen following the banking holiday on March 4,
John Q. Adams is receiver for the institution.
E. A. Phinney, President of the bank, had been indicated by a Federal
grand jury for alleged withdrawal of collateral behind his own note.
ILLINOIS.
With reference to the affairs of the West Side Trust &
Savings Bank of Chicago, Ill., the Chicago "Tribune"
of Feb. 22 had the following to say:
Possibility of early reorganization of the West Side Trust & Savings
Bank has moved nearer with the settlement of major differences between
the depositors' committee and the State Auditor's office. Full co-operation
has been pledged depositors by the Auditor on presentation of a plan
which he terms "workable."
The chief point of dissension has centered around a loan from the RFC
for a new bank. Depositors had previously arranged for the advance
but State Auditor Edward J. Barrett thought this should be made directly
to the receiver for the closed bank, which could then be reorganized.
The depositors' committee, which represents $1,800.000 of $3,600,000
liabilities, has tentatively agreed to this. . . .
Under the plan a loan of about $2,100,000 will be obtained, 19,500 of
the bank's smaller depositors will be paid in full at once and the remaining
4,500 will receive 40% of their claims in cash and the balance in participating certificates. Waivers for the latter group must still be obtained. Stockholders would subscribe $350,000 capital and surplus in
new funds and give liability waivers to $400,000 of old stock.
IOWA
The proposed reopening on Feb. 27 of the State Savings
Bank of Council Bluffs, Iowa, is indicated in the following
dispatch from that city on Feb. 24 appearing in the Omaha
"Bee:"
•
Volume 138
Financial Chronicle
The State Savings Bank will reopen Tuesday (Feb. 27) after being closed
one year according to announcement Saturday (Feb. 24) of A.C.Blanchard,
Executive Vice-President.
At that time $1,100,000 in deposits will be available to the more than
4,000 original depositors with 3% interest, Blanchard said. This amount,is
only 50% of the deposits.
"The bank has been reopened largely through help from the Federal
Land Bank and Home Owners' Loan Corp.," Blanchard explained. "Our
desire and hope is that people will still continue to maintain deposits here.
"All deposits are insured under the new Federal banking act of 1933.
We just have received word that we have met all requirements and that the
Federal insurance will be allowed this bank on all pfesent and future
deposits."
The bank will reopen with a capital stock of $100,000 and a surplus of
$50,000, the Vice-President said.
B. P. Wickham is President of the new institution; Mr. Blanchard,
Executive Vice-President; Hubert L. Tinley, Cashier; J. E. Creager,
Assistant Cashier; John Heise, Auditor, and Robert M. Baird, Trust
Officer.
As soon as frozen assets can be liquidated the other 50% of the original
deposits will be available. The bank closed on Feb. 28 1933.
LOUISIANA.
Reorganization and reopening of the Calcasieu National
Bank of Lake Charles, La., with payment of 40% cash
(aggregating $2,000,000) to depositors at the outset, was
announced by the bank's committee on Feb. 19 upon its
return from Washington. A dispatch by the Associated
Press from Lake Charles on the date named, from which
the foregoing is learned, continuing, said:
The RFC pledged a $3,500,000 loan to take up existing indebtedness
and required the formation of a new bank with capital stock of $500,000.
The bank committee expects details to be completed by the Government
in 60 or 90 days.
MARYLAND
According to Baltimore advices to the "Wall Street
Journal" on Feb. 27, the Hopkins Place Savings Bank,
Baltimore, Md., has made an additional payment to depositors of 10% of the amount withheld under reorganization,
bring the total distribution to approximately 68%%,
according to G. Pitts Raleigh, President.
MICHIGAN.
Concerning the affairs of the closed Guardian National
Bank of Commerce of Detroit, Mich., the proposed payoff
to 136,000 depositors of the institution having deposits
of $1,000 or less was set in motion on the night of Feb. 21
when receipts and assignments were placed in the mail,
according to the Detroit "Free Press" of Feb. 22, which
went on to say:
They Will go out at the rate of 25,000 or more a day during the remainder
of the week, Receiver B. C. Schram announced. It is possible all will
have been mailed by Saturday night (Feb. 24).
Return of the signed receipt and assignment will entitle the depositor
not only to the latest 8% dividend provided for, but also to the remaining
32%, made possible by the waiver of 200 large depositors, and their trust
agreement to buy out the remainder of the smaller claims in full. Checks
bringing the disbursement to 100% will be paid by the depositors' committee.
Hugh J. Ferry, committee chairman, and Alex J. Groesbeck, receiver
for the Guardian Group, were largely instrumental in perfecting the payoff
plan, and the cost of its administration will be assumed by the holding
company receivership.
Plans looking towards the reorganization of the People's
Wayne County Bank of Hamtramck, Mich., which will
release to the depositors an additional 40% of their claims,
have been announced, according to the Detroit "Free
Press" of Feb. 25 which went on to say:
A committee of depositors, including Maurice R. Re3rsworth, Superintendent of Schools; Fred C. White, Hamtramck Commerce Board Secretary
and Joseph S. Jagley, is co-operating with Conservator H. C. Blackmany
in an effort to get consent of 75% of the depositors.
The program calls for the creation of a new bank,capitalized at $200,000,
to take over the sound assets. Slower assets are to be liquidated advantageously through a trusteeship. The Reconstruction Finance Corporation will
loan approximately $1,000,000 on these slower assets, the amount to be
distributed through the new bank.
Pending the working out of these assets, depositors will be asked to accept
participation certificates for 50% of their accounts. The new bank will
qualify for deposit insurance.
Announcement was made on Feb. 24 by Henry R. Baird,
attorney for the closed United States Savings Bank of Port
Huron, Mich., that the institution will reopen about May 1,
according to advices from that place on Feb. 24, printed in
the Detroit "Free Press," which added:
Stock subscriptions both from depositors and others have led to the belief
that, with the assistance of the Reconstruction Finance Corporation the
bank would open without indebtedness. It was closed by the general
banking holiday.
We learn from the "Michigan Investor" of Feb. 24 that
court approval has been given to the plans for reopening the
Litchfield State Savings Bank, Litchfield, Mich and the
People's Wayne County Bank of Ecorse, Mich. Under the
plan for the Ecorse bank, each depositor will collect 50% of
his deposit balance, less any advances previously made.
The remaining 50% will be paid, plus 3% interest, as assets
are liquidated. A loan of $250,000 for the pay-off has already
been approved by the Reconstruction Finance Corporation.
1501
More than 2,000 depositors who had less than $10 will be
paid the full amount, it was stated.
Sale of stock is under way for the new First National Bank
of Crystal Falls, Mich.,according to the "Michigan Investor"
of Feb. 24, which added:
The stock will be sold at $140 per share for shares of a par value of $100,
or $70 per share if the par value is $50 per share. The original release called
for 40% but efforts are being made to increase the amount. The bank will
be capitalized at $65.000, with $25,000 provided by the Government.
MINNESOTA.
We learn from the "Commercial West" of Feb. 24 that
plans for the organization of a new bank in Faribault, Minn.,
to succeed the old Citizen's National Bank of that place, are
making good progress and that opening of the new bank,
with capital of $100,000 and surplus of $20,000, is expected
this month.'w Prospective officers, it was stated, are J. A.
Anderson, President; J. E. O'Neil, Vice-President; R. G.
Endres, Cashier; and C. C. iteineke and D. T. Grund man,
Assistant Cashiers.
MISSOURI.
The Martin City State!Bank, Martin City, a small
Missouri bank, was closed on Feb. 21 and placed in the hands
of the Missouri State Finance Department, according to
advices from Jefferson City on that date to the Kansas City
"Star," which furthermore said:
It had been operating on a restricted withdrawal basis. The bank
had total resources of $33,820; loans, $17,000; deposits, ¶22,000. and a
capital stock of $10,000. B. F. Brainard was President and S. J. Roberts,
Cashier.
NEW JERSEY.
A plan of reorganization under which the Elizabeth
Trust Co., of Elizabeth, N. J., expects to resume unrestricted operation of business has received Federal approval,
Claude H. Meredith, President of the institution, announced
on Feb. 23, according to advices from that city on the date
named to the New York "Times." The bank, which
began operating under the Altman Act on Jan. 18 last,
had total deposits of $3,900,000 at that time, including
$1,200,000 of State funds. The dispatch added:
Approval has also been obtained from the State Department of Banking
and Insurance, Mr. Meredith said, and adoption of the plan will also lead
to insurance of deposits in the institution under the Federal Deposit Insurance Corporation.
After approval of the plan by the holders of 75% of the bank's deposits,
the RFC will purchase $500,000 of class A preferred stock of the institution, it was said. The plan contemplates making available in cash 50%
of all deposits immediately the plan goes into operation.
The Newark "News" of Feb. 24 had the following to
say regarding the affairs of the Clinton Trust Co. of Newark,
N. J.:
It is expected in banking circles that the Clinton Trust Co., which has
been operating under restrictions since last March, will be permitted
soon to conduct unrestricted business.
Approval is expected of a plan by which 50% of the deposits will be
made available. This will be about $1,500,000. The bank also has
about $500,000 trust deposits received since the restrictions were imposed,
which are available to depositors at any time.
Reopening would result from an agreement by depositors to accept
half their deposits in preferred stock and from the purchase of new shares
by stockholders.
An element interested in the reopening of the bank has urged the election
of Thomas L. Crooks as President. Crooks for years was President of
the Washington Trust Co. and later of the Franklin Washington Trust CD.
With reference to the affairs of the closed Carlstadt National Bank of Carlstadt, N. J., the Newark "News" of
Feb. 27, carried the following:
Sale of certain assets of the closed Carlstadt National Bank of Carlstadt,
estimated worth $308,580, to the Rutherford National Bank (Rutherford.
N. J.), was authorized yesterday (Feb. 26) in an order signed by Federal
Judge Fake.
He also authorized Adolph Zimmerman, conservator of the closed bank,
to sell $10,000 worth of bonds. The orders were obtained by Dominick
Marconi attorney for Zimmerman.
OHIO.
That a new bank is being organized in Napoleon, Ohio,
to replace the Napoleon State Bank and the Commercial
State Bank, is indicated in the following dispatch from
that place on Feb. 21 printed in the Toledo "Blade":
Satisfactory progress is reported being made for the organization of
a new bank here.
The Napoleon State Bank and the Commercial State Bank, it was
stated, have both reduced their indebtedness by $125,000 and are now
In position to borrow money. Under the present set-up a new bank is
to be organized with capital stock of $100,000 and a surplus of $30,000.
The stockholders of the old institutions are expected to take the bulk
of the stock in the new bank. Assets of the old banks are to be converted
into cash through a loan from the RFC. The committee in charge is
composed of Frank C. Dielman, Chairman; 0. R. Evers, S. H. Bill*,
Henry J. Pohlman, Harry Rnipp.
The new National Bank of Toledo, Toledo, Ohio, which
replaces the First National Bank of that city, opened on
Monday of this week, Feb. 26, making available to the
depositors 50% of their claims in the old institution, or a
total of $1,622,000. The Toledo "Blade", from which the
above information is obtained,furthermore said in part:
Financial Chronicle
1502
The National Bank of Toledo opened in the quarters of the former First
National, Summit Street, on orders from the Federal Comptroller of the
Currency who wired James Bentley, conservator of the First National and
President of the new bank, the authorization. Several hundred depositors
crowded the bank during the morning. Some withdrew their money.
others left it in part.
The work on the plan for re-opening has been under way for several
months and all of the detail incidental to the reopening,such as the division
of accounts on the 50% basis, had been completed. . . .
There are 10,500 depositors in the bank, but only 4,200 have filed proofs
of claim. Orders releasing the 50% will be given to depositors of the new
bank when they file proofs of claim. To do this they must take their old
pass books to the bank and substantiate their claims.
The new bank will have total resources of $3,642,894. It has capital
assets of $500,000 including the $200,000 received from sale of preferred
stock in that amount to the Reconstruction Finance Corp.. $200,000 of
common stock, $80,000 surplus and $20,000 undivided profits accounts,
the latter three items having been furnished by a few of the old directors of
the old bank.
The new bank will be 100% liquid. Mr. Bentley said the bank will continue to assist in the liquidation of the old bank and that every effort will
be made to obtain maximum results fctr depositors.
Other officers of the new bank are Rathbun Fuller and George R. Ford,
Vice-Presidents, and William E. Watson, Cashier. . . .
OKLAHOMA.
Advices by the Associated Press from Perry, Okla., on
Feb. 23 reported that the new First National Bank of Perry
would open the next'day and pay depositors of the old institution, which failed to reopen after the banking holiday last
March,85% of their deposits. The new institution is headed
by G. T. Webber of Ada, Okla., and is capitalized at $60,000,
the dispatch said.
PENNSYLVANIA.
A plan to reopen the Keystone National Bank of Pittsburgh, Pa., under which 100% of the deposits, which have
been "frozen" since March 1933 would become available,
has been approved by the Comptroller of the Currency,
J. E. T. O'Connor. The institution would reopen as the
Keystone National Bank in Pittsburgh, with $200,000
in preferred stock, $200,000 in common stock and $100,000
in surplus. The Pittsburgh "Post-Gazette" of Feb. 22,
authority for the foregoing, continuing, said:
Approval of stockholders will be sought immediately and subscriptions
of stock solicited, sponsors of the plan announced. When the Keystone
National was closed by the bank holiday It had deposits of approximately
$2,500,000, which amount will be released to depositors If the reorganization effort succeeds.
Reading, Pa., advices by the Associated Press on Feb. 22
stated that funds of more than $2,500,000 would be released to depositors of the old Pennsylvania Trust Co.,
of Reading, Pa., it was assured that day when announcement was made that the new City Bank dr Trust Co.'s
drive for consent agreements had been signed by more
than a majority of depositors of the old bank. The dispatch continued:
The amount of deposits on which approval has been secured reached
$5,149,959.17 to-day, more than half a million dollars more than required
under the reorganization plan.
A charter has been granted by the Pennsylvania State
Banking Department to the Farmers & Merchants Bank
of Sharpsburg, Pa., which has been operating on a restricted basis, according to the Pittsburgh "Post-Gazette"
of Feb. 22, which added:
The new bank is incorporated at $100,000 by J. G. Holzheimer, C. C.
Chalfant and E. A. Bitner.
VIRGINIA.
A general solicitation of depositors of the American Bank
& Trust Co., of Richmond, Va„ in the interest of forming
a new bank to liquidate the closed institution, was to be
started on Feb. 24,according to an announcement on Feb. 23
by the committee in charge, consisting of T. Coleman
Andrews,P. C. Abbott and W.B.Simmons. The Richmond
"Dispatch" of Feb. 24, authority for the above, continuing,
said in part:
The drive is to secure pledges for $375,000 in stock at $15 a share, to
be paid if and when the RFC advances another loan on the assets of the
closed bank, which has been in receivership since June 9 1933. No cash
is being sought.
Among those who have volunteered to assist in the canvass for subscriptions, the sponsors announced, are A. W.Maynard,capitalist; Thomas
S. Bowles of the Wilson Paper Box Co.; R. H. Bliley of J. W. Bliley Co.,
Inc.; R. C. Longan of R. C. Longan, Inc., and R. A. Dix.
The sponsors issued the following statement as to their progress.
"Subscriptions to the stock of the proposed successor bank are still
being received in encouraging numbers.
"Several of the subscribers to the stock of the successor bank have
volunteered to assist in canvassing the depositors of the old bank and
will begin Saturday (Feb. 24) a general solicitation of all depositors of
the old bank who would receive enough from a 10% dividend to enable
them to buy one or more shares.
"The plan is being enthusiastically received, and the momentum of
the movement has reached the point where we are encouraged to believe
that subscriptions for the full 25,000 shares will be signed. .. ."
The sponsors in a letter to 1,000 depositors asserted that 192 banks in
the United States were reorganized or rehabilitated last month alone.
Subscriptions to a successor bank to the American bank, they pointed out,
would be paid out of the proceeds of a 10% distribution to depositors,
made available through an RFC loan, which they believe can be secured
under certain circumstances.
Mar. 3 1934
WISCONSIN
The Wisconsin State Banking Department on Feb. 20
announced it had placed two more banks on an unrestricted
basis, namely the Wisconsin State Bank and the Citizens'
State Bank, both of Delevan, Wis., according to a dispatch
from Madison, Wis., by the Associated Press, which added:
The Wisconsin State will release $109,000 in deferred deposits and
the Citizens' State, $178,000.
According to the Milwaukee "Sentinel" of Feb. 20 the
Mitchell Street State Bank of Milwaukee, Wis., was to
resume operations on that day on a 100% unrestricted basis
and thereby release $1,245,000 in deferred deposits to
approximately 9;700 depositors. The paper mentioned
continued in part:
The releaselwill be the largest thus far in Milwaukee, and the second
largest in the State made possible through sale of capital debentures to
the RFC. . . .
The Mitchell Street State was placed on a moratorium basis July 19
1932. Since then three deferred payments totaling approximately $400,000
had been made. John M. Schneider is President and the Cashier is
Richard Czajkowsld.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The New Yofk Coffee and Sugar Exchange announced,
Feb. 26, that the second membership of Mr. H. H. Pike,
Jr., had been sold to Mr. Geo. B. Post for another, at
$6,500, up $1,000 over the last previous sale of Feb. 15.
Ralph Horton, President of the Horton Pilsner Brewing
Company, Inc., has been elected a director of the Clinton
Trust Company of New York City.
On Feb. 14 the New York State Banking Department approved an increase in the amount of capital stock and number of shares of the Hiram Maxfield State Bank of Naples,
N. Y., from $25,000, consisting of 250 shares of the par value
of $100 each, to $50,000, consisting of 500 shares of the par
value of $100 each.
The National Sprader Bank of Canajoharie, Canajoharie,
N. Y., capitalized at $100,000, was placed in voluntary liquidation on Feb. 8. The institution was succeeded by the
National Sprader Bank in Canajoharie.
The Comptroller of the Currency on Feb. 23 granted a
charter to ,the National Bank of Oxford, Oxford, N. Y.,
with capital of $75,000. The new institution succeeds the
First National Bank of Oxford. William E. Waldorf and
W. Hubert Emerson are President and Cashier, respectively,
of the new bank.
The Liberty National Bank in Guttenberg, Guttenberg,
N. J., capitalized at $100,000, was chartered by the Comptroller of the Currency on Feb. 19. It replaces the Liberty
National Bank of the same place. Daniel Herrmann is
President and Edwin F. Merlehan, Cashier, of the institution.
The New Florence National Bank, New Florence, Pa., was •
placed in voluntary liquidation on Feb. 15 1934. The institution, which is capitalized at $25,000, was succeeded by the
New Florence National Bank, New Florence.
Effective Feb. 8 last, the Farmers' & Mechanics' National
Bank of Mercer, Pa., with capital of $80,000, was placed in
voluntary liquidation. It was replaced by the Farmers' National Bank of the same place.
The Kingston National Bank, Kingston, Pa., representing
a conversion to the National System of the Kingston Bank &
Trust Co., was chartered by the Comptroller of the Currency
on Feb. 23. The new institution is capitalized at $000,000.
E. M. Rosser is President and Harold TIppett, Cashier.
Effective Feb. 20 last, the Farmers' National Bank of
Somerset, Somerset, Pa., was placed in voluntary liquidation. The institution, which was capitalized at $50,000, was
succeeded by the People's National Bank of Somerset.
The Virst National Bank o-f Parkton, Parkton, Md., with
capital of $25,000, was placed in voluntary liquidation on
Feb. 12 last. It is succeeded by the First National Bank in
Parkton.
The Webster Springs Nati- onal Bank, Webster Springs,
West Va., was chartered by the Comptroller of the Currency
on Feb. 19. It replaces the First National Bank of that
place and is capitalized at $50,000, consisting of $25,000 pre-
Financial Chronicle
Volume 138
ferred and $25,000 common stock. L. E. Davis is President
and C. W. Seeley, Cashier, of the institution.
-4--
A third dividend of 10% was ordered paid to all creditors
and depositors of the Farmers' Deposit Bank of Richwood,
Ohio, whose claims have been filed in Common Pleas Court.
The bank failed and is now liquidating, according to advices from Marysville, Ohio, on Feb. 19 to the Cincinnati
"Enquirer," which added:
This makes 30% that has been allowed depositors and creditors.
On Thursday of this week, March 1, Edward A. Seiter, a
Vice-President of the Fifth Third Union Trust Co. of Cincinnati, Ohio, retired from active service in the institution.
He will, however, continue with the trust company as an
Advisory Vice-President and as a member of the Board of
Directors. Mr. Seiter has been connected with the bank
for 47 years, having started as a clerk in the old Queen
City National Bank, the name of which was changed to the
Fifth National Bank in 1888. He was appointed Assistant
Cashier of the Fifth National Bank in 1001 and Cashier in
1902. When the Fifth National Bank and the Third National Bank were merged in 1908, Mr. Seiter was elected
Vice-President of the institution. The Cincinnati "Enquirer" of Feb. 25, from which the foregoing is learnt, went
on to say:
Mr. Seiter is well known to the bankers of America, having served as
President of the Association of Reserve City Bankers in 1915 and 1916.
Ile was President of the Cincinnati Clearing House Association from 1918
to 1920, and President of the Ohio Bankers Association in 1930 and 1931.
Ile is a member of the Administrative Council of the American Bankers'
Association.
Always an active member of the Cincinnati Chamber of Commerce, he
served as Director and Treasurer during the years 1919, 1920 and 1921.
In a letter to the Board of Directors, submitting his resignation, Mr.
Seiter said, in part:
"When I entered the service of the bank the deposits were less than
$600,000, and they now total in excess of $65,000,000, as shown by the
last statement. I am gratified if, in this growth, my efforts, energy and
judgment are reflected." . . .
As of Feb. 10 1934 the Cum-berland County National Bank
of Neoga, Neoga, Ill., with capital of $50,000, went into
voluntary liquidation. The institution was replaced by the
Cumberland County National Bank in Neoga.
On Feb. 23 a charter was is- sued by the Comptroller of the
Currency for the Charleston National Bank, Charleston, Ill.,
with capital of $100,000. It succeeds the National Trust
Bank of Charleston. S. E. Thomas is President and F. W.
Clarr, Cashier, of the new bank.
We learn from the Chicago "Tribune" of Feb. 24 that a
disbursement of 10% will be made about March 26 to depositors of the Albany Park National Bank & Trust Co.,
according to an announcement by Receiver Gordon A. Ramsay. Forty-three per cent has been distributed up to the
present, it was said.
On Feb. 17 the Comptroller of the Currency granted a
charter to the First National Bank in Marshall, Marshall,
Mich., which succeeds the First National Bank of that place.
The new institution is capitalized at $100,000, half of which
Is preferred and half common stock. J. D. Wright and Paul
Noneman are President and Cashier, respectively, of the
new bank.
The Comptroller of the Cur-rency on Feb. 19 issued a charter to the National Bank of Ludington, Ludington, Mich.
The new organization succeeds the First National Bank &
Trust Co. of that place, and has a capital of $100,000, consisting of $50,000 preferred stock and $50,000 common stock.
R. L. Stearns heads the new bank, with A. R. Vestling as
Cashier.
The National Bank & Trus- t Co. of Jamestown, N. D., on
Feb. 13 changed its title to "The National Bank of Jamestown."
A charter was granted by the Comptroller of the Currency on Feb. 21 to The Overland National Bank of Grand
Island, Grand Island, Neb., with capital of $100,000, half of
which is preferred and half common stock. It replaces the
Nebraska National Bank of Grand Island. H. G. Wellensiek
and Harald Nomland are President and Cashier, respectively.
The First National Bank
-in Aurora, Aurora, Neb., was
chartered by the Comptroller of the Currency on Feb. 21
1934. The new bank succeeds the First National Bank of
15034
Aurora, of that place, and is capitalized at $50,000, of
which $30,000 is preferred stock and $20,000 common stock.
F. E. Edgerton • and Frank M. Farr are President and
Cashier, respectively, of the new institution.
The Comptroller of the Currency on Feb. 21 issued a
charter to the First National Bank in Perry, Perry, Okla.,
capitalized at $50,000. The new organization replaces the
First National Bank of Perry. G. T. Webber is President
and L. E. Plumer, Cashier, of the institution.
Arthur F. Barnes, former Vice-President of the MercantileCommerce Bank & Trust Co. of St. Louis, Mo., has assumed
his new duties as President of the Manufacturers' Bank &
Trust Co. of St. Louis, the successor to the old Lafayette
South Side Bank & Trust Co. Mr. Barnes was formally
elected to the Presidency by the Board of Directors on
Feb. 14, although the selection had really been made a week
previously. The St. Louis "Globe-Democrat" of Feb. 19,
frim which the above information is obtained, also said:
Incidentally, the Manufacturers' Bank & Trust Co. has been admitted to
membership in the St. Louis Clearing House Association.
Hord Hardin, Vice-President of the Mississippi Valley Trust Co., who
had been loaned to the Manufacturers' Bank & Trust as Acting President
since its organization some weeks ago, returns this morning to resume his
regular duties at the Mississippi Valley Trust.
Announcement was made on Feb. 19 by A. F. Barnes,
President of the Manufacturers' Bank & Trust Co. of St.
Louis, Mo., that Percy A. Thias had been named First VicePresident of the institution, according to the St. Louis
"Globe-Democrat" of Feb. 20. Mr. Thias, who is a native of
St. Louis, previously, it was said, was with the Reconstruction Finance Corporation in St. Louis, having been with it
since its organization, and prior to that had been in the investment banking business.
The Mercantile Home Bank & Trust Co., Kansas City, Mo.,
made a net increase of $200,000 to its capital on Feb. 16
when the purchase of a new capital note issue in that amount
was completed by the Reconstruction Finance Corporation.
The transaction was announced by Frank Hodges, Manager
of the Kansas City agency of the Reconstruction Finance
Corporation. The Kansas City "Star," authority for the
above, continuing, said, in part:
To comply with the Missouri banking laws, the new issue took the form
of capital notes rather than preferred stock, the type of issue to which the
Reconstruction Finance Corporation subscribes when National banks agree
to an Reconstruction Finance Corporation participation in a capital expansion.
The working capital of the bank becomes $633,000, consisting of the
following:
Capital, common stock
$200,000
Capital notes
200,000
Surplus
150,000
Undivided profits and reserves
83,000
Samuel M. Woodson, President of the Mercantile Home Bank & Trust Co.,
said the larger capital was in keeping with the growth of the bank since
it opened Feb. 27 1933 as a merger of the Mercantile Trust Co., the Home
Trust Co., the Main Street Bank, and the Sterling Bank.
The increase in deposits in the year since the opening was more than a
million dollars, Mr. Woodson explained. The deposits stand now at approximately $5,200,000.
The capital increase, he pointed out, gives the bank a ratio between
capital and deposits in line with that desired by the Administration.
The capital increase was net, as there was no accompanying write-offs,
the surplus and undivided profit accounts remaining the same.
The Lowell Bank of St. Louis, Mo., was to mail an initial
dividend of 30% (amounting to $632,621) to all approved
claimants on Feb. 17, according to an announcement to that
effect the previous night by Meredith C. Jones, Special
Deputy Commissioner of Finance. The St. Louis "Globe.
Democrat" of Feb. 17, authority for the above, went on
to say:
The Court has not yet acted on preferred claims, Mr. Jones
said, so all
claimants whose claims have been approved, but who are
asking a preference,
will receive at this time a 30% dividend, and the
question as to whether
the claim is entitled to preference will be settled
by the Court at a later
date. A reserve is being set up, Mr. Jones said, to
take care of such claims
which may be allowed by the Court.
The total claims filed against the bank number
approximately 10,000
and amount to $2,108,726. . . .
This dividend, Mr. Jones said, is made possible through
a loan from the
Reconstruction Finance Corporation,
Effective Jan. 30 1934, the National Bank & Trust Co.
of
North Kansas City, North Kansas City, Mo., with
capital of
$50,000, went into voluntary liquidation. The National
Bank
in North Kansas City is the successor institution.
Morgan T. McD1downey, President of the Commercial
Deposit Bank of Winchester, Ky., died at his home in that
city
1504
Financial Chronicle
on Feb. 20 after an extended illness. Mr. McEldowney, who
was 68 years of age, went to Winchester as a young man,
where he became associated with the S. P. Kerr Flour Mill.
Subsequently he, together with William Woolcott and D. T.
Matlack, founded the Winchester Rolling Mills. He sold
his interest in that firm in 1919. In 1923 he established the
Commercial Deposit Bank and continued as its President
until his death.
The First National Bank in Owenton, Owenton, Ky., was
chartered by the Comptroller of the Currency on Feb. 23.
The new bank, which is capitalized at $50,000, succeeds the
First National Bank of Owenton. W. C. Cull heads the
new bank, with S. T. Ball as Cashier.
The Merchants' & Marine Bank of Pascagoula, Miss., has
announced that on March 5 it will make available to depositors of the old Merchants' & Marine Bank the remaining
40% of their deposits to complete payment of the 75% of
the deposits of the failed bank which the new bank guaranteed when it opened for business in January 1932. Pascagoula advices on Feb. 24 to the New Orleans "TimesPicayune," from which this is learnt, continuing said:
One 20% payment was not due until January 1935, and the last Installment of 20% was not due until January 1938. About $105,000 will
be released to depositors of the old bank. This completes the contract made
by the Merchants' & Marine Bank of Pascagoula with the depositors of the
old bank two years ahead of time, and is a record, according to the bank's
officers, that has not been equalled in this State.
A charter was granted on Feb. 19 by the Comptroller of
the Currency to the City National Bank of Plainview, Plainview, Tex. It replaces the Plainview State Bank of that
place, and is capitalized at $100,000, made up of $50,000 preferred and $50,000 common stock. Dan Royall and G. H.
Shriber are President and Cashier, respectively, of the new
Institution.
The First National Bank in George West, George West,
Tex.; on Feb. 17 was granted a charter by the Comptroller
of the Currency. The institution, which succeeds the
First National Bank of the same place, has a capital of
$50,000, consisting of $25,000 preferred and $25,000 common
stock.
Mar.3 1934
organization of this country at the time, served as background for his entrance into Government work.
As agricultural economist and farm business analyst for the U. S. Department of Agriculture, Critchfield directed economic surveys in a number
of distressed areas throughout the nation. He became a permanent resident
of California when he was made research representative for the Bureau
of Agricultural Economics and contact man for the Federal Department
with the Marketing Research of the Western States.
In 1928 he became Federal-State Market Director of California and
developed many of the market news services familiar to every farmer in
the State. He also headed California marketing activities as chief of the
State Division of Markets.
That commercial depositors in the Bank of Woodburn,
Woodburn, Ore., have received an initial dividend of 10% is
indicated in the following dispatch from that place on
Feb. 19 to the Portland "Oregonian":
First dividend for depositors in the Bank of Woodburn, now in liquidation, has been ordered by the Circuit Court of Marion County on Application
of A. A. Schramm, State Superintendent of Banks. Checks totaling
$29,059.58 will be mailed Feb. 23 to depositors in the commercial department, representing 10% of the total commercial deposits. There will be
no dividend on savings deposits at this time.
Effective Feb. 13 last, the Skagit National Bank of Mount
Vernon, Mount Vernon, Wash., with capital of $100,000, went
into voluntary liquidation. The institution was absorbed by
the First National Bank of Seattle.
The net profit of the Swiss Bank Corporation (head office Basle, Switzerland), for the year ended Dec. 31 1933,
after the deduction of expenses and taxes and making provision for bad and doubtful debts, amounted to £382,158,
which when added to £52,083, representing the balance to
profit and loss brought forward from the preceding year,
made £434,241 available for distribution. From this sum
£320,000 was appropriated to pay a dividend on the bank's
paid-up capital at the rate of 5% per annum and £6,215 deducted to take care of the statutory participation of
directors, leaving a balance of £108,026, out of which the
directors propose to pay a further dividend of 1% (making 6% for. the year 1q33) calling for £64,000, and to carry
forward a balance of £44,026 to the current year's profit and
loss account. The institution has a paid-up capital of £6,400,000; reserve funds of £2,120,000; total deposits of £31,657,039 and total resources of £50,374,559.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Stock market movements have been irregular and the
trend generally downward during most of the present week
until Friday when the trend turned upward. There have
been a number of moderate rallies, but these were not maintained for any length of time and failed to check the gradual
Effective Feb. 14 1934, the Greeley Union National Bank downward movement. Selling pressure was apparent in
of Greeley, Colo., capitalized at $200,000, went into voluntary several of the more active speculative stocks and the losses
liquidation. It was succeeded by the Greeley National Bank. have ranged from fractions to 3 or more points. Railroad
shares have shown considerable weakness despite the report
The Bank of America National Trust & Savings Associa- of the increase in carloadings. Metal issues have been weak
tion announces that Burke H. Critchfield, agricultural ex- and industrial stocks have, as a rule, been heavy. Call
pert for the United States Government, former chief of the money renewed at 1% on Monday and continued unchanged
-California State Division of Markets and nationally known at that rate throughout the entire week.
authority on farm production and marketing, has been apThe market extended the decline of the previous day durpointed a Vice-President of the institution. Mr. Critchfield, ing the short session on Saturday, about the only group
who has been in charge of crop production loans with the moving contrary to the trend being the aviation shares which
Federal Intermediate Credit Bank in Berkeley since No- were moderately strong and moved briskly forward under the
vember 1933, will supervise the same type of credits with guidance of United Aircraft and Aviation Corporation, both
Bank of America. He will make his headquarters at the of which broke through to DOW high ground. Motor stocks
head office of the institution in San Francisco. In announc- were easy, both Chrysler and Auburn dipping about a point
ing the appointment, Will F. Morrish, President of Bank of each. Industrials moved with the trend, stocks like United
America said:
States Steel, Westinghouse, du Pont, Johns-Manville and
With the trend in commodity prices advancing, we have experienced
Case Company showing sharp losses at the close. Railroad
such an increasing demand for crop production loans that we have found
issues did not respond to the favorable car loading statement,
It desirable to obtain the services of an outstanding authority on agriNew York Central slipping below the conversion price fixed
culture to supervise this type of business. Farming is California's basic
Industry and in extending credit accommodations to farmers we believe that
for its proposed bond issue. Public utilities and oil shares
recovery.
to
impetus
we are lending a definite
held fairly well but made few gairs, and pivotal issues like
Mr. Critchfield is thoroughly familiar with California agriculture and
Amer. Tel. & Tel. and American Can met some support
through his association with the Federal Farm Credit Administration program has observed at first hand the operation of crop production loans
toward the end of the session but did not get back all of the
under current conditions. We consider Mr. Critchfield a valuable addition
early losses. The principal declines of the day included
to our official staff.
among others, American Beet Sugar pref. 23/i points to 60,
The announcement continuing said:
American Water Works pref. (6) 2 points to 75, Baldwin
Prior to his association with the Intermediate Credit Bank, Critchfield
Locomotive pref. 2 points to 47, Budd Manufacturing Co.
handled crop production budget disbursements and collections for the San
Francisco Regional Agricultural Credit Corporation. Between 1930 and
23.4 points to 333'I, Pittsburgh & West Virginia 2 points to
1933 he was an important factor in the several canning-peach controls and
Reading 3 points to 523/2, Union Pacific 2 points to 126,
26,
In trade promotion and sales direction work for the California ripe olive
White Motor 234 points to 233/2 and Worthington Pump 2
Industry.
Critchfield first entered the Government service in 1923. A graduate
points to 26.
of the University of Minnesota and the North Dakota Agricultural College,
Stocks continued to work lower on Monday, the losses for
he was a member of the faculty of the latter college as an expert in animal
the day ranging up to 2 or more points. The volume of
husbandry. Business connections with a livestock sales company and with
business was fairly heavy during the early trading, but
the Equity Co-operative Exchange of St. Paul, the major grain marketing
On Feb. 23 the Comptroller of the Currency chartered the
First National Bank of Boulder, Colo., with capital of
$100,000. It replaces the Boulder National Bank and is
headed by William Loach, with G. A. Gribble as Cashier.
Volume 138
Financial Chronicle
1505
quieted down at noon time, the transactions again showing American Tel. & Tel., 2 points to 12234; Atchison, 234
a large turnover toward the end of the session. Most of the points to 673
4; Pullman,
4; J. I. Case Co., 3 points to 763
selling represented liquidation due to fear of Washington 3 points to 57; Republic Steel pref., 33% points to 663%;
developments regarding proposed legislation to control Sears, Roebuck, 234 points to 47%;
3 Vulcan Detinning, 134
exchanges. The losses spread to all parts of the market, points to 74; Western Union, 2% points to 57%,
3 and Westmany leading issues like Westinghouse, Montgomery Ward, inghouse, 234 points to 4134.
General Motors, Chrysler, Case Threshing Machine and
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
United States Steel showing pronounced weakness. During
DAILY, WEEKLY AND YEARLY.
the final hour the list steadied to some extent, but the rally
United
Total
Stocks,
Railroad
State,
was feeble and only a few stocks closed on the side of the
Bond
Week Ended
States
Number of and Miscell. hfunicipaI &
Bonds.
Sales.
March
2
Poen
Bonds.
1934.
Shares.
Bonds.
advance. The declines included among others Allied Chemi$368,800 $8,206,800
cal & Dye 23% points to 1523%, American Smelting pref. Saturday
1,223,130 $6,305,000 $1,533,000
540,600 14,343,600
Monday
2,187,870 11,260,000
2,543,000
2 points to 82%, American Zinc pref. 5% points to 45, Tuesday
442,000 12,718,000
1,270,910
9,685,000
2,591.000
795,000 12,720.000
Wednesday
1,322,090
9,765,000
2.160,000
Baldwin Locomotive pref. 3 points to 44, Brooklyn Union Thursday
2,509,000
1.222,000 11,639,000
7,908,000
1,241,820
1,285,000 13,272,000
9,117,000
2,870,000
1,480,550
Gas 23 points to 75, J. I. Case Threshing Machine 2 points Friday
morsi
s 79A 97A esa am nnn S149(15n11n 24 582 441n 572891L400
to 74, Crucible Steel pref. 2 points to 61, Delaware & Hudson
33% Points to 633%, Detroit Edison 2 points to 82, Fairbanks
Jan. 1 to March 2.
Salts at
Week Ended March 2.
New York Stock
Morse pref. 5 points to 55, Laclede Gas 7% points to 40,
Exchange.
1934.
1933.
1934.
1933.
New York & Harlem 2 points to 128, Pacific Tel. & Tel.
41,237,579
114,117,671
6.352,115
8.726.370
of shares_
1 point to 84, Woolworth (2.40) 23% points to 49 and Wright Stocks-No,
Bonds.
$98,994,100
397,789,900
Government bonds_ _ $4,653,400 324,431,500
Aero 43' points to 53%.
129,107.500
170,511.500
14,206,000 16,449,000
State & foreign bonds_
The market developed a stronger tone on Tuesday, though Railroad & misc. bonds 54,040.000 33.752,000 582.098.000 309,345,900
the opening was somewhat irregular. Specialties were
$72,899,400 $74,632,500
$850,399,400
5537,447.500
Total
popular in the trading, and while the gains were small, they
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
continued fairly steady until the close. Pivotal stocks like
BALTIMORE EXCHANGES.
the steels, public utilities and motors were firmer, but the
Boston.
Philadelphia.
Baltimore.
advances were not particularly noteworthy. Among those
Week Ended
showing small gains at the end of the session were American
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Salts.
March 2 1934.
Locomotive pref., 2 points'to 69; J. I. Case, 1% points to Saturday
53.000
1.515
23,323
31,300
13,473
983
Monday
2,050
19,880
42,146
75%; Goodrich pref., 2 points to 52; Industrial Rayon, Tuesday
51,000
14.206
2.263
100
1,000
24,837
1,524
13,240
2,000
4,600
28,175
2,000
2% points to 85, Sioss Sheffield pref., 2 points to 30; The Wednesday
3.000
10,007
1,500
1,740
Thursday
26,748
Fair pref., 4 points to 79; United States Smelting,23
1,091
5.430
6,000
4 points Friday
7,731
7.000
124%;
to
Vulcan Detinning, 23
4 points to 69; West Penn
Total
76,236
$7,500
9,116
314.600
$12,450
152,960
Power pref., 2 points to 103; Woolworth (2.40), 13% points Prey ark voy1444 1.19899 192 Ann RI (112 215 onn 14 157 24R (1121
to 50%, and Wright Aero, 2% points to 56.
The market turned weak on Wednesday, and while there
were some gains in the early dealings trading was sluggish.
COURSE OF BANK CLEARINGS.
Metal stocks gave ground and most of the pivotal industrials
Bank clearings this week will show an increase as comlike United States Steel were down all along the line. The
Preliminary figures compiled by
dealings were again in small volume, stock movements pared with a year ago.
telegraphic advices from the chief cities of
us,
based
upon
being practically without leadership during most of the day.
the country, indicate that for the week ended to-day (SaturSome of the more active shares were able to hold part of
exchanges for all cities of the United
their gains until the close. Among these were American day, March 3) bank
it is possible to obtain weekly returns,
Beet Sugar pref., 2 points to 58; American Commercial States from which
corre'sponding week last
5 Atlas Powder,13/
2 points to 461%; will be 21.2% above those for the
Alcohol, 13 points to 49%;
total stands at $5,684,091,781,
year.
preliminuy
Our'
Budd Mfg. Co., 17
% points to 343
4; Fairbanks Morse, 13
the same week in 1933. The
points to 52; Glidden pref., 2 points to 98; Ingersoll Rand, against $4,689,711,826 for
is
due
to the fact that on Saturday,
increase
in
total
the
grand
13
% points to 663,4; Jones & Laughlin, 2 points to 76; Pure
the country were closed
Oil pref., 2 points to 75; Sloss Sheffield Steel pref., 2 points March 4, last year all the banks in
President,
and
in
some of the individual
order
of
the
by
to 32; Union Pacific, 2 points to 1253.; United Gas pref.,
were
closed the whole week.
cities
such
banks
as
Detroit
the
2 points to 93; United States Steel pref (2), 23' points to 93,
The comparisons therefore are with only five days or less
and Wilson pref., 1% points to 71.
Irregular price movements due to scattered selling char- last year, as compared with six days this year. Our comacterized the trading during the greater part of the session parative summary for the week follows:
on Thursday, and while the list, as a whole, sagged fracPer
Clearings-Returm by Telegraph.
tionally, there were occasional exceptions where modest
1933.
1934.
Cent.
Week Ended March 3. '
gains were scored at the close. United States Smelting was New York
$3,245,902,124 33,492.900,945 -7.1
172,062,994
181,539.347 -5.2
particularly weak and showed a loss of about 6 points at its Chicago
313,000,000 -19.8
251.000,000
Philadelphia
178,000.000 -3.9
171,000,000
low for the day. Industrials and rails had short periods of Boston
52,706,570 +8.5
Kansas City
57,161,044
strength, but failed to hold their early gains. Motor stooks St.
49,600,000 +5.2
Louts
52,200,000
54,269.000 +75.2
Francisco
95,106,000
were weak, particularly Nash Motors which was effected San
Los Angeles
No longer will re port clearings.
87,949,373
-14.2
Pittsburgh
75,474,085
by the reports that the plant had been closed on account of
*
Detroit
67,327,922
labor troubles. The changes for the day were generally Cleveland
23,359,180 +101.1
46,975,162
•
46,995,763
toward lower levels, the recessions including among others, Baltimore
New Orleans
20,451,409 +6.1
21,690,000
such market favorites as Allied Chemical & Dye, 1 point to
Twelve cities, 5 days
$4,302,895,094 34,453.775,824 -3.4
437,181,390
235,936,002 +85.3
151; American Steel Foundry pref., 6 points to 75; Atlantic Other cities, 5 days
Coast Line, 13/i points to 463.4; Budd Manufacturing Co.
Total all cities, 5 days
34,740,076,484 34,689,711.826 +1.1
•
944,015,297
pref.,2 points to 32; Central RR.of N.J., 334 points to 783/2; All cities, 1 day
Total
all
cities
for
week
*5.684.091.781
34.689.711.826
+21.2
Hershey Chocolate, 2 points to 52; Shell Union Oil pref.,
•No clearings; all banks closed.
23.4 points to 8134; United States Smelting & Refining, 43.4
points to 120, and Van Raalte pref., 53% points to 543%.
Complete and exact details for the week covered by the
Gains ranging from fractions to 2 or more points were foregoing will appear in our issue of next week. We cannot
recorded by some of the more active stocks on Friday, and furnish them to-day, inasmuch as the week ends to-day
while these advances were not all held until the close, there (Saturday) and the Saturday figures will not be available
was a goodly number of.the trading favorites that showed until noon to-day. Accordingly, in the above the last day
modest gains at the end of the session. Week end covering of the week has to be in all eases estimated.
was a strong factor in the rally, though there was a small new
In the elaborate detailed statement, however, which we
demand for stocks in the railroad shares and miscellaneous present further below, we are able to give final and complete
industrials. Public utilities, on the other hand, were dull results for the week previous, the week ended Feb. 24. For
and showed little improvement. The outstanding gain in that week there is an increase of 19.7%, the aggregate of
the railroad group was Union Pacific, which jumped forward clearings for the whole country being $4,830,837,104, against
about 3 points. Among the day's advances were Air Reduc- $4,037,076,239 in the same week in 1933.
Outside of this city there is an increase of 11.9%, the bank
tion, 134 points to 100; Amalgamated Leather pref.,6 points
to 34; American Commercial Alcohol, 23% points to 5234; clearings at this center having recorded a gain of 23.7%.
Financial Chronicle
1506
We group the cities according to the Federal Reserve distncts in which they are located and from this it appears
that in the New York Reserve District, including this city,
there is an increase of 22.8%, but in the Boston Reserve
District there is a decrease of 8.5% and in the Philadelphia
Reserve District of 11.9%. In the Cleveland Reserve
District the totals record a loss of 1.4%, but in the Richmond Reserve District the totals are larger by 11.0%, and
in the Atlanta Reserve District by 32.4%. The Chicago
Reserve District enjoys an expansion of 55.8%, the St.
Louis Reserve District of 34.8% and the Minneapolis Reserve
District of 29.9%. In the Kansas City Reserve District the
totals are larger by 25.6%, in the Dallas Reserve District by
44.4% and in the San Francisco Reserve District by 15.9%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Feb. 24 1934.
1934.
Inc.or
Dec.
1933.
1931.
$
Federal Reserve Dins.
172,512,111
1st Boston_ _ _ _12 cities
3,374.091,553
2nd Newyork _12 "
3rd PhIladelpla 9 "
216,761,091
6th Cleveland__ 5 157,779,539
79,168,413
5th Richmond _ 6 "
91,877,771
5111 Atlanta_ ___10 "
271,891,825
rth Chicago __ _19 "
91,363,379
Rh St.Louts_ _ _ 4 "
63,775,849
9th Minneapolis 7 "
10th Kansas City 10 "
94,544,517
11th Dallas
40,601,999
5 "
146,469,057
120h San Fran 13 "
$
189,585,747
2,746,676,271
279,981,572
159,940,954
71,329,372
69,368,742
174,503,339
67,772,797
49,105,944
75,268,710
28,114,697
122,428,094
%
-8.5
+22.8
-11.9
--1.4
+11.0
+32.4
+55.8
+34.8
+29.9
+25.6
+44.4
+15.9
$
214,391,453
2,684,047,303
250,423,260
185,517,784
89,290,717
77,095,449
311,914,920
80,949,421
58,155,339
108,988,212
38,069,023
151,652,301
$
347,913,299
5,021,447,460
389,816,228
278,757,275
122,722,381
109,072,701
558,218,227
109,561,665
78,098,953
121,924,940
47,226,760
214,049,569
Total
112 cities
DutsIde N. Y. City
4,830,837,104
1,531,883,190
4,037,076,239 +19.7
1,369,553,585 +11.9
4,230,495,182
1,651,838,091
7,398,873,458
2,496,468,671
32 cities
253.274.247
195.114,111 +34.9
213.959,401
227,365,155
Danada
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended Feb. 24.
Clearings at1934.
1933.
Inc.07
Dec.
3
3
%
First Federal Reserve Dist net-Boston252,136 +56.1
Maine-Bangor __
393,470
1,8.56,094
1.536,057 +20.8
Portland
Mass.-Boston _ 148,793,688 167,237,280 -11.0
577,319
536,193 +7.7
Fall River_ _
242,589
279,435 -13.2
Lowell
388,292 +44.4
New Bedford_ _
560,598
2,030,262
2,596,034 -21.8
Springfield _ _ _ _
824,305
1,290,535 -36.1
Worcester
8,047,633
5,156,368 +56.1
Conn.-Hartford.
2,703,831
3,162,260 -14.5
New Haven__ _
6,142,000
5,875,100 +4.5
It.0.-Providence
340,322
276,057 +23.3
N. H.-Manch•e
Total (12 cities)
172,512,111
188,585,747
Second Feder al Reserve D istrict-New
5,946,047
10,893,219
N. Y.-Albany _
553,512
Binghamton._ _
679,020
23,304,660
22,921,262
Buffalo
414,495
438,298
Elmira
402,535
395,962
Jamestown _ _ _ _
New York._ _ 3,298,953,914 2,667,522,654
5,159,341
5,370,056
Rochester
2,592,349
2,422,790
Syracuse
1,804,468
2,193,127
Conn.-Stamford
260,563
224,839
N. J.-Montclal
14,379,434
13,037,676
Newark
20,972,835
19,924,768
Northern N. J.
-8.5
1932.
3
1931.
5
324,918
1,767,926
185,750,615
696,164
187,052
491,331
2,730.528
1,909,235
6,858,236
5.519,245
7,719,000
437,203
488,890
2,948,818
307,000,000
806,769
462,072
715,228
3,780,312
2.435,959
12,249,098
6,132,508
10,392,400
501,245
214,391,453
347,913,299
•
York-45.4
7,399,738
4,692,190
+22.7
652,989
1,007,155
+1.7
22,481,489
34,518,523
-5.4
827,769
881,763
522,443
707,864
+1.7
+23.7 2,578,657,091 4,902,404,787
+4.1
5,716,574
8,383,398
+7.0
2,902,526
3,766,611
+21.5
2,116,969
2,428,263
-13.7
334,461
446,483
-9.3
20,323,118
28,025,550
22,112,136
+5.3
34,184,573
Total(12 cities) 3,374,091,553 2,746,676,271 +22.8 2,664,047,303 5,021,447,460
Third Federal Reserve Dist rict-Philad elphia233,473 +3.7
417,371
242,079
Pa.-Altoona__ _ _
b
b
b
b
Bethlehem _ _ _ _
221,781 +23.0
344,058
272,856
Chester
961,173
746,252 -17.0
619,375
Lancaster
Philadelphia _ _ 239,000,000 269,000,000 -11.2 240,000.000
1,821,898
966,801 -13.0
840,809
Reading
1,992,051
1,703,039 +13.4
1.930,526
Scranton
1,434,561
1,070,207 -3.0
1,038,015
Wilkes-Barre_ _
863,148
670,019 +9.6
734,431
York
2,589,000
2,083,000
5,370,000 -61.2
N.J.-Trenton
737,269
b
800,000
1,723,330
373,000,000
2,555.260
3,592,070
2,883,135
1,460.164
3,065,000
279,981,572 -11.9
250,423,260
389,816,228
Fourth Feder at Reserve D strict-Clev elandc
c
c
Ohio-Akron _ _ _
c
C
c
Canton
+4.4
31,422,463
32,808,216
Cincinnati
__
48,854,832
57,523,385 -15.1
Cleveland
6,578,400 +6.7
7,018,200
Columbus
819,302 +12.9
924,907
Mansfield
b
b
b
Youngstown__ _
+7.2
63,597,404
68,173,384
Pa -Pittsburgh _
c
c
37,398,509
60,164.980
6,205,900
719,530
b
81,028,865
c
c
48,152,000
87,553,771
9,871,500
1,145,394
b
132,034,610
Total(9 cities)-
246,761,091
-1.4
185,517,784
278,757,275
Fifth Federal Reserve Dist rict-Richm ond120,042
243,460 -50.7
W. Va.-Hunt'on
1,765,000 -17.8
1,450,000
Va.-Norfolk._ _ _
24,723,187
21,918,042 +12.8
Richmond _ _
723,014
559,755 +29.2
S.C.-Charlesto
41,657,118
34,511,789 +20.7
Md.-Baltimore _
12,331,326 -14.9
10,495,052
D. C.-Wash'ton
312,774
2,234,959
22,308,673
1,000,000
47,950,011
15,484,300
437,685
2,910,588
29,375,460
1,659,114
67,257,458
21,086,076
Total(5 cities) _
157,779,539
159,940,954
71,329,372 +11.0
89,290,717
122,726,381
Sixth Federal Reserve Dist rict-Atlant a1,773,253
2,478,218 -28.4
Tenn.-Knoxville
7,084.656 +29.4
9,165,713
Nashville
22,100,000 +49.8
33,100,000
Ga.-Atlanta_ _ _
620,987 +61.4
1,002,246
Augusta
516,152
303,667 +70.0
Macon
8,281,066 +34.0
11,099,000
Fla.-Jack•nville.
11,027,949
6,780,343 +62.6
Ala.-Blrin•gham
904,204
611,050 +48.0
Mobile
b
b
b
Miss -Jackson.._
101,374
67,143 +51.0
Vicksburg
23,187,880
21,041,612 +10.2
La.-NewOrleans
2,530,117
7,827,986
23,600,000
810,070
388,346
9,433,596
7,913,442
809,734
b
90,158
23,692,000
2,000,000
11,298,448
32,542,764
1,360,692
733,471
11,926,370
11,826,195
1,294,468
b
102,197
35,988,096
69,368,742 +32.4
77,095,449
109,072,701
Total(6 cities)-
Total(10 cities)
79,168,413
91,877,771
Week Ended Feb. 24.
Clearings at1934.
Seventh Feder
Mich.-Adrian -Ann Arbor_ _ _ _
Detroit
Grand Rapids_
Lansing
Ind.-Ft. Wayn
Indianapolis_ _
South Bend_ _
Terre Haute_ _
Wis.-Milwaukee
Ia.-Ced, Rapid
Des Moines_ _
Sioux City _
Waterloo
III.-Bloom'ton_
Chicago
Decatur
Peoria
Rockford
Springfield_
1933,
inc.or
Dec.
1932.
1931.
$
s
$
$
%
al Reserve D istrIct-C h 1 ca go146,060
101,587
d_ _ _ _
846,074
697,776
325,102
a278,819
e5,987
____
67,283,708 113,609,405
d
a62,759.988
---3,889,180
2,700,328
e226,177
__ __
a1,182,539
1,956,556
944,000
a721,554
2,269,193
971,031
d-702,518 -34-.6
463,752
16,548,000
10,760,000
8,118,000 +4.4
8,475,000
1,528,904
409,413 +45.0
1,017,213
593,851
5,236,170
3,721,914
3,231,139 +16.0
3,748,530
18,885,452
13,664,156
8,889,579
+21.1
10.760,867
2,678,584
d586,320
a255,359
5,753,385
4,038,342 -II-37i
4,210,065
4,187,519
3.347.710
1,456.683 +39.0
2,186,582
2,024,254
in
b
b
b
b
1,111,98'
355,296 -34.4
838,186
232,991
172,551.758 143,823,635 +20.0 197,339,896 372,727,834
931,334
277,588 +38.8
458,380
385,200
2,840,880
1,659,654 +19.8
2,165,186
1,988,142
1,999,701
376,481 +22.2
763.656
459,881
2,060,116
932,847 -16.8
1.877,610
775,747
174,503,339 +55.8
311,914,920
558,218,227
Eighth Federa 1 Reserve Dis trict-St.Lo 'Mesb
b
h
Ind.-Evansville_
43,600,000 +28.2
55,900,000
Mo.-St. Louis_ _
16,109,263 +32.6
21,354,670
Ky.-Loulsville__
7,869,874 +75.3
13,792,709
Tenn.-Memphis
b
b
b
Ill.-Jacks•nville_
193,660 +63.2
316,000
Quincy
b
55,600,000
15,046,220
9,773,348
b
529,853
b
78,400,000
18,461,954
12,144,623
b
It
555,088
67,772,797 +34.8
80,949,421
109,561.665
Ninth Federal Reserve Dis trict-Minn eapolis1,308,084 +24.6
2,046,303
1,629,812
Minn.-Duluth_
32,471,671 +24.1
39,573,235
40,288,872
Minneapolis_ _ 12,133,390 +51.1
13,066,195
18,335,247
St. Paul
1,105,933 +7.0
1,379,390
1,183,533
N. D.-Fargo __
426,085 -21.9
489,769
332,700
S. D.-Aberdeen
186,515 +39.6
262,775
260,360
Mont.-Billings _
1,474,266 +18.4
1,745,325
1,337,672
Helena
3,291,435
53,401,096
16,827,068
1,541,055
655,429
376,483
2,006,387
Total(19 cities)
1932,
Mar.3 1934
Total(4 cities) _
271,891,825
91,363,379
49,105,944 +29.9
58,155,339
78,098,953
Tenth Federal Reserve Dis trict-K a n s as City30,019 +72.0
51,645
132.959
Neb.-Fremont...
91,477 -43.9
135,423
51,301
Hastings
1,181,567 +43.0
1,837,220
1,690,174
Lincoln
15,208,305 +81.0
20,726,891
27,521,882
Omaha
1,214,223 +14.5
1,815,153
1,390,589
Kan.-Topeka
2,513,163 -24.8
3,334,810
1,889,044
Wichita
52,133,788 +12.3
58,564,471
76,978,231
Mo.-Kan. City.
1,905,049 +36.9
2,651,456
2,607,775
St. Joseph__ _ _
529,279 -25.8
668,530
392,747
Col.-Col. Spgs _
461,840 -16.7
707,539
384,889
Pueblo
213,646
297,671
2,382,156
29,549,043
2,193,278
4,487,064
76,978,932
3,839,320
839,239
1,144,591
75,268,710 +25.6
108,988,212
121,924,940
Has+13.5
+46.6
+37.4
+119.8
-1.2
763,557
24,671,738
5,981,772
4,391,000
2,260,956
1,258,933
32,420,000
6,771,333
3,310,000
3,526,494
28,114,697 +44.4
38,069,023
47,286,760
Total(7 cities)-
Total(10 cities)
63.775,849
94,544,517
Eleventh Fede ral Reserve District-Da
542,857
616,178
Texas-Austin - _
21,295,236
31,218,371
Dallas
3,303,980
4,540,132
Ft. Worth_ _
1,067,000
2,345,000
Galveston
1,905,624
1,882,318
La.-Shreveport _
Total(5 cities) _
40,601,999
Twelfth Feder al Reserve D Istrict-San Franci sco17,711,329
15,186,751 +19.3
18,124,229
Wash.-Seattle_ _
4,466,000
3,475,000 +52.3
5,291,000
Spokane
432,238
268,258 +41.4
379,263
Yakima
15,104,096
12,566,190 +30.6
16,408,245
Ore.-Portland_ _
6,475,704 +25.2
7,741,032
8,105,675
Utah-S. L. City
2,400,963 -2.5
2,946,438
2,341,065
Calif.-Long Bch
Los Angeles_. _ No longer will report clearin gs•
2,722,988
2,283,920 -7.5
2,112,038
Pasadena
4,922,222
2,069,908 +7.7
2,230,104
Sacramento __ _
San Diego _ _ No longer will report clearin gs.
91,418,730
78,479,644 +11.6
87,622.403
San Francisco.
1,372,357
827,684 +50.1
1,242,353
San Jose
995,607
677,749 +13.3
768,115
Santa Barbara_
874,962
661,377 +11.6
738,421
Santa Monica.
944,302
1,054,946 +4.9
1,106,146
Stockton
25,485,938
7,923,000
783,788
22,667,523
11,408,683
2,582,609
MN
4,374,974
4,492,271
128,424,345
2,003,257
1,322,063
1,458,518
1,122,600
7otal(13 cities) 146,469,057 126,428,094 +15.9 151,652,301 214,049,569
Grand total (112
4,830,837,104 4,037,076,239 +19.7 4,230,495,182 7,398,873,458
cities)
Outside New York 1,531,883,190 1,369,553,585 +11.9 1,651,838,091 2,496,468,671
Week Ended Feb. 22.
Week Ended-
I nc.OT
1934.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William......
New Westminster
Medicine Hat.....
Peterborough.._
Sherbrooke
Kitchener
Windsor
Prince Albert_ _ _ _
Moncton
Kingston
Chatham
Sarnia
Sudbury
$
81,817,853
105,620,148
24,089,143
14,601,109
3,870,849
3,649,402
1,738,743
3,221,854
3,990,864
1,424,298
1,339,530
2,225,706
3,318,053
2,207,706
219,913
310,032
1,007,197
401,355
643,171
511,859
440,697
192,861
481,973
500,432
865,979
2.084,636
233,216
604,472
447,862
352,468
370,399
490,467
Total(32 cities)
263,274,247
1933.
Dec.
1932.
1931.
%
+32.6
+54.3
+10.9
+42.3
+12.9
+21.6
+3.5
+15.6
-1.9
+2.6
+24.9
+11.7
+28.2
-1.0
+1.6
+41.6
+8.6
+16.8
+10.3
+25.4
+39.8
+49.6
+11.6
+15.0
+14.4
+12.9
+31.1
+7.6
+21.4
+2.3
+13.2
+42.4
$
70,083,067
63,432,514
30,362,714
11,913,469
4,076,768
3,399,269
1,942,499
3,138,101
4,536,767
1,475,145
1,226,990
1,991,367
3,221,746
3,098,773
243,943
274,174
1,158,383
423,642
633,262
407,677
362,314
167,251
529,652
506,637
681,529
2,254,249
290,551
576,552
437,687
372,636
335,220
404,853
$
97,818,451
93,657,397
30,331,994
14,134,345
6,266,540
5,075,231
2,475,147
4,677,696
6,878.991
2,648,000
1,650,868
2,662,306
3,693,416
2,601,155
264,150
352.974
1,431,483
565,631
783,481
476,608
540,323
194,496
612,789
763,824
884,912
2,906,244
285,622
655,678
487,687
507,126
444,407
636.183
195,114,111 +34.9
213,959,401
287,365,155
3
61,684,492
68.460,538
21,730,620
10,258,100
3,428,867
3,001,796
1,680,436
2.788,926
4,069,183
1,388,485
1,072,497
1,993,195
2,588,705
2,228,880
216,472
218,899
927,145
346,660
583,369
408,079
315,190
128,941
431,888
435,262
756,982
1,845,862
177,874
561,803
368,907
344,408
327,167
344,483
clearings available. c Clearing House not funca Not included in total. b
tioning at present. d No clearings; all banks closed. e Clearings much smaller
on account of bank holiday.
1507
Financial Chronicle
Volume 138
THE ENGLISH GOLD AND SILVER MARKETS.
PRICES ON PARIS BOURSE.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Feb. 14 1934:
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Feb.28. Mar. 1. Mar. 2.
GOLD.
The Bank of England gold reserve against notes amounted to £190,902,659
on the 7th inst., as compared with £190,902,554 on the previous Wednesday.
The gold market has continued to show great activity and very large
amounts have been dealt with in the open market during the week. During
the period Feb. 8-14 about £5,800,000 changed hands at "fixing," but
this represents only a portion of the business, as extensive transactions
were effected after the price was fixed. Prices have been governed by
supply and demand.
Large quantities of gold have been received from the Continent and
there have been resales of gold holdings; the supplies have been acquired
for the United States of America and important shipments to New York
have been made, while further shipments for dates ahead have also been
arranged.
Quotations during the week:
Equivalent Value
Per Fine
of £ Sterling.
Ounce.
12s. 5.10d.
136s. 9d.
Feb. 8
12s. 4.46d.
4d.
137s.
Feb. 9
12s. 4.73d.
137s. Id.
Feb. 10
12s. 4.64d.
137s. 2d.
Feb. 12
12s. 4.92d.
136s. lid.
Feb. 13
I2s. 4.37d.
137s. 5d.
Feb. 14
12s. 4.70d.
1.33d.
137s.
Average
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 5th inst, to mid-day on the 12th ints:
Imports (Continued).
Imports.
£15,730
£1,443,907 Venezuela
Germany
38.591
Peru_
1,803,522
Netherlands
12,738
237,012 New Zekland
Belgium
16,035
22.760,268 Other countries
France
424,032
Switzerland
£31,662,997
136,334
Austria
Exports.
621,235
U. 8. A
£42,508
212,233 France
China
9.757,862
1,558,204 U. S. A
British India
124,150
Portugal
1.741,753
British South Africa
8,550
74,017 Austria
British West Africa
1.148
97,388 Switzerland
Australia
400
451,752 Other countries
Canada
18.246
Iraq
£9.934.618
Shipments of gold from Bombay during the week were again very large,
amounting to about £3,979,000. The SS. Corfu carries £2.788.000 consigned to London and £149,000 to New York;the SS. Britannia has £629,000
destined for London and the SS. President Adams £417,000 consigned
to New York.
SILVER.
Prices were well maintained during the past week and the market has
shown a firmer tone. The buying has been principally on China account,
but there has been some speculative demand and offerings have generally
been very moderate. The advance in prices attracted reselling by speculators and America was inclined to sell occasionally, but there has been
no pressure.
According to reports from Washington received yesterday evening, the
Secretary of the United States Treasury announced that his Government
would take action "aimed at the rehabilitation of silver within a month."
As no definite decision has been made as to the form the action will take,
t is not possible to form an opinion as to what extent the market will be
affected.
To-day, however, although New York both bought and sold, buying
by the Indian Bazaars and speculators following the news caused a rise of
5-16d., prices being fixed at 20.(d. for cash and 20 5-16d. for two months'
delivery; these are the highest quoted since May of last year.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 5th inst. to mid-day on the 12th inst.:
.
Exports.
Imports.
£1.265
£23,414 Germany
Soviet Union (Russia)
2,117
Germany
50.757 Denmark
Belgium
9,158 French Possessions in India 9,100
34.800
17.712 Egypt
Japan
11,971
16,600 Persia
Canada
3,837
23,924 Other countries
Australia- - .
6,739
British West Africa
2,659
Other countries
£63.090
£150.963
Quotations during the week:
YORK.
IN NEW
IN LONDON.
(Per Ounce .999 Fine.)
-Bar Silver per Oz.Std.Cash Delitey 2 Mos.' Del.
44 c.
1913-16d. Feb. 7
Feb. 8-A9%d.
44 c.
Feb. 8
Feb. 9-19 13-16d. 19 d.
44 13-16c.
Feb. 9
19 13-1
46d.
Feb. 10-190.
44 13-16c.
19 15-16d. Feb. 10
Feb. 12---19)“.
Closed
Feb. 12
Feb. 13---19 15-16d. 20d.
4434-,
Feb. 13
20 5-16d.
Feb. 14---20 Xd.
19.9586.
Average..--19.896d.
The highest rate of exchange on New York recorded during the period
from the 8th Inst. to the 14th inst. was $5.04% and the lowest $4.99.
--IN
INDIAN CURRENCY RETURNS.II
Jan. 22.
Jan. 31.
Feb. 7.
PI'(In Lac.'of Rupees)ji
17,799
17,777
17.741
Notes in circulation
10,031
10.091
9.974
Silver coin and bullion in India
3,732
3,732
3,732
Gold coin and bullion in India
1 3.954
4.036
4,035
Securities (Indian Government)
10th inst. consisted of about 154,500.000
Ilk The stocks in Shanghai on the
silver bars, as compared
Ounces in sycee, 350.000,000 dollars and 15,460
with about 156,500,000 ounces in sycee, 345,000,000 dollars and 14,720
inst.
3d
the
on
bars
silver
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, itc., at London,
as reported by cable, have been as follows the past week:
Thurs.,
Wed.,
Tues.,
Mon.,
Sat.
.2.
Frt..
Feb. 28. Mar. 1. Mar.
Feb. 24. Feb. 26. Feb. 27. 20
1146d. 20 946d. 2014d.
20 346d.
Silver, per oz._ 20 9-I6d. 2o bid.
1375.1d. 136s.7d.
1378.1d.
13613.7d.
1368.54.
1365.50.
os.
fine
p.
Gold,
7914
7914
7814
Consols, 214% 77 13-16d. 78 3-16d. 7814
British 314%103h
10214
10214
10214
10214
10214
W. L
British 4%11314
11314
11314
113
113
113
1960-90
French Rentes
68.60
67.70
68.40
68.90
68.60
(in Paris)3% fr. 68.90
French War L'n
(in Paris)5%
106.50
105.80
106.00
106.80
106.80
1920 amort-- 107.20
The price of silver in New York on the same days has been:
Silver in N.Y.,
per oz. (eta.)
4614
4514
4514
4631
46H
4634
Feb.24. Feb.28. Feb.27.
1934. 1934. 1934. 1934. 1934. 1934.
Francs. Francs. Francs. Francs. Francs. Frame.
11,300 11,200 11,100 11,000 11,000 11,000
Bank of Francs
1,465 1,455 1,451 1,435 1,425
Banque de Paris et Pays Bas
215
217
219
220
223
Banque d'Unlon Parlsienne__
250
243
249
211
250
255
Canadian Pncifie
20,100
19,900
20.100
19,900
20.100
19,900
Canal de Suez
2,495 2,485 2,490 2,470 2,470
Cie DIstr d'Electricite
1,880 1,880 1,870 1,880 1,870 1,850
Cie Generale d'Electricite
so
31
31
31
32
31
Cie Generale Transatiantique
285
360
383
390
390
Citroen B
1,003
1,000
1,003
1,004
1,007
d'Escompte
Nationale
Comptoir
170
170
170
170
170
170
Coty SA
287
288
293
291
293
Courteres
730
732
735
728
733
Credit Commercial de France_ __
2,040 2.030 2,020 2,010 2,010 2.010
Credit Lyonnais
2,680 2,650 2,660 2,650 2,650 2,640
Eaux Lyonnais
700
695
696
688
695
Energle Electrique du Nord
865
865
870
866
885
Energie Electrique du Littoral__
583
596
600
610
614
Kuhlmann
720
720
730
740
740
740
L'Air Liquide
878
899
885
890
890
Lyon (P L 81)
1,265
1,259
1,200
1,275 1,260
Nord RI
824
824
820
828
824
820
Orleans RI
63
62
61
58
53
Pathe Capital
1,098 1,078 1,073 1,050 1,018
Pechiney
68.90 68.60 68.90 68.40 67.70 68.60
Reales, Perpetuel 3%
77.60 77.00 77.10 76.30 74.80 75.80
Rentes 4% 1917
76.80 76.30 76.50 75.80 75.20 73.70
Rentes 4%, 1918
83.00 82.60 82.50 81.70 81.40 82.20
Rentes 434% 1932 A
83.20 33.00 83.00 82.30 82.00 82.70
Rentes 434%, 1932 B
107.20 106.80 106.80 106.00 105.80 106.50
Rentes 5%. 1920
1.810 1,800 1,800 1,790 1,790 1,791
Royal Dutch
1,312 1,308 1,316 1,311 1,291
Saint Gobaln C & C
1,565 1,545 1,530 1,535 1,545
Schneider & Cle
56
56
56
58
56
59
Societe Francaise Ford
81
80
81
80
80
Societe Generale Yonciere
2,660
2.655
2,665
2,685
2,665
Lyonnalse
Societe
539
.538
.537
535
534
Societe MarseillaLse
Suez
148
151
154
153
155
Tubize Artificial Silk prat
774
775
889
775
776
Union d'Electricite
94
95
95
95
95
Wagon-Lits
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Feb. Feb. Feb. Feb. Mar.
24. 26. 27. 28. 1.
Per Cent of Par
174 173 172 169
174
Reichsbank (12%)
95
95
95
95
95
Berliner Handel...I-Gesellschaft(5%)
53
52
51
51
51
Commerz-und Privat Bank AG
67
67
67
66
Deutsche Bank und Ensconce-Gesellschaft 65
69
69
68
68
67
Dresdner Bank
Deutsche Reichsbahn (Ger Rye)pref(7%).-113 113 113 113 113
30
30
30
29
29
Allgemelne ElektHzitaets-Gesell(A E G)
130 131 134 135 135
Berliner Kraft u Licht(10%)
122 121 121 122 121
Deasauer GM (7%)
99 100 100 100 101
Gestuerel (5%)
115 115 117 118 117
Hamburg Elektr-Werke (8%)
150 150 152 151 150
Siemens & Haiske(7%)
133 133 134 135 135
I G Farbenindustrie(7%)
151 150 153 155 156
Salzdetfurth (734%)
205206 204 206
RheinIsche Braunkohle(12%)
112 iii 110 113 111
(4%)
Deutsche Erdoel
72
72
70
70
69
Mannesmann Roehren
30
29
29
28
28
Hapag
34
33
32
31
31
Norddeutacher Lloyd
Mar.
2.
189
95
53
66
68
113
28
134
121
100
117
151
134
154
204
109
70
29
34
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of
March 2 1934:
Bid. Ask.
Bid. Ask.
146
49 Hungarian defaulted coups 190 Anhalt 78 to 1946
Hungarian Ital 13k 734a,'32 /78
Argentine 5%. 1945. $100
30
If
Jugoslavia Is, 1956
84
pieces
140
44
32 Jugoslavia coupons
/29
Antioqula 8%, 1946
/6012
Koholyt 6555. 1943
AustrianDefaultedCoupons 1100
'41
88,
-67
Warsaw
Bk,
M
Land
Bank of Colombia, 7%,'47 f19
21 Leipzig Oland Pr.634s,'46 165
Bank of Colombia. 7%,'48 119
57
5612 Leipzig Trade Fair 75. 1953 155
13avaris6Hs to 1945
Luneberg Power, Light &
Bavarian Palatinate Cons.
67
164
Water 77..1948
/43
4412
Cit. 7% to 1945
66
2512 Mannheim & Palat 78, 1941 164
Bogota (Colombia)614.'47 /24
152
5312
Munich 78 to 1945
111
Bolivia 6%,1940
49
/46
'45
to
78
Hessen.
Bk,
Munk,
125
16"
scrip
Aires
Buenos
as Municipal Gas & Elea Corp
Brandenburg Elec. 68. 1953 /57
Recklinghausen, 78, 1947 159
Brazil funding 5%,'31-'51 6112 63
--63
6112 63 Nassau Landbank 634s,'38 162
Brazil funding scrip
Natl. Bank Panama 634%
iMitish Hungarian Bank
42
/40
1946-9
/5612 58
714s. 1962
Nat Central Savings Bk of
Brown Coal Ind. Corp.
61
16912 7212 Hungary 734s, 1982...... 159
°Hs. 1953
National Hungarian & Ind.
17
Cali (Colombia) 7%, 1947 11512
1601, 621*
Mtge. 7%. 1948
11
Callao (Peru) 734%, 1944
8
50
912 Oberpfalz Elec. 7%,1946- /49
Ceara (Brazil) 8%. 1947._ I 612
30 Oldenburg-Free State 7%
125
Columbia scrip
48
/45
44
to 1945
Costa Rica funding 5%,'51 42
22
Porto Alegre 7%. 1968..... /21
42
Costa Rica scrip
Protestant Church (GerCity Savings Bank, Buda152
54
many), 75, 1946
/4812 506
pest, 7s, 1953
58
60 Prov Bk Westphalia 65.'33 155
Dortmund Mun Litt 613.'48 /58
57
46 Prov Bk Westphalia 6s,'36 155
Duisburg 7% to 1945
/43
173
2
1
Duesseldorf 7s to 1945_ - 14512 4812 Rhine Westph Elm 7%.
36
'
28
7112 Rio de Janeiro 6%, 1933_. 126
East Prussian Pr. 68, 1953_ /70
Rom Cath Church 6348.'46 16612 6812
European Mortgage & In54
62 R C Church Welfare 78,'46 152
vestment 7345, 1966_ _ -- /60
French Govt. 534s. 1937- - 145
Saarbruecken M Bk 6s,'47 185
11/25
French Nat. Mail SS.6s,'52 143 148 Salvador 7%,1957
47 Salvador 7% ctf of dep '57 f2012 22
/44
Frankfurt 78 to 1945
15
110
German Atl Cable 75, 1945 /5812 6112 Salvador scrip
Santa Catharina (Brazil).
German Building & Land/2312 2412
8%, 1947
67
/64
bank 614%. 1948
69 Santander(Colom) 75, 1948 11512 17
German defaulted coupons. /66
11912 2012 Sao Paulo (Brazil) 68, 1943 /21
2212
German scrip
153
58 Saxon State Mtge. 6s, 1947 /67
German callcd,bonds
30
33
Serbian 5s, 1956
69
Haiti 6% 1953
140
44
Hamb-Am Line alio to 40 17812 8212 Serbian coupons
Stem & Halake deb 68, 2930 f325 350
Hanover Harz Water Wks.
/45
48 Stettin Pub Mil 75. 1946.. /55
5712
6%, 1957
31
Tucuman City 78, 1951.._ 129
Housing & Real Imp 78.'46 'Si
58
Tucuman Prov. 7s, 1950.. 53
Hungarian Cent 11.1ut 7s,'37 14612
44
Vesten Elea Ry 78, 1947._ 141
Hungarian Discount & Ex141
/5212 5412
Wurtemberg 78 to 1945_
change Bank 78, 1963_
I Flat price.
•
1508
Financial Chronicle
Mar.3 1934
THE CURB EXCHANGE.
17%; Gulf Oil of Pennsylvania, 713
% to 713; Parker RustIntermittent selling pressure characterized the trading on proof, 68 to 633; Pennroad
Corp., 55% to 332; Singer
the Curb Exchange during most of the present week. There Mfg. Co., 161 to 156;
Standard Oil of Indiana, 30% to
have been a number of special stocks that have recorded 283, and United Shoe
Machinery, 66 to 635
%.
modest gains, but with the possible exception of the session
A complete record of Curb Exchange transactions for
on Wednesday, the trend in the general list has been toward the week will be found
on page 1535.
lower levels. Industrial shares have been weak and have
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
generally shown small losses. Utilities held fairly well but
made little progress upward. Oil shares have generally
Stocks
Bonds (Par Value).
Week Ended
(Number
worked downward and the mining and metal stocks have
March 2 1934.
of
Foreign
Foreign
been weak.
Shares). Domestie. Government, Corporate.
Total.
On Saturday curb prices again leaned toward lower levels, Saturday
219,527 32,873,000 $189,000
$76,000
33,138,000
Monday
360.555 4.324,000
139.000
164,000 4,017,000
though the volume of sales was moderate. There was a Tuesday
247,375 3,573.000
148,000
238,000 3,957,000
Wednesday
282.309 4,553,000
182,000
modest rally as the day advanced but this failed to hold Thursday
119.000 4,854,000
288,325 3.607.000
482,000
179.000 4,208.000
and prices slipped back. Profit-taking was apparent in the Friday
315.136 3.980.000
153,000
92.000 4,225,000
industrial group and declines of a point or more were recorded
Total
1,713,227 822,910,000 $1,293,000 $856,000 325,059,000
in some of the trading favorites like American Cyanamid B,
Sales at
Week Ended March 2.
Jan. 1 to March 2.
New York Curb
Parker Rust Proof and Fisk Rubber. There was some tradExchange.
1934.
1933.
1934.
1933.
ing in the public utilities which held fairly well for a time,
of shares
1,713,227
930,632
18,023,277
but soon moved down with the rest of the list. Mountain Stocks-No.
5,956,196
Bonds.
Domestic
$22.910,000 $18,331,000 $202,130,000 $168,089,000
States Telephone and Aluminum Co. of America were higher Foreign
government_
1.293,000
750,000
9,576,000
7.253,000
at one time and so was Glen Alden Coal.
Foreign corporate
856,000
857,000
8,810,000
9,372,000
Trading was in small volume on Monday, the tone being
Total
$25,059,000 $19,938,000 $220,516,000
$184,714,000
heavy during most of the session. Industrial stocks had
flurries of mild liquidation, fractional losses being registered
CURRENT NOTICES.
by Aluminum Co. of America, Parker Rust Proof, Singer
-Mitchell, Hutchins & Co. have issued a circular in which they point out
Manufacturing Co., New Jersey Zinc, Swift & Co. and
the serious objections to the Fletcher-Rayburn Bill designed to regulate the
American Cyanamid B. Oil shares were down, Standard stock
exchanges of the country. Mitchell, Hutchins & Co. have offices at
Oil of Indiana declining about % point, followed by other 231 S. La Salle St., Chicago, and they are members of the New York Stock
Exchange.
prominent members of the group. Changes in the alcohol
-Howard & Robbins, Inc. of this city announce the appointment of
stocks were small and public utilities worked slowly down- Edwin
F. Cadiz, formerly with G. L. Ohrstrom
ward. Mining and metal issues also were down on the day. & Co., as manager of their trading department. & Co. and G. E. Barrett
Trading was quiet and prices narrow and irregular on
Tuesday. Public utilities showed moderate gains at times
but most of the changes were small. Alcohol stocks were MantinexcialatutPaisceilaiteonsBzwe
practically neglected and oil shares were quiet following a
National Banks.-The following information regarding
moderate advance during the first hour. Metal and mining National banks is from the office of the
Comptroller of the
issues made little progress either way.
Currency, Treasury Department:
Price movements showed moderate improvement on
CHARTERS ISSUED.
Capital.
Wednesday, though the trading continued quiet and the Feb. 17
-First National Bank in Marshall, Marshall, Mich
$100.000
turnover small. Industrial stocks and public utilities were
Capital stock consists of $50,000 common stock and
$50,000 preferred stock. President, J. D. Wright;
the leaders in the upward swing, the active shares including
Cashier, Paul Noneman. Will succeed No. 1515.
The First National Bank of Marsha.', Mich.
such prominent issues as American Cyanamid B, SherwinFeb. 17-The First National Bank in East Peoria, East Peoria. III. 50,000
Williams, Montgomery Ward A and Glen Alden Coal.
President, Paul L. 13oehma; Cashier, T. E. Holland.
Will succeed No. 6724, First National Bank of East
Public utilities were higher, being influenced to some extent
Peoria, Ill.
by the favorable electric output figures for the previous Feb. 17-First National Bank at Dillonvale, Dulonvale, Ohio
50,000
Capital stock consists of $25.000 common stock and
week. Parker Rust Proof dipped a couple of points and in
$25,000 preferred stock. President, P. It. Nicholson; Cashier, C. J. Thompson. Will succeed No.
the opening hour Babcock & Wilcox sagged about 4 points.
5618, The First National Bank of Dillonvale, Ohio.
Mining shares were stronger but the gains were largely Feb. 17-First National Bank in George West, George West, Tex. 50,000
Capital
stock consists of $25,000 common stock and
fractional.
25,000 preferred stock. President. 0. L. Tullis;
Cashier, R. B. Rucker. Will succeed No. 12919.
The sharp selling flurry that developed during the morning
The First National Bank of George West, Tex.
trading on Thursday depressed curb prices all along the Feb. 19-The Webster Springs National Bank, Webster Springs.
W. Va
50,000
line. A few of the more active issues managed to hold their
Capital stock consists of $25,000 common stock and
$25,000 preferred stock. President, L. E. Davis;
gains but the list as a whole moved sharply downward.
Cashier, 0. W. Seeley. Will succeed No. 8360, The
American Hardware, normally an inactive stock, jumped
First National Bank of Webster Springs. W. Va.
Feb.
19
National Bank in Guttenberg, Guttenberg, N.J. 100,000
-Liberty
about 4 points on one transaction. Metal shares were
President, Daniel Herrmann; Cashier. Edwin F. Merlehan. Will succeed No. 12806, The Liberty National
moderately firm, the most active issues including Natomas,
Bank
Guttenberg. N. J.
New York & Honduras Rosario, New Jersey Zino and Feb. 19-The CityofNational
Bank of Plainview, Plainview, Tex
100,000
consists of $50,_000 common stock and
Capital
stock
Newmont Mining. In the industrial group the weak stocks
50,000 preferred stock. President, Dan Royall;
Cashier, G. H. Shriber. Will succeed The Plainview
included Aluminum Co. of America, Parker Rust Proof and
State Bank, Plainview, Tex.
Pepperel Manufacturing Co. Humble Oil improved slightly Feb. 19-The National
Bank of Ludington, Ludington, Mich- 100,000
tel stock consists of $50.000 common stock and
in the early trading, but Gulf Oil of Pennsylvania easedoff
50,000 preferred stock. President. R. L. Stearns;
slightly before the close. Other popular stocks showing
ashler, A. R. Wetting. Will succeed No. 2773, The
First National Bank & Trust Co.of Ludington, Mich.
downward reactions were Electric Bond & Share, Swift & Feb. 21-The
First National Bank in Aurora. Aurora. Neb
50.000
Capital stock consists of $30,000 common stock and
Co., Hiram Walker, Great Atlantic & Pacific Tea Co. and
$20,000 preferred stock. President, F. E. EdgerNational Sugar.
ton; Cashier, Frank M. Farr. Will succeed No.
2897,The First National Bank of Aurora, Aurora, Neb.
Curb prices were somewhat firmer on Friday though the Feb. 21-The
Overland National Bank of Grand Island, Grand
volume continued small and changes were narrow. The
Island, Neb
100,000
Capital stock consists of $50,000 common stock and
oil section was represented in the advance by Humble Oil
$50,000 preferred stock. President. H. G. Wellensiek; Cashier, Harald Nomland. Will succeed No.
which gained about a point at its top for the day. Frac13424. The Nebraska National Bank of Grand
Island, Neb.
tional advances were also recorded by Gulf Oil of PennsylFeb. 21-The National Bank of Kings Park, Kings Park, N.
50,000
vania and Standard ot Indiana. Small changes on the side
President, John F. Kelly; Cashier, Austin C. Goodler.
Win succeed No. 12489, Kings Park National Bank,
of the advance were registered by Electric Bond & Share,
Kings Park, N. Y.
United Light & Power and Niagara Hudson. Aluminum Co. Feb. 21-First National Bank in Perry, Perry, Okla
50,000
President,
G. T. Webber; Cashier, L. E. Plumer. will
of America was up about a point and the alcohol shares
succeed No. 6972, The First National Bank of Perry,
Okla.
showed moderate improvement. The range for the week
Feb. 23-First National Bank in Boulder. Boulder, Colo
100,000
was generally toward lower levels, the recessions including
President, Wm. Loach; Cashier, G. A. Gribble. Will
succeed No. 2352, The First National Bank of Boulamong others such stocks as Aluminum Co. of America,
Boulder
National Bank,
der, and No. 3248, The
Boulder, Colo.
73 to 703, American Gas & Electric, 283' to 26; American
Feb. 23-The Utica National Bank, Utica, Mich
50,000
Light & Traction, 173 to 163
4; American Superpower,
Capital stock consists of $25,000 common stock and
$25,000 preferred stock. President, Henry Heins;
3 Brazil Traction & Light, 123/i to 113
33' to 3%;
%; Cities
Cashier, Sydney Odgers. Will succeed No. 12828,
The First National Bank of Utica, Mids.
Service, 35 to 3%; Commonwealth Edison, 533' to 534;
Feb. 23-The Kingston National Bank, Kingston, Pa
600,000
Cord Corp., 73' to 6%; Creole Petroleum, 11% to 11%;
Presdent. E. M. Rosser; Cashier, Harold Tippett. Conversion of The Kingston Bank & Trust Co., KingsDuke Power, 51 to 50; Electric Bond & Share, 183/i to
ton. Pa.
Car
Volume 138
Capital.
100,000
Feb. 23-The Charleston National Bank. Charleston, Ill
Will
Claar.
W.
F.
President, S. E. Thomas; Cashier,
succeed No. 11358, The National Trust Bank of
Charleston, Ill.
75.000
Feb. 23-The National Bank of Oxford, Oxford, N. Y
President, William E. Waldorf; Cashier, W. Hubert.
Emerson. Will succeed No. 273, The First National
'
Bank of Oxford, N. Y.
50.000
Feb. 23-The First National Bank in Owenton, Owenton, Ky_ _ _
President, W. C. Cull; Cashier, S. T. Ball. Will succeed No. 2868, The First National Bank of Owenton, Ky.
VOLUNTARY LIQUIDATIONS.
Feb. 19-The Cumberland County National Bank of Neoga,
50,000
Neoga, Ill
Effective Feb. 10 1934. Lig. Agent, T. W. Higgins,
Neoga, Ill. Succeeded by "Cumberland County
National Bank in Neoga," charter No. 13892.
Feb. 19-The Burrows National Bank of Andover, Andover, N.Y. 25,000
Effective Dec. 30 1933. Lig. Agents, John E. Cannon
and Jesse S. Phillips, care of the lig. bank. (These
agents were appointed by the board of directors.)
Succeeded by The Andover National Bank, Andover,
N. Y.. charter No. 13909.
Feb. 19-The Skagit National Bank of Mount Vernon, Mount
100,000
Vernon. Wash
Effective Feb. 13 1934. Lid. Agent, C. H. Gordon,
care of the liquidating bank. Absorbed by "First
National Bank of Seattle," Wash., charter No. 11280.
200.000
Feb. 20-The Greeley Union National Bank, Greeley, Colo
Effective Feb. 14 1934. Lb. Agent, Archie Morrison.
Greeley, Colo. Succeeded by The Greeley National
Bank, Greeley, Colo., charter No. 13928.
Feb. 21-The Farmers National Bank of Somerset, Somerset, Pa. 50,000
Effective Feb. 20 1934. Liq. Committee, Josiah Swank
Warren G. Ferner and John Y. Barkman, care of the
liquidating bank. Succeeded by The Peoples National Bank of Somerset, Pa.. charter No. 13900.
Feb. 23-The Grand Valley National Bank of Grand Junction,
100,000
Colo
Effective Feb. 13 1934. Lig. Agent, A. E. Torgeson,
care of the iquidating bank. Succeeded by First
National Bank in Grand Junction, Colo., charter
No. 13902.
BRANCH AUTHORIZED.
Feb. 21-The Northeast National Bank of Philadelphia. Philadelphia,
l'a. Location of branch: No. 6905 Torresdale Ave., Philadelphia, Pa., certificate No. 97IA.
ICAuctionrSales.-Among other securities, the following,.
not actually dealt in at the Stock Exchange, were sold at auction
iniNew4York, Jersey City, Boston,Philadelphia, Buffalo and
Baltimore on Wednesday of this week:
By Adrian H. Muller & Son, New York:
$ per Share.
Stocks.
Shares.
$125 lot
41Ywenty-five Fifth Avenue Corp.(N. Y.) common, no par
$150 lot
par
no
common,
Y.)
(N.
Street
Corp.
5 Fifth-Avenue-14th
$5 lot
200 The l'anther Lumber Co., Panther. W. Va., par $100
lot
1,500 No. 1767 B'way Co., Inc,.(N. Y.), pref., par $100; 92 corn., no par_ 540,000
$I
lot
$100
par
Y.),
(N.
1511 erfect Wall Covering Sales Corp.
$1 lot
100 Glenchetter Corp.(N. Y.). pref., par $100; 40 common, no par
lot
$1
$50
par
common,
Inc.,
Purveyors,
10IStandard
$5 lot
Nedick's Corp.(Del.) class A pref., no par; 30 common v. t. c., par $1
_S3 lot
500 Interstate Restaurants. Inc.(Del.), class B, no par; 500 class A, no par.. SI lot
2501Epicure Food Stores Corp. (Del.) Interim ctfs., no par
$3 lot
501Ritz Tower, Inc. (N. Y.) pref., par $100
$2 lot
50;11.-C Hotel Corp. (N. Y.), pref., par $100
lot
$2
$100
par
pref.,
non-cum.
7%
20 Coney Island Hotel Corp.(N. Y.)
Si lot
5 Steuben Club Founders Corp.(N. Y.) non-voting, no par
lot
$36,000
par
no
common,
Y.)
(N.
Corp.
Nlfg.
Ice
3,000 Interborough
par; 5 Harris Bros.
44 Bankers Bond .is Mtge. Guar. Co. of America (Del.), no
$17 lot
Co.(Del.) common, no par; 20 Harris Bros. Co.(Del.) pref., no par
Per Cent.
Bonds-year
5
22,
No.
Lodge
Brooklyn
Elks,
of
Order
and
Protective
$500 Benevolent
attached__ _ _510 lot
6% gold debs., due July 1 1935. Jan. 1933 and subs. coup.
3 coup. attached $5 lot
$1,000 Keens English Chop House, Inc..8% gold coup. bond,
20-year reg.
5%
Inc.,
York,
New
of
Assn.
$3,000 Greater Pythian Temple
55 lot
gold bond, due Jan. 1 1945
bond, due April 1
gold
coup.
mtge.
1st
5%
It.
II.
B.
G.
Bergmannsruh
$100
$7 lot
attached
1945. Oct. 1932 and subsequent coupons
Jan. I '39 58 lot
$450 Elmsford Country Club. Inc.(N. Y.)6% gold bond UN.,due
lot
$8
notes
$2,500 Green Room Club debenture
By Adrian H. Muller & Son, Jersey City, N. J.:
5 Per share.
Stocks.
Shares.
Corporation,
73,922 of no par value of the common stock of United Publishers
of
preferred
the
each
$100
a Delaware corporation; 4,000 of the par value of
$139,314
stock of United Publishers Corporation
21500 of the par value of $100 each of the preferred stock of United Publishers
311,750
Corporation, a Delaware corporation
By R. L. Day & Co., Boston:
$ per Share.
Stocks.
Shares.
100
25 Appleton Co. preferred, par $100
174
$100
par
Mills
preferred,
Harmony
20
103
100 Talbot Mills, par $100
2574
50 l'elzer Manufacturing Co., par $100
$100 lot
3,332 Jackson's Inc. common, class B. par $5
4374
10 Graton & Knight Mfg. Co. preferred, par $100
Nat. Bank, Boston,
Atlantic
4
$1,000;
par
common,
Club
University
New
1
I. c.; 4 5-600 Electric Bond
par 510; 1 10-30 B. B. & H. Knight corn. C. V.par
$1; 25 First Nat. Copper
& Share; 20 Huron Holding Co. ctf. dep. reg.,
$S lot
1,374 paid per share, par $5
23
10 Ilathaway Bakeries $7 cum. cony. preferred
13i
B
C10.99
Bakeries
Hathaway
7,648
58
20 Itraper Corporation
6
Par $100
98 Quincy Market Cold Storage & Warehouse Co. common.
lllj
$100
418ac0 Lowell Shops 2nd preferred. par
574
undeposited. par $10
20 American Investment Securities Co. common
Per Cent.
',Bonds&
84
int.
series A. C
$3,000 Boston & Maine RR. 5s, Sept. 1967,
10374 & int.
March 1956
$1,000 Boston Metropolitan District 474s,
int.
&
90
52,000 Central Pacific Ry. 4s, Aug. 1949
603.i & int.
$1,000 Copley Square Trust 474s, March 1941
60 & int.
(German
$1,000 Electric Power Corp. 874s, April 1953 1957 Company)
8574 & bat.
$2,000 Louisiana Power & Light Co. 55, Dec.
75A Jr int.
C
series
1935,
Deo.
55,
RR.
$5,000 Maine Central
61 & int.
March 1947. roe
$10,000 New York New Haven Jr Hartford RR. 4s,
80 flat
1938
$15,000 Brockton Times l'ublishing Co. 1st 60. Jan.
80 flat
1939
Jan.
6s,
1st
Co.
55.000 Brockton Times Publishing
80 flat
$5,000 Brockton Times Publishing Co. 1st 65, Jan. 1941)
By Barnes & Lofland, Philadelphia:
5 per Share.
Stocks.
Shares.
$25 lot
50 Equitable Trust Co., Atlantic City, N. .7
Co
Garden
&
Hotel
American
95
1
40 Public Investing Co
yi
40 Pennsylvania Investing Co., class A
B
class
Co.,
Investing
12 Pennsylvania
10
4 Philadelphia Bourse, common, par $50
Per Cent.
Bonds$480 lot
deb., ctf. of deposit
$2,000 Southern Natural Gas Corp., 6% cony.
due Nov. 1 1937,
A,
series
-year
10
634%
Gas
Inc.,
Utilities,
Union
55,000
$20 lot
certificate of deposit
due 1936.10374
$1,000 North Pennsylvania RR. Co.4% 1st mtge., May and Nov.,
1509
Financial Chronicle
By A. J. Wright & Co., Buffalo:
$ per Share.
$0.50
Stocks.
Shares.
10 The Como Mines
By Weilepp, Bruton & Co., Baltimore:
Stocks.
Shares.
1,002 W. K. Cromwell dr Co., Inc., capital stock
50 Gillett & Co., preferred
1211 Mortgage Guarantee Co
600 Mortgage Guarantee Co
4074 Peoples Bank of Denton, Md. $47.21 ars. of beneficial interest
I Pioneer Manufacturing Co., preferred
10 Pioneer Manufacturing Co., common
6 United Verdi Extension Mining Co
Bonds.
$2,000 Knights of Columbus Home 6s, 1944
$2,000 Mtge. Guaranty Co. ctf. Ludy Hotel, Atlantic City
$100 Mtge. Guarantee Co. ctf. on 1217 18th St., Washington, D. C
$500 Mtge. Guarantee Co. etf. Ludy Hotel, Atlantic City
$100 Mtge. Guarantee Co. ctf. Seaside Hotel. Atlantic City
51,400 Mtge. Guarantee Co. ctf. Frank A. Jones, Riverdale, Md
$500 Republic of l'eru 6s, 1961, second series
$36,000 Baltimore Trust Co. ctf. payment guaranty fund
Per Share.
8234
$6 lot
20 cts.
20 cts.
$52 lot
2035
$25.50 lot
24
Per Cent.
76 lot
$500 lot
$25 lot
$125 lot
$38 lot
$3.50 lot
$50 lot
$22 lot
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroad (Steam).
Alabama & Vicksburg (s.-a.)
Boston & Albany
Chesapeake & Ohio, 5100 par com.(mr.)Reading, 2d preferred (quar.)
When
Per
Share Payable.
$3
$2
52.80
50c.
Books Closed
Days Inclusive.
Apr. 2 Holders of rec. Mar. 9
Mar. 31 Holders of rec. Feb. 28
Apr. 2 Holders of rec. Mar. 8
Apr. 12 Holders of rec. Mar. 22
Public Utilities.
Apr. 2 Holders of rec. NIar. 15
Alabama Power Co. $7 pref. (quer.) _ _ _ _ 5174
ki Apr. 2 Holders of rec. Mar. 15
$6 preferred (guar.)
$1)( May 1 Holders of rec. Apr. 16
75 preferred (guar.)
American Water Works & Elec. Co.
5155 Apr. 2 Holders of rec. Mar. 9
56 first preferred (quar.)
Apr. 16 Holders of rec. Mar.23
Bell Telephone Co. of Canada (quar.)- - - 5174 Ap . 14 Holders of rec. Mar. 20
5174
(gu.)Bell Telep. Coot Pa.6 % Pre!
Mar. 15 Holders of rec. Mar. 1
Birmingham Water Works 6% pt. (qu.)_ 5174 Apr. 2 Holders of rec. Mar. 10
5174
Boston Elevated Ry.(quar.)
3 Holders of rec. Mar. 15
Apr.
_
_
$155
Brazilian Trac., Lt. dr. l'ow. pref.(qu.)
38c Apr. 16 Holders of rec. Mar.31
British Columbia Power A (quar.)
Holders of rec. Mar. I
15
Mar.
$174
Butler Water 7% pref.(guar.)
250 Apr. 25 Holders o. rec. NIar. 31
Canada Northern Power,Ltd.,com.(qu.)
Holders of rec. NIar.31
16
Apr.
134%
(quar.)
7% preferred
5174 Apr. 2 Holders of rec. NIaz.20
Citizens Water (Wash.. Pa.)(guar.)Corp.
Southern
&
Commonwealth
5155 Apr. 2 Holders of rec. Mar. 9
$6 preferred (guar.)
75c. Apr. 1 Holders of rec. Mar. 15
Connecticut Elec. Service, corn. (quar.).
50c Apr. 2 Holders of rec. Mat. 20
(InthlY.)
pref.
Co.
Light
Dayton Power &
$1 Apr. 16 Holders of rec. Nlar. 31
Detroit Edison Co.(quar.)
API. 14 Holders of rec. Mar 20
Diamond State Telep.6 SS % pref. (qu.)- 5174
SI Apr. 2 Holders of rec. Mar. 15
(quar.)
Duke Power Co. common
5174 Apt. 2 Holders of rec. Mar. 15
Preferred (quar.)
East St. Louts & Inter. Water$174 Mar. 1 Holders of rec. Feb. 20
7% preferred (quar.)
51)S Mar. 1 Holders of rec. Feb. 20
6% preferred (quar.)
$135 Apr. 2 Holders of rec. Mar. 15
Georgia Power, $6 pref. (quar.)
5174 Apr. 2 Holders of rec. Mar. 15
$5 preferred (quar.)
_
$134 Apr. 2 Holders of rec. NIar. 20
(qu.)_
f
pre
6%
Gas
Greenwich Water &
Mar. 31 Holders of rec. Mar. 16
4334c.
Hackensack Water, pref. (quar.)
15c. Nlar. 20 Holders of rec. Mar. 12
Itonolulu Gas (monthly)
Apr. 20 Holders of rec. Apr. 12
15c.
Monthly
150. May 20 Holders of rec. May 12
Monthly
20 Holders of rec. June 12
June
15c.
Monthly
Mar. 1 Holders ot rec. Feb. 20
Huntington Water 7% pref. (quer.)._ _ _ 5174 mar. 1 Holders of rec. Feb. 20
1.5
$1
(quar.)
preferred
6%
$2 Mar. 31 Holders of rec. Slur. 21
Illinois Bell Telephone (quar.)
$174 Mar. 1 Holders of rec. Feb. 20
Illinois Water Service, pref.(quar.)
Co.
Light
Power
&
Indianapolis
$174 Apr. 1 Holders of rec. Mar. 1
6% preferred (guar.)
51% Apr. 1 Holders of rec. Mar. 1
6t4% p.eferred (quar.)
5171 Apr. 2 Holders of rec. Star. 10
pref.
(qu.).
Jersey Central Pr. & Lt.,7%
$13 Apr. 2 Holders of rec. Mar. 10
6% preferred (quar.)
10
5174 Apr. 2 Holders of rec. Mar.
% preferred (guar.)
$131 Apr. 2 Holders 01 rec. NIar. 15
Kansas El. Pow. Co. 7% pref. (quar.).
$11.5 Apr. 2 Holders of rec. Mar. 15
6% preferred (quay.)
70e. Apr. 1 Holders of rec. Mar. 15
Keystone Pub. Serv., $2.80 pref. (<1110- 20
5174 Apr. 2 Holders of rec. Mar.
Marlon Water,7% pref.(quar.)
Apr. 2 Holders of rec. Mar. 17
Memphis l'ow.& Lt. Co.Si pref.(qu.)_ _ 5174 Apr.
of rec. Mar. 17
Holders
2
5174
$6 preferred (quar.)
1 Holders of rec. Feb. 28
Metropolitan Edison Co.$6 pref.(qu.). _ $134 Apt.
$174 Apr. 2 Holders of rec. Feb. 28
$7 preferred (emir.)
Holders of rec. Feb. 28
2
Apr.
515,4
$5 preferred (quar.)
1
$2 Mar. 15 Holders of rec. Mar.
Muncie Water Works8% pre( (qu.)._ _ _
Holders of rec. Mar.24
2
Apr.
$134
Newark & Bloomfield RR (s. a )
28
Feb.
rec.
of
Holders
$1 Nlar. 10
Newark Tole. Co. (Ohio) (quar.)
Mar. 1 Holders of rec. Feb. 20
New Castle Water Works.6% pref.(qui 5114 Apr.
2 Holders of rec. Mar. 10
New England Power Assoc.,6% pr.(qu.) 5134
50c. Apr. 2 Holders of rec. Mar. 10
$2 preferred (quar.)
Holders of rec. Mar. 31
16
Apr.
50c.
Quarterly
of rec. Feb. 28
$6 pref. (quar.)_ 5114 Apr. 2 Holders of
New Jersey r. &
rec. Feb. 28
Holders
2
Apr.
513.4
Lt..
$5 preferred (guar.)
of rec. NIar. 20
Holders
2
Apr.
$174
New Jersey Water, 7% pref. (quar.)_
5174 Apr. 2 Holders of rec. Mar. 15
New York Steam Corp., $7 pref. (qu.)
$134 Apr. 2 Holders of rec. Mar. 15
86 preferred (quay.)
Holders of rec. Mar. 20
New York Telephone. 674% pref. (qu.). 5174 Apr. 16 Holders of rec. Mar. 31
50c Apr. 25
Ltd.,
com.(qu.)
North Ontario Pow.Co.,
Holders of rec. Mar. 31
25
Apr.
174%
6% preferred (guar.)
515i Apr. 2 Holders of rec. Mar. 15
Ohio Edison Co., $5 pref. (quar.)
Holders of rec. Mar. 15
2
Apr.
5134
$6 preferred (quar.)
$1.65 Apr. 2 Holders of rec. N1ar. 15
$6.60 preferred (quar.)
Holders ot rec. Mar .15
2
Apr.
5174
$7 preferred ((Mar.)
$1.80 Apr. 2 flolders of rec. Star. 15
$7.20 preferred (quar.)
rec. Mar.31
Pacific Lighting Corp.,$6 prof.(quar.)_ _ $134 Apr. 16 Holders of
513-4 Mar. 31 Holders of rec. Mar. 20
Pacific Tel. & Tel..(quar.)
$114 Apr. 16 Holders of rec. Mar. 31
6% preferred (quar.)
$13.1 Apr. 2 Holders of rec. Nlar. 10
Penn. Central Lt. & Pr., pref. (quar.). _
70c. Apr. 2 Holders of rec. lIar. 10
$2.80 preferred (quar.)
55c Apr. 2 Holders of rec. Mar. 20
Pennsylvania l'ow Co., $6.60 Prof.(mo.)
550 Slay 1 Holders of rec. Apr. 20
$6.60 preferred (monthly)
55c June 1 Holders of rec. May 21
56.60 preferred (monthly)
June 1 Holders of rec. May 21
$154
preferred
(quar.)
$6
$14 Apr. 2 Holders of rec. Mar. 20
Peoria Water Works, 7% pref. (qu.)
50e Apr. 1 Holders of rec. Mar. 10
Philadelphia Elec. Pow.8% pref. (qu.) _
Apr. 2 Holders of rec. Mar. 20
Public Service Co.of Okla.. 7% Pref•(Ou) $1
$134 Apr. 2 Holders of rec. Mar. 20
6% preferred (quar.)
Public Service of No. III.,6% pref.(qu.). $134 N1ar. 20 Holders of rec. Mar. 10
$134 Mar. 20 IIolders of rec. Mar. 10
7% preferred (guar.)
San Joaquin Light & PowerMar. 15 Holders 01 rec. Feb. 28
$134
(quay.)
A
6% preferred
5174 Mar. 15 Holders of rec. Feb. 28
7% preferred A (quar.)
5134 Mar. 15 Holders of rec. Feb. 28
7% prior preferred (quar.)
$134 Mar. 15 Holders of rec. Feb. 28
6% preferred B (quar.)
50c Apr. 15 Holders of rec. Mar. 20
Southern Calif. Edison, orig. pref.(ou.)
c Apr. 15 Holders of rec. NIar. 20
3414
C
(guar.)
series
% preferred
1510
Financial Chronicle
Per
When
Share. Payable.
Books Closed
Days Inchafee.
Mar.3 1934
Per
When
Books Closed
Name of Company.
Share. Payable.
Days Inclusive.
Public Utilities (Concluded).—
Miscellaneous (Concluded).
Sou. Canada Pow. Co.,6% pref.(quar.) 1X% Apr. 16 Holders
of rec. Mar.20
Lorillard (P.) Co., corn.(guar.)
30c. Apr. 2 Holders of rec. Mar.15
Southwestern Gas& El.Co.,8% pf.(qu.)
$ 2 Apr. 2 Holders of rec. Mar. 15
Preferred (guar.)
$134 Apr. 2 Holders of rec. Mar.15
7% preferred (guar.)
Apr.
2
Holders of rec. Mar. 15
$111
Ludlow Mfg. Assoc
Mar. 1 Holders of rec. Feb. 10
$134
Terre Haute Water Works. 7% pf.(qu.) $11/
Mar. 1 Holders of rec. Feb. 20
Mathieson Alkali Works, corn.(quar.)
37140 Apr. 2 Holders of rec. Mar. 8
West Penn Elec., class A (guar.)
$134 Mar.30 Holders of rec. Mar. 17
Preferred (guar.)
1134 Apr. 2 Holders of rec. Mar. 8
West Penn Power,6% pref.
(quar.)---- El% May I Holders of rec. Apr. 5
Mayer(Oscar)& Co.,7% lat pref.(qu.)_ $134 Mar. 1 Holders of rec. Feb. 24
7% preferred (quar.)
$111 May 1 Holders of reo. Apr. 5
8% 2d preferred (quar.)
$2 Mar. 1 Holders of rec. Feb. 24
Wisconsin Elec. Pow.,6% pref.(quar.)
$1% Apr. 2 Holders of rec. Mar. 15
Mead, Johnson (quar.)
750. Apr. 1 Holders of rec. Mar.15
634% preferred (quar.)
$1% Apr. 2 Holders of reo. Mar. 15
Extra
25c. Apr. I Holders of rec. Mar. 15
Merck
Corp..
prig
$2 Apr. 2 Holders of rec. Mar. 17
Banks and Trust Companies.
Meyer-Blanke.7% pref
/151.1( Apr. 2 Holders of rec. Mar.20
Chase National Bank of the City of N.Y.
350 Apr. 1 Holders of rec. Mar. 10
Meyers(F. E.)& Bros
250. Mar.31 Holders of rec. Mar. 15
Grace National Bank of N. Y
$2% Mar. 1 Holders of rec Feb. 27
6% preferred (quar.)
El% Mar.31 Holders of rec. Mar. 15
United States Trust Co.(quar.)
$15 Apr. 2 Holders of rec. Mar. 21
Meyer(H. H.)Packing,614% pref.(qu) 4111 Mar. I Holders of rec. Feb. 20
Mitchell(J. S.)& Co.,7% pref.(qua?.)_ $111 Apr. 3 Holders of rec. Mar.16
Fire Insurance Companies.
•
Monolith Portland Cement,3% pref_ __- h25c. Mar.10 Holders of rec. Feb. 28
Federal Ins.(N.J.)extra
500 Mar. 15 Holders of rec. Mar. 3
Moore Corp., 7% class A & B pref.(qu.) ul X Apr. 2 Holders of rec. Mar.15
Virginia Fire & Marine Ins
750 Mar. 5 Holders of rec. Feb. 28
Murphy(G.C.) Co.Stores, corn.(qu.)__
40e Mar. 1 Holders of reo. Feb. 17
National Breweries, Ltd., corn.(qua?.)...
400 Apr. 2 Holders of rec. Mar. 15
Miscellaneous.
Preferred (guar.)
440 Apr. 2 Holders of rec. Mar. 15
A.B.C. Trust Shares, ser. D
Feb. 28
National Dairy Prods., corn.(guar.)---300 Apr. 2 Holders of rec. Mar. 16
Abraham & Straus, corn.(guar.)
300 Mar.31 Holders of rec. Mar. 21
Preferred A & B (quar.)
$134 Apr. 2 Holders of rec. Mar.16
Extra
150 Max. Holders of rec. Mar. 21
Nat'l Life & Accident Ins.(Tenn.)(qu.).
30o Mar. 1 Holders of rec. Feb. 20
Allied Chemical& Dye Corp., pref.(qu.) 11I% Apr. 31
2 Holders of rec. Mar. 9
National Standards Co.(guar.)
50e Apr. 2 Holders of ree. Mar.20
American Bank Note Co.. pref.(quar.)-750 Apr. 2 Holders of rec. Mar. 12
New York Transit Co
15c Apr. 14 Holders of reo. Mar.23
American Can Co., pref. (quar.)
$134 Apr. 2 holders of rec. Mar. 16
Oahu Ry.& Land (mo.)
150 Mar. 15 Holders of roe. Mar. 10
American Chicle Co.(guar.)
75e Apr. 1 Holders of rec. Mar. 12
Monthly
1543 Apr. 16 Holders of rec. Apr. 11
American Cigar Co., corn.(quar.)
$2 Mar.15 Holders of reo. Mar. 10
Monthly
15c June 15 Holders of rec. June 11
Preferred (quar.)
$134 Apr. 2 Holders of rec. Mar. 17
Onomea Sugar(mo.)
200 Mar. 21 Holders of roe. Mar. 10
American Hawaiian Steamship Co.(qu.)
250 Apr. 2 Holders of rec. Mar. 15
Ontario Man & Debenture(guar.)
$134 Apr. 3 Holders of rec. Mar. 15
Amer lean Home Products Corp.(mo.)-200 Apr. 2 Holders of rec. Mar. 140
Parke Davis & Co. (quar.)
25c Mar. 31 Holders of reo. Mar. 20
American Hosiery Co.(guar.)
37%c Mar. 1 Holders of rec. Feb. 23
Pittsburgh Plate Glass(guar.)
250 Apr. 2 Holders of roe. Mar. 10
American Safety Razor Corp.(quar.)..$1 Mar.31 Holders of rec. Mar. 6
Extra
100 Apr. 2 Holders of rec. Mar. 10
American Tobacco Co., pref. (quar.)_
% Apr. 2 Holders of rec. Mar. 10
Premier Gold Mining Co.(quar.)
r3c Apr. 16 Holders of rec. Mar. 16
Anchor Cap Corp., common (guar.)
15c Apr. 2 Holders of rec. Mar.20
---Publication Corp.,7% lot pref.(quar.).
$134 Mar. 15 Holders of reo. Mar. 5
$634 preferred (quar.)
$111 Apr. 2 Holders of rec. Mar.20
Quaker Oats Co., corn. (guar.)
$1 Apr. 16 Holders of rec. Apr. 2
Atlas Corp.,$3 pref. A (quar.)
750 June 1 Holders of rec. May 19
Extra
51 Apr. 16 Holders of rec. Apr. 2
$3 preferred (quar.)
75o Sept. 1 Holders of rec. Aug. 20
6% preferred (quar.)
5134 May 31 Holders of rec. May I
$3 preferred (quar.)
750 Dec. 1 Holders of rec. Nov.20
Railroad Credit Corp.. Partic. carriersI% Mar. 31
Axton-Fisher Tobacco,6% pref.(quar.)- $1% Apr. 2 Holders
of rec. Mar. 15
Reliance Mfg. Co.of Ill., corn.(qua?.)...
lbc May 1 Holders of rec. Apr. 20
Common A (quar.)
800 Apr. 2 Holders of rec. Mar. 15
Preferred (quar.)
$134 Apr. 1 Holders of rec. Mar. 21
Common B (quar.)
400 Apr. 2 Holders of rec. Mar. 15
Reynolds
Apr. 2 Holders of rec. Mar. 17
Tob.
75c
&
Co.,
B
(qu.)(R.
A
J.)
Babcock & Wilcox Co.(quar.)
250 Apr. 2 Holders of rec. Mar.20
Riverside Silk Mills, pref. A
h25c Apr. 2 Holders of reo. Mar.15
Baldwin Co.,6% pref.(guar.)
31% Apr. 14 Holders of rec. Mar.31
Ruberold Co.(guar.)
25c Mar. 15 Holders of rec. Mar. 1
Preferred A ,(quar.)
$134 Mar.15 Holders of rec. Feb. 28
Ruud Mfg Co
250 Mar. 15 Holders of rea. Mar. 5
Belgian Ford,interim
10%
Second Internat'l Securities,6% 1st pref.
50c Apr. 2 Holders of rec. Mar. 15
Biltmore Hats, pref.(guar.)
8114 Mar. 15 Holders of reo.$Feb. 15
Senior Securities, Inc.(guar.)
30c Mar.10 Holders of rec. Feb. 28
Bird Archer
3% Mar. 1 Holders of rec. Feb. 23
Siscoe Gold Mines(quar.)
30 Mar. 31 Holders of reo. Mar. 8
8% preferred (quar.)
558 Mar. 1 Holders of rec. Feb. 23
Extra
2c Mar. 31 Holders of roe. Mar. 8
Bloomingdale Bros
100 Mar.31 Holders of rec. Mar. 21
South
Penn
Mar.31 Holders of rec. Mar. 14
30e
011
Co
Bohn Aluminum dr Brass, common
750 Apr. 2 Holders of reo. Mar. 15
South West Penna. Pipe Lines
SI Apr. 2 Holders of rec. Mar. 150
Bright(T. G.)
734 Mar. 15 Holders of reo. Feb. 28
Standard
Apr.
250
(qua?.).._
2 Holders of rec. Mar. 8
corn.
Brands,
Inc.,
Preferred (quar.)
$1% Mar. 15 Holders of rec. Feb. 28
Preferred (guar.)
$134 Apr. 2 Holders of rec. Mar. 8
Brillo Mfg. Co.. Inc., corn.(quar.)
15e Apr. 2 Holders of rec. Mar.15
Stein (A.)& Co., Inc., pref.(quar.)
$134 Apr. 2 Holders of rec. Mar. 15
Class A (guar.)
50e Apr. 2 Holders of rec. Mar. 15
Swift dr Co.(guar.)
1234o Apr. 1 Holders of rec. Mar. 10
Budd Realty (quar.)
$1 Mar. 1 Holders of rec. Feb. 24
Sylvanite Gold Mines. bonus
% Mar.31 Holders of rec. Mar. 1
Burt(F.N.)& Co.,coin.(guar.)
500 Apr. 2 Holders of rec. Mar. 15
Tacony-Paimyra Bridge, COm. (qua?.)..
250 Mar.31 Holders of rec. Mar. 10
Cambria Iron (s-a)
$1. Apr. 2 Ho.ders of rec. Mar. 15
Class A (guar.)
25c Mar.31 Holders of rec. Mar. 10
Canadian General El.Co.Com.(guar.)-750 Apr. 2 Holders of rec. Mar. 15
Thomson Elec. Welding (guar.)
25c Mar. 1 Holders of reo. Feb. 27
Preferred (guar.)
87%e Apr. 2 Holders of rec. Mar. 15
Union Carbide & Carbon Corp
250 Apr. 2 Holders of reo. Mar. 9
City ot Paris Dry Goods,7%,1st Dref-h$5X Mar. 1
United Carr-Fastener
150 Mar. 15 Holders of reo. Mar. 1
7% 2d preferred
5510 Mar. 1
United Corp., preference (quar.)
7.50 Apr. 2 Holders of rec. Mar. 7 •
Clorox Chemical(quar.)
500 Apr. 1 Holders of rec. Mar. 20
United Profit Sharing Corp.. prof. (8.-a.)
5% Apr. 30 Holders of rec. Mar.31
Coca-Cola Co., common (quar.)
Apr. 2 Holders of rec. Mar. 12
$1
United Refrig. Trans.,634% pf. (s-a)-- - 5334 Mar. 1 Holders of reo. Feb. 28
Confederation Life Assoc. (guar.)
$1 Mar. 31 Holders of rec. Mar.25
Universal Products Co
200 Mar. 31 Holders of rec. Mar. 20
Quarterly
$1 June 30 Holders of rec. June 25
Upresslt Metal Corp.,8% pref.(quar.)..
$2 Apr. 2 Holders of rec. Mar. 15
Quarterly
$1 Sept.30 Holders of rec. Sept. 25
Vanadium Alloys Steel Co.(quar.)
Mar. 10 Holders of rec. Mar. 10
25e
Quarterly
$1 Dee. 31 Holders of rec. Dec. 25
Vortex
Cup
Co.,
corn.
Apr. 2 Holders of rec. Mar. 15
250
(quar.)
Congress Cigar Co.(quar.)
250 Mar.30 Holders of rec. Mar. 18
Wagner Electric, pref.(quar.)
$134 Apr. 1 Holders of rec. Mar. 20
Consol. Invest. Trust (initial)(semi-an.)
500 Apr. 16 Holders of rec. Apr. 2
Walker (H.) Gooderham dr Worts—
Special
250 Apr. 16 Holders of rec. Apr. 2
Preferred (quar.)
250 Mar. 15 Holders of rec. Feb. 28
Coon(W.B.)7%pret.(quar.)
$111 May 1 Holders of rec. Apr. 14
Wesson Oil & Snowdrift Co., Inc.—
Dennison Mfg., deb
$2 Feb. 26 Holders of rec. Feb. 15
Common
(quar.)
Apr. 2 Holders of rec. Mar. 15
1210
Deposited Insurance Shares A
_ 234% May 1 Holders of rec. Mar. 15
Western Tablet & Stationery,7% Pt.(1u) 81)4 Apr. 2 Holders of rec. Mar.20
Dome Mines((Mar.)
250 Apr. 20 Holders of rec. Mar.31
Weston Biscuit Co.(quar.)
2 Holders of rec. Mar.20
Apr.
250
Extra
250 Apr. 20 Holders of rec. Mar.31
Weetvae0 Chlorine Prod., pref.(quar.)
511/ Apr. 2 Holders of rec. Mar. 15
Dominion Glass Co. common (quar.)__ _ 3154 Apr. 3 Holders of rec.
Mar.15
Wilson dc Co., Inc., pref.(quar.)
Apr. 2 Holders of rec. Mar. 17
%
Preferred (quar.)
$154 Apr. 3 Holders of rec. Mar.15
Wright-Hargreaves Mines (quar.)
100 Apr. 2 Holders of rec. Mar. 14
Draper Corp
60e Apr. 2 Holders of rec. Mar. 3
Bonus
5o Apr. 2 Holders of rec. Mar. 14
Durham Duplex Razor pref
20e Mar. 1 Holders of rec. Feb. 27
Dutch Ford,interim
6%
Eastern Gas& Fue14%% pref.(quar.)_ _ 51.12% Apr. 1 Holders of rec. Mar.
announced
Below
dividends
in previous weeks
we
give
the
15
6% preferred (guar.)
$114 Apr. 1 Holders of rec. Mar.15
and not yet paid. This list does not include dividends anEastern Steel Prods., 7% pref.(quar.)-- $134 Apr. 3 Holders of rec. Mar.
15
Equitable Office Bldg. Corp.corn.(qu.).
nounced this week, these being given in the preceding table.
25c Apr. 2 Holders of rec. Mar. 15
Eureka Vacuum Cleaner (guar.)
12%0 Apr. 1 Holders of rec. Mar. 15
Federated Department Stores (guar.)- 15c Apr. 2 Holders of rec. Mar.21
Books Closed
When
Per
Extra
100 Apr. 2 Holders of rec. Mar.21
Share. Payable.
Days Inclusive.
Name of Company
Filene's(Wm.)Sons Co.,common (qu.)_
200 Mar.31 Holders of rec. Mar.20
Extra
100 Mar.3) Holders of rec. Mar.20
Railroads (Steam).
Preferred (guar.)
31% Apr. 2 Holders of rec. Mar. 20
Bangor & Aroostook, common
630 Apr. 2 Holders of reo. Feb. 28
Fisk Rubber, pref.(initial)
$1.)5 Apr. 2 Holders of rec. Mar. 12
Preferred
1)4% Apr. 2 Holders of rec. Feb. 28
First Holding Corp.(Calif.) pref.(qu.)-- 11% Mar. 1 Holders of rec. Feb. 20
Chesapeake
&
Ohio
700 Apr. 2 Holders of rec. Mar. 8
common
(guar.).—
First National Stores common (quar.)__ 62%0 Apr. 2 Holders of rec. Mar. 10
Preferred (semi-ann.)
8334 July 1 Holders of reo. June 8
General Electric Co., corn
15c. Apr. 25 Holders of rec. Mar. 16
Chestnut
Hill
75o Mar. 5 Holders of reo. Feb. 20
(quar.)
Special preferred (quar.)
150. Apr. 25 Holders of rec. Mar. 16
Cincinnati Union Terminal,4% p1.(qu.) 8154 Apr. I Holders of reo. Mar.20
General Mills.6% pref.(quar.)
$1% Apr. 2 Holders of rec. Mar. 14
4% preferred (quar.)
$1 54 July I Holders of rec. June 20
General Ry.Signal Co., corn.(quar.)
250. Apr. 2 Holders of rec. Mar. 9
4% preferred (quar.)
$154 Oct. 1 Holders of rec. Sept.20
Preferred (quar.)
Apr. 2 Holders of rec. Mar. 9
4% preferred (guar.)
$134 Janl'35 Holders of rec. Doe. 20
Gillette Safety Razor Co.common (qu.)_
250 Mar.30 Holders of rec. Mar.12
Cleveland
&
June I Holders of rec. May 10
Pittsburgh,
87.tic
reg.
gtd.
(quar
.)
Preferred (quar.)
$154 May 1 Holders of rec. Apr. 2
Registered guaranteed (quar.)
87Sic Sept. 1 Holders 01 rec. Aug. 10
Goldblatt Bros.(quar.)
250 Apr. 2 Holders of rec. Mar. 10
Registered guaranteed (quar.)
8755c Dec. 1 Holders of rec. Nov. 10
Great Western Sugar, corn.(quar.)
60c. Apr. 2 Holders of rec. Mar. 15
Special guaranteed (quar.)
.50c June I Holders of reo. May 10
Preferred (quar.)
$154 Apr. 2 Holders or rec. Mar. 16
Special guaranteed (quar.)
50c Sept. 1 Holders of rec. Aug. 10
Group Security Corp
4c. Mar. 1 Holders of rec. Feb. 15
Special guaranteed (quar.)
50c Dec. 1 Holders of rec. Nov. 10
Harriman Ins.Funds Inv. Sirs. (quar.)-35o Mar. 1 Holders of rec. Feb. 20
Columbus & Xenia
$1.10 Mar. 10 Holders of rec. Feb. 26
Hathaway Manufacturing (guar.)
$2 Mar. 1 Holders of rec. Feb. 15
Dayton & Michigan (s-a)
87550 Apr. 2 Holders of rec. Mar. 15
Hawaiian Sugar (quar.)
600 Apr. 15 Holders of reo. Apr. 5
8% preterred (guar.)
$I Apr. 2 Holders of reo. Mar. 15
Hazel-Atlas Glass Co
11 3.4 Apr. 2 Holders of rec. Mar.17
Detroit Hillsdale & S'western (s-a)
$2 July 7 Holders of reo. June 20
Hearst Como!.Pub.(War.)
4311c Mar. 15 Holders of rec. Mar. 1
Erie dr Pittsburgh
Mar. 10 Holders of rec. Feb. 28
87550
Helme(Geo. W.)common (quar.)
$IX Apr. 2 Holders of reo. Mar.10
Germantown & Norristown
Mar. 5 Holders of rec. Feb. 20
Preferred (guar.)
$11‘ Apr. 2 Holders of reo. Mar.10
Lackawanna RR.of N.J.,4% pref.(qu.)
$1 Apr. 2 Holders of reo. Mar. 8
Hercules Powder Co.common (quar.)
50o Mar.24 Holders of rec. Mar.13
Little Miami,spec. gtd.(quar.)
50c Mar. 10 Holders of reo. Feb. 24
Horn dr Hardart Baking (quar.)
$13' Apr. 1 Holders of reo. Mar. 21
Original gtd.(quar.)
81 Mar. 10 Holders of rec. Feb. 24
Honolulu Plantations (monthly)
250. Mar. 10 Holders of rec. Feb. 28
N Y.Lackawanna,5% gtd.(qua?.)...
Apr. 2 Holders of rec. Mar. 5
Household Finance Corp.—
New York Lackawanna & Western (qu.)
Apr. 2 Holders of rec. Mar. 14
81
Common A & B (quar.)
750 Apr. 14 Holders of rec. Mar 31
Norfolk & Western, corn. (guar.)
Mar.19 Holders of reo. Feb. 28
82
Preferred (quar.)
Apr.
$1.05
14 Holders of rec. Mar. 31
Extra
$2 Mar.19 Holders of reo. Feb. 28
Hudson 1%1111s 7% pref. A
5$3.15 Mar. 1
Northern RR of NJ.4% gtd
$1 June 1 Holders of rec. May 21
Ideal Financing Assoc., 58 pref.(qu.)...
82 Apr. 1 Holders of rec. Mar. 15
4% guaranteed (guar.)
51 Sept. I Holders of reo. Aug. 22
$2 convertible preferred (qua?.)
50c. Apr. 1 Holders of rec. Mar. 15
4% guaranteed (quar.)
81 Dec. 1 Holders of reo. Mar. 21
Series A (guar.)
Apr. 1 Holders of rec. Mar. 15
12
Pennsylvania
50e Mar.15 Holders of rec. Feb. 15
ImperialTobacco of Can.ord.(guar.)--- rl % Mar.31 Holders of rec. Mar. 7
Piedmont & Northern(quar.)
750 Apr. 10 Holders of ree. Mar.31
Ordinary (final)
r3%% Mar.31 Holders of rec. Mar. 7
Pittsburgh Bessemer & Lake Erie (8.-a.).
750 Apr. 1 Holders of rec. Mar. 15
Preferred (s.-a.)
r3%
Mar.31 Holders of rec Mar. 7
Pitts Ft Wayne es Chicago (quar.)
Apr. 3 Holders of reo. Mar. 10
51X
Industrial Cotton Mills, pref.(quar.)-- - $11( May 1
Quarterly
81)4 July 3 Holders of rec. June 11
Preferred (quar.)
$134 Aug. 1
Quarterly
Oct. 2 Holders of roe. Sept. 10
81)4
Interlake Coal dc Coke
lc Mar. I Holders of rec. Feb. 21
Quarterly
81)4 1-145 Holders of reo. Dec. 10
International Silver Co. pref. (quar.)__
1% Apr. I Holders of rec. Mar. 14
7% preferred (quar.)
Apr. 3 Holders of rec. Mar. 10
Investors Corp.of Philadelphia(quar.)_ _
500. Mar. 15 Holders of rec. Mar. 1
7% preferred (quar.)
$1,8
Jul)
, 3 Holders of reo. June 11
Johns-Manville Corp. pref.(guar.)
$134 Apr. 2 Holders of rec. Mar. 16
7% preferred (quar.)
Oct. 2 Holders of reo. Sept. 10
Judson Mills7% pref. A
h$3% Mar. 1
7% preferred (quar.)
Holders of reo. Dee. 10
$1,8
Kilbourn Mills(guar.)
$I Mar.15 Holders of rec. Feb. 23
Pittsburgh Youngstown dr Ashtabu1aKoppers Gas ds Coke 6% prof. (quar.)_ _ $1)4 Apr. 2 Holders of rec. Mar. 12
7% preferred (quar.)
June I Holders of roe. May 21
Kroger Grocery & Baking Co.extra__
50c Mar. 1 Holders of rec. Feb. 20
7% preferred (qua?.)
.81% Sept. 1 Holders of rec. Aug. 20
Lehigh Portland Cement Co., prof.(qu.i
f 8714c Apr. 2 Holders of rec. Mar. 14
5% preferred (quar.)
um Dee. 1 Holders of reo. Nov. 20
Leslie-Calif. Salt (quar.)
35e Mar.15 Holders of rec. Mar. 1
•
Reading Co.. 1st pref. (quar.)
50e Mar. 8 Holdesr of rec. Feb. 15
Linder Alr Prod., pre (guar.)
$1% Apr. 2 Holders of rec. Mar. 20
Union Pacific, common
Apr. 2 Holders of roe. Mar. I
8134
Lindsay Light Co., pref. (quar.)
1711e Mar.14 Holders of rec. Mar. 12
Preferred (s.-a.)
$2 Apr. 2 Holders of rec. Mar. 1
Loudon Packing Co.(quar.)
37%0 Apr. 2 Holders of rec. Mar. 15
United New Jersey RR.& Canal(guar.). $2% Apr. 10 Holders of reo. Mar.20
12%0 Apr. 2 Holders of rec. Mar. 15
Extra
Warren (s-a)
11X Apr1 16 Holders of reo. Apr. 4
Now,...,Company
Name of Company.
When
Per
Share. Payable.
Books Closed
Days Inclusire.
Public Utilities.
Holders of rec. Mar. 7
Amer. Pow. & Lt. Co. $0 pref. (guar.)._ 371ie Apr. 2 Holders of rec. Mar. 7
3131c Apr. 2
55 preferred
5234 Apr. 16 Holders of rec. Mar. 15
American Tel. & Tel. Co. (quar.)
5134 Apr. 2 Holders of rec. Mar.17
Atlantic & Ohio Tel. (quar.)
5111 Apr. 2 Holders of rec. Mar. 10
Bangor Hydro-E.ec., 7% pref. (quar.)
51 Si Apr. 2 Holders of rec. Mar. 10
(quar.)
preferred
6%
60e Mar. 31 Holders of rec. Mar. 16
Bridgeport Gas Light (quar.)
$111 Apr. 2 Holders of rec. Mar. 1
Brooklyn Union Gas Co.(quar.)
40e Apr. 2 Holders of rec. Mar. 15
(qu.)_
Power
Eastern
Buffalo Niagara &
S13j May 1 Holders of rec. Apr. 14
55 1st preferred
rec. Mar. 15
Brooklyn & Queens Transit pref. (au.)- - 5134 Apr. 2 Holders of
Mar. 15
Central Illinois Light Co.6% pref.(qu.). 1.15% Apr. 2 Holders of roe.
134% Apr. 2 Holders of rec. Mar. 15
7% preferred (quar.)
Feb. 26
rec.
of
Holders
15
Mar.
$13.4
_
(qu.)_
pref.
6%
Elec.,
&
Gas
Coast Cos.
75c Mar.15 Holders of rec. Feb. 2
Consolidated Gas
5134 May 1 Holders of rec. Mar. 20
Consol. Gas of N.Y.,5% pref.(quar.)- Consol. Gas El. Lt. & Pow. Co.of Bait.,
90c Apr. 2 Holders of rec. Mar. 15
Common (quar.)
$111 Apr. 2 Holders of rec. Mar. 15
Series A,5% preferred (quar.)
$134 Apr. 2 Holders of rec. Mar. 15
Series D 6% preferred (quar.)
$134 Apr. 2 Holders of rec. Mar. 15
Series E 53i% preferred (quar.)
(quer.).
pref.
$134 Apr. 2 Holders of rec. Mar. 15
Consumers Power Co., $5
$134 Apr. 2 Holders of ree. Mar. 15
6% preferred (quar.)
$1.65 Apr. 2 Holders of rec. Mar. 15
6.6% preferred (quar.)
$134 Apr. 2 Holders of rec. Mar. 15
7% preferred (quar.)
500 Apr. 2 Holders of rec. Mar. 15
6% preferred (monthly)
55c Apr. 2 Holders of rec. Mar. 15
6.6% preferred (monthly)
Mar. 15
Duquesne Light Co.,5% 1st pref. (qu.)- $1 3.4 Apr. 16 Holders of rec. Dec. 31
180 Apr. 15 Holders of roe.
Eastern Township Telephone
Mar.20
rec.
of
Holders
2
Apr.
SI
Elizabeth dr Trenton (s.-a.)
sl Oct. 1 Holders of rec. Sept.20
Semi-annual
Mar.20
rec.
of
Holders
2
Apr.
5111
-a.)
(s
5% preferred
$111 Oct. 1 Holders of rec. Sept.20
5% preferred (s.-a.)
51 June I Holders of rec. May 22
Empire dr Bay State Teleg.,4% gu.(qu.)
$1 Sept. I Holders of rec. Aug. 22
4% guaranteed (quar.)
$1 Dee. 1 Holders of rec. Nov.21
4% guaranteed (quar.)
5134 Apr. I Holders of rec. Mar. 15
Empire Power Corp. $6 pref. (quar.)Escanawba Pow.& Traction5134 May 1 Holders of roe. Apr. 26
6% preferred (quar.)
$134 Aug. 1 Holders of rec. July 27
6% preferred (quar.)
$134 Nov. 1 Holders of rec. Oct. 26
6% preferred (guar.)
$134 Apr. 2 Holders of rec. Mar. 31
Gold & Stock Tel. (quar.)
$134 Mar.15 Holders ot rec. Mar. 1
Gulf States URI.,$6 pref.(quar.)
1
5134 Mar. 15 Holders of rec. Mar.
$534 preferred (guar.)
Mar. 15 Holders of rec. Feb. 28
8734e
Co
l'ower
Indiana Hydro-Electric
10
Mar.
rec.
of
Holders
5134 Mar. 31
Indianapolis Water Co.. 5% pref.(qu.)
31
3134 Apr. 2 Holders of rec. Mar. 14
Interocean Telep. Co. (quar.)
Mar.
Kansas City Pow.& Lt. 1st pref. (qu.)-- 5134 Apr. 1 Holders of rec. Mar. 19
5134 Apr. 2 Holders of rec.
Kings County Lighting (quar.)
5111 Apr. 2 Holders of roe. Mar. 19
7% preferred (quar.)
19
5134 Apr. 2 Holders of rec. Mar.
6% preferred (quar.)
5134 Apr. 2 Holders of rec. Mar. 19
5% preferred (quar.)
12
Mar.
rec.
of
Holders
31
Mar.
160
J
Lone Star Gsa Corp. common (quer.)
12
5134 Mar. 31 Holders of coo. Mar.
6% cony. preference (quar.)
Mar. 15
Long Island Lighting Co.7% pret.(q11.)- 5134 Apr. I Holders of roe.
15
Mar.
rec.
of
Holders
1
5134 Apr.
6% preferred (quar.)
Louisville Gas & Electric Co.(Del.)—
28
Feb.
rec.
of
Holders
24
ar.
NI
4334e
Class A and B common (quar.)
$111 Apr. 1 Holders of rec. Mar. 15
Nassau & Suffolk Ltg., pref. (quar.)_ _
New England Gas & Electric Assn.—
$134 Apr. 1 Holders of rec. Feb. 28
$534 preferred (quar.)
$134 Mar. 31 Holders of rec. Mar. 9
New England Tel. & Tel. Co
52 Mar. 14 Holders of roe. Mar. 2
P.
&
(quar.)
New York & Queens El. Lt.
$111 Apr. 2 Holders of rec. Mar. 15
New York Steam,$7 pref.(quar.)
Apr. 2 Holders of roe. Mar. 15
$134
(quar.)
$6 preferred
50o Mar.28 Holders of rec. Mar. 15
New York Transportation Co.(quar.)--Feb. 28
Oklahoma Gas & El. Co.,6% prof.(qu.) 134% Mar. 15 Holders of rec.
134% Mar. 15 Holders of rec. Feb. 28
7% preferred (quar.)
Pennsylvania Gas & Elec. Corp.,
$1.34 Apr. 2 Holders of rec. Mar.20
$7 de 7% preferred (guar.)
Pennsylvania Water & Power Co.—
75c Apr. 2 Holders of rec. Mar. 15
Common (quar.)
$134 Apr. 2 Holders of rec. Mar. 15
Preferred (guar.)
Philadelphia Co.. $5 cum. pref. (quar.)_ $ui Apr. 2 Holders of rec. Mar. 1
5134 Apr. 2 Holders of rec. Mar. 1
$6 cum. preferred (quar.)
5114 Mar. 5 Holders of rec. Feb. 20
Phila. Germantown & Norristown (qu.) _
70e Mar.31 Holders of rec. Mar. 1
Public Service Corp. of N. J. corn.((lu)$2 Mar.31 Holders of rec. Mar. 1
(quar.)
8% cumulative preferred
5134 Mar.31 Holders of roe. Mar. 1
7% cumulative preferred (quar.)
$134 Mar.31 Holders of roe. Mar. 1
$5 cumulative preferred (quar.)
500 Mar.31 Holders of rec. Mar. 1
6% preferred (monthly)
Public Service Electric & Gas Co.$134 Mar. 31 Holders of rec. Mar. I
7% preferred (quar.)
$111 Mar, 31 Holders of rec. Mar. 1
$5 preferred (quar.)
Queensborough Gas & Elec.,6% pt.(qu.) $134 Apr. 2 Holders of rec. Mar. 15
South Carolina Power Co.,$6 prel.(au.) 5134 Apr. 2 Holders of rec. Mar. 15
South Colorado Power, $6 1st pref.(qu.) 5134 Apr. 2 Holders of rec. Mar. 15
Southern & Atlantic Telegraph (s.-a.)
6214c Apr. 2 Holders of rec. Mar. 16
Southern Calif. Edison Co., Ltd.—
Preferred A ((oar.)
134% Mar. 15 Holders of rec. Feb. 20
6% preferred B (quar.)
134% Mar. 15 Holders ot rec. Feb. 20
1% Mar. 15 Holders of rec. Feb. 28
Southern Colo. Pow.,7% cum. pt. (qu.
Southern New England Telep.(quar.). $134 Apr. 16 Holders of rec. Mar. 31
20c Apr. 2 Holders ot rec. NIar. 20
Telephone Investment Corp. (mo.)--- Tennessee Electric Power Co.
5134 Apr. 2 Holders of rec. Mar. 15
5% 1st preferred (quar.)
6% tot preferred (quar.)
5134 Apr. 2 Holders of rec. Mar. 15
7% 1st preferred (quar.)
$134 Apr. 2 Holders of roe. Mar.15
$1.80
Apr. 2 Holders of rec. Mar. 15
7.2% 1st preferred ((mar.)
50o Apr. 2 Holders of roe. Mar. 15
6% 1st preferred (monthly)
600 Apr. 2 Holders of reo. Mar. 15
7.2% 1st preferred (monthly)
$234 Apr. 29 Holders of rec. Mar. 20
United Cos.of New Jersey (quar.)
United Gas er. EMC. Corp., pref. (quar.) 111% Apr. 1 Holders of rec. Mar. 15
30c Mar.31 Holders of rec. Feb. 28
(quar.)_
Co.,
Gas
common
Impt.
United
5134 Mar.31 Holders of rec. Feb. 28
$5 preferred Auer.)
United Light & Rya. Co.(Del.)58 1-3c Apr. 2 Holders of rec. Mar. 15
7% preferred (monthly)
53e Apr. 2 Holders of rec. Mra. 15
6.30% preferred (monthly)
500 Apr. 2 Holders of rec. Mar. 15
6% preferred (monthly)
United States Elec. Lt.& Pr.. $6 pf.(qu) 5134 Apr. 2 Holders of rec. Mar. 15
Upper Michigan Pow.& Lt. prof.(au.)- - $1% May 15
5134 Aug. 15
0% preferred (quar.)
5134 Nov.15
6% preferred (quar.)
2-1-35
51%
(quar.)
6% preferred
.(qu.) $134 Mar.20 Holders of rec. Feb. 28
Virginia Elec. & Power. Co., $6 pf.
Washington Water Power, 56 pref.(qu.) $134 Mar. 15 Holders of rec. Feb. 23
Wisconsin l'ower Jr Light Co.
37340 Mar. 15 Holders of rec. Feb. 28
6% preferred (quar.)
4334c Mar. 15 Holdres of rec. Feb. 28
7% preferred (quer.)
Wisconsin Public Service Corp.$1.11 Mar. 20 Holders of rec. Feb. 28
7% preferred (quar.)
$134 Mar. 20 Holders of rec. Feb. 28
634% preferred (quar.)
$134 Mar. 20 Holders of rec. Feb. 28
6% preferred (quar.)
Fire Insurance Companies.
Boston Insurance Co
Glen Falls Ins. ((luar.)
North River Ins. Co.(guar.)
Extra
Republic Insurance, Texas (quar.)
Quarterly
Quarterly
$4.21
400
15e
be
20e
20c
20e
Apr. 2 Holders of roe. Mar.20
Apr. 2 Holders of rec. Mar. 15
Mar.10 Holders of rec. Mar. 1
Mar.10 Holders of rec. Mar. 1
May 10 Holders of rec. Apr. 30
Aug. 10 Holders of rec. July 31
Nov. 10 Holders of rec. Oct. 31
Miscellaneous.
Abbott Labratorles (quar.)
Extra
Adams Express Co., pref. (guar.)
Affiliated Products, Inc.(mo.)
Agnew Surpass Shoe Stores. pref. (qu.)
Alpha Ptld Cement. 7% pref. (quar.)_
Aluminum Co. of Amer., pref.(quar.)-
500
be
$1%
Sc
$1%
$111
37%c
Apr. I Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 15
Mar. 31 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Star. 16
Apr. 2 Holders of rec. Mar. 15
Mar. 15 Holders of rec. Mar. 1
Apr. 1 Holders of rec. Mar. 15
1511
Financial Chronicle
Volume 138
.Vame of Company.
iVhen
Per
Share. Payable.
Books Closed.
Days Inc-lustre.
Miscellaneous (Continued).
500 Mar. 31 Holders of rec. Mar. 15
Aluminum Mfg. (quar.)
50e June 30 Holders of rec. June 15
Quarterly
50c Sept. 30 Holders of rec. Sept. 15
Quarterly
50c Dec. 31 Holders of rec. Dec. 15
Quarterly
5134 Mar. 31 Holders of rec. Mar. 15
7% preferred (qelar.)
June 30 Holders of rec. June 15
5134
(quar.)
7% preferred
$134 Sept. 30 Holders of rec. Sept. 15
7% preferred (quar.)
5134 Dec. 30 Holders of rec. Dec. 15
7% preferred (quar.)
h75c Mar. 15 Holders of rec. Mar. 1
American Capital Corp., $3 prof
$134 June 1 Holders of rec. May 25
American Envelope,7% prof.(quer.) _ _
Sept. I Holders of rec. Aug. 25
$134
(quar.)
7% preferred
$134 Dec. 1 Holders of rec. Nov. 25
7% preferred (quar.)
10c Mar.10 Holders of rec. Feb. 28
American Factors(mo.)
75e Apr. 1 Holders of rec. Mar.23
American Glanzstoff Corp., pref. (au.,
S111 Apr. 1 Holders of rec. Mar.23
7% preferred (quar.)
Apr. 1 Holders of rec. Mar.23
h$14
preferred
7%
25c Mar,15 Holders of rec. Mar. 5
American News Co.(hi-mo.)
50c Mar.31 Holders of rec. Mar. 15
American Steel Foundries, pref
50o Apr. 2 Holders of rec. Mar. 16
American Stores Co. ((mu.)
50c Apr. 2 Holders of rec. Mar. 5
American Sugar Refining Co.,corn.(au.)
Apr. 2 Holders of roe Mar. 5
$1
Preferred ((Man)
51
(qu.).
34 Apr. 15 Holders of rec. Mar. 15
American Woolen Co.. Inc.. pref•
$1.1.4 Apr. 2 Holders of rec. Star. 10
Armour & Co. of Del., 7% pref. (quar.)$1 Mar. 31 Holders of rec. Mar. 21
Assoclates Investment. corn. (guar.)
$1.11 Mar. 31 Holders of rec. Mar. 21
$7 preferred (quar.)
25e Mar. 15 Holders of rec. Feb. 21
Atlantic Relining Co (Phlla.), COM.(Q11)
50c Mar. 10 Holders of rec. Feb. 28
Atlas Powder Co., corn.(quar.)
_
3134 Apr. 1 Holders of rec. Mar.20
Barber(W.H.)& Co., prof.(quar.)
July 1 Holders of rec. June 20
5134
(quar.)
Preferred
5134 Oct. 1 Holders of rec. Sept. 20
Preferred (quar.)
$134 Jan 1'35 Holders of rec. Dec. 20
Preferred (quar.)
rec. Mar. 4
Beatrice Creamery Co., pref.(quar.) --- 5134 Apr. 2 Holders of rec. Mar. 12
75e Apr. 2 Holders of
Beech-Nut packing Co., corn. (quar.)
Feb. 28
Belding-Corticelli, Ltd.. prof. (guar.).- $194 Mar. 15 Holders of rec.
$2
Berkshire Woolen (s-a.)
37340 May 15 Holders of rec. May 11
Block Bros. Tobacco (quar.)
3710 Aug. 15 Holders of rec. Aug. 11
Quarterly
3734c Nov. 15 Holders of rec. Nov. 11
Quarterly
$134 Mar. 31 Holders of rec. Mar. 25
(quar.)
Preferred
5134 June 30 Holders of rec. June 25
Preferred (quar.)
5134 Sept. 30 Holders of rec. Sept. 25
Preferred (Quill%)
$134 Dec. 31 nolders of rec. Dec. 24
Preferred (quar.)
25e Mar,20 Holders ot rec. Mar. 1
Bower Roller Bearing Co
551 Mar. 25 Holders of rec. Mar. 20
Bridgeport Machine Co.. pref
Mar. 31 Holders of rec. Mar.20
250
Briggs & Stratton Corp
25c Mar. 15 Holders of rec. Feb. 15
Bristol Brass
Aft.
2 Holders of rec. Mar. 15
$134
Preferred (guar.)
r20e Apr. 2 Holders of rec. Mar. 15
British American Oil Co.(quar.)
10d Mar. 31 Holders of rec. Mar. 1
British-Amer. Tobacco, interim (guar.).
75c. Mar.15 Holders of rec. Feb. 23
Buckeye Pipe Line Co.(quar.)
50c Apr. 2 Holders of rec. Mar. 15
Bucyrus Erie Co., pref. (quar.)
an Apr. 26 Holders of rec. Mar. 12
w234
ree.(inter.)
dep.
Am.
Ltd.,
Corp.,
Burma
100.
Mar. 5 Holders of rec. Feb. 3
Burroughs Adding Mach. Co
50c Apr. 2 Holders of roe. Mar. 22
California Ink Co. (quar.)
Star.
26 Holders of rec. Star. 10
25c
corn
Corp.,
California Packing
40e Apr. 1 Holders of rec. Mar. 15
Calamba Sugar Estates, corn. (quer.).
1 Holders oh roe. Mar. 15
Apr.
35e
preferred
(quar.)
7%
37 Si c Mar. 15 Holders of rec. Feb. 28
Canada Malting Co.((mar.)
$2 Apr. 3 IIolders of rec. Mar. 15
Canada Permanent NItge.(quar.)
51 Apr, 4 Holders of roe. Mar. 16
Canadian Cottons. Ltd., corn. (guar.)...
5134 Apr. 4 Holders of rec. Mar. 16
Preferred (quar.)
$2 Apr. I Holders ot rec. Mar.20
Canadian Oil, pref.(quar.)
Mar. 31 Holders of rec. Mar. 20
$I
Canfield Oil Co., preferred (quar.)
$1% Apr. 2
Carnation Co.. prof. (quar.)
2
July
$1%
Preferred (gear
51% Oct. 1
Preferred ((uar.)
Jan.2'35
$134
(quar.)
Preferred
of rec. Mar. 10
Carter(Wm.)& Co., preferred (quar.)_ _ $134 Mar. 1S Holders or rec. Mar.12
SI Apr. 1 Holders
Case (J. I.), 7% prof.(quar.)
rec. Feb. 26
of
Holders
5
Mar.
25e
common
Castle (A. ha.) & Co.,
10c May 15 Holders of rec. Slay 5
Centrifugal Pipe Corp. (quar.)
10c Aug. 15 Holders of rec. Aug. 5
Quarterly
Inc Nov. 15 Holders of rec. Nov. 5
Quarterly
h$4 Mar. 15
Chadwick-Hoskins, 8% Preferred
Co.
Champion Coated Paper
$134 Apr. 2 Holders of rec. Mar. 20
1st preferred (quar.)
5111 Apr. 2 Holders of rec. Mar. 20
Special preferred (quar.)
$111 Apr, 2 Holders of rec. Mar. 20
Champion Fiber. 7% pref. (quar.)
62e Apr. 2 Holders of rec. Mar. 8
Chesapeake Corp., corn. (quar.)
Si Mar. 30 Holders of rec. Mar. 10
Chesebrough Mfg.(quar.)
50c mar. 30 Holders of rec. Mar. 10
Extra
Mar. 5 Holders of rec. Feb. 23
bloc
A
class
Co.,
Chicago Elec. Mfg.
25e Mar. 30 Holders of rec. Mar. 20
Chicago Flexible Shaft Co., corn. (qu.)
ChicagoJunction & Union Stockyards51.14 Apr. 2 Holders of rec. Mar. 15
6% preferred ((lull%)
5234 Apr. 2 Holders of rec. Mar. 15
Quarterly
Apr. 2 Holders of rec. Mar. 20
$1%
(quer.).
pref.
7%
Christiana Securities,
25c Mar.31 Holders of rec. Mar. 1
Chrysler Corp.. common (quar.)
Cincinnati Wholesale Grocery5134 Apr. 2 Holders of rec. Mar. 15
1% preferred (quar.)
50c Mar. 31 Holders of rec. Mar. 15
City leek Fuel Co., corn.((lMari
20c Mar. 15 Holders of rec. Feb. 28
common
Co.,
Clark Equipment
Mar. 15 Holders of rec. Feb. 28
$111
7% preferred (quar,)
$1 Mar. 15 Holders of rec. Feb. 21
Claude Neon Elec. Prod.of Del.. spec_
Apr. 1 Holders of rec. Mar. 10
5134
prof.
(qu.)
Colgate-Palmolive-Poet Co.,
25o Mar. 31 Holders of rec. Mar. 10
Colt Patent Fire Arms Mfg.(quar.)
Mar. 31 Holders of rec. Mar. 10
25e
_
_
(quar.)_
core.
Co..
Credit
Commercial
$134 Star. 31 Holders of rec. Mar. 10
634% preferred (quar.)
4311.3 Nfar, 31 Holders of rec. Mar. 10
7% preferred (guar.)
500 Mar. 31 Holders of rec. Star. 10
8% preferred (quar.)
75c Mar. 31 Holders of rec. Mar. 10
$3 class A cony. pref. (quar.)
Corp.—
Trust
Investors
Commercial
50c Apr. I Holders of roe. Mar. 5a
Common (quar.)
4134 Apr. 1 Holders of rec. Mar. 5a
Preference stock (quar.)
Commercial National Corp
35e Mar. 15 Holders of rec. Feb. 28
Compressed Industrial Gases (quar.)..
3214c Mar. 15 Holders ot rec. Mar. 1
Congoleum-Nairn, Inc., corn.(quar.)
30c May 1 Holders of reo. Apr. 20
Consolidated Amusement(guar.)
50o Apr, 2 Holders of rec. Star, 9
Consolidated Film Indus., pref. (quar.) _
Apr. 7 Holders of rec. Mar. 10
28e
_
(initial)
corn.
Consolidated Oil Corp.,
1734c Apr. 1 Holders of rec. Mar.21
Consolidated Paper,7% pref.(quar.) _
$134 Apr. 2 Holders of rec. Mar. 15
Continental Gin, 6% pref. (quar.)
25c Mar. 15 Holders of rec. Feb. 28
Cord Corp
5134 Apr, 2 Holders of •.ee. Mar. 31
Cottrell(C.B.)& Sons, pref.
Mar. 22 Holders of rec. Feb. 20
w434%
s
d
l
t
o
C
,
)
.
r
a
u
q
(
final
com.
Ltd.,
Mar. 5a
Crown Cork International Corp., el. A_ _ S 50c Star. 30 Holders of rec.
67e Mar. 15 Holders of rec. Feb. 28
Crown Cork & Seal Co., Inc., pref
Mar. 13
rec.
of
Holders
1
Apr,
SI
Crown Willamette Paper,$7 pref.(qu.) $2 Mar.31 Holders of roe. Mar.21
Crum Jr Forster, 8% prof.(guar.)
Cuneo Press. Inc.. preferred (quar.)_ $14 Mar.15 Holders of rec. Mar. 1
h 75e Apr. 2 Holders of rec. Mar. 20
Curtis Publishing Co., $7 pref
25c Mar. 15 Holders of rec. Feb. 28
Daniel Reeves, Inc., common (quar.)....
$14 Mar. 15 Holders of rec. Feb. 28
634% preferred (quar.)
75e Apr. 1 Holders of rec. Mar. 20
De Long Hook Jr Eye Co.(quar.)
500 Apr. I
Denver Union Stockyards ((War.)
50c July 1
Quarterly
500 Oct. 1
Quarterly
600 Jan.
Quarterly
El% June 1 Holders of rec. Slay 20
7% preferred (prow.)
$154 Sept. 1 Holders of rec. Aug. 20
7% preferred (oust.)
$134 Dee. 1 Holders of rec. Nov. 20
7% preferred ((liar.)
Devoe Jr Raynolds Co.—
25c Apr. 2 Holders of rec. Mar. 21
Common A Jr B ((luar.)
25c Apr, 2 Holders of rec. Mar. 21
Common A Jr B extra
$134 Apr. 2 Holders of rec. Mar. 21
7% first and second pref.(quar.)
15e June 1 Holders of rec. May 15
((uar.)
Doctor Pepper Co.,
15c Sept. 1 Holders of rec. Aug. 15
Quarterly
150 Dec. 1 Holders of rec. Nov. 15
Quarterly
Dominion Bridge Co., Ltd.. corn. (qu.). r500. May 15 Holders of rec. Apr. 30
30e Apr. 2 Holders of rec. Mar. 15
Dominion Stores, Ltd., corn.(quar.)_ _ _
$2 Apr. 2
Duplan Silk Corp.. pref. (quar.)
1512
Name of Company.
Financial Chronicle
Fir
When
Share. Payable
Books Closed.
Days Inds,les.
Miscellaneous (Continsna).
E. I. du Pont de Nemours dr Co.—
Common (guar.)
500 Mar. 15 Holders of reo. Feb. 28
Debenture stock (guar.)
31% Apr. 25 Holders of rec. Apr. 10
Early & Daniel Co.. corn.(guar.)
250 Mar.31 Holders of reo. Mar.20
Preferred (guar.)
$1% Mar.31 Holders of rec. Mar.20
Eastern Malleable Iron Co.(guar.)
50 Mar.10 Holders of reo. Mar. 1
Eastman Kodak Co., corn. (guar.)
750 Apr. 2 Holders of reo. Mar. 5
Preferred (guar.)
81% Apr. 2 Holders of rec. Mar. 5
Elec. Controller St Mfg.(qua?.)
250 Apr. 2 Holders of rec. Mar.20
Electric Storage Battery. corn. (guar.).- 6500 Apr. 2 Holders
of rec. Mar. 10
Preferred (guar.)
6500 Apr. 2 Holders of reo. Mar. 10
Eppens.smith (6.-a.)
f2 Aug. 1 Holders of reo. July 25
Falconbridge Nickel Mines
Sc Mar. 30 Holders of rec. Mar. 15
Feiguers a Traders Lite ins. Co.(Byre52% Apr. 1 Holders of reo Mar 11
eUge• N 't 1 (quar.1 _
Faultless Rubber Co.(qua:.)
50c Apr. 2 Holders of reo. Mar. 15
Flat Company
5%
Fifth Avenue Bus Securities (guar.).—
160 Mar.29 Holders of rec. Mar. 15
Fishman(M H.) Co., Inc., corn. spec_.
50e Mar.20 Holders of rec. Mar. 1
Foundation Co.of Canada,interim
250 Mar. 15 Holders of rec. Mar. 8
Freeport Texas, 6% preferred (quar.)$11.8 May 1 Holders of reo. Apr. 13
Galland Mercantile Laundry (guar.)... 87Ac Apr. 1 Holders of rec. Mar. 15
Gamewell Co. pref. (guar.)
81% mar.15 Holders of rec. Mar. 5
General Cigar
'
Co., Inc., pref. (guar.).—
El% June 1 Holders of reo. May 23
Preferred (guar.)
81% Sept. 1 Holders of rec. Aug. 23
Preferred (guar.)
SI fa Deo. I Holders of rec. Nov. 22
General Motors Corp., corn.(guar.).—
25c Mar, 1 Holders of rec. Feb. 15
$5 preferred (guar.)
51% May
Holders of rec. Apr. 9
General Ry. Signal Co.. corn. (guar.)...
250 Apr.
Holders of rec. Mar. 10
Preferred (guar.)
51
Apr.
Holders of rec. Mar. 10
General Shoe, A. initial (guar.)
10c Apr. 1 Holders of rec. Apr. 15
Golden Cycle(guar.)
400 Mar. 1 Holders of rec. Feb 28
Glidden Co.(qua:.)
25c Apr.
Holders of rec. Mar. la
Preferred (guar.)
81% Apr.
Holders of rec. Mar. 14
Goldblatt Bros.. Inc., new corn. (qu.)
250 Apr.
Holders of rec. Mar. 10
Gold Dust
$6 pref. (qua?.)
8144 Mar.3 Holders of rec. Mar. 17
Goodyear Tire
de Rnboer,$7 cum pf.(411)
Corp.,
31 Apr.
Holders of rec. Mar. 1
Gottfried Baking Co., Inc.. pref.(qu.).. 1%% Apr.
Holders of rea Mar.20
Preferred (guar.)
Holders of reo June 20
% July
Preferred (guar.)
% Oct.
Holders of fee Selz' 20
Preferred foliar.)
% Jan.
Holders or reo Dee 20
Grant(W. T.) Co., cow.(qua?.)
250 Apr.
Holders of rec. Mar. 14
Group No. I Oil Corp. (guar.)
5100 Mar.3 Holders of rec. Mar. 10
' Hale Bros. Stores, Ino. (guar.)
1.5o June
Holders of reo. May 15
Quarterly
150 Sept.
Holders of reo. Aug 15
Quarterly
15c Dec.
Holders of reo. Nov. 15
Halold Co.(guar.)
25c Mar.3 Holders of rec. Mar. 15
Extra
225c Mar.3 Holders of rec. Mar. 15
Preferred guar.)
51% Mar•3 Holders of rec. Mar. 15
Hamilton United Theatres, pref. (qua:.) 81% Mar.3 Holders of reo. Feb. 28
Hammermill Paper,6% pref. (quar.)--- 81% Apr.
Holders of rec. Mar. 15
Hanna(M.A.) Co., $7 pref.(guar.).— 81% Mar.20 Holders of reo. Mar. 5
Harbauer,7% peel.(guar.)
51% Apr. 1 Holders of rec. Mar. 21
7% preferred (guar.)
51% Aug 1 Holders of reo. July 21
7% preferred (guar.)
SI% Oct. 1 Holders of reo. Sept. 21
7% preferred (guar.)
SI% Jan rail Holders of reo. Dec. 21
HartNon- Walker Refractories-Preferred (guar.)
1%% Apr. 20 Holders or reo. Apr. 10
Hardesty (R.) Mfg., 7% pref (Qua?.)... 81% June 1 Holders of rec. May 15
7% preferred (guar.)
81% Sept. 1 Holders of rec. Aug. 15
7% preferred (guar.)
51% Dec. 1 Holders of reo. Nov. 15
Hawaiian Sugar Co.(mo.)
600 Apr. 15 Holders of rec. Apr. 5
Hecia Mining
100 Mar. 15 Holders of rec. Feb. 15
Heyden Chemical Corp., pref. (guar.).- cm Apr. 2 Holders of reo. Mar. 20
Hibbard, Spencer. Bartlett & Co (nuo.)
100 Mar.30 Holders of rec. Jan 23
Ilibben (J. H.)Dry Goods,6%% Pf•(qu) $1% Apr. 10 Holders of
rec. Apr. 5
Hickok 011 (s.-a.)
500 Mar. 15
HiramWalker-Gooderharn & Worts (ql.)
250 Mar. 15 Holders of rec. Feb. 28
Holaphone Co., Inc., pref. (a.-a.)
$1.05 Apr. 2 Holders of rre. Mar. 15
Honolulu Oil
250 Mar. 15 Holders of rec. Mar. 5
Hoskins Mfg. Co.(guar.)
250 Mar. 26 Holders of rec. Mar. 10
Humble Oil & Refining, new (guar.).—
250 Apr. I Holders of rec. Mar. 2
Humbolt Malt & Brew, A
2% Apr. 1 Holders of rec. Mar. 31
Imperial Tobacco of Gt. Brit. & Ireland
Ordinary registered
tra81.4% Mar. 8 Holders of rec. Feb. 13
Extra
Is Mar. 8 Holders of rec. Feb. 13
Amer. deP, rec. ord. rag
zw8% Mar. 8 Holders of rec. Feb. 13
Extra
Is Mar, 8 Holders of rec. Feb. 13
Industrial Rayon Corp.(qua:.)
El% Apr. 1 Holders of rec. Mar. 15
InsuranceShares Certificates
50 Apr. 20 Holders of rec. Mar. 12
International Business Mach. (qua?.)_. al% Apr. 10 Holders of
rec. Mar.22
International Harvester (guar.)
150 Apr. 16 Holders of rec. Mar. 20
International Nickel
100 Mar.31 Holders of rec. Mar. 1
International Nickel of Canada
10c Mar.31 Holders of rec. Mar. I
International Petroleum Co
r2.8o Mar. 15 Holders of rec. Feb. 28
International Propiletarles, el. A (qu.)__
765c Mar.15 Holders of rec. Feb. 21
Extra
r5c Mar. 15 Holders of rec. Feb. 21
International Salt Co.
3734c Apr. 2 Holders of rec. Mar. 15a
Inter-Ocean Re-Insurance (s.-a.)
$1 Mar.31 Holders of reo. Mar. 15
Interstate Hosiery Mills (guar.,
500 May 15 Holders of reo. May 1
Quarterly
50c Aug. 15 Holders of reo. Aug. 1
Quarterly
500 Nov. 15 Holders of reo. Nov. 1
Iron Fireman Mtg. Co.. corn.(guar.).- 200 June 1 Holders of reo. May 10
Common (guar.)
20a Sept. 1 Holders of reo. Aug. 10
Common (qua:.)
200 Dec. 1 Holders of reo. Nov.10
Katz Drug Co., corn. (guar.)
500 Mar. 15 Holders of reo. Feb. 28
Preferred (guar.)
81% Apr. 2 Holders of reo. Mar.
Kaufman Dept.Stores, pref.(guar.) -- 81% Apr. 2 Holders of rec. Mar.15
10
Keystone Steel & Wire Co.. Firer
551% Mar. 15 Holders of rec. Mar. 5
Kimberly-Clark Corp. 6% pref. (guar.) 81% Apr. 2 Holders of rec. Mar.12
King Royalty. 8% pref. (guar.)
82 Mar.31 Holders of rec. Mat. 15
Klein (D.Emil)Co.. corn.(guar.)
25c Apr. 1 Holders of rec. Mar. 20
Koloa Sugar. (monthly)
500 Mar.31 Holders of rec. Mar.24
Koppers Gas & Coke. pref. (guar.)
51% Apr. 2 Holders of rec. Mar. 12
Kresge (S. S.) Co.. common
20c Mar.31 Holders of ree. Mar. 10
Preferred (quar-)
5131 Mar.81 Holders of rec. Mar. 10
Lake Shore Mines. Ltd.(lum.)
500 Mar. 15 Holders of rec. Mar. 1
Landis Machine, pref. (qua?.)
51% Mar. 15 Holders of rec. Mar. 5
Preferred (guar.)
*1% June 15 Holders of reo. June 5
Preferred (guar.)
SI% Sept. 15 Holders of rec. Sept. 5
Preferred (guar.)
al% Dec. 15 Holders of rec. Dec. 5
Laminas. Inc
100. mar. 10 Holders of rec. Mar. 5
Libbey-Owens-Ford Glass Co..comaqu.)
300 Mar. 15 Holders of rec. Feb. 28
Liggett & Myers Tobacco, Pref.(guar.). al ai Apr. 2 Holders of reo. Mar. 12
Lily Tulip Corp. (guar.)
37%c Mar. 15 Holders of reo. Mar. 1
Lincoln Nat. Lite Ins. (Ft. Wayne)(Mi.)
30c May 1 Holders of reo. Apr. 26
Quarterly
300 Aug. I Holders of reo. July 26
Quarterly
30e Nov. 1 Holders of reo. Oct. 28
Lincoln Stores. Inc., corn. (guar.)
250 Mar. 3 Holders of rec. Feb. 23
Preferred (guar.)
al% Mar. 3 Holders of reo. Feb. 23
Link Belt Co., preferred (guar.)
8144 Apr 2 Holders of reo. Mar. 15
Lock Joint Pipe (monthly)
34c. Mar. 31 Holders of ref). Mar.31
8% preferred (guar.)
32 Apr. 1 Holders of rec. Apr. 1
Loew's,Inc., corn.(qua:.)
250 Mar. 31 Holders of rec. Mar. 15
Loose-Wiles Biscuit. preferred (qua:.)
Apr. I Holders of rec. Mar. 19
31%
Lord & Taylor Co.. tom.(guar.)
52% Apr. 2 Holders of rec. Mar. 17
Lunkenheimer6A % prof.(guar.)
flak Apr. 1 Holders of roe. Mar. 22
% preferred (guar.)
51% July 1 Holders of reo. June 22
eni% preferred (guar.)
al% Oot. 1 Holders of rec. Sept. 21
6% preferred (guar.)
el ak Jan. 2 Holders of reo. Dec. 22
Magnin (1.) & Co.. preferred (quar.)
$1% May 15 Holders of reo. May 5
Preferred (guar.)
Aug. 15 Holders of reo. Aug. 5
al
Preferred (guar.)
al% Nov. 15 Holders of reo. Nov. 5
Manhattan Shirt Co., coin. (quar.)_
150 June 1 Holders of rec. May 15
Manischewitz (B.) Co., pref.(guar.).-- 81% Apr. 2 Holders of rec. Mar.
20
Mapes Consol. Mfg.(guar.)
75o Apr. 2 Holders of rec. Mar. 15
Quarterly
750 July 2 Holders of rec. June 15
Maul Agricultural (guar.)
15c Apr. 2 Holders of rec. Mar.25
Mayflower Associates (guar.)
500 Mar,15 Holders of reo. Mar. 1
McColl-Frontenao Oil Co.,Ltd.com.(qua
rlbo Mar. 15 Holders of reo. Feb. 15
McKeesport Tin Plate (guar.)
31 Apr. 2 Holders of rec. Mar. 15
Name of CompanY.
Mar.3 1934
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Mercantile Amer. Realty 6% pref.(qu.)
8144 Apr. 15 Holders of rec. Apr. 15
Mesta Machine Co.common (guar.).—
250 Apr. 2 Holders of reo. Mar. 16
Preferred (guar.)
al% Apr. 2 Holders of rec. Mar. 16
Metro Goldwyn Pleturee. pref. (qua?.)... 475(o. Mar. 15 Holders of rec. Feb. 23
Mock,Judson, Voehringer corn.(qu.)
500 Mar. 12 Holders of reo. Mar. 5
Mohawk Mining Co (liquidation)
$24 Mar. 10 Holders of reo. Feb. 10
Monarch Knitting 7% preferred
hal Apr. 2 Holders of reo. Mar. 15
Monroe Chemical, corn.(qua:.)
50o Mar. 20 Holders of rec. Mar. 10
83% preferred (qua:.)
87A0 Apr. 2 Holders of reo. Mar. 15
Monsanto Chemical Co (guar.).- ...- 31 Sic Mar. 15 Holders of reo. Feb. 24
Montreal Cottons, Ltd., pref.(guar.).- - al% Mar. 15 Holders of rec. Feb. 28
Montreal Loan & Mtge. Co.(qua?.)........
750 Mar. 15 Holders of rec. Feb. 28
Extra
25o Mar. 15 Holders of rec. Feb. 28
Moore Dry Goods Co. (guar.)
81% Apr. 1 Holders of roe. Apr. 1
El
July 1 Holders of reo. July I
Quager
s efIlly
y
51% Oct. 1 Holders of reo. Oct. I
SI A I-1.'35 Holden of reo. Jan. I
Morrell
Quart(John)& Co
750 Mar. 15 Holders of rec. Feb. 26
Morris 5& 10o. Stores.7% p1.(guar.).— $1% Apr. 2 Holders of reo. Mar. 20
al% July 1 Holders of reo. June 20
7% prefe=(qua?.)
Oct. 1 Holders of reo. Sept. 20
Morris Plan lns.Soo.(guar.)
$I June t Holders of reo. May 26
Quarterly
51 Sept. 1 Holders of reo. Aug. 25
Quarterly
el Dec. 1 Holders of reo. Nov 26
MuChem.of Amer., pref. (guar.).—
al% Mar.28 Holders of reo. Mar. 15
Preferred (qua:.)
81% June 28 Holders of reo. June 21
Preferred
51% Sept. 28 Holders of reo. Sept.20
al% Dec. 28 Holders of reo. Dec. 20
Preferred((qquaruar3
National Bond & Share Corp. (qua?.)_..
25o Mar. 15 Holders ot rec. Feb. 28
National Container, pref.(guar.)
500 June 1 Holders of rec. May 15
rred (guar.)
650c June 1 Holders of rec. May 15
Preferred
500 Sept. 1 Holders of reo. Aug. 15
Preferred
h50o Sept. 1 Holders of reo. Aug. 15
Preferred (guar.)
50o Dec. 1 Holders of rec. Nov. 15
Preferred
650c Dec. 1 Holders of rec. Nov. 15
National Finance Corp. of Amer.(guar.)
150 Apr. 2 Holders of reo. Mar. 10
6% preferred (guar.)
150 Apr. 2 Holders of reo. Mar. 10
Extra
150 Apr. 2 Holders of rec. Mar. 10
National Lead Co., common (guar.).— 51% Mar.31 Holders of reo. Mar. 16
Class A, preferred (guar.)
$134 Mar. 1.5.Holdere of rea. Mar. 2
Class B preferred (guar.)
81(4 May 1'Holders of rec. Apr. 20
National Sugar Refining
50o Apr. 2,11olders of tea. Mar. 1
New Bradford 011 Co
10c Mar. 15;Holders of reo Feo 15
Newark & Bloomfield (s-a)
51% Apr. 2 Holders of rec. Mar. 24
Newberry (J. J.) Co., corn.(guar.)
15c Apr. 1,11olders of reo. Mar. 16
co
Niagara
Share
$1 A Apr. 2 Holders of reo. Mar. 15
ol. A. pref. (qu.)_
North American Co. pref. (Qum-)
750 Apr. 2 Holders of rec. Mar. 5
12)40 Apr. 2'Holders of reo. Mar. 5
Common (qua:.)
f I% Apr. 2-Holders of rec. Mar. 5
North Central Texas 011 pref. (quar.).-- 81% Apr. 2 Holders of reo. Mar. 10
Norwalk Tire.4 Rubber Co.. fd (qu.).....
40 Apr. 2 Holders of rec. Mar. 22
Norwich Pharmacal Co.(guar.)
51% Apr. 2 Holders o. reo. Mar. 20
Quarterly
81% July 2 Holders of reo. June 20
Qua
51% Oct. 1 llolders ot reo. Sept.20
Quarterly
el
Jn 1 '35 Holders of reo. Dec. 20
Oahu Sugar Co., Ltd.(monthly)
We Mar. 15 Holders of roe. Mar. 6
Ohio Oil, pref.(guar.)
$114 Mar. 15 Holders of reo. Mar. 3
Om
pn
rc
ila
teus
rred
Co
)f. (guar.)
(
rqpuar
., pie
$2 Apr. 2 Holders of reo. Mar. 15
Ontario Mfg. Co., corn.(qua:.)
250 Mar.31 Holders of reo. Mar.20
$1% Mar. 31 Holders of reo Mar.20
O'Sullivan Rubber
10o June 30 Holdeis of reo. May 31
Page-Hersey Tubes common Collar.)---750 Apr. 2 Holders of rec. Mar. 20
Preferred (guar.)
$134 Apr. 2 Holders of reo. Mar.20
Paraffine Cos. (guar.)
5003 Mar. 27 Holders of rec. Mar. 17
Paton Mfg. Co., Ltd., 7% pref. (guar.). $134 Mar. 16 Holders of rec. Feb. 28
Penick & Ford, Ltd.,eon. Orn tr./
50e Mar. 15 Holders of rec. Mar. 1
Pep
nrneefyerr
(Jed
. Cf
.)
fiC
uar
o...
)
common (quar.)____
30c Mar. 31 Holders of reo. Mar. 20
81(4 Mar. 31 Holders of reo. Mar. 20
Peoples Drug Stores common (guar.).—
250 Mar. 15 Holders of reo. Mar. 1
Preferred (qua:.)
$134 Mar. 15 Holders of reo. Mar. I
Perfect Circle (guar.) _
500 Apr
t hollers of rec. mar 20
Perfection Stove Co.(guar.)
300 Mar. 30 Holders of reo. Mar. 20
Pet Milk Co. common (guar.)
250 Mar. 31 Holders of rec. Mar. 12
7% preferred (quar.)
$134 Mar. 31 Holders of rec. Mar. 12
Petroleum Exploration (guar.)
12%c Mar. 15 Holders of rec. Mar. 3
Phoenix Finance, pref (guar.)
500 Apr. 10 Holders of reo. Apr. 1
Preferred (guar.)
500 July 10 Holders of rea July 1
Preferred (guar.)
500 Oct. 10 Holders of rec. Oct. I
Preferred (guar.)
500 Jan. 10 Holders of reo. I I '35
Pilgrim Mills(guar.)
$1 Mar.31 Holders of reo. Mar. 20
Pioneer Gold Mines of Brit. Col. (guar.) r15o Apr. 2 Holders of reo. Mar. 3
Pirelli
B iCo. of Italy (annual)
10%
Plymouth Oil (guar.)
Ponce Electric, 7% pref. (guar.)
Powdrell & Alexander. Inc.. pref.(qu.)-Powell River.7% pref
7% Preferred
7% preferred
Pratt de Lambert. Inc., corn.(guar.) -Procter & Gamble, 5% pref.(guar.)
Pura tn Ice. 8% pref. (0.-a.)
Rapid Electrotype Co
Raybestos-Manhattan, Inc
Reliance Grain 6%% pref.(guar.)
Republic SUpPly Co. (guar./
Quarterly
Quarterly
San
G
6old
Rich
%M
pire
nes
ferred (qua"
's,San Carlos Milling (monthly)
Schiff Co. common (guar.)
Preferred (qua?.)
Scott Paper Co., corn. (guar.)
Scottish Type Investors A de B (guar.).Scovill Mtg.(guar.)
Seaboard 01. of Delaware (guar.
Second Internat. Seem*. 1st prof. (guar.)
Selected American Shares
Sioux City Stockyards, $6 pref. (qua - Preferred (guar.)
Preferred (guar.)
Slscoe Gold Mines, Ltd
Extra
Smith (9 Morgan) Co.(guar.)
Quarterly
Quarterly
Socony-Vaeuum Corp
South Porto Rico Sugar Co.. corn.(qu.).
Preferred (guar.)
Spencer Kellogg & Sons, corn. (guar.)-Spiegel, May,Stern,8)4% pref.(quar.)Standard Coosa-Thatcher (guar.)
7% preferred (qua:.)
Standard Oil of Calif.(qua?.)
Standard 011 Co of Indiana (guar.) —
Standard 011 Co. of Kansas (guar.)
Standard 011 Co. of Kentucky (guar.).Standard 011 Co. of Nebraska (guar.)- Sun Oil Co..corn.(guar.)
Sylvania Industrial Corp.(qua?.)
Sylvanite Gold Mince (guar.)
Texas Corp.(guar.)
Texas Gulf Producing
Texas Gulf Sulphur Co.(guar.)
Texon Oil & Land Co.(guar.)
Timken Roller Bearing Co
Todd Shipyards Corp. (guar.)
Underwood Elliott Fisher, coin.(guar.).
Preferred (qua?.)
Mar. 31 Holders of rec. Mar. 10
Apr. 2 Holders of reo. Mar. 15
Apr. 2 Holden of rec. MEW. 20
June 1
81% Sept. 1
81% Dec. 1
250 Apr. 2 Holders of reo. Mar. 15
$1% Mar.15 Holders of rec. Feb. 23
$4 Apr. 1 Holders of reo. Dee, Si
100 Mar, 15 Holders of rec. Mar. 1
250 Mar, 15 Holders of reo. Feb. 28
$134 Mar. 15 Holders of reo. Feb. 28
25o Apr. 5 Holders 01 reo. Apr. 2
250 July 5 Holders of reo. July 2
25o Oct. 6 Holders of reo. Oct. 2
111% Mar.30
So Mar. 15 Holders of rec. Mar. I
20c. Mar. 15 Holders of rec. Mar, 2
50o Mar. 15 Holders of reo. Feb. 28
$134 Mar. 15 Holders of reo. Feb. 28
37%t Mar.31 Holders of rec. Mar. 17
58 Mar. 31 Holders of reo. Feb. 28
250 Apr. 2 Holders of reo. Mar. 15
I5o Mar,15 Holders of reo. Mar. 1
10o Mar. 15 Holders of rec. Mar. 1
50o Apr. 2 Holders of rec. Mar. 15
1.70 Mar. 15 Holders of rec. Feb. 28
3741e May 15 Holders of reo. May 14
37340 Aug. 15 Holders of reo. Aug. 14
37340 Nov. 15 Holders of reo. Nov. 14
30 Mar.31 Holders of reo. Mar. 15
2o Mar.31 Holders of rm. Mar. 15
$1 May 1
SI Aug. I
$1 Nov. I
150 Mar. 15 Holders of rec. Feb. 23a
60e Apr. 2 Holders of rec. Mar. 10
$2 Apr. 2 Holders of reo. Mar. 10
250 Mar.31 Holders of reo. Mar. 15
hal% May 1 Holders of reo. Apr. 18
12340 Apr. 2
OM Apr. 16 Holders of rec. Apr. 16
25o Mar.15 Holders of roe. Feb. 15
25c Mar. 15 Holders of rec. Feb. 15
500 Apr. 30 Holders of reo. Apr. 2
25c Mar. 15 Holders ot rec. Feb. 28
25c Mar. 20 Holders of reo. Feb. 20
250 Mar. 15 Holders of reo. Feb. 28
25e Mar. 15 Holders of reo. Mar. 1
2440 Mar. 31 Holders of reo. Mar. 1
250 Apr. 1 Holders of reo. Mar. 2a
% Mar.31 Holders of roe. Mar. 2
50o Mar. 15 Holders of reo. Mar. 1
150 Mar. 31 Holders of rec. Mar. 10
150 Mar. 5 Holders of reo. Feb. 16
250 Mar. 20 Holders of reo. Mar. 5
25a Mar.31 Holders of rec. Mar. 12
$134 Mar.31 Holders of reo. Mar. 12
260
$144
3134
51%
Name of Company.
1513
Financial Chronicle
Volume 138
iVhen
Per
Share. Payable.
Books Closed
Days Manatee.
Miscellaneous (Concluded).
$13i Mar. 31 Holders of rec. Mar.20
Union Twist Drill Co., pref.(guar.).
United Biscuit Co. of Amer., pref.(qu.). $114 May 1 Holders of rec. Apr. 16
250 Mar. 24 Holders of rec. Mar. 7
United Elastic Corp.(guar.)
United States Corp.,$6 pref.(guar.) _ _ 81340 Mar. 15 Holders of rec. Feb. 23
United States Foil Co. common A & B.. 12340 Apr. 2 Holders of rec. Mar. 15a
$134 Apr. 2 Holders of rec. Mar. 15a
Preferred (guar.)
lc Mar. 10 Holders of rec. Mar. 5
U. S. Petroleum Co. (guar.)
lc June 10 Holders of rec. June 5
Quarterly
lc Sept. 10 Holders of rec. Sept. 5
Quarterly
lc Dee. 10 Holders of rec. Dec. 5
Quarterly
U. S. Pipe dr Foundry Co., corn. (guar.) 123-6e Apr. 20 Holders of rec. Mar. 31
1234e July 20 Holders of rec. June 30
Common (guar.)
12350 Oct. 20 Holders of rec. Sept.29
Common (guar.)
12Si c 1-20-35 Holders of rec. Dec. 31
Common (quar.)
30c Apr. 20 Holders of rec. Mar. 31
Preferred (guar.)
30c July 20 Holders of rec. June 30
Preferred (guar.)
30c Oct. 20 Holders of rec. Sept. 29
Preferred (guar.)
30c 1-20-35 Holders of rec. Dec. 31
Preferred (guar.)
250 Apr. 2 Holders of rec. Mar. 22
United States Playing Card (guar.)
8131e Mar. 15 Holders of rec. Feb. 23
United Stores, pref. (guar.)
$131' Apr. 1 Holders of rec. Mar. 20
victor-Monoghan, pref. (guar.)
60e Mar. 15 Holders of rec. Mar. I
Viking Pump Co., pref. (guar.)
$3 Apr. 20 Holders of rec. Apr. 10
Virginia Coal & Iron (extra)
6233c Apr. 2 Holders of rec. Mar. 15
Vortex Cup Co.. class A (guar.)
6234c July 2 Holders of rec. Julie 15
Class A (guar.)
3% Apr. 20 Holders of rec. Apr. 10
Vulcan Detinning Co., corn. (special)..,..
% Apr. 20 Holders of rec. Apr. 10
Preferred (guar.)
Preferred (quar.)
134% July 20 Holders of rec. July 10
% Oct. 20 Holders of roe. Oct. 10
Preferred (quar.)
75e Mar. 15 Holders of rec. Feb. 28
Western Canada Flour Mills 6% pf.(q11.)
300 Apr. 2 Holders of rec. Star. 15
Westmoreland, Inc. (quar.)
25c Apr. 1 Holders of rec. Mar. 22
Weston (G.), Ltd. (gum .)
$134 Mar. 15 Holders of rec. Mar. 1
Whitman (Wm.), pref. (guar.)
62330 Mar. 31 Holders of rec. Mar. 20
Wilcox-Rich Corp., el. A (guar.)
$134 May 1 Holders of rec. Apr. 15
Winstead Hosiery (guar.)
$134 Aug. 1 Holders of rec. July 15
Quarteriy
Nov. 1 Helders of rec. Oct. 15
‘5134
Quarterly
250 Apr. 2 Holders of rec. Mar. 12
Wiser 011 Co.(guar.)
110% Mar. 31 Holders of rec. Mar. 12
Woodley Petroleum Co
100 Sept. 30 Holders of rec. Sept. 15
Common
25e Apr. 1 Holders of rec. Mar. 20
Wrigley (Win.) Jr., Co (monthly)
500 Mar. 16 Holders of rec. Mar.
Special)
15c Apr. 2 Holders of rec. Mar. 16
Yale & Towne Mfg. Co.(guar.)
1 The New York Stock Exchange has ruled that stock will not be quoted exdividend on this date and not until further notice.
: The New York Curb Exchange Association has ruled that stock will not be
quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e l'ayable in stock.
f Payable in common stock. p Payable in scrip. h On account of accumulated
dividends. .1 Payable in preferred stock.
I Subject to the 5% N1RA tax.
n Commercial National Corp. declared the first liquidating dividend, payable In
stock of the Commercial National Bank & Trust Co., on the basis of one share of
bank stock for each 10 shares of Commercial National Corp. held. There will be no
record date, and stockholders in order to obtain the liquidating dividend should
present their certificates at the bank.
o Commercial Investors Trust declared a dividend at the rate of 1-52 of 1 sh. of
corn. stock on the cony. pref. stock, opt. series of 1929, or in cash at the holders'
option at the rate of 513i per share.
p Blue Ridge Corp pays 1-32 of one share of common stock or 75c. In cash at
the option of the holders of $3 convertible preferred stock.
r Payable in Canadian funds, and In the case of non-residents of Canada, a deduc
Hon of a tax of 5% of the amount of such dividend will be made.
u Payable In U. S. funds. vA unit. to Less depositary expenses.
z lez,s tax. y A deduction has been made for expenses.
Weekly Return of New York City Clearing House.—
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, FEB. 24 1934.
$
6,000,000
Bank of NY & Trust Co
20,000.000
Bank of Manhattan Co__
National City Bank..__ e127,500,000
20,000,000
Chem Bank & Trust Co.
90,000,000
Guaranty Trust Co
32,935,000
Manufacturers Trust Co.
21,000,000
Cent Hanover Bk & Tr Co
15,000,000
Corn Each Bank Tr Co_
10,000,000
Find National Bank.
50,000,000
Irving Trust Co
Continental Bk & Tr Co_
Chase National Bank...
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
Marine Midland Tr Co
New York Trust Co_ _ ..
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
Net Demand
Deposits,
Average.
Time
Deposits,
Average.
$
79,526,000
245,761,000
a863,105.000
266,739,000
5881,705,000
223,602,000
479,074,000
177,083,000
337,045,000
337,129.000
$
8,811,000
31,020,000
155,449,000
26,873.000
54.310,000
99,435,000
45,627,000
21,439.000
11,006,000
11,549,000
25,584,000
4.627,400
59,187,900 c1,105,402,000
40,533.000
3,056,600
60,030,600 d460,848,000
19,139,000
10,669,300
44,690.000
17,339,300
191,137.000
21,047,600
46,508,000
7,447,800
40,121,000
4,682,000
1.967,000
90,261,000
3.053,000
37,632,000
273,000
4.503,000
16,737,000
1.869,000
31,828,000
°Surplus and
Undivided
Profits.
• Capital.
Clearing House
Members.
4,000.000
148,000,000
500,000
25,000.000
10,000,000
15,000,000
12,500,000
7,000,000
8,250,000
$
9,745,800
31,931,700
e35,847,200
47,490,300
177,985,600
10,297,500
61,264,400
16,011,300
72,278,400
57,564,200
619 ARA nnn 098 504 000 5564 731 OM 653.642.000
Totals;
'As per official repor s: National, Dec. 30 193:3; State, Dec. 30 1933; trust
companies, Dec. 30 1933; e as of Jan. 13 1934; f as of Jan. 22 1934.
Includes deposits In foreign branches as follows: a $211,607,000; b $66,33/3,000;
c568,916,000: d $21,910,000.
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 Feb. 23:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, FELL 23 1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
Investments.
S
Manhattan—
22,595,871
Grace National
Trade Bank of N. Y. 2,861,416
-
Brooklyn. .. —
.n.,.. ...,r,
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Cash.
S
103,297
98,044
$
1,479,301
709,423
,n nna
In, nnn
Oross
Deposits.
$
$
2,314,536 21,992,508
407,370 3,429,055
Iqnnnn
A
Ron non
TRUST COMPANIES—Average Figures.
Loans,
Disc. and
Incestments •
Res. Dep.,
N. Y. and
Elsewhere.
Cash.
Dep. Other
Banks and
Trust Cos.
Gross
Deposits.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
$
$
$
61,325,CCO .3,444.600 7,278.100
401,328
75,635
6,159,133
357,228
*588,837
9,362,750
17,246,800 *2,243,900 ' 683,100
359,500
30,097,800 *5,256,400
65,834,143 5.982,523 12,556,263
$
$
1,228,000 60.502,100
612.966 5,647.497
577,368 9,221,978
702,700 15,887,500
33,185,200
56.326,191
Brooklyn—
Brooklyn
91,090,000
2,291,000 16,170,000
n 079 sun
1 177 550
212,000 93,563,000
26616099
nA ,nA onn
$2,480,700; Fidu• Includes amount with Federal Reserve as follows: Empire,
ciary. $372,710: Fulton, $2.099,800; Lawyers County, 54,575.900.
Condition of the Federal Reserve Bank of New York.
28 1934, in
The following shows the condition of the Federal Reserve Bank of Now York at the close of business Feb.
the
date
year:
and
corresponding
last
comparison with the previous week
Fe). 28 1934. Feb. 21 1934. Mar. 1 1933.
Feb. 28 1934. Feb. 21 1934. Mar. 1 1933.
Assets—
Gold certificates on hand and
from U. S. Treasury (a)
Gold
Redemption fund—F. R. notes
Other cash
due
94,865,000
591,621,000
24.378.000
79,688.000
1,177.989,000
920,703,000
3,625.000
48,982,000
8,901,000
52,072,000
1 230,596,000
Total reserves
3,186,000
Redemption fund—F. R. bank notes..._
Bills discounted:
10,397,000
Secured by U.S. Govt obligations_
19,890,000
Other bills discounted
981,676,000
2,930,000
790,552,000
11,251,000
20,405,000
218,548,000
62,069,000
Total bills discounted
Bills bought in open market
TJ. S. Government securities:
Bonds
Treasury notes
Certificates and bills
30,287,000
3,060,000
31,656,000
5,614,000
280,617,000
89.262,000
165,518,000
348,327,000
287,910,600
167,783,000
347,621,000
301,351.000
171,786,000
162,077,000
286,548,000
Total U.S. Government securities...
Other securities (see note)
801,755,000
143,000
816,755,000
783,000
620,411,000
4,191,000
Total bills and securities (see note)____
Gold held abroad
Due from foreign banks (see note)
F. It. notes of other banks
Uncollected items
Bank premises
Federal Deposit Insurance Corp.stock.All other assets
Total assets
835,245.000
854,808,000
994,481,000
1,380,000
4,152,000
106,947,000
11,424,000
21,265.000
28,391,000
1,29(3,000
3,442.000
99,587,000
11,424,000
21.265,000
27,031.000
1,295,000
2,880,000
139.026,000
12,818,000
Liabilities—
610,321.000 609,925,000 798,264,000
F. R. notes in actual circulation
52,655,000
52,740,000
F. R. bank notes in actual circulation...
837,677,000
Deposits—Member bank reserve acc't_. 1,270.783,000 1.038,251,000
24,624,000
18,594,000
9,612,000
Government
12.436,000
, '.
,.
Foreign bank (see no(e),'
1,661,000
1,634.000
bank
deposits—Member
Special
889,000
863,000
Non-member bank
15,152,000
30,134,000
31,162,000
Other deposits
Total deposits
1,315,967,000 1,092,291,000
889,889,000
102,554,000
59,492,000
45,217,000
87,831,000
59.510,000
45.217,000
132,573,000
58,409.000
85,058,000
21,265,000
21,265,000
14,765,000
21.265,000
21,265,000
14,500,000
5,253,000
Deferred availability items
Capital paid in
Surplus
Subscrip. for Fed. Dep. Ins. Corp.stock:
Paid
Called for payment on April 15
All other liabilities
Total liabilities
2,242,596,000 2,003,459,000 1,969,446,000
Ratio of total reserves to deposit and
F. It. note liabilities combined
63.9%
57.7%
46.8%
Contingent liability on bills purchased
for foreign correspondents
1.907,000
1.706,000
9,428,000
28.394,000
2,242,586,000 2,003,459.000 1,969.446,000
•"Other cash" does not Include Federal Reserve notes or a bank's own Federal Reserve bank notes.
the amount of balances held abroad and amounts due
NOTE.—Beginning with the statement of Oct. 17 1925. two new items were added in order to show separately
Intermediate Credit bank debentures, was changed to
foreign correspondents. In addition, the caption "All other earning assets." previously made up of Federal
as a more accurate description of the total of the
adopted
was
term
latter
The
and
to
bills
assets"
securities."
"Total
earning
"Total
"Other securities," and the caption,
Act, which it WAS stated are the only items included therein.
discount acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve
on Jan. 31 1934 devalued from 100 cents to
Was
dollar
Banks
the
when
These are certificates given by the U. S. Treasury for the gold taken over from the Reserve
the Treasury under the provisions
59.06 cents, these certificates being worth less to the extent of the difference, the difference itself having been appropriated as profit by
of the Gold Reserve Act of 1934.
to
1514
Financial Chronicle
Mar.3 1934
Weekly Return of the Federal Reserve Board.
The following is tht t E, turn issued by the Federal Reserve Board
afternoon, Mar. 1,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. Thursday
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
of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactionseach
in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve
bank notes issued and the amount held by the Federal Reserve banks Bank Note Statement) shows the amount of these
along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the
latest week appears in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL
RESERVE BANKS AT TIIE CLOSE OF BUSINESS FEB. 28 1934.
Feb. 28 1934. Feb. 21 1934. Feb. 14 1934. Feb. 7 1934.
Jan. 311934. Jan. 24 1934.1Jan. 17 1934. Jan. 10 1934. Mar. 1 1933.
ASSETS.
Gold with Federal Reserve Agents
S
Gold His, on hand ex due fr. U. S.(a)
2,567.317,000 2,599,895.000
3,895,811,000 3,712,311,000 3.582,092,000 3,513,171,000
3,513.884,000 947,440.000
Gold
605,941,000
Gold settlement fund with F. R. Board__
2,569,167.000
2,198,647,000
Gold and gold certificates held by banks_
675.135,000 643.396,000
Redemption fund (F. R. notes)
273,878.000 278.039,000
35,138,000
41,503,000
42,234,000
42,478,000
43,356,000
43,356,000
Other cash •
43.974,000
87,495,000
44,960,000
208,727,000 213,904,000 222,460,000 220,899,000
234,848,000 248.163,000 244,870,000 250,611,000 242,334,000
Total reserves4,139,676,000 3,967,718,000 3.846,786,000 3,776.548,000
3.792,088.000 3,808.126,000 3,805,174,000 3,816,901.000 3,134,417,000
Redemption fund—F. R. bank notes__
12,592,000
12,159,000
12,387,000
12.520,000
12,977.000
13.004.000
Bills discounted:
12,527,000
12,864.000
Secured by U. S. Govt. obligations__
18,362,000 b18,927,000
19,264,C00
21,020.000
26.377,000
35,910,000 b35,553,000
Other bills discounted
34,424.000 418,921,000
46.028,000 b47,540.000
49,141,000
52,307.000
61.320,000 b65,762,000
56,355,000
69.268,000 293,470,000
Total bills discounted
64,390,000
66,467,000
68,405,000
73,327.000
97,230,000 101,315,000 103,692.000 712,391,000
82.732,000
Bills bought in open market
62.345,000
75,111,000
86,086,000
96.899,000 111.397,000 104,126,000
U.S. Government securities—Bonds
442,830,000 442,775,000 443,045,000 442.785,000 445,012,000 442,781,000 111,939,000 113.211,000 383,666,000
442,807,000 442,782,000 420,832,000
Treasury notes
1,055,420,000 1,031,256,000 1,026,142,000 1,028,137,000 1,028,139,000 1,053,138,000 1,053.163,000
Certificates and bills
933,701,000 957,704,000 962,837,000 960.821.000 960,819,000 935.820,000 935,820,000 1.053,139,000 457,880,000
935,825,000 957,251,000
Total U. S. Government securities 2,431,951,000
2,431,735,000 2,432,024,000 2,431,743.000 2,433,970.000 2,431.739,000 2,431,790,000
Other securities
2.431.746,000
1,835,963,000
653,000
1,293,000
1,293,000
1,293,000
1,293,000
1,293.000
1,413.000
1,462.000
4,719,000
Total bills and securities
2.559,339.000 2,374,606,000 2,587,808,000 2,603.262.000 2.629.392,000 2.634.388.000 2,646,457.000
Gold held abroad
2.650,111,000 2,936,739,000
3.120,000
4,319,000
Due from foreign banks
3,485,000
3,400,000
3,400,000
3,392,000
3.395,000
3,302,000
3,390,000
Federal Reserve notes of other banks__ _ _
3,382,000
3,515,000
13,293,000
15,027,000
16,222,000
15,377,000
19.783,000
15.780.000
20.512,000
Uncollected items
20.579,000
11,083,000
410,791,000 396.209,000 499,174,000 364,079,000 364,053,000 377,583,000 416,635,000
Bank premises
361,796,000
400,335,000
52,382,000
52,383,000
02,382,000
52,365,000
51.980,000
52,339,000
51,980,000
Federal Deposit Insurance Corp. stock
51,914,000
53,962,000
69,650,000
69,650,000
69,650,000
69,650.000
69,650.000
69,650.000
69,650,000
All othe• resources
64,680.000
47,791.000
46,969,000
46,483,000
45,914,000
48,987,000
49,025.000
47.340.000
54,082,000
46,340,000
Total assets
7,309,002,000 7,138,121,000 7,134,292,000 6.943,107,000 6,988,696,000 7,030,016,000 7,077.984,000
LIABILITIES.
7.028,567,000 6,594,133,000
F. R. notes in actual circulation
2,979,637.000 2,970,309,000 2,952,541,000 2,946,220,000 2,926.243.000 2,931,359.000 2,959,556.000
F. R. bank notes in actual circulation_
195,376,000 197.750,000 199,358,000 201,984,000 203,057,000 203,176,000 204,536.000 2.998,760,000 3,579,522,000
Deposits—Member banks reserve account 3,093,119,000
2,830,118,000 2,850,888,000 2,735,701,000 2,651,945,000 2.850,961.000 2,788,073,000 205.191,000
Government
2,776.857,000 2,038,228,000
45,261,000 165,546,000
45,654,000
84,912,000 241.860,000
65.240,000 105,356,000
Forrign banks
58,293,000
27,766,000
3.433,000
4,871,000
3,610,000
7,989,000
3,952,000
4,483,C00
3,955.000
Special deposits—Member bank
4,699.000
41,956,000
29,248,000
30,405,000
36,883,000
38,711,000
43,068,000
43,248,000
44,900.000
Non-member bank
45,829,000
11,994,000
11,416,000
11,419,000
10,438,000
10,005,000
10,183,000
10,455,000
Other deposits
9,832,000
82.326,000
85,528,000
78,115,000
84,790,000
79.266,000
83,847,000
84,151,000 111.634,000
49,240.000
Total deposits
3,265,381,000 3,127,884,000 3,026,569,000 2,962,541.000 3,035.035,0003,053,023.000 3.036,890,000
Deferred availability items
3,007.144,000
2,157,190,000
406.909,000 382,533,000 497,108.000 365,119,000 366,476,000 384.702,000 420,675,000
Capital paid in
145,310,000 145,309,000 145,081.000 145,222,000 145,359,000 145,400,000 145,078.000 359.809,000 404,198,000
Surplus
144,946,000 150,303,000
Subscrlp. for Fed. Dep. Ins. Corp. stock: 138,383,000 138,383,000 138,383,000 138,383,000 138,383.000 138,383,000 138,383,000 148,322,000 278,599.000
Paid
69,650,000
69,650,000
69,650,000
69,650,000
69,650,000
69.650,000
69.650,000
64,680,000
Called for payment April 15
69,650,000
69,650,000
69,650,000
69,650,000
69.650,000
69,650,000
69,650,000
64.680.000
All other liabilities
38,706,000
36,653,000
35,952,000
44.332,000
34,673,000
34,843,000
33,566,000
35,035,000
24,321,000
Total liabilities
7,309,002,000 7.138,121.000 7.134.292,000 6,943.107,000
6.988,696,000 7.030,016,000 7,077.984.000 7.028,567.000 6,594,133,000
Ratio of total reserves to deposits and
F. R. note liabilities combined
66.3%
65.1%
64.3%
63.9%
63.6%
63.6%
Ratio of total gold reserve & 0th. cash to
54.6%
deposit dc F. R. note liabilities combined
63.6%
63.5%
63.6%
Contingent liability on bills purchased
63.6%
for foreign correspondents
4,835,000
4.635.000
4,284,000
4,478.000
4.474,000
4,477,000
4,477.000
4,006,000
29,398.000
Maturity Distribution of Bills and
Short-tertn Securities1-15 days bills discounted
51,491,000
52,196,000
52.872,000
76.294.000
76.555,000
.54,155,000
61,744,000
16-30 days bills discounted
77.116.000 585,190,000
2,700,000
5.415,000
5,218,000
6,450010
7,341,000
4,041,000
6,334.000
28,255,000
31-60 days bills discounted
7.135,000
5,519,000
4,736,000
4.998.000
12,367.000
11,190.000
7,660,000
9,730,000
8,827,000
43,672,000
61-99 days bills discounted
4,285,C00
3,671,000
4,833,000
3,707,000
6,285,000
4,469,000
3.245.000
9,168.000
43,902,000
Over 90 days bills discounted
395,000
449,000
484,000
821,000
951.000
587,000
672,000
1,446,000
11,372,000
Total bills discounted
64.390,000
66,467,000
68,405,000
97,230,000 101,315,000 103,692,000 712,391,000
73,327,000
82.732,000
1-15 days bills bought in open market_ _
26,462,000
31,957,000
30,832.000
29.242,C00
23,989,000
27,138,000
33,092,000
16-30 days bills bought in open market_ _ _
20.354,000
68,122,000
9,399,000
15,542,000
24,922,000
27,943,000
25,400,000
33,381,000
31,661,000
31-60 days bills bought in open market_ _ _
28,907,000
75,533,000
19,623,000
19,103,000
21.740.000
40,431.000
47,241,000
21,412,000
29,153,000
61-90 days bills bought in open market__ _
48,707.000
110,198,000
6,861,000
8,460,000
8,591,000
12.662,000
8.943,000
14,962,000
17,431.000
Over 90 days bills bought in open market
15,089,000 128,883,000
49,000
1.000
104.000
110,000
6,000
60,000
154,000
930,000
Total bills bought in open market
62,345,000
75,111,000
86,086,000
96,899.000 111,397,000 104,126,000 111,939,000 113,211,000 383,666,000
1-15 days U. S. certificates and bills.... 201,999,000
87,693,000
72,170,000
58,401,000
31,513,000
46,703.000
45,260,000
16-30 days U. S. certificates and bills
68.998.000 141,231,000
91,980,000 209,610,000 201,999,000
58.401.000
87,693,000
47,260,000
74,170,000
31-60 days U. S. certificates and bills
31,513,000
33.750,000
130,568,000 155,433,000
61-90 days U. S. certificates and bilis__ _. 107.875,000 111,830,000 153,170,000 304,930,000 316,087,000 332,463,000 297.554,000 160.444,000
89,601,000
144.928,000
138,643.000 128,893,000 155.133,000 148,170,000 321,890,000 215,697,000
Over 90 days U. S. certificates and bills.. 401,279,000 393,938.000
390.570,000 371,154.000 404,409,000 358.310.000 396,133,000 352,980,000
476.972,000
TotalU. S. certificates and bills
933,701.000 957,704,000 962,837,000 960,821,000
960.819,000 935,820.000 935,820,000 935,825,000 957,251,000
1-15 days municipal warrants
636,000
1,276,000
1,276,000
1,230,000
1.240,000
1,360,000
1,240,000
16-30 days municipal warrants
1,399.000
4,694,000
46,000
36,000
31-60 days municipal warrants
10.000
36,000
36,000
61-90 days municipal warrants
36,000
Over 90 days municipal warrants
17,000
17,000
17,000
17,000
17,000
17.000
17,000
17.000
25,000
Total municipal warrants
653,000
1,293,000
1,293,000
1,293,000
1,293.000
1.413,000
1,293,000
1,462,000
4,719,000
Federal Reserve Notes—
Issued to F. R. Bank by F. R. Agent.3,224.644,000 3,223,491,000 3.204.150.000 3,200,844,000
3,180,943,000 3.202,007,000 3,228.043,000 3.291,053,000 3,865,116,00s
Held by Federal Reserve Bank
245,007,000 253,182,000 251,609,000 254,618,000
254.700,000 270.648,000 268,487,000 292,293,000 285,594,000
In actual circulation
2.979,637,00C 2,970,309,000 2.952.541,000 2,946,226,000
2,926,243,000 2,931.359,000 2,959.556.000 2,998,760,000 3,579.522,000
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctts. on hand dr due from U.S. Tress
By gold and gold certificates
2,765,318,000 2,663,318,000 2,573,318,0(50 2,541,818,000 2516
317,0001 1,474.073,000 1,478,072,000 1,478,150,000 835,532.000
Gold fund—Federal Reserve Board
1.067.745,000 1,089,245,000 1,121,745,000 1,345,415.000
By eligible Paper
95,149,000 110.000.000 122,358,000 137,323,000
165,201,000 174,952.000 176,081,000 1,032,589.000
158.736,000
U. S. Government securities
412,800,000 496,100,000 548,100,000 561,100,000
570,100,000 558.800,000 563,100.000 564,500,000 661,900,000
Total collateral
3,273,267,000 3,269.418.0003.243,776,000 3.240,246,000
3,245,153,000 3,205.819,000 3,305,369,000 3,340.476, 03,875,456,000
•"Other cash" does not include Federal Reserve notes or a bank's own
These are certificates given by the U. S. Treasury for the gold taken over Federal Reserve bank notes. b Revised.
from
the
Reserve
Banks
when the dollar was on Jan. 31 1934 devalued from 100 cents to
59.06 cents, these certificates being worth less to the extent of the difference,
the difference Itself having been appropriated as profit by the Treasury
of the Gold Reserve Act of 1934.
under the provisions
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES 01? EACH
OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
FEB.28 1934.
TWO ciphers um) Omitted.
Federal Reserve Bank of—
Total.
Boston. New York. Phila. Cleveland. Richmond Atlanta, Chicago.
St. Louis. Ifinneay. Kan.City. Dallas. San Fran.
ASSETS.
$
$
t
$
$
$
$
$
$
$
Gold certificates on hand and due
5
$
$
from U. S. Treasury
3 895,811,0 271,943,0 1,177,989,0 221,743,0 324,960,0
155,585,0 122.388,0 863,916,0 166,221,0 95,851,0 163,601,0 89,067,0 242,547,0
Redemption fund—F R. notes__
35,138,0 2,953,0
3,625.0 3.755,0 3.709.0 1.955.0 2,675.0
6.745,0 1,361,0 1,335,0
882,0
734,0 5,409,0
Other cash
208,727,0 17,986,0
48,982,0 33,505,0 14,076,0 8,905,0 11,099.0
28,263,0 8,535,0 9,484,0 8,924,0 5,919,0 13,019,0
Total reserves
4,139,676,0 292,882,0 1,230,596,0 259,003,0 342,745,0 166,445,0
136.162,0 898.924,0 176.117,0 106,670,0 173,407,0 95,720.0261.005,0
1515
Financial Chronicle
Volume 138
Weekly Return of the Federal Reserve Board (Concluded).
Two Ciphers (00) Omitted.
Total.
RESOURCES (Concluded)Redem. fund-T. R. bank notes_
Bills discounted:
Sea. by U.S. Govt. obligations
Other bills discounted
s
Total bills discounted
Bills bought in open market
U.S. Government securities:
Bonds
Treasury notes
Certificates and bills
Boston. New York.
Cleveland. Richmond Atlanta.
Phila.
Chicago.
St. Louis. Minneap. Kan.City. Dallas. San Fran.
$
$
1,100.0
1,304,0
258,0
361,0
1,757,0
989,0
562,0
8
500,0
8
557,0
$
771,0
1,472,0
918,0
10,397,0 3,851,0
19,890,0 14,835,0
939,0
2,708,0
220,0
1,854,0
88,0
1,255,0
665,0
1,487,0
283,0
214,0
1,0
1,093,0
39,0
467,0
63.0
407,0
1,244,0
64,390,0 2,390,0
62,345,0 12,943,0
30,287,0 18,686,0
3,060,0 3,788,0
3,647,0
6,525,0
2,074,0 •1,343,0
2,022,0 2,454,0
2,152,0
7.186,0
497,0
2,640,0
1,094,0
1,846,0
63,0
506,0
2,013,0 11,254,0
1.651,0
6,614.0
12,595,0
1,250,0
18,362,0
46,028,0
$
$
$
a
3,186,0
$
$
$
442,830,0 24,400,0
1,055,420,0 71,104,0
933,701,0 62,178,0
165,518,0 28,070,0 32,158,0 14,125.0 12,270,0
348,327,0 74.198,0 96.489,0 42,379,0 36,784,0
287,910,0 64,852,0 84,377,0 37,059,0 32,166,0
76,949,0 14,493,0 16,343.0 14.112,0 19,282,0 25,110,0
177,518,0 41,990,0 26,458,0 36,988,0 27,845,0 75,340,0
182,876,0 36,717,0 22,993.0 32,344,0 24,348,0 65,881,0
Total U. S. Govt.securities_ 2,431,951.0 157,682,0
653,0
Other securities
801,755.0 167,120,0 213,024,0 93,563,0 81,220,0
143,0
510.0
437,343,0 93,200,0 65,794,0 83,444,0 71,475,0 166,331,0
446,681,0 96,337,0 68,734,0 85,963,0 82,792,0 174,596,0
241,0
95,0
95,0
11,0
15,0
448.0
917.0
310.0
714.0
791,0
1,984,0 1,050,0
54,633,0 17.295,0 9,348,0 23,482,0 15,001,0 20,826,0
1,657,0 3,485,0 1,754.0 4,090,0
7,332,0 3,110,0
1,755,0 2,066,0 2,180,0 4,925,0
9.874,0 2,547.0
827.0
891,0
915,0
392.0 1.376.0
1,292,0
.---468,198.0
199,300,0
290,627,0
190,904,0
297,852,0
1,422,975,0
245,209,0
309,405,0
622,796,0
499.287,0
7,309,002,0 519,863,0 2,242,586.0
Total bills and securities
2,599,339,0 173,015,0
Due from foreign banks
256,0
3,485,0
Fed. Res. notes of other banks
394,0
13,293.0
Uncollected items
410,791,0 42,747,0
Bank premises
52,382,0 3,224,0
Federal Deposit Ins. Corp.stock69,650,0 5,115,0
AU other resources
980,0
47,791,0
Total resources
835,245,0 190,104,0 223,196,0 97,659,0 85,017,0
119,0
129,0
326,0
370,0
1,380,0
516,0 1,055,0
914,0
496,0
4,152,0
106,947,0 31,428.0 38,952,0 36,091,0 14,041,0
11.424,0 3,968,0 6,788,0 3,128,0 2,372,0
21,265.0 7,310,0 7,073,0 2,904,0 2,636.0
28.391.0 5,508,0 1,498,0 2,275.0 3,446,0
LIABILITIES.
F. R. notes in actual circulation_ 2,979,637,0 221,840,0 610,321,0 235,644,0 290,446,0 148,709,0 123,172,0
F.R.bank notes in act'l circurn
52,740,0 18,857,0 21,804,0 4,358,0 4,258,0
195,376,0 21,646,0
Deposits:
Member bank reserve account_ 3,093,119,0 193,254,0 1,270,783.0 157,989.0 220,884,0 96,154,0 73,544,0
9,612,0 1,753,0 2,372,0 2,636,0 5,930,0
Government
45,261,0 4,568,0
81,0
88,0
223,0
242,0
1,913,0
Foreign bank
167,0
3,433,0
1,634,0 4,813,0 4,505,0 1,377,0 1,773,0
Special-Member bank
153,0
29,248,0
283,0
759,0
114,
863,0 1.875,0
11,994,0
Non-member bank
31.162,0 1,760,0 1,748,0 2,879,0 5.479,0
Other deposits
82,326,0 3,441,0
Total deposits
Deferred availability items
Capital paid in
Surplus
Subscription for FDIC stock:
Paid
Called for payment April 15
All other liabilities
3,265,381,0 201,583,0 1,315,967,0 168,432,0 229.846,0 103,893,0 87,090,0
406,009,0 42,787,0 102,554,0 29.794,0 37,062,0 35,210,0 13,056,0
58.492,0 15,785,0 12,731,0 5,011,0 4,472,0
145,310,0 10,655,0
45,217,0 13,352,0 14.090,0 5,171,0 5,145,0
138,383,0 9,610,0
5,115,0
5,115,0
1,512,0
69,650,0
69,650,0
38,706,0
7,073,0
7,073,0
2,671,0
7,310,0
7,310,0
2,803,0
21,265,0
21.265,0
14,765,0
2,904,0
2,904,0
1,245,0
767,788,0 136,840,0 95,981,0 109,109,0 41,204,0 198,583.0
25,287,0 9.332,0 6,877,0 9.382,0 8,754,0 12.081,0
501,942,0 100,187,0 57,238,0 125,946,0 112.875.0 182,323.0
3,963,0 3.512,0 3,676,0 2,178,0 1,184,0 3,877.0
165.0
65,0
65,0
54,0
77,0
293,0
1,874,0
326,0
929.0 1,495,0
8,037.0 2,332.0
517,0
428,0
7,155,0
1,288,0 5,509,0 4,610,0 6,988,0 2,067,0 15,395,0
515,523,0 118,772,0 66,935,0 136,672,0 116,517,0 204,151,0
57,034,0 18,064,0 10.137,0 22,880,0 16,851.0 21,480,0
12,776,0 3,917,0 2,858,0 4,087.0 3,891,0 10,635,0
20.681,0 4,756,0 3,420,0 3,613.0 3,683,0 9,645,0
2,547,0
2,547,0
1,077.0
9,874.0
9,874,0
4,138,0
2,636,0
2,636,0
2,744,0
1,755,0
1,755,0
1,186,0
2,066,0
2,066,0
752,0
2,180,0
2,180,0
4,040,0
4,925,0
4.925,0
1,773,0
7,309,002,0 519,863,0 2,242.586,0 499,287,0 622,796,0 309,405,0 245,209,0 1,422.975,0 297,852,0 190,904,0 290,627,0 199,300,0 468.198.0
Total liabilities
Memoranda
Ratio of total res. to dep.& F. R.
note liabilities combined
64.8
65.9
64.1
65.9
63.9
69.2
66.3
Contingent liability on bills Pur157,0
chased for for'n correspondents
170,0
430.0
1,907,0
466,0
4,835,0
322.0
o"Other cash" does not include Federal Reserve notes or bank's own Federal Reserve bank notes.
70.0
63.9
65.5
70.6
60.7
64.5
564,0
148,0
103,0
125.0
125,0
318,t)
FEDERAL RESERVE NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Total.
Boston. New York,
Phila.
Cleveland. Richmond Atlanta.
Chicago.
St. Louts. Minneap. Kan.Cily. Dallas. San Fran.
Federal Reserve notes:
8
$
Issued to F.R.Bk. by F.R.Agt. 3,224,644,0 236.876,0
Held by Fed'I Reserve Bank- 245,007,0 15,036,0
$
8
$
$
$
680,552,0 250,269,0 304,640,0 155,751,0 142,706,0
70,231,0 14,625,0 14,194,0 7,042,0 19,534.0
$
$
$
$
$
i
804,556,0 142,701,0 100,555,0 114,998,0 45,558.0 245.482,0
36,768,0 5,861,0 4,574,0 5,889.0 4,354,0 46,899,0
In actual circulation
2,979,637,0 221,840,0
Collateral held by Agent as security for notes issued to bks
Gold certificates on hand and
2,765,318.0 214,672,0
due from U.S.Treasury
95,149,0 14,769,0
Eligible paper
412,800,0 8,500,0
U. B. Government securities
610,321,0 235,644,0 290,446,0 148,709,0 123,172.0
767,788,0 136,840,0 95,981,0 109,109,0 41,204,0 198,583.0
683,706,0 185,000,0239,886,0 121,599,0 96,385,0
21,428,0 11,054,0 8,463,0 2,991,0 2,859,0
55,000,0 60,000,0 32,000,0 45,000,0
697.713,0 123,697,0 78,444,0 110,290,0 38,163,0 175,763.0
7,384,0 2.934,0 2,355.0 2,137,0 11,149.0 7,626.0
67.000,0
102,000,0 17.000,0 21,300,0 5,000.0
3 273.267.0 237.941.0
705.134.0 251.054.0 308.349.0 156.590.0 144.244.0
807.097.0 143.631.0 102,099,0 117,427,0 49,312,0 250,389,
Total collateral
FEDERAL RESERVE BANK NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Total.
Boston. New York.
Phila.
Cleveland. Richmond Atlanta.
Chicago.
St. Louis. Minneap. Kan.CUy. Dallas. San Fran.
Federal Reserve ban* notes:
Issued to F. R. Bk.(outstdg.):
Held by Fed'I Reserve Bank__
8
8
219,744,0 23,231,0
24,368,0 1,585,0
8
$
$
62.920,0 24,644,0 22,795,0
10,180,0 5,787,0
991,0
3
4,358,0
$
5,000,0
742.0
8
26,927,0
1,640,0
$
9.629,0
297,0
8
7,082,0
205,0
i
9,495,0
113.0
$
$
9.902,0 13,761.0
1,148,0 1,680,0
In actual circulation
Collat. pledged asst. outst. notes
Discounted & purchased bills
U. S. Government securities._
195,376,0 21,646,0
52,740,0 18,857,0 21,804,0
4,358,0
4,258,0
25.287.0
9,332,0
6,877,0
9.382,0
8,754,0 12,081.0
1,144,0
249.774,0 30.000,0
1,134,0
64,274,0 26,500.0 25,000,0
5.000,0
6,000,0
10,0
36,000,0 11,000,0 10,000,0 10,000,0 11,000,0 15,000,0
olst n 20 nnn 0
64 274 0 26 500 n 26 114 0
5 rinn n
a min n
16 ma n 11 rin n In nnn 0 10 000.0 11.000.0 15.000.0
Tnt61 rirdlsoar41
n611
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," immediately preceding which
we also give the figures of New York and Chicago reporting member banks for a week later.
Yr• Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange of drafts sold with endorsement" and Include
all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were included with loans, and some
of the banks included mortgages in Investments. Loans secured by U.S. Government obligations are no longer shown separately, only the total of loans on securities being
given. Furthermore, borrowing at the Federal Reserve Is not any more subdivided to show the amount secured by U.S. obligations and those secured by commercial paper,
only a lump total being given. The number of reporting banks formerly covered 101 leading Muse, but was reduced to 90 cities after the declaration of bank holidays or
moratoria early in March 1933. Publication of the weekly returns for the reduced number of cities was omitted in the weeks from March 1 to May 10. but a summary of
them 18 to be found in the Federal Reserve Bulletin. The figures below are stated in round millions.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS FEB. 21 1934 (In Millions of Dollars).
Total.
Federal Reserve DistrictLoans and Investments-2404
Loans-total
On securities
AD other
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
-- -
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
$
8,034
8
1,056
$
1,140
660
3.999
506
251
409
1,993
2,006
245
261
355
354
8
1,752
430
170
188
212
218
59
111
62
126
$
$
521
328
549
439
$
1,760
737
223
163
197
192
883
337
400
88
135
44
119
61
136
59
133
219
664
$
$
$
S
9,146
546
4,035
550
710
185
166
1,015
298
165
352
247
877
6,199
2,947
331
165
2,743
1,292
306
244
515
195
136
49
120
46
691
324
199
99
109
56
195
52
560
317
1,996
230
11,246
4,372
1,418
1,369
3.147
146
35
768
337
124
112
157
897
53
5,780
1,087
766
117
1,376
Q
95
12
629
301
74
113
183
117
17
560
439
76
87
151
33
11
204
132
14
66
81
27
6
162
135
36
58
70
338
50
1,348
477
86
216
395
68
8
334
162
38
83
134
30
4
185
128
7
76
85
001M...0,
t.-.COMC,
-.
CIv-1 CV
U.S. Government securities
Other securities
Phila.
8
1,206
.4,0
.1.0
0i.
Investments-total
Boston. New York
$
17,494
8,348
3,630
4,718
68
8
283
124
62
115
140
107
14
600
886
104
162
156
_
1516
Financial Chronicle
are
Timmer('
sinaneiai
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, March 2.
allb Ciro-nit-1r
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
Including Postage12 Mos.
6 Mos.
United States, U. S. Possessions and Territories
$10.00
$6.00
In Dominion of Canada
11.50
6.75
South and Central America, Spain. Mexico and Cuba
13.50
7.75
Great Britain, Continental Europe (except Spain), Asia,
Australia and Africa
15.00
8.50
The following publications are also issued:
COMPENDIUMSMONTHLY PUBLICATIONSPUBLIC UTILITY-(semi-annually)
BANE AND QUOTATION RECORD
RAILWAY & INDUST'S/AL-VC/11P year)
MONTHLY EARNINGS RECORD
STATE AND MuraciPAL-(semi-ann.)
The subscription price of the Bank and Quotation Record and the
Monthly Earnings Record is 86.00 per year each; for all the others is
$5.00 per year each. Foreign postage extra.
NOTICE.-On account of the fluctuations In the rates of exchange.
remittances for foreign subscriptions and advertisements must be made
In New York funds.
Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
CHICAGO OFFICE-In charge of Fred. IT. Gray. Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON OFFICE-Edwards & Smith, 1 Drapers' Gardens, London. E.C.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
• Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert; Business Manager. William D. Riggs; Treas.,
William Dana Seibert; Sec.. Herbert D. Seibert. Addresses of all. Office of Co.
Wall Street, Friday Night, March 2 1934.
Railroad and Miscellaneous Stocks.-The Review of the
Stock Market is given this week on page 1504.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list.
STOCKS.
Week Ending Mar. 2.
r
SaIes
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
/ RailroadsPar. Shares. $ per share. $ Per share. $ per share;$ per share.
Chic St P & Om prof 100
20 74 Mar 1 8 Mar 1 5
Jam 114 Feb
Duluth S S & Atl_ __100
400
34 Feb 28 1 Feb 24
34 Jan; 191 Feb
Havana Elec Ry pref100
50 5 Feb 28 5 Feb 28 2
Jan! 5
Feb
Bud & Nianh pref__100
600 2034 Feb 27 22 Mar 2 18
Jan; 2634 Jan
lot Rys of Cent Am_ _ _•
20 34 Feb 27 3% Feb 27, 3
Jan! 34 Jan
Preferred
1001
85 1134 Feb 27 11% Feb 27 794 Jan' 16
Feb
Market St Ry
30 14 Mar 1 14 Mar 1.
1001
34 Jan] 194 Jan
New On Tex & Mex lOOj
280 19 Feb 28 23% Feb 26 114 Jan 25 . Feb
Norfolk At West pref 1001
120 8834 Feb 24 89% Feb 24 82
Jan! 894 Feb
Pao Coast 2d pref--*
200 44 Feb 24 4% Feb 24 2
Jan' 44 Feb
Phila Rap Transit___50
90 3 Mar 1 3 Mar Y 3
Feb; 44 Jan
Preferred
50
10 6 Mar 2 6 Mar 2. 5
Feb 63-4 Feb
Pitts Ft W & C pref.100
40 153 Mar 2 153 Mar 2, 14134 Jan.1534 Feb
Pitts Y & A pref100
40 133 Mar 2 133 Mar 2 133
Mar,133
Mar
Texas & Pacific..___100
300 32 Mar 1 34
Feb 28. 1834 Jan 434 Feb
Indus. & Miseell.1
Abrah'm & Straus p1100
100103 Feb 26 103 Feb 26, 89
Jan 105
Feb
Amer Radiator & Stand
p Sanitary prof..__ 100
7011734 Feb 2711734 Feb 27 1114 Jan 1174 Feb
Austin Nichols prior A *
130 5634 Feb 28 59 Mar 2; 394 Jan 59
Mar
Beneficial Ind Loan. _ _* 2,900 12% Feb 24 134 Feb 26 ^ 124 Jan' 144 Jan
Bloomingdale 7% p1190
40 94 Feb 27 98 Mar 11 88
Jan 98
Mar
Blumenthal & Co p1100
70 50 Feb 26 53.4 Feb 24 484 Feb 5691 Feb
Briggs & Stratton__ •
200 184 Feb 26 184 Feb 26 15
Jan 2034 Feb
Brown Shoe prof.. __100
101204 Feb 2612034 Feb 26 1184 Jan 1204 Feb
Burns Bros class A_ _ _ _*
200 3% Feb 26 4 Feb 27, 194 Jan 6
Feb
., Class A etts
100 294 Mar 1 24 Mar 11 1
Jan 44 Feb
I. Class B ctfs
•
200 1% Feb 26 14 Feb 261
36 Jan 24 Feb
I Preferred
100
37 1234 Feb 24 143-4 Feb 28' 4
Jan 154 Feb
City Stores class A___•
100 434 Feb 28 44 Feb 28 3% Jan 534 Feb
CISS.9 A ctN
•
200 44 Feb 28 44 Feb 28 3
Ja
54 Feb
Certificates
• 1,900
% Feb 24 1 Feb 27,
34 Jar 1% Feb
Collins & Allman p1100
30 92 Mar 2 92 Mar 2, 79
Jar4 92
Feb
Colo Fuel & Ir pret_100
30 27% Mar 2 2894 Feb 28; 104 Jan 32
Feb
Columb G & E pf 11 100
50 64 Feb 28 664 Feb 24' 41
Jan, 6691 Feb
Comm Cred pre (7).25
34 2534 Feb 26 27 Mar 1' 234 Jan 27
Feb
Cons Cigar pr pf x-w100
11 504 Feb 26 51 Feb 24 49
Feb 524 Feb
Preferred (7)......_100
. 10 52 Mar 1 62 Mar 1, 31
Jon 5334 Feb
Crown W'mette 1st pf _•
10 56 Feb 26 56 Feb 26 47
Jan 56
Feb
Durham Has NI pf 100
10 25% Feb 24 25% Feb 24 21
Feb 284 Feb
Fed Min Smeltg pf100
100 80 Feb 27 80 Feb 27 70 • Jan 80
Feb
Fifth Ave Bus Sec
•
30 74 Feb 24 74 Feb 24 7
Feb 11
Jan
Filene's(Wm)Sons Co_*
30 27 Feb 26 27 Feb 26 25
Feb 27
Feb
64% preferred_.100
30 95 Feb 27 9734 Feb 24 87
Jan' 974 Feb
Gen Baking Co pref •
106 Feb 28 106 Feb 28 1024 Jan 1084 Feb
Gen Refractories et's...* 2,800 16 Feb 27 1734 Mar 2' 1234 Jan 194 Feb
Gold & Stock Telegr100
10 77 Feb 24 77 Feb 24 77
Feb 77
Feb
Guantanamo Sug pf 100
10 24 Feb 26 24 Feb 26 734 Jan 31
Feb
Hazel Atlas Co
25 1,500 8734 Feb 26 91 Feb 28 8734 Jan 9634 Jan
Kan City Lt & P pf
106 Feb 27 106 Feb 27 974 Jan 106
Feb
Keith-Alb-Orph pref100
500 25 Mar 1 2.5 Mar 1 20
Jan 25
Mar
Kresge Dept Stores_ __I
100 634 Feb 28 634 Feb 28 23.4 Jan 7% Feb
Preferred
20 29 Feb 26 31
100
Feb 26 19
Jan 40
Jan
Laclede Gas
50 40 Feb 26 45 Feb 26 40
100
Feb 634 Feb
Preferred
100
20 51 Feb 26 52 Feb 24 424 Jan 60
Feb
Life Savers
2,400 184 Mar 1 1991 Feb 28 174 Jan 20
Jan
Nfarancha Corp
3,300 434 Feb 26 5 Feb 26 434 Jan 54 Feb
Martin-Parry Corp__ ..• 7,400 1091 Feb 27 12 Mar 2 64 Jon 12
Mar
Mathieson Alkali Wks
Preferred
10,121
100
Feb 24 121 Feb 24 110
Jan 121
Feb
Milw El fly & Pr pf 100
501 554 Feb 28. 57 Feb 28 50
Jan 57
• 1.500 991 Feb 27] 1034 Feb 24 7% Feb 13% Feb
Nat Aviation
Jan
Norwalk T &
pref.50
50 3591 Feb 24 37 Feb 24 35% Feb' 37
Jan
Omnibus Corp pref_100 1,500 95 Feb 26 95 Feb 26 89
Feb: 95
Jan
Pat Tel & Tel pref__100
Feb
80108
2810834 Mar 1 103
Jan'108 3-4 Feb
Poe Western Oil
400 634 Mar 11 791 Feb 26 64 Marl 8% Feb
•
Panhandle P & R pf 100
301 14 Feb 24' 14 Feb 24 12
Jan' 1591 Jan
Peoples Drug Stores634% cony pref_100
10 x914 Feb 281x914 Feb 28 86
Jan! 92
Feb
Penn Coal & Coke___ 50
34
4
Feb 28
500
Feb 26 24 Jan 44 Jan
Phillips Jones pref__100
30, 58 Feb 271 58 Feb 27 58
Feb; 60
Feb
Phoenix HoslerY P1-100
100' 60 Mar 2, 60 Mar 2 50
Jan, 61
Jan
Revere Cop& Br p1.100
20 60 Feb 28. 60 Feb 28 46
Jan] 65
Feb
Rhine Westphalia E Ac P
100' 22 Feb 24' 22 Feb 24 22
Feb 2234 Jan
Roan Antelope Cop M..
300 284 Feb 26: 2834 Feb 27 26% Jan 30% Feb
Schenley Distillers._...5 27,400. 2934 Feb 26 3194 Feb 27 26% Jan, 344 Jan
Sterling l'roducts____10 5,300 534 Mar 11 56 Feb 24 47% Jan' 58
Jan
Underwd-E-Fishpfd 100
20109 Mar 1,1094 Mar 11 102
Jan.113
Feb
United Amer Bosch •
100 114 Mar 11 114.Mar 1 10
Jan; 17
Feb
United Drug
5 7.900 124 Feb 26 1334 Feb 24 9% Jan 15% Feb
Un Pipe& Rad pret_100
40 14 Feb 24 14 Feb 24 4% Jan' 17
Feb
Vich Chemical
5 4,300 2934 Feb 27 3031 Feb 24 24% Jan] 314 Feb
Virginia 1r
& C__100
180 734 Feb 28 9 Feb 24 4% Jan 9
Feb
1..5% preferred____100
10 25 Feb 24 25 Feb 24 24
Feb! 27
Feb
Walgreen Co
• 2,600 2234 Feb 26 234 Feb 26 22% Feb 254 Feb
100
Preferred
220 964 Mar 210034 Feb 24 844 Jan 1024 Feb
Wheeling Steel pref_100
300 56 Feb 26 57 Feb 26 38
Jan 57
Feb
*No par value.
Mar. 3 1934
Maturity.
Int.
Rate.
Bid.
June 15 1934....
Mar. 15 1934.__
Sept. 15 1934 _
Aug. 1 1935.__
Aug. 1 1934___
Dec. 15 1934
Mar. 15 1935 _
Dec. 15 1935_
Feb. 1 1938...
91%
51%
134%
14%
%
291%
24%
236%
2%%
100
100,32
100103,
100.2,
1002,32
101,3,
101,n
101,31
992,33
Asked.
Maturity.
Int.
Rate.
10003,
100932
100.3,
100.31
101'22
1011,3,
101°n
99.3,
Dec. 15 1938...
Apr. 15 1936...
June 15 1938_
May 2 1934
June 15 1935._
Feb. 15 1937__
Apr. 15 1937._
Aug. 1 1936._
Sept. 16 1937._.
234%
24%
234%
3%
3%
3%
3%
39.1.%
391%
Asked.
100.,,
101.3,
100,3,
100.2,
10230,,
1002%,
100.32
102,32
100,032
100,32
100,932
102.33
100,03,
100.3,
102.33
1012°32
U. S. Treasury Bills-Friday, March 2.
Rates quoted are for discount at purchase.
Man 7 1934
Mar. 21 1934
Mar. 28 1934
Al','. 4 1934
Apr. 11 1934
Apr. 18 1934
An, 9A 1 ORA
Bid.
Asked.
0.35%
0.35%
0.35%
0.35%
0.35%
0.35%
n 35or.
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
n 10W.
May 2 1934
May 9 1934
May 16 1934
May 23 1934
Aug. 81034
Aug. 15 1934
Ale. 29 1934
Bid.
Asked.
0.40%
0.40%
0.40%
0.90%
0.60%
0.60%
0.65•A
0.15%
0.15%
0.15%
0.15%
0.40%
0.40%
0.40.2i
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.Daily Record of U. S. Bond Prices. Feb. 24. Feb. 26. Feb. 27. Feb. 28. Mar. 1. Mar. 2.
--First Liberty Loan
102,29 102,31 102,32
.3 102,21
High 102,
102
102
34% bonds of 1932-47_1Low. 102,23 102
102,22 102/32
102/32 102,3:
(First 334,)
Close 102,32 102,3, 102,31 102
44
31
32
6
41
52
Total sales In $1,000 units...
_
Converted 4% bonds ofiTligh
_
LOW.
_
1932-47 (First 45)
Close
Total sales in $1,000 uses....
- 1o5;; 16=i.;
Converted 491% bonds High 1072W3-1 10725;2,
10-2-, 3-2
102.32 1021,33 102,h, 102..3 102,h,
011932-37 (First 491s) Low_
102.3, 102.22 102.31 1022,32 102,032
Close
19
Total sales in $1,000 units_ __
18
21
21
46
Second converted 434%{High
_
bonds of 1932-47 (First Low..
Close
Second 4q8)
Total sales in $1,000 units....
10-2Ws; 102,93, 103
Fourth Liberty Loan
{High
491% bonds of 1933.38_ Low_ 102.3, 102,022 102.22 102.3, 102.3,
Close 102.31 1022,32 102..3 1020,, 102.2, 103,3,
(Fourth 434,)
34
22
23
70
53
Total sales in $1,000 units _._
45
Fourth Liberty Loan
{High 100.3, 100.23 100.21 100.31 100.33 100.13
411% bonds (called)__.... Low_ 100"33 100/0ss 100/03, 111000,, 100.3, 100.32
Close 100"3, 100,033 100.32 100.33 1000,32
9
19
3
12
55
Total sales In 51,000 units _ ._
303
Treasury
108.23 1031,33
108.23
{High 109,32 109
49.1s 1947-52
0021
108.23 108.32 104.32 10.23 10,
Low 109
103,03, 103.3, 105,03, 108.3, 108/022
Close 109
3
z121
13
30
30
17
Total sales In $1,000 units......
{High 100'0.3 100.3, 100.33 100.3, 1000032 100,22
100,
3, 100,3, 100,22 100,,,
490-391s. 194:3 45
Low. 100033,
Close 100/433 100,3, 100.31 100,3, 10000,, 100,33
47
28
Total sale, in $1,000 units....
58
115
66
41
(High 105.23 1051,3, 105.12 10500., 105.12 105",,
4s, 1944-54
(1.0w.. 105003, 105.31 105"2, 10507,2 105,32 105'31
(Close 105,0,3 105.3, 105.32 105.3, 10503, 105',,
90
100
29
259
52
Total sates in $1,000 units__
12
103.32 103.22 103"31 103.3,
{High 103.32
3348, 1946-56
103.3, 103"31 103.22
Lo w_ 103.32 1032,3,
103.3, 103.21
Close 103.33 103,,,,
2
5
2
17
15
10
Total sales in $1,000 units.-100.31 100.32 100.32 100,03, 100.32
{High 101
loon", 100.32 100.32 100..3 100.32
34s, 1943-47
Low.. 101
Close 101
100.3, 100"3, 100,03t 100.3, 100,033
48
4
53
23
Total sales In 51.000 units. _ _
7
3
{High 9720,3 97.3, 97/833 97.,. 97/033 970.1
971,2
97,3,
Is. 1951-55
97"31 97.3, 97;732 97,33
Low_
9713,
97,31
Close 97.3, 97.3, 97I.32 97,23
156
93
240
54
37
50
Total sates In 51.000 unit,....
{High 101/n 101,32 100.23 100.23 100.23 100.3,
1002,12 100.3, 100.,, 100.32 100.23
34s, 1940-43
Low. 101
100.3, 100.,, 100,,,, 100.3, 100.33
Close 101
50
55
Total sales in 51,000 units _._
4
59
1
12
100.32 100.33 100,03, 100,733
(File's 101,,,
(1.0w. 101',, 100.32 100.33 100.32 100.33 100.12
394o. 1941-43
[Close 101 /23 100.3, 100.3, 100.31 1002,3, 100.3:
Total sales in $1.000 units....
1
80
60
15
23
135
99
98,032 901.3, 98,033
9913,
Ihigh
98.32 98.33 99,3, 982,32 9(126k, 98.33
34'9 1946-49
Low
Close 98.33 98.31 98,132
98,02,
18
Total sales In $1,000 units...
40
92
139
109
26
Inlet 1001,3, 100.32 100/32: 100/-3, 100.3, 100,3.
394s, 1941
Low. 100.3, 100,22 100,22 10003, 100,., 100',,
Close 100.3, 100,3, I0010.2 100,3, 100.33 100,,,
Total sales in $1.000 units.. _
84
22
39
208
142
331
z Odd lot sale 10 bonds at 108.32.
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
20 1,1 394,
1 1st 4919
1 4th 4 sis (uncalled)
36 4th 491s(called)
1 Tress 4s
10003, to 101.31
10203, to 102"32
102.21 to 102..2
100.22 to 100,03,
105.3, to 1051233
Foreign Exchange.To-day's (Friday's) actual rates for sterling exchange were 5.074(
145.08
for checks and 5.074045.084 for cables. Commercial on banks sight.
5.0634, 60 days, 5.064. 90 days, 5.054, and documents for payment, 60
days 5.0634. Cotton for payment 5.07%•
To-day's (Friday's) actual rates for l'aris bankers' francs were 6.564 ®
6.574 for short. Amsterdam bankers' guilders were 67.148867.27.
Exchange for Paris on London, 77.10, week's range, 77.42 francs high
and 77.00 francs low.
&ening ActualChecks.
Cables.
High for the week
5.0834
5.083-1
Low for the week
5.0634
5.0634
Paris Bankers' FrancsHigh for the week
6.58.
6.58
Low for the week
6.55
6.554
German Bankers' MarksHigh for the week
39.64
39.65
Low for the week
39.45
39.47
Amsterdam Bankers GuildersHigh for the week
67.25
67.29
Low for the week
67.01
67.05
The Curb Exchange.-The Review of the Curb Exchange is
given this week on page 1508.
A complete record of Curb Exchange transactions for the
week will be found on page 1535.
4,
1517
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
I'
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS
LIST. SEE PAGE PRECEDING.
NOTICE.-Sales for deferred delivery (s. 10, s. 15 days) are disregarded In the week's range, unless
they are the only sales of the week, and whether Included or no
are shown in a footnote in the week In which they occur. No account is taken of such sales
in computing the range for the year.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Feb. 24.
Monday
Feb. 24.
Tuesday
Feb. 27.
Wednesday
F'eb. 2s.
Thursday
Mar. I.
Friday
Mar. 2.
Sales
for
the
West,
$ per share $ per share $ Per share $ per share $ per share $ per share Shares.
6612 6734 6412 66
6514 67
6478 67
64
60
0534 67
31,200
*8112 8214 8112 8112 81
81
82
82
8134 8132 *8012 82
700
4918 4934 48
49
48
4834 48
48
4512 4612 47
4912 3,200
3012 3158 . 2814 3018 2914 3038 30
31
2858 30
2978 3114 54,100
3312 3312 32
3234 3214 3238 3314 3314 3112 3214 32
33
2,200
44
44
43
44
242
42
43
43
4214 4214 43
43
1,700
•105 107 *105 107 .101 107 510134 107 •101 107 *101 107
160
•1511 16
15
1514 *13
167ii 51214 1515 51313 1518 1515 1518
300
4618 012 55
*612 712
7
7
*6
7
6
*618 7
500
*4538 4914 *4538 4914 *4538 4912 *45
4812 4514 4514 545
49
200
3112 3158 31
3158 31
3138 31
3158 3012 31
3118 3214 5,400
8412 8412 58312 85
*8312 85 • .8312 85
58312 87
58412 86
200
---- ---- ---- ---- ---- - -- ---- ---- ----- ---__ __ _ ___
1573 1618 1514 1534 1558 1-6
1512 16
153g 1534 1534 -1-618 25,300
*82
89
*82
89
*82
89
*32
89
582
89 .82
89
*80
85 .78
8312 *80
84
84
578
7812 7812 *79
85
100
4312 4412 43
4358 4314 4334 4333 4438 431e 4378 4334 4452 21,300
5
5
*5
612 *412 512 *434 612 .5
612 .5
612
100
6
6
538 578
538 534
6
6
512 512
558 614 2,000
5
5
*412 434
453 458
458 434
412 412
412 412
900
1012 107s
9'8 958
10
10,4
958 10
93s 912 *10
1012 1,800
634 7
6
612
618 1358
658 678
614 612
65s 678 8,100
1078 11 14 10
1078 10,8 1034 1012 11 1s 1014 1034 1034 1138 23,400
1278 1312 1218 13
1218 1278 1258 1338 1218 1234 1278 1378 44,700
2234 2334 21
221 1 2112 23
2334 2412 2214 2318 24
2412 6,400
514 514
5
518
5
518
5
.5 1s
434 5
3,000
5
5
812 812
8
8
*718 8
5758 778
7
712
734 8
1,800
*7
7,
6,2 612
014 614
612 012
614 612
612 634 1,100
*3612 3978 3612 37
3512 351 2 *33
3513
3512 *32
35
•31
80
.301s 32 *_
32
*28
32
*25
32
*26
32
526
32
*21
29
*2112 29
*22
30
*22
29
*2212 29
*2212 29
512 534
5
5t2
514
51
534 578
512 558 5534 6
2,000
8
8
*7
934 *7
95s *512 93
914
*7
93
*7
10
6612 67l7 63
66
63
6412 6378 65
63
64
6412 66
7,100
2812 2978 2718 2838 2734 2878 2818 2938 2714 29
2858 297 34,300
10
10
912 10
912 934
934 10
918 10
10
1038 3,000
2034 2138 1978 2114 2014 21
2114 2178 2014 21
11.100
2012 22
2478 26
2378 2412 24
24
24
2478 2312 24
2458 25
2,600
1958 19, *18
211
19
•I8
19
19
*1812 20
*19
2138
200
28
29
28
26
27
2738 27
2838 2638 2712 2734 2858 26,500
•1312 141 *13
1438 1312 131 *1314 141 51378 15
1458 1458
200
3134 32
3012 3112 28
29
33
31
3034 3034 3034 32
1,100
*74
1
1
1
1
1
51 1s
144
114
1 14 .118
500
114
4914 91
778 918
9
85g 858
9
834 84
958 958 1.900
3458 351
3234 3358 3158 34
3118 3212 33
32
34
3414 1 14,900
45
11140
41
45
*45
*42
47
42
42
4214 4158 41'sl
400
6158 .57
13158 *55
6158 57
•55
57
di38 sz,':-.2 6158
*57
40
*2114 23
52114 213
2114 2114 2114 2114 •2014 221
*2114 23
100
834 87
9
914 912
834 9
9
97
834 9
6,100
9
1612 1534 16
1612 1612 16
16
1012 16
16
1612 161
1,500
*25
27
2412 2412 2212 221z 2212 2418 522
2414 52314 211
200
1734 1812 18
1858 1838 19
1858 19
18
1812 1834 1938 10,600
54
55
5212
5318
55
5312
5314
54
4
55,
54
5312 56
3,100
*24
25
25
27
*2518 27
27
27
25
27
*23
27
40
1558 16
8 16
3 1618 15,
1634 15,
16
1634 104 16
1714 4.400
*6
612 612 5573 778 *578 11
778 *612 778
100
•612 77a
•34
1
Ds
1
*1
1
I
1
"4 1
*34
600
1
278 278 *2
3
314 *2
*318 314 *2
314 *2
100
314
412 458 *41,2 538 *412 53s *412 534
.412 512 *412 512
20
618 618
612 612
.413 7
*478 678
534 6
6
6
42
1238
12
1218
1158
1238 1212 5,80
1212 1212 115s 1212 1158 12
2912 30
2612 2834 2712 28
2814 29
2811i 2812 2812 2934 4.000
478 5
438 478
434 5
5,4
5
5
5
478 5
2,800
778 8
714 734
734 75s
73s 734
714
75s
758 734 4,81)0
38
.36
38
40
38 .33
40
*37
*31
40
•33
371
10
•134 2
134
134 •1318
178 •11 i
134 *112 21s •114
218
30
52 34 "3 34
34 ,
34
is
34
58
58 1,000
53
8 3819 3734 3334 3738 3878 3634 3778 3778 391 4 115,4C0
3938 401 1 37,
1914 2112 1934 20l3 21
23
*22
2112 2158 3,100
2134 20,2 21
3034 31 12 29
3038f 2918 301
3034 3114 2918 293
3014 3178 7,400
*123 12612 123 12312 12318 l23's 12312 124
12318 125 512314 12612
90
1938 2012 1838 1938 1812 193
18,
8 1978 1814 1878 1858 20
23.300
31
3314 3158 3214 33
3318 3112 3134 32
3458 35
3314 3,500
1012 10,2
934 10
1018 1014 5958 10
101
10
10
1018 1,400
112
1 12
112 *114
114
112 *114
114
138 .114
Ps
700
112
.258 3
258 258 *134 258 5134 234
258 258 •258 234 1.100
178 178 x17078 172 •170 173
170 170
•172 178
170 172
800
,
8 291 4 31
2912 30
3112 29
3012 3014 3134 23,000
30
30,2 32
*334 41 1 •354 4,4
378 41 i
414 4'4
414 414
418 414
540
3534 34,700
3518 3034 3318 3434 3358 3112 3414 3514 3312 3438 35
v5i4 7
7
634 55
634 *412 634 *512 684
*4
7
100
27
*2412 2612 *2412 27
27
*2412 2612 27
.2634 28
2734
400
35
*3012 34
35
*3012 34
3334 3334 *33
36
3514
36
300
20
*2534 28 .2554 28
26
*18
28 .18
52614 30
28
100
25
2412 *2412 2718
*23
02318 26 .2338 2612 •23
25
25
100
5154 52
*5218 55
53
53
600
52
5212 5212 5278 5278 52
*3512 38
38
•3434 38
*3434 38
*3512 38
535
*3458 38
*3258 34 .333s 34
33
53112 35
33
3512 *31 12 35
100
*32
*10
14
14
510
510
*1018 14
*1018 14
14
14
511
35s 37s 2,300
378 4
334 378
358 334
334 378
334 37s
414
4
418 418
418 414 2,100
418
4
414 4,4
378 4
.1512 18
*1512 18
18
*13
*13
18
18
*13
18
•I3
51414 25
•1414 25
51414 28
*1414 28
•1414 28 .1414 28
158
134
158
158
152 158 4,400
158
158
158
158
158
134
212 234 5253 278
300
5212 3
*234 3
234 234 .212 3
2878 2738 2938 2714 28313 2858 2912 72.100
29
2718 2878 28
30
2934 3118 3138 3258 48,500
3218 3338 2914 3178 3038 3158 3012 32
3512 3612 9,400
35
3454 36,4 34
3512 3438 35
3614 3734 34
*4212 46
54212 46
46
•43
46
*43
46
•4378 46 .43
.614
71
4812 624 4.6i2 554
612 654
614
6
1,100
614 7
10
5278 314 *212 334 *234 312 *234 312 *212 3,2
312 418
958 10
1014 1378 1.340
934
93a
9,2 934
95s 954
914 91
12434 12614 125 126 212312 12512 125 12512 12712 12914 4,000
126 129
500
82
*7934 8012
82
83
81
.80
81
81
82
81
81
4
418 *418
414
414 414
1,500
418
4
418 41
4
4
1,200
6
61s 614
578 578
6
6,4 6,
5,2 534
538 534
1034 21,900
1434 1578 14,4 15
1458 1538 1434 1512 1438 1478 15
21
21
20
2034 1,200
20
.19
2014 20
1534 19
2014
19
5,s
5
5
518 578 5.100
534 5,i
5
534 6
478 514
11
17,200
918 10
10
934 1012
10
11
1078 12
912 10
*381 1 _ _ .3414
9
934 1034i
•74l2
•741.
-612
Lowest.
a Optional sale
e Cash sale.
Highest.
PER SHARE
Range for Previous
Year 1933
Lowest.
Highest.
Railroads
Par 5 per share
$ per share S per share 3 per share
Atch Topeka & Santa Fe__1011 54 Jan 6 7334 Feb 5
3458 Feb 8018 July
Preferred
100 7018 Jan 5 8512 Feb 17
50
Apr 7954 June
Atlantic Coast Line RIt
100 39 Jan 6 5414 Feb 16
1612 Feb
59 July
Baltimore & Ohio
100 2214 Jan 4 3412 Feb 5
814 Feb 3778 July
Preferred
100 2412 Jan 9 3738 Feb 0
912 Apr 3914 July
Bangor & Aroostook
50 39,2 Jan 9 4618 Feb 1
20
Jan
4134 Dec
Preferred
100 9.51s Jan 5 109 Feb 6
6858 Jan 110 Aug
Boston & Maine
106 11 Jan 11
1912 Feb 5
6
Apr 30 July
Brooklyn & Queens Tr_No par
478 Jan 8
832 Feb 7
312 Mar
9-18 July
Preferred
No par 41 Jan 18 48 Feb 7
3534 Apr 60,8 July
Bklyn Mash Transit_ No pa' 3012 Mar 1 3614 Feb 7
2134 Feb
4114 July
56 preferred series A _No par 8218 Jan 4 87 Jan 19
64 Mar 8312 June
Brunswick Ter & Ry SecNo pa. ___ ___ __ ..
__ __
12 Jan
414 July
Canadian Pacific
25 123-4 Jan 2 1712 Feb 6
712 Apr 2078 July
Caro Clinch & Ohio stpd_100 70 Jan 6 84 Feb 7
5014 Apr
7912 July
Central RR of New Jersey _100 70 Jan 15 92 Feb 3
Apr 122 July
38
Chesapeake & Ohio
25 3912 Jan 5 4658 Feb 5
2458 Feb 4914 Aug
Chic & East III Ry Co
7 Feb 17
100
258 Jan 15
8 July
12 Apr
178 Jan 9
8 Feb 16
6% preferred
100
12 Apr
812 July
Chicago Great Western
278 Jan 3
512 Feb 1
100
158 Apr
738 July
Preferred
100
6,4 Jan 4 1178 Feb 19
212 Apr
1478 July
Chic Milw St P & Pac_No pa,
812 Feb 5
414 Jan 2
1
Ayr
1154 July
Preferred
100
112 Feb
678 Jan 8 1314 Feb 5
1814 July
658 Jan 3 15 Feb 5
Chicago & North Western. 100
16 July
114 Apr
Apr
Preferred
100 13,4 Jan 3 28 Feb 16
3434 July
2
2
Apr
Chicago Rock Isl & PacIfic_100
1018 July
234 Jan 3
614 Feb 7
458 Jan 3
958 Feb 6
IN
1912 July
312 Apr
7% preferred
6% preferred
8 Feb 6
15 July
27s Apr
378 Jan 2
100
Colorado & Southern
100 27 Jan 4 4038 Feb 1
1514 Feb61 July
4% 1st preferred
1212 Apr 4254 July
100 20 Jan 4 3314 Feb 9
4% 2d preferred
10 Mar 30 July
100 20 Jan 12 30 Feb 3
Consol RR of Cuba prof. 100218 Jan 5 • 634 Feb 5
114 Feb
1058 June
Cuba RR 6% pret
16 June
212 Jan
314 Jan 15 1012 Jan 23
100
Delaware & Hudson
3758 Feb 9334 July
100 53 Jan 5 7312 Feb 1
Delaware Lack & Western_50 2212 Jan 6 3334 Feb 5
1714 Feb 46 July
Deny & Rio Or West pret _100
534 Jan 19 1178 Feb 6
2
Feb
1934 July
Erie
334 Apr 2534 July
100 1378 Jan 8 2478 Feb 5
First preferred
2912 July
413 Apr
100 16 Jan 3 2778 Feb 21
Second preferred
212 Apr 2314 July
100 12 Jan 3 22 Feb 5
Great Northern pref
45s Apr 3334 July
100 18,
8 Jan 4 3212 Feb 5
Gulf Mobile & Northern lOb
184 Mar
1112 July
578 Jan 10 1614 Feb 20
212 Mar 2312 July
Preferred
100 15 Jan 11 3534 Feb 21
Havana Electric Ry Co No par
38 Dec
78 Feb 13
112 Jan 23
234 June
Hudson & Manhattan
19 June
612 July
711 Jan 2 1218 Feb 7
100
Illinois Central
812 Apr 6034 July
100 2812 Jan 6 3378 Feb 5
6% pre series A
16 Mar 6018 July
100 35 Jan 13 4912 Jan 30
31 Mar 60 July
Leased lines
100 4834 Jan 5 6012 Feb 8
RR Sec etfs series A 1000 1712 Jan 8 2414 Feb 6
412 Apr 34 July
418 Feb
1334 Dec
Interboro Rapid Tran v t 0.100
334 Feb 26 1334 Jan 2
612 Feb 2478 July
Kan2ae City Soinhern
100 11 Jan 8 1914 Jan 16
Prot, rred
100 1534 Jan 5 26 Feb 10 212 Mar 34,4 July
Leblgh Valley
858 Feb 2734 July
50 13 Jan 4 2114 Feb 5
2114 Jan 671s July
Loulsv re & Nashville___ 1N 4814 Jan 4 6118 Feb 5
Oct
12 Mar 28
Manha fan Ry 7% guar_ .100 20 Jan 3 31 Feb 3
Oct
20
Jan
Manh Icy Co mod 5% guar.100 15 Jan 3 1958 Jan 12
6
Market St Ry prior pref___100
8 June
178 Mar
612 Feb 5
478 Jan 16
214 July
Minneapolis & St Louls___10
Is Ja
118 Jan 19
12 Jan 11
12 Mar
Minn St Paul & SS Marie_ 100
578 July
358 Feb 6
178 Jan 2
7% preferred
812 July
54 Apr
434 Feb 14
134 Jan 8
100
4% leased line ctts
212 Dec1412 July
7 Feb 5
100
312 Jan 2
mo-Kan-Texas RR____No par
1718 July
534 Jan
8 Jan 2 1478 Feb 5
Preferred series A
1112 Jan 3714 July
100 1734 Jan 5 3438 Feb 6
Missouri Pacific
1014 July
118 Apr
6 Feb 5
3 Jan 2
100
Cony preferred
1514 July
158 Apr
934 Feb 7
412 Jan 3
100
Jan
Nashville Chatt & St Louis 100 32 Jan 2 46 Jan 24
13
57 July
Nat Rya of Men 1st 4% pf iO0
312 June
18 Mar
214 Feb 23
118 Jan 22
2d preferred
138 June
78 Jan 24
100
1a Jan
38 Jan 5
New York Central
100 3112 Jan 6 4514 Feb 5
14
Feb 5312 July
N Y Chic & St Louis CO._10
218 Jan 2758 Aug
15 Jan 3 2534 Feb 23
258 Apr 3414 July
Preferred series A
100 1712 Jan 3 3434 Feb 21
N Y & Harlem
50 103 Jan 2 139 Feb 1 100 Mar 15834 June
1118 Feb 3474 July
N Y N II 44 Hartford
100 1414 Jan 3 2418 Feb 5
Apr 56 July
18
Cony preferred
100 2312 Jan 6 3758 Feb 5
712 Dec 15 July
N Y Ontario & Western_ 100
8 Jan 5 1158 Feb 5
312 July
NY Railways pref
18 Mar
134 Jan 16
114 Jan 23
No par
478 July
Norfolk Southern_...,____100
3 Jan 30
12 Apr
114 Jan 3
Norfolk & Western
100 161 Jan 5 181 Feb 16 111 12 Mar 177 July
Northern Pacific
958 Apr 3478 July
100 2118 Jan 6 3518 Feo 5
Pacific Coast
7 July
Jan
I
458 Feb 1
10
2 Jan 4
4214 July
Pennsylvania
1334 Jan
5(1 2914 Jan 4 3778 Feb 19
Peoria & Eastern
9 July
78 Feb
8 Feb 17
4 Jan 16
100
Pere Marquette
378 Mar 37 July
100 1612 Jan 10 33 Feb 6
Prior preferred
Jan 4412 July
6
100 18 Jan 13 38 Feb 19
Preferred
100 1612 Jan 10 30 Feb 5
412 Feb 3812 July
Pittsburgh & West Virginia 100 15 Jan 3 27 Feb 21
612 Apr 3534 July
Reading
2312 Apr 6212 July
50 43 Jan 2 5634 Feb 5
1st preferred
Apr 38 July
25
$0 3378 Feb 7 35 Jan 22
2d preferred
2312 Mar 37 July
60 2918 Jan 11 3412 Feb 16
Rutland RR 7% pret
100
Jan
8 Jan 4 15 Feb 7
1812 July
6
St Louls-San Francisco...100
458 Feb 6
938 July
23s Jan 2
73 Jan
1st preferred
Apr
214 Jan 4
100
I
914 July
5 Feb 6
St Louis Southwestern____100 1212 Jan 19 1678 Feb 5
514 Mar 22 July
Preferred
100 2214 Jan 22 2312 Jan 23
12 June 2638 July
Seaboard Air Line
1 Jan 2
No pa,
3 July
2 Feb 6
14 Jan
Preferred
100
478 July
38 Mar
134 Jan 11
318 Feb 21
Southern Pacific Co
100 1812 Jan 5 3334 Feb 5
11 18 Feb 3834 July
Southern Railway
100 2354 Jan 6 3612 Feb 5
418 Mar 36- July
Preferred
100 2734 Jan 0 4078 Feb 5
578 Jan 49 JulY
Mobile & Ohio stk tr Ws 100 39 Jan 19 4612 Feb 6
Jan 4014 July
8
Third Avenue
100
6 Mar 1
1218 June
814 Jan 12
418 Feb
Twin City Rapid Trans No par
138 Jan 10
438 Feb 6
434 June
34 Dec
Preferred
6 Jan 12 1378 Mar 2
100
412 Dec 15 June
Union Pacific
100 11012 Jan 4 133 Feb 23
31 14 Apr 132 July
Preferred
100 7134 Jan 18 8312 Feb 17
56
Apr
7512 July
Wabash
1013
214 Jan 5
478 Jan 30
112 Jan
712 July
Preferred A
100
318 Jan 2
634 Feb 5
118 Apr
978 July
Western Maryland
100
834 Jan 2 1714 Feb 20
4
Feb
16 July
2d preferred
100 12 Jan 9 23 Feb 20
1912 July
552 Jan
234 'Jan 2
Western Pacific
718 Feb 23
100
1
Apr
912 July
100
458 Jan 5 1312 Feb 23
Preferred
178 Mar
16 July
Industrial & Miscellaneous
__ __ _ __ Abraham & Straus
Vs par
*3814 _ _ *4014
.3834 _ _ *3912 _
91, -612
914 -413-4
9
112
26,800 Adams Express
952 _10
Vo par
100
_ *7412 ____ *7412 ___-1 •7412 ---- -----•741 2
Prefenvd
•Bid and asked MUMS. no sales on th1/1 day
STOCKSPER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
NEW YORK STOCK
EXCHANGE.
i Sold 15 days
z Ex-dividend.
35 Jan 17
658 Jan 6
7014 Jan 25
v Ex-r ghts
4218 Feb 15
1178 Feb 5
7412 Feu 23
1318 Feb
3 Feb
Apr
39
4012 July
1314 July
71 June
New York Stock Record-continued-Page 2
1518
Mar. 3 1934
UT FOR SALES DURING THEIWEEK OF STOCKS
NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING
.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER
CENT.
Saturday
Feb. 24.
Monday
Feb. 26.
Tuesday
Feb. 27.
Wednesday , Thursday I
Feb. 28.
Mar. 1.
Friday
Mar. 2.
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 8 Per share $ per share $ per share $ per share
$ Per share Shares Indus. & Miscall.(Con.) Par $ per share
$
per share
2812 2878 2712 2812 28
29,
30
8 3038 30
30% 3034 3278 26,400 Adams Millis
No par
16 Jan 5 3278 Mar 2
9% 9%
9,4 9%
9,4 9%
9% 10
912 938 10
10
2,700 Address Multigr Corp
734 Jan 5 1138 Feb 6
10
*6
612 *6
628 "512 6
*524 6% •534 658 •G14 612
Advance Rumely
No par
518 Feb 10
7% Feb 5
814 812
8,2 8,2
8
818
734 814 *778 818
8
8
2,600 Affiliated Products Ine_No par
618 Jan 13
9% Feb 6
100 10034 99 100
99 100
9812 100
*98 100
99 100
3,500 Air Reduction Inc__ No par 9512 Jan 9 10614 Jan 24
278 2%
212 3
212 21, '212 3
"258 3
278
3
900 Air Way Elee Appliance No par
178 Jan 3
314 Feb 16
2012 2114 20
2058 2018 20% 19% 2118 1914 20
1978 2034 40,100 Alaska Juneau Gold Min_ __10 1914 Mar 1 23% Jan 15
"6
6% *5
6% "5
(Vs *5
678 *514 6
*5
6
A
P
W
Paper
Co
par
13
No
Jan
5
714
Feb 2
414 438
4
418
4
414
4
414
3% 4
4
414 17,600 Allegheny Corp
No par
318 Jan 8
514 Feb 1
11
11% 1012 Ills
10% 1114
1012 11% 1018 1058 10% 1134 6.700
Fret A with 330 warr___I00
5% Jan 4 14% Feb 5
10
9% 9% "9
*912 1012
012 9%
834 9
10
10% 1,200
Fret A with 540 warr___100
558 Jan 3 1312 Feb 5
912 912
858 9
834 834
912 9%
9% 912 1,400
9
914
Pre A without warr___100
514 Jan 6 1212 Feb 5
*22
25 "18
23
*19
23 "20
23 •19
23 '19
23
Allegheny Steel Co__ No par
1712 Jan 2 2318 Feb 23
15412 15512 15158 154% 15112 15312 15118 15312 14934 151
10,300 Allied Chemical & Dye_No par 144 Jan 8 16034 Feb 17
*12412 12534 12412 12412 •12478 12534 '12478 12534 •1247 1253 152 154
125
4
125
Preferred
200
100 12218 Jan 16 126 Jan 4
1912 19% 1838 19% 1834 1938 19
1912 18
1914 1858 2078 18,000 Allis-Chalmers M fg_ _ No par
1612 Jan 8 23% Feb 5
•I6
1512 1512 1618 16% 16
17
16
*1514 17 "1612 17
300 Alpha Portland Cement No par
1234 Jan 2 2018 Feb 5
*4% 434 *458 5
*4% 412 *4,4 412 *414 412
5
5%
Amalgam
000
Leather
Co
4 Jan 15
534 Feb 1
1
'2714 28
*2714 28
*2714 30
*2714 2912 '2714 30
3112 34
600
7% preferred
50 25 Jan 6 34 Mar 2
47% 48
4738 4812 4712 48
4734 4812 47% 4734 4812 50
9,400
Amerada
Corp
No par 4112 Jan
5038 Feb 2
3114 31% 2812 30,4 2812 29,4 2814 28% 28
281
2814 30,4 5,700 Amer Agrie Chem (Del) No Par 2514 Jan
36 Jan 24
19
1912 1812 1918 19
1912 20
20
1912 191
1812 181
2,000 American Bank Note
23 Feb 5
10 1412 Jan
*4514 4512 4512 4512 *4514 49% *4514 4912 4512 451
4912
493
310
Preferred
4934 Mar 2
50 40 Jan
11
11
10
1012
934 1014 1014 1034 10
1018 1038 103
3,000 American Beet Sugar__No par
1234 Feb 3
712 Jan
61
60
59
5934 56
57
58
58
57
57
56% 567
320
7% preferred
64 Feb 3
100 4612 Jan
33% 35
33% 33% 33
33% 33
3312 3212 33
*3212 33
1,600 Am Brake Shoo & Fdy_No par 28 Jan
38 Feo 6
106 106 •103 106
104 104
105 106 *104
60
Preferred
107 Feb 7
100 96 Jan 1
102 10312 102 10378 10212 10334 10214 10334 10012 10534 '103 1053
10214 102 1031 23,600 American Can
10734 Feb 15
25 9418 Jan
140 140
13912 13934 13912 13912 •138 13912 13912 13912
_
1,200
Preferred
Jan
Fen 24
12612
140
100
2912 30,4 28
2938 281, 2914 2734 2912 2712 2878 *139%29
30
9,500 American Car & Fdy_„No Pa
33% Feb 5
2314 Jan
52
5212 5012 5012 50
5012 .4934 5114 49
50
52
51
1,600
Preferred
5612 Feb 5
100 3814 Jan
"834 10
10
1018 1018 12%
1112 1214 11
11
1112 113
3.000 American Chain
1214 Feb 27
No pa
612 Jan 1
*26
30
"26
31
31
3112 *3058 32
*2912 32 '27
32
300
7% preferred
3112 Feb 27
100 2012 Jan 1
5034 50% 5012 50,2 5034 5114 .50% 50% 50%
50% 50% 507
American
800
52
Chicle
Jan
4614
Feb 20
No
pa
434 434
434 434 *4% 5
434 434 •4
434 *4
43
300 Amer Colortype Co
612 Feb 5
10
3% Jan 20
4838 4958 48
4934 49% 51% 4918 .5134 49
521 12,900 Am Comml Alcohol Corp 20 4734 Feb I
5034 51
6212 Jan 31
334 334
3,
8 334
3% 3%
3% 37
324 334
1,500 Amer Encaustic TIling_No Pa
2% Jan 6
5 Feb 16
934 934 *814
9% '814 9
"814 9,4 *814 812
812 81
200 Amer European Sec's_No pa
6 Jan 3 1012 Feb 3
10
101,
9% 10
934 10% 10
1012
912 978
978 107 25,000 Amer & Porn Power_ No pa
734 Jan 3 1334 Feb 6
2512 2512 2358 23% 23% 2418 2412 2434 23% 2378
"2412 25
1,300
Preferred
17 Jan 4 30 Feb 7
No pa
14
14 '13
14
1318 1334 14
1412 1314 1314
1312 131
000
2nd preferred
No pa
934 Jan 4 1712 Feb 6
*1912 20
18,8 1812 181, 1812 19
19,4 1778 1814
1834 183
1,000
12 Jan 4 25 Feb 6
$6 preferred
No pa
2012 2012 19
2014 19
20
20
2014 1912 1912 20
20
Amer
2,400
Hawaiian
Jan 5 2228 Feb 16
1714
Co__.
10
S
S
9
914
812 812
812 834
3,7 812
8% 838
900 Amer Ilide As Leather _No par
8% 834
714 Jan 12 1012 Feb 5
3818 3818 3612 371s 35% 35% 3612 3714 36
*3612 3812 1,300
36
Preferred
Jan 8 4058 Feb 6
30%
100
'3312 3412 34
34% 3312 3334 33
33% "3212 3312 3312 3312 1,800 Amer Home Products
1 2618 Jan 5 35% Feb 5
858 9
914 9%
834 9
8%
912 4,400 American Ice
918
8% 834 *9
Jan 4 10 Feb 5
618
No
pa
*4158 4312 *41
42
43
42 '42% 43
42
42
*4178 43
300
6% non-cum prof
100 3514 Jan 8 45 Fen 5
914 912
8% 914
8% 918
918 914
8% 918
912 8,100 Amer Internat Corp_ ....No pa
612 Jan 8 11 Feb 6
*1%
1%
114
114
118
114
114
114
118
118 *118 11.1
Am
700
L
France
138 Jan 20
pa
Foltailte
No
ds
% Jan 5
612 6,2 •6
512 6
7
•512 7
*6
6,2 "512 7
40
878 Feb 1
Preferred
4 Jan 18
100
35% 36,4 3412 35% 3438 3518 34% 35
3318 3412 3412 36
8,600 American Locomotive_No Pa
2614 Jan 4 3334 Feb 6
6834 6834 67
69
68
69
69
69
68
68
69
1,400
70
Preferred
100 50 Jan 8 71 Feb 7
17
17
1612 17
1612 1634 1614 1612 1614 1612 1612 1612 3,800 Amer Mach
At Fdry Co_No pa
13 Jan 4 1934 Feb 5
•714 712
678 7
714 714
718 718
6,2 7
7% 7% 1.100 Amer Mach & Metals _No Pa
9% Feb 1
314 Jan 3
2314 2418 2212 23% 2278 2414 2318 24% 2318 24
2334 2412 16,600 Amer Metal Co Ltd_ _ No pa
18 Jan 4 2728 Feb 15
'87
01
89
89 '87
91
*87
01
"87
91
'87
91
6% cony preferred
100
Jan 2 91 Feb 15
73
100
•2634 29
27
29
29
29
2834 30
2012 2934 230
30
500 Amer News Co Ino____No pa
21 Jan 3 3134 Feb 6
918 912
8% 918
8,2 9
9
8% 918
9%
914 934 30,600 Amer Power & Light_No pa
578 Jan 4 1214 Feb 6
23% 2312 22
2212 "2212 2334 2318 2334 2212 2212 25
25
1,400
preferred
$6
13% Jan 6 2978 Feb 6
No
pa
20
20
19
1912 19
2012 2034 1912 1912 2012 2118 1,700
20
$5 preferred
1278 Jan 5 2614 Feb 7
No pa
1518 1512 1412 15,4 14% 15
1434 1514 1412 15
1478 1538 39,700 Am Rad & Stand San'y No Pa
13% Jan 4 17% Feb 1
2512 2618 24,4 25% 24% 2512 2412 2534 2358 25
2518 2614 67.000 American Rolling Mill
1712 Jan 6 2814 Feb 19
2
*47
4712 4618 4614 46% 47
47
4712 47
48
48
48% 3,500 American Safety Razor No pa
36 Jan 13 4878 Mar 2
6
6%
6% 6,8
5,2 524
614 614
534
618 4,000 American Seating v I o_No pa
728 Feb 19
3,4 Jan 10
1%
13.
134
13.
15, 134 •158
1,2 155
134
134
134 2,100 Amer Ship & Comm__No pa
1 Jan 4
238 Jan 30
•24
261, 24
24
2318 231
24
24 '2334 26 '23
26
140
Amer
Shipbuilding
Jan 30
Co.No
30
1914 Jan 4
45% 47
43% 4534 4414 46
4434 4612 4312 4534 4414 4534 83,200 Auer Smelting A Relg.No pa
4134 Jan 4 5114 Feb 15
go
106 107 *10612 108 •107 1081 10734 10734 10814 10814 10814 100
900
Preferred_
_.
2
Mar
Jan
109
2
100
100
•8234 84% 8212 8212 '79
84 '79
85
•79
85
•79
85
100
2nd preferred 8% corn...J00 7114 Jan 2 8412 Feb 23
*5314 5434 53,2 5334 *53
531
5312 5312 *53
54
54
54
American
700
Snuff
Feb
48%
55
6
Jan
25
'108
*108
•108
'108
*110 -- *110
Preferred_
_100 106 Feb 2 110 Jan 17
2134 -2-2-1-2 207 -2-1-3-4 21 -211
2112 22% 2012 2134 22 -2-234 - 9,800 Amer Steel Foundries_No SO/
1914 Jan 5 2612 Feb
•7314 78
"75
78
*75
78
*7314 78
75
75
*7314 78
10
Preferred_.
.........
_
100 68 Jan 4 81 Jan 30
4014 42
*40
42
*4012 42
4012 4012 "39
41
*40% 42
400 American Stores_ ... _.No gar
37 Jan 3 4414 Feb 7
5514 55,4 52
52
55
5212 53
5314 5234 531s 25314 54
2,200 Amer Sugar Rellaing
100 46 Jan 3 61 Feb 6
•10878 110 '105 110
108 10812 "107 10914 •107 109% '10634 10918
200
Preferred_
.
_100 10312 Jan 3 11014 Feb 13
*17
18
1712 1712 1712 18
1712 18
17
18
18% 1934 3,800 Am Sumatra Tobacco.../Vo ror
1512 Jan 5 1934 Feb 16
12112 122
11912 12112 12012 121
12112
12018
11938 12012 12012 12212 21,100 Amer Telep & Teleg
100 10734 Jan 4 12514 FeD 6
•7314 74
7212 7212 72
7212. 7218 7212 7012 72
70
7134 3.200 American Tobacco
..26 8514 Jan 6 82% Feb 6
7514 7534 73,
8 7514 74 -7412 7358 75
73
72
72% 7314 17,000
Conn on elms
67 Jan 8 8412 Feb 5
'11912 12312 119% 11912 120 120 *11912 125 •11934 125
120 120
500
Preferred_ _
_100 10714 Jan 3 121 Feb 7
10
8% 912
101 1
8% 934 10
10%
9% 11
912 1018
2,500 Am Type Foundere......No pot
478 Jan 3 13 Feb 21
2312 2334 2212 25
2312 24
2412 2412 2212 24
23
23
750
734 Jan 6 2834 Feb 21
2114 21% 2078 2112 21
2134 2138 2218 2034 2112 21
2134 34,700 Am Water WI,A Elec.A par 21634 Jan 4 27% Feb 7
Common vet tr ctle.No ;01
--75
75
74
73
7278 727
731 7322
70I2 74 '70
74
E115 let preferred.. -----.1* o par 54 Jan 3 80 Feb 5
1412 14%
13% 14
1378 1414
1358 14
1338 1334 13% 1412 5,60 American Woolen_ _No par
1138 Jan 8 1718 Feb 5
7312 75% 7234 7412 7414 76
75,2 76
7278 7312 •/4
77
2,700
Preferred
100 6153 Jan 4 83% Feb 7
212 212 *218 212 .218 2% "2
212
212
214
212 278 2,100 Am Writing Paper ctfs
114 Jan 10
3 Jan 12
1
*1014 1112 10% 10% "10
10
11
10
•10
1034 1034 1112
450
Preferred certificates No par
5% Jan 6 14% Jan 26
714
712 712
7
7
712
718
7% 712 1,700 Amer Zinc Lead & Smelt
714 7,4 *7
4
9
Jan
Feb 16
1
5%
*45
4934 45
45 '42
49 '40
*40
60
50
*40
50
100
Preferred
25 3712 Jan 4 5018 Feb 16
1412 1514 14% 1518 1434 15% 1412 15
15,4 1534
1478 15% 48,200 Anaconda Copper Mining_ 50 1312 Jan 8 1758 Feb 5
10
10
10
10
10
12
10 '10
•10
12 '10
12
600 Anaconda Wire & CableNo par
9,4 Jan 12 12 Feb 5
21
21
2012 2012 20
2012 2014 21
2018 2012 2078 2114 2,500 Anchor Cap
No par
18 Jan 8 2434 Jan 31
"8718 88
8714 8714 88
*8714 88
88
88
88
•86
88
110
$8.50
cony
Feb 5 8812 Jan 8
preferred_No
84
par
*678 812 •678
gis '678 9
*7
8
.678 8% '6% 824
Andes Copper Mlning_No par
912 Feb 16
6% Jan 30
2834 2834 28
28
28
2812 28
28
2712 27,2 28
28
1,200 Archer Daniel, Micird_No par
2614 Jan 9 3178 Feb 1
111 111 "111 112
111 III
112 112 •110 112 *1.10 112
30
7% preferred
112 Jan 11
24
Jan
110
100
*85
8612 85
85
8518 8518 8614 8614 86
86
8634 8634
500 Armour & Co (Del) pref.. 100 76% Jan 2 87 Jan 23
5% 6
55s 6
5% 5%
534 618
5% 618
5% 618 38,000 Armour of Illinois class A__25
6% Feb 19
414 Jan 3
278 3
2% 3
234 3
3
318
278 3
234 3
11,900
Class 13
338 Feb 16
214 Jan 6
25
58
58% 5734 5934 59
6012 5912 6138 58% 6012 60
6114 16,700
Preferred
100 55 Jan 3 6414 Feb 16
612
614 612
653 6%
634
718 718
612 7%
7
7% 3,300 Arnold Constable Corp
838 Fen 9
Jan 10
35
5
8
814 812
8
8%
•738 8
7% 7% *738 8
•73s 9
280 Artloom Corp
9 Feb 21
414 Jan .5
No Par
258 258
234 234
212 212
228 2% 1,400 Associated Apparel lad No par
2% 2%
212 234
312 Feb 15
1 Jan 9
16% 16% 16
1633 1614 1612 1612 17
1618 1718 1638 17% 5,400 Associated Dry Goods
1118 Jan 3 1814 Feb 6
1
'62
71
"62
71
*6214 68
71
69
71% 7212
71
71
500
6% 1st preferred
7212 Mar 2
100 50 Jan 1
.59
*58
59
65
59
65 '58
65
65
*58
65
*58
200
7% 2d preferred
100 50 Jan 4 60 Feb 7
*3614 40 "34
a34l2 3412 '32
40
•32
40
40
*3312 40
100 Associated Oil
25 2912 Jan 5 3534 Feb 23
•1512 22
•15t2 22
•16
22 '16
•1512 22
22
*1512 22
At 0 & W I SS Lines_No par
1214 Jan 2 1512 Jan 26
22
22
"18
25 '18
25 '18
25 "18
2412 22
22
200
Preferred
100 20 Jan 13 22 Feb 7
31% 3214 3012 31,2 30% 3112 3012 3134 3018 30% 3078 32
21,000 Atlantic Refining
2814 Jan 3 3514 Feb 5
25
4412 44% 4412 45
4412 45
x44
4554 4614 44
45
46
3,300 Atlas Powder
No par 35% Jan 8 4612 Feb 21
"96
07
'9618 97
*9612 97
96
96
96
97
9
97
9612
150
Preferred
100 83 Jan 9 98 Feb 19
8
814 8%
8
'8,2 9
81, 812 *812 9,2 *812
300 Atlas Tack Corp
712 Jan 15 1112 Jan 22
No par
52
53
5134 5334 5338 55,4 52
5412 5014 5234 5214 5334 35,300 Auburn Automobile__ No par 4734 Jan 9 57 Feb 5
1414 15
1338 14% 1334 1412 1414 15
1414 1612 15% 1612 18,300 Austin Nichols
No par
7 Jan 4 1612 Mar 1
712 818
71
77
7,2 312
7% 7%
7% 8% 106,400 Aviation Corp of Del (The)_.5
7% 8,4
538 Feb 10 1034 Jan 31
13
1258 1314 1234 1338 1212 1318 13% 1334 44,100 Baldwin Loco Works...No par
1312 1212 13
11 Jan 8 16 Feb 5
47
44
47
4478 45
44
45 '40
44
51
51
44
000
Preferred
100 35 Jan 8 5412 Feb 6
'96
98
9734 9734 *9734 98
*96
98 "98
98
98 '96
10 Bamberger (L) & Co pref 100 8612 Jan 9 99 Feb 23
434 5
4% 5,8
4% 4%
4% 4%
478 478
4% 4%
360 Barker Brothers
612 Feb 5
NO par
3 Jan 2
25
24
25
2514 24
2414 2414 *24
2434 *2438 26
28%
250
% cony preferred ____I00 1618 Jan 9 33 Feb 5
858 834
828 878
8% 834
812 834
8% 8% 9,900 Barnsdall Corp
838 8%
734 Jan 4 10 Jan 22
5
.3414 35
*33
35
35
35
34
34
34
35
35
3418
500 Bayuk Cigars Inc
No par 27 Jan 3 39 Feb 5
9212 '92
*90
9212 '90
9212 92
95 '92
9538
9538 "92
130
1st preferred
100 89 Jan 15 05 Feb 28
15
1458 15
1434 15
15
15
1578 1538 1534 1,700 Beatrice Creamery
1512 •15
25 10% Jan 6 18 Feb 6
'7078 79% "70% 80
*7078 80
*74% 80 •75
82
7912 7912
100
Preferred
100 55 Jan 13 81 Feb 7
*573
4 60
*5734 60
"5612 60
59
59
58
*5714 59,2 58
500 Beech-Nut Packing Co
20 58 Mar 2 6212 Jan 17
1234 1314 1234 13% 1278 1312 12% 13
1318 13%
1278 1314 24,600 Belding Ileminway Co_No par
8% Jan 3 1414 Feb 20
10634 106% *10758 11018 107% 107% •10738 11018 •1084 11018
•106%
200 Belgian Nat Rys part pref.._
9512 Jan 9 10778 Feb 28
•131d and asked prices, no sales on Una day. a Optional sale. r Ex-dividend.
y Ex-rights. e Cash sale.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
5 per share $ per share
8 Apr 21% July
518 Apr
12,2 June
134 Feb
938 July
558 July
1184 May
4712 Feb 112 Sept
12 Feb
4 May
1118 Jan 33 Aug
1
Jan
958 July
814 July
78 Apr
I
Apr 2178 July
118 Apr 21 July
114 Mar 20 July
6 Mar 26 July
7034 Feb 152 Deo
115 Apr 125
Oct
6 Feb 213% July
5% Jan 24 July
% Feb
914 July
5 Feb 40 July
1812 Mar 47% Nov
714 Mar 35 July
8 Mar 2812 July
34 Apr 4978 June
1
Jan
1634 July
234 Jan 64 Sept
918 mar 4212 July
60 Mar 106 Aug
4912 Feb 10012 Dee
112 Feb 134 July
618 Jan 3934 July
15
Feb 5934 July
158 Ma
14 July
3112 July
3,2 Me
34 Ms
5114 July
2 Feb
1318 June
13 Feb 89% July
1
Jan
6 June
3% Apr
13 July
378 Feb
19,
8 June
7,4 Apr 44% June
438 Apr
2714 June
618 AP
3558 Juny
2112 July
418 Jan
212 Ma
16 June
1312 Fe
5712 June
2434 De
4212 May
3% Fe
1712 June
25
Fe
57% June
414 Fe
1518 July
312 June
14 Apr
114 Jan
12 June
3918 July
5% Jan
1734 Jan 63 July
834 Feb 22% July
1
Jan
6 June
3% Fe
23% July
1512 Jan 75% Nov
17
Jan 3012 July
4 Fe
19% July
9,
7 Apr 411s July
9 Apr
35 July
4% Fe
19 July
534 Mar
31% July
2018 Apr
47,14 July
78 Mar
71.8 July
41 June
18 Apr
1112 Mar 36% June
1034 Feb 5312 Seat
Jan 0912 Dec
31
2012 Jan 73 July
3212 Jan 5114 Sept
10218 Jan 112 July
458 Feb 27 July
37% Mar 86 July
30 Feb 47% July
2112 Jan 74 July
Jan 11214 July
EO
Jan 26 July
6
8612 Apr 13434 July
49
Feb 00% July
6034 Feb 9484 July
102% Mar 120 July
218 Dee 25 July
7
Oct 37% July
1078 Apr 4314 July
912 Apr
35% June
35 Mar 80 June
312 Mal
17 July
2258 Feb 6712 Dec
38 Feb
4% June
14es July
34 Feb
214 Feb
1074 July
20 Feb 66 July
,July
5 Feb 227
4% Jan
1512 June
8
.11113 3914 July
8212 Jan 90 June
238 Feb
1412 June
1184 Mar 2914 July
95 Feb 116 July
Jan 00 July
41
7% June
1% Feb
5 July
34 Feb
7 Feb 03 July
7 July
118 Jan
912 June
2 Mar
/14 Apr
514 June
312 Feb 20 July
18
Feb 61 12 July
Jan 51% July
15
6% Mar 3512 July
412 Mar 26 July
412 Apr 33% July
12% Feb 3212 Nov
9 Feb 3918 July
80 Apr 8318 Sept
112 Feb 3434 Dee
Oct 84,4 July
31
7s Feb 95{ July
512 Feb
16% July
1758 July
3,2 Apr
9,2 Apr 60 July
6814 Feb 99% Aug
714 June
% Jan
Ms Apr 2414 July
11 July
3 Mar
3,4 Jan 5212 July
27
Jan 100 July
27 June
7 Mar
45 Feb 83 May
7012 June
Jan
45
1212 July
312 Feb
6214 APT 101,4 Nov
New York Stock Record-Continued-Page 3
iv- FOR SALE
1519
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
Feb. 24.
Monday
Feb. 26.
Tuesday
Feb. 27.
Wednesday
Feb. 28.
Thursday
Mar. 1.
$ per share
20
2058
3038 31
4514 4638
7514
76
*3534 3612
1418 1414
2212 2212
6112 6214
*7838 82
2314 237o
2518 2614
218 218
1512 16
32
3212
*76
7712
*57
58
*858 10
8
8
*1112 1212
5 Per share
1834 1934
3034 3112
4378 4518
7334 7434
3512 3558
1314 14
*22
2434
6014 6134
*7912 82
2258 2314
2312 2518
2
218
1434 1558
3178 32
75
75
*59
60
812 812
738 8
1114 1112
$ Per share
1858 1912
3034 3118
4414 4512
7414 7514
3334 35
14
14
*2214 2434
60
6118
*7912 82
2218 23
2312 241
/
4
*2
212
1478 1534
3112 3112
*73
76
*58
6114
*812 9
738 8
12
12
S Per share
1812 1934
3118 3118
4438 4534
7412 7512
36
3612
14
1414
2412 25
6012 6134
*7978 82
2234 2318
24
2512
*2
234
151
/
4 1658
3112 3112
*73
77
*58
6114
*812 9
8
8
12
1258
S per share
1812 1918
3012 3034
4312 4514
75
75
36
3612
1358 1378
24
24
60
6134
*7978 82
2212 2234
2334 2434
*2
234
1518 1578
32
32
*70
75
*58
61
853 834
778 778
*1134 1212
Friday
Mar. 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
$ per share Shares. Indus.& Miscell.(Con.) Par $ per share
1938 20
5 1618 Jan 3
33,700 Bendlx Aviation
No par 2612 Jan 8
1,500 Best & Co
44/
1
4 4618 46,600 Bethlehem Steel Corp No par 3434 Jan 4
100 6514 Jan 4
7512 78
2,200
7% preferred
420 Bigelow-Sant Carpet Ina No par 27 Jan 4
3612 3734
1058 Jan 4
14
15
5,900 Blaw-Knox Co
No par
*22
25
90 BloomMgdale Brothers_No pa, 18 Jan 12
61
6278 11,400 Bohn Aluminum & Br
5 55 Jan 6
*7978 82
No par 79 Jan 9
Bon Ami class A
2212 24
15,900 Borden Co (The)
1
4 Jan 6
25 19/
10 2034 Jan 3
2478 26
18,100 Borg-Warner Corp
1 Jan 2
*2
234
300 Botany Cons Mills class A 50
12 Jan 6
1558 1612 33,600 Briggs Manufacturing_No par
3212 33
5 26 Jan 4
2,000 Bristol-Myers Co
*74
76
300 Brooklyn Union Gas __No par 61 Jan 4
5014 Jan 5
*58
61
Brown Shoe Co
No par
7 Jan 5
*858 912
500 Bruns-Balke-Collender_No par
658 Jan 9
8
8
1,700 Bucyrus-Erie Co
10
1218 1218
5 10 Jan 2
800
Preferred
75
*71
100 6312 Jan 9
75
7% preferred
614
618 638 11,600 Budd (E G) Mfg
538 Jan 3
No par
3438 3312 3112
100 25 Jan 2
510
7% preferred
438
114 412 8.700 Budd Wheel
No par
338 Jan 5
434
478
278 Jan 9
514 2,300 Bulova Watch
No par
734 Jan 4
14
14
1412 7,400 Bullard Co
No par
1612 1614 17
15 Jan 6
9,000 Burroughs Add Mach No par
218 Jan 2
314 *314 312
No par
700 Bush Term
312 Jan 20
514 *5
100
100
Debenture
918
12
12
12
5/
1
4 Jan 3
130 Bush Term HI go prof ctfs_100
112 Jan 13
173 *158 2
800 Butte & Superior Mining__10
2 Jan 2
212
212 212 1,100 Butte Copper & Zinc
o
218 Jan 2
800 Butterick Co
No par
334 *358 4
211
/
4 Jan 6
2714 2738 29
No par
10,300 Byers Co (A M)
6112 *5638 6112
100 4714 Jan 15
10
Preferred
24
25
1834 Jan 4
2534 1,100 California
_ __No par
78 Jan 9
114
118 114 4,100 Callahan Zinc-Lead
10
Packing4 Jan 3
518
518 514 5,900 Calumet & Ueda Cons C,op_25
912 Jan 4
13
14
1414 4,600 Campbell W & 0 Fdy__No pa,
2434 2412 2514 2,600 Canada Dry Ginger Ale____5 2414 Jan 4
2812 Jan 4
3238 3212 i.700 Cannon Mills
32
No par
1
538 Jan 2
600 Capital Adminls ol A
8,2
9
9
30
*25
30
10 2634 Jan 24
10
Preferred A
Highest.
$ per share 5
2378 Feb 1
3334 Feb 19
4912 Feb 19
82 Feb 19
40 Feb 5
1614 Jan 30
26 Feb 7
6834 Jan 24
81 Jan 25
2712 Feb 5
281
/
4 Feb 5
3 Feb 9
1818 Jan 30
3514 Feb 5
8012 Feb 6
61 Feb 16
1038 Feb 1
938 Feb 5
1414 Jan 30
PER SHARE
Range for Prevoius
Year 1933.
Lowest.
Highest.
Per share 5 per share
618 Feb 2114 July
9 Mar 3318 Aug
1018 Mar 4914 July
2514 Feb 82 July
6Ig Apr 2912 June
312 Feb
1914 July
658 Feb 21 July
912 Mar 5812 Dec
52 Feb 78 Dec
Feb 3712 July
18
512 Feb 2214 Dec
412 July
/
1
4 May
258 Feb
I.453 July
25 Dec 3814 Sept
60 Dec 8812 June
2812 Mar 5378 July
1812 June
134 MaT
2 Feb1278 June
234 Feb1958 June
2012 Mar 72 June
75 Jan 15
75
*70
75
*70
75
*70
75
*71
6
614
978 July
618 612
758 Jan 30
618
6
615
6
34 Apr
35 July
3 Mar
34
3738 Feb 23
32
3438 32
33'2 3212 3213 34
434
Feb5/
1
4 July
538 Jan 30
1
414 412
4/
1
4 413
414 413
414
5 June
514 Mar 2
78 Mar
458
434 43
*458 5
*458 5
4/
1
4
1314 1318 1312 1314
212 Feb1314 July
1512 Feb 16
1334 1212 13
13
/
4
61
/
4 Feb2078 July
x1938 Feb 1
1738 1618 16/
1612 1678 161
1
4 1614 171
Apr
378 Feb 9
I
8 June
314 31
*314 312
314
31
/
4 314
314
Apr
55
8
Feb
13
1
912 June
*412
918
91
514
858 *412 91
/
4 *412
1534 Feb 23
418 Dec8 Dec
1412 11
13
12
12
111
/
4 1110 011
1
Feb
278 June
218 Feb 16
178 178
134
158 158 *11
/
4 2
158
12 Mar
414 June
3 Feb 16
238
258
238 212 *238 212
214 238
114 Apr
712 June
434 Feb 1
4
334 4
312 3/
1
4 *313 314 *312
812 Feb 4314 July
3234 Feb 7
2918 27
2812 27
2814 2714 2814 2618
63 Feb 16
3018 Mar 80 July
61
5714 5714 *5512 6112 *5614 6112 *5638
3434 July
2714 Feb 1
734 Mar
26
2312 24
2418 2418 2412 25
24
14 Jan
214 June
134 Jan 23
114
114
114
118
114
11
/
4
114
114
2 Feb
933 June
658 Feo 5
5
512
5
514
512
51
/
4 5/
1
4
5
2 Feb
1614 July
1578 Feb 23
1458 1312 14
131. 14
/3
1338 14
712 Feb 4112 July
2918 Feb 1
25
2478 25
2414 25
243/ 2514 2112
14 Feb 3512 July
32/
1
4 Feb 19
3138 3058 30/
1
4 3014 31
3138 3138 31
414
Oct
1212 July
934
Feb
7
834
812 808
812 812 *814 9
812
32 Feb 7
2518 Jan 3512 July
30
*25
30
*25
*25
30
*25
30
3012 Feb 10312 July
7534 7712 73
76
100 6518 Jan 8 8634 Feo 6
74
7578 7312 7612 7212 74
75
7634 18.800 Case (J 1) Co
Feb 8614 July
41
68 Jan 5 8412 Feb 6
79
79
7614 79
*7512 80
10
*76
80
*76
823 *76
81
110
Preferred certifIcates
2934 July
5/
1
4 Mar
2912 3018 28
2938 2814 29
28/
1
4 2934 2818 283
10,300 Caterpillar Tractor___No par 2312 Jan 4 3238 Feb 15
28/
1
4 30
412 Feb 5878 July
3938 4018 3812 397
3958 4034 391
1
4 Jan 2 4478 Feb 5
/
4 408 39
40
3934 41
27,700 Celanese Corp of Am__No par 33/
12 Mar
578 July
378 Feb 9
214 Jan 9
3
3
3
3
*214 31
No par
*214 3lg
234 318
500 Celotex Corp
38 Feb
4/
1
4 July
258 Jan 18
*178 214 *134 21
.112 21
114 Jan 9
*112 21
*112
No pa
Certificates
*112 21
213
112
Jan
10
Feb
6
1234
18
July
Jan
814 814
612
814
100
8
8
814
818 814 *818 834
•814 834
200
Preferred
14
Jan
41 July
2734 2734 2712 2758 2712 2758 2778 2812 2758 2758 28
28
1,400 Central Aguirre Asso...No par 2712 Feb 26 3218 Feb 5
2
Apr1158 July
1038 11
734 Jan 16 1238 Feb 19
1012 11
1034 I11
/
4 1112 1158 1118 1118 1118 1112 2,100 Century Ribbon MIlls_No par
52
Feb 100 Dec
*8314 93
*8314 93
*8314 93
100 85 Jan 15 95 Jan 2
*8334 93
*8314 93
Preferred
*8314 03
4434 Sept
578 Jan
35/
1
4 3614 34
35/
1
4 3412 3614 35
367,8 34
34,400 Cerro de Pasco Copper_No par 3258 Jan 4 4014 Feb 15
3014 3458 36
712
*578 618
Feb
Jan
738 July
512 578
2
1
1
Jan
538 558
314
534 578
512 512
par
6
Products_No
6
1,900 Certain-Teed
4 Mar 3014 July
•26
2918 *26
2918 *26
2912 *26
100 1712 Jan 19 31 Feb 1
2918 *26
2918 *26
2912
7% preferred
718 Mar 25 June
1714 Jan 5 2438 Jan 30
*2118 2112 2114 22
2114 2178 21
2114 2058 21
2118 2112 2,400 City Ice & Fuel
No par
45
Apr
72 July
73
73
74
100 67 Jan 3 7834 Fen 7
7312 7312 *7338 7434 73
73
74
74
74
Preferred
90
712 Mar 2312 Oct
5 11 Jan 27 1638 Mar 2
*1212 1634 *1214 1634 *1214 1634 *1212 1518 1518 1518 1613 1638
300 Checker Cab Mfg Corp
5212 July
1478 Jan
No par 34 Jan 4 48 Feb 5
3912 4014 3878 3938 3812 391
/
4 3934 40
3914 3912 40
4112 5,100 Chesapeake Corp
1
4 July
218 Mar 12/
9/
1
4 Feb 5
614 Jan 6
8
8
81
/
4 *734 838
814 814
8
838
8
818 818 1,800 Chicago Pneumat Too1_,Vo par
512 Feb2514 June
1612 Jan 12 2214 Jan 29
*20
/
4 20
19
19
No par
20
1914 1914 *191
*19
2078 20
20
Cony preferred
500
618 Jan
2238 May
*10
13
1134 Jan 15 1312 Feb 3
13
*II
13
*11
1212 *11
1222
*10
13
*11
Chicago Yellow Cab___No par
5 Mar
34 July
2612 2634 27
2758 26
10 1914 Jan 8 3034 Feb 5
27
2812 26
27
27
2734 2734 2,700 Chickasha Cotton 011
2 Feb
1018 July
6 Jan 6 1158 Feb 19
10/
1
4 1012
978 1012
958 978 1038 105g
No par
634 1014 1018 1013 5,300 Childs CO
Apr 2112 July
6
1612 *15
15
15
*15
1614 *15
1612 *15
1612
25 13 Jan 13 1678 Feb 16
15
15
40 Chile Copper Co
734 Mar 5758 Dee
5 4978 Jan 13 6038 Feb 23
561_ 5334 555
5612 5734 5458 5614 5434 58's x55
5538 57 236,900 Chrysler Corp
14 Feb
358 JulY
218 Feb 6
75 Jan 5
No par
158
134
112 158
112
158
158
11
/
4
1,2 158
112 158 7,000 aty Stores
1414 June
5 Mar
834 Jan 5 19 Mar 2
1614 1712 1534 17
No par
1534 1614 1558 1638 x1514 16
2,780 Clark Equipment
17
19
Jan
4112 July
10
3412 341 *3334 36
*3312 3412 34
3514 3434 351
/
4 3412 3478 1,700 Cluett Peabody & Co No par 28 Jan 3 3912 Feb 5
Jan 100 June
90
100 95 Jan 17 109 Feb 19
*105 10914 *105 10914 *105 10914 108 108 *10812 10912 10812 10812
Preferred
20
7312 Jan 105 July
10712 10712 107 107
10714 10712 10712 10712 10712 10712 *10614 10714 1,100 Coca-Cola Co (The)___No par 9514 Jan 2 10912 Feb 23
Apr
51 Dec
44
Feb
20
11
5138
5018
Jan
par
No
*5034 5112 51
51
Class
A
5058 5058 51
51
*5078 5112 *51
3112
300
7 Mar 2238 July
938 Jan 3 1738 Feb 21
1578 1614 1518 1534 1512 1638 1512 1618 1514 1558 1512 1614 26,700 Colgate-Palmollve-Peet No par
Apr 88 Aug
49
100 6812 Jan 8 85 Feb 21
*83
87
*8218 8618 *8218 8334 8278 8278 *8212 8478 8318 8478
6%gpreferred
400
3
Apr 28 Sept
18 Jan 8 2812 Feb 19
2412 2534 25
No par
26
27
26
2558 2658 2434 26
26
2634 12,200 Collinsidt Alkman
Jan
12
514 May
9 Feb 5
8 Jan 22
•758 9
*758 9
*7/
1
4 9
*758 9
Colonial Beacon Oil Co _No par
*758 9
*758 9
278 Dec 1758 July
834 Feb 6
358 Jan 2
712 814 4,200 Colorado Fuel & Iron__No par
758 8
7
734
678 714
714 714 *714 738
July
23,
8
Feb
7112
19
Feb
0(134 68
65
6638 66
6612 66
68
6458 66
67
6734 7,300 Columbian Carbon v to No par 58 Jan 8 71
658 Mar 28 Nov
*2414 2478 2312 2412 24
24
24
2412 2334 2334 *2414 25
900 Columb Pict Corp v t c_No par 23 Jan 6 2714 Jan 20
9 Mar 2818 July
1512 16
1434 1538 15
1118 Jan 4 1914 Feb 6
1512 15/
1
4 1578 1478 15/
1
4 1514 1638 51,100 Columbia Gas & Elec__No par
50 Dec
83 June
•7512 7612 75
100 52 Jan 5 7618 Feb 27
75
Preferred series A
76
800
7610 *7514 7612 75
7514 74
75
4 Feb1914 Dec
2712 2778 26
10 1858 Jan 4 3014 Mar 2
27
2612 2778 2714 2858 2718 2814 28/
1
4 3014 26,300 Commercial Credit
16 Feb3912 Aug
*1334 4414 44
44
44
44
4418 4414 4434 45
Class A
50 38 Jan 3 4738 Mar 2
900
4738 471
/
4
1818 Mar 25,8 Sent
27(.3 275 *2615 28
28
Preferred B
25 24 Jan 3 29 Feb 20
28
27
27
2778 283
350
2818 2838
70 Mar 9578 Sept
97
07
9612 97
*96
0612 9612 97
9714 9713 98
230
654% first preferred____100 9112 Jan 3 98 Mar 2
98
18 Mar 4312 July
5234 5312 5034 52
511
/
4 5258 52
5334 5173 5314 75214 5534 18,400 Comm Invest Trust___No par 3534 Jan 4 75534 Mar 2
84
Jan 9778 Jan
*10114 102 *10114 102
101 10114 102 102
No par 91 Jan 3 10212 Mar I
102 10213 710212 10212 1,000
Cony preferred
30
9 Feb 5714 July
Jan
2514 2878 2612 28
27
28
2718 28
/
4 Mar 1 3634
2614 2714 2714 2812 81,500 Commercial Solvents No par 261
Dec
618 Jute
114
234 2/
1
4
258 278
258 234
253 27
334 Feb 6
No par
153 Jan 2
21
/
4 27
258 278 60,700 Commonw*Ith & Sou
1738 Dec 6012 June
3934 3858 3934 3812 4214 4,900
38
3814 39
37
3618 39
39
$6 preferred series _,No par 2112 Jan 2 4478 Feb 7
3
Apr11
June
91
16
913
Jan
1
27
1012
Jan
734
Conde Nast Public'ns_No par
*734 91
/
4 *8
*734
*734 91
*734 9 4 *734 914
7/
1
4 Jan 2758 July
2812 29
2734 2834 28
2834 22838 29
2758 2834 2834 2958 12,200 Congoleum-NaIrn Inc__No par 23 Jan 9 3114 Feb 16
18 June
612 Feb
*1212 1314
/
4 1314 *1214 1314
No pal
934 Jan 12 1334 Feb 6
1278 1278 •1214 1314 *1214 1314 5121
100 Congress Cigar
312 Apr
1934 June
1018 10
1012 10
/
4 1012 10
1038 1034 101
314 Jan 2 1214 Feb 6
1014 1014 11
4,200 Consolidated Cigar____No par
Apr 65 June
31
*5212 54
*5212 54
5212 521
/
4 *5212 54
54
54
54
51
40
Prior preferred
100 4514 Jan 2 .55 Jan 31
534 May
134 Jan
438 458
418 438
418 412
412 458
534 Feb 15
438 434 *458 434 3,800 Consol Film Indus
1
212 Jan 2
1558 1614 1512 16
1558 16
16
5/
1
4 Mar 1434 May
1678 1558 1638 1638 163
No par
. 6,000
Preferred
1038 Jan 2 1712 Feb 15
40
39
3934 3912 4038 3814 3914 3914 4014 40,400 Consolidated Gas Co
34 DeC 6418 June
10
4078 39
No par 3558 Jan 4 4738 Fco 6
Jan
8118 Dee 99
88
88
88
88
88
800
Preferred
No par 82 Jan 4 9214 Feb 6
89,3 3912 8838 8838 *8712 8838 88
512 Jan
112 Dec
*3
358
3
3
234 234
3
3
3
3
438 Feb 7
3
3
1,300 Consol Laundries Corp_No par
218 Jan 8
5 MaT
1534 July
1278 1314 1212 1278 1278 1314 52,600 Como! 011 Corp
1318 1214 1278 1238 13
No par
934 Jan 8 1114 Feb 13
13
Oct
9512 Mar 108
• 191 10912 *104 10912 *104 10912 *104 10912 10914 10914 *10914 10912
100
8% preferred
100 108 Feb 9 10914 Mar 1
112
158
112
158
112 158
14 Mar
314 July
11
/
4 134
155 16,300 Consolidated Textile___No par
78 Jan 4
218 Feb 7
158
134
112
1014 July
834 878
358 834
858 858
834 834 3,100 Container Corp class A
912 Feb 19
118 Jan
20
618 Jan 5
834 834
838 834
Class B
418 Feb 19
412 June
No par
238 Jan 2
/
1
4 Feb
358 312
353 334
358 358
312 334 5,600
338 334
334 378
1278 1278 1158 1212 111
/
4 1134 1112 1212 1112 1134 1212 1212 2,600 Continental Bak dna A No par
7 Jan 8 1458 Jan 24
3 Mar 18,4 July
134 178
Class B
312 July
/
4
178
134 11
No par
1 Jan 1
238 Feb 7
/
4
11
/
4
134
12 Jan
178 21
134
134
134 4,600
61
*61
62
6134 6134 *52
6278
36
Jan 64 July
400
Preferred
100 4614 Jan 6 64 Feb 9
'6014 6278 6012 6012 61
7714 7812 7734 7918 10,900 Continental Can Ins
3514 Feb 7838 De
7858 7618 7712 7712 7838 7712 79
20 75 Jan 6 8112 Feb 15
78
10
1014 1058 1018 10,8 10
1038 1,000 Cont'l Diamond Fibre
312 Feb
1718 July
5
718 Jan 5 1134 Feb 6
*934 1012
918 934 *9
2978 3034 3034 3112 3,800 Continental Insurance____2.50 2338 Jan 6 3478 Feb 5
3012 31
32
3014 3034 3012 31
1012 Mar 3612 July
31
21
218 2141
2
2
218
2
214
213 214
218 214 17,100 Continental Motors___No par
118 Jan 2
238 Feb 21
1 Mar
4 June
472 Mar
19/
1
4 Sept
1812 1878 18
1834 1858 1918 29,600 Continental 011 of Del
5 1612 Jan 13 2034 Feb 5
1834 1014 18. 1858 1818 1858
4538 Feb 9058 Aug
5,800 Corn Products Refining____25 7114 Mar 1
8412 Jan 26
72
7212 7138 7312 7114 7113 7334 75
7258 7318 7138 73
141 141 *141
*141
_ _
130
Preferred
100 135 Jan 4 141 Feb 16 11712 Mar 14534 Jan
14012 141
"11014 141 *14012 141
238 Mar
712 June
714 -7-14 6,100 Coty Inc
No par
334 Jan 2
97g Fen 5
658 7
7
7/
1
4
7 _-7
7
7
634 7
23 Feb 3912 July
32/
1
4 3234 3253 3312 5,600 Cream of Wheat etfs
No par 28 Jan 3 35 Jan 31
3258 3278 3234 33
3234 3234 3212 33
214 Mar
1434 June
*1153 12
1118 1114
No par
1214 *111. 12
12
1278 2,700 Crosley Radio Corp
8 Jan 2 1412 Jan 30
1214 1214 12
1414 Feb 65 July
3134 2,000 Crown Cork & Seal__ No par 2914 Jan 5 3614 Feb 1
531
3134 3014 3034 303; 3012. 30
30
31
3012 30
No par
2412 Feb
$2.70 preferred
3512 Jan 2 40 Feb 16
3812 July
300
39
*38
39
*3738 39
*3834 39
*37/
1
4 39
3834 30
39
614 Feb 6
1
Apr
812 July
514 538
518 514
538 553 7,500 Crown Zellerback v t o.No par
378 Jan 6
518
.5
5
5
518
5
9 Mar
3712 July
3518 3212 3334 34
3234 3458 33
35/
1
4 7,400 Crucible Steel of America__100 2138 Jan 4 3838 Feb 19
3234 3312 3112 33
Preferred
100 48 Jan 12 6014 Feb 17
16
Feb 60/
*62
67
IOU
1
4 July
*60
67
057
62
61
61
*57
67
.62
67
No par
1 Jan 2
318 Feb 9
438 June
1
4 212 2,900 Cuba Co (The)
21
/
4 258
212 212
238 2/
2/
12 Feb
1
4
212 258
212 212
118 Jan
312 Jan 10
978 Feb 8
111
/
4 May
714 7/
1
4
7
712
678 738
713 734 8,100 Cuban-American Sugar_ _10
1
4
834 7/
712 731
100 2018 Jan 9 4734 Feb 8
Preferred
10
Jan 68 June
40
*3812 44
40
*4034 4338 40
41
*35
40
3978 40
41
Jan
2
503
4
Packing
50
37
Feb
16
44
4412
44
443
8
45
45
2,000
Cudahy
203
4
Feb
5912
June
44
44
44
43
46
*4518
1312 Jan 8 2234 Feb 23
20
1938 21
5,900 Curtis Pub Co (The)___No par
612 Mar
321
/
4 June
191
/
4 1912 2018 19
2012 21
18/
1
4 2012 19
No par 4312 Jan 3 64 Feb 21
30
Feb 66 June
Preferred
62
6212 2,000
61
6112 61 . 6112 6112 63
6214 *62
6118 63
514 Jan 31
1
212 Jan 2
112 Feb
438 July
418 438
414 412
418 414 43,900 Curtiss-Wright
415 414
418 412
414 458
1
5,4 Jan 3 11 Feb 24
2 Mar
8 July
Class A
1038
938 978 10
1012 29,000
1
4 10
11
978 1038
9/
1
4 10/
1()
Jan
4
2112
Inc___No
par
11
18
17
Cutler-Hammer
Feb
21
414
Jan
21
18
17
18
18
1,800
July
1812
1812
18
18
1911
19
8/
1
4 Feb 5
5
6 Jan 10
158 Feb
51
/
4 July
600 Davega Stores Corp
*618 758 •618 758
1
4
7
7
7/
1
4 *6
7/
*634 758 *6
*6012
614
3314
458
438
1314
1678
314
*5/
1
4
*13
134
*212
4
2834
*5714
*2458
114
5/
1
4
1414
2412
3138
*812
30
• 1310 and asked prime, no sales on this day. a Optional sale. :Cash sale.
s Es-dividend.
p Ex-rarbta.
1,520
New York Stock Record-Continued-Page 4
Mar. 3 1934
FOR SALES DURING THE WEEK
OF STOCKS NOT RECORDED IN
THIS LIST. SEE FOURTH PAGE
PRECEDING.
HIGH AND LOW SALE PRICES-PER
SHARE, NOT PER CENT.
PER SHARE
Sales
STOCKS
PER SHARE
Range Since Jan .1.
for
Saturday
NEW YORK STOCK
Monday
Range for Previous
Tuesday
Wednesday Thursday
On basis of 100-share lots.
Friday
the
Feb. 24.
EXCHANGE.
Feb. 26.
Year 1933.
Feb. 27.
Feb. 28.
Mar. 1.
Mar. 2.
Week.
Lowest.
Highest.
Lowest.
Highest.
$ per share $ per share $ per share $ per
share
$
per
share
$
per
share
3034 3134 29
3012 293 3078
3114 28% 304 2912 3114 Shares. Indus. &Mlscell.(Con.) Par 3 per share
30
$ per share $ per share $ per share
1478 1478
16,300
Deere
dr
Co
1412 1412 *14
No
par 2612 Jan 5 344 Feb 1
1412 1414 1412 1414 1414 1412 1412
2438 July 49 July
*84
8712 82
1,200
Preferred
8312 82
82
20 1114 Jan 2 1512 Jan 30
81
81
80
80
614 Feb 1838 June
81
81
4518 4534 45
1,100 Detroit Edison
45
*43
45
4434 4434 44
44
48
4434 4434 1,000 Devoe dr Reynolds A__No 100 6312 Jan 5 84 Feb 23
Apr 9112 July
2434 25
2412 2434 244 2434 244 25
par 29 Jan 6 4912 Feb 5
2458 2512 254 2618 3.500 Diamond Match
10 Mar 3378 Aug
2978 2978 .2934 30
No
par
*2934 30
243
4
*2934 30
Feb
27
284
Jan
30
10
30
1712 Feb 2912 July
400
:4_:
Participating preferred___25 29 Jan 9 3112
1 4 _3_51_ _:, _3_ 4_14 _3_4_7_8 _ 3_ 4_ 1_2 _3_5_ _ __
345_ 8_ _3_518 _3_43_8 _3_5_ _ _3_3078 3078
Jan 24
2618 Feb 31 July
4_ 3_4 .
_3614 ____________ Do
*1978 2014 20
r umgeth
alcines Ltd
2014 *1978 21
No par
20
Jan 25 37 Feb 16
20
1978 1978 2014 2014
12 Feb 3912 Sept
600 Dominion Stores Ltd No par 22
2318 2412 22
2312 2212 2338 23
10 Feb 10 2214 Jan 5
1012 Feb 2638 July
49,000 Douglas Aircraft Co Inc No par
1678 1678 1612 161 *1314 1614 1612 2414 2214 2334 2314 24
1414 Jan 2 2812 Jan 31
1612
*15
1614
1014
16
Feb
16
1814 July
600 Dresser(SR) Mfg cony A No par
10
1014
912 934
914 Jan 10 19 Feb 17
912 912 *93
934 *94 934 .
634 Feb 18 June
94 10
1.700
Convertible class B No par
712 Jan 16 1112 Feb 3
24
Mar
103
4 June
934 1014
9
912
10
934 934 *914 978
29 Mar 6312 June
914 914
912 934 1,300 Dunhill International
2138 2138 20
1
20 .1914 2114 *1914 2118 *20
612 Jan 13 1058 Feb 21
21
2112 2112
7
8
Apr
4
143
July
500
Duplan
99
99
Silk
98
9912 *9914 100
No par
1614 Jan 3 23 Feb 16
9914 9914 *9914 100
912 Apr 2838 June
8 9914
100 Duquesne Light 1st pref_100 90 Jan 16 9912
1078 11
1018 1034 1018 1034 104 1118 1014 1034 987
Feb 21
1038 1112 6,700 Eastern Rolling
85 Nov 10218 June
8814 89
8814 8912 8914 00
MIlls_No par
8934 9112 89,2 90
Jan
518
3 1234 Feb 19
1 18 Mar 10 July
90
91
4,000 Eastman Kodak (N J)..No par 70 Jan 4
•126 136 *126 136 *130 136 *13012
9334 Feb 17
136 *13012
46
Apr
1958 21
6% cum preferred
1858 1958 1834 1934 1934 2034 193 136 •129 130
100 120 Jan 16 133 Feb 21 110 May 8934 July
8 2012 2012 2138 22,100 Eaton
130 Mar
Mfg
Co
No par
1314 Jan 3 2238 Feb 16
9958 1014 9712 9938 g98
318 Mar 16 July
9928 9814 10078
9734 997s 100 10078 37,900 El du Pont de Nemour
.11812 11914 *119 11914 1184 11834 11914
s__ 20 9058 Jan 4 1034 Feb 16
11914
*1183
3218
4
1194
Mar
.1185
004 Dee
8
11914
200
1634 164 1534 192o 1618 18'4 154
6%
100 115 Jan 2 11934 Jan 19
154 1512 1512 1612 1612 1,200 Eitingonon-voting deb
9712 Apr 117 July
n Send new__No par
I 168 Jan 30 1814 Feb 21
2778 2878 2658 2814 2712 2834 2818
63.4% COny 151 pref
100 2514 Jan 17 3412 Jan 26
2-03;3 2738 2834 2834. 3-012 01,200
-4 Mar 24-14 Dec
9818 9818 95
Elec Auto-Lite (The)
95
*92
98
5 1818 Jan 9 3138 Feb 21
*93 100 •944 100
10 Apr 2712 July
9478. 944
520
534 578
Preferred_
514 534
514 512
100 80 Jan 5 9818 Feb 24
54 558
75
512
Oct 8812 July
54
55
8
55
4.100 Electric Boat
614 638
6
64
3
64 612
338 Jan 8
712 Jan 29
638 61*
1
Jan
64 63
814 July
638 658 14,000 Flee & M us Ind Am shares....
714 74
634 74
634 7
414 Jan 3
658 Feb 21
7
1
712
Feb
64
412 Dec
714
718
73
21,200
4
1538 16
Electric
Power
1418 15
dr Light No par
1418 15
412 Jan 3
958 Feb 7
15
154 1414 1478 1434 1618 5,900
318 Feb 1638 June
14
1412 13
Preferred
14
13
No par
1378 1334 1412 134 1378 14
Jan 3 2014 Feb 6
814
712 Apr 3612 June
15
.4558 4712 47
2,900
$6 preferred_
47
47
No par
8 Jan 2 193 Feb 7
4778 *4558 4712 4738 474 48
612 Apr 3234June
48
1,300 Flee Storage Battery __No par 44 Jan 3 52 4
134
134
112 134
138
158
Jan 24
112
112
21
Feb 54 July
114
138
112 113 4.300 Elk Horn Coal Corp__.No par
• 318 31 1
3
3
3
Jan
7
8
2
178 Feb 21
314
278 278
18 Jan
258 234
4 June
238 258 3,000
*59
6% part preferred
61
•60
61
60
50
60
114 Jan 10
334 Feb 23
59
59
58
Apr
59
6 June
59
*59
617
12334 12412 12412 12412 124 124
600 Endicott-Johnson Corp
60 5158 Jan 4 63 Feb 16
12434 12434 *12412 125 .12334 125 8 1,300
26 Feb 6278 July
612 612
Preferr
ed
612 612 *5
100 120 Jan 3 12434 Feb 28 107 Feb 123
6
538 618
534 64
Oct
6
6
•1734 1912 1812 2014
1,200 Engineers Public Serv_No par
412 Jan 10
1858 1858 •18
834 Feb 7
334 Dec 1434 June
1912 18
1858 *19
2012
•19
700
35 cony preferred__ No par
20
1858 1834 18
1158 Jan 3 2312 Feb 6
19
19
20
11 Dec 47 June
*19
20
*1912 21
no 2412 *20 23 no
700
preferr
8534
ed_
_ __No par
11 Jan 8 2412 1 eb 5
24
214 211 1 *21
11 Dee 494 June
24
*21
24
100
$6 preferred.. _ ... _No par
914 914
1412 Jan 2 2.512 Feb 5
9
9
.9
914
9
12 Dec 65 June
914
9
94 *9
938 1.300 Equitable Office Bldg__No par
12
1212 1134 1214 12
878 Feb 13 1038 Jan 22
1214 1214 1234 1134 1218 1212 1258
64 Mar 1338 July
5,800
Eureka
1814 1914 18
Vacuum Clean
5
718 Jan 8 1438 Feb 19
184 1812 204 2018 214 194 21
3 Apr
2118 2218 48,900 Evans Products Co
1814 July
5
9 Jan 3 2338 Feb 21
612 612
78 Mat 10 Nov
614 612 .64 678
6
6
6
614
*618 678
250 Exchange Buffet Corp_No par
'78
158
•78
158
•78
4
Jan
158
9
*12
612 Feb 24r
158
*12
34 No
15
*12 158
1112 July
Fairbanks Co
*412 578 *412 578 *412. 57
25
8 *412 578 *412 54 *412 578
78 May
258 June
Preferr
1614 1612 1534 16
100
414 Feb 14
412 Feb 14
15
1558 1558 1534 1514 1538 1514 1534 2,400 Fairban ed
1
Feb
814 June
•55
ks
Morse
57
Co_No
dr
55
par
55
7 Jan 6 18 Feb 19
5012 5012 50
212 Mar 1114 June
53
52
52
•52
54
110
Preferred
100 30 Jan 10 55 Feb 26
10 Feb 4212 Nov
Fashion Park AsSo
No par
38 Jan
_ _ __ ___ ___
3 June
7% preferred
.§
-9.14 "i
*0!! 87100
-i7g
8
i.y
7
-34
*7
Feb
8%
10 June
*73
4
-818
100 Federal Light &Tree
*58
62
5712 5712 5712 5710 5712 5712 *5712
15
734 Feb 28 104 Feb 5
44 Apr
60
1412 June
*5712 60
70
Preferr
.95 105
ed
*90 100
No
par
344
61
Jan
12
*93 105
Feb 17
*90
33 Dec 5912 July
*90 103
Federal Min & Smelt Co_.100 88 Jan 25 107 Feb
•74 712 •634 714 •634 738 *634 105 .90 105
14
15 Mar 103 Sept
7
6
64
634 634 1,600 Federal Motor Truck_No par
434 434
412 412
6 Mar 1
412 412
84 Jan 30
412 412
4
418
54 Mar
414 414
1134 July
Federal
900
318 318
Screw
Works_
258 3
_No par
2 Jan 13
538 Feb 23
3
3
3
318
34 Feb
3
3
478 July
23
4
3
2,500
•2712 30
Federal Water Serv A__No par
.2712 30
28
134 Jan 5
29
4 Feb 6
29
2912 2914 294 *2912 31
138 Dec
634 June
700 Federated Dept Storee_No par 2234 Jan 8 3012 Feb
3018 31
30
3012 3018 31
15
712 Feb 30 July
30
3012 3114 3112 3,300 Fidel Phen Fire Ins
2114 2214 2118 2214 2112 2134 3012 31
N Y__2.50 234 Jan 5 3412 Feb 5
1014 Mar 36 July
4 2214 214 2134 22
2212 7.700 Firestone Tire & Rubber___10 18 Jan
7812 7812 7814 7814 *7814 8012 213
6 2514 Feb 19
7978 7978 •7878 81
918 Apr 3112 July
794 7918
500
Preferred serlee A
59
5958 5712 5818 58
100 71 Jan 9 8112 Feb 20
5814 58
5814
42
575
Mar 75 June
8
58
5714
58
3,200
First
•20
National Stores_No par 5414 Jan 5
2412 *19
22 .2014 2114 *20
12 Feb 5
43 Mar 7034 July
21
*20
21
21
21
100 Florsbeim Shoe class A_No par 16 Jan 4 61
2412
Feb 9
712 Feb
- --__
18 July
__
____
_
_
_
_
_
___
6%
preferre
.14
11
d
14 1412 .1438 15
100
1418 1-5
80
14 1414
Apr 101 Sept
1458 -1-512 5,300 Follansbee Bros
1534 1534 1438 1438 •1412 15
No par
938 Jan 12 174 Feb 21
•141z 1514 *144 1434 *1434 1513
212 Feb
19 June
200 Food Machinery Corp_No par
1918 204 1814 1938 1838 194 19
104 Jan 9 1634 Feb 5
194 1814 184 1834 20
612 Apr 16 July
8,800 Foster-Wheeler
No par
13 Jan 9 22 Feb 10
14
412 Feb 23 July
14
1314 1312 1312 1312 *13
1312 1312 1312 14
14
900 Foundation Co
2414 2412 24
25 .2338 24
No
par
124
24
Jan
4
2414 24
1714
Jan
30
2 Feb 2338 July
24
2414 2414 2,000 Fourth Nat Invest
1478 1514 14
1412 1412 1434
w
w
1
1938 Jan 5 2712 Feb 5
1478 1538 1418 1518 15% 1512
1338 Mar 2614 June
8,100 Fox Film class A new__No par
*53
594 *5314 5978 531 4 5414 *5014 51
Jan
5
1214
1738
Feb
3
12
*5014
Oct19 Sept
563
4
*5014 594
20 Fkin Simon & Co Inc
47
4738 46
4714 46
47
4658 47
12
4514 4612 46
Jan
50 Aug
4658 5,600 Freeport Texas Co 7% p1100 36,8 Jan 12 63 Feb 7
*150 16518 .140 159 *130 158 *140 158
10 4338 Jan 13 5038 Feb 19
*140 158 *140 158
1618
Feb
4932 Nov
6% cony preferred
30
30
30
30
2814 29
*29
100 16018 Jan 16 1604 Jan 31
39
Apr 16018 Nov
97
29
29
29
29
70
Fuller
*15
(G
1638 15
A)
15 .12
prior
pref_No
15
par
*12
1612 Jan 19 31 Feh23
16
*1112 15 .12
9
Jan 31 June
1638
10
4
56 2d pref
438
334 4
334 4
No par
9 Jan 4 17 Feb 21
378 4
4
Jan 23 June
334 34
34 4
5,800 Gabriel Co (The) cl A No par
18
18
1714 18
18
18
24 Jan 12
*1714 18
412 Feb 23
1
18
Feb
18
514 Aug
18
18
70 Garnewell Co (The)
1018 1038 1018 1012 1014 1012 1012 11
No par
1112 Jan 18 20 Feb 19
612 Jan
1058 1078 1034 11
2078 Aug
12.400 Gen Amer Investors
*8412 87
*8412 87 .8412 87
No par
*8412 87
738 Jun 4 1112 Feb 6
258 Fel
86
86
12 June
.84
100
41
Preferred
4112 40
4114 4014 4118 4034 41% 394 4078 40512 86
par
79
No
Jan
29
86 Mar 1
42 Feb 85 July
8 4238 11,900 Gen Amer Trans
1878 19
1734 1834 1778 1878 1812 1878
Corp
5 3318 Jan 4 4358 Feb 19
1334 Feb 4314 July
1812 1812 1918 5,100 General
1212 1212 1218 1212 1218 1212 1238 1234 18
10 154 Jan 4 2134 Feb 6
458 Mar 27 July
1218 1258 124 1238 5,100 General Asphalt
wiring
814 838
758 8
5 11 Jan 3 1438 Feb 5
758 74
1012 Dec204 July
754 74
712
8
8
818
7,600
General Bronze
514 514
5
5,4
5
478 478
0
Jan
914
Feb
19
5
3
434 5
4
218 Feb
43
4
1012 July
434 *478 5
2,000 General Cable
1012 1012 1012 1012
No par
34 Jan 4
618 Feb 1
9,4 94
114 Mar
912 9'2 *9
1112 June
10
*9
912
600
Class A
•1414 2112 .18
20
*19
20
No par
6 Jan 4 12 Feb 1
*1838 20
214
*18
Feb
1912
23
.19
June
20
20
7% cum preferred
*3334 3412 33
33 .3212 3458 33
100 144 Jan 9 25 Feb 1
33
612 Mar 46 June
33
33
33
33
700 General Cigar Inc
103 103
103 103
103 103
No par 27 Jan 2 36 Jan 27
103 103 *10312 105
2414
DeC
483
105
8
Juno
105
270
7% preferred
2118 2158 2018 2078 2038 2114 2058 2112
100 97 Jan 8 105 Mar 2
90 July 112
2014
4 2034 2278 125.100 General Electric
Jan
1214 1212 1258 1234 124 1258 124 124 1238 2038
No par
1812 Jan 4 2514 Feb 5
1012 Feb304 July
123
1238 124 6,500
Special
10
1138 Jan 2 1234 Feb 26
104 Apr 124 July
344 3434 3312 3412 3258 3334 3318 337
33
337
334
337
13.600
General
138 14
Foods
114
112
No par 3258 Jan 2 364 Jan 30
114
138
138
138
21
114
138
Feb 3978 Sept
114
133 4,600 Goal Gas & Elea A
.15
19
*15
No par
1712 *14
171
34 Jan 2
134 Feb 6
16
16
12 Dec
16
16
*1512 17
278 June
200
Cony pref series A_No par
.16
20 .16
20
1512 1513 16
614 Jan 2 1758 Feb 16
16 .174 20
318
Apr 1612 June
*173
8
20
20
$7 pref class A
•I7
21
*18
21
No par
*15
12 Jan 28 16 Feb 28
21
.1814 21
634 Dec
184 181 *1812 22
1812 June
10
38
pref
class
•61
A
*6138 ___ 61
No
par
Jan
14
19 20 Feb 16
61
.6218 -_ .61
5 Apr 20 June
.61
___
100 Gen Rai Edison Flee Corp___
56 -57
54 -554 55
52 Jan 1
6114 Feb 16
553
5514 5534 5512
2414 Jan 554 Nov
5534 -57
2,400 General Mills
1044 1054 10314 10314 103 104 „*103 105 *10314 -5-5-1
No par 54 Feb 26 6412 Jan 15
3512 Mar 71 June
600
Preferred
3812 3914 3714 3818 374 3814 3814 3918 3712 1043 *10314 10514
100 103 Feb 27 10412 Jan 24
9212 Mar 1064 Sept
3834 3858 3912 186.000 General Motors
09
Corp
99'o 9918 9914 9812 9812 9834 9834 9914 993
10 3312 Jan 4 42 Feb 5
10
Feb 3534 Sept
9914 9978 2,400
$5 preferred
•1014 14
*1038 14
No par 8934 Jan 6 994 Feb 23
.1014 14
*10
14
6512 Mar 95 July
*11
14
*11
1212
Gen
Outdoo
54
r Adv A_ __No par
5
*4
434 *4
5
14
412
Feb
21
83
4
4
Jan
4
518
24 June
Jan
418
41
*4
5
300
Common
15
151 *1512 17
54 Feb 5
No par
16
34 Jan 2
16
212 Star
1512 1618 1512 1538 1612 1714
1018 June
130 General Printing Ink._No par
74
76
*76
1012 Jan 3 174 Feb 19
78
74
76
•7312 74
314
17
Jan
June
74
74
*74
78
320
36 preferred
418 41
4
414
No par 74 Jan 30 7712 Feb 6
4
4
418 438 •334 4
31 Mar 82 Aug
44 44 2,800 Gen Public Service
40
401
_
4014 404 4034 4212 41
558
No
Feb
8
par
7
2 Apr
212 Jan
4212 4034 42
June
814
4214
455
8
10,900
Gen
Railway
214 21
Signal
2
212
218 214
238
1314 Jan 4012 July
212
214 238
238 238 13,700 Gen Realty he Utilitie No par 33 Jan 5 4558 Mar 2
•20
22
22
22
s
158 Jan 3
2012 22
1
338 Jan 30
*2012 2178 1934 1934 1934 1934
38 Feb
44 June
700
36 preferred
2014 2114 1914 194 194 2014 2018 203
No par
16 Jan 8 2038 Jan 30
512 Jan
2234 Juno
4 194 20
20
21
3,400 General Itefractorlea
*46
4712 4512 4512 46
No par
1018 Jan 3 234 Feb 23
46
*4514 4612 4514 4514 *42
212 Feb
1934 July
46
60 Gen Steel
114 1138 1012 1118 1012 11
3012 Jan 13 48 Feb 13
938 Feb3812 June
1078 1112 114 114 1114 1158 13,000 Gillette Castings pref No par
Safety
Itasor
.5278 5434 54
_No pa
812 Jan 6 1212 Feb 6
54
*5278 54
Dee
*5278 54
Jan
2014
Vs
53
53
*53
54
300
Cony preferred
512 534
No par 47 Jan 11 5534 Feb 19
54 54
4512 Dee 75
55* 538
Jan
55* 512
538 54
658 54 5,200 Glmble Brothers
No pa
412 Jan 4
638 Feb 5
34 Feb758 June
•28
30
27
27
2638 27
2712 2712 2612 2612 28
2818 2,200
Preferred
2238 23
2134 2234 22
100 1614 Jan 8 30 Feb 6
2278 2238 2314 2158 23
614 Mar 33 July
221z '233* 28,800 Glidden Co
97
(The)
9712 96
No par
97
1558 Jan 4 2438 Feb 21
96
334 Mar 20 July
97
9612 9814 98
9834 97
98
540
Prior preferred
838 834
814 O's
0
100 83 Jan 19 9912 Feb 21
912
48 'Apr 9112 Aug
858 918
84
83
4
84
9
25.500
Gebel
(Adolf)
194 20
1938 194 1918 1958
912 Feb 27
5
512 Jan 2
3 Feb
1934 2034 194 1958 1914 2014 11.400
16 July
Gold Dust Corn vi a___No par
•10212 110
10253 1024 *10212 104 *10212 104 *10212 104 *10212 104
1634 Jan 11 224 Feb 5
12 Feb 2738 July
10
$6 cony preferred___No par 9612 Jan 6 103 Jan 23
16
1658 1538 16
1534 1614 1534 1638 1518 16
9612 Dec 105 July
lei
164
24,100
Goodrich Co(B F)
.524 5418 50
No par
52
1238 Jan 8 18 Feb 19
3 Mar 2112 July
5012 52
5212 53
5138 52
8 54
3,100
Preferred
3734 39
3612 3712 3614 3712 3614 374 3614 374 537
0
Feb 63 July
3712 3834 21,600 Goodyear Tire & Rubb_N 100 40 Jan 5 5978 Feb 20
81
81
o par 3358 Jan 6 4138 Feb 19
8034 8134 81
914
81
Feb 4712 July
8012 80'2 80
8134 8158 813
1.200
1st
par
8614 Feb 19
912 958
918 94
2734 Mar 8014 July
912 922
912 938 *04 91
95
8
97
4,200
Gotham
Silk
pref
Hose__
•60
erre
__Noo
63
dN par 77
60
5 Jan
1134 Feb 5
60
•56
612 Oct 1712 June
63
*56
63
*60
63 .60
63
10
Preferred
418 418
378 418
378 418
100 40,2 Jan22 60 Jan 30
41
Apr 73 July
4
4
4'8
4
4
41 17.300 Graham-Paige Motors
104 1118 1014 1034 1012 1114
44. Feb 1
1
234 Jan 4
I
Apr
1058 111
558 July
1018 104 11
1138
5,500
Granby
Cons
M Sni & Pr_100
678 7
Jan
2
612 634
8
134
Feb
10
634 718
37
Mar
8
1533 Juno
7
712
64
71
7
738 6,400 Grand Union Co tr ctts
3612 MI
3512 36
1
4 Jan 8
*35
834 Jan 31
34 Mar
3578 36
1038 Juno
3634 *3514 3914 3634 37
1.100
Cony
pref
•26
series
28
No
.26
par 23 Jan 6 375* Feb 2:3
28
.2412 28
20 Sept3638 July
*25
28 .2412 28
•2412 28
Granite City Steel
3912 3878 3912 3912 40
39
No par 23 Jan 15 2814 Jan 23
11 18 Mar 3058 July
3912 40
39
3934 40
40
3,700 Grant (W T1
14
14
1312 14
No par 34 Jan 29 4058 Feb 19
1312 1334 14
1534 Feb3612 Dec
14
1314
133
4
134
133
4
2,400
Gt
Nor
Iron
Ore Prop_No par
2812 2878 27
2812 2714 28
11 Jan 2 1518 Feb 19
518 Feb
284 2878 2734 2812 284 294 12,600 Great
1634 July
Western SugarNo par
*10612 107
27 1"eb2O 3478 Jan 20
10612 10612 10612 10612 10612 10612 10912 10612 *105
678 Jan 4118 Sept
106
90
Preferred
100 102 Jan 2 108 Feb 19
7212 Jan 110 Sept
Grlgsby-Grunow
No pa
4 Dec
44 July
-•131c1 and asked prices, no sales on this day. a Optional sale.
c Cash sale. s Ex-dividend. V Ex-right:
r4.r•
_.
_.3
New York Stock Record-Continued-Page 5
1521
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Feb.24.
Monday
Feb. 26.
Tuesday
Feb. 27.
Wednesday
Fe°. 28.
Thursday
Mar. 1.
Friday
Mar. 2.
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 Previous
Year 1933.
Lowest.
Highest.
S per share Shares. Indus.& MisceII.(Con.) Par $ per share
$ per share $ per share $ per share
312 Feb 8
412 May
Jan
14 Jan
234
900 Guantanamo Sugar ____No par
234
641 Feb 38 July
No par 2484an
Jan 2 41 Mar 2
4012 41
2,000 Gulf States Steel
1614 Jan 64 June
Jan 8 7978 Mar 2
7978 7978
120
Preferred
100 47
15 Mar 2512 July
2314 ;04
25 2012 Jan 9 2312 Jan 5
300 Hackensack Water
25
Apr 2878 Jan
Jan 4 2818 Jan 12
28
28
60
7% preferred class A
25 27
714 734 27.300 Hahn Dept Stores____No par
118 Feb
912 July
Jan 5
814 Feb 15
5
9 Apr 3812 July
4378 4514 3.300
Preferred
100 2514 Jan 9 451 4 Mar 2
318 Feb
1012 July
, 814 9
312 Jan 8
7,300 Hall Printing
10
934 Feb 14
212 Apr
9 July
3,
8 Jan26
6 Feb 13
5
5
100 Hamilton Watch Co___No par
15 Feb 35 July
*27
100 25
Jan15 33 Feb 5
2812
30
Preferred
4512 Jan 85 Aug
Z8912 8912
320 Hanna (M A) Co $7 pf _No par 84
Jan 8 8912 Mar 2
618 Feb 2512 July
2214 23
14,200 Harbison-Walk Refrac_No par
1412 Jan 2 2434 Feb 21
134 June
l8 Apr
Hartman Corp class B_No par
214 June
14 Mar
Class A
No par
8 -LT, "V", 58 55
78 Mar
712 June
278 Jan 2
638 Feb 14
5
538 512
559
518 "51512 578
880 Hat Corp of America cl A__1
4213 4213 4212 4212 *4212 4512
518 Apr 30 June
*4212 4312 4212 4212 *4212 46
60
100 1934 Jan 4 4512 Feb 21
6)4% preferred
412 478
312 July
458 478
438 434
114 Jan 2
54 Feb
434 5,2
434 514
518 534 18,600 Hayes Body Corp
No par
634 Feb 15
6912 Jan 105 Dee
•102 104 *10213 1037s *103 104 .10312 104 *103 104 *103 104
Helme (G W)
25 101
Jan 9 107 Feb 4
3 Mar 17 July
.10
111g *10
1118 *10
1118 410
1118 *10
1118 *10
1118
Hercules Motors
No par
9 Jan 4 1134 Feb 6
15 Feb 6858 Dec
6612 67
N
No par 59 Jan 4 7112 Feb 19
6712 6712 65
6612 65
65
66
6412 66
3,100 Hercules Powder
65
85 Apr 11018 Dec
*116 119 *116 119 *116 119 *116 119 *116 119 •116 119
100
$7 cum preferred
10 111 Jan 4 11934 Feb 19
4812 Jan 15 5712 Feb 9
3518 Mar 72 July
.51
5438 *51
534 *5212 5314 .52
300 Hershey Chocolate____No pa
5234 .51
5212 5234 5234
6434 Apr 90 July
834 8314 *8318 89
Cony preferred
No par 83 Feb 16 8712 Jan 3
*8318 87
*8312 87
*8312 87
*8312 87
84 Feb 5
311 Jan
1012 June
714 712
Na pa
512 Jan 3
7
714
714 738
714 758
714 734
734 778 3,900 Holland Furnace
914 914
914 914
914 914 *914 958 *914 958 *914 958
214 Mar
1012 June
600 Hollander & Sons (A)
5
534 Jan 2 1078 Feb 6
Jan 373
Oct
*318 335 *310 3321n *315 333 *315 333 *320 330
330 330
100 Homestake Mining
100 310 Jan 4 336 Jan 15 145
418 Apr
15 June
11 Jan 8 2314 Jan 30
19
1918 19
*1912 2038 2038 21
1,500 Houdaille-Hershey cl A No pa
1914 194 20
194 20
1 Mar
634 June
No pa
678 Jan 26
Class B
34 Jan 2
578 614
512 534
512 534
512 534
512 534
534 638 9,500
43 Nov
5114 Jan
*46
*4512 49,8 49
49
4912 50
500 Household Finance part pf _50 43 Feb 5 50 Mar 2
48
48
48
*48
50
21 Jan 2 2934 Feb 5
2578 26
25
2612 1.700 Houston 011 01 Tex tern ctts10
814 Mar 38 July
26
2614 25
2514 26
26
2512 26
512 Feb 5
178 Feb
74 July
44 44
4,
8 434 3,700
Voting trust ars flew.....25
312 Jan 8
412 4,
8
412 45,
412 458
459 434
512 Jan 3838 Dec
4678 45
4712 4412 4612 4614 4712 26,900 Howe Sound v t c
5 3512 Jan 3 504 Feb 16
4534 4714 43
4678 44
1338 Jan 5 2414 Feb 5
3 Feb
1659 July
2078 41,300 Hudson Motor Car____No pa
2018 2114
2018 20
1918 2012 1912 2078 19
1859 40
4 Jan 4
734 July
1
714 Jan 30
14 Mar
6
614 18,300 Hupp Motor Car Corp
6
6,4
5,
8 6
534 6
6
64
5,
8 6
No pa
238 June
_
Indian Motocycle
14 Mar
35, Feb 3
278 Jan
118 Apr
1
412 June
200 Indian Refining
3.59 -;irs -S38 314 3,4
-;3T8 -14 --5r4 -11-4 -;3; -11-4 -1-1318
7434 Jan 8 9638 Jan 24
24
Apr 85 Dec
817s 83
8312 9434 5.30 Industrial Rayon
84
85
8178 8334 84
83
85
85
No par 5912 Jan 4 7334 Feb 3
194 Feb 78 July
66
66
6712 6712 2,90 Ingersoll Rand
67
6618 67
65
66
66
64,
8 65
4012 Jan 3 4934 Feb 21
12 Feb 4578 July
46
46
46
1,000 Inland Steel
No pa
*4712 4812 4612 4712 4514 4512 4512 4513 46
Jan
4
67
8
Feb
5
2 Feb
2,600
Inspiration
Cons
Copper___2
912 June
558
53
4
412
53
8
53
8
5114 534
5,2 558
514 512
512 512
218 Jan 2
4 Feb 6
114 Mar
378 June
700 Insuransharea Ctrs Inc
.378 418
334 378 *334 4
334 334
334 334
334 334
118 Jan 3
Inauranshares Corp of Del_ 1
314 Feb 6
5/ Dec
412 Jan
214
Mar
Rubber____No
par
Jan
1
37
8
Feb
10
Intercont'l
20
*314 334 *3
314 •3
3
*314
33
*318
33
4
3
334
2
par
Ma
14
2 j
25818
10
No
1114 Feb 19
u;
9
3,300 Interlake Iron
July
l
9
914
9
914
834 84
912 9 8
938 938
6
2 j
Jaann
74 Feb
538 July
434 43
7.400 Internet Agricul
618 Feb 5
5
4,
8 478
412 47
No par
5
452 478
434 478
15
Jan
5
Jan
2712
293
500
Prior
preferred
8
374
Feb
3
July
*2914 304 2812 30
*2714
100
271
*2612 3018 *2812 30
2712
7534 Feb 15314 July
144 144
1,100 Int Business Machines_No pa 140 Jan 8 14914 Jan 30
143 143 *142 143
144 144
144 144
143 143
1
558 Jan 11 1218 Feb 21
278 Jan
1078 July
1078 1138 1018 1034 1018 1014 1018 104
934 1018 1014 1012 10,800 Internet Carriers Ltd
2912 Jan 9 3734 Feb 5
5,700 International Cement_No pa
618 Mar 40 July
31
3134 30
3014 3014 31
3012 3034 30
3034 2912 30
37
,
8 Jan 4 4678 Feb 5
13,
8 Feb46 July
41
42
3934 4034 401g 4112 4012 4212 4018 4114 4112 4278 25,400 Internet Harvester__ _.No pa
Jan 11918 Aug
100
Preferred
80
100 11512 Jan 13 12012 Feb 27
•11912 ____ .120
•120 -12012 12012 •120 ____ *120
434 Jan 6
2
918 Feb 7
212 Apr
1378 July
719
634 714 6.000 Int Hydro El Sys Cl A
612 7
612 7
7
659 7
74 738
114 Jan
1.600 Int Mercantile Marine_No pa
34 Jan 2
6 Jan 24
64 June
•44 434
458 5
412 412
418 41
/
4
458 458
458 434
21 Jan 4 24 Feb 23
634 Feb2314 Nov
2318 2334 2312 2378 94,200 Int Nickel of Canada_ No pa
2314 2312 2234 2314 2318 2358 x2359 24
Jan 115 Dec
Preferred
72
10 11534 Jan 13 11914 Feb 19
*119 130 *119 130 •119 130 *119 130 *119 130 *119 130
10 Internet Paper 7% pref_10
1012 Jan 5 1959 Feb 5
Jap,
n
2134
10
2113
2 A
•12
1514 14
14
1514 *95, 1514 *12
1514
*10
1514 •10
4 Jan 4
6 Feb 2
July
1,000 Inter Pap & Pow Cl A_.No pa
434 434
412 412 *412 5
412 412
455 458
414 412
212 212 1,400
Class B
No pa
184 Jan 4
338 Feb 6
14 Apr
534 July
238 258
212 212
212 212
212 258 *212 3
No pa
138 Jan 4
2,
8 Feb 19
14 Jan
4 July
2,8 218
2
2
2
Class C
218 218
218 218
2
2
218 2.200
Apr 2212 July
2
Preferred
1014 Jan 8 1878 Feb 5
1512 2,700
10
1412 1478 1412 1518 1412 1412 15
1512 1512 1414 15
*1112 12
1112 1112 1112 1112
9 Jan 13 14 Jan 30
312 Feb 14
Or!
300 lot Printing Ink Corp_No par
•11
1212 1159 1158 •1112 12
35 Apr 71 Aug
•72
Preferred
*72
•72
100 66 Jan 2 7018 Feb 23
*72
*72
_
24
24
1,400 International Salt
No par 21 Jan 3 2512 Jan 24
1334 Mar 2734 July
•231g 2378 *234 2418 24 24
2338 23.1; 2312 24
2438 Jan 5638 July
47
900 International Shoe
No par 4312 Jan 2 5038 Jan 26
4612 *4614 4612 46
4612 *46
*4714 4734 46
4714 .46
42
934 Feb 5912 July
*38
1,000 International Silver
8 39
100 34 Jan 12 4534 Feb 15
39
39
3812 384 38,
3978 394 *3612 41
2412 Mar 7178 July
78
200
7% preferred
100 59 Jan 4 80 Feb 19
7618 7618 7612 77
77
77 .77
76
78
*7618 77
Feb
26
173
4
Feb
6
54 Feb 2134 July
14
145
143
Inter
Telep
&
Teleg___No
pa
1312
8 1312 1418 1418
57,200
1412 1434 1312 1438 1378 141
112 Mar
312 Jan 4 1312 Feb 19
878 July
1012 lO7s 1078 1134 10,800 Interstate Dept Stores_No Pa
1012 11
108 1012 11
912 1012 10
12 Apr 4038 July
Preferred
100 2114 Jan 4 554 Feb 19
48
48
48
*45
5038 •45
500
4914 4914 48
4814 *45
5184
178 Jan
1114 July
Intertype Corp
No pa
.812 834 *812 912 *812 91
*812 918 *812 91
.812 918
55, Jan 3 10 Feb 8
Feb 32 July
2434 Jan 29 28 Feb 21
11
1
300 Island Creek Coal
27
27
27
*27
28
2634 2634 *26
263 *2612 2712 27
23 Feb 45 July
33 Jan 9 4778 Feb 5
4412 4412 44
441 *43
45
No pa
4514 4514 45
4538 44
45
1,500 Jewel Tea Inc
1214 Mar 6312 Dec
No pa
55 Mar 1 6638 Jan 30
56's 5678 5838 23,600 Johns-Manville
58,
8 6012 5638 5814 5534 5712 5578 5738 55
42 Apr 10618 July
Preferred
10 101 Jan 4 110 Feb 7
480
*109 112
109 109
109 109
109 109 *109 112 *109 112
35 Feb91 July
62 Jan 2 77 Jan 23
7634
75
7512 75
75
74
74
7512 76
75
75 .74
270 Jones & Laugh Steel pref _10
938 June
258 Mar
934 Feb 6
612 Jan 3
9
9
200 Kaufmann Dept Stores $12.5
8I3 834, *814 9
*8
9
*818 878 *8
678 Feb1912 July
1378 Jan 4 1814 Feb 5
1614 1659 1018 1638 16,8 1658 1614 1634 1614 1614 1612 1612 3,500 Kayser (J) & Co
78 Mar
618 July
214 Jan 5
438 Jan 29
6
3,
8 3,
8
314
312
312 312
312 334
338 312
358 334 6,200 Kelly-Springfield Tire
6 Feb3118 June
11 Jan 2 20 Jan 30
No par
.13
1718 *13
15
*14
200
6% preferred
1718 *1412 17
*14
16
1518 16
2 Feb8 May
4 Jan 13 10 Feb 16
•8
9
*8
200 'Kelsey Hayes Wheel conv.clA 1
812 *814 812
812 859 *81s 9
812 812
112 Dec634 June
2
,
8 Jan 2
712 Feb 16
Class 13
1
678 7,4 • 659 612 *6
7
612 612 *6
7
500
712 •6
378 Feb
154 Sept
8 Mar 2
1178 Jan 4 20,
1 859 1914 1734 1838 18
No par
187
, 1812 193* 1814 1918 1918 2058 71,300 Kelvinator Corp
30
Jan 73 July
178
79
78
78
78
78
78
78
120 Kendall Coot pf ser A_No par 6518 Jan 18 80 Feb 9
79
7912 7834 7834
738 Feb 26 Sept
194 2014 1918 194 1914 204 1938 2059 19
No par
187'8 Jan 13 23 Feb 5
194 194 2014 44,300 Kennecott Copper
54 Apr 2538 July
1714 1714 17
12 Jan 2 18 Feb 8
No par
17
*1612 17 '1612 1718 •12
200 Kimberley-Clark
1714 *13
17,4
1
Apr
64 June
6 Jan 31
518 *478 512 *5
No par
3 Jan 16
518
54 512 *44 514 *5
518
300 Kinney Co
514
24
5
44 Feb 30 July
24
Feb
*227g 29
par
1312
Jan
6
29
3
4
*1812 26
*2118 26
No
*2338 29
*22
29
100
Preferred
167s July
1913 1934 1834 1912 1914 1958 1938 20
512 Mar
1918 1958 1938 2012 22,600 Kresge (S 5) Co
10 1338 Jan 2 2234 Feb 5
Apr 105 June
88
•10612 10713 10612 10612 *106 1071 *106 1071 *106 1071 *106 1071
100 101 Jan 4 10712 Feb 9
20
7% preferred
5413 51
Jan 4414 July
27
5413 .52
*51
5112 *52
54
53
53
*52
53
120 Kress (S H) & Co
No Par 36 Jan 3 55 Feb 3
1412 Feb 3559 July
3078 311
30
3034 2978 3038 3012 31
No par 2314 Jan 8 23278 Feb 19
30
30,
8 3012 31
10.800 Kroger Groc & Bak
2738 277
1938 Dec 414 July
2634 2712 2658 2714 2712 2712 27
2712 27
No par 2214 Jan 4 3138 Feb 5
2738 4,000 Lambert Co (The)
1012 June
*9
10
Feb 15
3 Feb
812 812
9
9
9
9
9
10
Jan 6
*9
10
220 Lane Bryant
No pa
334 Mar
1238 July
1134 12
1218 13
1134 12
1178 12's
1418 Feb 19
11123 1112 1214 1238 4,000 Lee Rubber & The
5 Jan
n
5 8
*1712 b94
578 Jan 27 June
1812 19
*18
1834 *1734 18
17
18
19
19
Goo Lehigh Portland Cement___50 1312 Jan 3 20 Feb 23
Feb 78 Sept
34
*7334 75
75
75
7714 771 *7712 85
*7334 75
*7712 85
20
7% preferred
100 7378 Feb 23 7714 Feb 28
*414 412
412 43
638 July
4
414
412 412
1
Jan
438 438
412 459 2.900 Lehigh Valley Coal__No pa
212 Jan 8
5 Feb 21
1414 1278 1314 1318 1312 6,100
1214 1234 1212 1338 13
212 Apr 12 June
1212 13
Preferred
5 Jan 3 1414 Feb 21
50
72
7212 72
3712 Feb 7938 July
7218 7234 73'2 7214 73
7318 74
7312 7334 2,600 Lehman Corp (Tbe).__No pa
6518 Jan 4 78 Feb 6
14 Feb2314 June
19
1934 1834 1918 1878 19
1834 19
*1912 20
1914 1934 2,100 Lehn & Fink Prod Co
1634 Jan 23 2012 Feb 6
484 Mar 3738 July
3714 3838 3612 3714 x37
3758 3718 3838 3612 3734 3718 3858 22,100 Libby Owens Ford Glass No pa
3412 Jan 4 4378 Jan 19
49 Feb 98 Sept
*85
87
8512 8512 *85
86
•85
87
*85
87
*85
87
100 Liggett & Myers Tobacco_ _2
73 Jan 6 9312 Feb 5
494
Feb9938 Sept
8734 8534 81312 8534 86
87
8734 86
8612 8659 87
5
87
6,000
Settee B
Jan
8
943
4
Feb
2
7412
140 14014
13912 13912 •13959 14012 140 140 .13934 14012 13934 140
800
Preferred
10 129 Jan 13 14014 Mar 2 121 Mar 1404 Sept
8 2012 2014 2058 22038 2058 1934 2018 1978 20'8 4,000 Lily Tulip Cup Corp__No par
13 Apr 2112 May
2034 2078 19,
16 Jan 15 2114 Feb 16
*30
31
32
32
Jan 3134 July
32
3034 3034 *3018 32
*3012 32
400 Lima Locomot Works_No par
10
32
2512 Jan 4 3614 Feb 5
1714
1934 July
1,000 Link Belt Co
634 Apr
•1612 1734 177s 1778 1758 1778 1718 1734 1634 1634 17
No par
1214 Jan 3 1938 Feb 6
27
2714 2712 2718 28
2612 27
2678 2838 3,300 Liquid Carbonic
2718 2712 27
3338 Feb 5
1014 Feb 50 July
No par 2612 Mar 1
3034 3214 3038 3178 3178 3278 105,400 Loeves Incorporated. No Par 2534 Jan 6 3438 Feb 16
3012 3134 30,8 3114 3073 32
812 Mar 3612 Sept
*91
92
90
90
90
90
8978 8978 90
90
90
500
Preferred
35 Apr 7818 July
90
No par 72 Jan 2 9112 Feb 16
24 212 4,300 Lott Incorporated
212 258
212 25s
212 234
414 June
258 258
212 212
No par
3 Jan 31
112 Dec
158 Jan 2
214
214
212 212
214 238 *214 212 1,100 Long Bell Lumber A No par
238 2.38
512 June
212 212
234 Feb 20
12 Feb
114 Jan 12
42
3912 3934 4012 3934 40,2 40
1914 Feb 4434 Dee
39
39
3812 394 39
3,200 Loose-Wiles Biscuit
25 3812 Feb 26 54434 Jan 17
•121
•121
*120
_
7% let preferred
Jan
812012
100 11934 Jan 11 12214 Feb 15 11312May 120
*12212 ____ •12012
1714
1714
1718 17,
8 8,400 Lorillard (P) Co
17
104 Feb 2514 July
1759 1714 1759 17
10 1534 Jan 8 1912 Feb 5
1738 1758 17
105 105 *10438
100
7% preferred
100 102 Jan 26 107 Feb 13
8712 Feb 106 Nov
*102 106 *102 106 *102 105 •103.2 105
214
214
214
214
238 2.100 Louisiana Oil
4 July
2
218 *2
No par
234 Feb 1
214
2,8 24
214
1,
4 Jan 10
3s Jan
1414 *1334 1414 •14
1414 133e 1334 1414 1414
40
Preferred
•13
312 Feb 29 July
100
*1234 14
714 Jan 2 18 Jan 23
18 .1814 1834 2.100 Louisville Gas & El A_No par
137, Apr 2534 June
15 Jan 9 21 Feb 7
1918 1812 19
x1858 1858 1814 1812 18
19
1734 1734 1812 6,900 Ludlum Steel
1
15 Jan 8 1912 Feb 20
4 Feb 2018 July
17,8 1778 1614 17,8 1634 171 2 1712 1734 17
96
Cony preferred
96
90
90
*91
100
No par 8712 Jan 8 97 Feb 20
96
143
,Mar 9512 Dec
97 .82
*83
*85
9334 *82
32
32
32
500 MacAndrews & Forbes
10 30 Jan 5 3312 Jan 18
912 Feb 3134 Dee
3112 3112 3112 3134 *3112 3214 *3112 3214 32
No par 3334 7,Iar 1 4134 Feb 6
3512 361
3334 3518 35
1312 Feb 4638 July
3614 35
36
3578 9,800 Mack Trucks Inc
3534 3678 35
5t: 66
54
2414 Feb 6514 July
7,800 Macy (R H) Co Inc...,.No par 52 Jan 4 6218 Jan 30
53
55
5514 56
5412 5478 5358 5414 53
378 378
378 378
258 Jan 2
438 Feb 5
600 Madison Se Gerd v t e_No par
14 Mar
7 June
•378 414 *378 4
34 378 *334 378
2,400 Magma Copper
10 1512 Jan 17 19 Feb 15
538 Mar
19,
8 July
17,4 1638 1634 1634 1634 1634 1678 1638 1658 *1634 18
17
178 Jan 2
278 3
278 3
3
314 1.300 Mallinson (II R)& Co_No par
4 Feb 7
78 Feb
514 June
3
3
278 3
234 234
•15
16
20
*1512 1714 *15
16
7% preferred
7,
8 Jan 9 1934 Feb 6
100
8 Feb 2634 July
1612 1612 *1512 1714 *1514 17
1 Jan 8
100
334 Jan 23
.234 314
100 Menial Sugar
534 July
.234 314 .234 314 *234 314
3
3
14 Jan
*234 3
134 Jan 3
738 738
612 612
80
Preferred
100
834 Jan 22
38 Jan
978 July
614 614 .618 712 414 712
'1618 612
512 6
414 Jan 23
No per
512 512
6
812 Jan 26
112 Jan
. 634 2,250 Mandel Bros
978 June
6
612
634 718
61 2 612
1714
25 1214 Jan 4 2038 Feb 1
17
17
1,000 Manhattan Shirt
*1512 17 .1658 17
51/ Apr 23 July
1578 1678 *16
17
17
134 Jan 10
*134
234
2
2
100 Maracaibo Oil Explor_No par
338 Feb 17
, 2
4 June
214 *134 21 4 *134 214 *14
*2
12 Jan
11,C00 Marine Midland Corp__ 10
534 Jan 5
73. 8
9 Feb 6
7
,
8 8
712 778
5 Dec1112 Jan
712 758
734 8
71 2 734
• Blci and asked prices, no sales on this day. a Optional sale. e Caen tale. a Sold 15 days. 2 Ex-dividend. y Ex-rights.
$ per share
234 278
3934 40,8
75
74
24
*22
28
*27
74 738
4212
42
738 734
*418 512
27
27
86
87
2112 221
$ per share
212 212
40
404
77
77
*22,
8 24
*27
28
612 74
4012 41
714 758
.418 513
2812
*27
87
87
2034 2138
S Per share
212 213
4012 4012
.74
78
224 22,
8
*27
28
634 718
41
41
712 734
•418 512
*27
281
87
87
2034 223
$ Per share
278 278
40
40
*74
78
8 2318
*22,
*27
28
7
712
4212 4234
812
8
*5
512
*27
2812
*8712 88
2112 2212
$ Per share
234 234
*38
4014
78
79
2318 2318
*27
28
718
6,
8
4218 4214
8
818
*418 5,2
*27
2812
88
88
2034 2112
New York Stock Record-Continued-Page 6
1522
orFOR
--- -
--
-
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
Feb.24.
Mar. 3 1934
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST,
SEE SIXTH PAGE PRECEDING.
-- ------ ---
Monday
Feb. 26
Tuesday
Feb. 27.
Wednesday
Feb. 2S.
Thursday
Mar. 1.
Friday
Mar. 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
PER SHARE
Range for PresiouS
Year 1933.
Lowest.
Highest.
Lowest.
Highest.
$ Per share $ per share $ per share $ per share $ per share $ per share Shares. Indus.& Miscell.(Con.) Par $
per share
5 per share $ per share 3 per share
2553 26
2512 2512 25
2514 25
2538 *25
28 .2533 28
1,700 Marlin-Rockwell
No par 2113 Jan 8 32 Jan 25
6
Feb 2314 Dec
Marmon Motor Car
14 May
No par
218 June
1612 17
16
1612 1614 17
17
171
165s 174 1714 1758 12,700 Marshall Field & Co_No par
Jan
1212
4
187
8
Feb
15
Jan
414
1838 June
3618 37
3513 3614 3558 36
3514 3638 3412 3514 3518 3653 8,200 Mathieson Alkali WorksNo par 3214 Jan 8
4034 Jan 24
14
Feb 4651 Nov
3818 39
3758 3818 3758 3813 3813 39
38
39
39
3938 6,000 May Department Stores.._10 30 Jan 2 42 Feb 19
934 Feb 33 Sept
7
738
7
718
7
734
712 778
718 712
712
734 8,300 Maytag Co
No par
435 Jan 2
834 Feb 21
118 Apr
812 July
2112 22
2118 2112 2112 2214 2212 2338 22
2212 23
23
2,700
Preferred
No par
10 Jan 2 27 Feb 21
318 AM' 15,4 Aug
73
73
73
73
72
72
*73
77
74
74
*74
77
Prior preferred
80
No par 49 Jan 3 77 Feb 21
Apr
15
58
Oct
*28
30
2712 29
*28
30
*2812 2912 29
29
2814 3058 2,400 McCall Corp
No par 24 Jan 11 3034 Feb 19
13 Mar 3034 Sept
234 278
258 234
258 278
3
313
3
3
3
318 5,700 McCrory Stores class A No par
412 Feb 6
118 Jan 8
38 Apr
478 June
234 3
278 278
278 27g
314 314 *3
318
314 314
1,000
Class B
No par
414 Feb 6
138 Jan 4
118 Dec
Jan
6
•14
16
*14
16
*14
17
16
16
*14
1714 1634 1634
Cony preferred
200
100
514 Jan 2 21 12 Feb 7
213 Mar 21
Jan
*534 6,4 *534 6
534 533 s65,3 6
558 558 *434 578
300 McGraw-Hill Pub Co_No par
Fen 3
4
Jan
658
4
3
Apr
818
June
40
4078 3912 40
3912 40
40
4053 3934 4018 4033 4178 13,600 McIntyre Porcupine Mines...5 3812 Jan 25 4314 Jan 15
18 Mar 4838 Oct
89
89
88
8853 88
894 90
91
89
90
8912 90
2,800 McKeesport Tin Plate.No par 84 Jan 9 94,4 Feb 21
4418 Jan 9534 Aug
7
738
634 7
634 7
714
7
74
673 714
McKesson
13.100
75
8
&
2
412
Jan
812
Robbins
Jan
26
S
134 Mar
1312 July
21
21
20
2078 2014 2014 22
2234 22
22
22
22
2,000
Cony prof series A
50 1178 Jan 2 2418 Jan 26
353 Mar 25 July
358 334
312 358
358 4
334 4
334 4
378 412 37,700 McLellan Stores
434 Feb 19
1 Jan 6
No par
338 July
14 Feb
*28
31
*29
3114 3112 3112 3118 3114 30
31
3134 32
8% cony pref ser A
800
912 Jan 2 34 Feb 19
218 Jan 2278 July
100
304 31
*30
3012 3013 31
3118 3158 31
314 31
3112 3,200 Melville Shoe
33 Feb 23
2
par
Jan
26
83
4
No
Feb
2834
Oct
814 813
8
818
8
833 *734 818 *712 8
714 758 2,100 Mengel Co (The)
634 Jan 13 11 Jan 22
2 Mar 20 July
1
*33
3512 33
33
*32
3512 *3218 33
32
32
*32
60
7% preferred
35,2
22
100 32 Jan 2 40 Jan 22
Jan 57 July
26
2658 2518 2612 2514 2612 2638 28
2614 27
2612 2734 8,700 Mesta Machine Co
30
Feb
4
Jan
19
7
5 1612
Feb 21 Sept
*23
25
2212 2212 *22
2312 *22
2313 22
22
*22
24
200 Metro-Goldwyn Pict prof__27 21 Jan 5 25 Feb 15
1312 Mar 22 Sept
312 512
512
518
514 512
54 512
513 514
518
514 2,000 Miami Copper
612 Feb 16
158 Mar
418 Jan 9
5
934 June
1318 1338 1212 13
1212 1234 1234 1234 1214 1258 1238 13
6,700 Mid-Continent Petrol__No par
1158 Jan 9 1434 Feb 3
334 Mar
16 July
1858 1914 1714 1812 18
1812 1878 1913 1818 1834 1918 20
5,200 Midland Steel Prod____No par
Feb 19
2178
8
3
Jan
1214
Mar
173
4 July
*8312 95
*8313 90
85
85
*80
90
*83
89 .83
8712
100
26 Mar 72 Sept
8% cum lot prof
100 7012 Jan 12 85 Feb 17
4734 4734 46
46
47
47
*45
47
46
47
047
600 Minn-Honeywell Regu.No par 36 Jan 4 52 Feb 1
4834
13 Apr 3638 Dec
412 434
414 438
438 412
458 434
412 453
45g 5
8,600 Minn Moline Pow Irani No par
573 Jan 30
24 Jan 4
78 Feb
534 July
*30
33
*27
30
*28
32
31
31
*27
35
*28
32
100
Preferred
6 Feb
No par
1718 Jan 11 3534 Feb 1
30 July
1638 1638 16
1614 16
16
16
16
16
1614
1634 1712 1.500 Mohawk Carpet Mills
1914 Feb 6
4
Jan
7
Jan
1212
20
22
July
78
78
75
7534 7612 78
7734 7734 7534 7534 76
2,300 Monsanto Chem Wks
78
25 Mar 83 Dec
10 75 Feb 26 8678 Jan 19
3114 3238 2934 3138 3012 3153 3034 3233 297g 313
3 3138 3258 227,800 Mont Ward & Co Ino-No par 2114 Jan 4 3553 Feb 15
853 Feb 2878 July
*4638 4734 4638 4633 4514 4514 *45
46
*45
4512 4538 4512
400 Morrel (J) & Co
25
Jan 56 July
No par 37 Jan 4 4812 Feb 21
1
1 18
1
113
1
1
118
1
118
118
1
113 4,500 Mother Lode Coalition _No par
138 Feb 8
ta Jan 8
218 June
18 Jan
1002 1078
978 1034 1014 1034 1058 1118 1058 11
11
1178 13,100 Moto Meter Gauge Jc Ea____1
Jan 6 12 Feb 21
714
14
Jan
878 Dec
3812 3912 3612 33
3612 3812 38
39
3738 3812 3858 40
9,600 Motor Products Corp No par 30 Jan 4 4434 Feb 15
734 Mar 3634 Sept
1434 15
1313 1434 1353 1414 1414 15
1418 1434 1412 1558 28,700 Motor Wheel
9 Jan 5 1612 Feb 16
112 Mar
1158 July
5
1212 13
1118 1212 1114 121g 1114 12,4 1118 1118 12
13
5,000 Mullins Mfg Co
514 Jan 12 1434 Feb 15
112 Mar
No par
104 July
32
32
29
3034 2913 3012 2914 31
28
30
2914 3034
590
Cony preferred
1218 Jan 12 3478 Feb 14
5 Mar 25 June
No par
24
2418 2418 2418 2212 2212 *23
24
2353 2358 *24
2478
800 Munsingwear Inc
No par
1334 Jan 6 2412 Feb 16
5 Mar
1838 June
913 912
934 10,4
914 934
934 1033
938 10
10
1034 23,600 Murray Corp of Amer
618 Jan 9 1158 Feb 16
158 Feb
10
1112 JulY
*2013 22
*18
22
1914 1914 .1938 1912 1938 1938 *1812 1912
2
Jan
213
4
Feb
21
200
1518
par
Myers
Bros
No
F
8
&
E
Jan 2012 July
28
2834 2658 2734 2613 2733 27
2712 26
27
27
2734 27,600 Nash Motors Co
1118 Apr 27 July
par 23 Jan 4 3214 Jan 30
No
8
814
714 734
738 758
733 818
758 838 9,600 National Acme
712 712
87g Feb 2:3
414 Jan 9
118 Feb
1
754 July
634 7
612 634
7
7
7
7
634 64
7
7
1,100 National Hellas Hess pref__100
8 Jan 24
114 Jan
34 Jan 6
978 July
4018 4058 40
4014 4018 4134 4014 42
4038 41
4034 4113 13,100 National Biscuit
4913
26
Jan
Feb
16
3113
40
10
Feb
605
3 June
*13912 141 *13912 14034 *13914 14014 *13914 14014 .1394 140 *13914 140
7% cum prof
100 131 Jan 3 140 Feb 16 118 Mar 145 Aug
2014 21
1912 2014 1953 20
1934 2012 1914 20
1938 21
15,800 Nat Cash Register A___No par
518 Mar 2358 July
1612 Jan 8 2358 Feb 6
15
1514
1478 1533 1478 1518 1478 1518 1434 1514 1514 164 30,300 Nat Dairy
1012 Feb 2534 July
13 Jan 4 1712 Feb 6
Prod
No par
212 212
218 218
213 21,3
24 238
2
214 . 238 233 3,600 Nat Department Stores No par
18 Mar
234 Feb 21
1 Jan 9
212 June
13
13
1134 1134 12
12
12
12
*10
13
13
13
120
114 Feb
Preferred
5 Jan 17 1518 Feb 21
10 June
100
2534 2658 2518 2618 2614 274 2614 2753 2618 27
2634 2734 55,600 Nati Distil Prod new___No par 2314 Jan 3 3158 Feb 1
2078 Deo 3314 Nov
__
24
Feb 115 June
$2.50 preferred
40
*2513 2758 25
2458 25 .2412 2778 *3412 28
26
*25
2778
600 Nat Enam & Staraping_No par
5 Feb
193g Dec
1612 Jan 5 28 Feb 2:3
*133 140 *133 13918 *133 13918 13918 13918 *138 13914 *138 13914
100 National Lead
43,4 Feb 140 Nov
100 135 Feb 10 14112 Jan 16
*13312 140 *13312 140 *13312 140 *13312 145 *135 140 *135 140
Preferred A
100 122 Jan 16 139 Feb 21 101 Mar 12814 Nov
.105 107 *105 107 *105 107 *105 107 *10578 107
107 107
100
75 Feb 10918 July
Preferred B
100 10012 Jan 9 107 Feb /5
1178 1213 1114 i178 1112 1178
1142 1212 1112 12
1134 1218 19.500 National Pow & Lt-___No par
673 Apr 2012 July
812 Jan 4 1512 Feb 6
5313 5012 5112 5012 5158 5112 5214 4934 5014 5012 5214 12.800
52
15 Feb 5513 July
National
5
Feb
5814
6
Steel
Jan
49
Corp
25
1618 1614 1514 1538 1514 1514 1612 1612 1534 1534 1638 1612 1,300
Apr
4
National Supply of Del___ _25 1112 Jan 10 1834 Feb 5
2858 June
40
40
40
4018 *40
4314 *39
46
*40
45
*39
46
150
17 Feb 6038 Juno
Preferred
100 3312 Jan 4 48 Jan 30
__ ___
114 May
National Surety
2
Jan
813 Jan
23
8
5
Jan
2
10
1712 1773 1634 1714 17
17
1714 -1:i34 17 -1714 1712 -1-7-58 4,400 National Tea Co
612 Jan 27 Jury
No par 1538 Jan 4 1834 Feb 1
1814 1838 17
17
17
1718 1734 1818 1712 1818 18
1814
113 Jan
Neisner Bros
1218 June
No par
613 Jan 4 1838 Feb 21
____ _ ___ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ __2,400
_
_ _ _ Nevada Consol Copper_No par
4 Feb
1133 June
934 934
9,4938
9,2 958
958 10
913 10
1053 1078 8-,600 Newport Industries
138 Mar
1134 July
6 Jan 10 1078 Feb i9
1
20
20
1838 1913 1813 1834 19
1912 19
1918 19
19
2.500 N Y Air Brake
613 Apr 2313 July
15 Jan 5 2434 Feb 7
No par
634 7,8
6,4 6,4
614 6'4
638 638
6'4 6'4
6l2 718
712 Feb 23
500 New York Dock
234 Dec 1178 June
353 Jan 11
100
1534 16
1418 1513 14
1514 1478 1512 15
1612 1614 18
1,820
6
Oct 22 June
Preferred
8 Jan 8 1834 Feb 21
100
1
1
1
1
78
1
78
1
7g
1
1
1
4,200 N Y Investors Inc
33 Dec
114 Feb 7
234 June
2
Jan
13
par
No
1734 1734 17
1758 1714 1713 1713 1778 17
1718 17
1778 5,300 NY ShIptaldg Corp part stk__I
2212 Aug
134 Jan
1158 Jan 3 2278 Feb 1
85
85
85
85
*8314 85
*8314 89
*84
8712 *84
89
120
87 Feb 3
31
7% preferred
Jan
June
2
90
Jan
7312
100
95
95
*8514 9412 *85
9412 9412 9412 95
95
94
94
70 Nov 10178 Aug
100 NY Steam $6 prof
No par 82 Jan 5 98 Feb 14
.102 103
101 102
*94 103 *100 103
100 103 *100 103
130
83 Nov 110
$7 1st preferred
Jan
No par 90 Jan 15 107 Jan 27
3438 3434 3418 3412 3412 3458 3434 3518 3458 3512 3512 37
11,000 Noranda Mines Ltd
1738 Jan 3878 Sept
No par 3314 Jan 4 37 Mar 2
1958 2038 1812 1912 19
1934 1913 2014 1858 1938 x1.918 2018 55,200 North
1214 Dec 3612 July
1338 Jan 9 2514 Feb 6
American Co
No par
4134 4134 4112 42
4134 4134 *42
43
42
42
*41
43
700
31 Dec 46
Jan
Preferred
50 34 Jan 9 43 Jan 19
618 612
534 6
534 618
578 618
534 6
534 618 25,600 North Amer Aviation
4 Feb
834 Feb 1
9 July
418 Feb 10
1
.68
70
6814 6814 6914 6914 68
6812 68
69
*67
69
900 No Amer Edison pref__No par 4712 Jan 4 73 Feb 7
39 Nov
70 July
*1278 1412 *1314 16
16
16
*1314 16
*1314 15
*1334 15
200 North German Lloyd new____
3341 Oct 10 June
1114 Jan 3 16 Feb 27
.40
42
*40
42
40
40
40
40
*38
42
38
38
80 Northwestern Telegraph___50 34 Jan 9 40 Feb 17
2634 Apr 43 June
*334 373
312 334
34 334 *334 4
*358 334
334 4
412 Feb 19
1,000 Norwalk Tire & Rubber No par
I18 Feb
238 Jan 8
578 July
1418 1478 1338 1418 1334 14
1378 1414 1358 14
1378 1478 16,700 Ohio 011 Co
434 Feb
1253 Jan 9 1578 Feb 5
1758 July
No par
538 5,2 *518 534
538 512
538
5,2 553
5
.538 6
2,800 Oliver Farm Equip
7 Feb 5
113 Feb
358 Jan 4
834 July
No pa,
22
21'2 2018 2018 21
20
22
2118 20
2018 2114 2138 1,800
314 Feb 3034 June
Preferred A
12 Jan 8 2738 Feb
No par
558 534
514 558
538 533 *5753 534
538 512
558 6
2,100 Omnibus Corp(The)vto No par
134 Mar
614 Jan 2
518 Jan 27
834 July
1234 1212 13
13
1338 12
1214 1318 1178 1214
1214 13
3,800
1418
Fen
21
4
Oppenhelm
Jan
213 Feb
15 June
Coll & Co No Par
718
__ ____ ____ ____ ____
__
Orpheum Circuit Inc pref.100
138 Jan
7 June
1638 17
1612 1778 1658 1714 1634 17'4 1614 1613 17
1712 7:700 Otis Elevator
1018 Feb 2514 July
1434 Jan 6 1933 Feb 16
No par
.100 101 •100 101
101 101
101 101
101 101 *100 115
140
Preferred
9312 Apr 106 July
92 Jan 18 101 Feb 27
100
678 718
614 634
612 7
634 718
614 634
7
714 18,200 Otis Steel
8 Feb 19
114 Mar
914 June
No par
418 Jan 4
2012 2112 19
2219 2112 23
2014 20
2012 2112 2112 23
3,600
Prior preferred
214 Feb 2154 June
9 Jan 2 25 Feb 20
100
8314 8814 8414 8614 85
853.1 8634 8738 8634 8634 *87
8912 3,500 Owens-Illinois Glass Co____25 7814 Jan 3 94 Jan 30
4 July
3112
963
Mar
1913 1934 1858 19
1878 1914 1914 1958 1914 1934 1914 2012 5,500 Pacific Gas dr Electric
15 Dec 32 July
25 1512 Jan 6 2313 Feb 7
343
; 3538 3313 3412 34
34
3353 34
3434 3538 3,100 Pacific Ltg Corp
3414 35
22 Dee 4338 Jan
No par 2313 Jan 2 37 Feb 7
.32
3313 3114 3238 .3114 3238 3113 3273 3034 3138 3114 3114
1,000 Pacific Mills
0 Feb 29 July
100 2634 Jan 2 31 Feb 5
*83
84
85
84
*8318 84
85
85
85
*8312 85
85
30 Pacific Telep & Teleg
65 Mar 9434 July
100 72 Jan 11 85 Feb 21
57s 6,s
Ws 534
512 534
5,2 578
558 6 106,500 Packard Motor Car_No par
513 534
658 Feb 23
Jan 4
678 July
114 Mar
37
8
.1034 1138 •1034 1138 •1034 1138 01034 1114 *1034 113g *1034 1138
Pan -Amer Potr & Trans
14 July
8 June
5 1034 Jan 9 1112 Jan 30
2912 30
2834 2912 .29
304 *29
30
2814 2912 30
1,000 Park-Tilford Inc
30
Jan 3638 Oct
6
1 24 Jan 4 3512 Feb 6
112
113 112
112
112 .113 134
113
113 1 12 *1.513
400 Parmelee Transporta'n.No par
134
2 Feb 5
3 July
38 Mar
1 Jan 11
•134 2
*134 178
134 134 •15; 134 *158 134 *153 154
200 Panhandle Prod & Ret_No par
238 Jan 22
44 June
33 Apr
114 Jan 2
438 434
418 438
418 412
412 5
412 518
514 88,800 Paramount Publix ebbs
5
578 Feb 16
212 June
134 Jan 2
18 Apr
10
473 538
518 514
434 5
518 553
478 Ps
5,4 512 74,000 Park Utah C 54
414 July
678 Feb 15
314 Jan 11
1
54 Jan
3
318
278 3
234 318
34 353
378 414 80,200 Paths Exchange
314 378
212 July
414 Mar 2
112 Jan 4
No par
14 Jan
1618 1638 16,4 1678 1614 17,8 1712 1914 19
2058 2038 2138 42,800
1414 Dec
Preferred class A
1012 Jan 4 2138 Mar 2
114 Jan
No par
19
1914 1813 19
1812 1938
20
11,500 Patin° Mines & Enterpr No par
1834 1912 1814 1812 19
Nov
9
25
Jan
2112
2
Jan
Jan
53
8
8
173
312 312
338 312
314
312
333 338
338 338 2,300 Peerless Motor Car
32 312
918 July
414 Feb 1
2 Jan 2
54 Feb
3
*6114 617g 61
6114 60,4 6053 x60
64
6012 •61
60
60
1.400 Penick & Ford
No par 5734 Jan 4 64 Jan 30 23512 Feb 6034 Dec
6234 6338 6158 6212 61
6134 61
62
6238 6412 6412 66
17.500 Penney (J C)
1014 Mar 511 Dec
No par 5112 Jan 4 66 Mar 2
•10713 10912 *10712 10912 10712 10712 *105 10912'105 10912 *105 107
100
Preferred
Jan 108 Au90
100 106 Jan 5 108 Feb 10
612 634
614 613
6
614
6
638
6
6,8 638 5.700 Penn-Dixie Cernent___No par
6
912 June
34 Jan
734 Feb li
Jan 6
373
25
25
*2518 29
25
25
*22
25
*25
29
25
300
29
Preferred aeries A
4[8 Mar 32 July
100 13 Jan 8 2912 Feb 19
33
3914 3734 3834 3813 39
3834 4038 6,700 People's G L & C (Chic)_i00 27 Jan 4 4378 Feb 6
3853 3958 3734 39
25 Dee
78
inn
1413 15
1414 1438 1418 1418 01412 15
1478 1478 *1434 15
700 Pet Milk
612 Fob
1514 June
No par
914 Jan 3 15 Feb 23
1238 1258 1178 1238 12
1238 1238 1212 12
1212 1258 5,800 Petroleum Corp of Am
1214
453 Jan
15 July
9 Jan 5 1414 Feb 3
5
1653 17
1534 1658 16
1634 1613 1714 16
1678 1634 17
15,500 Phelps-Dodge Corp
412 Jan
1878 Sept
25 1534 Feb 26 1834 Feb 16
3412 3412 *3334 35
*3334 34
34
34
34
*3334 3412 34
600 Philadelphia Co 6% pref
2112 Nov
36 July
50 2414 Jan 2 37 Feb 9
61
61
•60
65
*58
65
*58
65
*59
65
059
65
$6 preferred
100
3814 Dee 62 July
No par 49 Jan 12 034 Feb 17
534 6
634 638
512 578
534 6
512 534
10,300 Phila dt Read 0 & I
538 6
912 July
634 Feb 21
No par
212 Feb
314 Jan 4
*1312 14
1334 1334 1334 1378 1334 1378 *1312 1378 *1313 1334
900 Phillip Morris & Co Ltd___10 1112 Jan 3 14 Feb 5
8
Feb
1478 June
1314 1314 12
13
*1112 13
*1112 13
.1134 13
*1112 14
300 Phillips Jones Corp
3 Feb
1634 July
No par
9 Jan 5 14 Feb 3
1658 1714 16
1678 164 1612 1612 1678 1614 17
17
1758 36,100 Philips Petroleum
434 Jan
1834 Sept
No Par
1518 Jan 9 1834 Feb 5
.9
11
.9
11
*9
1112 *9
*9
11
*9
11
11
0
8 Jan 11
Phoenix Hoslery
1312 Feb 3
153 Mar
1734 Dec
518 538
478 514
5
558
514 6
538 578 54,400 Pierce-Arrow Mot Car Co
538
5
3 Dee
612 Feb 19
712 Nov
2 Jan 16
5
1
1
1
1
1
118
1
1
1
1
1
3,600 Pierce 011 Corp
1
118 Jan 30
34 Jan 4
Vs Juno
14 Jan
25
*812 912 *813 9,2 *838 912 *812 973
938 *912 11
100
Preferred
914
373 Feb
712 Jan 15 1034 Feb 14
100
1378 Juno
*134
*112 134
178
112 134
158
112
112 112
158 1,500 Pierce l'etroleum
112
2 Feb 6
234 June
No par
114 Jan 13
53 Jan
*2012 204 20
2034 *20
2078 2034 2034 2078 21
21
1,200 Pillsbury Flour Mills
21
No par
1812 Jan 8 2334 Jan 30
938 Feb 2674 Juno
8234 8234 8114 8114 8358 8338 *8378 _ _ *8258 8318 8278 8278
400 Pirelli Co of Italy Amer shares 7014 Jan 22 8358 Feb 27
75 Nov
3333 Apr
*1314 17
*1412 171, *1314 17
*15
1614
11-i12 *15
174 *15
Pittsburgh Coal of Pa
4
Feb 23 July
100
912 Jan 9 1812 Feb 19
41
*35
.35
41
40
*35
38
33
*37
*35 . 40
40
200
Preferred
Jan 48 July
17
100 30 Jan 8 4213 Feb 1
• Bid and asked prime, no sales on this day. a Optional bale. C Cash Sale. a Sold 15 days. r Ex-dividead. y Ex-rights.
r
New York Stock Record-Continued-Page 7
1523
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday 1
Feb. 24.
Monday
Feb. 26.
Tuesday
Feb. 27.
Wednesday
Feb. 28.
Thursday
Mar. 1.
Friday
Mar. 2.
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 S per share $ Per share $ per share S per share $ per share Shares.
93
913 10
i
938
9
9,4 103s 10
1012
1018 1012 8,500
40
*3712 50
40
*40
*38
44
4278 *38
42
41
42
140
*238 314 *2
212 *214
33
312 *212 338 *1%
*238 338
1512
*14
*13
14
14
1634 1418 1414 1414 1414 1413 1412
100
*334 414 *334 412
414 43
*43* 5
334 334
4
414 1,400
5718 5718 56
5634 54
5312 55
55
*5418 55
55
59
540
*334 414
334 3/
1
4
4
312 33* •4
4,2
*37
4
4
400
1418 1412 1414 1434 1434 15
1412 148 15
1438 15
1538 16,200
1038 11 18 10
1014 1038 1038 10/
1
4 1078 11
11
1112 1238 2,800
412 5
412 413
412 412
*413 514 *414 5
434 434 2,600
*212 234
212 212 *214
214 214
212 212
23* 23*
238
400
*2334 24
23
2312 24
2313 24
24
2314 2378 24
2412 2,400
*1814 2012 *19
2012 *1814 2014 *18
2014 *1814 2014 *1814 2014
418 412
413 434
41g
44
412 412
412 413
43* 43* 2,700
18
18
16
1778 *151* 18
*17
173* 17
17
18
18
1,400
38
39
3714 38
371; 3778 38
39
383* 3878 3814 3838 5,800
10412 10478 10312 10312 10438 105
105 105 *10312 105
105 105
320
78 1
78 1
3.1
At
78 17,600
ki
78
34
78
78
41
5
510 *418 5
5
5
*414 5
412
434 5
600
40
4012 3834 3912 39
3934 x3812 3934 3734 3812 3812 3914 9,500
8014 8014 7734 7734 77
*7613 7712 7714 7712 *7713 791
77
800
9012 9012 *90
91
*90
91
*8913 90% *8912 9078 *8912 9034
100
*963* 10234 *9934 10378
104 104
103 103 *101 105
*99 104
200
117 117 *112 119 *113 119 *111 118 .110 118 *111 117
100
*9612 9712 96
9612 *96 10112 *96 10112 *96 10112 *____ 10112
400
5614 5712 54
554 5412 55/
1
4 5412 565
53% 5412 54
57
11.400
1238 13
1234 13
1218 1238 1238 13
1214 1234 13
1338 30,800
735* 7512 72
75
75
73
76
75
73
7434 75
76
1,780
1534 1614 1513 16
1518 1578 15% 16
15/
1
4 1578 1558 1614 8,000
77
734 818
SI2 110,900
738 734
8
7% 8
738 8
73*
3012 31
3012 31
30
3014 30
3034 30
3014 31
3212 2,900
2038 217o 1938 2114 2078 2114 2078 2158 203* 21
2112 2278 19.300
354
314 338
3% 314
338 338
318
312 37 40,700
312
338
2014 21
20
2014 2012 4,900
2012 x1938 20
2018 20l3 1012 20
*11
1178 11
115s *1012 11
11
1012 1012 11
11
11
700
*5018 5012 50
49
49
49
5018 49
49
49
*49
60
50
3
31.1
278 3
314 312
313 418 7,000
*3
33* *318 314
*20
22
*19
2138 *1912 21
21
23
2278 2438 2434 2634 3,200
1214 1212 1113 117
1134 1218 1134 1258 1112 1178 12
123* 28,000
59
62
5778 577 *56
59
58
58
59
56
5714 59
1,200
60
60
57
58
.5613 5612 *551 5913 56
*5613 59
56
170
47
5
458 47
438 434
434 518 14,800
458 478
4/
1
4 5
2234 2338 2112 2234 2214 234 2213 2312 22
2318 2278 243* 98,600
62
64
5813 6278 60
6314 661 19,900
6238 6213 6412 6114 63
*832 10
813 9
814 814 *8
912
500
*8
8
912
8
*1712 25
*1713 25
*1712 25
*1712 25
*1713 25
*1712 25
1834 1884 184 1814 1818 181
18% 19
20
1,500
1818 1818 19
1034 103 *1012 11
1012 101 *1012 104 1012 1012 1014 1012
900
4058 41
4014 4O7a 4038 407
401 4114 19,400
4013 4138 4014 407
*57
58
57
57
*57
58
5734
*57
5734 •57
573 *57
100
Indus.& NfisceII.(Con.) Par $ per share
$ per share $
7 Jan 5 1078 Feb 21
Pittsburgh Screw & Bolt No par
Pitts Steel 7% cum pref___100 30 Jan 4 43 Feb 21
312 Feb 21
2 Jan 19
100
Pitts Term Coal Corp
100
818 Jan 4 1712 Feb 23
6% preferred
5 Feb 19
Pittsburgh United
214 Jan 2
25
100 37 Jan 2 598 Feb 19
Preferred
5 Feb 21
11
/
4 Jan 4
No par
Pittston Co (The)
5 1238 Jan 13 1634 Jan 30
Plymouth 011 Co
914 Jan 2 14% Feb 5
No par
Poor & Co class B
614 Jan 30
3 Jan 12
Porto Ric-Ara Tob cl A_No par
112 Jan 3
Class B
No par
314 Jan 30
Postal Tel & Cable 7% pref 100 21 Jan 3 2938 Feb 6
25 14 Jan 10 20 Feb 20
Prairie Pipe Line
512 Feb 16
Pressed Steel Car
178 Jan 5
'ho par
100
6% Jan 5 22 Feb 17
Preferred
Procter & Gamble
No par 36 Jan 8 4114 Jan 23
5% prof (ser of Feb 1 '29)100 10212 Jan 22 106 Jan 2
1 Feb 19
Producers & Refiners Corp_ _50
14 Jan 2
678 Feb 19
50
212 Jan 4
Preferred
Pub Ser Corp of N J___No part34 Jan 4 45 Feb 6
No par 67 Jan 2 84 Feb 6
55 preferred
100 79 Jan 8 95 Feb 14
6% preferred
100 90 Jan 8 106 Feb 21
7% preferred
100 105 Jan 12 11912 Feb 17
8% preferred
Pub Ser El & Gas pf $5_No par 90 Jan 10 9612 Feb 16
No par 504 Jan 8 593* Feb 5
Pullman Inc
1018 Jan 8 1478 Feb 16
No par
Pure 011 (The)
1
4 Jan 9 80 Feb 6
100 58/
8% cony preferred
1214 Jan 6 19/
Purity Bakeries
1
4 Feb 5
No par
918 Feb 6
Radio Corp of Amer
612 Jan 4
No par
50 2314 Jan 4 3418 Feb 15
Preferred
Preferred B
No par 15 Jan 4 2118 Feb 16
414 Feb 17
Radlo-Keith-Orph
214 Jan 9
No par
16 Jan 9 23 Feb 5
Raybestos Manhattan_No par
10
Real Silk Hosiery
83* Jan 9 14 Feb 6
100 45 Jan 23 52 Jan 27
Preferred
418 Mar 2
218 Jan 5
Reis (Robt) & Co____No par
1st preferred
100 1312 Jan 3 2438 Mar 1
1
638 Jan 6 133 Feb 23
Remington-Rand
1st preferred
100 323 Jan 5 64 Feb 2:3
2d preferred
100 30 Jan 8 61 Feb 23
512 Feb 23
Reo Motor Car
318 Jan 2
5
1
4 Feb 23
16 Jan 4 25/
Republic Steel Corp___No par
6% cony preferred
100 39 Jan 4 6712 Feb 23
Revere Copper & Brass_No par
5 Jan 8 1018 Feb 16
1114 Jan 29
1114 Jan 21
Class A
No par
Reynolds Metal Co
1513 Jan 2 2134 Feb 6
No par
Reynolds Spring
612 Jan 0 1234 Feb 7
No par
Reynolds(R J) Tob class 11.10 40 Jan 13 4512 Jan 9
Class A
10 57 Jan 5 5978 Jan 3
Richfield 011 of Calif,
__ _No pa
200 Ritter Dental mfg
No par
9 Jan 17 1312 Feb 8
5,700 Rossla Insurance Co
4 Jan 3 1014 Feb 6
5
800 Royal Dutch Co (N Y shares) 36 Jan 12 3018 Feb 19
8,800 St Joseph Lead
10 2114 Jan 8 2778 Feb 5
5,400 Safeway Stores
No par 44 Jan 5 56 Feb 5
400
6% preferred
1
4 Jan 3 9912 Mar 1
100 84/
410
7% preferred
100 9812 Jan 15 10512 Feb 2S
1,400 Savage Arms Corp_No par
6 Jan 13 1214 Feb 15
4,500 Schulte Retail Stores
8 Feb 5
334 Jan 4
1
190
Preferred
100 15 Jan 2 30 Feb 6
80 Scott Paper Co
No par 41 Jan 10 47 Jan 20
43,600 Seaboard 011 Cool Del_No par 2538 Jan 6 37 Mar 2
47 Feb 7
100 Seagrave Corp
238 Jan 18
No par
58,600 Sears, Roebuck & Co No par 4012 Jan 4 5114 Feb 5
800 Second Nat Investors
414 Jan 26
214 Jan 2
1
Preferred
1 32 Jan 8 4518 Feb 2
4,100 Seneca Copper
2 Jan 22
1 Jan 5
No par
27,700 Servel Inc
758 Feb 3
434 Jan 8
1
24,600 Shattuck (F G)
634 Jan 2 1112 Feb 27
No par
51 Jan 11 1314 Feb 23
2,000 Sharon Steel Hoop
No par
77 Feb 5
2,500 Sharpe & Dohme
434 Jan 2
No par
200
Cony preferred ser A_No par 3814 Jan 8 46 Jan 29
77
18,800 Shell Union 011
Jan 27
Jan
3
1112
par
No
Cony preferred
600
100 58 Jan 2 89 Jan 26
15,800 Simmons Co
17 Jan 3 241s Feb 5
No par
3,900 Simms Petroleum
9 Jan 4 1112 Feb 5
10
3,400 Skelly 011 Co
25
779 Jan 10 108 Feb 16
100
Preferred
100 5434 Jan 9 64 Feb 2
100 Sloss-Sheff Steel & Iron _100 15 Jan 9 2712 Feb 17
190
7% preferred
100 2312 Jan 2 38 Feb 17
25,300 Snider Packing Corp__No par
6/
1
4 Jan 3 1378 Mar 2
48,600 Socony Vacuum Corp
25 1518 Jan 4 198 Feb 5
300 Solvay Am Invt Tr pret_.iOO 86 Jan 6 9212 Mar 2
2,000 So Porto Rico Sugar___No par 323* Jan 8 393e Feb 5
10
Preferred
100 115 Jan 16 120 Jan 22
6,600 Southern Calif Edison
25 1514 Jan 4 2218 Feb 7
Southern Dairies cl 13_ _No par
1
4 Jan 15
234 Jan 15
2/
*1212 1312 .12
1212 *12
1312 *12
1212 12
12
1212 1212
713 814
714 713
712 734
738 734
712 734 *714 712
38% 39
3312 3813 3838 3838 *3812 3838 3838 3838 *383* 39
2212 23
2134 2258 22
211
/
4 22
2338 2214 2278 2214 2312
53
5314 5112 5234 5114 5213 5212 525s 5138 5214 5214 533
977 9814 9818 9818 9814 9812 *9812 9912 9912 993* 9912 9912
10478 105
1041
/
4 105 *1043* 10434 10412 10512 10412 10512 *104 10514
97 1014
1012 1038
9
978 978
914
012 912
938 95*
612 6/
6,4 634
658
1
4
614 612
614 612
6% 634
61
*2513 26
*24
25
24
24
25
24
2334 24
2434 25
•46
47
47
46
47
46
46
*44
46
4612 4612 4612
3334 35
3334 3512 3212 35
3418 353
3334 357
38
37
41
*433 47
*438 5
438 43
"438 47
*43* 47
*4
4614 4712 4438 4618 4512 463* 4534 47% 4434 4614 4614 477
213 27
3
3
3
3
3
3
*212 3
*213 3
*4112 4812 *4113 4812 04113 4713 *4112 45
*4112 4712 *4112 4712
112
112 112
114
112
138
1%
13*
138
112
13
114
614
618 638
618 618
6
64 612
618 63*
1
4
63* 6/
97 1013
11
1112
97a 10% 1012 1112 1078 1112 103* 11
11% 12
1014 1012 1111 1114 1112 1214 113* 1112 1134 1214
67
714 71
7
734
7
7
678 7
7% 712
74
*43
45
4434 *4314 4413 *4314 4412 4412 4413
*44
45
*43
1038 11
1014 1012 1038 10% 1013 103; 1038 1012 1012 1078
84
84
84
85 .82
84
*82
84/
1
4
843* 8112 8112 *82
2018 201z 1918 20
1012 20/
1918 2014 1812 1914
1
4
1912 20
"10
11
93* 10
912 912
934 1014
93* 934
934 10
1018 1018 10
1018 10
1018 10
10
10
10
10
1014
*61
63
61
63
*61
*60
61
63
*60
63
6112 *60
*25
2912 25
25
30
*25
30
*25
*25
2714 *25
30
*31
33
28
32
3013 311
29
31
/
29
4 33
30
33
1014 1058 10
11
11
1112 1138 13
1212 1318 1314 1378
167 1714 16% 1678
1638 17
17
1712
165* 17,8 1612 17
•90
9213 •90
9214 *90
92
91
90
91
90
9213 9212
3512 36
3318 35
3312 3438 337 337a 334 34
3314 34
•119 120 *119 120 .119 120
120 120 *120 129 *119 129
1834 1938 1812 183
19
1912 20
1913 1838 19
1812 1914
*2
414 *2
*138 414
44 *2
414 *138 44 *158 414
*74 8
*7% 912 *714 712 *714 912 *714 91
*7 14
913
4512 4512 *45
50 •45
50
45
45
48
48
45
45
60
11
•758 11
11
*75 11 ,
*738 11
558 11
•758 11
100
50
*40
*40
50
•40
50
*41
50
•41
50
*41
50
658 7%
613 6/
1
4
63* 71s
612 7
6/
1
4 71
678 712 26,900
27
414 414 •27s 4
3
*314 37
314
34 *314 334
190
2234 22% 23
2334 2414 22
21
224 217 217
22% 2218 2,600
814 83
814 83
83g 9
814 834
812 87
813 878 28,300
12
*10
1114 1114 *10
12
*10
12
.10
12
*10
12
100
29
29
27
33
29
"30
*27
2811 .27
2818 •27
60
28,4
3254 3212 3313 33
32
3412 35
3334 311s 32% 3238 3334 4,300
217s 22'4 2114 2134 2114 213
2138 22
2114 2133 2138 2212 44,700
•12338 _•12338 _ _ •12338 . _ *123%_ _ *12338
•12338 ___
6
-618 *614 112
634 -63
034 178
1338 618 6:000
614 -612
12% 1338 1218 13
1112 1214
1212 127
1138 123
1234 137 19,000
12
1213 1214 1312 12
1218 1233 11% 1218
1212 13
1378 5,500
*23
25
24
24
251 *2614 28
.24
*2313 25
2478 247*
200
2613 2612 2612 2612 2713 28
*2814 31
261 2612 2812 2812 1,700
•138
13
*138
158
158
15
*138
15
1
138 .1%
158
600
1
4 10334 10312 10312 1033* 10313 10311 10312 10312 10312 1,200
10338 1035* 103/
/
4 3838 395
38% 391
3812 3914 38% 39
39
3934 40
397 15,800
*3334 3614 *3358 35
*3312 3534 .338 34
3512 *3334 37
35
500
46% 4612 47
47% 46
457 4634 4638 4714 45,600
474 4734 46
97
912 *7
712 712 *7
912 *7
*8
/38
912
200
73*
218
2%
214 214
218 2%
214 214
2:18 212
*23* 213
800
57
6
612
6
618 1,500
6's 618 *6
VI
8's
613 812
*3414 37
*3414 37
35
36
42
35
*34
*3414 37
•35
100
338 1018 17,600
878 938
914 934
85* 938
94 912
83* 918
1038
938 1014 10
912 1038 10
914 97
10
1018
1078 20,300
712 77
718
74 77
734 8
755 83*
55,000
735 8
75*
39
1
4 4012 3612 3878 39
37
38
39
3514 394 38/
39% 3,585
587 5878 •5734 5812 *511
5834 5834 *5813 597 *5734 5812
/
4 60
200
10512 10512 106 106
•10512 106
10578 106
105/
1
4 106
120
106 106
2312 *21
2112 2112 *21
22
21
2112 21
2414 *21
21
700
212 25
234 234
212 25s
212 25
212 258 7,300
213 212
1314 *1212 13
1314 13
13
1
4 12
1318 14
13
1312 13/
3,600
412 45*
412 412
412 413 .44 412 1.100
434 434 *412 434
*11
/
4 218
2
2
218 2% *2
2
218
*134 2
800
2%
438 45*
412 413
438 455
4/
1
4 5
1,300
45* 434
5
5
1338 1334 •13
*13
137* •13
14
1312 1312 1312
300
•1234 14
6
6
512 578
614 4,100
5% 57
55* 6
6
512 578
2631 12534 2614 2614 2718 16,700
2678 2718 2558 2614 2558 2614 26
3918 395* 37/
39 13818 3878 3712 3858 3734 38/
1
4 3812 38
1
4 15,400
378 4
4
4
4
334 4
438 7,900
334 4
4
43*
8
8
814
818
814 835
8,8
8'4
778 8
812 814 8,700
•Eitd and asked prices no sales on this day. a Optional sale.
Spalding (A G)& Bros_No par
812 Feb 2
534 Jan 10
1st preferred
100 3014 Jan 11 50 Feb 2
Spang Chalfant & Co Ina No par
7 Jan 22 11 Feb 26
Preferred
100 30 Jan 23 45 Feb 23
Sparks Withington____No par
8 Feb 21
338 Jan 5
43 Feb 5
Spear & Co
No par
2 Jan 3
Spencer Kellogg & Sons No par
15/
1
4 Jan 5 2412 Feb 23
Srry
Sperry Corp (The) V I C
53* Jan 5 1038 Feb 1
1
Spicer Mfg Co
No par
8 Jan 10 13 Feb 7
Cony preferred A_ No par
2134 Jan 2 3112 Feb 20
Spiegel-May-Stern Co_No par
19 Jan 4 38 Feb 5
Standard Brands
No par 2034 Jan 4 254 Feb 1
Preferred
No par 12114 Jan 3 1227 Feb 1
Stand Comm Tobacco_No par
4 Jan 9
734 Feb 6
Standard Gas & El Co_No pa
638 Jan 4 17 Feb 6
73 Jan 8 17 Feb 6
Preferred
No par
56 cum prior pref
No par
16 Jan 10 33 Feb 6
57 cum prior pref
No par
1712 Jan 4 3634 Feb 7
Stand Investing Corp No par
17 Jan 5
78 Jan 13
Standard 011 Export prof __100 9612 Jan 2 104 Feb 2
Standard 011 of Callt_ No par 3712 Jan 13 427 Jan 30
Standard 011 of Kansas
_10 3334 Feb 13 38 Jan 3
Standard Oil of New Jersey.2
44,4 Jan 8 5013 Feb 17
Starrett Co (The) L 8 No par
6 Jan 15
984 Jan 30
Sterling Securities Cl A_No par
135 Jan 2
3 Feb 6
Preferred
No par
3 Jan 3
7 Feb 6
Convertible preferred__50 30 Jan 12 36/
1
4 Feb 1
Stewart-Warner Corp
10
614 Jan 8 1038 Feb 21
Stone & Webster
No par
6 Jan 6 1314 Feb 6
Studebaker Corp (The) No pa
438 Jan 2
94 Feb 21
Preferred
100 1912 Jan 2 47 Feb 19
Sun 011
No par 5112 Jan 2 6112 Feb 19
Preferred
100 100 Jan 17 106 Feb 17
Superheater Co (The)__No par
15 Jan 6 2514 Feb 5
Superior 011
1
1/
1
4 Jan 3
3 Feb 1
Superior Steel
100 1014 Jan 4 1534 Feb 19
Sweets Cool Amer (The)___50
314 Jan 9
5/
1
4 Jan 26
Symington Co
No par
114 Jan 3
213 Feb 19
53 Feb 23
Class A
Vo par
314 Jan 11
Telautograph Corp
5 1034 Jan 2 1514 Feb 1
Tennessee Corp
5
418 Jan 8
6/
1
4 Feb 19
Texas Corp (The)
25 2318 Jan 12 293* Feb 5
Texas Gulf Sulphur__No par 3712 Mar 1
434 Feb 6
Texas Pacific Coal & 011_10
318 Jan 8
412 Jan 30
Texas Pacific Land Trust___1
634 Jan 6
958 Jan 30
x Ex-dividend. p Ex-rights.
r Cash sale.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
per share $ per share
1% Feb
1134 July
10,4 Jan 3834 May
12 Feb
6% July
4
Jan 2312 July
34 Feb
613 July
1534 Feb 64 July
38 Apr
7 June
6/
1
4 Feb
1738 July
134 Apr 1334 July
138 Mar
8 June
4 May
58 Feb
4 Feb 40/
1
4 June
7 Mar 22 July
512 June
58 Jan
Jan
18 June
3
1938 Feb 4712 July
Apr 11034 Nov
97
14 Jan
278 June
2 Nov
13 June
3258 Nov
5718 June
59% Nov 8812 Jan
75 Dec 10138 Jan
84 Dec 11212 Jan
Jan
99 Nov 125
8378 Dec 10312 Jan
18
Feb 5818 July
2% Mar 1538 Sept
30 Mar 6978 Sept
57 Feb 2538 July
3 Feb
1214 July
1314 Feb 40 May
612 Feb 27 July
1 Mar
534 June
5 Feb 2038 Sept
512 Feb 2078 June
25
Jan 60 May
412 July
14 Jan
1812 June
118 Jan
1114 July
212 Feb
712 Feb 3713 July
8 Feb 3534 Dec
638 June
138 Feb
4
9
14
214
6
112
2612
60
14
612
2
1758
618
28
72
8014
214
58
3%
28
15
118
1212
Feb 23 July
Feb 5412 July
Jan
12 June
Mar 25 June
Feb 2112 June
Feb
1534 July
Jan x5414 Sept
Jan 62/
1
4 Jan
Feb
3 June
Feb
1634 June
Apr
10% June
Mar 3934 Nov
Feb 311
/
4 Sept
Mar 6238 July
Apr 9412 July
Feb 105 Sept
Apr
12 July
Mar
1014 July
Apr 35/
1
4 July
Jan 4478 July
Feb 4338 Sept
41
/
4 July
Feb
Feb 47 July
5 June
114 Feb
24 Feb 48 July
33* June
ls Ma
712 July
112 Feb
5/
1
4 Apr 1314 July
112 Feb 12 July
838 June
212 Feb
2114 Mar 417s July
313 Feb1158 July
2812 Mar 61 July
43* Feb31 July
47 Feb1235 June
3 Feb9% June
22 Feb5712 July
Jan
35 July
7
814 Feb 42 July
9/
1
4 July
58 Mar
17 Nov
6 Mar
58 Feb 92 July
157 Jan 4858 July
Jan 132 July
112
28
Jan
141
/
4 Nov
114 Feb
734 June
11% July
4
Jan
2518 Mar 61 June
1512 July
412 Feb
1712 Feb 50 June
8 June
54 Feb
512 June
12 Jan
712 Apr 22 July
712 July
218 May
16 June
5
Jan
1134 Star 3212 June
2112 Dec
Feb
1
1334 Mar 3738 July
120 July 124 May
Jan
1
938 Aug
518 Star 2212 June
61
/
4 Dec25% June
15 Dec61 June
16 Dec66 June
278 June
12 Mar
9212 Mar 10234 Sept
45 Nov
1913 Mar
1234 Apr 397 Dec
2234 Mar 4712 Nov
4 Feb
1112 June
378 June
38 Jan
112 Feb
734 June
20 Mar 3614 July
212 Feb
1112 July
612 Dec 1914 July
112 Mar
835 June
9 Apr 3818 June
35 Feb 59 Nov
89 Mar 103 July
712 Feb 27 July
412 July
34 Jan
2 Feb 2238 July
1 Mar 10 July
18 Apr
3 June
14 Apr
5,4 July
818 Feb
167 July
138 Feb
714 Aug
10/
1
4 Feb 3018 Sept
1514 Feb 4514 Nov
138 Mar
612 May
312 Mar
11% June
New York Stock Record-Concluded-Page 8
1524
Mar.3 1934
tar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT. 1 Sales
for
Monday 1 Tuesday
the
Wednesday Thursday 1
Friday
Feb. 26.
Slur.!.
Feb. 27.
Mar.2.
Feb.23.
Week.
Saturday
Feb. 24.
$ per share $ per share
12
.1278 1338 12
*41
4212 41
41
*10
11
10
10
*70
80 •____ 79
8
838
734 8
•1534 178 .1512 19
*953 1012 *938 10
1812 1834 1733 18
4 4 14
414 413
*20
2212 •20
2212
1012 1034
1058 1078
*72
7314 7114 7114
*25
36
*25
36
*8312 85
*8312 85
638 612
818 63*
3818 37
3514 3612
714 73
634 713
1114
1112 1178 11
512 534
553 534
•72
75
*72
74
3814 3814 3614 3718
*34 3
3
3
814 812
753 814
3
3
•3
314
4634 4714 45
45
56
57
54% 5534
45% 487
44
4553
1833 1833 177 18%
1912 20
1913 1938
25
2814 2312 2412
3 per share
1214 1214
*40
4212
*912 10
79
79
712 734
*1512 19
938 93
1753 1878
4
418
2212
*20
1012 1058
3171
73
*25
36
8312 8312
614 638
3512 3612
678 718
1114 11 12
512
5
$ per share
1214 1214
*40
4212
*10
1012
*70
80
753 734
*1512 19
953 912
18% 1812
412 41s
*20
2212
1012 1054
7114 72
•25
36
*8418 85
814 853
36
36%
7
714
1112 11%
518
512
$ per share I
*12
1212
*40
4212
*913 10
*70
80
718 758
*1513 19
912 912
1753 174
4
418
*20
2212
1013 1034
*72
73
*25
36
8418 8418
612 853
3534 3634
678 718
1118 1114
518 538
$ per share
13
13
4253
*40
1013 1012
*70
80
733 734
*1512 19
*9
934
184
18
414 453
2212
*20
111 1158
7212 7212
*25
38
*84
85
653 634
3634 38
678 714
1113 1112
514
558
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On busts of 100-share tots.
Lowest.
Highest.
PER SHARE
Rangefor Prestous
Year 1933.
Lowest.
Highest.
Shares. Indus.& kliscell.(Coml.) Par $ per share
$ per share $ per share 3 Per share
600r Thatcher Mfg
No par
10 Jan 4 1512 Jan 30
5 Feb 2218 July
100
33.80 cone pref
No par 39 Jan 15 41 Jan 29
2753 Feb 44 July
200 The Fair
8 Jan 6 1218 Feb 16
238 Mar 1213 May
No par
20
7% preferred
33 Feb 70 July
100 50 Jan 10 79 Feb 27
8,300 Thermold Co
1
Feb
1013 July
953 Feb 19
1
534 Jan 4
Third Nat Investors
10 Mar 2114 July
1
1312 Jan 2 1938 Feb 6
400 Thompson (J R)
6 Dec 1512 June
25
712 Jan 18 11 Feb 5
6,900 Thompson Products Inc No par
1318 Jan 4 2014 Feb 16
538 Jan 2014 Sept
7,200 Thompson-Starrett Co_No par
912 June
512 Jan 29
3 Jan 3
13 Mar
53.50 cum pref
4
2112
Jan
Jan 30
12
Jan 30 June
No par 2014
30,,00 Tidewater Assoc 011
1134 Sept
812 Jan 4 1134 Feb 5
o par
3% Jan
600
Preferred
2312 Apr 6514 Nov
100 8412 Jan 4 735 Feb 23
Tide Water 011
914 Apr 26 Dee
No par
100
Preferred
45 Feb 80 Dec
100 80 Jan 11 85 Feb 14
37 Jan 4
8,700 Timken Detroit Axle
732 Feb 21
113 Mar
814 June
10
17,300 Timken Roller Bearing_No par 2913 Jan 4 41 Feb 5
1334 Feb 3512 July
19,800 Transamerica Corp_ _No par
258 Mar
812 Feb 5
812 Jan 3
953 July
1,800 Transuo & Williams
813 Jan 2 1313 Feb 17
27 Mar 1712 July
12,900 Tri-Continental CorD__No par
634 Feb 3
234 Feb
Ass Jan 8
834 July
*72
74
*72
72
74
7218 7218 72
41
300
8% preferred
Apr 275 May
No par 6014 Jan 9 7612 Feb 9
3812 3634 •3514 3612 36
1,000 Trico Products Corp
36
2018 Feb 3873 July
37
37
No par 33 Jan 6 40 Feb 3
234 234
3
3
278
278
3
18 Apr
3
700 Truax Traer Coal
15 Jan 3
514 July
312 Feb 23
No par
47 Jan 4
734 833
2 Mar 1234 Juno
83*
958 Feb 19
8
834 12,200 Truscon Steel
734 8
10
8
3
313 •353 314
3
3
1,100 Ulan & Co
27
3
4 Jan 15
614 June
232 Jan 5
54 Jan
No par
4634 4434 4514 4618 4634 1,500 Under Elliott Fisher CO No par 30 Jan 5 5112 Jan 20
45
45
*45
914 Feb 3912 July
5612 54 55
56
5612 56
5513 5513 2,260 Union Bag & Pap Corp_No par 43 Jan 8 60% Feb 23
5% Jan 60 July
4414 4512 4413 46% 44
1934 Feb 51% July
4453 4838 26.200 Union Carbide & Carb_No par 44 Feb 26 50% Jan 19
447
18
1818 18
18
813 Mar 2333 July
1838 4,900 Union Oil California
1853 17% 18
25 1778 Feb 13 2012 Feb 5
*19
1912 1913 1913 1878 19
1012 Feb 2234 June
194 1934 1,400 Union Tank Car
No par 1533 Jan 9 21 Feb 5
2378 2518 2412 2534 2378 2518 2434 2558 135,100 United Aircraft & Tran_No par
16% Mar 4678 July
1753 Feb 13 3738 Feb 1
5112 Mar 68 June
6% pretsenlesA
50
2514 -2512 24
2414 241, 2414 2438 24
2434 25
1312 Feb 275 July
2512 3,800 United Blscuit
25
No par 23 Jan 8 2712 Feb 5
*10818 110 *10818 110 *10818 110 - 10814 10814 *10812 109 *10812 10912
10
92 May 111
Dec
Preferred
100 107 Jan 9 110 Jan 2
37
38
3832 3713 *36
3712 3712 3614 37
36
104 Feb 38 Deo
3712 38,
8 2,600 United Carbon
No par 35 Jan 4 4014 Feb 11)
612 67
673 7
612 654
8% Feb 7
653 7
613 678
4 Dec 1412 Juno
634 712 72,300 United Corp
413 Jan 4
No par
3518 3513 3414 35
3418 3418 3512 3653 3414 36
22% Nov 4078 June
345s 3534 5,800
Preferred
No par 2434 Jan 3 3778 Feb 7
518 514
5ig 614
518 6
518 534
618 Feb 26
518 518 *434 6
333 Jan 2
8% June
1,380 United Dyewood Corp
10
54 Feb
432 412
558 Feb 21
453 453 "414 5
*438 5
1 Mar
87 July
600 United Electric Coal __No par
453 412 *412 5
313 Jan 10
6314 8312 6212 64
6414 8413 63
6312 64
64
6334 8413 4,500 United Fruit
2314 Jan 68 Aug
No par 59 Jan 5 69 Feb 5
x1712 18
1712 1734 17
1738 1714 1712 22,000 United Gas Improve
1414 Jan 4 2018 Feb 6
137 Dec 25 July
1812 181i 17% 18
No par
9338 933* 9214 9214 *92
933* •93
94
93
93
9334 93
Jan
8213 Dec 100
800
Preferred
No par 88 Jan 8 9134 Feb 16
*314 312
314 314 *3
312 *3
312 *3
353 Feb 19
312 *3
200 United Paperboard
311
513 July
11 Feb 13
12 Jan
100
1138 1112 1178 3,700 United Mee Dye Wks_No par
1112 1134 11
11
1012 12
1134 1134 11
7 Jan 8 133 Feb 20
312 Mar 217g July
6013 6012
6178 6172 GO
6112 6113 *6178 65
67
60
67
35 Dec 85 July
230
100 49 Jan 12 64 Feb 21
85X % preferred
434 513
412 43
512 Feb 5
414 438
414 458 •438 458
714 July
452 458 2,100 United Stores class A__No par
54 Fob
314 Jan 11
*5253 63
*5238 68
*5212 68 .5238 68
*5212 68
*523g 68
45 Mar 66 July
Preferred class A____No par
*4114 4134 4014 41
*4014 4312 4212 4213
21% Apr 51 12 July
*4012 4113 *4014 42
700 Universal Leaf Tobacco No par 4014 Feb 26 45 Feb 8
*26
29
26
26
28
26
10
2718 2718 *2614 3212 28
Apr 35 Juno
28
70 Universal Pictures 1st pfd_100 16% Jan 8 33 Feb 16
214 253
214 212
238 238
212 212 3.300 Universal Pipe & Had
3% July
3 Feb 16
232 212
14 Apr
114 Jan 2
253 212
I
29
2814 2938 27
30
818 Mar 2213 July
2734 2834 278 29
2812 2814 293 33,400 U S Pipe & Foundry
20 18 Jan 4 33 Feb 7
•1038 1912 19
128 Apr 19 May
19
19
1953 *1834 19
1878 19
*1834 19
1612 Jan II 19% Feb 23
1,500
1st preferred
No par
•212 312 .258 312 *234 312 .234 312 *234 312 *234 312
4 Jan 31
1
Oct
6 June
US Distill) Corp
112 Jan 5
No par
•79
1
*78
1
74
78
118
1
1
113 Jan 18
*78
•I
1
218 June
38 Jan
34 Jan 11
300 U S Express
100
*2213 24
7 Feb 2953 July
2212 2212 *2218 24
*2213 2413 *23
2412 23
2314
700 U 9 Freight
No par 1912 Jan 4 2712 Feb 5
318 Feb
12
12
1734 July
1112 1214 1112 12
12
1134 12
1214 12
1212 4,400 US Jr Foreign Secur
814 Jan 2 1514 Feb r
No par
3613 Mar 84 July
•78
78
793
*73
7518 78 .74
78
*7214 78
*75
78
200
Preferred
No par 6314 Jan 5 78 Feb 211
18 Feb 5312 July
43
4378 4214 43
4214 4213 4253 4278 4134 4212 4253 43
5,700 US Gypsum
20 4134 Mar I 5012 Jan 24
*120 125 *120 125
12013 12013 *120 125 *12012 125 *12012 125
10
7% preferred
100 115 Jan 10 12138 Feb 23 10114 Jan 121 Sept
132 Apr II% June
714
712
634 714
1358 7,8
7
714 *678 7
833 Feb 19
638 612 1,500 US Hoff Mach Corp
453 Jan 9
5
1312 Feb 94 July
54
52
5412 52
5413 53
5434 55% 53
5314 5358 55
11,700 U 13 Industrial Alcohol_No par 32 Feb 28 644 Feb 9
238 Mar 1714 July
11
1038 11
1014 1034 1053 1058 *10
1078 11
1014 1014 3,600 US Leather etc
814 Jan 4 11% Jan 24
No par
414 Feb 2734 July
1713 1712 1612 1753 1834 184 *16
17
16
1634 1614 1638 1,500
Class A V L e
No par 14 Jan 9 1934 Feb 1
30 Feb 7814 Sept
*71
78
•60
78
78
*55
*5013 78
78
*55
*60
78
Prior preferred v t e
100 5512 Jan 5 80 Jan 30
1413 July
73 Jan 9 1234 Feb 2
212 Feb
932 10
1038 1012
10
934 1018
1014 5,300 U S Realty dr Impt___No par
953 1018
954 10
2% Feb 25 July
1933 1972 1812 1914 1834 1938 1853 1912 1858 19
1918 1953 30,100 U 9 Rubber
No par 144 Jan 5 2178 Feb 19
Feb
437
8 July
19
512
Feb
41
4153 43
4278 4258 4414 4114 4314 4314 4434 19,500
4013 43
48
1st preferred
100 2418 Jan 8
1313 Jan 10552 Sept
12234 12812 119% 12412 121 12534 12413 12712 11712 12512 12038 12358 45,200 U 9 Smelting Ref & Mln___50 9658 Jan 13 13512 Feb 18
Sept
58
3912
Jan
Feb
7
59
59
59
5913 5918 59
6014
*5812 5918 59
5958
13
5918 *59
Jan
600
Preferred
50 5412
2338 Mar 67% July
57
5412 5818 5318 55
5414 5558 55
56
56
5434 5634 94,700 U S Steel Corp
100 46 Jan 5 597 Feb 19
53 Mar 10512 July
93
92
*91
9314 9334 9012 93
93
9112 92
93
94
4,700
100 88 Jan 9 9912 Jan 5
Preferred
Jan 10912 Dee
59
104 104 *102 10318 103% 10318 *102 10418 *102 105 *102 105
300 U 9 Tobacco
No par 99 Jan 5 110 Feb 6
37
37
8% June
178 Apr
5.38 Feb 6
37
352 37
4
378 41s
3.
418 9,700 Utilities Pow & Lt A
253 Jan 5
3 o 378
1
318 July
Jan
25
53
Jan
158
158 *112 158
173
112
158 I%
112
112
112 158
2
Jan
112 1,700 Vadsco Sales
1
par
No
1518 Jan 2478 Sept
2118 *20
*20 _. *20
2118 *20
2118 *20
2118
2118 *20
100 20 Jan 24 20 Jan 24
Preferred
738 Mar 3814 July
2834 2814 27
2713 2112 2612 28
2914 21,700 Vanadium Corp of Am_No par 21 Jan 5 3134 Feb 19
2834 2618 2712 28
153 May
10 July
734 813
8
8
814 834
734 8
8% 814 *8
413 Jan 2 10 Feb 6
812
740 Van Raalte Co Inc
5
1478 May 43 Nov
56
56
*5418 58
x5414 5414 5414 56
54
54
•5418 56
160
7% 181 prof stamped___100 44 Jan 5 64 Feb 6
73 July
53 Jan 23
43
43
58 Feb
458 453
412
413 434
413
4% 413 *4% 453 2,500 Virginia-Carolina Chem No par
318 Jan 11
338 Mar 2812 July
2113 *2053 2113 21
*2112 22
2113 2112 21
21
.2134 2312
100 1412 Jan 3 26 Feb 5
500
8% preferred
3553 Mar 8313 July
*65
71
*63
*65
*62
72
72
68
68
70
*63
70
100
100 593 Jan 8 73 Feb 6
7% preferred
80 Dec 85% Jan
7412
747 *71
7412 *71
*71
75
x75
75
75
75
75
60 Virginia El & Pow $8 pf No par 65 Jan 2 78 Jan 30
1234 Feb 6773 June
6818 6912 7014 74
66% 68% 66% 6912 6812 71
67
68
1,280 Vulcan Detinning
100 52 Jan 4 74 Mar 2
713 712
87a Feb 20
5% Dec 12 July
8
8
712 712 *712 77
534 Jan 2
800 Waldorf System
No par
7
7
714 7%
47
51j 2,000 Walworth Co
73 Apr
838 June
6% Feb 1
514 512
518 514 *51a 514
51s
5
514 514
234 Jan 4
No par
218 Mar 20 July
*9
10
9
9
814 814 *834 10
618 Jan 5 12 Feb 5
300 Ward Baking class A No par
834 84 *878 913
Apr
11
278 278
Feb
258 234 *234 278
*278 3
5
Jan
234 234
553 July
353
234 278 1,100
218
%
OW B
No par
1112 Apr 447 July
*3012 33
3112 3112 *3012 33
3012 3012 *30
•3112 33
33
200
100 2713 Jan 5 36 Jan 24
Preferred
67
814 Feb 5
1
Feb
634 7
638 7
5
473 Jan 6
7
7
83 718
813 672
714 40,900 Warner Bros Pictures
918 Sept
414 Feb 2413 Oct
*2013 25 .2012 244 .2012 25 .2012 2454 *2012 2412 *2012 25
1812 Jan 19 2434 Feb 6
No par
$3.85 cony prof
37 Feb 16
53 Mar
478 Juno
234 3
234 234 *234 314
3
3
318 318 1,200 Warner Quinlan
234 234
158 Jan 4
No par
2% Feb 2238 June
11
1114 12
1114 1112 1058 1114 1034 1118
1114 1138 1178 6,300 Warren Bros
9% Jan 4 1358 Jan 24
No par
7% Feb 35% June
2012 2034 2012 2034 20
2134 2178 2178
2034 2134 2212 *20
370
16 Jan 8 247 Jan 23
Convertible pref___ _No par
5 Feb 30 Dec
27% 2714 2614 27
28
2614 2614 26
26
2613 2878 1,900 Warren Fdy & Pipe
26
No par 2534 Jan 8 31 Jan 20
8 July
Jan
7 Jan 25
1
518 518 *518 512
518 518
518 Jan 13
514 512 1,200 Webster Elsenlohr__ No par
533 51
*513 6
312 June
214 Jan 23
Is Apr
13
131
134 .153 134 *158
113
153 •I38
134 *133 134
1 Jan 17
200 Wells Fargo & Co
1
7 Mar 3712 July
2313 2412 2413 2534 4,900 Wesson 011 & Snowdrift No par 154 Jan 4 2738 Feb 21
2412 2434 2434 25
25
2514 2614 24
July
63
Feb
23
40
Mar
60
5
58
59
59
5912 "57
*5818 5912 •57
135818 59
100
*57
60
Cony preferred
No par 5212 Jan
1714 Feb 7714 July
5614 5758 5413 .5712 5334 5838 56
5852 6018 5614 583
573* 25,900 Western Union Telegraph.100 5112 Jan 4 888 Feb 6
1134 Jan 3538 July
31
30
3178 7,600 Westingh'se Air Brake_No par 2634 Jan 5 36 Feb 6
3134 30
3134 32
31
3014 3114 3038 31
3912 4178 36,400 Westinghouse El as Mfg___50 355 Jan 4 4714 Feb 5
4013 4114 3878 40
193* Feb 583 July
3834 40
3852 4012 3812 39
6012 Feb 98 July
8778 *8312 8878
85
8534 86
85
*85
85
*86
85
89
50
1st preferred
50 8312 Jan 17 92 Jan 30
1314 July
3
14
Feb
Jan
5
312 Feb
1014 1014 10
1114
11
1032 1034 11
673
10
900 Weston Eleo Instrurret_No par
1034 1034 *10
10 Mar 2214 July
_ *19
•18*18
-_*1912 ___ *1913 ___ *1912 -__ ....
1838 Jan 5 2112 Jan 27
Class A
No par
June
Apr
73
6
30
8
66
Feb
Jan
4413
*82 -65
*62 -6-3-3*62 -65
4 *62 -6-4- *62 -6-3
63 -63
par
A_No
10 West Penn Eloo class
Apr 7754 Juno
37
647 65
65
65
190
65% "6212 6513 .8214 65
100 5134 Jan 8 7013 Feb 7
Preferred
65
0534 86
33% Apr 8912 July
*56
53378 5878 5878 *5618 5778 5778 59
58
*56
58% *56
60
100 45 Jan 3 60 Jan 29
8% preferred
8812 I)ec 11053 Jan
101 10412 101 101 "101 104
101 101
101 103
103 103
50 West Penn Power pref
100 8912 Jan 2 108 Feb 7
Jan
80 Dec 101
*8978 92
92
92
*90
a9014 9014 90
92 *8978 92
40
8% preferred
90
100 784 Jan 10 95 Feb 7
1134 June
212 Apr
434 434
6% Jan 30
458
458
5
*412 47
*412
5
424
500 West Dairy Prod ol A_ _No par
a
3 Jan 10
5
414 June
% Mar
212 Jan 30
118 Jan 3
134 I%
172
3,000
134 134
134 134
134 134
Class B v t c
I% 2
134
No par
6 Mar 2012 July
2313 24
2318 24
22
2314 2212 23
5,500 Westvaco Chlorine Prod No Dar
2234 2312 2253 23
1473 Jan 12 2714 Feb 8
7% Jan 35 July
•26
28
*27
2612 2612 *2612 2712 2612 2612 *2612 27
29
19 Jan 5 29 Feb 21
200 Wheeling Steel Corp
No par
Jan 2812 July
14
Feb
11)
2314 2314 2214 23
24
25
*23
2312 24
244 24
24
240 White Motor
50 1653 Jan 8 2812
Oct
23 Oct 29
25
25
25
25
2512 2512 1,000 WhiteRkMinSpr ctfnewNo par 24 Jan 4 2858 Jan 30
2614 2412 25
2453 24118 *25
37
Jan
434 July
Feb
6
hi
8
*278 314
Jan
3
3
278 278
112
3
3
3
3
3
3
1,500 White Sewing Machlne_No par
1013 July
1% Jan
*514 8
914 Feb 1
*534 8
*714 8
5% Jan 12
*534 712 *514 812 *814 8
No par
Cony preferred
2 Mar
512 June
*41
512 Jan 30
458 458
•413 434
458 47
413 438
338 Jan 9
434
5
434 434 1.700 Wilcox 011 & Gas
15 Mar 2714 Sept
*2912 32
32
*30
32 .30
*30
32
32
*30
Wilcox-Rich cl A conv_No par 2718 Jan 17 32 Feb 9
32
*30
11 June
,
87
58 FebF
Fet)
8
9 2
634 7
652 7
7
834 714
7
14
23144
678 718 9,900 Wilson & CoInoNJan
7
738
Noo pair
Jan 22 June
Feb21
17
4
1812 1938 1712 18% 1734 1914 1818 1934 18
JanJan
19
1834 1978 25,400
Class A
19 Mar 7212 July
68
8814 66
7134 8934 7014 7012 7113 4,000
8714 8914 7012 71
100 53 Jan 8 7434 Feb 17
Preferred
2518 Apr 50% July
5133 5134 49
50
21,500 Woolworth (F W) Co
4912 50% 5014 5114 4934 5012 5078 52
10 4114 Jan 3 5378 Feb 7
8 Mar 3978 July
26
28
25
26
2612 2734 2,600 Worthington P & W
2514 26
27
2514 2613 26
100 21 Jan 5 317 Feb 5
14 Mar 51 June
44
44
*44
*44
4413 *42
48
48
*40
45 "43
46
100
Preferred A
100 34 Jan 10 53 Jan 24
Feb 47 June
42
Jan
24
14
10
Jan
37
37 .3412 3778 *34
3753 *35
30
*37
39
3
3813 *36
4
100
40
Preferred B
100
Apr 24 May
6
5713 5912 5314 5514 547 57
5613 5712 5832
1873 Jan 8 75 Jan 27
460 Wright Aeronautical___No par
5618 5813 54
3.111 Feb 5714 Dec
1,600 Wrigley (Wm) Jr (Del)No par 5412 Jan 11 61 Feb 15
587 5878 5812 5914 *5858 5914 5878 5874 5838 5853 5812 59
23 Juno
Jan
1
7
Feb
2032
174 18
*1712 177*
*1734 1978 1734 1734 1734 1734 *1713 18
700 Yale & Towne Mfg Co_ __25 14 Jan 5
734 July
218 Mar
57
714 Feb I!)
614 653
614
534 618
6
41s Jan 2
614 613 11,900 Yellow Truck & Coach c1-13.10
6
818 613
18 Mar 42 July
43
*43
*44
45
4534 43
*43
45
*43
45
*43
45
40
100 28 Jan 2 46 Feb 23
Preferred
July
1918
Mar
312
2032 2031 1932 2053 1918 1953 1912 2012 1914 20
2012 204 5,100 Young Spring & Wire.No par 15 Jan 8 224 Feb 19
712 Feb 3738 July
304 2734 2912 2814 2934 2813 2912 2712 2918 2914 30% 27,300 Youngstown Sheet & T _No par 2112 Jan 3 3334 Feb 19
30
Deo
5
5g
Feb
Feb
5
12
43
4
12
3 Jan
353 358
354 4
313 338
313 313 .3
353 334
334 1,600 Zenith Radio Corp____No par
813 July
358 Feb
734 Feb 19
1
534 Jan 15
654 7
634 7
812 84
9,100 Zonite Products Coro
6,
8 634
612 631
6% 7
•Bid and asked prices, no sales on this day. a Optional sale.
gE,Na par
eCash sale. ,Sold seven days. z Ex-dividend. o Ex-rights
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
1525
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"-except for income and defaulted bonds.
NOTICE.-Sales for deterred delivery (s. 10, s. 15 days) are disregarded in the week's range, unless they are the only sales of the week and whether included or not
are shown in a foot note in the week in which they occur. No account is taken of such sales in computing the range for the year.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 2.
U.
1t
...,o.
Price
Friday
Mar. 2.
Week's
Range or
Last Sale,
q. ....
04....
..
0403
Range
Sines
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 2.
20
i
ba
218
.2z.
Price
Mar. 2.
Week's
.1 .
Range or
Last Sale.hh
A
Range
Jan• 1-
High Foreign Govt. & Munk.(Con.)
High
High No. Low
Bid
Ask Low
Denmark 20-year extl 6&...._1942 .1 .7
861
4 93
74
12
,
50
3 83
96
312 1
992401
External gold 534s
1955 F A
100373210011n
External g 434s__Apr 15 1962 A 0 8412 Sale 8314
87
101421022732
71
8434 93
,-- ---- Deutsche Bk Am part Ott 68_1932
Stamped extd to Sept. 1 1935_ -,-3 7412 Sale 7412
7112 75
1011132 103332
7412 12
S. 64 Sale 6012
100133210142 Dominican Rep Cast Ad 534s'42 M ..
4334 84
11
64
8
36
5258
1st ser 534s 01 1926
1940 A V 5318 514 5258
104142 1092n
.5234
2d series sink fund 531e_1940 A 0 51 85.13 5134
54
8
374 56
971%1001332 Dresden (City) external 78_1945 MN 5212 59 53
57
46
12
/
1
4
54
1947J J 163 Silo 16212 1634 31 150 113334
1012122105218s Dutch East Indies extl 6s
53 15112 185
40-year external 8s
1003n 104
1962 M 0 163 Sale 18134 165
Et-March 1934 coupon o -- o- ---162
4 152 162
-_ _ _ 162
93"° Iglsu
151 163
30-year eat' 5349____Nov 1953 MN iii. ____ 163 Feb'34_
933232972332
30-year ext 5346--Mar 1953 M 8 162 _ ___ 162
981432 101.32
16318 -io 15112 16318
II 55 __ _ 60 Feb'34 _4812 80
931232 101032 El Salvador (Republic) 8s A.1948 J .
Certificates of deposit
951033 99632
5334
38
5384 -5
1 3 5334 Silo 5112
973421001ln Estonia (Republic of) 7s____1987 J J 63 Silo 63
63
4
5774 69
79
Finl
@FedFRASER