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The Financial Situation
HE NRA has not only stepped back into the limeT
light within the past week or two, but has become
one of the major causes of concern in the business
do not believe that the country would fare any better, indeed it would probably fare even worse,
under any such arrangement as is now spoken of as a
world. Washington dispatches and reports current disagreeable possibility. We should welcome a'plan
in labor circles strongly suggest, though of course to abolish the monopolistic provisions of the existing
they do not prove, that the President in his confer- law, but we think that the labor provisions of that
ence with several important labor leaders a week or law are even worse than the trade practice provisions.
so ago reached general understandings concerning the To strengthen rather than to abolish Section 7-A and,
Wagner Labor Disputes Bill, or Section 7-A of the as the current expression has it, to put teeth into it
National Industrial Recovery Act, or both. It is would be most unfortunate. Yet we cannot believe
widely feared that as a result legislation, either in the that there ought to be any compromise of the kind
form of a separate bill or included with some measure now discussed, namely, that of accepting and even
to succeed the existing National Industrial Recovery supporting existing arrangements as a defense against
Act, will be enacted, emless desirable provisions.
bodying provisions greatly
We think, on the contrary,
favoring labor unionism at
A Neglected Fact
that the time has come for
its worst. At the same
"It is clear that the merchandise export surindustry and trade to speak
plus[of the United States during 1934] rested
time the impression is wideplainly to the Government
upon the insecure, uncertain foundations of
spread that the type of
a vast inflow of gold. . . . So long as our
on these matters, readily
merchandise export surplus is balanced by
legislation desired by many
giving up the thought of
gold imports,the signal is given to our foreign
manufacturers concerning
monopoly or near-monopcustomers to impose ever-increasing restrictive measures against our exports." Thus
trade practice agreements
oly and the kind of indusspoke the Secretary of State in a recent
and their status under the
trial self-planning that has
radio address.
anti-trust laws is in the
Here is a truth which needs particularly
of late years been so much
thoughtful attention at this time. It is of
existing circumstances
in vogue. If in this way
vital concern not only to our manufacturers
hardly to be expected.
and others who want to develop their export
it is not possible to prevent
markets but also to the whole business comeven
more radical labor
munity which wants, or ought to want, staA Different NRA
legislation than that from
bility in international currency relations.
Foreign peoples who, in order to have our
If such fears prove to be
which we now suffer, then
goods, are obliged to pay for them with gold,
well founded, the NRA
perhaps it is best that such
which they cannot spare, can be counted
will in effect, if not in
upon to impose effective barriers against the
a law, bad as it would be,
importation of more of our goods than is
technicalities, emerge as
should go to the statute
thought to be essential. But this is by no
an organization largely
means all the story. They are likewise not
book to prove its own imlikely to be willing to enter into a compact
concerned with wages,
practicability in a way that
for currency stabilization when they do not
hours and other conditions
know,as under the circumstances they would
would lead to its repeal and
not, how they can keep any such agreement
of employment, and dedisposal of this fallacy
a
without excessive cost to themselves.
voted to the enforcement
for a good while to come.
Nor are such matters as these unrelated to
of provisions regarding
world peace, which all are so eager to maintain but which apparently so few know how
Better Enforcement?
these matters which are
to secure. Economic nationalism of the exvery burdensome to busitreme sort that flourishes so widely in the
As to the immediate
world to-day can hardly fail to breed interness. The partial exempNRA situation pending the
national ill will.
tion of industry from the
At this moment of world unsettlement, expassage of a new law,
porters desiring expanded foreign markets,
rigors of the anti-trust
which there has
about
bankers and others troubled with currency
laws, the hope of which led
been a good deal in the
difficulties, and earnest seekers after world
peace, in short the whole community, would
many executives to be willnews during the past week,
do well to study with exceptional care what
ing at the inception of the
the situation is neither parMr. Hull had to say on this subject.
New Deal to consent to
ticularly clear nor espelabor provisions they did
cially heartening. The
not approve, would largely disappear. This, need- President had some rather sharp words to say just beless to say, is an outlook that is not greatly to the fore he left Washington about enforcement of existing
liking of industrial executives. While admitting codes. These were embodied in a letter to Mr. Richthat the various agreements about prices, produc- berg, in which he called for strict enforcement. Yet,
tion and allied subjects are in many instances not at the direction of the President himself, so it is
well enforced at present, many business men believe said, the Department of Justice has reached a decision
that in existing circumstances a formal reinstatement not to press the so-called Belcher case, in which code
of the anti-trust laws might well lead to a wave of violations were charged and which was supposed to
price cutting in a number of cases. It is even con- be a vehicle for testing the validity of the law itself.
sidered possible, if not probable, that many business Just how the President expects his aides to enforce
executives will presently be found supporting any the law effectively in the courts when the Governplan for the renewal of the National Industrial Re- ment itself is not willing to permit the basic issues
covery Act in about its present form, in which they involved to reach the Supreme Court, it is difficult
have lost faith, but which they may feel affords a to say. At any rate, it is known to everyone that
rallying point about which it would be possible to there is practically no enforcement at the present
organize to prevent worse legislation.
time by the Government. So far as the labor clauses
As for ourselves, we do not approve either the of existing codes are concerned, the labor unions,
labor or other provisions of the present law, but we where they are strongly entrenched, do their own
Financial Chronicle
2062
enforcing. Elsewhere the provisions are widely
flouted. Economically speaking, it is a good thing
that these contracts are not observed in most instances, but of course it is socially undesirable to have
provisions allegedly enjoying the force of law daily
trampled under foot. We had enough experience of
that sort with the Volstead law. As to price and
production agreements, they are supposed to be out
of favor in Washington, yet the other day the NRA
gave its approval to a cotton textile agreement which
is designed to make effective joint reduction in current output.
As a matter of fact, the cotton textile industry,
burdened with cotton prices held artificially high by
Government interference, a large processing tax,
Government-sponsored wages higher than normal,
and a lack of adequate markets due in substantial
measure to unwise Government policies, is doubtless
in a very difficult situation, the more so since current
output is so largely in excess of current sales. In
these circumstances the industry is from all appearances quite wise in curtailing production. But
adjustment of production schedules individually by
each of a large number of competing individual enterprises is one thing, while limitation of output on
some percentage basis, jointly arranged by presumed
competitors in the industry, is quite another. The
cotton textile industry is, however, thought by many
to be a rather exceptional case, the treatment of
which may or may not afford a dependable precedent
in appraising the policy of the Government in general.
In all these matters, however, industry at the
moment finds it hard to forget that labor, thanks to
the unexpected reorganization of personnel by the
President about a week ago, now has equal representation on the National Industrial Recovery Board.
It also must take cognizance of Mr. Richberg's statement the other day that the enforcement of existing
codes is "the most serious job in the United States
to-day." It may or may not be mere coincidence
that in the midst of all this discussion the "Blue
Eagle" was withdrawn from an important manufacturer the other day,the first time such action has bee
taken for some time past. It now becomes plai
all, as it was from the first to many, that it is
unfortunate that the National Industrial Recov
Act was ever permitted to reach the statute books.
More Labor Difficulties?
EPORTS of imminent labor difficulties of a
serious sort have again occupied considerable
space in the daily press. The coal, textile and automobile industries are said in some quarters to be
thus threatened. A representative of the American
Federation of Labor openly and violently expressed
the opinion, or threat, in Washington the other day
that if labor did not shortly get what it wanted in
the form of legislation, workmen in the automobile
and some allied industries would strike. Private
inquiries into the labor conditions in the automobile
centers seem, however, to suggest that this spokesman of labor, if such he is, is taking a good deal for
granted. The situation in the other industries is
rather obscure. It is a fact, of course, that textile
labor is disgruntled at the recent action of the NRA
in supporting further curtailment of operations in
the cotton textile industry. On the other hand, wage
earners in the mills must remember, one would suppose, their futile and very costly strike of last fall.
The employees of this industry have a good cause
R
March 30 1935
for complaint, we think, but it is not of the kind
they suppose it to be. What they should object to is
the whole group of policies on the part of the Government that have combined to bring the industry
to its knees and have rendered it unable to support
its laboring population as would otherwise be the
case. Of course such conditions as these are in no
way cured or even ameliorated by strikes or other
action directed at employers who are as helpless in
existing circumstances as the workmen themselves.
Labor unions everywhere would better serve their
cause if they used their influence, which apparently
is great in Washington, in support of efforts to enable business to build a firm foundation for itself
instead of demanding one special favor after another
at the hand of the Government.
The Legislative Program
HE relief bill, though passed by the Senate in
a revised form late last week, has through the
conference committee continued to occupy much of
the attention of important members of the upper
house and thus has served to delay other work
awaiting attention, such for example as the pending
banking bill. It is, however, said at length to be
largely "out of the way" in a legislative sense, and
this fact is now made the basis of renewed efforts
to get the remainder of the New Deal program for
this session once more under way. How successful
these efforts are to be remains for the future to disclose. There are a good many who are inclined to
believe that the President has been able to reach
understandings that will greatly smooth the path
of NRA legislation. Some of the other proposed
measures are apparently taking on a little more life,
but the situation is still far from clear. Some weeks
will be required for an accurate appraisal of the
outlook. It is quite possible that little that is definitive 1 his matter will be observable until such time
as 4 President returns from his vacation in southe (waters.
e confess to disappointment with the stand
aken by the American Bankers Association respecting the proposed Banking Act of 1935. It seems to
us that the rank and file of the bankers could not
have reached a full understanding of the issues here
involved. It is of course true, as the Association
asserts, that if we must launch ourselves upon the
managed money program proposed in this bill, it
would be much better to have a Federal Reserve
Board more independent of politics than is here envisaged. But why must we have any such system?
The spokesmen for the Association appear to realize
the far-reaching implications of what is proposed,
but apparently they either do not fully grasp the
hazards involved or else they are beset with a feeling
of futility in opposing the Administration. The proponents of the measure have set forth a case in a
superficially plausible manner, but we are not prepared to believe that the abler among the bankers
have in any wise been convinced by all this. Nor
do we believe that this is any time for the type of
diplomacy which fails to fight to the last for what it
knows to be best.
The truth of the matter is, we fear, that investment banking and commercial banking have for years
become so hopelessly intertwined, not only in actual
practice but also in the minds of a great many of
our individual bankers throughout the country, that
it is no longer an easy task to gain solid support for
T
Volume 140
Financial Chronicle
what seems to us the obvious requirements of sound
commercial banking. Yet if the country, and the
banks for that matter, are to be saved a costly excursion further into the most unsound sort of banking, effective leadership must promptly assert itself
from some quarter. Senator Glass is, of course, still
to be heard from in this matter. He has his work
cut out for him in the Senate Committee on Banking
and Currency. We are certain in our own minds
that he will do the best he can for us all. It is
unfortunate, to our way of thinking, that he apparently will not have the full support of the American
Bankers Association, although we are confident that
he will have the aid of a number of our abler individual bankers.
Refunding offerings under the terms of the Securities Act of 1933 are at long length making their appearance in modest volume. To the extent that they
are successful and are followed by others, a number
of well placed corporations may be enabled to take
advantage of the exceptionally low interest rates of
the time. The movement, if it presently assumes
the proportions of a movement, will likewise help
investment bankers to keep their organizations intact against the day .when the country will sorely
need their services. It also tends by so much to limit
the practice of retiring high interest obligations by
further burdening the commercial banks with illiquid assets. All this is on the right side of the
ledger. But as is well known there are still a number of companies whose officials do not feel it wise
to assume the liabilities imposed upon them in such
transactions, and of course there is little indication
of the development of activities that would herald
the absorption of large amounts of new investment
funds into productive enterprise.
Federal Reserve Bank Statement
OTEWORTHY in the current combined condition statement of the 12 Federal Reserve
banks is a further sharp reduction in member bank
deposits with these institutions on reserve account.
The fall reflected this week is no less than $76,149,000, this drop following a recession of $226,935,000 a week ago. Income tax payments on or
about March 15 accounted for the great bulk of the
reduction previously noted, but such payments
played only a relatively minor part in the recession
now reported. In all likelihood, national banks are
now engaged rather extensively in preparations for
the retirement of their own circulating notes, since
2% consols and Panama Canal bonds now have been
called for redemption while the circulation privilege on other bonds with coupons up to and includ/
8% will lapse next July. Inquiry reveals that
ing 33
lawful money is being deposited with the Treasury
by banks in the New York area in anticipation of
the termination of National bank currency privileges, and it may well be assumed that institutions
in other parts of the country are following a similar
practice. In effect, this increases the funds at the
disposal of the Treasury, for the time being, and
the sums naturally are deposited by the Treasury
with the Reserve banks, the transfers occasioning
a reduction in the deposits of member banks on
reserve account. When the Treasury redeems the
circulation bonds, next summer, the process will be
sharply reversed. Because of the two weekly declines in member bank deposits, excess reserves have
fallen somewhat below the $2,000,000,000 mark, but
N
2063
this is, of course, tremendously in excess of any
visible needs and the practical effect of the decrease
in reserve deposits is negligible.
Member bank reserve deposits fell to $4,285,129,000 on March 27 from $4,361,278,000 on
March 20, but, as was the case last week, this recession is offset by an increase in Treasury deposits
on general account, which advanced to $393,138,000
from $309,517,000. Total deposit liabilities of the
Federal Reserve System actually increased a little
to $4,919,066,000 from $4,913,618,000. Circulation
of Federal Reserve notes declined to $3,130,572,000
from $3,139,753,000. Federal Reserve bank notes
finally have been eliminated from the accounts, provision having been made by the Boston institution
for Treasury assumption of the liability of $100,000
which was all that remained of this emergency currency last week. Gold certificate holdings of the
System declined slightly to $5,567,025,000 from
$5,567,221,000 in the week from March 20 to 27,
part of this drop probably being due to the provision for discharge of the liability on the emergency notes. It is interesting to note in this connection that the monetary gold stock of the country
advanced $9,000,000 in the week covered. No other
changes of any significance appear in the bank statement. Total reserves and note and deposit liabilities were virtually unchanged, and the ratio remained at 72.5%. Discounts by the System were
$7,678,000 on March 27 against $7,657,000 on
March 20. Industrial advances increased to $20,785,000 from $20,409,000. Open market bill holdings were $7,000 higher at $5,306,000, while holdings
of United States Government securities declined
$2,000 to $2,430,305,600.
Foreign Trade in February
HE foreign trade statement of the United States
for the short month of February shows a further
tendency downward. This might be expected. Both
exports and imports of merchandise were lower in
value for that month than they were in January,
although somewhat higher than for February, 1934.
Exports were valued at $163,006,000 and imports
$152,537,000, the excess of exports being $10,469,000.
In January this year exports amounted to $176,223,000 and imports $166,993,000 the excess of exports
being $9,230,000, while in February of last year exports and imports were respectively $162,729,000
and $132,753,000, the export trade balance for that
month being $29,976,000.
For the eight months of the current fiscal year,
from July last to February inclusive, the value of
merchandise exports was $1,436,577,000 and of imports $1,110,613,000, exports exceeding imports by
$325,825,000. For the same period in the preceding
fiscal year the value of merchandise exports was
$1,340,613,000 and imports $1,125,926,000, the export
trade balance for that year being $214,687,000. The
increase in value of exports for the past eight months
over those for the same period of the preceding year
was 7.0 per cent, while for imports covering the same
time, there was a decrease in the past eight months
of 1.3 per cent. The increase in February exports
this year over that month in 1934 was only 0.2 per
cent, and for imports there was an increase of 14.9
per cent. Exports were relatively more satisfactory
for the eight months than for February, while for
imports the reverse was true. As to the exhibit in
the export trade balance, the ratio that the latter
T
2064
Financial Chronicle
bears to the value of merchandise imports in February this year was only 6.9 per cent; for the eight
months it was 27.5 per cent. Comparative figures
for the preceding year were, respectively, 22.6 per
cent and 19.1 per cent, the latter for the eight months
ended with February, 1934. On the basis of the
balance of trade, the February figures this year have
failed considerably behind.
Exports of cotton in February continued considerably reduced. Foreign shipments in that month
were 404,455 bales, against 642,935 bales in February
last year. The value of cotton exports in February
this year was $27,074,000 compared with $37,734,000
a year ago. Exports other than cotton last month
show some increase, the value this year being
$135,932,000 against $124,995,000 a year ago.
The specie movement in February continued heavy
on the import side both for gold and silver, although
below shipments in January. Imports of gold were
$122,817,000 in February this year compared with
the record total of $452,622,000 a year ago. Exports
of gold last month amounted to only $46,000, the
smallest since April of last year. Gold imports for
the eight months of the current fiscal year were
$606,856,000, against $464,253,000 last year. Exports
of gold for the same period this year were $39,956,000
compared with $277,714,000 in the same eight
months of the preceding fiscal year. Silver imports
last month were $16,351,000 while exports were
$1,661,000.
The New York Stock Market •
RADING on the New York Stock Exchange was
extremely quiet this week, turnover in stocks
being less than 500,000 shares in each of the sessions
on Monday, Tuesday and Wednesday, while that
figure was exceeded only a little Thursday and
yesterday. The market was lifeless at all times,
with a general downward drift in evidence among
railroad stocks and a few other groups. Industrial
issues showed only nominal changes. Dealings were
started on Monday with a sharp reaction in railroad issues and smaller losses elsewhere. The carrier stocks were sold partly because of indications
that Federal legislation for regulation of competing
modes of transportation is still distant, even though
it is favored by the Federal Co-ordinator of Transportation. International monetary uncertainty was
rife and almost all groups of securities with the
exception of the utility stocks showed recessions.
Conditions on Tuesday were unchanged, railroad
stocks again leading the general list to lower levels.
A few specialties, such as Coca-Cola, resisted the
trend and moved upward. A rally developed on
Wednesday, and it was quite pronounced in the late
trading of that session. Coca-Cola shares again
were prominent, while modest gains appeared in
standard industrial, railroad and utility issues.
United States Smelting & Refining stock receded,
however, on a disappointing dividend announcement. The market was uncertain Thursday. Railroad stocks dipped again, owing to indications that
reorganization will be sought for the Chicago Milwaukee St.Paul & Pacific, but industrial shares held
rather well. The closing of the Brussels Bourse
caused some apprehension, but also some relief, for
it long has been anticipated that members of the
gold bloc would find it necessary to devalue their
units. Movements yesterday were small and irregular, some issues advancing fractionally while others
T
March
30 1935
declined as much. Group movements were less pronounced than in earlier sessions.
In the listed bond market United States Government securities were firm at almost all times this
week. Favorable reports regarding the conversion
/8%
of called Fourth Liberty 41/
4% bonds into new 27
market.
High
the
obligations aided this section of
grade corporate bonds were firm, with the exception
of railroad issues, which dropped Thursday. Second
grade and low-priced railroad bonds were under
pressure all week, and severe losses were registered.
Foreign dollar bonds receded in view of the international monetary outlook and the political developments in Europe. Dealings in foreign exchanges
were most unsettled, the belga breaking sharply as
funds were transferred from that country to other
markets. Sterling reflected these movements by
persistent strength, while other gold currencies were
uncertain. Commodity markets showed few changes
of note Monday and Tuesday, but a general increase
of quotations was noted Wednesday. These markets
slumped into apathy again on Thursday. Leading
trade and industrial indices reflect no important
changes over previous weeks. Steel-making operations in the United States were estimated at 46.1%
in the current week by the American Iron and Steel
Institute against 46.8% last week. Production of
electric power in the week ended March 23 amounted
to 1,724,763,000 kilowatt hours, as compared to
1,728,323,000 kilowatt hours in the previous weekly
period, the Edison Electric Institute reports. The
American Railway Association announced yesterday that car loadings of revenue freight in the
week to March 23 were 607,780 cars, against 597,432
cars in the preceding week.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 941/
2c. as against 951/
4c. the close on
Friday of last week. May corn at Chicago closed
yesterday at 791/
4c. as against 785
/
8c. the close on
Friday of last week. May oats at Chicago closed
yesterday at 443
/
8c. as against 441/
4c. the close on
Friday of last week. The spot price for cotton here
in New York closed yesterday at 11.30c. as against
11.23c. the close on Friday of last week. Domestic
copper closed yesterday at 9c., the same as on Friday
of last week.
In London the price of bar silver was 277
/8 pence
per ounce as against 27 3/16 pence per ounce on
Friday of last week, and spot silver in New York
closed yesterday at 603
/
4c. as against 59c. In the
matter of the foreign exchanges, cable transfers on
London closed yesterday at $4.81 as against $4.771/
4
the close on Friday of last week, while cable transfers on Paris closed yesterday at 6.58%c. as against
6.597
/
8c. the close on Friday of last week. Included
among dividend declarations the present week was
that of the U. S. Smelting, Refining & Mining Co.,
which took unfavorable action on the common stock
by reducing the dividend on this issue from $3 a
share to $1 a share, payable April 15; on Jan. 15
last a dividend of $3 a share was paid, while on
Oct. 1 and July 14 1934 distributions of $2 a share
were made. On the New York Stock Exchange 44
stocks touched new high levels for the year and 134
stocks touched new low levels. On the New York
Curb Exchange 28 stocks touched new high levels
and 72 stocks touched new low levels. Call loans
on the New York Stock Exchange remained unchanged at 1%.
Volume 140
Financial Chronicle
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 299,450
shares; on Monday they were 463,574 shares; on
Tuesday, 440,800 shares; on Wednesday, 462,290
shares; on Thursday, 613,040 shares, and on Friday,
461,040 shares. On the New York Curb Exchange
the sales last Saturday were 75,870 shares; on Monday, 101,320 shares; on Tuesday, 92,635 shares; on
Wednesday, 89,960 shares; on Thursday, 121,135
shares, and on Friday, 89,908 shares.
Irregularity and recessions in prices characterized
the stock market early in the week, with a slight
improvement taking place at the close on Wednesday. In succeeding sessions the market fell back
into its accustomed state of apathy, and prices
closed yesterday irregularly changed from the previous week. General Electric closed yesterday at 22%
against 22% on Friday of last week; Consolidated
Gas of N. Y. at 20 against 193%; Columbia Gas &
Elec. at 53% against 6; Public Service of N. J. at 25
%
against 24%; J. I. Case Threshing Machine at 493
/8
against 50%; International Harvester at 367
% against
/8; Sears, Roebuck & Co. at 333
against 377
35%; Montgomery Ward & Co. at 23% against 24%;
8 against 537
8; American Tel. &
/
Woolworth at 531/
Tel. at 102% against 103, and American Can at
% against 115%.
1153
Allied Chemical & Dye closed yesterday at 132%
against 130% on Friday of last week; E. I. du Pont
4 against 90%; National Cash
de Nemours at 891/
14%; International Nickel
against
14
at
A
Register
at 24% against 23%; National Dairy Products at
133
% against 13%; Texas Gulf Sulphur at 30
against 31%; National Biscuit at 24 against 25;
Continental Can at 70% against 68; Eastman Kodak
at 119% against 118; Standard Brands at 14%
against 143%; Westinghouse Elec. & Mfg. at 35%
against 36; Columbian Carbon at 73 against 73%;
Lorillard at 19% against 19%; United States Indus%
trial Alcohol at 37 against 37%; Canada Dry at 83
8; Schenley Distillers at 25 against 26%,
against 101/
8.
/
and National Distillers at 27% against 267
The steel stocks were lower for the week. United
4 against 30
States Steel closed yesterday at 283
on Friday of last week; Bethlehem Steel at 24%
against 25; Republic Steel at 10% against 11, and
Youngstown Sheet & Tube at 14% against 15. In
the motor group, Auburn Auto closed yesterday at
16% against 17% on Friday of last week; General
8 against 28%; Chrysler at 33%
/
Motors at 277
8 against 17
/8.
against 343%, and Hupp Motors at 11/
In the rubber group, Goodyear Tire & Rubber closed
s on Friday of last week;
yesterday at 17 against 181/
8%
at
83%,and United States
against
Goodrich
F.
B.
Rubber at 11 against 113%.
The railroad shares reached lower levels as compared with a week ago. Pennsylvania RR. closed
8 against 19% on Friday of last
yesterday at 181/
week; Atchison Topeka & Santa Fe at 361/s against
8; New York Central at 13 against 14%; Union
/
407
Pacific at 84% against 89%; Southern Pacific at
13% against 14%; Southern Railway at 8% against
/8 against 147
/8.
9%, and Northern Pacific at 137
Oil
Standard
of
J.
N.
stocks,
closed
Among the oil
/8 on Friday of last
yesterday at 37% against 377
5%
against 53%, and Atat
Oil
Union
Shell
week;
22%. In the copper
against
/s
221
at
Refining
lantic
yesterday at 10%
closed
Copper
Anaconda
group,
against 9% on Friday of last week; Kennecott Cop-
2065
8 against 15; American Smelting & Refin/
per at 157
ing at 33% against 341/s, and Phelps Dodge at 14%
against 13%.
European Stock Markets
ON so many previous occasions, equilibrium
was barely established on the European stock
markets this week, when upsets were caused by fresh
developments of a decidedly unsettling nature. The
political situation in Europe kept the markets
uncertain last week, but a steadier tone made its
appearance at London, Paris and Berlin as trading
was resumed last Monday. But when the Bourse
in Brussels was ordered to close, on Thursday, by
the Belgian Government, it was realized that devaluation of the Belga impended, with all that such
action means in the international currency situation.
All European markets turned weak on that development. Closing of the Brussels Bourse was regarded
everywhere as the prelude to formal devaluation by
Belgium, and it is quite evident that the movement
toward debasement of currencies will not halt there.
Already there is much talk in European financial
centers of the increasing pressure on the Swiss franc
and the Dutch guilder, and the possibility that these
two units, which alone among all the currencies of
the world retain their pre-war relationship to gold,
also will be devalued before long. The gold bloc,
it is realized, has disintegrated and even the French
franc is believed in some quarters to be slated for
early devaluation. With such rumors in the air,
investment operations on the European markets were
on an extremely small scale. The early firmness of
the week, occasioned by a more confident feeling
regarding the European political situation, gave way
to a rather sharp recession in the later dealings.
Trade and industrial reports from the leading European countries, meanwhile, show no change of any
significance.
On the London Stock Exchange trading was on a
very small scale, Monday, but the tone was good
in almost all departments of the market. British
funds showed fractional gains, and the better sentiment regarding the German rearmament announcement and its sequel occasioned firmness also in German bonds and other international securities. Industrial securities were marked slightly higher as
well. The gains were continued on Tuesday, notwithstanding wide fluctuations in belga exchange. British funds again advanced a little and a number of
bright features developed in the industrial section.
Some of the so-called commodity issues advanced
sharply, because of gains in the prices of rubber,
copper and tin. Gold mining stocks improved, and
better quotations likewise appeared in the international section. The session on Wednesday was quiet
but cheerful. British funds advanced on good revenue returns, while advances predominated in the
industrial list. South African gold mining stocks
improved sharply, and most international securities
also were firm. Perturbation was caused on Thursday, however, by the closing of the Brussels Bourse
and a further drastic drop in the Belga. Liquidation
was not especially pronounced, but it sufficed to
lower quotations on British funds by goodly fractions. Industrial stocks were maintained rather
well, with issues that enjoy an international market
in better demand than others. Foreign bonds all
declined, while other international securities were
2066
Financial Chronicle
uncertain. The gold mining group was dull. British
and international securities alike were marked
lower in a quiet session yesterday.
Little business was done on the Paris Bourse in
the first session of the week, owing to general uncertainty regarding the fate of the Belga and the
outcome of European diplomatic conversations.
Rentes were lower, but French bank stocks and a
few other equities were in demand. The international group of issues listed at Paris declined
sharply. Unsettlement again was in evidence on
Tuesday. Rentes and other fixed-interest issues
receded steadily throughout the trading, but fears
of inflation caused equally steady buying of equities,
which closed with sharp gains. International stocks
shared in the improvement. The belief gained ground
on Wednesday that the Belga soon would be devalued, and the market continued to reflect the fears
of inflationary developments. Rentes were marked a
little lower, while French and international equities
improved. Movements were quite small in this session. At the opening on Thursday, the tendency to
sell bonds and buy stocks still was in evidence, but
in the course of that session a general movement for
liquidation of all holdings developed and closings
in all departments were under previous levels.
Rentes and French fitocks fell more than did the
international equities.
The Berlin Boerse was quiet but firm in the initial
trading session of the week, owing to a general desire to await the outcome of the Anglo-German conversations in the German capital. The tone was
cheerful and most issues made progress. Dealings
on Tuesday were confined largely to the operations
of professional speculators and the tone was uncertain, with net changes small. Some heavy industrial stocks made gains, but utility, textile and some
chemical shares registered small losses. The German
market was unsettled Wednesday, the favorable influence of the Anglo-German official communication
being offset largely by apprehension regarding Belgian currency developments. Utility issues were
strong in this session, but most other stocks lost
ground on the fear that Belga devaluation would
increase the competition for international trade from
Belgium. Quotations were marked generally lower
on Thursday, when the closing of the Brussels
Bourse stimulated the currency fears. Declines
were not large, but there were distinct signs of
weakness in some securities.
Belgium Devalues Again
INE years of currency stability in Belgium came
to an end yesterday, when Dr.Paul van Zeeland,
who formed a new Cabinet only last Monday, proposed in his Ministerial Declaration a devaluation
of the Belga by at least 25% but not more than
30%. All elements in the most modern technique
of currency devaluation are to be employed in the
currency crisis. The gold reserve is to be revalued
upward immediately by 25% in terms of the Belga
and the State will confiscate the increment, part of
which is to be used for establishment of an exchange
equalization fund. A temporary currency regime
is to be instituted, with management of the unit
under the control of the Belgian National Bank.
The "intermediary" currency regime is to start tomorrow,if the proposals are accepted by the Belgian
Parliament, and it will continue in effect until a
general stabilization agreement is reached by the
N
March 30 1935
leading nations with floating or managed units.
Special powers were requested by the new Premier
to govern during the regime, with frequent consultation promised the Chamber of Deputies. It was
suggested that the State guarantee bank deposits
in order to reassure depositors and prevent general
withdrawals of funds. In the meanwhile, of course,
the obligation to redeem currency in gold would be
suspended. The Parliament is to remain in continuous session until a vote of confidence results or
the Government is defeated.
The Belgian monetary crisis long has been anticipated and the increasing pressure on the unit
was the chief reason for the fall of the Theunis
Cabinet two weeks ago. The realization was general
that devaluation impended, but all the large parties
in Belgium were pledged to maintenance of the
Belga without impairment and to continued adherence to the gold standard. After numerous
consultations with political leaders and leading
Belgian economists, King Leopold requested Dr. van
Zeeland, last Saturday, to form a new regime, and
this task was accomplished on Monday. Leaders of
the three major parties of the country entered the
Government, Max Le-Gerard, a Liberal, taking the
Finance post, while Dr. van Zeeland retained the
Foreign Affairs portfolio in addition to the Presidency of the Council. Rampant speculation and a
flight from the Belga started promptly, making it
evident that the new regime would have no alternative to suspension of gold payments, notwithstanding the pledges of party leaders. By the middle of
this week, the question was not whether Belgium
would devalue, but the extent of the devaluation that
plainly impended. In order to check the growing
apprehension and the speculation, a royal decree
was issued Thursday closing the Brussels Bourse
and suspending dealings in foreign currencies.
Throughout the country, funds were hastily withdrawn by the people and placed in commodities, land
and anything else that appeared to offer a refuge
against depreciation of the currency. The Ministerial Declaration yesterday capped these developments and ended the period of uncertainty regarding
the valuation of the Belga.
International repercussions of the step now taken
in Brussels will be inevitable. Belgium was one of
the four members of the real gold bloc of Europe,
and there is already general apprehension that Holland, Switzerland and perhaps even France will be
forced ultimately to take similar measures. The
matter was followed closely in London, and Chancellor of the Exchequer Neville Chamberlain was
questioned in the House of Commons, Thursday, regarding possibilities of stabilization by international
agreement. He replied, however, that he was "not
aware of any steps that could, at this moment, be
taken by the Government to establish a common
monetary standard." Dr. van Zeeland referred to
the possibilities of international stabilization in his
Ministerial Declaration yesterday. Belgium remains
faithful to the gold standard, he said, and proposes
to do everything possible to speed up an international agreement by which the chief currencies will
be re-established on gold. "We will ask Parliament
to authorize us to reattach the Belga to gold as
part of a currency pact in which other great countries of the world join," he remarked. The Belga,
it will be recalled, was established in 1926, to consist
of five of the old Belgian francs, which had fallen
Volume 140
Financial Chronicle
2067
Of particular interest, in view of these official
to about 2% cents of the old dollar each, as against
. The current de- and scholastic views, is a new trade agreement just
their pre-war parity of 19.3 cents.
valuation by at least 25%, added to the devaluation placed in effect between Italy and Great Britain,
effected in 1926, will mean that Belgian currency which represents an important step in the Italian
is now debased by nearly 90%, against the pre-war Government's program to reduce the unfavorable
relationship to gold. Parity of the Belga with the trade balance of that country. Under the agreement
current United States dollar was about 23.54 cents, with the London Government, Italy will permit imand a 25% devaluation presupposes a new valuation ports from Great Britain up to 80% of the actual
total of trade in 1934, on the understanding that
in terms of the dollar of about 17.66 cents.
Italian exports to Great Britain will show no dimiInternational Trade
nution. This arrangement by Italy does not imply
ROBLEMS involved in the increase of interna- that every specific kind of merchandise will be retional trade from its present low totals continue duced 20%, but rather that the total imports from
to receive close study in official circles both in this England must be held within the limit fixed, with
country and in Europe. Intentions of the United preference given to goods most needed by Italy.
States Government in this respect were outlined late Italian importers of British goods will pay the
last week by Secretary of State Cordell Hull, and amount of British invoices in lire to the Italian
Robert Lincoln O'Brien, Chairman of the United Institute of Foreign Exchange, and the sums will
States Tariff Commission, in radio addresses over there be held until sufficient sterling exchange has
a National Broadcasting Company network. Resto- been accumulated for remittance to the British exration of American trade with other countries was porters. Italy guarantees, a Rome dispatch to the
declared to be the end sought in the reciprocal trade New York "Herald Tribune" states, that all foreign
agreement program. "A vigorous effort to rebuild exchange available from Italian exports to England
international trade is essential," Secretary Hull said, will be reserved exclusively for payment on British
"if we do not wish the struggle back toward pros- exports to Italy. This trade agreement is described
perity to be too long delayed. Despite all difficulties as provisional, and similar arrangements are said
and despite the artful propaganda of selfish inter- to have been placed in effect by Italy with Poland,
ests, we intend to continue to strive for an economic Czechoslovakia and Switzerland, while negotiations
co-operation among nations that will make the vast for extension of the scheme are under way with the
riches of the world more readily accessible to all, United States, France, Belgium, Holland and other
remove as far as possible the causes of envy and countries.
aggression a-nd so take a determined first step in
Trade Treaty Signed with Haiti
the direction of greater economic well-being and
universal peace." Mr. O'Brien declared that the rrHE fourth reciprocal trade treaty negotiated by
recapture of old and the creation of new foreign
the United States Government under the special
markets is the goal of the trade agreements program. powers granted President Roosevelt by Congress last
The achievement of this end carries a promise of year was signed at Washington, Thursday, by Secreincreased employment for every State of the Union, tary of State Cordell Hull and the Haitian Minister.
he added. Instead of providing special favors for Agreements were made previously with Cuba, Brazil
individual industries, the program was said to. con- and Belgium, while negotiations are in progress with
template the welfare of the country as a whole. 13 other Governments for similar agreements. The
Restrictive measures on foreign trade were roundly Haitian arrangement is subject to approval of the
denounced in these addresses.
Congress of that country and it will become effective
Clearing agreements, which now are in common thirty days after it has been proclaimed by the Presiuse in a number of European countries, were de- dents of the two countries. The chief import duty
scribed as an unmitigated economic evil in a report concession made by the United States in this treaty
by the Economic Section of the League of Nations, is a reduction in the levy on rum from $5 to $2.50
made public at Geneva last Sunday. The report was a proof gallun. This will mean a further reduction
submitted, Monday, to a mixed committee of finan- in the duty on rum imported from Cuba, since that
cial and economic experts appointed to consider this country is entitled to a 20% preferential. The treaty
problem. Clearing agreements not only hurt trade with Haiti provides also for reductions in duties on
in general, but they defeat their own aims. To have Haitian pineapples, mangos and guava pastes and
a good clearing one must have a bad commercial pulps. Most Haitian products are on the United
balance, and where a bad balance does not exist, the States duty-free list and such exemption will be
clearing makes it, the report points out. It was continued. The Haitian Government, on its side,
conceded, however, that in the existing international agrees to reduce its import tariff on a list of thirteen
monetary situation "it seems very hard to replace items from the United States, while conditional reclearings by another method assuring with less in- ductions on further items also are to be effected.
convenience the liquidation of frozen credits and Leather goods, sewing machines, beef, mutton, pork,
preventing the blocking of new credits in countries and various kinds of fruits, seed potatoes and dairy
whose currencies are controlled." The report, ac- products will gain the greatest benefits. Haiti agrees
cording to a dispatch to the New York "Times," also not to increase its duties on a long list of Ameriholds the clearing system especially pernicious when can products used generally in that country.
it is based on a higher monetary parity than actually
Anglo-German Conversations
exists, as in the case of Germany. In any such
circumstances the clearing arrangements encourage
ARIOUS conversations were held in Europe this
imports and discourage exports, and the credits
week by Ministers of all the leading Governwhich it is aimed to decrease may actually be in- ments in order to examine the situation created by
creased, it is said.
the unilateral German denunciation of the Versailles
p
V
P368
Financial Chronicle
Treaty armaments clauses and the restoration of
conscription in the Reich. Foremost among these
discussions were the talks held in Berlin, Monday
and Tuesday, by Foreign Secretary Sir John Simon
and Lord Privy Seal Anthony Eden,for Great Britain, and Chancellor Adolf Hitler and Foreign Minister Konstantin von Neurath, for Germany. It
would be idle to expect immediate and conclusive
results from this brief exchange, and there is evidence that actual results were small, although much
was doubtless gained from the frank exposition of
views possible in such personal contacts. The meeting in Berlin was preceded by one in Paris, attended
by Ministers of the British, French and Italian Governments. Captain Eden attended both the Paris
and Berlin conferences, and he continued to Moscow
from the German capital, in order to explore further the possibilities of bringing the Continental
countries closer together in their aims and thus
consolidating the peace of Europe. After some additional visits, a general conference of British, French
and Italian Foreign Ministers is to be held at Stresa,
Italy.
Rumors without number and of extraordinary
variety were reported in dispatches from all the
European capitals, but the facts of the present situation still are obscure and they may well remain
so for some time to come. That Germany was rearming was known for considerably more than a
year, but the defiant announcement of conscription
by Chancellor Hitler naturally put a different face
on the whole matter. Anglo-German discussions
with a view to legalizing German rearmament as
a quid pro quo for German return to the League
of Nations, and signature by the Reich of aerial defense, Eastern Locarno and Central European defense accords were projected before the German
conscription announcement was made. Only after
assurances by the Reich that the conversations would
proceed along lines originally projected, were arrangements completed for the visit of British Ministers to Berlin. It was evident, when Germany took
her step, that it might precipitate all sorts of new
alignments and additional armament by other countries. Most of the rumors current this week relate
to such matters, but for the time being it is impossible to separate the wheat from the chaff. In
a brief declaration before the House of Commons,
Thursday, Sir John Simon cautioned that "unauthorized speculation such as has appeared in some
quarters should be disregarded."
Discussions in Paris were held last Saturday as
a preliminary to the Berlin conversations, and they
seem to have been rather perfunctory. Fulvio Suvich, the Italian Under Secretary for Foreign Affairs, and Captain Anthony Eden of Britain, conferred at length with Pierre Laval, Foreign Minister
of France, and at the conclusion of the meeting a
communication was issued which indicated that the
British Ministers would have the "good wishes" of
France and Italy on their mission in Berlin. The
complete unanimity of purpose of the British, French
and Italian Governments was emphasized, and it was
added that a meeting of these three Governments
would be held at Stresa, April 11, in order to survey
the situation. "The communication," said a dispatch
to the New York "Herald Tribune," "was one more
masterpiece of diplomatic verbiage intended to portray unanimity of views among the three Governments, but if anything, it served to emphasize the
March 30 1935
fact that Sir John Simon's exploratory conversations
in Berlin will be made solely on British responsibility." It was made known in Paris last Saturday
that M. Laval would proceed very soon to Moscow
for Franco-Russian conversations, and the inference
was generally drawn that an alliance between these
countries might be sought.
Sir John Simon and Captain Anthony Eden arrived in Berlin late last Sunday, and early on Monday they started their conversations with Chancellor
Hitler and his aides. When they ended late on Tuesday a brief official statement indicated that all the
subjects covered in the Anglo-French memorandum
of Feb. 3 had been discussed. "The conversations
were conducted in the frankest and friendliest spirit
and resulted in complete clarification of the various
points of view," the statement continued. "It was
noted that the aim of both Governments is to secure
and strengthen peace by promoting international
co-operation. The British and French Ministers are
satisfied as to the usefulness of the direct conversations that have taken place." All unofficial accounts
of the Berlin meeting agreed that Germany showed
no inclination to compromise in the matter of her
rearmament, and it was also made apparent that
"serious differences" existed between the British and
German Governments. The conversations were interrupted for a time by reports of a trial of more
than 100 Nazis in Lithuania, for subversive activities in the former German port of Memel. The Nazis
were convicted and several were sentenced to death,
while others were sentenced to long prison terms by
the Lithuanians. Chancellor Hitler is said to have
discussed this matter in vigorous terms with his
British guests and to have declared that the Memel
incident is merely another example of the indignities
to which Germany has been subjected for fifteen
years. The Memel incident caused widespread indignation in Germany, and the Lithuanian Government thought it advisable to cancel the leaves of its
army officers and otherwise prepare for eventualities. There were, however, no further untoward
events in that connect ion
Sir John Simon returned to London,after the talks
with the German authorities were ended, while Captain Eden went on to Moscow. The latter engaged
on Thursday in extensive conversations with Foreign
Commissar Maxim Litvinoff, and further discussions
were held yesterday. Soon after the Anglo-Russian
conversations started, it was indicated that they
were proceeding in a spirit of amity, with views generally in accord. Sir John Simon reported to the
British Cabinet on Wednesday and he appeared in
the House of Commons, Thursday,for the customary
interpellation. Little was disclosed by the British
Foreign Secretary, beyond a tacit admission that
Chancellor Hitler had adopted a strong attitude in
the Berlin conversations. "Considerable differences
of opinion were revealed, but the result undoubtedly
will be valuable and both sides will be able clearly
to understand their respective viewpoints—a process indispensable to further progress," Sir John informed the Commons. He pointed out that the visit
was merely exploratory and was one of a series of
visits on the Continent for study of the situation.
In these circumstances, he urged, it is obviously undesirable to make a full statement on the position of
affairs still under investigation.
Among the numberless rumors emanating from
Europe in the course of the week were some to the
Volume 140
Financial Chronicle
effect that Germany had demanded a return of the
Polish corridor in the Anglo-German conversations.
This was denied officially and with great promptness by the German Government. It was stated,
likewise in unofficial reports, that an Austrian
plebiscite hqd been requested by the Reich, as well
as a return of the territory turned over to Czechoslovakia in the peace settlement. A demand for a
large navy was attributed to the Reich in some
accounts, while others stated that Berlin would be
content with a small percentage of the British fleet.
Semi-official quarters in London are said to have
disclosed that Chancellor Hitler asked a return of
at least one Germany colony, and formal abolition
of the military sections of the Versailles treaty. In
return for re-entry into the League, Chancellor Hitler was said to have demanded that the Covenant
be separated from the treaty. The only points on
which there was agreement, it would appear, was a
mutual desire for a Western European aerial defense pact, and the advisability of armaments limitation. It is interesting to note, in this connection,
that Premier Benito Mussolini late last week issued
a call for the immediate mobilization of the entire
Italian conscript class of 1911, totaling 220,000 men.
This will place more than 1,000,000 armed men under
the command of the Italian dictator, but it is not
clear whether this large force is desired in view of
the European situation or because of the Abyssinian
difficulties. France this week ordered the construction of two large battleships, and in other ways as
well it is being demonstrated ever more clearly that
armaments limitations is being relegated steadily
farther into the background of European affairs.
2069
Ababa, Dr. Kisch-Simens, was said to have expressed
sympathy for Abyssinia in "her struggle against
foreign domination." The German Government
issued a denial, Wednesday, of reports that military
and air experts' services had been tendered.
Japan to Co-operate with League
NDER the covenant of the League of Nations,
any resignation by a member State becomes
effective only after a period of two years, and the
two-year period since Japan announced her withdrawal was ended last Wednesday. The resignation
of the Tokio Government was occasioned by the
League's report condemning the Manchurian adventures of Japan, and since the step was taken only
nominal interest has been displayed by that country
in League activities. On the eve of the formal withdrawal, however, Japanese authorities indicated
that they would continue to co-operate with the
Geneva organization on non-political affairs and
on such matters as the disarmament endeavors. The
Japanese attitude toward the League, it appears,
will be much like that of the United States Government. In pursuance of this policy it was suggested
Tuesday, by Matsayuki Yokoyama, the Japanese
Consul-General at Geneva, that the League forthwith reappoint the Japanese members of all League
committees. The League, said Mr. Yokoyama, cannot ignore the existence of Japan as a world Power,
"nor especially her preponderating position in Eastern Asia," while Japan, on her part, cannot ignore
the existence of the League as the most important
international organization.
Joseph A. Avenol, Secretary-General of the
League, took the unusual step, Tuesday, of issuing
a statement of his own regarding the Japanese withdrawal. "It is most regrettable," he said, "that the
League should have to part with one of its original
members, a member which collaborated with it for
nearly 15 years. Now that the separation has been
accomplished in fact, the legal bond between Japan
and the League ceases to exist. Japan no longer has
any rights or obligations as regards the League, and
it is, therefore, unhappily impossible for her to
retain the position she has hitherto occupied in connection with the League. We are given to understand, however, that the Japanese Government intends to pursue a policy of international co-operation in the spirit of the Imperial rescript promulgated two years ago. Such intention is a cause of
great satisfaction."
U
Italo-Abyssinian Dispute
OME new elements have been injected in recent
days into the controversy between Italy and
Abyssinia regarding the borders between Ethiopia
and the Italian colonies in Africa and the incidents
that occurred on the frontiers lately. Italian intentions in this dispute have been made sufficiently
obvious by the continuous concentration of Italian
troops in the colonies and the most persistent endeavors on the part of Rome to keep the matter
from any airing before the League of Nations. The
Ethiopian Government appears still to retain some
confidence in the efficacy of the League's war-preventing machinery. The authorities at Addis Ababa
on March 19 dispatched to Geneva an appeal for
League intervention under Article XV, which requires an emergency session of the Council in the
event of any dispute "likely to lead to a rupture."
Discount Rates of Foreign Central Banks
But the Abyssinian Government, in this instance,
HE Bank of Italy on March 25 reduced its disdid not demand an immediate session, and SecretaryGeneral Joseph A. Avenol communicated with the
count rate from 4% to 31A%. The 4% rate
Italian Government on the problem. The Rome has been in effect since Nov. 26 1934 at which time
authorities replied late last week with a contention it was raised from 3%. Present rates at the leading
that in the event direct negotiations failed the mat- centers are shown in the table which follows:
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
ter would come under an arbitration treaty with
Ethiopia. For this reason, they contended, "the
Rate in
PreRate tn
PreCountry
Effect
Date
Date
dour
Country
Effect
rims
Covenant cannot be applicable in this particular
Mar29 Established
Rate
lifor29 Established
Rate
Small skirmishes between Abyssinian Austria____ 4 Feb. 23 1935 434 Hungary__ 434 Oct. 17 1932 5
case."
Belgium__
234 Aug. 28 1934 3
India
334 Feb. 16 1934 4
7
Jan. 3 1934 8
Ireland.... 3
June 30 1932 334
nomads and Italian forces occurred March 20 on the Bulgaria__
Chile
434 Aug. 23 1932 534 Italy
334 Mar. 25 1935 4
Colombia... 4
July 18 1933 5
Japan
3.65 July 3 1933 3
border of Italian Somaliland, and March 25 on the CzechoaloJava
334 Oct. 31 1934 4
vakia____
334 Jan. 25 1933 434 Jugoslavia. 5
Feb. 1 1935 634
border of the Italian colony of Eritrea. Last Tues- Danzig_
___
4
Sept. 21 1934 3
Lithuania
6
Jan. 2 1934 7
Denmark__
234 Nov. 29 1933 3
Norway
334 May 23 1933 4
problem
was
whole
complicated further by England_ _ _ 2 June 30 1932 234 Poland.._ _ _ 5 Oct. 25 1933 6
day the
Sept. 25 1934 5.34 Portugal
Estonia____ 5
5
Dec. 13 1934 534
indications that the German Government had Finhuid____
4
Dec. 4 1934 434 Rumania .._
434 Dec. 7 1934 6
France____
234 May 31 1934 3
SouthAtrica 4
Feb. 21 1933 5
offered to send to Abyssinia a group of military and Germany_ 4 Sept.30 1932 5 Spain
8
Oct. 22 1932 634
7
Oct. 13 1933 734
Greece ____
_
235 Dec. 1 1933 3
air force experts. A new German Minister to Addis Holland ___ 234 Sept. 18 1933 3 Sweden_
Switzerland 2
Jan. 22 1931 2
S
T
2070
Financial Chronicle
Foreign Money Rates
IN LONDON open market discounts for short bills
on Friday were 9-16@N% as against 946% on
Friday of last week, and 9-16@/% for three
months' bills as against 9-16@%% on Friday of
last week. Money on call in London on Friday was
%%. At Paris the open market rate remains at
and in Switzerland at 13/2%.
Bank of England Statement
HE statement of the Bank for the week ended
March 27 shows a gain of £65,342 in bullion,
which raises the total to £193,123,088, a new record
high; a year ago the figure stood at £192,152,872.
However, as circulation expanded £3,482,000, the
gain in gold was than offset and reserves as a result
fell off £3,416,000. Public deposits rose £5,253,000
and other deposits decreased £7,979,952. The latter
consist of bankers' accounts, which decreased £8,634,093, and other accounts, which increased £654,141. The reserve ratio dropped to 45.37% from
46.73% a week ago. Last year it was 49.27%.
Loans on Government securities rose £1,685,000 and
those on other securities fell off £963,585. Other
securities include discounts and advances, which
increased £119,198, and securities, which decreased
£1,082,783. No change was made in the 2% discount
rate. Below we show the different items compared
with other years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT
March 27
1935
Circulation_
Public deposits
Other deposits
Bankers'accountsOther accounts_ —
Govt.securities
Other securities
Dint.& advancesSecurities
Reserve notes & coin
Coin and bullion
Proportion of reserve
to liabilities
Bank rata
March 28
1934
March 29
1933
March 30
1932
April 3
1931
£
£
£
£
£
381,441,000 378,779,139 367,111,600 360,529,134 357,056,936
20,107.000 17,512,720 21,244,065 27,230,726 17,242,743
137,852,211 131,385,189 127,804,053 88,947,089 93,481,658
96,625,016 94,468,743 92,838,083 54,565.819 58,788,220
41,227,195 36,916,446 34,965,970 34,381,270 34,693,438
87,637,044 77,099,732 57,737,779 35,695,906 30,349,684
16,934,204 16,677.260 28,981,223 62,812,256 50,314,011
5,552,118 5,634,269 11,770,312 11,725,366 24,628,884
11,382,086 11,042,991 17,210,911 51,086,890 25,685,127
71,682,000 73,373,733 80,576,560 35,902,657 48,330,251
193,123,088 192,152,872 172,688,160 121,431,791 145,387,187
March 30 1935
Bank of Germany Statement
HE Reichsbank's statement for the third quarter
of March shows another increase in gold and
bullion, the gain this time being 109,000 marks.
The total of gold is now at 80,595,000 marks, in
comparison with 244,991,000 marks a year ago and
727,356,000 marks two years ago. A decrease appears in reserve in foreign currency of 20,000 marks,
in bills of exchange and checks of 184,688,000 marks,
in advances of 6,912,000 marks, in investments of
6,319,000 marks, in other daily maturing obligations of 24,637,000 marks and in other liabilities
of 18,106,000 marks. The Bank's ratio is now
2.58%, compared with 8.0% last year and 26.6%
the previous year. Notes in circulation reveal a
contraction of 106,983,000 marks, bringing the total
of the item down to 3,295,582,000 marks. Circulation a year ago aggregated 3,293,041,000 marks and
the year before 3,196,798,000 marks. Silver and
other coin, notes on other German banks and other
assets register increases of 29,324,000 marks, 3,260,000 marks, and 15,520,000 marks, respectively.
Below we furnish a comparison of the different items
for three years:
T
REICHSBANK13 COMPARATIVE STATEMENT
Changes
for Week
Mar. 23 1935 Mar. 23 1934 Mar. 23 1933
Assets—
Retchsmarks
Retchsmarks Retchsmarks Retchsmarks
Gold and bullion
+109,000
80,595,000 244,991,000 727,356,000
Of which depos. abroad
No change
21,397,000
62,812,000
66,365,000
Reserve in foreign curr_
—20,000
4,414,000
17,264,000 121,948,000
Bills of exch.and checks —184,688,000 3,304,349,000 2,767,737,000 2,470,614,000
Silver and other coin_ _. +29,324,000 187,534,000 276,155,000 288,921,000
Notes on other Ger. bks
11,858,000
14,631,000
+3,260,000
15,009,000
Advances
—6,912,000
57,098,000
79,137,000
83,637,000
Investments
—6,319,000 754,786,000 678,931,000 401,071,000
Other assets
+15,520,000 603,583,000 521,654,000 619,229,000
LtaMlftfes—
Notes in circulation_ _
—106,983,000 3,295,582,000 3,293,041,000 3,196,798,000
Other daily matur.obllg
—24,637,000 901,848.000 540,816,000 362,357,000
Other liabilities
—18,106,000
59,200,000 141,079,000 600,726,000
Propor, of gold & 1or'n
curr. to note circurn_
+0.09%
2.58%
8.0%
26.6%
New York Money Market
HANGES in the New York money market were
little more than nominal this week. Owing to
45.37%
49.27%
54.05%
30.90%
43.64%
recent income tax payments and preparations by
banks for retirement of their National bank notes,
Bank of France Statement
funds have been transferred to the United States
HE statement for the week ended March 22
Treasury in large amounts of late and deposited to
shows an increase in gold holdings of 28,the general account of the Treasury with the Federal
532,743 francs. The Bank's gold stands now at
Reserve banks. The reserve balances of member
82,596,794,593 francs, which compares with 74,- banks fell proportionately, and excess reserves this
365,395,446 francs a year ago and 80,623,436,491 week dipped below the $2,000,000,000 mark, as
francs two years ago. French commercial bills against the recent high of about $2,300,000,000.
discounted and creditor current accounts register There is, of course, no practical money market difincreases of 143,000,000 francs and 845,000,000 ference between such figures, and reflections of the
francs, while advances against securities and notes incidents were completely lacking. Call loans on
in circulation reveal decreases of 45,000,000 francs the New York Stock Exchange prevailed at 1%,
and 703,000,000 francs respectively. Owing to the where the rate has been held for 15 months now
decline in circulation the total of the item is now without variation. Time loans were 3
/
4@1%. Nor
81,490,446,890 francs, in comparison with 80,821,- were there any alterations in commercial paper or
056,275 francs last year and 84,233,030,325 francs bankers' bill rates. The plethora of cash induced
the previous year. The proportion of gold on hand the Treasury to announce for award next week only
to sight liabilities stands at 80.76%; a year ago it was $50,000,000 discount bills as against usual sales of
77.34%, and the year before, 76.50%. A comparison $100,000,000. Award was made by the Treasury
of the various items for three years appears below:
last Monday of $50,000,000 discount bills due in 182
BANK OF FRANCE'S COMPARATIVE STATEMENT
days at an average discount of 0.109% on an annual
bank discount basis, while $50,000,000 bills due in
Changes
for Week
March 22 1935 March 23 1934 March 24 1933
days went at an average figure of.0.18%.
272
Francs
Francs
Francs
Francs
9.7-
9,,l-
907_
RIZ%
ROI_
C
T
Gold holdings
+28,532,743 82,596,794,593 74,365,395,446 80,623,436,491
Credit bats. abroadNo change
10,755,542
13,780.886 2,405,678,976
a French commercial
bills discounted
+143,000,000 3,779,914,541 5,611,115,025 4,227,163,108
b Bills bought abr'd
No change
1,006,160,043 1,055,679,691 1,980,324,353
—45,000,000 3,100,290,537 2,966,148,534 2,635,329,457
Adv. against securs.
Note circulation
—703,000,000 81,490,446,890 80,821,056,275 84,233,030,325
Credit current accts. +845,000,000 20,790,437,453 15,337,515,492 21,157,850,324
Proport'n of gold on
--0.08%
80.76%
77.34%
76.50%
hand to sight liab_
a Includes bills purchased in France. b Includes bills discounted abroad.
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day, 1% remained
the ruling quotation all through the week for both
new loans and renewals. Time money has continued
D
•
Volume 140
Financial Chronicle
2071
which is now being sent to the Bank of France in
preparation for a French credit to Belgium. The
discussion of the Belgian situation indicates the trend
and variations in the pound during the week, as the
unit was dominated by the violent fluctuations of the
belga and the resultant flight of funds. The range for
sterling this week has been between $4.7634 and
$4.853/g, compared with
.733/ and $4.803/ last
week. The range for cable transfers has been between
Bankers' Acceptances
.8034, compared with $4.7334 and
$4.85% and
HE demand for prime bankers' acceptances $4.80 a week ago.
has shown good improvement this week.
The following tables give the mean London check
More bills have been available but they have been rate on Paris from day to day, the London open
quickly disposed of. Rates are unchanged. Quota- market gold price, and the price paid for gold by the
.tions of the American Acceptance Council for bills up United States:
to and including 90 days are 3-16% bid and H%
MEAN LONDON CHECK RATE ON PARIS
asked; for four months, 5-16% bid and M.% asked; Saturday, Mar. 23
72.718
72.312 1 Wednesday. Mar.27
72.937
Thursday, Mar. 28
72.488
Monday, Mar.25
for five and six months, IA% bid and %% asked. Tuesday,
73.403
Mar.29
Friday,
72.539
Mar.26
The bill buying rate of the New York Reserve Bank
LONDON OPEN MARKET GOLD PRICE
146s. id.
I Wednesday, Mar. 27_ _145s. 3d.
is M% for bills running from 1 to 90 days, 4% Saturday, Mar.23
Thursday, Mar. 28_ _144s. 1034cl.
145s. 734cl.
Monday, Mar.25
for 91- to 120-day bills, and 1% for 121- to 180-clay Tuesday,
Mar. 29_ _144s. 8d.
Friday,
Mar.26
145s. 7d.
bills. The Federal Reserve banks' holdings of acceptPRICE PAID FOR GOLD BY UNITED STATES (FEDERAL
RESERVE BANK)
ances increased from $5,299,000 to $5,306,000. Their Saturday, Mar. 23
$35.00
$35.00 !Wednesday, Mar. 27
35.00
holdings of acceptances for foreign correspondents Monday, Mar.25
Mar. 28
35.00 Thursday,
35.00
Mar. 29
35.00 Friday,
however, decreased from $206,000 to $98,000. Open Tuesday, Mar.26
The British policy of allowing the pound to drift,
market rates for acceptances are nominal in so far
and
British trade and tariff restrictions, are blamed
as the dealers are concerned, as they continue to
fix their own rates. The nominal rates for open by the French for the plight of the belga, but this
is merely in line with the usual practice of blammarket acceptances are as follows:
ing "foreigners" for monetary difficulties. The
SPOT DELIVERY
—180 Days— —150 Days— —120 Days-weakened position of the belga has impaired French
Bid
Asked
Bid
Asked
Bid
Asked
Prim eligible bills
Government credit by causing a decline in Rentes and
34
Si
34
Si
Ng
31
in bond prices. For this setback, which has inter—90Days— —60Days— —30Days—
Bid
Aged
Bid
Asked
Bid
Asked
fered with the Flandin Government's policy of effectPrime eligible bills
'is
34
'la
34
'is
34
FOR DELIVERY WITHIN THIRTY DAYS
ing a gradual appreciation in bond prices and cheapEligible member banks
3,4% bid
ening of long-term money, the French feel that the
Eligible non-member banks
34% bid
British policy of progressive decline in sterling is
Discount Rates of the Federal Reserve Banks
responsible, as it has subjected the gold bloc to inHERE have been no changes this week in the creasing pressure and set at naught their efforts to
rediscount rates of the Federal Reserve banks. restore economic stability. The British Government
The following is the schedule of rates now in effect has in effect served notice through the Chancellor of
for the various classes of paper at the different the Exchequer that it will take no action at this time
Reserve banks:
to relieve the situation resulting from its own policy.
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Mr. Chamberlain made a statement in the House of
Commons on Thursday, a few hours after the closing
Rate in
Federal Reserve Bank
Wed on
Date
Previous
Mar.29
of all Belgian exchanges, in which he declined to hold
Established
Rate
Boston
2
Feb. 8 1934
234
out any hopes for international currency stabilization,
New York
114
Feb. 2 1934
2
Philadelphia
2
Jan. 17 1935
2%
saying:
"I am not aware of any steps which could at
Cleveland
2
Feb. 3 1934
2%
Richmond
254
Jan. 11 1935
3
this
moment
be taken by the Government to estabAtlanta
2
Jan. 14 1935
2%
Chicago
2
Jan. 19 1935
2%
lish a common monetary standard."
St. Louis
2
Jan. 3 1935
234
Minneapolis
254
Jan. 8 1935
3
Kansas City
The London open market gold price, which is al254
Dec. 21 1934
3
Dallas
254
Jan. 8 1935
3
Ban Francisco
ways fixed solely on the basis of supply and demand,
2
Feb. 16 1934
2%
without regard to franc and dollar rates, is normally
Course of Sterling Exchange
at a premium over the price of gold indicated by the
TERLING exchange this week has been affected sterling price for French francs, but this premium is
chiefly by the acute difficulties of the belga and not estimated when the exchanges fluctuate violently.
by the flight of Belgian capital seeking safety in An excerpt from the bullion circular of Samuel
London. Fluctuations in the market have been wide Montagu & Co. corrects the mistaken impression
as belgas broke, rallied, and plunged, again. As the prevailing in some quarters that a change has been
week progressed and the closing of the Belgian ex- made in the method of fixing the gold price. The
changes on Thursday induced fears that the gold bloc so-called premium is not an official quotation but "is
would collapse within a few months, a rush to buy solely a calculation (made after the 'fixing') of the
British pounds set in and sterling advanced a cent excess which buyers have paid over the price at
but reacted half a cent and closed at $4.8034 on the which an arbitrage purchase would have been possiday. Shipments of more than £20,000,000 from ble. For example, if one were to take the French
London to Paris, contrary to the flow of gold exchange exchange rate at the time when the price was fixed
requirements, are believed to be gold acquired by the yesterday (March 6) as being 7034 (francs to the
Exchange Equalization Fund in the London open pound), it would theoretically have been possible to
market to hold sterling down against a rising trend, buy gold at 148s. 6d., sell francs and ship to the
or possibly to represent gold formerly held in London Bank of France, with a slight profit. As the price
at a standstill this week, no business having been
transacted. Rates are nominal at %@1% for two
to five months and 1@13.
4 % for six months. The
market for prime commercial paper has again been
moderately active this week. Paper has been fairly
plentiful and the demand has been good. Rates are
3470 for extra choice names running from four to
six months and 1% for names less known.
T
T
S
2072
Financial Chronicle
was fixed at 149s. 4d., this would have been quoted
as including a 10d. premium over franc parity."
The co-operative effort to raise discount rates in
the London bill market is proving effective. Threemonth Treasury bills are slightly more than %,
compared with the low of 3-16% at the end of last
January. Market discount rates have risen correspondingly and for the first time in many months it
can be said that the discount market is not running
bills at a loss.
Open market money rates are virtually unchanged
from last week. Call money against bills is easy at
%. Two months' bills are 9-16%, firee-months'
bills are, 9-16% to %%,four-months' bills %% to
11-16%, and six-months' bills 11-16% to Yi%.
All the gold available in the London open market
this week was again taken for unknown destinations,
generally understood to be for account of hoarders.
On Monday of this week the amount available
totaled £300,000, on Tuesday £397,000, on Wednesday £665,000, on Thursday £460,000, and on Friday
£722,000.
The Bank of England statement for the week
ended March 28 shows an increase in bullion of
£65,342. Total gold holdings now stand at L193,123,088, compared with £192,152,872 a year ago and
with the minimum of £150,000,000 recommended by
the Cunliffe committee. At the Port of New York
the gold movement for the week ended March 27, as
reported by the Federal Reserve Bank of New York,
consisted of imports of $5,613,000, of which $2,194,000 came from Canada, $1,407,000 from Colombia, and $12,000 from Guatemala. There were no
gold exports. The Reserve Bank reported an increase
of $996,000 in gold earmarked for foreign account.
In tabular form the gold movement at the Port of
New York for the week ended March 27, as reported
by the Federal Reserve Bank of New York, was as
follows:
GOLD MOVEMENT AT NEW YORK, MARCH 21-27, INCLUSIVE
Imports
Exports
$4,194,000 from Canada
1,407,000 from Colombia
None
12,000 from Guatemala
$5,613,000 total
Net Change in Gold Earmarked for Foreign Account
Increase: $996,000
Note—We have been notified that approximately $100,000 of gold was
received from China at San Francisco.
The above figures are for the week ended Wednesday evening. On Thursday there were no imports or
exports of the metal or change in gold held earmarked
for foreign account. On Friday there were no imports
or exports of the metal, but gold held earmarked
for foreign account decreased $700,000.
Canadian exchange continues to rule at a slight
discount in terms of the United States dollar. On
Saturday last Montreal funds were at a discount of
Vi% to %%, on Monday at 13-16% to %%, on
Tuesday at 13-16% to 4
3 %,on Wednesday at %%
to 9-16%, on Thursday at 9-16% to %, and on
Friday at N%.
Referring to day-to-day rates, sterling exchange on
Saturday last was moderately lower than on the previous day. Bankers' sight was $4.763
4@$4.773/
8;
cable transfers, $4.76%@$4.773i. On Monday sterling advanced 13/2 cents. Bankers' sight was 34.7734
@$4.783/2; cable transfers, $4.777A@$4.78%. On
Tuesday the pound was firm in an inactive market
pending further political and financial developments
on the Continent. Bankers' sight ranged from $4.78
March 30 1935
@$4.78% and cable transfers from $4.783/s@$4•79.
On Wednesday sterling continued firm, reflecting the
movement of. Continental funds to London. Bankers'
-r.
EgLit was from $4.793/g@$4.7934 and cable transfers
were from $4.7934@$4.80. On Thursday a rush to
the pound caused by the closing of the Belgian exchanges carried sterling up a net of
cent to close
at $4.803'. The range was $4.80@$4.80% for bankers' sight and $4.803/
s@$4.8034 for cable transfers.
On Friday sterling rose sharply but reacted again
later in the day.with close only fractionally higher.
The range was $4.8034@$4.853' for bankers' sight
and $4.81@$4.853A for cable transfers. Closing
quotations on Friday were $4.805
4 for demand and
$4.81 for cable transfers. Commercial sight bills•
finished at $4.80%; 60-day bills at .797A; 90-day
bills at $4.7932; documents for payment (60 days)
at $4.79; and seven-day grain bills at $4.805
/.
Cotton and grain for payment closed at $4•80%.
Continental and Other Foreign Exchange
XCHANGE on the Continental countries is dominated by events affecting the belga. The Belgian unit plunged to successive lows this week, inducing violent fluctuations in the entire foreign exchange market, which culminated on Thursday morning in the closing of all Belgian exchanges until
Monday and led to the general expectation that the
currency would be devalued and that Belgium would
abandon the gold standard. Despite the foreign exchange restrictions and the virtual gold embargo
adopted last week, the continued flight of capital and
the formation on March 25 of a cabinet combining
Catholic, Liberal and Socialist elements pointed to
the imminence of devaluation of the currency. Press
dispatches dated March 23 noted the existence of a
1926 law, having a definite life of 25 years, which
provides a gold basis for the belga and which can not
be abrogated by any Cabinet but can be repealed
only by Parliamentary action, and the three groups
comprising the Cabinet formed by Paul van Zeeland,
who on March 23 was chosen to succeed M. Theunis
as Premier, agreed to participate in the new Cabinet
on condition that the belga be maintained at its
present gold parity. Nevertheless the belga declined
far below the gold point as soon as the Cabinet was
formed, falling to 17% below parity, apparently
without serious effort to check the decline. On Friday
last the belga dropped to 22.60 cents in New York
and closed off 52 points on the day. On Saturday
last the belga fell to 22.55 cents but rallied to 23.23
cents, up 45 points from the previous day, on emphatic official denials of intent to abandon gold. On
Monday the belga broke more than a cent, but with
little effect on the exchange market. On the same
day flight of capital by airplanes carrying packages
of bank notes was reported privitely at the same time
that the formation of a Government of national union
was announced.. On Thesday belgas were chaotic.
Belgas closed in New York on Monday at 22.35 and
opened Tuesday at 20.27 cents. The low for the day
may have been anywhere from 19.60 to 20.10, but
the close was known to be around 21.50, a net loss of
85 points. Belga futures were practically unquotable
on Tuesday and the crumbling of future quotations
for the other gold bloc units realized the fears generally felt since the Belgian situation became acute
that the gold bloc was in peril.
The belga rallied on Wednesday to 22 8, but the
other gold bloc currencies weakened, selling at a
E
Volume 140
larger discount in the forward market. Belga futures
were offered, with no bids, at a discount of 80 points
under spot for two weeks and 200 points under spot
for delivery in three months. The French franc
fell below its gold import point to 6.59 cents. Opposition to devaluation was reported to have developed
among Flemish peasants, indignant at the prospect
of losing part of their savings. Reports from Brussels
on Wednesday indicated that the new Government
contemplated a managed currency under the control
of an exchange fund and early removal of restrictions
on foreign exchanges.
The issuance of a Government order on Thursday
morning closing all Belgian stock exchanges for three
days started a rush to buy tangible assets in an effort
to avert losses from devaluation. Quotations on foreign exchanges were prohibited, banks were forbidden
to sell foreign currencies,and the Government forbade
the transportation of gold by rail, air, motor, or post
without license. The purpose of these measures, it
was explained officially, was to prevent speculation
• and to give the Government time to effect any financial measures it might announce. The belga broke
13,1, cents to 21 cents in New York on Thursday
though trading was negligible. Sterling rose a cent
on demand from the Continent, from which capital
is moving to London in fear of collapse of the gold
bloc. The pound reacted a half-cent to $4.80% on
reflection that the closing of the bourses would check
speculative selling.
A new gold movement from Europe to New York
has begun as a result of the Belgian developments
and the consequent pressure on the remaining gold
bloc currencies. A shipment of 10,000,000 guilders
($6,806,000) from Amsterdam was reported on
Thursday, when the guilder sold at 67.55 cents, 83/
points below the gold export point. Arrangements
to ship a small amount of gold from Paris to New
York were also reported. Heavy gold shipments
from London to Paris, in excess of £20,000,000, were
reported on Thursday to have been taking place
though the position of the exchanges and the price of
gold in the London open market called for the opposite movement. The transfer is believed to represent
either gold acquired by the Exchange Equalization
Fund to hold sterling down and create new franc
reserves against a future drive against the pound, or
Belgian gold formerly held in London which is now
being sent to the Bank of France in preparation for
a French credit to Belgium.
This week the Bank of France shows a net increase
in gold holdings of 28,532,743 francs, despite the
shipments of metal from Paris for sale in the London
open market. The increase is ascribed to sales of
gold to the Bank of France from Belgium, Italy, and
Switzerland to protect the currencies of those counties. The total gold of the Bank of France on
March 22 stood at 82,596,794,593 francs, compared
with 74,365,395,446 francs a year ago, and with
28,935,000,000 francs when the unit was stabilized
in June, 1928. The Bank's ratio is at the high figure of
80.76%, which compares with 77.34% a year ago,
and with legal requirement of 35%.
Italian lire registered a record low for the year of
8.22on Tuesday but recovered appreciably on Wednesday as the French franc weakened, closing at 8.263/
cents, a gain of 33/2 points.
On Monday the Bank of Italy reduced its discount
rate from 4% to 33/2%, probably in an attempt to
2073
Financial Chronicle
return to the wcheapmoney program for internal
purposes, which was interrupted last fall.
The following table shows the relation of the leading European currencies still on gold to the 'United
States dollar:
Prance (franc)
Belgium (belga)
Italy (bra)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity
Parity
6.63
3.92
23.54
13.90
8.91
5.26
32.67
19.30
40.20
68.06
Range
This Week
8.583i to 6.59%
19.00 to 23.23
8.22 to 8.28
32.30 to 32.37
67.39 to 68.63
The London check rate on Paris closed on Friday
at 73.21 against 72.35 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.583.1, against 6.595
4 on Friday of
%, against 6.59;
last week; cable transfers at 6.583
4.
and commercial sight bills at 6.563.1, against 6.571
Antwerp belgas finished at 18.99 for bankers' sight
bills and at 18.99 for cable transfers, in comparison
with 22.74 and 22.75. Final quotations for Berlin
marks were 40.11 for bankers' sight bills and 40.12
for cable transfers, in comparison with 40.16 and
40.17. Italian lire closed at 8.27 for bankers'
sight bills and at 8.28 for cable transfers, against
2. Austrian schillingi closed at
8.233. and 8.243/
exchange on Czechoslovakia
18.85;
against
18.83,
on Bucharest at 1.01
4.183/2;
against
4.18,
at
against 1.013/
2; on Poland at 18.86, against 18.89,
and on Finland at 2.13, against 2.113/2. Greek exchange closed at 0.93 for bankers' sight bills and at
0.933/ for cable transfers, against 0.933/ and 0.94.
XCHANGE on the countries neutral during the
war reflects to some extent the difficulties
besetting the belga. In Switzerland the flight of
some 100,000,000 Swiss francs during the week was
induced by fears that devaluation may follow adoption of an inflationary economic plan which is to be
submitted to a referendum in June. The plunge of
the belga carried down the other gold bloc currencies
to dangerous levels, and a shipment of 10,000,000
guilders ($6,806,000) from Amsterdam to New York
was reported on Thursday when the guilder sold down
to 67.55 cents, 83/ points below the gold export
point. The shipment is regarded as an indication
that Holland, like France, intends to support its
currency and to allow the gold standard to operate
freely with New York.
Bankers' sight on Amsterdam finished on Friday
at 67.43, against 67.60 on Friday of last week;
cable transfers at 67.44, against 67.61, and commercial sight bills at 67.41, against 67.58. Swiss
francs closed at 32.32 for checks and at 32.33 for
cable transfers, against 32.36 and 32.37. Copenhagen checks finished at 21.42 and cable transfers
at 21.43, against 21.29 and 21.30. Checks on
Sweden closed at 24.79 and cable transfers at 24.80,
against 24.59 and 24.60, while checks on Norway
finished at 24.19 and cable transfers at 24.20,
against 23.95 and 23.96. Spanish pesetas closed at
13.66 for bankers' sight and at 13.67 for cable
transfers, against 13.67 and 13.68.
E
XCHANGE on the South American countries
presents no new features of importance. These
currencies follow the trend of sterling and reflect the
improvement which has occurred in the business
situation in South America. A total of $200,000,000
tied up in commercial balances abroad may be
released as a result of proposed discounting action
E
2074
Financial Chronicle
by the Export-Import Bank where negotiations can
be made with foreign governments. A plan has been
offered to the Brazilian Goveknment under which it
is proposed that the Government issue notes for the
$20,000,000 of commercial balances now blocked in
Brazil, the notes to be discounted without recourse
for exporters by the Federal Bank, which will collect
interest from the Brazilian Government until the
money is cleared.
Argentine paper pesos closed on Friday, official
quotations, at 323 for bankers's sight bills, against
31% on Friday of last week; cable transfers at 32.30,
against 32. The unofficial or free market close was
25%,against 25.30@253/
2. Brazilian milreis, official
rates, are 8.08 for bankers' sight bills, and 814 for
cable transters, against 7.97 and 8%. The unofficial
or free market close was 6%, against 6%. Chilean
exchange is nominally quoted on the new basis at
5.20, against 5.20. Peru is nominal at 22.88, against
22.88.
E
March 30 1935
which is regarded as a measure to help distressed
currencies while accomplishing its purpose of bringing the ratio of silver and gold in the monetary base
to 25% and 75% respectively, is thought to be a
constructive factor in the Oriental exchanges. The
new gold selling policy might benefit China by offsetting the protracted depletion of silver stocks by a
large gold loan.
Closing quotations for yen checks yesterday were
28.19, against 27.96 on Friday of last week. Hong
Kong closed at48@48 9-16, against 47.80@48 1-16;
Shanghai at 37@37 9-16, against 383/s@383';
Manila at 50.05, against 5038; Singapore at 56.45,
against 559'; Bombay at 36.40, against 36.10, and
Calcutta at 36.40, against 36.10.
Gold Bullion in European Banks
HE following table indicates the amount of gold
bullion (converted into pounds sterling at par
of exchange) in the principal European banks as of
Mar. 28 1935, together with comparisons as of the
corresponding dates in the previous four years:
T
XCHANGE on the Far Eastern countries is
1933
1931
1934
1932
1935
affected strongly by factors operating in the Banks ofE
£
£
£
£
major Occidental markets. The steady demand for England..__ 193,123.088
192,152,872 172.688,160 121,431,791 145.387,187
a.... 660.774,356 594,923.163 644,987,492 614,652,184 448,931,518
silver to carry out the Washington Administration's France
33,484,800
40,624,050 105,788,400
10,925,000
2,959,900
Germanyb_
96,722,000
89,971,000
90,360.000
90.482,000
Spain
90,761,000
silver purchase program and speculative competition Italy
57,385,000
70,975,000
66.780,000
76,823,000
62,979,000
79,061,000
72,972,000
65,711.000
37,167.000
67,718,000
for available supplies of the metal have served to Netherlands
40,981,000
76,203,000
71,745,000
Nat. Belg
77,322,000
71.032,000
25,717,000
65,435,000
88,805,000
66,774,000
67,201,000
give silver a scarcity value in world markets and to Switzerland.
13,340,000
11,440.000
12.129,000
Sweden......
14,635,000
16,186,000
7,399,000
Denmark. _
8,032.000
7,398,000
7,395,000
drive up Chinese exchanges with consequent defla- Norway .. _ _ 6,852,000 6.574,000 8,075,000 6,559,000 9,547,000
8,134,000
tionary effect upon the Chinese internal economy. Total week_ 1,246,981,344 1,203,720,035 1,279,972,452 1,173.837,035 989,100,105
week_ 1.247 749 291 1 202 ftfin 39A 1.275.970.788 1.174.487.545 988.034.865
It is estimated that the stocks of silver held by the Prey.
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
United States Treasury have increased by approxi- abroad, the amount
of which the present year Is .51,069,850.
mately 285,000,000 ounces since the nationalization
order of Aug. 9 1934. Total world production of
Confusion Worse Confounded
silver last year was only 180,000,000 ounces and the
It has for some weeks been increasingly difficult
amount produced in the record year of 1929 was
to understand what was going on at Washington.
260,900,000 ounces. Every month the amount of
silver available for commercial uses, principally in The Administration family has seemed to be very
much at sixes and sevens, and in the Senate and
Oriental trade, is being cut down. The offer made
House the course of legislation has been hard to
last week by the United States Treasury to sell gold,
follow and the real influence of the variegated opFOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
position hard to appraise. Administration spokesBANKS TO TREASURY UNDER TARIFF ACT OF 1922
MARCH 23 1935 TO MARCH 29 1935 INCLUSIVE
men have been found arrayed on opposite sides in
regard to pending or proposed legislation, and a
Noon Buying Rate for Cable Transfers in New York
Value in UnUed States Money
Country and MO,&.faraI
bewildering variety of contentions have been put
Unit
Mar. 23 Mar. 25 Mar. 28 Mar. 27 Mar. 28 Mar. 29
forward by representatives of non-governmental inEuropa3
8
$
$
$
t
terests. A mysterious armistice is reported to have
.187890* .187858* .187758* .187808* .187841* ,187775*
Austria.schilling
Belgium. belga
.228423 .224636 .207291 .215307 .209990 .190791
Bulgaria. ley
been arranged between the Administration and the
.012875* .012625* .012625* .012625* .012625* .012750*
Czechoslovakia, krone .041821 .041817 .041798 .041785 .041770 .041771
Denmark, krone
.
American Federation of Labor over the composition
212941 .213291 .
.214400 .215775
England. pound stern;4.769000 4.778083 4.783500 4.794642 .803416 .828166
Finland, markka
.021058 .021070 .021075 .021095 .021141 .021308
of the reorganized National Recovery AdministraFrance, franc
.065942 .065919 .065898 .066898 .085892 .065855
Germany, reichsmark .401676 .401471 .401438 .401492 .401407 .401064
coupled with rumors that the price of the action,
Greece, drachma
.009380 .009350 .009335 .009340 .009350 .009330
Holland, guilder
.675741 .675700 .675285 .675250 .675360 .673907
ceptance
by organized labor of Donald R. Richberg
Hungary. pengo
.295250* .295000* .295125* .295000* .295000* .294950*
.082416 .082241 .052283 .082473 .082636 .082760
Italy. lira
head of the reconstituted body will be
temporary
as
Norway, krone
.239660 .240033 .240281 .240900 .241300 .242772
Poland, zloty
.188720 .188700 .188640 .188620 .188680 .188500
found to be Administration support for the highly
Portugal. escudo
.043275 .043408 .043404 .043520 .043610 .044033
Rumania,len
.010080 .010080 .010070 .010050 .010050 .010050
objectionable Wagner labor bill. It does not seem
Spain, peseta
.136642 .136596 .136560 .136571 .136550 .138460
Sweden,krona
.245958 .246383 .246808 .247233 .247550 .249218
likely
that the National Industrial Recovery Act
Switzerland, franc_ .323589 .323450 .323314 .323217 .323223 .323060
Yugoslavia, dinar
.022737 .022700 .022700 .022687 .022700 .022681
allowed to die a natural death on June 16,
will
be
AsiaChinanature
of the changes which may be expected,
but
the
Chefoo (yuan) dol'r .379583 .381250 .389166 .385833 .377916 .372083
Hankow(yuan)dol'r .380000 .381665 .389583 .386250 .378333 .372500
Shanghal(yuan)dorr .379583 .381250 .388125 .384791 .378125 .371875
or which the Administration itself desires, if the Act
Tientsin(yuan) dol'r .380000 .381666 .389583 .386250 .378333 .372500
Hongkong, dollar._ .476875 .478437 .488750 .487500 .48.5000 .480312
is continued remains wholly uncertain. The lurid
India, rupee
.360075 .360525 .360800 .361375 .361950 .364650
Japan, yen
.278940 .279360 .279870 .280480 .280480 .282165
campaigns which are being waged by Father CoughSingapore (S. S.) do"r .555625 .556875 .557500 .558750 .559375 .563125
Australasialin
and Senator Huey Long appear to have moved
Australia. pound
3.767916* 3.787187* 3.791250'3.800000* 3.806875*3.835468*
New Zealand. pound- 3.799375*3.810625*3.814375 3.823125*3.830312*3.858593*
President to silence, and it is a long time since
the
AfricaSouth Africa. pound 4.715000*4.724500*4.729500*4.741000*4.747500* .778625*
he
last
addressed the Nation in a "fireside" radio
North AmericaCanada, dollar
.993125 .993437 .991692 .993515 .994531 .993567
there has also been a dearth of unofficial
talk,
but
peso
Cuba.
999200 .999200 .999200 .999200 .999200 .999200
Mexico, peso (silver). .277500 .277500 .277500 .277500 .277500 .277500
expressions from the White House, and the little
Newfoundland, dolls .990500 .990937 .989375 .991000 .992125 .991375
South Americathat has come from that source has been more conArgentina. peso
.317854* .318300* .318575* .319025* .319550* .321837*
Brazil, milreis
.082266* .082266* .082366. .082316* .082333 .082604*
fusing than clarifying.
Chile. peso
.051000* .051000* .051000* .051000* .051000* .051000*
Uruguay. peso
.801800* .801800* .802000* .801500* .800875* .800250*
Into this murky and wind-blown atmosphere Mr.
Colombia, peso
.520950* .531900* .526300* .526300* .537600* .540500*
Roosevelt has now injected a double-headed program
• Nominal rates; firm rates not available.
Volume 140
Financial Chronicle
which adds confusion to confusion. On Monday it
was announced that the Belcher case, involving the
constitutionality of the NIRA, the NRA, and possibly a good deal of other New Deal legislation, and
regarded by the legal advisers of the Administration
as the Government's trump card in its play for approval from the Supreme Court, was to be dropped.
No information regarding the source of the order,
which was said to have left the Government lawyers
as bewildered as the public and also grievously disappointed, was forthcoming, but it was shortly reported that the order came from the White House.
On Tuesday came the publication of a correspondence
between Mr. Roosevelt and Mr. Richberg in which,
following a request from Mr. Richberg for an "explicit statement" of the President's wishes in the
matter, Mr. Roosevelt announced his desire that the
"full power" of the NRA should be exerted "to obtain
compliance with the requirements of approved codes
of fair competition." The best legal case the Government had was to be dropped, but the codes were
nevertheless to be rigorously enforced.
In a statement issued by the Department of Justice on Tuesday, the Department explained that the
Lumber and Timber Products Code, under which the
Belcher case arose, was "among the first" of the
codes to be approved, that approval came "at a time
when the lumber industry was in great distress and
the NRA was in the early stage of its development,"
and that "consequently" the code, "while sound in
general substance and in purpose," contained "administrative provisions peculiar to itself with respect
to the extension of discretionary powers to nongovernmental agencies" which "sets this code in a
class by itself." This "situation," the Department
was informed, was being considered by the National
Industrial Recovery Board, the body over which Mr.
Richberg now presides, and "in any event" the
feature which was questioned "is expected to be
eliminated under the new legislation as recommended by the Administration." "A further unsatisfactory feature" of the case, the statement continued, was that, "due to the nature of the action,
no findings could be made by the lower court." It
was accordingly felt that "the fundamental questions" involved in the NIRA "should be presented
to the Supreme Court in a case in which full evidence of the facts has been given." Meantime "other
cases in which these objections do not exist are being
pressed in several of the circuits in order that decisions of the appellate courts may be secured as soon
as possible," while pending "desirable amendments"
to the Lumber Code "there will be no relaxation in
the enforcement of other codes."
The Belcher case, to the lay mind, appears simplicity itself, and until Tuesday it led all other
pending cases in the critical esteem of the Department of Justice and the Administration's legal
galaxy. William E. Belcher, owner of a lumber
mill in Alabama, was charged with violating the
provisions of the Lumber Code regarding wages and
hours by paying less than the prescribed minimum
of 24 cents an hour and requiring more than the
prescribed maximum of forty hours' work per week.
The indictment emphasized the prolonged and careful consideration which representatives of the lumber industry and the NRA had given to the preparation of the code, the intention of not only increasing
the workers' compensation to "a decent living wage"
but also of maintaining "a cost of production bal-
2075
ance between competing types of labor, such as
Southern pine and hardwood and certain species of
lumber produced on the West Coast of the United
States." Attention was also called to the unfair
competitive advantage which a Southern producer
would enjoy if he paid less than code wages. What
was said about hours was similar to what was said
about wages, and since the trade in lumber was not
confined to a single State, the violations complained
of, it was averred, affected inter-State commerce.
The charge of paying lower wages and requiring
longer hours than the code stipulated was not denied, but in an elaborate demurrer Mr. Belcher attacked the law on constitutional grounds. In an
opinion rendered on Oct. 31, 1933, Judge Grubb, of
the United States District Court at Birmingham,
upheld the demurrer, holding (we quote from a
summary in the New York "Times") that the law
not only violated the inter-State commerce clause
of the Constitution, but that it "deprived a man of
his property without due process of law, that it was
an unlawful delegation of power by Congress, and
that it violated constitutional guarantees concerning the right to a speedy trial and against prohibitive
and excessive fines and the infliction of cruel and
unusual punishment."
The Lumber Code is one of the longest and most
comprehensive of the industrial codes. It was approved by President Roosevelt on Aug. 19, 1933, in
an Executive Order which declared that the application for approval had been made "pursuant to and
in full compliance with" the provisions of Title I
of the NIRA, that hearings had been held, and that
General Johnson, then the Administrator- of the
NRA, had found that the code complied "in all
respects with the pertinent provisions" of the said
Title I. In its provisions regarding wages, hours,
regulation of production, unfair trade practices and
the like it does not differ in principle from other
codes. The provisions respecting "the extension of
discretionary powers to non-governmental agencies"
which the Department of Justice, after months of
study, suddenly found "peculiar" are apparently
those set out in Art. III, Paragraph (d), which
recites that the Code Authority "may establish divisions and subdivisions of the industries and shall
designate appropriate agencies, and the governing
bodies thereof, for the administration of the Code
in each division and subdivision," and may "delegate
to said agencies all necessary power and authority"
for the administration referred to, "including the
adoption of division and subdivision code provisions
within the scope of the power granted under this
Code and not inconsistent with it." The Authority
retained, however, the power and duty of enforcing
the Code,and any supplementary or additional codes
for particular sections of the industry were to be
effective only when approved by both the Authority
and the President. It seems pretty late in the day
to discover in this provision, or in any similar one,
such a peculiarity as to require an indefinite postponement of a trial of the case before the Supreme
Court, especially when clear violation of the wages
and hours requirements of the code is not denied.
The reasons which Mr. Roosevelt gives, in his
letter to Mr. Richberg, for prosecuting other violations notwithstanding that the Belcher case is to
be dropped, will hardly convince even the most confirmed partisans of the New Deal. "There is no
excuse whatsoever at the present time," Mr. Roose-
2076
Financial Chronicle
velt declares, "for members of trade and industry
who have sponsored and are subject to these codes
to fail to give them whole-hearted support. Nor
can there be any justification for the bad faith involved in attempting to lengthen hours or reduce
wages contrary to code requirements." Such contentions do more than beg the question. There is
no way in which the constitutionality of a statute
can be tested in court unless some violation, real or
alleged, is involved. With adverse rulings on the
constitutionality of the NIRA multiplying rapidly
in the lower Federal courts, and with the Government itself afraid to risk a trial of its best case in
the Supreme Court lest the whole odious structure
of monopoly, meddling and dictatorship should be
thrown down, it is idle to insist that there is "no
excuse whatsoever" for industry and trade to refuse
to give the codes "whole-hearted support." To call
upon industry and trade to stand firm, while the
Administration beats a sudden and cowardly retreat
from a point of special vantage, is not generalship but rhetoric, and high-sounding proclamations
usually presage defeat.
What has actually happened is, of course, clear.
So much of Title I of the NIRA as is not crumbling
is in danger of being blown up by the acute controversy over Section 7-A, and the outlook is chaotic.
There could be no better evidence of the desperate
state in which the Administration finds itself than
the reported advice of Mr. Richberg and Professor
Felix Frankfurter, as summarized by the New York
"Times," to "hold off a Supreme Court test of the
New Deal emergency legislation until a solid background-of achievement has been built up," in confidence, apparently, "that the Court would not fail
to take cognizance of a tremendous vested interest
in a continuance of the emergency organization
whose abandonment would work havoc with industry." A "solid background of achievement," if by
that is meant a practical and healthy business and
industrial recovery, is something which the country
would indeed be glad to see, but it assuredly will
not be attained by demanding that District Attorneys prosecute energetically every code violation
that NRA officials can unearth while the Government itself beats a retreat. A demand of that kind
is not frank, and what is not frank is generally regarded as not quite honest.
Government Ownership of Railroads
In a recent address before the Traffic Club of
Chicago, dealing with the subject of Government
ownership of railroads, R. V. Fletcher, General
Counsel for the Association of American Railroads,
stated that up to the present he had given little
thought to what seemed to him a mere possibility
rather than a probability; yet, at the same time, it
does not seem wholly advisable to ignore the discussion of this question in the press, in current
periodical literature, on the radio, and on the lecture
platform, particularly since the subject has attracted
recent attention by an announcement from the
Chairman of the Senate Committee on Interstate
Commerce to the effect that he would, at an early
date, introduce into the Senate a bill providing for
Government ownership. Coming from a source so
respectable, the subject cannot be ignored, even if
there is no purpose to insist upon the passage of
such a measure at the present session of Congress.
March 30 1935
Attention is directed to the first report of the
Federal Co-ordinator of Transportation to Congress,
bearing date of Jan. 20 1934 (Senate Document
No. 119), which devotes many pages to the subject.
Theoretically sympathetic with the idea of Government ownership, as a matter of abstract principle,
he points out that Mr. Eastman does not recommend
the present adoption of the plan, summarizing his
reasons for this attitude by mentioning the lack
of public sentiment therefor, and the strain upon
public credit by assuming the cost of acquisition.
In the course of his discussion, he mentions also the
difficulties of administration and the danger of
political domination. However, in the report, he
does submit the outline of a plan for the operation
of the railroads, should the Government acquire
them.
The more recent report of the Federal Co-ordinator of Transportation, made to the Interstate
Commerce Commission, and through the Commission to Congress, Mr. Fletcher said, is a further and
perhaps more elaborate discussion of the advantages
and disadvantages of public ownership and operation. These opposing factors are carefully balanced,
but in his opinion, for the present at least, the scale
turns in favor of continued private operation. He
concludes that under the present abnormal conditions, and lacking a supporting public opinion, "it
would be dangerous to take so far-reaching a step
until the country is prepared to welcome it and to
lend it the support and protection which are essential to its success."
In many of Mr.Eastman's public statements there
have been references to the question, and these repeated, though usually incidental discussions, have
served to keep the subject before the American
people and give it an aspect of importance as something to be considered seriously within the range
of possibilities. It is pointed out that in his most
recent speech, delivered before the Chamber of Commerce of the State of New York, on March 7 of this
year, Mr. Eastman, after criticizing rather severely
the alleged reluctance of railroad management to
accept certain of his recommendations, closed his
address with a brief reference to Government ownership as an alternative to the policies which he
attributed to the railroads, saying, in effect, that
he had long been strongly inclined in theory to the
principle of public ownership and operation, that
private ownership and operation under Government
regulation is a complicated, hybrid system, characterized by divided responsibility, but that the change
had not an yet received such support in public
opinion as to warrant the transformation. He
dwells, however, upon the fact that if the Government took over the roads it could inaugurate a
policy of spending money for the improvement of
the roads, thereby assisting in the revival of industry. The picture he paints has its appeal, particularly to those who hold the theory that the road to
prosperity lies in the direction of constantly mounting expenditure of public funds, derived either from
taxation, or, if that fails, from a policy of currency
inflation.
In view of the fact that Mr. Eastman has emphasized that the Government ownership of railroads is
not an untried experiment, and that the greater part
of the railroad mileage of the world is publicly
owned and operated, Mr. Fletcher calls specific
attention to the fact that an investigation made by
Volume 140
Financial Chronicle
2077
the Association of American Railroads does not of which 19,000 miles are privately-operated and
confirm this statement. This investigation reveals 7,000 miles are operated by the Government. Of
that 42% of the railway mileage of the world is the publicly-operated mileage, 5,670 miles comprise
publicly owned and 58% privately owned, and that the State Railway System, which in 1932 incurred
the percentage of publicly operated mileage is some- an operating deficit of 348,039,088 francs and had an
what less, since some publicly owned railroads are operating ratio of 118%; 1,435 miles constitute the
leased to private companies for operation. In all, Alsace and Lorraine System, which in 1932 incurred
there are in the world 355,800 miles of State-owned an operating deficit of 109,192,653 francs and had
roads; of this, 52,000 miles are in Russia, 33,425 an operating ratio of 113%. It is true that the
miles in Germany, 31,690 miles in India, 10,512 privately-operated railways of France have not been
miles in Italy, about 12,000 miles in Japan, 12,450 prosperous, but it is significant to note that for the
miles in Poland, and 13,151 miles in the Union of years 1923 to 1932 the net deficit per mile per year
South Africa. In these countries will be found on the State-operated roads was 60,161 francs and
about 46% of the publicly-owned railways of the the same figure on the privately-operated roads was
world. Of the 492,200 miles of privately-owned rail- 23,515 francs.
Mr. Fletcher was willing to admit that some pubroads, 307,367 miles, or about five-eighths of the
total, are in the United States, Great Britain and licly-operated roads were able to make a better
France. Thus it is revealed that 46% of the pub- showing. For example, he states that in Australia,
licly-owned properties lie in the despotisms of Rus- where 27,108 miles of railway are operated by the
sia, Germany and Italy; in countries where self- State, in 1933 there was net operating revenue of
government is yet in its experimental stage, as in $50,983,985 and an operating ratio of 72.43%. HowSouth Africa and Poland; in Imperial Japan; and ever, the deficit, after interest, amounted to $17,in India, hardly to be accepted as a model of orderly 543,124. In New Zealand, where 3,315 miles are
government. Mr. Fletcher stated that it is quite operated by the State,in 1933 there was an operating
significant that in those countries which we are surplus of $4,139,172 and an operating ratio of
accustomed to regard most highly for their adher- 85.91%. The deficit, after payment of interest, was
ence to the ideals of freedom and democracy, there $6,716,311. In Poland, where 10,915 miles of road
is such a preponderance of privately-owned rail- were operated by the Government in 1931, the net
roads, while the contrary is true in those nations operating revenue for that year amounted to $12,that have confessed their incompetence by yielding 368,307 and the operating ratio was 91.4%. The
average rate per ton per mile on all freight transto the rule of tyrants.
A comparison of these figures with the record of ported was lower than in the United States, being
State-owned roads abroad reveals that in 1933 the .687c. Let advocates of Government ownership get
German Government, through its operating com- what consolation they may from Poland, however,
pany, operated 33,479 miles of railroad with an for it is pointed out that in that country the operatoperating deficit of $32,394,000 and at an operating ing ratio is nearly 20% higher than in the United
ratio of 104 2/3%. And yet its average rate per States.
In British India, where more than 31,700 miles of
ton-mile on all freight was 1.046c., a slightly higher
rate than that paid in the United States. In Italy, railway are operated by the State, the net operating
for 10,038 miles of road operated by the State, the revenue for 1933 amounted to $83,000,000 and the
operating deficit for 1933 was 603,000,000 lire, and operating ratio was 73.41%. After payment of
the operating ratio 119.17%. In Belgium, a country interest, the deficit was $39,407,225. In India the
of high traffic density, where 3,000 miles of road are average rate per ton per mile is 1.078c., a trifle
operated by the State, the operating deficit in 1933 higher than in the United States. In the Empire
was 168,502,000 francs and the operating ratio of Japan, where the State operates 9,486 miles of
106.87%. In Denmark, a well-governed country, railway, for 1933 the net revenue was $80,194,780
where 1,500 miles of railway are owned by the Gov- and the operating ratio was 62.23%. The average
ernment, the operating deficit for 1933 was rate per ton per mile on freight is 1.186c., sub$3,540,699 and the operating ratio 114.37%. This stantially higher than in this country. In the case
is in face of the fact that the average rate per ton- of State-owned South African railways, in 1933,
mile is 3.06c., more than three times the average 13,151 miles were operated, resulting in net revenue
for the United States. In Norway, where 2,180 miles of $24,472,772 and an operating ratio of 75.61%.
of railway are owned and operated by the State, in The average rate per ton per mile on freight was
1933 there was an operating deficit of $1,981,415 and 1.72c., practically 75% higher than in the United
an operating ratio of 111.5%, although the rate per States.
ton-mile was 2.43c., twice the average for the United
Drawing the situation nearer home, he presents
States. To complete the Scandinavian saga, in the Canadian problem and states that due to circumSweden, where 4,283 miles of railroad are owned stances which need no explanation the Dominion
and operated by the State, there was a net operating of Canada in 1919 created the Canadian National
revenue of $3,445,036 (a deficit after interest of Railway, Government-owned and operated, with a
$4,621,000) and an operating ratio of 92.26%. Here mileage of 23,743 miles in 1933. Occupying the same
the rate per ton per mile was 1.823c., 80% above the general territory, but with fewer branch lines, is
average in the United States. In little Switzerland the Canadian Pacific, privately-owned and operated,
there is a better showing. There, for 1933, the 1,787 with 17,017 miles of railroad. The investment per
miles of State-owned railroads earned $13,442,751 mile on the Canadian National is $90,057; on the
above operating expenses, the operating ratio being privately-owned Canadian Pacific, $68,700. In the
79.69%. But it should be remembered that the period 1923-1933, the net income of the Canadian
average rate per ton-mile is 31/
2c., in comparison Pacific was $330,392,205; the net deficit of the
with 1c. in this country. In the Republic of France, Canadian National for the same period was $646,in round numbers, there are 26,000 miles of railroad, 632,743. In the year 1933, on the State-operated
2078
Financial Chronicle
March 30 1935
The History of Utility Holding
Companies
line, the operating ratio was 96.16% and the net
operating revenue was $5,700,000. Its net income
for that year, after payment of taxes (only about
3/
1
2% of total revenue, whereas in the United States
taxes are 8% of total revenues), rentals, interest
and similar items, was a deficit of $96,051,854. Contrary to popular opinion, the rate per ton per mile
on freight traffic is only a little lower on the
National Railways of Canada than in the United
States, the figure being .972e. for Canadian National
and .999c. in the United States, while the average
revenue per passenger mile on the Canadian National is 2.261c., in comparison with 2.013c. in the
United States.
Aside from the lessons to be learned from other
countries, it is pointed out that Mr. Eastman, with
characteristic fairness, has marshaled in his recent
report the arguments for and against the proposition. He has stated the case for the protagonists
of the theory of Government control with clearness
and force. It is said that if the Government were
to take over the roads, such action would have a
stabilizing financial influence by providing fixed
ad interim rentals, thereby assuring a certain income. This, Mr. Fletcher said, means either that
operating costs would be less, due to co-ordinated
operation, or it means that the Government will
repeat its experience during the Federal control
period and pay deficits out of the public treasury.
The second advantage is stated to be that the Government, after acquisition of the lines, would spend
large sums in rehabilitation projects, thereby stimulating business. Again, Mr. Fletcher points out,
that sums so spent would come from the public
purse, already growing flaccid from repeated exhausting demands.
By way of conclusion, Mr. Fletcher declared the
reasons given by Mr. Eastman why Government
ownership should not be accomplished at this time
furnish abundant arguments against its being
brought about at any time. The enormous addition
to a debt burden already disconcerting, the probable
necessity for subsidies, the influence of politicians
on rate policies, the pressure of equipment manufacturers for an orgy of reckless spending, the likelihood of political control in the interest of placeseeking constituents, the necessity for extending
ownership and control to competing forms of transportation are all mentioned by the Co-ordinator.
Everyone realizes that transportation is necessary
for the welfare of our country, and it is not denied
that the railroads comprise by far the most important part of the transportation plant. If they
were not giving satisfactory service, or if there were
a shortage of railroad transportation, Mr. Fletcher
says, our public ownership friends might have some
ground for their contention. But with railroad
service concededly efficient and with a great surplus
of transportation he puts the question: Where lies
the urge for a program which will raise the national
debt to staggering proportions, will lead the country
a long way toward the socialization of industry and
will transform a necessary adjunct of business into
a political machine, with no promise of improved
efficiency or real economy? Whether the question
if; tested by the experience of other countries, or by
the conditions that prevail in our own, he says there
is no sound reason for embarking on this unAmerican experiment.
[By STEWART H. SEIBERT]
The United Gas Improvement Co. was the first
major electric or gas holding company to be formed
in the United States, its organization dating back
more than 50 years. During this period its record
of sound and efficient management, research and
development of improved methods, and of sound
financing of its subsidiaries has generally received
widespread approval, and its securities have usually
been regarded with favor by conservative interests.
This is also true of other similar companies. While
little can be said to defend many of the abuses some
holding companies practiced during the period of
the great boom, it must be remembered that many
of these companies have rendered services of inestimable value to their subsidiaries, and it can be
proven without dispute that in many instances they
have done great public service.
An impartial discussion of utility holding companies calls for an explanation of why they were
formed and what functions they were intended to
perform, as well as an examination of past abuses
on the part of a few and the recent actions by which
these have largely been remedied. At the same time,
the broad scope of pending legislation on these companies should be mentioned. The facts make several
conclusions obvious, and merit the careful consideration of the general public and the State regulatory
commissions whose rightful prerogatives will be
seized by the Federal Government. When the lavish
pouring of Federal funds upon the various States
ceases, as it most certainly will, this usurpation of
existing State functions will become a live issue.
The problem of financing operating utilities as it
existed 30 to 40 years ago had more to do with the
formation of holding companies than anything else.
It will be seen that the holding company was developed by sound and conservative interests, not for
ulterior motives, but solely to provide for the financing of small and unknown companies in a satisfactory and permanent way.
It must be remembered that the fixed investment
of an electric company usually runs from five to
eight times the gross annual revenues. It therefore
follows that a rate of growth of 25% or more per
year called for an enormous amount of new capital.
The electric industry grew by leaps and bounds
through every depression except the present. Many
can remember the difficulty of raising funds regardless of earnings during some of these periods; yet
the industry had to supply the service required.
Consequently, operation was frequently inefficient,
and the quality of service poor, measured by presentday standards. In many companies the proportion
of bond and stock money was not proper, and difficulties arose from continued financing by means of
bank loans. The electrical manufacturing companies, which had frequently been obliged to accept
stocks or bonds in payment for equipment, decided
that something had to be done. About 30 years ago
the General Electric Co.'s holdings of such securities had become unwieldy with many kinds of bonds,
preferred and common stocks for which there was
almost no market, and therefore its entrance into
this question of finance was forced.
The Federal Trade Commission report issued in
1927 shows how the Electric Bond & Share Co. was
Volume 140
Financial Chronicle
formed by the General Electric Co. in 1905. This
report explains how an able staff of experts assisted
in creating sound bond issues, demonstrated effective ways of providing the operating company with
junior or common stock money at a low cost and
in an attractive way, and also developed reasonable methods of supplying electric service to rural
communities. Applying the insurance principle of
geographical diversification, the Electric Bond &
Share Co. caused the formation of several holding
companies in succeeding years, each holding an extensive list of utility common stocks, and set about
merging into a single operating unit those companies
serving adjacent territories. This merger process
brought great reductions in operating costs by various means, such as the substitution of a single
efficient generating plant for many inefficient ones.
With the financial and physical rehabilitation which
many of their newly-acquired subsidiaries required,
large central organizations were evolved for management, direction of policies, and setting forth of construction standards which resulted in giving holding
company securities an attractive investment status
which the small operating companies had previously
lacked.
As time went on various other interests formed
similar holding groups, with their own managements
and engineering staffs. On the whole, efforts to
produce efficient operation and financing proved
successful to an extent far greater than had been
thought possible. Earnings of these groups grew
rapidly, making rate reductions possible. This, in
turn, caused new demands for service, and the steady
increase of earnings created a ready market for
holding company securities. The local operating
companies, which were usually capitalized on the
basis of 50 to 60% bonds with the balance equally
divided between common and preferred stocks (the
holding company subscribing for the common stock)
found its own securities more attractive than when
independent because of the strong appeal that they
were parts of a large, successful corporation. Thus,
under holding company management, its senior
securities, which formerly were at times without
a market, could be issued at a very low interest
rate. Many of the sound holding companies rendered inestimable service to the general public by
extending to their subsidiaries unsecured loans and
paying bond interest charges when an isolated company was suffering because of continued adverse conditions. It has thus been clearly demonstrated that
the services performed by holding companies in
financing, setting up construction standards and
bringing about reductions in rates were absolutely
essential to the rapid development of the industry.
It is, of course, true that there have been abuses
charged against a few companies, but it is certainly not sound logic to destroy the investments
of virtually an entire industry because of the sins
of a few. We would not think of doing away with
the medical profession in its entirety because of
injuries and harm caused by "quack" doctors, and
the holding company industry should be viewed in a
similar light.
Let us now consider the various ills complained
of, which were chargeable to only a small fraction
of the industry during the boom period, and which
recent State regulations have largely eliminated.
1. Write-ups. State regulations frequently provide that
when two or more companies are merged into a single
2079
unit, the fixed capital values of the new company must be
determined by a reproduction appraisal at that time. As
might be expected, with the unsystematic records kept
originally and price fluctuations, there appeared wide discrepancies between the book figures of the constituent companies and the appraisals. The Federal Trade Commission
has made frequent disclosures of their findings, but have
made it a practice not to reveal the facts that have been
responsible for their conclusions on so-called "write-ups";
nor have the public utility companies been given an opportunity to defend themselves publicly. The impression has
invariably been given, however, that the value of operating
companies was arbitrarily written up,so that earnings could
be had on a value consistent with the price paid under
competitive bidding for such a utility. This, of course, is
not the case. The United States Supreme Court has repeatedly held that the present reproduction values of the
property actually used and useful in rendering such utility
service is an essential element in determining the rate base.
Thus we see that so-called "write-ups" in instances of this
sort are only adjustments to make the books coincide with
the facts, and are not abuses.
2. Management and Engineering Fees. Several groups
have set larger prices than justified for such services, but
many of the State commissions now require proof that
the services for which they charge have effected savings in excess of the fees and further direct that the
actual cost of the work performed must be commensurate
with such fees; otherwise, these charges are deducted from
operating expenses. Some management groups have used
their prestige and resources to obstruct State regulation,
and such tactics cannot, of course, be condoned.
3. Bond and Stock Issues. Some years ago larger charges
than were justified may have been made by owner-financial
groups for financing and marketing securities, but Public
Service Commissions now usually specify the type of security
it will approve, the minimum price at which it can be sold,
and the interest or dividend rate to be paid.
4. Up-stream Loans. These are loans made by operating
subsidiaries to its holding company. They have been comparatively rare, but were most noticeable at the time of
the Insull collapse. Such losses as did occur in this group
were, in most cases, considerably less than earned surplus.
State commissions have largely overcome this abuse by
requiring full details before any loans or pledging of assets
is consummated.
It is true that we have seen examples of uneconomic additions to fixed capital, such as transmission lines not apparently justified to-day, but every
business man makes errors in judgment at times and
should not be condemned therefor. It should be
remembered, too, that in 1930, at the request of the
Federal Government, whose efforts were being
exerted toward stemming the tide of unemployment,
the electric utilities added almost a billion dollars
to their investment in plant and equipment. In
defiance of all these facts, we find the President
intent on securing the enactment of the WheelerRayburn Holding Company bill on which hearings
are now taking place in Washington, and which
would cause almost complete annihilation of gas
and electric holding companies. Public utility executives assert that, if enacted in its present form,
almost 91% of the industry would be under Federal
regulation. It will cloak the Government with
managerial power without the attendant financial
responsibility. _ It usurps the power of Federal
courts, preventing review of the edicts of political
commissions. Such fundamental changes would be
made in the laws and practices governing the operating companies that their successful operation would
be open to serious doubt. The bill further authorizes
the Federal Power Commission to reorganize the
utility business into regional and economic districts,
without regard to State lines, solely on the basis of
its own decisions. The regulations are so drastic
that it would seem impossible for operating corn-
2080
Financial Chronicle
March 30 1935
panies ever again to be financed from private funds. plete elimination of
taxes from this source. We
The forced liquidation by holding companies of their are faced with socializati
on not only of the utility
operating company securities in a depressed market business but many
other industries, if the Wheelerwould result in almost complete loss to all investors Rayburn bill becomes
law in its present form. The
in holding company securities except in the case of fact that it may
be unconstitutional does not offer
the most secure senior obligations. This does not, a great deal of security,
for the damage will be done
however, appear to concern the Administration, and dissolution
under way before a test case can be
which is avowedly bent on Government ownership presented. This
bill, apparently conceived by classof the electric industry.
room theorists, should be rewritten by practical men
Another consideration is the fact that companies familiar with the
operation and regulation of utilinot regarded as public utility holding companies ties and should be
concerned solely with eliminating
at all would be seriously affected by the proposed abuses and providing
for needed regulations beyond
Holding Company Act. For instance, the Standard the power of State commissio
ns.
Oil Co. of New Jersey recently revealed how concerned it is in holding company regulation because
The Course of the Bond Market
of its ownership of operating utilities and gas pipe
line companies. It is thus a utility holding comLast week's rally in the bond market failed to hold, and
pany, and would be compelled to divest itself of its a decline to new lows took place this week for all railroad
natural gas business. Not only this particular com- bonds except those of higher grade. Other classifications,
however, were not particularly affected, fluctuations in
pany but many other petroleum companies have industrial
and utility issues being of minor importance.
acquired extensive natural gas reserves. It is im- The public utility averages remain
near to the year's peak,
possible to segregate the oil and gas business, as reached on March 2, after a substantial advance which
either oil, gas, or both, are found in normal drilling began last August.
Highest-grade issues, while showing a tendency to soften,
operations. It is a very important public service to
were not in any sense weak, their average yield of 3.73%
extend this gas to neighboring markets, instead of comparing with the
record low of 3.68% on March 6. United
wasting this natural resource, which was the prac- States Government bonds were fractionally
better. The
tice some years ago. Only the superior resources Treasury announced that weekly offerings of bills would
of the large petroleum companies have made possible be restricted temporarily to $50,000,000, or $25,000,000 less
than maturities, because of increased March receipts and
the necessary financing to make this an accom- lower
expenditures than estimated. Aside from the weekly
plished fact.
issues of bills, there are no maturities to be met until
On March 12, in a special message to Congress, June 15, when $416,000,000 of 3% notes fall due. The
the President assailed as "propaganda" the deluge Fourth Liberties, called for payment April 15, have been
of messages reaching Washington protesting the largely converted into the new 2%% issue, about $350,000,000 now remaining to be converted or paid for in cash.
legislation in question. Since when has a citizen
Small price irregularities were
among highof this country been denied the right to act in his grade railroad bonds. Chesapeake &witnessed
Ohio 4%s, 1992, closed
own interest? Would not public utility officials at 117% compared with 118 last week; Union Pacific 4s,
be remiss in their duty if they did not exercise 1947, were % lower than last week's closing of 110%. Modevery legitimate effort to protect the interests of erate price declines were experienced by medium-grade rail
bonds. Louisville &
4%s, 2003, declined 1% points
their stockholders? Mr. Roosevelt's principal criti- to 99%; Cleveland Nashville
Union Terminal 1st 4/
1
25, 1977, closed
cism on holding companies in the past has been that at 81%, down %. Declines from one to five points were
a very small investment in top companies can exer- general throughout the lower-grade rail issues. The Erie 5s,
cise control over large resources. While this is the 1975, at 5214 were off 3% points; Great Northern 4%s, 1976,
declined 5% points to 64%; Southern Pacific 4%s, 1981,
fact in some situations we are without proof that closed
at 56%, down 4%. Upon announcement that a volunsuch power has been used to the detriment of public tary plan of reorganization
would be forthcoming by the
interests except in a few isolated cases. One can St. Paul's management before July 1 this year, the obligasee, however, very definite plans being laid for a tions of this company made new lows for the year.
The utility bond market has been relatively quiet and no
system of Government ownership and control of
marked movements
the power companies principally to find an outlet The lower-grade in any direction have been noticeable.
and more speculative issues
the
for electric power generated by the Administration customary fluctuations, with recessions in showed
the first two
power projects and to make these operations appear days, followed by recovery. Higher grades were more stable
to be successful. Plans are under way for many and prime investment issues edged up somewhat with the
of those cases where early retirement is possible.
water power projects all over the country, and the exception
The successful flotation of $45,000,000 Pacific Gas & Elecpossibilities for extended political power are great. tric 4s, 1964, at par, for the purpose
of refunding 5/
3
4s. and
The tendency of our Government to compete with the registration of $73,000,000 Southern California Edison
its citizens, as it is now doing in the power industry, 3%s have given rise to thoughts of additional refunding
is not in accord with true American traditions, and operations. Such issues as Duquesne Light 4%s, 1967;
Cleveland Electric Illuminating 5s, 1954; Buffalo General
the destruction of the savings of investors by such Electric 5s, 1956, and
Montreal Light, Heat & Power 5s,
competition should not be tolerated nor should con- 1970, sold off in consequence.
Industrial bonds as a whole have been fairly steady this
tinued disregard of the great development private
capital has wrought in this industry be counte- week, but some special divisions were erratic. Philadelphia
& Reading Coal & Iron Os, 1949, rallied 2%
points from
nanced.
their recent low of 35, but the Hudson Coal 5s, 1962, deIn recent months the Administration has in- clined 31/2 points to 36, establishing
a new bottom for the
creased its activities detrimental to business, thereby year at 35. The General Steel Castings 5%s, 1949, which
causing a further perceptible slowing up of business. have proved to be highly unstable recently, rallied strongly.
One of these days the extent to which the public gaining 6% points on Thursday and 2% on Friday. closing
at 63, after baying established a new low earlier in the
utilities have eased the taxpayers' burdens will dawn week at 54. Oil, rubber
and building material bonds showed
upon the proponents of governmental ownership of no important changes. The steel group was moderately
power projects as will the fact that continued per- softer. Chile Copper 5s, 1947, which advanced 3 points to
sistence in encouraging Federal and municipal 861,4, were apparently influenced by a better annual report.
Vanadium 5s, 1941,
downward to 83%, which level
power projects will eventually result in almost com- Is 10% points undercontinued
the 1935 high.
2081
Financial Chronicle
Volume 140
The foreign bond market as a whole has been decidedly
weak. The eventual devaluation of the Belgian currency
by 30%, now being planned incidental to the departure from
gold, was an event of the week. Belgian bonds had already
lost as much as 10 points in anticipation. The Italian group
was noticeably lower, while Danish and Polish bonds gave
evidence of weakness. Germans were unsteady, with market
recessions in German Central Bank for Agriculture issues.
Argentine, Australian and Austrian issues were slightly
lower. Norwegian and Japanese bonds were fairly steady.
the Shinyetsu 6%s and Yokohama 6s representing two of
the few foreign issues able to record gains.
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND PRICES f
(Based on Average Yields)
MOODY'S BOND YIELD AVERAGES t
(Based on Individuai Closing Prim)
120
U. 3.
Govt. Domestic
Bonds
Corp.*
**
120 Domestic Corporate*
by Ratings
Feb. 23._ 108.44
15._ 107.49
8_ 107.47
1_ 107.10
Jan. 25-- 107.33
18.. 106.79
11_ 106.81
4_ 105.78
High 1935 108.44
Low 1935 105.66
High 1934 106.81
Low 1934 99.06
Yr. AgoMar.29'34 103.43
2 Yrs.Ago
Mar.29'37. 101.20
102.81
102.30
101.64
101.31
102.14
100.81
100.81
100.33
102.81
99.36
100.00
84.85
119.48
119.07
118.66
118.04
118.04
117.43
117.63
117.43
119.69
117.22
117.22
105.37
111.16
110.79
110.42
110.05
110.05
109.31
109.12
108.94
111.54
108.57
108.75
93.11
102.14
101.14
100.49
100.33
100.81
99.52
99.52
98.88
102.14
98.73
99.04
81.78
96.08 110.98 103.65
94.58
76.35 100.65
74.77
Weal,-
86.91
Baa
RR.
90.83
91.39
91.96
92.68
93.11
93.55
93.55
93.11
92.82
92.68
92.82
93.40
93.26
93.55
93.40
93.70
94.58
95.48
95.63
96.08
96.39
97.16
97.78
98.09
97.78
99.68
99.68
99.04
99.04
100.49
99.68
100.17
100.00
100.49
90.83
100.49
85.61
97.31
72.85
P. U. /lulus.
107.14
107.14
107.31
107.31
107.49
107.49
107.49
107.49
107.67
107.57
107.85
108.03
108.03
108.03
108.21
108.21
108.39
108.57
108.57
108.57
108.75
108.75
108.57
108.57
108.39
104.21
107.85
107.81
107.31
107.41
105.72
106.91
106.91
108.71
106.7E
106.72
96.54
102.14
0
98.88
99.20
99.52
99.84
100.17
100.33
100.17
100.00
100.00
99.84
99.84
100.17
100.33
100.49
100.17
100.17
100.65
100.98
101.14
101.31
101.47
101.81
101.81
102.14
101.64
't
109.12
109.12
109.31
109.49
109.68
109.86
109.86
109.68
109.68
110.05
110.23
110.42
110.61
110.61
110.79
110.61
110.79
111.16
110.98
111.16
111.16
111.54
111.35
111.16
111.35
00.-.0.MOOMt-eM92.1
.1,
4!'114!'441.
1.
in
'1
A
118.66
118.86
119.07
119.07
119.27
119.07
119.27
119.07
118.86
119.07
119.27
119.07
119.07
119.07
118.66
118.86
119.07
119.27
119.48
119.48
119.69
119.48
119.89
119.69
119.48
88g2252288288ggg.....0... 82n2SNS811g
An
99.38
99.52
99.84
100.00
100.33
100.49
100.49
100.33
100.00
100.00
100.17
100.49
100.49
100.65
100.49
100.65
101.14
101.64
101.64
101.81
101.97
102.30
102.64
102.81
102.47
WWW.00:*0000MN.WW04.h.r...0
"W'1.14
Vg
4.
14!
44:
4"
44'
-!
Aaa
Mar.29__ 108.07
28__ 108.03
27__ 108.10
26._ 108.02
25_ 107.96
23__ 107.80
22._ 107.79
21... 107.77
20-- 107.67
19_ 107.80
18- 107.91
16.. 108.01
15_ 107.94
14._ 107.93
13-- 107.79
12__ 107.55
11_ 107.72
9__ 107.90
8-- 107.85
7.- 107.93
6_ 108.17
5.... 108.37
4_ 108.37
2_ 108.15
1- 108.22
120 Domestic
Corporate. by Groups
com9qcomoom0000sy
00v-scommoo6comcom
..-66.1.wwww wwww..r..ocomccomm0000ccommoop000-4
C' co cow-4!
6668re666666 64.66O,Ceoctoa.:o66t66
6
co cc. °moo
yoamoo..1 moow000mwoom.m6ocic 1-,00
1935
Daily
Averages
81.15
Au
120
1935
Daily
DomesAverages
tic
Mar.29__
28__
27__
26__
2523__
22-21-20._
19__
18-16-1514-13-12-11-_
9-87-6...
5._
4_
2-1-WeeklyFeb. 23__
15_
8_
1._
Jan. 25._
18-II__
4-Low 1935
High 1935
Low 1934
High 1934
Yr. AgoMar.29'34
2 Yrs.Ago
Mar 2055.
120 Domestic
Corporate by Groups
120 Domestic Corporate
by Ratings
ft
317
ForP. U. Indus. arse
Ann
An
Baa
RR.
4.79
4.78
4.76
4.75
4.73
4.72
4.72
4.73
4.75
4.75
4.74
4.72
4.72
4.71
4.72
4.71
4.68
4.65
4.65
4.64
4.63
4.01
4.59
4.58
4.60
3.73
3.72
3.71
3.71
3.70
3.71
3.70
3.71
3.72
3.71
3.70
3.71
3.71
3.71
3.73
3.72
3.71
3.70
3.69
3.69
3.68
3.69
3.88
3.68
3.69
4.22
4.22
4.21
4.20
4.19
4.18
4.18
4.19
4.19
4.17
4.16
4.15
4.14
4.14
4.13
4.14
4.13
4.11
4.12
4.11
4.11
4.09
4.10
4.11
4.10
4.82
4.80
4.78
4.76
4.74
4.73
4.74
4.75
4.75
4.76
4.76
4.74
4.73
4.72
4.74
4.74
4.71
4.69
4.68
4.67
4.66
4.64
4.64
4.62
4.65
6.40
6.37
6.35
6.33
6.29
6.26
6.26
6.28
6.33
6.37
6.33
6.28
6.29
6.27
6.29
6.25
6.16
6.11
6.09
0.07
8.07
6.01
5.94
5.92
5.96
5.36
5.32
5.28
5.23
5.20
5.17
5.17
5.20
5.22
5.23
5.22
5.18
.5.19
5.17
5.18
5.16
5.10
5.04
5.03
5.00
4.98
4.93
4.89
4.87
4.89
4.69
4.69
4.69
4.70
4.69
4.68
4.69
4.69
4.72
4.73
4.71
4.70
4.69
4.69
4.72
4.71
5.68
4.66
4.86
4.66
4.67
4.86
4.64
4.83
4.65
4.33
4.33
4.32
4.32
4.31
4.31
4.31
4.31
4.30
4.30
4.29
4.28
4.28
4.28
4.27
4.27
4.26
4.25
4.25
4.25
4.24
4.24
4.25
4.25
4.26
6.46
6.42
6.39
6.39
6.36
6.33
6.33
6.27
6.25
6.22
6.22
6.17
6.16
6.14
6.13
6.09
6.09
6.12
6.12
6.12
6.11
6.07
6.04
6.03
6.03
4.58
4.61
4.65
4.67
4.62
4.70
4.70
4.73
4.58
4.79
4.75
5.81
3.69
3.71
3.73
3.78
3.76
3.79
3.78
3.79
3.68
3.80
3.80
4.43
4.11
4.13
4.15
4.17
4.17
4.21
4.22
4.23
4.09
4.25
4.24
5.20
4.62
4.68
4.72
4.73
4.70
4.78
4.78
4.82
4.62
4.83
4.81
6.06
5.88
5.91
6.00
6.01
5.85
6.02
6.00
6.08
5.83
6.40
6.90
7.58
4.77
4.77
4.81
4.81
4.72
4.77
4.74
4.75
4.72
5.36
4.72
5.75
4.68
4.77
4.85
4.88
4.99
5.01
5.10
4.63
5.13
5.10
6.74
4.27
4.29
4.29
4.32
4.31
4.35
4.34
4.34
4.24
4.35
4.35
4.97
6.02
6.04
6.01
6.12
6.11
6.11
6.22
6.35
6.01
6.49
6.M
8.61
A
4.93
5.00
4.12
4.53
5.10
6.25
4.92
5.46
4.62
7.32
0 04
471
505
009
909
6.88
6.62
6.11
10.85
•These prices are computed from average yields on the basis of one "ideal" bond (4)(% coupon, maturing in 31 years) and do not purport to show either the average
level or the average movement of actual pros quotations. They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement at
MO.:leverages, tee latter being the truer picture of the bond market. For Moody's index of bond prices by months back to 1928, see the Issue of Feb. 6 1932, page 907.
"Actual average price of 8 long-term Treasury issues, t The latest complete list of bonds used in computing these indexes was published in the issue of Oct. 13 1934.
page 2204. tt Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, March 29 1935.
Business activity was steady at about the top level of
the year. There was a further expansion in industrial operations, and new peaks are expected in April. Easter buying
was on a good scale, and from present appearances last
year's level will be exceeded. The feeling in the country
as a whole seems to be more optimistic. There are signs
of a revival in new financing, with new issues exceeding
the total for any week since early in 1933. The output of
automobiles ran above the 100,000-mark for the first time
since July 1930, and estimates on the year's production were
revised upward to 4,000,000 units. Retail sales were larger,
owing to more seasonal weather. Spring merchandise was
In better demand, with women's wear getting the best call.
Sales of men's clothing and shoes were also larger, and
buying of yard goods, especially of silk, rayon and cotton
was better. Wholesale business increased. Heavy reorders for women's coats, fur capes, shoes and men's suits,
top coats, hats and furnishings were heavy. The spring
demand in the paint trade was better, and indications are
that it will be the largest in several years. Coal production
Increased sharply last week, owing to fears of a strike.
Electric output and steel operations were slightly below
the previous week, but they continue above last year's levels.
Lumber production as well as shipments and new orders
Increased. Bank clearings were larger. Car loadings were
up 10,348 for the week ended March 23. Department stores
in Greater New York, in their annual reports, show good
gains in business for 1934. Commodity markets have been
rather quiet, and of late the trend has been downward. The
disturbed political outlook in Europe, uncertainty over Government policies on control of cotton, and nervousness over
the foreign currency situation have adversely affected trade
In nearly all markets. In Kansas, on the 25th inst., a freak
storm struck nearby sections of Hazleton. Five inches of
rain fell in a few minutes, and hail piled up six feet deep in
places. A dust storm swept West Texas on the 27th inst., re-
ducing visibility to a few hundred feet. Iowa had another dust
storm in the western area on the 26th inst., and rain fell in
the East. New dust storms raged over southeastern Colorado
and parts of Missouri. Oklahoma had some much-needed
rains, but they were followed by a severe dust storm which
cut visibility to a mile. Cyclonic winds swept the Piedmont
section of North Carolina on the 25th inst., and did considerable damage. A tornado killed two persons and injured
many others in Illinois. Flood waters menaced many towns
in West Virginia. Gales and heavy rains injured many
and caused considerable property damage in the Pacific
Northwest early in the week. An avalanche of ice packed
streets in Wisconsin Rapids and disrupted rail and highway
traffic on the 25th inst. The chief cause was the swelling
of the Wisconsin River, and other streams were menacing.
It was generally clear and more seasonal temperatures
prevailed here during the week, but a heavy downpour
occurred on the 28th inst. To-day it was fair and cool here,
with temperatures ranging from 39 to 54 degrees. The forecast was for fair to-night and Saturday; warmer Saturday;
Sunday rain and colder. Overnight at Boston it was 34
to 46 degrees; Baltimore, 44 to 60; Pittsburgh, 38 to 54;
Portland, Me., 32 to 42; Chicago, 40 to 48; Cincinnati, 40
to 54; Cleveland, 38 to 46; Detroit, 38 to 48; Charleston,
56 to 78; Milwaukee, 38 to 44; Dallas, 52 to 64; Savannah,
60 to 84; Kansas City, 52 to 64; Springfield, Mo., 44 to 58;
Oklahoma City, 46 to 62; Denver, 48 to 60; Salt Lake City,
40 to 56; Los Angeles, 52 to 66; San Francisco, 52 to 76:
Seattle, 40 to 50; Montreal, 32 to 40, and Winnipeg, 2
below to 18 above.
"Annalist" Weekly Index of Wholesale Commodity
Prices Higher During Week of March 26--Monthly
Average for March Down-Weekly Foreign Indices
A rise of 0.9 points broke the previous two-week decline of
the "Annalist" Weekly Index of Wholesale Commodity
Prices, the index advancing to 123.1 on March 26 from
122.2 March 19. The recovery was due to higher prices for
cotton, wheat, steers, refined sugar, butter, tin and rubber,
2082
Financial Chronicle
the "Annalist" said. Reflecting the drop in the weekly
figures the March average declined to 123.5 from 124.3
for February. The "Annalist" presented as follows its
weekly and monthly indexes of wholesale prices:
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for seasonal variation (1913=100)•
Mar.26 1935 Mar. 19 1935 Mar.27 1934
Farm products
91.2
116.7
117.9
Food products
105.9
127.1
125.5
Textile products
119.4
.104.0
a104.0
Fuels
154.1
161.0
161.0
Metals
104.9
109.5
109.5
Building materials
111.8
113.8
111.8
Chemicals
100.1
98.7
98.7
Miscellaneous
79.4
86.9
78.8
All commodities
107.4
123.1
122.2
b All commodities on old dollar basis _
64.0
72.7
73.2
•Preliminary. a Revised. b Rased on exchange quotations for France. Switzerland and Holland; Belgium included to March 16.
MONTHLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for Seasonal Variation (1914=100)
March 1935
Feb. 1935
Sharp Decrease in Wholesale Commodity Prices During
Week of March 23 Reported by National Fertilizer
Association
There was a sharp drop in the general level of wholesale
commodity prices in the week ended March 23, according
to the index of the National Fertilizer Association. This
index declined to 76.8% of the 1926-28 average, compared
with 77.5 in the preceding week, 78.3 a month ago, and
71.2 a year ago. The index last week was at the lowest
level reached this year. The Association on March 25
further announced
FIN
decline in the index last week was general, with six groups declining
and only one advancing. The largest decline occurred in the grains,
feeds and livestock group, the result of lower/quotations for livestock,
corn, and oats. Wheat and feedstuff prices were higher during the week.
The textile group again declined following the sharp break during the
preceding week. The food group was slightly lower during the latest
week, mainly due to lower egg prices. Although steel, tin, and silver
prices declined, the metals group index remained unchanged, as the result
of an advance in lead prices. The only component group which showed
a rise last week was fertilizer materials, which rose to 65.3 from 65.2 in
the preceding week, due to cottonseed meal prices rising $1 per ton.
Thirty-two commodities declined last week and 15 advanced; in the
preceding week there were137 declines and 16 advances; in the second preceding week there were 31 declines and 22 advances.
The index numbers and comparative weights for each of the 14 groups
ncluded in the Index_areAehown in the table below.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100)
inn II
All etomle combined
76.8
Year
Ago
COV.t..=.00.
30500000N..0
77.4
Foods
69.6
Fuel
86.9
Grains, feeds and livestock
64.6
Textiles
Miscellaneous commodities- 68.5
87.3
Automobiles
78.9
Building materials
81.6
Metals
84.9
House-furnishing goods
76.1
Fats and One
94.0
chemicals and drugs
65.3
Fertilizer materials
76.1
Mixed fertilizers
Agricultural implements ___ _ 101.6
78.5
68.9
90.0
68.9
69.6
87.8
78.9
81.7
85.4
84.7
94.0
65.7
76.1
100.6
71.6
68.0
55.3
71.7
69.1
91.3
80.0
78.8
85.2
50.9
93.5
67.8
75.9
92.4
77.5
78.3
71.2
Number of Surplus Freight Cars in Good Repair Up
13,163 Cars
Class I railroads on Feb. 28 had 320,103 surplus freight
cars in good repair and immediately available for service,
the Association of American Railroads announced on
March 25. This was an increase of 13,163 cars compared
with Feb. 14, at which time there were 306,940 surplus
freight cars.
Surplus coal cars on Feb. 28 totaled 78,337, an increase
of 16,920 cars above the previous period, while surplus box
cars totaled 191,613, a decrease of 2,744 cars compared with
Feb. 14.
Reports also showed 27,184 surplus stock cars, a decrease
of 407 compared with Feb. 14, while surplus refrigerator
cars totaled 8,174, a decrease of 1,036 ears for the same
period.
The railroads on March 1 this year also had five new steam locomotives
and 70 new electric locomotives on order. New steam locomotives on
order on March 1 1934 totaled 21, and on the same date in 1933 there
were three. New electric locomotives on order on March 1 1934 totaled 90.
No reports are available as to the number on order on March 1 1933.
In the first two months of 1935 the railroads installed 428 new freight
cars. In the same period last year 25 new cars were placed in service,
and for the same period two years ago the total number installed was 476.
Seven new steam locomotives and 20 new electric locomotives were placed
in service in the first two months this year. The railroads in the first
two months of 1934 installed no new steam locomotives but four new
electric locomotives.
Freight cars and locomotives leased or otherwise acquired are not
included in the above figures.
277,451 Freight Cars In Need of Repair on March 1
Class I railroads on March 1 had 277,451 freight cars in
need of repairs or 14.9% of the number on line, the Association of American Railroads announced March 30. This was
was a decrease of 7,805 cars compared with the number in
need of such repairs on Feb. 1, at which time there were
285,256 or 15.2%.
Freight cars in need ot heavy repairs on March 1 totaled 213,926 or 11.5%
a decrease of 7,942 cars compared with the number in need of such repairs
on Feb. 1, while freight cars in need of light repairs totaled 63,525 or 3.4%,
an increase of 137 compared with Feb. 1.
Locomotives in need of classified repairs on March 1 totaled 10,423 or
22.5%, of the number on line. This was an increase of four compared with
the number in need of such repairs on Feb. 1, at which time there were
10,419 or 22.3%.
Class I railroads on March I had 3,725 serviceable locomotives in storage
compared with 3,990 on Feb. 1.
Revenue Freight Car Loadings 0.4% Under Last Year
Loadings of revenue freight for the week ended March 23
1935 totaled 607,780 cars. This is a gain of 10,348 cars or
1.7% over the preceding week, but a loss of 2,258 ears or
0.4% from the total for the like week of 1934. The comparison with the corresponding week of 1933 is more favorable, the present week's loadings being 127,821 cars or
26.6% higher. For the week ended March 16 loadings were
4.8% below the corresponding week of 1934, but 31.7%
above those for the like week of 1933. Loadings for the week
ended March 9 showed a loss of 4.4% when compared with
1934 but an increase of 33.1% when the comparison is with
the same week of 1933.
The first 17 major railroads to report for the week ended
March 23 1935 loaded a total of 294,257 cars of revenue
freight on their own lines, compared with 287,105 cars in
the preceding week and 296,155 cars in the seven days
ended March 24 1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Month
Ago
IsCOOCCWC-0000t••=0,t,.0
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
Group
Latest
Week
PreMar. 23 ceding
Week
1935
Number of New Freight Cars on Order on March 1
Lower
Class I railroads of the United States on March 1 had 514
new freight cars on order, according to reports just received
by the Association of American Railroads and made public
March 28. On the same day last year, 5,019 new freight
cars were on order, and on the same date two years ago
there were 1,974. The report further showed:
March 1934
119.2
92.1
a121.8
Farm products
127.2
128.0
107.1
Food products
*104.8
121.0
a106.5
Textile products
158.2
159.8
154.5
Fuels
109.5
104.9
109.6
Metals
Building materials
111.9
111.8
113.8
100.1
98.7
98.7
Chemicals
80.0
79.3
87.6
Miscellaneous
108.2
124.3
123.5
All commodities
64.5
74.0
73.1
b All commodities on old dollar basis_
•Preliminary. a Revised. b Based on exchanged quotations for brew.% Switzerland and Holland; Belgium included to Maw% 16.
Per Cent
Each Group
Bears to the
Total Irides
March 30 1935
Loaded on Own Lines
Weeks Ended-
Receivedfrom Conned Ions
Weeks Ended-
Mar.23 Mar.16 Mar.24 Mar.23 Mar.16 Mar.24
1935
1935
1934
1935
1935
1934
Atchison Topeka dc Santa Fe By.
Baltimore dr Ohio RR
Chesapeake Az Ohio Ry
Chicago Burlington Oz Quincy RR.
Chicago Milw. St. Paul & Pao. Ry
Chicago St North Western Ry
Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
N. Y. Chicago & St. Louis Ry
Norfolk S. Western fly
Pennsylvania RR
Pere Marquette Ry
Southern Facile Lines
Wabash Ry
17,484
30,159
23,106
13,648
16,666
12.985
2.286
2,076
4.043
13.301
43.683
4,147
20.902
59,405
5.674
19,729
4,963
16.678
28,891
21,249
13,429
17.041
13,153
2,487
1,912
3,987
13.194
42,939
4.007
20,111
57,622
5,517
19.952
4,936
18,475 4,599 4,690 4,500
29,946 13,882 13,597 13,995
22,835 8,089 7,729 7,387
14,611 6,899 6,727 6,208
16.706 7.704 6,840 6,362
14,772 9,242 9.607 9,179
2,844 1,116 1,178 1,305
3.076 1.805 2,108 1,835
4,350 2,420 2,412 2.469
13.264 6.846 6.825 8,153
44.320 59.427 58,792 63,040
4,002 9,151 8,913 9,442
19,827 4.021 3,737 3.807
57,191 35.806 34.854 34,003
5,353 5,300 5,212 5,615
19,968
5,115 8,713 8,388 8.132
Total
294,257 287.105 296,155 185,020 181,609 185,432
z Not reported.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
lireeks Ended-
Chicago Rock Island & Pacific Ry
Illinois Central System
St. Louis-San Francisco Ry
Total
Mar. 23 1935
Mar. 16 1935
Mar. 24 1934
20,442
28,971
11,595
20,690
27,825
11,293
19,658
26,805
12.585
61.008
59.808
59.048
Loading of revenue freight for the week ended March 16
totaled 597,432 cars, the Association of American Railroads
announced on March 22. This was an increase of 10,162
cars above the preceding week, but a decrease of 30,117 cars
under the corresponding week in 1934. It was, however,
Financial Chronicle
Volume 140
an increase of 143,795/cars above the corresponding week
in 1933. The Association's report continued:
Miscellaneous freight loading for the week ended March 16, totaled
230.830 cars, an increase of 7,577 cars above the preceding week, 3,027
cars above the corresponding week in 1934, and 80,054 cars above the
corresponding week in 1933.
Loading of merchandise less than carload lot freight totaled 160.267
cars, a decrease of 246 cars below the preceding week, and 5,926 cars below
the corresponding week in 1934 but an increase of 7,091 cars above the
same week in 1933.
Coal loading amounted to 133,533 cars an increase of 3,459 cars above
the preceding week, but a decrease of 15,954 cars below the corresponding
week in 1934. It was, however, an increase of 44,236 cars above the same
week in 1933.
Grain and grain products loading totaled 25,778 cars, a decrease of
1,203 cars below the preceding week, 6.198 cars below the corresponding
week in 1934 and 972 cars below the same week in 1933. In the Western
districts alone, grain and grain products loading for the week ended Mar. 16,
totaled 16,463 cars, a decrease of 4,331 cars below the same week in 1934.
Live stock loading amounted to 11,762 cars, an increase of 79 cars above
the preceding week, but decreases of 2,268 cars below the same week in
1934 and 531 cars below the same week in 1933. In the Western districts
alone, loading of live stock for the week ended March 16 totaled 9,049 cars,
a decrease of 1,993 cars below the same week in 1934.
Forest products loading totaled 25.337 cars, an increase of 927 cars
above the preceding week, 47 cars above the same week in 1934 and 10,807
cars above the same week in 1933.
Ore loading amounted to 3,548 cars, an increase of 137 cars above the
preceding week, but a decrease of 462 cars below the corresponding week
2083
in 1934. It was, however, an increase of 1.062 cars above the corresponding week in 1933.
Coke loading amounted to 6,377 cars, a decrease of 568 cars below the
prdebding week, and 2,383 cars below the same week in 1934. but an increase of 2,028 cars above the same week in 1933.
All districts showed reductions for the week of March 16, compared with
the corresponding week in 1934, in the number of cars loaded with revenue
freight but all districts reported increases compared with the corresponding
week in 1933.
Loading of revenue freight in 1935 compared with the two previous
years follows:
Four weeks in January
Four weeks in February
Week of March 2
Week of March 9
Week of March 16
Total
1935
1934
1933
2,170,471
2,325,601
604,642
587.270
597,432
2.183,081
2,314,475
605,717
614,120
627.549
1,924,208
1,970,566
481,208
441.361
453,637
6,285,416
6,344,942
5,270,980
In the following table we undertake to show also the loadings for separate roads and systems for the week ended
March 16 1935. During this period a total of 52 roads
showed increases when compared with the corresponding week
last year. The most important of these roads which showed
increases were the Southern Pacific RR. (Pacific Lines),
the Norfolk & Western RR. and the Illinois Central System.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED MARCH 16
Total Revenue
Freight Loaded
Group CA1111 Arbor
Chicago Indianapolis & Loutsv_
C. C. C. ex St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line_
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
N.Y. Chicago & St. Louis
Pere alarQuette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia___
Wabash
Wheeling & Lake Erie
28,584
3,620
8,360
10,705
147
1,110
5,908
2,341
18,644
1,544
666
337
6,293
10,364
13,827
151
2,088
8,626
2,231
20,943
2,227
612
462
4,766
6,785
9,370
133
1,242
6,678
1,246
15,405
1,978
320
266
7,67
6,018
14,985
2,175
1,275
7,109
41
32,211
2,445
16
326
53,382
67,824
48,189
66,332
74,273
482
1,238
7,568
27
190
295
2,115
4,672
8,569
5,071
3,943
5,574
4,817
1,114
5,094
3,668
1,282
1,841
11,548
53
97
3,641
2,289
7,340
9,478
217
8,913
5,212
5,229
1,090
8,388
3.103
1,053
1,846
12,937
73
121
3,844
1,748
7,863
10,913
150
9,575
5,786
5,567
1,016
8,303
3,173
278
4,963
10,991
2,397
2,719
12,844
1,210
23,138
30,354
35,402
W.
54,437
32,225
69,721
73,968
Grand total Eastern District__
136,353
150,845
103,552
166,407
183,643
Allegheny DistrictAkron Canton & Youngstown_
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & GauleY
Cambria & Indiana
Central RR. of New Jersey
Cornwall
Cumberland & l'ennsylvania_ _
Ligonier Valley
Long Island
b Penn-Reading Seashore Lin
Pennsylvania System
Reading Co
Union (Pitteburgh)
West Virginia Northern
Western Maryland
503
30,013
1,999
271
1,337
6,671
405
242
842
1,110
59,014
15,279
7,021
104
3,416
208
19,422
626
130
a
4,354
0
189
177
862
1,038
42,738
9,622
2,378
49
2,327
616
13,597
1,659
6
16
9,897
68
36
23
2,322
1.296
34,854
15,978
1,918
1
6,860
788
14,896
1,368
8
14
11,559
45
21
30
3,655
1,322
37.551
15,954
1,466
0
6,217
120,349
128.236
84,118
89,147
94.894
i
1
55,740
4,04.00=
W-4W=WW340,0...0.,.4,.
w
05.P...WWW
WO.W.W-4
274
4,276
10.045
1,554
2,678
10,626
901
330 Co...coW
1934
M..
1935
P.Cli
.
...10yp.
on.. Woo
W
..40 ....7...w.
.
l3,-,0
w4.
..000NW......
Total
27,231
W03IP.-0.40-400
Total
2,014
3,085
7,883
1,063
2,817
11,147
575
Obw
Group BDelaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & 'Judson River
Lehigh ex New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_
'ittsburgh & shawmut
Pittsburgh Shawmut & North
2,405
2,804
7,569
1,044
2,966
9,853
590
1933
wwww.o..
Total
1934
WO...C.nWtO,AWIAW
Easters DistrictGroup ABangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N.Y. N.it. & Hartford
Rutland
Total Loads Received
from Connections
1935
0014700W0W.. CoWco
w03004,c.,40033,
Railroads
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Lin e
_
Virginian
Total
Southern DistrictGroup AAtlantic Coast Line
Clinchfield
Charleston & Western CarolinaDurham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac _
Southern Air Line
Southern System
Winston-Salem Southbound _
Total
9
21,249
20.111
2,020
3,594
23.476
19,659
1,391
3,676
16,000
12,211
936
2,620
7,729
3,737
1,259
791
7,542
4,095
1,189
452
46,974
48,202
31,767
-
13,516
13,278
11,033
1,089
375
195
33
1,076
462
300
8,745
19,459
139
10,359
1,358
420
140
42
1,220
458
343
8,428
20,252
136
8,426
684
323
141
40
1,343
464
273
6,593
16,159
132
4,849
1,564
1,182
340
125
1,398
897
3,218
3,836
12,054
628
4,933
1,693
1,196
547
146
1,296
1,150
3,282
4,227
13,114
274
42,906
43.156
34,578
30,091
32,308
Total Revenue
Freight Loaded
Railroads
Group BAlabama Tennessee dr Northern
Atlanta Birmingham & Coast__
Atl. & W.P.-W.RR. of Ala__
Central of Georgia
Columbus er Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L.
Tennessee Central
Total Loads Received
from Connections
1935
1934
1933
1935
170
719
664
4,226
215
1.236
805
353
1,330
19,101
17,725
165
137
1,685
2,766
322
174
761
788
4,387
193
1.168
942
445
1,509
18,827
18,647
173
177
1,793
3,126
367
140
563
677
3,480
143
1,282
747
263
1,061
13,832
12,274
117
119
1,558
2,448
219
112
879
987
2,483
206
526
1,312
592
808
0,347
3,798
465
281
1.361
2,158
595
1934
126
854
1,049
2,665
219
624
1,448
592
698
8,792
4,044
516
251
1,434
2,440
738
51,619
53,477
38,873
25,910
26,490
Grand total Southern District
94,525
96,633
73,451
56,001
58,798
Northwestern DistrictBelt fly. of Chicago
Chicago & North Western
Chicago Great Western
Chicago afilw. St. P.& Pacific_
Chicago St. I'. Minn. & Omaha
Duluth Miasabe & Northern...
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South
Great Northern
Green Bay & Western
Lake Superior & Ishpeming__
Minneapolis & St. Louis
Minn. St. Paul & S.S. af
Northern Pacific
Spokane International
Spokane Portland & Seattle
750
13,153
1,956
17,041
3,256
478
703
5,453
245
9,358
640
309
1,415
4,577
8,325
101
1,268
746
14,936
2,280
17,145
3,485
561
506
4,862
265
8,600
498
215
1,749
4,120
8,361
117
1,273
521
10,987
1,811
12,919
2,567
290
309
2,409
267
7,343
473
177
1,292
3.632
6,487
86
682
1,509
9,607
2,590
6,840
2,808
80
305
5.735
124
2,679
517
84
1,576
2,022
2,475
181
899
1,532
9,472
2,451
6,698
2,924
95
346
5,315
110
1,984
472
92
1,470
2.232
2,235
202
891
69,028
69,719
52,252
40,031
38,521
17,678
2,794
209
13,429
1,767
10.303
3,253
825
1,973
373
1,080
1,977
709
44
14,468
186
259
11,279
486
980
18,487
2,384
198
14,838
1,116
10,508
3.173
849
2,013
153
870
1,911
662
106
13,548
249
340
11,699
193
1,172
15,999
2,529
238
10,790
1,555
9,114
2,107
668
1,514
149
1,099
1,655
305
101
9,687
233
267
9,502
215
920
4,690
2,046
35
6.727
929
6.910
1,995
1,045
1,872
4
973
1,168
232
66
3,954
218
1,021
6,628
5
1,398
4.612
1,716
28
6,243
646
6,568
1,922
738
1,913
84,072
84,469
68,647
41,916
38,474
147
134
135
2,487
1,912
119
1,398
1,198
108
369
547
102
3,987
13,199
27
93
6,528
1,898
5,484
3,845
2,242
30
142
182
158
124
2,850
3,221
159
1,685
1,043
228
424
450
97
4,166
13,342
45
81
7,439
2,066
5,658
4,141
1,677
31
178
112
159
142
2,022
2,903
81
1,122
885
104
284
394
61
3,746
10,174
37
79
6,453
1,857
4.582
3,178
1,457
18
a
4,113
279
212
1,178
2,10S
909
1,324
960
319
742
188
150
2,412
6,825
24
120
3,484
2,073
2,256
3.357
14,892
31
68
3,555
231
128
1,249
2,008
736
1,386
764
357
797
264
360
2,630
8,329
18
83
3,339
1,823
2,339
3,636
17,003
32
119
46,131
49,445
39,850
48.024
51,186
Total
Total
Central Western DistrictAtch. Top. & Sante Fe System_
Alton
Bingham & Garfield
Chicago Burling/on & Quincy
Chicago & Illinois Midland _ _
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver dr Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City....
IllinoisTerminal
North Western Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern
Kansas Oklahoma & Gulf
KanlIft.9 City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas._ _ _
Miasouri-Kansas-Texas Lines
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR. of St. Louis
Weatherford M. W.& N. W
Wichita Falls & Southern
Total
848
1,105
308
71
3,318
290
978
5,919
2
1,241
•Previous figures. • Not available. b Pennsylvanla-Reading Seashore Lines include the new consolidated Mee of the West Jersey & Seashore RR..
formerly Pert of
Pennsylvania RR.,and Atlantic City RR.,formerly part of Reading Co.
Moody's
March 30 1935
Financial Chronicle
2084
Daily Index Slightly Higher forlthe Week
Basic commodity prices have fluctuated narrowly this
week, for the most part, with slight gains predominating.
The main feature of strength was crude rubber, which rose
by more than one and a quarter cents on Tuesday on restriction news. However, almost half of the gain was lost
by Friday. Silver rose to 613c. the best level since Jan. 1
1928. The index is now 150.9 compared with 149.9 the week
before.
In addition to crude rubber and silver, improvement was
registered in quotations for corn, top hogs, hides, sugar,
wool, lead and silk in the order named. Relatively the most
weakness was shown by scrap steel,followed by wheat,coffee
and cocoa. Cotton and copper remained unchanged.
The movement of the Index number during the week, with
comparisons, is as follows:
Mar. 22
Fri..
Sat., Mar. 23
Mon., Mar. 25
Tues., Mar. 26
Wed., Mar. 27
Thurs., Mar.28
Mar.29
Fri..
149.9
149.4
149.9
151.0
151.9
150.9
150.9
151.3
2 Weeks Ago, Mar. 15
158.3
Month Ago, Mar. 1
137.3
29
Mar.
Ago,
Year
148.9
1933 High, July 18
78.7
Feb. 4
Low.
..._160.0
8,'35-.
Jan.
High,
1934-35
Low, Jan. 2,'34_ _126.0
Wholesale Commodity Prices Advanced Approximately
1% from January to February,• According to
United States Department of Labor
The general level of wholesale commodity prices advanced
nearly 1% from January to February. The index of the
Bureau of Labor Statistics of the United States Department
of Labor rose to 79.5% of the 1926 average. This level is
the highest point reached since December 1930, the Bureau
said. The February index registered an advance of 8% over
February 1934, when the index was 73.6. When compared
with February 1929, the prices last month were down by
16%%. Under date of March 23 the Bureau further
announced:
Since February 1933, when the index number stood at 59.8, the lowest
point reached in the last quarter century, the trend has been steadily
upward, with only three minor recessions. The February 1935 index showed
an increase of 33% over this low point.
Of the 10 major groups of items covered by the Bureau, four-farm
products, foods, building materials, and chemicals and drugs-registered
increases in February as compared with the preceding month. Five groupshides and leather products, textile products, fuel and lighting materials,
housefurnishing goods, and miscellaneous-showed decreases, while the
group of metals and metal products remained unchanged.
NUMBER OF COMMODITIES SHOWING PRICE CHANGES BY GROUPS
Croups
Total
2 .
5
1
13
Decreases
No Change
37
24
8
30
6
10
15
4
5
14
ei
bnC,.0e0C,-10c5v,
••• CO Is .0Co :
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
Increases
153
495
and
Raw materials, including farm products, cocoa beans, copra, hides
crude
skins, raw silk, hemp, jute, sisal, crude petroleum, scrap steel,
advance of
rubber, and other similar commodities, registered an average
4% above the February 1934 level. Finished
1% over January and were 171/
articles,
products, among which are included more than 500 manufactured
the correadvanced approximately 1% over January and were 6% above
sponding month of last year.
sugar, leather,
Semi-manufactured articles, including such items as raw
0.7 of 1%
iron and steel bars, pig iron, and similar commodities, advanced
compared with
as compared with the preceding month. However, when
4%.
the corresponding month of a year ago, they were lower by
advances in
The rise in the general index was due mainly to sharp
that the
fact
the
by
shown
average prices in farm products and foods, as
and
combined index of all commodities, exclusive of farm products
February.
processed foods, registered a slight decline between January and
nonThis index was lower than February 1934 by about 1%%. The
farm
agricultural commodity group, which includes all commodities except
products, advanced % of 1% to a point 41h% above a year ago.
of
Wholesale food prices for the month were up 3%% due to advances
7%% in meats; 4% in butter, cheese and milk; 1.3% in both the fruits
and vegetables and other foods subgroups, and a slight advance in cereal
products. Price increases were reported for butter, cheese, evaporated
beef,
milk, fresh milk at Chicago, bread at New York, fresh and cured
mutton, fresh and cured pork, dressed poultry, lard, oleomargarine, raw
price
in
decreasing
items
sugar, tea, and vegetable oils. Important food
were flour, oatmeal, cornmeal, canned apricots and pears, dried apricots,
peaches, prunes, raisins, lamb, veal, coffee, and pepper. The level for
showing an
the group as a whole advanced to 82.7% of the 1926 average,
Increase of 24% over February 1934 and an increase of 54% over February
1933, when the indexes were 66.7 and 53.7, respectively.
Farm products, because of an advance of 7% in livestock and poultry,
2%.
also registered an increase during February amounting to nearly
in
Grains, on the other hand, were lower by over 1%%. Commodities
live
the group contributing to the rise were cows, steers, hogs, ewes,
poultry, oranges, hope peanuts, tobacco, and onions. Decreases in average
prices during the month were recorded for corn, oats, rye, calves, wethers,
lemons, eggs, hay, potatoes, and wool. The February level of farm
products prices was 29% above that of a year ago, with an index of 61.3
40.9.
and 93% higher than February 1933, when the index had receded to
Chemicals and drugs, with an index of 80.4, advanced 1.4% to the
highest point reached since May 1931. Chemicals increased by nearly
25i%. Lower prices were reported for fertilizer materials and mixed
fertilizers, while drugs and pharmaceuticals remained unchanged at the
January level.
Higher average prices for lumber forced the index for building materials
and
up 0.1 of 1% to 85.0. The subgroups of brick and tile and paint
other
paint materials were slightly lower. Cement, structural steel, and
building materials remained unchanged.
Miscellaneous commodities, with an index of 70.1, decreased 0.8 of 1%
because of sharp declines in prices for cattle feed and crude rubber. Paper
lower,
and pulp and other miscellaneous commodities were also slightly
while automobile tires and tubes were unchanged.
furnishand
furniture
Both
Housefumishing goods decreased 0.6 of 1%.
ings shared in the decline.
2 of 1% from the
1
The group of fuel and lighting materials decreased /
previous month. Higher prices for bituminous coal and coke were more
than counterbalanced by falling prices for gas, electricity and petroleum
products. Average prices of anthracite coal were stationary.
Advancing prices for clothing and knit goods in the group of textile
products were offset by lower prices for cotton goods, silk and rayon,
woolen and worsted goods, and other textile products, with the result that
the group as a whole decreased 0.3 of 1% to 70.1 of the 1926 average.
A drop of 2% in the average prices of hides and skins and a smaller
decline in other leather products more than counterbalanced slightly higher
prices for shoes and leather. The index for the group as a whole, 86.0,
was 0.2 of 1% below the January level.
Weakening prices for plumbing and heating fixtures, non-ferrous metals,
and motor vehicles in the group of metals and metal products offset higher
prices for certain iron and steel items and agricultural implements, with
the result that the group as a whole remained unchanged at 85.8.
The Bureau of Labor Statistics index, which includes 784 price series
weighted according to the relative importance in the country's markets, is
based on the average prices of 1926 as 100.
Index numbers for the groups and subgroups of commodities for February
1935, in comparison with January 1935 and February of each of the past
six years, are contained in the accompanying table:
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES
(1926=100.0)
Feb. Feb.
1930 1929
Jan.
1935
Feb.
1934
Feb.
1933
Feb.
1932
Feb.
1931
79.1
Farm products
87.4
Grains
Livestock and poultry - - 78.4
76.8
Other farm products__
82.7
Foods
Butter, cheese and milk. 87.0
91.9
Cereal products
. Fruits and vegetablei.- 63.6
87.9
Meats
77.2
Other foods
Hides and leather products. 86.0
97.2
Boots and shoes
69.6
Slides and skins
74.6
Leather
84.6
Other leather products
70.1
Textile products
78.5
Clothing
83.3
Cotton goods
63.6
Knit goods
28.1
Silk and rayon
Woolen and worsted goods 73.6
Other textile products _ 68.6
Fuel and lighting materials 72.5
82.3
Anthracite coal
96.4
Bituminous coal
88.8
Coke
Electricity
Gas
48.7
Petroleum products
Metals and metal products 85.8
Agricultural implements_ 93.6
86.1
Iron and steel
93.6
Motor vehicles
67.2
Non-ferrous metals
Plumbing and heating - - 67.1
85.0
Building materials
90.6
Brick and tile
93.9
Cement
80.5
Lumber
Paint and paint materials 78.8
67.1
Plumbing and heating..
92.0
Structural steel
Other building materials_ 90.3
80.4
Chemicals and drugs
86.5
Chemicals
Drugs dc pharmaceuticals 73.1
66.2
Fertilizer materials
72.8
Mixed fertilizers
80.7
HousefurnIshing goods_
84.1
Furnishings
77.2
Furniture
70.1
Miscellaneous
Automobile tires & tubes 47.5
109.0
Cattle feed
80.9
Paper and pulp
26.2
Rubber, crude..
80.1
Other miscellaneous
77.4
Raw materials
Semi-manufactured articles 71.7
81.5
Finished products
79.4
Non-agricultural commod
All commodities other than
farm products and foods 77.4
77.6
88.8
73.3
76.6
79.9
83.5
91.6
62.8
81.6
76.2
86.2
97.1
71.1
74.3
85.0
70.3
78.4
84.1
63.5
28.6
73.8
68.8
72.9
82.3
96.3
86.4
89.9
87.6
48.8
85.8
92.7
85.7
94.1
67.6
68.0
84.9
91.1
93.9
79.9
79.0
68.0
92.0
90.3
79.3
84.5
73.1
66.5
73.3
81.2
84.3
78.2
70.7
47.5
116.2
81.5
26.5
80.4
76.6
71.2
80.8
78.9
61.3
63.2
48.2
68.3
66.7
69.1
85.7
71.7
53.3
64.1
89.6
98.4
78.0
80.1
86.9
76.9
87.2
88.6
67.0
31.0
84.3
77.8
72.4
81.2
91.1
83.5
91.8
89.3
50.3
87.0
85.2
86.3
97.8
65.8
72.7
86.6
87.2
93.9
87.3
79.3
72.7
86.8
90.3
75.5
78.8
71.5
69.2
72.5
81.0
83.0
79.2
68.5
43.5
73.4
82.7
21.4
83.2
66.0
74.8
77.0
76.1
40.9
32.7
40.1
44.2
53.7
52.4
60.4
52.4
50.2
54.1
68.0
83.3
40.9
55.3
77.9
51.2
61.2
49.1
48.3
25.6
53.2
66.2
63.6
88.7
79.4
75.2
102.9
96.6
34.3
77.4
83.1
77.3
90.9
46.2
59.4
69.8
75.1
81.8
56.4
68.0
59.4
81.7
78.5
71.3
79.0
54.8
61.5
62.4
72.3
72.9
71.9
89.2
42.6
40.6
72.1
6.1
73.3
48.4
56.3
65.7
63.7
50.6
46.1
50.3
52.7
62.5
64.1
69.6
61.8
59.5
59.4
78.3
88.5
46.1
76.5
98.8
59.5
69.4
56.4
55.8
36.5
63.1
69.7
68.3
94.8
84.3
80.4
104.8
98.0
38.6
80.9
85.1
79.3
95.3
52.7
65.8
73.4
79.3
75.3
62.9
75.1
65.8
77.9
80.2
75.5
80.8
60.1
69.8
73.7
77.5
75.9
79.5
64.7
39.5
48.2
76.7
8.6
84.4
56.9
61.9
71.4
89.8
70.1
60.4
69.6
73.6
78.0
83.0
75.5
74.2
83.6
71.1
86.9
05.0
57.7
89.0
02.0
70.9
79.1
73.1
64.5
47.0
73.5
77.8
72.5
88.9
87.8
83.8
94.5
95.8
50.2
86.5
94.3
85.6
94.4
68.4
86.6
82.5
86.3
87.9
74.0
80.5
86.6
84.3
87.8
83.3
86.6
65.2
81.1
89.1
88.1
84.6
92.0
71.5
46.9
71.6
83.1
16.1
89.3
70.6
73.0
80.3
78.2
77.7
78.7
66.0
71.3
78.3
89.0
91.9
79.5
All commodities
•Data not yet available.
78.8
73.6
59.8
66.3
76.8
91.4
95.4
Groups and Sub-proups
Feb.
1935
98.0
89.0
101.3
98.9
95.8
97.1
86.1
103.1
105.1
87.4
103.9
103.8
99.0
107.7
106.1
86.4
88.9
92.8
85.3
74.2
84.2
87.8
80.9
91.2
91.4
84.2
97.3
93.7
65.7
96.9
97.3
91.4
103.1
101.0
93.2
94.0
92.6
92.7
91.5
94.8
93.2
91.9
96.8
92.3
97.3
69.2
89.5
96.2
93.6
92.7
94.8
81.2
53.0
107.5
87.8
32.8
99.3
91.8
89.4
91.5
90.0
105.4
102.0
101.8
109.2
98.1
109.7
89.6
85.0
102.3
96.4
108.9
106.6
106.4
117.1
107.5
92.3
91.7
99.8
89.9
84.1
91.3
94.6
82.9
91.6
93.7
85.1
95.4
92.2
68.9
100.6
99.2
94.7
07.3
05.5
96.7
95.9
94.9
94.6
95.0
92.6
96.7
97.0
98.4
95.7
00.9
72.2
94.7
07.1
93.8
93.4
94.3
82.7
55.2
129.3
88.9
49.6
96.5
98.1
94.8
94.3
93.3
Wholesale Trade During February in Chicago Federal
Reserve District at Mixed Trends-Increase of 4%
Noted in Department Store Trade from January
to February-Mid-West Distribution of Automobiles Higher
W..go Federal Reserve Bank states that "trecs
varied during February in wholesale trade conditions of the
Seventh (Chicago) District." From the Bank's March 31
rlirsiness Conditions Report" we also take the following
regarding wholesale trade in the Chicago District:
A decline of6% for the month in the wholesale drug trade was normal for
the season. Grocery sales, however, falling off 10% in the period recorded
a greater than usual decline for February, and a decrease of 8% in dry
the
goods sales compared with a 3% increase in the 1925-34 average for
month. On the other hand, the wholesale hardware trade showed a 5%
expansion in February over the preceding month, whereas the average
Volume 140
Financial Chronicle
gain for the period amounts to but 3%;and sales of wholesale electrical
supplies rose 13%, as against a usual decline for February averaging 4%.
In all these reporting groups the dollar volume of sales continued to exceed
that of the corresponding month a year earlier-in dry goods to about the
same extent as a month previous,in hardware, drugs, and electrical supplies
to a greater degree, and in groceries to a lesser one. Ratios of accounts
outstanding at the end of February to net sales during the month were
higher in the majority of groups than a month earlier, but for all lines were
below those of a year ago.
WHOLESALE TRADE IN FEBRUARY 1935
Per Cent Change
from Same Month Last Year
Commodity
Groceries
Hardware
Dry goods
Drugs
Electrical supplies
Net
Sales
+4.3
+8.9
+11.9
+3.2
+28.5
Stocks
Accts. Outstanding
Collections
Ratio of
Accts. Outstanding to
Net Sales
+16.0
+6.1
+1.4
+0.8
+2.4
-7.8
-8.9
+3.3
-6.3
+5.4
+15.8
+8.2
+10.5
-1.2
+23.9
95.6
232.0
222.6
179.5
153.2
As to department store sales in the Chicago District the
Bank says:
A gain of 4% for February over January in Seventh District department
store trade compared with practically no change in the 1925-34 average
for the month-in only four of these 10 preceding years had an expansion
been shown in the period. Sales by Detroit stores, increasing 10% over
January, recorded the heaviest gain among the larger cities of the District:
Chicago trade expanded 2% and that in Milwaukee 4%; while the dollar
volume sold by Indianapolis firms recorded a loss of 5%. Stores in smaller
centers had sales aggregating 6% more than a month previous. The
increase of 9
for the District over a year ago was slightly larger than
in a similar comparison for January. Stocks expanded seasonally 6% in
February over a month earlier and were 3% smaller than at the close of
the month in 1934.
DEPARTMENT STORE TRADE IN FEBRUARY 1935
Locality
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Per Cent Change
February 1935
from
February 1934
P.C.Change
2 Months
1935from
SamePeriod
1934
Ratio of February
Collections
to Accounts
Outstanding
End of January
Net
Sales
Stocks End
of Month
Net
Sales
1935
1934
+7.2
+15.6
+14.8
+4.6
+8.5
-3.2
+5.2
-18.8
-5.3
+1.7
+6.7
+17.6
+13.5
+2.6
+6.7
33.8
45.1
41.6
37.9
32.1
27.7
39.8
39.1
33.2
29.8
Seventh District
+9.5
-2.9
+9.2
37.9
33.5
The retail shoe trade increased 33i% in February over the
preceding
month, whereas the 1926-34 average for the month shows a loss
of 7%•
An increase of 12% was recorded in sales over February last year,
which
was somewhat larger than the January gain in the yearly comparison.
Stocks rose 13% as the close of February over a month
previous and
aggregated 5% larger than a year ago.
Sales of furniture and house furnishings by dealers and department stores
expanded considerably more than seasonally in February over January,
the gain totaling 40% as against an increase of but 18% in
the 1927-34
average for February. As a consequence, the dollar volume
sold in the
current period exceeded that of February 1934 by 19%, whereas the
gain
in the yearly comparison for January was only 12%. Installment sales by
dealers increased more substantially in the monthly comparison than
did
total sales, rising 52% over January. A gain of 5%
took place in stocks
over the end of January, but they totaled 3% smaller than at the
end of
February a year ago.
Reporting grocery, 5-and-10-cent store, and men's clothing chains had
heavier sales in February than In the first month of the year, while
sales of
drug,shoe,cigar, and musical instrument chains were less in the
comparison,
aggregate sales of all groups increasing 4% over January. As compared
with last February, cigar, men's clothing, and musical instrument
chains
recorded smaller sales this year, but the other and heavier groups showed
increases, so that total sales amounted to 6% more than a year earlier.
The Bank states that "in accordance with seasonal trend,
sales of new automobiles to users in the Middle West rose
sharply in February over a month previous, while distribution at wholesale showed a more moderate though likewise
substantial gain in the period." It adds:
Although February last year recorded exceptionally large expansion
following delays in production of new models, the volume sold in the month
this year greatly exceeded sales at that time. Used car sales likewise gained
considerably in February over the preceding month, but the percentage
Increase was little more than half that in new car sales at retail, and the
number sold was only 8% greater than a year ago. Stocks of both new
and used cars increased substantially in the monthly and yearly comparisons. The ratio of sales made on the deferred payment plan
total
retail sales of dealers reporting the item, amounted to 43% in February. or
practically the same as a month previous or a year ago.
Chain Store Sales During February in New York
Federal Reserve District Reported 2% Above
February Last Year
The New York Federal Reserve Bank reports that total
February sales of the reporting chain store systems in the
Second (New York) District were about 2% ahead of the
corresponding month a year ago, following a small decrease
in January. In its April 1 "Monthly Review" the Bank
also says:
The candy chains had a fairly substantial increase in sales, the first advance in a number of months, and the 10-cent and variety chain stores
reported more favorable comparisons with a year ago than In January.
Drug chain sales were also higher than a year ago, but the increase was not
as large as those recorded in the two previous months. The shoe chain
systems reported a smaller decline in sales this month than last, while
grocery sales were lower than last February, following a slight advance in
January.
Sales per store of all reporting chains were 3% higher than a year ago, a
larger increase than for total sales, owing to reductions in the number of
2085
stores operated by the shoe, grocery, and drug chain systems between
February 1934 and February 1935.
Percentage Change February 1935
Compared with February 1934
Type of Store
No. of
Stores
Total
Sales
Sales per
Store
Grocery
Ten Cent
Drug
Shoe
Variety
Candy
-2.9
+1.0
-0.9
-5.3
+0.8
+2.8
-3.3
+2.0
+2.1
-8.7
+8.1
+7.8
-0.4
+0.9
+3.1
-1.5
+7.3
+4.7
Total
-1.1
+1.8
+2.9
Increase of 1% Over Year Ago Noted in February Sales
of Department Stores in New York Federal Reserve
District
"February sales of the reporting department stores in the
Second (New York) District were approximately 1% higher
than a year ago, a slightly more favorable year-to-year
comparison than was reported for the previous month when
practically no change in sales occurred." In stating this, the
Federal Reserve Bank of New York, in its "Monthly Review" of April 1, adds:
Department stores In several localities reported February sales moderately
ahead of a year ago. In the case of the northern New Jersey, southern New
York State, and Hudson River Valley District stores, the February increases followed declines in January. and in the case of the Bridgeport and
Capital District department stores the increases recorded were larger than
In the preceding month. The increases shown by the Buffalo, Rochester.
and Syracuse stores, however, were the smallest that have been reported
In several months, and decreases continued to be recorded by the
northern New York State, and Westchester and Stamford stores. New
York City department stores registered no change in sales from last year.
Sales of the leading apparel stores in this district were approximately 3%
ahead of a year ago, or about the same increase as in January.
Stocks of merchandise on hand, at retail valuation, continued to be
somewhat smaller than a year previous. Collections of accounts outstanding
continued higher this year than last in the department stores, but were
practically unchanged in the apparel stores.
Locality
Percentage Change
Feb. 1935 Compared
with Feb. 1934
Net
Sales
New York
Buffalo
Rochester
Syracuse
Northern Ner Jersey
Bridgeport
E lsewhere
' Northern N. Y. State_
Southern N.Y.State
Hudson Riv. Val. Dist_
Capital District
Westchester & Stamford_
All department stores_
Apparel stores
0
+3.1
+1.6
+2.4
+3.0
+11.9
+1.6
-10.2
+0.8
+2.7
+6.7
-6.8
+0.8
+3.2
Per Cent of ACCOUTZU
Outstanding Jan. 31
Collected in February
Stock on Hand
End of Month
1934
1935
-8.0
-3.3
-5.9
-4.3
+8.4
-11.4
42.7
39.9
43.3
28.0
37.6
31.2
24.8
43.5
43.1
44.2
33.7
40.0
34.0
27.1
-3.8
+24
39.6
39.8
41.4
39.7
February sales and stocks in the principal departments are compared
with those of a year previous in the following table.
Women's and Misses'ready-to-wear
Men's and boys' wear
Furniture
Women's ready-to-wear accessories
Luggage and other leather goods
Toys and sporting goods
Hosiery
Home furnishings
Shoes
Musical instruments and radio
Linens and handkerchiefs
Cotton goods
Men's furnishings
Silks and velvets
Toilet articles and drugs
Books and stationery
Woolen goods
Silverware and jewelry
Miscellaneous
Net Sales
Percentage Change
February 1935
Compared with
February 1934
Stock on Hand
Percentage Change
Feb. 28 1935
Compared with
Feb. 28 1934
+10.6
+7.3
+5.4
+2.2
+0.9
+0.7
+0.4
-1.7
-2.1
-3.0
-3.3
-4.0
-4.3
-1.1
+6.7
-17.4
-0.4
-3.9
-2.8
-9.6
-6.6
+1.8
-24.2
-16.4
-16.7
-1.6
-5.9
+8.0
-2.3
-4.5
-2.3
-3.8
-9.8
-13.0
-14.5
+3.4
The Bank had the following to say regarding department
store sales in the Metropolitan area of New York during the
first half of March:
For the first half of March, total sales of the reporting department
stores in the Metropolitan area of New York were about 10% less than in
the corresponding period a year ago, due to the late occurrence of Easter
this year. Certain lines of spring trade will tend to be concentrated largely
In April this year, whereas pro-Easter business last year was transacted
In March.
New York Federal Reserve Bank Reports Decrease of
About 354% in Sales of Wholesale Firms During
February as Compared with February 1934
"During February," states the Federal Reserve Bank of
New York,"total sales of the reporting wholesale firms in the
Second (New York) District averaged a little over 3%
below a year ago, the first decline recorded since last July."
Continuing, the Bank also has the following to say in its
"Monthly Review" of April 1:
The moat substantial decreases in seven months were reported in the dollar
amount of sales of men's clothing and shoes, and in sales of silk goods which
are reported on a yardage basis by the National Federation of Textiles.
Financial Chronicle
2086
Cotton goods concerns reported a decline in sales which was nearly as large
as in January, and jewelry firms showed sales slightly below last year's
volume, following four months in which sizable advances occurred. The
increases in sales reported by the hardware, grocery, paper, and diamond
concerns were all of smaller proportions than in the previous month, but
increases in drug and stationery sales followed small decreases in January.
The amount of stock held by the grocery, silk, drug, and diamond firms
Continued higher than a year ago. Jewelry concerns again reported a slight
decrease in stocks, and hardware firms showed the first decline in stocks in
five months. Collections continued to average higher this year than last
In the majority of reporting lines.
Per Cent of Accounts
Outstanding Jan. 31
Collected in February
Percentage Change
Feb. 1935 Compared
with Feb. 1934
Commodity
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Stationery
Paper
Diamonds
Jewelry
Net
Sales
Stock End
of Month
+2.4
-10.2
-12.6
*-18.7
-28.7
+6.0
+10.3
+1.7
+2.7
+2.1
-1.4
+14.3
1934
1935
87.1
43.7
34.0
53.9
84.3
49.7
36.7
58.3
22.4
32.4
50.8
45.6
128.0
27.6
32.0
53.8
52.0
27.7
•+13.7
+15.2
-3.1
+11.3
-0.5
56.0
54.2
Weighted average
• Quantity figures repot ed by the National Federation of Textiles, Inc., not
for
wholesale
trade.
total
average
in
weighted
included
Electric Output Below Preceding Week but 4.0%
Above Like Week of 1934
The Edison Electric Institute in its weekly statement
discloses that the production of electricity by the electric
light and power industry of the United States for the week
ended March 23 1935 totaled 1,724,763,000 kwh. Total
output for the latest week indicated a gain of 4.0% over
the corresponding week of 1934, when output totaled
1,658,389,000 kwh.
Electric output during the week ended March 16 1935
totaled 1,728,323,000 kwh. This was a gain of 4.7% over
the 1,650,013,000 kwh. produced during the week ended
March 17 1934. The Institute's statement follows:
PERCENTAGE INCREASE OVER 1934
Week Ended
Week Ended
Mar.23 1935 Mar. 16 1935
Major Geographic
Divisions
New England
Middle Atlawle
Central Industrial
West Central
Southern States
Rocky Mountain
Pacific Coast
Wed Ended
Mar.9 1935
Week Ended
Mar. 2 1935
1.8
1.9
4.1
3.6
8.0
17.3
x2.2
3.0
3.6
5.3
4.9
6.9
16.5
0.4
4.9
2.5
4.9
3.2
5.7
15.1
6.0
1.3
1.0
5.0
3.9
7.1
11.4
6.3
4.0
4.7
4.7
4.8
Total United Statesx Decrease.
DATA FOR RECENT WEEKS
Week of-
1930
1933
1932
1931
1.426
1.495
1,484
1,470
1,455
1,483
1,470
1,426
1,423
1,391
1,375
1.410
1.402
1.619
1,602
1.598
1,589
1.589
1.579
1,545
1.512
1,520
1,538
1,538
1,515
1.480
1.714
1,717
1,713
1,687
1.679
1,684
1,680
1,633
1,664
1,676
1,682
1,689
1.680
1929
nglomoismn1
m...c..ft..a000gmoo
+6.7
+7.7
+9.4
+10.6
+7.7
+6.8
+7.3
+5.0
+4.6
+4.7
+4.7
+4.0
____
Weekly Data for Pfl1401.43 Years
in Millions of Kilowatt-Hours
§F.ARS2W442244g
00.0140.01,-..t4:1-.t:4-1-...t-.,
1
1.668.731.000 1,583,678,000
1.772,609,000 1,646,271,000
1,778,273,000 1,624,846.000
1,781,686.000 1,610,542,000
1,762.671,000 1,636,275,000
1.763.696.000 1,651,535,000
1,760.582.000 1.640,951,000
1.728,293,000 1,646.485,000
1,734,338,000 1,658,040,000
1,724,131,000 1,647,024,000
1,728,323,000 1,650,013,000
1,724.763,000 1,658,389.000
1,665.650,000
P. C.
Clege
rr
1
Jan. 5.Jan. 12_ - _
Jan. 19.__
Jan. 26_
Feb. 2_ _ _
Feb. 9_._
Feb. 16_
Feb. 23.__
Mar. 2___
Mar. 9___
Mar.16_
Mar. 23__ _
Mar. 30_ - -
1934
1935
DATA FOR RECENT MONTHS
than the total for February 1933.
The index of sales of five grocery chains was 88.3 in February against
86.0 in January. February sales were more than 8% greater than in the
same month last year against a comparative increase of 6.8% in January.
The index for the five-and-ten department store group of six chains was
101.9 in February against 94.5 in January, and 99.1 in February 1934.
For the drug group, the index was 119.4 against 118.8 in January.
February sales of these latter chains totaled 13.7% greater than in the
same month last year.
The index for three apparel chains advanced to 96.0 in February from
94.6 in January. In each of the three preceding years there was a decline
in the index figure between these two months. Sales of the shoe group
indicated an index figure of 96.8 for February as against 110 in January
and 88.0 in February 1934.
Summary of Business Conditions in United States by
Federal Reserve Board-Less-Than-Seasonal Increase Noted in Industrial Production in February
In its summary of general business and financial conditions
in the United States, based upon statistics for February and
the first three weeks of March, the Federal Reserve Board
states that "in February industrial production increased by
less than the usual seasonal amount, following sharp advances in December and January. Wholesale prices of
many leading commodities showed little change in February,"
the Board said, "and declined in the early part of March;
prices of livestock and meats, however, advanced further in
February and continued at relatively high levels during the
first three weeks of March." In its summary, issued March
27, the Board reported:
Production and Employment
Daily average output of basic industrial commodities increased in February by an amount smaller than is usual at this season and the Federal
Reserve Board's index, which makes allowance for seasonal variations,
declined from 91% of the 1923-25 average in January to 89% in February.
At steel mills activity increased further during the early part of February;
later in the month and In the first three weeks of March, however, activity
declined, contrary to seasonal tendency. In the automobile industry
production continued to increase and the output indicated for the first
quarter is larger than in the corresponding period of any other year since
1929. Lumber production remained at a low level. At textile mills activity in February declined somewhat from the relatively high rate of the
preceding month. In the meatpacking industry output continued to
decline.
Factory employment increased between the middle of January and the
middle of February by more than the usual seasonal amount, reflecting
substantial increases in working forces in the automobile, machinery, iron
and steel, and wearing apparel industries and smaller increases in many
other lines. At meatpacking establishments employment continued to decline and at tobacco factories it showed less than the usual seasonal growth.
Payrolls at manufacturing establishments also increased considerably in
February. In non-manufacturing industries employment and payrolls
showed little change.
Total value of construction contracts awarded in the period from Jan. 1
to March 15, as reported by the F. W. Dodge Corp., was smaller than
in the corresponding period last year, reflecting a reduction In the volume
of public projects. The value of contracts awarded for residential building
during this period showed a slight increase over the low level of a year ago.
Distribution
seasonal
Daily average volume of revenue freight-car loadings showed a
Departincrease in February and little change in the first half of March.
little
usually
ment store sales increased in February, a month when there is
was
change, and the Combined total for the first two months of the year
larger than a year ago by 5%.
Wholesale Commodity Prices
Month of-
1934
1933
%
Change
1932
1931
January._ _ _
February_
March
April
May
June
July
August
September_ ..
October
November_ _
December
7.131,158,000
8,608,356.000
7,198.232,000
6.978.419.000
7,249.732,000
7,056,116,000
7,116,261,000
7.309,575,000
8,832,260.000
7.384.922.000
7,160,756,000
7,538.337,000
6,480,897,000
5,835,263.000
6,182.281,000
6,024,855,000
6,532.686,000
6,809,440,000
7.058,600.000
7.218,678,000
6.931,652,000
7,094,412,000
6,831.573.000
7,009,164,000
+10.0
+13.2
+16.4
+15.8
+11.0
+3.6
+0.8
+1.3
-1.4
+4.1
+4.8
+7.8
7.011,736.000
6,494,091,000
6.771.684.000
6.294.302,000
6,219,554,000
6.130.077,000
6,112,175.000
6,310,667,000
6,317,733,000
6.633,865,000
6,507,804.000
6,638.424,000
7,435.782,000
6,678,915.000
7.370,687.000
7,184,514,000
7.180.210.000
7,070,729,000
7,286,576.000
7.166.086.000
7.099,421.000
7.331,380.000
6,971,644,000
7,288.025,000
85.564,124,000 80,009,501,000 +6.977,442.112,000 86,083,969,000
Nets-The monthly figures shown above are based on reports covering approximately 92% of she electric light and power industry ,,nd the weekly figures are
based on about 70%.
Total
February Chain Sales Sharply Upward
Definite improvement over a broad front was noted in
chain store trade in February, according to a survey by
"Chain Store Age," which reveals that substantial gains
appeared over January results and as compared with February last year in all important sales divisions and from all
sections of the country. That publication further stated
that:
Grocery chains piled up new gains to recent sales advances, and in so
doing attained the best sales level in four years. Five-and-ten store sales
recovered smartly from the low January point, closely followed by the
drug and apparel groups. Shoe store sales revealed contrasting trends
March 30 1935
with total returns showing a decline from their high mark of recent
months.
The state of trade in the field in February as measured by the "Chain
Store Age" index touched a new high point for the period to date. The
figure was 95.8 of the 1929-1931 average for the month taken as 100, as
compared with 91.7 in January and 90.7 in February 1935.
Total average daily business of the 18 leading chains reviewed were
approximately $4,772,000 against $4,460,000 in January, a gain of 7.0%.
This contrasts with an increase of 4.1% a year ago. The February volume
this year was 5.7% greater than February 1934, and nearly 21% greater
During the period from the beginning of February to the middle of March
while
there were wide movements in prices of many individual commodities,
the general level of wholesale prices, as measured by the Bureau of Labor
of
Statistics index,showed little change. In the third week of March prices
cotton and other textiles, grains other than wheat, coffee, rubber and tires.
scrap steel and tin were considerably lower than at the beginning of February
while prices of livestock, meats and sugar were higher.
Bank Credit
During the four weeks ended March 20 member bank reserve balances
in
declined by $280.000,000, principally in consequence of an increase
treasury deposits with Federal Reserve banks built up in connection with
March 15 fiscal operations. Excess reserves of member banks declined to
about $1.950,000.000.
Demand deposits (net) of weekly reporting member banks In leading cities
increased further by 8380,000,000 during the four weeks ended March 13.
The balances of other banks with reporting banks increased by $100,000.000
while Government deposits declined, reflecting the withdrawal offunds from
depository banks. Loans and investments of reporting banks increased by
$275,000,000. There was a further growth of $8.5.000,000 In holdings of
direct obligations of the United States Government and a smaller increase
in obligations guaranteed by the Government. Loans to brokers and dealers
in securities increased by e130,000,000, while other loans showed little
change.
Yields on United States Government obligations declined slightly further.
and open-market money rates continued at a low level.
Monthly Indexes of Federal Reserve Board for February
Under date of March 27, the Federal Reserve Board issued
as follows its monthly indexes of industrial production,
factory employment, &R.:
BUSINESS INDEXES
(Index Numbers of the Federal Reserve Board, 1923-1925=100.)•
Adjusted for
Seasonal Variation
Feb.
1935
Jan.
1935
Feb.
1934
1Vithout
Seasonal Adjustment
Feb.
1935
Jan.
1935
Employment
Payrolls
Adjusted for Sea- Without Seasonal Without Seasonal
Adjustment
sonal Variations
Adjustment
66.6
72.9
84.6
97.4
53.4
70.9
47.1
49.8
96.8
96.4
93.4
90.3
93.9
62.1
93.1
110.6
109.0 109.9 408.2 110.6
112.1 107.3 109.0 110.6
85.1 83.2 81.8 84.6
•••• txt N
66.4 70.6 r67.8
74.0 82.1 79.6
82.5 100.9 r92.4
94.6 117.5 408.1
54.2 52.9 51.6
70.1 79.2 r75.9
48.4 49.4 47.1
52.7 49.6 47.2
95.1 98.4 95.2
94.8 97.2 95.8
91.3 96.8 89.4
88.4 91.6 88.3
104.3 93.8 r94.4
62.6 57.3 56.5
92.9 96.7 r95.6
109.6 109.4 rI08.6
•—•
X43C4C00"—,ICeCn
c2004.7,C0-10,
414.0 Wt.,. 4••• of.p, 4.• 44 OD 04..00
• • • • • • • • • • • • • • •
•
In2.--,CR,PCnOCACACOCOrl,00.1-4C.142
Feb. Jan. Feb. Feb. Jan. Feb. Feb. Jan, Feb
1935 1935 1939 1935 1935 1934 1935 1935 1934
70.4 r69.4
Iron and steel
Machinery
83.2 81.4
Transportation equipment
98.4 r93.5
Automobile
114.1 rlOO.2
53.6 52.4
Railroad repair shops
Non-ferrous metals
78.3 r76.8
Lumber and products
50.8 48.8
Stone, clay and glass
52.4 51.7
Textiles and products
96.6 95.1
A. Fabrics
95.6 119.8
II Wearing apparel
94.7 91.3
Leather products
89.7 89.1
Food products
105.0 r104.8
Tobacco products
57.7 60.7
Paper and printing
96.4 r94.9
Chemicals & petroleum prods 108.6 108.4
A. Chemicals group,except
108.6 467.9
petroleum refining
B. Petroleum refining
108.7 111.1
83.8 r83.4
Rubber products
r51.9 45.7
60.8 51.8
r79.4 71.9
43.8
r58.4
31.7
31.6
r78.5
45.6
52.2
30.5
33.3
77.9
78.3
72.3
81.7
81.1
45.5
76.0
r82.2
66.6
76.4
r83.3
41.5
r83.4
r91.6 87.2
r90.5 86.1
95.2 90.8
69.4 65.2
81.9 r80.5 78.4 81.2 r78.7 77.7 69.1 64.1 60.6
a Indexes of factory employment and payrolls without seasona adjustment compiled by Bureau of Labor Statistics. Index olfactory employment adjusted for
seasonal variation compiled by Federal Reserve Board. Underly ng figures are for
payroll period ending nearest middle of month. February 1935 figures are preliminary, subject to revision.
r Revised.
Building Operations in United States During February
According to United States Department of LaborIncrease Over Year Ago Noted in Number and
Estimated Value of New Buildings
"For the second consecutive month the number and value
of building permits have shown a marked increase as compared
with the corresponding month of 1934," the United States
Department of Labor through Commissioner Lubin of the
kureau of Labor Statistics announced recently. Mr. Lubin
Ttated:
There was an increase of 39.7% in the number and an increase of 32.2%
the estimated value of building operations comparing February 1935
the corresponding month of the preceding year. file number and estimated value of new residential buildings doubled comparing these two
months. Sizable increases were also shown in both the number and cost
of new non-residential buildings and of additions, alterations and repairs.
These comparisons are based on reports received by the Bureau of Labor
Statistics of the United States Department of Labor from 775 identical
cities having a population of 10,000 or over.
in
The following is also from the announcement issued by
.Mr. Lubin:
The per cent of change from February 1934 to February 1935 is shown
In the following table.
Total
Number
+102.3
+38.9
Estimated Cost
+34.8
+99.3
+11.2
+30.4
+39.7
+32.2
Permits were issued in February for 2,833 family-dwelling units in new
buildings, an increase of 127% as compared with February of last year .
As compared with the month preceding (January 1935) the number of
permits issued shows an increase of 5.8%, and the value increased •14.4%.
There were also increases in the number and cost of new residential buildings,
new non-residential buildings and additions, alterations and repairs, comparing these two months. In interpreting these data, it should be remem-
Number
Type of Building
New residential
New non-residential
Additions, alterations, repairs
Total
Estimated Cost
+17.2
+9.1
+7.0
+4.3
+25.2
+6.4
+5.8
+14.4
The permit valuations as published include, in addition to private and
public construction, all buildings for which contracts are awarded by
Federal and State governments in these 775 cities. For the month of
January the valuation of such building was S2,219.090; in February,
65,411,521.
Permits were issued during February for the following important building projects. For apartment houses in Brooklyn, N. Y., to cost more than
81,500,000; for factory buildings in Detroit. Mich., to cost over 8300,000;
for a municipal sanitorium in Washington, D. C., to cost nearly 8400.000;
for public works and utilities in Norfolk. Va., to cost nearly 81,000.000;
for a court house in El Paso. Tex.. to cost nearly 8600.000: for school
buildings in Long Beach, Calif., to cost over 8300,000; for a court house
and hall of records in Oakland, Calif., to cost over 81.500,000. A contract
was awarded by the Procurement Division of the Treasury Department for
a parcel post building In Boston, Mass., to cost nearly $2,500,000.
TABLE I
RepairsEstimated Cost of New BuildIngs and of Additions, Alterations and
Dwellings,
Together with the Number of Families Provided for in New
by
Shown
as
StatesUnited
the
of
Regions
in 775 Identical Cities in 9
Permits Issued in January and February 1935
New Residential Buildings
Geographic Dirtsion
Cities
Estimated
Cost
February
January
Families Prortded for in
New Dwellings
February
January
110
New England
178
Middle Atlantic
179
East North Central
West North Central. 64
77
South Atlantic
34
East South Central
48
West South Central_
23
Mountain
62
Pacific
S290,270
3,752,080
980,345
560.360
1,473,677
163,412
785,062
235,000
1,658,971
$502,830
3,679,185
855,292
308,820
1,059,216
111,115
892,496
140,060
1,525,886
66
988
170
169
502
67
411
65
501
82
951
173
100
355
51
775
Total
Percent of change..
89,900,077
+9.1
$9.074,900
2,939
+15.8
2.537
Geographic Division
Cafes
New England
Middle Atlantic
East North Central
West North Central_
South Atlantic
East South Central._
West South Central_
Mountain
Pacific
110
178
179
64
77
34
48
23
62
Total
Percent of change
775
r92.2 82.3
Total
Type of Building
-residential
New
New non-residential
Additions, alterations, repairs
bered that during the winter there are comparatively few building permits
so that a small increase in number may appear as a large proportional increase.
The per cent of change from January 1935 to February 1935 for the
different types of construction is show below.
Feb.
1934
General Indexes83
83
p91
91
81
p89
Industrial production, total
82
88
p91
80
90
p88
Manufactures
88
91
p91
91
94
pod
Minerals
Construction contracts, value b38
22
p24
44
27
p28
Total
1G
10
pI2
12
12
p13
Residential
32
60
p34
70
39
p40
All other
81.2
77.7
r78.7
78.4
r80.5
81.9
Factory employment c
64.1
69.1
60.6
Factory payrolls c
61
58
61
64
64
65
loadings
Freight-car
59
59
71
P61
72
p75
Department store sales, value
Production Indexes by Groups and
IndustrialsManufactures:
66
76
83
63
79
79
Iron and steel
97
108
91 n105
163
P100
Textiles
90
79
90
91
Si
01
Food products
29
29
28
29
33
30
cut
Lumber
76
86
112
71
104
105
Automobiles
110
98
108 p103
100
p106
Leather and shoes
25
37
61
27
42
45
Cement
144
151
144
151
Petroleum refining
108
100
Rubber tires and tubes
ii§ 120
121
132
136
133
Tobacco manufactures
Minerals:
80
82
74
75
985
p80
coal
Bituminous
82
973
95
89
76
p68
Anthracite
116
126
118 P127
131
PI30
Petroleum, Crude
71
67
76
71
78
73
Zinc
50
90
39
36
Silver
66
64
50
50
Lead
p Preliminary. 7 Revised.
a Indexes of production, car loadings, and department store sales based on daily
averages. b Based on three-month moving averages of F. W. Dodge data centered
at 2d month. c Indexes of factory employment and payrolls without seasonal
adjustment compiled by Bureau of Labor Statistics. Index of factory employment
adjusted for seasonal variation compiled by Federal Reserve Board. Underlying
figures are for payroll period ending nearest middle of month. January 1935
figures are preliminary, subject to revision.
FACTORY EMPLOYMENT AND PAYROLLS-INDEXES BY GROUPS
AND INDUSTRIES. (1923-1925=100.) a
Group and Industry
2087
Financial Chronicle
Volume 140
New Non-residential
Buildings,
Estimated
Cost
February
83,092,967
2,727,972
1,460,666
315,840
2,784,803
403,869
1,296,552
162,270
4,541,515
January
8439,506
2,699,247
2,088,399
950,605
800,159
1,243,785
2,709,394
171,044
2,309,196
359
37
429
Total Building Construction
((ncluding AUerations
and Repairs).
Estimated Cost
February
January
84,816,714
10,649,310
4,248,826
1,507,241
$1,994,191
9,781,942
4,757,177
5,885,063
3,729.348
1,816,148
4,178,066
568,413
6,086,922
1,095,051
2,625,243
810,105
8,016,512
1,763,566
516,786,454 $13,411,335 839,654,665 $34,675,773
+14.4
+25.2
Lumber Shipments Continue Gain-New Business
Heavier Than During Preceding Week, About
Same as Year Ago
New business booked at the lumber mills during the week
ended March 23 1935 was 14% above production. It was
slightly heavier than during the preceding week and totaled
about the same as during the corresponding week of 1934.
Shipments were heavier than during the preceding week
and were 13% above those of similar week of 1934. Production was about the same as during the previous week
and was 9% below that of similar week of 1934. These
comparisons are based upon telegraphic reports from regional
lumber associations to the National Lumber Manufacturers
Association covering the operations of 1,131 mills for the
week ended March 23, which showed production of 170,595,000 feet; shipments, 194,052,000 feet; orders received,
194,785,000 feet. Revised figures for the previous week
were mills, 1,149; production, 174,390,000 feet; shipments,
192,820,000 feet; orders, 194,660,000 feet. The Association's
summary further showed:
All softwood regions except Northern Hemlock reported orders above
production during the week ended March 23. Total softwood orders were
16% above output: hardwood orders, 4% below hardwood production.
Total shipments were 14% above output. West Coast, California Redwood, Southern Cypress, Northern Hemlock, Southern Hardwoods and
North Central Hardwoods reported orders above those of corresponding
week of 1934; total softwood orders were 4% above last year's week; hardwood orders were 2% below, in similar comparison.
Unfilled orders on March 23. as reported by 1,052 Identical mills were the
equivalent of 31 days' average production compared with 28 days' on
similar date of 1934. Identical mill stocks on March 23 were the equivalent
162 days' production, compared with 166 days' a year ago.
Forest products carloadings totaled 25,337 cars during the week ended
March 16 1935. This was 927 cars above the preceding week, 47 cars above
the same week of 1931 and 10,807 cars above corresponding week of 1933.
Lumber orders reported for the week ended March 23 1935, by 902 softwood mills totaled 180.199.000 feet: or 16% above the production of the
same mills. Shipments as reported for the same week were 176,903,000 feet.
or 14% above production. Production was 155,362,000 feet.
Reports from 268 hardwood mills give new business as 14,586,000 feet,
or 4% below production. Shipments as reported for the same week were
17.149.000 feet. or 13% above production. Production was 15,233,000 feet.
2088
Financial Chronicle
Unfilled Orders and Stocks
Reports from 1,315 mills on March 23 1935, give unfilled orders of
908.595,000 feet and gross stocks of 4.845,770,000 feet. The 1,052 identical
mills report unfilled orders as 848,862,000 feet on March 23 1935. or the
equivalent of 31 days' average production, compared with 794,474,000 feet,
or the equivalent of 28 days' average production on similar date a year ago.
Identical Mill Reports
Last week's production of 789 identical softwood mills was 154,526,000
feet, and a year ago it was 169.559.000 feet; shipments were respectively
175,666,000 feet and 154,185,000; and orders received 178,696.000 feet,
and 177.917.000 feet. In the case of hardwoods, 259 identical mills reported
Production last week and a year ago 14.698.000 feet and 16.756.000 feet
shipments 16,722.000 feet and 16,388,000 feet and orders 14,145,000 feet
and 14,472,000 feet.
Automobile Production Rises in February
February factory sales of automobiles manufactured in
the United States (including foreign assemblies from parts
made in the United States and reported as complete units
or vehicles), based on data reported to the Bureau of the
Census, consisted of 340,544 vehicles, of which 278,150
were passenger cars, and 62,394 were trucks, as compared
with 292,765 vehicles in January, 231,707 vehicles in February 1934, and 105,447 vehicles in February 1933.
The table below is based on data received from 112 manufacturers in the United States, 29 making passenger cars
and 83 making trucks (10 of the 29 passenger car manufacturers also making trucks). Of the 119 manufacturers
reporting prior to June 1934,seven have gone out of business.
Figures for passenger cars include taxicabs and those for
trucks include ambulances, funeral cars, fire apparatus,
street sweepers, and buses. Canadian figures are supplied
by the Dominion Bureau of Statistics.
March 30 1935
(1) Enactment of legislation prohibiting a single oil corporation from
engaging in more than one branch of the industry. Divorcement of management, however, in existing integrated companies was opposed.
(2) Submission to the Oil Administrator of separate profit and loss statements for each branch of operations by integrated companies.
sid
(3) Operations on stripper well properties be relied from labor provisions
of the code.
(4) Increase from 48 to 56 hours per week the maximum working time
of labor on well drilling work.
(5) Establishment of wages for rig building operations in "proper relationship" to oil industry wages.
(6) A change in crude and (or) refined prices to establish parity.
(7) Authority for refiners to agree voluntarily to limit gasoline production
below allocations given them by the code.
(8) Smaller discount schedules covering tank truck sales of gasoline.
(9) Filing offormulae companies use to arrive at retail prices, with reasons
for any deviations.
(10) Approval of voluntary marketers compacts to reduce the number
of filling stations.
(11) Simplication of code and code committee set-up, and abolition of
code clauses that are of doubtful legality or are unenforcible.
In commenting upon the segregation of parts of integrated
companies, the report said:
"A surprisingly large number of letters have been received
recommending that, to accomplish the purposes of rules 4
and 6 of Article V, the operations of the industry be segregated into its four separate branches, viz.: production,
pipe-line transportation, refined and marketing. . . •
"To facilitate enforcement of rules 4 and 6 of Article V,
a majority of this Committee favor enactment of legislation
which would prohibit a single corporation from engaging in
more than one branch of the industry, viz.: production,
pipe-line transportation, refining and marketing.
"We do not recommend requiring divorcement of management and operation of the separate corporations; such
divorcement, we believe, would be unnecessarily disruptive,
NUMBER OF VEHICLES
especially expensive to small and medium size companies,
and inadvisable from the standpoint of efficiency of operaUntied States
Canada
Year and Month
tions of the industry. We believe that corporate separation
PassesPassenger
Total
Cars
Trucks
Total ger Cars Trucks
alone, without interfering with the control and co-ordination
1935of over-all operations, would assure ,arms-length' transJanuary
292,765
229,199 83,588 10,807
8,269 2,338
actions between the different corporations.
February
340.544
278,150 62,394 18,114 13,885 4,229
"We believe that such separation, together with the
Total (2 months)
633,309
507,349 125.980 28.721 22,154 8,587
requirement that reports be filed at stated intervals concern1934January
158,907
113,852 43,255
8,904
4,946 1,958
ing the financial results of operations of companies having
February
231,707
187.668 44,041
8,571
7,101 1,470
joint management, would exert financial and publicity
Total (2 months)
388,614
301,318 87,296 15,475 12,047 3,428
pressure toward abandonment of the notoriously uneconomMarch
331,263
274,738 56,525 14,180 12,272 1,908
ical and unprofitable marketing operations of many inApril
354,745
289,031 65,714 18,383 15,451 2,912
May
331,652
273,765 57,887 20,181 16,504 3,657
tegrated companies."
June
308,065
261,852 46,213 13,905 10,810 3,095
Most complaints from small units in the industry, the ComJuly
286,578
223,868 42,708 11,114
8.407 2,707
August
234,810
183,500 51,310
9,904
7,325 2,579
mittee found, were based against code provisions on selling
September
168,871
123,909 44,962
5,579
4,211 1,388
October
132,491
84,503 47,988
3,780
2,125 1,655
below cost and on the practice of integrated companies of
November
78,465
45,556 32,909
1,697
1,052
645
December
183,187
using a profit in one field to subsidize a loss in another.
128,059 55,128
2,732
2,334
398
The policy of pegging the crude oil price at $1 was held
Total (year)
2,778,739 2,190,099 588,640 116,890 92,538 24,352
responsible for the suffering of the smaller refiners in the
1933January
128.825
109,833 18,992
3,358
2,921
437
industry by the report which pointed out that current gasoline
105,447
February
90,128 15,319
3.298
3,025
273
prices did not justify such a level for crude. It contended
Total (2 months)
234,272
199,961 34,311
6,656
5,946
710
that either gasoline prices must rise within the next 30 days
March
115,272
97,469 17,803
8,632
5,927
705
or crude oil prices must be reduced to bring the structure
April
176,432
149,755 26,877
8,255
6,957 1,298
May
214.411
180,651 33,760
9,398
8,024 1,372
into line.
June
249,727
207,597 42.130
7,323
6,005 1,318
"There are two ways in whch small refiners can be relieved,
July
229.357
191.265 38,092
6,540
5,322 1,218
August
232,855
191,414 41,441
6.079
4,919 1,160
namely: first by an increase in the prices of refined products
September
191,800
158,378 34,424
5,808
4,358 1,450
October
134,683
104,870 29,813
3,682
2,723
959
to a parity with posted crude oil prices or, second, by a
November
80,683
42,365 18,318
2,291
1,503
788
December
80,565
50,789 29,776
reduction in crude oil to a parity with prices of refined prod3,262
2,171 1,091
ucts. The first alternative is preferable."
Total (year)
1.920.057 1.573.512 345.545 65.924 53.855 12.069
"This Committee has become convinced that no permanent
benefits
of material value to either small or large enterprises
Petroleum and Its Products - Code Survey Committee
Suggests 11 Changes to Administrator Ickes-New of the petroleum industry can be obtained under the code,
Allocation System in California Ordered--Thomas with a permanent, assured and effective balance of crude oil
Bill Assailed by Texas Official-Crude Output supply and demand, nor can stability of the industry and
Declines
conservation of the oil resources of the Nation be achieved
Prohibition of oil companies engaging in more than one without such balance," the report concluded.
branch of the industry, readjustment of crude and (or)
Administrator Ickes made no comment following the derefined prices and simplification of the oil code set-up with livery of the report save to request that the Committee remain
the abolishment of unenforcible clauses featured a list of intact to serve as an advisory body.
riZiggestions reported to Oil Administrator Ickes by the
Orders were issued Thursday to the Central Committee
Petroleum Code Survey Committee Thursday.
of California Oil Producers by the Oil Administrator to
The Committee, headed by Paul Blazer, President of the establish a new system of allocating production quotas in
Ashland Refining Co., was named by the Oil Administrator the Kettleman Hills North Dome field in California.
last January to investigate the effect of the oil code upon the
Mr.Ickes also approved a previous ruling by the Petroleum
smaller units in the industry. Other members included Administrative Board that earlier quotas allotted to the
Mason Houghland, President of Spur Distributing Co.; Superior Oil Co. and the Amerada Petroleum Corp., which
Sidney Swensrud, an economist with Standard of Ohio; had appealed against the Committee's methods of settingH. B. Fell, Executive Vice-President of the Independent up allocations, were "neither unreasonable or inequitable."
Petroleum Assn. of America and R. E. Allen, Secretary of
The Administrator's ruling, however, gave the two
the Committee of California Oil Producers.
companies and any others desiring to make complaints for
The basic recommendation of the Committee was for loss of oil under the previous system permission to file
"such legislation as may be necessary" for crude oil produc- briefs with the Petroleum Administrative Board by May 1.
tion control. In keeping with this aim, the Committee Any awards will be made from subsequent field quotas,
suggested 11 steps, as follows:
he pointed out.
Volume 140
Financial Chronicle
Each producing well will be given a minimum allotment
not to exceed its production for the preceding month under
the new system, which is effective April 1. The allotment
will be "determined by exactly the same method used for
all other wells in California," the ruling stated.
The Administrator ordered that the remainder of the
field quota must be divided "in accordance with the relative
productivity of each producing well." The Committee
was ordered to collect data on subsurface pressure and other
factors, with each well's quota to be determined by its
ratio to total field productivity.
Until this data has been collected, however, the Committee was told to use estimates for actual tests with identical
conditions for each well. It further was ordered to discontinue the use of acreage in establishing quotas.
The argument advanced by the two companies that
daily potential production was the major factor in settingup production quotas was over-ruled on the ground that
special methods could be used to lift output far beyond
normal capacity.
The appointment of John E. Shatford, President of the
Louisiana-Arkansas Refiners Association, as National Coordinator was approved by Administrator Ickes. Mr.
Shatford, who will serve until June 16 1935, succeeds the
late Howard Bennette.
A bitter attack upon the proposed Thomas oil regulation
bill which, he charged, will throw the oil industry into
"chaos," was made by E. 0. Thompson of the Texas Railroad Commission in Washington in mid-week.
Mr. Thompson, who was in Washington in connection
with railroad matters, contended that the Connally Act,
which provides for Federal control over inter-State shipments of "hot" oil, furnished all the Federal regulation
required.
He also assailed the legality of the proposed measure,
arguing that oil production had been held by the courts
to be not even commerce, much less inter-State commerce
subject to Federal rule.
The Texas Senate was considering the measure extending
the law authorizing the Railroad Commission to take market demand into consideration when setting the State's
oil allowable two years to Sept. 1 1937, as the week closed.
The House passed the Act Tuesday.
The House also ratified the Oil States' Conservation Pact
and passed the bill declaring natural gas pipe lines common carriers. As the week closed, a measure was introduced to eliminate the waste of natural gas in the Panhandle
district.
Production of "hot oil" in the East Texas field continues
to decline, but truck movements of illegal crude and refined
in inter-State commerce has risen. The Federal Tender
Board is preventing movements of "hot" oil in inter-State
traffic. State control authorities are bending every effort
to stop the movements of illegal crude in.intra-State traffic
by trucks. The Attorney-General is waging a strenuous
court attack to curb such shipments.
A sharp reduction in daily average crude oil production in
California more than offset advances in other States and
brought the total for the United States for the week ended
March 23 down 8,300 barrels to 2,600,100, reports to the
American Petroleum Institute indicated. The March quota
is 2,520,300 barrels.
The drop of 26,300 barrels in California output was laid
to the current oil tanker strike, producers holding in their
wells because of inability to move their stocks and lack of
sufficient storage facilities. Output of 501,600 barrels was
above the State's quota of 492,600 barrels.
Texas showed a gain of 10,800 barrels to 1,042,000, against
an allowable of 1,040,100 barrels. In Oklahoma, output of
514,550 barrels was up 3,600 on the week and compared with
an allowable of 491,000 barrels. Kansas production was up
3,450 barrels to 153,050, against a quota of 139,700 barrels
The A. P. I. report does not include any estimate on "hot"
oil production.
Crude oil stocks held in the United States rose 380,000
barrels in the week, totaling 322,556,000 barrels, the Bureau
of Mines reported. A decline of 5,000 barrels in stocks of
domestic crude was offset by an increase of 385,000 barrels
in foreign crude.
Action of the Federal Government in holding the price of
crude oil at $1 a barrel during 1934 cost the refining industry
$170,000,000, according to the annual report of the Standard
Oil Co. of Ohio.
There were no price changes posted during the week.
2089
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
'070
$2.35 Smackover, Ark., 24 and over
Bradford, Pa
1.00
1.15 Eldorado, Ark.. 40
Lima (Ohio 011 Co.)
1.00
1.32 Rusk, Tex.. 40 and over
Corning, Pa
.87
Creek
1.13
Darst
Illinois
1.02
Midland District, Mich
Western Kentucky
1.35
Mid-Cont., Okla.. 40 and abcve._ _ 1.08 Sunburst Mont
.81 Santa Fe Spring., Calif.,40 and over 1.34
Hutchinson. Tex., 40 and over
1.01
1.03 Huntington, Calif.. 26
Spindletop, Tex., 40 and over
2.10
Petrolia, Canatia
.75
Tex
Winkler.
REFINED PRODUCfS—GAS PRICE SLASHED IN CAMDEN BY
"INDIES" — MAJOR UNITS HOLD UNCHANGED — GULF
COAST MARKET S1'RENGTHENS—M0fOR FUEL STOCKS
LOWER ON SEASONAL DROP
A slash of 2 cents a gallon in gasoline prices posted March
23 by independents operating in the Camden, N. J., area
brought the service station level down to 11 cents, taxes
included, against a 15-cent a gallon price maintained by
major companies.
No action had been taken by the major companies up to
a late hour last night (Friday) toward adjusting their price
downward to level off the 3Y2-cent a gallon differential which
prevailed. The normal differential in the Camden section
is 1M cents a gallon, against 1 cent in the rest of New Jersey.
The majors' hesitancy in cutting their prices to bring
service station postings into line with the independents' low
prices was attributed to fear of precipitating another price
war such as raged in Camden and other sections of New
Jersey last fall.
The two-months war, which started in Camden on Oct. 12,
and brought prices down as low as 5 cents a gallon at service
stations in Camden and other points throughout the State,
was ended Dec. 12 when independents agreed to accept a
1-cent differential in return for the abolishment of thirdgrade gasoline by the majors.
Another factor is the delay by the majors in cutting their
prices is the hope that the rising trend of bulk gasoline prices
will in time automatically correct the price situation. It
was pointed out that wholesale gasoline prices have stiffened
in the Gulf Coast and Midwest areas. A large cargo was
purchased on the Gulf Coast at 53/i cents a gallon, followed
by a sale at 53i cents, an increase of Yi cent on the day
and 3A to 34 cent above recent levels.
With the Federal Tender Board rules preventing the
dumping of "distress'gasoline from East Texas, refined from
illegal crude,into the nation's markets,prospects for a natural
remedy for the situation are viewed as excellent.
The underlying structure in the local gasoline market is
firm to strong, reflecting the rising trend of prices in the
Gulf Coast market and the normal spring strengthening in
prices. The retail price structure, however, is still spotty,
with certain sections of Brooklyn weak. The State gasoline
tax of 1 cent to 4 cents is effective April 1.
Heating oils continue soft, although no further price
changes developed during the week. Seasonal factors have
pared prices in this division quite sharply in recent weeks,
but the trade holds further radical slashes are unlikely.
Gasoline prices in the Mid-West section consolidated their
gains of the past few weeks and are well maintained at the
peak levels reached last week when low-octane material
crossed 4 cents a gallon and brought middle grade gasoline
up into higher price levels. Low-octaine gasoline was held
at 434 to 43
4 cents as the week closed.
Stocks of gasoline recorded their first decline in several
months during the week ended March 23, when movements
into retail consuming channels were the main factor in
paring the total by 147,000 barrels to 56,871,000 barrels,
according to statistics compiled by the American Petroleum
Institute.
A gain of 134,000 barrels in refinery stocks was offset by
a drop of 281,000 in bulk terminal holdings, the latter development reflecting withdrawals for retail consuming
channels. Daily average refinery runs dipped 21,000 barrels
to 2,384,000, with reporting refineries operating at 69.9%
of capacity, against 70.8% in the previous week.
The seasonal slackening in demand for gas and fuel oils
caused the first gain in stocks of these two items since last
fall, an increase of 326,000 barrels lifting the March 23
total to 99,351,000 barrels.
Representative price changes follow:
March 23—Independent distributors reduced service station prices of
gasoline 2 cents a gallon in the Camden, N. J., area, to 11% cents a gallon.
taxes Included.
Gasoline, Service Station, Tax Included
New York
8.14
Cincinnati
Minneapolis
$ 149
$ 118
Brooklyn
.125-.14 Cleveland
New Orleans
.118
165
Newark
157
Denver_
.21
Philadelphia
16
Camden
115-.15 Detroit
.17
Pittsburgh
17
Boston
15
Jacksonville
195
San Francisco
185
Buffalo
.12
Houston
.17
St. Louis
158
Chicago
.163
Los Angeles
.18
Financial Chronicle
2090
Kerosene, 41-43 Water White, Tank Gar, F.O.B. Refinery
New York.
I North Texas_S 03 -.0314 1 New Orleans.S.05
(Bayonne)
$0.05j. I Los Angeles_ .0434-.0534 I Tulsa
0351-.0334
Fuel 011, F.O.B. Refinery or Terminal
$1.00
N. Y.(Bayonne).
)Gulf Coast C
California 27 plus D
Bunker C
$115
$1.05-1.20 i Phila., bunker C_._ 1.15
1.001
Diesel 28-30 D._ _ 1.89 New Orleans C.
Gas Oil. F.O.B. Refinery or Terminal
N. Y.(Bayonne).
I Tulsa
S.02-.0214
I Chicago.
27 plus
SA414-.05 I 32-36 GO_ _...S.02-.02% I
U. S. Gasoline, Motor (Above 65 Octane). Tank Car Lots, F.O.B. Refinery
Chicago
Standard Oil N. J..
$.0414-.05
New York.
Motor, U. 8
New Orleans_ .0514
06
Colonial-Beacon__S•05
Los Ans., ex_ .04 *..0454
Socony-Vacuum____ .06
Texas.
.06
Tide Water Oil Co__ .06
Gulf ports
.0514
06
Gulf
Tulsa
.04 st-.044.i
Richfield Oil (Calif.) .06
Republic Oil
064
Warner-Quinlan Co_ .06
Shell East'n Pet .06
Daily Average Crude Oil Output Drops 8,300 Barrels
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
March 23 1935 was 2,600,100 barrels. This was a decrease
of 8,300 barrels from the output of the previous week, but
exceeded the Federal allowable figure of 2,520,300 barrels
which became effective March 1. Daily average production
for the four weeks ended March 23 1935 is estimated at
2,552,200 barrels. The daily average output for the week
ended March 24 1934 totaled 2,389,800 barrels. Further
details as reported by the Institute follow:
Imports of crude and refined oil at principal United States ports totaled
1,202,000 barrels for the week, a daily average of 171,714 barrels, against
a daily average of 145,571 barrels over the last four weeks.
Receipts of California oil at Atlantic and Gulf Coast ports totaled
327,000 barrels, a daily average of 46,714barrels, against 39,893 barrels
over the last four weeks.
Reports received from refining companies owning 89.8% of the 3,795,000
barrel estimated daily potential refining capcaity of the United States,
indicate that 2,384.000 barrels of crude oil daily were run to the stills
operated by those companies and that they had in storage at refineries at
the end of the week 37,858,000 barrels of finished gasoline, 6,088,000
barrels of unfinished gasoline, and 99,351,000 barrels of gas and fuel oil.
Gasoline at bulk terminals, in transit and in pipe lines amounted to 19,013,000 barrels.
Cracked gasoline production by companies owning 95.6% of the potential
charging capacity of all cracking units averaged 458,000 barrels daily
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Actual Production
Federal
Average
4 Weeks
AsencY
Allowable Week End. Week End. Ended
Effective Mar. 23 Mar. 16 Mar. 23
1935
1935
1935
Mar. 1
Week
Ended
Mar. 24
1934
Oklahoma
Kansas
491,000
139,700
514,550
153,0541
510,950
149,600
485,250
148,200
499,700
124,500
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Michigan)
•
65,050
57,600
25,750
152,900
52,400
446,100
47,700
60,250
60,550
57,550
25,750
152,800
52,350
443,350
47,600
59,750
61,100
57,550
25,700
152,100
52,100
442,200
47,500
59,950
57,800
55,300
26,950
138,400
43,950
433,550
48,100
49,200
134,250
131.500
131,700
111,450
1,020,100 1,042,000 1,031,200 1,029,900
964,700
Total Texas
23,050
95,050
23,150
97,050
22,900
95,700
28,050
45,200
110,500
118,100
120,200
118,600
73,250
31.900
105,500
31,600
30,800
107,800
38,900
30,800
105,900
36,850
30,550
106,150
34,750
30,950
96,950
26,400
35,100
9,500
3,500
33,000
10,300
4,950
31,500
10,700
5,100
31,550
10,750
4,650
30,150
7,000
2,350
48,100
48,250
47,300
46,950
• 39,500
49,300
492,600
47,050
501,600
47,700
527,900
47,450
504,400
42,350
491,500
North Louisiana
Coastal Louisiana
Total Louisiana
Arkansas
Eastern (not incl. Mich.)
Michigan
Wyoming
Montana
Colorado
Total Rocky Mtn.States
New Mexico
California
Total United States
2,520,300 2,600,100 2,608,400 2,552.200 2,389,800
Note.-The figures indicated above do not include any estimate of any oil which
Allen have been surreptitiously produced.
CRUDE RUNS TO STILLS-FINISHED AND UNFINISHED GASOLINE
AND GAS AND FUEL OIL STOCKS, WEEK ENDED MARCH 23 1935
(Figures In thousands of barrels o142 gallons each)
District
Pamtial
Rate
3,795
3.795
00
Totals week:
&far. 23 1935
Mar. 16 1935
582
150
446
461
351
601
168
92
96
848
INeclot,i,mr...e.N
agvNopeaccentsco NI
East Coast__
Appalachian.
I08.,111.,Ky.
Okl.,Kan.,M 0.
Inland Texas
Texas Gu1f__
IA. Gulf..___
No. La.-Ark.
Rocky Mtn_
California...
100.0
93.3
94.6
83.7
47.6
97.7
96.4
83.7
66.7
96.9
3,409 89.8
3.409 898
Crude Runs
to Stills
422
105
335
257
103
527
110
39
43
443
72.5 17,710
75.0 2,134
79.4 9,722
66.6 5,728
61.7 1,447
89.8 6,720
67.9 1,466
50.6
275
67.2
965
53.9 10,704
2,384 69.9 d56,871
2.405 70.5 c57.018
1-•
I,Z*
CO IN .4••••1 wtet
..o.o.cac.o-cawcp
Stocks a Stocks
of
of
FixUnDaily P. C Wed finished
&parting
Aver- Oyer Gaso- GasoUna
line
ated
Total P. C. age
Dant,Refining
Capacity of Plants
Stocks
b Stocks
of
of
Gas
Other
and
Motor Fuel
Fuel
Oil
160 9,894
120
810
50 4,322
390 3,946
680 1,883
215 8,461
-__ 3,547
120
347
60
750
2.530 65,391
6.088 4.325 99.351
6.099 e4.285 99.025
a Amount of unfinished gasoline contained in naphtha distillates. b Es mated.
Includes unblended natural gasoline at refineries and plants; also blended motor
fuel at plants. c Includes 37,724,000 barrels at refineries and 19,294,000 barrels at
bulk terminals, in transit and pipe lines. d Includes 37,858,000 barrels at refineries
and 19,013,000 barrels at bulk terminals in transit and pipe lines. e On new basis.
Stocks comparable with subsequent weeks are: Inland Texas, 700,000 barrels.
March 30 1935
World Production of Coal in 1934
According to preliminary figures compiled by the Bureau
of Mines, the total world production of coal of all grades in
1934 amounted to 1,267,000,000 metric tons, an increase
of 95,000,000 tons, or 8.1%, over that in 1933. Of the 1934
production, 184,000,000 tons, or about 15% of the total,
was lignite and 1,083,000,000 tons was bituminous and
anthracite. In comparison with 1933, the 1934 total production of lignite 'increased 7%, and the production of
bituminous and anthracite increased 8.3%.
The following table of production by countries is based
upon information from such official sources as are at present
available, supplemented by trade information. The figures
for 1934 are subject to revision.
COAL PRODUCED IN THE PRINCIPAL COUNTRIES OF THE WORLD
IN THE CALENDAR YEARS INDICATED (IN METRIC TONS)
Country
1934
1933
North America:
7,741,000
9,610,000
Canada: Coal
3,057,000
2,905,000
Lignite
44,943,000
52,059,000
United States: Anthracite
302,663,000
Bitum. and lignite_ 325,129,000
652,000
b
Other countries
2,187,000
b
South America
Europe:
25,300,000
26,363,000
Belgium
10,532,000
10,800,000
Czechoslovakia: Coal
15,063,000
15,300,000
Lignite
} 48,745,000 f 46,873,000
France: Coal
1 1,068,000
Lignite
109,921,000
125,011,000
Germany c: Coal
126,796,000
137,256,000
Lignite
10,561,000
11,318,000
Saar d
800,000
} 7,400,000 f
Hungary: Coal
1 5,907,000
Lignite
12,574,000
e12,400,000
Netherlands: Coal
97,000
b
Lignite
27,356,000
f28,300,000
Poland: Coal
33,000
125,000
Lignite
5,999,000
1E7,000,000
Spain: Coal
301,000
0300,000
Lignite
210,436,000
United Kingdom-Great Britain_ _ _ 224,500,000
66,000,000
U. S. S. R. (Russia): Coal
} 79,300,000
Lignite
11,919,000
b
Other countries
Asia:
h27,000,00CI
b
China
20,107,000
620,500,000
India, British
Japan (incl. Taiwan and Karafuto):
34,100,000
b
1
Coal5
116,000
Lignite
16,282,000
Other countries
b
Agrica:
484,000
Southern Rhodesia
9636.000
10,714,000
12,195,000
Union of South Africa
333,000
b
Other countries
Oceania:
Australia:
7,233,000
7,800,000
New South Wales
4,626,000
b
Other States
857,000
h900,000
New Zealand: Coal
993,000
h1,000,000
Lignite
1932
7,507,000
3,142,000
45,228,000
280,963,000
692,000
1,785,000
21,424,000
10,961,000
15,858,000
46,262,000
1,012,000
104,741,000
122,647,000
10,438,000
895,000
5,931,000
12,756,000
124,000
28,835,000
33,000
6,854,000
336,000
212,083,000
53,600,000
12,939,000
h28,000,000
20,477,000
29,817.000
109,000
16,150,000
438,000
9,921,000
333,000
6,893,000
4,449,000
943,000
928,000
1,267,000 000 1,172,000,000 1,126,000,000
Total
a One metric ton equivalent to 2,204.6 pounds. b Estimate included in total.
c Exclusive of mines in the Saar under French control. d Mines under French
control. e Estimated on the basis of 11 months' figures. 1 Estimated on the
basis of 10 months' figures. 0 Estimated on the basis of 9 months' figures.
h Approximate production.
February World Silver Output Declines- U. S. Production Rises
W7grsilveriproduction during the month orKbruary
totaled 14,801,000 ounces against 15,717,000 ounces in January and 13,390,090 ounces in February of 1934 according to
estimates made by the American Bureau of Metal Statistics.
Mduction of silver from mines in the United States is running at a higher rate than for any year since 1931. Output
for the month of iFebruary reached 3,411,000 ounces as
against 2,722,000 ouncesin January and 1,938,000 ounces in
February of 1934. For the months of January and February
1935 output totaled 6,133,000 ounces as against 3,963,000
ounces in the corresponding period of 1934. Canadian production was 905,000 ounces in February against 1,531,000
ounces in Janaury and 1,351,000 ounces in Feb. 1934. February production for Mexico, the leading silver producing
country of the world is estimated at 5,500,000 ounces as
against 6,000,000 ounces in January and 5,400,000 ounces
in February of 1934.
Bituminous Coal Output Continues Rise-Anthracite
Again Declines
The weekly coal report of the United States Bureau of
Mines stated that the total production of soft coal during
the week ended March 16 is estimated at 8,903,000 net
tons, an increase of 101,000 tons, or 1.1%, over the output
in the preceding week. Production during the corresponding
week of 1934 amounted to 8,563,000 tons.
Anthracite production in Pennsylvania during the week
ended March 16 is estimated at 704,000 net tons. Compared with the output in the preceding week, this shows a
decrease of 30,000 tons, or 4.1%. Production in the corresponding week last year was 1,674,000 tons.
During the coal year to March 16 1935 a total of 344,549,000 net tons of bituminous coal was produced. This is a
2091
Financial Chronicle
Volume 140
alight gain from the 339,164,000 tons produced during the
corresponding period of the preceding coal year. Production
of Pennsylvania anthracite for the above-mentioned periods
totaled 50,831,000 tons and 53,020,000 tons, respectively.
Preliminary figures recently released by the Bureau disclose that the production of soft coal during the year ended
Dec. 31 1934 totaled 358,395,000 tons, and that the output
of Pennsylvania anthracite for the same calendar year
reached 57,385,000 net tons. The final figures for the
calendar year 1933 place the output of hard coal at 49,541,000
tons and that of bituminous coal at 333,631,000 tons. The
Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION COAL AND BEEHIVE
COKE (NET TONS)
Coal Year to Date
Week EndedMar. 16
1935 c
Mar. 9
1935
Mar.
.17
1934
1934-35
1933-34
1932-33
Bitum. coal a:
Total for per. d8903000 d8802000 d8563000 d344549000 d339164000 288,995.000
984,000
Dally aver__ 1,484,000 1,467,000 1,427,000 1,175,000 1,153,000
Pa anthra. b:
Total for per. 704,000 734,000 1,674,000 50,831,000 53,020,000 47,351,000
175,000 • 182,500
162,400
Daily aver__ 117,300 122.300 279,000
Beehive coke:
834,300
21,900
38,800
957,800
23,500
688,600
Total for per.
6,467
3,214
3,917
3.650
2,800
2,244
Daily aver_.
a Includes lignite. coa 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 A slight change in the method of estimating the production of bituminous coal has been introduced to make more accurate allowance
for the seasonal variation in shipments by truck. The change has the effect of
increasing the estimated total production by approximately 1 or 2% in the winter,
with a praliel decrease in the summer. Corresponding revisions have been made
for the previous week and for the corresponding week of 1934.
PRELIMINARY STATISTICS OF PRODUCTION OF COAL IN 1934 (IN
THOUSANDS OF NET TONS)
Alaska
Alabama
Arkansas and Oklahoma
Colorado
Georgia & North Carolina
Illinois
Indiana
Iowa
KAMM and Missouri.Kentucky-Eastern
Western
Maryland
Michigan
Montana
New Mexico
North & South Dakota
Ohio
Pennsylvania bituminous
Tennessee
Texas
Utah
Virginia
Washington
W. Virginia-Southern_d
Northern_e
Wyoming
Other States_ f
9
720
102
213
4
2,340
837
200
329
2,250
422
108
23
136
84
47
1.545
6,387
262
55
120
593
84
5,917
1,818
263
1
11
723
193
328
4
2,920
1.072
245
405
2,576
552
112
28
183
97
89
1,570
6,895
317
62
163
655
115
6.033
1,789
333
2
Sept.
cvMOnt-Mcv0MOWNCOW,N..MMI!
Aug.
,
..acomvopoomoonomomm.rnv3N.pcoov.n.
July
.t...t.
Stale
Tot. for
Year
1934
Oct.
Nov.
Dec.
10
813
292
631
5
3,847
1,403
316
605
2,759
697
152
62
271
124
246
1,770
7,693
358
64
368
827
148
8,797
2,022
525
2
10
746
250
578
4
3,720
1,329
332
562
2,552
708
150
70
332
115
210
1,795
7,301
369
62
275
768
163
5,950
1.985
466
1
8
112
823
9,596
350
2,264
692
5,168
4
47
4,702 40,905
1,610 14,820
424
3,345
719
5,800
2,380 30,175
916
7,893
170
1,660
72
a631
322
2,600
123
1,250
234
1.830
1,900 20,842
7,192 b89.223
386
4,056
61
c716
334
2,418
755
9,100
156
1,387
5.614 74,292
1,909 23,898
475
4,349
2
18
24,869 27,452 27,772 32,807 30,856 32.331 358,395
Total bituminous
Penna. anthracite_ g_ .. _• 3,443 3,584 3,977 4,729 4.181 4,705 57,385
Grand total
28,312 31,036 31.749 37,536 35,037 37,036 415,780
a Later returns from Code Authority give a total of 647,852 tons, with certain
small mines still to be heard from. b Includes a very large number of small truck
mines, but doubtless not all of them. The annual report of the Pennsylvania
Department of Mines, completed since this table was prepared, shows a total of
89,592,481 tons. c Since this table was prepared, telegraphic reports have been
received giving production of two additional mines which would raise the State of
Texas in 1934 to 759,000 tons. d Includes operations on the N. & W., C. & 0.,
Virginia, K. & M., B. C.& G., and on the B. & 0. in Kanawha, Mason, and Clay
counties. e Rest of State, including Panhandle District and Grant, Mineral,
and Tucker counties. I Includes Arizona, California, Idaho, Nevada, and Oregon.
Includes Sullivan County, washery and dredge coal, local sales, colliery fuel, and
coal shipped by truck from established operations. Does not include an unknown
amount of "bootleg" production.
Tin Consumption During Year Ended Jan. 31 Below
Previous 12 Month Period, According to International Tin Research & Development Council
The March issue of the Bulletin of the International Tin
Research and Development Council published by the Hague
Statistical Office reports that world consumption of tin in
manufacture for the year ended Jan. 31 1935 was 130,300
tons compared with 135,300 tons in the previous year. The
world's apparent consumption amounted to 118,510 tons
in the year ended January 1935 against 126,446 tons in the
previous year. An announcement issued March 25 by the
New York Office of the Council, in noting the foregoing,
added:
The following table shows the apparent consumption of the countries
which consumed more than 5,000 tons in the 12 months under review.
United States
United Kingdom
Germany
France
U. S. S. R
Other countries
Apparent total world consumption
World consumption in manufacture
(approxmate)
Approximate depletion of consumers
Year Ended
Jan. 1935
Year Ended
Jan. 1934
Percentage
Increase OT
Decrease
44,748
21,023
9,710
9,272
5,943
27,814
57,835
20,109
10,234
9,899
3.546
24,823
-22.6
+4.5
-5.1
-8.3
+67.6
+12.0
118,510
126,446
-8.3
130,300
135,300
-3.7
11,800
8.900
The most noteworthy increase occurred in Russia whose consumption of
5,943 tons of tin in the 12 month period ending January 1935 was 67.6%
higher than in the previous 12 months. Consumption in Japan increased
by 17% to 3,927 tons; in India 9.1% to 2,200 tons; Canada, 35.5% to
1.828 tons; Sweden, 23.4% to 1,743 tons; and Spain, 16% to 1.570 tons.
Decreases of 22.6%, 5.1% and 6.3%, respectively, are shown for the
United States, Germany and France and consumption in Belgium decreased
by 21.4% to 1,280 tons.
The Present Position
The short-term trend of world consumption is now upwards by reason
of the seasonal increase in the United States. The long-term trend cannot
be accurately predicted owing to its dependence to a large degree upon
economic conditions in America, but the bulletin contains charts showing
moving averages of tin consumption for each country from which it may
be seen that there is a steady upward trend in the United Kingdom, Russia,
Canada, Sweden, Denmark and Poland.
World apparent consumption of tin in January 1935 is given as 9,729
tons compared with 9,361 tons in the previous month and with 8,554 tow
in January 1934. The apparent consumption in the United States was
3,941 tons in January 1935 against 2,794 tons in January 1934; in the
United Kingdom 1.617 tons against 1,667 tons; and in other countries
4,171 tons against 4,093 tons.
Tin Consuming Industries
World production of tinplate in January 1935 amounted to 235,000 tons
compared with 192,000 tons in December last, and with 207,000 tons in
January 1934. World production of automobiles totaled 369,000 vehicles
in January 1935 against 253,000 in December and 228,000 in January 1934.
Statistics compiled from reports of the United States Bureau of the Census
show that the United States output of tin-base bearing metals in January
1935 was 2,401,000 pounds compared with 2,164,000 pounds in December
and with 2,256,000 pounds in January 1934.
• World Stocks
During the year 1934 it is shown the world's invisible stocks of tin
decreased by about 12,500 tons and decreased during January 1935 by
about 1,000 tons. World visible stocks of tin at the end of February 1935
are reported at 21,879 tons, or 18% of the current annual rate of consumption. During the seven years 1923 to 1929 the proportion of stocks to
consumption varied between 11 and 15%.
February Exports of Tin Under International Tin
Agreement Reported Below January
The five countries participating in the International Tin
Agreement exported 5,647 tons of tin during February, as
compared with 7,716 tons in January, we learn from a
communique issued by the International Tin Committee,
and made public March 26 by the New York office of the
International Tin Research and Development Council. The
communique, which follows, shows decreased exports during
the month by all countries excepting Nigeria. The monthly
statistics as to exports are as follows:
Motuhly Export
Permissible
December
1934
Jan. 1 to
Oct 1 to
Dec.31 1934 war. 31 '35
N. E. I
Nigeria
Bolivia
Malaya
Slam
1,364
373
1,556
2,552
816
1,211
363
1,550
2,398
816
1,777
379
2,002
2,721
803
Exports
January
1936
February
1935
1,305
277
1,545
3,289
1,300
894
344
1,407
2,139
865
A report covering the January exports was given in our
issue of March 2, page 1384.
Copper Advances Abroad on Favorable Interpretation
of New Control Plan
"Metal and Mineral Markets," in its issue of March 28
said that with the foreign copper control scheme completed,
and producers satisfied that the plan should result in a higher
price level in the foreign field, sentiment abroad underwent
marked improvement in the last week. Trading in London
was active, and the price advanced daily. The strength
in copper abroad spread to most of the other metals. Domestically, however, there was little excitement in major
non-ferrous metals, sales for the week being on a lower
level than in recent weeks. Uncertainty over the trend of
general business for the second quarter has been a factor
in restricting purchases. "Metal and Mineral Markers"
further said:
Foreign Copper Adire
Interest in the domestic copper market last week continued to be focused
on the conference of world copper producers, which negotiations had reached
such a satisfactory stage by Monday that most of the remaining representatives from abroad were reported to have booked passage to Europe on
steamers sailing not later than next Saturday. The agreement reached is
generally considered to constitute one of the most constructive steps ever
taken by the copper industry. It is said to provide for a curtailment of
18,000 to 20,000 tons a month in copper production in the foreign field
outside of Canada and chiefly in South America and Africa; exports of
copper from the United States are to be limited to 9,000 tons. A comprehensive statement setting forth in detail the various provisions of the
agreement was reported yesterday to be in preparation for issuance soon.
Comment in the trade yesterday also indicated that the statements made
by Robert C. Stanley, President of International Nickel, at the company's
annual meeting held on Tuesday, had attracted considerable interest. Mr.
Stanley said: "Great potential production in many parts of the world and
excessive stocks of copper principally in the United States have held and are
holding the price of copper metal at a low level. Repeated attempts to
rationalize this industry have failed, due to a variety of reasons such as
divergent interests, by-product copper, prohibitive tariffs and other causes.
It would seem that a curtailment agreement among all producers would be a
practical procedure that should prove advantageous to all concerned. The
record of world conferences, however, indicates how well-nigh impossible
2092
Financial Chronicle
it is to find a common denominator for the copper industry. I am
inclined to think that this industry as a whole and all of its constituent
companies as well might intensify sales development and research activities
and inaugurate aggressive merchandising as a possibly slower but surer
cure for the ills of over-production."
Sales of "Blue Eagle" copper during the last week in the domestic market
totaled 4,670 tons, as against 7,656 tons in the preceding week. The quotation held at 9c., Valley.
In the loreign market the succosstul outcome ot the meeting of world
copper producers was reflected in an improved price basis for the metal
and a substantial increase in demand. During the seven-day period prices
ranged from 5.675c. to 7.200c., c.i.f. That the foreign market would soon
be established on a 7.500c. or 8.000c, price basis was freely predicted in the
market yesterday.
Lead Buying Fair
Though statistics on refined lead issued during the week showed a remore
than 5,000 tons, a favorable development,
duction in stocks ofslightly
buying interest in the metal suffered somewhat in comparison with recent
weeks. Sales for the seven-day period amounted to about 4.100 tons. The
volume of business was nevertheless regarded as fair, and the undertone of
the market appeared firm in all directions. Most producers feel that consumers are not well supplied against second-quarter requirements and expect
some good business in lead in the near future.
Quotations held at 3.6-0c., New York, which was also the contract settling
basis of the American Smelting & Refining Co., and 3.45c., St. Louis.
St. Joseph Lead obtained a premium of $1 per ton on its brands for delivery
in the East.
Zinc Demand Moderate
Demand for zinc feel offsomewhat last week, sales for the calendar week
ended March 23standing at about 2,000 tons. The price basis, however,continued unchanged at 3.90c., St. Louis. No indications of price cutting were
apparent, and the position of the metal, in spite of the light sales, was
steady. Shipments during March have been good, and forward sales are
said to be down to the lowest level since last November.
Tin Prices Advance
Owing chiefly to the favorable developments in copper, the market for
tin in London advanced more than £5 during the last week. Buying was on
a modest scale both abroad and here. Tin-plate operations in the United
States continued at around 90% of capacity. The price here advanced in
sympathy with London.
Chinese tin, 99% was quoted nominally as follows: March 21, 44.60c.;
March 22, 44.75c.; March 23, 45.15c.: March 25, 46.15c.; March 26.
46.30c.; March 27. 46.45c,
Business Uncertainty Brings Only Minor Contraction
in Steel Demand-Ingot Production at 46 2% of
Capacity as Tin Plate Output Rises to 90%
The March 28 issue of the "Iron Age" stated that despite
the continued unsettling influence of political developments,
steel demand this week reflects only minor contraction.
The requirements of tin plate consumers are definitely
increasing and buying of other finished steel products is
fairly well sustained. It is thus indicated that steel consumption is holding at a relatively high level, as scarcely
any material is being stocked by users. The "Age" further
said:
Steel ingot production has declined only fractionally or from 47 to 4631%
of capacity. The Chicago and Cleveland districts are the only major
producing centers to reflect any contraction whis week. Activity at Chicago
has declined from 4734 to 47%, while production at Cleveland has dropped
from 58 to 54%. Output at Detroit has risen from 83 to 90%. In the
Pittsburgh, Valley, Wheeling. Philadelphia, Buffalo, and Birmingham
districts production is unchanged.
Tin plate production has again been increased and is now estimated at
90% of theoretical capcaity. Cold reducing units are running full and
are booked far in advance. Tin plate shipments are not keeping pace
with production, but out put is based entirely upon releases. Sheet production is off five points to 65%, and strip mill schedules have suffered a
similar contraction to 50%•
The automobile industry has begun to place orders for its May requirements which are expected to be somewhat smaller than its April needs.
Nevertheless, heavy second quarter schedules by General Motors may
offset the probable decline in Ford's output, and it is believed that the
motor makers will experience another million-car quarter in the next
three months. Reduction of stocks may be a factor in limiting steel
requirements during the period.
While the recent dust storms in the West have checked demand for
tractors and farm implements, manufacturers' forward commitments are
so heavy that production schedules can be maintained for many weeks.
Although implement makers expected an increase in demand this year,
actual orders have been four times as large as their most optimistic estimates.
An acuteishortage of skilled labor has developed in certain implement
manufacturing centers.
*Makers of electrical refrigerators, washing machinery and a number
of kinds of household equipment have already indicated that their second
quarterlactivity will be as great as in the first three months of the year.
Other miscellaneous steel users who make consumer goods are taking
material regularly but on a strictly requirement basis.
The construction industry continues to be dormant. It is believed
that public works expenditures promised by the expected $4,880,000,000
appropriation will not be felt in the steel industry for at least six months.
This week's structural steel awards(of 17,600 tons include 10,000 tons
for the new continuous striplmill of the Bethlehem Steel Co. at Lackawanna, N. Y., and compare with 45,800 tons in the previous week. Last
week's awards, however, were swelled by a 33,000-ton contract for the
Tr -Borough Bridge at New York.
It is significant that new structural projects announced during the week
call for only 2,600 tons of steel, the smallest total since early in April
1933. New fabricated plate inquiries at 14,000 tons include 10,000 tons
for the Grand Coulee Dam penstocks.
Rail purchases include 25,000Itons by thelChicago dc North Western
and 5,000 tons by the Chicago Great 1Western. The Van Sweringen
railroads will purchase rails eventually, but inquiry islbeingIdelayed for
several weeks. The Chicago Burlington & Quincy has ordered a fourth
stainless steel passenger train.
Unfavorable Washington developmentslinclude a report that the Wagner
labor disputes bill now before Congress willibe!given Administration support in return for certain unnamed concessions made byjorganized labor.
The !steel industry is unalterably opposedlto this legislation, which is
March 30 1935
now being suggested as a substitute for the famouse Section 7-A of the
Recovery Act,
The NRA research and planning division is making a study of pig iron
importations from the Netherlands and British India which will be followed by recommendations to the President. Confusion over the recently
announced reciprocal trade agreement with Belgium has been intensified
by financial difficulties in that country which may lead to currency devaluation. If this happens, the agreement will have to be revised and
decreases in duties on steel imported from Belgium may be postponed
indefinitely. Great Britain has increased the import duties on semifinished steel and a large number of finished steel products from 33 1-3%
to as much as 50%.
Steel scrap prices continue to be weak, and the "Iron Age" composite
price has declined from $10.83 to $10.75 a ton, the lowest level of the
year. The finished steel and pig iron composites are unchanged at $17.90
a ton and 2.124 cents a pound, respectively.
THE "IRON AGE" COMPOSITE PRICES:
Finished Steel
(Based on steel bars, beams, tank plates,
Mar.26 1935, 2,124e. a lb.
2.1240.1 wire, rails, black pipe, sheets and hot
One week ago
One month ago
2.1240. rolled strips. These products make
One year ago
2.0080. 85% of the United States output.
Low
High
2.1240. Jan. 8
2.1240. Jan. 8
1935
2.0080. Jan. 2
2 l99c. Apr. 24
1934
1.887c. Apr. 18
2.0150. Oct. 3
1933
1.9280. Feb. 2
1 977c. Oct. 4
1932
1.9450. Dec. 29
2.0370. Jan. 13
1931
2.018c. Dec. 9
2.273c. Jan. 7
1930
2.2730. Oct. 29
2.3170. Apr. 2
1929
2.2170. July 17
2.2856. Dec. 11
1928
2.2120. Nov. 1
2.4020, Jan. 4
1927
Pig Irc.n
Iron at Valley
bask)
of
average
on
Based
Mar. 26 1935, 217.90 a Gross Ton
$17.90 furnace and foundry irons at Chicago.
One week ago
17.90 Philadelphia, Buffalo. Valley and
One month ago
18.90 Birmingham.
One year ago
Low
High
117.90 Jan. 8
217.90 Jan, 8
1935
18.90 Jan. 27
17.90 May 1
1934
13.58 Jan. 3
16.90 Dec. 5
1933
13.58 Dec. 8
14.81 Jan, 5
1932
14.79 Dec. 15
1931
15.90 Jan, 8
15.90 Dec. 18
18.21 Jan. 7
1930
18.21 Dec. 17
1929
18.71 May 14
17.04 July 24
18.59 Nov. 27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap
Based on No. 1 heavy melting steel
Mar. 26 1935, $10.75 a Gross Ton
One week ago
$10.83 quotations at Pittsburgh. Philadelphia
One month ago
11.67 and Chicago.
One year ago
12.67
Low
High
210.75 Mar. 28
1935
$12.33 Jan. 8
9.50 Sept. 25
1934
13.00 Mar, 13
1933
12.25 Aug. 8
8.75 Jan. 3
1932
6.42 July 6
8.50 Jan. 12
1931
11.33 Jan. 8
8.50 Dec. 29
1930
15.00 Feb. 18
11.25 Dec. 9
1929
17.68 Jan, 29
14.08 Dec. 3
1928
18.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov.22
The American Iron and Steel Institute on March 25 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having
98.7% of the steel capacity of the industry will be 46.1%
of the capacity for the current week, compared with 46.8%
last week, 47.9% one month ago, and 45.7% one year ago.
This represents a decrease of 0.7 points, or 1.5%, from the
estimate for the week of March 18. Weekly indicated rates
of steel operations since March 5 1934 follow:
1934Mar. 5
Mar. 12
Mar. 19
Mar. 28
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
May 28
June 4
June 11
47.7%
46.2%
48.8%
45.7%
43.3%
47.4%
50.3%
54.0%
55.7%
58.9%
58.8%
54.2%
56.1%
57.4%
56.9%
1934June 18
June 25
July 2
July 9
July 18
July 23
July 30
Aug. 8
Aug. 13
Aug. 20
Aug. 27
Sept. 4
Sept. 10
Sept. 17
Sept.24
58.1%
44.7%
23.0%
27.5%
28.8%
27.7%
28.1%
25.8%
22.3%
21.3%
19.1%
18.4%
20.9%
22.3%
24.2%
1934Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 28
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Dec. 31
23.2%
23.8%
22.8%
23.9%
25.0%
28.3%
27.3%
27.6%
28.1%
28.8%
32.7%
34.8%
35.2%
39.2%
1935Jan, 7
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Mar.25
43.4%
47.5%
49.5%
52.5%
52.8%
50.8%
49.1%
47.9%
48.2%
47.1%
46.8%
48.1%
"Steel" of C eveland, in its summary of the iron and steel
markets on March 25, stated:
Awards of 53,000 tons of structural shapes, another substantial increase
in automobile production, and an advance in tin plate output to 85%
last week were insufficient to compensate for a general decline in forward
buying, the net result being a two-point drop to 46% in steel works operations.
Producers, completing the best first quarter since 1931, see a strong
probability of an early reversal in the present trend, and possibly a new
peak in operations this spring as more structural and railroad work matures.
Uncertainty, however, is apparent in the attitude of the rank and file of
steel consumers.
Shipments of flat rolled steel products have not diminished appreciably
so far, but mills are not receiving replacement orders, and their backlogs
April 1 will be considerably lighter than three months ago. Neither
producers nor consumers now have the problem of replensihing stocks.
Some purchases apparently are being deferred in expectation the Government attack on the steel basing point system may be a break for the
consumer.
Automobile assemblies last week totaled 100.000, a gain of 3,000. One
leading manufacturer has finished parts on hand for 60 days, a few for 30
days. While new specifications from automobile manufacturers have
dropped for the second consecutive week, present orders for cold-rolled
material cannot be delivered before seven to eight weeks, and in some
instances nine weeks, indicating that the bulk of buying by the industry
for the first half has been done.
In tin plate, mills still are adding to backlogs from container manufacturers. If obsolete tin mill capacity were to be disregarded, they could
be considered as producing at 95%. Actual output is close to a record
for March.
Shape awards for the week were inflated to the largest tonnage since the
first week in May 1933, by the placing of 33,000 tons for New York's
Tr -Borough Bridge; 10,000 tons for Bethlehem Steel Co.'s sheet mill
building in Lackawanna, N. Y., and 6,000 tons for the Tennessee Valley
Authority's hydro-electric projects. More public projects are developing.
2093
Financial Chronicle
Volume 140
but the outlook for tonnage from this source in the next three months
is not as favorable as a year ago. The Government is slower with relief.
One of the most uncertain elements in the market from steel producers'
standpoint is the probable extent of railroad buying this year. Unsettled
questions pertaining to freight rates, pensions, Government policies have
practically paralyzed railroads' steel-purchasing activities. Gulf Mobile
& Northern has placed 3.918 tons of rails and fastenings. Chicago Burlington
& Quincy one stainless steel Diesel electric train.
Central RR. of Brazil has awarded a $15,000,000 electrification project
to Metropolitan-Vickers, Ltd.. England. "Steel's" London correspondent
cables British import duties on steel have been raised to 50% from 33%%.
Scrap shipments on old orders are holding up, but new demand and prices
are lower. Pig iron releases continue to increase, the gain due mainly to
requirements by the automobile industry, which is contributing to the
surplus of scrap, depressing scrap prices. A merchant blast furnace at
Pittsburgh is being blown in.
Steel works operations last week declined 4 points to 47% at Chicago;
3 t6 35, Pittsburgh; 2 to 70. Cleveland; 1 to 37. Buffalo; 2 to 51, New
England. They advanced 2 points to 60 at Youngstown. Wheeling held
at 92; Birmingham, 55%; eastern Pennsylvania, 28. and Detroit. 88.
"Steel's" iron and steel price composite Is down five cents to $32.33.
reflecting the reduction In scrap; the finished steel composite is unchanged
at $54, while the scrap index is off 25 cents to $10.46.
Steel ingot production for the week ended March 25 is
of capacity, according to the "Wall
placed at about 46
Street Journal" of March 27. This compares with 48%
in the previous week and 483/2% two weeks ago.
U. S. Steel is credited with around 45%. against 46% in the week before
and 46%% two weeks ago. Leading independents are a shade over
47%. compared with a fraction under 49% in the preceding week and
49% two weeks ago.
The following table gives a comparison of the percentage of production
with previous years, together with the approximate change, in points,
from the week immediately preceding:
U. S. Steel
Industry
1935
1934
1933
1932
1931
1930
1929
1928
1927
463.i
47
14
25
57
73
9434
85
92
Independents
—1
45
42
— Si
14
— Si
26
5534 + Si
80
97
+1
90
9834 —1.4
—134
—I
— Si
— Si
+ Si
—I
+1
— 34
47
50
14
24
5734
66
9234
79
8634
—2
—2
— Si
— 34
+ li
—2
+1
+134
Current Events and Discussions
The Week with the Federal Reserve Banks
The daily average volume of Federal Reserve bank credit
outstanding during the week ended March 27, as reported
by the Federal Reserve banks, was $2,458,000,000, a, decrease of $3,000,000 compared with the preceding week and
of $65,000,000 compared with the corresponding week in
1934. After noting these facts, the Federal Reserve Board
proceeds as follows:
On March 27 total Reserve bank credit amounted to $2,452,000,000. a
decrease of $3,000,000 for the week. This decrease corresponds with decreases of $76,000,000 in member bank reserve balances, $17,000,000 in
money in circulation and $3,000,000 in non-member deposits and other
Federal Reserve accounts and increases of $9,000,000 in monetary gold
stock and $14,000,000 in Treasury and National bank currency, offset in
part by an increase of $115,000,000 in Treasury cash and deposits with
Federal Reserve banks.
Relatively small changes were reported in holdings of discounted and
purchased bills, United States Government securities and industrial
advances.
Beginning with the week ended Oct.31 1934, the Secretary
of the Treasury made payments to three Federal Reserve
banks, in accordance with the provisions of Treasury regulation issued pursuant to subsection (3) of Section 13-B of
Federal Reserve Act, for the purpose of enabling such banks
to make industrial advances. Similar payments have been
made to other Federal Reserve banks upon receipt of their
requests by the Secretary of the Treasury. The amount of
the payments so made to the Federal Reserve banks is
shown in the weekly statement against the caption "Surplus
(Section 13-B)" to distinguish such surplus from surplus
derived from earnings, which is shown against the caption
"Surplus (Section 7)."
The statement in full for the week ended March 27, in
comparison with the preceding week and with the corresponding date last year, will be found on pages 2136 and 2137.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
March 27 1935, were as follows:
Mar. 27 1935
$
8,000,000
5,000,000
2,430,000,000
Bills discounted
Bills bought
U. S. Government securities
Industrial advances (not Including
16,000,000 commitments—Mar.27) 21,000,000
Other Reserve bank credit
—12,000,000
Increase (+) or Decrease (—)
Since
Mar. 20 1935 Mar. 28 1934
$
$
—45,000,000
24,000,000
—2,000,000
+1.000,000
3,000,000
+21,000,000
17,000.000
—3,000,000
+9,000,000
+14,000,000
—67,000.000
+882,000.000
+179,000.000
Money in circulation
5 436,000,000 —17,000,000
Member bank reserve balances
4,285,000,000 —76,000,000
Treasury cash and deposits with Federal Reserve banks
3,335,000,000 +115,000.000
Non-member deposits and other Federal Reserve accounts
494,000,000
—3,000,000
+100,000,000
+848,000,000
Total Reserve bank credit
2,452,000,000
Monetary gold stock
8,563,000,000
Treasury and National bank currency-2,535,000,000
+17,000,000
+30,000.000
Returns of Member Banks in New York City and
Chicago—Brokers' Loans
Below is the statement of the Federal Reserve Board for
the New York City member banks and also for the Chicago
member banks for the current week, issued in advance
of full statement of the member banks, which latter will
not be available until the coming Monday. The New
York City statement formerly included the brokers' loans of
reporting member banks and showed not only the total of
these loans but also classified them so as to show the amount
loaned for their "own account" and the amount loaned
for "account of out-of-town banks," as well as the amount
• loaned "for the account of others." On Oct. 24 1934 the
statement was revised to show separate y loans to brokers
and dealers in New York and outside New York, loans on
securities to others, acceptances and commercial paper,
loans on real estate, and obligations fully guaranteed both
as to principal and interest by the United States Government. This new style, however, now shows only the loans
to brokers and dealers for their own account in New York
and outside of New York, it no longer being possible to get
the amount loaned to brokers and dealers "for account of
out-of-town banks" or "for the account of others," these
last two items now being included in the loans on securities
to others. The total of these brokers' loans made by the
reporting member banks in New York City "for own account," including the amount loaned outside of New York
City, stood at $658,000,000 on March 27 1935, a decrease of
$5,000,000 over the previous week.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
New York
Mar. 27 1935 Mar. 20 1935 Mar. 28 1934
Loans and investments—total
7.566,000,000 7,539.000.000 7,193,000,000
Loans on securities—total
1,447,000,000 1,466,000,000 1.663,000,000
To brokers and dealers:
In New York
Outside New York
To others
604,000,000
54,000.000
789,000.000
609,000,000
54,000.000
803.000.000
688.000.000
47,000,000
928.000,000
Accepts,and commercial paper bought-. 220,000,000 211,000,000
130,000,000 130,000,00011,629,000,000
Loans on real estate
1 192,000,000 1,216,000,000
Other loans
U.S. Government direct obligations_ __ _3,230,000,000 3,202,000,000 2,720,000.000
Obligations fully guaranteed by United
276,000,000 274,000,00011,181,000,000
States Government
1,071,000,000 1,040,000,000J
Other securities
Reserves with Federal Reserve Bank _ —1,644.000,000 1,622,000.000 1,242,000,000
40.000,000
53,000,000
50,000.000
Cash in vault
Net demand deposits
Time deposits
Government deposits
6.994,000,000 6,924,000.000 5.791,000,000
616,000,000 615.000.000 699,000,000
527,000,000 527,000,000 762,000,000
Due from banks
Due to banks
82,000,000
66,000.000
64,000,000
1,846.000,000 1.881,000,000 1,478,000,000
Borrowings from Federal Reserve Bank_
ChIcaco
1,599,000,000 1,650,000,000 1.377.000,000
Loans on investments—total
Loans on securities—total
252,000,000
244,000,000
274,000,000
To brokers and dealers:
In New York
Outside New York
To others
27,000,000
46,000,000
179,000,000
27,000,000
37,000,000
180,000,000
12,000,000
37,000.000
225,000,000
Accepts, and commercial paper bought... 48,000,000
17,000,000
Loans on real estate
234,000,000
Other loans
48,000,0001
17,000,000 294,000,000
230.000,000
750,000,000
U.S. Government direct obligations _
Obligations fully guaranteed by United
78,000,000
States Government
220,000,000
Other securities
817,000,000
Reserves with Federal Reserve Bank__ _ 331,000.000
35,000,000
Cash in vault
356,000.000
35,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
521,000,000
78,000.0001 288,000.000
216,000,0001
341,000,000
40,000,000
1.384.000.000 1,453,000,000 1,168.000,000
386,000,000 394,000,000 343.000.000
58,000.000
42,000,000
41,000,000
176,000.000
496,000,000
179,000.000
495,000,000
168,000.000
362.000,000
1.000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks
themselves and covering the same week, instead of being
Financial Chronicle
2094
held until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in 91 cities cannot be compiled.
In the following will be found the comments cif the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business March 20:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on March 20 shows decreases for the
week of 3324,000,000 in net demand deposits, $224,000,000 in reserve
balnces with Federal Reserve banks and 324,000,000 in total'loans and
investments, and an increase of $21,000.000 in time deposits.
Loans on securities to brokers and dealers in New York declined $78.000.000 at reporting member banks in the New York district, and $79.000,000 at all reporting member banks; loans to brokers and dealers outside
New York City increased $5,000,000 in the Chicago district and $3,000,000
at all reporting banks; and loans on securities to othes increased $6,000,000
in the New York district and 15.000,000 at all reporting banks. Holdings
of acceptances and commercial paper increased $2,000,000. real estate
loans increased $2,000,000, and "other loans" increased $7,000,000 in the
New York district and $8.000,000 at all reporting member banks.
Holdings of United States Government direct obligations increased
$24,000,000 in the St. Louis district, $18,000,000 in the Boston district,
$14,000,000 in the New York district, and 110,000,000 in the San Francisco district, and declined $32,000,000 in the Chicago district, all reporting
member banks showing a net increase of $40,000,000 for the week; holdings
of obligations fully guaranteed by the United States Government declined
$8.000,000 in the New York district and remained unchanged at all rePorting member banks; and holdings of other securities declined 310.000.000
in the New York district and $5,000,000 at all reporting banks.
Licensed member banks formerly included in the condition statement
of member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of 11,236,000,000 and net
demand, time and Government deposits of 11,428,000.000 on March 20,
compared with $1.238,000,000 and $1,432.000,000, respectively, on
March 13.
A summary of the principal assets and liabilities of the reporting member
banks, in 91 leading cities, that are now included in the statement, together
with changes for the week and the year ended March 20 1935, follows.
Increase (+) or Decrease (—)
Since
Mar. 20 1935 Mar. 13 1935 Mar. 21 1934
_18,498,000,000
—24,000,000
+972,000,000
Loans on securities—total
3.050,000.000
—71.000,000
—503,000,000
To brokers and dealers:
In New York
Outside New York
To others
755,000,000
174,000.000
2,121.000,000
—79,000,000
+3.000,000
+5,000,000
—57,000,000
—2,000,000
—444,000,000
Loans and investments—total_
Accepts, and coral paper bought.. 422,000,000
964,000,000
Loans on real estate
3,204,000,000
Other loans
7,324,000,000
U.S.Govt. direct obligations
Obligations fully guaranteed by the
674,000,000
United States Government
2,860,000,000
Other securities
Reserve with Fed. Res. banks__ 3,196.000.000
279,000,000
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F.R.banks
14,155,000,000
4,464,000,000
1,016,000.000
+2.000.0001
+2,000,000
+8,000,000
—53,000,000
+40,000,000 +1,052,000,000
1 +478,000,000
—5,000,0001
—224,000,000
—3,000,000
+620,000,000
+51,000,000
—324,000,000 +2,432,000,000
+34.000.000
+21,000,000
+1,000,000 —486,000,000
1,778,000.000
4.347,000,000
—77.000,000
—186,000.000
+223,000,000
+856,000,000
2,000,000
+1.000,000
—7,000,000
Return of Dr. Nicholas Murray Butler from International Conference in London—Sees Only Safeguard for World in System of Collective Security
Dr. Nicholas Murray Butler, President of the Carnegie
Endowment for International Peace, returned on March 19
from the international conference held recently in London
under the auspices of the Carnegie Endowment when plans
for breaking the deadlock as to monetary policies and trade
were discussed. Dr. Butler, who sailed early in February
for the conference, issued a report on the deliberations upon
his return, and in a statement made by him had the following
to say regarding the parley:
The unofficial International Conference invited by the Carnegie Endowment for International Peace which met in London during the first week
of March, at Chatham House, the home of the Royal Institute of International Affairs, was an unqualified success.
"More than one competent judge," he went on to say,
"expressed the opinion that the recommendations upon
which all agreed with a view to breaking the deadlock which
now exists as to monetary policies and trade, in order that
public confidence may be restored and progress toward lasting prosperity begun, constitute the most important happening since the World War." Continuing, Dr. Butler said:
It was pointed out several times that where formal and official conferences between representatives of governments have uniformly failed, this
unofficial and informal conference, whose members had no responsibility
save to their own intelligence and to the truth as they might see it, had
alone succeeded.
Some 60 of the leaders of opinion throughout the world, drawn from 10
different nations, sat from 10 in the morning until after 5 in the afternoon
on each of three successive days in close and intimate discussion of the
questions submitted to them. They brought to these discussions the
equipment and the point of view, not only of outstanding economists and
students of government, but those of men of affairs engaged in various
forms of business and of banking in different lands, as well as those of
statesmen whose reputation had been made by long public service.
The representatives of Germany, of Belgium, of Holland, of France
and of Italy took a particularly active part in the discussion, and their
March 30 1935
support of the recommendations arrived at is surely noteworthy. The
world now knows precisely what this group of extraordinarily competent
men think must be done if confidence is to be restored and the economic
and monetary crisis brought to an end.
It now remains for the Carnegie Endowment, with its world-wide
organization, and with the aid of the press, to bring these recommendations to the attention of public opinion in every land, leaving it to that public
opinion to bring about action by the governments. The responsibility
resting upon the Government of the United States is plainly enormous.
The economic nationalism now reigning here is the first and chief obstacle
to every American interest and to the return of prosperity.
There is no time to be lost. We are not getting ahead. No matter how
liberal and broad-minded and progressive present public opinion may be
in many lands, it is the reactionaries and the persistent, well-organized
minorities that are controlling governmental policy in more lands than
one quite too frequently and quite too dangerously.
The armaments race upon which it shocks a patriotic American to see
the Government of the United States entering light-heartedly, means national
insecurity as well as either ultimate bankruptcy or war or both. The
millions and tens of millions which it is proposed to spend on battleships
and soldiers in trenches will not only be absolutely wasted, but will make
every nation, including our own, far more insecure than it now is. The
next war, if the reactionaries are able to compel us to drift into it,
will be a universal hell of ruin and death by chemicals. We need not
bother about battleships or gas masks. Neither will be of any consequence. The only safeguard for the United States and for the world is the
system of collective security which the Chatham House Conference has
described and urged.
Passing resolutions against war is of no avail. Making public announcements that one will not participate in the next war is of no avail. Juvenile
demonstrations of one sort or another against war amount to less than
nothing. The only thing that can matter is the setting up of a reasonable
and efficient alternative to war which, I repeat, should be that system
of collective security which the Chatham House Conference urges.
One of the accounts which came from London (March 8,
Associated Press) is quoted herewith:
Dr. Nicholas Murray Butler's unofficial 10-Power conference to-day
recommended immediate provisional stabilization of currencies as a move
toward world recovery.
Stabilization, waiving of the most-favored-nation rights to make possible
a general lowering of tariff barriers, and an agreement by the United
States and Great Britain to accept goods and services for governmental
debts were revealed as the three outstanding recommendations of the
International conference which closed last night.
It was revealed that the delegates recommended that the International
Chamber of Commerce and the Carnegie Endowment jointly sponsor the
establishment of an international commission of experts which would advise
the nations of the best methods of carrying out the resolutions approved
here.
The United States, Great Britain and France were asked immediately
to arrange stabilization of the currencies on a gold basis, with the provision
that it might be readjusted whenever found to be necessary.
The conference also recommended the establishment of customs unions
among nations for the lowering of tariffs, and urged countries with the
most favored rights to place no obstacles in the way of such unions.
German Loan Ordered Paid in United States Gold
Dollars by Netherlands Court
A Netherlands court ruled March 22 that the gold clause
contained in a dollar loan issued in 1927 by Osram, G. M.
B. H. of Berlin, as requiring interest, must be paid in gold
or its equivalent value, said Associated press advices from
Amsterdam, March 22. The advices continued:
The company issued a $5,000,000 loan, partly in Sweden and Switzerland, but mainly—$3,000.000 worth—in the Netherlands. The bonds
contain a clause stipulating that the capital and interest are payable in
United States gold dollars of the then current weight and alloy.
The "Amsterdam Effectenblad," a commercial publication, sued for
the payment in gold and the judge found for the plaintiff, deciding that the
7% interest must be paid in gold or its equivalent value.
Italian Regulations Governing Clearing or Barter
Arrangement
for
Foreign
Trade Outside Quota
System
Under regulations to govern the importation of foreign
goods against equivalent exportations of Italian products,
Issued March 14 by the National Export Institute of Italy,
there is set up an extensive barter or clearing system for
foreign trade outside of the regular quota system, according
to a cablegram from Ambassador Breckenridge Long, Rome,
made public by the Department of Commerce on March 20.
The Department's advices state:
The application for approval of a proposed transaction must be presented
to the National Export Institute. The applicants must be individuals or
business houses registered with their respective provincial Economic Counails, whioh some years ago replaced the provincial Chambers of Commerce.
Authorizations will be issued only for transactions that make payments in
foreign money unnecessary. Therefore, the value of the proposed exports
must at least equal the value of the imports submitted for authorization,
the report states.
The Institute will indicate in advance its disposition to authorize proposed export-import transactions. Such advance indications of approval,
In general, will be valid for 15 days, and final authorizations will not be
valid for more than three months.
All classes of exports will be acceptable in these barter transactions, but
in each case the goods proposed for importation must be approved, and
raw materials will be given a preference. Commodities such as mineral
oils, which are subject to special import rules, may not be included in
these transactions. Other goods excluded from consideration are those
subjected to import restrictions by the decree of Nov. 14 1926, under which
import permits are required for products dutiable under approximately 170
of the 953 items of the tariff schedule, it was stated.
These private clearing or barter arrangements may not be concluded
with individuals or concerns in countries with which Italy has a general
clearing agreement unless special provision has been made in the agreements.
Volume 140
Financial Chronicle
In making arrangements for private barter the participants assume responsibility for compliance with the laws and rules on foreign trade and exchange,
which may be effective in the country of destination of the proposed
Italian exports, according to the report.
In determining the values of the exports and imports, the amount of
transportation and other incidental charges payable outside of Italy must
be included in order that no foreign exchange may be required to defray
any such charges.
As a general rule, the exportation from Italy must precede the importation. Approval of the exportation will be given against an obligation by
the exporter that he will transfer to the Foreign Exchange Institute any
credits in foreign exchange he secures, but he will be released from that
obligation when there is an importation of equivalent value. Any surplus
credit in foreign exchange which arises from an excess in value of exports
over imports, or because the expected importation to balance the actual
exports did not take place, must be transferred to the Foreign Exchange
Institute.
If it is desired to bring in the imports before the exports leave Italy,
the Italian importer must bind himself to make an equivalent exportation
which must be specifically approved by the Export Institute. If the compensating export is not made, the quantities of the imports will be
charged, where possible, against the future quotas to which the importer
might be entitled and either the importer or the exporter or both may be
excluded from future barter transactions, it was stated.
Greece Abolishes Various Foreign Exchange Restrictions
According to a cablegram received from the American
Legation in Athens, the Stock Exchange, which was closed
March 4, reopened March 16, with few changes in prices
recorded since dealings were suspended. The Department
of Commerce at Washington reporting this added.:
On March 16, also, various temporary restrictions on foreign exchange
transactions were abolished. However, It is still forbidden to open letters
of credit abroad to pay for imports, excepting foodstuffs and a few other
commodities, but it is believed that limitation will be removed before
long, the report states.
Import Control System Established by Cuba—Creation
of National Tariff Commission
Under.date of March 16 there became effective in Cuba a
law for the control of imports by countries, enacted for the
stated purpose of adjusting the balance of payments and
improving foreign trade. Air mail reports of March 16
and 17, and a cablegram of March 18 from Commercial
Attache Walter J. Donnelly to the Department of Commerce, Washington, made available information regarding
the law, as to Which the Department, on March 21, said:
The law provides for the application of:
(1) The maximum tariff duties which are double the minimum rates
and now to be known as "maximum general rates," to countries whose
purchases from Cuba are less than one-fourth of the value of their exports
to Cuba (as recorded in the Cuban foreign trade statistics);
(2) The minimum duties, formerly known as "general rates," plus a
surtax of 26% of the duties (in effect, a schedule of intermediate
rates),
to countries whose purchases in Cuba amount to more than one-fourth but
less than one-half of the value of their exports to the Republic, and
•
(3) The minimum duties, to those whose purchases from Cuba represent
at least one-half of the value of their exports to Cuba. The new schedule
of duties will not apply to shipments, covered by documents visaed by
Cuban Consuls, that have left foreign ports on or before March 16.
As an exception to the provisions of the new law, raw materials
and
other articles of prime necessity will continue to pay the minimum
duties,
regardless of their origin. The materials and products to be included in
this category will be selected by the Tariff Commission, and after approval
by the President will be published in the official gazette.
By virtue of existing most-favored-nation commercial agreements,
the
new schedule of duties will not apply to the United States, France and
Spain, which shall continue to receive the customs treatment accorded them
under their respective agreements with Cuba as long as they
remain
in force.
Special Anti-dumping Committee Authorized
The law also authorizes the President to establish a special committee
against dumping, which will consist of the Secretaries of Commerce,
Agriculture and Finance, and will advise the President, voluntarily
or upon
request, of the measures necessary to avoid dumping. Upon this Committee's recommendations, the President may increase the duties
of the
maximum general tariff:
(1) On goods that receive a direct or indirect export subsidy in
the
country of origin or in the country from which the goods are shipped,
and
(2) On goods which as a result of exceptional economic conditions
in
the country of origin or of shipment, or because of depreciated currency
or low wage levels can be sold in Cuba at prices which seriously endanger
Cuban industry, agriculture or commerce.
The President is further authorized to adopt whatever measures are
necessary to protect national industry and commerce against the
various
forms of foreign dumping, after receiving recommendations from
the
newly-established National Tariff Commission. The President may
also,
on the proposal of the Secretary of Finance, order the application of the
maximum general tariff duties and surcharges in all cases
which are urgent
and necessary, until such time as the National Tariff Commission submits
Its report, in accordance with this law.
National Tariff Commission Created
The law creates a commission to be known as the National Tariff Commission, which shall study and propose to the President of the Republic
all necessary modifications of the customs tariff and the provisions of this
law. The Commission will be composed of the Secretaries of Commerce,
Agriculture and Finance as ex-officio members, with the latter as honorary
President; the Director of Commerce of the Department of Commerce;
Directors of Agriculture, of Mines and of Industry of the Department of
Agriculture; a member of the National Commission of Statistics and
Economic Reforms, to be designated by the Secretary of Finance: the
Chiefs of the Customs Section and of the Statistical Section of the Department of Finance, and two Government officials appointed by the President
2095
upon the recommendation of the Secretary of Finance, who will serve as
Acting President and Secretary of the Commission.
Argentina Rejects Canadian-Australian Proposal for
Minimum World Wheat Price
A proposal advanced by Canada and Australia to fix a
minimum world wheat price for the current crop year was
rejected by Argentina on March 26, said United Press
advices, that day,from London. According to the advices,
the Argentine Government, in declining to enter such an
agreement,said it would be unable to establish the machinery
necessary to make a maximum price arrangement effective.
The advices continued:
The Canadian and Australian proposal was made after the recent World
Wheat Conference collapsed because of Argentina's refusal to reduce Its
wheat crop quota. The reply to the price "peg" proposal was delivered
by Garcia Arias, Argentine delegate to Andrew Cairns, Secretary of the
World Wheat Advisory Committee.
A full meeting of the Committee will be called in May to adopt a program
whereby the framework of the world wheat pact would be upheld, but the
operative clauses, affecting both export quotas and acreage restriction,
suspended. The Committee, it was said, would function mainly as a link
between wheat exporters and importers.
In reporting the recent collapse of the World Wheat
Conference, Associated Press accounts from London,
March 6, said:
Representatives of the United States, Canada, Australia and Argentina
to-day definitely abandoned negotiations for the control of wheat exports
for the remainder of the present crop year expiring Aug. 1.
Delegates said the reason for the abandonment was that Argentina had
refused to consider her repudiation of the 1933 wheat pact.
It was indicated that none of the restrictions of the pact, expiring Aug.1.
would.be enforced by any of the 21 signatory nations henceforth.
Ng
Central Bank Created by Argentine Decree—Also
Provides Revision of Financial System
Argentina's present financial policies were revised drastically on March 25, said United Press advices from Buenos
Aires that day, with the signing of a decree by President A.
P.Justo enacting new financial legislation, including a measure providing for the establishment of a central bank.
From the advices we also take the following:
The bills enacted into law had been backed by the Ministry of Finance,
and, in general, followed the recommendations of Sir Otto Neimeyer, who
visited Argentina two years ago as head of a British financial mission.
Creation of the central bank means that a majority of existing bank notes
in Argentina will be replaced by central bank notes. The new government
institution will take over all gold now held by the "Caja de Conversion."
It will operate for forty years, with an authorized capital of 30,000,000
pesos (about $10.000,000). under the guidance of a board of 12 directors.
There will be important changes affecting the nation's banking system.
Other bills approved by Congress calling for bank inspection and control
throughout Argentina, and creation of a liquidation institute to take over
from banks assets which are not quickly salable.
Only a part of the central bank's authorized capital will be subscribed
at the outset, one-half by the Government. whose shares will have no
voting power,and the other half, pro rata by all banks operating In country.
The bills providing for the creation of a central bank and
the reorganization of Argentina's financial system were
passed by the Argentine Senate on March 22. The passing
of the bills by the Chamber of Deputies on March 1 was
indicated in our issue of March 9, page 1565.
Record Gold Production in Chile
Record gold production was reported in Chile during 1934
when the industry's output totaled 7,420 kilograms, an
increase of approximately 62% compared with 1933, and
more than six times the production recorded in 1932, according to a report from Consul-General Edward A. Dow,
Santiago, made available by the Department of Commerce. at Washington, which under date of March 5 said:
The gold washing industry which accounted for approximately 26%
of the Chilean output of gold during the year has been intensified during
the past year and a halt in an endeavor to take advantage of the depreciation of the peso and to provide employment for the unskilled labor.
the Consul reported.
The 1934 production of all silver in Chile totaled 32,751 ldlograms,
compared with 7,892 kilograms in 1933, it was stated.
National Bank of Virgin Islands—Private Stock Subscriptions in Excess of $50,000 Reported Pledged—
Purchase by RFC of $125,000 of Preferred Stock
Announcement to the effect that stock subscriptions for
the new National Bank of the Virgin Islands in excess of
the $50,000 required have been unconditionally pledged by
local business men was contained in a cablegram, March 24,
from St. Thomas, V. I., to the New York "Times," which
stated that 40% of the subscriptions are in cash, and the
rest is expected to be collected immediately after the bank
Is opened for business, in six weeks or two months.
The
cablegram noted that the Reconstruction Finance Corporation agreed in 1933 to purchase $125,000 preferred stock
of
the new bank if the residents of the Virgin Islands subscribed for $50,000 worth of common stock, and it was added
that it was thought then that the $50,000 would he easily
2096
March 30 1935
Financial Chronicle
raised, because the Danigh Bank had deposits of $1,200,000
and savings banks in Christiansted had $40,000 more. From
the cablegram we also quote:
The bank, which is another of the United States Government's many
projects here, is expected to take over the familiar "banking corners" at
St. Thomas, Christiansted and Fredericicsted now occupied by the Danish
Bank of the West Indies, which has been in business here for 30 years.
The Danish Bank's charter expired last June and many of its employees
are expected to go with the American bank. Business will go on as usual,
.
without the interruption of banking facilities. .
In December 1933 Governor Paul M. Pearson informed Washington that
he had $57,030 worth of subscriptions, and it was thought the new bank
would be organized in time to take over the Danish Bank when its charter
expired, but it was discovered many of the subscriptions were conditional.
Then various dihiculties delayed the opening of the new bank, so the
Danish Bank continued in business, though its right to issue currency
ended last year. The islands went on a United States currency basis for
the first time Feb. 11 1935.
When local subscriptions still were not forthcoming, the RFC sent two
experts here. Since then the two have been scouring St. Thomas and
St. Croix for subscriptions. Despite the large deposits in the Danish
Bank, they found the local business men reluctant to invest. Only after
many talks and considerable persuasion and explanation was the $50,000
finally pledged.
The long delay is variously attributed to the lack of co-operation from
many islanders, mistrust of Federal-sponsored institutions, and lack of
confidence in Governor Pearson's Administration. Only after one of the
RFC experts had made clear at a meeting of the Colonial Council that
subscribers could qualify as directors of the new bank and direct its
affairs, and that the local Administration would have nothing to do with
it, was the "sales resistance" of the islanders broken down.
Irish Free State to Begin Payment Next Week on Loans
Raised in United States in Dispute to Disengage
Republic from Britain's Military Control
At a luncheon of the Kiwanis Club March 27 in the Hotel
McAlpin, New York, Leo Thomas McCauley, Consul
General of the Irish Free State in New York, revealed that
the Irish Free State will begin repayment to the American
public on April 3 of $5,200,000 raised in the United States
during 1919-21 in Ireland on the strength of a promise to
repay "after the freeing of the territory of the Republic
of Ireland from Britain's military control." This is learned
from the New York "Times" of March 28, which reports
that Mr. McCauley suggested that, in undertaking to give
back the money the Free State assumed an obligation that
could be described only as a moral one,,for the State was
established after the bonds were floated. He said:
We intend repaying a debt to this country, and the first payment will
be made next Wednesday. It was raised in 1920, not from your government but from your people. It amounted to about $6,000.000 and it was
raised on the flimsiest promise. This was to be repaid when the republic
was established and the last British soldier was gone from Irish soil.
Although all the conditions of the loan have not been accomplished, the
Irish Free State felt that it should pay the loan. So next Wednesday the
checks will begin to go out.
From the "Times" we also quote:
The money to be given back represents what is still due of the $5,800,000
raised by an aggregate of 309,000 subscriptions, and includes Interest of
25 cents on each dollar. Part of the money was paid back in May, 1930.
from $2.500.000 which still remained in banks In this country when the
treaty creating the Free State was signed on Dec. 6 1921.
Exports, including re-exports, were valued at $163,006,000 in February
compared with $176,223,000 in January 1935 and $162,729,000 in
February 1934. General imports, which include goods entering consumption
channels immediately upon arrival in the United States, plus goods entered
for storage in bonded warehouses, aggregated $152,537,000 compared with
$166,993,000 in January 1935 and $132,753,000 in February 1934. The
excess of merchandise exports over imports amounted to $10,469,000 compared with $9,230,000 in January 1935 and $29,976,000 in February 1934.
Imports for consumption, which include goods entering consumption
channels immediately upon arrival in the country, plus withdrawals from
bonded warehouses for consumption, were valued at $152,288,000 compared
with '$168,610,000 in January 1935 and $125,047,000 in February 1934.
A continuation in the divergent trends of agricultural and non-agricultural exports is reflected in the February statistics. Exports of meats
and fats, grains, feedstuffs, raw cotton and tobacco, showed relatively
large declines in quantity as compared with the preceding month, while
exports of manufactured articles as a whole were only slightly smaller.
Although seasonal influences were in part responsible for the smaller
volume of agricultural exports, comparisons of the January and February
statistics with the corresponding months of 1934 indicate that other
influences were at work. Exports of meat products, lard, unmanufactured
cotton and tobacco showed declines in quantity from February 1934 or 36%,
57%, 37% and 13%, respectively. Wheat exports, which were relatively
small a year ago, have fallen to negligible figures in recent months; the
total exports for February was 3,794 bushels.
Exports of finished manufactures declined in February, primarily as a
result of smaller shipments of gasoline, lubricating oil, iron and steel
Exports of automobiles increased nearly
manufactures and aircraft.
$3,000,000 in February as compared with January, and moderate expansion
of other manufactured articles.
number
a
of
exports
occurred in
In comparison with the same month of 1934, all of the leading manufactured articles, except cotton manufactures, gasoline and lubricating oil,
advanced. Exports of automobiles, including parts and accessories, were
valued at $14,886,000 in February 1934 and $20,522,000 in February 1935,
and exports of machinery, including electrical apparatus and office appliances, were valued at $14,672,000 and $18,763,000, respectively.
The marked decrease in imports for consumption of cane sugar in
February from the abnormally high figure recorded in January was chiefly
responsible for the drop in the value of total imports for consumption
during February. Imports of cane sugar from the Philippine Islands
were 650,090,000 pounds, valued at $17,431,000 in January and 104,212,000
pounds, valued at $3,282,000, in February. The total imports for consumption of sugar in the two months filled approximately two-fifths of
the 1935 quota allotment to those islands. Imports of sugar for consumption from Cuba declined from 431,114,000 pounds, valued at $7,697,000
in January, to 207,490,000 pounds, valued at $3,736,000, in February.
Other leading imported articles that were smaller in value in February
than in January included paper base stocks, newsprant, precious stones,
ferro-alloys, and art works.
A number of the leading import commodities increased in both quantity
and value in February, as compared with January. Among the industrial
raw materials showing increases were crude rubber, copper, tin, raw silk,
vegetable oils, and oilseeds, and among leading foodstuffs were coffee,
cocoa and olive oil. Imports of cattle, butter and feedstuffs, which have
been of lesser importance in the total trade, also increased substantially
in February, and grain continued to be imported at approximately the
same relatively high level as in several other recent months. During the
past six months imports for consumption of all of the last mentioned
articles have increased substantially; the quantities and values in February
1934 and February 1935 were, respectively, as follows: Cattle (except
for breeding), 7,191, valued at $67,981, and 37,737, valued at $620,094;
canned meats, 1,350,428 pounds, valued at $99,030, and 4,234,971 pounds,
valued at $292,022; butter, 59,390 pounds, valued at $9,936, and 3,056,512
pounds, valued at $561,610; grains (rye, corn, oats, barley and wheat,
except that for grinding in bond and export), 331,422 bushels, valued at
$156,923, and 6,499,002 bushels, valued at $3,254,999, and fodders and
feeds, $111,612 and $1,832,951.
MERCHANDISE TRADE BY MONTHS
Although the potential liability is $5,200,000, Garth
Healy, a civil service official of the Free State's Department
of Finance, is describing details of the repayment, according
to the "Times," said that only 160,000 claims for repayment have been filed. It is added that even taking account
of plural subscriptions by one person, it was apparent that
a sizable surplus will exist when repayment is completed.
TOTAL VALUES OF EXPORTS INCLUDING RE-EXPORTS AND GENERAL
IMPORTS
External Loan Sinking Fund 5% Gold Bonds of Irish
Free State Drawn in Part for Redemption May 1
Through Operation of Sinking Fund
Holders of Irish Free State external loan sinking fund 5%
gold bonds, due Nov. 1 1960, are being notified by The
National City Bank of New York, as American Fiscal Agent,
that there has been selected by lot for redemption on May 1
1935, by operation of the sinking fund, 817,000 principal
amount of bonds at par. Holders should surrender their
bonds for payment on the redemption date at the head
office of the bank, 55 Wall Street, New York.
Excess of exports
Excess of imports
Country's Foreign Trade in February-Imports and
Exports
The Bureau of Statistics of the Department of Commerce
at Washington on March 26 issued its statement on the
foreign trade of the United States for February and the
eight months ended with February, with comparisons by
months back to 1930. The report is as follows:
2 moe. end. February_ 339,229 334,949
8 mos. end. February_ 1,436,577 1,340,613
United States foreign trade declined in February. Exports, which usually
decrease about 11% in value from January to February, were 7% smaller
and imports, which ordinarily decline approximately 2% from January
to February, were 9% smaller in value. The greater-than-seasonal decline
in February imports was, in part, the result of the unusually heavy imports
during January.
(Preliminary Figures for 1935 Corrected to March 25 1935)
February
2 Months Ending Feb.
Exports and Imports
Exports
Imports
Month or Period
Exports Including
Reexports
January
February
March
April
May
June
July
August
September
October
November
December
General ImportsJanuary
February
March
April
May
June
my
/kunst
September
October
November
December
1935
1934
1935
1934
1,000
Dollars
163,006
152,537
1,000
Dollars
182,729
132,753
1,000
Dollars
339,229
319,530
1,000
Dollars
334,949
268,459
10,469
29,976
19,899
66,490
1935
1934
1933
1932
Ineteate(+1
Decreaseei--)
1931
1,000
Dollars
+4,280
+51,071
1930
1.000
1,000
1,000
1,000
1.000
1,000
Dollars Dollars Dollars Dollars Dollars Dollars
176,223 172,220 120.589 150,022 249,598 410,849
163,006 162,729 101,515 153,972 224,348 348,852
190,890 108,015 154,876 235,899 369,549
179,427 105,217 135,095 215,077 331,732
160,201 114,203 131,899 203,970 320.035
170,550 119,790 114,148 187,077 294,701
161,670 144,109 106,830 180,772 266,762
171,964 131,473 108.599 184,808 297,765
191,686 160,119 132,037 180,228 312,207
208,491 193,069 163,090 204,905 826,898
194,865 184,256 138.834 193,540 288,978
170.873 192,638 131,614 184,070 274,858
186,006
152,537
135,706
132,753
158,105
148,523
154,847
138,109
127,229
119,513
131,658
129,635
150,919
132.258
2 mos. end. February_ 319,530 268,459
3 mos. end. February_ 1,110,742 1,125,926
222,104 303,994 473,944 759,701
093,108 1,412,317 2,241,408 3,377,608
96,006
83,748
94,860
88,412
108,889
122,197
142,980
154,918
148,643
150,867
128,541
133,518
135,520
130,999
131,189
126,522
112,278
110,280
79,421
91,102
98,411
105,499
104.488
97,087
183,148
174,946
210,202
185,706
179,694
173,455
174,480
168,679
170,384
168,708
149,480
153,773
310,968
281,707
300,460
307,824
284,683
250,343
220,558
218,417
228,352
247,367
203,593
208,636
179,754 266,519 358,094 592,675
755.742 1,250,003 1,683,017 2,705,661
2 Months Ending Feb.
February
Increase(+)
Decrease(-)
Exports and Imports
1934
1935
1,000
Dollars
+4.700
+66,874
1,000
Dollars
329,172
254,023
1,000
Dollars
333 872
320,897
1932
1933
1934
1935
Month or Period
1934
1935
1,000
Dollars
159,595
125,047
1,000
Dollars
Exports (U. S. mdse.)-- 160,322
Imports for consumpt'n_ 152,288
1930
1931
1.000
1,000
1,000
1,000
1,000
Exports-U. S. Me?- 1,000
Dollars Dollars Dollars
Dollars Dollars Dollars
chandise173,560 169.577 118,559 146,906 245,727 404,321
January
99,423 151.048 220.660 342.901
160,312 159,595
February
187,370 106,293 151,403 231,081 363,079
March
176,490 103,265 132.268 210.061 326,536
Apr!'
157,165 111,845 128,553 199,225 312,460
May
167.932 117,517 109,478 182,797 289,869
June
159,125 141,573 104.276 177,025 262.071
July
169,832 129,315 106,270 161.494 293.903
August
189,233 157.490 129,538 177.382 307.932
September
203,613 190,842 151,035 201,390 322,676
October
192,310 181,291 136.402 190.339 285.396
November
168.463 189.808 128.975 180,801 270,029
December
2 mos.end. February_ 333,872 329,172
8 mos. end. February_ 1,416,448 1,319,491
217,982 297,954 466,387 747.222
974,477 1,386,385 2,208,393 3,325,786
Imports for CotsgumptionJanuary
February
March
April
May
June
July
August
September
October
November
December
92.718
84.164
91,893
88,107
109,141
123.931
141,018
152,714
147,599
149.288
125,269
127.170
168,610
152,288
128,976
125.047
153,396
141,247
147,467
135,067
124.010
117.262
149,893
137.975
149,470
126,193
2 mos.end. February_ 320,897 254,023
S mos.end. February_ 1.125.700 1.097.082
134,311
129,804
130,584
123,176
112,611
112.509
79,934
93,375
102,933
104,662
105,295
95.898
183.284
177,483
205,690
182,867
176,443
174,516
174,559
168,735
174,740
171,589
152,802
149,516
316,705
283,713
304,435
305,970
282,474
314,277
218.089
216.920
227.767
245.443
196,917
201.367
176,882 264,115 360,767 600,418
758.979 1.256.055 1.667.270 2.708.374
GOLD AND SILVER BY MONTHS
2 Months Ending Feb.
February
Exports and Imports
GoldExports
Imports
Excess of exports
Excess of imports
SilverExports
Imports
Excess of exports
Eames of Imports
ExportsJanuary
February
March
April
May
lune
July
August
September
October
November
December
1935
1934
1935
1,000
Dollars
46
122,817
1,000
Dollars
51
452,622
1,000
Dollars
409
272,573
1,000
Dollars
4,765
454,570
122,771
452,571
272,164
449,805
1,661
16,351
734
2,128
2,909
35,437
1,592
5,721
14,690
1,394
32,528
4,129
1934
1933
1934
1,000
Dollars
-4,356
-181,997
+1.317
+29.716
Silver
1932
1935
1934
1933
363
46
4,715
51
44
37
1,780
6,586
114
14,556
22,255
2,173
310
140
14 107,863
21,521 128.211
28,123 43,909
16,741 49,509
22,925 212,229
4.280226,117
85,375 23,474
81,473 18,067
58,282
60
61
34,048
16
2.957
13
10.815
1,248
1,661
859
734
665
1,425
1,638
2.404
1,789
1.741
1.424
1.162
1.898
1.014
1,551
209
269
193
235
343
2.572
7.015
3,321
2,281
464
590
1,611
942
967
1,617
1,865
1,268
828
433
868
1.316
875
1,260
1,760 2,553
7,340 14,263
149.755 1,947 128,479 34,913 19.085 3,593 1,763
855
122,817 452,622 30,397 37.644 16,351 2,128
1,823 1.693
237,380 14,948 19,238
1,955 1.520
54,785 6,769 19,271
35,362 1,785 16,715
4.435 5,275
70.291 1,136 20.070
5,431 15.472
52,460 1.497 20.037
2,458 5,386
51,781 1,085 24,190
21,926 11,602
3,585 1,545 27,957
20,831 3,494
13,010 1,696 20,674
14,425 4,106
121,199 2,174 21,756
15.011 4.083
92,249 1,687 100,872
8,711 4.977
2,097
2,009
1,809
1,890
1,547
1,401
1,288
1,554
2,052
1,305
1,494
1.203
2 mos. end. Feb_ 272,573 454,570 158,876 72,557 35,437 5.721 2,618 4,106
8 mos. end. Feb_ 606,856 464,253 374,341 444,735 118,798 39,369 11,514 18.735
$91,000 of Rotterdam (Holland) 40-Year External Loan
6% Gold Bonds Drawn for Redemption May 1 by
Operation of Sinking Fund
The National City Bank of New York as fiscal agent is
notifying holders of City of Rotterdam (Holland) 40-year
external loan sinking fund 6% gold bonds, due May 1 1964,
that there have been drawn by lot for redemption at par
on May 1 1935, by operation of the sinking fund, $91,000
of these bonds. Bonds so designated should be presented
for payment on the redemption date at the head office of
the bank, 55 Wall Street, New York.
New Regulations for Dealing in 10-Share Unit Stocks
Established by New York Stock Exchange-Methods
of "Free" Trading Defined
The Committee of Arrangements of the New York Stock
Exchange on March 21 made public new regulations designed
to facilitate the execution of orders for stocks which are
assigned to Post 30, with a trading unit of 10 shares. The
Committee pointed out that some confusion with regard to
such issues has sometimes existed in the past, especially
where the stocks attain a degree of activity that makes it
impracticable to deal with them in the usual manner. It
therefore provided that in the future no stock may be
dealt in by the "free" method except with the approval of
the Committee, and unless otherwise authorized trading
must be by means of the cabinets. The new regulations will
become effective on April 1. The Committee's announcement regarding the new rules for dealing in 10-share unit
stocks follows:
NEW YORK STOCK EXCHANGE
Committee of Arrangements
March 21 1935
To the Members of the Exchange:
From time to time stocks which are assigned to Post 30, with the unit
of trading 10 shares, attain a degree of activity that makes it impracticable
to deal in them in the usual manner, under the special rules governing
bids and offers filed in the cabinets. This activity often exists for only a
few days. It is undesirable to make frequent changes back and forth
between the 10-share unit post and the active posts due to the difference
in the unit of trading and the consequent hardship imposed on the
corporations involved. Moreover, due to the fact that bids and offers
filed in the cabinets have precedence over oral bids and offers and only
members regularly stationed at the post are permitted to file orders, it is
difficult for other members who receive orders for the purchase or sale
of the more active issues to execute such orders.
In order to obviate the difficulties referred to, the Committee of
Arrangements proposes to provide two methods of trading in 10-share
units at Post 30, namely, (1) "free," in substantially the same manner
as stocks in which the unit of trading is 100 shares, and (2) by means of
filing bids and offers in the cabinets, as heretofore.
No stock may be dealt in by the "free" method except with approval
of the Committee of Arrangements, and unless otherwise authorized,
trading must be by means of the cabinets.
When "free" trading is permitted in any stock located at the post, all
transactions must be made in a space immediately in front of the cabinets,
designated by the Committee.
There is enclosed herewith a pamphlet containing the rules for dealing
in 10-share unit stocks. In so far as stocks assigned to the cabinets are
concerned, no change has been made. However, the rules governing
dealings in 100-share unit stocks will apply to dealings in 10-share Unit
stocks dealt in by the "free" method, except as modified by Rules 1 to 7,
inclusive, in the enclosed pamphlet [this we omit.-Ed.].
In order to give members and others full opportunity to familiarize
themselves with this change, the Committee will not designate any stocks
to be dealt in by the "free" method before April 1. It is the intention
of the Committee to permit no more stocks to be dealt in by this method
at one time than can reasonably be handled, and the Committee expects
to return such stocks to the cabinets when the activity no longer warrants
dealing by this method.
ASHBEL GREEN, Secretary.
1932
1,000 1,000 1,000 1,000 1,000 1,000 1.000 1,000
Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars
2 mon. end. Feb_
409 4.765 21.585236.074 2,909 1,592
B mos. end. Feb_ 39,956 277,714 63,226 702,079 11,736 17,834
ImportsJanuary
February
March
AprIl
May
June
July
August
September
Dctober
November
December
Increase(+)
Decrease(-)
1935
Gout
Month or
Period
2097
Financial Chronicle
Volume 140
TOTAL VALUES OF EXPORTS OF U. S. MERCHANDISE AND IMPORTS
FOR CONSUMPTION
Memorandum of SEC to President Whitney of New
York Stock Exchange Anent 11-Point Program of
Reform
In our March 23 issue, page 1918, reference was made to
the memorandum indicating the viewpoint of the Securities
and Exchange Commission toward the suggestions made by
the New York Stock Exchange in answer to the 11 recommendations contained in the Commission's report to Congress. The memorandum, addressed by Joseph P. Kennedy,
Chairman of the SEC, to Richard Whitney, President of
the Exchange, dated March 21, follows in full:
The first and second recommendations of the Commission suggested that
a better numerical representation of the commission broker who possesses
direct contacts with the public should be had on the governing committee,
and that office partners of registered firms should be eligible for membership on the governing committee. The Commission has already expressed
itself to the effect that the proposal of the New York Stock Exchange to
increase its Governing Committee to 48 by adding eight non-member office
partners seemed a satisfactory solution of the problem presented by the
second recommendation. The addition of these governing members, even
though such members are not required to be office partners of commission
brokerage houses, will offer increased opportunity for the representation
of commission brokers and thus tend to effectuate the general objective
stated in the first recommendation.
The third recommendation of the Commission was to the effect that
nominations to the Governing Committee should be by petition and not by
the device of a nominating committee. The Commission pointed out in its
report that the present method of selecting a nominating committee tended
towards self-perpetuation of the "in" group, both as regards the nominating
committee and the Government Committee. Representations have been
made to the Commission that the continuation of some type of nominating
committee is desirable, in that it promotes, as against the method of
nomination by petition, a continuous study and scrutiny of candidates
for officers and for the Governing Committee, thus resulting not only in
indivadually more desirable candidates but also a better balanced group
of candidates. The Commission deems that the device of a nominating
committee may have merit, provided that the possibility of perpetuation
of control is guarded against by a change in the method of selecting the
nominating committee.
The Exchange has suggested that in lieu of the present method of a
nominating committee of five, which annually nominates five members to
constitute the nominating committee for the following year, certain changes
should be effected. The Exchange suggests that the nominating committee
shall be increased to seven members elected annually from a slate of 15
proposed by the preceding nominating committee; that additional candidates can be proposed by the existing method of petition, which candidates
will be added in alphabetical order to the list proposed by the outgoing
nominating committee, thus affording no outward mark of distinction
between those candidates nominated by the nominating committee and those
2098
Financial Chronicle
nominated by petition; and, also, in order to permit the membership to
judge as to the representative character of the nominees, descriptive words
such as "specialist," "floor broker," "add-lot dealer," tcc., should be
added after the name of each nominee.
The Commission believes that this procedure deserves, at least, a fair
trial before doing away with the nominating committee as a whole. It
believes, however, that, to better safeguard against the possibility of perpetuation of control, the proposed committe of seven should be elected from
a slate of 21 rather than of 15.
The right of nominating members to the Governing Committee by petition
as heretofore is to be preserved, and the method of arranging these
nominees in alphabetical order, as will be true in the case of nominees
for the nominating committee, should be continued.
The fourth recommendation of the Commission was that one-third instead
of one-fourth of the members of the Governing Committee should be elected
annually. To this the Commission is of the opinion that no adequate
reason has been given for not adopting the Commission's proposal. This
matter, however, is to be given further consideration by the Exchange,
owing to the fact that mechanical difficulties are involved in making this
change.
The fifth recommendation of the Commission suggested that the President
should be nominated by petition. This recommendation is naturally consistent with the third recommendation of the Commission. If the changes
suggested above in response to the third recommendation are effected, the
Commission similarly believes that the objective sought by this fifth recommendation may equally well be attained through the proposed procedure
for revising the method of selecting a nominating committee. Furthermore,
the Exchange proposes to permit absent members to vote in all elections
by ballot in like manner as absentee voters are permitted to vote in some
States.
The sixth recommendation of the Commission suggested that membership
on the Exchange should not be a necessary condition to eligibility for
the office of president as well as other executive offices. Though the
Commission noted in its earlier report that, because of the public interest
now being represented by the Commission, no present necessity existed for
insisting upon the abandonment of membership as a condition of eligibility
to office, it did observe that the abandonment of that condition on some
of the major exchanges would seem to create no essential disadvantage,
and would make available for that post a possible outstanding figure who
might not happen to be a member of the exchange. The choice as to
whether an exchange at any particular election should or should not go
outside its membership for these officials should, of course, be left to the
exchange, but the existence of such a restriction of eligibility in the
constitution of an exchange tends to make its members fail to consider the
possibility of securing non-members of the exchange for important offices.
The Exchange is now considering the entire problem with its many
implications.
The seventh recommendation of the Commission suggested that member.
ship on the standing committee should not be restricted to members of
the Governing Committee. The Exchange has removed any restriction of
this nature that its Constitution may have seemed to impose upon the
membership of standing committees.
The eighth recommendation of the Commission suggested that the expenses
of arbitration should be reduced. The Exchange believes that the expenses
have hitherto been moderate. It proposes, however, to take measures to
effect this end.
The ninth recommendation of the Commission suggested a change in the
arbitral tribunal in cases where one of the parties to the arbitration was
not a member of the exchange. The right to arbitration before the arbitration committee of the exchange is at present granted to any customer
regardless of the contract between the member and the customer. Since
the customer can at any time prior to arbitration choose to seek his
remedy in the courts, continued maintenance of this policy possesses no
disadvantage, provided that the Exchange also encourages arbitration before
independent arbitral tribunals as an additional remedy available to customers. The simplest manner by which to accomplish this end would be
for the Exchange to encourage its members to offer customers a standard
arbitration agreement requiring that resort be had to arbitration at the
election of either the customer or the member, and providing for arbitration before independent arbitral tribunals at the election of the customer.
The tenth recommendation of the Commission suggested that adequate
and effective appeals should lie from the Business Conduct Committee to
the Governing Committee. The Exchange proposes that a special advisory
committee of three governors should be appointed to examine the record
on appeal in each case and to give an advisory opinion to the Governing
Committee. The appellant, whether a member or a non-member, shall
have the right to designate which three members of the Governing Committee shall act as the special advisory committee on his appeal, but if
he should fail to appoint such an advisory committee at the time of filing
notice of appeal, the presiding officer of the Governing Committee shall
designate three members to serve as such special advisory committee.
This method is to be applied also to appeals taken from the decisions of
the arbitration committee as well as the other standing committees. The
proposed procedure promises well.
The eleventh recommendation of the Commission suggested that customers
preferring complaints against members should be furnished with the
answer made by the member to the customer's complaint, should be entitled
to appear before the committee, and that both parties in these cases should
have the right of appeal to the Governing Committee. The Exchange
proposes that the Business Conduct Committee will, in cases where all
the facts and conditions are not readily ascertainable without a hearing,
give complainants an opportunity for a hearing, and further proposes that
the right of appeal shall be accorded complainants in the manner set forth
under the tenth recommendation. It also proposes that the complainant
shall be furnished with the substance of the answer, or, in cases where
the legal rights of the member would not be prejudiced, with a copy of
the answer. Furthermore, the complainant will then be given time to
offer additional evidence or proof in rebuttal before the hearing or disposition of the case. The success of such a procedure obviously will
depend to a considerable degree upon the careful and faithful summarization
of answers when the complainant is not furnished with a copy of the
answer. But the procedure would seem to be adequate to effectuate the
purpose of the Commission's recommendations.
Ruling of New York Stock Exchange Regarding
"Stopping" of Stock
Stock
Exchange on Mardh 20 announced
York
New
The
a ruling adopted by the Committee of Arrangements affecting the "stopping" of stock, and at the same time cautioned
March 30 1935
members to report to their customers that stock has been
stopped with another member only if the stop is unconditional and the other member has definitely agreed thereto.
The announcement follows:
NEW YORK STOCK EXCHANGE
Committee of Arrangements
March 20 1935
To the Members of the Exchange:
Many instances have arisen where the stopping of stock has led to
misunderstandings on account of the practice of members in reporting that
stock has been stopped with another member, without disolosing that the
stop was conditional. Therefore, the Committee has adopted the following
rule:
An agreement by a member to "stop" stock at a specified priceconstitutes a
guarantee of the purchase or sale by him of the stock at that price or its equivalent.
In pursuance of this rule, if an order is executed at a less favorable
price than that agreed upon, the member who agreed to stop the stock
is liable for an adjustment of the difference between the two prices.
Members and their firms are cautioned to report to their customers that
stock has been stopped with another member only if the stop is unconditional and the other member has definitely agreed thereto.
ASHBEL GREEN, Secretary.
Incident to the ruling and its purpose, the Committee on
Public Relations of the Exchange issued the following announcement on March 22:
This rule has no bearing whatever on "stop orders," more familiarly
known as "stop loss" orders. It applies only to agreements between
brokers to buy or sell stock at a specified price provided a market transaction subsequently takes place. It is an arrangement intended to insure
a customer the best price obtainable at the time his order reaches the
market and to enable his broker to negotiate an even more favorable price,
if possible.
"Stop loss" orders are entirely different in that they are instructions
by the customer to his broker to sell or buy stock "at the market" when
a specified price is reached in the open market. The new rule does not
guarantee a customer, who enters a stop loss order, that his order will be
executed at the price named in the order.
Judge Pecora Praises Adoption of 11-Point "Reform"
Program by N. Y. Stock Exchange—Former SEC
Member Outlines Work of Commission in Magazine
Article—Later Denies He Sought to Influence Stock
Exchange Balloting
The 11-point "reform" program adopted by the New York
Stock Exchange represented the first important step in
permanently recasting securities markets by the Securities
and Exchange Commission, according to an article in "Collier's" published on March 21 by Judge Ferdinand Pecora,
former SEC member and Counsel to the Senate Banking and
Currency Committee in its investigation of security markets.
Mr.Pecora said that the SEC is now engaged in many studies,
including problems of corporate reorganizations, of short
selling and of"the functions performed by Exchange members
and whether or not brokers will be permitted to trade for
their own account."
Judge Pecora's article contained certain criticisms of the
New York Stock Exchange's actions while under investigation by the Senate. Judge Pecora on March 25 emphatically
denied that his article was designed to influence Stock Exchange members in their selection at the Exchange's annual
election. He said that "there is not the slightest basis to the
claim" that he consulted brokerage interests or that he
desired by his article to influence the Exchange balloting.
The New York "Herald Tribune" of March 22 quoted
from Judge Pecora's article in part as follows:
"The SEC," he says, "is determined, so far as its powers extend, to rid
our security markets and investment agencies of those indefensible abuses
which brought such vast losses to our people." lie lists three subjects
"which have not yet been dealt with in any adequate way."
The first of these, he says, is "our banking laws." "The grave evils," he
explains, "which grow out of holding-company control of banks are such
that this Government cannot afford to ignore them any longer. The banking fraternity could end the holding company evil in no time if it were to
take the lead. Instead, it remains quiescent and will wait until the Government is driven to use its powers."
Another subject, he says,to be dealt with is "abuses of corporate powers."
He also lists the "question of multiple salaries of bankers, business men
executives of all sorts." Limitation of the number of jobs which men can
hold, he says, should be taken up at this time "when we are talking about
a shortage of jobs and limiting workmen to 30 hours a week."
Filing of Registration Statements Under Securities
Act of 1933
The Securities and Exchange Commission announced on
March 25 the filing of 17 additional registration statements
under the Securities Act of 1933 during the week ending
March 20. The total involved was $62,050,173, of which
$12,751,173 represented new issues.
Included in the week's total was an issue of $5,000,000 of
United Biscuit Co. of America 5% debenture bonds, the
proceeds of which are to be used in a large part to refund
certain outstanding obligations. This issue was registered
on Form A-2 for seasoned corporations.
Included also in the total is $24,649,500 of certificates of
deposit for gold notes of the Standard Gas & Electric Co.
Volume 140
Financial Chronicle
2099
opportunity to use the new Form A-2 instead of Form E-1
for the registration of issues involving an exchange of securities or a change in the terms of outstanding securities. The
Commission expressed the opinion that the new requirements
Tyne of Issue
Issues
provide disclosure necessary and appropriate for the
"will
$12,751,173
issues
industrial
and
Commercial
15
24,649.500
Certificates of deposit
of investors with respect to the class of issuers
protection
1
24,649,500
Securities in reorganization
1
to which they are applicable." The change
and
securities
• Represents aggregate face amount. The market value of securities to be
made by the Commission by an amendment
was
rules
the
in
$10,106,295.
as
given
is
deposit
called for
book for form A-2 for corporations, as
1335-1349,
instruction
(Nos.
the
securities
to
of
list
The following is the
the Use of
inclusive) for which, it was announced March 25, regis- amended, by adding after the "Rule as to
"General
the
preceding
and
Corporations',"
for
A-2
'Form
pending:
tration is
following additional matter:
Darwin Gold Mines, Ltd. (2-1335, Form A-1), of Toronto, Canada, Rules as to the Form," the
and a similar amount of the notes themselves registered by
the Standard Gas & Electric Co. in a plan of reorganization.
The securities involved are grouped as follows:
No.of
Total
seeking to issue 500,000 shares of $1 par value common stock at 55c. a
Special Rules as to the Use of Form A-2 for Corporations
share.
1. Notwithstanding that Form E-1 is specifically prescribed for use
The Cleveland Graphite Bronze Co. (24336, Form A-1), of Cleveland,
in cases involving an exchange of securities by the issuer thereof for others
Ohio. Certain shareholders of the issuer propose to offer a minimum of
of its securities or a modification of the terms of securities by agreement
10,000 shares of no par common stock of their holdings for sale to the
between the issuer and its security holders, a registrant otherwise entitled
been
have
shares
said
until
share
a
public through underwriters at $34
to use Form A-2 may, at its option, use Form A-2, in any such case if the
is
to
it
time
proposed
which
at
exchange,
securities
national
listed on a
registrant is not in default on any outstanding funded debt and is not in
offer such shares at the market price.
reorganization pursuant to Section 77-B of the Bankruptcy Act, or in bankAmerican Credit Corp. (2-1337, Form A-1), of Los Angeles, Calif.,
or receivership. If Form A-2 is used pursuant to this rule, the fee
ruptcy
seeking to issue 20,000 shares of $10 par value preferred stock and 65,000
for registration shall be calculated in accordance with Instruction 7
payable
par,
at
both
to be offered
shares of $5 par value class A common stock,
in Form E-1, and the table setting forth the calculation shall be prepared
a
25c.
of
value
stock
stated
a
with
common
B
class
of
shares
and 20,000
as prescribed in such Form. The following requirements shall also be
share, which will be issued to the holder of the outstanding class B common
complied with:
voting stock of Consumers Discount Co.
(a) There shall be furnished in answer to Item 24 information as to the
Pennsylvania Petroleum Producers Trust (2-1338, Form A-1), of Bradbasis upon which the outstanding securities of the registrant are to be
ford, Pa., seeking to issue 2,050 shares of $100 par value units of
modified or exchanged.
to which the
beneficial interest in trust estate, to be offered at par.
(h) A copy of the plan or agreement, if any, pursuant
Macjoe Sturgeon Gold Mines, Ltd. (2-1339, Form A-1), of Toronto,
outstanding securities are to be modified or exchanged shall be filed as
Canada, seeking to issue 500,000 shares of $1 par value common stock, to
an exhibit to the registration statement.
be offered at 35c. a share.
•Metropolitan District New Homes Corp. (2-1340, Form A-1), of New
Dollar Value of Trading on National Securities
York City, seeking to issue 5,000 5% three-year trust certificates, to be
Exchanges During January Totaled $1,201,728,494
offered at $100 each, for a total offering price of $500,000.
United Biscuit Co. of America (2-1341, Form A-2), of Chicago, Ill.,
The aggregate dollar volume of trading on 22 National
seeking to issue $5,000,000 of 5% debenture bonds due April 1 1950.
exchanges during January was $1,201,728,494, the
securities
The proposed maximum offering price to the public is $101 and accrued
interest to date of delivery, with a maximum aggregate offering price of
Securities and Exchange Commission announced March 25.
$6,050,000. The underwriters are Goldman, Sachs & Co., Lehman Brothers,
This compares with $1,154,083,453 in December, $1,051,Blyth & Co., Inc., and Kidder, Peabody & Co. They are each to under192,672 in November and $846,270,159 in October.
write $1,250,000. The proceeds are to be used as follows: To redeem
at 103% all of the $2,880,000 of 15-year 6% debentures due Nov. 1 1942;
to retire entire indebtedness of Chicago Carton Co. owed to Central ManuSEC Revises Form 8 Changing Manner for Presentation
facturing District on Dec. 31 1934, $552,117.08; to retire current notes
of Information Amending Registration Applicapayable of the registrant outstanding at the date of filing, $250,000; to
tions
be retained in the treasury as cash or advanced to subsidiaries to finance
the ordinary conduct of business or to be used for possible plant construcW The Securities and Exchange Commission announced
tion, expansion or improvements, $941,532.92.
27 that it had revised its Form 8. the revision conMarch
Canadian Investment Fund, Ltd, (2-1342, Form A.1), of Montreal,
Canada, seeking to issue 1,000,000 special shares of $1 (Canadian) par
sisting merely of changing the manner in which information
value capital stock. These shares are to be offered at liquidating value
is to be presented. Form 8 is used for the filing of amendplus a premium of 9%%. As of March 5 1935, this price would have
ments to applications for registration filed under the Securamounted to $3.50 a share (United States).
Providence Consolidated Gold Mines Co. (2-1343, Form A-1), of Reno, ities Exchange Act of 1934. The Commission also provided
Nev., seeking to issue 375,000 shares of $1 par value common stock, to be
that until May 1 1935, such amendments may, at the
offered at 50c. a share.
option of the issuer, be filed under Form 8 as previously
Bay City Rice Mills, Inc. (2-1344, Form A-1), of Bay City, Tex.,
seeking to issue $200,000 of 10-year 5% sinking fund bonds, to be
promulgated on Sept. 29 1934.
offered at 95.
Standard Gas & Electric Co. (2-1345, Form D-1A), of Chicago, Ill.,
seeking to issue certificates of deposit for $14,823,000 principal amount
Forthcoming Issue:of $162,000,000 Federal Land Bank
of its own 20-year 6% gold notes, and $9,826,500 principal amount of
3X% Bonds
its own 6% convertible gold notes, both due Oct. 1 1935, in a plan to
"Sun" of last night (March 29) we
York
New
the
From
extend the maturity of both note issues to Oct. 1 1940. The market value
of securities to be called for deposit is given as $10,106,295.
take the following:
Standard Gas is Electric Co. (2-1346, Form E-1), of Chicago, Ill., seekA group of investment bankers, including several of the leading houses
ing to issue $14,823,000 principal amount of 20-year 6% gold notes (exof the financial district, is preparing to offer publicly an issue of $162,tended), due Oct. 1 1940, and $9,826,500 principal amount of 6% con000,000 Federal Land bank 3%% bonds to replace an equal amount of 5s,
vertible gold notes (extended), due Oct. 1 1940, in exchange for the
scheduled for redemption on May 1. Barring any material change in
issues to be called for deposit. (See Standard Gas & Electric Co., Docket
market conditions, the offering price will be a fraction above par. The
2-1345, Form D-1A.)
sale is expected to begin about 10 days hence.
Travis Holding Corp. (2-1347, Form A-1), of Travis, Richmond County,
N. Y., seeking to issue 6,829 shares of $50 par value common stock.
These shares are to be offered at $75 a share to holders of an equivalent
Effects of Dollar Devaluation Commented Upon by
number of B preferred shares of Sandura-Wild Corp.
Guaranty Trust Co. of New York-Uncertainties
Fremont Gold Mines, Inc. (2-1348, Form A-1), of New York City, seekEngendered in Policies Viewed as Tending to Iming to issue 400,000 shares of $1 par value common stock, to be offered
pede Business
at 50c. a share.
Doris Ruby Mining Co. (2-1349, Form A-1), of Buena Vista, Colo.,
The Administration's recent decision to use part of the
seeking to issue 123,998 shares of $1 par value common stock, to be offered
gold "profit" derived from the reduction in the gold content
at par.
of the dollar for the retirement of Government obligations
Pennsylvania Engineering Works (2-1217, Form A-1, refiling), of New
Castle, Pa., seeking to issue s500,000 of five-year 6% convertible first
eligible as security for National bank notes, has once again
mortgage bonds, to be offered at $95 for every $100 bond.
directed attention to the actual results and possible future
Pennsylvania Engineering Corp. (2-1218, Form A-1, refiling), of PittsCo.
burgh, Pa., seeking to issue 105,000 shares of no par common stock, consequences of devaluation, states the Guaranty Trust
100,000 shares at $5 per share to be reserved for conversion privileges
of New York in the "Guaranty Survey," its monthly review
of five-year 6% convertible bonds (see registration statement No. 2-1217),
of business and financial conditions in the United States
and 5,000 shares which holders of the above bonds are entitled to purchase
and abroad, published on March 25. In setting out its views
at $2.50 per share for each $100 bond held.
In making public the above list, the Commission said:
In no case does the act of filing with the Commission give to any
security its approval or indicate that the Commission has passed on the
merits of the issue or that the registration statement itself is correct.
The last previous list of registration statements appeared
In our issue of March 23, page 1919.
Seasoned Corporations Permitted by SEC to Use
Form A-2 in Place of Form E-1 for Registration of
Issues Involving Change of Securities or Terms
of Outstanding Securities
The Securities and Exchange Commission amended its
rules, effective March 28, to give seasoned corportions the
the "Survey" says:
From the business point of view, the chief practical objection to the
policy of depreciation is not that it has failed to exert an influence on
prices, but that, first, the uncertainties engendered by the policy have
tended to impede business recovery, and, second, the carrying of devaluation
to such a low point has so expanded the monetary base that the way is
opened for an ultimate rise in prices far beyond anything that the sponsors
of the policy originally intended.
This situation points to the necessity of adopting whatever measures are
constructive to control the inflationary base and of keeping Government
expenditures within reasonable limits in order to remove the temptation to
make use of that base.
In part, the "Survey" also says:
The devaluation of the dollar was one of the most drastic expedients
resorted to by the present Administration. The question as to what the
step has accomplished thus far is unusually significant in that the answer
may throw some light on the possibility of controlling prices by monetary
Financial Chronicle
2100
management and of expanding foreign markets for American goods by the
process of cheapening currency.
However, a fair appraisal of the benefits derived from devaluation cannot
be made unless the events preceding this step are taken into consideration,
because devaluation was merely a formal rceognition of a situation that had
already been precipitated. First, domestic gold payments were suspended
at the time of the banking crisis and were not restored. Second, gold
exports were prohibited except under special license by the Treasury.
Third, the "gold clause" was outlawed by Congress. Fourth, the
President transmitted to the economic conference at London a message
that precluded any possibility of immediate international currency stabilization. Finally, in a radio address to the nation, on Oct. 22 1933, President
Roosevelt announced his intention of authorizing the Reconstruction Finance
Corporation to purchase newly-mined domestic gold at prices to be determined by the Administration and also to buy and sell gold in the world
market. Under this plan gold was purchased on the international market
at prices well above its legal value in respect to the dollar.
Foreign Exchange and Price Movements
The weakening effect of these successive actions on dollar exchange was
such that, by the time devaluation was officially effected a few months
later, dollar exchange had already been driven close to the parities that
were established by devaluation, and most of the immediate possible influences of a cheaper dollar on domestic prices and exchange had already
been felt. As far as the practical effect is concerned, it is depreciation
that is thus far the active force. The sponsors of the policy believed
that, as a result of this depreciation, there would be a prompt readjustment of prices and that the volume of business would respond quickly to
the higher price level. It is true that an advance in business activity and
a fair degree of rise in domestic prices took place during the period
when the inflationary influence was most pronounced in the late spring
and early summer of 1933. But, in view of the recessions that followed
In the volume of business and the general trend of prices (except for
agricultural prices, which have been raised by other artificial means), the
results have certainly not been anything like what the advocates of
depreciation appeared to promise.
Higher Prices an Objective
By what reasoning it was believed that the cheapening of dollar exchange
on foreign markets would result in a prompt proportional rise in domestic
commodity prices is somewhat puzzling. In the case of international
commodities, it is clear that fluctuations in exchange rates must result
in price changes either in the exporting or importing countries, or in both.
These changes are gradually communicated to other prices: first, to sensitive basic commodities; then to other commodities, and, finally, to wages,
real estate values, and other elements in the general level of values. In
the end, the entire price structure adjusts itself to the lower gold value
of the currency. But this readjustment may take many years and cannot
be regarded as an immediate and automatic effect of a change In the
price of gold.
Judged by official statements, it is apparent that the success or failure
of devaluation should rightly be measured primarily by its effect on
domestic commodity prices, and, in turn, on business recovery. Although,
as has just been seen, the exchange value of gold currencies in terms of
the dollar has increased, during the period of depreciation as a whole,
by approximately the amount of devaluation, the advance in wholesale
commodity prices has been much smaller, and the increase In business
activity has certainly fallen far short of what the advocates of depreciation
predicted. It is uncertain, moreover, to what extent the advances in prices
and business activity are the result of depreciation and to what extent
they are due to other causes.
Although there may be some doubt regarding the extent of the influence
of dollar depreciation on domestic prices and business, it had a very
pronounced effect on international capital movements. For several months
after the new Administration came into office a fear of inflation led to a
large-scale movement of American capital to foreign financial markets.
After October 1933, when the President authorized the gold operations on
international markets, it appeared more and more clear that devaluation
was contemplated. When it was announced that the dollar had been
stabilized, at least for the time being, at approximately 59% of its former
parity, much of this American capital was brought back to the United
States, while many foreigners, in the belief that the new dollar was
sounder than their own currencies, invested their funds in this country.
So vast was the movement of money to the United States that, for some
time following devaluation, dollar quotations remained above the new
parity in terms of the principal foreign currencies.
While there was some concern regarding the possible use that the Government might make of the profit gold and some fear that the latter might
eventually be used in a manner that would permit it to serve as a basis
of unwarranted currency and credit expansion, a step which would undoubtedly be inflationary, the fact that devaluation ended the Government's
heavy purchases of gold and defined within narrow limits the degree of the
contemplated devaluation had a strengthening influence on confidence In
business quarters at a time when such an influence was badly needed.
Increase of $6,700,000,000 in Deposits of Member Banks
During 1934 Indicated in Monthly Bulletin of
Federal Reserve Board—Loans and Investments
Increased $2,930,000,000
Presenting figures showing the growth in deposits of
member banks in 1934, the Federal Reserve Board, in its
March "Bulletin," points out that "the increase in total
deposits of nearly $6,700,000,000 was much larger than the
growth of loans and investments." The figures of loans and
Investments, says the Board, showed an increase during
1934 of $2,930,000,000 for all member banks. The figures of
member bank condition for the year were contained in the
Board's review of the month, which we give 'herewith:
Gold Imports and Member Bank Reserves
During the month of February gold imports continued on a large scale,
and there was an increase of $135,000,000 in the monetary gold stock of
the country. This addition to the gold stock was partly offset by an
Increase of nearly $90,000,000 in currency in circulation, and member
bank reserve balances showed an increase of $44,000,000. Reserve requirements increased somewhat during the month, and excess reserves at the
March 30 1935
close of the month, at $2,200,000,000, were about the same as at the
end of January.
The movement of gold from Europe in February led to some further
decline in gold reserves reported by central banks abroad. The reduction
amounted to $14,000,000 in Switzerland, $3,000,000 in the Netherlands,
and $3,000,000 in Belgium. Since the movement of gold to the United
States attained large volume in the middle of January, exports of gold
from England have been considerably heavier than imports. From Jan. 10
to Feb. 28 net exports amounted to about $60,000,000, although reserves
of the Bank of England did not decline. American imports of silver from
England in this period amounted to about $25,000,000.
Member Bank Deposits in 1934
Increases in member bank reserve balances in February were in addition
to substantial increases in the year 1934 and in January of this year, in
which gold imports were also the principal factor.
Member bank condition statements for Dec. 31 1934, which have recently
been compiled, show changes in member bank deposits and loans and
investments during 1934, a year during which member banks continuously
had a large volume of excess reserves. The figures for loans and investments showed an increase during 1934 of $2,930,000,000 for all member
hanks. This growth reflected increases of $2,650,000,000 in holdings of
direct obligations of the United States, of about $900,000,000 in obligations
guaranteed as to principal and interest by the United. States, and of about
$200,000,000 in other securities, offset to the extent of $800,000,000 by a
decrease in loans. . . .
The following table, which shows the volume of deposits, classified by
types, held by member banks at the close of 1934 and changes for the
year, brings out the fact that the increase in total deposits of nearly
86,700,000,000 was much larger than the growth of loans and investments.
This was largely due to the fact that banks have held an increasing volume
of funds in the form of excess reserves at the Federal Reserve banks or of
balances with other banks. Reserve balances increased in 1934 by $1,400,000,000, of which nearly $1,000,000,000 was in excess of legal requirements, and balances due from banks increased by over $1,100,000,000. In
addition, the deposits at the end of the year were temporarily enlarged
somewhat by the large volume of checks and other items in process of
collection, which exceeded the amount outstanding at the end of 1933.
When United States Government and Postal Savings deposits are deducted
and adjustment is made for interbank deposits and collection items, the
growth in individual deposits during 1934 is shown to be about
84,060,000,000.
DEPOSITS AT MEMBER BANKS
(In Millions of Dollars)
United States Government
Postal Savings
Inter bank balances* (United States & foreign)
States. counties, and municipalities_*
Other customers—Demand
'nme
Certified and officers' checks, cash letters of
credit, and travelers' checks outstanding_ _ _
Dec. 30
1933
Dec. 31
1934
Increase or
$967
778
3,396
1,620
12.109
7,957
$1,635
452
4,905
2,094
14,951
9,020
+$668
—326
+1,509
+474
+2.842
+1,063
339
790
+451
DetTeate
Total deposits
$27,167
$33,848
+$6,681
Adjusted deposited_ a
20,893
24,952
+4,059
* Includes both demand and time deposits a All deposits, other than United
States Government. postal savings, and inter bank deposits, minus checks and
other cash items reported as on hand or in process of collection.
The largest element in the growth of deposits was in demand deposits
of customers other than banks or governments. These deposits showed an
Increase of $2,840,000,000, a part of which represented checks in process
of collection, while time deposits of the same group of depositors increased
by $1,060,000,000. United States Government deposits with member banks
showed an increase of $670,000,000 in the year, but Postal Savings deposits
were decreased by about $325,000,000, reflecting other use of Postal Savings
funds. Deposits of States, counties and municipalities showed an increase
of $470,000,000. There was an increase of $1,500,000,000 in balances due
to banks, which at the end of the year aggregated $4,900,000,000, the
largest amount ever reported. This increase, nearly all of which was in
balances payable on demand, occurred notwithstanding the prohibition
against the payment of interest on demand deposits, and represented
further accumulation of idle funds by banks.
Factors in Growth of Deposits
The most important factors in the increase in deposits during the year
were Treasury expenditures of funds raised by the sale of securities to
banks and purchases of gold and silver by the Treasury. The Treasury
during 1934 purchased about $1,400,000,000 of gold and $200,000,000 of
Biller. The sale of this gold to the Treasury, which paid for it by drafts
on the Reserve banks, increased the member banks' reserve balances. To
the extent that gold purchases abroad were not paid for by drawing down
balances held abroad by banks in this country, the increase in the gold
stock also resulted in an increase in deposits at commercial banks. In
connection with the silver purchases, silver certificates were issued in an
amount corresponding approximately to the purchase price of the silver
bought, and these certificates were either paid into circulation directly by
the Treasury or deposited with the Reserve banks. In the former case
deposit of an equivalent amount of currency at member banks, and by
them at the Reserve banks, and in the latter case the expenditure of the
Treasury balance with the Reserve banks, resulted in an increase of deposits
and of reserves of the member banks.
In addition to deposits created by Government purchases of the precious
metals, additional deposits resulted from sales of United States Government obligations to member banks and the subsequent disbursement of
the funds by the Treasury. Purchase by banks of securities guaranteed
by the United States from holders of these securities also served to
increase deposits.
Deposits created in this manner, however, did not always return to the
banks that purchased the securities. During 1934 there was a considerable
shifting of deposits among banks within the country, largely as a result
of the Treasury in effect borrowing from banks in one locality and expending the money and thus creating deposits in other sections of the country.
Deposits by Glasses of Banks
Although the growth in deposits at member banks during 1934 was spread
throughout the country, there were differences in changes at the various
classes of banks. The following table shows increases during 1934 in
deposits at member banks in New York City, in other Reserve cities, and
elsewhere:
Financial Chronicle
Volume 140
GROWTH IN DEPOSITS AT MEMBER BANKS IN 1934, BY CLASSES
OF BANKS
,
Per Cent of Increase
Inc. (In Millions of DoUars)
All member banks
Total
Deposits
Adjusted
Deposits.
Total
Deposits
Adjusted
Deposits°
$6,681
34,059
25
19
14
31
New York City banks
705
2,229
21
24
Other Reserve City banks
1,817
2,797
21
20
Country banks
1,655
1,537
*All deposits other than United States Government, postal savings and bankers'
deposits, minus checks and other cash items reported as on hand or in process of
collection.
Total deposits showed the largest perrentage increases at New York City
banks and the smallest at country banks. This was chiefly due to the
growth of bankers' deposits, which are mostly held by city banks, and
individual deposits showed larger increases at country banks than at New
York City banks. A different set of figures, showing average daily net
demand and time deposits at country banks for the month of December,
indicates that banks in places with a population of less than 15,000 in a
selected list of 21 agricultural States were 26% larger than a year before,
whereas all other country banks taken as a whole showed an increase of
17%. It would appear that the increase in customers' deposits was larger
at rural banks in agricultural sections than at banks in other places.
As compared with 1929, however, the decline in customers' deposits has
been much larger at country banks, amounting to about 27% as compared
with 7% for all city banks. This difference was probably due in part to
the larger volume of failures among country banks since 1929, and some
of the increase in deposits in 1934 was due to the reopening of a number
of unlicensed banks which were not included in the reports for 1933.
Use of Funds by Banks
Additional deposits obtained in 1934 have been employed differently by
the different classes of banks. It would appear from the following table
that country banks showed a relatively larger increase in deposits of
local customers than did city banks, but that country banks invested a
smaller portion of their additional funds and placed a larger portion in
idle balances than did the city banks.
CONDITION OF ALL MEMBER BANKS
(In Millions of Dollars)
Changes During 1934 at—
New
York
Cite
Banks
Other
Reserve
Cite
Banks
—$294
+1,060
—$313
+1,765
—$198
+911
+32,931
+$766
+81,452
+8713
+$1,404
+138
+1,118
+3673
+39
+10
+$481
+49
+581
+$249
+50
+527
All
Member
Banks
Loans
Investments
Total loans and investments
Reserves with Federal Reserve banks_
Cash in vault
Due from banks in United States._ _ _ _
—4805
+3,736
Country
Banks
Total reserves, cash & due from banks +$2,660
+$722 +$1,111
+$826
Adjusted deposits a
+$4,059
+$705 +81,817 +81,537
Inter-bank deposits
+1,509
+106
+613
+790
United States deposits
+668
+369
+67
+232
Foetal savings deposits
—326
—51
—91
--184
* Includes time balances. a All deposits, other than United States Government,
postal savings, and inter-bank deposits, minus checks and other cash items reported
as on hand or in process of collection.
City banks were relatively heavier purchasers of Government securities
in 1934, but it would appear that after expenditure by the Treasury a
larger portion of the funds lodged as deposits with country banks. The
latter invested part of these funds, held a part as excess reserves, and
placed part on deposit with city banks. These country-bank deposits
received through the clearing system were added to the credit of the city
banks at the Reserve banks. It appears, therefore, that a large part of the
increase in excess reserves during 1934, although carried by city banks, is
represented by balances held by these banks for their country correspondents
and is at the disposal of and subject to call by country banks.
Changes in Banking Bill of 1935 Recommended by
Committee of A. B. A.—Urges Independence of
Federal Reserve Board from Political Considerations—Would Designate Board Supreme Court of
Finance and Banking—Proposes Membership Be
Reduced to Five with Elimination of Secretary of
Treasury and Comptroller—Proposals Regarding
Open Market Committee, &c.
Advocating "the absolute independence" of the Federal
Reserve Board "from partisan or political considerations,"
the special committee of the American Bankers Association,
In its recommendations regarding the Administration's pending banking bill, suggests that "a body of such independence
and prestige . . . might be described as the Supreme
Court of Finance and Banking." The recommendations of
the special committee, headed by Rudolf S. Hecht, President
of the Association, were submitted to Chairman Henry B.
Steagall of the House Banking and Currency Committee, on
March 22. Recommending that the Board be reduced from
eight to five members, the committee expresses the belief
that this should be accomplished by the retirement from
the Board of its ex-officio members, viz., the Secretary of
the Treasury and the Comptroller of the Currency, and by
reducing the appointive members to five as soon as a
vacancy occurs. Besides proposing that the term of the
Governor of the Reserve Board be the same as that of the
President, the committee also favors a provision whereby
the members of the Board, including the Governor, would
be irremovable during their term of office except for cause.
The suzgestion is likewise made that the Open Market
Committee shall consist of the five Reserve Board members
2101
and four Governors of the Reserve banks. The "desirability
of fixing limits in percentage of deposits beyond which
reserve requirements cannot be increased or decreased by
action of the Open Market Committee is among the suggestions made by the special committee of the American
Bankers Association. The special committee includes in its
membership: Mr. Hecht, Robert B. Fleming, of Washington,
D. C.; Tom K. Smith, of St. Louis; W. W. Aldrich, of New
York, and Ronald Ransom, of Atlanta, Ga. Its appointment
was noted in our issue of March 16, page 1768, at which
time we also gave the statement issued in the matter by
Mr. Hecht. The recommendations of the special committee
were submitted as follows to Representative Steagall:
Title I
We believe that the provisions of Title I of the bill, if enacted into law,
will improve the operation of the Federal Deposit Insurance Corporation
in such manner as to enable it to serve more effectively the interests of the
public and of banking. We are of the opinion, therefore, that the provisions of Title I should be approved in substance. We know, however,
that there are many non-member banks, members of the American Bankers
Association, who feel that the provisions of Title I, making it compulsory
for all banks to join the Federal Reserve System by July 1 1937 should
be given further careful study by Congress before that time.
Title III
We believe that the provisions of Title III of the bill, which consists of
amendments to the Banking Act of 1933, will materially clarify and
improve the present law, and we are, therefore, of the opinion that the
various provisions of this title should also be approved in substance.
Title II
We have given particularly earnest and careful consideration to the
provisions of Title II of the bill, which relate to the Federal Reserve
System. The Committee is deeply impressed with the fact that the
changes contemplated in Title II go to the iery root of the theory and
practice of banking as it has existed in this country, and that it is difficult,
if not impossible, to formulate final conclusions with regard to the provisions of this title in the brief space of time which has elapsed since
the bill was introduced. If, however, it is considered advisable and necessary to pass legislation covering the subject matter of Title II during
the present session of this Congress, the committee believes that the
following recommendations, if carried out, would eliminate many of the
objections to the present bill.
The Federal Reserve Act is the result of years of study of the banking
systems of the world and of extensive debate throughout the country and
in Congress. The framers of the Act intended that the operation and
administration of the Federal Reserve System should be based primarily
upon the requirements of agriculture, commerce and industry, with due
regard to the general credit situation of the country and the reasonable
requirements of public finance.
The Federal Reserve System has now been in operation for a period of
more than 20 years. During that period the laws relating to the System
have from time to time been modified and adjusted, primarily to improve
its application to changing conditions in agriculture, commerce and industry. At no time, we believe, has there been any essential departure, through
amendments to the law, from the basic purposes of the Act, as originally
drafted. We believe that these basic purposes should be preserved,
although we recognize that in view of the rapid and material changes
which have taken place in the economic structure of the country in recent
years, further adjustments in the Federal Reserve System are from time
to time inevitable.
1. The Federal Reserve Board
The committee believes that many of the changes in the Federal Reserve
Act proposed in Title II of the bill are of a constructive nature and
should have the support of bankers, if the method of appointment and the
tenure of office of the members of the Federal Reserve Board, in whose
hands it is planned to concentrate greater power than ever before, could
be so altered as to insure, as far as possible, the absolute independence
of the Board from partisan or political considerations. It is our view
that if a satisfactory solution of this problem can be found one of the
greatest objections to Title II of the bill, as proposed, will have been
eliminated. We will address ourselves first, therefore, to Section 203 of
Title II of the bill, which deals with the all-important question of the
membership of the Federal Reserve Board.
Since the passage of the Federal Reserve Act, informed opinion both in
Congress and among bankers has been striving towards the ideal of making
the Federal Reserve Board a body of such independence and prestige that
it might be described as the Supreme Court of Finance and Banking.
We believe there is greater need now than ever before for realizing
this ideal.
In order to bring about this result, we recommend that the Board be
reduced from eight members to five. We believe this should be accomplished by the retirement from the Board of its ex-officio members, namely,
the Secretary of the Treasury and the Comptroller of the Currency, and
by reducing the appointive members of the Board to five as soon as a
vacancy occurs (such a change would necessarily involve an adequate
revision of the salary of the Comptroller who now receives a portion of
his compensation through the Federal Reserve Board).
We heartily approve the proposed increase in the salaries of the members of the Board and would, in fact, like to see their compensation fixed
at a somewhat higher figure than that mentioned in the bill so as to
attract to these tremendously responsible positions the very best talent
available. We believe that the plan of providing suitable pensions for the
members of the Board is especially desirable because the security which
such an arrangement assures would be a further help in inducing outstanding men to accept a call for service on the Board and give them the
financial independence which such a position requires.
2. The Governor of the Federal Reserve Board
The bill as originally introduced provided that the Governor should
serve only at the pleasure of the President, and that his service as a
member of the Board should cease upon the termination of his designation
as Governor. It has already been suggested that an amendment be made
in the bill as proposed which would provide that the Governor, if no
longer designated as such by the President, might, if he chose, continue
his membership on the Board, but would be permitted to re-enter private
business (without the two-year limitation) if he chose to resign upon
not being redesignated. We would be entirely satisfied with this suggested
Financial Chronicle
Stock of Money in the Country
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. The figures this time are for
Feb. 28 1935 and show that the money in circulation at
that date (including, of course, what is held in bank vaults
of member banks of the Federal Reserve System) was
$5,466,702,738, as against $5,3$0,428,959 on Jan. 31 1935
and $5,354,446,245 on Feb. 28 1934, and comparing with
$5,698,214,612 on Oct. 31 1920. Just before the outbreak
of the World War, that is, on June 30 1914, the total was
only $3,459,434,174. The following is the full statement:
0
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4,634,142,421
2,985,738,130
1,212,360,791
Amount
de •e, •,:, 0 CA 0 h 0
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0 c0 0 9. 9. 0 9. 91
0010 1- CO 00 CO 0
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1,247,529,8841
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9,307,298.844
In Circulation i
Per
Capita
Z
Total
MONEY OUTSIDE OF THE TREASURY
N
000000
O..;
9,159,445,226
8,001,712,645
2,436,864,530
2,932,020.313
1,845,569,804
212,420,402
73
MONEY HELD IN THE TREASURY
,_..
.07f
ce
ea -
ci
14,292,923,305
13,184.871,158
8,479,620,824
5,396,596,677
3,797.825,099
1,007,084,483
9 •-• 0 0 9
,9. In 00 00 gt .0
.0109.1
.
-n0
1- 00009
11 0 01 e. COnC15-00000
a
• N CO • •0 C. 9 0 0 Cl
00 900 CO 91 0 .0 9 0 9
0009131.
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N .9 9 CI CI ..... 0 CO 9. .04 0 ,o
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9c0
14,480,250,5671
TOTAL
AMOUNT
1
.0
gi
54
:
KIND OF
MONEY
change. If, however, it is deemed essential to give each incoming President
the right to name a Governor of his own choosing, because of the fact
that the Administration will no longer be represented on the Board by
the Secretary of the Treasury or the Comptroller of the Currency, it may
be desirable to give the President the power to select the Governor of
the Board and to provide that the term of the Governor of the Board will
be the same as that of the President. It should also be provided in the
Act that the members of the Federal Reserve Board, including the Governor,
shall be removable during their term of office only for cause.
3. Election of Governors of the Federal Reserve Banks
It has been suggested that Section 201 of the bill be modified so that
the Governor of each Federal Reserve bank shall be approved by the
Federal Reserve Board every three years rather than annually, so that his
term as Governor would coincide with his term as a class C director. We
believe that in order to preserve the independence of the Governors of the
Federal Reserve banks the term during which they may serve without
having to be reapproved by the Federal Reserve Board should be as long
as possible and that this approval should certainly not be required more
often than every three years. Corresponding changes should be made in
the Act with regard to the election of Vice-Governors of the Federal
Reserve banks.
4. Open Market Operations
Neither the original text of Section 205, providing for the Open Market
Committee of three members of the Federal Reserve Board and two Governors of the Federal Reserve banks, nor the subsequent suggestion which
has been made that authority over the open market operations be vested
in the Federal Reserve Board, which would be required to consult with a
committee of five Governors selected by the 12 Governors before adopting
an open market policy, a change in discount rates or a change in member
bank reserve requirements, seems to us to constitute a satisfactory solution
of th,
. open market problem.
Our suggestion is that the Open Market Committee shall consist of the
entire Federal Reserve Board (reduced to five members) and four Governors
of the Federal Reserve banks, selected by the Governors of the 12 Federal
Reserve banks annually, each member of the Open Market Committee having
a vote in the deliberations of the committee on the three subjects to be
entrUsted to it, i.e., open market policy, change in discount rates or
change in member bank reserve requirements.
5. Changes in Reserve Requirements
It has been suggested that Section 209 of the bill be amended so as to
provide that the Open Market Committee shall not have the power to
change reserve requirements by Federal Reserve districts but only by
classes of cities, and it has been suggested further that for this purpose
banks be classified into two groups, one comprising member banks in
Central Reserve and Reserve cities, and the other comprising all other
member banks, and that the reserve requirements be uniform within each
group. We believe that these suggested changes are desirable but we
think serious consideration also should be given to the desirability of fixing
limits in percentage of deposits beyond which reserve requirements cannot
be increased or decreased by action of the Open Market Committee.
6. Real Estate Loans
We do not favor Section 210 as originally proposed, permitting advances
against real estate up to 75% of the actual value of the property if
amortized within 20 years, or up to 60% of the actual value of the
property for a term of not more than three years, in both instances
without territorial limitations.
We are in favor of the suggestion subsequently made that all real
estate loans hereafter made shall not exceed 60% of the appraised value
of the property and that the Board be given discretion to make regulations
governing real estate loans held by banks at the present time.
We also believe that the presently existing territorial limitations, or
some similar limitations, should be retained in the law and that unamortized
real estate loans should be permitted up to a period of five years.
Summary
We believe that the foregoing modifications in Title II of the bill
(numbered 1 to 6, inclusive) are fundamental and that all of them are in
the national interest. If changes substantially along these lines eannot
be made in the original draft of the bill, we would be strongly opposed
to the enactment of Title II. However, if these changes, seine of which,
in whole or in part, have been heretofore recommended by Governor Eccles
and placed into the record of your committee, are adopted, we would be
in substantial agreement with the provisions of Title II, provided that
the following additional changes which have also been suggested by
Governor Eccles during the course of your hearings are included in
that Title:
(a) Admission of Insured Non-Member Banks
It has been suggested that Section 202 of the bill should be amended so
as to provide that the Federal Reserve Board shall have authority to
waive not only capital requirements but all other requirements for admission of insured non-member banks to the System, and that the Board
be permitted to admit existing banks to membership permanently without
requiring an increase in capital, provided their capital is adequate in
relation to their liabilities.
(b) Federal Reserve Bank Experience for Federal Reserve Board Members
It has been suggested that Section 203(1) of the bill be amended so that
as a general policy two members of the Federal Reserve Board shall be
selected, when possible, from persons who have had experience as executives
of the Federal Reserve banks.
(c) Federal Reserve Board Pensions
It has been suggested that Section 203 of the bill be modified so as to
provide that any member of the Board, regardless of age, who has served
as long as five years, whose term expires and who is not reappointed, shall
be entitled to a pension on the same basis as though he were retired at 70
years of age; that is, he is to receive an annual pension of $1,000 for each
year of service up to 12.
The committee offers all of the foregoing suggestions in the earnest belief
that they represent constructive modifications of Title II of the bill as
proposed, with a view to rendering the operations of the Federal Reserve
System more beneficial to the interests of the nation as a whole.
We respectfully request, therefore, that these suggestions be given consideration and study in the deliberations of your committee. We expect
to continue our study of the bill and would like to have the privilege of
submitting to you any further suggestions which may occur to us.
Respectfully submitted,
AMERICAN BANNERS ASSOCIATION,
Rudolf S. Hecht,
Winthrop W. Aldrich
Robert V. Fleming,
Ronald Ransom,
Toni K. Smith,
Special Committee on the Proposed Banking Act of 1935.
March 30 1935
And. Held as Reserve Against
Security Ag'nst Untied States
Gold and Silver
Notes
Certificates (5, (and Treasury
Treasury Notes
Notes
of 1890)
of 1890)
2102
hi 7.,
.0
'i :P:3, i i i i .: i
0
ai 4̀.' ',:6'. '8gi i
0 ' . . ."
Z1,14
,,,,
g30 ci s ?„0.E .6 ,...,,,,.....c,,
hi
.-•
0)040)000)
-4,7.,
4 •,v, 7, g -
rn
Revised figures.
a Does not Include go d other than that held by the Treasury.
b These amounts are not Included In the total since the gold or silver held as
security against gold and silver certificates and Treasury notes of 1890 is included
under gold, standard silver dollars, and silver bullion, respectively.
c 5221,963,409 secured by silver bullion held In the Treasury.
d This total Includes 516,299,405 deposited for the redemption of Federal Reserve
notes ($1,240,690 In process of redemption).
e Includes 81,800,000.000 Exchange Stabilization Fund.
f Includes $31,447,706 lawful money deposited for the redemption of National
bank notes (818,008,422 in process of redemption, including notes chargeable to
the retirement fund), 5250,250 lawful money deposited for the redemption of
Federal Reserve bank notes (51,065,948 In process of redemption, Including notes
chargeable to the retirement fund), 51,350 lawful money deposited for the retirement of additional circulation (Act May 30 1908), and $60,748,982 lawful money
deposited as a reserve for Postal Savings deposits.
g The amount of gold and silver certificates and Treasury notes of 1890 should be
deducted from this amount before combining with total money held In the Treasury
to arrive at the total amount of money In the United States.
h Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
Volume 140
Financial Chronicle
1 The money in circulation includes any paper currency held outside the continental limits of the United States.
Note—Gold certificates are secured dollar for dollar by gold held In the Treasury
for their redemption for uses authorized by law: silver certificates are secured dollar
for dollar by standard silver dollars held in the Treasury for their redemption (or by
silver bullion); United States notes and Treasury notes of 1890 are secured by a
gold reserve of $156.039,431 held In the Treasury. Treasury notes of 1890 are also
secured dollar for dollar by standard silver dollars held In the Treasury: these notes
are being canceled and retired on receipt. Federal Reserve notes are obligations
of the United States and a first lien on all the assets of the Issuing Federal Reserve
bank. Federal Reserve notes are secured by the deposit with Federal Reserve
agents of a like amount of gold certificates or of gold certificates and such discounted
or purchased paper as is eligible under the terms of the Federal Reserve Act, or,
until March 3 1937, of direct obligations of the United States if so authorized by a
majority vote of the Federal Reserve Board. Federal Reserve banks must maintain
a reserve in gold certificates of at least 40%, Including the redemption fund which
must be deposited with the United States Treasurer, against Federal Reserve notes
In actual circulation. Federal Reserve bank notes are secured by direct obligations
of the United States or commercial paper, except where lawful money has been
deposited with the Treasurer of the United States for their retirement. National
bank notes are secured by United States bonds except where lawful money has been
deposited with the Treasurer of the United States for their retirement. A 5% fund
is maintained in lawful money with the Treasurer of the United States for the
redemption of National bank notes and Federal Reserve bank notes.
Tenders Aggregating $225,515,000 Received to Combined
Offering of $100,000,000 or Thereabouts of Two
Issues of Treasury Bills Dated March 27—$60,079,000 Accepted in Case of 182-Day Bills at Rate
of 0.109%, and $50,071,000 for 272-Day Bills at
Rate of 0.18%
Secretary of the Treasury Henry Morgenthau Jr. announced March 25 that tenders totaling $225,515,000 had
been received to the offering of $100,000,000, or thereabouts,
of two series of Treasury bills, dated March 27 1935, of
which $100,150,000 were accepted. The bids to the bills
were received at the Federal Reserve banks and the branches
thereof up to 2 p. m., Eastern Standard Time, March 25.
The two series of bills were offered in amount of $50,000,000,
of thereabouts, each; one series Was 182-day bills, maturing
Sept. 25 1935, and the other 272-day bills, maturing Dec. 24
1935. The offering was referred to in our issue of
March 23, page 1929, in which it was erroneously reported
that one issue was 273- (instead of 272-) day bills. Details
of the result of the offering were announced as follows on
March 25 by Secretary Morgenthau:
182-Day Treasury Bills, Maturing Sept. 25 1935
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $108,329,000, of which $50,079,000 was accepted.
Except for one bid of $10,000, the accepted bids ranged in price from
99.960, equivalent to a rate of about 0.079% per annum, to 99.936, equivalent to a rate of about 0.127% per annum, on a bank discount basis. The
average price of Treasury bills of this series to be issued is 99.945, and
the average rate is about 0.109% per annum on .a bank discount basis.
272-Day Treasury Bills, Maturing Dec. 24 1935
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $117,186,000, of which $50,071,000 was accepted.
The accepted bids ranged in price from 99.895, equivalent to a rate of
about 0.139% per annum, to 99.853, equivalent to a rate of about 0.195%
per annum, on a bank discount basis. Only part of the amount bid for
at the latter price was accepted. The average price of Treasury bills
of this series to be issued is 99.864, and the average rate is about
0.180% per annum on a bank discount basis.
New Offering of $50,000,000 or Thereabouts of 272-Day
Treasury Bills—To Be Dated April 3 1935
Tenders to be received at the Federal Reserve banks, or
the branches thereof, up to 2 p. m., Eastern Standard Time,
Monday, April 1, were invited on March 28 by Secretary of
the Treasury Henry Morgenthau Jr., to a new offering of
$50,000,000 or thereabouts of 272-day Treasury bills. The
Secretary said that tenders will not be received at the Treasury Department, Washington. The bills, which will be
sold on a discount basis to the highest bidders, will be dated
April 3 1935, and will mature on Dec. 31 1935. On the
maturity date, it is stated, the face amount will be payable
without interest. An issue of Treasury bills in amount of
$75,038,000 will mature on April 3. Secretary Morgenthau's
announcement of March 28 said:
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., 90.125.
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 April 11935,
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 3vallable funds on
April 3 1935.
2103
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, lot the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.
Treasury to Offer Weekly Treasury Bill Offerings
Below Amount of Maturing Bills—Action Reported
as Result of Increasing Revenue
With a working balance of $1,465,063,128 in the general
fund,revenue collections exceeding estimates, and expenditures temporarily below the level expected, the Treasury
decided March 28 to restrict its weekly sale of Treasury bills
to $50,000,000 for the present, or about $25,000,000 less
than maturities which they are intended to meet, said
Washington advices, March 28, to the New York "Times"
of March 29, from which we also take the following in part:
This will mean paying oil about $25,000,000 of maturing bills in cash
from the general fund each week, while the new program is followed. For
some time the Treasury has been marketing $100,000,000 of the bills each
week to meet maturities of $75,000,000. the additional $25.000.000 having
gone to swell the general fund balance, out of which current expenditures
are paid.
The Treasury in December sold about $900,000,000 of securities for cash,
but since that time has made no cash offering s except to the extent that
Treasury bill sales have exceeded maturities of similar securities and the
relatively small amount of about $30,000,000 it has received by the sale of
the so-called "baby bonds" this month.
them
The overflow of cash has resulted from a number of factors, among
the
highly satisfactory collections of income and miscellaneous taxes and
retirethe
for
banks
in
deposited
money
availability, for temporary use, of
against
ment of National bank notes. The latter item, however,is a charge
the public debt which must be met later.
in
fund
general
The Treasury also had built up a large balance in the
program,
anticipation of large outlays necessary to the proposed work-relief
which,instead of being quickly authorized, has been held up for many weeks
in Congress.
Emergency expenditures have been large, but, partly as a result of this
of
delay, have fallen considerably below estimates. For the first 26 days
as
the current month, for instance, they have totaled only $252,987,193.
compared with $350,009,955 in the same days a year ago.
Receipts Exceed Expenditures
26th
On the other hand, revenue receipts for the month through the
have been 3571.152,813, as against $403,908,780.32 last year.
26
same
the
for
purposes
emergency
All expenditures for ordinary and
excess of
days have totaled $502,977,191. and there has been an actual
receipts over expenditures for the period of $68,175,621.
fact
That a surplus has been achieved this month is, of course, due to the
that this
that the first quarterly installment of income taxes was paid and
,
.
Installment,at about $320.000,000, was even larger than had been expected
—The decision of the Treasury more than a month ago to
issue Treasury bills in excess of maturities was indicated in
our issue of Feb. 23, page 1236.
Treasury's March 15 Financing—Approximately $1,500,000,000 of Fourth Liberty Loan 44% Bonds
Exchange for 2%%. Treasury Bonds of 1955-60—
Books Closed
Following the closing of the books on March 27, Henry
Morgenthau, Jr., Secretary of the Treasury, announced
March 28 that subscriptions approximating $1,500,000,000
had been received for the March 15 offering of 2%%Treasury •
bonds of 1955-60, which were offered only in exchange for
Fourth Liberty Loan 43 % bonds, called for redemption on
April 15, 1935. Complete figures will be made public shortly
the Secretary said. Holders of the Liberty Loan bonds who
did not exchange for the 2%% bonds will be paid off in cash
as they turn them in for redemption.
Previous reference to the Treasury's March 15 financing.
which also consisted of an exchange offering of maturing 2 %
Treasury notes for 1/% notes, appeared in our columns of
March 23, page 1929.
$1,869,088 of "Baby Bonds" Sold During Week of March
23—Total Sales $28,000,000
Forty major cities sold $1,869,088 worth of United States
Savings ("Baby") Bonds for the week ending March 23,
according to reports to the Post Office Department March
28, the Treasury Department announced. On the basis of
this report officials estimated that sales in 14,000 unreporting post offices will raise the weekly total to approximately
$4,000,000. As sales to March 16 totaled about $24,000,000
the Treasury said, the total disposed of in 20 business days
amounted to $28,000,000. This represents the purchase
price which means that the maturity value of the bonds
already sold is more than $37,000,000. The Treasury Department's announcement continued:
The securities are still selling better in the west and south and in the east.
Postmasters reported that the demand for the $1000 and $500 denominations
had slackened somewhat and that the smaller units were selling better than
before. It is believed that many small investors were numbered among
last week's purchasers.
New York City has sold the most bonds, with a total of $1,955.250, of
which $274,762 was sold in Brooklyn. Chicago stands second with $1.453,409. while Detroit is third with $979,649. The sales in other large
cities to March 23 have been as follows:
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Financial Chronicle
Kansas City
St. Louis
Cleveland
Boston
Washington, D. C
St. Paul
Cincinnati
Minnesota
Baltimore
Omaha
Memphis
Toledo
Houston
Milwaukee
Dallas
$603,712
569,892
426,712
423,431
324,543
296,214
269,493
249,225
244,931
223.612
208,012
192,000
191,343
184,48.5
159,168
Denver
Louisville
Columbus, Ohio
Indianapolis
Dayton
New Orleans
Richmond
Des Moines
Newark, N. J
Rochester
Oklahoma City
Akron
Ft. Worth
Jersey City
Providence
$156,431
133,293
119,700
112,406
99,112
97.931
90,206
89,643
88,712
69.693
63.000
58,997
58,125
55,563
51.675
Previous reference to the sales was made in our issue of
March 23, page 1929.
$479,029 of Hoarded Gold Received During Week of
March 20-$25,699 Coin and $453,330 Certificates
The Federal Reserve banks and the Treasurer's office
received $479,029.02 of gold coin and certificates during the
week of March 20, it is shown by figures issued by the
Treasury Department on March 25. Total receipts since
Dec. 28 1933, the date of the issuance of the order requiring
all gold to be returned to the Treasury, and up to March 20,
amounted to $119,555,427.83. Of the amount received during the week of March 20, the figures show, $25,699.02 was
gold coin and $453,330 gold certificates. The total receipts
are as follows:
Received by Federal Reserve Banks:
Week ended March 20 1935
Received previously
Total to March 20 1935
Received by Treasurer's Office:
Week ended March 20 1935
Received previously
Gold Coin
Gold Certificates
$25,699.02
$446,330.00
30,045,932.81
86,709,360.00
$30,071,631.83 $87,155,690.00
$260,606.00
$7,000.00
2.060,500.00
March 30 1935
amounting to 554,454.27 fine ounces was received by the
various United States mints from purchases by the Treasury
in accordance with the President's proclamation of Dec. 21
1933. The proclamation was referred to in our issue of
Dec. 23 1933, page 4441. It authorizes the Treasury to
absorb at least 24,421,410 fine ounces of newly mined silver
annually. Receipts by the mints since the proclamation
was issued total 31,079,000 fine ounces to March 22. During
the week of March 22 the Philadelphia Mint received 300,240.06 fine ounces, the San Francisco Mint 250,062.21 fine
ounces and the Denver Mint 4,152 fine ounces.
The total weekly receipts since the issuance of the proclamation are as follows (we omit the fractional part of the
ounce):
Week Ended- Ounces
1934Jan. 5
1,157
Jan. 12
547
Jan. 19
477
Jan. 26
94,921
Feb. 2
117.554
Feb. 9
375,995
Feb. 16
232,630
Feb. 23
322,627
Mar. 2
271,800
Mar. 9
126.604
Mar. 16
832,808
Mar. 23
369,844
Mar.30
354,711
Apr. 6
569.274
Apr. 13
10,032
Apr. 20
753,938
Apr. 27
436.043
May 4
647.224
May 11
600,631
May 18
503,309
May 25
885,056
*Corrected figures
Week Ended- Ounces
June 1
295,511
June 8
200,897
June 15
206,790
June 22
380,532
June 29
64,047
July 6
*1,218.247
July 13
230.491
July 20
118,217
July 27
292,719
Aug. 3
118,307
Aug. 10
254.458
Aug. 17
649,757
Aug. 24
376,504
Aug. 31
11,574
Sept. 7
264,307
Sept. 14
353,004
Sept. 21
103,041
Sept. 28
1.054.287
Oct. 5
620,638
Oct. 12
609,475
Oct. 19
712,206
Oct. 26
268,900
Week Ended- Ounces
826,342
Nov. 2
359,428
Nov. 9
1,025.955
Nov. 16
Nov. 23
443,531
359,296
Nov.30
Dec. 7
487,693
648,729
Dec. 14
Dec. 21
797,206
Dec. 28
484.278
1935Jan. 4
467,385
504.363
Jan. 11
732,210
Jan. 18
973,305
Jan. 25
Feb. 1
321.760
Feb. 8
1,167,706
Feb. 15
1,126,572
403,179
Feb. 21
1,184.819
Mar. 1
844,528
Mar. 8
Mar. 15
1,555,985
554,454
Mar. 22
Total to March 20 1935
$260,606.00 $2,067,500.00
Note-Gold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.
President Roosevelt Departs on Fortnight's Vacation
Cruise-Much of Time Aboard Yacht Nourmahal
Will Be Spent Fishing
Silver Transferred to United States Under NationaliPresident Roosevelt on March 26 began a two weeks' vazation Order-54,822 Fine Ounces During Week of cation cruise among the coral islands of the Bahamas
when
March 22
he boarded the cruiser Farragut at Jacksonville, Fla. The
Silver in amount of 54,822 fine ounces was transferred to President later
transferred to Vincent Astor's yacht Nourthe United States during the week of March 22 under the mahal, which
was followed by the Farragut on the cruise.
Executive Order of Aug. 9 1934, nationalizing the metal. The Farragut not only
acts as the President's escort but also
Receipts since the order was issued and up to March 22 total serves as a wireless relay
station for communication with the
112,581,377 fine ounces, it was noted in a statement issued executive office
set up at Jacksonville, in charge of Marvin
by the Treasury Department on March 25. The order of H. McIntyre, Assistant
Secretary to Mr. Roosevelt. The
Aug.9 was given in our issue of Aug. 11, page 858. In the President expects to spend much
of his time fishing, and will
March 25 statement of the Treasury it is shown that the also consider some of the proposed
Administration measures,
silver was received at the various mints and assay offices including the $4,880,000,000
work relief bill.
during the week of March 22 as follows:
Harry Hopkins, head of the Federal Emergency Relief
Fine Ounces
Philadelphia
Administration, traveled with the President on his special
2.559
New York
32,472
train from Washington to Jacksonville. The President on
San Francisco
17,615
Denver
1,161
March 27 received on board the Nourmahal Sir Bede Clifford,
New Orleans
481
Seattle
Governor of the Bahamas,accompanied by Lady Clifford and
534
Total for week ended March 22 1935
the Duke and Duchess of Kent. The President himself
54,822
Following are the weekly receipts since the order of Aug.9 described this visit as follows, in a dispatch to his offices in
Jacksonville:
was issued:
Week Ended- Fine Ozs.
Week Ended- Fine Ozs.
Escorted by U. S. S. Claxton, dropped anchor Cat Cay, 10 this morning.
1Veek Ended- Fine O.
1934Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
33,485,091
26,088,019
12,301,731
4,144,157
3,984,363
8,435,920
2,5.50,303
2,474,809
2,883,948
1.044,127
Oct. 26
Nov. 2
Nov. 9
Nov. 18
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
1935Jan. 4
746.469
7,157.273
3.665,239
336,191
261,870
86,662
292,358
444,308
692,795
63,105
1935Jan.11
Jan.18
Jan.25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Mar. 1
Mar. 8
Mar. 15
309.117 Mar. 22
535,734
75,797
62.077
134,096
33.806
45,803
152.331
38.135
57.085
19,994
54,822
$108,059,729 of Old Gold Purchased by Treasury from
Jan. 31 1934 to March 22 1935
Announcement was made on March 28 by Mrs. Nellie
T. Ross, Director of the Mint, that receipts of old gold at
the Treasury, including jewelry, antiques and scrap,
amounted to $108,059,729 from Jan. 31 1934 through
March 22 1935. The Treasury pays $35 an ounce for this
type of gold. In Washington advices, March 28, to the
New York "Times" of March 29, it was also stated:
Mrs. Ross said that more than 27,000 concerns and individuals were now
licensed to deal in gold, an increase of more than 20% in licenses outstanding
having appeared in the last three months.
Current licenses expire April 30. and new applications must be made
before that date. Licenses are issued free of cost to applicants who show
evidence of good faith in abiding by the regulations.
Although the number of gold licenses is increasing, more persons are
taking advantage of the fact that they may turn in old gold to the mints
and assay offices direct, receiving the full price of $35 per ounce, less a
nominal handling charge, according to Mrs. Ross.
One ounce of fine gold is the smallest amount the Treasury Department
will buy.
Receipts of Newly Mined Silver by Mints and Assay
Offices from Treasury Purchases-Totaled 554,454.27 Fine Ounces During Week of March 22
During the week of March 22,it is indicated in a statement
issued by the Treasury Department on March 25, silver
Yacht Nourmahal already there. At noon Governor of Bahamas, Sir Bede
Clifford, and Lady Clifford, accompanied by their guests, the Duke and
Duchess of Kent, and by Mr. and Mrs. Louis Wasey of New York, who
own Cat Cay, called on the President.
The Farragut and Nourmahal expect to proceed to southward this
afternoon. Claxton returning Miami. Beautiful weather, smooth sea.
ROOSEVELT.
U. S. S. Farragut."
President Roosevelt Issues Executive Orders Increasing
Pension Rates of Widows and Children of War
Veterans
Four Executive Orders were issued on March 19 by President Roosevelt increasing rates of allowances to widows and
children of war veterans. It is stated that the liberalized
payments will cost the Government a total of $1,800,000
annually. Associated Press advices from Washington,
March 19, said:
Under the new regulations, widows of deceased members of war-time
service connected cases between the ages of 60 and 05 will receive an
increase from $30 a month to $35, and widows over 65 an increase of $40.
The new regulations also allow increases for children where there is no
widow. Where there are two children, $33 a month would be equally
divided instead of the present $30.
Where there are three children, $46 is to be allowed instead of $40,
with $8 for each additional child.
For widows of deceased veterans of peace-time service connected cases,
slight increases are provided for those over 50 years of age.
The orders were issued on the last day that Mr. Roosevelt
was permitted to take such action under the Economy Act,
which became law on March 19 1933, said a Washington
account, March 19, to the New York "Times," from which
the following is also taken:
They were prompted by a study of the pension regulations by the Veterans'
Bureau, General Hines said, adding that comparatively few administrative
changes were required.
Volume 140
Financial Chronicle
The Administrator analyzed the Executive Orders alter a final conference
at the White House with the President and Daniel Bell, Director of the
Budget.
Statement Explains Changes
The changes embodied in the President's Executive Orders were explained
in the following statement:
"In war-time and peace-time service connected cases, the widows and
children of deceased veterans will receive increases. As to war-time cases,
widows 50 to 65 years of age receive an increase of $3 per month and
over 65 years an increase of $10 a month. In addition, the additional
amount for children is increased with a provision for a higher rate for
children over 10 years of age, the President finding that the cost of maintaining a child over the age of 10 is greater than for children under that
age. Increases also were granted with reference to children where there
is no widow.
"The rates of pensions to widows and children of peace-time persons are
established as three-fourths of the new rates in war-time cases.
"Provision is made in the new regulations for the payment of pensions
to dependents of incompetent veterans who disappear, where the veterans
at the time of disappearance were in rceipt of pension for service-connected
disability under the regulations. This is similar to the authority contained in the prior World War Veterans Act, 1924, as amended.
"The amount payable to the dependents will be that which they would
receive if the veteran had died of service-connected disability, but cannot
exceed the amount of pension being rceived by the veteran at the time of
disappearance.
Provisions Made for Claims
"Another change extends the period of time for the completion of a
claim for pension from six months to one year in order to permit the
veteran to secure necessary evidence. There also is a new provision added
which will permit a veteran to file a new claim for the same disability
where the prior claim has been finally disallowed and he secures new and
material evidence in connection therewith.
"As to dependent parents, the new regulations eliminate the requirement
for establishing dependency within 10 years subsequent to the death of the
veteran. In many cases it was found that parents have failed to file
claim until late in life, and although they have attained advanced age and
have no adequate means of support they have been unable to establish
dependency during the first 10 years subsequnt to the veteran's death.
"Another change permits the retention in the Veterans' Administration
homes of certain persons who were properly admitted under the laws in
effect prior to March 20 1933, but where they could not be discharged
without jeopardizing their health or life. The regulations previously
restricted this authority to hospitalized cases.
"The definition of veteran of any war, principally for the purposes of
hospitalization, domiciliary care and burial allowance has been extended
to include Spanish-American War veterans who served after Aug. 12 1898
and before July 5 1902, and who left the Continental United States under
orders for military or naval service in Guam, Cuba and Puerto Rico. This
group was included for pension benefits by Veterans Regulation No. l(f)
promulgated by the President Feb. 8 1935.
President Roosevelt Declares Full Power of NRA
Should Be Exerted to Effect Compliance with
_ Codes—Letter to Donald R. Richberg Urges That
Violations Be Called to Attention of Congressional
Committees to Hasten Action on Extension of
NIRA
President Roosevelt, in a letter addressed on March 25 to
Donald R. Richberg, Chairman of the National Industrial
Recovery Board, indicates it as his desire "that the full
power of the National Recovery Administration shall be
exerted to insist upon . . . compliance with the requirements of approved codes." The President's letter was in
response to one from Mr. Richberg in which the latter stated
that in some industries "violations have been increasing of
the wage and hour provisions of the codes because of the
mistaken feeling that the NRA may not be extended."
President Roosevelt suggests to Mr. Richberg that the facts
be brought to the attention of the Congressional Committee
"so that they may understand the importance of accelerating
action to extend the National Industrial Recovery Act" It
was pointed out in Associated Press advices from Washington, March 26, that simultaneous with the publication of
Mr. Roosevelt's reply that "there is no excuse whatsoever"
for failure to observe codes, the Department of Justice announced that it would seek dismissal of the only NRA test
case now before the Supreme Court, that involving William
E. Belcher, an Alabama lumber mill operator. Further
reference to the announcement of the Department of Justice
appears elsewhere in this issue. The following is Mr. Richberg's letter to the President:
March 25 1935.
Dear Mr. President: The NIRB directed me to-day to call to your
attention the fact that in some sections of the country and in some industries
violations have been increasing of the wage and hour provisions of the
codes because of the mistaken feeling that NRA may not be extended and
that the Government may not be inclined at the present time vigorously
to enforce code requirements.
We are sure that you desire code standards to be maintained and that
all agencies of the Government should co-operate to this end. It might,
however, be helpful If you could give us an explicit statement of your
desires in this regard.
Sincerely yours,
DONALD R. RICHBERG, Chairman NIRB,
President Roosevelt's reply follows:
March 25 1935.
Dear Mr. Richberg: Before leaving Washington I wish to answer your
letter of to-day and to express to the NIRB my desire that the full power
of the NRA shall be exerted to insist upon and to obtain compliance with
the requirements of approved codes of fair competition.
2105
There is no excuse whatsoever at the present time for members of trade
and industry who have sponsored and are subject to these codes to fail to
give them wholehearted support.
Nor can there be any justification for the bad faith involved in attempting to lengthen hours or reduce wages contrary to code requirements. I am
particularly requesting the Department of Justice to give every assistance
in maintaining compliance with the codes and in advising the District Attorneys throughout the country to take prompt and vigorous action to prevent
or to punish such violations.
Let me also suggest that the NIRB should bring the facts of this situation to the attention of the appropriate committees of the Senate and the
House of Representatives so that they may understand the importance of
accelerating action to extend the NIRA and to end a period of uncertainty
as to the provisions and the extension of the law which has a retarding
effect upon industrial recovery and tends to unsettle commercial and
labor relations.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
Incidentally, it may be noted that President Roosevelt on
March 22 made it clear that he is determined that a new
bill giving the NRA two more years of life shall be adopted
by Congress. We quote from a Washington account,
March 22, to the New York "Times," wtich also said,
in part:
Commenting on the published accounts of the placing of Donald R.
Richberg in the post of Acting Chairman of the NIRB, the President said
at a press conference that the newspapers to-day all stated accurately the
general thought "that the NRA is not the Little Orphan Annie of the
Administration, but a very live young lady."
Mr. Richberg, at his first press conference since he moved into the
former office of General Hugh S. Johnson, said that the reorganized NRA .
would not "drift along" until Congress acted, but would make every effort
to enforce existing codes. It was "the most serious job in the United
States to-day."
Text of Connally Oil Bill Passed by Congress and
Signed by President Roosevelt
We are giving herewith the 'text of the Connally oil bill,
which recently was enacted into law, final Congressional
action and the signing of the bill having been noted in these
columns March 2, page 1398.
[s. 1190]
AN ACT
To regulate interstate and foreign commerce in petroleum and its products
by prohibiting the shipment in such commerce of petroleum and its
products produced in violation of State law, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That it is hereby declared to be
the policy of Congress to protect interstate and foreign commerce from
upon,
the diversion and obstruction of, and the burden and harmful effect
such commerce caused by contraband oil as herein defined, and to encourage
States.
the conservation of deposits of crude oil situated within the United
Sec. 2. As used in this Act—
con(1) The term "contraband oil" means petroleum which, or any
stituent part of which, was produced, transported, or withdrawn from
transported,
produced,
be
storage in excess of the amounts permitted to
regulaor withdrawn from storage under the laws of a State or under any
tion or order prescribed thereunder by any board, commission, officer, or
other duly authorized agency of such State, or any of the products of such
petroleum.
(2) The term "products" or "petroleum products" includes any article
produced or derived in whole or in part from petroleum or any product
thereof by refining, processing, manufacturing, or otherwise.
(3) The term "interstate commerce" means commerce between any point
in a State and any point outside thereof, or between points within the same
State but through any place outside thereof, or from any place in the
United States to a foreign country, but only in so far as such commerce
takes place within the United States.
(4) The term "person" includes an individual, partnership, corporation,
or joint-stock company.
Sec. 3. The shipment or transportation in interstate commerce from any
State of contraband oil produced in such State is hereby prohibited. For
the purposes of this section contraband oil shall not be deemed to have
been produced in a State if none of the petroleum constituting such
contraband oil, or from which it was produced or derived, was produced,
transported, or withdrawn from storage in excess of the amounts permitted
to be produced, transported, or withdrawn from storage under the laws
of such State or under any regulation or order prescribed thereunder by
any board, commission, officer, or other duly authorized agency of such
State.
Sec, 4. Whenever the President finds that the amount of petroleum and
petroleum products moving in interstate commerce is so limited as to be
the cause, in whole or in part, of a lack of parity between supply (including imports and reasonable withdrawals from storage), and consumptive
demand (including exports and reasonable additions to storage) resulting
in an undue burden on or restriction of interstate commerce in petroleum
and petroleum products, he shall by proclamation declare such finding, and
thereupon the provisions of section 3 shall be inoperative until such time
as the President shall find and by proclamation declare that the conditions which gave rise to the suspension of the operation of the provisions
of such section no longer exist. If any provision of this section or the
application thereof shall be held to be invalid, the validity or application
of section 3 shall not be affected thereby.
Sec. 5. (a) The President shall prescribe such regulations as he finds
necessary or appropriate for the enforcement of the provisions of this Act,
Including but not limited to regulations requiring reports, maps, affidavits,
and other documents relating to the production, storage, refining, processing, transporting, or handling of petroleum and petroleum products, and
providing for the keeping of books and records, and for the inspection of
such books and records and of properties and facilities.
(b) Whenever the President finds it necessary or appropriate for the
enforcement of the provisions of this Act he shall require certificates of
clearance for petroleum and petroleum products moving or to be moved in
interstate commerce from any particular area, and shall establish a board
or boards for the issuance of such certificates. A certificate of clearance
shall be issued by a board so established in any case where such board
2106
Financial Chronicle
determines that the petroleum or petroleum products in question does not
constitute contraband oil. Denial of any such certificate shall be by order
of the board, and only after reasonable opportunity for hearing. Whenever
a certificate of clearance is required for any area in any State, it shall
be unlawful to ship or transport petroleum or petroleum products in interstate commerce from such area unless a certificate has been obtained
therefor.
(c) Any person whose application for a certificate of clearance is denied
may obtain a review of the order denying such application in the United
States District Court for the district wherein the board is sitting by filing
In such court within thirty days after the entry of such order a written
petition praying that the order of the board be modified or set aside, in
whole or in part. A copy of such petition shall be forthwith served upon
the board, and thereupon the board shall certify and file in the court a
transcript of the record upon which the order complained of was entered.
Upon the filing of such transcript, such court shall have jurisdiction to
affirm, modify, or set aside such order, in whole or in part. No objection
to the order of the board shall be considered by the court unless such
objection shall have been urged before the board. The finding of the
board as to the facts, if supported by evidence, shall be conclusive. The
judgment and decree of the court shall be final, subject to review as provided in sections 128 and 240 of the Judicial Code, as amended (U. S. C.,
title 28, secs. 225 and 347).
Sec. 6. Any person knowingly violating any provision of this Act or any
regulation prescribed thereunder shall upon conviction be punished by a
fine of not to exceed $2,000 or by imprisonment for not to exceed six
months, or by both such fine and imprisonment.
See. 7. (a) Contraband oil shipped or transported in interstate commerce in violation of the provisions of this Act shall be liable to be proceeded against in any district court of the United States within the jurisdidion of which the same may be found, and seized for forfeiture to the
United States by a process of libel for condemnation; but in any such
case the court may in its discretion, and under such terms and conditions
as it shall prescribe, order the return of such contraband oil to the owner
thereof where undue hardship would result from such forfeiture. The
proceedings in such cases shall conform as nearly as may be to proceedings
in rem in admiralty, except that either party may demand a trial by jury
of any issue of fact joined in any such case, and all such proceedings
shall be at the suit of and in the name of the United States. Contraband
oil forfeited to the United States as provided in this section shall be used
or disposed of pursuant to such rules and regulations as the President shall
prescribe.
•
(b) No such forfeiture shall be made in the case of contraband oil
owned by any person (other than a person shipping such contraband oil in
violation of the provisions of this Act) who has with respect to such
contraband oil a certificate of clearance which on its face appears to be
valid and to have been issued by a board created under authority of
section 5, certifying that the shipment in question is not contraband oil,
and such person had no reasonable ground for believing such certificate to
be invalid or to have been issued as a result of fraud or misrepresentation
of fact.
Sec. 8. No common carrier who shall refuse to accept petroleum or
petroleum products from any area in which certificates of clearance are
required under authority of this Act, by reason of the failure of the shipper
to deliver such a certificate to such carrier, or who shall refuse to accept
any petroleum or petroleum products when having reasonable ground for
believing that such petroleum or petroleum products constitute contraband
oil, shall be liable on account of such refusal for any penalties or damages.
No common carrier shall be subject to any penalty under section 6 in any
case where (1) such carrier has a certificate of clearance which on its face
appears to be valid and to have been issued by a board created under
authority of section 5, certifying that the shipment in question is not
contraband oil, and such carrier had no reasonable ground for believing
such certificate to be invalid or to have been issued as a result of fraud
or misrepresentation of fact, or (2) such carrier, as respects any shipment
originating in any area where certificates of clearance are not required
under authority of this Act, had no reasonable ground for believing such
pettroleum or petroleum products to constitute contraband oil.
See. 9. (a) Any board established under authority of section 5, and
any agency designated under authority of section 11, may hold and conduct
such hearings, investigations, and proceedings as may be necessary for
the purposes of this Act, and for such purposes those provisions of
section 21 of the Securities Exchange Act of 1934 relating to the administering of oaths and affirmations, and to the attendance and testimony
of witnesses and the production of evidence (including penalties), shall
apply.
(b) The members of any board established under authority of section 5
shall be appointed by the President, without regard to the civil service
laws but subject to the Classification Act of 1923, as amended; and any
such board may appoint, without regard to the civil service laws but
subject to the Classification Act of 1923, as amended, such employees as
may be necessary for the execution of its functions under this Act.
Sec. 10. (a) Upon application of the President, by the Attorney General, the United States District Courts shall have jurisdiction to issue
mandatory injunctions commanding any person to comply with the provisions of this Act or any regulation issued thereunder.
(b) Whenever it shall appear to the President that any person is engaged
or about to engage in any acts or practices that constitute or will constitute a violation of any provision of this Act or of any regulation thereunder, he may in his discretion, by the Attorney General, bring an action
in the proper United States District Court to enjoin such acts or practices,
and upon a proper showing a permanent or temporary injunction or restraining order shall be granted without bond.
(c) The United States District Courts shall have exclusive jurisdiction
of violations of this Act or the regulations thereunder, and of all suits
in equity and actions at law brought to enforce any liability or duty
created by, or to enjoin any violation of, this Act or the regulations thereunder. Any criminal proceeding may be brought in the district wherein
any act or transaction constituting the violation occurred. Any suit or
action to enforce any liability or duty created by this Act or regulations
thereunder, or to enjoin any violation of this Act or any regulations thereunder, may be brought in any such district or in the district wherein the
defendant is found or is an inhabitant or transacts business, and process
in such cases may be served in any other district of which the defendant
is an inhabitant or wherever the defendant may be found. Judgments and
decrees so rendered shall be subject to review as provided in sections 128
and 240 of the Judicial Code, as amended (U. S. 0., title 28, secs. 225
and 847).
See 11. Wherever reference is made in this Act to the President such
reference shall be held to include, in addition to the President, any agency,
officer, or employee who May be designated by the President for the
March 30 1935
execution of any of the powers and functions vested in the President under
this Act.
Sec. 12. If any provision of this Act, or the application thereof to any
person or circumstance, shall be held invalid, the validity of the remainder
of the Act and the application of such provision to other persons or circumstances shall not be affected thereby.
Sec. 13. This Act shall cease to be in effect on June 16, 1937.
Approved, February 22, 1935.
Following the signing of the bill, as was indicated in these
columns, March 9, page 1574, President Roosevelt issued an
Executive Order re-establishing the Federal Tender Board
under the provisions of the Act.
President Roosevelt Approves Proposed Constitution
of Philippines as Conforming to Provisions of Act
Providing for Independence of Islands
On March 23 President Roosevelt approved the proposed
Constitution of the Philippine Islands, certifying that it conforms substantially with the provisions of the TydingsMcDuffie Act of March 24 1934 providing complete independence for the islands within 10 years. The document
signed a week ago by the President provides for home rule
for the islands, pending the complete independence, which
becomes effective in a decade. President Roosevelt affixed
his signature to the document in the Cabinet room of the
White House in the presence of the Philippine delegation
. and Secretary of State Cordell Hull and Secretary of War
George H. Dern. The Philippine delegation included
Manuel L. Quezon, President of the Philippine Senate;
Manual Roxas, Speaker of the Philippine House of Representatives; Pedro Guevara, Resident Commissioner in
Washington; F. A. Delgado, Resident Commissioner; C. M.
Recto, President of the Constitutional Convention; T.
Sandiko, Vice-President, and M. Cuaderno, member of the
Constitutional Convention. Others present, according to
the New York "Herald Tribune" advices from Washington,
were: Frank Murphy, Governor-General of the Philippines;
General Creed Cox, head of the Bureau of Insular Affairs;
Key Pittman, Chairman of the Senate Foreign Relations
committee, and Millard F. Tydings, Chairman of the Senate
Insular Affairs Committee. In his message to Congress, on
March 23, announcing his approval of the Constitution,
President Roosevelt said:
To the Congress of the United States:
I have pleasure in informing the Congress that I have to-day certified
to the Governor-General of the Philippine Islands that the proposed Constitution of the Philippines as adopted by the Philippine Constitutional
Convention conforms substantially with the provisions of the Act of
Congress approved March 24 1934 (United States Statutes at Large,
Volume 48, pages 456-465).
FRANKLIN D. ROOSEVELT.
The White House, March 23 1936.
At the same time the President gave out the following
statement regarding his action:
I am happy to state that the Constitution submitted to me on behalf
of the Philippine Constitutional Convention for certification under the
Tydings-McDuffie Independence Act conforms with the provisions of
the Act.
The members of the convention are congratulated on the satisfactory
completion of a task so important and significant in the life of their
people.
In the event of ratification of this Constitution, the authority granted
to the Commonwealth Government will permit exercise by the Filipino
people of general control, subject only to a few important exceptions, of
their local affairs.
During the period of the Commonwealth there will remain with the
Government of the United States authority commensurate with and necessary
for or appropriate to the ultimate responsibilities of sovereignty.
Animated solely by feelings of cordiality, sympathy and loyalty, the
people of the United States and the people of the Philippine Islands have
been conducting together a great experiment, and during the period of
the Commonwealth Government this experiment will continue until the
ultimate withdrawal of United States sovereignty and the establishment of
complete independence.
Simultaneously, said advices from Waghington to the New
York "Times," Mr. Roosevelt transmitted to the Senate the
nomination of Senor Recto to be a Justice of the Supreme
Court of the Philippines to fill the vacancy caused by the
resignation of Justice Thomas A. Street, effective May 1.
Governor-General Murphy, following the ceremonies, cabled
Manila to call at special legislative session within 10 days
to set the date for the election at which the Filipinos will
vote on acceptance of the Constitutivn. In the "Times"
account it was stated that under the Commonwealth Government President Roosevelt will be represented by a High
Commissioner, and it is assumed that Mr. Murphy will
occupy the new office. The "Times" Washington advices,
March 23, likewise said:
In a statement the Philippine Legislative Commission and the Philippine
Resident Commissioners told how the new Government would operate and
thanked President Roosevelt for his action. The statement said:
"Another important step in the orderly process provided by the Congress
leading to the independence of the Philippines has been taken to-day with
the certification by President Roosevelt that the Philippine Constitution
Volume 140
Financial Chronicle
drafted by the Philippine Constitutional Convention conforms with the
provisions of the Independence Law.
"This certification paves the way for the ratification of the Constitution
by the Filipino people and the establishment of the Commonwealth of the
Philippines before the end of the year.
"The Philippine Constitution provides for a republican form of government modeled after that of the United States. It places the responsibility
for the administration of affairs in the islands in the hands of the Filipino
people, subject only to such supervision in matters affecting foreign
affairs and in specific instances concerning fiscal policy as is required to
safeguard the continuing responsibilities of the United States in that
country.
Islands to Have a President
"The present American Governor-General will be succeeded by the President of the Commonwealth, to be elected by the Filipino people. The
American Government will be represented in the Philippines by a High
Commissioner, who will act as the representative of the President of the
United States.
"Under the Philippine Constitution and the Act of Congress authorizing
it, the Philippine Commonwealth shall exist for 10 years, and at the end
of that time Philippine independence shall be recognized.
"The period of the Commonwealth was intended by Congress to permit
the Filipino people gradually to adjust their economy to the changes
which will come to them with independence and to prepare themselves
adequately for their future responsibilities.
"The transition period was designed also to allow the laying of the
foundation for a reciprocally beneficial trade relationship between
the
United States and the Philippines after independence. To this end Congress
has authorized the President of the United States to call a conference of
representatives of the two countries to formulate a plan looking to an
arrangement along this line.
"It is our expectation that this conference will be called at an early
date so that the economic situation in the Philippines may be stabilized
and uncertainty as to the future removed.
"The Filipino people are deeply grateful to President Roosevelt
for
the favorable action taken by him on their Constitution. That he
has
done this within such a short time after the Constitution was submitted
to him is another evidence of his generous interest in their behalf
and his
kindly feeling toward their welfare and freedom.
"This action of the President fortifies our faith in America
and adds
to our many obligations to the American people."
With the approval of the Constitution by President
Roosevelt, the Philippines celebrated the event—parades
,
the tooting of whistles, &c., figuring in the demonstrations.
From Manila on March 23 Associated Press accounts
said.
in part:
The event was the occasion for an island-wide radio
broadcast, directed
by Teofilo Sison, Secretary of the Interior.
A signal given when the President signed the
document was received
here from Washington by radio telephone and
immediately broadcast to
the people. Mayor Posadas of Manila was the
principal speaker, and
music was furnished by the constabulary band.
Over the radio Manuel L. Quezon, who Is in Washington,
spoke to Senor
Sison, extending the congratulations of the President
to the people of
the islands.
Senor Quezon, before leaving New York, March 23, to
be
present at the Washington ceremonies incident to the
signing of the constitution, was quoted in the "Times" as
having
the following to say in an interview at the Waldorf-Astor
ia
Hotel:
After the new Government is inaugurated, about
November of this year,
we expect to discuss further trade relations between
the United States and
the Philippines which at present are not very fair to
the islands.
The Philippines will be able to meet the
any newly-established Government, but we difficulties that always beset
are confident that our Government will be stable.
The establishment of a new republic will
not mean abandonment of
American ideas and institutions so far adopted
in the islands. During
the last 35 years, American influence in our
economic, social and political
life has been so great that there is every
reason to believe that that
influence has left a permanent mark on the
thought and sentiment of the
Philippine people.
Reference to the approval of the Tydings-McDuffie
Act
appeared in these columns March 31 1934, page
2166, and
May 5, page 3012. From Washington, March 23,
Associated
Press advices said:
Until complete independence, the United States
will see to the defense
and foreign relations of the Commonwealth
Government, and reserves the
right to take over the customs in case the Philippines
fall behind In debt
service.
The measure to grant the Philippines independence
passed in March 1934.
Complaints by farm interests that Filipino products
competed with American commodities were a factor in getting the measure
through Congress.
The Commonwealth Government will be set up Nov.
15, and it is to be
succeeded July 4 1946 by the Philippine Republic.
Congress Acts to Repeal Income Tax Publicity Provision—Senate Votes Elimination of "Pink Slip"
Provision, Following Repeal by House
Congress has acted to repeal the "pink slip" provision in
the income tax law, designed to make available to the public
figures on taxable income submitted by all making returns;
on March 28 repeal of the provision was voted by the Senate,
which adopted the repeal resolution by a vote of 53 to 16.
On the previous day(March 27,)the Senate by a vote of 51
to 25 defeated an amendment sponsored by Senator LaFollette for full publicity on income-tax returns. Only 17
Democrats and 7 Republicans supported Senator LaFollette.
The House on March 11 by a vote of 302 to 98 approved
repeal of the "pink slip" repeal resolution. From Washing-
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ton Marchl28 advices to the New York "Herald Tribune"
said in part:
The resolution will go at once to conference with the House, and early
perfection for the signature of President Roosevelt was predicted, as only
a relatively minor difference exists between the two houses. In the form
approved by the Senate to-day the repealer carries an amendment to permit
state, county and city tax agents to have access to the returns but provides a penalty for their disclosure outside these official quarters.
The vote, which came after the Senate had sustained a point of order
raised against an amendment offered by Senator Robert M. LaFollette,
Progressive, of Wisconsin, to increase normal and surtax rates to raise
6275,000,000 in additional taxes. showed 43 Democrats joining with 10
Republicans for repeal, against 10 Democrats, 5 Republicans and 1 Progressive I
Under date of March 27 the Washington dispatch to the
New York "Times" said:
Final action on "pink slip" repeal was delayed by a long debate and the
presentation by Mr. La Follette of a tax amendment increasing the normal
tax from 4 to s% and surtaxesfrom the existing range of 1 to 59 to 6 to 71%,
and lowering exemptions respectively from $2,500 to 2,000 and $1,000 to
$800.
This would raise $275,000,000, Mr. La Follette argued, but Senator
Harrision made the point of order that the amendment would properly
have to originate in the House. To-morrow, the presiding officer will rule
on the point of order, but it will unquestionably be sustained by the Democratic majority, meaning rejection of the amendment.
The 13 Senators who voted for the amendment last April but against it
to-day were. Messrs. Adams,Ashurst Bachman,Bulkley. Bulow,Connally,
Duffy, Goerge, Gore, Hayden, Logan and Thomas of Oklahoma, Democrats and Dickinson, Republican.
United Press Washington advices of March 11 noted repeal of the "pink slip" provision by the House as follows:
The brief repeal resolution was adopted after a few hours of debate,
during which Republican and Democratic party leaders urged passage.
Opponents charged that repeal played into the hands of wealthy citizens
anxious to keep their increased income secret.
Before passage the House defeated an amendment which would have
made income tax information available to city and county assessors bur not
to the general public.
An amendment by Representative Thomas Blanton (Dem. Tex.) to exempt from publicity, returns on incomes of less than 825,000 was defeated
175 to 355.
Action was expeditited by adoption of a rule limiting debate to one hour.
Opponents of "pink slip" repeal fought for lengthier debate on the bill,
which has the support of House Democratic and Republican leaders.
Senate Passes $4,880,000,000 Work ReliefiBill Carrying
as Rider Thomas Silver Amendment—Measure
Which Had Previously Passed House—Conferees
Agree to Drop Silver Rider
The $4,880,000,000 work relief measure (which is in the
form of a resolution rather than a bill, as it has been generally
termed) passed the Senate on March 23 by a vote of 68 to
16. The resolution (which passed the House on Jan. 24),
as accepted by the Senate on March 23, carries as a rider
an amendment of Senator Thomas(Democrat) of Oklahoma,
which, according to Mr. Thomas, "provides for an expansion of the currency on the silver we now have in the sum
of approximately $375,000,000. On March 28 it was announced that the House and Senate Conferees had agree to
eliminate the Thomas Silver Amendment. On Monday,
March 25, Administration leaders in the House (said advices
that day from Washington to the New York "Times") arranged for consideration on March 26 of a special rule which
would forestall attempts of silver remonetization advocates to
have the House concur in the Thomas amendment,and others
inserted in the Senate, and thus send the measure directly
to the President. From the March 25 Washington account
to the "Times" we also quote:
Adoption of the rule would automatically send the bill to conference.
Chairman O'Connor of the Rules Committee said to-night that he was
certain of enough votes to sustain the procedure prescribed. Administration leaders also were confident that the bill would not emerge from the
conference in its present form but would be stripped of at least the most
objectionable Senate amendments. . . .
Plans to shut off debate in the House on the Senate amendments,IncludIng
the silver proposition, took shape early to-day upon the return from the
White House of Speaker Byrns and Chairman Buchanan of the Appropriations Committee. The silver and inflation advocates, numbering 28.
met before the House convened and designated Representative Dies of
Texas to move for concurrence in the Senate amendments.
The opportunity for a motion never came. Mr. Buchanan asked unanimous consent that the bill be sent to conference, a proposal that had to
be made before resort could be had to a special rule. Mr. Dies was on his
feet, but before the motion could be put, Speaker Byrns recognized Representative Johnson of Texas, who made the objection required to kill the
request.
Representative Rankin then demanded to know what was to be done
with the bill.
"The Senate has added 31 amendments to the bill," Chairman Buchanan
said."and it is administratively impossible with those amendments." . ..
The first test of out-and-out silver and inflation strength in the House
this session thus will come to-morrow morning after an hour's debate on the
rule reported late to-day. At that time Mr.O'Connor will move the previous
question and a vote will be taken on the rule. If it is voted down the silverites
and inflationists will then be in a position to force House acceptance of the
Senate amendments.
The group is basing its opposition to the rule on the argument that
the conference procedure would result in unwarranted delay In passage of
the bill. In their call for a new meeting they said:
"If the bill goes to conference, there is grave danger of losing the benefits
ofsome of the most desirable provisions of the bill. Further lengthy debate
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Financial Chronicle
is threatened in the Senate. This would be fatal to such provisions as the
$40.000,000 appropriation for present school terms, money for feed and
seed loans, relief to stricken agricultural areas and similar provisions, which
should be enacted at once. The country demands action."
Seven Sign Announcement
The announcement was signed by Representatives Dies of Texas, Murdock of Utah, Rankin of Mississippi, Pierce of Oregon, Moritz of Pennsylvania, Better of New York and Martin of Colorado, Chairman.
Indicating the action of the House on March 26, the
advices to the "Times" from Washington on that date
said in part:
Rallying behind the leadership of Chairman O'Connor of the Rules
Committee, the administration forces overwhelmed a militant minority of
inflationist-silverites who were bent upon forcing a vote on the Thomas
amendment in the event that they failed to bring about concurrence in all
Senate changes.
Instead of turning the relief measure into a vehicle for silver remonetization, the House adopted a special rule sending the resolution into conference. But victory was clinched for the administration only after the
minority, under the leadership of Representative Rankin of Mississippi
had resorted to every parliamentary twist and turn permitted under the
rules of the House.
The House conferees, Representatives Buchanan of Texas. Taylor of
Colorado. Arnold of Illinois, Oliver of Alabama and Taber and Bacon of
New York, will meet to-morrow with the Senate managers, Senators
Glass, McKellar, Copeland, Hale and Keyes, to begin the ironing out of
30-odd amendments added by the Senate.
Curiously enough the Senate group is dominated by opponents of the bill,
for Senators Glass, Keyes and Hale voted against it. They were named as
conferees, however, through the custom which gives such tasks to ranking
members of a committee which handles a bill, in this case the Appropriations Committee.
Threats Are Disregarded
Leaders believed that the resolution would be on the President's desk for
signature when he returns from his Spring holiday in Florida. . . .
Seldom has the House proved so responsive to an argument on the conservative side of proposed legislation or procedure as it did to-day. Mr.
O'Connor, in the five minutes he spoke from the well of the House, overcame an obvious trend to kick over the traces, led by Representatives
Rankin and Dies.
At the close of his remarks and an hour of general debate on the rule.
Mr. O'Connor moved for a termination of the discussion. Sixty-six Republicans joined with 197 Democrats to make up the 263 votes which brought
adoption of his request. In the 108 dissenting votes were 80 Democrats,
19 Republicans,7 Progressives and 2 Farmer-Laborites.
Had the motion failed to carry, it would have been in order to amend
the rule in such a way as to pave the way for concurrence in the Thomas
silver amendment.
Although beaten, the inflationist bloc fought back and, when a standing
vote was taken on final adoption of the rule, the tally stood at 186 to 78.
To consolidate gains already made and head off any future attempt to
bring about a reconsideration of the majority action, a step which may
be taken within two days following a final vote, Mr. O'Connor made the
motion to reconsider then and there, and at the same time to table the
motion.
Mr. Rankin jumped up to caution his colleagues to vote "No," and
demanded a record vote on the motion.
For this proposal the administration forces polled 258 votes, while the
opposition 104 against it. The battle was over.
The Thomas silver amendment carried in the resolution
as it passed the Senate on March 23 represented a modification of a silver expansion amendment which the Senate
earlier on March 23 had tabled by a vote of 40 to 33. The
modified silver amendment as inserted in the Senate bill
reads as follows:
Part II—Financing—Expansion of Currency
Sec. 16. The Secretary of the Treasury is hereby authorized and
directed—
(I) To issue silver certificates against all silver bullion now held or hereafter acquired at its monetary value, and such silver certificates shall be
placed in circulation immediately through the payment of maturing obligations.
(2) All silver certificates issued and outside the Treasury, and all silver
certificates which may be hereafter issued, shall, upon receipts by the
Secretary of the Treasury, be reissued and paid out again and kept in circulation as provided for legal-tender notes in Chapter 146 of the United
States statutes at large, Forty-fifth Congress, and approved May 311878.
(3) That to the end that the necessary proportion of silver may be acquired for our metallic monetary stocks, the Secretary of the Treasury may,
in his discretion, exchange gold for silver on a fair and equitable basis of
price, and silver certificates shall be issued immediately against all silver
thus acquired by such exchange as provided in paragraph 1 of Section 12
hereof.
(4) That the Secretary of the Treasury is hereby authorized, in his discretion, to accept silver at an agreed price in settlement and adjustment
of any balance due the United States; and (e) that the Secretary of the
Treasury shall make all needful rules and regulations for carrying into
effect the provisions of this title.
In the "Times" advices from Washington March 23 it
was stated:
Processing Tax Suspension
In the rush of accepting amendments to get the bill along to conference,
Senator Glass, without even reading it, consented to a proposal by Senator
George empowering the President, in his discretion, to suspend for one year
any of the processing taxes imposed by the Agricultural Adjustment Act
and to pay the intended benefits to farmers out of the relief fund. This is
another amendment expected to go out of the measure in conference.
The final action by the Senate on the work relief legislation came quickly; detailing the Senate proceedings on
March 23 the advices from Washington on that date to the
New York "Herald Tribune" said in part:
Wearied by eight weeks of intermittent struggle over the bill, the Senate
figuratively "threw up its hands" after gag tactics had been adopted to
stifle debate and tabled the original rider by Senator Thomas providing for
mandatory silver inflation to make money more plentiful and help pay the
relief bill.
March 30 1935
The tabling motion carried, 40 to 33. Senator Thomas then was permitted
to put in a milder silver amendment,for the sake of checking further tactics
of delay and with the view of ultimately having the provision eliminated in
conference with the House. The modified amendment directs the Treasury
to issue silver certificates against all silver bullion now on hand or still to
be acquired.
Senator Joseph T. Robinson, Democratic leader, and other Administration chiefs, who threatened to hold the Senate in session late to-night if
need be to pass the bill, were alarmed early in the day when they got word
that Senator Long was planning to fly here to re-enter the fight. Realizing
that the Kingfish would be able, if he arrived, to delay the bill indefinitely.
they redoubled their efforts to patch up an understanding for a vote and
were able to obtain one about 2:30 o'clock.
They obtained the co-operation of Senator Charles L. McNary, Republican leader. Senator Long was scheduled to speak in Columbia, S. C., on
his way here, and it was rumored he had canceled his engagement, though
later advices were that he spoke there this afternoon. . . .
Not only was fear of Senator Long written over the proceedings of the
Administration leaders prior to passage of the bill, but after it was Passed.
Senator Bennett C. Clark, Democrat, of Missouri, moved reconsideration
of the vote, and this was tabled without a roll call on motion of Senator
Robinson. The purpose of this maneuver was to prevent Senator Long, or
any other Senator, from holding up the bill and keeping it from going to
conference for adjustment of differences with the House by notice of reconsideration which might be used to cause an indefinite delay. . . .
Senator Thomas's modified amendment, which Senator Carter Glass,
Chairman of Appropriations, said he would accept, thus permitting it to go
to conference, leaves out the original amendment's requirement for purchase
monthly of 50,000,000 ounces of silver, but in effect requires issue of silver
certificates at 81.29 an ounce against all silver held by the Government.
Senator Thomas pointed out that a Treasury statementshowed the Treasury
is already buying more than 50,000,000 ounces a month.
A greenback amendment by Senator Burton K. Wheeler, Democrat, of
Montana, also was defeated without a roll call.
The bill as passed by the Senate contains a number of changes from the
bill adopted by the House more than two months ago, but the total amount
of it is unchanged and it still conveys vast and indefinite powers over the
huge grant of funds to the President.
The remarkable thing about the vote to table Thomas's original rider
was the motion had the support of Senator George W. Norris, Insurgent
Republican, of Nebraska, and Senator Robert M. La Follette, Progressive,
of Wisconsin. who have been fighting for years against gag rule. Apart
from them, the motion had no other but Democratic support.
The votes (68 to 16) on the passing of the resolution on
March 23 were cast as follows: For the bill, 68—Democrats
55, Republicans 11, Farmer-Laborite 1; against the bill,
16—Democrats 6, Republicans 10. An item bearing on
the Senate action on the measure up to March 21 appeared
in our issue of a week ago, page 1932.
On March 22 Senator Robinson, Democratic leader, gave
notice that drastic action would be taken to rush the bill
through the Senate. From the account from Washington
March 22 to the "Herald Tribune" we quote:
Calling for passage before the Senate adjourns for the day tomorrow, but
being unable to get unaminous consent for a final vote because of objection
by Senator Thomas. Senator Robinson not only said he would seek to
Continue the session tomorrow night until a vote was reached, but also
threatened to attempt closure. Going still further, he warned Senators
delaying the bill that if necessary he would adopt the almost unprecendented
course of moving to table amendments deemed out of accord with the works
and relief measure.
Senator Robinson was goaded into his belligerent attitude by the fact
that Senator Thomas held the floor for 53. hours to-day advocating his
inflation and silver purchase amendment, and then announced he wanted
to speak some more to-morrow. Moreover, Senator Thomas said he
would propose the Patman bonus bill as an amendment to the works bill
if his inflation amendment should be rejected.
Predicting defeat for the inflation amendment, Senator Robinson insisted
there should be an end of delay on the works-relief bill and urged that such
important questions as currency, the bonus and the like should take their
regular course before standing committees of the Senate. He was backed
up by Senator George W. Norris, insurgent Republican, of Nebraska, who
is generally a supporter of the Administration.
After Senator Thomas had objected both to an agreement to vote tomorrow and to limiting debate, Senator Robinson, declared. "The session
to-morrow will be a long one unless an agreement can be reached."
"Well, there will be prayer in the Senate on Sunday morning," retorted
Senator Thomas.
It was then that Mr. Robinson served notice of closure, if need be, and
motions to table amendments.
The passage of the bill by the House was noted in these
columns Jan. 26, page 568. As reported in the "Times"
Washington advices March 23, the essential features of the
bill as it passed the Senate are:
Appropriation of $4,000,000,000 "out of any money in the Tresaury not
Otherwise appropriated" and appropriation of $880,000,000 in existing
balances of the RFC, the PWA and FERA "to provide relief and work
relief."
Discretionary powers granted to the President to expend these funds as
he may deem necessary to bring about the above purpose, subject to the
following maximum limitations.
Eight hundred million dollars for highways, roads, streets and for gradecrossing elimination; $500,000,000 for rural relief and rehabilitation; $100.000,000 for rural electrification; $450,000,000 for housing; $300,000,000
for projects for "white-collar" workers; $600,000,000 for the Civilian Conservation Corps.: $900,000,000 for public projects of States and political
subdivisions thereof; $350,000,000 for sanitation, reforestation, flood control, prevention of coastal and soil erosion "and miscellaneous Projects,"
and $40,000,000 for adances to States and local governments for aid to
schools.
Authority for the President to shift funds among the above classifications
up to .maximum of 20% of the entire $4,000,000,000 appropriation.
Discretionary authority to the President to make loans from the fund to
finance, in whole or in part, purchase of farm lands and equipment by
farmers, tenants. croppers and farm laborers.
Authority to the President to employ such personnel and purchase such
equipment as he deems necessary in carrying out the purposes of the resolution.
Volume 140
Financial Chronicle
Authority for the President to purchase or acquire by power of eminent
domain any real property necessary, and to improve the same.
Authority to the President to fix the Wages payable on the new works
projects,subject to the limitation that they shall not degrade private wages,
and further, that rates of pay on Federal building projects shall conform to
the Davis-Bacon "prevailing-wage" act.
Provisions for use of private facilities wherever practicable in carrying on
the new projects.
Specifications that on building projects all mechanical sanitary work
required to conform to health laws and regulations shall be let by contract
to the lowest bidder.
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oath, following receipt by Senator Barkley of a telegram
charging that he had been unduly friendly in the examination of Donald R. Richberg, new Acting Chairman of the
National Industrial Recovery Board.
Continuing, the advices to the "Times" said in part:
Declaring that extension of the NIRA, with certain changes, was necessary to speed recovery, the consumers' groups said that "to abolish the code
now would check recovery, destroy confidence and probably create another
downward sprial of bottomless deflation and financial chaos."
The resolution suggested that the NRA could be made more effective
if compliance provisions were strengthened by giving to the NIRB or some
other agency power:
(1) To proceed directly, in its own name, for injunctions and for civil
penalties against code violators;
(2) To hold hearings and issue orders against code violations, which
orders shall be enforceable by the courts;
(3) To allow voluntary agreements for the payment of penalties or liquidated damages enforceable by the parties themselves, but only against
those who agree to be bound thereby.
"It is the conviction of the Consumers Goods Industries Committee
that the most valuable contribution which can be made at the moment to
promote recovery is prompt action by the Congress to end uncertainty
as to the future of NIRA and codes which is resulting in wide-spread confusion and untold harm," Mr. Sloan declared.
The Kentucky Senator interpreted this as an attempt to influence his
conduct as a committee member, an action which he denounced as "contemptible."
In the future, or unless some change is ordered by the committee, all
witnesses will testify under oath and their files may be subpoenaed for
further evidence concerning their views or activities for or against the NRA.
The committee action, taken at the insistence of Senators La Follette
and Couzens, was inspired by the appearance of Francis M. Curlee of St.
Louis, general counsel of the Industrial Recovery Association, an organize
tion of about seventy clothing producers who are fighting the NRA. . . .
Senator Interrupts Hearing
He was in the witness chair, explaining just what the National Industry
Recovery Association is and whom it represents, when Senator Barkley
entered. He immediately interrupted proceedings to ask the witness what
he knew about the sending of the telegram in question, which was signed
W.H. Brizendine of Mayfield. KY.
Mr. Curlee admitted he had talked to Mr. Brizendine, a merchant, by
telephone a few hours before the telegram was filed, which was late in the
afternoon of March 11.
Mr. Brizendine, head of the Merit Pants Company of Mayfield and an
old friend of Senator Barkley, had informed the Senator of the facts of the
incident, it appeared.
The telegram was to the effect that, according to reports, the Senator
had, by attitude and questions, favored Mr. Richberg when the Recovery
chieftain was a witness. . . .
Answering questions by Mr. La Follette, Mr. Curlee said he had written
a normal number of letters and telegrams since he had been in Washington.
At this point Mr. La Follette asked that the witness be put under oath.
Chairman Harrison said that he thought a decision on this request
should be made in an executive session. Mr. La Follette promptly objected, and Senator Black moved that henceforth all witnesses be sworn.
"And let's begin with this one," said Senator Couzens.
The motion was carried, and Mr. La Follette moved that Mr. Curlee
be subpoenaed to produce from his files all letters and telegrams bearing
on the hearing. This was done and the subpoena was served.
The Finance Committee's sub-committee on procedure, composed of
Senators Harrison, King, George, Walsh, Couzens, La Follette and Keyes,
also voted to-day to add three experts to the staff of NRA investigators
to collate the testimony being offered and, as Senator Harrison expressed
it, "separate the wheat from the chaff,"
The new investigators named were James A. Horton, chief examiner of
the Federal Trade Commission; Richard P. Whitely, assistant general
counsel of the Federal Trade Commission, and W. Jett Lauck, independent
economist.
On the same day (March 27), Henry I. Harriman, of the
United States Chamber of Commerce, expressed to the
Senate Education and Labor Committee the hope that Congress would extend the NIRA, with certain essential amendments, and permit it to operate with the labor disputes law.
In the New York "Journal of Commerce," from which we
quote, Mr. Harriman was reported as saying:
Adequate machinery outside of NRA for enforcement of
Section 7-a giving workers the right of collective bargaining
was advocated to-day by Donald R. Richberg. He gave his
views at a press conference shortly after the Senate Finance
Committee had voted to subpoena the files of an opponent
of the recovery effort. Associated Press advices from Washington March 22 continued:
"You are now considering an extension of the NIRA for the remainder
of the emergency." Mr. Harriman told the Education and Labor Committee,
"and I hope that with certain essential amendments you will pass it. Such
extension of the NRA,plus legislation (labor disputes) of last year, will give
ample opportunity to further study the problems of industrial self-government without enactment of the new measure now proposed."
His fMr. Richberg's] statement of separation of 7-a was in response to
questions. He stressed that he was not commenting on the Wagner labor
disputes bill, which he said he had not read.
"I am personally convinced," he said, "that you need adequate machinery for the enforcement of 7-a, and I think that machinery outside of NRA
should be set up. When you get into disputes, an administrative body such
as the recovery board is not workable.
"In the broad way I would assent to the general principle of having a
board with ample authority to bring about compliance. Such is absolutely
necessary.
"As to the urgency of such legislation, I would say that it is as urgent as
other parts of our Industrial Recovery Program."
Hearings Before Senate Committee on Extension of
NIRA—Consumers Goods Industries Committee
Urges Prompt Action To End Business Uncertainty—Continuance of Act Urged By H. I. Harriman of U. S. Chamber of Commerce
Before the Senate Finance Committee on March 27 the
Consumers Goods Industries Committee presented a resolution urging prompt Congressional action for extending the
National Industrial Recovery Act for two years, to end
present business uncertainty. The Committee, it was noted
in a Washington dispatch March 27 to the New York
"Times" was created after a convention of NRA Code authorities a year ago; it further stated that the resolution,
adopted after a series of meetings, was made public by George
A. Sloan, chairman. From the dispatch we also quote:
On March 26 the NRA was criticized before the Senate
Finance Committee as a "bureaucracy." Reporting this,
Associated Press advices from Washington March 26 added
in part:
This description came fron Francis M. Curlee, representing a minority
of the men's clothing manufacturers. He charged grave abuses in the administration of the clothing code.
Opposing the extension of the NRA, Mr. Curlee protested that "there
can't be a thing done in industry without coming to Washington to get
permission," and that "there is a bureaucracy finger in every pie." . . .
Mr. Curlee contended that the Code Authority extended a number of
exemptions from code provisions to units in the dominant wing of the industry. He cited two exemptions granted to companies which had officials
on the Code Authority. One was an exemption from the hour provision,
another from a prohibition against an unfair trade practice.
Senator, Costigan, Democrat. of Colorado asked what change he vowed
make in the law.
"It is no secret,"he replied,"that I don't think the law should be contined.
But certainly there should be no discretion to suspend the law."
Mr. Curleo added that business should not be compelled to "guess at its
peril, or exist on its ability to convince some official of the justice of its
cause."
Questioned by committee members, Mr. Curlee said that his objection
was "chiefly to the method of administration" of the NRA. This he
termed
"Intolerable."
"If it continues," he said, "there will not be another clothing
manufacturer in the South or West."
Mr. Curlee cited the Grief case of Baltimore as an example of "the
power of economic lynch law these people possess."
He said that the NRA ignored the decision of a Federal court in Baltimore
to enforce its own ruling against the Grief Clothing Co.
Senator Costigan asked whether Mr. Curiae would be surprised to know
that the Baltimore company paid as little as $6 a week before the code.
"I can easily conceive of the propriety of beginners earning nothing,"
Mr. Curlee replied.
"Are we likely to see a return to such conditions if the NRA is permitted
to lapse.." Senator Costigan asked.
"If the NRA is permitted to lapse we will see a revival of business that
will bring increased wages," Mr. Ourlee replied.
Under date of March 22 advices to the New York "Times"
stated that the Senate Finance Committee's investigation of
the NRA, which had been proceeding with all testimony
purely voluntary, changed suddenly to an inquiry under
References to the hearings on the NRA appeared in these
columns March 23, pages 1934 and 1942.
Hearings Before House Committee on Bill to Regulate
Public Utility Holding Companies — Loss of
$133,000,000 to Common Stockholders of North
American Co. Would Result with Dissolution of
Holding Company, According to President James
F. Fogarty
Dissolution of the holding company, in the case of the
North American Co. alone, would require the raising of
$160,000,000 in cash to pay off the senior securities and,
even if recent market prices could be realized, would cause
a loss of $133,000,000 in the equity of the common stockholders, according to a statement made on March 26 by
James F. Fogarty, President of the North American Co.,
at the hearings before the House Interstate and Foreign
Commerce Committee. In part Mr. Fogarty added:
It is apparent, however, that if widespread enforced liquidation becomes
a reality the market prices of all utility common stocks would shrink
materially, and a further shrinkage of less than 25% in the realization
on our investments would wipe out entirely the $216,000,000 of present
asset value of North American common stock.
The North American Co. is one of the oldest public utility holding
companies. It was organized in 1890 and is now in its 45th year. The
properties of its subsidiaries now constitute four main groups, each group
a completely integrated power system. These systems, respectively.
serve the cities of Milwaukee, St. Louis, Cleveland and Washington and
adjacent territory.
file North American Co. does not conduct a management, engineering
or construction company. Nevertheless, its executives and staff have
constanty taken an actve part in the affairs of its operating utilities.
This has been of great advantage to the various properties, particularly
in connection with their large construction programs, which during the
past 15 years alone have involved expenditures of more than $350,000,000.
2110
Financial Chronicle
The North American Co., from the time of acquisition of control of
its subsidiaries, has conducted all of their bond financing for them. During
the past 15 years bond issues of our operating utilities have aggregated
$222.000.000. As of Dec. 31 1933, the latest date for which the information is available, over $90,000,000, or nearly 40% of the bonds of our
operating companies, were held by insurance companies alone, generally
regarded as the most discriminating investors. This was about twice
as large, proportionately, as Insurance company investments in other
operating utility companies.
h.During difficult periods in security markets the North American Co.
has advanced large sums to its subsidiaries in order that they might avoid
as far as practicable permanent financing at high interest rates and the
necessity of later redeeming such high interest rate securities at substantial
premiums. Advances by the North American Co. to a single company
have on occasion amounted to as much as $17,000.000, and frequently
have exceeded $10,000,000.
March 30 1935
as was scheduled. These advices (Associated Press, March
28) also said in part:
The Democrats, called into the meeting for the purpose of binding themselves in committee to vote as a unit, did not reach the balloting stage.
It was indicated that further discussions would be held by the majority
committeemen before final action by the whole committee.
The problem revolved around the 9% taxes the bill would levy on Day
rolls. For unemployment insurance the bill would tax pay rolls 1%,
beginning Jan. 1 1936, and increasing to 3% Jan. 1 1938. All this tax
would be paid by the employer.
For old-age assistance the bill would tax pay-rolls 2%. beginning Jan. 1
1937. 1%1s tax, half paid by the employer and half by the employee, would
increase 1% each three years to 6% in 1949. . . .
Once the Committee voted 13 to 11 against eliminating voluntary annuities for those not covered by the mandatory old-age benefits. But the
advocates of that move claimed to have "new information" and demanded
a reconsideration. . . .
the broad bill
As the Committee continued its tenth week of work on
two other threats were developing. Representative Isabella Greenway,
Democrat, of Arizona, was holding in store a petition which would force
passing
a Democratic caucus on the question of lifting out of the bill and
Promptly the sections dealing with assistance for the needy aged.
of
-Labor,
Farmer
At the same time, Representative Ernest Lundeen,
Minnesota,filed a petition to force House consideration of his security bill,
the
which would grant bigger benefits to a larger number of persons than
Administration's program.
Pointing out that the electric industry requires more than
$5 of fixed capital for every $1 of annual revenue, a much
greater ratio than in general manufacturing and retail
merchandising, Mr. Fogarty said the North American Co.
in the last 12 years had invested in subsidiaries a total of
more than $150,000,000. The only interruption in dividend
payments on North American stock since they began 31
years ago occurred during the 1907 panic when North
Regarding the President's Conference with the SubAmerican suspended its own dividend rather than require
the "Times" account from Washington March
its subsidiaries to sell their securities at a sacrifice to pay committee
said:
23
It
was
Co.
money they owed to the North American
on the
The group conferred with the President at considerable length
further stated that for all of its services to its operating alterations it had made and Representative Cooper of Tennessee, as its
utilities, the North American Co. received from them in spokesman, on leaving the White House,said.
by the Preisdent
"I think it is fair to state that no suggestions were made
1934 an amount which was less than one-third of 1% of and
comparative agreement was reached on the bill in its entirety."
as a rebuff to
some
their gross earnings.
Indirectly, the President's action was regarded by
to the bill one of the original
It was viewed by Mr. Fogarty in his testimony (said Secretary Perkins who sought to have restored
giving her a voice in the Social Insurance Board. The Board
Washington advices March 26 to the New York "Journal provisions
old-age
would have jurisdiction over unemployment compensation and Comhed
be
accomplis
to
of Commerce") that much that is hoped
pensions. It was to have been a unit within her department. The
through enactment of the bill can be done under the powers mittee changed its name to the Social Security Board.
Committee to Study Redraft
granted the Securities and Exchange Commission. A
few amendments to the Securities Act, he believed, would
the Board an independent agency, the Comconstituting
to
In addition
from the Emergency Relief Adminisbe all that is necessary for strict control of the companies. mittee altered the original bill to take
would have enjoyed over immediate old-age
it
jurisdiction
the
tration
along
program
He proposed adoption of a regulatory
Board
assistance. This function also was vested in the Social Security
the following lines:
by the Committee.
1. When holding companies propose to acquire the stock of another
holding company they must secure the approval of the SEC in cases where
the acquisition is not passed upon by State commissions.
2. Authorize the SEC to regulate the issuance of securities of holding
companies and regulate the accounting methods of these companies.
3. Give voting power to all outstanding stock of the holding companies
and to all future issues of stock.
4. Require approval of the SEC or State bodies of charges of holding
companies for services to the subsidiaries.
by the
5. Prohibit the making of "upstream" loans unless approved
SEC.
Passes Bill Increasing Maximum Base of Pay on
Air Mail Contracts
The House, without a record vote, passed on March 25,
the Mead air mail bill raising the maximum base pay on air
mail contracts from 33 1-3 cents to 40 cents per mile. From
the account March 25 from Washington we quote:
House
aviator
Representative Melvin J. Maas. Republican of Minnesota,former
Roosein the Marine Corps in the World War, brought the name of Elliott
of Commerce
velt into the discussion. Maas said the Aeronautical Chamber
bill. He
was one of the organizations that sought the passage of the Mead
. .
pictured Elliott Roosevelt as one of its "contact men." .
lines,
air
the
of
methods
accounting
the
Representative Maas, attacking
off the cost of
said he knew of instances where companies were writing
two-way radio
brick buildings in three to five years and had written off
an amendequipment in a year. The House, however, by 84 to 34,rejected
practices
accounting
of
ment which he offered to have an investigation
made by the Interstate Commerce Commission.
From Fort Worth Texas, March 25 the Associated Press
reported the following:
was issued here toA denial that he is a lobbyist for aviation concerns
to charges made at
night by Elliott Roosevelt, the President's son, in reply
Mead air mail bill.
Washington to-day in the House before passage of-the
Roosevelt said,
"Phose Interested In the work that I am doing," Mr.
nothing to do with
"can find out by inquiring. They will learn that I have
even know
don't
I
companies.
the legislative program of the aviation
connected with the
what the Mead bill contains. As for my having been
connected with the
legislative program, I have never talked with any one
should
on ho
government or attempted to convert any one's opinion
vote."
ApRedraft of Administration's Social Security Bill with
../
proved By President Roosevelt In Conference
House Sub-Committee
On March 23 a redraft of the Wagner-Lewis Social Security
bill is said to have been approved by President Roosevelt
in conference with a sub-Committee of the House Ways and
Means Committee. Following the President's approval,
it was decided (said advices March 23 from Washington to
the New York "Times") to report to the House on March
28 the redrafted bill, embodying the changes made to date,
and to bring it up on the floor for consideration next Monday.
In Associated Press advices from Washington March 28 it
was stated that Committee leaders predicted that the bill
would not be ready for formal reporting to the House before
Tuesday or Wednesday of next week instead of this week,
on
Besides retaining the changes already made in the Administrati
its execumeasure, Chairman Doughton said the Committee would renew
its
tive session on Monday to go over the redraft with a view to insuring
changed
constitutionality. With this in mind. the Committee has already
to income
the term payroll tax to excise tax and the term earnings tax
Mostimportant of the changes written into the Administration-sponsored
program since it was referred to the Ways and Means Committee in January
include the following.
1, An increase in the contributory old-age annuity tax from 1 to 2%
instead
beginning in 1937 and to be gradually increased to 6% in 12 years
of 5% at the end of 20 years as originally provided.
payrolls
2. Substitution of a straight 1% unemployment compensation
tax that would begin in 1936 and increase by 1% in each of the following
conditions.
business
two years instead of the increase contingent upon
3. Exemption on non-profit institutions,farmers, domestics and so-called
and
casual workers from the taxes for both unemployment compensation
by
contributory old-age annuities. The latter tax is to be borne equally
workers
whether
employers and workers, but it is left to the States to decide
deducare to bear a part of the unemployment compensation tax through
tions from their earnings.
State-Pooled Funds Required
continuance
4. Elimination of discretionary authority to States to permit
requiring
of private plant reserve funds for unemployment compensation and
maintenance of State-pooled funds exclusively for this purpose. Also
employers
stricken was the provision for additional "credit allowances" to
be
having plant reserve funds through which the 3% payroll tax could
reduced to a minimum of 1.7%.
grants to
5. Curtailment of Federal authority to withhold duplicating
and
States for old age assistance where State standards seemed inadequate
personnel.
increased State discretion over standards and administrative
for
payrolls
on
tax
6. Raising the exemption for employers not to pay a
workers
unemployment compensation from those employing four or more
to those employing tea or more.
unem7. Exemption of most seasonal industries from payment of the
ployment payroll tax by raising from 13 to 20 the number of weeks during
which a worker must be employed to qualify for compensation.
On March 26 the House Ways and Means Committee
dropped from the bill a provision for the small-salaried man
to buy old age annuities giving him an income of $100 a
month at 65. United Press advices reporting this added:
annuities a
The Committee voted a $50 maximum monthly limit on
provision.
person may buy. Insurance companies fought the $100 a month
section,
By 13 to 11 the Committee voted to retain the voluntary annuity
Federal old age
ut with the $50 a month limitation. The section gives
ion to individuals making more than $3,000 a year.
65 he would
Any individual might buy Government annuity so that when insurance
endowment
receive $50 a month. Insurance companies with
protested their
systems, used largely for old age protection purposes,
business would suffer.
An item regarding the Administration's Social Security
and the
bill appeared in our issue of March 2, page 1402,
bill
Lundeen Unemployment Insurance and Social Security
Admitting
1757.
page
issue,
16
March
our
in
to
was referred
privathe desire of every one to prevent unemployment and AssoNational
the
of
President
Bardo,
L.
C.
age,
old
in
tion
Wagner
ciation of Manufacturers, opposed on March 10 the hastily
social security legislation on the ground that it was greater
to
drawn, vague in its terms and might possibly lead
Volume 140
Financial Chronicle
unemployment by reason of imposing furtherTburdens upon
industry. This was noted in the New York "Herald Tribune" in which it was also stated that Mr. Bardo and
Senator Wagner, author of the bill, both spoke over WOR
on March 10, the Senator repeating his frequent advocacy
and explanation of his bill.
Mr. Bardo confined his discussion to the unemployment
insurance features of the Wagner measure. In part the
paper indicated quoted Mr. Bardo as follows:
President Roosevelt believes that the contributory pension system proposed should be actuarially sound. The Economic Security Committee
says that a reserve of $75,000,000,000 would be necessary to carry out
the President's desire and provide a solvent fund. The bill itself, however,
provides a reserve of only $15,250,000,000,leaving a maximum net unfunded
floating debt to the people of the country of nearly $60,000,000,000. Secretary Morgenthau has proposed that the maximum reserve be made $50,000.000.000, thus increasing its actuarial soundness to 66 2-3%. At 3%
interest on this volume of Government bonds there would eventually be
imposed upon the taxpayers an additional annual levy of $1,500,000,000.
Under the Morgenthau plan the total industrial payroll tax in 1949. including both unemployment and pensions, would be $3.200,000,000. This
is a net burden of 8% on all payrolls. It is equal to the entire normal
revenue of the Government during the prosperous years 1923 to 1930. ...
The ultimate total amount involved in the combined unemployment
compensation and contributory old-age pension reserves is $52,000,000,000
—an amount far greater than our national debt has ever been; an amount
exceeding our total national income in many years.
House Committee to Begin Redraft Next Week of
Administration's Banking Bill—Changes Proposed
by Comptroller of Currency O'Connor—Dr. Walter
E. Spahr Regards Bill as Illustrating "Dangerous
Philosophy" of Its Authors.
In executive session on March 28 the House Banking and
Currency Committee decided to begin on Monday next its
• redraft of the non-controversial portions of the Administration's Banking Bill of 1935. In part Washington advices
March 28 to the New York "Times" reported:
Chairman Steagall of Alabama predicted that it would take a long time
to complete committee work on the bill, and said the Committee should
hasten as much as possible. The draft under consideration was prepared
by Federal Reserve Board experts under the direction of Marriner S.
Eccles, Governor the board. . . .
The non-controversial portions of the bill which will probably be read
for amendment on Monday are Titles I and III. Title I deals with Federal
deposit insurance, and Title III consists mainly of clarifying amendments
to the Federal Reserve Act.
Argument centres around Title II, which deals with reorganization of the
Federal Reserve System, with the concentration of greater powers in the
hands of the Federal Reserve Board. The objection has been advanced
by commiteee members and by several witnesses that enactment of the
bill would place the credit structure of the country in the hands of political
control by the President, through his power to appoint the Federal Reserve
Board members.
Republicans on the Committee are opposing Mr. Steagall's efforts to
push committee action toward an early report. The point out that the
Senate is far behind the House in legislative progress, and that the banking
bill merits all the consideration that can be given to it. . . .
The measure has not yet been studied by the Senate sub-committee
under Senator Glass which will have charge of the preliminary inspection
of the bill.
Additional changes in existing banking laws were proposed
on March 26 as amendments to the bill by J. F. T. O'Connor,
Comptroller of the Currency, it is learned from the Washington advices to the New York "Journal of Commerce,"
which on March 26 further reported:
Four changes were proposed to the Committee by Mr. O'Connor, which
he declared were not of major importance but desirable.
The first change would give the Comptroller the right to approve distribution of assets of national banks when two-thirds of the stockholders
of the bank approved such distribution.
Purpose of Amendment
He explained that cases have arisen where a bank desires to distribute
some of its assets, but it may not be considered proper by the Government.
Effect of the amendment, he said, would be to compel the bank to retain
the assets in such instances.
Another change would authorize the Comptroller to prescribe the form
of certificate to be issued by the national bank when the bank issues new
stock. Practically all States have "blue sky" laws but by having the
Federal Government fix the form of certificate for national banks, he said,
the securities cannot be interfered with by State laws.
Preferred Stock Control
The third proposal would provide that no preferred stock issued by a
national bank would be valid until It has been certified by the Comptroller.
The right to certify the common stock of the banks, he pointed out, already
has been granted by Congress and this agreement would extend authority
to preferred stock.
The final change proposes to extend elimination of double liability after
July 1 1937 to the banks of the District of Columbia.
rho proposed changes of the Comptroller probably will be included in the
omnibus bill when the House Committee begins consideration of the bill in
executive session expected some time next week.
Before the House Committee on March 27 Dr. Walter E.
Spahr, Professor of Economics of the New York University,
said that passage of the pending banking bill will make possible control of the banking structure by the political party
in power; enable the Government to force the banks to aid
in Government financing; and permit the people's money
to be used regardless of the effect upon commerce, agriculture
and industry. The "Journal of Commerce" Washington
advices March 27, authority for the foregoing, continued:
2111
"We see in Title 2 of this bill a multitude of illustrations of the dangerous
banking philosophy held by advocates and authors of the bill," Dr. Spahr
declared. "It must not be passed. It is extremely dangerous. The conceptions underlying It run counter to the beat opinion on central banking.
Hits Motive Behind Bill
"If its advocates insist that they have the welfare of this nation at heart,
let them prove it by submitting the bill to a national commission of experts
for analysis. The authors of this bill would not risk such an analysis.
What they want is not better central banking, but more political banking
by political planners; they want to build a bigger and better political
machine."
Dr. Spahr declared that there are not circumstances calling for the legislation at this time. Both the money and banking systems, he said, have
suffered mutilation in recent years and what is needed now is careful and
deliberate overhauling and reconstruction, rather than further mutilation
and distortion "such as will result if Title 2 of this bill is passed under the
administrative whip and in the atmosphere of tense emotionalism now
prevailing."
He said that section 201 of the bill, providing for approval by the Federal
Reserve Board of the appointment of Governors of Reserve banks, in effect
makes the Governor a czar and through him "the politically controlled
Federal Reserve Board can reach directly and arbitrarily down to every
employee in every Federal Reserve Bank."
Qualifications Are Given
F In making appointments to the Reserve Board,the bill provides that the
President "shall choose persons well qualified by education or experience
or both to participate in the formulation of national economic and monetary policies."
Dr. Spahr said that "if this sentence means what it appears to mean,
then this board will become a part of the planning bureaucracy of the Government, and the Federal Reserve System can become, and can be made to
become, the financial agent of the Government in carrying out its planning
policies. It can be made an engine of oppression, rather than a neutral
agent to finance commerce, agriculture and industry.
"It is not the function of a central banking system," he went on,"to give
Government credit a higher rating than It would otherwise have in the
open money markets to which non-Government borrowers and lenders
must go. It is the function of all commercial banks to give borrowers the
exact credit rating to which they are entitled; and it is the function of these
banks and central banking authorities to give Government borrowers exactly
the same type of credit rating."
David Friday, at Hearings Before House Committee,
Declares Pending Public Utilities Bill Has Already
Depressed Market for Securities
The proposed Public Utilities bill has already depressed
the market for stocks and bonds, and has had a similar
effect upon business activity, according to a statement presented on March 22 by Dr. David Friday, economist, at the
hearing before the House Interstate and Foreign Commerce
Committee. "Any action which reduces security prices is
itself an independent factor in retarding business recovery,"
said Dr. Friday, who added:
People buy durable goods such as homes, furniture and automobiles with
their income when the value of their property is stable or rising. When
the value of their property is declining they begin to have doubts about
the future. They feel themselves impoverished and refrain from making
any long-term purchases, especially those which they make by the use
of credit.
The effects of complete abolition of the public utility holding companies
would be still more serious. There are almost no cases in which the capital
set-up of the holding company consists of common stock alone, and only
in such cases could liquidation be accomplished by apportionment of
operating securities without actual sale.
In nearly all cases a huge volume of operating securities would have to
be sold—either privately or on the regular exchanges—during a time when
everyone would know that these blocks were hanging over the market and
under conditions which would prohibit an individual or corporation buying
or owning as much as 6% of the common stock of any individual operating
company. Under such circumstances the owners of the common stocks of
holding companies would receive nothing. And we must remember that
to give them even the, present market prices would be a gross injustice.
The proponents of this bill appear to have given little or no serious
consideration to the magnitude of these problems and to the impossibility
of their solution without virtual confiscation of the savings of millions of
legitimate investors in the securities of those public utility holding companies which this proposed legislation would order out of existence.
We submit that the disastrous effect of such proposed drastic legislation
should be seriously considered before and not after such legislation is
enacted.
In his message to Congress, on March 12 1935, President Roosevelt
said, in part:
"Such a measure will not destroy legitimate business or wholesome and
productive investment. It will not destroy a penny of actual value of
those operating properties which holding companies now control and
which holding company securities represent insofar as they have any value.'
So far as the value of operating properties is concerned, this is represented for the most part by fixed capital, such as land, power plants, transmission lines, substations, distribution systems, Szc., which are physically
anchored to the territory served. It is quite true that no legislation,
however drastic or confiscatory, will have the effect of altering the existence
of these physical operating properties or the intrinsic value which they
represent. Even though the Government enacted legislation providing
for the outright confiscation of these physical properties, divesting their
owners of title thereto, they would continue to exist. But the mere fact
of their continued existence would be small consolation to their previous
owners who had engineered and financed their construction and built them
to what they are to-day.
According to Washington advices, March 22, to the New
York "Journal of Commerce," Mr. Friday agreed with
Committee members that the Tennessee Valley Authority
should include all items of expense in fixing its utility rates
if rates of the corporation are to be used as a yardstick for
the entire utility industry and urged that the Government
spend several million dollars of the proposed relief fund
2112
appropriation for rural electrification.
account we also take the following:
Financial Chronicle
From the same
The witness told the Committee that the utility industry by no means
has reached the maximum of its growth, and an increase of 50% in sales
of electricity for all uses over the 1934 level is certain with the return
of prosperity.
The effect of such increase upon business revival in general is obvious,
he added. A 50% rise in the level of electric sales will necessitate the
industry launching a $2,000,000,000 program of plant construction, he said.
Construction is the one thing of which the nation is in most need to
stimulate business revival, and to maintain it once it gets under way, Mr.
Friday declared, because if normal production and distribution of goods
Is to be restored there must be a resumption of activity in the plant and
equipment construction industries.
"But we can never have a revival of activity in this field unless two
conditions are present," he warned. "First of all, we must have an abundance of capital at low interest rates; and second, we must have a willingness on the part of managers to borrow to expand their plants.
Stresses Loan Situation
"The first of these depends upon the abundance of capital funds and upon
the confidence of investors in the industry into which they are asked to
put their capital. If that condition is not present, investors will go into
other fields, or will leave their capital idle, as they have been doing for
some years past."
Hearings Before House Committee on Bill to Regulate
Public Utility Holding Companies — Views of
J. E. Zimmermann—Makes 11. Recommendations
John E. Zimmermann, President of the United Gas
Improvement Co. of Philadelphia, told the House Committee on Interstate and Foreign Commerce on March 19
that passage of the Wheeler-Rayburn Public Utility Bill
"would destroy the permanency in industry of U. G. I."
And more than 100,000 stockholders, resident in every State,
he said, would suffer loss of their savings as a consequence
Of the legislation.
"The placing in an agency in Washington of final decision
on most matters of local importance to utility company
management," said Mr. Zimmermann, "would increase the
cost of operation, decrease initiative of local management,
prevent improvements in business practices and stifle development in the engineering field."
Passage of the bill, he said, would result in loss of savings
to moie than 121,000 stockholders, scattered in every State
of the Union.
Addressing the Committee, Mr. Zimmermann answered
each of the 13 charges of alleged abuses stated in the bill.
He denied that U. G. I. was guilty of any, except the charge
of wide distribution of securities. He pleaded "not guilty"
to 12 other indictments which, the bill says, "necessitate
legislation to control and eliminate the holding company."
According to Associated Press accounts fromWashington
March 19, Mr. Zimmermann made 11 recommendations
for the kind of regulation he would approve, viz.:
Control write-ups through the Securities and Exchange Commission's
requirement of balance sheet items.
Regulate intermediate holding companies if they are not under State
regulation.
If there is any doubt about the SEC's power to regulate holding company
security issues, amend the SEC Act.
Not duplicate Federal and State control of operating companies' securities.
Let SEC continue control of holding company bookkeeping and accounting practices.
Have Federal control over "so-called" supervising or service contracta
with subsidiaries only when there is no State regulation.
Same for control of operating company security sales.
Not eliminate "necessary" sub-holding companies at all.
Leave to SEC discretion whether holding companies may issue other
than common stock, if that would be at a sacrifice.
Require State Commission approval of up-stream loans (from lower to
higher control companies).
Control the estimated 1% of unregulated inter-State power movement
with inter-State boards.
Mr. Zimmerman, on questioning, expressed the belief that most States
would adopt regulatory statutes.
Bill Introduced in Senate to Extend NRA—Would
Confine Codes to Interstate Commerce and AntiTrust Laws—Action Taken Incident to Threatened
Strikes
What is described as a secretly drafted Administration
bill to extend the National Recovery Administration, with
some modifications, was hastily introduced yesterday
March 29) by Chairman Harrison of the Senate Finance
Committee, after a warning in executive session from Donald Richberg, NRA head, that strikes were Impending in
four big industries. Associated Press advices from Washington, on March 29, as published In the New York "Sun,"
In which this is reported, also said:
•
The NRA bill was along lines recommended by the Administration, with
codes confined to inter-State commerce and the anti-trust laws partially
restored.
Members of the Committee said that Mr. Richberg warned of the threatening labor situation in the steel, coal, automobile and textile industries,
and urged them to speed up consideration of NRA legislation. He advocated the immediate introduction of the bill which Senator Harrison had
had in his pocket for several days.
March 30 1935
Oppose Black Bill to Expedite
Government Appeals — Justices Hughes, Van
Devanter and Brandeis Appear Before Senate
Committee
Supreme Court Justices
Chief Justice Hughes and Associate Supreme Court Justices
Van Devanter and Brandeis appeared before the Senate
Judiciary Committee on March 25, when they testified
behind closed doors in opposition to the Black Bill, which
would permit direct appeals to the Supreme Court in injunction or restraining orders cases which involve Government
departments or bureaus. The Justices said that the measure
was unnecessary and would actually delay court procedure,
pointing out that injunction cases are already handled efficiently through customary methods. Despite this testimony, Senator Black, sponsor of the bill, said on March 25
that he would continue to seek its enactment. The bill was
designed to expedite to the Supreme Court an appeal from a
decision of a lower court enjoining the Tennessee Valley
Authority from entering into contracts with municipalities
for the supply of power under the Public Works Administration.
The text of the bill is given below:
That when any Judge or Court of the United States issues any restraining order, decree, judgment, or injunction prohibiting any Federal official
or employee, or Federal agency or bureau, or any other person or agency,
from carrying out the provision of, or acting under the provisions of any
Federal law, an appeal by the United States shall lie from such restraining
order, decree, judgment, or injunction, directly to the Supreme Court of
the United States.
Section 2. Upon filing notice of an appeal from such restraining order,
decree, judgment, or injunction, the entire record of the proceedings in the
cause shall be sent to the Supreme Court within ten days from the date
of such notice, and the cause so appealed to the Supreme Court shall be
given preferential consideration over all other causes not of a like nature.
Section 3. This Act, and the right of appeal thereunder, shall apply to
restraining orders,judgments, decrees, and injunctions in all causes already
rendered and hereafter rendered.
Government to Seek Dismissal of NRA Case Before
United States Supreme Court—Involves Appeal of
Belcher Lumber Case—Announcements by Department of Justice and Lumber Code Authority
The Department of Justice made known on March 26 the
intention of the Government to seek dismissal of its appeal
before the United States Supreme Court of the case of the
Government against William E. Belcher, an Alabama lumber
mill operator, arising out of alleged violation of provisions
of the lumber and timber products code. In Associated
Press accounts from Washington, March 26, it was stated:
Attorney-General Cummings and Solicitor-General Stanley S. Reed termed
this appeal "unsatisfactory." The Birmingham Federal District Court has
declared the NRA unconstitutional.
The statement issued by the Department of Justice says
that the lumber code involved in this case "contains administrative provisions peculiar to itself with respect to the
extension of discretionary powers to non-governmental agencies—a fact which was emphasized many times in the
recent Senate committee hearings and which set this code
in a class by itself." Besides stating that "this feature is
expected to be eliminated under the new legislation," the
Department adds that it feels "that the fundamental ques-•
tions involved in the National Industrial Recovery Act
should be presented to the Supreme Court in a case in which
full evidence of the facts has been given." The ruling of
Federal Judge W. I. Grubb, of Birmingham, Ala., on Oct. 31
last,'holding the NIRA illegal, and dismissing code violation
indictments against Mr. Belcher, was referred to in our
Issue of Nov. 3 1934, page 2769. In commenting on the
action of the Department of Justice and the letter of President Roosevelt to Donald R. Richberg, given in these columns to-day, in which Mr. Roosevelt said he was "requesting
the Department of Justice to give every assistance in maintaining compliance with the codes and in advising the district attorneys throughout the country to take prompt and
vigorous action to prevent or to punish violations," a Washington dispatch, March 26, to the New York "Times" said,
in part:
In seeking an explanation of the apparent contradiction between the
admonition of the President to move for prompt enforcement and the
dismissal, within a fortnight, of argument in the Supreme Court of the
Belcher case, it was stated in NRA circles that the officials were never
"enamored" of the lumber code.
Such a hint was conveyed in a statement by the Department of Justice,
which pointed out that the code contained "administrative provisions
peculiar to itself with respect to the extension of discretionary powers
to non-governmental agencies."
These "administrative provisions" refer to the allocation of production
by Code Authorities without Government control, price-fixing and provisions with regard to the reporting of sales to the Code Authority. The
price-fixing provision was suspended several months ago.
Fear was expressed in NRA circles that retention of the provision for the
allocation of production might be a dead weight against the Recovery Act
before the Supreme Court, and help to drag the wage and hour provisions
into the obscurity of the court's majority disapproval.
Volume 140
Financial Chronicle
In the Belcher case the Government was confronted with the following
dilemma:
1. It could take its chances on the public reaction to an announcement
that it had definitely decided to drop the case and dismiss the appeal, or
2. It could take its chances on the result of the outcome of the argument in the Supreme Court in an endeavor to support a code with some
unsupportable provisions.
Wage Provisions Not Enough
Sound as the Government believed the wage and hour provisions to be,
the fear was felt by some high officials in the Department of Justice that
they were insufficient to support the legality of the entire code which
was under attack.
Under these circumstances the President was advised by the Department
that the pending appeal should be dropped.
At the same time, it is understood the NIRB was advised to take action
toward revising the lumber code to bring it within what are considered
"air-tight" legal bounds.
Government withdrawal from the Belcher case had an immediate effect
within the lumber industry. The Resident Committee of the Lumber Code
Authority telegraphed to the 85 administrative divisions of the Authority
a recommendation that the administration be requested to suspend the code
"for reasons of equity."
In announcing its step the committee, which acts between sessions of
the Code Authority, said that withdrawal from the Belcher case left them
with an "incapacitated code."
The Department of Justice action, the statement said, meant abandonment of any Government attempt to enforce the NRA in the lumber
Industry and thus constituted discrimination. . . .
Members of the NIRB Pleased
Members of the NIRB were pleased with President Roosevelt's statement
suggesting that the full power of the NRA be exerted toward compliance.
Although the Spielman case, involving the motor retailing code, wherein
a violation of the New York State Schackno Act is charged, is on the
calendar for early argument in the Supreme Court, it became known to-day
that efforts are being made to rush another test case to the highest court
before the present term ends.
Opponents of the NRA lost no time in using the Belcher case as a
spring-board for their attacks. F. M. Curlee of St. Louis, associated
with a large non-union clothing manufacturing company, told the Senate
Finance Committee to-day that the public would construe the dropping of
the Belcher case as evidence of the Government's unwillingness to meet
the issue of the constitutionality of the Recovery Act.
We give herewith the announcement of the Department of
Justice:
Statement of Department of Justice
The Government will ask for a dismissal of its appeal before the Supreme
Court in the case of United States v. Belcher. This decision is due to the
following circumstances:
The case arises under an indictment charging violation of provisions of
the lumber and timber products code. This code was among the first
approved, at a time when the lumber industry was in great distress and
the NRA was in the early stage of its development. Consequently, while
sound in general substance and in purpose, this code contains administrative
provisions peculiar to itself with respect to the extension of discretionary
powers to non-governmental agencies—a fact which was emphasized many
times in the recent Senate committee hearings and which sets this code
in a class by itself.
Revision of this situation is, the Department is informed, now under
consideration by the NIRB. In any event, this feature is expected to be
eliminated under the new legislation as recommended by the administration.
A further unsatisfactory feature in this case is that, due to the nature of
the action, no findings could be made by the lower court. The Department
feels that the fundamental questions involved in the NIRA should be
presented to the Supreme Court in a case in which full evidence of the
facts has been given.
Other cases in which these objections do not exist are being pressed
in several of the circuits in order that decisions of the Appellate Courts
may be secured as soon as possible.
Meanwhile, and pending desirable amendments to the lumber and timber
products code, there will be no relaxation in the enforcement of other
codes. United States attorneys are being so instructed.
Following is the statement issued by the Resident Committee of the Lumber Code Authority:
Lumberman Committee's Statement
The withdrawal of the Belcher case by the Department of Justice is a
bitter disappointment to the lumber and timber products industries. The
unavoidable inference is that the Department of Justice will no longer
endeavor to enforce the lumber code, thus creating a difficult situation
of discrimination between the lumber and other industries.
Being thus left with an incapacitated code, the Resident Committee
of the Lumber Code Authority to-day telegraphed to its administrative
divisions throughout the country a recommendation. that "for reasons of
equity" the administration should be requested that the code for the
lumber industry should be suspended, together with a request for their
views thereon and comment on the Belcher case withdrawal, which are
to be transmitted to the NIRB for disposition.
During the present uncertainty the Lumber Code Authority intends to
maintain its organizations in order that they may be in position to speak
officially for the industry.
We entered into the President's recovery program nearly two years ago
with sincerest intention both to rehabilitate our own industries and to
contribute to the public interest through increasing wages, shortening hours
of labor and putting our industry in a position to carry on in the recovery
movement.
Because at that time our industry was in the depths of a depression,
not approached in any other industry except agriculture, the difficulties
of achieving recovery were greater and the requirements for co-operative
action were consequently more imperative. Our code had to be adapted
to meet the peculiar requirements of our industry and was, therefore,
quite different from most others approved under the Act.
The industries under our code immediately made a sincere and honest
effort to fulfill their obligations in code administration and we can
reasonably point with pride to the marked contribution we have made
to the recovery movement. All this was done through voluntary compliance which, notwithstanding the practically complete failure of enforcement activities, has continued to a substantial degree up to the present time.
2113
Passage of Patman Bonus Bill by House—Cash Payment Proposed Through Issuance of $2,000,000,000
in New Currency
Despite the fact that the soldier bonus cash proposal faces
Presidential veto, advocates of such legislation (said advices
from Washington to the New York "Times") went ahead
on March 23 with plans to force through the Senate a bill
for immediate payment. The passage of the Patman bill
by the House on March 23 was noted in these columns a
week ago, page 1933. From the Washington account
March 23 to the "Times" we take the following:
Tydings to Push His Plans
Strong efforts will be made by Senator Tydings to pass his compromise
Program which would give the veterans 3% government bonds in exchange
for their adjusted compensation certificates. Although this bill was decisively beaten when offered in the House by Representative Cochran,
Mr. Tydings says he is not discouraged and feels that his bill might be
accepted by the President.
Hearings will be held by the Senate Finance Committee before any bonus
bill is reported to the Senate. Although prompt action has been promised
by Chairman Harrison,the fact that his committee is now considering NRA
legislation is almost certain to push the bonus into the background for
some time. Thus leaders do not expect final disposal on the floor for at
leastsix weeks.
Attempts by the various veterans' organizations to unite on one bill
were seen to-day when James E. Van Zandt, commander-in-chief of the
Veterans of Foreign Wars, supporter of the Patman bill, invited Frank N.
Belgrano Jr., national commander of the American Legion, to confer on
plans for united action in pushing veteran legislation through the Senate.
As was indicated in our item last week (page 1933) the
Patman bill passed the House on March 22 by a vote of
318 to 90. Under the Patman bill payment of the bonus
would be provided through the issuance of new currency to
the amount of $2,000,000,000. Regarding the House
action on March 22 we take the following Washington
account that day to the New York "Herald Tribune":
The final vote came after the House just missed reversing its action of
yesterday [March 21] when it substituted the Patman measure for the
Vinson bill, supported by the American Legion, and leaving the method of
raising the money to the Treasury through taxes or bond issue.
When the House convened, a motion to recommit the bonus bill with
Instructions to the Ways and Means group to report out the Vinson version was made by the author of this bill, Representative Fred M. Vinson,
Democrat, of Kentucky. The motion was defeated by a vote of 207 to 204,
but for a moment it looked as though the Vinson bill had won.
Speaker Joseph W. Byrnalcast his vote for the Vinson bill, breaking a
tie, but at this point 3 Democrats quickly changed their votes. Representatives Hatton Summers, of Texas, and E. E. Cox, of Georgia, who
had been voting "present" switched and voted against the recommitment
of the Patman measure, while Representative William B. Oliver, of Alabama, who had voted:aye, changed to no.
Members said it was the first time a tie Vote had been broken by the
Speaker of the House since Vice-President John Nance Garner did the
same thing, but with decisive result, in the Seventy-Second Congress.
Immediately, another effort was made to subsitute the Cochran-Andrews
Tydings compromise bonus bill, under which 3% government, bonds would
be issued to the veterans. It failed by a vote of 318 to 82, and the House
swept on to the point of final passage.
House Cheers Patman
When it was announced, the House!cheered Representative Wright Patman, Democarat, of Texas, and his colleagues told him noisly that the
74th Congress would see enactment/of the Patman bonus bill to expand
the currency to pay the amount of the:government obligations in behalf of
ex-service men.
The passage vote brought out 408 of the 432 members of the House to
record themselves vocally, and the majority got quickly on the bonus
band-wagon. A political breakdown of the final roll call showed 247 Damcrate, 61 Republicans, 7 Progressives and 3 Farmer-Laborites in favor of
the measure, as against 54 Democrats and 36 Republicans against it.
Of New York's 44 members in the House 3 Republicans and 22 Democarts
voted for it; 10 Republicans and 5 Democrats against. Two Republicans
were paired for the bill and one Republican against. One Democrat did
not vote but was listed as having a general pair.
Byrns Breaks Tie Vote
In castinehis!breath-taking vote to break a tie when the roll call on the
motion to recommit in behalf of the Vinson bill was completed, Speaker
Byrns leaned down from the chair to the tally clerks and said: "I wish to
be recorded in favor of the Vinson bill."
It was then that the supporters of the Patman bill, after much scurrying
producedkRepresentativeslCox,Summers and/Oliver, who changed their
votes.
Representative Oliver explained that his switch was due to the fact that
Representative Patman yesterday had not taken advantage of his position
and forced final action when his bill had been voted as a substitute for the
Vinson measure, which the Ways/and Means Committee had originally
recommended to the House. There had been an agreement to withold
final action until to-day.
"I am against both of these bills." said Representative Oliver, "but in
view of the situationiI am taking the liberty,of changing my vote from aye
to nay."
In the!end Representatives Patman and Vinson shook hands.
Senator Black to Seek Early Action on 30-Hour Week
Bill—Donald R. Richberg Opposed to Measure—
National Retail Dry Goods Association also Voices
Opposition
Early action on the compulsory 30-hour work week will
be sought in the Senate by its sponsor, Senator Black (Dem.,
Ala.), it was indicated in a dispatch from Washington
March 25 to the New York "Journal of Commerce," which
noted however that no provision has been made for giving
it preferential status on the Administration program. It
2114
Financial Chronicle
was added to the Senate calendar on March 25 and will be
called up for consideration at the first opportune time. The
advices from which we quote also said:
The labor bill reported favorably by Senator Neely (Dem., W. Va.) from
the Committee on the Judiciary, would prevent the shipment in interState commerce of certain articles and commodities in connection with
which persons are employed more than five days a week or six hours a
day. It also prescribes certain conditions with respect to purchase and
loans by the United States, and codes, agreements and licenses under
NIRA.
If passed, this legislation would affect employees in the following enterprises:
1. Industries borrowing money from governmental agencies;
2. Industries and their subcontractors making contracts for services to
be performed with the United States Government;
3. Industries actively engaged in inter-State commerce; and
4. Industries operating under codes approved by a governmental agency.
In addition to providing a shorter work week and work day this bill
would prohibit any reduction in the hourly, daily, weekly or monthly
wages of employees affected by it pending a reasonable opportunity for
discussion and agreement between employers and duly selected representatives of their employees.
"We have tried various methods of solving our economic problems,"
recited Senator Neely in his report to the Senate. "Our greatest success
in this matter has been achieved by shortening working hours, increasing
wages, raising the price of farm products and providing an enormous Government pay roll, thus increasing employment and purchasing power.
"But we should no longer temporize with the cancerous condition of
unemployment, which is attacking the very vitals of our civilization. We
must choose between fostering a vast regular army of mendicants and readjusting our working conditions so as to provide jobs for the idle instead
of doles."
One of those who voiced opposition to the bill was Donald
R. Richberg, Executive Director of the National Emergency
Council. From United Press advices from Washington Mar.
11 reporting his views before the Senate Finance Committee,
we quote the following:
In answer to a question by Senator Black, Democrat, of Alabama, author
of a bill to impose a 30-hour week on industry, Mr. Richberg said:
"You cannot devise any inflexible rule for industry that doesn't do a
multiplicity of injuries and hardships."
Senator Black sought to gain more information regarding the maximum
hour requirement of codes. Ile contended that only 5 codes required a
work week as low as forty hours.
Mr. Richberg asserted that at least 60% of the codes Imposed work
weeks of 40 hours or less.
The witness also was questioned about mechanization of industry and
said:
"I don't see any value or use in endeavoring as a Government matter
to retard the natural progress of industry in increasing production per
unit of labor employed."
The National Retail Dry Goods Association, representing
close to 5,400 department stores and other types of stores
throughout the country, went on record on March 19,
through their board, against the 30-hour week bill, according to the New York "Herald Tribune," which stated that
the directors met at a closed session at the Hotel Pennsylvania in New York.
The same paper in Washington advices, Mar. 20, made
known the issuance of a policy statement by the United
States Chamber of Commerce attacking the 30-hour-a-week
bill as "a serious menace to existing employment as well as
being a threat to recovery and re-employment."
A favorable report on the Black 30-hour-week bill was
made by the Senate Judiciary Committee on March 18, at
which time Associated Press advices from Washington said:
This bill, in a somewhat different form, was involved in the discussions
two years ago out of which came creation of NRA. A favorable report
from the Senate Judiciary Committee to-day placed it in position to our
continuation of the Recovery Law.
This bill, in a somewhat different form, was involved in the discussions
features of NRA are designed to do, shorten hours and raise wages. In
place of the flexible code structure, it would impose a rigid 30-hour week
law on all industry except agriculture.
A bare quorum of the Judiciary Committee, and a sharply divided one,
voted on the Black Bill. The action, however, represented a challenge from
the American Federation of Labor to Congress to extend NRA or go even
further to provide jobs for the unemployed.
Hearings on Wagner Labor Disputes Bill—L. K.
I- Ilk Garrison, Former Chairman NLRB, Views En1!""forcement of Section 7-A of NIRA as Dependent
rIr on Passage of Bill—Opposition to Bill by J. A.
Emery, National Association of Manutacturers
Lloyd K. Garrison, former Chairman of the National
Labor Relations Board, expressed doubt on March 15 that
Section 7-A of the National Industrial Recovery Act should
be retained unless the Wagner labor disputes bill is passed.
United Press advices, March 15, to the New York "Journal
of Commerce" added:
r-
Mr. Garrison, who returned last fall to his position as dean of the
University of Wisconsin Law School, testified before the Senate Labor
Committee in behalf of the Wagner bill. The measure would strengthen
collective bargaining guarantees of Section 7-A and give the Labor Board
broad power to enforce them.
He said Section 7-A "cannot now be enforced except in a handful of
cases."
"Unless this bill can be passed," he continued, "I doubt if 7-A should
be retained at all. It is worse to have a law holding out false hopes
than no law at all."
March 30 1935
Describing organized labor as the country's chief bulwark against communism, Mr. Garrison recommended that all company unions be outlawed,
whether or not they were organized and dominated by employers.
"I think by and large company unions are bad things and ought to
be eliminated," he said.
On the previous day (March 14), President Green, of
the American Federation of Labor, warned the Senate Labor
Committee that organized labor will assume a more militant
attitude unless the bill is enacted into law—"and unless it
is enforced." Reporting this from Washington, United Press
accounts added:
Declaring collective bargaining guarantees of the NIRA had been flouted
by employers, Mr. Green added:
"We have counseled patience and the use of peaceful means of settlement; we have assured groups of workers that they do not need to strike
to secure their legal rights.
. . . "We cannot and will not continue to urge workers to have
patience unless the Wagner bill is made law and unless it is enforced once
it becomes law."
Mr. Green said that under the Recovery Act workers "have found themselves frustrated at every turn In their efforts to enter into true collective
bargaining."
Mr. Green criticized the Automobile Labor Board and said that Section 7-A
has been interpreted in substantially the same manner by every Board set
up to enforce it with the one exception of the Automobile Labor Board.
Previous reference to the hearings on the bill appeared in
our issue of March 16, page 1755. At the hearing on
March 19, two tobacco manufacturers told the Committee
that after many years of making agreements with organized
labor they believed that collective bargaining with independent trade unions made for peace and harmony in industry. A Washington dispatch, March 19, to the New York
"Times" further stated:
The employers were E. J. Helck, Vice-President of the Axton-Fisher Co.,
and H. K. Robertson, counsel to Brown & Williamson. Both companies
have closed-shop agreements.
Mr. Helck said that his company had been bargaining collectively with
the Tobacco Workers International Union for 36 years, and that its agreement with the union made for increased productivity among the workers
and better workmanship for the employers.
He opposed the idea that "labor must be brought to its knees," and said
that destruction of the wage earners' purchasing power was brought about
by such a policy.
John L. Lewis, President of the United Mine Workers of America, expanding his attack on Donald 11. Richberg, executive director of the National
Emergency Council, made before the Committee yesterday, asserted that
Mr. Richberg had "deceived the President" and "sold labor down the
river."
Mr. Lewis suggested that the National Labor Relations Board created
under the Wagner Disputes bill be set up as a bipartisan body with
employer and employee representatives and a neutral chairman. He did
not want the Board detached from the Department of Labor.
J. A. Farquharson, legislative agent of the Brotherhood of Railway
Trainmen, urged that a provision be written in the bill providing that
closed shop agreements might be made if employer and employee agreed
to make such compacts.
In his appearance before the Committee on March 18, Mr.
Lewis (according to the Associated Press) charged that
Mr. Richberg contradicted himself within three days in important rulings made in 1933 on the question of majority
rule for labor representation. Continuing, these advices
said:
Mr. Lewis, testifying in support of the Wagner labor relations bill, said
Mr. Richberg had made "a confession" to that effect last week before the
National Recovery Administration Labor Advisory Board. Mr. Richberg,
now director of the Emergency Council, was general counsel of NRA
in 1933.
"The principle of majority rule was approved in an executive order
issued by President Roosevelt," Mr. Lewis said, "but the principle was
emasculated and destroyed by an interpretation of 7-A by Donald Richberg
and by pronounced interference in the present Labor Relations Board by
the same gentleman."
Mr. Lewis, who attacked Mr. Richberg during a hearing on the 30-hour
week bill earlier in the session, said to-day:
"It is no longer necessary for anyone to wonder why labor loses confidence in the efforts of the Government and Congress."
Before the Senate Committee, on March 21, James A.
Emery, general counsel of the National Association of Manufacturers, declared against the bill on constitutional grounds,
saying that it would "employ the Government as the recruiting sergeant of an army in which workers refuse to enlist."
Earlier views of Mr. Emery in opposition to the bill were
noted in our issue of March 2, page 1411. As to what Mr.
Emery had to say on March 21, we take the following from
the Washington advices to the "Times":
The Wagner bill, according to Mr. Emery, would "hamstring the employer by making his natural, necessary and reasonable relations with his
employees 'an unfair labor practice,' gratuitously presuming that he alone
exercises coercion in the employment relation and ignoring the equally
reprehensible and long-recognized practices and abuses of labor organizations, destructive not merely of the rights of employers, but coercing and
Intimidating both fellow-workers and the public."
Exceeding Authority Is Charged
Asserting that the law would deprive minorities of workers of their
right to bargain for their services, Mr. Emery said:
"Liberty of contract Is thus narrowed and not enlarged, despite the
high sounding proclamations to the contrary."
"The distinguished Chairman of the NLRB (Mr. Biddle) is irritated by
the suggestion that his agency and his predecessors have erroneously inter-
Volume 140
Financial Chronicle
preted their present authority to empower them to declare that a majority
in any given unit of employment may be the exclusive representative of
all," he went on.
"The gentleman knows that whatever power his Board possesses is derived
from an Executive Order. The authority that body exercises is derived
from the President, upon whom it was conferred by Congress.
"He is,. therefore, merely the President's agent. He was created by the
President's proclamation as Adam from the dust of Eden, and that is
equally true, whether he claims his authority under the President's
original order, issued by virtue of the Recovery Act, or by virtue of Congressional Resolution No. 44. In either case he may not contradict his
master's voice."
Mr. Emery quoted President Roosevelt's order protecting minorities from
subjugation by majorities, and added:
"Despite this plain language, despite the previous authoritative interpretations of the National Recovery Administrator and his counsel, despite
the above interpretation of the President, his creature undertakes to correct
its creator and, as his agent, to set aside the declaration of his principal."
Wheeler-Rayburn Public Utility Bill Declared "Potential Menace" to Existence of Holding Companies
in Report of Committee of New York Chamber of
Commerce
The Wheeler-Rayburn public utility regulation bill is seen
as a potential menace to the existence of holding companies
in every line of business in an interim report made public
March 26 by the Chamber of Commerce of the State of New
York. If the bill should be enacted and its constitutionality
upheld, similar legislation can be applied to all holding
companies, regardless of what industry they are part of,
according to the report. The bill is opposed by the Committee on Internal Trade and Improvements, which drew
the report, on the ground that it violates the principles of
American government, that it will retard business recovery,
wipe out the savings of innocent investors and place the
utility industry under a politically controlled bureaucracy.
"Obviously," the report says, "if legislation of this character
is constitutional, it can be applied in a similar way to
holding companies in all other businesses." Pointing out
that the public utility industry has been built up in strict
accordance with State and Federal laws, the report says:
"An important factor in the growth was that they permitted a combination of operating utilities without disturbance of their individual franchises. Furthermore, the single ownership of many properties enabled
engineering, economic and financial benefits. Small operating subsidiaries
have benefited through the low cent of financing and the training and
talents of leading engineering and management organizations. If the
holding company is eliminated, the weaker operating companies will be
seriously affected through the loss of financial support and the skilled
central management of the holding company, and many investors in these
companies will lose their savings.
"There are said, to be 200 holding companies and 2,000 electric power
and lighting companies. The total investment in holding companies is
estimated to be $2,000,000,000, and in all public utilities $10,000,000,000.
Domestic electric consumers numbered 20,000,000, and had an annual
average electric bill last year of $33. Domestic gas users numbered
14,800,000, and paid an annual bill of $36. The total domestic electric
bill is, accordingly, about $660,000,000 a year, and the gas bill
$633,000,000."
The average citizen complains far less about his electric and gas bills
than about the total tax bill, which is now estimated at more than
$9,500,000,000 a year and rapidly mounting, the report says, adding:
"The tax bill, directly or indirectly, bears heavily on everyone, although
we hear very little agitation in Government circles to lessen this burden."
It declares that the tax burden will be further decreased by the cost of
many additional Federal bureaus, duplicating State commissions, Sze., if
extremely difficult."
"The securities of utility companies are widely held throughout the
United States by private investors, who bought them innocent of any
wrong-doing, and the destruction of the holding companies will be disastrous to many," the report continues. "The utility holding companies
cannot, generally, distribute their portfolios of operating company securities to shareholders without sacrificing certain interests, especially of
junior security holders. No open market exists for most large blocks of
operating company securities, and liquidation of these companies would be
extremely difficult."
It is further stated in the report:
The enactment of the Securities and Exchange Conunission law now provides for regulation of the securities of holding companies, including writeup of assets and certain other practices which have been subject to just
criticism. It should be a comparatively simple matter to amend existing
Federal statutes to eliminate any remaining evil practices which holding
companies could engage in to the detriment of consumers and investors.
The report will come before the chamber at its next meeting, on April 4, when Thomas F. Woodlock, Chairman of
the Committee, offers resolutions placing the Chamber on
record against the Wheeler-Rayburn bill. In addition to the
Chairman, the report is signed by John F. Fowler, Samuel
T. Hubbard, James J. Maguire and John P. H. Perry.
Utility Stock Holdings Would Be Wiped Out Under
Proposed Bill, E. W. Wakelee of Public Service
Corp. Tells House Committee
Even if amended according to the recent proposal of
Judge Robert E. Healy of the Securities and Exchange
Commission, the public utility bill, if enacted, would force
every utility holding company out of business andIrwipe
e
befhe
out stock holdings, it was stated on March
House Committee on Inter-State and Foreign Commerce
2115
by Edmund W. Wakelee, Vice-President of the Public
Service Corp. of New Jersey.
Although the Public Service Corp. of New Jersey is
essentially intra-State in character and was specifically
mentioned by Dr. Walter M. Splawn as one of the companies"ideal for the realization of the economies of unifying
management," the proposed public nstility bill would call
- dissolution. Enormous loss to investors and serious
• its
tra"
impairment of the operating companies would immediately
Talow, according to Mr. Wakelee. "There is no reason
fT7ifirdissolution of the Public Service Corp., nor for the
segregation of its operating units," said Mr. Wakelee.
"Nor is there any need to burden these operating companies
with regulation from Washington." Continuing, he said:
Since 1911 every financial transaction, as far as operating companies
are concerned, including the sale of the stocks of the operating companies
to the corporation, have been approved by the Board of Public Utility
Commissioners of the State of New Jersey. As Dr. Splawn stated in his
report to the House Committee, "the organization generally rests upon
a conservative financial structure." Its operations are confined to a
"geographically and economically integrated system." The operating
companies have not been adversely affected by the holding company,
but on the contrary have been aided and strengthened.
As I understand it, two reasons are advanced for Title I of the bill relating to holding companies: First, the protection of investors, and second.
the protection of the operating companies. With respect to the protection
of the investors, the Security Act was passed, as I understand it, for that
express purpose. If it does not accomplish that end so far as public utility
holding companies are concerned, or any other holding companies, it
should be amended to accomplish its purpose.
So far as the protection of the operating companies is concerned, every
operating company is subject to the laws of some State, and there is ample
power in the States to protect the operating companies from any pressure
brought to bear by holding companies or anyone else.
The States are awake to the situation. They have the power to act
comwith respect to these matters, and they are doing it. The practices
plained of and stated as the reason for this bill cannot recur. If, after
necesis
legislation
consideration, you determine some Federal regulatory
sary, such legislation should not superimpose Federal management on
of
top of State regulation, but should be confined first, to a definition
and
the evils which it may be desirable to take out of holding companies,
accomplish
second, such prohibition and regulation as will adequately
the desired result. ...
To-day the Public Service Corp. of New Jersey has outstanding something over $329,000,000 of securities, made up of approximately $20.000,000
stock,
of perpetual interest-bearing certificates; $160.000,000 in preferred
and 8150.000.000 in common stock, representing an investment of a like
subsidiary
of
bonds
and
amount, viz., $329,000,000 in the capital stock
companies.
educaOf the preferred stock, 145 insurance companies own 6.36%; 81
tional organizations own 1.72%; 3,914 trustees own nearly 7%; 44,594
companies
insurance
women own over 35%. Of the common stock, 75
11%•
own 4.27%; 1,328 trustees own 3.50%,and about 604,000 women own
system
The total amount of investment of all the companies in the
Is about $567,000,000. If these companies are to continue under Private
serownership and enlarge their facilities and extend and increase their
do
vice to the public of New Jersey, large sums will be needed, which I
not believe can be obtained if this bill is passed.
the
You might say that this holding company could be allowed by
Commission to continue as a holding company after Jan. 1 1940 if the
adopted.
were
Healy
amendment to Section 10 suggested by Judge
any
My answer to that suggestion is that neither this company, nor
conother company, could continue to function as a going concern if its
be
would
tinuance after 1940 is to be always in doubt. I admit there
eleca faint hope that it could obtain a reprieve from being beheaded or
putting
trocuted, whichever you choose to call it, but investors are not
money in concerns with such uncertainty as to tenure of life.
On March 22 Mr. Wakelee, according to Associated Press
des fromWashington, defended before the Committee
on that day his company's taking care of losses in its subsidiary, Public Service Co-ordinated Transport, explaining
that it was felt the losing by the transit concern, while of
some years' duration, was "temporary" and that it was
certainly wiser to support it meanwhile than even to think
of the impossible alternative of scrapping it.
Dissolution Provision of Public Utility Bill Opposed
by Former Governor Clyde Reed of Kansas'at
Hearing Before House Committee—Views of Samuel
Ferguson
While approving "stringent and constructive" regulation
of utility holding companies, opposition to the 1940 dissolution provision of the Wheeler-Rayburn public utility bill
was voiced before the House Interstate Commerce Committee on March 27 by former Governor Clyde Reed, of Kansas,
former Chairman of the Kansas State Utilities Commission,
who spoke for utilities investors in his home town of Parsons
and for a State-wide organization of holders of $25,000,000
in such securities. In Associated Press advices from Washington, March 27, former Governor Reed was quoted as
follows:
Section 10 (the dissolution section) places every holding company under
a ban. I think there is a legitimate field for holding companies in public
utilities operations. I regret very much to see them all put under that
ban without discrimination, for some are not deserving of that.
I'd turn Section 10 around and leave with the Commission (Securities
and Exchange) power to investigate on its own motion, and then if it
finds any are unreasonably complicated, the Commission to issue an
order for simplification of that structure. That leaves the Commission
with whole power, but leaves the situation in much better shape.
2116
Financial Chronicle
The bill as it stands leaves the impression with the Commission that it
is not to give holding companies any benefit of the doubt. For instance,
Kansas investors hold $25,000,000 of these securities, though the value
has gone out of some and can't be restored by whatever Congress or anybody
else does.
But there might be some salvage, unless too drastic legislation is
passed, and I'd hate to see my fellow citizens deprived of a chance of any
salvage.
Appearing at the hearing before the Committee on
March 27, Samuel Ferguson, President of the Hartford
Electric Light Co., stated that while he had opposed the
acquisition of his company by holding companies, he realized
that the holding company system would have been of benefit
to his consumers. His statement is summarized, in part,
as follows:
My qualification to testify on this bill and the abuses it is designed to
remove has, I think, been vouched for by Mr. Splawn when he cited the
company of which I have been President for many years as having succeeded in keeping itself wholly free from such abuses.
I would be the first to admit many cases of flagrant misuse of the holding company set-up, and the need for proper regulatory control, but having
been on the inside for many years I believe my conclusions as to the
results of this bill are entitled to careful consideration. I can state with
positiveness that its passage will result in:
1. For those investors who already have lost heavily in the holding
company equities acquired either by purchase or exchange of operating
company stock the result will be the loss of what little they have left.
2. For investors in bonds of operating companies such as trusts and
insurance companies a heavy loss through the forced liquidation of holding
company portfolios.
3. For the customer, no gain not readily obtainable through reasonable
regulation, and a material slowing up in the lowering of costs and improvement and extension of service which have been so very marked during
the past• 15 years.
My reason for actively opposing—during the past 15 years—the desires
of various holding companies to acquire the Hartford Electric Light Co.
was my belief that such opposition was in the best interest of the stockholders. In merging with a holding company a very large percentage of
the holders of the operating company stocks usually either exchanged their
stocks for that of the holding company or invested in the same a large
part of the cash they received. This came about by reason of the high
market quotation generally existing for such stock which made the investment seem to be desirable, when, according to my belief, the intrinsic
value was far below the value of the operating company stock which
they gave up.
While during these years I was protecting our stockholders, I was very
conscious that the policy pursued was a distinct harm to our customers in
depriving them of the benefits that accrued to the customers of holding
company subsidiaries.
Holding company securities in the speculative years were never sold
on the basis of present or immediately prospective earnings (these were
hardly mentioned in prospectuses), they were sold on the basis of capitalizing the future of the nation when electricity should be more universally used; and to hold the interest of investors it was growth and not
earnings which had to be shown annually. And to show growth two
things were necessary, namely, (1) great effort to develop and promote
new uses, and (2) a constant lowering of rates. From both of these
policies the consumers gained.
Referring to Title II of the bill, relating to the operating
companies, Mr. Ferguson stated that these provisions encroach upon the rights of the States and remove from the
States their control over the cost of intra-State power.
On March 20 William Chamberlain, Chairman of the
United Light & Power Co. of Chicago, stated at the Committee hearing that although the Public Utilities bill, eliminating the holding company, was declared by its sponsors
to be an attack "upon bigness as such," it is the small investor upon whom the blow will fall. In part, Mr. Chamberlain added:
A careful analysis of the security records of 16 public utility holding
companies discloses that there are more than 1,750,000 security holders
upon their lists. These lists are prepared in such form as to be available
for the inspection of this Committee. The widespread distribution of the
securities from east to west is nothing short of astounding. If all public
utility holding companies were included in the calculation, there would
be, without a doubt, more than 5,000,000 individual holders of these
securities. The great majority of these would have incomes of less
than $3,000 a year.
The figures show how every small in wealth are those persons who
own utility securities. They have brought their savings together in large
aggregates, and when the Government strikes at these aggregates simply
because they are large, it strikes directly at the citizen of small income.
AimToftPublic Utility Bill Declared by C. W. Kellogg
of Engineers Public Service Co. to Be Government
Ownership
Government ownership of the public utility industry was
charged on March 20 to be the aim of the Wheeler-Rayburn
utility bill by Charles W. Kellogg, President of the Engineers
Public Service Co., during hearings on the legislation before
the House Interstate and Foreign Commerce Committee.
We quote from Washington advices to the New York "Journal of Commerce," from which we also take the following:
Amid protests from Chairman Rayburn (Dem., Tex.), charging him with
impugning the motives of the framers of the measure, Mr. Kellogg asserted
that "we do believe that the bill is drafted by someone to do something
which on its face it does not purport to do."
Mr. Kellogg's charges, the first to be openly voiced before the Committee,
followed recommendations that the Government attempt regulation of the
utility holding companies before passing statutory legislation for their
abolishment, which will seriously affect the interests of utility stockholders.
March 30 1935
Submits Own Program
He urged that instead of providing a statutory liquidation of the companies, Congress insist upon:
1. Strict regulation of accounting practices.
2. Forceful and free publicity for all financial reports.
3. Prohibit loans from one unit of an organization to another unless the
lending unit is higher in the holding company set-up than the recipient.
4. Regulation of all security issues by holding companies.
5. Federal control over the purchase of stock in operating companies by
holding companies for the purpose of gaining control.
The witness said that the entire utility industry is "jittery" over the
actions and steps which have been taken in the past several years by the
Government and is of the belief that Government ownership is not entirely
unlikely.
One instance he cited in particular concerned the Northwest. Montana,
Idaho and Washington, he asserted, are rich in hydroelectric power development and are producing 700,000 more horsepower than the section actually
needs. Notwithstanding this, he said, the Federal Government is spending
huge sums in that section to bring in more power.
"It's things like this that scare the industry to death," Mr. Kellogg
declared.
"Do you think that the regulation here proposed would lead to Government ownership as quickly as a continuation of self-regulation by the
industry?" Chairman Rayburn asked.
Views on Self-Regulation
"I think that self-regulation of the industry as we have known it would
bring it about more quickly," Mr. Kellogg replied, "but the effect of this
bill would be just that.
"I think that too much regulation is better than too little. But too much
governing slows down the machine until it chokes it off, while „too little
lets it run away and it blows up." . . .
"If the holding company were dissolved by this bill, the Engineers Public
Service Co. would have to sell its common stock holdings in order to pay
off its preferred. With the present state of the market for utility shares,
these stocks would not bring enough to pay even $100 per share on the preferred stock, thus completely wiping out the common stock. A more
perfect mechanism for destruction of value could hardly be devised.
Stresses Heales Position
"Since Judge Healy has admitted that all the abuses he has recited in
his testimony can be corrected by regulation, I cannot believe that Congress
can desire to destroy the honest and substantial cash investments in our
common stock when to do so would add nothing to what regulation can
accomplish, besides distinctly setting back the service to the people."
Defeat of New York Unemployment Insurance Legislation Urged by Lawrence B. Elliman of State
Chamber of Commerce—Would Drive Business Out
of State
Declaring that the Byrne-Kiligrew unemployment insurance bill was being rushed through the State Legislature
with an utter disregard of what its economic consequences
would be, Lawrence B. Elliman, Chairman of the Executive
Committee of the Chamber of Commerce of the State of
New York, on March 25 urged the defeat of the measure on
the ground that it would place a crushing burden upon
Industry, would drive business out of the State, would increase the steadily-advancing cost of living, and would provide little, if any, present relief to the unemployment
situation.
Mr. Elliman said the bill was hastily drawn and ignored
the basic considerations which should underlie any sound
system of so-called insurance to provide compensation for
the unemployed. He criticized the proponents of the bill
for promoting its passage by using the argument that its
enactment would merely give effect to a Federal law, despite
the fact that such a law may never be enacted. Mr. Elliman says:
Industry in New York State is bearing a crushing burden of taxation
which already has forced many concerns out of business and driven others
into neighboring States which have less destructive taxes, and if the
Byrne-Kiligreat bill becomes a law many more will follow them.
The enactment of this measure can have no appreciable effect on the
present unemployment situation, but it will, by increasing the cost of goods
and services, add to the rising cost of living.
The general public has had little opportunity to inform itself in regard
to this bill, which commits the State to a radical departure in economic
policy that involves unknown difficulties and heavy responsibilities. There
Is no emergency which requires that the bill should be rushed through
the Legislature without giving time for deliberate, serious thought. We
are leaping blindly into an experiment which can easily prove disastrous
and defeat the very cause such a measure should seek to promote.
It is to be hoped that the Senate will pause to count the cost before it
considers passing the Byrne-Kiligrew bill and remember that the risk of
unemployment Is not predictable and hence not insurable. What will it
profit New York State or Its taxpayers if the cost of this law is the
driving from the State of business concerns employing thousands of workers
and paying millions of dollars in wages?
Proposed Amendment to National Bankruptcy Act with
Aim of Uniformity Drafted by New York State
Insurance Department—Amendment Relates to
Conservation, Liquidation and Reorganization of
Delinquent Insurance Companies
1.M
41 -7
17 )e-.
—
rintendent
of Insurance George S. Van Schaick on
far
. 27 made public a proposed amendment to the National
rch
BraTrruptcy Act designed to provide uniform, Nation-wide
iiTirti procedure for the liquidation or reorganization of
airiquent insurance corporations. The proposed amendment does not' concern the title and mortgage guaranty
Volume 140
Financial Chronicle
companies now in rehabilitation nor would it interfere in
any way with the functions of the Mortgage Commission
of the State of New York. All companies against which
rehabilitation or liquidation proceedings are pending and
guaranteed mortgage certificates which have been the subject of specwrlegislation,as m ew =,
a=cceptel.
from 'the teims orthe proposed aine=me=nie purpose
of the proposed amendment which was under consideration
beforeiara= mortgage PrOETern arlis717to lessen
he confusion which for years has attended-the liquidation
of large life, casualty, surety and fire insurance companies
doing business in many States.
Superintendent Van Schaick proposes in substance to combine
the
beneficial uniformity of procedure which can be obtained only under the
National Bankruptcy Act with the long-established practice of having the
affairs of the companies administered by the State insurance departments
through an expert staff of salaried employees in lieu of costly and inefficient
private receiverships discarded in New York more than 25 years ago.
Under the present system of winding up insurance companies conflicts
over jurisdiction between State and Federal courts are frequent and result
in delay and waste of assets. In addition there is no way of co-ordinating
the wide variety of different local laws and methods of procedure found
in different States. As a result the situation of some of the large insurance
companies in liquidation is often characterized as chaotic. Superintendent
Van Schaie.k hopes to correct this by his plan for national liquidation.
Brief Outline of Plan
Briefly this is his plan. Jurisdiction would be given to one Federal
court. Application would be made to this court by,petition of the State
Insurance Commissioner for an order directing the insurance company to
show cause why a liquidation or rehabilitation order should not be granted.
Upon the signing of the order the court would have exclusive jurisdiction
over the insurer and all of its property wherever located. This move
would bar the dissipation of assets which now frequently takes place when
creditors in other States attach local assets or initiate expensive local
receivership proceedings.
leThe plan thentprovides that the Insurance Commissioner of the home
State of the company or of certain other States would be named as statutory
liquidator. In the event that such officials refuse to serve the Comptroller
of the Currency of the United States would be appointed. The liquidator
isigiven powers which are analogous to the powers now exercised by a
trustee or receiver in bankruptcy. He would have authority to conduct
an orderly administration of the affairs of the company everywhere on a
basis that creditors in all States would receive equal treatment.
hor'he plan provides for preferences in the distribution of assets in this
order.
1. Wages up to $600 actually owing to clerical employees of the delinquent
company.
2. Compensation claims payable to workmen.
3. Federal, State or city taxes.
4. Claims of the Federal Government.
5. Claims of all other creditors.
Superintendent Van Schaick's plan also makes provision for the review
of proposals for reorganization of the company, if that is possible. These
must be acceptable to the court and two-thirds of the creditors.
The liquidator is given wide powers to administer the property of the
delinquent insurer in the best interests of the creditors, subject to the supervision of the court. He may sell property, compromise disputes, borrow
on assets, sue to recover funds, subpoena witnesses and exercise generally
all the powers of a receiver.
The Superintendent first called public attention to the
need for reform in an address before the National Convention of Insurance Commissioners at Chicago in June
1933. In August of the same year he amplified his views
in an address to the Section of Insurance Law, American
Bar Association, at its annual meeting at Grand Rapids,
Mich.
2117
Defeat of Hostile Legislation Urged by Merchants
Association of New York—Support of Some Measures Needed
The Merchants' Association of New York, in calling
attention to the issues which confront business, points out
in its March 22 bulletin, "Greater New York," the urgency
of defeating certain pending legislation and supporting other
measures. In part the Association says: ,
Kill the Wheeler-Rayburn Public Utilities Bill! This bill was characterized
at a meeting of the Association's Board of Directors as a destructive, unworkable measure which will cause untold loss to investors and lead to
public ownership and operation.
Social security legislation in the form of unemployment insurance and
perhaps t'ederai old age pensions seems inevitable, but there is grave danger
that New York State will take on an additional handicap that will drive
industry from the State, if it enacts such legislation ahead of the rest of the
country. . . .
The immediate payment of the bonus must be beaten. This bill carries
with it the threat of currency inflation. . . .
Congress is proposing to appropriate $4,000.000,000 for public works
relief. There is already an unexpended balance of $880,000,000 available
for this purpose. The Merchants' Association believes that it will be
utterly impossible to expend wisely the sum of $4,000,000,000 on public
works relief before the assembling of the next Congress. . . •
Last month the Association appealed to members to write to their
Congressmen asking for repeal of income tax publicity. The House has
passed the repealer. The Senate has delayed action and the pink slips have
been filled out, but,if the Senate acts in time, publicity for these Pink sliPs
be saved.
may
Turning attention again to the Legislature, wefind that the City Administration has brought about the introduction of the Burchill-Fitzgerald bill
which would saddle a five-cent fare indefinitely on the municipal subways.
Passage of that bill will mean more bond issues, higher taxes, uneconomical
methods of financing municipal subway operation. It will take all the
power of united business action to kill it.
The Quinn-Neustein anti-Injunction bills are again raising their heads.
These measures may well mean disaster for any individual business threatened
with illegal labor disturbances. Their passage will make it difficult if
not impossible for industry to protect itself against lawless activities. The
threat is grave enough to bespeak the attention of every business man.
Last month "Greater New York" called attention to New York's outmoded inheritance tax law which is causing thousands of dollars of State
funds to be wasted in 44 counties. Fax Commissioner Mark Graves has
thanked the Association for its support of the Buckley -Falk bill to cure this
Inequity, but politics and patronage stand in the way of correction. It is
to the interest of every business enterprise to help break the dam that is
blocking this reform.
For years the taxicab situation in New York City has been the subject
of criticism. This industry is in fact a public utility, but it is not so regulated in New York City, although it is in other large cities of the United
States. The operation of taxicabs ought to be controlled. The BurchillDevany bill places that control in the hands of the Transit Commission.
The Association has endorsed this bill in principle.
yet
Banking Capital Bill Signed by Governor Talmadge
of Georgia—Reduces Capital Requirements of
Banks
A bill designed to facilitate establishment of 'banks in
small towns was signed by Governor Talmadge on March 11,
it is learned from the Atlanta "Constitution," which adds
that, sponsored by Senator J. Ellis Pope, of Lyons, the bill
cuts the capital stock requirement of banks in towns of 2,500
population or less from $25,000 to $15,000.
Governor Fitzgerald of Michigan Signs Bills Extending
Life of Farm Credit Relief Commission for Two
Years
A bill extending the life of the Farm Credit Relief Commission until March 1 1937, took immediate effect when it
was signed by Governor Fitzgerald on Feb. 28. Lansing
advices to the Detroit "Free Press" on that date said:
Governor Lehman Urges Passage of Bill by New York
Legislature to Allow State Mortgage Institutions
to Obtain Benefits from RFC Mortgage Company
In a special message to the New York State Legislature,
The Commission acts as an agent in obtaining loans from the Federal
prompted by a suggestion of Jesse H. Jones, Chairman Land Bank for Michigan farmers. It was created by the 1933 Legislature
extension.
of the Reconstruction Finance Corporation, Governor and would have expired Friday without the
Lehman on March 27 recommended the enactment of legisOpposition by Merchants Association of New York to
lation to enable New York State mortgage loan companies
Cartwright and Hobbs Bills Which Would Forbid
to obtain assistance from the recently-formed RFC MortUse of Mails for Solicitation of Insurance
gage Company. The proposed formation of the RFC
The Merchants' Association of New York announced on
Mortgage Company was noted in our issue of March 16, March 29 that it has filed with the Chairman and the New
page 1761. Governor Lehman's message included a letter York members of the Committee on Post Office and Post
from Chairman Jones in which he asked that "since the Roads of the House of Representatives its opposition to the
Company (RFC Mortgage Company) in effect will be an Cartwright bill and the Hobbs bill which would forbid the
instrumentality of the Federal Government it should not use of the mails for the solicitation of insurance and the
be subject to State taxation or supervision." Mr. Jones collection of insurance premiums except under certain conalso forwarded a bill to Governor Lehman covering the 'ditions. The statement by the Association said:
matter, which the Governor urged the passage of to "efWhere ordinary policies and the usual stereotyped forms of insurance
of the
fectuate the proposal of the RFC." The letter of Mr. will give adequate protection, local agents now handle practically all knowbusiness. The time has long since passed, however, when a casual
Jones said in part:
ledge of insurance will meet the requirements of modern business and the
complexities of its operations. For this reason and because of the inability
Congress authorized this Corporation (RFC), with the approval of the
purchase
stock
companies.
This
Corof the local agents to give efficient service, the insurance which needs the
in
loan
to
mortgage
President,
poration has caused "the RFC Mortgage Company" to be organized under
the laws of Maryland, with an authorized capital stock of $25,000,000
and an initial paid-in capital of $10,000.000, all of which will be owned
by this Corporation.
Since the Company in effect will be an instrumentality of the Federal
Government, it should not be subject to State taxation or supervision.
If you agree with this viewpoint and feel that there is need for the facilities
of this Company in New York, it is suggested that you have the enclosed
Act submitted to the Legislature for enactment. The Company will
be ready to receive applications for loans in New York as soon as such
a law is approved.
services of highly specialized experts has largely drifted to the more important insurance centers to the exclusive of local agents.
The purpose and effect of these bills, if either of them should become
law, would be to make it more difficult—if not impossible—for citizens and
owners of property in the various States, whose operations require special
forms of insurance, to secure adequate insurance protection. In certain
classes of insurance and where large amounts are involved in a single risk
they would prevent securing the full amount desired. The Cartwright bill
would also increase the cost of doing business by requiring the appointment
of local agents where they are now unnecessary either because of the volume
of business or of its nature.
2118
Financial Chronicle
The effect of these bills on marine insurance, for example, would be to
make It practically unobtainable except in one or two States, and even in
such States only to a limited extent.
The United States Supreme Court has held unconstitutional any enactment which seeks to deprive an assured of his right to insure where he wishes
These bills would indirectly deprive him of that constitutional right by
prohibiting the use of the malls, which may be necessary in the exercise
of that right.
Emergency Crop Loans Available to Farmers from
Appropriation Provided by So-called Seed Loan
Bill
In announcing, on March 22, that the emergency crop
and feed loans from the $60,000,000 fund appropriated by
Congress would be available within a week, William I.
Myers, Governor of the Farm Credit Administration, said
that the emergency loans will be made only to farmers who
are unable to obtain elsewhere, supplies, feed, or the necessary credit to purchase such items, and not to any applicant
who can obtain credit from any other source, including
production credit associations. The Congressional legislation making provision for the fund was referred to in our
Issue of March 2, page 1398. Governor Myers on March 22
further announced:
As in the past, applications for emergency crop loans will be made to the
county crop loan committees already set up In most counties.
Loans will be made only to applicants who are co-operating directly with
the production control program of the Agricultural Adjustment Administration or who are not proposing to increase their 1935 production in a way
detrimental to the success of the program. A statement to this effect is
contained in each loan application.
The maximum emergency crop loan to one farmer this year is $500 and
the minimum is $10, but no loan for the growing or harvesting of crops
may be made in an amount greater than is actually needed in each case to
purchase seed and fertilizer necessary for production. The fund is appropriated specifically for emergency purposes and must be used to assist the
maximum number of such needs. A considerable part of the funds must
be used to assist farmers whose operating resources have been depleted
temporarily as a result of the drought last summer. Consequently, these
farmers are now in need of emergency loans to begin the new crop year.
The following table gives the maximum amounts that may be loaned
per acre for crop production and harvesting in 1935:
Without
Fertilizer
Where
Commercial
Fertilizer
Is Used
Where Comml
Fertilizer
and Spray
Material.
Incl. Dust,
Are Used
Grain crops and peanuts
83.00
$4.50
---Cotton
4.00
8.00
Tobacco
4.00
12.00
$13:08
Irish potatoes (commercial)
10.00
25.00
27.00
Truck (commercial)
10.00
22.00
25.00
Miscellaneous crops
2.50
4.00
Sugar cane
12.00
12.00
Sugar beets.
8.00
12.00
_ _.Rice-When landlord furnishes water..
8.00
8.00
___ If landlord does not furnish water_ a.
13.00
13.00
Fertilizer, spraying, and dusting bearing citrus fruit trees
20.00
20.00
20.00
Fertilizer, spraying, and dusting other
fruit trees of bearing age
10.00
14.00
20.00
Water charges (incl. maintenance,electric power and fuel) for all crops
ascent rice crown In Irrlanted land _
3.00
3_00
3.00
• Where spray material, including dust, Is used without commercial fertilizer,
the allowance for spray material and dust will be the difference, it any, between the
allowance in column (2) and column (3). a These figures include allowances
fuel, oil, and feed for work stock for which no additional allowances will be made.for
Note-Allowances for the purpose of summer fallowing may not exceed MOO
Per acre.
Loans will also be made for fallowing and for production and purchase
of feed for livestock, but not for the purpose of purchasing livestock or
machinery, or for the payment of taxes, debts, or interest on debts.
As in the case of loans for crop production, those for the purpose of
growing or purchasing feed for livestock must correspond to the actual
cash producing or purchasing cost, with due consideration to prevailing
coats of feed, seed, fertilizers or other items in the section in which the
loan is made. Loans for production or purchase of livestock feed will be
limited to the amounts required until the time when the borrower's
pasturage, forage, or grain crops are available, and may not exceed $10
per head per month for horses and mules; $4.50 for cattle, 50c. for
sheep, 35c. for goats, $1 for hogs, and $1 per acre for forage crops.
Where farmers applying for emergency crop loans are tenants of a private
landowner or concern, the maximum amount of loans to the tenants of one
landowner in one county may not exceed $1,000 or $2,500 in counties
designated as primary drought areas. The maximum amount of loans to
members of one household who are occupants of the same farm or tenants
of the same landowner, is $500, unless otherwise approved by the manager
of the regional emergency crop and feed loan office.
Security for the emergency crop loans will consist of a first lien on the
crops financed or on the livestock to be fed. Tenants must obtain a waiver
from the landowner subordinating his interest in the crops grown with loan
proceeds, but the landowner is in no way obligated for repayment of
such loan.
The proceeds of loans are disbursed by the regional emergency crop and
feed loan offices located at Springfield (Mass.), Memphis, Dallas, St. Louis,
St. Paul, Salt Lake City, Omaha, Wichita, Baltimore and Spokane.
Borrowers who obtain loans of $100 or less will receive the loan proceeds
in one initial payment, while loans in excess of $100 may be paid in
instalments as required to meet the expense of seed, feed, fertilizers or
other needs.
Farmers Repaying Land Bank Commissioner's Loans
in Full Before Maturity
Land Bank Commissioner Albert S. Goss, of the Farm
Credit Administration, announced yesterday (March 29)
that nearly 2,000 of the debt-burdened farmers in whose
interest the Emergency Farm Mortgage Act was passed have
March 30 1935
entirely repaid their loans from the Land Bank Commissioner and an additional number are making regular and
advance payments of principal although only interest payments are required during the first three years of the loans.
Mr. Goss's announcement said:
The Emergency Farm Mortgage Act of May 12 1933 authorized the
Land Bank Commissioner to make first and second mortgage loans on
which the payment of principal could be postponed for three years. Up
to the end of February 1935, however, 1,926 borrowers had repaid their
loans in full, amounting to $2,682,148. Other borrowers who elected to
make payments on principal paid $2,939,417 in regular and advance payments-or a total of $5,621,565.
Mr. Goss pointed out that practically all of the Commissioner's loans were made to refinance the more heavily
indebted farmers. Most of the loans have maturities ranging from 10 to 40 years.
Costs and Profits in Manufacturing Industry 1914-33-Summary of Analysis by National Industrial Conference Board
The National Industrial Conference Board made public,
March 25, an advance summary of a comprehensive analysis
of costs and profits in manufacture covering the 20-year
period, 1914 to 19.l3. This study, just completed, is scheduled for immediate publication by the Board under the title
"Costs and Profits in Manufacturing Industry, 1914-1933."
In brief, the findings of the Board are:
1. In the past 20 years manufacturing operations in this country were
characterized by a generally downward trend in the proportion of material
costs to total costs, unsteady movements in labor costs, a substantial
increase in overhead, and uncertain movement in profits.
2. Manufacturers' Sales.-The value of manufactured goods sold at producers' prices increased from $15,323,000,000 in 1914 to $47,189,000,000
in 1929. In 1933 it declined to $20,735,000,000. The share of manufactured goods sold in the total value of all goods sold and construction
completed fluctuated during this period between 82.3% and 72.8%.
3. Cost of Materials.-Of total manufacturers' receipts for goods sold to
wholesalers, jobbers and retailers, the part expended for the purchase of
materials, fuel and energy, and containers varied from 29.6% to 38.4%.
These low and high points came in depression years; the former in 1933,
the latter in 1921. The percentage of total receipts from the sale of
manufactured goods absorbed by expenditures for materials has been
declining in the past 20 years.
4. Wages.-The coat of direct labor, as reflected in wage payments,
varied between 24.6% and 28.2% of the total value of goods sold. The
proportion of direct labor costs in the total increased from 1914 through
1923, when a decline set in. In 1929 wages represented 24.6% of the total
value of goods sold. The share of wages remained practically unchanged
in 1931, and advanced to 25.4% of the total in 1933.
5. Salaries accounted for an increased proportion of total receipts from
the sale of goods in depression years, but the share going to salaries
showed no marked upward movement from 1914 to 1929, fluctuating between
7.2% and 8.9%. This proportion advanced to 12.5% in 1931 and 12.4% in
1933, owing to the 'necessary fixity of salary payments in relation to
other costs.
6. Overhead costs have absorbed an increasing proportion of the total
value of goods sold since 1914. Interest and taxes showed no substantial
change. Being fixed charges, they became relatively heavier in depression
years. Miscellaneous indirect expenses, such as rent, insurance, advertising,
bad debts, and the like, on the other hand, became a decidedly larger
proportion of total receipts. In 1929 the total of all overhead costa was
28.9% of the total value of receipts for goods, as compared with
22.3%
in 1919, the earliest year for which a comparable figure can
be computed.
In 1931 these costs were 36.5% of receipts.
7. Profits, the residuals of manufacturers' receipts after all
charges are
met, were affected by conditions obtaining at any given time. In
1919, a
year of shortage of goods, profits were 6.6% of the receipts from
the
sale of goods. In the depression year 1921, manufacturing operations
incurred a deficit of 3.5%. From 1923 through 1929 profits
moved
between a low of 2.8% and a high of 5.2%. In 1931,
the latest year
computable on this basis, a deficit of 5.5% was incurred. In the years
from 1919 through 1929, the post-war period leading up to
the depression,
the rate of profit moved neither consistently upward nor downward,
but
fluctuated within a fairly wide range.
Peak of Unemployment Reached in March 1933, Reports
National Industrial Conference Board in Survey
Covering Period April 1930 to January 1935
The National Industrial Conference Board recently completed a revised estimate of unemployment covering the
period from April 1930 to January 1935. The peak of unemployment during this five-year period, according to the Conference Board, occurred in March 1933, at the time of the
banking crisis, with a total of 13,300,000. From that high
point, the Board's present estimate shows a decline of
3,158,000, or 23.7%. In noting the foregoing, an announcement issued March 25 by the Conference Board added:
In April 1930, when the census of unemployment was taken, the reported
unemployed numbered 3,187,647. These unemployed formed 6.5% of the
total number of 48,829,000 gainful workers in the United States. Subsequently, the Secretary of Commerce put the number of jobless at 6,050,000,
based on a sample census in January 1031.
In September of that year the National Industrial Conference Board made
the then startling announcement that unemployment, according to the
Board's own estimates, had passed the 7,000,000-mark in midsummer.
Since 1930 available information concerning unemployment has improved
in quality and has been greatly extended; hence, it has been necessary in
many cases to revise the figures for the earlier dates. In the figures now
presented the Conference Board has availed itself of the various revisions
by the Bureau of Labor Statistics in indexes of employment previously
Issued.
Financial Chronicle
Volume 140
In making its estimates the Conference Board takes into account three
factors: (1) the 3,188,000 persons unemployed, able and willing to work,
numerated in the April 1930 census; (2) the net decline in employees on
payrolls since that time, and (8) the estimated net increase in workers
available for employment since the census date.
Effect of Government Spending on Production and
Employment, According to National Industrial
Conference Board
A comparison of figures of employment, production,
Federal relief recipients and Federal emergency expenditures
for the years 1933 and 1934 is made in a chart prepared
by the National Industrial Conference Board. The most
striking feature of this comparison, the Board said, is the
extremely small effect that heavy Government emergency
spending appears to have had in increasing either production
or employment. Continuing, the Board stated:
The average monthly net deficit of the Federal Government for 1933
was $212,000,000. and for 1934 $339,000,000 an increase over 1933 of
60%. In 1934, after deducting the expenditures for emergency relief,
there remained approximately $215.000,000 per month which was expended mainly in plans for the promotion of recovery. Yet the increase
for the year in Industrial production over the preceding year was only
4%, and the increase in employment only 5%
The average monthly expenditures for emergency relief In 1934 amounted
to $123,278,000, against $66.064,000 in 1933, an increase of 87%. The
corresponding increase in the number of relief cases NVEIS 21%. The pars
cimtage increase In the cost of emergency relief was more than four timethe_percentage increase in the number of relief cases
Bernard M. Baruch Urges Legislation to End WarTime Profiteering—Financier Reveals Own Financial Transactions During World War—Would
Prohibit Munitions Sales to Belligerents
Legislation to outlaw war-time profiteering was urged on
March 27 by Bernard M. Baruch, testifying before the Senate Munitions Committee. On the following day Mr.
Baruch also advocated a war-time policy of prohibiting the
shipment of munitions to belligerent nations and warning
American citizens that if they enter a zone of hostilities they
do so at their own peril. Mr. Baruch further advocated the
elimination of tax-exempt bonds to insure fairer taxing, and
said that he favored the peace-time manufacture of arms and
ammunition under Government license or by the Government itself.
Before beginning his testimony on March 27, Mr. Baruch
issued a formal statement outlining his financial activities
during the World War, when he was Chairman of the War
Industries Board. This statement, in the form of a letter to
Senator Nye,Chairman of the Senate Munitions Committee,
asserted that it was issued in an effort to silence once and for
all "innuendoes and insinuations" against the character of
Mr.Baruch. The financier told the Committee that he was
in general agreement with its own program, which would
impose heavy taxes on surplus profits and, in general, establish a war policy of "pay as you fight."
Mr. Baruch's testimony was summarized, in part, as follows in a Washington dispatch of March 27 to the New York
"Times":
Mr. Baruch spoke with deep feeling as he declared that, when President Wilson called him into service as one of his principal advisers, he
arranged to dispose of every security he owned which was affected by the
war, even to the extent of selling them at a loss. His bonded wealth in
the year following the war, he said, was about $8,370,000, of which $5,300,000 was In Liberty bonds.
Gave Away Tungsten Profits
The value of other investments at the same time he estimated at abeut
$1,300,000. In the case of tungsten mine stock, Mr. Baruch said he received profits of $400,000 during 1917 and 1918, and every cent of this was
donated to the Red Cross, the Salvation Army, the Knights of Columbus,
the Y. M.0. A. and the Young Men's Hebrew Association.
Subsequently, the mine reached the stage of practical ore exhaustion,
and, commented Mr. Baruch, "I still own that stock."
Before a packed room the tall, gray-haired New Yorker was at all times
master of the situation. His answers were prompt and went straight to
the matter in issue.
His story was that of his work during the World War, when, at the instance of Mr. Wilson, besought to keep war material prices within reasonable limits; of his close association with Mr. Wilson and of the bickerings of
the army and navy and other Government agencies.
His World War experience, he declared, made him an uncompromising
advocate of rigid wartime regulation of industry; of a taxation system
which would put every possible cent of excess war profits Into the war
chest.
Referring to unsettled conditions in Europe, Mr. Baruch declared that
the world to-day was more embattled economically with tariffs, depreciated currencies and barriers of all kinds and degrees than ever before in
history, and wars, he added, were, as a general rule, the result of economic
pressures.
In view of these unsettled conditions, Mr. Baruch declared, the time had
come for the United States to define clearly the policies it would follow in
the event of another war of major proportions.
The policy he favored was one of "pay as you fight," which would mean
that, when the war ended, it would also be paid for.
In the matter of war profiteering, every step possible must be taken
to control it, even to the extent of commandeering and the fixing of priorities. He urged the Committee to begin now the working out of a war-tax
system "that will work."
2119
"We should so order matters that each man, each business, everything
and every dollar, shall bear its proper proprotion of the war burden," said
Mr.Baruch.
The plan, he asserted,should be one which would,as far as it was humanly
possible, eliminate the "prostrating" economic and social aftermath of war.
At the same time, he warned the Senators the policy should be one that
recognized that war was an "economic grapple between peoples and economic systems."
The nation, he declared, must be prepared to develop through research
and invention the "ultimate in weapons of death."
Stirring Up of Industrial Conflict and the Retarding
or Business Feared by Leaders in Iron and Steel
Industry it Wagner Labor Relations Bill Is Enacted
Opposition to enactment of the Wagner Labor Relations
Act now before Congress, on the ground that it would stir
up industrial conflict throughout the country and retard
business recovery, is expressed by representative leaders
of the iron and steel industry in a statement issued at the
offices of the American Iron and Steel Institute, on
March 25. "The measure rests upon the false and unAmerican theory that harmony and co-operation is impossible between employees and employers," says the statement. "More than that, it is designed to prevent any such
co-operation. Its enactment would set the stage for a conflict which would injure the relations between employees
and employers for all time and seriously retard national
recovery." Continuing, the statement said:
One of the most destructive effects of the bill would be to strangle
employee representation plans which have been in satisfactory operation
desired by
in numerous industries for many years and are mutually
employees and employers. The bill is a definite legislative attempt to
force employees to organize only through outside organizations to which
they must pay dues.
This makes it quite clear that the interests of the employees themselves
professional
are a secondary consideration of the bill, the first being that of
labor organizations.
the
Such labor organizations are left free from any restrictions under
will.
bill. They can interfere, coerce or intimidate employees at their
or
coercion
Quite properly, of course, employers are prohibited from
intimidation, but if the measure had the interests of employees at heart,
coercive methods of any sort and from any source would be prohibited.
The obvious intention of the bill is, through the "majority rule," to
impose a closed shop upon industry and create a monopoly in favor of
professional labor unions. The closed shop is un-American and employees
in the steel industry and many other great industries have clearly indicated
their rejection of any such principle.
At the present time, peaceful relations exist in the steel industry
between employees and employers as a result of the orderly working in
practically all plants of employee representation plans. A recent industrywide survey showed that from 85% to 90% of the more than 400,000
steel workers in the country are standing behind their employee representation plans of collective bargaining.
By contrast, records made public at the annual American Federation of
Labor Convention at San Francisco in October 1934 showed a total paid
membership in the Amalgamated Association of Iron, Steel and Tin Workers
of only 5,500 steel company employees, or less than 2% of the total of
more than 400,000.
The records of employee representation plans in the steel industry
reveal that thousands of questions have been settled quietly and in an
orderly manner. That the plans operate to the benefit of employees is
indicated by the fact that 71% of all cases were settled in favor of the
workers. As might be expected, more of the questions arising under the
employee representation plans had to do with wages than with any other
subject.
In view of this widespread support among employees of employee representation plans and the successful and harmonious operation of these plans,
It is easily understood why employees in the industry resent any effort to
legislate them into professional outside unions in which they have not
sought membership voluntarily and which would immediately plunge the
industry into industrial controversy.
The record of the steel industry since the inauguration of the steel code
not only shows harmonious conditions, but it discloses that annual earnings of the employees have increased by approximately $100,000,000 as a
result of increased wage rates and added employment. There is nothing
In this situation calling for drastic legislation such as is contemplated
In the Wagner bill.
The bill provides that the representatives of a majority of the employees
In any unit shall be the exclusive representatives of all the employees in
such unit. The steel industry believes that such "majority rule" plan is
unfair to union and non-union groups alike.
The industry holds any group of its employees entitled to a fair, equal
hearing and that no minority group should be arbitrarily subjected to the
will of the majority in matters affecting hours, wages and conditions of
employment. It Insists, furthermore, that any individual has a right
to make his own bargain with his employer, if he prefers to do so.
The steel industry fully recognizes the rights of an employee to bargain
with his employer and to be free to join with other employees to improve
his condition. The steel industry opposes legislation such as the Wagner
bill which would serve not to safeguard the employees' rights of collective
bargaining, but merely to strengthen professional labor unions and to
further project the Government into the field of private labor relations.
Foreign Trade Is Key to U.S. Recovery, According to
Secretary of State Hull—This Country in Position
to Assume World Leadership, He Declares—R. L.
O'Brien Explains Reciprocal Trade Agreement
Polcies in Radio Address
Restoration of a fair share of the world's trade to the
United States is vital to the recovery of this country, and
constitutes the primary goal of the Administrations' reciprocal trade agreement program, Secretary of State Hull
declared in a radio address on March 23. His remarks were
2120
Financial Chronicle
endorsed by Robert Lincoln O'Brien, Chairman of the
United States Tariff Commission, who also participated in
the discussion of the effect of world trade uncertainties upon
•
•
the prosperity of all Ame icans.
Mr. Hull asserted that the international exchange of goodg
"is of immediate and vital concern to every individual among
us." He added that the United States is now facing a crisis
in its foreign trade policies, and he said that gains that have
been made in the last two years rested upon an "insecure"
foundation of "a vast inflow of gold". Mr. Hull therefore
urged the extension of imports, in order that foreign Nations
may pay for the goods they buy from us in kind. He asserted
that this country is "in the freest position to assume a world
leadership in the adoption of saner commercial policies."
We quote, below, in part from the Secretary's speech:
•
The United States stands at the crossways. Of all the countries in
the world, it is in the freest position to assume a world leadership in the
adoption ofsaner commercial policies.
What do the supporters of an excessive and prohibitive tariff have to
say in favor of such excesses? One of the most used arguments is that
such tariffs protect American workers against the "pauper labor of Europe
and Asia" and the American people generally from a low standard of living.
But does it? I may first remark that all agree to the maintenance of
reasonable or moderate tariffs that will not allow excessive or unreasonable
importations of competitive products.
A study made of 36 typical industries which are on an export basis or not
aided by the tariff and 36 industries whose products are highly protected
shows that in 1929 the average renumeration of wage-earners in the highly
protected industries was $595 less than that of the worker in the industries
which received no tariff benefits. The average annual income in the unprotected industries was $1,704, while that in the highly protected industries was $1,109.
Those who contend that a virtually prohibitive tariff is absolutely essential overlook or ignore certan basic facts. According to the census of 1930
there were approximately 50,000,000 gainful workers in the country. More
than half of this number, employed in service industries, transportation,
wholesale and retail business, public utilities and bulding trades, are not
only not helped by the tariff but, as consumers, actually are hurt thereby.
Ten million farmers, a large part of whose products are exported and sell
at world market prices, are obliged to buy in a protected market. Of the
remainder, a large proportion are engaged in industries that are on an
export basis, such as the automobile industry, electrical apparatus, industrial and agricultural machinery and other mass-production industries,
which get no assistance from the tariff and are,indeed, injired by it. Many
others are engaged in industries of a distinctly domestic character not
subject to foreign competition.
A Washington dispatch of March 23 to the New York
"Times" quoted in partfrom Mr. O'Brien's speech as follows:
Mr. O'Brien outlined the new methods of tariff revision, saying that
"the recapture of old and the creation of new foreign markets is the goal
of the trade agreements program, a goal whose achievement carries a
promise of increased employment for every State in the Union."
He denied that the methods now being followed were inimical to the country, and asserted that instead of providing special favors for individual
industries it contemplated the welfare of the country as a whole.
"It offers," he said. "fair hearing to every interest but permits no single
one to be guiding."
Mr. O'Brien declared it was not true that administration officals were
"sitting down with foreigners to throw away our businesses."
"The chief objectives of the reciprocal trade agreement program," he
said. "are to create employment, to protect the interests of American
industry and agriculture, to increase rather than decrease the worker's
wage and standard of living."
"By 1933 world exports were scarcely a third of their total in 1929."
said Mr. O'Brien. "The United States had held its own—it still accounted
for about 15% of that trade. But now, instead of $5,000,000,000, the export trade contributed only $1,674,000,000 to the national trade and income. What that shrinkage has meant to the South, to California, to the
Pacific Northwest, to Detroit and to all the other communities and regions
whose prosperity is dependent in large measure upon a flourishing export
trade,is evident to us all.
"A nation that has left few devices untried in the sad game of adding
bricks to the top of tariff walls must not be surprised if the first result is
strangled trade, and the second result is new millions on the relief rolls.
March 30 1935
plate unification of the land control problem under the direction of Dr.
Rexford Guy Tugwell, Under Secretary of Agriculture. The Agriculture
Department already has functions fitting into the general picture,}which
to include the problem of transferring tenant farmers from their present
status to that of land owners.
Sub-Marginal Lands Affected
The plan is understood to include also efforts to:carry out the Administration's desire to move families now settled on submarginal lands to more
fertile and productive areas, and, possibly, phases of the system of regional
social and economic planning programs exemplified in the Tennessee
'Valley Authority experiment. The submarginal lands now occupied but
incapable of providing subsistence for their tillers:yrould.be turned backIto
forests and wild life preserves.
So far, much of the rural rehabilitation effort and sub-marginal land
retirement program has been worked out under Harry L. Hopkins, as
Relief Administrator, with the co-operation of the Department of Agriculture. Dr. Tugwell, who is ranked as the chief "brain truster," also has had
apart In the rural subsistence homestead projects of both PWA and FERA.
Tenant Agitation Is Acute
The tenant farmer agitation, which has arisen recently in the South, has
raised that problem to one of intense acuteness in the minds of the President's advisers on social and economic planning projects. The President is
known to favor a program which would look to the transfer of these small
farmers from a tenant to a land owner status with government aid. For
that reason, it Is believed that the Administration representatives will
work, during the impending Senate-House conferences on the $4,880,000,000 work relief bill, for adoption of the Senate amendment providing for
use of some of the funds for loans to tenant farmers to enable them to
become land owners. This program would fall under the co-oridnated
activities which Dr. Tugwell is expected to direct.
The soil erosion service shifted to-day from PWA to the Agriculture
Department was created last year, long before the recent dust storms
brought the problem forcibly and personally to the attention of residents
of Eastern states, Directed by H.H.Bennett,it is operating under a $20.000,000 PWA allotment. The background for iteyork has been developed
through many years ofscientific study by Agriculture Departmentscientists
Secretary of Agriculture Wallace Extends 12-CentTa
Pound Loans on 1934 Cotton Holdings Beyond
Present Maturity, July 31, 1935
"The 12-cent loans on the 1934 cotton holdings will be extended beyond the maturity date of July 31, 1935," said an
announcement issued March 23 by Henry A. Wallace,
Secretary of Agriculture. "As to loans on the 1935 crop,"
the announcement said, "it is the purpose of the Administration to provide a.dquate credit facilities to cotton farmers to
permit the orderly marketing of the new crop." The announcement continued:
It should be emphasized, however, that the Commodity Credit Corp.
will make no loans on the 1935 cotton crop to any producer who is not cooperating in the cotton program under the Agricultural Adjustment Act
nor will any loans be made on the 1935 crop to any producer for an amount
of cotton in excess of his allotment under the Bankhead Act.
Prior to the issuance of Secretary Wallace's announcement, Senator George, of Georgia, asserted that he was confident that President Roosevelt would give "positive assurance" that the cotton price would not be permitted to drop
below the 12-cent loan level now in effect. As to this,
Associated Press advices from Washington, March 23, said:
From all indications, this forced the Department of Agriculture to announce that it intended to continue the cotton loans, an announcement
that would not have been made in the ordinary COU/Se of events for several
months. The 1935 crop does not begin to move to market until late Summer.
An accumulating surplus of cotton, attributed partly to the present 12cent loan, has reflected itself recently in some of the most precipitate Price
drops in the staple for years.
The cotton experts of the Agricultural Adjustment Administration and
Department of Agriculture have concentrated on the problem and apparently have decided to continue loans and keep the several million bales now
held by the government off the market until consumption of the staple
both here and abroad increases.
Senator George also predicted that the processing taxes on
bread, meat and clothing would be lifted. In reply to this
Secretary Wallace said that "the Department of Agriculture
has no intention of lifting the processing taxes. We don't
know anything about it." The statement of Senator George,
as contained in the Associated Press accounts, follows:
R. G. Tugwell to Co-oridnate Soil Erosion Control
Activities—Work Transferred from PWA to Department of Agriculture—Annual Damage from Soil
Erosion Estimated at $400,000,000
Secretary of Agriculture Wallace on March 27jssued an
I am confident that President Roosevelt will bring positive assurance to
order directing that all Federal soil erosion control activity
the country and to the cotton trade by announcement that the 1935 cotton
be co-ordinated under the direction of Resford G. Tugwell, crop
under Federal allotment control will not be permitted to fall in prices
Under-Secretary of Agriculture, as the beginning of a con- below the 12-cent loan level now in effect. The result of lifting the processcerted drive on damage caused to crops by drought and dust. ing taxes on bread, meat and clothing will be immediate and spontaneous.
The cotton farmer will feel a sense of security for the cotton he is perOfficials of the Department said that more than 50,000,000 mitted to grow. The cotton merchant
will no longer hesitate to buy his
acres of land have already been destroyed for crop production adequate needs, for the reason that the price of his goods will not be subpurposes bywiTh=nd water erosion, that an additional jected to the possible loss incident to a declining cotton market.
The closed cotton mills throughout the North and South will reopen.
125,000,000 acres has lost all or most of its top soil, and that The 30,000 idle textile workers will revive over night and quickly find thema further 100,000,000 acres is rapidly approaching that con- selves back to their jobs.
Confidence will be re-established on the farm, in the factory and in the
dition. They added that damage by soil erosion amounts to cotton
trade when the President reasserts his firm policy and re-establishes
approximately $400,000,000 annually. Actual administra- a stablillzation which he may expect to be continued in this emergency for
tion of soil erosion control will be under the supervision of at least another year.
H. H. Bennett.
On March 25 Secretary of the Interior Ickes announced Wool and Mohair Marketing Plan for 1935 Approved
by FCA
that Public Works Administratin soil erosion service had
The Farm Credit Administration will continue with a wool
been transferred to the Department of Agriculture. A
Washington dispatch of March 25 to the New York "Herald and mohair clip plan for 1935 to promote the orderly marketing of those commodities similar to that followed for 1933 and
_
Tribune" discussed this announcement_as_follows:
1934 clips, it was announced by Governor W. I. Myers,
The process of co-ordination, which is expected to affect not only PWA
March 22. Some changes in regulations which will permit
but emergency relief administration activities, is understood to contem-
Volume
uo
Borrowers from regional Agricultural Credit corporations and Production
Credit associations as well as growers whose notes are under Pledge to all
Intermediate Credit Bank through privately capitalized credit institutions
must consign their wool and mohair to approved consignees in the event
they do not elect to sell. These consignees agree to market this wool and
mohair ratably and equitably, both as to price and quantity, with other
wool or mohair which they handle.
Consignees are approved by the Wool and Mohair Advisory
Committee, the FCA stated, adding:
$.* They are reputable and financially responsible dealers. including the
National Wool Marketing Corp., or other recognized wool co-operatives.
Consignees agree to market all wool or mohair consigned to them in accordance with the rules and regulations of the Wool and Mohair Advisory
Committee. These regulations are substantially the same as applied to the
wo former clips.
New Loans by Federal Land Banks to Bear New Low
Rates—Loans Made Directly by Banks to Be
Charged 5%, and Indirectly 432%
W. I. Myers, Governor of the Farm Credit Administration, announced March 25 that effective April 1 1935 new
loans made by the Federal Land banks will bear 4%%
interest per annum where made through national farm loan
associations and 5% where made directly by the banks.
Governor Myers pointed out that these are the lowest rates
at which the Federal Land banks have ever made loans.
The following is also from an announcement issued by
the FCA:
For about two years the Federal Land banks have been making loans
through national farm loan associations at 5% with a temporary reduction to 41
/
2% until July 12 1938, as provided by the Emergency Farm
Mortgage Act of 1933. After July 12 1938 these loans will bear interest
at the rate of 5%, while the 41
/
2% rate on new loans will be effective for
the entire period of the loans which will be made on an amortization basis
ranging from 20 to 30-odd years, as in the past.
The interest rate reduction on new Federal Land bank loans will not
affect the 5% interest rate on Land Bank Commissioner loans which are
made on either first or second mortgage security in amounts up to 75% of
the appraised normal value of the farm property.
"The lower rates on new loans give further evidence," Governor Myers
said, "that the co-operative Federal Land banks will pass on to farmer.
borrowers any saving which they can effect. The new Land bank loans will
be made for long periods of years, repayable in small annual or semiannual instalments, and in all other respects, except the interest rate, will
be identical with previous Land bank loans."
Announcement of Secretary of Agriculture Wallace
on Removal by AAA of Restrictions on Spring
Wheat Planting
Reference was made in these columns March 23, page
1941, to the announcement of Secretary Wallace that the
Agricultural Adjustment Administration had notified wheat
growers the 10% acreage reduction on plantings this spring
had been removed, but the benefit payments promised
for this year would be paid to farmers agreeing to offset
the increase this year by similar reductions in their 1936
plantings. We give below, in part, Secretary Wallace's
announcement:
The benefit payments this year will be made in the term of the original
wheat contract. Through this continuance of adjustment payments the
crop income insurance feature of the program which proved of high value
in the 1931 drought is maintained.
Co-operating producers thus have assurance of some income through
the adjustment payments made upon their domestic allotments, which
are based on past average production and are not affected by the current
crop. Thee() payments averaged $176 per year per farm for the 577,000
wheat adjustment contracts for the first two years of the program. The
average payment per farm was considerably higher in the principal wheat
States, where production per farm is higher than the National average.
Before recommending the removal of restrictions on wheat planting
for this year, the wheat section considered the probable situation under
four sets of conditions. These were.
1. Plantings held to contract limits and normal weather prevailing
for the remainder of the crop season.
2. Weather conditions similar to those of 1934 and plantings held within
contract limits.
3. Normal weather and unrestricted planting, and
4. Weather conditions similar to 1934 and unrestricted plantings.
The studies of the situation showed that if no changes were made in
the present program the carry-over on July 1 1936 would be from 50,000,000
to 185,000,000 bushels, depending upon the extent of possible drought.
However, by lifting restrictions on planting, it was estimated that the
carry-over on July 1 1936 would range between 60,000.000 and 210,000.000
bushels, depending upon the weather. In view of our present restricted
foreign outlets for wheat, a carry-over of 200,000,000 bushels is considered
normal, if accompanied by an ever-normal granary plan.
Borrowers for Loans to Build or Rehabilitate Homes
May Apply Directly to FHA Under Change
Announcement was made on March 21 by James A. Moffett, Administrator of the Federal Housing Administration,
that borrowers seeking loans from the Federal Housing Ad-
2121
Financial Chronicle
greater flexibility in marketing have been adopted. Growers
who are borrowers from units of the FCA may use their own
discretion as to whether they sell for cash or consign their
wool or mohair this season, but the FCA will recommend
to its borrowers that they consign'their wool to approved consignees in order to promote orderly marketing. Harry B.
Emba.ch, Chairman of the Wool and Mohair Advisory Committee of the FCA, said:
ministration to build or rehabilitate homes may now apply
directly to the FHA through any of its insuring offices. In
noting this, Washington advices, March 21, to the New York
"Times" of March 22 said:
The change was made "in order to stimulate activity with respect to
mortgages on dwellings to be insured under the National Housing Act,"
Mr. Moffett explained.
Hereafter a prospective borrower who has already obtained an informal
commitment to insure his mortgage will not be in the position of asking
a bank or other lending institutions to make investigations, involving delay
and expense, without assurance that the effect would result in a desirable
business transaction, he said.
Prospective borrowers submitting their applications will be required to
pay the established appraisal fee of $3 per $1,000 of the principal amount
of the mortgage loan, but no additional appraisal will be made by the
FHA and no additional appraisal fee will be collected by it when the
definite commitment is finally issued.
Modernization and Repair Work Under Better Housing
Campaign of FHA Totaled $319,255,563 to Mar. 23
The estimated amount of modernization and repair work
reported by field offices of the Federal Housing Administration in all parts of the country as chiefly renewed interest
in better housing, totaled $319,255,563 on March 23, the FHA
has announced. This is an increase of $7,485,808 for the
week. The announcement continued:
The total amount advanced under the modernization credit plan by financial institutions up to March 23 was $47,731,064, an increase of $1,962,577
for the week. That total covers 112,980 approved applications, an increase
of 4,628 for the week.
Up to March 23, 12,999 insurance contracts have been issued to financial
institutions entitling them to extend modernization credit. This represents
an increase of 161 for the week. There were 6,688 community campaigns
organized or in the process of organization, which is an increase of 126
over the previous week's total.
NIRB Permits 25% Reduction in Machines and Mill
Hours for Cotton Textile Industry—Action Taken
for Period of 12 Weeks to Avoid Shutdowns—
Cotton Garment Code Authority Publishes Budget
The National Industrial Recovery Board on March 26
issued an order authorizing some branches of the cotton
textile industry to reduce hours of machine operation by
not more than 25%, and to reduce by not more than the
same proportion the machines operating in these groups or
divisions. The groups which are affected are not on a 40hour week for employees. They will operate on a curtailed
week, although not less than 30 hours, while the use of
productive machinery, now employed on an 80-hour basis
of two shifts, will be reduced to not less than'60 hours. The
emergency period in which the order will operate is 12
weeks. George A. Sloan, Chairman of the Cotton Textile
Code Authority, issued a statement on March 26 in which
he said that the order approved by the NIRB offered the
only alternative to the complete shutdown of many mills,
with resultant unemployment for many thousand persons.
The Cotton Garment Code Authority on March 27 made
public its budget for wage and hour compliance expenses
for the fiscal year ending January 16 1936. The Authority
at the same time published a comparison for the period from
May 1 1934 to January 12 1935. The New York "Journal
of Commerce" of March 28 commented on this budget as
follows:
Thus it is noted that over $50,000 is cut from the corning expense budget,
though the code authority has greatly expended its regional compliance
office set-up since a year ago. In the new budget $218,000 is to be
deducted from the general budget for label manufacturing, an item left
out of the budget for the preceding fiscal year.
The financial budgetary report prepared under the auspices of the Advisory
Committee of five is as follows:
Summary of Expense
General
Compliance
Statistical
Label
Prior
period
$236,230
348,240
87,500
30,725
Budgetary
period
$141,124
398,203
84,396
28,749
Total
$652,472
$702,695
The total indicated in expenses is slightly in excess of $100,000 before
giving effect to the increase in expense of compliance division, which is
due to the following: A—All regional offices were not in full operation
during the former period. B—Substantial increases in personnel and salaries are only partially reflected in the expense of prior period.
Surveys now being made indicate that further substantial economies can
be introduced without affecting the efficiency of the organization.
A Washington dispatch of March 26 to the New York
"Times" summarized the provisions of the new NIRB order
as follows:
The action taken by the NIRB followed recommendations of the Textile
Planning Committee, created some weeks ago when it became apparent
that the textile industries of the nation faced a grave emergency due to
abnormally restricted demand for cotton textiles.
Industry Held in Jeopardy
The industry, it was said, was in jeopardy owing to the doubling of
the price of raw cotton and the adding of the cotton processing tax, the
decrease of exports, the recent unprecedented and alarming increase of
2122
Financial Chronicle
Imports, especially from Japan, and the danger of an imminent price
collapse of the domestic product.
In connection with the issuance of the order the NIRB also announced
that it was requesting the United Textile Workers of America and the
Cotton Textile Industry Committee each to appoint a small committee to
confer with the board as to appropriate action to be taken on recent reports of the Federal Trade Commission and the Bureau of Labor Statistics,
in pursuance with the terms of Governor Winant's board ending the textile
strike of last September.
Code Heads Explain Aim
The Cotton Textile Code Authority's statement said:
"An order to-day of the NIRB makes possible immediate steps temporarily to adjust plant operations in various groups of the cotton textile
industry to the ability of the market to absorb the products of those
groups.
"This will make possible the continued employment of many thousands
of mill operatives in many mills who have been facing the certainty of
immediate and indefinite lay-offs. The available work in the industry will
be spread more generally among the mills and the communities dependent
upon them.
"No general reduction of hours in the industry, even of a temporary
nature, is contemplated. To-day's order will be applied only where seasonal
conditions or subnormal market demand in particular branches of the
industry makes it impossible to continue to operate at present on a full
schedule.
"The procedure is an application of a provision of the code which
provides that the necessary temporary adjustment under or over the 8hour, two-shift maximum limitation may be made to keep steadily flowing
that volume of products which the market can absorb. . . .
"In the face of a steadily declining consumption, increasing inventories
and decreasing unfilled orders in these branches the industry has struggled
to keep mills running during these critical months. The end, with disastrous
consequences for both management and labor, was in sight.
"The only alternative to complete shut-downs of many mills, throwing
thousands of employees into forced and payless idleness, was the plan now
approved by NIRB. The orderly program thus provided will permit the
spreading of the present greatly inadequate demand in certain branches of
the industry among mills and thereby assure the spreading of available work
among as many workers as possible until such time as consumption can be
brought up to a level more nearly in line with the industry's capacity to
produce."
March 30 1935
to be issued for claims against the issuer, and $600,000 are to be exchanged
for existing securities, leaving $36,919,233 intended to be presently offered
for sale by the issuers. The net proceeds from these issues, as estimated
by the issuers, will amount to $33,704,310. The cost of selling and distributing is expected to total $3,214,923 (8.7% of the gross proceeds),
$3.158,125 (8.5% of gross) tor commissions and discounts to underwriters
and agents and $56.798 (0.2% of gross) for other selling and distributing
costs to borne by the issuers, including those expenses in connection with
the filing of the registration statements.
Ninety-two per cent of the month's total, as measurerd by gross proceeds, has been registered by the financial and investment companies
group, through 3 investment trust issues totaling $32,980.000 and 2 issues
of a commercial loan company for $1,533,333. The statement for the
1,500,000 shares of beneficial interest of the Massachusetts Investors Trust
alone covered $29,880,000. or 79.2% of the month's entire gross proceeds.
The issuers. acording to their registration statements, expenct to sell
95.8% of their offerings through various underwriters and agents and
4.2% directly to the public.
Of the $33,704,310 estimated net proceeds, the companies expect to expend $30,309,912 (89.9%) for the purchase of investment securities. $835,250 (2.5%) for the purchase of plant and equipment, real estate, etc..
$635.725 (0.9%) for repayment of indebtedness and $100,000 (0.3%) for
organization and development expenses. There will remain, according to
the issuers' estimates, a balance of $1,823,423 (5.4%) available as working
capital.
In addition to the new security registrations, 13 statements calling for
deposit of outstanding securities and offering new securities in exchange
for existing securities, became effective in February. Eight were "reorganization" statements calling for $5,366,500 par amount of various
bond and note issues having an estimated market value of $1,547,709.
Five were statements offering $22,277,613 par amount of new securities
in exchange for other certificates, etc. with an estimated value of $21.796,273, among which were the $18,400,000 Certificates of Indebtedness
of the Conversion Office for Foreign German Debts which are to be issued
in exchange for interest and other claims to the same amount against German debtors.
Appended are Tables I-VII, giving in detail the statistics of February
effectives:
TABLE I
The types of new securities included in 10 registration statements which became
effective during February, 1935
Type of Security
Matthew Woll, Vice-President of A. F. of L. Sees 30Hour Week Bill Meeting with Vigorous Opposition
by Administration-Summarizes Labor's Efforts
During Present Session-Comment on NIRA
Organized labor will be disappointed when it turns to the
Government for its economic improvement, Matthew Woll,
Vice-President of the American Federation of Labor, is
reported as declaring in a speech broadcast from Washington
on March 20 over Station WOL. The New York "Times"
advices from which we quote, also reported Mr. Woll as
saying:
Summarizing the net result of labor's efforts during the present session of
Congress, Mr. Woll said that it had met with no success in its fight for the
prevailing rate of wages in the work relief bill.
He predicted that the 30-hour bill would meet with vigorous opposition
by the Administration.
While labor will press for enactment of the Wagner Disputes Bill, Mr.
Woll said, "an Administrationithat has been unwilling to secure effective
compliance or enforcement of the NationallIndustrial Recovery Act is hardly
likely to stand up to an even more searching affirmation of labor's rights in
the national economy."
"The labor scene in Washington to-day is confused by the manner in
which the wholly inadequate social security program is whittled away at one
point and extreme proposals suggested at others," he continued. "A few
days ago it was proposed that all projected social security legislation should
be abandoned except old-age pensions.
"Two of the 44 State Legislatures that were supposed to pass on this
legislation have already adjourned; half the remaining Legislatures will
adjourn before the end of March. The plight of this legislation has become
not only worse but it seems wholly possible that because of the delays and
shifts and compromises the program of social security may fall between the
half-hearted support of some of its friends and the more vigorous assaults
of its enemies."
Declaring that the talk of strikes increases daily, Mr. Woll said.
"The NIRA, which was launched with such high promise two years ago
with the whole-hearted co-operation of labor, has now been brought to a
state of virtual collapse by a process of nullification of certain of its sections
by the lower courts of the land, by the fear of an adverse decision by the
Supreme Court but more particularly by the people who are now charged
with its administration.
"When the:history of thieexperiment in industrial self-government comes
to be written, it will be said, in my judgment, that the present Director of
the Emergency Council, Donald Richberg, has by a process of legal definition cutfrom beneath this whole project the very basis of its future functioning and has left merely an outer shell with but little of inner substance."
He declared that Mr. Richberg if he continues his legal interpretations,
will destroy confidence in the NIRA.
No. of
Units
3
2
1,538,333
272,321
5983,333
2,379,800
2.6
6.3
4
1
1
1,549,000
32,505,000
875,000
1,000,000
86.1
2.3
2.7
Common stock
Preferred stock
Certificates of participation, warrants, dtc
Mortgages and mortgage bonds_ __ _
Debentures
Short-term notes
537.743.133
100.0
Total
11
Note-Included in the above figures is a preferred stock issue registered through
an E-1 statement, with estimated gross proceeds of $879,800, of which $230.000 is to
be sold for cash and $649,800 is to be issued for claims against the issuer and in exchange for existing securities.
TABLE II
Group classification of issuers of new securities that became effective during
February, 1935
No. of
Statements
Group
Extractive industriesGold and silver mines
2
Oil and gas wells
2
Manufacturing companies
1
Financial and investment companies.
Investment trusts
3
OthersI
Real estate
Transportation and communication_
__
Electric light, power, gas and water_
1
Total
10
Of the total gross proceeds of new issues declared effective during Feb,
1935, $174,100 were registered for the "account of others", $49,800 are
Gross
Amount
No. of
Issues
Per Cent
of Total
2
2
1
$950,000
525,000
879,800
2.5
1.4
2.3
3
2
32,980,000
1,533,333
87.4
4.1
_1
875.000
2.3
11
$37.743.133
100.0
TABLE III
Break-down of gross amount of effective new securities to net proceeds, indicating
amounts not intended to be offered for sale by issuers and various selling and
other expenses.
Item
Gross amount of effective securities
Not intended to be offered tea sale by issuers,
Registered for "account of others"
Issued for claims
To be exchanged for other securities
Total not intended to be offered for sale
by issuers
Per Cent of
Gross Offered
for Sale by
Issuers
Amount
$37.743,133
$174,100
49,800
600,000
.823,900
Gross amount of securities intended to be
offered for sale by issuers
$36,919,233
Selling and distributing expenses.
Commission and discount to underwriters,
5re
$3,158,125
Other selling and distributing expenses
56.798
Total selling and distributing expenses
Net proceeds
$37,743,133 of New Securiries Effective During February Under Securities Act of 1933
New securities with estimated total gross proceeds of
$37,743,133 representing 11 issues registered in 10 statements
became effective during February 1935 under the Securities
Act of 1933, the Securities and Exchange Commission announced March 18. This compares with $11,044,405 registered in 18 issues (13 statements) in January 1935, and
$75,940,093 registered in 45 issues (35 statements) in Feb.
1934. Effective new issues for the first two months of 1935
thus total $48,787,538 registered in 29 issues in 23 registration statements. The Commission's announcement of
March 18 continued:
Per Cent
ot Total
Gross
Amount
No. of
Issues
100.0
8.5
0.2
3,214,023
8.7
$33,704,310
91.3
TABLE IV
The uses to which the issuers intend to put the net proceeds of new issues declared
effective during February, 1935
Item
Organization and development expenses
Purchase ofReal estate
Plant and equipment
Securities for investment
Intangible assets
Total purchase of assets
Increase of working capital
Repayment of indebtednessBonds and notes
Other debt
Total repayment of indebtedness
Total
Amount
Per Cent
of Total
0.3
$100,000
0.4
2.1
89.9
5143.750
691,500
30,309,912
$31,145,162
1,823,423
92.4
5.4
1.9
635,725
635.725
1.9
$33.704,310
100.0
Financial Chronicle
Volrune 140
TABLE V
Contemplated channels of distribution of securities, effective February, 1935.
intended to be offered for sale
Gross
Amount
Item
To own secutityholders
To public directly by issuer
To public through various underwriters
Total
* Nat After
Per Cent of
Comm. & Disc. Total Gross
$1,500
1,533,333
$1,500
1,533,333
0.0
4.2
35,384,400
32,226,275
95.8
$36,919,233
$33.761.108
100.0
* Represents net after commissions and discounts but before other selling and
distributing expense of $56,798.
TABLE VI
The types of securities included in 13 registration statements for reorganization and
exchange* issues which became effective for issue during February, 1935
Exchange Issues*
Reorganization Issues
Type of
Security
No. of
Issues
Par
z Approx. No. of
Amount int. Val. Issues
Par
Amount
zApproz.
Mkt. Val.
$
Common stock
Preferred stock
Certificates of participation, warr'ta,
Mortgage and mortgage bonds
Debentures
Short-term notes.
Certifs. of deposit
Voting trust ctis_
8
5,366,500 1.547,709
1
1
1
1
• __
1
4,960
3.110
566,820
188,940
170.890
272,500
3,000.000 3,000,000
18,400,000 118400000
33,333
33,333
Total
8
5.366.500 1,647,709
6
22.277,613 21.796,273
* Refers to securit es to be issued in exchange for existing securities.
z Represents actual market value and or) one-third of face value where mrrket
was not available.
z Represents certificates of indebtedness of Conversion Mee of Foreign German
Debts to be issued in exchange for interest and other claims.
Note—Excluded from the above figures (but included in Table I) is a preferred
stock issue registered through an E-1 statement, with estimated gross proceeds of
$879,800, of which $230,000 is to be sold for cish and $649,800 is to be issued for
claims against the issuer and in exchange for existing securities.
TABLE VII
Group classification of original issuers of securities for which reorganization and
exchange* statements became effective during February, 1935
Reorganization Issues
Group
Agriculture
Extractive industries
Manufac.g industries
Financial and investment companies_
Merchandising
Real estate
Construction
Transportation and
communication
Service
Electric light, power,
gas and water
Foreign—Miscell
No. of
Issues
Called
Par
Amount
Approx.
Market
Value x
$
$
Exchange Issues*
No. of
Issues
Par
Amount
Approx.
Market
Value x
$
$
__
__
1
6
__
1
412,500
137,500
2
4,519,000 1,265,209
1
566.820
188.940
2
277,460
174.000
435,000
145,000
__
--
Total
8
5.366.500 1.547.709
3,033,333 3,033.333
1
18,400.000 18,400,000
6
22.277.613 21.796.273
•Refers to securities to be issued in exchange for existing securities.
x Represent actual market value and or) one-third of face value where market
was not available.
A report covering new securities effective during January
was given in our issue of Feb. 23, page 1232.
J. B. Alley Appointed General Counsel of RFC to
Succeed Stanley Reed—Nomination of Latter as
Solicitor-General of United States Confirmed by
Senate
James B. Alley of New York and Tennessee has been
appointed to succeed Stanley Reed as General Counsel of
the Reconstruction Finance Corporation, Jesse H. Jones,
Chairman, announced March 25. Mr. Reed was nominated
on March 18 by President Roosevelt as Solicitor-General
of the United States to succeed J. Crawford Biggs, who resigned. The nomination of Mr. Reed, referred to in our
issue of March 23, page 1945, was confirmed by the Senate
on March 21. Incident to Mr. Reed's resignation from the
RFC, Mr. Jones said:
Stanley Reed's work as General Counsel of the RFC has been outstanding
and it is with deep regret that we are to lose the benefit of his valuable
services and association.
Other changes in the personnel of the RFC were announced as follows by Mr. Jones on March 25:
Harold W. Newman of New Orleans, Russell L. Snodgrass of New York
and New Jersey and James L. Dougherty of Illinois, have each been given
the title of Assistant General Counsel. The position of Solicitor made
vacant in July 1933 by the resignation of Francis Plimpton, has been filled
by the appointment of Max 0. Truitt of St. Louis.
Messrs. Alley, Newman, Snodgrass and Dougherty have been with the
Corporation for almost the entire period of its existence. Mr. Truitt has
been representing the Corporation in certain railroad litigation In St. Louis.
W. B. Potts Appointed Trustee of Gratuity Fund of
New York Stock Exchange
At a regular meeting of the Governing Committee
New York Stock Exchange March 27, William B. Potts was
appointed a Trustee of the Gratuity Fund to fill, until the
next annual election of the Exchange, the vacancy caused
by the resignation of H. G. S. Noble. Mr. Noble's resignation was noted in our issue of March 16, page 1743.
2123
John P. Ryan to Relinquish Post with New York Stock
Exchange Oct. 1—Has Served for Past 13 Years as
Assistant to President
John P.Ryan,who has been associated with the New York
greExchange for the past 22fer:i771Ts1701-A-mizam
to the President for more than 13 years, will retire on Oct. 1
1935, diTeTrilW, t e Exchange announced March 27.
It said:
In September 1933, Mr. Ryan became ill, but continued with his work
until April 1934 when, after consultation with his physician, he was given
a year's leave of absence by the Exchange. His retirement at that time,
dependent on his health, was discussed. After three and one-half months'
vacation, however, he returned to his office and resumed his work, but
In February of this year suffered a relapse. The Exchange authorities
then proposed his retirement as of Oct. 1 1935 which was made effective
by the Governing Committee.
Mr. Ryan, who was a former newspaper man, served
under sil"Presidei=ri17577erErchange, namely—
,James
fr=on,
ici
,Sey=ur
11767S7ISTrigi7,Villi—
am IrRriarck—
Mmwell,E. H. H. Simmons and Richard Whitney.
New York Stock Exchange Requests Members Not to
Vote Straw Ballots for Officers
Pending the report of -the No-minating Committee of the
Rrw-York Stock Exchange of nominees for officers of the
Exchange, to be elected upon at the coming annual elea,
R. L. Oakley, Chairman
the Committee, sent the following notice to members on March 28:
NEW YORK STOCK EXCHANGE
Nominating Committee
New York, March 28, 1935.
To the Members of the Exchange.
l'he Nominating Committee respectfully requests members not to vote
any straw ballots at this time.
R. L. Oakley.
Chairman, Nominating Committee.
T. H. Gammack of New York Appointed Executive
Assistant to Chairman of SEC—R. G. Page Named
Head of New York Regional Office
Announcement was made on March 17 by Joseph P.
Kennedy, Chairman of the Securities and Exchange Commission, of the appointment of Thomas H. Gammack, of
New York City, as Executive Assistant to the Chairman.
Mr. Kennedy on March 17 said:
Mr. Gammack graduated from Harvard College In 1920. Later he studied
economics at Corpus Christi College, Cambridge University, in England.
For several years he was a financial reporter and writer on New York City
newspapers. Then he formed the brokerage and investment firm of
Cammack & Co.
In order to qualify for his appointment with the SEC he has severed
all connections with the firm of Gammack & Co. He will assume his
new duties in a few days.
The SEC on March 16 appointed Robert G. Page, of New
York City, head of the New York regional office of the
Commission. The Commission announced:
Mr. Page was graduated from Yale University in 1922 and from the
Harvard Law School in 1925. In 1926 he came to Washington to serve
for a year as Secretary to Associate Justice Louis D. Brandeis of the
Supreme Court of the United States, after which he became associated
with the law firm of Root, Clark, Buckner & Ballantine in New York
City. He is severing that connection to assume his new position.
Four-State Conference of Certified Public Accountants
to Be Held at Atlantic City April 12-13
Nearly 4,000 certified public accountants have been invited to the four-State conference which will be held at
Atlantic City on April 12-13, the New York State Society
of Certified Public Accountants has announced. This joint
meeting of the members of the State societies of certified
public accountants of Connecticut, Pennsylvania, New Jersey
and New York will mark the first of these conferences which
are expected to become an annual event. Members of the
State societies of Delaware, Maryland and Massachusetts
have been invited to attend. The announcement in the matter said:
Problems of State taxation, the vital need of independent examination
of banks and the changes in the balance sheet brought about by the New
Deal will be analyzed by leading representatives of accountancy, business
and Government. Other subjects will also be discussed at the three formal
business sessions of the meeting which will be held at the Claridge Hotel.
Bond Reports by Specialists Permitted by New York
Curb Exchange—Correction
The item appearing in our issue of March 23, page 1918,
under the above caption, shoulniaire-rend,-members of the
NeTrY7=urrThrchangr
- were informed on March 14
aTn
hi- to the c-o]
of an amen
-717.rtionT,of that Exchange
OFted by the Board of Governors on March 13 which permits bond reports by:specialists, butvstill bars reports on
111"
Financial Chronicle
2124
stocks. In our item of March 23 it was inadvertently
stated that members of the New York Stock Exchange were
informed of the amendment.
W. F. Philips Elected to Governing Board of New York
Curb Exchange
William F. Philips, a partner in Abbott, Proctor & Paine,
New York, has been elected a member of the Board of
Governors of the New York Curb Exchange. Mr. Philips,
who will serve until the next annual election in February of
next year, succeeds E. Burd Grubb, former President, who
is now a member of the New York Stock Exchange.
Reopening of Closed Banks for Business and Lifting
of Restrictions
Since the publication in our issue of March 23 (page 1946)
with regard to the banking situation in the various States,
the following further action is recorded:
ILLINOIS
March 30 1935
Bank for Savings, New York, on March 26. Throughout
the day, at his teller's desk at the bank, he received the congratulations and good wishes of friends and associates upon
completing 68 years of continuous service with the institution—a record which is believed to be unparalleled among
bank employes.
Joseph P. McCormac, a partner of the New York Stock
Exchange firm of Chas. D. Barney & Co., New York, died
on March 22 in Mount Sinai Hospital. Mr. McCormac was
38 years old. He had been connected with Chas. D. Barney
& Co. about 15 years and a partner since 1930.
The New York State Banking Department has authorized
the General Motors Acceptance Corp., New York, to open
a branch office in each of the following cities: Little Rock,
Ark.; Raleigh, N. C.; Fresno, Calif.; and Gary, Ind.
The Bankers Trust Co., New York, has received authority
from the New York State Banking Department to open a
branch office at 527 Fifth Avenue, conditioned upon the
discontinuance of the branch office heretofore authorized
to be maintained at 501 Fifth Avenue.
A 20% payment amounting to $11,652 was to be available
on March 19 to depositors of unsecured accounts in the
closed Farmers' State Bank of Downs, Ill., according to an
announcement by Carter Pietsch of Bloomington, Ill.,
deputy receiver of the institution. A dispatch from BloomFormer Governor Edward C. Stokes resigned from the
ington to the Chicago "Tribune" in reporting the matter'
Presidency of the First-Mechanics National Bank of Trenfurther said:
ton, N. J., on Mar. 25 to resume his former position as ChairThis will be the second payment on common claims aggregating $58,270,
man of the Board, according to a dispatch by the Associated
a 10% payment having been made last August. The bank did not reopen
following the March 1933 moratorium. Checks for the 20% payment
Press on that date. Harold Ray, Executive Vice-President
receiver,
will be available for delivery at the office of Carter Pletsch, deputy
since 1932, became President, it was stated.
in the Liberty State Bank, Bloomington.
MICHIGAN
From the Chicago "Tribune" of March 20 it is learned
that return of another 20% on March 20 will make a total
of 85% repaid to depositors of the National Bank of Bronson,
Mich. The dispatch added:
The bank failed to open after the moratorium. A 65% payment was
made last November. The current disbursal authorized by the Comptroller
of the Currency is $35,000.
Officials of the Genesee County Savings Bank of Flint,
Mich., March 18 announced the payment of all depositor
claims under $100, according to a dispatch from that place
on March 18 appearing in the Detroit "Free Press," which
continuing said:
Arthur G. Bishop, former President of the bank, arranged the payment
by agreeing to purchase all of the small claims held by the original depositors.
Claims that have been sold at a discount will not be included in the settlement, according to bank officials.
The Genesee County Savings Bank was reopened after the banking holiday on a 50% payment to depositors plus 5% paid during the bank holiday.
NEW JERSEY
Announcement was made on March 21 by William C.
Hunt, the Comptroller of the Mechanics' Trust Co. of
Bayonne, N. J., that funds of the institution which have
been tied up since Jan. 2 1934, when the bank went under
restrictions of the Altman Act, were to be loosened this week
with a payment of 15% in cash to depositors. The "Jersey
Observer" of March 22, from which the above information
is obtained, continued in part:
While plans for making 15% cash payments are now under way, preparations are also under way for securing new consents from depositors for a new
reorganization plan, the sixth that has been proposed. The form is now
being drawn and when State and local authorities have agreed to it, it will
be put into circulation.
May 15 has been set as the date for closing drive for signatures to the new
plan. It was intimated that if sufficient signatures are not obtained by
that time liquidation may follow. About $6,000,000, representing the
savings of 17,000 depositors, is tied up in the Mechanics' Trust Co.
PENNSYLVANIA
Announcement was made on March 19 by Leo Furtwangler,receiver of the closed First National Bank of Verona,
Pa., that payment of more than $500,000 to depositors of
the institution would begin March 21. The Pittsburgh
"Post-Gazette" of March 20, from which this is learned,
continued:
This will represent a 35% return of deposits, the first since the bank
closed in March 1933.
More than 11,000 accounts are held in the closed bank but only about
6,000 of these depositors have proven their identities and rights. The
other 5,000 can share in the distribution as soon as they submit this proof
and obtain official approval.
Checks to depositors will be distributed at the bank instead of by
as signing of a duplicate receipt is necessary. Mr. Furtwangler said.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The Nostrand office of Manufacturers Trust Company
of New York was moved over the week-end from 1550 Flatbush Avenue, Brooklyn, to 1540 Flatbush Avenue.
Mahlon B. Smith, who is now in his 88th year, observed
the 68th anniversary of his employment by the Seamen's
Effective Mar. 19, The First National Bank of Hoboken,
N. J., was placed in voluntary liquidation. The institution,
which was capitalized at $625,000, was taken over by The
First National Bank of Jersey City, N. J.
It is learned from "Money and Commerce" of March 16
that George E. Stauffer, President of the City National Bank
of Philadelphia, Pa., has announced that the bank will move
its main office on April 8 from 1505 Walnut Street to the
first and second floors of the 19-story office building at the
southwest corner of Sydenham and Walnut Streets. The
new offices will provide larger and more efficient facilities
for the bank.
The appointment of Robert E. Anderson as President of
the Southern Bank & Trust Co. of Richmond, Va., was announced on Mar. 21. Mr. Anderson, formerly a Vice-President and a director of the institution, succeeds the late
Oscar D. Brinser. At the same meeting, the directors named
A. W. Maynard, a Vice-President. The Richmond "TimesDispatch," from which the information is obtained, also
stated:
Mr. Anderson is President of the Powers & Anderson Dental Co. and
Vice-President of the Powers k Anderson Hospital Supplies Co. here, and
is widely known in the business, fraternal, church and political life of
Richmond. • • •
Mr. Anderson, a native of Belfast, Ireland, came to New York in 1889
and located in Richmond in 1892. In 1899 he formed a partnership with
W. Frank Powers and organized their present business.
The Board of Directors of The National Bank of Commerce of Charleston, W. Va., announce the election of H. E.
Bek as President of the institution. Mr. Bek's appointment
became effective Mar. 20.
J. D. St. John has been appointed Assistant Treasurer of
the Toledo Trust Co. of Toledo, Ohio, to succeed W. Kent
Corson. Toledo advices, appearing in "Money and Commerce" of March 16, in noting the above, further said:
Mr. St. John has been in charge of the West Toledo branch of the bank.
He was formerly with the West Toledo National Bank, which was absorbed
by the Toledo Trust Co. Mr. Corson has gone to New York to take charge
of the affairs of the Eugene Breymann Dredging Co.
Depositors of the reorganized Farmers' & Citizens' Bank
of Monroeville, Ohio, will receive another dividend of 15%
April 1. When the bank was reorganized in 1933 the depositors agreed to accept a guarantee of 60% and waived
40% as against slow assets. Advices from Monroeville, on
March 21, appearing in the Toledo "Blade," reporting the
matter, further said:
The payment April 1 will make a total of 40% that has been paid on
the waived deposits.
Depositors of the Farmers' Banking Co. of West Farmington, Ohio, on April 1 are to receive the fourth dividend
since the bank closed, making a total of 60% paid out, ac-
Volume
140
cording to a dispatch from Warren, Ohio, on March 21 to
the Cleveland "Plain Dealer."
In noting the payment of a fourth dividend to the depositors of the defunct Des Plaines State Bank of Des
Plaines, El., the Chicago "News" of March 19 said:
Depositors in the closed Des Plaines State Bank, Des Plaines, to-day
(March 19) were in receipt of checks for 5% of their claims, involving the
distribution of $49,500. Three previous payments had aggregated 30%.
That a second 10% dividend was to be paid by the Milwaukee Commercial Bank, Milkaukee, Wis., on Mar. 26,
was indicated in the Milwaukee "Sentinel" of Mar. 21. An
order authorizing the payment was signed yesterday by
Judge Walter Schinz on petition of H. F. Ibach, Commissioner of banking.
The dividend, aggregating $66,000, will be paid to 3,500
depositors, according to Alfred Newlander, Deputy Banking
Commissioner. It was made possible by a Reconstruction
Finance Corporation loan.
The first dividend was paid Dec. 24. The bank closed May
25, 1933.
Mr. Newlander said he expects to announce another dividend of 10%, or $47,000, for depositors of Blue Mound State
Bank soon.
Effective Feb. 15, The Twin Cities National Bank of St.
Paul, Minn., capitalized at $100,000, went into voluntary
liquidation. It was absorbed by The Midway National Bank
of St. Paul, Minn.
We learn from Fort Dodge, Iowa, advices, on March 20
to the Des Moines "Register," that payments totaling
$100,000 were to be made to depositors of four closed banks
In northwest Iowa in a few days, according to an announcement by F. W. Yeadon, examiner. The banks and payments are:
Security Trust & Savings Bank of Fort Dodge, 5%, $25,000; Farmers'
Savings Bank of Havelock, 20%, $15,000; State Bank of Laurens, 10%,
$32,000; State Savings Bank of Rolfe, 10%, $28,000.
Eldora, Ia., advices on March 21, printed in the Des Moines
"Register" stated that checks have been received by the receiver of the First National Bank of Eldora for a payment
2% to depositors. This makes a total of 76%b1, paid,
1
of 12/
the dispatch said.
Associated Press advices from Lincoln, Neb., on Mar. 22
stated that payment of dividends to the depositors of the
following failed Nebraska State banks was announced by
the State Banking Department:
Chester, Chester State bank, first dividend of 30% or $15,855.
Battle Creek, Farmers bank, first dividend of 25% or $18,093.
Elkhorn, State Bank of Elkhorn, 10% dividend or $12,744; total to
date, 65% or $82,835.
The Towanda National Bank, Towanda, Kan., with capital of $25,000, went into voluntary liquidation on Jan. 11.
The Towanda State Bank is the successor institution.
Authority to pay a 20% dividend to creditors of the SarahOlive Bank of St. Louis, Mo., which is being liquidated by
the State Finance Commissioner of Missouri, was granted
by Circuit Judge O'Malley on March 21. In noting this the
St. Louis "Globe-Democrat" of March 22 added:
The bank borrowed $39,700 from the Reconstruction Finance Corporation
to pay the dividend. Creditors have previously received a 30% payment.
2% liquidating dividend,
1
Authority to distribute a 12/
amounting to $60,744, to creditors of the Chouteau Trust
Co., of St. Louis, Mo., was granted by Circuit Judge Baron
on March 20. Creditors have previously received a 25%
dividend. The St. Louis "Globe-Democrat" of March 21,
authority for the foregoing, gave additional information as
follows:
The bank, which is being liquidated by the State Finance Commissioner,
borrowed $162,000 from the Reconstruction Finance Corporation to pay
the dividend. The remainder of the loan not paid out will be held for
payment of future claims.
Herbert M. Johnson, receiver for the First National Bank
of Webster Groves, Mo., received a telegram March 19 from
the Comptroller of the Currency in Washington authorizing
him to pay a final dividend of 27% to depositors of the
bank. A total of $154,000 will have been returned to the
depositors when the last dividend is paid, Mr. Johnson said.
The St. Louis "Globe-Democrat," in noting this, said:
The first dividend of 78% was paid June 21 last year. The payment
of the final dividend was made possible by a Reconstruction Finance
Corporation loan for part of the funds.
2125
Financial Chronicle
According to the Raleigh "News & Observer" of Mar. 23,
Gurney P. Hood, State Commissioner of Banks for North
Carolina,announced on Mar.22 that checks totaling $8,088.70
In payment of a 5% dividend to 734 depositors and other
common creditors of the closed Bank of Sampson, at Clinton,
N. C., had been mailed to the liquidating agent The paper
added:
The checks represent a 6th dividend and make a total of 35% paid the
depositors. Placed in liquidation June 30, 1931, the bank also has paid its
preferred creditors $5,559.01 and secured creditors have received $38,545.87.
Supplementing our item of March 16 (page 1771), regarding the organization of a new bank in York, S. C., a dispatch
from that place to "The State" had the following to say,
in part:
The Bank of York was chosen as the name of York's new banking institution. C. J. Youngblood was elected President; E. B. Lowry, Vice-President, and V. Q. Hambright, Vice-President and Cashier, at the stockholders'
meeting here (York). . . .
The bank will have a capital of $25,000, with a paid-in surplus of
$2,500, and will open for business about April 1.
The President, Mr. Youngblood, has been a successful merchant and
farmer for many years. V. Q. Hambright, of Clover, who will have
active charge of the institution, has had wide banking experience. He is a
former Federal collector of internal revenue for South Carolina.
Major General James F. McKinley, Army Adjutant General, will retire about June 1 to accept the Presidency of the
National Bank of San Antonio, Tex., we learn from Associated Press advices from Washington, D. C., on Mar. 25,
which added:
He entered the army as a private of the Ohio Infantry during the
Spanish-American War. He became Assistant Adjutant General in 1929,
and was promoted to Adjutant General on Feb. 2, 1933.
J. L. Eckerson, receiver of the Boise City National Bank,
Boise, Idaho, announced the payment of a third dividend
of 20%, amounting to $304,000, it is learned from the "Oregonian" of March 15, which went on to say:
Two previous dividends of 16 2/3% each have been paid.
The directors of the National Bank of India (head office,
London) recommend a final dividend of 9% making 18%
for the year; £50,000 to be added to officers' pension fund;
£50,000 to be written off house property account and £250,100
to be carried forward.
COURSE OF BANK CLEARINGS
Bank clearings this week will show again an increase as
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ended to-day
(Saturday, March 30) bank exchanges for all cities of the
United States from which it is possible to obtain weekly
returns will be 25.1% above those for the corresponding week
last year. This gain is due in part to the fact that Good
Friday, which is a holiday in many parts of the country
fell in this week last year. Our preliminary total stands at
$5,378,190,934, against $4,297,485,204 for the same week in
1934. At this center there is a gain for the week ended
Friday of 15.0%. Our comparative summary for the week
follows:
Clearings—Returns bp Telegraph
Week Ending March 30
Per
Cent
1935
1934
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San FrancisIo
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
32,813,928,831
201,934,800
263,000,000
147,000.000
61,231,659
64,500,000
89,338,000
76.967,542
78,311,179
45,951,249
37,167,358
28,513,000
32,446,812,119
173,118,720
176,000,000
136,000,000
48.693.380
46,200,000
79,221,000
51,701,659
59,428,754
42,700,355
28,428,347
23.997,000
+15.0
+18.6
+49.4
+8.1
+25.7
+39.6
+12.8
+48.9
+31.8
+7.6
+30.7
+10.5
Twelve cities, five days
Other cities, five days
83,905,843,618
575.982,160
83,312,299,334
448,750,985
+17.9
+28.4
Total all cities, five days
All cities, one day
$4,481,825,778
896.365,156
83,761.050.319
536,434,885
+19.2
+67.1
Inn nl..
OA Orel Al0 M OM
_L OR 1
.1,',.1t ..•...............
OC 0,0
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended March 23.
For that week there is an increase of 13.7%, the aggregate
of clearings for the whole country being $5,745,447,234,
against $5,050,985,618 in the same week in 1934.
Financial Chronicle
2126
Outside of this city there is an increase of 13.8%, the
bank clearings at this center having recorded a gain of 13.7%.
We group the cities according to the Federal Reserve districts in which they are located, and from this it appears
that in the New York Reserve District, including this city,
the totals register a gain of 13.6%, in the Boston Reserve
District of 6.9%, and in the Philadelphia Reserve District
of 7.1%. In the Cleveland Reserve District the totals are
larger by 16.2%,in the Richmond Reserve District by 13.5%,
and in the Atlanta Reserve District by 25.0%. The Chicago
Reserve District enjoys an increase of 19.3%, the St. Louis
Reserve District of 17.3%, and the Minneapolis Reserve
District of 15.1%. In the Kansas City Reserve District
the improvement is 16.4%, in the Dallas Reserve District
22.7%, and in the San Francisco Reserve District 12.2%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Ine.or
Dec.
Federal Reserve Diets.
1st Boston_ _ _ _12 cities
2nd New York_12 "
3rd Philadelphia 9 "
4th Cleveland__ 5 "
5th Richmond - 6 "
6th Atlanta___10 "
7th Chicago .....19 "
8th St. Louis... 4 "
9th Minneapolis 6 "
10th KansasCitg 10 "
Ilth Dallas
5 "
12th San Fran 12 "
$
235,116,472
3,777,395,283
327,541,076
213,810,878
104,525,376
130,019,073
372,078,204
121,301,976
81,258,711
121,898,619
52,877,633
207,623,933
219,918,873
3,326,516,848
305,786,736
184,001,552
92,072,023
104,052,052
311,764,089
103,368,316
70,626,236
104,681,226
43,083,726
185,113,941
-%.9
+13.6
+7.1
+16.2
+13.5
+25.0
+19.3
+17.3
+15.1
+16.4
+22.7
+12.2
186,130.991
2,965,541,768
222,150,644
156,956,402
68,939,410
45,750,546
204,323,846
80,497,157
63,197,407
84,327,843
41,559,599
163,707,001
227,467,493
2,791,571,435
274,221,682
174,132,769
78,524,697
79,656,835
325,277,153
80,448,968
56.308.729
90,225,908
35,496,344
158,168,969
Total
110 cities
Outside N. Y. CRY
5,745,447,234
2,056,451,023
5,050,985,618 +13.7
1,806,976,997 +13.8
4,283,082,604
1,402,233,032
4,371,498,982
1,664,159,489
22 eftlwa
A.AAA 007
Old lAS dAA
254 419 299
r.anarix
1933
1932
1935
1934
$3
074 454 012
-I-A F
$
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended March 23
Clearings at
1935
First Federal
Me.-Bangor. _
Portland
Mass.-Boston_ _
Fall River_ _ _
Lowell
New Bedford_ _
Springfield
_
Worcester
Conn.-Hartford
New Haven.._
R.I.-Providence
N.H.-Manches'r
1934
$
Reserve Dist net-Boston
500,041
397,365
1,203,875
1.411,383
206.716,845 193,869,895
651,007
618,402
376,374
258,843
456,744
587.523
2,488,381
2,546,339
1,052,281
1,497.900
9,668.313
8,580,183
2.791,415
3,356.993
8,276,100
7,018,000
352.445
358,698
Total(12 cities)
235,116,472
219.918,873
Second Feder al Reserve D istrict-New
4,472,124
5,650,989
N. Y.-Albany_
Binghamton_ _
748,772
623,567
27,000,000
24,241,656
Buffalo
437,651
476,676
Elmira
472,042
Jamestown__ _
410,985
New York_ _ _ _ 3,688,996,211 3,244,008,621
5,419,222
6,836,191
Rochester
3,267.241
2,790,825
Syracuse
2,345.768
2,331.709
Conn.-Stamford
266,679
254,987
N. J.-Montclair
13,980,061
Newark
16,169,536
27.761,012
24,949,606
Northern N. J.
Inc. or
Dec.
1933
1932
+25.8
-14.7
+6.6
+5.3
+45.4
+28.6
-2.3
+42.3
+12.7
-16.8
+17.9
+1.8
302,141
429,349
161,789.891
597,178
190,105
388,716
2.340,513
692,577
9,384.735
2.995,153
6,767,700
252,933
285,178
1,840,686
199,430,123
694,489
348,944
509,067
2,708,592
1,837.985
7,909,032
4,797,609
6,771,900
333,888
+6.9
186,130,991
227.467,493
York3,708,358
11,943,893
-20.9
717,836
633,063
+20.1
22,913.057
+11.4
23,007,953
636,412
531.012
+8.9
278,891
465,079
+14.9
+13.7 2,880,849,572 2,707,339.493
7.018,682
-20.7
5,064,218
+17.1
2.799,505
3,651,626
2,757,037
2,285,935
+0.6
342,621
284,314
+4.6
17,888,231
12,881,551
+15.7
24,452,442
24,662,412
+11.3
Total(12 cities) 3,777,395,283 3,326.516,848 +13.6 2,965,541,758 2,791,571,435
Third Federal Reserve Dist rict-Philad elphia
308.101 -4.6
Pa.-Altoona __ _ _
294.008
a2,441,868
Bethlehem _ _ _
231,331 -F.SYL
Chester
315,865
750,614 +5.3
790.661
Lancaster
Philadelphia__ _ 318,000.000 297,000,000 +7.1
1,012,023
904,013 +11.9
Reading
1,994,215 -1.8
1,957.821
Scranton
1,203,773 -32.3
Wilkes-Barre_.
814,702
789,689 +26.8
York
1,000,996
2,605,000 +28.8
3,355.000
N. J.-Trenton..
222,559
475,226
215,000.000
594,408
2,077.363
1,229,064
659,929
1,643,900
387.818
a2,233,790
238,262
786,325
265,000.000
1,652.034
1,716,698
1,126.590
854,955
2,459,000
+7.1
222,150,644
274,221,682
Fourth Feder al Reserve D istrict-Clev elandOhio-Akron _ _
Canton
39.410,093 +15.6
Cincinnati- _
45,547;861
Cleveland
63,461,481
54.845,613 +15.7
Columbus
9.130.200
7,552.200 +20.9
Mansfield
1,325,520
1,175.322 +12.8
Youngstown._ _
81,018.324 +16.4
Pa.-Pittsburgh _
94,345,816
38,484,559
38,281.052
6,578,300
1,073,989
36.766,233
58.586.132
5,950,300
990,986
72,538,502
71,839.118
184.001,552 +16.2
156,956,402
174,132,769
Fifth Federal Reserve Dist rict-Richm ond134,681 -1.0
133,381
W.Va.-Hunt'ton
Va.-Norfolk
1,908.000 +15.4
2,201,000
Richmond. _
27,183,738 +17.8
32,024,700
S.C.-Charleston
767,761 +18.5
909,798
49,117,287 +8.5
Md.-Baltimore
53,307,004
12,960,556 +23.1
D.C.-Washing'n
15,949,493
215,212
1,968,000
21,938,127
539,141
35,474.094
8,804,836
389,900
2,313,573
24,636,020
727,284
32.356.949
18,100,971
92,072,023 +13.5
68,939,410
78.524,697
3,876,423
9,620.212
18,500.000
990,862
357,159
1,562,734
9,998,780
767,798
1.949,900
7,784.391
28,100,000
728,326
493,404
8,473,866
8,717,171
803,769
76,578
84,356
22,521,652
Total(9 cities)_
Total(5 cities)_
Total(6 cities)-
327,541,076
213,810,878
104.525,376
305,786,736
Sixth Federal Reserve Dist rIct-Atlant aTenn.-Knoxville
2,226,400 +31.5
2,928,491
Nashville
10,923,448 +25.0
13,655,291
Ga.-Atlanta__ _
39.100,000 +23.8
48,400,000
1,063,485 -3.1
Augusta
1,030,349
Macon
570,023 +30.2
742,109
Fla.-Jack'nville.
13,198.000 +16.4
15.359,000
Ala.-Birm'ham _
17,097,251
12.436,064 +37.5
933,877 +23.1
Mobile
1.149,216
Miss -Jackson._
101,930 -6.9
94,857
Vicksburg.
23,498,825 +25.8
La.-NewOrleans
29,562,509
Total(10 cities)
130.019.073
104.052.052 +25.0
248.195
45,750,546
Week Ended March 23
Clearings as-
79.656.835
1934
1935
Inc. or
Dec.
1933
1932
$
$
$
$
%
Seventh Feder al Reserve D Istrict-Cica go53.321+23.7
65,943
Mich.-Adrian - 232,505 +63.1
Ann Arbor...__
379.319
72,998,300 +20.5
Detroit
87,957,833
1,423,882 +46.3
2,083,044
Grand Rapt 8896,457 +33.0
__
1,192,582
Lansing
463.466 +41.1
Ind.-Ft. Waytie
653,864
9,773,000 +22.8
Indianapolis_ -12,001,000
685,339 +10.9
South Bend..760,337
3,194.533 +16.7
3.727,802
Terre Haute_ -12,722.707 +23.8
15,754,699
Wis.-Mllwauk ee
262,492 +215.4
827,902
Ia.-Ced. RaptUs
4,624,031 +43.9
Des Moines.- 6,653.496
2,430,681 +16.9
2,842,111
Sioux City_ _ b
b
b
Waterloo _ _ _ ..
244,957 +25.5
III.-Bloomlngt 30
307,333
Chicago
-- 232,051.732 197,729.312 +17.4
512,727 +20.9
619.812
Decatur_ -.._
2.254,992 +19.1
2,686,602
Peoria
520,985 +39.0
Rockford_ _ _._
723,997
740,401 +6.5
788,796
Springfield_ _ ._
b
521,790
6,302,237
589,321
112,600
332,308
7,430,000
175.689
3,892,832
10,587,280
b
2,995,812
1,535,161
b
b
166,897.511
308,591
1,683,935
592,790
365,989
D
97,900
338,156
64,303,285
2,423,242
1,052.600
992,821
10,536,000
1.292,318
2,923,748
14,630.505
716.518
4,251,915
2,233.368
b
857,933
213,623,470
605,308
2.010.742
910.813
1,476,511
311,764,089 +19.3
204,323,846
325,277.153
Eighth Fede ra I Reserve Die trict-St. Lo uisb
b
b
Ind.-Evansville.
0,000,000 +19.7
80,200.000
Mo.-St. Louis..
22,492,834 +13.2
25.454,151
Ky.-Louisville 13.622,482 +11.9
Tenn.-Mempiilis
15,236,825
b
b
b
111.-Jacksonvill(e.
253,000 +62.5
Quincy
411,000
b
51,600,000
19,544,491
9,352,666
b
b
b
55,200,000
15,798,944
8.917.522
b
532.502
103,368.316 +17.3
80,497,157
80,448.968
Ninth Federal Reserve Die trIct-Minn eapolls1,834,564
1,889,671 -2.5
Minn.-Duluth..
1.843,146
43,836,665
46,237,189 +15.8
53,558,722
Minneapolis.._
19,994.272 +11.8
14,775,586
22,360,521
St. Paul_ _ ._
346,528 +40.7
492,632
S.D.-Aberdee 1..
487,560
296,297 +27.9
228,806
Mont.-Billing .
378,858
1,882,279 +41.2
2,029,154
._
2,629,904
Helena
2,181,505
38,412,744
12,954.680
589,186
294,404
1,874,210
Total(19 citi 5)
Week End. March 23 1935
March 30 1935
Total(4 citiesI.
372,078.204
121,301,976
63,197,407
56,306,729
Tenth Federal Reserve DIs Inlet- Kane as City70,742 +10.2
77,974
42,124
Neb.-Fremont__
b
96,361
68,346 +41.0
Hastings_ _ _._
._
2,301,897
2,284,408 +0.8
1,472,040
Lincoln
28.961.067 -1.7
19,944,187
Omaha
28,475,705
2.216,341
Kan.-Topeka ._
1,885,360
1.309,026 +44.0
2,601.391
1.893,822 +37.4
1,423,181
Wichita
82.658,172
66,513.169 +24.3
55,453,627
Mo.-Kan. Cit ,..
2,829,432
2,831.860 -0.1
2.798.467
St. Joseph_ _ .
331,917 +45.9
Colo.-Col. Sp s.
484,119
465.327
416.869 +17.1
512,549
Pueblo
488,208
143,186
123,837
1,721,534
20,809,354
1.653,317
3,239,598
58,510,668
2,739.320
586,498
698.596
Total(6 citiesI.
81.258,711
70,626,236 +15.1
104,681,226 +16.4
84,327,843
90,225.908
Eleventh Fe le rdl Reserve District-Da Ilas697.327 +84.3
1,285.123
Tex.-Aystin_ _ _
..
42.219,949
33.568,625 +25.8
Dallas
5,582,502
5,149.226 +8.4
Ft. worth... _
Galveston_ _ .
1,628,000
1.762,000 -7.6
La.-Shreveport
2.162,059
1,906,548 +13.4
673,012
31,503.353
5.385.372
1.631.000
2.366,862
942,232
25.371,018
5.689,465
1,658,000
1,835,629
41,559,599
35,496,344
Franci sco-+16.1
22.054.705
+12.5
3,022,000
+26.1
257.806
16,447,981
-13.0
9,891,936
+34.3
+19.4
3,014.652
+8.4
2,846.264
+22.4
3,648,022
+15.9
99,387,766
1.130,122
+36.7
+26.0
882,035
1,123,712
+26.0
25,085,316
5,714,000
414,477
15,939,197
7,897,817
3,051,659
2,868.970
5.138,474
88,707,444
1,197,555
1,001,921
1.152,139
Total(10 MI
3)
Total(5 cities _
121.898,619
52,877,633
43,083,726 +22.7
Twelfth Fed I' al Reserve D strict-San
Wash.-Seattle ..
26,381,233
22.714,617
Spokane
8,248,000
7.330.000
Yakima
_
542,269
430.181
Ore.-Portland _ _
27,394.270
31,494,028
Utah-S. L. CI y
12,434,691
9,261,020
Calif.-L'g Bea h
3,335.607
2,794,185
Pasadena
2.793,006
2.575,827
.
4,113,257
Sacramento. .
5.032,618
San Francisco _ 117,011.038 100,989,768
San Jose
1,967,364
1,439.454
_
903,796
Santa Barbara _
1,138,408
Stockton
1,345,429
1,067,808
.
Total(12 MI ) 207,623,933 185,113,941 +12.2 163.707,001 158,168,969
Grand total (11o
Cities)
5,745,447,234 5,050,985.618 +13.7 4,283,082,604 4,371,498,982
Outside New York 2,056,451,023 1.806,976,997 +13.8 1,402,233,032 1,664,159,489
Week Ended March 21
Clearings at
1935
1934
Inc. or
Dec.
CanadaToronto
Montreal
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
$
113,910,343
76,317,668
32,148,933
13,762,392
19,965,833
3,224,764
1,808,972
3,268,528
4,332,491
1.434.372
1,189,829
2,169,006
3.797,469
3,524,307
239,119
367.635
1,180,422
345,822
680,309
493,359
480,422
222,744
486,927
452,087
947,274
2,844,827
294,035
529.199
408,120
357.817
390,529
672,673
$
%
108,475,900 +5.0
81,061,760 -5.9
29,271,362 +9.8
15,083,514 -8.8
4,614.186 +332.7
3,472,409 -7.1
1,949,343 -7.2
3,623,473 -9.8
4,092,503 +5.9
1,454,504 -1.4
1,391,717 -14.5
2,411,760 -10.1
3,173,851 +19.6
3,383,945 +4.1
246,260 -2.9
380,296 -3.3
1,049,266 +12.5
511,796 -32.4
707,710 -3.9
604,974 -18.4
458,021 +4.9
195,413 +14.0
595,473 -18.2
489,407 -7.6
953.400 -0.6
2,066,949 +37.6
234,543 +25.4
603.227 -12.3
467,170 -12.6
432,565 -17.3
440,240 -11.3
567,996 +18.4
TntAl (22 rtt.fala)
292_246.227
274.464.933
a Not included in totals.
functioning at present.
+6.5
1933
1932
3
63,075,007
55,613,818
51,751,069
10,136,415
3,247,314
2,644,850
1,615,301
2,833,270
4,638,568
1,070,812
1,031,589
1,989,640
2,769,482
2,918,063
235,262
250,453
1,063,740
407,550
671,750
418,164
332,579
148.595
409,343
426,033
632,873
1,693.428
250,510
547,252
396,167
326,604
301,321
338,676
S
70,590,434
69,694,491
40,548,871
12,549,602
4,464,316
3,652,503
2.086,300
3,229,040
5,297,737
1,649,877
1,524,904
2,333,111
3,185.118
2,652,931
369,878
303,748
1,356,024
474,642
664,894
583,786
401,590
155.156
563,066
518,564
711.113
2.384,325
281,405
592,124
471,594
361,697
327,274
459,183
214.185.498
234.439.298
b No clearings available. c Clearing house not
Fi,lancial Chronicle
Volume 140
2127
THE CURB EXCHANGE
Sales at
Week Ended Mar.29
Jan. 1 to Mar. 29
Curb market dealings have been quiet and without special
New York Curb
Exchange
1935
1934
1935
1934
feature during the present week. Where trading interest
570,828
1,214,329
9,724,399
23,830,361
was manifested in some particular stock modest gains were Stocks-No. of shares_
Bonds
recorded, but these advances were not, as a rule, maintained Domestic
$19,333,000 $15,552,000 $284,995.00
$287,994.000
Fo eign government_ _
230.000
584,000
5,678.000
12,112,000
as the volume of sales dropped downward from day to day. Foreign corporate_ _ _ _
243.000
3,179,000
527,000
11,190,000
There were occasional mild upswings in the mining and
$1.9.806,000 816.633.000
Total
8293,852.000 8311,296,000
metal shares and small dealings were apparent in the alcohol
group, but changes in the oils and specialties were generally
THE ENGLISH GOLD AND SILVER MARKETS
in minor fractions.
We reprint the following from the weekly circular of
Irregular price movements with slightly lower prices,
particularly in the public utilities, merchandising shares and Samuel Montagu & Co. of London, written under date of
industrials, were the outstanding characteristics of the trading March 13 1935:
GOLD
during the brief session on Saturday. Mining and metal
The Bank ofEngland gold reserve against notes amounted to £192,520.583
stocks were firm and the alcohol shares were moderately on the 6th instant as compared with £192,498,539 on the previous Wednesactive, but oil issues and specialties were comparatively day.
There was considerable activity in the open market, the total available
quiet. Prominent on the side of the decline were such active
at fixing during the week being about £2,200,000. Prices, as usual, were
stocks as Aluminum Co. of America, American Cyanamid B, based on supply and demand and there was a keen general enquiry
for the
Canadian Industrial Alcohol, Commonwealth Edison, Grey- amounts offered.
Quotations during the week:
hound Corp., Swift International, Hiram Walker and Wright
Equivalent Value
Per Fine
of Sterling
Ounce
Hargreaves.
March 7
148s. 100.
115. 4.900.
Some of the gold-mining stocks were slightly higher on March 8
us. 5.400.
148s. 334d.
Monday and a few of the inactive preferred shares showed March 9
us.6.27d,
1475. 5%d.
us. 5.45d.
1488. 4d.
modest advances, but in the general list the losses exceeded March 11
12
us.6.23d.
1475. 00.
the gains. Trading was dull and the turnover barely crosse?1 March
March 13
lls. 5.76d.
148s.
the 100,000 mark. Among the active stocks closing on the Average
us. 5.700.
1485. 0.83d.
The following were the United Kingdom imports and exports of gold
side of the decline were Commonwealth Edison, Distillers
Seagrams, Glen Alden Coal, Greyhound Corp., Lake Shore registered from mid-day on the 4th instant to mid-day on the 11th instant:
Imports
Exports
Mines, Sunshine Mining Co., Swift & Co., Hiram Walker British West Africa
£135,886 Belgium
£87.500
British
Africa
South
678.556
France
2,448.045
and Wright Hargreaves.
British India
581,566 Switzerland
1.303
24.384 Venezuela
Sagging prices were again in evidence on Tuesday as the British Malaya
116,400
Australia
102,436 Other countries
1.026
curb market moved along in an extremely dull session. There New Zealand
56,645
Belgium
58.526
were occasional exceptions to the general trend, but these France
781.541
957,966
gains were largely fractional and were without special signi- Switzerland
China
225,349
ficance. Among the declines were Aluminum Co. of Amer- Argentine
135,547
Venezuela
17.255
ica, American Gas & Electric, Ford Motor of Canada A, Other countries
25,105
Glen Alden Coal, Greyhouna Corp., Swift International
£3.780,762
E2,654,274
and Lake Shore Mines.
A large shipment of gold was reported from Bombay last week, the S.S.
The curb market moved downward in another dull session "Rajputana" which sailed on the 9th instant carrying £1,065.000 conto London.
on Wednesday. The volume of business was the smallest signed
The Transvaal gold output for February 1935 amounted to 821.246
of the week and approximated only 90,000 shares. Special- fine ounces as compared with 890,875fine ouncesfor January 1935 and
826,ties were the weak stocks and led the downward drift. 363 fine ounces for February 1934.
SILVER
Pittsburgh Plate Glass dipping about a point and SherwinAlthough there were sharp fluctuations during the past week the tone was
Williams losing nearly 2 points. Other weak spots were
generally firm. China and the Indian Bazaars have been active and demand
Cities Service pref., Distillers Seagrams, Ford Motor of from
these quarters on a poorly supplied market caused a rise of 7-16d. in
Canada A, Sunshine Mining Co. and Wright Hargreaves. both the cash and two months quotations on the 7th instant, when prices
respective deliveries were 27%d. and 27%cl. This level, however,
for
the
Specialties moved sharply downward on Thursday due to
brought re-selling from both India and China and there was a setback in
scattered selling, but most of the active stocks in the general consequence,
but with renewed speculative demand and good support
list were moderately firm. Industrials and public utilities from America. prices more than recovered.reaching 27 5-16d. and 277-100.
showed small gains, but the oil stocks and mining and metal to-day.
The market may see temporary reactions, but the undertone remains
issues were lower at the close. Fractional advances were good
notwithstanding the somewhat rapid advance recently made.
recorded by a few of the market favorites including American
The following were the United Kingdom imports and exports of silver
Gas & Electric, Atlas Corp., Carrier Corp., Electric Bond registered from mid-day on the 4th instant to mid-day on the 11th instant:
Exports
& Share, Niagara Hudson Power, Hiram Walker and Wright British India Imports
£124,553 Bombay-via other ports--E354,980
Australia
64,758 China
251.000
Hargreaves.
Aden & dependencies
10.500 U. B. A
860,832
92,948 Liberia
The volume of sales again dropped on Friday, the turnover Soviet Union
20,714 Other countries
2.411
for the day falling back to approximately 90,000 shares. France
Czechoslovakia
35,900
Belgium
8.333
Chesebroagh Manufacturing Co. was particularly weak and Iraq
5.060
Japan
26.191
yielded 233' points to 115 and Atlantic Coast Line slipped Peru
5,200
back 9 points to 18. Cuneo pref., on the other hand, was Other countries
6,051
the strong stock of the day and moved up 93' points on a
£400,208
$1.474.223
Quotations during the week.
comparatively small turnover. Ohio Edison pref. was
IN LONDON
another strong feature and forged ahead 7% points to 76.
IN NEW YORK
Bar Silver per Or. Std.
(Per Ounce .999 Fine)
As compared with Friday of last week prices were lower,
Cash
2 Mos.
Allied Mills closing last night at 14 against 143/i on Friday March 7
27%d.
March 6
27%d.
57 13-16 cents
March
27
27d.
d
8
March 7
a week ago, American Superpower at
58g cents
against 1, Cities
26 15-100. 27 1-16d.
March 8
59 cents
Service at % against 1, Creole Petroleum at 1074 against March 9
March 11
273-154. 27%d.
March 9
68% cents
11, Distillers Seagrams Ltd. at 153
4 against 164, Electric March
12
27 3-100. 27%d.
March 11
59 cents
5 against 6, Fairchild Aviation at
Bond & Share at 5%
27 5-16d. 27 7-16d.
83/ March 13
March 12
58 11-16 cents
against 83
4, Fisk Rubber Corp. at 73
4 against 738, For
Average
27.1400.
27.250d.
of Canada A at 275
% against 28, Glen Alden .Coal at 15
The highest rate of exchange in New York recorded during the period
against 165
/s,Greyhound Corp. at 3574 against 363(,Humble from the 7th instant to the 13th instant was $4.7934
and the lowest $4.73.
4 against 47, National Bellas Hess at 13(
Oil (New) at 463
INDIAN CURRENCY RETURNS
against 174, Sherwin Williams at 8474 against 8674,Standard
(In Lacs of Rupees)Mar.7
Feb. 28
Feb. 22
Oil of Kentucky at 18% against 19, and Swift & Co. at 1574 Notes
in circulation
18,559
18,321
18,294
against 16%.
Silver coin and bullion in India
9.086
9.148
9.121
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
Mar. 29 1935
Stocks
(Number
of
Shares)
Bonds (Par Value)
Domestic
Foreign
Foreign
Government Corporate
Total
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
75.870 $2,215,000
101,320 2.857.000
92,835 3,591,000
89,960 3,219,000
121,135 3,912,000
89.908 3,539,000
$22,000
22,000
27,000
78,000
43,000
38,000
$29.000 $2,266,000
36,000 2,915,000
32,000 3.650,000
37,000 3,334,000
38,000 3.993,000
71,000 3,848,000
Total
570,828 $19,333,000
$230,000
$243,000 819,806.000
Gold coin and bullion in India
4,155
4.155
4,155
Securities (Indian Government)
3,524
3,561
3,572
Securities (British Government)
1,794
1,457
1,446
Stocks in Shanghai on the 9th instant consisted of about 10,900,000
ounces in sycee, 256,000.000 dollars and 46,000,000 ounces in bar siher,
as compared with about 11,800,000 ounces in sycee, 257,000,000 dollars
and 45.900,000 ounces in bar silver on the 2nd instant.
Statistics for the month of February last are appended:
-Bar Silver per Or. Std.-Bar Cold per
Cash
2 Mos.
(lunge, Fine
Highest price
25 11-16d.
25 13-16d.
144s. id.
Lowest price
24 5-16d.
24 7-16d.
141s. 10%cl.
Average
24.8177d.
24.9375d.
142. 8.700.
2128
Financial Chronicle
ENGLISH FINANCIAL MARKET-PER CABLE
The daily closing quotations for securities, Sm.,at London,
as reported by cable, have been as follows the past week:
Sal..
Mar. 23
Silver, per oz__ 2734d.
Gold, p.fine oz.146s. Id.
Consols.2%%_ Holiday
British 334%
War Loan_ __ Holiday
British 4%
1960-90
Holiday
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Mar, 25 Mar, 26 Mar. 27 Mar. 28 Mar. 29
273icl.
274d.
28%d.
28 7-168. 28$4d.
1453.744d. 145s. 7d. 145s. 3d. 1448.1044d.143s. 88.
85
85
86
86
86
10534
1057.i
105%
105%
105
11734
1163
(
,
11634
11634
11534
The price of silver in New York on the same days has been:
Sliver In N.Y
(foreign), per
Os.(ct,s.)____ 59
U.S. Treasury.. 50.01
U. S. Treasury
(newly mined) 64%
60
50.01
6134
50.01
61
50.01
61
50.01
6034
50.01
6434
6434
6434
6434
6434
CHANGES IN NATIONAL BANK NOTES
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
Any:Juni Bonds
on Deposit to
Secure Circulation for National
Bank Notes
National Bank Circulation Afloat on-
Bonds
Legal
renders
Total
Feb. 28 1935__
867.712.095
214,371,617
657,937,080
653,340,478
Jan. 31 1935__-_ 677,472,540
876,372,130
205,204,723
671,167,407
887,936,475
Dec. 31 1934____ 684,354,350
209,127,752
678.808,723
Nov.30 1934____ 690,752,650
898,904,788
212.667,960
686,236,828
Oct. 31 1934____ 696,720,650
907,392,088
214,595,435
692,796,653
Sept. 30 1934____ 700,112,950
223.506,135
694,482,633
917,988,768
228,778,812
Aug. 31 1934____ 707,112,660
928,988,450
702,209,638
941,784,225
July 31 1934____ 718,150,910
228,770,240
713,013,985
June 30 1934____ 736,948,670
954,694,753
224,720,785
729,973,968
May 31 193C ___ 750.869,320
963,191,553
219,211,255
743.980,298
Apr. 30 1934_ -- 799,699,770
791,996,353
974,148.798
182,152,445
140,869,333
Mar.31 1934____ 847.058,170
981,547.663
840.848.330
Feb. 28 1934____ 887.00.5,520
984,636,948
100,489,113
884,147.835
$2,380,123 Federal Reserve bank notes outstanding Mar. 1 1935. secured by
lawful money, against $2,470,887 on Mar. 1 1934.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes Feb. 28 1935:
U. S. Bonds Held Feb. 28 1935
Bonds on Deposit
Mar. 1 1935
On Deposit to On Deposit to
Secure
Secure Federal
&serge Bank National Bank
Notes
Notes
2s, U. S. Consols of 1930
2s, U. B. Panama of 1936
2s, U. S.Panama of 1938
Is, U. S. Treasury of 1951-1955
344s, U. S. Treasury of 1946-1949
330, U. S. Treasury of 1941-1943
3S4s, U. S. Treasury of 1940-1943
354s, U.S. Treasury of 1943-1947
3s, U. S. Panama Canal of 1961
Is, U. S. convertible of 1946-1947
334s, U. S. Treasury of 1933-1941
334s, U.S. Treasury of 1944-1948
3s. U. S. Treasury of 1946-1948
33(s, U. S. Treasury of 1943-1945
334s, U. S. Treasury of 1949-1952
Totals
Total
Held
480,506,250
25,683,060
14,923.020
26,757,600
15,387.450
21,481,000
7,419,050
22,415,250
1,000
15,000
19,022,650
9,393,500
10,835,750
337.500
3,759,000
480,506,250
25,683.060
14,923,020
26.757,600
15,387.450
21,481,000
7.419,050
22.415,250
1,000
15,000
19,022,650
9,393,500
10,835.750
337,500
3,759,000
657,937.080
657.937,080
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits Feb. 1 1935
and Mar. 1 1935 and their increase or decrease during the
month of February:
National Bank Notes-Total AfloatAmount afloat Feb. 1 1935
Net decrease during February
Amount of bank notes afloat Mar. 1 1935
Legal Tender NotesAmount deposited to redeem National bank notes Feb. 1
net amount of bank notes Issued in February
3876,372,130
8,660,035
$887,712,095
$205,204,723
9,166,894
Amount on deposit to redeem National bank notes Mar. 1 1935___.$214,371,617
NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CHARTERS ISSUED
Capital
$100,000
Mar. 20-First National Bank In Arcadia, Arcadia, La
Capital stock consists of $50,000 common stock and $50,000
preferred stock. President, R. D. Sims; Cashier, J. H.
Madden. Will succeed No. 7476, The First National Bank
of Arcadia.
VOLUNTARY LIQUIDATIONS
25,000
Mar. 18-The First National Bank of Fruita, Colo
Effective Feb.23 1935. Lb. Agent, Lee Warner. Fruita, Colo.
Absorbed by "First National Bank in Grand Junction,"
Colo.. charter No. 13,902.
625,000
Mar. 22-The First National Bank of Hoboken, N. J
Effective Mar. 19 1935. Lig. Committee, 0. H. Hammond,
Henry A Gaede and Harry B. Batchelder care of the liquidating bank. Absorbed by The First National Bank of Jersey City, N. J., Charter No. 374.
100,000
Mar. 22-The Twin Cities National Bank of St. Paul, Minn_
Effective Feb. 15 1935. Liq. Agent, A. L. RIM care of the
liquidating bank. Absorbed by The Midway National Bank
of St. Paul. Minn.. Charter No. 13,131.
50,000
Mar. 22-State National Bank of Alpine. Texas
Effective Dec. 15 1934. Liq. Agent, G. W. Baines, Alpine,
Texas. Absorbed by The First National Bank a Alpine,
Texas, Charter No. 7214.
March 30 1935
DIVIDENDS
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company
Per
Share
When Holders
Payable of Record
Adams J. D.) Mfg.(quar.)
15c May 1 Apr. 15
Ma
ay
Adams-Millis Corp.(quar,)
Apr. 18
$5
104 Al
7% preferred (quarterly)
$j34 May 15 May 1
Albany & Vermont RR
Ajax Oil & Gas(quarterly)
2c Apr. 15 Mar.30
Allan's Beverages, Ltd., 7% pref.(s-a)
$334 Mar.30 Mar. 26
Allied Chemical & Dye Corp.,com.(quar.)
Mar.Apr. 20
9
39,1
Apr.
Alms & Doepke Co.,7% pref. (quar.)
75e Apr. 1 Mar. 13a
American Bank Note Co., pref.(guar.)
American Home Products Corp.(monthly)..20c May 1 Apr. 15a
American Beverage Corp., pref. (guar.)
834,0 Apr. 1 Mar.20
American Can Co.,common(quar.)
$1 May 15 Apr. 240
American Coal Co. of Aileghany County
$134 May 1 Apr. 10
American Discount Co. of Georgia
15c Apr. 1 Mar. 20
American Ice Co., preferred (quar.)
$134 Apr. 25 Apr. 8
American Light & Traction Co.,corn
30c May.41 Apr. 15a
May 1 Apr. 15a
Preferred (quarterly)
134
834c Apr. 1 Mar. 26
American Products Co., 7% pref. (quar.)
3734c Apr. 1 Mar.26
$114 participating preferred (guar.)
American Shipbuilding (quar.)
50c May 1 Apr. 15
American Thermos Bottle
25c Apr. 10 Apr. 1
Atlantic Steel Co
$1 Mar.30 Mar. 20
7% preferred (semi-annual)
May 1
UM
Atlas Powder Co., preferred (quar.)
$134 May 1 Apr. 19
h$131
1 Mar.22
Apar
r..27
Bakelite Corp.,634% preferred
34 M
Bell Telephone of Pennsylvania (quar.)
$134 Mar.30 Mar.30
Bibb Mfg. Co.(quarterly)
234c Apr. 15 Apr. 1
Bishop Oil Corp. (quarterly)
Boston Acceptance Co., Inc., 7% pref. (qu.) _ _ 1734c Mar.30 Mar. 21
Briggs Mfg. Co.(quarterly)
50c Apr. 25 Apr. 10
8734c Apr. 15 Mar.30
Calif. Oregon Power Co.,7% pref.(quar.)
75c Apr. 15 Mar.30
6% preferred (quarterly)
75c Apr. 15 Mar. 30
6% preferred, series 1927 (quar.)
Cameron Machine,8% pref. (quar.)
$2 Mar.30 Mar. 21
10c Apr. 20 Apr. 8
Canada Dry Ginger .Ale, Inc. (guar.)
$13,/, Apr. 1 Mar. 15
Canadian Public Service, 63.4% preferred
313i Apr. 1 Mar. 15
634% participating preferred A.
Case, Lockwood & Brainard Co.(quar.)
$234 Apr. I Mar. 26
20c May 1 Mar. 30
Central Hudson Gas & Electric Corp. (quar.)
20c May 1 Mar. 30
Voting trust certificates (guar.)
6% preferred (quar.)
$134 Apr. 1 Mar. 22
h8734c Apr. 1 Mar. 11
Central Maine Power,7% preferred
Champion International Co.(quar.)
$134 Apr. 1 Mar. 22
7% preferred (quar.)
$134 Apr. 1 Mar. 22
Chesapeake & Potomac Telep. Co., pref.(guar.) wg Apr. 15 Mar. 30
25c May 15 May 5
Cincinnati Advertising Products
1234c May 15 May 5
Extra
Cincinnati Postal Terminal Realty Co.
6 A % preferred (quar.)
$1.% Apr. 15 Apr. 4
8A
mparr.. 24
Apr.
pr1
City Auto Stamping Co
$1
104 A
City Investors, 7% preferred (quar.)
City By. Co.(Dayton, Ohio)6% pref.(quar.)_ - $134 Apr. 1 Mar. 20
Color Pictures, Inc. (liquidating)
52c Mar. 26
31 Apr. 1 Mar. 26
Columbia Mills
Commercial Discount Co. (Calif.)20c Apr. 10 NimApaarrr...
8% preferred (guar.)
Apr.
3.
Apr
. 1
27
Commonwealth Life Insurance, Ky.(quer.)---15
Commonwealth Telep.(Wis.)6% pt. (quar.)--- 5134 Apr.
$IM May I Apr. 15a
Consolidated Cigar Corp., prior pref
$134 June 1 May 15a
Preferred (quarterly)
Consumers Power Co.
$134" July 1 June 15
$5 preferred (quarterly)
$134 July 1 June 15
67 preferred (quarterly)
$1.65 July 1 June 15
6.6% preferred (quarterly)
$1.34 July 1 June'15
77 preferred (quarterly)
50c May 1 Apr. 15
6% preferred (monthly)
50c June 1 May 15
6% preferredronthly)
50c July 1 June 16
6% preferred (monthly)
55c May 1 Apr. 15
6.6% preferred (monthly)
55c Juno 1 May 15
6.6% preferred (monthly)
55c July 1 June 15
6.6% preferred (monthly)
75c Apr. 1 Mar. 16
Connecticut Gas & Coke Security, pref. (qu.)...
Corn Products Refining Co.(guar.)
75c Apr. 21 Apr. 2
ar..
Preferred (quarterly)
5134 Apr. it yr
Creamery Package Mfg.(quar.)
30c Apr. li
c Apr. 11 Mar. 25
Credit Utility Banking (quar.)
May i Apr. 30
Cresson Consol. Gold Mining & Milling Co
2c May 11, Apr. 30
Extra
Cuneo I'ress(quarterly)
30c May 1 Apr. 20
Preferred (quarterly)
$134 June 15 June 1
534c Apr. 1 Mar. 1
Deposited Bank Shares,series A (s.-a,)
16c Apr. 20 Apr. 1
Devonian Oil (quarterly)
Aipar
r.
3
20 A
mparr.. 36
5
1(0la
c N
Extra
Diamond State Telephone(quar.)
$3 Apr. 1 Mar.30
Discount Corp. of New York (quar.)
15c Apr.. 1 Mar, 23
Dominguez Oil Fields (mthly.)
25c Apr. 20 Apr. 10
Driver-Harris
25c Apr. 1 Mar. 22
Eagle Lock (quarterly)
Eastern Gas & Fuel Assoc.,6% pref.(quar.)__ _ _ $134 July 1 June 15
$1.125 July 1 Juno 15
4Si 7, preferred (quarterly)
May
Eaton Mfg. Co., common (quar.)
25c N
Alpary
.2
15
Electric Household Utilities Corp
5 Apr. 10
1
Elmira & Williamsport RR (s-a)
$1.15 may 1 Apr. 20
Enamel Products
10c Apr. 1 Mar. 28
Fairbanks (E. J.) Co., 7% pref. (s.-a.)
$334 Apr. 1 Apr. 1
$234 July 1 June 11
Farmers & Traders Life Ins.(guar.)
Quarterly
$234 Oct. 1 Sept. 11
25c July 1 Juno 15
Florsheim Shoe Co..class A (quar.)
Class A (quarterly)
25c Oct. 1 Sept. 15
1244c July 1 June 15
Class B (quarterly)
Class B (quarterly)
12Sic Oct. 1 Sept. 15
SI Apr. 15 Apr. 5
Fireman's Fund Insurance,(quar.)
Firestone Tire & Rubber (quar.)
10c Apr. 20 Apr. 5
50c July 15 July 10
Food Machinery,634% preferred
50c Aug. 15 Aug. 10
% preferred
50c Sept.15 Sept. 10
63.4% preferred
Ford Motor Co., Ltd.(England), ord.reg
5
Apr. 25 Apr. 8
American dep. rec. ord. reg
5% May 2 Apr. 29
Apr. 1 Mar.
Frick Co.,Inc.,6% pref.(quar.)
Gardner-Denver Co.,com.(quar.)
25c Apr. 20 Apr. 10
Preferred (quarterly)
$134 May 1 Apr. 20
General Mills, Inc., common (quarterly)
75c May 1 Apr. 15
Glen Alden Coal (guar.)
25c Apr. 20 Apr. 6
25c Apr. 20 Apr. 6
Extra
Gold Dust (quarterly)
30c May 1 Apr. 10
Grace(W. R.) & Co., pref. A (quarterly)
$2 Mar. 30 Mar. 28
60/ preferred (semi-annual)
$3 June 29 June 27
$3 Dec. 30 Dec. 27
6% preferred (semi-annual)
50c Apr. 8 Mar. 27
Gray Teiep.Pay Station (special)
Sc May 15 Apr. 30
Gresson Consolidated Gold (quar.)
Guarantee Co.of North Amer.(quar.)
8134 Apr. 15 Mar.31
Gulf Power Co.. $6 pref. (quar.)
$134 Apr. 1 Mar. 20
h$1 May 1 Apr. 16
Hat Corp. of America, cum. pref
Cumulative preferred (quar.)
$134 May 1 Apr. 16
6834c May 1 Apr. 15
Hartford Electric Light Co• (quar.)
Hartford Steam Boiler Inspection & Insurance40c Apr. 1 Mar. 25
Quarterly
6
m ary.23
. 13
1M
mpary
$3
10
u
c A
Haverhill Gas Light Co.(quar.)
Hercules Powder, preferred (quarterly)
Mar.
22
1
Apr.
Highland Dairy, Ltd..7% preferred (quar.)
$134
18,31
Name of Company
Per
Share
Wizen Holders
Payable of Recor
75c May 15 Apr. 25
Hershey Chocolate Corp.(quarterly)
$1 May 15 Apr. 25
$4 cony. preferred (quarterly)
$3 Apr. 1 Mar. 22
Holyoke Water Power Co.(guar.)
15c Mar.30 Mar. 23
Honolulu Rapid Transit Co., Ltd
40c May 1 Apr. 10
Horn & Hardart Co. of N. Y.(quarterly)
3c May 1 Mar.30
Hovey Gold Mines, Ltd
h75c Apr. 1 Mar. 15
Illinois Commercial Telephone, Wisconsin
50c Apr. 1 Mar. 20
Illuminating Shares Co.. class A (quar.)
zw2%
Imperial Chemical Indus.(London)
zw 5A %
k Mal
Industrial Cold Storage & Warehouse
$1 Apr. 1 Mar.30
Semi-annually
International Utilities Corp. $7 prior pref. (qu.) 87 A c May 1 Apr. 18a
43%c May 1 Apr. 180
I...$3 prior preferred (quar.)
50c Apr. 15 Mar.30
Irving Investors Fund.0 (quar)
Kansas Power & Light Co., 7% pref. (quar.)_ _ 51% Apr. 1 Mar. 20
51% Apr. 1 Mar.20
6% preferred (guar.)
50c May 1 Apr. 20
Keystone Steel & Wire
51% Apr. 15 Apr. 5
7% preferred (quar.)
15c Mar.30 Mar. 23
Laclede Steel Co.(quar.)
37%c Mar.30 Mar. 22
Landers, Frary & Clark (quar.)
37Ac June 29 June 20
Quarterly
37 A c Sept.30 Sept. 20
Quarterly
37%c Dec. 31 Dec. 20
Quarterly
%, May 1 Apr. 15
Lane Bryant, Inc- 7% pref. (guar.)
52 Apr. 1 Mar. 27
Lane Co., Inc. (quarterly)
Apr. 10 Mar. 27
Lamont Corliss Co.(quarterly)
51
51 Apr. 10 Mar.27
Extra
51% May 15
La Salle & Koch, preferred (quarterly)
Lawyers Title Insurance Co. (V.)
$3 Apr. 15 Apr. 10
6% preferred (s.-a.)
$1 Mar.30 Mar. 21
Lehigh & Hudson River By. (quar.)
15c June 1 May 15
Link Belt
51% July 1 June 15
Preferred (quar.)
25c May 1 Apr. 16
Liquid Carbonic (quarterly)
$2 Apr. 1
Lock Joint Pipe, 8% preferred (quar.)
Louisville Gas & Electric (Ky.)$1% Apr. 15 Mar.31
7% preferred (quar.)
$1% Apr. 15 Mar.31
6% preferred (guar.)
51% Apr. 15 Mar. 31
5% preferred (guar.)
90c Apr. 13 Mar.30
Lowell Electric Light Corp.(quarterly)
Lowenstein (M.) & Sons (quar.)
51% Mar.30 Mar.30
Lynn Gas & Electric Co.(quar.)
$1% Apr. 1 Mar.21
Trust certificates (quar.)
51% Apr. I Mar.21
M & P Stores, Ltd,7% Preferred (quar.)
51%, Apr. 1 Mar.22
Macbeth-Evans Glass (quar.)
62%c Mar.30 Mar. 20
Manchester Gas,7% preferred (quar.)
51% Apr. 1 Mar.20
Marconi internat. Marine Communica. (final)_
5%
Massachusetts Lighting Cos.(quar.)
75c Mar. 30 Mar. 21
8% preferred (quar.)
$2 Apr. 15 Mar.30
6 4' /0 preferred (guar.)
51% Apr. 15 Mar.30
Massachusetts Utilities Assoc., pref. (quar.)_ -- 62%c Apr. 15 Mar.30
Merchants Refrigerating Co. of N. Y., pf. (qu.) 51% May 1 Apr. 22
Metal Package Corp. (quar.)
51 Apr. 1 Mar. 26
Michigan Public Service Co., 7% pref. (quar.) 87%c May 1 Apr. 15
6% preferred (quar.)
75c May 1 Apr. 15
Milwaukee Elec. IV.& Lt. Co.6% pref.(qu.). _
SI A Apr. 30 Apr. 20
Mississippi Power Co. 57 preferred (quar.)
$1% Apr. 1 Mar. 20
$6 preferred (quar.)
51% Apr. 1 Mar. 20
Monogram Pictures Corp. (quar.)
15c May 1 May 1
Quarterly
15c Aug. 1
Quarterly
15c Nov. 1
Quarterly
15c Feb. 1
Montana Power,$6 preferred (quar.)
51% May 1 Apr. 10
Montreal Telegraph Co.(quar.)
80c Apr. 15 Mar.30
Mountain States Telep. & Teleg. (quar.)
52 Apr. 15 Mar. 30
Municipal Gas Co., Texas, $7 pref. (quar.)_ _
$1% Apr. 1 Mar 15
8 Apr. 20 Apr. 10
Mutual Telephone Co., Hawaii (monthly)
h$li, May 1 Apr. 15
National Automotive Fibre, pref
2 May 1 Apr. 20
National Carbon Co.. Inc..87
0 pref. (quar.)
a
50c May 1 Apr.A
National Distillers Products Corp.(quar.)
30c Apr. 1 Mar.22
National Oil Products
Apr. 30 Apr. 20
National Steel (quar.)
12Ac Apr. 30 Apr. 20
Extra
Naumkeag Steam Cotton (omitted.
Neon Products of Western Canada, Ltd.75c May 1
6% preferred (quar.)
c Apr. 15 Mar.31
New Brunswick Telephone (quar.)
May 10 Apr. 20
(quar.)
New Jersey Zinc Co.
$1 May 18 Apr. 30
Norfolk & Western Ry., adj. pref.(quar.)
51% June 1 May 15
North American Edison Co. pref. (guar.)
50c Apr. 1 Mar. 25
North American Finance Corp., A (quar.)
873.c Apr. 1 Mar. 25
7% preferred (guar.)
Mar. 30 Mar. 15
Nunn-Bush Shoo Co.,7% 1st preferred (quar.)_ 51
51
Mar. 30 Mar. 15
2d preferred (quar.)
7
15c Apr. 16 Apr. 11
Oahu ity. & Land Co. (mthly)
20c Apr. 1 Mar.20
Ohio Wax Paper (quar.)
10c Apr. I Mar. 15
Old Joe Distilling Co., $5 pref. (quar.)
Apr. 5 Mar. 21
51
Old Colony Light & Power Assoc. (quar.)
20c Apr. 20 Apr. 10
Onomoa Sugar Co. (mthly)
1%/Apr. 15 Mar.300
Pacific Gas & Electric Co., corn.(quar.)
Apr. 1 Mar.22
Pacific Southwest Realty, 6A% pref. (quar.)_ _ 51
51% Apr. 1 Mar. 22
5A % preferred (guar.)
Peasiee-Oaulbert Corp. 7% pref. (quar.)
513 Mar.30 Mar. 23
Penberthy Injector (quar.)
Mar. 31 Mar. 25
$2
Peoples Telep. Corp.(Butler, Pa.)(quar.)
5154 Apr. 15 Mar.31
Peter Paul. Inc.(quar.)
50c Apr. 1 Mar. 22
20c Apr. 25 Apr. 8
Philadelphia Co., common (quar.)
Philadelphia Electric. $5 pref. (quar.)
$1% May 1 Apr. 10
sit
Apr. 30 Apr. 20
Plymouth Cordage (guar.)
Employee's stock (quar.)
12%c Apr. 20 Mar.30
Plymouth Rubber preferred (quar.)
51% Apr. 15 Apr. 10
Polygraphic Co. of Amer. preferred (quer.)_ _
25c Apr. 5 Mar.30
Power Corp. of Canada, Ltd.Apr. 15 Mar.30
67 cumulative preferred (quar.)
Apr. 15 Mar. 30
67
0 non-cumulative preferred (quar.)
Reading Co.(quarterly)
50c May 9 Apr. 11
Rich's, Inc. (quarterly)
30c May 1
Riko-Kurnler, 7% pref. (quar.)
51% Apr. 1 Mar. 25
7% preferred (quarterly)
51% July I June 25
Roos Bros., Inc., Dela., 56 pref. (quar.)_ _ _ _ 51% May 1 Apr. 15
St. Croix Paper (quar.)
50c Apr. 15 Apr. 5
St. Joseph Ry. Light, Heat & Power5% preferred (quar.)
51% Apr. 1 Mar. 15
St. Joseph Stockyards Co. (quar.)
75c Mar. 31 Mar. 20
$3 July 1 June 15
St. Louis Bridge Co.,6% lst pref.(s.-a.)
37 2nd preferred (s.-a.)
$134 July 1 June 15
SanAntonio Public Service$2 Apr. 1 Mar. 21
870 Preferred (quar.)
$lq Apr. 1 Mar. 21
7% preferred (quar.)
20c Apr. 15 Apr. 1
San Carlos Milling Co. (monthly)
Apr. 15 Mar. 30
San Diego Consul. Gas & Elec. Co. pref. (qu.)_
5134 Apr. 10
Security Storage, Washington (quar.)
87%c May 1 Apr. 17
Sharp & Dohmo,pref. A (quar.)
5154 Apr. 1 Mar. 23
Slattery (E. T.) preferred (quar.)
25c Mar. 30 Mar. 21
Southern Berkshire Power & Electric Co
20c May 15 Apr. 30
Southern Canada Power Co., Ltd., corn.(qu.)_ _
5154 Apr. 15 Mar.30
Southern New England Telephone (quar.)
h87Ac Apr. 2 Mar. 27
Square D Co. of Los Angeles. 7% prof
5234 Apr. 15 Mar.30
Stamford Gas & Elec. Co., Conn.(quar.)
40c Apr. 15 Mar. 30
State Street Investment(quar.)
h 5334 Mar. 30 Mar. 20
Stearns (Fred.) & Co., 7% preferred
43%,c May 1 Apr. 6
Steel Co. of Canada (guar.)
43%c May 1 Apr. 6
Preferred (quarterly)
Suburban Electric Security Co.
Apri:. 2
11
5154 May 1 Ma
6% 1st preferred (quar.)
Apr. 1
50c
$4 2d preferred (quar.)
8
Swedish Ball Bearing, A & B
51
May 15 Apr. 20
Syracuse Lighting,6% pref.(quar.)
51% May 15 Apr. 20
6A % preferred (quarterly)
$2 May 15 Apr. 20
8% preferred (quarterly)
25c May 1 Apr. 15
Telautograph Corp.(quar.)
2129
Financial Chronicle
eolume 140
12ae
Name of Company
When Holders
Payable of Record
Per
Share
25c
Toronto General Insurance (initial)
$134
Towle Mfg. Co.(quar.)
$2
Extra
rlOc
Union Gas Co. of Canada
$134
Union Stockyards.of Omaha, Neb
$154
United Gas Public Service, $6 pref. (quar.)
734c
United Investors Realty Corp., class A
The
United Milk Products, $3 pref. (quar.)
United States Smelting Refining St Mining Co.—
$1
Common (quarterly)
87 Ac
Preferred (quarterly)
25c
Vanadium-Alloys Steel
h $15(
Van Dusen Harrington, preferred
$1%
Preferred (guar.)
$1
h
Vlchek Tool, 7% preferred
h • 75c
Walker Mfg. Co., $3 preferred
50c
Warren Foundry & Pipe
25c
Wilcox-Rich Corp., class B
Wisconsin Gas& Electric Co.,6% pref. C (guar.) $134
$1%
Wisconsin Telep., pref. (quar.)
Si
Worcester Suburban Electric (quar.)
25c
Wrigley (Wm.)Jr. Co.(mthly.)
25c
Monthly
25c
Monthly
25c
Monthly
25c
Monthly
25c
Monthly
Apr. 15 Mar.31
Apr. 15 Apr. 6
Apr. 15 Apr. 6
May 15 Apr. 20
Mar. 31 Mar. 21
Apr. 1 Mar.23
Apr. 10 Mar 28
Apr. 1 Mar. 28
Apr. 15 Apr. 5
Apr. 15 Apr. 5
Apr. 10 Apr. 1
Apr. 1 Mar. 20
Apr. 1 Mar. 20
Mar. 31 Mar. 28
May 1 Apr. 20
May I Apr. 15
May 15 May 1
Apr. 15 Mar.30
Apr. 30 Apr. 20
Mar.30 Mar. 21
May 1 Apr. 20
June 1 May 20
July 1 June 20
Aug. 1 July 20
Sept. 2 Aug. 20
Oct. 1 Sept.20
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the precedine
Name of Company.
Abraham & Straus
Extra
Acme Steel (quar.)
Adams Express Co. 5% cum. pref. (quar.)
Adams Royalty
Aetna Fire Insurance (quar.)
Aetna Life Insurance (quar.)
Aetna Casualty & Surety (quar.)
Affiliated Products (monthly)
Monthly
Agnew-Surpass Shoe Stores. preference (quar.).
Agricultural Insur.(Watertovrn, N.Y.)(quar.)
Air Reduction Co.(quar.)
Alabama Power Co..$7 pref.(quar.)
$6 preferred (quarterly)
$5 preferred (quarterly)
Alabama & Vicksburg Ry.(s.-a.)
Allemannia Fire Insurance (Pittsburgh)
Allen Industries, $3 preferred
Mies & Fisher, Inc. (guar.)
Allied Chemical & Dye Corp.. pref.(guar.)
Allied Laboratories (quar.)
Extra
$354 convertible preferred (quar.)
Convertible preferred (guar.)
Aloe (A. S.) Co- 7% pref. (quar.)
Alpha Portland Cement
Altorfer Bros.. $3 cony. preferred
Aluminum Co.of Amer., preferred
Preferred (guar.)
Aluminum Goods Manufacturing Co
Aluminum Mfgs. (quar.)
Quarterly
Quarterly
Quarterly
7% preferred (quarterly
7% preferred quarterly
7% preferred quarterly
7% preferred quarterly
Amalgamated Leather Cos., pref
American Agricultural Chemical Co.(quar.)— American Asphalt Roofing Corp. 8% pref. (qu.)
American Bakeries Corp.. 7% pref. (quar.)
American Bank Note, preferred (quar.)
American Brake Shoe& Foundry (quar.)
Extra
Preferred (quarterly)
American Can Co.. preferred (quar.)
American Chicle(guar.)
American Cigar. preferred (quar.)
American Cyanamid Co., corn, class A and B
American Dairies, Inc. (Md.), pref. (quer.) _
American District Teleg.01N.J.(guar.)
Preferred (quarterly)
American Express(quar.)
American Factors Ltd.(monthly)
American Felt. 67
0_ pref. (quar.)
American Fork & Hoe 6% preferred (quar.)_
American Gas dr Electric Co., corn. (quar.)- Preferred (quar.)
American General Insurance, Texas (qtr.)
American Hard Rubber Co.,8% pref. (quar.).
American Hardware (quar.)
American Hair & Felt lit preferred
American Hawaiian Steamship (quar.)
American Home Products (monthly)
American Insurance(Newark)(s.-a.)
Amer. Invest. Co. of Illinois, 7% pref. (quar.)
American Magic Products
American Maize Products
Preferred (quarterly)
American Mfg.
preferred
American Motorists
Co..Insurance (quarterly)
American National Co. (Toledo, Ohio)
7% preferred A & B (quar.)
American Optical Co.,7% pref. (guar.)
American Paper Goods (quar.)
Quarterly
Quarterly
preferred (quail
7 preferred (guar.
7
7o preferred (guar.
American Power & Light Co.,$6 preferred
$5 preferred
American Rolling Mill,6% pref. B
American Safety Razor (quarterly)
Special
Extra
American Screw Co.(quar.)
American Seal-Kap Corp., common
American Snuff Co., common
Preferred
American Steamship Co.(quar.)
American Steel Foundries. 7% preferred (qu.)
American Stores Co. (quarterly)
American Sugar Refining (guar.)
Preferred (quar.)
American Telep. & Teleg. Co.(quar.)
American Thermos Bottle. pref.(guar.)
American Tobacco Co.. preferred (quar.)
American Water Works & Electric Co.
56 series 1st preferred (guar.)
Amoskeag Co • common
Preferred (semi-annual)
Appomaug Co.(aean)
When Holders
Per
Share. Payable. ofRecord.
30c Mar.30 Mar. 21
15c Mar.30 Mar. 21
50c Apr. 1 Mar.20
$134 Mar.30 Mar. 150
Sc Apr. 1 Mar. 20
40c Apr. 1 Mar. 18
15c Apr. 1 Mar. 9
50c Apr. 1 Mar. 9
Sc Apr. 1 Mar. 15
Sc May 1 Apr. 15
154% Apr. 1 Mar. 15
75c Apr. 1 Mar. 26
The Apr. 15 Mar. 30
$154 Apr. 1 Mar. 15
$154 Apr. 1 Mar. 15
$134 May 1 Apr. 15
254% Apr. 1 Mar. 8
25c Apr. 1 Mar. 23
/46 Apr. 1 Mar. 20
10c Apr. 1 Mar. 22
% Apr. 1 Mar. 11
Oc Apr. 1 Mar. 25
10c Apr. 1 Mar. 25
87%c Apr. 1 Mar. 25
8754c July 1
5151 Apr. 1 Mar. 21
25c Apr. 25 Apr. 1
h$1 Apr. 15 Apr. 1
h25c Apr. 1 Mar. 15
3734c Apr. 1 Mar. 15
10c Apr. 1 Mar 21
50c Mar.31 Mar. 15
50c June 30 June 15
50c Sept.30 Sept. 15
50c Dec. 31 Dec. 15
Mar.31 Mar. 15
$I
$154 June 30 June 15
Sept.30 Sept. 15
$1
5154 Dec. 31 Dec. 15
50c Apr. 1 Mar. 20
50c Mar. 30 Mar. 18
/4154 Apr. 15 Mar.31
5154 Apr. 1 Mar. 15
75c Apr. 1 Mar. 13
20c Mar.30 Mar.26
Sc Mar.30 Mar. 26
5154 Mar.30 Mar. 26
154% Apr. 1 Mar. 15a
750 Apr. 1 Mar. 12
5114 Apr. I Mar. 15
10c Apr. 1 Mar. 16
5154 Apr. 1 Mar. 15
$1 Apr. 15 Mar. 15
5154 Apr. 15 Mar. 15
$154 Apr. 1 Mar. 22
10c Apr. 10 Mar. 30
Apr. 1 Mar. 15
$1
Apr. 15
$1
35c Apr 1. Mar. 14
3154 May 1 Apr. 8
15c Mar. 31 Mar. 20
52 Apr. 1 Mar. 16
25c Apr. 1 Mar. 16
h$2 Apr. 1 Mar. 15
25c Apr. 1 Mar. 15
20c Apr. 1 Mar. 14a
25c Apr. 1 Mar. 15
4354c Apr 1 Mar.20
25c Mar.30 Mar. 27
25c Mar.30 Mar. 27
El% Mar. 30 Mar. 27
50c Mar. 31 Mar. 15
60c Apr. 1 Mar. 25
11
$134
5154
50c
50c
50c
$l'/
SI%
$154
3734c
31%c
/42
$1
$1
250
20c
20c
3%
1547
50c
50c
50c
5154
$234
8754c
%
5154
76c
$234
250
Apr. 1 Mar. 20
Apr. 1 Mar. 16
May 1
Aug. 1
Nov. 1
June 15
Sept.15
Dec. 15
Apr. 1 Mar. 11
Apr. 1 Mar. 11
Apr. 15 Apr. 1
Mar.30 Mar. 8
Mar.30 Mar. 8
Mar.30 Mar. 8
Apr. 1 Mar. 19
Apr. 1 Mar. 29
Apr. 1 Mar. 14
Apr. 1 Mar. 14
Apr. 1 Mar.22
Mar.30 Mar. 15
Apr. 1 Mar. 15
Apr. 2 Mar. 5
Apr. 2 Mar. 5
Apr. 15 Mar. 15
Apr. 1 Mar. 20
Apr. 1 Mar. 9
Apr.
July
July
Apr.
1 Mar. 18
2 June 22
2 June 22
1 Mar. 15
Financial Chronicle
2130
Name of Company
Per
Share
When Holders
Payable of Record
15c Apr. 1 Mar. 20
Anchor Cap Corp.. corn.(guar.)
$1% Apr. 1 Mar. 20
$634 preferred (quar.)
5c Apr. 1 Mar. 18
Angostura-Wuppermann Corp.(quar.)
Sc Apr. 1 Mar. 18
Extra
$13,4 Apr. 1 Mar. 6
Appalachian Electric Power,$7 pref.(quar.)
$134 Apr. 1 Mar. 6
$6 preferred (guar.)
h$1.17 Apr. 1 Mar. 15
Arkansas Power & Light Co., $7 pref
h$1 Apr. 1 Mar. 15
$6 preferred
$1% Apr. 1 Mar. 11
Armour & Co. (I11.) $6 prior pref. (guar.)
315 Apr. 1 Mar. 11
Armour & Co.(Del.) preferred (guar.)
10c Apr. 1 Mar. 23
Arrow-Hart & Ilegeman (guar.)
Preferred (guar.)
$1% Apr. 1 Mar. 23
Apr.
r.3 Mar. 22
25c Ma
Arundel Corp. (quarterly)
1 Mar. 15
r25c
Associated Breweries of Canada (guar.)
r$1% Apr. 1 Mar. 15
Preferred (quarterly)
ma
ar
r.
. 26
2
mpar
r.. 3
10
3M
xw3
66
%
r A
Associated Electric Industries (American)
Associated Oil Co
$1 Mar. 30 Mar. 20
Associates Investment Co.(guar.)
$1°4 Mar. 30 Mar. 20
7% preferred (quarterly)
$1 Mar.30 Mar. 20
Atlantic City Fire insurance (guar.)
25c Apr. 1 Apr. 1
Atlantic City Sewerage (quarterly)
16234 May 10 Apr. 26
Atlantic Coast Line, preferred
17%c Apr. 1 Mar.25
Atlas Thrift Plan, pref.(guar.)
$3 Apr. 1 Mar. 15
Attleboro Gas Light Corp.(guar.)
$13 May 1 Apr. 15
Austin Nichols,$5 prior A (guar.)
20c Apr. 1 Mar. 27
Autoline Oil Co.,8% pref. (quarterly)
12%c Apr. 2 Mar. 20
Automatic Voting Machine co.(guar.)
12%c July 2 June 20
Quarterly
25c Apr. 1 Mar. 9
Automobile Insurance of Hartford (guar.)
25c Apr. I Mar. 15
Avondale Mills, class A and B (guar.)
80c Apr. 1 Mar. 15
Axton-Fisher Tobacco,class A (guar.)
400 Apr. 1 Mar. 15
Class B (guar.)
$135 Apr. 1 Mar. 15
Preferred (guar.)
10c Apr. 1 Mar. 20
Babcock & Wilcox
35c Apr. 1 Mar. 16
Backstay Welt
25c Apr. 1 Mar. 25
Badger Paint & Hardware Stores, panic.pf.(qu.)
1135% Apr. 1 Mar. 22
Balaban & Katz, preferred
$1.64 Apr. 15 Mar. 30
Baldwin Co..6% preferred (quar.)
18c Apr. 1 Mar. 20
Bancohlo Corp. (quarterly)
63c Apr. 1 Feb. 28
Bangor & Aroostook RR. (guar.)
$1
Apr. 1 Feb. 28
Preferred (quarterly)
75c Apr. I Mar. 11
Bangor Hydro-Electric (guar.)
1
Apr. 1 Mar. 11
314
7% preferred (guar.)
3134 Apr. 1 Mar. 11
6% preferred (guar.)
3734c Apr. 1 Mar. 19a
Bank of the Manhattan Co.(guar.)
$3% Apr. 1 Mar. 22
Bank of New York & Trust Co.(guar.)
30.21090 Apr. I Mar. 1
Bank Stock Trust Shares,series 0-1 reg
29.2296c Apr. 1 Mar. 1
Series 0-2 registered
50c Apr. 1 Mar. 20
Bank of Yorkto*n
7%c Apr. 1 Mar. 15
Bankers Trust Co.(guar.)
$1S Apr. 1 Mar. 20
Battle Creek Gas Co.. 6% preferred (guar.)
$1% Apr. 15 Mar. 30
Bayuk Cigars, let preferred (guar.)
50c Apr. 1 Mar. 14
Beatrice Creamery (special)
$1% Apr. 1 Mar. 14
Preferred (quar.)
50c Apr. 1 Mar. 15
Beech Creek RR. Co.(guar.)
75c Apr. 1 Mar. 12
Beech-Nut Packing Co., common (quar.)
50c Apr. 1 Mar. 12
Extra
$1 May 1 Apr. 15
Belding Conic*: (quar.)
50c Apr. 30 Apr. 1
Belding Heminway
4134 Apr. 15 Mar. 23
Bell Telephone Co. of Canada
$1% Apr. 15 Mar. 20
Bell Telephone (Penna.), 634% pref. (quar.)
75c Apr. 1 Mar. 20
Belt RR.& Stockyards (guar.)
75c Apr. 1 Mar. 20
6% preferred (quar.)
25c Apr. 1 Mar. 22
Bickford's (guar.)
62%c Apr. 1 Mar. 22
Preferred (quar.)
25c Apr. 1 Mar.25
Bird & Son. Inc. (guar.)
h$1
Apr. 1 Mar. 12
Birmingham Electric, $7 preferred
/al% Apr. 1 Mar. 12
$6 preferred
Binghampton Gas Works,7% pref. (quar.).._.. $1% Apr. 1 Mar.20
h50c Mar. 30 Mar. 18
Black & Decker. 8% cumulative preferred
375c May 15 May 10
Bloch Bros. Tobacco, quarterly
$134 Mar. 30 Mar. 25
6% pref. (guar.)
$134 June 29 June 25
6% preferred (quay.)
75c Apr. I Mar. 15
Bohn Aluminum & Brass Corp
$1 Apr. 30 Apr. 15
Bon Ami, Class A (quarterly)
50c Apr. 1 Mar.30
Class B (quarterly)
3734c Apr. 1 Mar. 15
Borg-Warner (quarterly)
Preferred (quar.)
$134 Apr. 1 Mar. 15
$2 Mar. 30 Feb. 28
Boston & Albany RR. Co..
$1% Apr. 1 Mar. 9
Boston Elevated (guar.)
$4 Apr. 1 Mar. 20
Boston Insurance (quarterly)
16c Apr. 1 Mar.25
Boston Personal Property Trust (guar.)
$2.125 Apr. 1 Mar. 20
Boston & Providence RR.(quar.)
32.125 July 1 June 20
Quarterly
32.125 Oct. I Sept. 20
Quarterly
32.125 Jan.2'36 Dec. 20
Quarterly
$1 Apr. 1 Mar. 25
Bourbon Stockyards Co. (guar.)
25c Apr. 25 Apr. 1
Bower Roller Bearing (quar.)
15c Apr. 15
BraJorne Mines, Ltd. (guar.)
87%c Apr. 1 Mar. 22
Brandtjen & Kluge, Inc.,7% pref. (guar.)
r50c Apr. 1 Mar. 20
Brantford Cordage Co.,8% pref. (guar.)
Brazilian Traction. Light & Power, pref. (guar.) $134 Apr. 1 Mar. 15
Brewing Corp. of Canada,$3 pref. (quar.)_--- h3734c Apr. 15 Apr. 6
10c Mar. 30 Mar. 26
Bridgepor,- Brass
60c Mar. 30 Mar. 15
Bridgeport Gas Light(quar.)
40c Apr. 15 Mar.30
Bridgeport Hydraulic Co. (guar.)
I5c Apr. 1 May. 15
Inc.,common (quar.)
Brillo Mfg.
50c Apr. 1 Mar. 15
Co..
Class A (guar.)
75c Apr. 1 Mar. 23
British-American Assurance (s.-a.)
r20c Apr. 1 Mar. 16a
British American Oil (guar.)
lOci Apr. 6 Mar. 1
British American Tobacco (Amer.) ord
234% Apr. 6 Mar. 1
"American" 5% preferred (s.-a.)
wl0d Apr. 6 Mar. 1
Amer. dep. rcts. ord. bearer (interim)
Amer. dep. rots. ord. registered (interim)„.... wl0d Apr. 6 Mar. 1
Amer. dep. rcts. 5% pref. bearer (semi-ann.) =234% Apr. 6 Mar. 1
Amer. dep. rcts. 5% pref. registered (5.-an-)- =234% Apr. 6 Mar. 1
British Columbia Electric Power & Gas Co..
$134 Apr. 1 Mar. 20
6% preferred (quar.)
r38c Apr. 15 Mar.30
British Columbia Power Corp. cl. A (quar.)
$134 Apr. 1 Mar. 16
pref. (guar.)
British Columbia Telep.,6% '
200 Apr. 1 Mar. 16
Broad Street Investing Co. Inc.(quar.)
$134 Apr. 10 Mar. 30
Brooklyn Boro Gas (quar.)
75c Apr. 1 Mar. 20
6% participating preferred (guar.)
56%c Apr. 1 Mar. 20
69' participating preferred (extra)
75c Apr. 15 Apr. 1
Brooklyn-Manhattan Transit (guar.)
$134 Apr. 15 Apr. 1
Preferred (quarterly)
11% July 15 July 1
Preferred (quarterly)
50c Apr. 1 Mar. 15
Brooklyn & Queens Transit $6 pref.(quar.)
313- Apr. 1 Mar. 1
Brooklyn Union Gas (guar.)
1135 Apr. 1 Mar. 20
Brown Forman Distillery $6 preferred (quar.)
25c Apr. 15 Mar. 15
Bruck Silk Mills (guar.)
5c Apr. 15 Mar. 15
Extra
50c Apr. 1 May. 15
Bucyrus-Erie Co. preferred (guar.)
45c Apr. 1 Mar.20
Bucyrus-Monighan, class A (guar.)
$3 Mar.30 Mar. 19
Buffalo Insurance Co.(N. Y.)(guar.)
40c Apr. 1 Mar. 15
Buffalo Niagara & Eastern Power, pf.(quar.)
$134 May 1 Apr. 15
$5 preferred (guar-)
250 Apr. 1 Mar. 19
Building Products, class A & B (guar.)
75c Apr. 1 Mar. 22
Burco, Inc., $3 cony. pref. (guar.)
h$1 Apr. 1 Mar. 16
Burdine's Inc.. preferred
70c Apr. 1 Mar. 16
Preferred (guar.)
$1 Apr. 1 Mar. 15
Burger Brewing Co., 8% pref. (guar.)
h$1.10 Apr. 1 Mar. 20
Burkhard (F. M.), preferred
w 2% an Apr. 5 Feb. 27
Burma Corp.. Amer. dep. receipt(interim)
15c June 5 May 3
Burroughs Adding Machine Co
500 Apr. 1 Mar. 15
Burt (F. N.) (quarterly)
Si
Apr. 1 Mar. 15
Preferred (quarterly)
5191 Apr. 1 Mar. 20
Cairo Water. 79 preferred (guar.)
40c Apr. 1 Mar. 15
Calamba Sugar Estates (guar.)
31 Apr. 1 Mar. 15
Extra
35c Apr. 1 Mar. 15
Preferred (guar.)
Sc May 1 Apr. 1
Calgary & Edmonton4Corp. (initial)
Name of Company
March 30 1935
Per
Share
When Holders
Payable of Record'
Calgary Power, Ltd.(guar.)
5134 Apr. 1 Mar. 15
16134 May 1 Apr. 16
Preferred (quar.)
$134 Apr. 1 Mar.' 5
California Elec. Generating Co.6% pref.(qu.)
California Ink (guar.)
50c Apr. 1 May. 22
Cambria Iron Co.(semi-annual)
$1 Apr. 1 May. 15
Cambridge Investment Corp. A & B (s.-a.)
25c Apr. 1 Mar. 20
15c Apr. 15 Mar.30
Canada Bud Breweries, common
h$134 Apr. 30 Apr. 15
Canada Foundries, preferred
Canada Northern Power Corp.. common (qu.)
30c Apr. 25 May.30
7% cum. preferred (guar.)
191% Apr. 15 Mar.30
Canada Packers,initial
75c Apr. 1 Mar. 15
Preferred (guar.)
*13/ Apr. 1 Mar. 15
Canada Permanent Mtge. Corp. (guar.)
$2 Apr. 1 Mar. 15
Canadian Canners, 1st pref. (guar.)
$134 Apt. I Mar. 15
2d quar.(guar.)
1234c Apr. 1 Mar. 15
Canadian Celanese, Ltd.,,% cum. partic. pref_ /41.91 Mar. 30 Mar. 15
7% cum. panic. preferred (guar.)
313' Mar.30 Mar. 15
Canadian Cottons (guar.)
$1 Apr. 1 May. 15
Preferred (guar.)
$134 Apr. 1 May. 15
Canadian Fairbanks Morse, pref. (guar.)
3134 Apr. 15 Mar. 30
Canadian Foreign Investment (guar.)
400 Apr. I mar. 15
Quarterly
40c July 1 June 15
Preferred (quar.)
162 Apr. 1 Mar. 15
Preferred (guar.)
$2 July 1 June 15
Canadian General Electric (guar.)
r 75c Apr. 1 Mar. 15
Preferred (quarterly)
r873.4c Apr. 1 May. 15
Canadian General Investors, coupon (quar.)_
10c Apr. 15
Canadian Industries. Ltd., A & B (guar.)
El Apr. 30 Mar. 30
7% preferred (guar.)
Apr. 15 Mar.30
Canadian Oil Cos., preferred (guar.)
r$2 Apr. 1 Mar. 20
Canadian Westinghouse (guar.)
50c Apr. 1 Mar. 18
Canfield Oil, preferred (guar.)
$131 Mar.31 Feb. 20
Cannon Mills (guar.)
50c Apr. 1 Mar. 18
Capital Administration Co., pref. ser. A (guar.)
75c Apr. 1 Mar. 18
Carnation Co..7% preferred (guar.)
3131 Apr. 1 Mar. 20
7% preferred (quar.)
3131 July 1 June 20
7% preferred (quarterly)
8131 Oct. 1 Sept.20
Carolina Power & Light, $7 pref. (guar.)
3131 Apr. 1 Mar. 15
$134 Apr. 1 Mar. 15$6 preferred (guar.)
Carolina Telep. & Teleg
$23.4 Apr. 1 Mar. 25
Case (J. I.). Co. preferred
31 Apr. 1 Mar. 12
Central Aguirre Sugar (guar.)
3734c Apr. 1 Mar. 19
Celanese Corp. of Amer.,7% cum. pref.
8 Apr. 1 Mar. 15
1614
Centlivre Brewing Corp., $2 class A
h12%c Apr. 1 Mar. 20
Central Franklin Process Co.
7% 1st & 2d pref. (guar.)
313
% Apr. 2 Mar.22
Central Hanover Bank & Trust Co.(quar.)_
$134 Apr. 1 Mar. 15
Central Illinois Light Co.6% Pref. (guar.)
134% Apr. 1 Mar. 15
7% preferred (guar.)
191% Apr. I Mar. 15
Central Maine Power.7% preferred
h87%c Apr. 1 Mar. 11
6% preferred
,5
h17
75c
e Apr. 1 Mar. 11
$6 preferred
. 1 Mar. 11
Central Power Co., 7% cumul. pref
h8734c Apr. 15 Mar. 30 •
6% cumulative preferred (guar.)
h75c Apr. 15 Mar. 30
Centrifugal Pipe Corp.(guar.)
10c May 11 May 8
Quarterly
10c Aug. 19 tug. 5
Quarterly
10c Nov. 11 Nov. 6
Century Ribbon Mills, pref.(guar.)
$1% June I May 20
Chapman Ice Cream (guar.)
Sc Apr. 15 Mar. 25
Chain Store Products Corp., pref. (guar.)
3734c Mar.30 Mar. 25
Champion Coated Paper. 1st preferred (guar.). 3131 Apr. 1 Mar. 20
Special preferred (quarterly)
313% Apr. 1 Mar. 20
Champion Fiber Co.. preferred (guar.)
313% Apr. 1 Mar. 20
Chatham Mfg. Co.,7% pref.(guar.)
3194 Apr. 1 Mar. 20
6% preferred (guar.)
3134 Apr. 1 Mar. 20
Chemical Bank & Trust (War-)
45c Apr. 1 Mar. 20
Chesapeake Corp.(guar.)
75c Apr. 1 Mar. 8
Chesapeake & Ohio (guar.)
70c Apr. 1 Mar. 8
Preferred (semi-ann.)
33)4 July 1 June 7
Chicago Daily News. $7 pref. (guar.)
314 Aprr.. 30
1
M
Mar.20
Chicago Flexible Shaft Co.(guar.)
0
30c
Extra
10c Mar.30 Mar. 20.
Chicago Junction By. & Union Stockyards (qu.) $234 Apr. 1 Mar. 15
Preferred (quarterly)
3134 Apr. 1 mar 15
Chicago Towel, pref.(guar.)
$191 Mar. 30 Mar. 20
Chickasha Cotton Oil(special)
50c Apr. 1 Mar. 5
Christiana Securities. 7% pref. (guar.)
31% Apr. 1 Mar. 20
Chrysler Corp. (quarterly)
25c Mar. 30 Mar. 9
Cincinnati Gas & Electric,5% pref.(quar.)___. $13.4 Apr. I mar.
.15
Cincinnati Inter-Terminal RR,. Co.
4% preferred (semi-annual)
$2 /Lug. 1 July 20
Cinci. Newport & Covington Lt. & Tr. (quar.) $134 1pr. 15 Mar. 30
434 preferred (guar.)
31.125 1pr. 15 Mar.30
Cincinnati Sandusky & Cleveland RR.
6% preferred (semi-ann.)
$134 May 1 Apr. 15
Cincinnati & Suburban Bell Telep. (quar.)--- - 51.13 Apr. 1 Mar. 20
Cincinnati Union Stockyards (quar.)
40c Mar. 30 Mar. 23
Cincinnati Union Terminal, preferred (guar./—
3191 Apr. 1 Mar. 20Preferred (quar.
51)4 July 1 June 20
Preferred (quar.
131%, Oct. 1 Sept. 20
Preferred (guar.)
81% lan.1'36 Dec. 20
Citizens Water (Wash.. Pa.). 7% Pref.(quar.)
3131 Apr. 1 Mar. 20'
Citizens Wholesale Supply,7% preferred (qu.)_ _ 8734c Apr. 1 Mar. 30
6% preferred (guar.)
75c Apr..31 Mar. 30
City Ice & Fuel (guar.)
50c
0 Mar. 15
City Investing Co., preferred (guar.)
191% Apr. 1 Mar. 27
Claude Neon Electric Products (guar.)
25c Apr. 1 Mar. 22
Clearing Industrial District. 6% pref. (quar.)
8134 Apr. 1 May. 19
Cleveland Cincinnati Chicago & St. Louis RR.,
preferred (quarterly)
11% Apr. 30 Apr. 20
Cleveland Electric Illuminating (guar.)
50c Apr. 1 Mar. 20
Preferred (quar.)
11 34 June 1 May 16Cleveland & Pittsburgh By.7% guar.(quar.)__ _ 8734c June I May 10
7% guaranteed (guar.)
8734c Sept. 1 Aug. 10
7% guaranteed (guar.)
87)4c Dec. 1 Nov. 9
Special guaranteed parl
c June 1 May 10
Special guaranteed guar.
50c Sept. 1 Aug. 10
Special guaranteed guar.
50c Dec. 1 Nov. 9
Cleveland Railway (guar.)
$134 Apr. I
Cleveland Union Stockyards (quay.)
25c Apr. 1 Mar. 22
Climax Molybdenum Co. (guar.)
Sc Mar. 30 Mar. 15
Quarterly
Sc June 30 June 15
Quarterly
Sc Sept.30 Sept. 15
Quarterly
5c Dec. 30 Dec. 15
Clinton Trust Co.(New York) (quarterly) __
50c Apr. 1 Mar. 15
Clinton Water Works. 7% preferred (quar.)_ _
3191 Apr. 15 Apr. 1
Clorox Chemical (quar.)
50c Apr. 1 Mar.30
Extra
1234c Apr. 1 mar.30
Cluett, Peabody & Co., Inc., pref. (guar.)
31% Apr. 1 Mar. 21
Coca-Cola Co
$2 Apr. 1 Mar. 12
Coca-Cola Bottling Corp (quar.)
6234c Aprl 1 Mar. 15
Coca-Cola International Corp., corn. (guar.)._ _
84 Apr. 1 Mar. 12
Cohen (Dan.) Co.(quar.)
40c Apr. 1 Mar. 15
Colgate-Palmolive-Peet. preferred (guar.)
1134 Apr. 1 Mar. 5
Quarterly
1234c June 1 May 6
Collateral Loan Co.,"Boston, Mass." (quar.)..
$2 Apr. 1 Mar. 12
Mar. 22
Colonial Finance Corp. of R. I., 7% pref. (qu.)_ 1734c Apr. 10 Apr.
Colonial Ice Co., $7 pref. (guar.)
Apr. 1
Series B preferred (guar.)
3134 Apr. 1 Mar. 20
Colt's Patent Fire Arms Mfg.(guar.)
3131c Mar. 31 Mar. 9
Columbia Pictures Corp. (guar.)
25c Apr. 1 Mar. 13
Columbus Ry., Pr. & Light,6% Pref. A (quar.)_
$134 Apr. 1 Mar. 15
$1.63 May 1 Apr. 15
634% preferred B (guar.)
Commercial Credit (guar.)
50c Mar.30 Mar. 11
8% cumulative preferred B (quarterly)
50c Mar. 30 Mar. 11
%c Mar.30 Mar. 11
7 cumulative preferred (quarterly)
154 Mar. 30 Mar. 11
634% let preferred (quarterly)
75c Mar. 30 Mar. 11
$3 class A preferred (quarterly)
Commercial Credit Trust. pref. (guar.)
50c Mar.30 Mar. 21
Commercial Investment Trust Corp., corn. (qu.)
50c Apr. 1 Mar. 5
Convertible preferred (opt. 1929) (quar.)__.- m$134 Apr. 1 Mar.
Apr. 1Mar. 2 7
Commercial National Bank & Trust (quar.)
41
Nam,of Company
Per
Share
When Holders
Payable of Record
25c Mar.30 Mar. 16
-Commercial Solvents Corp., common (extra)_-$1 May 1 Apr. 15
-Commonwealth Edison ((Mari
4c May I Apr. 13
-Commonwealth Investors Co., Calif.(quar.)_
Apr. 1 Mar. 8
75c
Commonwealth & Southern, $6 preferred
Apr. 1 Mar. 15
Commonwealth Utilities Corp..7% pref. A (qu.) $1
Apr. I Mar. 15
$1
6% preferred B (quar.)
Apr. 1 Mar. 15
$1
6X% preferred 0(guar.)
Apr. 1 Mar. 20
Commonwealth Water & Light, $7 pref. (quar.) $1
Apr. I Mar. 20
$1
$6 preferred (quar.)
3151 May 15 May 1
•Concord Gas Co.,7% pref. (quar.)
$1 Mar. 31 Mar. 25
Confederation Life Assoc.,"Toronto (quar.)
$1 June 30 June 25
Quarterly
$1 Sept.30 Sept. 25
Quarterly
$1 Dec. 31 Dec. 25
Quarterly
75c Apr. 1 Mar. 15
Connecticut Electric Service (quar.)
Connecticut Gas & Coke Security—
75c Apr. 1 Mar. 15
$3 preferred (quar.
20c Apr. 1 Max. 16
ConnecticutGeneral late Insurance (quar.)
20c Apr. 1 Mar. 15
Consolidated Bakeries of Canada (quar.)
-Consolidated Chemical Industries—
37c May 1 Apr. 15
Preferred (quar.)
h$2% Apr. 1 Mar. 25
Consolidated Dry Goods.7% pret
50c Apr. 1 Mar. 18a
Consolidated Film Industries, Inc., pref
31X May 1 Mar. 29
Consolidated Gas Co. of N. Y.,pref.(quar.)
Consolidated Gas El. Lt. & Pow. Co. of Balto.:
90c Apr. 1 Mar. 15
Common (quar.)
Apr. 1 Mar. 15
$1
Series A 5% preferred (quar.)
Apr. 1 Mar. 15
$I
Series D 69 preferred (guar.)
Apr. 1 Mar. 15
$1
Series E 534% preferred (quar.)
50c Apr. 15 Apr. 1
-Consolidated Investors Trust (semi-ann.)
70c Apr. 15 Apr. 1
Special
1733c Apr. 1 Mar. 21
Consolidated Paper preferred (quar.)
Sc Apr. 25 Apr. 15
Consolidated Royalty Oil (quar.)
2231 Apr. 1 Mar. 15
Consumers Gas Co. of Toronto (quar.)
$131 Apr. 1 Mar. 15
Consumers Power Co., $5 pref. (quar.)
31% Apr. 1 Mar. 15
6% preferred (quarterly)
$1.65 Apr. 1 Mar. 15
preferred (quarterly)
7% preferred (quarterly)
3131 Apr. 1 Mar. 15
50c Apr. 1 Mar. 15
6% preferred (monthly)
6.6% preferred (monthly)
55c Apr. 1 Mar. 15
h$7 Apr. 1 Mat. 11
Container Corp., 7% cumulative preferred _ _
50c Mar.31 Mar. 15
Continental Assurance Co., Chicago (guar.).— 31 Apr. 1 Mar. 18
Continental Baking Corp., pref. (quar.)
20c Apr. 1 Mar. 15
Continental Bank az Trust Co.of N. Y.(quar.)_
Continental Gas & Electric. pref. (quar.)
2131 Apr. 1 Mar. 12
h75c Apr. 1 Mar. 15
Continental Gin Co., Inc..6% pref
1234c Apr. 39 Apr. 4
Continental Oil (Del.)
1251c May 31 May 15
Coperweld Steel (quar.)
125c Aug. 31 Aug. 15
Quarterly
Quarterly
12 c Nov.30 Nov. 15
Apr. I Mar.22
Coronet Phosphate Co.(guar.)
31
CosmosImperial Mills,initial(quar.)
17 c May 15
Preferred (quar.)
May 15
$1
Apr. 2 Mar. 21
Cottrell(C. B.) & Sons Co..6% pref.(quar.)___ $1
Courier-Post. preferred (quar.)
$151 Apr, 1 Mar. 15
-Cream of Wheat (quar.)
50c Apr. 1 Mar. 25
hil Apr. 1 Mar. 13
Crown Willamette Paper, 7% preferred
Crum & Forster. 8% Preferred (War.)
$2 Mar.31 Mar.21
Quarterly
15c Apr. 15 Apr. 5
8% preferred (quar.)
$2 June 29 June 19
Cudahy l'acking Co., corn. (quar.)
11e Apr. 15 Apr. 5
62c
May 1 Apr. 20
6% preferred (semi-annually)
May 1 Apr. 20
7% preferred (semi-annually)
Apr. 1 Mar. 9
Curtis Publishing. $7 preferred
Davenport Hosiery Mills
25c Apr. 1 Mar. 20
Dayton ac Michigan RR.(semi-ann.)
8754c Apr. 1 Mar. 15
8% preferred (quarterly)
31 Apr. 1 Mar. 15
Dayton Power & Light Co..6% pref.(monthly)_
50c Apr. 1 Mar. 20
Denver Union Stockyards (quar.)
50c Apr. 1 Mar. 20
7% preferred (quar.)
$151 June 1 May 20
1233c Apr. 1 Mar. 20
Deisel-Weinmer-Gilbert (quar.)
Dejoy Stores,class A
h55c Apr. 1 Mar. 15
De Long Hook & Eye (quar.)
75c Apr. 1 Mar. 20
Dennison Mfg. Co., debenture stock
1132 May 1 Apr. 20
Deposited Bank Shares (N. Y. series)
4(c Apr. 1 Mar. 1
Deposited Insurance Shares. set. A (semi-ann.). e234a May 1 Mar. 15
Des Moines Gas Co.(quar.)
Apr. 1 Mar. 15
7% preferred (quarterly)
8734c Apr. 1 Mar. 15
8% preferred (quarterly)
$1 Apr. 1 Mar. 15
Detroit Edison (quarterly)
$1 Apr. 15 Apr. 1
Detroit Hillsdale & Southwestern RR.(s.-a.)
32 July 5 June 20
Semi-annually
$2 Jan. 6 Dec. 20
Devoe & Reynolds A & B (quar.)
25c Apr. 1 Mar. 20
A & B (extra)
25c Apr. 1 Mar. 20
1st & 2nd preferred (quar.)
$15( Apr. 1 Mar.20
Diamond Shoe Corp.(quar.)
15c Apr. 1 Mar. 20
631% preferred (quar.)
$131 Apr. 1 Mar. 20
Diamond State Telephone. Preferred (Qum.)31% Apr. 15 Mar. 20
Diversified Trust Shares, series B
25.06c Apr. 1
Dome Mines, Ltd.(quar.)
50c Apr. 20 Mar.30
Dominion Glass (quarterly)
Apr. 1 Mar. 15
SI
Preferred (quarterly)
Apr. 1 Mar. 15
31
$1:' Mar. 30 Mar. 23
Dominion Rubber, pref. (quar.)
Dominion Textile Co.(guar.)
Apr. 1 Mar. 15
Preferred (quar.)
Apr. 15 Mar. 30
$1
Dover & Rockaway RR. Co.(s.-a.)
Apr. 1 Mar. 30
Dow Drug,7% preferred
h$3
Mar. 30 Mar. 19
7% preferred (quarterly)
313/ Mar.30 Mar. 19
Draper Corp. (quar.)
60 Apr. 1 Mar. 2
Driver-Harris, 7% preferred (quarterly)
$15( Apr. 1 Mar. 21
Duke Power (quarterly)
75c Apr. 1 Mar. 15
Preferred (quarterly)
313( Apr. 1 Mar. 15
Duplan Silk Corp.,8 preferred (quar)_
$2 Apr. 1 Mar. 8
Du Pont de Nemottrs (E. I.) & Co.—
Debenture stock (quar.)
31% Apr. 25 Apr. 10
Duquesne Brewing
12 c May 1 Apr. 20
Preferred A (quar.)
12 c Apr. 1 Mar. 21
Duquesne Light Co. 5% cum. 1st pref.(qu.)_
Apr. 15 Mar. 15
$1
Hanle Warehouse & Storage (quar.)
Si Apr. 1 Mar. 28
25c Mar.30 Mar. 20
Early & Daniel Co
Preferred (quar.)
Si X Mar.30 Mar. 20
Eastern Gas& Fuel Assoc..4Si% Pref.(guar.)-- $1.125 Apr. 1 Mar. 15
6% preferred (quarterly)
$154 Apr. I Mar. 15
75c Mar. 30 Mar. 20
Eastern Magnesia Talc. (quar.)
Eastern Steamship Lines, let preferred (quar.)_ _ S131 Apr. 1 Mar. 15
8734c Apr. 1 Mar. 15
Preferred. no par (quar.)
4 Apr. 1 Mar. 15
311
Eastern Steel Products,7% preferred (quar.)
18c Apr. 15 Dec. 31
Eastern Township Telephone Co
Apr. 1 Mar. 5
St
Eastman Kodak (quar.)
Apr. 1 Mar. 5
Si
Preferred (quar.)
Apr. 1 Mar.20
East Missouri Power Co..7% pref.(s.-a.)
435g Apr. 1 Mar. 20
Economic Investors Trust
Apr. 1 Mar. 11
Ecuadorian Corp., Ltd
$151 Apr. 1 Mar. 15
Edmonton City Dairy,651% prof. (quar.)
25c Apr. 1 Mar. 21
Elder Manufacturing (quarterly)
$2 Apr. 1 Mar. 21
8% 1st preferred (quarterly)
Si X Apr. 1 Mar. 21
$5 preferred (quarterly)
$15( Apr. 1 Mar. 15
Electric Auto-Lite. preferred (quar.)
25c Apr. 1 Mar.20
Electric Controller & Mfg.(quar.)
50c Apr. 1 Mar. 9
Electric Storage Battery Co.com.(quar.)
50c Apr. 1 Mar, 9
Preferred (quar.)
22 Apr. 1 Mar. 26
Elizabethtown Cense'. Gas (quar.)
31 Apr. 1 Mar. 20
Elizabeth & Trenton RR. (semi-ann.)
$1 Oct. 1 Sept. 20
Semi-annual
Apr. 1 Mar. 20
$1
5% preferred (semi-annual)
Oct. 1 Sept. 20
Si
5% preferred (semi-annual)
Sit
Apr. 15 Mar. 29
A
pref.
(quar.)
El Paso Electric, 7%
Apr. 15 Mar. 29
$6 preferred B (quar.)
Apr. 15 Mar. 139
Si
8% preferred (quarterly)
Si JUL.. 11 May 22
Empire & Bay State Telep., 4% gtd.(quar.)_..
51 Sept. 1 Aug. 22
4V guaranteed (quar.)
31 Dec. 1 Nov. 21
4% guaranteed Mar.)
2131
Financial Chronicle
Volume 140
414
r$1g
Name of Company
Per
Share
When
Payable
Holders
kl Record
50c Apr. 1 Mar. 15
Emerson's Bromo Seltzer 8% preferred (quar.)-3134 Apr. 1 Mar. lb
Empire Power Corp. $6 cum. preferred
Mar.30 Mar.22
31h
Empire Safe Deposit (quar.)
75c Apr. 1 Mar. 22
Empire Trust (quar.)
20c Apr. 8 Mar. 25
Emporium-Capwell
76c Apr. 1 Mar. 18
Endicott-Johnson (quar.)
$131 Apr. 1 Mar. 18
Preferred (quar.)
$2 Aug. 1 July 27
Eppens, Smith & Co., semi-annual
Erie & Pittsburgh RR. Co.7% gtd. (quar.)_..,. 8731c June 10 May 31
Sept. 10 Aug. 31
8731c
guaranteed
(guar.)
7%
8734c Dec. 10 Nov.30
7% guaranteed ((mar.)
130c June I May 31
Guaranteed betterments (quar.)
80c Sept. I Aug. 31
Guaranteed betterment (quar.)
80c Dec. 1 Nov.30
Guaranteed betterment (quar.)
$1 May 1 Apr. 20
Eureka Pipe Line (quar.)
20c Apr. 1 Mar. 15
Eureka Vacuum Cleaner (quar.)
25c Apr. 1 Mar. 18
Evans Products
75c Apr. 1 Mar. 23
Fafnir Bearing (quar.)
h$131 May 1 Apr. 20
Fair (The). preferred A
$131 May 1 Apr. 20
Preferred A (quarterly)
25c Apr. 1 Mar. 16
Family Loan Society. Inc. (guar.)
8731c Apr. 1 Mar. 16
3.3% partic. preferred (quar.)
Apr, 1 Mar. 16
3734c
(extra)
5331 partic. preferred
650 Apr. 1 Mar. 28
Famise Corp.. class A common (quar.)
631c Apr. 1 Mar. 15
Fanny Farmer Candy Shops (bonus)
$234 Apr. 1 Mar. 11
Farmers& Traders Life Ins.(quar.)
50c Apr. 1 Mar. 15
Faultless Rubber (quar.)
15c Apr. 1 Mar. 21
(quar.)
Stores
Dept.
Federal
10c Apr. 1 Mar. 21
Extra
r. 1 Mar. 21
pr
c Ap
06
55
Federal Insurance Co.."J. C., N. J." (extra)...
Fifth Ave. Bank (quar.)
mar
1M
ar.. 19
.31
r.
Apar
c M
s
10
$2
Filenes(Wm.)Sons Co.(quar.)
10c Mar. 31 Mar. 19
Extra
Preferred (quar.)
/131. Apr. 1 Mar.21
Filling Equipment Bureau, Inc., 7% preferred..
10c Apr. 15 Apr. 5
Finance Co. of America, A.& B.,(quar.)
4351c Apr. 15 Apr. 5
7% preferred (quarterly)
851c Apr. 15 Apr. 5
Class A preferred (quarterly)
5234 Apr. 1 Mar. 16
Finance Co. of Prima.(quar.)
10c Apr. 1 Mar.20
First Bank Stock Corp. (s.-a.)
$25 Apr. 1 Mar.20
Y.(quar.)
First National Bank of the City of N.
h25c Apr. 15 Mar. 25
First National Corp. (Portland), class A
6234c Apr. 1 Mar. 8
First National Stores (guar.)
5151 Apr. 1 Mar. d
7% preferred (quarterly)
20c Apr. 1 Mar. 8
8% preferred (quarterly)
Mar.30 Mar. 20
$151
(qu.)
Ill.)
Chicago,
First State Pawners Society,
3151 Apr. 15 Mar.30
Fishman (M.11.) Co., pref. A.& B.(quar.)
$135 Apr. 1 Mar. 12
Fisk Rubber.$6 pref.(quar.)
$134 Apr. 1 Mar. 15
Fleiman (A. J.),6% preferred (quar.)
25c Apr. 1 Mar. 20
Florsheim Shoe Co., A (quar.)
Apr. 1 Mar. 20
1253c
Class B ((war.)
25c Apr. 15 Mar.31
Food Machinery
Food Machinery Corp. of N. Y.50c Apr. 15 Apr. 10
634% preferred (monthly
50c May 15 May 10
6%% preferred (monthly
June
(monthly
653% preferred
5r1 A . 15june18
$1
Foreign Light & Power.$6 pref.(quar.)
20c Apr. 1 Mar. 15
Formica Insulation
1734c Apr. 1 Mar. 26
Fortnum & Mason, Inc., 7% pref. (s.-a.)
$251 Sept. 2 Aug. 20
Fort Wayne &.7ackson RR.534% pref.(s.-a.)
15c Mar.30 Mar. 25
(quar.)
Steel
Fostoria Pressed
50c Apr. 1 Mar. 21
Franklin Process (quar.)
5151 May 1 Apr. 15
Franklin Telegraph Co. (semi-annually)
5131 May 1 Apr, 15
Freeport Texas preferred (quar.)
8734c Apr. 1 Mar. 20
Fruehauf Trailer, 77 pref. A (guar.)
Apr. 1 Mar. 26
$131
(quar.)
pref.
Fuller Brush Co..7%
$3 Apr. 1 Mar. 25
Fulton Trust Co. (quar.)
154c Apr. 1 Mar. 13
Fundamental Investors, Inc
8734c Apr. 1 Mar. 15
Galland Mercantile Laundry (quar.)
$134 Apr. 1 Mar. 15
Gannett. $6 cony. pref. (guar.)
m ar:2:
25c Apr. 1 M
(quar.)
common
Co.,
Packing
Garlock
pr. 5 Mar. 29a
Ap
General Alliance Corp
1
4
3c
15
51
General American Investors, pref.(quar.)
$2 Apr. 1 Mar. 23
General Baking, preferred (quar.)
$151 June 1 May 23
General Cigar„ preferred (quar.)
Apr. 25 Mar. 15
15c
Co
Electric
General
141 Apr. 1 Mar. 20
General Fireproofing,7% pref
3134 Mar.30 Mar. 20
General Tire & Rubber, prof.(quar.)
5131 Apr. 1 Mar. 21
General Machinery.7% pref.(quar.)
1 31 Apr. 1 Mar. 14a
31
General Mills, Inc., preferred (quar.)
May 1 Apr. 8
General Motors Corp., $5 preferred (quar.).. $
Apr. 1 Mar. 18
30c
General Printing Ink (quar.)
3131 Apr. 1 Mar. 18
36 preferred (quarterly)
1 Mar. 11
Apr.
25c
General Railway Signal
5131 Apr. 1 Mar. 11
Preferred (quarterly)
Apr. 15
1
May
25c
Stockyards
General
3131 May 1 Apr. 15
Preferred (guar.)
3134 Apr. I Mar. 15
Georgia Power Co.. $6 preferred (guar.).$151 Apr. 1 Mar. 15
$5 preferred (guar.)
30c Apr. I Mar. 20
Gibson Art Co.(quar.)
h87%c Apr. 1 Mar. 27
Gilbert (A. C.) Co.. preferred
May 1 Apr. 1
$131
Gillette Safety Razor, preferred (quarterly)
40c Apr. 1 Mar. 15
Glens Falls Insurance (quar.)
Apr. 1 Mar. 18
25c
Glidden Co.(guar.)
lbc Apr. 1 Mar. 18
Extra
5134 Apr. 1 Mar. 18
Preferred (quarterly)
h$131 Apr. I Mar. 18
Godschaux Sugar, $7 preferred
231c Mar.30 Mar. 9
Goebel Brewing (quar.)
$11.5 Mar.30 Mar. 16
Gold Dust. preferred (quar.)
5154 Apr. 1 Mar.80
Gold & Stock Telegraph (quar.)......
p3733c Apr. 1 Mar. 11
Goldblatt Bros., Inc.(quar.)
$1 Apr. 1 Mar. 1
Goodyear Tire & Rubber,$7 pref.(guar.)
Goodyear Tire & Rubber Co. of Canada.15
r151 Apr. 1 Mar.
77 preferred (quar.)
Apr. 1 Mar. 20
Gottfried Baking Ce., Inc. preferred (quar.).... 151% July
1 June 20
151%
Preferred (quarterly)
151% Oct. 1 Sept 20
Preferred (quarterly)
1254c Apr. 1 Mar.30
Grand Rapids Varnish (quar.)
25c Mar.30 Mar. 15
(quar.)
Co.
Steel
Granite City
25c Apr. 1 Mar. 12
Grant (W. T.) Co., (quar.)
25c Apr. 1 Mar. 12
Extra
10c May 1 Apr. 25
Great Lakes Engineering Works (quar.)
Sc May 1 Apr. 25
Extra
5131 Apr. 15 Mar.30
Great Lakes Power Co.. $7 series A pref
Great Western Electro-Chemical pref. (guar.).- 5134 Apr. 1 Mar. 21
55 Apr. I Mar. 20
Great Western Life Assurance (Winnipeg) (qu.)
5131 Apr. 1 Mar. 5
Great Western Power 7% pref. (quar.)
3134 Apr. I Mar. 5
6% preferred (quar.)
60c Apr. 2 Mar. 15
Great Western Sugar (quar.)
$151 Apr. 2 Mar. 15
Preferred (quarterly)
$131 Apr. 1 Mar. 15
Green (D.) Co.. preferred (quar.)
5
May 1 Apr. 15
Green(H. L.). Initial (quar.)
4 May
15
$7
Preferred (gear.)
14151 Apr. 1 Mar. 15
Greening(B) Wire, preferred
Greenwich Water & Gas System.6% pref.(ciu.)- $131 Apr. 1 Mar. 20
25c Apr. 1 Mar. 154
Greif Bros. Cooperage Corp.. class A coin
Greyhound Corp., preferred A (quar.)
5131 Apr. 1 Mar. 22
25c May 1 Apr. 15
Griesedieck-Western Brewery (quar.)
5151 Apr. 1 Apr. 1
Griggs Cooper & Co., 7% pref. (quar.)
$151 Apr. 1 Mar. 25
Gross (L. N.) Co.,77 preferred (quar.)
3751c Apr. 1 Mar. 31
Group Corp., 67,, preferred (quarterly)
3% Apr. 1 Mar. 8
Guaranty Trust Co.of N.Y.(guar.)
Hackensack Wat.7% prof. A(quar.)
435(c Mar. 31 Mar. 18
25c Mar.30
Haloid Co.(quar.)
25c Mar.30
Extra
7% preferred (quar.)
$131 Mar.30
h50c Apr. 2 Mar. 15
Hamilton Cotten. Ltd.. preferred
Hammerrnill Paper, pref. (quar.)
5131 Apr. 1 Mar. 15
ar. 18
. 1 M.
Apr.
52 A
40c
Hanover Fire Insurance Co.(quar.)
Mar. 20
Hanes(P. H.) Knitting Mills, pref. (quar.)
8134
Apr. 20 Apr. 10
Hannibal Bridge Co.(quar.)
Harbison-Walker Refractories Co. pref. (quar.) 3131 Apr, 20 Apr. 8
2132
Financial Chronicle
Name of Company.
When Holders
Per
Share. Payable ofRecord
Harbauer Co.(quarterly)
25c Apr. 1 Mar. 23
Preferred (quarterly)
$13.1, Apr. 1
Hart & Cooley (quar.)
$1.125 Apr. 1 Mar. 23
Hardesty(R.)Mfg.Co.,7% pref.(quar.)
$11i June 1 May 15
7% preferred (quarterly)
$13i Sept. 1 Aug. 16
7% preferred (quarterly)
$144 Dec. 1 Nov. 5
Harrisburg Gas. 7% preferred (quar.)
$1% Apr. 15 Mar.30
Hartford Fire Insurance(guar.)
50c Apr. 1 Mar. 16
Hartford Gas,8% preferred (quar.)
50c Mar. 30 Mar. 14
Hattield-Cambell Creek Coal,5% pref(qu.)
15c Apr. 1 Mar. 20
5% partic. preferred (quar.)
$134 Apr. 11 Mar. 20
Hawaiian Commercial & Sugar (guar.)
75c May 5 May 4
Hawaiian Pineapple, preferred
$2.70 Apr. 30 Apr. 20
Hawaiian Sugar Co.(quarterly)
60c Apr. 15 Apr. 5
Hawaii Consol. Ry..7% pref. A (guar.)
20c June 15 June 5
7% preferred A (quarterly)
20c Sept.15 Sept. 5
7% preferred A (quarterly)
20c Dec. 15 Dec 6
Hazel-Atlas Glass Co
$1 y Apr. 1 Mar. 12
Heath (D. C.) Sc Co.,7% pref. (guar.)
Al% Mar.30 Mar. 28
Helme ((leo. W.) Co.. common (guar.)
Apr. 1 Mar. 9
$1
Preferred (quarterly)
Apr. 1 Mar. 9
$1
Hercules Motors (quarterly)
15c Apr. 1 Mar. 20
Heyden Chemical Co.. 7% pref. (guar.)
$1% Apr. 1
Hibbard. Spencer. Bartlett & Co.(mo.)
10cApr. 26 My
Apr. 19
Monthly
May 31
24
Monthly
10c June 28 Jane 21
Hickok Oil Corp..7% preferred (quar.)
$134 Apr. 1 Mar. 23
undo & Dauch Paper of Canada
123ic Apr. 1 Mar. 15
Holland Land Co
50c Apr. 1 Mar. 21
Liquidating
50c Apr. 1 Mar. 21
Holly Development Co.(quar.)
lc Apr. 15 Mar.31
Holmes(D. II.) Co., Ltd
31 Apr. 1 Mar. 22
Holophane Co.. preferred (s.-a.)- -,- - - - 7
$1.05 Apr. 1 Mar. 15
Home Telep.& Teleg.,Ft. Wayne.Ind.-75c Apr. 1 Mar. 27
(---)
Horn & Harden Baking Co.. N. J
ma
ar
r.2
21
$1Ji Apr. 1 M
Horn & Harclart(Phila.)(guar.)
1 mar. 29
1 A pr. 15
7
15
$
Household Finance Corp.,class A & B corn.(qu.)
Participating preference (quar.)
8734c Apr. 15 Mar. 29
Houston Natural Gas Corp..7% pref. (quar.)_ _ 871.4c Mar.30 Mar. 20
Hewes Bros. Co..7% 1st & 2nd pref.(quar.)_ -_ - $134 Apr. 1 Mar. 21
6% preferred (quarterly)
513.4 Apr. 1 Mar. 21
Howe Sound Co
75c Apr. 30 Mar.20
Humble Oil & Refining (guar.)
25c Apr. 1 Mar. 2
Humboldt Malt & Brewing, 8% pref. (quer.).20c Apr. 1 Mar. 20
Huron & Erie Mtge.Co
50c Apr. 1 Mar. 15
Hutchinson Sugar Plantation (monthly)
10c Apr. 5 Mar. 28
Huyiers of Del. 7% pref. stpd & unstpd. (guar.)
$1 Apr. 1 Mar. 16
Hygrade Sylvania Corp.. corn
50c Apr. 1 Mar. 11
Preferred (quar.)
$154 Apr. 1 Mar. 11
Ideal Cement (quarterly)
25c Apr. 1 Mar. 15
Extra
25c Apr. 1 Mar. 15
Ideal Finance Association, common A (quar.)
121.4c Apr. 1 Mar. 9
Cony, preferred (quar.)
50c Apr. 1 Mar. 9
Preferred (guar.)
$2 Apr. 1 Mar. 9
Illinois Bell Telep
$134 Mar.30 Mar. 20
Illinois North Utilities.6% pref.(qu.)
$13.4 May 1 Apr. 15
$7 prior preferred (quarterly)
$1% May 1 Apr. 15
Imperial Life Insurance (guar.)
$334 Apr. 1 Mar. 31
Quarterly
3334 July 2 June 29
Quarterly
$354 Oct. 1 Sept. 30
Quarterly
$.3' 1-2-36 Dec. 31
Imperial Tobacco of Canada, pref.(8.-a.)
3
Mar.30 Mar. 15
Ordinary (quarterly)
0 Mar.30 Mar. 15
1%e
Ordinary (final)
% Mar. 30 Mar. 15
Incorporated Investors (8.-a.)
e234% Apr. 20 Mar. 20
Independent Pneumatic Tool (quar.)
75c Apr. 1 Mar. 22
Indiana General Service,6% pref.(quar.)
$134 Apr. 1 Mar. 6
Indiana & Michigan Electric,7% pref.(quar.)_
$134 Apr. 1 Mar. 6
6% preferred (quar.)
$13.4 Apr. 1 Mar. 6
Indiana Pipe Line Co
15c May 15 Apr. 26
Indianapolis Power & Light,6%% pref.(quer.). $134 Apr. 1 Mar. 5
6% preferred (quar.)
51 3.4 Apr. 1 Mar. 5
Indianapolis Water Co.5% cum. pref.(quar.)_
$13.1 Apr. 1 Mar. 12a
Industrial Credit of N. E.(quar.)
32c Apr. 1 Mar. 15
Extra
6c Apr. 1 Mar. 15
7% preferred (guar.)
8734c Apr. 1 Mar. 15
Industrial Rayon (quarterly)
42c Apr. 1 Mar. 20
Inland Investors (quar.)
15c Apr. 1 Mar. 20
Interlake Steamship (quar.)
25c Apr. 1 Mar. 21
International Bronze Powders6% cum. pectic. preferred (quar.)
3714c Apr. 15 Mar.31
International Business Machines Corp
$11.4 Apr. 10 Mar. 22a
International Button Hole Machine (guar.).-20c Apr. 1 Mar. 15
International Carriers. LW.. common
Sc Apr. 1 Mar. 14
International Harvester (quar.)
Mc Apr. 15 Mar. 20
International Nickel Co ,common
r15c Mar.30 Feb. 28
International Nickel of Can..pref.(quar.)
$134 May 1 Apr. 1
International Ocean Tel. Co.(quar.)
Apr.
$1
Mar.30
International Power Co.. % lit preferred
h51 Apr. 3 Mar. 15
International Printing fnk (quar.)
$13.4 May 1 Apr. 15
Special
25c May 1 Apr. 15
International Salt Co
3734c Apr. 1 Mar. Ma
International Shoe Co.. corn. (quar.)
50c Apr. 1 Mar. 15
International Silver, preferred
$1 Apr. 1 Mar.
Interstate Dept. Stores, prof
h$1
May 1 Mar.. 30
14
Preferred (guar.)
$1 24 May 1 Mar. 30
Interstate Hosiery Mills (quar.)
50c May 15 May 1
Quarterly
50c Aug. 15 Aug. 1
Quarterly
50c Nov. 15 Nov. 1
Inter-State Royalty Corp . A
28c Apr. 1 Mar. 15
intertype Corp..8% 1st preferred (quar.)
$2 Apr. 1 Mar. 15
Investment Foundation, preferred
h38c Apr. 1 5Mar 30
Preferred (quarterly)
37c Apr. 15 Mar. 30
Investment Trust of N. Y.. Inc.Investors Corp. of R. I.. $6, lit pref. (quar.)__. 513.4 Apr. 1 Mar. 20
Iron Fireman Mfg.(quar.)
25c June 1 May 10
Quarterly
25c Sept. 2 Aug. 10
Quarterly
25c Dec. 2 Nov. 9
Irving Air-Chute Co., Inc., common (quer.).
10c Apr. 1 Mar. 15
Iowa Power & Light,7% pref.(guar.)
Apr. 1 Mar. 15
51 4
1
6% preferred (guar.)
313i Apr. 1 Mar. 15
Iowa Public Service Co., $7 1st pref.(quar.)_-- 313,1 Apr. 1 Mar. 20
36 Si, 1st preferred (quar.)
31 54 Apr. 1 Mar. 20
$6 1st preferred (guar.)
$I Si Apr. 1 Mar. 20
Irving Trust Co. (quarterly)
25c Apr. 1 Mar. 18
Island Creek Coal Co., com.(guar.)
50c Apr. 1 Mar. 21
Preferred (quarterly)
$134 Apr. 1 Mar. 21
Jamaica Public Service (quar.)
25c Apr. 1 Mar. 15
Preferred (quarterly)
$134 Apr. 1 Mar. 15
Jamaica Water Supply7Si% preferred (semi-ann.)
$134 May 1 Apr. 10
Janss Investors Carp.(Los Angeles. Calif.)
$6 A preferred (quarterly)
$13.4 Apr. 1 Mar. 21
Jefferson Electric
50c Apr. 1 Mar. 15
Jersey Central Power & Light.7% pref.(gu.)- - - $134 Apr. 1 Mar. 11
6% Inferred (quarterly)
$134 Apr. 1 Mar. 11
preferred (quarterly)
53i
3134 Apr. 1 Mar. 11
Jewel ea Co.. Inc. corn. (quar.)
75c Apr. 15 Apr. 1
Johns-Manville Corp., 7% pref. (quar.)
5134 Apr. 1 Mar. 15
Johnson Iron Works, Dry Dock & Shipbuilding
Preferred
$1 Apr. 1 Mar. 26
Joliet & Chicago By.(quarterly)
51 34 Apr. 1 Mar.20
Joplin Water Works Co..6% pref. (guar.)
3114 Apr. 15 Apr. 1
Rahn's Sons Co.. 7% pref. (quar.)
$1 .34 Apr. I Mar. 20
Kalamazoo Allegan & Grand Rapids RR.(s.-a.) $2.95 Apr.
Ma 31 Mar. 16
Kalamazoo Vegetable Parchment (quar.)
15c
0 Mar. 20
Quarterly
15c June 30 June 20
uarterly
Mc ept. 30 Sept. 20
uarterly
Mc Dec. 30 Dec. 30
Kansas Electric Power Co.. 7% pref. (quar.)
5134 Apr. 1 Mar. 15
6% cumulative Junior preferred (guar.)
5134 Apr. 1 Mar. 15
io.
Name of Company
March 30 1935
Per
Share
When Holders
Payable of Record
Kansas City Power & Light, pref. B (quar.)
$134 Apr. 1 Mar. 14,
1
Kansas Gas & Electric,7% cum.pref.(quer.).-- Si
Apr. 1 Mar. 14
$6 preferred (quarterly)
Apr. 1 Mar. 14
$1
Kansas Power Co.. $6 cum. preferred (quar.).
Apr. 1 Mar. 20
31
$7 cum. preferred (quar.)
Apr. 1 Mar. 20
$1
Katz Drug Co., preferred (quarterly)
Apr. 1 Mar. 15
$1
Kaufmann Dept. Stores
20c dApr.27 Apr. 10
Preferred (guar.)
$131 Apr. 1 Mar. 9
Raynee Co. (quarterly)
$134 Apr. 1 Mar. 30
Kekaha Sugar Co.(monthly)
20c Apr. 1 Mar. 25
Kelley Island Line& Transport(quar.)
15c Apr. 1 Mar. 22
Kelvinator Corp
Apr. 1 Mar. 5
123.
Kennecott Copper Corp
15c Mar.30 Mar. 15
Kentucky Utilities Co.,6% pref. (quar.)
$134 Apr. 15 Mar. 26
Keystone Public Service, pref. (guar.)
70c Apr. 1 Mar. 15
Kimberly Clark Corp.,6% pref. (quar.)
Apr. 1 Mar. 12
$1
King Royalty Co..8% pref. (quar.)
Mar. 31 Mar. 15
Kings County Lighting 6% pref.(quar.)
Apr. 1 Mar. 18
Si
5% preferred (quar.)
Apr. 1 Mar. 18
$1
7% preferred (quar.
$13' Apr. 1 Mar. 18
Klein
Mein (D. Emil.) Co.(quarterly)
25c Apr. 1 Mar. 20
Extra
12Sic Apr. 1 Mar. 20
Extra
12340 July 1 June 20
Knabb Barrel Co.,Inc.. pref.(s.-a.)
75c June 1
Koloa Sugar (monthly)
50c Mar.30 Mar. 25
Koppers Gas & Coke. pref.(quar.)
$134 Apr. 1 Mar. 12
Kresge (S. S.) Co
25c Mar.31 Mar. 12
Preferred (quar.)
$134 Mar. 31 Mar. 12
Kroger Grocery & /hiking 13%preferred (guar.) $13.4 Apr. 1 Mar. 20
7% preferred (quarterly)
$134 May 1 Apr. 19
Lackawanna RR. of N. J.,4% Std. (quar.)....
$ Apr. 1 Mar. 7
Lambert Co..common (guar.)
75c Apr. 1 Mar. 18
Landis Machine. 7% preferred (quarterly)
June 15 June 5
$1
7% preferred (quarterly)
Sept. 15 Sept. 5
$1
7% preferred (quarterly)
Dec. 15 Dec. 5
$1
Larus& Bros.,pref.(quar.)
Apr. 1 Mar. 19
Lawrence Gas & Electric (quar.)
75c Apr. 13 Mar. 30
Lawyers County Trust Co. (quar.)
60c Apr. 1 Mar. 22a
Lazarus (F. .3c R.) Co. (quarterly)
10c Mar.30 Mar. 20
Extra
Sc Mar.30 Mar. 20
Leader Filling Station. 8% pref. (quar.)
$1 Apr. 1 Mar. 23
Lefeourt Realty. preferred
50c Apr. 15 Apr. 5
Lehigh Portland Cement Co.,preferred
8734c Apr. 1 Mar. 14
Lehman Corp.(quar.)
60c Apr. 5 Mar. 22
Extra
25c Apr. 5 Mar. 22
Life Insurance Co. of Va. (quar.)
75c Apr. 1 Mar. 22
Liggett & Myers Tobacco. pref. (quar.)
Apr. 1 Mar. 11
$1
Lincoln National Life Insurance (semi-ann.)
60c Aug. 8 Aug. 2
Lind Air Products,6% pref. (quar.)
$13i Apr. 1 Mar. 20
Link Belt 61.4% preferred (guar.)
$1 3i Apr. 1 Mar. 15
Lisk Mfg. Co
Si Apr. 1 Mar. 15
Little Miami RR. Co. spec. gtd.(quar.)
50c June 10 May 24
Original capital
$1.10 June 10 May 24
Lockhart Power Co.. 7% pref. (8.-a.)
$34 Mar.39 Mar. SO
Loew's, Inc. (quarterly)
50c May 30 Mar. 15
Loew's(Marcus) Theatres, prof
h5134 Apr. 1 Mar. 23
London Life Insurance
$2 Mar. 30 Mar. 26
London Tin Corp., American dep. recta.73.4% participating preferred (semi-annual)._ xtv33(% Apr. 8 Mar. 6
Lone Star Gas. 6% preferred (quar.)
$134 Mar.30 Mar. 16
Long Island Lighting Co.. tier A 7% preferred... 13407 Apr. 1 Mar. 15
Series 13 6% preferred
Apr. 1 Mar. 15
Loomis-Sayles Mutual Fund (guar.)
Apr. 1 Mar. 15
Loose-Wiles Biscuit, preferred (quarterly)
$13.2 Apr. 1 Mar. 18
Lorain Telephone,6% pref. (quar.)
5134 Apr. 1 Mar. 26
Lord & Taylor Co.(quar.)
$234 Apr. 1 Mar. 16
2d preferred (quar.)
$2 May 1 Apr. 17
Lorillard (P) Co., common (guar.)
30c Apr. 1 Mar. 15
Preferred (quarterly)
$1.31 Apr. 1 Mar. 15
Loudon Packing (quar.)
373ic Apr. 1 Mar. 15
Extra
121.4c Apr. 1 Mar. 15
Ludlum Steel Co.. pref. (quar.)
Apr. 1 Mar. 230
Lunkenheimer Co.63.4% prof(quarterly)
Apr. 1 Mar. 21
$1
63.4% preferred (quarterly)
July 1 June 20
$1
61.407 preferred (quarterly)
Oct. 1 Sept.20
$1
63.4% preferred (quarterly)
Jan. 1 Dec. 21
31
MacAndrews & Forbes (quar.)
50c Apr. 15 Mar. 30
Preferred (quarterly)
$134 Apr. 15 Mar.30
Mack Trucks,Inc (quar.)
250 Mar.30 Mar. 15
Magma Copper Co
50c Apr. 15
Magnin (I.) & Co.(quar.)
123-4c Apr. 15
.31
6% preferred (quarterly)
May 15 May 5
6% preferred (quarterly)
Aug. 15 Aug. 5
6% preferred (quarterly)
$135 Nev. 15 Nov. 5
Mahoning Coal R. R. Co. (quarterly)
$614, May 1 Apr. 10
Manischeqitz (B.) pref.(guar.)
$1,
24 Apr. 1 Mar. 20
Manufacturers Finance of Bait.. pref
h21 iic Mar. 30 Mar. 16
7% preferred (quarterly)
8734c Mar.30 Mar. 16
Manufacturers & Traders Trust (quar.)
Mar.30 Mar. 20
Manufacturers Trust Co. (quar.
25c Apr, I Mar. 15
Mapes Consolidated Mfg.(quar.
75c Apr. 1 Mar. 15
Quarterly
75c July 1 June 14
Marine Midland Corp. (quar.)
10c Apr. 1 Mar. 15
Marion Water. 7% preferred (guar.)
$134 Apr. 1 Mar. 20
Maritime Telep. & Teleg., 7% pref (quar.)_
17 S4c Apr. 1 Mar. 20
Quarterly
18c Apr. 1 Mar. 20
Marlin Rockwall
50c Apr. 1 Apr. 23
Mary-Ann Gold Mines (initial)
Mar. 30 Mar. 20
Massachusetts Investors Trust
Apr. 20 Mar. 30
Mathleson Alkali Works (quarterly)
3734c Apr. 1 Mar, 4
Preferred (quarterly)
Apr. I Mar, 4
McCall Corp. common (quar.)
5 c May 1 Apr. 15
McClatchy Newspapers,7% pt.(qu.)
433ic June I May 31
73.' preferred (quarterly)
433ic Sept. 1 Aug. 31
73. preferred (quarterly)
4334c Dec. 1 Nov.30
McColl Frontenac Oil, preferred (quar.)
Apr. 15 Mar. 30
McKeesport Tin Plato (quar.)
Apr. 1 Mar. 15
McQuay Norris Mfg.(guar.)
75c Apr. 1 Mar. 11
Mead Johnson & Co.(quar.)
75c Apr. 1 Mar. 15
Extra _
25c Apr. 1 Mar, 15
Meadville Conneaut Lake & Linesville RR.(s.a.)
Si Apr. 1 Mar, 15
Memphis Natural Gas, $7 pref. (quar.)
$13.- Apr. 1 Mar. 20
Memphis Power dr Light, $7 pref. (quar.)
$134 Apr. 1 Mar. 16
$6 preferred (quarterly)
$135 Apr. 1 Mar, 16
Merchants Bank of N. Y (quar.)
50c Mar. 30 Mar. 20
Merck & Co., Inc.. common (guar.)
10c Apr. 1 Mar. 18
Preferred (quarterly)
$.2 Apr. 1 Mar. 18
Merchants & Miners Transportation Co.(qu.)_ _
40c Mar.30 Mar. 12
Merchants National Realty Co.,6% A & B (qu.) $134 Apr. 1 Mar. 25
Mesta Machine (quarterly)
37 Sic Apr. 1 Mar. 16
Metal Thermit Corp 7% pref. (quar.)
$13 Apr. 1 Mar. 20
metropolitan Coal. 77
0 pref. (quar.)
$1
Mar.30 Mar, 23
Metropolitan Edison. 37 pref. (quar.)
$1
Apr. 1 Feb. 28
$6 preferred (quarterly)
Apr. 1 Feb. 28
$1
$5 preferred (quarterly)
Apr. 1 Feb. 28
$1
Meyer-Blanke Co.(guar.)
1 tc Apr. 15 Apr. 5
7% preferred (quarterly)
$13-I Apr. 1 Mar, 20
Midland Steel. preferred
h$2 Apr. 1 Mar. 22
Minneapolis Gas Light. 5% pref. (quar.)
$134 Apr. 1 Mar. 20
Minneapolis-Honeywell Regulator Co.
6% preferred (quarterly)
Apr. 1 Mar. 20
Minnesota Mining & Mfg.(quar.)
51AC Apr. 2 Mar. 20
Minnesota Power & Light, 7% pref
$1.31 Apr. 1 Mar. 11
$1.13 Apr. 1 Mar. 11
$6 preferred
6% preferred
$1.13 Apr. 1 Mar. 11
Missouri Power & Light. $6 pref. (guar.)
$134 Apr. 1 Mar, 15
Mississippi River Power,6% pref.(quar.)
$134 Apr. 1 Mar. 15
Mississippi Valley Public Sem 6% pref. 13 (qu.) 5134 Apr. 1 Mar. 22
Missouri -Edison. $7 cum. pref. (guar.)
873.4c Apr. 1 Mar. 20
Mitchell (J. S.) & Co., preferred (quar.
Si
Apr. 1 Mar. 15
Monarch Knitting Mills. Ltd., 7% pref
Apr. 1 Mar. 15
hill
Name of Company
Per
Share
When Holders
Payable of Record
Monongahela West Penn Public Service Co.
7% preierred (quarterly)
43%c Apr, 1 Mar. 15
Monroe Chemical,$34 pref. (quar.)
87%c Apr, 1 Mar. 8
Montgomery Ward,class A (quar.)
h$1% Apr. 1 Mar. 21
Montreal Light, Heat & Power (quar.)
r37c Apr. 30 Niar. 31
Moore Corp. class A and B pref. (quar.)
$1% Apr. 1 Mar. 15
Moore Dry Goods(quar.)
$1% Apr. 1 Apr. 1
Quarterly
$1 A July 1 July 1
Quarterly
$13.5 Oct. 1 Oct. 1
Quarterly
$1% Jan. 1 Jan. 1
Morris Finance, 7% preferred (guar.)
$1% Mar.30 Mar. 20
Class A (quar.)
$1% Mar.30 Mar. 20
Class B (quar.)
30c Mar.30 Mar. 20
Morris 5& 10c to $1 Stores.Inc.,7% pref.(qu.).. $1% Apr. 1 Mar. 20
7% preferred (quarterly)
$1% July 1 June 20
7% preferred (quarterly)
$1% Oct. 1 Sept.20
Morrison Cafeterais Consol., 7% pref.(quar.)- _ $1( Apr. 1 Mar. 23
Morris Plan Insurance Society, (guar.)
$1 June 1 May 27
Quarterly
$1 Sept. 1 Aug. 27
Quarterly
$1 Dec. 1 Nov. 26
Mountain Producers Corp (quar.)
15c Apr. 1 Mar. 15a
Mountain States Telep. & Teleg.(guar.)
82 Apr. 15 Mar. 30
Murphy (G. C.) Co., pref. (quar.)
82 Apr. 2 Mar. 23
Murray (J W.)Mfg. Co.,8% pref.(quar.)
(quar.)....-..
$2 Apr. 1 Mar. 20
Mutual Ch
Co. of Amer.,6% pref.(qu.)- $1) June 28 Jun, 20
6% preferreauarterly)
$134 Sept.28 Sept. 19
6% preferred quarterly)
$1)4 Dec. 28 Dec. 19
Myers F. E.) & Bro.(quarterly)
40c Mar.30 Mar. 15
Nashua Gummed & Coated Paper.
$1% Apr. 1 Mar. 25
pf.(qu.)
Nassau & Suffolk Lighting, 7% preferred
75c Apr. 1 Mar. 15
National Auto Fibers, preferred
h$1% Apr. 1 Mar. 15
National Battery Co., preferred (quar.)
55c Apr. 1 Mar. 9
National Bearing Metal Corp. 7% pref
h$154 May 1 Apr .20
National Biscuit Co.(quarterly)
50c Apr. 15 Mar. 15a
Preferred (quarterly)
$1% May 31 May 17
National Breweries. Ltd.(guar.)
r40c Apr. 1 Mar. 15
Preferred (quar.)
r44c Apr. 1 Mar. 15
National Candy (quar.)
25c Apr. 1 Mar. 12
1st & 2d preferred (quar.)
$1% Apr. 1 Mar. 12
National Cash Register (guar.)
l21ic Apr. 15 Mar.30
National Casket (semi-annual)
$Ui May 15 Apr. 27
Preferred (quarterly)
$1% Mar.30 Mar. 14
National Dairy Products, 87 pref. A & B (qu.) $1% Apr. I Mar. 11
National Enameling & Stamping Co
d50c Mar.30 Mar. 20
National Finance Corp. of Amer.,6% pf.(qu.)
15c Apr. 1 Mar. 10
National Fir() Insurance (quar.)
50c Apr. 1 Mar. 21
National Fuel Gas (quartet ly)
25c Apr. 1 Mar.30
National Grocers Co., Ltd., pref.(quar.)
$1% Apr. 1Mar.23
National Gypsum 71 preferred (guar.)
$1% Apr. 1 Mar. 16
National Lead (quar.
$13 Mar.30 Mar. 15
Preferred B (quar.
$1% May 1 Apr. 19
National Licorice Co.,6% pref. (quar.)
$1% Mar.3 Mar. 15
National Oil (quarterly)
25c May 15 Apr. 15
National 011 Products, $7 pref. (quar.)
Apr. 1 Mar. 20
$1
Nat.Power & Light Co.,$6 pref.(quar.)
$1 A May 1 Apr. 5
National Shawmut Bank (quar.)
25c Apr. 1 Mar. 23
National Standard (quar.)
30c Apr. 1 Mar. 15
National Sugar Refining Co. of N. J.(quar.)
50c Apr. 1 Mar. 4
National Tea Co., coin. (quar.)
15c Apr. 1 Mar. 14
Nation-Wide Securities, Md., vot. shares
Ac Apr. 1 Mar. 15
Natomas Co.(guar.)
15c Apr. 1 Mar. 12
Nevada-Calif. Electric, 7% pref
h$1 May 1 Mar. 30
Newark & Bloomfield RR.(semi-annual)
$1)4 Apr. 1 Mar. 22
Newberry (J. J.) Co.(guar.)
40c Apr. 1 Mar. 16
Newberry (J. J.) Realty Co..6;5% pref. A (qu.) $1% May 1 Apr. 16
6% preferred B (quarterly)
$1% May 1 Apr. 16
New England Gas & Elec. $5)4 pref
373c May 1 Apr. 8
New England Power Assoc.,6% pref
$1 Apr. 1 Mar. 18
$2 preferred
33 1-3c Apr. 1 Mar. 18
New England Power Co.,6% preferred (guar.). 31;4 Apr. 1 Mar. 11
New England Telep. & Teleg. Co.(quar.)
$135 Mar.30 Mar. 8
Mew Hampshire Fire Insurance (quar.)
40c Apr. 1 Mar. 15
New Jersey Pow.& Lt. Co..$6 pf.(guar.)
$134 Apr. 1 Feb. 28
$5 preferred (quarterly)
8134 Apr, 1 Feb. 28
New Jersey Water, 7% prof. (
- quar.)
$134 Apr. 1 Mar. 20
New London Northern RR.Co.(quar.)
$234 Apr. 1 Mar. 15
Newmont Mining Corp
50c Apr. 30 Apr. 15
Newport Electric Corp.,6% pref. (quer.)
$134 Apr. 1 Mar. 15
New York Lackawanna & Western Ry.(qu.)
$134 Apr. 1 Mar. 14
New York Merchandise (quar.)
50c May 1 Apr, 20
Extra
1234c May 1 Apr. 20
$134 Apr. 1 Mar. 15
Now York Power & Light 7% pref.(qu.)
$6 preferred (quarterly)
81 34 Apr. 1 Mar. 15
Now York Shipbuilding Corp. (quar.)
$134 Apr. 1 Mar. 21
New York Steam. $6 pref. (quar.)
$134 Apr. 1 Mar. 15
$7 preferred (quarterly)
$134 Apr. 1 Mar. 15
New York Sun, Inc.,8% lst pref. (s.-a•)
4% Apr. 1 Mar. 30
New York Telephone 634% prof. (quar.)
$134 Apr. 15 Mar. 20
New York Transit Co
15c Apr. 15 Mar. 22
New York Trust Co.(quarterly)
5, Mar. 30 Mar. 23a
Niagara Alkali, 7% pref. (quar.)
$134 Apr. 1 Mar. 21
Niagara Fire Insurance (N. Y.)(quar.)
1 Apr. 2 Mar. 26
Niagara Share Corp. of Md., pref. A (quar.)
$1 34 Apr. 1 Mar. 15
Niagara Wire Weaving, $5 pref. (guar.)
The Apr. 1 Mar. 18
Nineteen-Hundred Corp."A"(quar.)
50c May 15 Apr. 30
"A"(quar.)
50c Aug. 15 July 31
"A" (quar.)
50c Nov. 15 Oct. 31
Noblitt-Sparks Industries (quarterly)
30c Apr. 1 Mar. 20
North American Co., common (quar.)
25c Apr. 1 Mar. 11
Proferred (guar.)
75c Apr. 1 Mar. 11
North American Investment, 6% pref
/41 Apr. 20 Mar.30
5A 7, preferred
h91 2-3c Apr. 20 Mar. 30
North American Rayon. pref. (quar.)
75c Apr. 1 Mar. 22
77, preferred (quarterly)
$134 Apr. 1 Mar. 22
North.Central Texas Oil Co. Inc., pref. (quar.) $14 Apr. 1 Mar. 11
81 Apr. 1 Mar. 11
North Eastern Water & Electric (quar.)
North & Judd Mfg.(quar.)
25c Mar.30 Mar. 27
Northern Indiana Public Service77 preferred
h87 Ac Apr. 15 Mar.30
h75c Apr. 15 Mar.30
6% preferred
h6814.c Apr. 15 Mar.30
% preferred
$1 June I May 20
Northern RR.Co.of N.J.4% gtd.(quar.)
$1 Sept. 1 Aug. 20
4% guaranteed (quar.)
$1 Dec. 1 Nov. 21
4% guaranteed (quar.)
Northern States Power Co.(Dela.)—
134% Apr. 20 Mar. 30
% preferred (quarterly)
154% Apr. 20 Mar.30
0% preferred (quarterly)
Northland Greyhound Lines, Inc., Series I con$134 Apr. 1 Mar. 20
vertible preferred (quarterly)
$134 Apr. 15 Mar. 20
Northwestern Boll Telep., 63 % pref. (qu.)_ _
25c Mar.30 Mar. 18
Northwestern National Insurance Co
Norwalk Tire & Rubber, pref.(quar.)
8734c Apr. I Mar 21
Apr. 1 Mar. 20
Norwich Pharmacal Co. (quar.)
Apr. 1 Mar. 11
Norwich & Worcester RR., pref. (quar.)
50c Apr. 1 Mar. 21
Novadel-Agene Corp., common (quar.)
75c Apr. 1 Mar. 16
Nova Scotia Light & Power (quar.)
$134 Apr. 1 Mar. 15
Nunn Bush Shoe, 1st preferred
$1% Apr. 1 Mar. 15
2d preferred
10c Apr. 15 Apr. 6
Oahu Sugar Co.(monthly)
$2 Apr. 1 Mar. 22
Ogilvie Flour Mills (quar.)
25c Apr. 25 Mar. 25
Ohio Brass, A & B
$134 Apr. 25 Mar. 25
Preferred (quar.)
$134 Apr. 1 Mar. 15
Ohio Edison Co., $5 preferred (guar.)
$134 Apr. 1 Mar. 15
$6 preferred (quarterly)
Apr. 1 Mar. 15
81.65
preferred
(quarterly)
$6.60
$134 Air. 1 Mar. 15
$7 preferred (quarterly)
$1.80 Apr. 1 Mar. 15
$7.20 preferred (quarterly)
$134 Apr. 1 Mar. 11
Ohio Finance,8% preferred
25c Apr. 1 Mar. 20
Ohio Leather (quarterly)
$2 Apr. 1 Mar. 20
preferred
(quarterly)
let
$134 Apr. 1 Mar. 20
2nd preferred (quarterly)
82 Apr. 1 Mar.30
Ohio Loan. 8% preferred (quar.)
2133
Financial Chronicle
Volume 140
4
Name of Company
Per
Share
When Holders
Payable of Record
Ohio Public Service Co., 7% preferred (mo.) _- 581-3c Apr. 1 Mar. 15
50c Apr. 1 Mar,15
6% preferred (monthly)
41 2-3c Apr. 1 Mar. 15
5% preferred (monthly)
50c Apr. 1 Mar. 15
Ohio Service Holding Corp $5 preferred
20c Apr. 1 Mar. 20
Ohio Wax Paper Co.(quar.)
$1% Apr. 1 Mar. 16
Old Colony RR.(quar.)
15c Apr. 1 Mar. 15
Old Colony Trust Associates (quar.)
25c Apr. 2 Mar. 22
Old Dominion Fire Insurance (Va.)
15c Apr. 1 Mar. 15
Old Line Life Assurance Co. of America (qu.)....
$2 Apr.1 Mar. 15
Omnibus Corp.. pref.(quar.)
25c Mar.30 Mar. 20
Ontario Mfg. Co.(quarterly)
$1% Mar.30 Mar.20
Preferred (quarterly)
Orange & Rockland Electric, 7% pref. (quar.).. $1% Apr. 1 Mar. 25
$1% Apr. 1 Mar.25
6% preferred (quarterly)
10c Apr. 1 Mar. 18
O'Sullivan Rubber (quar.)
15c Apr. 15 Mar.25
Otis Elevator Co., common (quar.)
$114 Apr. 15 Mar.25
Preferred (quarterly)
SOc Apr. 1 Mar. 15
Ottawa Electric Ry. Co
$134 Apr. 1 Mar. 15
Ottawa Light, Heat & Power (quar.)
$1% Apr. 1 Mar. 15
Preferred (quarterly)
50c Apr. 1 Mar. 15
Ottawa Traction, Ltd. (guar.)
72c Apr. 1 Mar. 15
Otter Tail Power (Minn.), $6 pref
Apr. 1 Mar. 15
h66c
preferred
$534
15c Apr. 1 Mar. 15
Pacific Finance Corp. of Calif.(Del.) (quar.).._..
20c May 1 Apr. 15
Preferred A (guar.)
16%c May 1 Apr. 15
Preferred 0(quarterly)
17%c May 1 Apr. 15
Preferred D (guar.)
Apr. 15 Mar.30
Pacific Gas & Electric (guar.)
$1 Mar.30 Mar. 27
Pacific Guano & Fertilizer (guar.)
60c May 15 Apr. 20
Pacific Lighting (guar.)
$1)5 Apr. 15 Mar.30
$6 cum. pref.(guar.)
h79c Apr. 1 Mar. 15
Pacific Southern Investors, preferred
$134 Mar,30 Mar. 20
Pacific Telephone & Telegraph Co. (guar )
$1)5 Apr. 15 Mar.30
Preferred (quar.)
25c Apr. 1 Mar. 21
Packer Corp.(quarterly)
r75c Apr. 1 Mar, 15
Page-Hersey Tubes, Ltd.(quar.)
r$1% Apr. 1 Mar. 15
Preferred (quarterly)
Panama Power & Light Corp.,7% pref. (qu.).. $1% Apr. 1 Mar. 15
25c Mar.30 Mar, 20
Park Davis (quarterly)
25c Mar.30 Mar. 20
Extra
75c May 15 May 6
Penman's, Ltd.(quar.)
$1% May 1 Apr. 23
Preferred (quarterly)
Penna Gas & Elec. Corp.(Dela.)7% pref.(qu.) $1% Apr. 1 Mar. 20
$1, Apr. 1 Mar. 20
$7 preferred (quarterly)
Apr. 1 Mar, 11
$1
Penn Central Light & Power. $5 pref. (quar.)
Apr. 1 Mar. 11
7
$2.80 preferred (quar.)
50c Mar.30 Mar.20
Penney (J. C.) Co.. common (quar.)
$135 Mar.30 Mar. 20
Preferred (quar.)
Penna. Co.for Ins. on Lives & Grant. Annuities
40c Apr. 1 Mar. 19
Quarterly
Pennsylvania Gas & Electric.7% pref.(quar.)._ $1% Apr. 1 Mar.20
$1% Apr. 1 Mar. 15
Pennsylvania Glass Sand preferred (guar.)
141% Apr. 1 Mar. 15
Preferred
55c Apr. 1 Mar.20
Pennsylvania Power Co.. $6.60 pref. (mo.)_ _ _ _
55c May 1 Apr. 20
$6.60 preferred (monthly)
55c June 1 May 20
(monthly)
preferred
$6.60
'$1% June 1 May 20
$6 preferred (quarterly)
Pennsylvania Power & Light, $7 pref. (quar.)-- $1% Apr. 1 Mar. 16
$134 Apr. 1 Mar. 16
$6 preferred (guar.)
$1% Apr. 1 Mar. 16
$5 preferred (quar.)
75c Apr. 15 Mar.30
Pennsylvania Salt Mfg.(quar.)
Pennsylvania Telep. Corp..6% pref. (quar.),.. $134 Apr. 1 Mar. 15
750 Apr. 1 Mar. 15
Pennsylvania Water & Power corn. (quarterly)..
$1% Apr. 1 Mar. 15
Preferred (quarterly)
Penna. Warehousing & Safe Deposit Co.(Phila.)
60c Apr. 1 Mar. 23
Quarterly
250 Apr. 1 Mar. 6
Peoples Drug Stores. Inc.(quar.)
Peoples National Gas Co..5% preferred (quar.). 62)4c Apr. 1 Mar. 15
Apr. 1 Mar.20
$1%
(quar.)
Co..
$7
pref.
Water
Works
Peoria
20C June 1 May 15
Pepper (Dr.)(quarterly)
20c Sept. 1 Aug. 15
Quarterly
20c Dec. 1 Nov. 15
Quarterly
50c Apr. 1 Mar.15
Perfect Circle Co.(guar.)
Apr. 1 Mar.30
3
.
73ic
pref.
(quar.)
Petroleum,
Perfection
30c Mar.30 Mar. 20
Perfection Stores Co.(guar.)
Apr. 1 Mar. 25
$1
Peterborough RR.(Nashua, N.H.)(s.-a.)
Apr. 1 Mar. 11
2
Pet Milk Co. corn. (quarterly)
$134 Apr. 1 Mar. 11
Preferred (quarterly)
Mar.
31 Mar. 25
25c
(quar.)
initial
Brewing,
Pfeiffer
$1% Apr. 1 Mar. 1
Philadelphia Co.. $6 cum. preferred (quar.)
$1% Apr. 1 Mar. 1
$5 cum. preferred (quar.)
$1% May 1 Apr. 1
6% cum. preferred (s.-a.)
50c Apr. 1 Mar. 9
Philadelphia Electric Power 8% pref. (quar.)-_..
30c Apr. 15 Mar.26
Philadelphia National Insurance (semi-ann.)..._ _
$2)4 Apr. 10 Mar.30
Philadelphia & Trenton RR.(quar.)
$2)4 July 10 June 30
Quarterly
$2% Oct. 10 Sept.30
Quarterly
25c Apr. 15 Apr. 2
Philip Morns & Co
50c Apr. 10 Mar.31
Phoenix Finance Corp.,8% pref. (guar.)
50c July 10 June 30
807 preferred ruarter.y)
50c Oct. 10 Sept.30
8% preferred (quarterly)
50c Jan. 10 Dec. 31
8% preferred (quarterly)
50c Apr. 1 Mar. 15
Phoenix Insurance (quar.)
15c Apr. 1 Mar.20
Pie Bakeries
$1% Apr. 1 Mar. 20
7% preferred (guar.)
750 Apr, 1 Mar.20
2nd preferred (guar.)
r20c Apr. 1 Mar. 2
Pioneer Gold Mines of B. C., Ltd.. common
75c Apr. 1 Mar. 15
Pittsburgh. Bessemer & Lake Erie (8.-a.)
50c Apr. 1 Mar. 9
Pittsburgh Plate Glass (quar.)
Pittsburgh Ft. Wayne & Chicago Ry. (quar,).. $1% Apr. 1 Mar. 11
$1% July 1 June 10
Quarterly
$1% Oct. 1 Sept. 10
Quarterly
Jan. 2 Dec. 10
Quarterly
707 preferred (quar.)
Apr. 2 Mar. 11
$134 July 2 June 10
7% preferred (quar.)
$134 Oct. 8 Sept. 10
7% preferred (quar.)
7% preferred (quar.)
$131 Jan. 7 Dec. 10
Pittsburgh Youngstown & Ashtabula RR.
7% preferred (quar.)
$1% June 1 May 20
$1% Sept. 1 Aug. 20
7% preferred (quar.)
$1% Dec. 1 Nov. 20
7% preferred (attar.)
Plainfield Union Water (guar.)
$134 Apr. 1 Apr. 1
25c Mar.30 Mar. 12a
Plymouth Oil Co.. common
Plume & Atwood Mfg.(quar.).
50c Apr. 1 Mar.25
Pneumatic Scale Corp.,7% pref. (quar.)
17%c Apr. 1 Mar.22
Ponce Electric Co.. 7% pref.(quar.)
$1% Apr. 1 Mar. 15
Pond Creek Pocahontas Co.(quarterly)
50c Apr. 1 Mar.21
Porto Rico Power, preferred (quar.)
$1% Apr. 1 Mar. 15
Powdrell & Alexander, Inc., pref. (quar.)
$1% Apr. 21 Mar. 20
Pratt & Lambert (guar.)
25c Apr. 1 Mar. 15
Premier Gold Mining (guar.)
r3c Apr. 15 Mar. 14
Pressen Metals of Amer.,Inc., common
e207 Apr. 1 Feb. 28
Procter & Gamble,8% pref. quar.)(
Apr. 15 Mar. 25
Protective Life Insurance (s.-a.)
$3 July 1 July 1
Providence Gas (quarterly)
20c Apr. 1 Mar. 15
Providence & Worcester RR.(quar.)
$234 Apr. 1 Mar. 13
Provident Saving Rank & Trust (guar.)
25c Apr. 1 Mar. 25
Provincial Paper, Ltd. preferred (quar.)
$1% Apr. 1 Mar. 15
Prudential Investors, Inc.. 6% Preferred (quar.) $1)4 Apr. 15 Mar.30
Public National Bank & Trust (quar.)
37)4c Apr. 1 Mar. 20
Public Service Co.of Cob.,7% pref.(monthly)- 58 1-3c Apr. 1 Mar. 15
6% preferred (monthly)
50c Apr. 1 Mar. 15
5% preferred (monthly)
41 2-3c Apr. 1 Mar. 15
Public Service of N. J. (quar.)
70c Mar.30 Mar. 1
$5 preferred (quarterly)
Sly Mar.30 Mar, 1
8% preferred (quarterly)
$2 Mar.30 Mar. 1
7% preferred (quarterly)
$134 Mar.30 Mar, 1
6% preferred (monthly)
50c Mar.30 Mar. 1
Public Service Co. of OklahomaApr. 1 Mar. 20
707 prior lien stock (quarterly)
$1
6% prior lien stock (quarterly)
Apr. 1 Mar. 20
$1
Public Service Corp. of N.J.,6% pref. (mthly)_
50c Apr. 30 Apr. 1
2134
Financial Chronicle
Name of Company
Per
Share
When Holders
Payable of Record
Public Service of North. Illinois7% preferred (quar.)
$1.31 May 1 Apr. 15
607 preferred (quar.)
$14 May 1 Apr. 15
Public Service Electric & Gas7% preferred (quarterly)
$131 Mar.30 Mar. 1
$5 preferred (quarterly)
$151 Mar.30 Mar. 1
Pullman, Inc. (quar.)
75c May 15 Apr. 24
Puritan Ice.common
$8 Apr. 1 Dec. 31
Quaker Oats (quarterly)
$1 Apr. 15 Apr. 1
Special_
$1 Apr. 15 Apr. 1
Preferred (quarterly)
$14 May 31 May 1
Queens Boro. Gas & Elec. Co.,6% cum.pf.(qu.) $14 Apr. I Mar. 15
Radio Corp. of America. A pref. (quar.)
9' Apr. 1 Mar. 1
Rainier Pulp & Paper, class A
51 Apr. 1 Mar. 28
$2 class A
h50ci June 1 May 10
Rath Packing (quarterly)
50c Apr. 1 Mar. 20
Ray-O-Vac. Co.,8% preferred (quar.)
50c Apr. 1
Reece Button Hole Machine Co.(quar.)
20c Apr. 1 Mar. 15
Reece Folding Machine Co
Sc Apr. 1 Mar. 15
Reading Co. 2nd preferred (quar.)
50c Apr. 11 Mar. 21
Reed Roller'
Bit (quar.)
25c Mar. 30 Mar. 21
Extra
25c Mar.30 Mar. 21
Reliable Fire Insurance (Ohio) (quar.)
90c Apr. 1 Mar. 27
Reliance Mfg. (Ill.) (quar.)
15c May 1 Apr. 20
Preferred (quar.)
$131 Apr. 1 Mar. 21
Reno Gold Mining Ltd. (quar.)
3c Apr. 1 Feb. 28
Republic Investors Fund (quarterly)
lc Apr. 1 Mar. 15
Republic Petroleum Co. (monthly)
3c Mar. 25 Mar. 15
Reversible Collar (guar.)
SI Apr. 1 Mar. 19
Reynolds (R. J.) Tobacco Co.(quar.)
75c Apr. 1 Mar. 18
Class B (quarterly)
75c Apr. 1 Mar. 18
Rice-Stix Dry Goods Co., 1st & 2d pref.(quar.)- $15( Apr. 1 Mar. 15
Richman Bros. (quar.)
75c Apr. 1 Mar. 23
Richmond Fredericksburg & Potomac RR.
7% guaranteed (semi-ann.)
$34 May 1 Apr. 30
6% guaranteed (semi-ann.)
$.3 May 1 Apr.
Richmond Water Works Corp.,6% pref.(qu.)- $14 Apr. 1 Mar.30
20
Rich's, Inc. 64% preferred (quar.)
$14 Mar.30 Mar. 15
Riverside Silk Mills, class A
h25c Apr. 1 Mar. 15
Class A (quar.)
25c Apr. 1 Mar. 15
Robbins (Sabin) Paper.7% Pref.(qum%)
$I
Apr. 1 Mar.30
Rochester Telephone (quar.)
Apr. 1 Mar. 20
$1
6% preferred (guar.)
Apr. I Mar. 20
Si
Rockville-WillImantic Lighting,7% pref.(quar.) $1% Apr. 1 Mar. 15
69' preferred (quarterly)
Apr. 1 Mar. 15
SI
6-7% preferred (quarterly)
Apr. 1 Mar. 15
$1
Ross Gear Tool (qua?.)
30c Apr. 1 Mar. 20
Rossia Insurance, (s.-a.)
30c Apr. I Mar. 16
Royal Baking Powder (quar.)
25c Apr. 1 Mar. 5
6% preferred (quar.)
$14 Apr. 1 Mar. 5
Ruud Mfg.(quar.)
10c June 15 June 5
Safety Car Heating & Lighting
Si Apr. 1 Mar. 20
Safeway Stores (quarterly)
75c Apr. 1 Mar. 18
7,preferred (guar.)
$15( Apr. 1 Mar. 18
6% preferred (guar.)
Apr. 1 Mar. 18
$I
St. Louis National Stockyards (guar.)
$14 Apr. 1 Mar. 20
St. Louis Rocky Mountain & Pacific RR. Co.
Common (quarterly)
25c April 20 April 50
Preferred (quarterly)
514 April 20 April 5a
Preferred (quarterly)
$1 3j July 20 July 5
Preferred (quarterly)
$14 Oct. 21 Oct. 5a
St. Paul Union Stockyards (quar.)
50c Apr. 1 Mar. 20
San Francisco Remedial Loan (quar.)
75c Mar. 31 Mar. 15
Sangamo Electric, 7% preferred
/424 Mar. 30 Mar. 27
Santa Cruz Portland Cement
50c Apr. 1 Mar. 22
Savannah Electric & Power89' preferred A (quar.)
$2 Apr. 1 Mar. 15
% preferred B (quar.)
$14 Apr. 1 Mar. 15
7% preferred C (quar.)
515( Apr. 1 Mar. 15
64% preferred D (quar.)
St 31 Apr. 1 Mar. 15
Sayers & Scoville Co.(quar.)
$14 Apr. 1 Mar. 20
6% preferred (quarterly)
$14 Apr. 1 Mar. 20
Scott Paper Co.,common (quar.)
424c Mar.31 Mar. 16
7% series A preferred (quar.)
May 1 Apr. 17
$1
69' series B preferred (quar.)
$14 May 1 Apr. 17
Scovill Mfg. Co.(quar.)
25c Apr. 1 Mar. 15
Scranton Electric.$6 pref.(quar.)
Apr. I Mu. 6
$1
Sears, Roebuck & Co.(special)
75c May 1 Apr. I
2nd International Securities 6% 1st pref
624c Apr. 1 Mar. 15
Securities Investors of St. Louis (quar.)
50c Apr. 1 Mar.31
8% preferred (quar.)
52 Apr. 1 Mar. 31
Security Investment Trust (Colo.) pref. (s.-a.)Si Apr. 1 Mar.20
Seeman Bros., Inc., common (quar.)
624c May 1 Apr. 15
Common (extra)
50c May 1 Apr. 15
Selected Industries,$54 preferred
874c Apr. 1 Mar. 16
Shaffer Stores, 7% pref. (quar.)
51% Apr. 1 Mar. 25
Sharon Railway
$1 91 Apr. I Mar. 20
Shasta Water Co.(quar.)
40c Apr. 1 Mar. 20
Shattuck (F. G.) Co
Sc Apr. 10 Mar. 18
Shawmut Association (quar.)
10c Apr. 1 Mar. 15
Sherwin Williams. Ltd.. preferred
74131 Apr. 1 Mar. 15
Silver King Coalition Mines
10c Apr. 1 Mar. 20
Simpson (Robt.), Ltd., pref. (s.-a.)
$,3 May 1 Apr. 16
Singer Mfg. Co.(guar.)
Si 4 Mar. 30 Mar. 9
Extra
524 Mar. 30 Mar. 9
Sioux City Stockyards Co $14 part pref(guar.) 374c May 15 May 14
$134 participating preferred (Uttar.
374e Aug. 15 Aug. 14
$14 participating Preferred (tinar•
Nov. 15 Nov. 14
37
S-M-A Corp.(quarterly)
124c Apr. 1 Mar. 20
Smith (S. Morgan) Co. (quarterly)
SI May 1 May 1
Quarterly
$1 Aug 1 Aug 1
Quarterly
$1 Nov. I Nev. 1
Smyth Mfg. Co.(quar.)
50c Apr. 1 Mar. 21
Sonoco Products Co., 8% pref. (quar.)
$2 Apr. I Mar, 20
South American Gold & Platinum
be Apr. 30 Apr. 19
South Carolina Power Co., $6 pref.(quar.). $14 Apr. 1 Mar. 15
South Penn Oil (guar.)
30c Mar. 30 Mar. 15
South Pittsburgh Water Co.,7% pref. (quer.). $13( Apr. 15 Apr. 1
607 preferred (quarterly)
$14 Apr. 15 Apr. 1
South Porto Rico Sugar Co..coin.(War.)
50e Apr. 1 Mar. 9
Preferred (quarterly)
2% Apr. 1 Mar. 9
Southern Acid & Sulphur. 7% pref. (quar.)
5131 Apr. 1 Mar. 9
Southern & Atlantic Teleg. gtd. (s.-a.)
624c Apr. I Mar. 16
Southern Bleachery & Print
'Worksf 7%
$191 Apr. 1 Mar. 20
Southern California Edison Co.. Ltd.—Pt% (Cld
Original preferred (quar.)
43%c Apr. 15 Mar. 20
Preferred stock,series 0.531% (quar.)
344c Apr. 15 Mar. 20
Southern Calif. Gas,6% pref. (quar.)
37 55c Apr. 15 Mar.31
Preferred A (quar.)
3755c Apr. 15 Mar.31
Southern Canada Pow. Co..6% cum. pude. pf_ 14% Apr. 15 Mar. 20
Southern Counties Gas (Calif.), pref. (quar.)
514 Apr. 15 Mar. 30
Southern Franklin Process Co79' preferred (quar.)
$1% Apr. 10 Mar. 29
Southern Indiana Gas & Elec. Co.,7% pref.(qu) 191% Apr. 1 Mar. 23
6.6 preferred (quar.)
1.657 Apr. 1 Mar. 23
6% preferred (quar.)
Apr. 1 Mar. 23
154
Southern By.Mobile & Ohio (8.-11.)
52 Apr. 1 Mar. 15
Southland Royalty Co.,corn.(guar.)
5c Apr. lr Mar.30
Southwestern Bell Telep.. pref. (quar.)
5131 Apr. 1 Mar. 20
Southwestern Gas & El. Co.,8% cum. pf.(qu.)_
$2 Apr. 1 Mar. 15
7% cumulative preferred (quarterly)
$131 Apr. 1Mar.15
Southwestern Light & Power Co., $6 cum. pref_
50e Apr. 1 Mar. 15
South West Penna.Pipe Lines
SI Apr. 1 Mar. 15a
(bang, Chalfant,6% cumul. pref
h50c Apr. 1 Ma:. 23
Sparta Foundry
el00% Mar. 30 Mar. 15
Initial
25c Mar.30 Mar. 15
Extra
15c Mar.30 Mar. 15
Spencer Kellogg & Sons, Inc. (quar.)
40c Mar.30 Mar. 15
Spencer Trask Fund (guar.)
124c Mar. 30 Mar. 15
Springfield Fire & Marine Insurance
$1.13 Apr. 1 Mar. 18
Springfield Gas & Electric Co., pref.(quar.)_ $131 Apr. 1 Mar. 15
11
Name of Company
March 30 1935
Per
Share
When Holders
Payable of Record
Standard Brands, Inc.. common (tinerd
25c Apr. 1 Feb. 25
$7 cumul. preferred, series A (quar.)
$131 Apr. 1 Feb. 25
Standard Cap & Seal (quar.)
60c May 1 Apr. 4
Standard Coosa-Thatcher,7% pref.(quar.)_
$131 Apr. 15 Apr. 15
Standard Fire Insurance (Trenton. N.J.)
Mar. 16
50c Apr. 23 Apr.
Standard Fuel Co..64% pref.(Qua?.)
435(c Mar. 31
Standard National Corp., N. Y.,7% pf.(qu.).. SP Apr. 1 Mar. 25
Standard Oil Co.(Ohio), 5% cum. pref.
Standard Screw (quar.)
Mari.
$1
Standard Wholesale Phosphate & Acid Works._
1% Apr. 1 Mar. 20
Stanley Works (quar.)
3
25c Apr. 1 Mar. 14
6% preferred (quarterly)
374c May 15 May
Starrett (L. S.) Co
25c Mar.30 Mar. 18
Preferred (quarter)
Mar.30 Mar. 18
$1
Stein(A)& Co.,64 a pref.(qua?.)
Apr. 1 Mar.
23
m .15
Stix, Baer & Fuller Co.. 7% pref. (quar.)
1 Mar. 15
Ma
Apr..30
$1
Stouffer Corp..$24 cumulative A
h565(c
Sunshine Mining Co
20c Mar.30 Mar. 15
Superheater Corp.(quar.)
124c Apr. 15 Apr. 5
Superior Water Light & Power.7% pf.(quar.)
ar.3
10
5
1 Mar.
5131 Apr. 15m
Supervised Shares, Inc
15(c Apr.
Sutherland Paper (bi-monthly)
10c Apr. 30 Apr. 20
Extra
Sc Apr. 30 Apr. 20
Swift & Co.(quarterly)
1240 Apr. 1 Mar. 1
Swiss Oil
10c Apr. 1 Mar. 25
Sylvanite Gold Mines (qua?.)
Sc Mar. 30 Feb. 23
Tacony-Palmyra Bridge Co.. A & B (quar.)
25c Mar.30 Mar. 10
74% preferred (quar.)
$
Tamblyn, Ltd.. pref.(quar.)
Mai.2
y
. 1 APr
A par.
e% M
13
Taunton Gas Light (quar.)
$14 Apr. 1 Mar. 15
Taylor Milling (quarterly)
25c Apr. 1 Mar. 11
Extra
25c Apr. 1 Mar. 11
Teck-Hughes Gold Mines
rlOc Apr. 1 Mar. 9
Telephone Investment Corp.(monthly)
250 Apr. 1 Mar. 20
Tennessee Electric Power Co.
59' 1st preferred (qua?.
$14 Apr. 1 Mar. 15
6% lit preferredr
preferrec uar
Apr. 1 Mar. 15
51
preferred (qua?.
% 1st preferru
ar
51q Apr. 1 Mar. 15
7.2% lat
7.%
(quar.)
$1.8 Apr. 1 Mar. 15
607 Preferred (monthly)
50c Apr. 1 Mar. 15
7.2% preferred (monthly)
60c Apr. 1 Mar. 15
Texas Corp. (quarterly)
25c Apr. 1 Mar. 1
Texas Electric Service Co.,$6 pref. (quar.)___ _ $1
Apr. 1 Mar. 15
Tex-O-Kan Flour Mills. pref.(qua?.)
5131 June I May 15
Textile Banking (quar.)
50c Mar. 30 Mar. 25
Thatcher Mfg. Co
25c Apr. 1 Mar. 15
53.60 cum. preferred
90c May 15 Apr. 30
Tide Water Assoc. Oil,6% pre
h$2 Apr. 1 Mar. 11
Tide Water Oil
35c Mar.30 Mar. 11
Time, Inc.(quar.)
51 Apr. 1 Mar. 20
$64 preferred (quar.)
$14 Apr. 1 Mar. 20
Tintic Standard Mining (quar.)
731c Mar.30 Mar. 16
Tip-Top Tailors 7% pref. (quar.)
$131 Apr. 1 Mar. 20
Toledo Edison Co., 79' preferred (monthly)....,... 581-30
Apr. 1 Mar. 15
69' preferred (monthly)
50c Apr. I Mar. 15
5% preferred (monthly)
2-3c Apr. 1 Mar. 15
41
Toronto Mortgage Co.,"Ont..' (quar.)
r. 1 Mar. 15
$13
1 Apr.
Torrington Co
Mat. 21
Travelers Insurance (quar.)
1 Mar. 18
Apr.
$4
Tr -Continental Corp..6% pref.(quar.)
$14 Apr. 1 Mar. 16
Trico Products (quarterly)
624c Apr. 1 Mar. 16
Trumbull Cliffs Furnace, preferred (quar.)
$14 Apr. 1 Mar. 15
Tuckett Tobacco. pref. (quar.)
$1% Apr. 15 Mar.30
Twin Bell Oil Syndicate (monthly)
$2 Apr.
Mar.
Twin States Gas & Electric. 7% pref. (quar.)- - 5151 Apr. 1 Mar. 30
15
Underwood Elliott Fisher Co.common (quar.)_
50c Mar.30 Mar. 120
Preferred (quar.)
$151 Mar.30 Mar. 12a
Union Carbide & Carbon Corp
40c Apr. 1 Mar. 8
Union Elec. Lt. & Power (Ill.) 8% pref. (guar.). 314 Apr. 1 Mar. 15
Union Electric Light & Power(Mo.),pref.(qu.)
515/ Apr. 1 Mar. 15
Union Pacific R.R. Co
Apr. 1 Mar. 1
Preferred (semi-annual)
Apr. 1 Mar. 1
Union Public Service Co.. Minn.
7% preferred A & B (quar.)
$1 31 Apr. 1 Mar. 20
6% preferred C & D (quar.)
$194 Apr. 1 Mar. 20
United Biscuit Co.of America, preferred (quar.) $131 May 1 Apr. 15
United Bond & Share Corp.(quar.)
10c Apr. 15 Mar. 28
United Carbon (quar.)
60c Apr. 1 Mar. 16
United Dyewood preferred (quar.)
$131 Apr. 1 Mar. 14
United Fruit Co
75c Apr. 15 Mar. 21
United Gas & Electric Corp.. preferred (quar.)_ 131% Apr. 1 Mar. 15
United Gas Improvement
260 Mar.30 Feb. 28
Preferred (quarterly)
$14 Mar.30 Feb. 28
United Gold Equities ot Canada—
Standard shares (quar.)
24c Apr. 15 Apr. 5
United Light St Rye.(De1.1707 prior preferred (monthly)
681-Sc Apr. 1 Mar. 15
6.36% prior preferred (monthly)
53c Apr. 1 Mar. 15
6% prior preferred (monthly)
50c Apr. I Mar. 15
United Loan Industrial Bank.common (quar.)._ 514 Apr. 1 Mar. 20
Common (extra)
•-$1 Apr. 1 Mar. 20
United New Jersey RR.& Canal num.)
5234 Apr. 10 Mar. 20
United Pow. & Lt. Corp.(Kan.),7% pref.(qu.) $1 4
8 Apr. 1 Mar. 15
United Profit Sharing, pref.(s.-a.)
50c Apr. 30 Mar. 29
United Securities (guar.)
50c Apr. 16 Mar. 27
United Shirt Distributors, Inc.(quar.)
74c Apr. 10 Mar. 25
7% preferred (quar.)
874c Apr. 1 Mar. 15
United Shoe Machinery (quar.)
624c Apr. 5 Mar. 19
Preferred (quar.)
37 31c Apr.
Mar. 19
United States Elec. Lt. & Pow. Shs., Inc.(Md.) 50.008 Apr. 5
1 Mar. 15
United States Foil Co.. class A & B, corn
15c Apr. 1 Mar. 150
Preferred (quarterly)
$131 Apr. 1 Mar. 15a
United States Guarantee Co.(quar.)
40c Mar. 30 Mar. 23
United States Gypsum (guar.)
25c Apr. 1 Mar. 15
Preferred (quarterly)
5131 Apr. 1 Mar. 15
United States Industrial Alcohol Co..common
50c Mar. 30 Mar. 150
United States Petroleum (s.-a.)
lc June 15 June 5
Semi-annually
lc Dec. 15 Dec. 5
United States Pipe & Fdy Co.(qua?.)
l234c Apr. 20 Mar. 30
Common ruar.
1234c July 20 June 29
Common (quar.
1231c Oct. 20 Sept.30
Common (qua?.
1234c Jan. 20 Dec. 31
let preferred qua?.
Apr. 20 Mar.30
1st
lit prefeed qua?.
30c July 20 June 29
lit preferred quar.
30c Oct. 20 Sept. 30
let preferred (qua?.)
30e Jan. 20 Dec. 31
United States Playing Card (quar.)
25c Apr. 1 Mar. 21
Extra
25c Apr. 1 Mar. 21
United States Sugar Corp.. pref. (qua?.)
Apr. 5 Mar. 10
$I
Preferred (quarterly)
$131 July 5 June 10
United States Tobacco Co., corn. (quar.)
$I
Apr. 1 Mar. 18
Preferred (quarterly)
$1
Apr. 1 Mar. 18
United States Trust Co. of N .Y.(quar.)
S5 Apr. 1 Mar. 21
United Verde Extension Mining Corp
10c May 1 Apr. 30
Universal Leaf Tobacco (guar.)
50c May 1 Apr. 17
Preferred (quarterly)
52 Apr. I Mar 22
Universal Products
20c Mar. 30 Mar. 20
Upper Michigan Power & Light.6% Pref.(quar.) $14 May 1 Apr. 26
(quarterly)
preferred
6%
$14 Aug. 1 July 27
89 preferred (quarterly)
5134 Nov. 1 Oct. 28
6% preferred quarterly
$1
2-1-'36 Jan. 27
Upressit Metal Cap. pref. (quer.)_ _ _ _
__ .
$1 Apr. 1 Mar. 15
Utica Chenango & Susquehanna Valley RR.—
Guaranteed (semi-annual)
$3 May 1 Apr. 15
Utica Clinton & Binghamton By.—
Debenture stock (semi-ann.)
$21 June 28 June 16
Debenture stock (semi-ann.)
Dec. 26 Dec. 16
$2
Valve Bag, preferred (quar.)
Apr. 1 Mar. 15
$1
Van de Kamps Holland Dutch Baking631% preferred (quar.)
$14 Apr. 1 Mar. 10
Veeder Root (quarterly)
50c Mar.31 Feb. 18
1.2
18 kit::18
$16
2135
Financial Chronicle
Volume 140
When Holders
Payable of Record
Per
Share
Name of Company
Vermont & Boston Telephone tsemi-ann.)
Vermont & Massachusetts RR.(semi-annual)—
Vicksburg Shreveport & Pacific Ry. Co
Preferred
Victor-Monaghan Co.,7% preferred (quar.)__ _
Virginia Public Service 7% pref.(quar.)
6% preferred (quar.)
Vortex Cup (quarterly)
Class A (quarterly)
Vulcan Detinning. preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Wagner Electric, pref. (quar.)
Walgreen 63i% preferred (quay.)
Ward Baking Corp., preferred
Warren RR. Co.(semi-annual)
Washington Ry.& Electric Co.5% pref.(quar.)
Waukesha Motor.(quar.)
Weeden & Co.(guar.)
Weinberger Drug Stores (quar.)
Wesson Oil & Snowdrift Co., Inc., corn
Extra
Western Assurance Co.(s.-a.)
Western Exploration Co. (quar.)
Western Grocers Co. (quar.)
Preferred (quarterly)
Western Maryland Dairy. pref.(quar.)
Western Massachusetts Cos.(quar.)
Western New York Water Co., $5 pref.(quar.)_
Western Pipe & Steel Co. of Calif
Western Power Corp., 7% pref. (quar.)
Western Tablet & Stationery Corp.
7% preferred (quarterly)
Western United Gas & Elec..6M % pref.(quay.)
6% preferred (guar.)
Westinghouse Air Brake Co
West Kootenay Power & Light, prof. (qu.)-- Westmoreland, Inc. (quarterly)
Weston Electrical Instrument, Cl. A (quar.)Weston (Geo.). Ltd. (quar.)
West Penn Electric, class A (quar.)
6% preferred (quar.)
7% preferred (quar.)
West Point Mfg.(quar.)
Extra
West Texas Utilities Co..$6 pref.(quar.)
Westvaco Chlorine Products. pref. (quar.)
West Virginia Pulp & Paper (quar.)
West Virginia Water Service. $6 pref
Wheeling Steel. 6% cum. pref
Whitaker Paper.7% pref. (quar.)
White Rock Mineral Springs
1st & 2d preferred (quar.)
White Villa Grocers, Inc.,6% pref. (quar.)_
Whittall Can Co.,6M% pref
82
$3
$2
$2M
$j5%
$1M
$1M
37 Mc
62Mc
1%
1
194,
50e
$1M
SIM
30c
50c
25c
12Mc
37 Mc
60c
12Mc
50c
$1
Si
50c
$1 M
25c
$1.
21%
$1
1234c
$131
30c
50c
25c
$19'
$1
$1,
$I
50c
75c
814
lOc
h$1
h50c
$131
35c
$191
$1 M
h$1M
July 1 June 15
Apr. 8 Mar. 12
Apr. 1 Mar. 8
Apr. 1 Mar. 8
Apr. 1 Mar. 20
Apr. 1 Mar. 11
Apr. 1 Mar. 11
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 20 Apr. 10
July 20 July 10
Oct. 19 Oct. 10
Apr. 1 Mar. 20
Apr. 1 Mar. 20
Apr. 1 Mar. 16
Apr. 15 Apr. 5
June 1 May 15
Apr. 1 Mar. lb
Mar. 30 Mar. 20
Apr. 1 Mar. 27
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 23
Mar. 20 Mar. 15
Apr. 25 Apr. 15
Apr. 25 Apr. 15
Apr. 1 Mar. 20
Mar. 30 Mar. 18
Apr. 1 Mar. 22
Mar. 21
Apr. 15 Apr. 1
Apr. I Mar. 21
Apr. 1 Mar. 16
Apr. 1 Mar. 16
Apr. 30 Mar.30
Apr. 1 Mar. 20
Apr. 1 Mar. 15
Apr. 1 Mar. 16
Apr. 1 Mar. 20
Mar.30 Mar. 16
May
Apr. 5
May
Apr. 5
Apr.
Mar. 20
Apr.
Mar. 20
Apr.
Mar. 15
Apr.
Mar. 15
Apr.
Mar. 19
Apr.
Feb. 15
Apr.
Mar. 12
Apr.
Mar. 20
Apr. 2 Mar. 29
Apr. 2 Mar. 29
Apr.
Mar. 15
Apr.
Mar. 15
Per
Share
Name of Company
Wichita Water Co.. 7% pref. (quar.)
Wilcox Rich Corp.class A (quar.)
Will & Baumer Candle Co., Inc—
Preferred
Wilson & Co., Inc., common
Preferred
Wilson-Jones
Winn & Lovett Grocery. class A (quar.)
Preferred (quar.)
Winsted Hosiery (quar.)
Quarterly
Quarterly
Wisconsin Electric Power 6% Pref. (quar.)
6%7
0 preferred (quar.)
Wiser Oil Co. (quarterly)
Woodley Petroleum Co. (quar.)
Worcester Salt
Preferred (quar.)
Wright-Hargreaves Mines(quar.)
Extra
Wrigley (Wm.) Jr. (monthly)
Yale & Towne Manufacturing Co
Young (J. S.) & Co.(quar.)
Preferred (quar.)
Young(L. A.) Spring & Wire (quar.)
Extra
Mom; Cooperative Mercantile Ins. (quar.)
Quarterly
Quarterly
When Holders
Payable of Record
$151 Apr. 15 Apr. 1
62Mc Mar. 31 Mar.20
$2
12Mc
$1M
75c
50c
5131
$1M
31M
$194
Si 94
$194
25c
10c
50c
5194
10c
Sc
25c
15c
$194
$131
25c
25c
50c
50c
50c
Apr. 1 Mar. lb
June 1 May 15
May 1 Apr. 15
May 1 Apr. 22
Apr. 1 Mar. 20
Apr. I Mar. 20
May I
Aug. 1
Nov. 1
Apr. 1 Mar. 25
Apr. 1 Mar. 25
Apr. 1 Mar. 11
Mar. 31 Mar. 15
Mar.30 Mar. 20
May 15 May 4
Apr. 1 Mar. 9
Apr. 1 Mar. 9
Apr. 1 Mar. 20
Apr. 1 Mar. 21
Apr. 1 Mar. 22
Apr. 1 Mar. 22
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 15 Apr. I
July 15
Oct. 15
t The New York Stock Exchange has ruled that stock will not be quoted'
er-dIvidend on this date and not until further notice.
2 The New York Curb Exchange Association has ruled that stock was.
not be quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
./ Payable In common stock. g Payable in scrip. it On account of accumulated dividends. I Payable in preferred stock.
m Commercial Investment Trust Corp. has declared a quar. div. on the
cony. pref. stock, at the rate of 5-208 of one share of coin, stock, or, at the
option of the holder, in cash at the rate of $1.50 for each contr. pref. share.
p Goldblatt Bros.. Inc.. declared a dividend 'of 3794 cents cash pershare, or 1-40th of a share of stock, at the option of the stockholders.
Fractional shares will not be issued.
r Payable in Canadian funds, and in the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
u Payable in U. S.funds. IF A unit. w Less depositary expenses.
z Less tax. fi A deduction has been made for expenses.
Weekly Return of the New York City
Clearing House
Condition of the Federal Reserve Bank of
New York
The weekly statement issued by the New York City
Clearing House is given in full below:
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Mar. 27 1935,
in comparison with the previous week and the corresponding
date last year:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR WEEK ENDED SATURDAY, MARCH 23 1935
Clearing House
Members
Bank of NY & Trust Co_
Bank of Manhattan Co_
National City Bank....
Chemical Bk & Trust Co
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Ilk & Tr Co
Corn Each Bank Tr Co_
First National Bank._
Irving Trust Co
Continental Bk & Tr Co_
Chase National Bank...
Fifth Avenue Dank
Bankers Trust Co
Title Guar & Trust Co
Marine Midland Tr Co
New York Trust Co__ _ _
Comml Nat Bk & Tr Co
Public Nat Bk & Tr Co._
Totals
Surplus and
Undivided
Profits
• Capital .
Net Demand
Deposits,
Average
Time
Deposits,
Average
$
s
$
5
10,298,100
6,000,000
118,130,000
6,326,000
342,336,000
20,000,000
25,431,700
31,160,000
127,500.000
38,273,300 a1,069,808,000 143,626,000
20,000,000
48,104,400
366,057,000
20,586,000
90,000,000 177,294,700 81.085,309,000
56,181.000
32,935,000
10,297,500
283,422,000 104,705,000
21,000,000
61,512,800
621,542,000
26,023,000
15,000,000
16,124,900
202,598,000
21,423,000
10,000,000
89,218,100
429,912,000
8,915,000
50,000,000
57,819,800
398,484,000
4,344,000
4,000.000
3,608,100
31,700,000
2,303,000
150,270,000
68,839,400 c1,396,852,000
65,811,000
500,000
3,329,600
44,790,000
352,000
25,000,000
62,018,800 d683,079,000
18,844,000
10,000,000
8,160,400
14,267,000
274,000
7,503,200
5,000,000
55,384,000
3,294,000
12,500,000
21,361,500
239,194,000
16,978,000
7,644,700
7,000,000
53,916,000
1,210,000
8,250,000
5,148,200
54,059,000
37,682,000
614.955.000
721.990.000 7.490.839.000
570.037.000
• As per official reports: National, Dec: 31 1934: State, Dec. 31 1934; trust
companies, Dec. 31 1934.
Includes deposits in foreign branches as follows: a $207,056,000; b $60,838.000:
c $83,691,000; d $27,062,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended March 22:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, MARCH 22 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans
Other Cash Res. Dep.. Dep. Other
Disc. and Including N. Y. and Banks and
Investments Bank Notes Elsewhere Trust Cos.
s
Manhattan
S
24,766,900
Gram National
Trade Bank of N.Y. 3,951,460
Brooklyn—
Psonie's National... 3.604.000
s
91,700
170,841
2,333,600
915,121
93.000
1.467.000
Gross
Deposits
—
s
.c
1,874,400 24,377,100
223,898 4,355,175
242.000
4.994 nnn
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc. and
Investments
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County_ _
United States
Brooklyn—
Brooklyn
s
51,818,800
7,075,277
12,363,219
19,103,800
30,414,300
60,088,646
87,782,000
951 577 rcc
Cash
$
Res. Dep., Dep. Other
N. F, and Banks and
Elsewhere Trust Cos.
$
s
Gross
Deposits
s
*4,026,900 8,414,500
135,420
675,740
*754,790
407,464
*2,508,700
279,200
*5,515,700
543,700
19,613,289 15,151,674
2,437,200 54,671,000
1,307,001 7,498,794
62,541 11,673,846
332,500 17,464,700
33,919,600
66,184,206
2,534,000 29.163,000
nen 011 7 191 MI
114,000 105,379,000
9
91 Rill 011d
• Includes amount with Federal Reserve as follows: Empire, $2,873,000; FtducisrY, $508,811; Fulton, $2,314,900; Lawyers County, $4,830,600.
'Var. 27 1935 Mar. 20 1935 Mar. 28 1934
$
Assets—
S
S
Gold certificates on hand and due mm
2,172,726,000 2,089,860,000 1,375,280,000
U. S. TreasurY-x
2,974,000
1,063,000
806,000
Redemption fund—F. R. notes
53,629,000
73,578,000
76,580,000
Other cash
2,250,112,000 2,164,501,000 1,431,883,000
Total reserves
2,506,000
Redemption fund—F. R. banknotes.--Bills discounted:
1
Secured by U. S. Govt. obligat Ions
6,571,000
2,191,000
2,026,000
direct & (or) fully guaranteed
--16,560,000
2,311,000
2,388,000
Other bills discounted
-- Total bills discounted
Bills bought in open market
Industtial advances
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. S. Government securl lea.
Other securities
Foreign loans on gold
4,414,000
4,502,000
23,131,000
2,031,OCO
1,847,000
2,026,000
1,719,000
2,402,000
136,433,000
447,515,000
155,370,000
138,755,000
457,462,000
159,101,000
163,251,000
385,644,000
237,860,000
739,318,000
755,318,000
786,755,000
53,000
.---
Total bills and securities
747,610,000
763.565,000
812,341,000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
278,000
3,465,000
109,813,000
11,658,000
29,068,000
284,000
4,045,000
123,103,000
11,658,000
27,999,000
1,195,000
4,882,000
100,026,000
11.424,000
53,081,000
Total assets
3,152,004,000 3,095,155,000 2,417,338,000
Liabilities—
F. R. notes in actual circulation... .--- 654,338,000 858,207,000 613,476,000
47,710,000
F. R. bank notes In actual circulatio net
Deposits—Member bank reserve ac 't_. 1,891,700,000 1,889,857,000 1,427,327,000
13,875,000
U. S. Treasurer—General aceoun ___ 205,422,000 138.572,000
2,585,000
5,846,000
Foreign bank
9,469,000
.—
50,736,000
Other deposits
153,116,000 154,761,000
Total deposits
Deferred availability Items
Capital paid In
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
2,259,707,000 2,189,036,000 1,494,523,000
98,261,000
115,749,000 125,774,000
59,106,000
59,588,000
59,575,000
45,217,000
49,964,000
49.964,000
1.492.000
1,492,000
4,737,000
7,501,000
7,501,000
54,308,000
3,593,000
3,678,000
Total liabilities
_ 3,152,004,000 3.095.155,000 2,417,338.000
Ratio of total reserves to deposit and
F. R. note liabilities combined._ _ --67.9%
77.2%
76.0%
Contingent liability on bills pure!' uted
for foreign correspondents
1,773.000
23,000
49,000
Commitments to make industrial advances
6 208 000
II 211 000
•"Other cash" does not include Federal Reserve no es or a bank's own Federal
Reserve bank notes.
x These are certificates given by the U. 13 Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
cents to 59 06 cents, these certificates being worth less to the extent of the difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act 011934.
Financial Chronicle
2136
March 30 1935
Weekly Return of the Federal Reserve Board
The following is issued by the Federal Reserve Board on Thursday afternoon, Mar. 28, showing the condition of the
twelve Reserve bauks at the close of business on Wednesday. The first table presents the results for the System as a
whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MARCH 27 1935
Mar. 27 1935 Mar. 20 1935 Mar. 13 1935 Mar. 6 1935 Feb. 27 1935 Feb. 20 1935 Feb. 13 1935 Feb. 8 1935 Mar. 28 1934
$
3
s
a
s
$
3
$
$
ASSETS
Gold(Abr. on hand & due from U.S.Treas.x 5.587.025,0005,567,221.000 .5.554,381,000 5,556,087,000 5.543,025,000 5,516.081,000 5,449,839,000 5.445,101,000 4,281,197,000
32,911,000
15,852.000
16,549,000
16,559,000
15,878,000
15,950,000
15,799,000
15,877,000
14,708,000
Redemption fund (F. it. notes)
253.500,000 252,657,000 •253,933.000 247,266,000 257,047,000 253,317,000 264,771.000 270,330,000 220,886,000
Other cash •
5,835,233,000 5,835,755,000 5,824,135,000 5,819,303,000 5,815,871,000 5,785,250,000 5,730.959.000 5,731,990,000 4,534,994,000
Total reserves
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
direct and(or) fully guaranteed
Other bills discounted
Total bills discounted
5,000
5,000
250,000
250,000
250,000
250,000
1,759,000
9,008,000
4,415,000
3,263,000
4,487,000
3,170,000
3,217,000
3,208,000
2,830,000
3,278,000
3.113,000
3,351,000
2,719,000
3,207.000
3,451,000
3.059,000
3,124,000
3,304,000
13,592,000
38,987,000
7,678,000
7,657,000
6,425,000
6,108,000
6,464,000
5,926,000
8,510.000
6,428,000
52,579,000
Bills bought In open market
Industrial advances
U.S. Government securities-Bonds
Treasury notes
Certificates and bills
29,359,000
5,501,000
5,502,000
5,503,000
5,506,000
5,505.000
5,299,000
5,505,000
5,306,000
18,375,000
17.824.000
19,869,000
19,470,000
19,163,000
18.729,000
20,409,000
20,785,000
391,942,000 391,980,000 390,186,000 394,388,000 395,688.000 395,748,000 395,726,000 395,630,000 442,928,000
1,494,703,000 1,494,667.000 1,494,675.000 1,492,673,000 1,511,198,000 1,511,675,000 1,511,683,000 1,511,668,000 1,214,246,000
543,660,000 543,660,000 545,500,000 543,425,000 523,425,000 522,925,000 522,925,000 522.925,000 774,712,000
Total U. S. Government securities
Other securities
Foreign loans on gold
2,430,305,000 2,430,307,000 2,430,361,000 2,430,486,000 2,430,311,000 2,430,348,000 2,430,334,000 2,430,221,000 2,431,886,000
563,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other assets
2,464,074,000 2.463.672.000 2,462,160,000 2,461,570,000 2,481,443,000 2,460,504,000 2,460,721,000 2,459,976,000 2,514,387,000
Total assets
LIABILITIES
F. R. notes in actual circulation
F. R. bank notes in actual circulation
702,000
15,973,000
446.072,000
49,524,000
42,173,000
708,000
16,684,000
509,742,000
49,524,000
41,359.000
802,000
13,851,000
504,894,000
49,514,000
49.154,000
802.000
16,113,000
457,509,000
49.453,000
47,088,000
803,000
18,529,000
477,747,000
49,438,000
46,657,000
807.000
18.649,000
482,633,000
49,436,000
45.814,000
805,000
16,763.000
415,332,000
49,436,000
48.349,000
805,000
17,185,000
416,543,000
49,336,000
45,2813.000
3,131,000
15,876,000
395,844,000
52,432,090
119,560,000
8,853,751,000 8.917,449,000 8,904,515,000 8,852.088,000 8,870.738,000 8,843,343,000 8,720.815,000 8,722.880,000 7,645,262.000
3,130,572,000 3,139,753,000 3.136,652,000 3,159,989,000 3,138,751,000 3,127,655,000 3,118,015,000 3,101,685,000 2.997,036,000
100,000
1,324,000
1,242,000
1,192,000
25,627,000 122,743,0110
100,000
1.227,000
Deposits-Member banks' reserve account 4,285,129,000 4,361,278,000 4,588,213,000 4,554,816,000 4,587,949,000 4,644,795,000 4,580,341,000 4.832,647,000 3,438,948,000
56,443,000
87,968,000
38,422,000
35,434,000
88,485.000
99,181,000
72,312,000
393,138,000 309,517,000
U. S. Treasurer-General a000unt_a
6,138,000
17,587,000
13,424,000
16,323,000
13.629,000
13,567,000
20,053,000
16.430,000
14,355,000
Foreign banks
220,746,000 226,393,000 219,998.000 220.399,000 196,748,000 178,973,000 167,945,000 182,884,000 155,223,000
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
Total liabilities
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
Commitments to make industrial advances
Maturity Distribution of Bills and
Short-term Securities1-15 days bills discounted
18-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 days bills bought in open market16-30 days bills bought in open market
31-60 days bills bought in open market.-61-90 days bills bought in open market_ _
Over 90 days bills bought In open market
Total bills bought in open market
1-15 days industrial advances
16-30 days industrial advances
31-60 days industrial advances
61-90 days Industrial advances
Over 90 days industrial advances
Total industrial advances
4,919,066,000 4,913.618.000 4,913.768,0904,880.023.000 4,898,231,000 4,875,819,000 4,834,165,000 4,844,189,000 3,656,752,000
458,986,000
146,921,000
144,893,000
14,366,000
30,802,000
8,145,000
519,167,000
146,924,000
144,893,000
14,366,000
30,815,000
7,813,000
507,943.000
147,020,000
144,893,000
14,278,000
30.822,000
9,041.000
467,797,000
146.990,000
144,893,000
13,447,000
30,822,000
6,900,000
490,259.000
147,031,000
144,893,000
12.830.000
30,824,000
6,593,000
495,913,000
148,953,000
144,893,000
12.751.000
30,821,000
7,296,000
426.371,000
146,928,000
144,893,000
12,447,000
30,822,000
5,782,000
411,155,000
148,868,000
144,893,000
12,351,000
30,822,000
5.270.000
394,468,000
145,586,000
138,384,000
22,530,000
167,763,000
8,853,751,000 8,917,449,000 8,904,515,000 8,852,088,000 8,870,736,000 8,843,343,000 8,720,815,000 8,722,880,000 7,645,262,000
72.5%
72.5%
72.3%
72.4%
72.4%
72.3%
72.1%
72.1%
68.2%
98,000
15,732,000
206,000
15,551,000
224,000
15,084,000
286,000
14,854,000
357,000
13,963,000
366,000
12,940,000
366,000
12,540,000
366,000
12,314,000
4,935,000
$
$
$
$
$
$
3
$
$
37,565,000
2,854,000
5,081,000
6,782,000
297,000
5.533,000
244,000
170,000
1,639,000
92,000
5.613,000
58,000
333,000
1,568,000
85,000
5.073.000
149,000
338,000
619,000
246,000
4,687,000
205,000
276,000
680,000
260,000
4,353.000
880,000
332,000
671,000
228,000
4,528,000
733,000
157.000
271,000
237.000
5,321,000
181,000
675.000
286,000
47.000
4,693,000
673,000
715,000
299,000
48,000
7.678,000
7.657,000
8,425,000
6,108,000
6,464,000
5.926,000
6,510,000
6,428,000
52,579,000
208,000
4,042,000
529,000
527,000
608,000
538,000
4,004,000
149.000
702.000
193,000
1,189,000
3,421,000
112,000
751,000
629,000
4,014,000
3,388,000
702,000
704,000
711,000
3,499,000
163,000
905,000
934,000
660,000
3,426.000
817.000
599,000
857,000
1,219,000
219,000
3.208,000
13,712,000
6.631,000
7,341,000
1,632,000
5,306,000
5,299,000
5,505,000
5.506,000
5,505.000
5.501.000
5.502,000
5,503,000
29,559,000
508,000
652,000
1,118,000
501,000
18,006,000
623,000
590,000
1,173,000
425,000
17,598,000
625,000
99.000
1,609,000
530,000
17,006.000
197,000
560,000
1,354,000
312,000
17,047,000
274,000
599,000
784,000
862,000
16,644,000
97.000
432,000
1,225.000
893,000
18.082,000
93,000
618,000
702,000
1,315,000
15.847,000
139,000
551,000
748,000
1.298,000
15,088,000
20,785,000
20,409,000
19,889,000
19.470,000
19,183,000
18,729,000
18,375,000
17.824,000
39,690,000
44,540,000
38,222,000
35,114,000
40,550,000 137,100,000 125,685,000
28,250,000
1-15 days U. S. certificates and bilis---28.250,000
40,550,000 128,010,000 124,180.000 120.030,000
39,690,000
34,009,000
37,078,000
18-30 days U. S. certificates and bills__
80,750,000 165,130,000
89,843,000 176,621,000 177.761,000 170,174,000 179.054,000
90,571,000
31-80 days U. S. certificates and bills_ -...
93,784,000
92.868,000 183.818,000 179,175,000
91,540,000
93,098.000
61-90 days U. S. certificates and bills__ 270,013,000 272,839,000
Over 90 days U.S. certificates and bills-- 2,004,393,000 1,993,066,000 1,994.606,000 1,994.944,000 1,094,491,0W 1.995,056.000 2.009,714,000 2,011.112.000
61,190.000
76,578,000
129.575.000
112,861,000
394,508.000
2,430,305,000 2,430,307,000 2,430,361,000 2,430,486,000 2.430.311.000 2.430.348.000 2.430,334,000 2.430,221,000
774,712,000
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
81-90 days municipal warrants
Over 90 days municipal warrants
510,000
otal municipal warrants
563,000
Federal Reserve NotesIssued to F. R. Bank by F. FL Agent
Held by Federal Reserve Bank
53,000
3,408,581,000 3,422,956,000 3,423,984,000 3,435,839.000 3,422,825,000 3,419.985,000 3,382,242,000 3.379.971,000 3,250,398,000
278,009,000 283,203,000 287,332,000 275,650,000 284,074,000 292.330.000 264.227,000 278,286,000 253,362,000
3,130,572,000 3,139,753,000 3,138,652,000 3,159,989,000 3.138,751.000 3,127.855.000 3,118,015,000 3,101,685,000 2.997,036,000
_Collateral Held by Agent as Security for
Notes Issued to Ban.kGold otts. on hand At due from U.S.Treas. 3,287,679,000 3,320,679.000 3,312,969,000 3.312,983,000 3,298,357,000 3,280.827,000 3,252,450,000 3.256.450,000 2,875,218,000
4,438,000
54,148,000
4.201,000
5,084,000
5,684,000
4,105,000
4,591,000
4,955,000
5,842,000
By eligible paper
203,100,000 173,000,000 179,000,000 179,000,000 189,000,000 199,100.000 199.000,000 191,000,000 351,700,000
U. B. Government securitles
In actual circulation
Total collateral
3.496.621.000 3.499.363,000 3,496.407,000 3,498.088.000 3.491,943,000 3,484,128,000 3.456.534,000 3.452,405.000 3.281,066,000
• Revised figures.
•"Other cash" does not Include Federal Reserve notes or a bank's own Federal Reserve bank notes.
s These are certificates given by the U. S. Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59 06 cents
extent
of
the
difference,
the
having
difference itself
been appropriated as profit by the Treasury under the
on Jan 31 1934. these certificates being worth less to the
provisions of the Gold Reserve Act of 1934.
a Caption changed from "Government" to "U. S. Treasurer-General account" and 3100,000.000 included in Government deposits on May 2 1934 transferred to
-other dements.-
Financial Chronicle
Volume 140
2137
Weekly Return of the Federal Reserve Boaid (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAR. 27 1935
Two Ciphers (00) Omitted
Federal Reserve Bank of-
Boston
Total
New York
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louis Minneap. Kan. Mil
Dallas
SanFran.
RESOURCES
$
$
Gold certificates on hand and due
5,567,025,0 414,209.0 2,172,726,0 292,585,0 444,859,0 203,598,0 114,735,0 1,023,661,0 179,217,0 133,138,0 183,623,0 98,893,0 305,781,0
from U. S. Treasury
279,0
14,708,0
806,0 1,934,0 1,411,0 1,494,0 3,305,0
Redemption fund-F.R. notes..
383,0
376,0
905,0
445.0
192,0 3,178,0
253,500,0 26,243,0
76,580,0 33,099,0 10,071,0 10,376,0 13,466,0
°Uses caah
27,012,0 10,813,0 11,408,0 11,734,0 6,019,0 16,661,0
5,836,233,0 440,731,0 2,250.112.0 327,618,0 456,341,0 215,468,0 131,506.0 1,051,049,0 190,431,0 144,991,0 196,282,0 105,104,0 325,620,0
Total reserves
Bills discounted:
Sec. by U. S. Govt. obligations
4,415,0 1,170,0
2,026,0
direct.4(or)fully guaranteed
376,0
12,0
433,0
90,0
50,0
143,0
15.0
100,0
98,0
Other bills discounted
3,263,0
2,388.0
133,0
176,0
13,0
60,0
66,0
23.0
31,0
97,0
5,0
173,0
Total bills discounted
Bills bought In open market
Iodustrial advances
U: S. Government securities:
Bonds
Treasury notes
Certificates and bills
7,678,0
5,306,0
20,785,0
1,268,0
390,0
2,146,0
4,414,0
2,031,0
1,847,0
391,942,0 23,453,0
1 494,703,0 97,607,0
543,660,0 36,619,0
552,0
536,0
3,654,0
566,0
504,0
1,355,0
203,0
196,0
3,496,0
187,0
191,0
1,085,0
136,433,0 25,388,0 30,879,0 16,461,0 13,690,0
447,515,0 103,539,0 132,4.54,0 70,610,0 58.576,0
155,370,0 38,193,0 49,692,0 26,491,0 21,977,0
23,0
628,0
1,402,0
25,0
99,0
490,0
5,0
79,0
1,963,0
81.0
143,0
960,0
223,0
138,0
1,699,0
131,0
371,0
688,0
50,013,0 16.111,0 16,206,0 15,644,0 19.637,0 28,027,0
249,825,0 66,965,0 39,752,0 66,318,0 41,333,0 120,209.0
90.005,0 25,124,0 14,707,0 24.882,0 15,505,0 45,095.0
Total U. B. Govt.securities_ 2,430,305,0 157,679,0
739,318,0 167,120,0 213,025,0 113,562,0 94,243,0
389.843,0 108,200,0 70.665,0 108,844,0 76,475,0 193,331,0
Total bills and securities
2,464,074,0 161,483.0
Due from foreign banks_ ___ _ _
53,0
702,0
Fed. Res. notes of other banks..._
15.973,0
377,0
Uncollected items
446,072,0 45,334,0
Bank premises
49,524,0 3,168,0
All other resources
42,173,0
684,0
747,610,0 171,862,0 215,450,0 117,457,0 95,706,0
278,0
73,0
67,0
26,0
25,0
3,462,0
443.0 1,155,0 1,030,0 1,520,0
109,813,0 39,028,0 43,571,0 40,126,0 14.700,0
.658,0 4,553,0 6,629,0 3,028,0 2,325,0
29,068,0 4,484,0 1,595,0 1,314,0 1,742,0
391,896,0 108.814,0 72,712,0 108,028,0 78,535,0 194,521,0
49,0
19,0
4,0
18,0
5,0
85,0
717,0 1,343,0
375,0 2.666,0
1,850.0 1,032,0
60,093,0 19,711,0 10,425,0 25,931.0 15,904,0 21,436,0
4,955,0 2,628,0 1,580,0 3,447,0 1,684,0 3,869,0
508,0
669,0
845,0
224,0
278.0
762,0
Total resources
8,853,751.0 651,830.0 3,152,004,0 548,061,0 724,808,0 378,449,0 247,524.0 1,510,690,0 322,845,0 231,098,0 335,308,0 202,465,0 548,669,0
LIABILITIES
F. It. notes In actual circulation. 3,130,572,0 264,805,0 654,338,0 233,564,0 310,770,0 150,265,0 124,222,0
Deposits:
Member bank reserve account_ 4,285,129,0 279,603.0 1,891,700,0 215,277,0 303,744,0 148,244,0 82,377,0
U. S. Treasurer-Gen. acct.. 393,138,0 31,417,0 205,422,0 17,592,0 29,714,0 23.138,0 6,796,0
Foreign bank
20,053,0 1,206,0
9,469,0 1,658,0 1,591,0
603,0
620.0
Other deposits
220,746,0 3,891,0 153,116,0 7,896,0 3,955,0 2,723,0 5,351,0
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)
Reserve for contingencies
All other liabilities
Total liabilities
4,919,066,0 316,117,0 2,259,707,0 242,423,0 339,004,0 174,725,0 95,127,0
458,986,0 46.081,0 115,749,0 38.036,0 43,111,0 39,581,0 14,656,0
146,921,0 10,772,0
59,575,0 15,148,0 13,123,0 5.035,0 4.406,0
144,893,0 9,902,0
49,964,0 13,470,0 14,371,0 5,186,0 5.540,0
14,366,0 2,165,0
1,492,0 2,098,0 1,007,0 2,084,0
754,0
30,802,0 1,648,0
7,501,0 2,996,0 3,000,0 1,416,0 2.600,0
8,145,0
340,0
3,678,0
422,0
219,0
326,0
157,0
784,885,0 138,367.0 102,474,0 118,468,0 47,129,0 201,285,0
583,041.0 129,653.0 99.309,0 176,237,0 116,560,0 259.384,0
33,092,0 7,461,0 1,761.0 4,318,0 6,837,0 25,590,0
402,0
435,0 1,172,0
502,0
452,0
1,943,0
536,0 2,723.0 15,118,0
2,552,0 15,152,0 7,733,0
620.628,0 152,768,0 109,205,0 181,543,0 126,555,0 301,264,0
62,893,0 21,200,0 10,262,0 26,000,0 18,814,0 22,603,0
12,794,0 4,072.0 3,131,0 4,052,0 4,018,0 10,795,0
21,350,0 4,655,0 3,420,0 3,613,0 3,777,0 9,645,0
649,0
626,0
547,0 1,003,0
590,0
1,351,0
891,0 1,211,0
810,0 1,363,0 2,041,0
5,325,0
387,0
183,0
392,0
345,0
232,0
1,464,0
8,853,751,0 651,830,0 3,152,004,0 548,061,0 724,808,0 378,449,0 247,524,0 1,510,690,0 322.845,0 231,098,0 335,308,0 202,465,0 548,669,0
Ratio of total res. to dep. & F. R.
las note liabilities combined
Contingent liability on bills purchased for for'n correspondents
Committments to make industrial
advances
72.5
75.9
77.2
68.8
70.2
66.3
60.0
74.8
65.4
68.5
65.4
60.5
98,0
9,0
23,0
12,0
11,0
4,0
4,0
14,0
4.0
3.0
3,0
3.0
15,732,0
2,613,0
6,208,0
347,0
1,315,0
798,0
728,0
453,0
1,520,0
33,0
309,0
64.8
8,0
1,408.9
•"Other Cash" does not include Federal Reserve notes or bank's own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT
6.1 0 Two Ciphers (00) Omitted
I'Federal Reserve Agent at-
Total
Boston
New York
Phito.
Cleveland Richmond Atlanta
Chicago
St.Louis Minneap. Kan. City
Dallas
SanFran.
Federal Reserve notes:
$
8
Ironed to F.R.Bk.by F.R.Agt_ 3,408.581,0 284,384,0
Held by Fed'I Reserve Bank_ __ 278,009,0 19,579,0
8
$
3
$
8
749,511,0 248.994,0 325,055,0 160.384,0 142.918,0
95.173,0 15,430,0 14,285,0 10.119,0 18,696,0
$
$
$
3
$
3
818,038,0 144,313,0 108.108,0 126,204,0 54,058,0 246,614.0
33,153,0 5,948,0 5,634,0 7,736,0 6,929,0 45,329.0
In actual cfcculation
3,130,572,0 264,805,0
Collateral held by Agent as security for notes issued to bks:
Gold certificates on hand and
due from U.S. Treasury-- _ 3,287,679,0 301.617,0
Eligible paper
5,842,0 1,254,0
U. S. Government securities
203,100,0
654,338,0 233,564,0 310.770,0 150,265,0 124,222,0
784.885,0 138,367,0 102,474,0 118,468,0 47,129,0 201,285.0
788,706,0 228,000,0 313,215,0 148,340,0 85,685,0
2,775,0
533,0
172,0
547,0
169,0
22,000,0 13,000,0 13,000,0 60,000,0
816,546,0 125,632,0 105,000,0 117,000,0 55,675,0 202,263,0
116,0
214,0
51,0
11,0
E.0,000,0
10,000,0 21,000,0 4,100,0 10,000,0
791,481,0 250,533,0 326.762,0 161,512,0 145,854,0
826,546,0 146,643,0 109,100,0 127.051,0 55.889.0 252,379.0
_
Total collateral
3,496,621,0 302,871,0
FEDERAL RESERVE BANK NOTE STATEMENT
Two CO hers (00) Omitted
Federal nerve Agent at-
Total
Boston
New York
Phila.
3
8
$
$
Federal Reserve ban* notes:
Laued to '. R.13k.(outstdg.)Held by Fedl Reserve Bank_ _
In actu I circulation-net •
Collat. pledged agst. outst. notes
Diacounte 1 & parchased bills.
U. S. Government securities.
Chicago
Cleveland Richmond Atlanta
$
$
3
St. Louts Minneap. Kan. City
Dallas
San Fran.
$
$
$
S
$
$
____
Total co'lateral
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures
are';always a week behind those for the Reserve banks themselves. The comment of the Reseive Board upon the figures for
the latest week appears in our department of "Current Events and Discussions," immediately preceding which we also give the
figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES, BY DISTRICTS. ON MAR. 20 1935
(In Millions of Dollar-)
Federal Reserve DistrictLoans and Investments-total
Focal
Boston
New Foil
Phila.
Cleveland Richmond Atlanta
Chicago
Si. Louts Minneap. Kan. City
DaLar
San /Peen.
18,498
1,178
8,421
1,088
1,178
373
354
2,018
563
363
580
427
1,955
Loans on securities-total
3,050
212
1,667
199
173
58
52
284
65
34
54
49
203
To brokers and dealers:
In New York
Outside New York
To others
755
174
2,121
16
36
160
644
56
987
20
15
164
2
6
165
6
2
50
5
2
45
29
39
216
3
4
58
2
32
7
2
45
5
1
43
18
9
176
422
964
3,204
7,324
874
2,860
49
90
298
355
12
162
213
248
1,360
3,400
304
1,229
24
72
168
300
56
269
2
73
135
584
23
188
10
16
77
132
21
59
2
12
125
99
14
50
60
32
304
989
90
259
11
37
108
223
25
94
6
6
100
150
11
56
20
13
108
246
22
117
3
23
110
173
29
40
22
342
311
673
67
337
3,196
279
14,155
4,454
1,016
1,778
4,347
0
231
68
957
312
71
106
204
1,681
65
7,362
1,028
557
131
1,944
148
13
751
306
62
158
248
166
21
709
452
45
134
199
50
11
241
139
8
82
101
29
6
209
128
31
85
86
419
46
1,716
538
58
292
611
83
8
403
166
22
103
187
59
5
269
127
5
93
124
102
11
485
166
22
232
287
74
9
316
123
52
161
147
154
16
737
969
83
201
209
1
Acceptances and comml paper bought
Loans on real estate
Other loans
U.S. Government direct obligations.
Oblige, fully guar. by U. S. Govt.- _
Other securities
Reserve with Federal Reserve banks
Cash In vault
Net demand deposits
Time deposits
Governassat deposits
Due front banks
Due te banks
Financial Chronicle
2138
oregiib
Gnnutortal
Sinaitrial
March 30 1935
United States Government Securities
Bankers Acceptances
irronirle
PUBLISHED WEEKLY
NEW YORK AND HANSEATIC CORPORATION
OnicAcio Orncz-In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street. Telepnone State 0613.
37 WALL ST., NEW YORK
LONDON Omen-Edwards & Smith, 1 Drapers' Gardens. London, E.C.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce. New York.
United States Government Securities on the New
York Stock Exchange-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
Quotations after decimal point represent one or more 32nds
of a point.
Daily Record of U. S. Bond Prices Mar.23 Mar.25 Mar.26 Mar.27 mar.28 Mar.29
High
First Liberty Loan
334% bonds of 1932-47_ Low_
(First 314s)
Close
Total sales in $1,000 units__
HigEt
4% bonds of (High
1932-47
Close
Total sales in $1,000 units _ __
Converted 4H% bonds {High
of 1932-47 (First 4As) Low_
Close
Total sates in $1,000 units.__
Second converted 4H% (High
bonds of 1932-47(First Low_
Second Cis)
Total sales in $1,000 units_ _
Fourth Liberty Loan
illigi
43E% bonds of 1933-38_ Low_
Close
(Fourth 45(s)
Total sales in $1,000 units.._
(High
Fourth Liberty Loan
431% bonds (3d called)_ Low_
Close
Total sales in $1,000 units _ __
Treasury
High
43(s 1947-52
Low_
Close
Total sales in $1,000 units__ _
{High
48, 1944-54
Low_
Close
Total sales in $1,000 units_ _ _
High
43(8-3)(0, 1943-45
Low_
Close
Total sales in $1,000 units_ _ _
(High
3(18, 1946-56
Low_
Close
Total sales in $1,000 units_ __
(High
Low_
3(15. 1943-47
Close
Total sales in $1,000 units_ __
High
38, 1951-55
Low_
Close
Total sales in $1,000 units_ .
High
38, 1946-48
Low_
Close
Total sales in $1,000 units.__
High
Low_
3,48, 1940-43
Close
Total sales in $1,000 units_ __
High
Low_
3(4e, 1941-43
Close
Total sales in 81.000 units__
High
Low_
3)45, 1946-49
Close
Total sales in $1,000 units._
High
11)4s, 1949-52
Low_
Close
Total sales in $1,000
.
(High
units_831s, 1941
Low_
Close
Total sales in $1,000 units_ __
High
IN's, 1944-48
Low_
Close
Total sales in 81,000 units...
High
23ls, 1955-60
Low_
Close
Total sales in $1,000
_
Federal Farm Mortgage units_(High
33(5, 1944-84
LowClose
Total sales in $1,000 units...
Federal Farm Mortgage
High
3s, 1944-49
Low_
Close
Total sales in $1,000 units...
Federal Farm Mortgage
High
38, 1942-47
Low_
Close
Total sales In $1.000 units_ __
Home Owners' Loan
High
45, 1951
Low_
Close
Total sales in $1.000 units__
Home Owners' Loan
High
33. series A, 1952
Low_
Close
Total sales in $1,000 units__
Home Owners' Loan
I Higl
24Es, series B, 1949
LowClose
Total sales in $1,000 units...
101.7 101.9 101.16 101.16 101.16 104.14
101.6 101.7 101.12 101.13 101.14 101.13
101.7 101.9 101.16 101.15 101.16 101.13
10
487
31
113
101
12
-- _
--___
_-_
-- _
10-1.ii
101.16
1011.8
101.16
101.15 101.15
101.12 101.12 101.15 101.15 101.16 101.15
101.13 101.14 101.15 101.17 101.16 101.16
25
25
128
31
22
102
------------------------------------10-2:ii
102.22
102.22
4
100.20
100.17
100.20
59
115.17
115.17
115.17
1
110.22
110.22
110.22
4
105
104.30
105
27
__ _
---__-__-_
106.15
106.14
106.15
3
103.2
103.2
103.2
25
103
103
103
7
107.4
107.4
107.4
1
107.8
107.8
107.8
1
103.30
103.30
103.30
7
------__-__-_
107.10
107.10
107.10
25
104.31
104.30
104.30
3
100.25
100.22
100.25
307
103.4
103.4
103.4
8
101.16
101.16
101.16
6
101.26
101.23
101.23
21
101.4
101.1
101.4
5
101.15
101.12
101.14
171
100.4
100.1
100.3
41
120-.ii
102.22
102.24
7
100.26
100.18
100.25
69
115.24
115.17
115.24
116
110.27
110.27
110.27
12
105.4
104.30
105.4
16
109.13
109.10
109.13
40
106.20
106.17
106.20
93
103.5
102.30
103.5
362
103.3
103
103.3
58
107.8
107.5
107.5
21
107.9
107.6
107.9
7
104.8
103.31
104.8
90
104.2
104.2
104.2
110
107.11
107.11
107.11
4
105.2
104.31
105.2
47
100.30
100.25
100.30
141
103.8
103.8
103.8
42
101.19
101.14
101.19
53
101.27
101.23
101.24
41
101.3
101.1
101.3
18
101.19
101.13
101.17
80
100.8
101.1
100.8
202
10-2-ii
102.24
102.24
31
100.31
100.25
100.31
104
115.26
115.24
115.24
186
110.30
110.28
110.28
95
105.10
105.5
105.10
61
109.11
109.9
109.11
12
106.21
106.20
106.20
8
103.11
103.9
103.11
368
103.8
103.5
103.8
124
107.9
107.6
107.6
101
107.10
107.9
107.9
58
104.10
104.5
104.9
33
104.8
104.4
104.8
243
107.18
107.15
107.18
93
105.5
105.1
105.4
181
101.3
100.29
101.1
678
103.10
103.8
103.9
10
101.24
101.21
101.22
100
101.28
101.26
101.26
26
101.5
101.2
101.3
16
101.23
101.18
101.23
354
100.10
100.6
100.8
397
7
7 102.ii
10-2-.2
102.24 102.24
102.24 102.24
17
15
100.6 100.6
100.5 100.5
100.6 100.6
54
66
____ 115.20
____ 115.20
__ 115.20
2
__
111.54111.3- 105.9
105.7
111
111
105.9
111.2 111
19
62
96
105.16 105.13 107.7
105.10 105.8 107.4
105.16 105.8 107.4
22
3
83
109.17 109.15
--109.13 109.14
---109.16 109.15
--27
11
106.26 106.20 106:19
106.24 106.18 106.19
106.26 106.18 106.19
98
6
5
103.16 103.11 103.12
103.10 103.8 103.7
103.11 103.8 103.10
16
73
140
103.13 103.10 103.14
103.10 103.9 103.9
103.10 103.9 103.14
32
6
307
107.12 107.6
---107.8 107.6
--107.12 107.6
-12
30
--107.13 107.8 .107.7107.4
107.9 107
107.13 107
107.7
62
2
3
104.10 104.8 104.10
104.9 104.6 104.5
104.9 104.6 104.10
12
6
78
104.13 104.9 104.9
104.10 104.9 104.8
104.11 104.9 104.9
142
25
75
107.22 107.18 107.17
107.17 107.14 107.16
107.17 107.14 107.16
120
224
213
105.10 105.6 105.7
105.4 105.3 105.3
105.7 105.6 105.6
10
347
29
101.8 101.7 101.5
101.3 101.2 101.2
101.5 101.3 101.4
455
521
955
103.12 103.10
---103.8 103.8
--103.8 103.10
14
109
101.26 101.24 10-1.20
101.22 101.19 101.20
101.24 101.20 101.20
62
13
37
101.29 101.27 101.26
101.27 101.25 101.24
101.27 101.27 101.26
13
34
25
101.2 101.2 101.1
101.1 101.1 100.30
101.2 101.1 101.1
18
2
12
101.27 101.24 101.21
101.21 101.17 101.16
101.23 101.20 101.21
28
164
71
100.9 100.7 100.6
100.7 100.2 100.2
100.8 100.5 100.6
107
150
178
10-2:ie
102.24
102.25
66
100.5
100.5
100.5
25
115.25
115.24
115.24
•Odd lot sales.
Note-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
101.1110 101.14
35 1st 4)Es 1932-47
to 100.17
17 4t1i 4 yo(3d e,alled)- _100
105.4 to 105.4
1 Treas. 4(1-33(8
110.2400 110.29
7 Treas. 4s1944-54
109.5 to 109.5
4 Treas.3148 1946-56
1 Treas. 34i5 1943-47___106.19 to 106.19
4 Tress. 3(48 1940
107.3 to 107.3
2 Treas. 33(8 1946-49...103.26 to 103.30
2 Treas. 3345 1941
107.13 to 107.13
United States Treasury Bills-Friday, Mar. 29
Rates quoted are for discount at purchase.
Bid
Apr. 3 1935
Apr. 10 1935
Apr. 17 1935
Apr. 24 1935
May 1 1935
May 8 1935
May 15 1935
May 22 1935
May 29 1935
June 5 1935
June 12 1935
June 19 1935
June 26 1935
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
7910
11 1A0X.
2 192A
Asked
Bid
Asked
July 10 1935
July 17 1935
July 24 1935
July 81 1935
Aug. 7 1935
Aug. 27 1935
Aug. 28 1935
Sept. 4 1935
Nov.27 1935
Dec. 4 1935
Dec. 11 1935
Dec. 18 1935
Dec. 24 1935
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0.20%
0.20%
0.20%
-----
.....
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, Mar. 29
Figures after decimal point represent one or more 32ds of
a point.
Maturity
Int.
Rate
Bid
Asked
June 15 1936._
Sept. 15 1938_
Aug. 11935....
Mar, 151940..
June 15 1939...
Sept.15 1938._
Dee. 15 1935_-Feb. 11938...
Dee. 15 1936
134%
1)4%
114%
151%
214%
234%
254%
244%
244 91
101.6
101.30
101.4
101.11
103.10
104.19
102.4
104.30
104.12
101.8
102
101.6
101.13
103.12
104.21
102.6
105
104.14
Int.
Rate
Maturity
Apr. 15
June 15
June 15
Feb. 15
Apr. 15
Mar. 15
Aug. 1
Sept.15
1986._
1938...
1935_
1937...
1937...
1938.-1936._
1937._
214%
234%
3%
3%
3%
3%
334%
334%
Asked
Bid
103.1
105.20
101.12
104.29
105.3
105.29
104.6
106.2
103.3'
105.22
101.14
104.31
106.5
105.31.
104.8
106.4
The Week on the New York Stock Market-For review
of New York Stock market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY, WEEKLY AND YEARLY
Week Ended
March 29 1935
Railroad
State,
Stocks,
Number of and Miscell. Municipal it
PoreignBonds
Bonds
Shares
299,450
463,574
440,800
462,290
613,040
461,040
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Tntsk.1
Sales at
New York Stock
Exchange
2,740,194
Stocks-No,of shares_
Bonds
$12,444,000
Government
7,248,000
State and foreign
Railroad &
36,327,000
Total
/
$5,385,000
7,977,000
11,570,000
10,398,000
11,286,000
9,403.000
07245 000 S10444000
556.019.000
$685,000
1,184,000
1,283,000
1,258,000
1,351,000
1,487,000
Week Ended Mar.29
1935
Total
Bond
Sales
$751,000
1,696,000
3,499,000
2,832,000
2,497,000
1,169,000
$3,949,000
5,097,000
6,788,000
6,308,000
7,438.000
6,747,000
2740 104 220227000
United
Stales
Bonds
1934
Jan. 1 to Mar. 29
1935
1934
5.408.495
49,416,474
140,490,695
$5,273,600
9,847,500
33,449,000
$255,314,000
102,756,000
497,447,000
$141,979,700
224,935,000
772,230,000
$56,019,000 $48,570,100
CURRENT
$855,517,000 $1,139,144,700
NOTICES
-Benjamin Harrow and Morley S. Wolfe announce the formation of the
partnership of Harrow & Wolfe to act in the capacity of tax consultants,
certified public accountants and counsellors at law. Offices of the new
firm will be at 29 Broadway, New York.
Mr. Harrow has been Professor of Law and Taxation at St. John's University since 1926. Mr. Wolfe is a director of the New York State Society
of Certified Public Accountants. Both have practiced accountantcy for a
number of years.
-Clinton Gilbert & Co.. 120 Broadway, New York, have issued an
analytical comparison of insurance company stocks based on statements as
of Dec. 31 1934 and Dec. 31 1933.
-Butler, Wick & Co., 1 Wall St., New York, have issued a circular on
American Superpower Corp., 1st pref. $6 cumulative stock and also the
preference $8 cumulative stock.
FOOTNOTES FOR NEW YORK STOCK PAGES
•131C1 and asked prices, no sales on this day.
I Companies reported in receivership.
a Deterred delivery.
r Cash sale.
s Ex-dividend.
y Es-rights.
Adjusted for 25% stock dividend paid Oct. 1 1934.
33 Listed July 12 1934; par value 10s. replaced El par, share for share.
34 par value 550 lire listed June 27 1934; replaced 500 lire par value.
33 Listed Aug. 24 1933; replaced no par stock share for share.
36 Listed May 24 1934; low adjusted to give effect to 3 new shorn] exchanged for
1 old no par share.
37 Adjusted for 68 2-3% stock dividend payable Nov. 30 1934.
38 Adjusted for 100% stock dividend paid April 30 1934.
39 Adjusted for 100% stock dividend paid Dec. 31 1934.
40 par value 400 lire; listed Sept. 20 1934; replaced 500 lire par value.
41 Listed April 4 1934; replaced no par stook share for share.
42 Adjusted for 25% stock dividend paid June 11934.
The National Securities Exchanges on which low prices since July 1 1933 were
made (designated by superior figures In tables), are as follows.
2 Cincinnati Stock
1 New York Stock
22 Pittsburgh Stock
n Richmond Stock
13 Cleveland Stock
I New York Curb
14 Colorado Springs Stock 24 Bt. Louis Stock
3 New York Produce
19 Denver Stock
4 New York Real Estate
zs Salt Lake City Stook
s Baltimore Stock
16 Detroit Stock
36 San Francisco Stock
17 LOS Angeles Stock
6 Boston Stock
37 San Francisco Curb
Is Los Angeles Curb
7 Buffalo Stock
Is San Francisco Mining
39 Seattle Stock
I California Stock
19 Minneapolis-St. Paul
30 Spokane Stook
38 New Orleans Stock
9 Chicago Stock
at Washington(D.C.)Stoelt
16 Chicago Board of Trade 31 Philadelphia Stock
11 Chicago Curb
2139
Volume 140
•
•
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
-,. .
,
Occupying Altogether Nine Pages-Page One
.
,
e
NOTICE-Cash and deferred delivery sales are disregarded to the day's range. unless they are the only transactions of the day. No amount Is taken 01 such
sakeIn computing the range for the year.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Mar. 23
Monday
Mar. 25
Tuesday
Mar. 26
Wednesday
Mar. 27
Thursday
Mar. 28
Friday
Mar. 29
SalesR
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since /an. 1
On Basis of 100-shars Lots
Lowest
Highest
July 1
1933 to Range for
Pak 28 Year 1934
1935
High
Low Low
Par $ par Mara
2 F03 dord $Per
$ Per share $ per share 3 per share $ per share $ per share $ per share Shares
"$35
Per share
48
30
No par 35 Mar 14 36114 Jan 23
Abraham & Straus
530
*30
36 '
*30
35
36
*30
3712 *2914 374 *32 36
89 111
89
100 110 Jan 10 113 Mar 11
Preferred_
110
*112 11334 *11212 11334 *11212 1134 *11212 11334 *11212 11334 11212 112%
100 111 Mar 4 11112 Mar 8
Preferred Called
40
' *11112 111% *11112 11178 *11112 1118 *11112 11178 11112 11112 •11112 11178
8
114
-538
714 Jan 2
414 Mar 15
434 434
458 448
438 5
434 518
No par
434 5
2,400 Adams Express
458 45
66
7014 125
100 844 Jan 2 89 Jan 28
8812 *88
8812 *88
8812 *88
*88
8812 *88
Preferred
10
8812 8812 8812
16
3478
1412
2878 28% 2814 2834 2814 2812 2812 2834 1,500 Adams Millis
2812 29
No par 2814 Mar 27 334 Jan 2
29
29
64 1138
8
8 Jan 12 1114Mar 2
10
1,300 Address Multigr Corp
*95 10
*912 10
912 97
934 97
*97 104 *934 10
75*
318
34
64 Jan 3
412 Mar 18
No par
*434 5
5
5
434 434
434 434 *434 478
434 478 1,500 Advance Rome'?
474
922
4:2
II
Feb
2
83
15
Jan
*71
634
par
*7% 8
8
Product:Inc-No
*738 8
*712 8
Affiliated
712 712
738 738
200
9134 113
Na par 10438 Mar 18 11534 Jan 8 8018
108 108 x1094 10914 10914 110
. *108 109 *107 109 *108 109
500 Air Reduction Inc
138
3%
1/
1
4
17 Jan 7
1 Mar 7
118
1
118 118 *1
*1
1
1
118
1.000 Air Way Elea Appliance No par
1
1
118
1538 237k
1
4
10 1558 Mar 13 12018 Jan 9"119/
1638 157 1618 16
1612 1834 1534 1618 164 1838 16
1634 5,600 Alaska Juneau Gold Mtn
205
196
170
100
-_-- -- ._ *--,_ 196 *__,_ 196 *__,_ 193
Albany & Susquehanna
___
____
234
778
2
312
Jan
8
Jan
4
1
2
par
No
P
W
Paper
Co
A
200
2
12
*212
*212
2
4
4
23
4
212
234 *212 234
23
*24 -234
51g
114
1%
17
Jan
7
78 Mar 26
1
1
1
1
No par
72 1
5,100 alleghany Corp
78 1
78 1
%
78
434 164
314
3% 314 *314 3%
*3
312
7 Jan 4
234 Mar 21
100
3
3
318 318
Pref A with PO ware
500
272 278
4
145*
3
Jan
2
64
Mar
27
2
*2
*2
272
2
278
*2
278
100
2% 212
2
Pref A with $40 MUT
218 218
400
34 1432
3
8/
1
4 Jan 5
134 Mar 28
100
2
214
*214 3
*214 3
*234 3
Prof A without ware
134 134 *2
300
3
2314
15
1314
42112 2238 *2112 2234 2234 2238 *22
No pat 21 Jan 12 23 Jan 7
2238 *2218 225* *2218 225*
100 Allegheny Steel Co
82
9814
82
Allegheny & West 6% gtd„..100
1505* 136ii Hi; 1294 Ha' Ili- iii" 13218 iT30i2 iii- iiiits fill; _ 3,400 Allied Chemical & Dye..-No par 125 Mar 18 141 Jan 3 10712 115% 18014
1224 130
126 126
100 12334 Jan 4 1274 Feb 27 117
12534 1257 12534 12618 *125 12512 *125 126
*12514 126
600 Preferred
103s 234
1018
1414 1312 1312 13% 14% 1312 1334 3.700 A1118-Chalmers Mfg
1412 14
No par 12 Mar 13 177s Feb 18
l41e 1 4 14
llip
5
111* 201*
2014
Jan
Mar
13
14
pa
No
*15
1512 *15
*1412 157 *1412 16
Cement
16
Portland
*15 16
Alpha
*1434 16
24
234
24
3
/
1
4
Feb
1
14
Mar
*25* 318 *238 3
2%
3
3
1
3
3
234 234 *234 3
300 Amalgam Leather Co
lb
25
214
*2413 28 •2412 28
*2412 28 *244 28 *244 28
*2412 28
50 2614 Mar 15 3214 Feb 1
7% preferred
39
5556
27
No par 484 Jan 11 57 Feb 1
5014 5034 5014 5112 52 5234 1,700 Amerada Corp
51
52 '550
5112 5112 *51
2514 48
20
4 Feb I
48
4714 4734 47 47
*48
4912 *47
4712 4712 *47 4714 1,100 Amer Agric Chem (Del)„No par 45 Mar 18 573
1112 2514
114
1778 18
10 1312 Jan 12 193 Mar 28
17
1734 17
1812 18
195* 1834 1934 1834 1918 21,500 American Bank Note
5012
40
344
Mar
2
6114
I
1
Jan
43
54 544 *55
*511
/
4 60
50
56
Preferred
56
56
57
5934 59 614 1,330
1912 38
1912
22 22
22
23 23 x22
1,600 Am Brake Shoe & Fdy___No par 21 Mar 29 291s Jan
2134 2134 211: 2112 21
21
122
96
88
122 122 x121 121
121 121
Preferred
100 119 Jan 8 123 Mar 2
121 121
123 123 122 122
120
9014 11434
80
*114 11512 114 11518 114 116
25 110 Jan 15 123 Feb 1
11414 116 11512 11714 11512 116
6.100 American Can
12612 15212
120
naps
__ *15612*15612 - - *15612
100 15134 Jan 4 15714 Mar
Preferred
_ __
_ *15612
- *15612
8374
12
12
1218 1212 113g 1114 1138 11712 1138 12
No par 10 Mar 13 2014 Jan
1114 1214 1138 -114 2:300 American Car & Fdy
564
32
3138
*2934 3012 *28
100 2512 Mar 13 455* Jan
30 *27 30
308 *27
Preferred
300
28
2812
27% 277
Os 124
4
3 Jan 30 1238 Mar
9
*812 10
9
9
9
No par
*814 9
200 American Chain
*812 9
*814 9
40
19
14
Mar
6012
Jan
11
58
5718 5718 *55
*55
58
58
100 88
5812 *55
7% preferred
300
5738 57 57
4814 70/
1
4
4812
No par 66 Feb 8 7612 Mar
7412 7412 75
*73
74
74
75
500 American Chicle
744 *74
75
7478 *74
20
2
22
3612
Mar
Mar
26
30
30
of
N
J
(Alleghany
Co)25
*3012 33 *3018 33
Coal
30
30
Am
*30
10
33 *3034 33 *3034 33
212
612
2
318 Jan 2
234 Mar 14
*238 24 *218 24
10
234 234 *258 27
*238 27
100 Amer ColortyPe Co
*2/
1
4 2/
1
4
2034 6212
2034
2378 24
*2334 25
234 2418 24
2.100 Am Comm'i Aloohol Corp.-20 2212 Mar 18 3314 Jan
2412 2312 24
2334 233
612 131:
612
612 Feb 5 1038 Mar
10
812 9
858 9
812 918
834 8/
1
4
812 812 5,600 AmericanCtYstal Sugar
814 9
612 72%
32
8714 864 88
85
100 575* Jan 2 9012 Mar 2
8812 9012 89
90
7% preferred
8812 89% 8818 8912 1,820
118
5
Ps
Mar
15
3
Jan
112
par
Tillng_No
138 14
14 134
Encaustic
14 14 *158 14
Amer
184
600
14
14 118
104
4
4
21
Jan
Mar
21
516
*3
338 *234 334 *24 338 *212 35* *212 338 '
Amer European Seee____No par 2%
5212 338
1314
3
/
1
4
25*
518
Jan
3
Mar
13
2
314
oar
No
314
27
34 314
Amer
&
For'n
Power
27
278 3
4,600
3
34
34
273
11114 30
1134
No par 14 Mar 15 2338 Feb 14
16
17
17
1714 '1612 1812 *1534 1612 *1614 1678 *1512 17
Preferred
700
37 Mar 14
618 174
5
812 Jan 7
No par
*412 534 *438 534 *4% 534 *5
2nd preferred
534 *5
534 *5
512
25
11
1014
No par 1212 Mar 14 20 Feb 14
*11
l3'2 1212 13 *11
*13
14
$6 preferred
14
200
*1114 131 *1114 1314
22/
1
4
1012
104
13
Jan
10
7
26
3
Mar
97
93
4
10
*934 9
400 Amer Hawaiian S B Co
10
934 97g 10
*9
*934 10
10
10
312 312 1012
534 Jan 6
214 Mar 13
324
*3
553
4
4
3
200 Amer Hide & Leather-.No pa
*3
3
334
4
3
*3
17%
4214
173
4
2534
Jan
3
Mar
13
17
100
1812 1812 *14
*1812 211
Preferred
18
200
17
17 *17
1878
18 *17
2534 3638
2434
1 30'2 Mar 28 3212 Feb 11
*31
3lIs 31
3114 31
31
31
3012 3012 2,800 Amer Home Products
3012 31
31
47 Jan 17
3
10
3
312 Jan 2
No pa
312 31
*312 3%
312 31
3% 312
34 34 1,700 American Ice
312 312
253
Feb
16
25%
4514
3734
2
8
Jan
7k
287
100
35
35
'33
35
8% non-cum prof
35
700
*35 351 3514 3514 35 3514
35
434 11
434
6% Jan 3
412 Mar 18
45
No par
478 478
5
54
2,500 Amer Internat Corp
4% 518
4% 5
478 *47
5
32
P.
34 Jan 18
38 Feb II
%
2 Am L France & FoamIte-No pa
---- --- ---- ---- ---- -2
34 10
6 Jan 18
134 Mar 13
100
*218 21
2
2
Preferred
2• 2
70
2
•134 2
2
*134 2
1412 385*
1112
9 Mar 13 20% Jan 9
938 10
1018 1013
934 10
934 10
10
1012 1014 1012 7,900 American LocomotIve____No par
3518 745*
3512
100 32 Mar 19 5612 Jan 9
3434 343 *31
*31
35
Preferred
3412 34
600
3412 3412 3412 3314 3314
12
125* 235
2012 2034 2014 2012 2014 2012 205* 205* 2032 203
2034 203
2,400 Amer Mach & Fdry Co-No par 1812 Mar 13 2334 Jan 3
84 104
3
*43
Jan
3
74
26
5
Feb
par
Metals____No
5
5
Mach
&
Amer
514 *5
300
514 *5
514
5
5
*434 5
44 10
3
Jan
3
7
14
4s, Mar
No par
*4
*4
61
Voting trust dB
54 *4
514 *414 514 *41g 514 *4
514
275*
127
12%
No par 1312 Mar 15 174 Feb 18
1514 1538 15% 16
1478 16
1514 151, 15
1514 8,800 Amer Metal Co Ltd
1512 15
91
63
63
Mar
26
84
2
72
Jan
100
*8312 89 *84 85
6% cony preferred
300
*8312 8812 8312 8312 *8312 8612
8312 84
21
304
2034
28
28 *264 2938 *2612 2938 *2612 2812 *2612 2818 2818 2818
300 Amer News, NY Corp_ No pa 624 Jan 3 2818 Mar 29
3
1214
2
334 Jan 4
112 Mar 13
212 238
14.700 Amer Power & LIght____No par
234 3
212 224
2% 3
238 234
212 238
11% 2974
111*
No par 1018 Mar 13 1538 Mar 29
1338 133s 13
$6 preferred
4,500
1378 152
1338 1314 1334 134 138
1334 13
912 2814
912
838 Mar 13 134 Feb 13
No par
1114 1138 1134 1138 1134 1134 134 4,300
$5 preferred
115* 115* 1114 1138 11
10
17114
934
1158 12
1112 1178 1114 1178 1138 1134 1138 1134 1138 12
17.100 Am Rad & Stand San'y_ No par 1012 Mar 13 164 Jan 7
100 1344 Mar 1 140 Mar 26 10712 111% 13772
Preferred
20
140 140 *137 140 *136 140 *138 140
*138 140 *137 140
1312 2814
1238
25 1534 Mar 18 24 Jan 7
1634 1732 1812 1634 9,400 American Rolling MU1
1638 17
1638 17% 1612 17
1714 177
3358
36
8534
*6718 69 *6718 6712 6718 6718
*6718 69
300 American Safety Razor --No par 66 Mar 14 7534 Mar 4
68
684 6812 68
2
gin Mar 12
21g
71,
6% Feb 20
5l4
500 American Seating vs e___No oar
5
518 514
5
.5
5
5
*44 5
*412 5
4
138
118 Jan 7
%
% Jan 3
No par
Amer Ship & Comm
---- ---- ---- ---- ---- ---- ---17%
80
7
15
14
2614
Jan
Mar
20
*2314
*23
2414
2414
Amer
Co
No
par
*2314
24
2412
*23
2314 2414 23
620
2378
Shipbuilding
284
3014 5114
337
337 3412 3334 3412 3312 3412 33
324 332
338 3334 9,900 Amer Smelting & Retit....No par 3178 Mar 18 4018 Jan 7
100
125
71
100 121 Feb 4 12612 Mar 19
200
Preferred
*125 12612 *12412 12612 *125 12512 12514 12514 *125 12632 *12534 12638
7114 10912
57
100 103 Feb 14 112 Jan 15
2nd preferred 6% ouzo
900
1054 10514 105 10518 *10412 105% 105 105 *104 10514 *104 105'4
4834 71
48
64 65 *6412 67 *644 67
25 63 Jan 16 69 Feb 19
6334 6334 *634 64
600 American Snuff
66
66
1274
108
Preferred
100 125 Feb 20 133 Mar 5 106
_ •13212
- *1324
- •132l2
- *13212
*13212 - *1321
1018 2612
104
- 121: 'fit, 1212 124 13 131318 1378
14 14
13
1312 3,400 Amer Steel Foundries. __No par 12 Mar 14 1814 Jan 9
2594 92
52
*9114 93 *9112 93 *9112 93
93
100 88 Feb 4 93 Mar 28
93
.92
Preferred
60
93 *90 95
87
4414
3518
3414 3414 3414 3414 34
2,100 American Stores
3414 34
'34
3412 3414 341
No par 34 Mar 15 43 Jan 9
34
72
46
4512
100 5612 Mar 29 7012 Feb 16
5834 Ms 5834 5938 56% 58% 5634 5734 571 58
5612 57% 5,000 Amer Sugar Refining
10312 129%
132 132 *13212 13518 *13212 13518
132 132
Preferred
100 12612 Jan 3 135% Mar 8 102
200
•130 132 *130 132
1334 24
11
*1958 197
20
20 *1912 20
20
20
300 Am Sumatra Tobacco____No par 184 Jan 29 2438 Jan 3
1978 197 *1912 20
1014 10314 10134 10234 10134 10214 16,300 Amer Telep & Teleg
10218 10278 10114 10212 10112 102
100 9878 Mar 18 10734Mar 8 100% 100% 12514
743 7512 74
654 8612
75
75
75
2,600 American Tobacco
*7412 7512 75
75
75
25 7234 Mar 21 8434 Jan 7 6312
75
89
67
76
7638 76
7638 747 7612 75
76
Common clam B
7512 76
25 7434 Mar 21 86% Jan 7 6472
6,600
7512 76
,
1071* 1801
Preferred
100 12912 Jan 18 13812 Mar 16 105
400
1374 138 '5136% 13812 13814 13814 138% 13818 *13718 13814 *13718 1384
o3
378 *312 378
13
3
3
*3
3
218
4
212 Mar 18
*318 4
8/
1
4 Jan 18
*3
4
300 :Am Type Founders
Nova'
734 2834
7
*10
*10
12
13
123 *10
9 Mar 15 1938 Jan 18
Preferred
110
12
1234 *11
100
1178 1212 *11
125* 275*
10
105* 108 1034 1114 108 1114 108 1114 12,900 Am Water Wks & Elea--No pa
718 Mar 13 x1478 Jan 10
1012 1034 1018 11.
54
80
50
*5412 5784 5712 5712 5712 5712
let preferred
No par 48 Mar 19 60 Jan 5
300
5314 5314 *5312 88 •5312 58
57
57
7
1718
534
512 512
512 514
94 Jan 2
478 Mar 13
No par
538 512 1.100 American Woolen
512 538
*538 614
3734 373 *3714 39
*374 39
86
8334
36
Preferred
3714 3734 1,400
100 3512 Mar 18 4518 Jan 8
3834 3912 384 39
4,88
1
4,4
8
1
65, 1
1
414
*38 1
1
*58 1
100 tAm Writing Paper
134 Jan 18
4 Mar 29
1
38
112
*212 234
234 23
278 1712
3
3
278
Preferred
400
234 234
612 Jan 18
214Mar 15
No par
*234 33* *234 335
*318 34 63
31
312 *3
31
3%
318 3b5
700 Amer Zinc Lead & Smelt....j00
314
312
434 Jan 4
3 Mar 13
31
3%
9
32 *31
100
32
32 *31
Mk 504
32
Preferred
3218 32% 321s *31
25 31 Mar 20 88/
324 *31
1
4 Jan 8
*31
lOLi 10
10
1754
8 Mar 13 123s Jan 7
50
1012 1014 102s 40,400 Anaconda Copper MinIng
918
978 1018 10
914 978
918 912
5158 1714
300 Anaconda Wire & Cable__No par 164 Mar 14 1978 Feb21
1612 *1578 1614 1614 16% *1514 1714 '
7%
*154 1612 *15
94 1838
145 *1418 145* •144 145*
100 Anchor Cap
No par 14 Mar 21 1715 Jan 4
1312 2414
134
1412 1412 *144 1432 *1412 1458 *14
84
106
$6.50 cony preferred
No par 103 g00 4 10734 Mar 7 80
100
6104 10712 *104 10612 *104 10612 *104 1057 10578 1057s *104 10614
*412 53 '5438 534 *43
5
*313 6
5
31g Mar 21
10
100 Andes Copper Mining
*334 5
418 1012
418
516 Jan 3
534
200 Archer Daniels Midi'd___No par 36 Jan 16 4114 Mar 9
2614 39%
217
3912 *394 391 *3914 3912 39 39
394 394 *39
*3982 393
'119____ •119
. 7% preferred
*119 ____
_ _ •119
___ *119
100 11814 Jan 4 1181: Feb 21 108
_ *119
..10
117
7614 10338
100 99 Mar 29 10614 Feb 23 64
300 Armour & Co (Del) pret
*99 102
- - 10012 1-001-2 99 99
10212 10212
--- *100 102
*102 103
34
gh
684
5
4
418 10,500 Armour of Illinois new
378 Mar 11
4
44
4
41
418 4%
818 Jan 3
418 418
4% 4%
16 OMIT prof
No par 6038 Mar 13 70/
1
4 6338 6212 6213 6214 6234 6214 6214 1.500
464 714
4614
1
4 Jan 10
1
4 83h 82/
8314 8384 82/
Preferred
100
*80
100
*80
100
*80
100
54
85
4
314
10612
Feb
85
Jan
2
*80
100
100
'
580
100
*90
For footnotes see page 2135.
New York Stock
2140
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
•
Saturday
Mar. 23
Monday
251 Tuesday
Mar.
Mar. 28
Wednesday
Mar, 27
Thursday
Mar. 28
Friday
Mar. 29
Record-Continued-Page 2
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
8 per share $ per share $ per share 3 per share $ per share $ per share Shares
Par
412 412 *412 45
*43
412
438 438 *438 412
412 412
500 Arnold Constable Corp
5
*318 512 *3
512 *3
5
*3
5 I *3
Artloom Corp
No par
512 *3
512
*6830 __ *6830 __-_ *6830 -___ *6838 ---- *683* ____ *6838 __ ______
Preferred
100
Art Metal Construction
10
I
--- 8
- 78
918 V%
8% -8-78 *8% -830 -9700 Associated Dry Goods
8,2 -8-12
*73
83
*75
82
*75
82
*74
82
*75
83
*75
83
6% 1st preferred
100
*4418 5212 *4414 5212 *4438 5212 *40
5212 *4014 5212 *4014 5212
100
7% 26 preferred
*30
36
*30
36
*30
36
*30
36
*30
36
*30
Associated 011
25
36
3914 4030 37
3912 3634 3734 363* 3758 3534 3812 3612 3712 33.000 A4C11 Topeka & Santa Fe ____100
*74
7534 74
7412 70,
8 70
,
8 6934 6934 6630 6630 *67
Preferred
100
6812
700
22
22
21
2214 20
2034 20
2114 1978 21
20,
8 2030 5,800 Atlantic Coast Line RR
100
0318 37
*3% 37
*318 3%
312 378 *378 6
*378 6
120 At 0 dc W 1 SS Llnes____No par
*6
9
*6
9
*6
9
*6
9
100
*618 9
Preferred
*618 9
2218 2238 22
22
2134 22
2134 2218 2178 2178 217 2218 4,400 Atlantic Relining
25
37
37
*361 363
3534 3630 3312 34
3334 34
33
33/
1
4 3,400 Atlas Powder
No par
11058 11058 *11034 111% *11034 11112 *1103 11112 *11034 11134 *111 11 134
10
Preferred
100
1
*438 6
*438 6
*412 6
*412 512 *412 512 *4 2 512
Atlas Tack Corp
No par
17
1712 1614 1614
1630 1630 1658 17
1634 17
No par
1630 1658 1,600 Auburn Automobile
*7
714
7
7
7
7
*714 712
634 7
No par
*634 718 1,000 Austin Nichols
3
*43
4434 *43
44
43
43
Prior A
No par
*3634 43
*3634 42
*3634 4034
30
3% 4
334 4
338 3%
330 334
312 330
312 31, 6,500 Aviation Corp o Del (The)____5
178 2
134 2
134
134
134
17
1%
No par
1%
134
1% 3,100 Baldwin Loco Works
•812 9% *812 934 *812 934
100
934 934 *818 9
*812 912
100
Preferred
834 914
818 85*
100
818 812
818 810
814 878
812 812 8,400 Baltimore & Ohio
10% 10% 1014 1012 1012 11
1014 1078. 1078 11
100
Preferred
10
1034 1,700
*105 106 *105 10.530 105 105
104 104
10412 10412 *10412 105
100
60 Bamberger (L) & Co pref
*3678 3812 *365* 3812 *3630 3812 *3678 3812 38
400 Bangor & Aroostook
50
38
3812 3812
108 10812 *109 110 *109 110
110 110 *111 11112 *111 113
Preferred
100
30
No par
Barker Brothers
*312 48 *312 418 *312 418 *312 418 *312 418 *314 418
*3018 3414 *30
3414 *30
3412 *30
3412 *30
6 % cony preferred
1110
3412 *30
3412
614 614
61
/
4 614
5
614 63*
614 614
614 612
614 68 3,800 Barnsdall Corp
39
39
38% 3812 *3734 40
*38
No par
40
*38
3934 *38
393
200 Bayuk Cigars Ice
*111 11312 *111 115 *111 112 *111 112 x110 110
100
1094 10934
30
let preferred
1614 1614 *1534 16
16
16
*16
500 Beatrice Creamery
25
1612 *16
17
1534 16
*103 10412 10414 10414 *103 10412 *103 10412 *103 10414 *103 10414
100
100
Preferred
7612 7612 *75
7734 *76
100 Beech-Nut Packing Co
20
7734 *76
7734 *76
7734 *76
7734
*12
1212 1214 121
/
4 1218 1214 x12
12
1,600 Belding Hemingway Co__No par
1214 1214 12
12
*80 110
*8.5 113
*80 113
*80 113
*80 113
Belgian Nat Rys part pref
*80 113
131 133* 13
13% 1330 1278 1318 128 13
5
1234 1314
1314 7,900 Bencliz Aviation
1534 16
*1578 16
153 16
16
16
157 16
153 1534 1.900 Beneficial Indus Loan_._ _No par
*35
35% 35
35
3512 3512 3512 3578 3578 3578 36
3614
700 Best & Co
No par
2438 25
No par
2458 2378 2512 2414 2430 12,400 Bethlehem Steel Corp
2338 25
24
24,
8 24
6118 6118 60
7% preferred
100
60
60
60
5912 60
5912 6112 6112 6112 1,700
16
16
*1512 16
1538 1512 1530 1538
210 Bigelow-Sant Carpet Inc_ No par
1534 1612 153* 1618
No par
10,
4 1034 1034 10,
4 1012 1012 1038 1012 *1030 1138 1084 11
700 Blaw-Knox Co
*21
2312 21
21 *____ 2312•
50 Bloomingdale Brothers
No par
2312 *____ 2312 *__-- 2312
*10712 10812 10812 10812 10912 109,2 *10858 10912 *109 10912 10912 10912
Preferred
100
180
100
*31
3712 *31
3634 *29
3712 36
100 Blumenthal & Co prof
3612 34
3712 *3034 35
714
718
718
738
5
68 718
714
75* 0 7
718 2,700 Boeing Airplane Co
71
/
4 75*
53
53
5314 5314 5212 5212 53
53
5312 537
533 5534 3,700 Bohn Aluminum & Br
.5
97
97
96
No par
9612 *958 96
160 Bon AIM class A
953 96
*9512 96
96
96
2214 2212 22
2212 2134 2218 2138 2218 2112 218 21
25
2130 7,900 Borden Co (The)
307 31% 3014 3114 3034 3114 3034 3114 3114 3178 3114 3130 7.900 Borg-Warner Corp
10
*4
418
334 4
*378 418 *334 418 *334 4
200 Boston & Maine
100
430 *4
.5*
*38
1
:Botany Cons Mills class A___50
*5s
78
*38
1
%
*33 1
*12
1
2618 2634 2512 26
2530 26
2512 2612 26
2678 2578 2614 11,800 Briggs Manufacturing__No p‘r
2712 2712 27
2712 *271
/
4 278 2712 2712 2778 277
No par
1,500 BrIggs & Stratton
2712 27%
*3212 33
3212 3212 3213 3212 3114 3238 3114 3112 3112 3134 2,700 Bristol-Myers Co
5
*112 2
*15
2
*15; 2
*158 2
*158 2
112
158
200 Brooklyn & Queens Tr__No par
Preferred
*15
16
*1512 18
*15
18
157 1578 *15
18
*15
18
100
No par
38% 387 *3834 393
384 38,
4 385* 3834 *39
800 Bklyn Manh Transit
No par
3912 x38
38
*9312 95
*9312 94
933 932 9484 9434 95
400
$6 preferred series A_ No par
*937 9514
95
46
4812 4812 4812 *47
4812 *49
50
491
/
4 4914 *4712 50
1,500 Brooklyn Union Gas
No par
*55
.56% *55
5714 *55
5714 *55
Brown Shoe Co
No par
571
/
4 *55
57
*55
57
*125
_ *125
_ _ •125 . -_ *125 12612 *125 12612 *125 12612
Preferred
100
43
*414 _-412
412 -41?
438 -438
412 412 *43*
434 *414
600 Bruns-Balke-Collender___No par
*43* 514
434
431 *434 512 *478
512
10
5
518
514
514
500 Bucyrus-Erie Co
*9
912
9
9
*812 912 *812 91, *9
Preferred
_5
934
9
300
9
*6030 63
*603* 63
*6058 63
*6058 63 - *63
7% preferred
100
6912 *6012 6912
4
37
418
334
No par
Vs
334 378
378 378
334 37
38 4,300 Budd (E 0) Mfg
2812 2914 27
2713 2712 28
2714 28
27
2814 2718 2712
100
410
7% preferred
31
*318 314
318
278 3
318 318
No par
3
3
284 3
1,700 Budd Wheel
*4
414
*4
414 *4
414
4
4
*4
414 *4
No par
414
100 Bulova Watch
•1018 10
,
8
912 912 *9
103* *9
1014
912 912 10
No par
10
600 Bullard Co
*1
2% *1
3
*I
Burns Ilros class A
No par
3
*1
2% *1
278
28 *1
*88
78
*58
78
*58
78
*58
78
12
58
*12
34
600
No par
ClassA vtc
*38
1
Class B
No par
*38
1
*38
1
*38
1
*38
1
*38
1
.18
34
*18
34
.18
No par
34
*18
Class 13 ctfs
54
*18
34
*18
31
4
412
412 412
412 412 *318 412
412 412
4
4
140
7% preferred
100
1418 145* 141 1418 1418 1414
14
1418 14
1418
1418 1414 2,100 Burroughs Add Mach ____No par
*114
112 *114
112
11
/
4
114
114
11
/
4 *114
112
114
114
400 :Bush Term
No par
6
6
*5% 8
.51
8
*518 8
*518 8
Debenture
100
*518 7
100
1214 1214 *12
147
11
12
.1010 1012 10
10
*10
1478
110 Bush Term BI gu pref ate
100
Butte & Superior Mining__ _10
_
__
__
__ _ __
_
___
--- - - -- - -1-1, i‘ Iti 666 Butte cooper A zinc
-11
8
*1%
1-12 *I118
i
T4
5
'lin
1-12
13;
iis
034
72
*34
78
*34
78
*34
78
*84
78
1
1
No par
100 :Butterick Co
*1278 13
1218 1258
1218 1214
1212 1234
1211 1284 *1214 1230 1,700 Byers CO (A M)
No par
*38
39
*36
39
*36
39
*36
39
36
36
10
Preferred
100
*36
39
No par
39
39% 3814 39
3812 3812 39
39
3834 39
*381
/
4 39
1,600 California Packing
1
1,800 Callahan Zino-Lead
%
58
%
34
38
34
%
%
%
%
*58
%
2,000 Calumet & Hecla Cons Cop___25
3
318
3
3
278 318
3
3
3
3
3
3
78
73
8
*8
9
900 Campbell W & C Fdy____No par
*814 858
814 814
8
778 818
5
83 1018
83
9
7,900 Canada Dry Ginger Ale
834 9
1018 101, 1018 10% 1018 101
/
4
100
*4818 52
Canada Southern
*4818 52
*481* 52
*4818 52
*4818 52 - *4818 52
95 1014 7,300 Canadian Pacific
25
058 078
058
Fs
012 034
038 078
930 958
No par
3278 3278 2,400 Cannon Mills
33
3238 33
3212 3212 32
3212 3212 3212 33
1
584 *5
534
900 Capital Adminis el A
55*
53* 53*
518 518 *5
5,i
*518
53*
*3412 3612
Preferred A
10
70
3612 35
35
*33
35
*33
35
35
35
*33
----------Carolina Clinch & Ohio Ry 100
__ *81
*81
____ *81
___ *81
._ *81
100
ooStpd
_ _ 5_._ _ -95 5_ _ _ _ nu) *__ _. 100 *
•*81-95
*95
100
4934 10.100 Case (J 1) CO
48/2 -4
.
912 4812 4934 4881 5014 4812 5078 49
4912 50
100
Preferred certineatea
8712 •86
8712 *86
8712
8712 *86
*86
8712 *86
873* *86
383
6,500 Caterpillar Tractor
No par
3814 3712 38% 3734 385
3814 3812 38
3818 3814 38
2114 3,500 Celanese Corp of Am__No par
2112 21
21 12 21
2114 21% 2012 213* 2012 2114 21
No par
212 *178
400 :Celotez Corp
2
214 *2
25
238 .238 23
*214 3
25*
No par
Certificates
300
134
138 *112
134 *112
*112
134
112 112 .112 134
138
100
Preferred
140
1612 *1418 1534
1518 *14
16,4 1654 *155g 1612 15
155* 14
1,400 Central Aguirre Asso____No par
2512 2434 25
253 2534 2412 25
25
2512 2538 2538 25
100
40
200 Central RR of New Jersey
*36
36
36
*38
42
37
37
*36
40
*36
40
*630 712 *612 7
Century Ribbon Mills___No par
*612 658 .012 7
3.612 7
*612 7
100
Preferred
*9514 107
*9514 105
*9514 106
1
4 106
*9514 107
•9514 100
*95/
421 1 4314 423* 428 12,600 Corrode Pasco C,opper___N0 par
4234 4378 4214 4314 4358 4418 4278 44
41° *4
412 *4
412
100 Certain-Teed Product/I-No par
*412 5
412 412 *4
414 *4
100
24
*2214 25
80
7% preferred
2612 *24
2534 •24
27
*24
2534- 24
*24
*430 812 *430 712 *438 612
5
412 412
200 Checker Cab
45* 43* •3% 812
No par
*36
3778
200 Chesapeake Corp
39
*36
38
*3812 3958 3812 3812 3812 3812 *36
Ohio
25
Chesapeake
&
3814
7,200
38
3830
3934 401
/
4 38% 3930 3812 3914 3812 3830 38
11/0
:ChM & East III Ry Co
114
"4
114
"4
"4 114
14
"I
1'4
"4 114
*34
100
112
100
6% preferred
112 *138
112 *138
112 *138
*138
112
11 2 112 *138
100
1,600 Chicago Great Western
34
34
34
78
34
34
34
34
34
*34
78
%
100
17
*178 2
800
Preferred
214
*2
214
2
2
2
2
*2
130
100
*1
2
*1
2
60 :Chic Ind & Louis, prat134
2
134
•134 2
134
134 *1
13
14
114 13,700 Chic Miiw SIP & Pac____No pat
138
13*
1%
112
158
112
112
114
112
100
112 2
Preferred
rig
2
178
2
112 33,200
218 214
178 214
84
278 4.900 Chicago & North Western._100
3
3
3%
230
3
3/
1
4
318 318
35* 312
3
100
800
Preferred
6
6
*5
6
5% 5%
514 514
412 5
6
6
47
200 Chicago Pneumat Tool___No par
*412 5
*412 5
5
5
478
51
/
4
*5
512 *47
No par
400
Cony preferred
2112 *2012 2112 2118 2118
*2112 2212 213 2134 215* 2130 *21
400 :Chicago Rock lel & Pacific_ 100
112
114
114
*138
112 *114
112
112 *138 2
*138 2
100
134
134
300
212 212 *2
*134
230
7% preferred
3
*2
3
2i2 3
158
100
13*
200
6% preferred
*158 2
*158 2
*178 2
158 *15* 2
158
Om
100
Chic
St
Paul
Minn
&
____
______
-..-..__
____
_-__
-- -- ...... -..-- ---100
Preferred
---. -___
..--, ---12
No par
*10
12
900 Chicago Yellow Cab
0
1018 10
10%
0
12
0
10
10
For footnotes see page 2139.
March 30 1935
Range Since Jan 1
On Basis of 100-share Lots
Lowest
Highest
July I
1933 to Range for
Feb. 28 Year 1934
1935
Low Low
High
$ per share $ per sh $ per share
$ per share
638 Jan 3
4 Mar 6
27g
.3
818
31,4
4
334 Mar 15
430 Feb 8
1012
633 . 6334 7018
7018 Jan 22 7018 Jan 22
3%
4%
934
712 mar 13 1330 Jan 8
714
714 181
/
4
44
46
90
81 Mar 6 95 Jan 24
36
48 Mar 12 70 Jan 18
36
64%
26
2912 4012
2934 Feb 21 31 Jan 12
3918
451
/
4 735
3534 Mar 28 5530 Jan 7
7018 90
5314
6630 Mar 28 8612 Jan 5
2412 5414
24
197 Mar 28 3714 Jan 4
5
16
7 Jan 7
5
3 Mar 6
77
77
24
6 Mar 5
912 Jan 19
211*
2112 351
2138 Mar 12 25% Jan 2
/
4
18
33 Mar 29 43 Jan 11
3514 5512
75
'3
107
10634 Jan 2 11058 Mar 20
513
512
734 Jan 8
4 Mar 13
161/4
1612
15 Mar 18 2934 Jan 7
1612 575*
4
612 Mar 18 14 Jan 2
611 165*
2730
3114 68
3634 Mar 16 63 Jan 2
558 Jan 3
312
3 Mar 13
3% 1034
112
412 16
112 Feb 28
630 Jan 9
9
1614 64%
85* Mar 19 2634 Jan 21
123
3412
712 Mar 13 1478 Jan 7
98
918 Mar 13 1778 Jan 7
1034
15
3730
86
10034 Feb 21 105 Mar 11
8612 1027
3618 Mar 12 4214 Jan 2
2014
3512 4618
18
110
Jan
11
9112
10614 Mar
95% 115
53 Jan 22
214
314 Feb 25
214
612
161
14
3212 Jan 15 4034 Jan 22
3812
57 Mar 6
57
7 Jan 5
578 10
3712 Mar 14 441 Jan 7
23
23
4534
80
10734 Jan 11 11112Mar 22
89
10912
153 Mar 29 19 Mar 1
834
1014
198
55
10012 Jan 5 10414 Mar 25
55
100
54
72 Feb 2 78 Jan 12
58
763*
1118 Mar 18 1312 Feb 23
7
878 1514
9513 127
100 Mar 18 11712MU 7
8384
1178 Mar 13 1712 Jan 2
934
934 23%
1518 NIar 13 173* Jan 7 3 12
12% 19%
34 Jan 30 3814 Feb 19
21
26
40
2130 Mar 18 348 Jan 8
23
2413 6912
5534 Mar 18 7734 Jan 9
44%
547k 82
1434 Mar 19 2614 Jan 23
18
191
/
4 40
938 Mar 14 1372 Jan 8
6
6
1614
18 Feb 16 2314 Jan 21
16
17
26
10314 Jan 22 10912Mar 26
65
88
109
2814 Mar 13 4038 Jan 23
28
28
561
/
4
618 Mar 18 10 Jan 2
634
634 1114
4934 Mar 13 597 Jan 8
3384
4412 683*
98 Mar 18
68
90 Jan 31
76
94
21 Mar 29 2534 Jan 7
18
19% 2814
2814 Jan 15 3418 Mar 1
1112
1618 313s
334 Mar 27
711 Jan 4
412
514 1912
52
78
3
58 Mar 5
112 Jan 9
283*
2412 Feb 7 3018 Feb 20
614
12
2712
14
1012
2318 Jan 17 313 Feb 21
25
26
3114 Mar 27 3614 Jan 10
3712
2
112 Mar 29
312 Jan 8
338
838
15 Mar 11
20
3114 581
3178 Jan 3
/
4
3812 Mar 15 441 Feb 19
253
2814 447g
6914
8218 97
90 Jan 4 9612 Feb 20
43 Mar 18 52 Jan 10
46
46
8012
53 Mar 11 z60 Feb 19
41
45
61
11814 12514
124 Feb 14 124 Feb 14 117
4
4
418 Mar 6
6% Jan 9
1072
312
638 Jan 7
312
1118
414 Mar 14
143*
6
6
81g Mar 15 13 Jan 3
47
60
75
6234 Mar 22 74 Jan 25
3
734
3
314 Mar 15
514 Jan 2
44
16
16
23 Mar 14 33 Jan 22
2
2
5%
212 Mar 21
414 Jan 22
27
47 Jan 16
37 Mar 13
612
212
57
814 NIar 13 15 Jan 2
418
1513
2 Jan 19
284 Jan 25
1
15$
6
58
413
78 Feb 27
112 Jan 23
38
1
311
/
1
4 Mar 20
138 Feb 7
1
14
12
212
% Feb 6
58' Feb 20
97 Jan 23
I512
3 Mar 16
3
4
1314 Mar 14 1534 Jan 7
1012
1018 x19%
34
37
1% Mar 13
318 Jan 21
,
%
2
6 Mar 23 1012 Jan 22
234
912
10 Mar 28 2212 Jan 21
418
5% 21
218
112
13*
314
118 Mar 12
2 Jan 3
112
Ill
34 Mar 11
134 Jan 3
1
lig
431
113* Mar 14 205* Jan 7
1334 324 1
13%
32 Mar 14 60 Jan 5
40
40
67%
3612 Jan 15 4212 Feb 18
1834 /143k
165*
118 Jan 3
12 Feb 19
212 Mar 13
418 Jan 7
712 Mar 13 1158 Jan 3
834 Mar 27 163* Jan 7
52 Jan 18 53 Feb 4
938 Mar 18
1334 Jan 9
32 Mar 13 36 Jan 10
438 Mar 21
7% Jan 9
3212 Feb 25 37 Jan 9
8214 Feb 27 8412 Jan 15
85 Mar 20 90 Jan 29
4534 Mar 18 63 Feb 18
84 Mar 14 99 Jan 8
3612 Jan 16 44 Feb 18
193* Mar 18 3530 Jan 7
2 Feb 26
458 Jan 18
31 Jan 18
114 Mar 8
111
/
4 Mar 20 2512 Jan 18
2214 Feb 13 2714 Mar 4
34 Mar 18 5518 Jan 4
658 Mar 21
1238 Jan 16
961
/
4 Mar 14 10912 Jan 2
385$ Jan 15 47 Jan 7
330 Mar 13
6% Jan 7
23 Mar 12 3314 Jan 23
43 Mar 27
65 Jan 7
38 Mar 12 4478 Jan 4
3718 Mar 12 4530 Jan 7
178 Jan 4
218 Jan 12
114 Mar 7
23* Jan 8
58 Feb 28
214 Jan 7
130 Feb 28
41: Jan 4
134 Mar 8
13 Mar 8
14 Mar 29
3 Jan 3
48 Jan 4
30Mar 29
230 Mar 29
55* „Ian 7
418 Mar 14
103* Jan 8
45 Mar 14
738 jar] 7
20 Mar 13 2618 Jan 7
1 Mar 12
230 Jan 9
41 Jan 9
11 Mar 11
112 Mar 13
4 Jan 10
10
Feb 20
1118 Jan 3
12
234
6
1114
44
1078
2214
41
/
4
26
60
70
35
567
15
17%
1%
78
212
1834
40
5%
75
233
230
1030
412
2912
3718
1
112
38
15
1%
2
2
312
534
35
1414
13
23*
2
11$
314
91g
12
134
2,
4
65s
6
1578
12% 2912
4812 5612
1078 181
/
4
2812 3814
53* 101
/
4
2654 39
74
85
70
9212
35
86%
5634 93
38%
23
1718 4478
lig
5%
1
4
612 2230
1834 32%
53
92
51s 1238
82
11012
3014 4412
314
'734
1712 35
412 1612
34
4878
39% 4830
1 18
7
8
130
112
512
312 117*
134
7
2
812
313 1314
3% 15
584 28
35
978
141
/
4 2834
13*
6'4
95*
238
8
2
Pi
6'2
1134
4
918 816
New York Stock Record-Continued-Page 3
Volume 140
2141
4my 1
HIGH AND LOW SALE PRICES-PEli SHARE. NOT PER CENT
Saturday
Mar. 23
Monday
Mar. 25
Tuesday
Mar. 26
Wednesday
Mar. 27
Thursday
Mar. 28
Friday
Mar. 29
Sales
for
the
1Veek
STOCKS
NEW YORK STOCK
EXCHANGE
5 Per share $ per share $ per share S per share $ per share S per share Shares
Par
2612 2612 .26
2612 *26
2678 26
26
.2558 27
10
*2553 27
300 Chickasha Cotton 011
*4
412 *4
412
4
418 *4
412 *4
412 *4
No par
438
200 Childs CO
*8
12
*938 12
*912 12
*912 12
*912 12
12
12
25
20 Chile Copper Co
3412 33
34
34
3234 3334 32% 34
3314 3412 3312 34
5
54.100 Chrysler Corp.
*2138 2134 *2158 2134 2134 214 213 22
22
22
2214 2214
No par
900 City Ice & Fuel
*9178 9312 *92% 9312 9312 9312 93
9312 93
9312 a9212 93
100
Preferred
260
*32
50
*42
50
50
*32
*32
50
City Investing
*32 --__ *32
100
12
'2
12.
12
'2
12
12
38
58
12
12
No par
-83 5,800 City Stores
88
28
34
24
*14
10
38
38
14
14
VOCIllig trust certifs__ No par
800
38
*14
57
47
47
*3
. *3
*3
31* 312
*334 578 '3,4 57
Class A
No par
100
.3
514 *3
514 *3
412 *3
5/
1
4 *3
412 *3
51
/
4
No par
Class A v t c
1234 *1134 13
*12
*1134 13
13
•12
*1134 13
13
No par
13
100 Clark Equipment
80
80
80
*765
8
*7058 82
*7658 80
*7653 82
50
40 Cleveland & Pittsburgh
*7658 82
__ *47
__ *431*
*47
*4312
__ *47
*47
Special
50
*2310 -24-3-4 *2378 -ill% *2312 1434 *2312 -2-43.
*2312 -2-5
*2312 -2-5
Cluett Peabody & Co____No par
4
*11814 12212 11814 11814 119 119 *11818 120 *11818 120 *11818 124
20
Preferred
100
191 196
*18814 18914 188 18812 18912 191
19412 19914 19958 20012 8,500 Cora-Cola Co (The)
No Par
567 58% *5612 57
*5678 57
57
57
*5658 57
56% 5658
Class A
No par
300
*366
_
.368_
_ *385
*368
*395
._ *393
Coca Cola Internat Corp_No par
17 117141634 -1-6-3-4 1634 17-18 1634 -163- 4 1634 -1-7
1634 17
2.300 Colgate-Palmolive-Peet__ No par
•103 10312 103 103 *10314 10378 10358 10312 *10314 10312 103% 10324
100
6% preferred
500
97 1038
97
1038 10'2
10
10
98 10
1018
978 97
No par
1,500 Collins & Alkman
7312 73 8 *7018 73
74
74
*6918 747
7212 7212 7212 7212
100
Preferred
60
*658 7
•653 7
*653 7
*658 7
634 7
No par
718
*658
110 Colonial Beacon 011
12
112
112
124
112
138
114
138
114
114
114
114 2,200 :Colorado Fuel & Iron__ _No pa
*8
1012 *8
11
*9
1012 *8
11
10
11
*812 10
Preferred
100
40
*13
15
13
*13
13
134 13
13
13
13
*1314 14
100
100 Colorado & Southern
958 958
953 *8%
958 958 *8
953 *818 958
938 11
100
260
4% 1s1 preferred
.614 0
*658 9
*634 818
*7.
91
9
8% •7
818
100
50
4% 2d preferred
721
/
4 7214 *7212 73
73
73
7234 73
7212 7422 7212 73
2.800 Columbian Carbon v t o --No par
1158 4158 4118 4158 41
41% 4153 417
4014 4114 3934 401
1,500 Columb Pict Corp v t e___No pa
558 5%
512 57
512 578
512 534
558 6
658 572 30.200 Columbia Gas & Elec____No par
4914 4914 4812 4834 48
49
4912 50
5014 507s 504 5034 1,300
Preferred aeries A
100
44
*4314 46
44
44
44
*44
45
46
48
4512 46
100
250
5% preferred
4153 42
4224 43
41
4112 41
4112 41% 42's 4112 42
10
8,800 Commercial Credit
*3038 3034 3033 3038 3058 305
304 31
31
31
3112 3112
21
7% lot preferred
700
56
*5534 5612 *5512 64
56
.56
56
56
5620 5534 557
1,300
Class
A
50
3058 304 303 31
*3012 32
*3058 31
31
31
3112 3112
Preferred B
21
600
11112 112
1111 4 11114 *11124 112
112 112
112 112 *11134 11214
100
290
634% first preferred
5912 5914 58% 5934 59
5924 59
5912 5938 5912 59
5912 3.400 Comm Invest Trust
No par
•1113 113 *112 113 *11178 113 '11158113 *1117 113 *11178 113
No par
Cony preferred
1858 19
1824 1858 1813 1814
1858 1858
No par
1828 188 1834 1918 12.400 Commercial Solvents
% 1
78
78
1
78
1
%
1
1
No par
11,800 Cornmonw'Ith & Sou
78
1
3614 37
3614 37
3534 37
36
3658 3658 37% 367 3738 5,700
No par
68 preferred series
*6
61
*534 61
*534 612 *534 61
*514 612 *554 612
COnde Nast Pub.. Inc__ _No par
2834 2831 2812 29
28% 29
2712 2884 2812 29
287s 291s 2.400 Congoleum-Nairn Inc
No par
*9
10
*9
91
*9
912 *9
912 912 *9
912
978
No par
100 Congress Cigar
27
27
27
27
27
27
26
26
*2618 2614 26
80 Connecticut Ry & L1'0)11126_100
2618
*35
47
*35
47
*40
47
•40
46
*90
46
*40
100
Preferred
46
714
714 .718
714
714
714
714
712
73
4
7'2
*714 8
No par
700 Consolidated Cigar
'60
70
*60
70
*60
70
*60
68
62
62
10
•60
100
Preferred
691*
*657 76
•6578 76
*72
7534 *72
75
*73
7534 *7214 7554
Prior preferred
100
.7018 73
*7038 73
*71
73
*71
73
7
x73
73
Prior
_100
pre!
ex-warrants__
10
*71
79
45
412
412 41
4I5 438 *418
*4%
414
41g
48
45*
I
800 Consol Film Indus
1612 1734
1658 17
1614 164 1558 1612 1814 1612 1612 1634 4,900
Preferred
No par
19
1912 1858 193
1914 194 1938 2018 1912 203
1934 2053 84,400 Consolidated Gas Co
par
No
*80
81
80
8OIz 8018 8118 8112 82
x80
8012 8134 82
No par
2,400
Preferred
17
*158 1% *153 17
*158
*158
17
*121 1%
15*
158
100 Conseil Laundries Corp
No pa
7
718
7
753
718 724
7
718
67s 7%
6%
7
12,000 Consol Oil Corp
No pa
•108 10912 *108 1091 *10812 10912 110 110 *109 . _ •109_ _
100
500
8% preferred
.234 3
*2% 3
*234 3
*234 3
*214 -3Consol RR of Cuba pref
•234 -i
100
12
54
12
12
12
58
12
58
12
58
1.2
No par
58 3,100 Coneolldated Textile
*1014 1114 *1014 1012 1014 1053 1018 10%
1053 1058 1014 1014
1.700 Container Corp class A
20
4
4
334 314
3% 378 *384 4
Class B
334 33i
No pa
900
334 334
.5
1
4
518
518
553 •434 5/
*412 518
518 518 *478
200 Continental Bak class A Ne par
528
*34
78
*34
78
34
34
34
34
Class B
34 2,400
34
34
34
No par
•5034 51
50
5034 *49
5012 *49
5012 5012 5012 *50
400
106
Preferred
5034
6712 68
67
68
68
6814 68
6912 693 7078 70
7078 11,100 Continental Can Inc
20
8
8
714 734
77
77
758 734
77
758 758 *75*
Diamond
5
1,400
Fibre
Cont'l
•2912 30..
2912 2912 2914 2914 2912 2912 291g 291* 29
2958 1,300 ContInental Insurance
250
78
,8
78
I
78
78
78
78 1. 78
Continental Motor*
No
par
1,500
7
8
3
4
7
8
1558 16
1512 16
1534 16
155* 1534
1534 1618 1618 1653 8,200 Continental OH of Del
5
213
44
43
43
*4212 4312 43
43
43
120 Corn Exchange Bank Trust Co 20
4212 4212
6434 6478 6414 6453 6312 6414 637 6478 *4212
64
6534 6518 6578 3,000 Corn Products Refining
26
*158
- - *158
_ _ •158
_ 158 158 *158 . .•158
_ _
300
100
Preferred
412 -43
;
45* --478
414 _-412
414
414
414 -4-38
414 -414 3,400 Cot, Inc
No par
3858 3858 3812 3858 3812 3812 3814 3812 3818 3853 3734 3314 3,400
Cream of Wheat etre
No
par
.14
1414 *1314 1334 1412 1434
1312 143 •1312 1412 1338 1312 2,100 Crosley Radio Corp
No par
*24
2434 24
24
2453 2438 2412 2412 2412 25
*2434 2512
Crown
Zoo
600
Cork
par
&
Seal
*4412 45
*4434 45
*4434 45
45
45
*40
____ *45
46
200
62.70 preferred
No par
*69
7414 .67
73
*____ 70
*65
_ ____ _ _ •__
7112
Crown W'mette Pap let pfNo par
35
35
35
3% 334
358
35
35
358 _-358 *312 -4-14
par
1,000
Crown
Zellerback
v
t
o_
No
1658 1658 .16
1718
1638 1653 •1512 17
168 165s •1614 1634
400 Crucible Steel of America____100
.51
53
.1.51
53
*51
53
51
51
51
51
51
51
300
100
Freferred
*1
118
1
1
1
1
1
1%
1
118
114
114
300 Cuba Co (The)
No par
•534 638 *512 653
512 512 *512 .55
512 512
534 '658
120 Cuba RR 8% pref
100
618 653
614 638
612 614
618 614
6
618
653
618
3.400
Cuban-American
10
Sugar
5434 555
5512 57
57
5814 5712 5712 57
58
5614 5614
1.140
Preferred
100
.12
42
43
43
*42
43
42
42
417 417
42
421g
900 Cudahy Packing
60
1814 1814
17
/778
1613 17
*1612 17
17
17
18
18
1,000 Curtis Pub Co (The)
No par
.93
94
*9212 9478 92
92
.9138 92
92
93 .9178 94
300
Preferred
No par
213 212
238 213
238 212
214 238
214
23s
214
232 7,400 Curtiss-WHO'
1
8
73
812
8%
712 8
712 77
712 8
758 778 9.900
Class A
1
73
7412 73
73
*70
8012 *7214 8012 *72
8012 *7212 8012
60 Cushman's Bona 7% pref _100
*65
70
*65
70
*65
70 .65
70
*65
70 .165
70
8% preferred
No par
1712 1712 1712 1712 17
17
*1614 1712 1638 1612 17
1718
900 Cutler-Hammer Inc
No par
7
7
*674
7:2 *658 712 *658 712
7
7
*7
712
200 Davega Stores Corp
5
2422 2514 2453 25
24
243
2414 2478 2414 2478 2458 2478 5,500 Deere & Co
No par
2153 2158 2112 2112 2058 2114 207 21
21
2118 2112 2134 2,500
Preferred
20
2714 2714 25
2512 2312 25
2312 2412 24
2512 24
2412 5.900 Delaware & Hudson
100
*1212 13
12
1212 12
12
1218 1214
1112 1212 1178 12
3,900 Delaware Lack & Western___50
212 .184 214 .112 2
134 134 *04 284 .134
.18
214
100 Deny & Rio Or West prof
100
68
8834 69
•67% 68
69
69
6912 70
7012 1,200 Detroit Edison
7014 *70
100
•234 47
.234 47
•234 47
47
*234 478 •23
*234
473
Detroit & Mackinac Ry Co 100
*6
15
*6
15
*8
15
*6
15
•6
15
*6
15
5% non-cum preferred._ _100
*3412 40
*3412 90
*3412 40
*3412 40
*3412 40
1.34% 398
Devoe & Raynolds A____No par
.115 11612 *115 11812 *115 11638 *115 11638 *115 11638 *115 11653
1st preferred
100
28
2838 28
2853 2812 2812 2814 2953 2914 2912 2912 2958 2.400 Diamond Match
No par
.35
36
35
35 .34
36
*34
35
35
35
35
35
600
Participating preferred
25
3834 39
3934 3878 39
39
3834 39
x39
3912 3834 3918 4,500 Dome Mines Ltd
No par
87
9
873 *8% 9
9
878 878
*875 9
9
9
500 Dominion Stores Ltd_ _ No par
1912 2018
20
1914 197
2024
1914 1934 1914 1958 1914 1914 6,500 Douglas Aircraft Co Inc No par
1538 1538 1534 1534
5147 16
16
•15
1578 16
1634 1634
800 Dresser(SR) Mfg cony A No par
.634 7
*612 7
*634 7
*634 7
•614
7
64 63
100
Convertible class B
No par
.
14
,..
•/
1
4
12
•14
12
40 1
10
•14
12.
•14
10
Duluth SS & Atlantic
100
518
34
*38
34
"8
34
"8
37
1
*33
%
*33
Preferred
34
100
314 *3
314 *3
314 314
314 *3
314
334
3
3
300 DunbIll International
1
*1322 15
*1312 15
*1312 15
*1312 15
*1312 15
*1312 15
Duplan Silk
No par
1 1123 105 *103 105 *103 105 *103 105 *103 105 *103 105
Preferred
100
885* 898 888 9033 8912 9034 888 8934 12,100 DuPont deNemours(E.I.)&Co.20
8934 0058 884 90
_ _ 129% 12978 .12912 ----'129l, ----300
129 129 *129
*129
6% non-voting deb
100
- -78 *10434 104%1047
1047g 194-7. 10418 10418 10434 104
,10478 •10514 10534
300 Duquesne Light 158 pref
100
22
*18
22
•18
18
22
.18
18
*1812
_
_ •1812
20 Durham Hosiery Mills pref-100
412
43
4
*43
8
4
43
4
43
412 _-434
434 454
412
414 _-414
1.000 Eastern Rolling M1113____No par
117 118
11734 11812 11812 12012 1197s 12014 11912 12012 5.100 E41.841331511 Kodak (N .B___No par
1175* 118
155 155
155 155 *152 155
.154 15,5 *15412 155
155 155
110
6% cum preferred
100
1712 174 1753 1758 1,500 Eaton Mfg Co
1712 174 174 17% •1712 18
1778 18
No par
35* 358
353 •358 4
358 358
314
*334 4
•333 38
700 Eitingon Schild
No par
20
21
1978 2012 194 2012 20
2118 215
2118 20
2014 9.400 Elec Auto-Lite (The)
5
1104 1104 11034 1104 109 110
110 110
110 110
110 110
230
Preferred
100
458 434
438
43g 412 *414 458 •41 2
413
438
414
414
1,400 Electric Boat
3
612 612
684 64 •1312 634 *68 634
612 612
65* 688
700 Elea & Mus Ind Am shares
2
2
21
/
4
214
2
2% 2%
233
218 214
214
214 3.2100 Electric Power & Light __No par
6
6
533 534
512 558
_512 558
534 6
6
6
2,500
Preferred
No par
.5
5%
514
47
5/
1
4 *4% 514
53
514
514
514
528
600
$6 preferred
No par
For footnotes see page 2138
Range Since Jan. 1
On Basis of 100-chars Lola
Lowest
Highest
1933 to Range for
Feb. 28 Year 1934
1935
Low Low
114911
$ per share
$ per share $ Per sh $ Per share
15
1
4
1914 30/
2512 Mar 12 2934 Feb 18
3121Mar 15
31/1
712 Jan 7
334
1153
9 Feb 23 1218 Jan 28
1014
9
1758
2914 6058
2614
31 NIar 12 4211 Jan 3
1412
1714 2438
20 Jan 14 2238 Ntar 12
87
9212
6333
87 Jan 10 96 Slur 11
37/
1
4 52
371
/
4
II
21*
12 Mar 18
112 Jan 17
II
14 Mar 28
% Jan 17
38
1 14
13
21
/
4
2
878 Jan 17
312 NIar 28
553
618 Jan 17
2
3% Feb 27
54
34
612
1238 Mar 13 15 Jan 18
814 211
/
4
60
7012 78
80 Mar 26 z82 Feb 7
31
38
45
22
2478 45
24 Mar 22 2812 Jan 7
90
95
115
11212 Jan 7 12112 Mar 16
85
9514 1611 2
16178 Jan 2 20012 Mar 29
5018 07
4512
5512 Jan 5 5758 Mar 8
200
314
314
933 1811
1618 Feb 5 1814 Jan 7
9
15
66
681k 1021,
101 Jan 3 10512 Mar
10
9 Mar 13 1514 Jan 7 12 978
2811
94
74
72
6934 Mar 13 85 Jan 8
5
9
5
712 Feb 15
884 Jan 10
358
811,
258
al. Jan 21
'2 Mar 13
9
1012 32
5 Mar 14 2812 Jan 21
1658 408,
1034
1034 Feb 28 19% Jan 8
3314
7
13
7 Feb 26 15 Jan 8
77
30
11
658Mar 9 13 Jan 8
45
58
771,
67 Jan 15 7954 Mar 2
2112 413:
1718
3414 Jan 16 4538 Mar 6
412
653 191,
358 Mar 13
734 Jan 10
62
7831
46
3512 Mar 13 5914 Jan 26
41
71
41
31 Mar 15 6134 Feb 9
1114
18% 401,
3912 Jan 2 4714 Feb 20
22
2312 301:
29 Jan 5 3214 Feb 4
53
38
32
/
4 Mar 2
5212 Jan 7 571
301:
24
23
2912 Jan 3 33 Jan 25
85
9112 110
1097a Jan 2 113 Mar 1
358
61
5814 Feb 7 6214 Jan 9 38 221.1
114
91
8412
111 Mar 13 11511 Jan 29
15% 383
1534
1758 Mar 13 2378 Jan 7
1
33
1
54 Mar 6
158 Jan 2
21 12 525
1758
2928 Jan 4 4058 Feb 13
5
133
5
578 Mar 18
734 Jan 23
353
22
1612
27 Mar 15 348 Jan 2
714 141
1
4
7/
9 Feb 7 1012 Jan 18
61
32
28
42 Jan 4
2334 Mar 1
58
55
44
44 Feb 26 44 Feb 26
514 133
514
7 Mar 14 1012 Jan 9
75
31
3014
62 Mar28 74 Jan 24
4614 747
45/
1
4
715 Feb 8 82 Feb 28
70
49
4514
73 Mar 28 80 Mar 6
41 Mar 18
61
153
158
712 Jan 16
1033 203
714
l5SoMar27 2218 Feb 15
1812 473
157
157 Feb 20 22% Jan 11
95
z71
7218 Feb 23 82 Jan 11 x71
43
112
111
214 Jan 18
112 Mar 12
884 Jan 2
71
/
4 141
71
/
4
612 NIar 13
1121
108
10812 Feb 5 112 Jan 28 103
61
218
218
3/
1
4 Feb 21
212 Jan 25
12
21
12NIar 12
118 Jan 5
12
6% 132
414
958 Mar 15 1353 Jan 10
2
233
5'
518 Jan 9
358 Mar 13
51
/
4 141
518
634 Jan 7
412 Slur 13
.
7
21
1 Jan 3
84
34 Mar 7
441
/
4 64
4414
4614 Jan 28 54 Feb 19
641
4
563
7312
Feb
18
37
6214 Jan 15
6
II
6
918 Feb 18
7 Jan 15
2358 361
20
2873 Mar 13 34 Jan 8
134 Jan 8
34
81
31
se Jan 2
1534 22
1214
1518Nfar 14 1918 Jan 3
4012 51
4012
4812 Feb 14
4134Mar 11
5512
5512 84
62 Feb 6 68 Feb 13
150
135
149 Jan 2 158 Mar 27 133
9'
3%
3/
1
4
678 Jan 3
418 NIar 13
361
28
23
357 Jan 15 3978 Mar 4
8
17
7
1212 Jan 15 155 Feb 18
18% 36
1834
2312 Mar 14 28 Feb IS
3512 44
32
4312 Jan 4 45 Feb 18
84
47
7412 Mar 13 88 Jan 11 *740
358
314
312 NIar 18
81
538 Jan 10
17
38
14
14 Mar 15 2514 Jan 7
71
44
30
51 Mar 27 68 Jan 2
78
3
31
1 Jan 28
15* Feb 19
3/
1
4 10
3
758 Feb 25
5 Jan 5
312
51 Jan 2
9
212
758 Feb 18
1412
2018 65
4012 Jan 3 5814 NIar 26
37
52
3518
41 Feb 4 4712 Jan 2
1312 29
1312
15 Mar 15 227 Jan 8
95
4312
3812
14
101
Jan
10
Mar
8912
6
21
2
3 Jan 2
2 Mar 12
38
51
/
4 12
1018 Jan 2
814 Mar 15
7514 91
7314
73 Mar 23 83 Feb 8
6412 90
8418
6418 Jan 23 85 Jan 19
11
21
912
16 Mar 13 204 Feb 19
8
5%
8
814 Feb 14
7 Mar 18
1018
1018 34
2234 Mar 15 31 Feb 18
101
/
4 19
1014
19 Jan 15 2212Mar 8
73 2
35
29,8
2312 Mar 26 4312 Jan 7
33
14
1234
11 Mar 13 1918 Jan 7
38
434 Jan 8
112 Feb 27
I%
13
63% 84
65 Mar 13 78 Jan 25
55
4
5
7
4 Jan 5
6 Jan 17
10
18
1%
8 Jan 4 11 Jan 29
29
65
20
36 Mar 22 505* Jan 2
117
99
8912
11412Mar 8 117 Jan 21
21
28 2
21
/
4 Jan 28
281/ Jan 2 291
27%
2814 34 2
3453 Jan 7 3714 Feb 25
48 4
25
32
34% Jan 15 4114 Mar 2
23
11
812 Feb 23 1258 Jan 28
812
1118
1712 Mar 12 24% Jan 3
141
/
4 28 2
8
20
814
1312 Mar 15
1834 Mar 29
353
638 Mar 18
714 Jan 8
63 11
38 Jan 9
38 Jan 9
1
3
•1
12
2
12 Feb 13
12 Feb 13
12
51 Jan 18
3
11
3 Mar 6
3
1312
1812 23
1358 Feb 5 1712 Jan 3
92
100
103 Mar 20 103 Nlar 20
11C
,
40
102
8658 Nfar 18 9912 Feb 18 81 597
128
12678 Feb 8 12978 Mar 27 10414
115
go
101
85
104 Feb 18 107 Jan 17
3C
21
18 NIar 27 23 Mar 5
13
418 12
312
334 Mar 13
8 Jan 7
11012 Jan 18 12318 Feb 19
8512
79
114
141
141 Jan 4 155 Mar 26 120
120
10
12% 22 II
165* Jan 15 20% Feb 18
37
314 Mar 27
734 Jan 4
6
11
1922 Mar 13 29 Jan 3
15
1158
31 as
107 Jan 23 11034 Mar 26
11(
75
80
378 Mar 15
3
64 Jan 7
3
1
612 Mar 21
858 Feb 18 41 512
41
/
4
I
11$ Mar 15
3 Jan 3
214
1
112
6% 24
3 Mar 13
812 Jan 10
6
6
212 Mar 13
1
714 Jan 11
5
Is
New York Stock Record—Continued—Page 4
2142
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT
Saturday
Mar. 23
Monday
Mar. 25
Tuesday
Mar. 26
Wednesday
Mar. 27
Thursday
Mar. 28
Friday
Mar. 29
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
Par $ per share
$ per share $ per share $ per share $ per share $ per share $ per share Shares
No par 39 Mar 21
300 Elea Storage Battery
43
*40
421
: *4012 41
*4034 41
41
41
4212 4234 *42
•14
12
x14
14 Mar 29
12
*14
No par
12
*14
12
*14
12
100 :Elk Horn Coal Corp
14
14
*88 1
43* 1
%Mar 8
*88 1
50
6% part preferred
1
*38
1
.
13*
50 5234 Jan 16
300 Endicott-Johnaon Corp
*5614 60
5912 594 *5612 5932 *5614 59 .5614 5914 58
58
100 12534 Jan 10
40
Preferred
13012 13012 13012 13012 *130 1304 *1281
:13012 *12818 13012 *12818 13012
118 Mar 16
300 Engineers Public Serv____No par
134
134
134 134 *114 2
*112 2
*134 2
"134 178
14 Mar 19
No par
55 cony preferred
17
*1512 1614
*15
1878 *15
1534 1534 1578 1578 16
16
300
No par 141: Feb 7
1712 1712 1634 1634
17
300
i514 preferred
*1612 1712 '17
1712 *1714 1712 17
No par 154 Mar 19
$6 preferred
100
"17
18
*17
18
*1634 18
164 1634 *1612 1712 *1634 18
5 Jan 7
No par
1,600 Equitable Office Bldg
5
5
5
5
5
5
*5
518
5
5
*5
518
718 Mar 20
100
Erie
1.100
812 878
8
818
8
818
*75
8
77
8
712 8
8
8
812 Mar 26
100
9
9
1.200
1014 104
912 10
84 9
First Preferred
84 812
812 812
634 Mar 12
100
Second preferred
*618 8
*6
8
*534 8
*504 8
"54 8
*54 8
50 6912 Feb 18
Erie & Pittsburgh
_ *6218_ *6218
_ *6218
*621
:
_ *6218
__ *6218
5 1012 Mar t9
1114
1,400 Eureka Vacuum Clean
•11 1112 *1034 1238 1 114 1114 *1114 -1138 1 114 1114 11
5 1612 Mar 6
Products
Co
Evans
173
4
1,500
173
8
173
4
174
173
4
1838 1834 *1712 18,
1738
8 *1712 18
3 Mar 12
230 Exchange Buffet Corp___No par
3
*3
334
44 434
3
*3
312 *3
4
*3
4
58 Mar 26
25
30 Fairbanks Co
14
58
58
118
118
*58 2
*1
•58 2
58 2
4
Mar 19
100
*412 612 195
10
Preferred
6
*434 54 *458 434 *434 614
44 434
21
21
21
2134 2134 2134 2158 2318 2214 2278 2238 2238 4,600 Fairbanks Morse & Co—No par 17 Jan 11
100 72 Jan 17
Preferred
290
90
90
*8858 90
88
88
88
91
*87
8814 86
87
15
538 Mar 15
"6
7
*6
7
614 678
634 7,8 *678 74 "634 738 1.600 Federal Light & Trite
No par 48 Jan 8
Preferred
20
56
56
*55
5712
*55
56
*5412 58
*5412 58
*5412 58
Federal Min ex Smelt Co......100 45 Mar 28
55
*40
55
*40
55
•40
55
*40
55
*40
55 '40
100 61 Feb 28
Preferred
*52
65
65
65 .52
"55
*5114 65
"5114 65
*5214 60
334 Mar 23
4
4
4
4
600 Federal Motor Truck__No par
334 334 *314 4
334 334 '312 334
par
238 lvl Li. 14
Works____No
Screw
Federal
*214 3
*214 3
*214
3
*214
*218 3
3
"214 3
78 Feb 25
400 Federal Water Serv A.. ___No par
78
78
1
1
78
78
*4
78
*34
78
78
78
500 Federated Dept Stores_ _No par 1618 Mar 29
*1658 1678 1618 1612
*1634 1814 '1634 1814 1634 1634 *1618 17
Mar 14
28,2
_2.50
Fire
Ins
N
Plum
2
Fidel
800
2934 2934 2911 291
"2912 3034 2912 2912 2912 2912 284 29
par
Y1_
_ ...... Fifth Ave Bus Sec Corp.__No
- ---- ---- - - ------- - - ---- - - ---1934 Jan 10
Filene's(Wm)Sons Co___No par
1-4 *____ 19 *____ 16. *____ id. *.77_ il *__:_ li
100 10614 Mar 6
70
6 Si% preferred
110 110
*110 112 "110 112 '110 112 *110 112
•109
10 1312 Mar 13
1358 1358 3,400 Firestone Tire & Rubber
134 14
1312 1414 '134 14
1412 1-4-12 1312 14
85 Mar 19
100
series
A
Preferred
88
400
*8412
8912 87
8812
89 '88
9018 89
9014 *85
*37
900 First National Stores--No par 46 Mar 26
4614 4614 *4614 4612 4658 4678
*48
4834 47
47
46
47
Florshelm Shoe class A___No par 19 Feb 21
*2134 23
*2112 23
*2134 23
*2112 23
*2112 23
*2112 23
24 Mar 6
No par
*212 3
200 tFolliumbee Bros
*212 3
3
*24 3
*278 3
*3
34 • 3
2014 Jan 15
No pax
z28
2878 *2814 284 1.100 Food Machinery Corp
28
*2712 2812 2712 2712 2713 28
28
94 Mar 15
par
No
Foster-Wheeler
900
1112
113
4
11
18
114
11
11
1114 *1118 12
*1114 1134 11
No par 6038 M.11' 15
Preferred
20
67
*65
6712 *65
6712 •65
671z
6712 *65
65
65 "65
No par
434 Mar 13
300 Foundation Go
534 534
638 638 *534 614
•54 84
134 612 *54 6
1 1934 Mar 21
23
2 100 Fourth Nat Invest w w
23
2312 234 23
2038 2134 224 2312 2318 2338 23
par
85
8 Mar 15
No
claws
A
938
94 94 1,400 Fox F11111
914 914
94 914 *94 912.
914
94 9*
*3014 33
50 Fkln Simon & Co 100 7% pt-_100 33 Mar 27
33
031
33
3534 33
*33
3534 "334 3534 .33
1714
Mar 18
10
Freeport
Texas
CO
2212
2312
7,300
2312
224 2234 22
223* 2212 2278 224 2314 234
Preferred100 114 Mat 18
__ •112- -200
"112 116 *112
__ *10912
114 114 "112
15 Mar 13
Fuller (G A) prior preL—No par
*1418 2-0
*1418 /0
•144 20
*1418 /0
*1418 /0
"1418 20
434 Mar 13
No par
10
$6 2d prat
*614 7
"614 734
614 614 *534 812 *534 914 *1312 7
1 Mar 13
No par
1:
1
14
100 Gabriel Co (The) al A
14
*114
112 *118
138 •14
138 *118 14 *108
par
714 Mar 27
No
(The)
Gamewell
Co
20
*758 8
"758 8
*758 8
74 *7
74
714 74 *7
:Mar 13
51
No par
400 Gen Amer Investors
64 "512 618
578 578
614 814 •6
84 64 *54 6
No par 8434 Jan 10
Preferred
•8514 86
8514 8514
200
*8434 86
"8434 88
*8434 88
"8434 88
8 Mar 12
5
325
Trans
Corp
Amer
900 Gen
34
*3314 333* 3314 3314
*3412 35
3412 3412 3414 3478 33
10 1134 Mar 15
1338 1,900 General Asphalt
1418 1414
1314 134 1312 1312 134 1334 1312 1312 13
Mar 29
74
6
1,500
General
Baking
74
73
8
712
712
712
712
8
74 74
712 72
8
No par 115 Jan 10
$8 preferred
121 122 *120 123
120
"119 12112 12112 123 *121 122 *121 122
514 Mar 4
5
"514 512
514 515
512 512
514 512
514 54
54 512 1,300 General Bronze
2 Mar 20
No par
212 *2
212 *214 212
100 General Cable
214 214 *214 212 *24 212 *2
4 Mar 26
• *4
No par
Class A
5
5
"4
5
300
4
438 *44 618
6
*418 618
100 19 Mar 14
500
1% cum preferred
21
21
21
21
*20
22
*21
2138
2034 2034 *2014 21
No par 50 Mar 25
5012 50
5034 5018 5012 5034 5034 3.100 General Cigar Inc
5112 514 50
5114 50
100 12712 Jan 2
50
7% preferred
135 135 '135 138 *135 138 *135 138 *135 138 *135 138
:Jan 15
No par 201
2218 22
2212 22
2214 42,800 General Electric
2178 224 2112 2214 2178 2214 22
10 11 Jan 2
Special
1118 1118 13,924
1118 1118 11 18 1118 1118 1118 1118 1118 114 11 18
Mar 15
3214
No
par
General
Foods
33
3312
33°,
3314
333
4
9.800
324
3318
3312
3212
3314
324 3314
14 Feb 25
No par
400 Gen'l Gas & Elea A
38
*14
38
*14
38
*14
14
4
14
14
,
s
38
*1214 1434 *1214 15
100
Cony prat series A____No par 10 Mar 15
12
12
*12
15
*114 12
*1112 12
11 Mar 5
No par
*1312 17
*1312 17
*1212 16
*1314 17
$7 pref class •
•1212 16
*1212 16
No par
1534 Jan 15
*1434 18
*1434 18
$8 prat class A
•1412 18
*1312 18
*134 18
*1312 18
5712 Jan 2
____ 60
Gen nal Edison Elea Corp
•____ 6078 *4612 604 •-- 604 *__ _ _ 58 *____ 60
597
8 Feb 6
No
par
Mills
62
General
615
8
62
6212
3,400
6214 6158 62
6112 6112
6234 6234 62
100 116 Jan 3
Preferred
100
1174 1174 *11612 11818 *11612 1184 *11612 11818 '117 11818 *117 118
10 284 Mar 13
2734 2818 2712 284 2712 274 41.600 General Motors Corn
28
283* 2758 2818 2712 28
No par z10712 Jan 4
$5 preferred
1,200
1124 11212 11212 11234 112 11218 *11178 11278 11258 11258 113 113
10 Mar 20
No par
13
*12
1234 *12
300 Gen Outdoor Adv A
*114 13
1112 1112 1118 114 *1111 13
314 Jan 9
No par
Common
*334
4
4
4
*33
4
4
300
*334 4
*334 4
*334 4
1758 Feb 5
No par
280 General Printing Ink
*2334 244 2334 2334 2334 2412 2412 2412 2478 2478 *2334 25
Jan 22
No
par
9312
preferred
*9738
100
*973
8
99
$6
8
98
60
973
*973
8
99
9912
*974 9112 994
llg Mar 13
No par
1 12 14
158
158
600 Gen Public Service
134 14 *112 158 *112 14 *112 14
153* Mar 13
No par
18
1758 1758
300 Gen Railway Signal
•194 2012 *1878 1912 1912 1912 '1834 1934 18
100 80 Jan 2
Preferred
88 "75
88
"75
88
*75
88
•75
88
*75
88
*75
*78
1
1
78 Mar 13
*8
1
*78
1
1
*78
1
I
1
300 (len Realty & Utilitles
1
No par
1434 Mar 20
*1518 16
1514 1514 15
1518
$8 preferred
•1518 1618 *1518 1618 *1518 16
400
4 Jan 30
No
PO/
163
1818
1758 1758 1,600 General Refractories
1712 1818 *1714 18
1818 1818
174 1778 18
No par
1818 Jan 15
Voting trust certirs
1818 1814 1712 18
1712 174 1714 1712 1718 1712 1712 1712 2,300
par
15
Mar 12
No
prat
Castings
Gen
Steel
*15
16
153
4
•15
50
16
16
*15
16
*15
1534
1534
1534
12 Mar 14
No par
1412 15,31)0 Gillette Safety 1(asor
13,
8 134 1338 134 134 134 1334 1414 1378 1414 14
No par 704 Jan 4
7614 764 76
7614 7534 76
77
78
Cony preferred
7614 77
.c771s 78
3.100
238 24 *214
214
212
238
238
214
214 24
218 218
18
1812 18
18
18
*1812 19,:. 1812 1834 *18
*1734 1812
2558 2534 2514 2514 2534 2578 2512 2512 2534 2534 2514 254
106 10618 *106 107
106 10612 10614 1064 *106 107
1054 1054
318 318
3
3
278 3
27
32
78 24
2/
3
1514 15, 15
1512 1514 1514 1518 1512 1538 1558 1512 1534
*110 117 *110 117 .11414 117 "11414 117 *11414 117 *11414 117
814
804
8
858
8
84 814
84 818
8
84 814
*4318 47
43
43
44
*4158 4314 *4112 4312 4314 4312 •43
1734 1818 17
1712 17
1738 17
1712 1634 1713 164 1714
*71
7334 *71
*71
72
79
723* *71
72
*71
75 '71
*3
314
3
3
278 3
234 24
234 24
234 24
*20
36
*16
36
*16
36
*16
36
*16
36
"16
30
14
178
178
178
134
134
134 14
134 134
178 14
6
618 *818 614
634 64
54 6
6 2 634
54 54
*234 3
24 234
258 258
258 258
212 24 *24 24
*1812 194
20
19
19
*1812 20
*184 20
'19
*184 20
*1913 22
1912 1912 1918 194 •1818 194 1818 1818
*1918 22
27
27
2712 2734 2634 27
26
2612 2714 2734 *2714 28
94 978
958 958
978 10
912 958
958 978 .934 10
1012
1038 1138 10,8 11
978 1012 10
1018 1014
978 1012
294 2934 2912 294 2878 2934 2858 29
287 2834 2814 2858
•1234 126
12314 1234'1234 12612 *12314 12512 *12314 12512 *12314 1254
'26
50
*28
50
•26
50
*26
50
*26
50 .26
50
*112 2
1 12 112 *112 134
133 134 *112 2
'114
138
2212 2212 2212 *22
*17
20
*1812 20
20
22'2
•1614 20
512
512 *3
51
*8
512 *3
512 *3
*312 512 '3
8
8
*7
9
'8
912
8
8
*7
8
*812 10
20
12
14
23
*12
23
*12
23 .14
•12
23 '12
48
4914 4914 *4814 494 4814 4814 *4814 4914 484 4814 48
'2538 2534 *2558 26
*2558 2534 2558 2534 '2534 2578 *2534 257
3112
3012 3012 3012 3012 3012 '3034 3112 *3034 311 *31
*30
418 418
418 41
418 41
44 418
414 412
378 412
6412 641
1364 677
: 6714 6714 67
6812 6634 6634 644 65
44 412
438 438
514
414 414 *44 458 *414 438
'41
'514 7
*514
7
678 67
*54
7
'514
7
*514 7
66
66
66
'41
70
*48
70
*66
68
"66
68
66
1034 1031
10314 10314 '104 10412 104 104 *10314 104 *10314 104
1718 1702
174 1778 *1714 18
1778 18
*1712 1778 *1778 18
*10514 . _
105 105 *106 . _ *106 .
*104 - - 105 105
6,2 64
613 612
64 -8-12 *614 -di. *84 -63*614 -Iiit
85 •83
85
8412 8412 8412 *84
*834 85
834 8412 .82
12
4
14
*18
02
*18
x14
12
*4
1
*18
1
*24 313
*234 312 *24 312 '24 312 •234 312 *234 31
For footnotes see page 2138.
900
700
2.500
140
2,000
3.300
4,000
400
6,500
2,300
2,200
7,400
70
100
300
1.800
2,200
9,900
4,100
20
600
130
300
200
40
200
60
4,300
3,100
300
100
20
70
600
20
600
110
1 000
March 30 1935
Highest
July 1
1933 to Range for
Feb. 28 Year 1934
1935
High
•Low Low
$ per share $ per sh $ per share
34
52
4912 Jan 7 21 334
38
178
78 Jan 10
12
334
1
78
138 Jan 10
45
45
63
604 Feb 19
120
128
13012 Mar 16 112
178
2
884
278 Jan 4
1018 2312
1018
204 Feb 13
2412
11
11
2118 Feb 13
2512
13
12
2258 Feb 13
6
1032
6
54 Feb 18
814
94 244
14 Jan 4
1018
1434 2814
1714 Jan 4
23
9
812
13 Jan 7
68
50
50
70 Feb 2
144
7
638
1258 Feb 19
9
2714
3
2314 Feb 21
104
3
3
5 Jan 18
1
2311
1
24 Jan 19
334 1211
312
938 Jan 18
7
1884
241
:Feb 20
478
7712
25
30
91 Feb 20
4
1114
4
734 Feb 15
3418 62
33
58 Feb 7
107
45
52
50 Jan 17
98
62
50
70 Jan 17
8 Jan 2 16 284
278
8
,
4
44 Jan 7
1
2
54
4
138 Jan 7
7s
1
20
31
18
2058 Jan 7
2014
234 351
3412 Jan 9
:
11
64
7
1934
23
30
234 Jan 8
87
108
11034 Jan 15 x85
1318
134 2514
1818 Jan 7
9214
71
9458 Feb 20
674
58 Jan 7 9 4738
53
6914
25
1258
15
2234 Jan 4
2
1738
638 Jan 7
2
29 Mar 12 37 1004
1012 2158
81: 22
1712 Jan 2
812
4414
55
80
77 Jan 2
614 174
84
1012 Jan 7
174 2712
1658
25 Jan 8
1313 Jan 2
814
814 174
83
20
20
45 Jan 11
2112 8042
2038
26 Jan 2
12018 Jan 22 11312 11312 16018
24 Jan 25
1212
14
334
6
1958
12 Jan 24
5
218 Jan 3
Vs
lig
43*
8
20
8
94 Jan 10
558 1112
558
758 Jan 4
6412
73
87
8712 Feb 15
30
4358
2514
3814 Jan 5
2312
12
1878 Jan 9
12
Ols
611 143*
914 Feb 19
100
1081
:
125 Feb 25 100
5
5
1018
718 Jan 8
314 Jan 3
214
214
64
44 12
414
7 Jan 3
14
144 33
2711 Jan 7
2414
6314 Jan 8
27
5934
97
135 Mar 22
97
1271
:
184 254
2.504 Feb 18 9 16
1234
11
114 Jan 3
11
3512 Feb 18
28
28
8678
4
38
134
58 Jan 14
134 Jan 18
514
614 19
21
11
14 Feb 5
634
22
16 Jan 24
74
13
6134 Feb 5 8454
50
624
51
81
6514 Feb 28
644
118
11818 Feb 14 10012 103
244 42
3414 Jan 3 Z3 223*
8954 109
84
113 Jan 28
13 Jan 10
814
834 21
314
858
314
4 Mar 21
2478 Mar 5
1012
1012 254
100 Mar 5
6114
734 96
238 Jan 3
158
2
54
2312
30 Jan 7
234 454
1011z
80
90
91 Jan 30
1
134 Jan 10
Vs
1
10
2618
1978 Jan 10
10
:
1018 2338
81
2014 Jan 3
20
714
10
1978 Jan 2
1614
1758 484
32 Jan 22
1518 Jan 10 9 712
812 1473
72
47
4512
78 Mar 28
24
378 Jan 4
24 Mar 13
No par
Gimbel Brothers
1313
100 18 Mar 27 2714 Jan 5
Preferred
12
No par 234 Feb 7 2778 Feb 21
Glidden Co (The)
80+8
100 10478 Jan 2 10838 Mar 1
Prior preferred
338
434 Jan 25
24 Mar 12
5
Gobel (Adolf)
1534
1478 Mar 21 18 Jan 7
No par
Gold Dust Corp vie
9612
No par z11358 Mar 14 11612 Feb 25
$6 cony preferred
8
74 Mar 13 1178 Jan 7
No par
Goodrich Co(B F)
2612
100 40 Mar 15 5411 Jan 8
Preferred
184
1534 Mar 13 2878 Jan 7
Goodyear Tire & Rubb.--No par
No par 71 Mar 15 92 Jan 10 7 5318
181 preferred
318
512 Jan 3
No par
234 Mar 19
Gotham Silk Hose
3813
Preferred
100 3512 Mar 2 50 Jan 3
112 Wit 21
314 Jan 3
1
14
Graham-Paige Motors
4
714 Jan 7
54 Mar 19
Granby Cons M Elm & Pr--100
3
5 Jan 7
1
214 Mar 15
Grand Union Co sr eta
17
No par 17 Feb 25 2934 Jan 3
Cony prat aortae
2078
1818 Mar 29 23 Jan 10
No par
Granite City Steel
25
.
No par 26 Mar 26 3514 Jan 3
Grant (W T)
914 Mar 19 1278 Jan 7
74
Gt Nor Iron Ore Prop--Na par
1138
958 Mar 12 1734 Jan 7
100
Great Northern prat
25
Great Western Sugar--No par 2858 Jan 15 3178 Mar 4
99
100 119 Jan 2 128 Mar 12
Preferred
18
100 34 Feb 6 38 Mar 8
Greene Cananea Copper
1
Feb
1
214
Feb
19
No
par
Guantanamo Sugar
4
714
100 19 Feb 16 23 Feb 21
Preferred
4
4 Mar 7
6 Jan 13
Gulf Mobile & Northern--100
11
712 Mar 12 15 Feb 18
100
Preferred
No per
12 Mar 29 24 Jan 8
14
Gulf States Steel
2514
Preferred
100 48 Mar 29 67 Jan 11
1978
Hackensack Water
25 2114 Jan 15 254 Mar 27
26
25 30 Jan 18 32 Jan 15
7% preferred claw A
34
34 Mar 13
No par
614 Jan 13
Hahn Dept Stores
18
100 55 Jan 15 7018 Mar 13
Preferred
712 Jan 2 9 34
10
4 Mar 19
Hall Printing
358
94 Jan 8
64 Mar 29
Hamilton Watch CO
No par
20
Preferred
100 63 Jan 4 75 Jan 23
77
Hanna(M A) Co $7 pt___No par 101 Jan 2 10512 Feb 25
12
Harbison-Walk Retrac—No par
16 Mar 15 20 Feb 18
82
100 9934 Jan 7 105 Mar 25
Preferred
14
7 Jan 7
54 Feb 6
Hat Corp of America el A___-1
1412
100 81 Feb 6 8614 Jan 2
614% preferred
4 Jan 8
4
14 Mar 26
Havana Electric, Ry Co _.No par
234
234 Jan 26
234 Jan 28
100
Preferred
..
64
258
184 30
1558 284
1074
83
338
94
18
964
8
.518
184
64
37s
884
112
4
4
28
21
28
812
1214
28
102
18
4
74
5
12
1514
47
2012
27
311
254
34
34
25
84
13
87
14
1934
38
3
23
120
18
624
41111
8614
11,
4
7111
412
1333
834
40
311s
403*
1519
324
3514
1184
59
312
81
1614
3534
42
83
264
31
84
834
84
1178
63
1014
2434
100
Ps
92
112
84
New York Stock Record-Continued-Page 5
Volume 140
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Mar. 23
Monday
Mar, 25
Tuesday
Mar. 26
Wednesday
Mar. 27
Thursday
Mar. 28
Friday
Mar. 29
5 per share $ per share $ per share $ per share S per share S per share
0134 214
.173 2
•178
2
173 2
134 134
178
17s
*8913 92
*92
94
92
*90
92
92
92
92
9214 9214
*125 132
130 130 *12612 132 *12613 132 *128 132 *125 132
*150 _ __ *150_ *150
_ *150
__ 0150
_ *150
_
*1212 15
*1212 13-12 1212 12-12 *1212 1-312 *1212 13-14 *13 --1313
*69
*71
72
7212 71
71
*70
7212 *6912 72
*6912 7213
*12433 125 *12412 125 *12412 125 *12412 125 *12434 125
12438 12438
76
76
76
*7313 76
7614 •75
7712 76
76
76
76
*107 108 *10714 10812 '10714 10812 10714 10714 .10714 1081
/
4 *10714 10812
678 673 •658 7
6/
1
4 678 "633 7
*658 673
'65* 7
634 7
*658 714 *612 7
712 712
*712 8
653 678
*362 380 *365 376 "366 376 *366 376 "37012 376
372 376
*3134 3219 3212 3234 33
33
3212 3278 3212 3234 '3212 3338
713
738 712
7'2 753
733 712
714
758
738
733 712
*5473 57
*5478 57
*5413 58
*5473 57
*55
57
56
56
1158 115* 1112 114 Ills 1112 12
12
*1114 12
11 12 1112
214 212
214 238
214 214
214 214
218 218 *2
214
47
474 4512 4612 4612 47
46
4718 46
4638 46
4612
31
/
4 31
/
4
314 314
*34 4
34 38 '3
313
314
314
8
8
712 712
7/
1
4 753
7
714 .678 812 *678 8
8;/
1
4 812
612 838
614 7
61
/
4 7
678 718
634 7
2
178 2
2
14
173
178
178
134 134
78
134
1053 1138
978 1012 *1018 1012 10
101
/
4
934 1033
973 1014
*14
17
*14
17
*13
17
*14
17
*13
17
*13
17
•40
4212 *40
4213 *41 12 4212 *40
4212 4212 4212 41
4212
*5
7
*5
6
"5
514
5
54 *414 5
*414 5
*218 258
218 218 *218 238 *218 258 *218 214 *218 238
27
2758 25
2612 2478 2512 2412 2478 2412 2434 2438 25
63
63
*62
6612 63
63
*6314 6612 *6334 6612 *6414 65
•120
*120
.*120
_
•120
_ .•120
*120
4612 1612 *46
4612 -4678 4612 -4612 4634 4-634 4612 _--4678
23
273
2/
1
4 2/
1
4
3
3
3
3
*234 3
253 258
4/
1
4 458
41
/
4 458
412 412 *412 434
423 4/
1
4
423 453
10
10
*933 978
958 953
978 10
"938 10
978 10
_-_•233 -34 .238 114 *238 314 *238 114
232 -2.38 *238 .314
*212 412 *212 41
/
4 *213 412 "212 412 *212 41
/
4 *21
/
4 41
/
4
1312 1414 *1014 1312 *1014 1414 *1112 13
1212 1212 *1214 13
*112 2
*112 2
2
2
.138 2
178
17g •158 2
412 41
/
4 "438 478
415 41, *412 478
458 458
*412 478
31
31
/
4
3
3
31.3 34 .313 318
338 35*
314
314
•33
3612 *3338 36
*3312 35
*34
38
3434 3434 *34
3634
15512 156
15434 15512 154 15414 *15414 158
156 156
158 158
418 414
414 414
414 414 *4
414
*4
414
4
4
2334 24
24
24
2312 24
2314 2414 2312 2412 23
2412
37
374 3633 374 3612 36e 3612 3714 37
3712 3673 3758
•13914 14014.
13912 14014 *13913 14034 140 140 .140 14012 14038 14038
2
2
134 2
112 134
134
134
134
13
*134 2
.238 238
212 21
"238 238 *213 2.8 *2
21
214 238
2338 2358 2333 2324 2334 24
2378 2418 24
2414 2414 24-5*
*12912 13012 *12912 1301 129 129
12934 12934 *12912 1301 .12734 13012
---- ---- -- -- -- -- ---- -- - ---- - *153 134 .112 134 .158
1-34 *112
134 *112 152
112 112
*78
1
"8
1
"8 152
"2
1
•58
1
•88
1
34
*33
34
*53
58
h
h
h
*h
3
h
58
6
64 612
614 *578 638
578 6
578 6
512 534
.2212 23
2214 2214 .2214 23
2214 2214 *2212 23
2212 2212
•____ 9912 991; 9934 *9912 101
9912 9912 *9912 101
*9912 101
"29
31
29
29
*29
30
*29
30
*29
30
*29
30
*4212 431
/
4 .4212 4313 *4212 4234 43
4318 •4212 4313 43
43
1714 1714 1718 1718 18
18
*17
20 .1612 20
19
1912
*61
65 .6034 65
66114 65
*6112 65
65
65
.62
68
653 673
612 634
658 612
612 634
612 634
638 653
1012 1012 1012 1012 1013 1018 1012 1012 *10
101 *10
1012
*75
8418 .75
841
/
4 *77
8338 *75
80
275
75
"71
81
7
7
7
7
7
778
773 773 5712 773 "7
734
*3014 31
*3014 31
*3014 31
3012 3012 .3014 31
*3014 3078
•120
.120
_ _ *120
___ *120 -- _ .120
____ •120
_
54 -54
53 -53 *5312 -54
5314 5338 53
5314 •52 -5314
42
43
4038 4214 4012 41
4012 42-/
1
4 4112 43
4114 42
.11714 120
120 120 .1174 120
120 120
120 120 .11734 12012
•13314 175 •13314 175 "13314 175 .13314 175 .13314 175 .13314 175
55
5518 54
54
.5212 54
5212 5212 5214 5234 52
53
"11533
- •116
_ __ 116 116 .116
_ __ *117
_ __ .117
534 --53-4 *434 -51
43
*4h -5
/
4 *434 5
-5
.434 5
.714 833 *734 834 *713 838 *714 8
714
7
712 712
93
934 *912 93
934 034
034 10
VA 10
10
10
•1633 1678 1658 1638 a165* 1658 *1634 1678 1634 1678 *16-53 1678
.33
40 .33
40
*33
40
*33
40 .33
40
•33
40
1
1
78
1
1
1
74
1
34
h
h
34
57
8
*613 712 .678 78 "6h 8
0653 778 0634 734
.812 10
•838 10
*834 10
.834 10
.834 934
912 912
712 712
714 71
/
4 *712 8
758 734
723 778 5734 8
1512 1578 1512 154
151g 1558 1518 1514
1514 1512 15
1538
*84
8812 851
/
4 8512 *84
8512 8512 8512 8512 8512 8512 853
15
1538 15
154 1518 155* 1513 1558 1534 164 1573 1638
*934 1034 *934 103: .93 1012 .10
11
•10
11
"10
11
•314 312 •338 312
338 338 *3
418
314 314
*3
413
2658 2658 *2434 2638 2434 2434 *2114 25
*23
25
23
23
2014 2034 2013 2014 20
2023 2018 2014 20
2014 20
2018
•106 110 .106 110 *106 110 *106 110 .106 110 .106 110
•212 4
*212 4
.212 4
*212 4
•212 4
"212
.6012 64
.6012 64
*6012 64
*6013 64
6012 6012 "6012 63
5978 597 *5513 6018 *55
.541
/
4 62
59h *5514 5878 *56
587
2438 2378 2413 233 24
2438 2412 24
2334 2378 2338 2334
15
13
.14
13
17
*14
*1012 1312 *1112 131
/
4 *11
1214
26
26
*23
26
20
20
1914 1914 *1912 23
1912 1012
2658 2614 2614 2612 2612 263 26h 2612 2612
2612 2611 26
658 *6
.64
634 .6
634 *6
631 •6
64 *6
634
93
10
*978 1013
93
978 10
10
934 92
934 93
1314 *1212 1314
•12
1333 •12
121
/
4 1212 *1212 1358 9212 13
*98
_ _ .98 --_ *98
98
98
_ _ •98 ____ •98
__
64 7
6
114
614 6-14
61
/
4 -64
6
61
/
4
61
/
4 6-1-4
*158 134
134
134
112 112
112 112 *1 13
144
112 134
714
718
*713 734 *718 734 *718
718
734 812
8
813
6738 69
69
6814 6534 69
6714 6753 6718 6712 6814 6814
/
4 1512 1512 •1514 157g
1412 1458 1412 1458 1412 1423 1512 151
24
2414 2318 24
23
2333 2318 2312 23
2338 215* 23
23
22
*2114 2134 2134 214 21h 2I5* *22
22
22
22
96
99
96
*96
97
9878 96
*9514 97
.97
9512 96
97
9512 9712 96
9634 9714 9614 9712
/
4 9712 98
9838 981
'1574 160 *15714 160 *15714 160 •15733 160 *15738 160 .1575* 160
.17
18
*1634 178 •1634 1734 1773 1778
*1678 18
17
17
.1434 18
15
15
*1434 178 .15
*144 18
•1434 18
16
18
18
1714 1812 1812 1812 20
1814 1814 1814
•17
2014
2612 261
/
4 2612 27
2612 27
2618 2612 •252 27
2614 2714
3473 3538 3412 353
3458 3478 3418 3434 3412 3434 3438 35
•10413 10514 *1044 10512 *10514 10512 10512 10512 106 106 *10612 107
1
*1
118
113 11
1
/
4
11
/
4 118 .1
*1
113
11
/
4
15* *114
112
/
4
112 112 •114
138 111
/
4
153 111
15* *14
3413 34
34
3412 3412 3412 3434 *3418 3412 34
*3312 3414
*12612 12812 "12612 12812 *12612 12812 .12612 128 *12612 128 *12612 128
1812 1873 1812 1834
1538 19
1853 19
1834 19
1858 1914
128 129 .128 129
*120 129 *126 129 "126 129 *12612 129
34
73
*78
1
78
78
78
78
1
.78
114
*7*
934
0/
1
4 *7
934 *7
9
*8
.7
•834 978 *714 10
133
8
1338
131
8
13h
/
4
133
13
8
1318
131
/
4
133
1312
131
1314
35
35
3538 35
3414 35
34
34
*3514 39 .3538 37
13
131
l44 1234 14
13
1312 13h 137
*1418 144 .14
9934 •9138 100
*96
.9138 100
•9713 10134 *9138 103
*91% 100
*44
45
45
*44
*4414 45
45 •44
45
*437 45
45
____ .11912 ____ •11912 ____ "119 ____ •119 ..--___ •119
*119
-- -
ii
For footnotes see page 2138.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
2.900
800
100
___
100
100
10
500
200
300
700
200
1,800
3,400
100
700
1,000
3.700
700
600
26,600
25.200
4,200
par
2
Hayes Body Corp
Hazel-Atlas Glass Co
25
Helme (G W)
25
100
Preferred
No par
Hercules Motors
NO par
Hercules Powder
100
57 cum preferred
No par
Hershey Chocolate
No par
Cony preferred
No par
Holland Furnace
5
Hollander & Sono (Al
Homestake Mining
100
Houdaille-Hershey CIA ...No par
No par
Class B
Household Finance part pf___50
Houston 011 of Tex tern ctfs_100
Voting trust Ws new
25
Howe Sound v t 0
5
100
Hudson & Manhattan
Preferred
100
Hudson Motor Car
No par
Hupp Motor Car Corp
10
Illinois Central
100
6% pref series A
100
100
Leasei lines
RR Sec ctfs series A_-__1000
Indian Refining
_10
No par
Industrial Rayon
No par
Ingersoll Rand
100
Preferred
Inland Steel
No par
Inspiration Cons Copper
20
1
Insuranshares Ctfs Inc
f Interboro RapidTran v $0 __100
No par
Certificates
Internat Rya of Cent Amer _ _100
No par
Certificates
100
Preferred
No par
Intercont'l Rubber
No par
Interlake Iron
No par
Internat Agricul
100
Prior preferred
Int Business Machines-No par
1
Internal Carriers Ltd
International Cement__-_No par
NO par
Interim* Harvester
100
Preferred
25
Int Hydro-El Sys CIA
lot Mercantile Marine___No par
lot Nickel of Canada__No par
100
Preferred
Internal Paper 7% pref
100
Inter Pap & Pow Cl A____No par
No par
Class 11
No par
Class C
100
Preferred
Int Printing Ink Corp_No par
Preferred
100
No par
International Salt
No par
International Shoe
International Silver
100
100
7% preferred
No par
Inter Telep & Teleg
No par
Interstate Dept Stores
100
Preferred
No par
Inter-type Corp
Island Creek Coal
1
1
Preferred
No par
Jewel Tea Inc
No par
Johns-Manville
100
Preferred
Joliet & Chic RR Co 7% gtd..100
Jonee & Laugh Steel pref-100
Kansas City P & L pf serl3No par
100
Kansas City Southern
100
Preferred
Kaufmann Dept Stores $12-50
Kayser (J) & Co
5
Keith-Albee-Orpheum prat __100
6
I Kelly-Springfield.TIre
No par
6% preferred
Kelsey Hayes Wheel conv.cIA__1
1
Class B
No par
Kelvinator Corp
No par
Kendall Co pt pf ser A
No par
Kennecott Copper
No par
Kimberly-Clark
No par
Kinney Co
No par
Preferred
70
40
100
10,400
200
___ _ _ _
800
600
900
1,000
100
40
200
400
900
100
800
700
4,500
8,200
200
2,200
500
40,500
200
200
300
1,900
400
240
200
700
500
12,200
700
100
2,200
100
_._
1,100
8,200
150
350
20
300
300
1,000
500
8,000
Range Since Jan. 1
On Basis of 100-share bola
Lowest
100
1.400
5,400
70
29.500
'
200
70
4,800 Kresge (S S) Co
10
7%
- 10prefd
Kresge Dept Stores
o par
10
Preferred
100
100 Kreas (S H) & Co
No par
4,300 Kroger Groc & Bak
No par
10 Laclede Gas I.t Co St Louis _100
70
5% preferred
100
2,500 Lambert Co (The)
No par
Lane Bryant
No pat
600 Lee Rubber & Tire
6
100 Lehigh Portland Cement
50
10
7% preferred
100
1,700 Lehigh Valley RR
50
1,000 Lehigh Valley Coal
No par
1,200
Preferred
50
2,200 Lehman Corp (The)
No par
1,100 Lehn & Fink Prod Co
5
14,700 Libby Owens Ford Glass__ No par
400 Life Savers Corp
5
600 Liggett & Myers Tobacco_25
6,5001 Series B
25
I
Preferred
100
200 Lily Tnlip Cup Corp____No par
100 Lima 1.0e011108 Works____No par
800 Link Belt Co
No par
2.400 Lluuld Carbonic
No par
13,300 Loew's Incorporated
No par
300
Preferred
No par
800 Loft Incorporated
No par
500 Long Bell Lumber A
No par
700 Loose-Wiles Biscuit
25
7% 1st preferred
100
5,100 Lorillard (P) Co
10
90
7% preferred
100
600 Louisiana OF
No par
Preferred
100
2,200 Louisville Gas & El A-...No par
1,000 Louisville & Nashville
100
1,700 Ludlum Steel
1
Cony preferred
No par
100 MacAndrews At Forbes'
10
100
6% preferred
Mackay Cos preferred
100
2143
$ per share
158 NIar 18
85 Jan 2
127 Jan 5
14213 Jan 10
11 Jan 8
71 Mar 12
122 Feb 9
7312 Jan 2
104 Jan 25
534 Mar 15
653 Mar 29
338 Feb 5
3078 Mar 14
612 Mar 13
49 Jan 2
91
/
4 Mar 15
1 12 Mar 13
43 Jan 15
2h Feb 27
612 Mar 14
614 Mar 26
73 Mar 29
912 Slur 14
1673 Feb 26
40 Mar 21
5 Mar 27
218 Mar 16
2433 Mar 29
6013 Mar 13
109 Jan 7
4614 Mar 22
212 Feb 27
4 Mar 1
8h Mar 15
238 Mar 25
312 Mar 4
1212 Mar 28
178 Mar 15
414 Mar 7
234 Slur 14
31 Mar 14
14912 Jan 15
338 Mar 12
2278 Mar 15
3413 Mar 18
135 Jan 2
114 Mar 15
214 Jan 15
2214 Jan 15
126 Feb 8
1 13 Mar 15
%Mar 13
12 Mar 15
412 Mar 13
2112 Jan 15
9812 Jan 2
29 Jan 21
4214 Mar 19
17 Mar 19
60'2 Mar 21
533 Mar 13
9 Mar 18
75 Jan 29
61
/
4 Mar 13
3012 Mar 19
110 Jun 22
49 Mar 13
3812 Mar 13
11712Mar 15
130 Feb 19
62 Mar 29
11514 Mar 20
334 Mar 13
638 Mar 12
712 Feb 6
1534 Jan 17
34 Mar 7
34 Mar 28
638 Mar 14
6 Jan 25
314 Mar 1
1458 Mar 13
84 Mar 21
134 Mar 13
10 Mar 5
3 Mar 19
23 Mar 29
1934 Mar 13
10612 Jan 16
3 Mar 18
42 Jan 11
5838 Mar 12
2314 Mar 5
12 Mar 22
1914 Mar 27
26 Mar 25
6 Mar 9
812 Mar 14
1033 Mar 14
89h Jan 3
5 Mar 13
113 Mar 13
612 Mar 18
6718 Mar 28
1412 Mar 21
2158 Mar 29
21 Mar 14
9512 NIar 29
9512 NIar 26
151 12 Jan 30
1678 Mar 13
1312 Mar 14
171
/
4 Mar 13
2412 Mar 13
3114 Feb 7
102 Feb 1
1 Mar 15
14 Mar 12
3312 Mar 13
126 Jan 30
1812 Mar 26
12614 NIar 21
h Mar 13
714 Mar 15
10h Mar 18
34 Mar 29
1234 Mar 26
9014 Jan 4
40 Jan 24
113 Feb 8
Highest
July1
1933 to Ranoe for
Feb. 2S Year 1934
1935
High
Low Low
_
$ per share S per oh
373 Jan 2 .. 04
9412 Feb 23
65
94
132 Mar 11
150 Feb 25 120
514
16 Feb 20
40
7733 Jan 8
1
4
125 Jan 2 104/
44
8134 Jan 19
10778 Mar 9
80
4
914 Jan 7
51
/
4
11 Jan 2
3911
/
4 Jan 7 200
3634 Jan 25 3 7
918 Feb 19
212
43
57 Mar 19
1212
1734 Jan 2
333 Jan 4
213
20
521
/
4 Jan 3
234
513 Jan 21
814
1312 Jan 21
1234 Jan 7 31 6
178
378 Jan 7
934
1714 Jan 7
1678
2334 Jan 4
4618
5712 Jan 10
7
10 Jan 4
21
/
4
212 Jan 2
6 1314
33 Jan 7.
45
7018 Feb 20
120 Feb 28 105
26
5514 Jan 2
212
378 Jan 8
2
478 Feb 14
512
1618 Feb 19
5
2
438 Jan 25
212
5 Jan 3
653
1812 Jan 10
2
3 Jan 7
4
7 Jan 7
5 Jan 2
112
10
4234 Jan 25
16112 Feb 18 12534
4
658 Jan 8
1838
33 Jan 7
2314
437g Jan 2
14212 Mar 4 110
273 Jan 9
lh
2
31
/
4 Feb 20
2412 Feb 18 31 1458
13012 Mar 14 101
84
3 Jan 8
173
138 Jan 7
73
11
/
4 Jan 19
h
612
12 Jan 7
9
2412 Mar 1
65
101 Feb 26
20
3118 Jan 4
38
4514 Jan 10
28 Jan 4
19
40
75 Jan 3
97 Jan 10
712
1234 Jan 7
234
1614
84e Jan 7
434
778 Mar 26
3 per share
14
6h
74
9678
101
145
12313 153
514 1213
59
815*
III
12544
4812 7334
83
10518
48
1014
534 13
310 243018
11
34
251
878
43
54
1213 2934
212
558
3513 5714
4
1213
2614
9
61
/
4
173
1353
21
4834
712
233
1938
4913
105
3414
25/1
218
1
4
5/
612
2
213
733
213
4
2
15
131
413
18:/
1
4
2314
110
218
2
21
11534
10
2
73
h
812
9
66
21
38
19
59
7/
1
4
313
2138
558
2414
714
387
50
66
2414
434
3214
734
11634
56
678
433
1713
1212
7
638
2234
578
1114
61
/
4
374
164
1218
3744
4673
137
918
6
294
130
25
612
313
234
2478
2512
106
32
5038
4534
8413
17h
1638
8112
10
20h
36 Jan 8
85
118 Nlar 21
26
57 Jan 7
3612
5733 Jan 7
87
125 Jan 4
130 Feb 19 115
45
73 Jan 23
9778
11612 Nlar 9
618
83 Jan 7
9
1312 Jan 7
514
10 Slur 5
12
19 Feb 19
15
34 Mar 7
23 Jan 17
1
5
1333 Jan 17
212
11 Mar 19
11
/
4
834 Mar 22
6 678
18/
1
4 Jan 9 '
55
95 Jan 29
1513
1833 Jan 7
938
11 Jan 8
214
533 Jan 3
12
38 Jan 23
2434
90
33
39
101
135
45
9774
638
1014
6
1374
20
1
5
3
238
22 Feb 18
112 Jan 4
4 Jan 17
65 Mar 9
6912 Jan 7
28114 Jan 2
21 Jan 12
31 Jan 24
2812 Jan 8
9 Jan 3
1274 Jan 7
1733 Jan 7
99 Feb 20
111
/
4 Jan 7
273 Jan 4
1212 Jan 23
7434 Feb 19
1714 Jan 25
3234 Jan 2
23 Jan 3
10712 Jan 4
10912 Jan 4
15712 Mar 19
1014
994
2
12
27h
19
15
2613
1938
418
51g
9
73
614
173
4
5834
111
/
4
21
1511
/
4
7112
7314
123
1333 2254
101 :114
213
74
55
19
6513
36
234 3358
20
6312
60
27
/
4
2214 311
1414
5
7
1413
11
20
7323 90
9/
1
4 214
212
5
6
1533
641
/
4 78
1112 2312
2212 4378
1713 24
73
110
7412 1114
15212
129
1914 Jan 3
2412 Jan 5
22 Feb 16
3074 Jan 8
367 Feb 18
106 Mar 28
134 Jan 2
212 Feb 14
3614 Feb 20
129 Feb 23
215* Jan 3
13512 Jan 25
178 Jan 7
1412 Jan 8
141
/
4 Jan 10
4712 Jan 7
1814 Jan 8
103 Feb 18
46 Feb 19
120 Mar 22
-.
1414
1514
1113
161
/
4
1912
68
114
1
334
116
1434
981
/
4
h
6
12
3412
713
50
21
8733
2018
16
261
/
4
1514 364
11 12 1938
1618 3533
208 37
105
72
II,
3
3
1
3314 24434
119h 12812
1534 2212
102 2130
34
333
714 2313
21
12
37h 6213
84 1912
60
97
42/
1
4
30
95
1114
2018 33
36
1101,,
5712
665a
121
140
77
11412
193
2712
10h
1812
3713
413
20
10
712
1 168
2114
651
/
4 94
231g
16
97
1814
714
3
13/
1
4 41
New York Stock Record-Continued-Page 6
2144
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Mar. 23
Monday
Mar. 25
Tuesday
Mar. 26
Wednesday
Mar. 27
$ per share $ per share $ per share
2113 2131 21
2112 21
2114
3534 36
35
3538 3434 348
613 6% 06
6% *578 6%
21
21
2112 2112 2158 2134
*1
114
1
1
1
1
812 812 *834 10
0812 10
*78
114
*I
114
*I
114
412 412 *434 5
*412 512
0212 3% .52% 318 *134 318
*28
35
*28
35
•28
33
1512 1512 1518 1.558 •1538 1534
11
*10
*10
11
*10
11
*1
114 *1
114 *1
114
478 478 *478 5
478 478
*512 558
5,3 5,2
558 558
*1., 1
.12
1
1
*12
*1
434 *1
434 "1
434
*418 .578 *413 578 *418 578
*1
2
'
534
178
*34
18
*20
22
*1912 21
*1912 21
1
1
7 2 713 *714 8
7 4 712
778
778
*614 7
*612 7
*612 7
612 612
2512 26
2512 2512 2558 26
26
26
*146 147
147 147
148 148 *148 150
37
36
37
*3714 3734 3658 3738 *36
658 7
678 718
67
7
634 634
4218 4218 417 421
4114 4134 4012 4112
42
42
42
42
*40
42
*41
44
90
*85
89
*85
89
90
90
*85
02812 2912 2812 28'2 2838 2838 *2812 2934
9
9
834 9
834 834
938 958
*818 84
818 81
*814 831 *818 83
661 *60
66
*59
659
*65
6618 *6.5
758 *7
*713 814 *712 814
714
8,4
4414 44
4414
4412 451 4 4338 4414 44
*97
99 100
98
98
98'2 98% 981
658 658
658 658
658 614
634 733
40
40
40
40% 4114
404 4014 *39
958 10
1014 1014 101g 1018 *934 10
8938 *75
89
•75
8938 *75
*75
90
44
*44
4414
*43
4378 4334 4334 44
34 358 0314 414
*338 334
338 358
24
24
24
*23
23
23
*23
24
Thursday
Mar, 28
Friday
Mar. 29
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Par
3 per share S per share Shares
No par
2078 2114
2034 2034 3.600 Mack Trucks Ins
No par
3,000 Macy (R Hi Co Inc
34
3458 3318 34
400 MadIsOn Sri Gard v t .3„-No par
6
6
6
6
10
2178 2214 z2214 2214 2,300 Magma Copper
*1
114 *1
400 MaHinson (H RI & Co___No par
114
40
7% preferred
100
10
*8
8
812
:Manatl Sugar
100
*1
114 *1
114
*412 512 *412 514
100
Preferred
20
31
No par
Mandel Bros
*1% 318 *2
:Manhattan Ry 7% guar ___100
*28
32
*28
32
100
Mod 5% guar
1514 1534 15
1518
900
25
10
10
*10
11
200 Manhattan Shirt
Maracaibo Oil Explor_No par
*1
114 *I
114
5
1,200 Marancha Corp
*434 5
434 434
5
533 558 1,900 Marine Midland Corp
513 512
100
1
Market Street Sty
*12
•12
1
100
Preferred
*1
434 '1
434
100
Prior preferred
*418 578 *418 578
100
2nd preferred
"4 178
*34
178
No par
*1938 21
100 Marlin-Rockwell
21
21
No par
1,800 Marshall Field & Co
718 714
714
714
No par
614 614
6
6
300 Martln-Parry Coro
2612 2612 26
1,900 at athierion Alkali Works No par
26
100
Preferred
60
148 148 *148 150
10
3613 3658 357 3614 2,100 May Department Stores
No par
2,800 Maytag Co
68 678
634 7
Vo par
1'referred
4058 4078 4058 4013 1,400
Preferred ex-warrants__No par
*3712 42
•37
43
190
No par
170
Prior preferred
90
90
90
89
No par
300 McCall Corp
*2834 3014 '2834 3014
834 9
3,500 :McCrory Stores clarisA No par
914 914
No par
Cla58 B
812 834
900
812 834
100
Cony preferred
*60
65
*60
65
200 McGraw-Hill Pub Co__ _No par
814
*7
814 *7
44
4412 4414 4434 6,300 McIntyre Porcupine Mines_..5
99
9914
1,800 McKeesport Tin Plate ___No par
99 100
5
718
7
718 4,700 McKesson & Robbina
758
Cony prat seriee A
50
41
4134 4134 4134 2,700
No par
934 10
*912 10
1,800 :McLellan Stores
8% cone pref ser A____ __100
*76
89
888 *77
No par
44
4414 4378 4412 1,300 Melville Shoe
1
600 Mengel Co (The)
3,4 338
358 358
100
31
200
7% preferred
2513 2513 26
20 March & Min Tranap Co_No par
23
*21
23
*21
23
*21
23
*2212 23
2213 2212 *22
3,500 Mesta Machina Co
5
284 2812 2812 2812 287g 2812 2858 2872 29
29
2918 28
100 Metro-Goldwyn Pict pref. ___27
*2758 2814 *2758 2814 *2758 2814 *2734 2814 •278 2814
28
28
5
278 3
1,700 Miami Copper
3
3
318
3
318
3
3
*234 3
3
10
1,600 Mid-Continent Petrol
1014 1014 1014 1014 103o 1038 1018 1014 10% 1058 1018 1014
No par
938 *914 958
300 Midland Steel Pr-cl
91
*258 1038
912 912 *914
914 058 *9
8% cum 18t prof
100
6313 62
62
62
62
63
63
63
63
100
63
63
63
78
77
78
*76
7934
700 Minn-Honeywell Ttegu___No par
74
74
*74% 7613 757 7618 78
100
6% pref series A
109 109 .10634 10912'510634 10912 *10634 10912
*107 110 *107 110
100
458 418
414 414
418
1,700 Minn Moline Pow Impl __No par
414 414
4
4,4
4% 418
a
No par
3412 *33
3412 *3318 35
700
Preferred
"32
3538 *33
3412 3412 353g 3612
I Minneapolig & Si Louls____100
*18
14
8'8
'4
*'8
14
*18
ll
*18
14
*18
14
CI, 1
*34
1
Minn St Paul & HS Marle___100
*34
78
*34
1
*34
78
*34
78
*114
112
113 *114
112 *1
7% preferred
100
113 *114
113 *114
112 *1
60
4% leased line otfs
100
*112 2
2
2
*114 2
*114 2
*114 2
114
114
No par
3
318 *3
313
3
--------1,000 Mo-Kan-Texas RR
3
314 34 *3,3 314
100
Preferred series A
8
8
712 712 *7
738 *634 712
64 634
64 638 1,400
100
14 14
113 113 '
5113
17
15
1% *112
153 *113 15
300 IMisaourl Pacific
2
2
2
Cony preferred
100
2
02
218
2
2
1,100
178 2
13
134
20
*1118 1134 1114 1153 1114 113 1158 1158 *111
1112 1112 1112
800 Mohawk Carpet mule
10
68
58
5713 58
5714 58
58
5014 *5812 .5958 5912 6014 4,000 Mormanto Chem Co
24
24% 2358 24
2314 2378 2314 2313 231 24
2314 2358 14,900 Mont Ward & Co Inc._--No par
No par
61
60 6038 060
63
060
62
*6018 6114
300 Morrel (J) dk Co
*602 6114 61
50
Morris & Esau
*____ 64 *__
64 *
64 *____ 64 *____ 64 *__ _ _ 64
%
*33
12
12
1:2
38 1,200 Mother Lode L1oalition___No par
%
%
38
%
%
*6
20
*6
20
*6
20
*6
20
.6
Moto Meter Gauge & Ea
1
20
06
20
.5,600 Motor Products Corp____No par
21
2114 194 2012 2014 2012 2038 2112 2113 2218 2134 217
838 812
818 818
*758 8
1,100 Motor Wheel
5
*734 8
778 8
78 8
*8
812
8
818
8
8
8 12 818 *8
812
814 814
600 Mullins Mfg Co
No par
4913 504 5012 5013 49,2 502 *48
4912 493 4912 493 5313
260
Cony preferred
No par
*13
800 Munsingwear Ins
No par
1334 01314 134 1314 134 1314 1314 1314 1314 *1314 1312
6
6
6
638
638 678
10
*57
6
578 618
658 634 14,100 Murray Corp of Amer
3114 3114 *31
31% 31
31
700 Myers F & E Bros
No par
33
3112 3112 *3112 32
*31
1272 1312 1212 13
1314 127s 131g
10,800 Nash Motors CO
131 1378 1278 1318 13
No par
16
*1334 1714 *1334 16
16
10 Nashville Chatt & St Louis __100
173 *1334 20
*133 1614
*14
47
5
514
518 5% 0458 5
*453 5
*43
5
478
500 National Acme
1
712 712 1,500 National Aviation Corp.__No par
7,2 712
712 7,2
713 7,3
778
77s *713 734
---- ---- ---- ---- ---- ---- ---- ---- ------ ---- ---- ------ INational Bellaa Hoes pref___100
2334 2458 13,700 National 11180U1S
25
2514 2478 2514 243, 2518 2413 2518 2413 247
10
100
7% earn pref
100
*14114 14318 14312 143% *143 144 *14314 144 *14314 144 *14314 144
1412 *1378 1412 .21334 1378 14
14
700 Nat Cash Reglater
Vo par
1414 .14
1458 1458 14
1358 1334 10,400 Nat Dairy Prod
No par
133 134 1358 1378 1358 1378 1338 134 1334 137
134
134
134
134
178
15
134
1,700 :Nat DepartmentStores_No par
*14
14 1%
134
178
1834 1834 *1812 19
170
Preferred
100
1912 1912 1834 1934 *1834 19
1912 1934
No par
2613 2534 2613 2618 2712 2718 2734 48,000 Natl Dlati! Prod
2578 2658 2618 2612 26
No par
2612 2613 2613 2634 26
26
26
26
263 2612 *2534 2613 1,100 Nat Enam & Stamping
100
National Lead
*150 160 *150 160 *150 160 *150 159 •150 159 *150 159
100
.•15712
_
Preferred A
100
158% 15858 *15712 170 *15713 170 *15712 170 *1571
30
13012
313012
.- 131 131
Preferred B
100
130 130
*12638 _ __ *12612 _ __ *127% 130
633 612 10,000 National Pow & Lt
No par
614 658
614 658
814 -638
614 612
63* -653
Nat Rye of Mel 1,1 4% p1....100
*3* 58 *58 78
"8
78
78
*12
78
*12
78
012
2d preferred
100
200
*58
12
*14
12
14
38
12
12
"8
1"
*38
*38
3,000 National Steel Corp
4113 4114 4134 4114 42
"5
4112 41
4134 *41
4158 4134 41
1014 1012 *1018 1012 1,100 National Supply of Del
25
1014 1014
1018 1038
934 10
1014 1014
Preferred
100
•37
39
*3713 39 .3713 39
*37
39
40 "36
40
"37
014
9
1,000 National Tea Co
No par
914
9
*87
*9
9
9
9
9
9% 9%
Netsner Brom
No par
*2213 2313 *2212 2313 *2212 2312
24
*2213 2313 *2212 24
*23
No par
48
*48
4912
48
48
600 Newberry Co (J J) ._
48
48
4858 4853 4814 4814 47
50
7% preferred.
100
112% 11218 *11218 11314 1124 11218
*112 1134 11314 11314 "11218 113
10 :New Orleans Texas & Mex_100
15
5
04
10
.5
15
*5
15
*5
15
*5
*5
538 *514
512
300 Newport Industrtem
1
513 512 *518
512 513
*512 534
512 512
1,200 N Y AD Brake
No par
1914 1914 1958 20
*185 20
20
20
1912 1978 *1878 20
27,100
New
York
Central
No
par
1312
123
4
1314
123
8
4
133
8
123
4
1314
127
137
8
123
134 1414
712
200 N Y ChM es St Louts Co
100
712 *7
712 *7
7
7
7
7
*7
*7
9
1112 1,200
Preferred 86[108 A
100
11
114 114 1113 1112 1112 1112 1118 12
.13
15
35
New York Dock
100
*218 352 *218 234 *218 358 *218 35s *218 358 *2%
Preferred
4
200
100
77
4
*412 73* *413
*4
758
*414 758 *414 73
110
N
Y
dk
Harlem
50
116
116
115
115
115
115
*115
124
120
*115
124
'115
Preferred
50
____
011412 160 *11412 160 *11412 160 *11413 160 *11412 160 *11412 160
No par
38 1,300 IN Y investorm Inc
38
'2
*38
12
38
'2
*38
*38
'2
38
38
-- N Y Lackawanna & Western 100
100
5,100 N Y N II & Hartford
4
4
4
334 4
4
352 4
414 432
378 414
Con* preferred
100
2,100
612 7
738 712
71 4
73,
634 7
714 738
714 814
37
°Bark)
&
Western
100
400
N
Y
.
5313
*3
37
8
3
3
3
3
312 312
318 318
No par
200 N Y Railways pref
%
*Is
%
Is
•la
%
58
"s
58
34
*39
*Nt
818 812 1,700 NY 8121pnIdg Corp part stk_--1
8
8
*77
8
8
8
8
814
818 83
20
7% preferred
100
79 *_.,.„. 79 *_=. 79
72 *_,.... 79
7218 7218 72
No par
20 NY Steam 38 Prat
*7114 7314 *7114 7314 7114 7114
*7114 7314 *7114 7314 7114 7114 *-No par
20
$7 1s1 preferred
*9018 91
*9018 91
*9018 91
91
91
*9018 91
*8914 91
No par
35% 5,400 Noranda Mines Ltd
3413 3414 3434 35
3438 3478 3418 3412 3414 3413 34
*78
I
78
%
200 :Norfolk Southern
*%
1
100
*70
1
78
%
834
1
200 Norfolk & Western
161 161
100
160 160 *15834 161 *15934 161
*158 161 *158 160
. __ ___
Adjust 4% prat
100
*10134
*10158 *101
_ _ 010114 _ _ *10138 *101
1112
1114 1158 1114 1134 11% 1- 78 11,
No par
3 --117 37,300 North American Co
113
-4 11
1158 _900
Preferred
50
*39
41
*3812 40
3913 40% 4012 4013 3934 40
40
40
213 258
212 212 5,300 North Amer Aviation
1
212 238
212 258
212 258
258 234
6434
300 No Amer Edison pref____No par
6434 4.64
65
64
•64
64
6413 6412 •64
65
*64
North German Lloyd
1012 *--_- 1114 *____ 1114 •_-__ 10 *____ 10
•____ 1114 *8
40 Northern Central
*8612 9112 8612 8613
50
*8612 93
*8612 92
*8613 93
93
090
S Per share
22
22%
3534 3534
*6
61
*21
2134
*1
/14
*858 834
*78
114
434 434
'5212 314
*28
35
1534 1534
1014 1014
*1
114
412 434
*51.2 534
*12 1
*1
434
*41
578
*118
178
*2114 22
For footnotes see page 2138.
March 30 1935
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
$ per share
2034 Mar 29
3318 Mar 29
513 Jan 2
1858 Jan 16
1 Mar 9
7 afar 14
78 Feb 6
4 Jan 7
414 Mar 11
32 Jan 23
1314 Mar 15
10 Mar 28
1 Feb 23
412 Mar 23
5341Mar 15
12 Jan 31
258 Jan 2
334 Mar 1
1 Mar 15
20 Mar 13
634 Mar 14
6 Mar 29
2334 Mar 14
138 Jan 2
358 Mar 29
512 Jan 30
33 Jan 16
3211 Jan 7
8412 Jan 4
28 Mar 14
7% Mar 12
7 Mar 12
5714 Feb 5
714 Mar 26
3658 Jan 15
9012 Jan 15
63 Mar 15
37 Jan 15
914 Mar 12
8513 Mar 13
41 Jan 2
3 Mar 12
2058 afar 20
2212 Mar 25
2418 Jan 15
27 Mar 9
212 Mar 13
912 Mar 15
814 Mar 12
6013 Mar 6
58 Jan 15
105 Jan 9
35g Mar 15
31 Mar 14
18 Mar 4
1 Jan 30
1 Mar 6
114 Mar 29
258 Mar 13
6 Mar 14
1 14 Mar 11
134 Mar 29
1034 afar 13
55 Feb 29
214 Mar 12
60 Mar 26
38 Jan 16
1718 Mar 18
718 Mar 12
7 afar 13
3673 Jan 11
1314 Mar 26
434 alar 13
30 Jan 12
1212 Mar 6
14 Mar 14
412 Mar 13
64 Feb26
37 Jan 23
2334 Mar 29
1411 Mar 7
1313 Mar 14
1278 Mar 21
112 Mar 7
1714 Mar 18
2468 Mar 11
2312 Mar 18
145 Jan 18
150 Jan 18
12158 Jan 26
47 Mar 15
34 al ar 22
14 Mar 19
4038 Mar 13
9 Mar 13
36 Mar 20
2814 Mar 13
22 Mar 12
4313 Jan 2
109 Jan 25
5 Mar 28
438 Mar 12
1813 Mar 12
1214 Mar 12
6 Mar 12
97 Mar 12
2 Mar 14
4 Mar 29
112 Mar 11
11414 Mar 14
% Jan 31
2% Feb 26
6 Feb 26
21151ar 15
18 Mar 29
6'8 Mar 14
72 Mar 14
71 14 Mar 20
90 Feb 2
304 Jan 15
% Mar 25
158 Mar 13
99 Jan 10
9 Mar 13
3513 Mar 15
2 afar 13
57 Jan 3
10 Feb 4
8612 Mar 29
Highest
July 1
1933 to Range for
Feb. 28 Year 1934
1935 ----uw Low
High
$ Per sitars 5 per 211 5 per share
22
22
28% Jan 8
41 2
4414 Jan 2
3514
3514 6218
213
258
7
718 Feb 8
1214
1512 x2314
2214 Jan 7
112
414
1
2 Jan 4
4
1978 Jan 23
758 3338
78
388
78
2 Jan 4
1
134
914
612 Jan 23
3
578 Jan 19
3
812
20
41
14
3613 Feb 20
22 Feb 1
1034
1034 2938
1011 2038
1314 Jan 5
1014
338
118
17g Jan 23
1
512 Jan 14
4%
413
558
9
5%
5
658 Jan 24
12
238
118 Jan 8
12
5 Jan 8
2
2
814
3
1214
7 Jan 28
3
78
1
414
214 Jan 8
12
32
2558 Jan 23
17
1114 Jan 3
753
8113 1958
4
1238
9% Jan 7
214
2313
2313 4034
32 Jan 8
148 Fob 9 10512 110
136
44 Jan 22
23
30
4534
314
418
834
718 Mar 25
43 Mar 22
8%
10
36
4213 Mar 22
8
9
3284
27
49
92 Feb 18
9212
22
24
32
32 Jan 10
13 Jan 3
34
pa
1212
1258
1218 Jan 3
118
114
514 6338
312
69 Jan 17
4
4
1012
834 Jan 31
2858
3513 5012
4558 Mar 4
11518
10014 Mar 22
6714
79
312
414
914
878 Jan 2
45 Mar 4
912
1178 4234
34
1
17 18
1558 Jan 3
6
912 9213
90 Jan 9
1712
26
42
4558 Feb 21
558 Jan 22
312
313 11
24
3812 Jan 23
24
52
2512 3334
2512 Fob 9 6 22
32 Mar 3" 84 x2011 2534
21
18
2814
2814 Jan 3
353 Jan 7
253
27
6,3
9%
918
1484
127 Jan 2
137 Jan 8
612
612 217
70 Jan '22
44
44
8514
78 Mar 27
2058
36
65
110 Mar 14 2 68
87
107
534 Jan 2
112
17
VI
417e Jan 22
15
1512 41
14
88 Jan 7
14
13,
8,
119 Feb 11
24
358
114
2 Jan 21
1 14
513
712
112
113
3 Jan 14
3
4%
14%
614 Jan 7
12
1413 Jan 7
6%
34%
112
6
3 Jan 4
1 13
4 Jan 7
2
218
934
1213 2258
16% Jan 3
11
39
6158
6012 Jan 3 33 24
1514
3558
3013 Jan 7
20
347
66 Feb 25
37
6314
68
71
5534
58 Jan 8
as
I%
38
12
134
8
1614 4484
1514
2858 Jan 4
614
658 1612
111
/
4 Jan 7
37
5%
1558
1212 Jan 22
10
1218 46
59 Jan 22
'2514
10
13
1534 Jan 24
37
1158
8 Jan 7
358
33
14
1312
3214 afar 22
1258 3214
1253
1912 Jan 7
194 46
2712 Jan 8
1814
878
318
3
714 Jan 7
514
134
514
814 Jan 9
314
1234
272
634 Jan 17
2573
21474 49,2
3014 Jan 7
131
14811
146 3589 25 12912
12
12
2353
1838 Jan 3
13
11 14
1718 Feb 9
1834
I
27
,
12
453 Jan 17
5
2818
3434 Feb 16
3
3158
16
16
2914 Jan 3
1612 3278
29 Feb 18
10
170
135
87%
16812 Jan 14
122
14618
158% Mar 23 122
131 Feb 29
9934 10012 12112
75 Jan 2
6
63, 15,2
1 Jan 10
34
238
%
8.
1
12 Jan 2
%
33
3413 6814
5012 Jan 9
8t4
10
2118
1458 Jan 3
473 Jan 3
33
3312 60
111
/
4 Jan 4
834
9
IN%
283 Feb 14
4
611 3014
52 Mar 1
15
31
497k
11314 Mar 2
80
100
112
25
6 Feb 27
6
538
512 13
8 Jan 3
6
2814 Jan 4
1112
11 12 2834
2134 Jan 7
1412
1858 4514
13 Jan 4
834
h
26%
25 Jan 7
1234
16
43,4
318 Jan 22
258
814
258
8 Jan 11
5
20
5
139
122 Jan 22 101
108
120
11414 Mar 14 112
112
114
53 Jan 3
/
1
4
%
96
83
7812
24,
8
6
All Jan 4
27
1438 Jan 7
6
Ill's 3758
6 Jan 19
412
111
/
4
358
58
134
1 Jan 9
53
1614 Jan 7
91g
913 22%
72
8934
87 Jan 7
6912
73
9913
85 Jan 2
70
109%
97 Jan 22
90
83
3014 4578
3638 Mar 4
25
1%
418
1
11
/
4 Jan 17
181
187
17438 Jan 22 138
10012
82
77
10112 Feb 21
1014 25,4
10,8
1313 Jan 2
45
34
31
4214 Feb 13
858
2%
212
4 Jan 23
4718 708
39
69 Feb 13
16
7%
712
10 Feb 4
9358
Si
94 Jan 26
71
New York Stock Record-Continued-Page 7
Volume 140
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Mar. 23
Monday
Mar. 25
Tuesday
Mar. 26
Wednesday
Mar. 27
Thursday
Mar. 28
Friday
Mar. 29
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
2145
Range S nee Jan. 1
on Basis of 100-share Lots
Lowest
Highest
Juty 1
1933 to Range for
Feb. 23 Year 1934
1935 ---Low Low
High
$ per share $ per share $ per share $ per share 8 per share 3 Per share Shares
Pa $ per share
$ per share $ per sh
14
1412 15
1513 1312 1438 13% 1414
1318 1414
1358 1418 12,200 Norther Pacific
100 1318 Mar 28 2172 Jan 7
1412
.37
38
37
37
37
37
.36
37 .38
37
.36
37
110 Northwestern Telegraph
50 357j Jan 18 3812 Jan 3
313
*114
14 *114
128 *114 14 *114
134 .114
I% .114
14
Norwalk Tire de Rubber __No pa
15*
214 Jan 4
DI Mar 6
.20
22
20
20
*20
24
.20
243 .20
2434 *20
2434
Preferred
20
50 220 Afar 20 3212 Jan 3
25
934
95
97
98 034
98 9%
95
9% 97
6,000 Ohio 011 Co
98 97
No par
914 Mar 18 1078 Jan 3
812
23
212
2% 234
214 212
212 238
214 238
45 Jan 2
2
23
2 Mar 29
9,100 Oliver Farm Equip
2
Na par
187 1878 1818 18% 1814 188 1812 187 *1812 1834 1,500
1834 18%
Preferred A
155 Mar 15 2638 Jan 2
9
No par
.418 412 .4% 414
37 Mar 13
418 41
*4
413
418 4%
400 Omnibus Corp(The)vte No ear
4% 41
512 Feb 16
35*
84 .65
84 .65
065
84 .65
*65
84
*65
84
84
Preferred A
100 75 Jan 16 77 Feb 26
70
77 Feb 19
.512 531 .512 6
512 512
62 612
A 6
58 53
5% Mar 29
500 Oppenhelm Coll & Co__ _No par
518
.1314 1312 1314 1314 123 1318 1214 1214
1214 1212 .123 123 1,700 Otis Elevator
11%
1214 Afar 27 155* Jan 7
Va par
110 111
110 110 .110 112 .110 11012 110 110
111 III
92
80
Preferred
100 106 Jan 7 112 Mar 20
45
45
5
518
4% 3
434 434
412 412
*412 45
1.100 Otis Steel
3
No par
714 Jan 21
414 Mar 14
32
32
32
31
327 328 .3212 3334 32
3218 31
31 14
900
Prior preferred
100 223 Jan 16 46 Jan 21
712
.3618 42 .3618 42
.38
43 .3618 42
*3618 42
*3618 42
Outlet Co
Vs par 38 Mar 12 45 Jan 8
28
11412 11412 .11412-- •11412
.11412
__ .11412 - - "11412 --10
97
Preferred
100 11413 Afar 23 11412 hlar 23
8414 -8-434 84 -84
8434 85
83 1414 84
24-14 8334 -84,4 2,800 Owen*-111Inols Glass Co
60
25 80 Mar 12 9034 Feb 18
17
.1
134 .1
134
1
1
•1
•1
178 .1
17
15*
120 Pacific Coast
1 2,l-1r 26
10
212 Jan 7
.214 6
•24 6
.214 6
"214 6
*214 6
.214 6
lstpreferred
Na par
6 Jan 7
334 Jan 2
312
.114 212 *114 312 *114 32
214
1
1
*14 214 .1
1 Mar 27
No par
50
2
4 Jan 7
2d preferred
1618 163* 16
163* 165* 1613 165* 1658 x1638 167
1658 168 11,700 Pacific Gas & Electric
123*
25 1318 Mar 6 163* ',War 22
23
23
23
23
2234 2234 2234 2318 2213 2338 22% 2312 2,400 Pacific Ltg Corp
205*
19 Mar 18 2334 Jan 11
No par
*1312 1834 .14
183 .13
1312 .13
16
13
13
125* 1258
200 Pacific Mills
NIar 29 21 Jan 2
No par
15
123*
•7614 773* *7612 775* 7718 7714 7714 7714 *7714 78
774 78
200 Pacific Telep & Teleg
100 70 Jan 2 78 Mar 29 216812
.12112
- .12112 _ __ .12112 _ _ *12112 _ _ *121 . __ •121
__ . ___
6% preferred
100 11112 Jan 14 12012 Mar 16
9914
838 --838 *8
138 "8
1,2 *8
128
818 -818 08
8
3
8
400
Pee
Western
Vo
011
par
Corp
7 Jan 24
834 Feb 28 3 5
37
334 37
334 37
334 4
4
334 37
334 378 11,300 Packard Motor Car
572 Jan 7 ,' 23*
No par
312 Mar 13
1114 1178 .113 113* 115* 113 .1138 113* .1138 1158 •1138 113*
800 Pan-Amer Petr & Trans
5 103* Jan 9 115* Mar 8
814
.1414 1813 *1414 18
*1414 1712 1412 1412 1414 1414 *14
15
400 Park-TH[0rd Inc
144 Mar 23 1734 Jan 11
1
15
%
s%
%
1
*78
1
•7, 1
*78
1
*78
12
1
100 Parmelee Traneporten___No par
158 Feb 18
7e Jan 4
*34
78
.%
72
""8
%
"8
78
*58
78
Panhandle Prod & Ref,_ No par
511 Feb 27
"8
78
5*
13* Jan 7
*612 10
814 814 .634 10
.634 10
"634 10
.634 10
8% cony preferred
613 Mar 12 12 Jan 7
10
100
7
212 25*
212 258
214
25* 213
238
214 238
25* 212 14,600 :Paramount Publix Ws
10
118
414 Jan 26
214 Mar 27
212 2%
212 212
213 23*
213 2,
8
213 25*
212 23* 6,000 Park Utah C M
2
1
384 Jan 3
214 Mar 21
34
34
31
31
38
34
38
58
12
38
58
38
58 2,400 Pathe Exchange
No par
112 Jan 2
Is Mar 8
12
13
12
13
1013 12
11
1238 1112 1134
119 12
43*
4,000
Preferred class A
No par 1013. Mar 26 1714 Jan 2
10
10
10
1118 1038 1114 1012 1012 11
11
103 10% 7.600 Patina Mines & Enterpr Now
814
814 Feb 28 1213 Jan 3
*1
118
118
118
118
118 .1%
138 *1 18
15* .118
138
1
200 Peerless Motor Car
3
13* Jan 4
15* Feb II
.67
673 .66
6778 67
6712 6714 6712 .67
67% 6758 68
445*
1,200 Penick & Ford
No par 8412 Feb 5 70 Jan 8
6612 66
66
6612 6413 6512 6212 643* 6218 63
6214 6238 8,100 Penney (J C)
Ns row 6218 Mar 28 74 Jan 8
3512
.108 111 *106 111 *108 111 *10378 10112 10878 10878 .1044 10812
100
Preferred
100 1077s Mar 18 110 Mar 1 103
2% 3
.278 3
.2% 3
*278 3
•278 3
2% 278
600 Penn Coal & Coke Corn
24 Mar 13
10
172
372 Feb 11
.34 31
: 314 314
312 31
: .31
: 378
314 312
3% 37
700 Penn-Dixie Cement
512 Jan 7
3 Mar 9
No far
234
•16
2054 "18
2034 .16
203 .17
1818 *16
2034 .16
18
10
100 18 Mar 11 2512 Jan 26
Preferred series A
19
1914
1814 19
173 1858 175* 1814 173* 1818 18
1814 13,200 Pennsy'yenta
90 174 Mar 12 25% Jan 7
1934
3713 38
3718 3712 373* 38
3834 3114 39
3912 38
3938 2,900 Peoples Drug Stores
Ale par 30 Feb 5 3912 Afar 28 3 10,2
•11234 11634 .11234 1164 *11212 11634 .11212 11634 11634 11(134 .11334 116
Preferred
100 111334 Jan 9 11634 Mar 28
10
$O
2134 2134 2112 2110 21
2178 2112 2112 2112 225* 22
2212 1,700 People's 0 L *0 (Chlo)
100 173* Mar 7 237k Jan 10
18
21
•178
*14 218 *178 218 *17g
218 *178 218 •178 218
100
Peoria
212
&
Feb
Eastern
26
3
Jan
7
2
•10
12
1014 11
*9
12
.812 12
.83 12
*812 12
914 Mar 13 19 Jan 31
300 Pere Marquette__
100
12
.20
25
.18
25 .18
25
.1834 24
.19
25 .19
Prior preferred
25
100 1613 Mar 13 32 Jan 9
1413
•15
20
•14
20 .14
15
.14
15
*1414 15
1412
100 13 Afar 15 2413 Jan 11
Preferred
100
12
•1512 1814 .1512 1814 *1512 17 .1512 1718 .1512 1718 *1512 1412
Pet 5111k
17 Jan 2 195* Feb 4
No par
17,8
914
77
7% 778
77
8
734
.734 8
*734 8
*73
8
Petroleum
Am
Mar
Corp
500
5
of
VI
14
958
Jan
2
8
1312 137
13
134 1313 1334 1358 1334 13% 145* 1412
25 1284 Mar 15 1614 Feb 18
11%
145* 9,000 Phelpe-Dodge Corp
*2534 2612 2612 2612 *2612 2712 2758 28
2738 2738 *2538 2612
500 Philadelphia Co 6% Pref
50 23 Feb 27 2814 Jan 16
2112
*38
43 .38
43
*38
43
"39
43 .38
4212 .38
$6 preferred
4213
N. par 3812 hf ar 5 48 Jan 25
384
•114 234 .1 14 312 *14 312 "112 3,2 *1 14 3,2
:Philadelphia Rap Tran Co...50
2 Mar 12
•114 312
4 Jan 8 1 113
*314
53* *314 534 "314 534 .
37 Mar 4
314
412 •314 4% *314 412
preferred
7•I
50
6
Jan
12
3
178
2
17
2
1% 2
178 2
2
2
2
1% Mar 21
2
4,700 Phil. & Read C & I
N. Far
47s Jan 9
213
3712 3838 37
3712 3(15 3712 3634 37
3658 37
37
10 3514 hi ar 12 4684 Jan 11
37
2,000 Phillip Morris & Co Ltd
1018
.6
678 *6
8
6
6
.512 7
.512 7
.5
511
Afar
22
per
Corp
Phillips
7
Jones
No
100
7
11
Jan
4
.53
57
57
57
5113 5413 .52
57 .52
57
852
7% preferred
57
100 5412 Mar 26 68 Jan 15
20
48
1513 1534 15% 1558 155* 15% 1513 1534 1512 1534 1534 153 10,600
Philips Petroleum
16 Jan 4
No per 13% Mar 12
11
.
3% 4
4
.3
*3
334 ..3
33* .3
4
.3
Phoenix
Mar
Hosiery
21
3
4
6
6
Jan
3
412
.4918 56 .49% 56
.4918 .58
*52
58 .52
58
Preferred
•52
100 55 Jan 23 x 57 Feb 11
44
58
38
33
33
32
38
%
%
12
38
12
5
33
178 Jan 71
14 Mar 18
13 9,100 :Plerce-Arrow Mot Car Co
34
38
% .
I.
38
12
*33
I.
12
*38
*38
as Jan 2
26
200 Pierce 011 CorP
38
bg Jan 8
38
as
*314 512 .
314 5,8 *312 53* 0334 518 .
372 51; *378 518
312 Afar 21
106
Preferred
6 Jan 7
412
78
78
078
1
78
78
*34
No par
78
h
Petroleum
Piero,
3
4
Mar
14
Ps
h
1,800
3
4
Jan
3
4
8
I
•3113 3112 *31,4 3112 3112 32% .3118 3218 *3114 3134 *3118
3112
NO par 3118 Mar 16 3312 Jan 3
300 Pillsbury F10111 Mini
18
.____ 75 •____ 75 *-75 •____ 75 •__ _ _ 75 ...___ 75
Pirelli Cool Italy Amer share.- 76 Jan 16 7812 Jan 15 40 75
-.7.- - - --,- - - -7- - _-Pitts
C
C
&
St
L
RR
100
Co___-100
Jan
12
7312
110
Jan
15
'
*8
112 *8
IS%
118
-918 *8
-11.18
788 134 .7% -8
7 Afar 14 1012 Feb 4
100
100 Pittsburgh Coal of Pa
.72
.29
31
.29
31
*29
31
*29
31
*29
31
*27
30
Preferred
100 30 Jan 5 42 Feb 4
26
---- --- - ---100 172 Feb 14 173 Jan 16 14114
Pitts Ft W & Chle prof
678 6%
63* 63, *6
-5-78 *038 134
638 -62g •6,8 112
512Mar 13
400 Pittsburgh Screw & Bolt_ No par
9 Jan 11
44
.18% 2438 •17
243* •184 2438 •1812 2438 •1912 2438 *1912 2438
100 2218 Mar 13 35 Jan 21
1514
Pitts Steel 7% cum prof
*34
112
*34
112
*34
112
*34
134
034
134
100
*34
Pitts Term Coal Corp
218 Jan 12
1 Afar 21
1%
134
*1018 13
13
13
*1018 14
1212 1212 *1018 15
.10% 15
130
100 12 Mar 19 15 Feb 25
6% preferred
613
138 .114
18
18 .14
18 "114
17
18
134
134 8114
114M ar 20
200 Pittsburgh United
25
118
212 .11112 21
26
26
"26
28
26
26
.26
2814 .26
2814 *26
28
20
100 25 Mar 13 3712 Jan 7
2558
Preferred
.6
1018 *6
1018 *6
1018 *6
1018 *6
11
*6
11
Pittsburgh & West Virginia __100
10
---- -- - --- - ---- ---- - - - ---- -- - ---- - - ---- _ _ ___
Pitts Young & A slat Ry7% pf.100
113
1 i •118 112 1,8 1.12 *1
112 *1
112 *1
-112
800 Pittston Co (The)
2% Jan 4
1 Mar 21
NO par
114
7% 73*
738 7,2
714 714 .
714
75* 712 0714
712 1,700 Plymouth Oil Co
75*
612 Max 15
5
834 Jan 7
7
7
7
*614
0
712 *614 634 *6-'8 714
75
63* 65
638
200 Poor & Co class B
Mar 15 1113 Jan 9
No par
6
84
*2
3
.134 3
.13
3
134
14 *1 13 213 .112 213
200 Porto Illo-Am Tob Cl A
158 Mar 19
Ne par
2
418 Jan 24
•.'1
7
*52
73
"%
34
*38
34
%
100
58
`58
Clues B
No par
14 Feb 2S
78
14
112 Jan 8
10
1012 .912 1012 .912 1018 *93 103* 104 1014 *958 10
700 eOetal Tel & Cable 7% pre! _100
81s Mar 15 165
1012
,Jan 7
15*
18 .138
113 *114
112
138
112 .114
13
114
114
reseed
600
13
1
Mar
Steel
21
NO
par
Car
14
3%
Jan
13*
.8
912 •713 9
*7
814 *7
734 *73
77 .
7
8
Preferred
100
81 Mar 15 17 Jan 21
514
4514 47
4618 4714 4514 4612 4512 4612 4512 451
457 46
4,500 Procter & Gamble
No par 425* Jan 12 4953 Feb 4
3818
*117 120
120 120 .117 120
1193 11934 *117 119 .117 118
90
5%
pref
(eer
of
Feb
115
1'29)_..100
Jan 2 12012 Mar 7 "101
2414 245* 2378 25
2312 2478 24
2434 24
2478 2458 25
13,300 Pub Ser Corp of N J
No par 2038 Mar 5 2714 Jan 25
2012
71
71
7138 7178 .71
72 .72
73
73
7318 *7214 7318
600
55 preferred
No par 623* Feb 20 7318 Mar 28
597
.82
84
8213 83
86
86
8513 8513 .85
86 .8458 8.534 1,100
100 73 Mar 14 86 Jan 26
6% preferred
75
96
93,2 9312 .93
*9313 97
95
95 .9418 98 .9312 9734
200
7% preferred
100 8512 Mar 18 95 Mar 27
84
107 107
1064 10614 1083 1063* .106 107
106 107
10718 10738
900
8% preferred
100 100 Afar 14 10814 Jan 19
99
•103 104,8 104 10418 .103 10418 10418 10112 105 105
_
600 Pub Per El & Gas pf $5 _.No par 99 Jan 5 105 Mat 28
83%
44
4412 43
431
4213 4234 4234 4278 4234 4414 *10412-4234 427
- 8 3.800 Pullman Inc
par
Mar
No
18
3514
52%
Jan
9
413*
578 6
6
57
618
8
6
64
6
6% 4,400 Pure 011 (Me)
57 Mar 21
73 Jan 4
NO par
618
5112 5112 5113 511
5118 5113 50% 5058 503* 503* 50
501 1
220
8% cons preferred
100
Afar
18
61
Jan
4
49
495*
913 912
912 92
912 95
914 914
9
94 *914 93
1,300 Purity Bakeries
No par
834 Feb 1
1073 Jan 2
1138
413
43
413 45*
414
45* 413
458
414 412
44 43* 20.300 Radio Corp of Amer
No par
4 Mar 13
572 Feb 18 22 43
*51
5114 5114 51,4 5114 5114 51
5112 .51
51
51
51
800
Preferred
50
50
Mar
18
25
22
6212
Jan
3734 39
38,
8 40
3712 3814 38
387
38
3914 38
3838 9.500
Preferred B,..._N. par 3514 Mar 12 4512 Feb 18
133*
111*
1%
13*
12
13*
138
14
112
13
112
138 138 2,000 illadio-Kelth-Orph
No par
14 Mar 13
25s Jan 2
112
.1714 18
.1714 18
.1714 18
18
18 .174 18
*1714 18
200
Raybestos
Manhattan,..-No par
1612 Mar 13 21 Jan 2
1118
3234 31
31
30
30
*323* 3334 *31
2978 3014 *2934 30
800 Reading
50 297/ Mar 28 4312 Jan 7
35
3712 .3() 3713 .30
3712 .30
*35
3713 .30
3712 *30
3712
111 preferred
60 3712 Mar 22 398 Feb 18
28
35 .30
35 .30
35
*30
.30
35 .30
35 .30
35
2d preferred
50 35 Feb 11 365* Jan 15
27
412
*4
4 ' 418
412 .414 412 *4
4
4
.334 414
300 Real Silk Hosiery
10
4
Mar 21
412
613 Jan 3
.21
2412 *2014 2412 *2012 2412 *2014 2312
*2258 25 .212 25
Preferred
100 25 Mar 15 39 Jan 7
3313
1
114 .1
1
112 .1
112 1 8
.15* 2
112 .1
1 13
700 Reis (Robt) & CO
No pa
1 Mar 26
213 Jan 7
15,
*813 12
*8
12
.8
12
.814 12
*814 12
.814 12
1st preferred
100
8 Mar 12 15 Jan 7
558
834 9
834 878
834 834
812 812
812 812
84 8,
8 2,700 Remington-Rand
I
8 Mar 13 1114 Jan 7
514
79
79
80
*79
8213 .79
81
.79
80
8112 *79
8012
200
1s1 preferred
18
Jan 15 8318 Feb 18
100 7
2434
•72
7334 72
735* *72
74
72
.72
•72
733* 1172
20
2d preferred
7314
100 70 Jan 9 7572 Feb 15
24
•_
107 *-- 107 •---_ 101'z'... 104 •____ 109 ....._ 109
Reuss & Saratoga RR Co_...100 110 Mar 1 110 Mar 1 104
258
25*
238 212
213 212
25* 211
2
25* 258
2
1.900 (too Motor Car
5
24 Mar 13
3% Jan 7
2
1078 1018 101
10
10% 1012 1014 103
111 1
11
1038 1058 7.000 Republic Steel Corp
No pa
9 Mar 15 1512 Jan 7
9
327
3312 32
3478 32
34
331 .3012 34
323* 3258 33
2,000
6% eons preferred
100 28% Mar 18 4913 Jan 21
19
033
3314 3314 *31
3412 3212 3212 *3113 34
34
*30
35
300
6%
pref mts of dep
28 Mar 15 49 Jan 21
3013
.
8
7
4.6
612
6
61
*512 7
*512 7
*512 7%
200 Revere Copper & Braes _
5
6 Jan 30
8 Jan 4 81 6
•13
1778 •13
177 .12
177 .13
17
*12
17
•12
Class A
177
10 14 Jan 31
17 Feb 25 1 14
.82
8312 81
831,
831 .75
831 .70
81
*60
8312 .75
10
Preferred
100 81 Mar 14 8812 Jan 241 35
213
2134 2134 21
211
2114 2112 1,500 Reynolds Metal Co ____No pa
214 213 *214 218 *21
2014 Mar 13 241/ Jan 10 *3 95*
.1214 12% *123* 12% .1214 127 *1214 1314 *1212 1314 9212 1314
Reynolds Spring
1214 Mar 20 147
1 83*
3
3
4318
44
4318
43 4 4338 434 435* 444 14,300 Reynolds (It J) Tob clam B___10 431s Mar 26 513* Jan 4.
44
4418 44
445*
Jan 3
393
•5614 5712 .56
5712 .56
67
56
55 .56
57
5534 5554
Class A
30
10 6534 Mar 29 61 Jan 8
5613
•____ 1712 *13
17 *---- 1712 *---- 17,2 *- - - - 15 •---- 15
Rhine Westphalia Elea Power ___
131 Mar13 1312 Mar 13
1212
1
.514 6,2 .5 4 838
514 51
"514 812 *512 613 *512 613
100 Ritter Dental Mfg
No pa
514 Mar26
518
7 Jan 3
25
25 .243 2518 25
2334 2334 233* 24
2512 2512 2524 1.800 Roan Antelope CaPPer Mines .
21% Feb 25 28 Jan 22
20
For footnotes see page 2138.
2 per share
1412 364
33
43
138
41*
29
4014
812 1572
2
7
9
2738
35*
6%
70
95
51s
145*
1212
1988
92
108
35*
8
9
25
30
47
07
11412
80
94
118
6%
311 1 114
2
612
123* 2312
205
, 37
19
34
69
8512
103
116
93
512
234
65*
12
10%
17
3512
12
2
38
212
7
2112
18
572
213
6%
12
414
1012 2484
912 2112
47
1
4458 67
511
7414
10613 10813
17
54
27*
7,
4
1214 32
2018 37'i
155* 66
86
1124
1914 437k
8
2
13
38
18
5112
131s 43
94 175*
141,
814
1314 18&
244 37
419
6414
2
6
412
113
314
6,
4
1112 4832
7
2
48
747k
1338 12034
413 1313
50
64
84
32
411
84
1811
7014
612
112
1014
2
34 4
117
713
26
14112
412
1514
113
84
1%
25%
10
133
1%
74
6
238
1
1013
114
558
3318
10212
25
87
78
88
105
8713
3514
84
49
838
412
2314
15
113
1412
3518
3312
2912
5
35
1,
fl
Ms
6
3282
30
114
2
1012
3312
3912
6
1114
40
1511
0%
39%
57
1212
518
2072
18'2
42%
169
II%
43
33*
195*
5
595*
27
144
5..
16%
14%
614
314
293*
513
22
4432
117
45
84
970
106
11912
10412
693*
144
80
1934
918
561*
46
44
23
56,
8
4112
3912
14
6014
6
3884
133*
71
70
126
512
253*
6712
4214
1412
28,2
90
273*
16
5334
62%
23
1312
331
New York Stock Record-Continued--Page 8
2146
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Mar. 23
Monday
Mar. 25
Tuesday
Mar. 26
$ per share 3 per share $ per share
.2912 -3214
312
*21
1238 1258
114
114
112
•114
*612 1112
*1078 25
3914 3914
*106 1064
*112 11212
9
9
2453 26
*238 27
*1112 1253
*5514 58
12
12
•12 1
*2214 23
*312 414
3434 3514
112 112
43
*41
*2978 3-618 307 -3078
*218 312 *2% 312
1238 1214 1214
12
118
1
4 112
/
.11
114
114
112
.114
12
*6
12
*6
25
*10
25
*10
*3712 3838
38
38
106 10634 "106 106%
112 11214 111 111
834 9
853 834
2438 2518 2438 2514
212 212
*212 234
1238
*1119 1338 *11
57
57
58
*57
58
*12
58
*12
*12 1
*58 1
*2112 2212 *2214 2212
*312 414 *312 414
34% 3338 3438
34
134
*112 134 .153
4212 4212 4212
*41
Wednesday
Mar. 27
Thursday
Mar. 28
Friday
Mar, 29
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Par
$ per share $ per share $ per share Shares
5
_ - _ ___ Rosela Insurance Co
shares)._
Y
(N
Co
Dutch
Royal
1,100
.
32
4
313
;
*31% 318 *31% 213
100
Rutland RR 7% pre
0218 3
*218 3
*218 3
10
1218 1253 4,700 St Joseph Lead
II% 12
114 12
800 :St Louis-San Francisco____100
1 18 118 .118 114
1
1
100
151 preferred
200
114
1 14
13
*114
112 *114
100
St Louie Southwestern
12
*6
12
.6
12
.6
100
Preferred
25
*12
25
*12
25
.12
No par
2,000 Safeway Stores
377 38
378 384 3734 38
100
preferred
6%
140
10614 10614 106 10614
106 106
100
460
7% preferred
11114 11114 11114 11114 11114 11114
No par
Corp
812 834 853 84 84 95 4,300 Savage Arms
5
2414 24% 2418 2518 2478 2518 12,400 Schenley Distillers Corp
1
600 Schulte Retail Stores
218 238 *218 212
212 212
100
Preferred
60
18
11
*1018
11
1114 1138 11
No par
60 Scott Paper Co
*58
597s
5812 5812 59
*57
No par
38
12
12
12 2,600 :Seaboard Air Line
12
12
100
•1• 1
Preferred
*13 1
*12 1
- 2312 2312 2334 1,200 Seaboard 011 Coot Del__ _No par
2312 2312
23
par
No
Corp
Seagrave
*312 414 *313 414 *312 414
No par
x3338 3418 13,900 Sears. Roebuck & Co
35
3414 34% 34
1
100 Second Nat Investors
13
134
*138
"134 14 .138
1
Preferred
20
42
*41
42
42
42
*41
No par
Seneca Copper
1
8'4 838 1-2-,200 servo Inc
8'4 838
Ws 138
No par
814 838 5,400 Shattuck (F 0)
814 812
834
77
No par
800 Sharon Steel Hoop
914 9%
9
912 98
9
No par
400 Sharpe & Dohme
*334 4
4
4
*378 4
No par
Cony preferred aer A
700
481
4712 4734 4734 4734 48
_.£2
90 Shell Transport & Trading._12
*234 25
23
23
*2214 23
No
par
011
Union
Shell
3,300
553 534
534 5%
553 534
100
Cony preferred
300
6612 6612
*6514 6834 *6612 69
900 Silver King Coalition Mines___5
*834 9
834 834 *812 9
No par
3,700 Simmons CO
638 678
658 634
634 68
10
16 . 11,300 131M1113 Petroleum
1578 1653 15% 1618 16
25
Co
011
Skelly
600
8
8
734 734
.778 8
100
Preferred
400
66
6912 66
*66
70
.66
100
140 Sloss-Sheff Steel & Iron
1812
18
1614 1712 18
15
100
7% preferred
27
450
27
26
2734
27
24
400 Snider Packing Corp_ __No par
1714 1714 *1653 17
17
17
1214 1212 14.500 Socony Vacuum Oil Coinc____15
1238 1278 1212 127
100
100 Solvay Am Invt Tr pref
11112 11112 *110 112 *110 112
No par
2,000 So Porto Rico Sugar
2238 2212 2218 2214 .2214 23
81-4 -8-14
814 -81.2
818 114
8
734 8
8
734 734
934
*9
*912 10
934 91
4
4
378 38
*312 4
*47 • 4734
48
48
*4634 48
22
22
22
.2114
*2034 23
534 534
553 534
578 578
6712 *6514 6838
*6638 6712 67
9
9
812 812
834 834
7
67
678 7
718
7
1612 1714 1512 1612 157 1614
8
8
734 8
734
*73
*5712 6534 *6212 654 6534 66
15
15
15
*12
15
•12
24
*21
24
*21
24
*21
1712
*1612
1712
.17
174
*1714
1284 1278 1212 1278 1212 124
.110 11112 *110 11112 *110 11112
2212 2234 2218 2212 2212 2212
100
Preferred
*13634 146 *13634 146 *13634 150 *13634 150 *13634 150 *13634 150
25
1314 1312 10,300 Southern Calif Edison
1278 1314
1218 1238 1258 1212 121
1238 1212 12
par
_No
_
A
class
Dairies
Southern
8
*3
8
*3
8
*3
8
.3
8
*3
8
*3
No par
Class 13
4 114
/
*78 114 *88 114 *58 114 *,,s 114 *,s 114 *1
100
1312 137s 16,400 Southern Pacific Co
14% 1312 1418 1338 1378 1338 134 1314 141
14
100
7,300 Southern Railway
838 9
812 83
818 812
84 838
812 918
9
938
100
11% 2,000
Preferred
1112 1158 II% 10% 1112 11
11
12
1134 1214 12
100
etre
tr
fftk
Ohio
&
Mobile
*24
31
31
*24
*24
31
31
*23
31
*23
32
•23
*512 578
*512 578 *5% 578 •512 57
Spalding (A (3) & Bros_ __No par
*512 578 *512 57
100
let preferred
*4414 48
*4414 48
*4414 48
*4414 48
*4418 48
*4414 48
Spans Chalfant& Co Ina__ No yar
_
_
_ ____
____ ____ ___ _ _ _ ____
100
Preferred
65
65
____-*59
*59 --65
65
*59 --*59
65
*59
65
*59
No par
4
8,500 Sparks Withington
4111 438
412 47
438
438
4
4% 41
358 358
No par
Spear de Co
553 *4 14 5
*414 558 --__
*414 558 *414 538 *414 558 *4%
100
Preferred
10
67
*65
*65
67
67
*65
67 .65
67
65 .65
65
600 Spencer Kellogg & Sons __No par
3312 *3278 3434
33
3412 3412 *3334 34
*3334 35
35
35
1
812 84 18,800 Sperry Corp (The) v Se
8% 84
812 834
812 834
812 834
812 838
No par
200 Spicer Mfg Co
934 934
912 912
*814 10
*712 10
*812 10
*812 10
No par
Cony preferred A
90
•3418 3612 *3418 3612 *34% 3612 *3418 3612 3312 34% 3312 3312
No par
437 46
4414 4714 46
4712 14,400 Spiegel-May-Stern Co
4812 5212 4414 48
5312 54
No par
1412 1458 19,900 Standard Brands
147's 1478 1458 144 1412 143
145 15
1434 15
No par
Preferred
60
126 126 *126 128 a126 126
*126 12858 *126 12858 126 126
3
300 Stand Comm Tobacco__ _Nn par
3
*234 3
3
.234 3
3
*234 3
*234 3
par
No
1
Co
El
dr
Gas
Standard
4,000
318
3 4 3%
3
318 .3
4 3%
1
3/
27
318
3% 338
No par
Preferred
2,300
312 35
3,2 334
314 353
3% 314
314 3,2
314 33/3
par
No
pre!
prior
cum
$6
200
4
73
4
*63
4
73
*7
7
7
712 712 *614 714
*712 8
No par
$7 cum prior pref
100
858 858
*812 912 .838 912
*812 912 *818 9% *814 97
No par
Stand Investing Corp
13
1%
138 *118
132 •11g
138 *118
*11s
•114
153 *114
500 Standard 011 Export pref.__ 100
__ 11434 11434 11414 11414 114 11414 *114 115 *114 115
.114
No par
5,600 Standard 011 of Cant
2914 2918 2938 2912 30
29
2912 30
293
2912 2958 29
25
2338 2338 2338 2312 2338 2312 2314 2312 2338 238 2353 2312 12,400 Standard 011 of Indlana•
10
100 Standard Oil of Kansas
*2814 31
*2814 31
2814 2814 *281
31
*28
31
*28
25
3714 3838 3718 3738 10,600 Standard 011 of New Jersey
3718 37% 3714 373
371
37
3734 38
par
_No
13___
I.
(The)
Co
Starrett
200
13
13
1318
*1212
1312
.1.2%
13
*1214 134 *1212 13% 13
10
6112 8112 6112 2,900 Sterling Products Inc
61
6118 614 60% 61
6218 6218 6134 62
100 SterlIng Securities ol A___No par
13
114 .1 13 112 *Ds I%
114
138
138 *118
*115
*118
par
No
Preferred
100
8
3,8 318 *3'8 338
*3,8 338 *318 338 *3,8 338 *318 3,
50
Convertible preferred
38
38 .34
*34
38
*34
38
*34
38
*34
38
.34
5
738 *7% 738 1,000 Stewart-Warner
71.8
738 714
7% 7,4
71s 718
714 7,4
No par
1
1
314 338 3,900 Stone & Webster
318 333
338 3,4
34 3 4
318 338
338 338
212 234 14,500 :Studebaker Corp (The) new __I
238 231
258 234
258 278
27
27
234 2%
100
Preferred
No par
300 Sun Oil
ei -62 *82
*a -6-23:1 a -62
100
Preferred
370
119
*11712
120
119
121
*120
120
11912
120
120
121 121
Superheater Co (The)____No par
12
*10
*1014 12
*1018 10% *1018 12 .1018 12
.812 12
1
1,800 Superior 011
17e
1%
178 I% 134 14 17s
138
178
178
178
178
100
100 Superior Steel
*534 614 *538 614 *512 614 "512 614
6
6
614
*6
50
of
Amer
Co
Sweets
(The)
8
43
*4
412
*4
412
412 .4
478 *4
*312 478 *4
No par
600 :Symington Co
I.
12
I.
"8
12
*38
38
38
38
"8
*53
No par
Class A
400
134
113
138 *1,4
138
153
*112 I% *112 13.1 *112 134
5
200 Telautograph Corp
•758 8
734 73
734 734 *712 734
*734 8
8
*77
5
Tennessee Corp
....,
*4,4 41, *414 412 *414 412 *414 412 *414 412 *414 412
25
(The)
corp
Texas
8.200
1718 1734 1738 1738 1714 18
1738 18
18% 181; 1714 18
No par
297 3012 3014 303.3 2912 3018 13,700 Texas Gulf Sulphur
3138 3012 311
3114 31% 31
10
334 334 2.200 Texas Pacific Coal & 011
338 338
338 334
334 334
338 338
33s 3%
1
934 1038 1014 1038 7,200 Texas Pacifle Land Trust
8 1018 1014 1018 1038
1038 10% 10% 10,
100
Texas & Pacific Ry Co
1978 *15
19%
1978 *15
1934 *15
1978 *15
1978 *15
*16
par
No
Mfg
Thatcher
500
1612
1612
1638 01512 1612 *1512 1638
16
1638
1612 *16
•16
No par
83.60 cony pref
500
527g 5278
*5275 54
*5278 55
*527 55
*4278 55
54
53
No par
200 The Fair
57
534 53
*534 6
57
"512 6
*512 6
*512 6
100
Preferred
*75% 85
*75% 85 .7518 8312 *751 8312 .7518 85
*75,8 85
1
500 Thermold Co
*234 3%
3
3
•234 3
3
3
278 *234 3
27
100
Avenue
Third
400
*238 3
3
3
312
312 *3
*3
3
3
314
*3
1
100 Third Nat Investors
1812
*1553 16
1618 1618 01614 1812 *1612 1812 *1653 1812 *17
25
Thompeon (I R)
.512 6
*512 6
.512 6
*512 6
.512 6
*512 6
par
No
InoProducts
Thompson
1458 1438 1412 144 1414 1414 *1414 144 1,300
144 15
155
15
2,4 214
218 218 1,300 Thompson-Starrett Co___No per
213 2,8
218
21s
218 2%
*218 214
No par
83.50 cum pref
*1212 20
*1212 20 .1212 20
*1212 20
*1212 20
20
*12
No par
4,500 Tidewater Assoc/ Oil
77
77
778 8
734 734
8
8
8
8
8
8
-a, *a 6312 a -a-
874 8734 8758
.2634 32 .2634
102
10212 103
5
553 538
2912
3018 31
518
.5
48
534
*5% 7
214
212 258
*6478
*____ 75
.3914 4113 39
47
47
5
4
4% 418
*338
*318 4
1912 1912 1918
Ps 9-14
"114
*5412
.5253 55
*130_ _ •130
39
.383 -3946/2 46% 4534
1818 1618 16
Range Sinee Jan. 1
On Basis of 00-share Lots
Leteest
Highest
$ per share
$ per share
2912 Mar 12 32% Jan 26
512 Jan 3
312 Jan 28
1014 Mar 13 175 Jan 3
2 Jan 8
1 Mar 26
114Mar 7
212 Jan 8
10 Mar 15 14 Jan 12
12 Mar 4 21 Feb 1
3714 Mar 18 46 Jan 2
10434 Mar 11 110 Jan 22
10612 Feb 7 311278 Mar 15
95 Mar 29
6 Jan 15
22 Mar 12 2812 Jan 3
4 Jan 2
2 Mar 6
1012 Mar 12 2018 Jan 18
55 Jan 2 60 Feb 16
38 Mar 4
78 Jan 4
34 Mar 14
112 Jan 5
2034 Mar 12 2678 Jan 3
47 Jan 213
378 Feb 14
31 Mar 12 .01 Jan 3
112 Feb 2
2 Jan 7
42 Mar 22 4918 Jan 2
73 Mar 13
98 Feb 19
714 Mar 14
98 Jan 2
9 Mar 14 1418 Jan 21
518 Jan 3
314 Mar 12
447 Jan 29 48 Mar 25
203 Jan 2 2412 Jan 31
778 Jan 7
512 Mar 19
6318 Mar 21 7834 Jan 23
88 Feb 15 11 Jan 3
6 Mar 15 1014 Jan 2
1312Mar 15 1834 Jan 9
8 Feb 20
612 Jan 15
60 Jan 22 66 Mar 26
13 Mar 20 2114 Jan 8
24 Mar 12 3434 Jan 21
1678 Mar 14 20 Feb 15
1478 Jan 4
11 Mar 11
10712 Jan 15 11112 Mar 27
20 Jan 30 25 Feb 18
132 Feb 4 140 Feb 26
1038 Mar 13 1312 Mar 29
1 14 Mar 11
1234 NIar 18
75 Mar 11
10 Mar 13
2614 Mar 11
5 Mar 14
4514 Mar 18
1% Nfar 11
19% Jan 7
1612 Jan 4
2053 Jan 4
3314 Jan 12
712 Jan 8
50 Jan 8
61 Mar 12
318 Mar 13
414 Mar 21
65 Mar 23
33 Jan 2
714 Mar 14
812 Mar 14
3314 Feb 14
4378 Mar 27
143* Mar 21
123 Jan 3
212 Mar 15
112 Mar 15
134 Mar 15
434 Mar 15
6 Mar 15
4 Mar 9
/
11
111 Jan 3
273 Mar 15
23 Mar 15
2814 Mar 26
357 Mar 18
12'2 Mar 14
5834 Jan 15
118 Mar 19
3% Mar 28
36 Mar 5
638 Nfar 6
212 Mar 14
212 Mar 29
358 Mar 8
6012 Mar 20
11512 Jan 10
117 Mar 15
158 Jan 2
5 Mar 18
314 Mar 6
(% Mar 26
138 Mar 27
734 Mar 26
4 Mar 15
1612 Mar 13
2912 Mar 29
314 Jan 2
812 Jan 15
1518 Nlar 16
1518 Jan 15
51 Jan 5
53 Mar 12
6118 Jan 7
212 Mar 7
28 Mar 7
16 Mar 15
518 Jan 7
1338 Mar 13
152 Mar 15
66 Jan 7
534 Jan 2
7 Jan 22
74 Jan 7
36 Jan 10
93 Jan 2
1158 Jan 8
x4034 Jan 3
7912 Jan 17
19% Jan 3
129 Mar 19
47g Jan 21
454 Jan 3
514 Jan 10
1234 Jan 3
16 Jan 7
112 Jan 7
11514 Mar 22
3238 Jan 2
2512 Jan 3
32 Feb 18
4312 Jan 2
153 Jan 3
6438 Mar 5
17 Jan 18
518 Jan 3
3658 Mar 7
914 Jan 5
5 Jan 7
3 Mar 11
21 Jan 3
6812 Feb 18
121 Mar 23
16% Jan 10
214 Feb 8
73 Mar 18
100 84 Jan 8
Preferred
SOO
88
8812 8838 8812 8812 8812 88
8812 .88
No par 263 Star 20
40 The Water Oil
*2634 32
2634 27
*2634 32
*2634 32
32
100 100 Feb 15
Preferred
900
102 *10031 1034 *103 10334 10338 1034 104 104%
45 Mar 15
10
800 Timken Dation Axle
514
5
51 4 514
5
5% 518
518 538
par 2838 Mar 15
BearIng___No
Roller
Timken
3,900
30,4 30,2 3012 293 30
3038 291, 3012 30
47 Mar 12
No par
518 9,500 Transamerica cons
5
518
518 5
478
478 5
5
518 Mar 14
100 Transue & Williams St'l No par
531 *512 618 *513 533 *512 61, *512 818
178 Star 13
214 2,2 7.500 Tri-Continental Corp_ _ No par
238
238
214 238
214
2% 214
Mar 15
71
par
No
preferred
6%
75
.70
75
.69
75
.69
75
*68
75
Feb 7
36
par
No
Corp
Products
700 Trico
39% *377 383 Ms 3812 *3734 3812 3812 3812
418 Jan 15
No per
453 438 1,800 Truax Treat Coal
458 438
*412 47
438 47
5
13
Mar
313
10
37
37
Steel
Truscon
500
418 418
4
4
*378 4%
4
3% Mar 16
100 Twin City Rapid Trans__ No par
*318 312 *314 312 *3% 3,2
312 312
4
Mar
18
100
18
Preferred
80
1812
1812
1812
1812
19
19
1812
20
*1818
I% Mar 13
No par
114
200 then & Co
153
114
1-38 •114
138 0114
158 •114
1,300 Under Elliott Fisher CO No par 5334 Mar 29
5334 54
54
5412 54
5412 54
541k 54
100 127 Jan 18
Preferred
_ ___
_ 930 _ _ *130
_ _ *130
_ *130
2,000 Union Bag & Pap Corp___No par 34 Mar 29
36
_-37 -38.
3212 34
36
38 -39-32
4812 4512 463
457 463 46
4634 4614 4653 14,600 Union Carbide & Carb___No per 44 Jan 15
.25 148 Feb 6
1,700 Union 011 California
157 161s
1.578 16
15% 157
1616 1618 1614
For footnotes see page 2138.
March 30 1935
July 1
1933 to Range for
Feb. 28 Year 1934
1935
Low Low
High
S per sh $ per share
33
1014
4
285
285s
3918
412 15
312
1514 2778
13
458
118
118
618
112
112
20
8
8
27
13
13
3814 57
3534
8434 108
80
9812 11312
90%
518 1214
412
1718 38%
1718
8
3
212
3034
15
12
41
3714
603
12
2
'2
1
318
1
2034 3838
19
538
2/
212
4
1
31
30
5114
414
112
112
52
32
30
12
2
12
438 9
312
1378
65
6
4
518 1314
4
778
4
881.4 49
30
19
19
2613
1112
6
6
274513 57
89
1212
8
38 514
818 2418
8
4
/
714 171
714
1118
6
6
42
5112 68%
15
12
2712
15
1812 42
312
634 194
1212 1978
1212
76
10812
86
393
20
20
112
1018
512
112
1334
818
1014
2612
5
3014
7
20
27
112
3012
1214
35
6
18
7%
1634
120
3
212
3
7
812
78
9412
2612
2314
19
3318
6
4534
1
238
2818
412
238
137
115
4
/
1012 221
512 1038
3%
I%
14% 333
1112 3812
14
4114
3113 4734
13
5
30% 74
153s
7
66
30
27
8
73j
2
39
6412
1534 33%
55
II%
13
6
2154 4114
19
7634
1714 251 4
12114 127
8
3
4
42
98
11%
1%
li
1-0
511, 7414
113
100
1112 2514
314
114
453 1554
55
3%
212
88
55,
112
/1
4 1514
/
318
634
1958 29%
431,
30
212
012
12
6%
1312 4314
18
8
39
5238
12i8
4
50
83
212
918
814
4
1311 2212
47
II
10
20,4
512
1%
2412
17
1434
8
641, 87
24
40
10012
80
37j
812
24
41
812
518
412
1312
3
834
8014 78
4213
33
512
153
338
9511
812
I%
39
6
912 Jan 7
438
514 Jan 3
4
1
3/
% Jan 4
%
112
234 Jan 4
97 Jan 9
712
3%
512 Jan 26
2138 Jan 7 41 1818
365 Feb 19
2234
414 Jan 18
212
6
11 Feb 20
1312
2534 Jan 10
8
193s Feb 15
3838
54 Mar 23
4
714 Feb 14
45
82 Jan 29
414 Jan 7
212
5 Jan 5
314
13
21 Jan 7
4%
6 Jan 15
10
1778 Jan 2
312 Jan 7
134
17
10 Jan 3 7 712
8812 Mar 5'
743's
18
2712 Jan 29
10418 Jan 29
62
3
714 Jan 3
21
3634 Jan 8
5
578 Jan 7
412
814 Jan 3
38 Jan 3
278
51
81 Feb 11
2534
4212 Jan 7
4
/
11
518 Feb 20
6 Jan 8
33*
5 Feb 19
114
412
27% Feb 18
1
214 Jan 4
2213
6112 Feb 19
95
13012 Mar 18
3112
5012 Jan 22
49 Feb 18 "34
1112
1858 Feb 21
17
338
453 17
33
10
1114 381 2
178
78
9613 114
2614 427
2312 2714
41
26
3914 5018
1538
6
4714 6612
3
114
7
3
3818
210
4 1053
/
41
37
1338
1
a
58%
aa
102
128%
3914 60%
357k
5078
11% 2012
New York Stock Record-Concluded-Page 9
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Mar. 23
Monday
Mar. 25
Tuesday
Mar. 29
Wednesday
Mar. 27
Thursday
Mar. 28
Friday
Mar. 29
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On Basis of 100-shars LOG
2147
July 1
1933 to Range for
Feb. 28 Year 1934
1935
High
Low Low
Lowest
Highest
$ per share 5 per share $ Per share $ per share $ per share $ per share
Shares
Par
$
per
share
$ per shard $ per sh $ per share
88
8934 85
8714 85
85% 8412 8534 8212 8534 8358 8434 9,500 Union Pacific
100 8212 Mar 28 11112 Jan 10 6 89%
90
.8014 82
1337
804 8034 8012 8012 8012 8012 8014 8014 8012 804 1,000
Preferred
100 7912 Mar 14 8834 Jan 11
7134 gg
627
*2278 2312 2314 2314 2312 24
2312 24
*23
2312 23
2312
900 Union Tank Car
No par 2078 Mar 13 2618 Jan 4
134
1112 1134 11
15/
1
4 2534
1112 11
1138 1078 1112 11
1112 1078 1118 11,600 United Aircraft Corp
5
818 1514
84
98 Mar 13 1518 Jan 7
518
514
5
5
0
514
5
54
5
512
518 3,600 United Air Linos Transp •t c_.6
5
67 Jan 31
412 Mar 13
314
34
612
*7
10
07
9
*7
878 *7
934 *7
934
7
7
100 United American Bosch_ _No par
7 Mar 29
94 Feb 19
7
8
17
2338 231
/
4 2312 2312 2212 23
23
23
2278 227
234 2318
1,100 United Biscuit
No par 2212 Mar 26 2612 Jan 9
19
2114 294
*117 11712 *117 11712 *117 11712 0117 11712 *113 11712 *113
11712
Preferred
100 113 Jan 18 11712 Jan 2 10414 107
120
5018 5018 4912 50
5014 5014 50
5012 5038 511
/
4 504 5112 5,000 United Carbon
No par 46 Jan 28 5314 Mar 1
2014
35
218
214
2
2
5038
2% 218
218 218
2
24
24 214 18,800 United COM
par
112 Feb 27
No
3 Jan 2
112
24
218
2478 23/
8%
1
4 2412 24
2434 24
25
2414 2514 2412 2514 21,100
Preferred
No par 204 Mar 13 29/
1
4 Jan 25
2114
2114
*10
1038 1018 1038 10
377
8
1018 10
10
10
1018
978 10
2,600 United Drug Inc
5
912 NIar 19 134 Jan 7
61s
*438 512 *412 558 *412 51 2 *4% 512
914 1814
4/
1
4 438
434 434
200
United
Dyewood
Mar
Corp
13
412
10
8
Jan
3
24
338 107
*65
*65
70
*65
70
70
*65
70 .65
70
*65
70
Preferred
100 65 Mar 21 82 Jan 7
50
5934 7534
*414 434 •44 412
412 412 *414 412
334 414
*334 414
1,300 United
No par
318
358 Mar 13
712 Jan 9
74
3
77
7734 78
7714 77
7712 7758 7812 7912 8012 804 8012 3,100 United Electric Coal
Fruit
Vo par 7158 Feb 6 8112 Mar 4
4912
11
59
1118 107s 1118 1038 1118 1078 1118
77
11
1118
11
11l4
21,500 United Gas Improve
No
par
914
Mar
18
Jan
127
10
8
9
/
1
4
*92
1112
204
932 *9212 9312 *9312 94
94
95
9414 9414 *94
95
300
Preferred
No par 8712 Mar 15 95 Mar 27
8212
.24 3% *218 318 *2
86
99/
1
4
318 *2
318 *2
318 *2
318
:United Paperboard
.3% 358
100
218 Jan 28
318 Feb 15
3% 318 *3
1
11
/
4
358
3/
1
4 *3
338
278 3
.27
314
500 United Piece Dye Wke___No par
214 Feb 26
578 Jan 7
214
6
1384
•1812 2038 *18
1938 *18
19/
1
4 18
18
17
17 ; 16
1612
470
654 % preferred
100 16 Mar 29 3312 Jan 24
18 •
44 418
30
4
68
4
4
4
4
4
4
4
4
4
1,600 United Stores clasa A____No par
334 Feb 26
712 Jan 3
218
*47% 51
214
814
*4812 51
*4534 51
*47
50
4812 4812 *4814 4938
100
Preferred class A
No
par
4812
Jan
6512
20
19
Feb
4812
5278 5278 5214 5214 52
54
76
5218 *52
5278 52
5214 *5234 5278
900
Universal
Leaf
Tobacco
Mar
51
par
15
No
59 Jan 2
37
4014 63
13834 1384 *13812 14012 *13812 14014 139 139 *1381 140 *139 140
GO
Preferred
100 13314 Feb 9 14034 Mar 15 10814 11212 140
*40
41
40
40
*39
40
.3714 41
*3734 41
*3734 40
30 Universal Pictures 15t ptd
100 364 Jan 15 404 Mar 15
15
112 112
1678 4612
138 11
/
4
114
114
114
114 *114
112
114
114 1,100 Universal Pipe & Had
78
1
14 Jan 16
24 Jan 18
1734 174 1612 1712 1612 1612 1612 1612 1618 1612
%
3
16
16
180
Preferred
12
100
Feb
193
6
8
6
Mar
414
414 24
•16
1612 1612 1612 16
16
1512 16
21578 1614
16
1612 2,600 U S Pipe & Foundry
20 144 Mar 11 22 Jan 7
12
2014 2014 '2014 2014 *2014 20/
1512 33
1
4 *2038 2012 •2014 2012 2014 2014
800
1st preferred
No par
1914 Jan 7 2038 Feb 15
1314
*1
1612 191
2/
1
4 *1
/
4
24 •134 218
134
134 *1
218 *1
218
100 US Distill) Corp
No par
14 Mar 6
2/
1
4 Jan 3
112
1
4
612 612
6% 612 *7
8
*6
8
*6
8
*6
8
20
Preferred
100
612 Mar 23 10 Jan 9
4
4
14
*14
12
*14
12
104
12
*14
12
*14
12
100 United States Express
14
14
14
100
4
14
14 Jan 2
12 Jan 4
*1118 1178 *1318 1312 *1118 124 *114 1234 *1118
1134 114 1118
100 U 8 Freight
No par
11 Mar 14 1512 Jan 7
11
11
*5
534
412 434
2712
434 434
434 434
5
5
*478 5/
1
4 1,300 US & Foreign Secur
No par
412 Mar 12
712
6
3
Jan
6
*61
78
1514
*64
78
6514 6514 *6412 78
•60
78
*66
78
100
Preferred
No par 6514 Mar 26 84 Jan 22
60
43
6314 78
434 4214 4234 42
4238 4214 4212 42
4212 42/
1
4 4234 2,700 U S Gypeum
20 4012 Mar 12 5318 Jan 7
344
*14612 147
147 147 *14614 147 *146 147
344 5114
14512 14512 147 147
50
7% preferred
11
Jan
143
Feb
100
148
19
110
*6
612 *6
115
146
7
*538 7
*538 534
534 6
"54 618
200 U S Hoff Mach Corp
5 Feb 6
5
714 Feb 19
314
*3634 3712 361 2 3714 3612 367g 3613 3612 3612
4/
1
4 1018
37
3
6
US
,
2 37
2,100
Industrial Alcohol___No pie
3518 Mar 13 4512 Jan 2
32
44 414
32
44 418
644
414 414 04
.5
*334 5
418 418
500 U S Leather v 1 c
No par
318 NIar 15
67 Jan 7
838 838
8
54
814
54 1172
8
8
*77
812 *8
814 *818 812
600
Class A v I .3
No par
712 Mar 16 12/
1
4 Jan 3
7
*49
7
55
*49
1934
55
*49
55
*49
55
*49
55
*49
55
Prior preferred•t c
100 53 Jan 22 594 Feb 16
45
45
80
37
3%
38 37s
3,2 3,2
3,z 3,2
312 0312
311 312 1,300 U 8 Realty & Impt
par
Va
Mar
3
13
Jan
7
7
4
1138 1178 1012 1138 11
4
1234
1138 lug 111g
1078 1114
11
11
7,700 U S Rubber
No par
918 Mar 13 1714 Jan 3 6 1058
2714 2738 2612 2714 27
11
24
2812 2714 277
27
28
2612 2634 3,000
181 preferred
14
Mar
2412
100
4238
Jan
7
116 116
1718
244
114 11534 11512 117
614
10814 112
10034 105
10112 1031z 23,200 U 8 Smelting Ref & Min
50 10034M it 28 12414 Jan 3
5314
*6613 674 *6612 6734 6812 6812 6812 6812 *65
96/
1
4 141
400
Preferred
50 6278 Jan 3 69 Feb 26
29
5112
5412 6512
3014 2814 29% 2838 2918 28% 2918 2812 6818 *6512 6814
2958 2858 287 32,400 US Steel Corp
100 2712 Mar 18 4018 Jan 8
*77
291
/
4
78
77
29/
1
4 59%
7714 7618 77,1, 7534 7612 76
7612
7613
76
2,700
Preferred
Mar
73
100
/
1
4
18
94 Jan 23
*12718 1313 •12812 13112 13012 13012 *129 13112 129
6714
6714 9912
130
12712 128
600 U S Tobacco
No par 1194 Jan 4 13012 Mar 26
814
99
140
15012 15012 *150
_ _ .150
. _ •150
_ •150
_
Preferred
10
100 14934 Feb 11 15214 Feb 26 1241
*150*4212 67-12 *4212 6712 *4414 -6i12 94414 -0i12 *4414
/
4 126
150
*4414
(f7
-12
6758
Utah
Copper
10 40 NIar 22 497g Jan 11
138 1.8 513g
4812
4811
67
112
112 112
112 Ps
134
158
138
158 3,100 Utilities Pow & Lt A
1
1 Mar 12 Jan 2 1 78
%
%
14
53s
*12
/
1
4
38
58
/
1
4
/
1
4
/
1
4
•58
34
34 1,900 Vadsco Sales
No par
12 Nfar 1'
34
11,Jan 2
17
*194 21
'
194 21
1/4
•1914 21
*1914 21
.1914
*1914
21
21
Preferred
100
19% Mar 13 20 Mar 6
15
15
194
194 22%
1414 1414
1414 1434 144 141.2 1434 1434
144 2,000 Vanadium Corp of A1n___No par 1338 Mar 15 2134 Jan 7
14
14
14
*13
13
1312 13
314
1318 1318 *1234 1312 .1234 13/
1
4
•123
1312
200
4
Van
Raalte
Co
Inc
5
1114
Feb 7 1438 Feb 27
•91
334
921, 9212 9212 *9212 94
412 12%
.9212 94
9212 93
*9212 04
160
7% 1st WO
100 91 Feb 20 944 mar 1
3678 3678
544 25414 98
- *3612 37
3678 3714 37
3718 3714 3714 *37
3738
1,700 Vick Chemical Inc
5 3418 Jan 14 3712 Mar 11
2318
3
3
24/
1
4 3634
278 3
3
3
27
*3
3
338 *3
312
1,100
Virginia-Carol
ina
Chem __No par
212 Mar 18
17
458 Jan 3
204 204 2014 2034 .194 2012 *1934 20
11
5.8
194 1934 *19
20
700
6% preferred
100 18 :Mar 15 2714 Feb 1
*91
10
10
26
97
*91
96
*91
96
.9134 96
*913 96
*913
4
96
7%
preferred
100
85
4
Jan
100 Feb 1
88
5714
595* 84
89
89
90
8934 90
90
90
90
9012 92
92
400 Virginia El & Pow 56 pf --No par 7212 Jan 4 92 Mar 29
60
65
•1 1g
80
4
.118 4
.3
4
.318 4
•318 4
*318 4
Virginia Iron Coal & Coke_ __100
4 Mar 5
4 Mar 6
*1518 40
312
3/
1
4
9
*151g 40
*1518 40
*1518 40
*154 40
*154 40
5% prof
100 15 Feb 19 1518 Feb 28
15
1618 27
91612 75
6638 6612 *65
65% *6312 65
66
66
6312 64
120 Vulcan DetInning
100 6312 Mar 29 8112 Jan 7
36
•110
52
82
.•110
____ *110
__ _ *110 _ _ *110
_ _ *110
_ ___ ___
Preferred
100 10914 Feb 5 110 Mar 12
95
112
95
114 __114
*1.1g
138 •118
1-14
118 I's •vs )73,3 *118 __114
300 /Wabash
100
118 Nlar 21
47
238 Jan 8
114
11
/
4
*134 21
*134 212 *134 212 *134 214
14
134
134
134
400
Preferred A
100
134 Mar 1
312 Jan 4
2
.114
21
2
/
1
4
*114 212 *114 212 *114 212 *114 21
85*
•114
212
Preferred B
100
14 Feb 25
234 Jan 19
14
114
438 438 5438 438 .414
612
458 .414 54 *414
518
412
412
200
Waldorf
System
No par
418 Mar 15
712 Jan 10 6 37
4
'2818 2812 *2712 2814 *2714 2818 *2714 2814 2712 2734 2814 2814
87
300 Walgreen Co
No par
2714 Mar 13 31 Jan 3 9 1518
116 116
2214 29%
117 117 *116 117
117 117
11612 116'2 116 116
160
834% preferred
100 114 Jan 7 1.1734Mar 21 9 80
158
8412
11
/
4 .11
1165
8
/
4 14
138 11
/
4
11
/
4 168
I%
158 .112
11
/
4
700 Walworth Co
37 Jan 7
No par
14 Feb 28
14
214
638
*5
612 *54 6"
514 51.1
*512 6
54 52
200 Ward Baking class A
5,2 618
No par
5 Mar 14
638 Feb If
5
5
12
1:2 *114
1 12 112
114
114 •lis
112
14
11
15
8
1,100
*114
Class
B
No par
114 Feb 28
134 Feb 18
.2912 30
14
114
*29
3/
1
4
2912 *2914 2912 2914 294 *2914 2938 30
30
400
Preferred
100 2812 Jan 12 324 Feb 21
24
234 27
24
234 27
36
258 234
2/
1
4 238
2/
1
4 234
2/
1
4 234 9,200 Warner Bros Pictures
5
214 Mar 15
41
/
4 Jan 2 31 258
1634 1634 *1612 1712 *1634 1738 1634 1634 *1512 1738 •
23
4
84
153
4 173s
20
$3.85 cony prat
*34
7,
No par
1412 Mar 13 2478 Jan 26
34
34
.34
12
78
15
317
934
78
73
7
934
78
300 Warner Quinlan
No par
58 Mar 15
78
I
537
138 Jan 2
*334 4
378
4
334 334 .334 4
334 33
*312 4
200 Warren Bros
No par
212 Mar 15
61s Jan 7
*734 10
314
.5
34
8
13/
1
4
*7
81
/
4 0738 8/
1
4 *738 8
*738 8
Convertible pret
77 Mar 20 14 Jan 7
No par
.21
21
8
8
.2112 24
2875
*21
24
21
21
.22
24
*21
24
100
Warren
Felt
,
&
Pipe
No
par 21 Mar 27 28 Jan 8
412 458 .438 478 *4
1312
1312 31
*4
5
412 *4
4
42
414
200 Webster Elsenlohr
No pat
4 Mar 14
.80
6 Jan 2
3
*80 . _ *80 __ _ *80 - - - *80 ...
3
7
.80
_ ______
Preferred
100 90 Feb 1
90 Feb 18
"1
60
1-18 *1
65
90
118 91
1-18 *1
118 *1
I. •1 __-11g
Wells Fargo & Co
"24
1
1 Jan 5
324 3238 3134 31.34 *3112 32
114 Jan 24
3
4
32
32
3134 32
3134 32
1,300 Weerson Oil & Snowdrift __No par 3012 Jan 15 39 Feb 18
*7512 76
15
7534 7534 7512 7512 7512 7512 7538 7512 7512 757
1534 3534
900
Cony preferred
No par
72 Jan 29 76 Mar 22
49
5211 7434
2314 244 23
2312 23% 2338 22/
1
4 24% 234 2414 2318 238
7,500
Western
Union
Telegraph_
_100 2058 Mar 14 3434 Jan 7
197 20
19
1958 1838 1868 18
2418
2912 6678
1814 21818 1812 187 1878 4,100 Westing/1%e
Air Brake
18 Mar 27 27 Jan 9 33 1534
3512 3638 3412 3514 3438 3538 3412 3534 35
Ws 36
3618 3518 3578 18,300 Westinghouse El & Mfg NO par
50 3238 Mar 18 41 Feb 18
*94
96
2778 474
*94
2778
*94
95
9478 *94
947
94
94
7
943*
40
94
1st
preferred
50 90 Feb 5 99 Jan 28
*1012 1134 .1018 1134 10
77
82
1038 •1014 11
95
*10
11
.10
11
200 Weston Elec lastruml___No par
10 Mar 18 1378 Jan 2
.3014 311 12 *3014 31
5
*3014 304 .3014 304 *3014 3034 304 3014
6
1512
40
Class A
No par 29 Jan 4 32 Mar 8
41
41
4114 4114 4214 4214 4214 4214 4112 41% 41
15
1638 2912
41
370
West Penn Elea class A___No par 34 Mar 6 53 Jan 12
49
48
498 4978 48
3934
4412 70
4812 48
49
4814 49
4814 5012
410
Preferred
7
39
100
4.5
Mar
45
6
6012
43
Jan 7
44
44
44
4412 47
47
514 80
46
4612 4634 4712
450
6% preferred
100 36 NIar 14 53 Jan 2
11012 111
11012 1 1114 11014 11014 .10812 110
4018
45
26812
110 110
11014 1104
320 West Penn Power prat
100 10412 Jan 17 111 14 Mar 22
.100 10034 100 10034 100 101
8812
894 110/
100,4 101
1
4
101 10134 10112 10112
570
6%
preferred
100 95 Jan 2 10214 Feb 1
•I38 Ds .158 2113 •153 2
7834
*158 2
105
78%
*138 2
*158 2
West
Dairy Prod al A____No par
138
Feb
27
.12
8
Jan
214
14
/
1
4 '
15
8
*12
/
1
4
%
13
4
12
614
lz
"z
/
1
4
'112
/
1
4
100
Class B • t 0
No par
638 6/
12 Feb 7
1
4
618 614
618 64
% Jan 8
618 614
12
6
12
212
638
618 64 1,000 Western Maryland
100
97 Jan 7
512Nfar 15
•7
.7
9
9
8
8
*7
8
61
/
4
*534 812 *6
718 174
8
200
2d preferred
100
8
.11
Mar 6 114 Feb 20
/
4 178 •153 17
*1%
178 .158
914
914 23
134
138
15e
112
112
300
Western
Pacific
100
138 Feb 26
318 318
3/
34 34
1
4 Jan 7
314
27
31s
138
3
252 258
2/
1
4
2/
1
4 2/
812
1
4
700
Preferred
77 Jan
100
238 Feb 26
.1814 1918 *1814 1912 *1734 19
18% 1818 1818 19
233
gag
174
•1818 1914
800 Westvaco Chlorine Prod__ No par
1634 Mar 13 2312 Jan 37 1214
. ___ 20 *.._ - _ 20 *__ __ 20 *____ 20
*5
147
20
274
.5
20
Wheeling
A
Lake
Erie
RI Co_100 18 Jan 3
'21
*24
25 .24
25
28
*24
Feb 8
28
18
24% 29
•24
28
.24
28
6% non-cum preferred_ 100 25 Mar 14 22
*15
18
17
*15
25 Mar 14
.15
17
15
15
21
1414 15 .14
24
36
15
300 Wheeling steel corp
No par
1414 Mar 28 2014 Jan 21
.19
5218 •49
5218 *49
53
49
*45
49
1112
1112 29
5218 .45
5218
100
Preferred.
100 4612 Jan 12 58 Jan 22
84
8
818 814
8
818
34
34
738 73*
57
718 7/
1
4
74 712
970 White Motor
50
678 Mar 15 1858 Jan 3
10
15
284
1414 14% 1414 1412 214
1414 144 134 14
1414
1418 1418
1,500 White Rk Min Apr ott ____No
1312 Mar 22 2412 Jan 9
*114
114
11
138
112
112
17s •114
/
138
4
112
2114
2114 3112
112
112 1,300 White Sewing Machine___No par
par
114 Mar 15
.6
218
714
Jan
*cox 714 56
22
112
Da
714 *814 714 *6
714 .6
371
714
Cony preferred
No par
6 Jan 11
•II2
912 Jim 24
112 *112
134 *112 158
112
4
158
112
5
112
1114
112
112
600 Wilcox Oil & Gas
5
1 NIar 14
*35
*35
36
258 Jan 8
.35
36
36
36 035
2
2
534
*35
36
*35
36
Wilcox-Rich Corp class A _No par
34 Feb 5 35 Feb 18
5
5
518
5
5
2278
518
5
5
5
27% 344
.518
48 5
10,500 Wilson & Co Inc
No par
44 Mar 18
7 Jan 2
3%
gag
9
Class A
No par 2512 Feb 7 3138 Jan 3
-*nOT., -iel 651g
114
1214 3238
56 pref
100 67 NIar 29 75 Feb 28
5312 5314 5334 5314 5358 5318 5358 5318 5312 10,400 Woolworth
53/
1
4 5378 53
68
(F
W)
Co
10
51 Jan 15 5578 Feb 18
1314 1314 *13
14
13
13
13
35
*13
13
-41-14 -55-4
14
*1278 1358
500 Worthington P & W
100 1134 Mar 12 2112 Jan 7
2838 2812 2812 2834 2834 2812 2812
29
28
28
29
28
1312
1312 317
170
Preferred A
100 2512 Mar 13 447 Jan 23
*22
*22
22
25
22
25
3112
3112 53
*22
24 .22
24
22
22
200
Preferred B
100 2014 Mar 12 33 Jan 11
*4212 47
48
4412 45
47
42
2214
58 42
42
23
43
43
*42
44
110 Wright Aeronautical
No par 3512 Mar 13 5218 Jan 3
7514 7412 7514 737 7378 734 7334 7334 74
7514 7514 75
12
16% 75
1,600 Wrigley (Wm) Jr (Del) No par
7334 Nfar 13 7912 Jan 7
•1678 194 6.16% 1978 *1678 1978 *1675 197 *17
4734
8412 76
1918 *17
1918
Yale & Towne Mfg Co
25 178 Mar 13 24 Feb 1
•24 3
27
1138
14
278 3
22,2
278 *234 3
234
234
23
234
1,000 Yellow Truck & Coach al B
10
24 Mar 14
414 Jan 7
•36
36
38
36
36
234
234
36
74
*36
38
*36
38
36
36
50
Preferred
100 3412 Mar 14 42 Feb 19
25
28
*1812 1918 *1812 19
1878 19
19
1812 1812 *1838 187s
19
4712
400 Young Spring & Wire__ No par
18 liar 18 21 Jan 2
224
104
13
1512 1358 144 13% 14
15
1378 1414
14
1412 1418 1414 4,800 Youngstown Sheet & T___No par
13
Mar
15 217 Jan 8
121
1258 3334
/
4
*35
*35
46
46
46
*35
.37
.357 46
46
•358 46
53-4 preferred
100 46 Jan 3 56 Jan 21 1330
5934
34
2
112 112 *114
112 112
*114
2
11
/
4 138 .114 2
300 Zenith Radio Corp
Vo par
11
/
4 N Lir 28
38s
33,
212 Jan 8
1
4
3/
1
4 378
338 34 .338 33g
1 18
112
44
338 3/
358 338 2,200 Zonite Products Corp
1
3 Mar 15
47 Jan 10
31
/
4
Vs
Vie
For f001210108 see pegs 2138.
,
6912 aii., -6-.s az, -6-814 iiii, ii 67 -6.7-37, ______
2148
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
March 30 1935
prices are now and interest"-except for income and defaulted bonds
Os Jas. 1 1909 the Exchange method of quoting bonds (vas changed and
range. unless they are the only transactions of the week, and when selling outside or the
NOTICE-Cub and deferred delivery sales are disregarded In the week's No account Is taken of such sales In computing the range for the year
regular weekly rang. are shown in a footnote In the week In which they occur.
July I
Week's
7:
July 1
Week s
Range
.,1_ 1933 to
Range or
BONDS
Range
Range Or ; 1933 Co
t ..t
1"14 3
.i
BONDS
Since
28
Feb.
9
1
1:
9
Friday's
-..
EXCHANGE
Since
N. Y. STOCK
Feb. 28
gt
Friday's
N. Y. STOCK EXCHANGE
Jan. I
2.; a. Bid ct Asked 60 1935
29
Mar.
Week
Ended
1
Jan.
1935
0292
Asked
...a.,
&
Bid
29
Ended
Mar.
Week
High
High No. Low Low
Low
High
Forirign Govt. & Munle. (Con.)
HUD No. Low Low
Lots
U. S. Government.
2
6818
9412 9714
1944 M 8 9514 9514
101.5 105.14 Cuba (Republic) 58 of 1904
99
First Liberty Loan-34 of'32.47_ 1 D 101.6 101.16 754
93
90
8312
3
293
93
A
F
1949
A
External 59 of 1914 ser
J D
100.17 112.7 102.20
Cony 4% of 1932-47
8712
84
6I78
1
1949 F A 8712 8712
External loan 4329
J 13 101.12 101.18 319
99.28 101.10 104.4
Cony 434 % of 1932-47
8012
77
61
2
78
78
J
1
.
_1953
_
15
532s
Jan
fund
103
Sinking
103
1 D
102
2d cony 434% of 1932-47
2678
2312
4
193
47
8
8
245
253
D
.1
*Public wk* 53.4. June 30 _1945
Fourth Lib Loan 44% of 1933-1938 A 0 102.22 102.27 142 100.30 102.22 104.16
10
94 1415
9% 12
918
1959 M N
100.5 100.31 359 101.15 100.6 102.18 •Cundlnamarca 6349
1933-1938
431% (341 called)
9.5%
105
4
773
10
99
98
0
A
1951
(Rep
81
00)
1947-1952 A 0 115.17 115.26 308 104.10 113.8 116.14 Czechoslovakia
Treasury 44s
9512 105
77
7
1952 A 0 9512 9614
Sinking fund 89 ser 13
97.26 102.28 105.20
Treasury 432-348_001 15 1943-1945 A 0 104.30 105.16 238
7978
9912 105
1942.0 J 9918 10112 169
424 101.1e 109.24 11124 Denmark 20-year ext! 69
1944-1954.0 D 110.22 111.5
Treasury 48
9634 101
75
121
4
963
9312
A
F
1955
External gold 549
109.28
99.26 107
91
1946-1956 M 8 109.9 109.17
Treasury 31.4s
8512 9678
61
15 _ _1962 A 0 8512 893 127
4328__Apr
g
106.30
External
103.28
D
J
98.5
106,14
106.26
213
1943-1947
Treasury 3329
1932
_
Am
0118,
Ilk
part
Deutsche
93.12 101.20 103.29
Sept 15 1951-1955 M 8 102.30 103.16 1,005
Treasury 3s
5514 6612
4812
1
,..-, 0212 6212
*Stamped extd to Sept 1 1935
97.26 100.20 103.27
103.14 534
Dec 15 1948-1948 J 13 103
Treasury 3s
7112
40
66
2
8 a6914 06914
98.12 104.15 107.29 Dominican Rep Cast Ad 5329 ___42 M 0
Treasury 392/3____ June 15 1940-1943 .1 D 107.4 107.12 166
8 64
36
593
64
____
.6114
4
A
1940
let ler 5349 00 1926
104.14 107.17
98.8
Treasury 334s__ Mar 15 1941-1943 M 8 107.6 107.13 135
5912 64
36
1
1940 A 0 a6112 06112
532/1
fund
sink
241
merles
104.28
101.28
28
94
235
104.10
103.30
D
3
1948-1949
15
Treaaury 3328____ June
35
27
4014 ____
435*
101.18 104.28 'Dresden (City) external 79.-1945 M N .35
1949-1952 J D 104.2 104.13 595 101.6
Treasury 349
---- ----36
- -- 97.27 104.18 107.22 'El Salvador (Republic) Sc A _ _1948 1 J •65
Aug 1 1941 F A 107.10 107.22 680
Treasury 348
35
56
2
ivi
56
1 .1 56
depoelt
of
105.17
*Certificates
24
102
599
99.24
105.10
104.30
1944-1946 951,
Treasury 349
5
8413
4812
40
9512
94
J
1
1967
100.15 101.8 Estonia (Republic of) ls
1955-1960 94 S 100.22 101.8 3.081
Treasury 27.4.
101.14 104
98
___ _1984 M 8 103.4 103.12 184
Fed Farm Mtge Corp
70
10312 108
1945 M 5 10614 10718 16
99.16 102.12 Finland (Republic) ext 60
9427
151944-1949 M S 101.14 101.27 229
3349.Nov
35
7012 10118 10434
10312 28
1956 M 5 102
External sink fund 634.
100.20 122.14
Jan 15 1942-1947 1 J 101.23 101.29 135
3s
67
1
998 10138
907
99%
0
A
1954
6328
Mun
Loan
Finnish
101.18
100.19
72
91.26
101.5
100.30
J
J
1951
Home Owners Mtge Corp 4a
6714 100 101 14
1954 A 0 .99 8 10034 --External 6328 serial 11
94.26
99.18 101.14
1952 MN 101.12 101.27 856
38 series A
2614 3514
20
8
2834
27
1953 M N
*Frankfort(CIty of) 816 49
100.18
28
1,035
R2
98.20
100.9
100.1
A
F
1949
249
16812 190
61 126
1941 3 n 18812 179
French Republic extl 7329
State & City---see sots below.
17512
190
12712
56
17512
1774
D
.1
1949
External 711 of 1924
*German Government InterneForeign Gold & Municipal.
2714 374
23
175
273
13
4
J
29
1965
of
1930
35-yr
tional
5%,
1947 F A ------------185*
•Agrie Mtge Bank 9 t 68
475*
3112
37
3934 58
1949 A 0 37
3312 *German Republic ext1 79
21
6
2114
21
*Feb 1 1935 subesq coupon
3434 344 *German Prow & Communal 13k9
--1534
esinking fund 69 A_ _Apr 15 1948 A 0 _
3814
484
2312
24
3814
D
1
39,4
1958
(Cons Aerie Loan) 634s
1912 32
a
-21
..., ii
*April 15 1935 Coupon on
115% 1154
1954 M N -------- ----49
64
9012 964 *Graz (MuniciPalltY) &I
1963 M Pi 9011 9113 23
Akershus (Dept) ext be
86 10812
_
2 612
„,
*Only unmatured coupons on
7% 1134
732
752
734 14
1945.0 1
•A nth:9pda (Dept) coil 79 A
8
0175
11014 116,2
50
8
1
1157
-A
F
1937
1109
709 1118 Or Brit & Ire (II K of) 530
634
6
739
1945.0 J
75*
*External 9 t 79 set B
9592 1085* 119
211138 11113 79
N
M
1990
14%
2
fund
912
1980
loan
opt
752
712
73
2
4
1
1945.0
709
*External a t 78 ser C
22
3912
37
3878 ____
718 1058 *Greek Government of vet 79_ _1961 M N •31
774
0
712
718
1045.0 1
*External a f 71 ser D
2812 33
1658
3
2812 2812
1968 111 A
•S f secured Bs
74 1014
638
85* ____
1967 A 0 *718
*External s t 78 1s6 aer
10
--614
712
8
93
1957 A 0 v718
*External see s f 79 241 ser
82
8638
07
4
613
7
74
1952 A 0 8334 8414
978 Haiti (RenlIbile) 2 1 69 Ser A
4
7
1957 A 0
*External aec s t 79 341ser
2684 36'2
201s
6
284
1946 A 0 28
*Hamburg (State) 69.4
89 126
744
92
43
1968.0 D 89
Antwerp (City) external be
31
2512
15
.1
---J
*20
2812
.50
904
95
7545_
extl
*Heidelberg (German)
44
14
1960 A 0 9112 93
Argentine Govt Pub Wks 6..
664 1014 1035*
I560A 0 10212 1024' 9
Helaingfore (City) ext 6329
95
44
90
1959 1 0 9118 9314 93
Argentine 68 of June 1925
25
____
1
.1
Muntc
Loan
*Hungarian
73.4.
9314
95
19
442
90
0
A
1959
925*
Exit s 1 68 of Oct 1925
2912 -39
8 ____
---333334
J 1 -„904 95
*Only unmet coup attached
44
1957 M S 9112 9312 37
External 9 t 69 series A
2638
z...... ---'External.(7.(coup).
1940 1 J .....-,,9018 95
9314 65
4414
1958 J D 91
External 6e scrim B__Deo
32
-3-7's
4m
,
1
2
9
-.7:_
1
4
3
_0
a
2
a
6
attached
_
3
1
.
:99t
'
*Only
1
-.
:4
95
unman!
coupe
90
23
4418
1960 M N 9112 93
Ext1 s f 13, of May 1926
2115.
2912 3314
33 ____
9314 34
9514 *Hungarian Land M Inst 748 ___'61 M N *31
4414
90
1960 M S 9114
External 9 16* (State RY)
2958 a32 a32
1
13
95
sec
A
*Sinking
fund
F
7329
1961
9114
90
9314
40
4412
Extl 6s Sanitary Work,
45
45
3112
40 ____
*Hungary (King of) s t 7328_ _1949 F A. .37
95
99
45
1961 MN 9112 9314 22
nal 69 pub Irks May 1927
3612 4918
3712 17 ._ _
• 37
*February coupon on
72
4114
18412 9014
1962 F A' 8412 87
Public Works ext1 549
11134
112
10812
_
•11112
-11413
Irish
Free
59
1
8
State
0211
10412
7758
985*
1955 J .1 9838 9934 67
Australia 30-yr 59_ _JulY 15
86
79
91 1 2
123
9818 10412 Italy (Ktrigdom of) exti 79
1951 1 D 7984 82
78
External 5* 01 1927_ .Sept ._ 1957 M 5 984 9934 62
99
94
8934
5
95
9218 9714 Italian Cred Consortium 78 A ____'37 M Ei 94
737
1956 M N 9218 9378 137
External g 4329 0111928
76
89
82
38
7712
76
8
1947 M
External sec a t 79 ser Cl
38
8314 10058 10234
1943 1 D 1004 101
Austrian (Govt) 9 1 78
6434 85
73
9
1952 J J 6434 6938
Italian Public Utility exti 78
96
8912 57
4212
81
1957.0 .1 81
International loan 9 1 79
97
77
90
9138 9388 79
1954 F A
Japaneee Gov:30-yr 9 f 6329
7714 814
6712
8034 36
1965 M N 80
Ent! sinking fund 54$
311
37
31
171 2614
4945 F A 31
'Bavaria (Free State) 0349
1957 A 0 -------- ----23
884
934 10734 *Jugoslavia mielized 9
99
75
1949 M S 9714 99
Belgium 25-yr extl 6349
6
-4-3
____
25
3512
58
*79 with all unmet coup_ „...1957 ---9314 10712
8612
1905 .1 J 9714 9978 212
External 9 t 69
38
40 --------32
*With Oct 1 '35 & sub coups on_ __ ---- *31
1955 J D 10414 10734 1631 9294 1014 11734
External 30-year 9 f 78
,
97
100
10212
N
11014
179
M
91
1956
Stabilization loan 78
444
295*
38
1
744
1947 F A r44
6712
957k 9973 *Leipzig (Germany) a 7e
Bergen (Norway) be_ _Oct 15 - _1949 A 0 *97511 100 ---,
115 115
'
99
*Loner Austria (Prov) 730_ -1950 J 13 -------- ----50
93
3
6214
1980 M 5 a97 it a9738
External einkinritund 69
106
--------91
8
997
*Only unniaturecl coups atta-ch'd1._
2714 33
3112
- •---8
22
1950 A 0 31
•Berlin (Germany) s f 6 329
634 1014
7
634
---D
1954.0
2012
2738 3812 *Medellin (Colombia) 6329
1958 1 D 304 314 31
*External a 1 lis___June 15
818
5
3
1
3
*Mexican Irrig Amtng 4%,
1512
534
1212 15
534
1943 MN
1946 A 0 1212 1212
•Bogota (City)6211918e
--„ - 9
25 ---714 *Mexico (US) 0111 be of 1899 2 _ '45 Q J *--534
611
6
55*
55*
*Bolivia (Republic of) extl 89- 1947 M N
878 if
478
878 ___
_
•_
____
1945
6%
41.
4
4
4
511
2
1
1899
ot
•Assentlng
1958
Oat)._
79
secured
te
*Exrnal
.
.-4"4
104 11
494 ____
518
4
411;
4
418 21
6%
1969 M El
*Assenting 59 large
*External 9 t 78 Mal)
_
---3972
---- -72178
28
*Assenting be small
1941 / 19 284 2913' 20
'Brazil(US of)external Els
- ---•
4'2
1904
2418
of
2612
•49
--„
128
1
512
234 3112
1957 A 0
93*
'Externals f3348 00 1926
1954 ____
558 -83
5% 14
*Assenting 40 of 1904
5%
194
2318 3134
19541 ---1957 A 0 2312 27 1 80
*External a f 614s of 1927
418 812
4
2414
2614
49
D
28
*Assenting
1010
1
00
3114
24
large
1952
RY)
85*
•Ta (Central
7
4
4
418 10
418
____
a38 i
4
*Assenting 49 of 1910 small
29
3352 4112
1935 M 5 a38
•Bremen (State of) esti 79
534
95. _
68
8.15 0714
•ITreas 690113 alumni(large)* ___33 -1 J •____
1957 M 8 89% 904 13
Brisbane (City) 41 t 6a
84
8%
____
j
4
53
.1
3
9014
•18mall
1
A
F
6813
9014 97
9014
1958
Sinking fund gold be
74
6358 8512
.05
-3 -1
75
985* 15
97 10214 Milan (City. Italy) 02116 149 ___1952 A 0 6809 -71 4
D 97
1950
20-year ,f 136
D ------------293
1958 M 8 ------------17.
4912 5312 •MInm Germs (Brasil) 6329
1962
--;;•Iludapeet (City) extl s f 69
34 19%
--------15
17
•Io8
*September coupon off
1
--- 3338 333*
3238 3914
*June 11936 ooupon on
- _- 1959 M S ------------17
•Ext sec 648 series A
91
84
4014
7
Buenos Aire.(City)6%a 11 2 _1955 J 1 8612 8634
i8,8 io-12
___, -„_
. s
1960 A 0•
*September coupon off
86
83
85
36
External is f 89 set C-2
42
38
2714
5
3814
1952 J 11 38
*Montevideo (City of) 79
8212 86
84
364
1980 A 0 .83
External 9 f 68 ser C-3
25
33
365*
9
36
N
M
354
1959
(6*
a
serhe
A
*External
7013
2914
6618
661s
67
3
8
M
68___
_1961
ext1
(Prow)
•Iluenos Alrea
4
963
4
733
10212
16
9614
98
A
F
_1957
New
Wales
4
So
613
(State) ext159
52
Him M 13 52
2558
97
55
•621 stamped
734
9634 1021z
_- 1958 A 0 9634 9734 53
Apr
External 8 f 59
74
674 72
1961 F A *60
2712
*External a f 63231
88
44
10312 107,4
105
1943 F A 104
6239 Norway 20-year ext1 fls
52
1961 F A 5258 544 49
255*
'6%o stamped
8712 10312 107
10412 24
1944 F A 104
20-year external 6s
1987
*Bulgaria (Kingdom)If 79
41
8318 101 10114
0 10113 103
A
1952
external
6s
30-year
J
.1
1614
1614
163
3
15
185*
off
coupon
*July
787
9938 103
1965 1 I) 1005* 10112 54
40-year 9 1 5328
SIN •1713
1812 _
1814 1814
1612
•Stabll'n *1 749 Nov 15 1968
78
9813 10234
External s 1 59___Mar 15 _1983 M S 10012 10134 49
175* 19
3
1712 1712
*May coupon off
7713 10013 101 12
I
10012
10012
D
.1
1967
f
s
en!
59
Bank
Municipal
14
84
014
1
1
9
J
878
904
•Caldas Dept of(Colomble)748'46
98 10134
8012
1005
D
---_
1070.0
Municipal Bank extl a f 59
884 1044 10714
1960 A 0 10612 1074 110
Canada(Dom'n of) 30-yr 48
22
3534
16
28
284
1952 F A 28 *--9912 1104 11314 •Nuremburg (City) extl (4
1952 MN 11134 1124 30
59
64
S
15
8218
83
83
M
7714
1953
suer
6s
Devel
Oriental
10312
984 1034
1938 F A 10318 10314 22
4 34*
5*
73
N
10
8
764
783
8
M
594
745
1958
Ext1 deb 5329
5334 6212
1
5814
1 1 5334 5334
1954.
*Carlsbad (City) 9 1 89
73
28
99 10214
1955 M N 1005* 102
85* 1312 Oslo (City) 30-year 9 1 tle
10
2
9
858
*Cauca Vol (Dept) Colom 73.4.46. _ _ A 0
5812
3913
2912
23
1950 M 8 3912 41
*Cent Agile Bank (Get) 79.
89
1
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1953.0 D 10212 10213
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15
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49
41
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4113
1963 M N
•Extls f 5s ser A _ _ _ May 15
324 4614
3612 59
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1960 A 0 327
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387
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7
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734 10
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64
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1940 A 0 7312 7538 20
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____
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Queensland (State) e2118171
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254 37
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---_
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-year
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2512
18
145*
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1947 F A
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1334 1812
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1638
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off
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6012
86
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23
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24
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coupon
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40
49
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extl,
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1514
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fus0
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2
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1514 22
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5034
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*External 9 f 79___Nov 15
612
1 85*
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of
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40
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40
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1937
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7914
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1942 J J 70
cordoba (Prow) Argentina 78
19
19
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7s
f
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loan__
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3312
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79
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21,2
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eg
Ie45
ra
r
For footnote, see page 2153.
being almoat entirely over the counter,
NOTE-Sales of state and city securities occur very rarely on tne New York took Exchange. dealings In such securities
pure under the general head of "Quotations for Unlisted Securities.,
bid and asked quotations however. Ay active dealers In tnese 4n8urItles. will be found on sub4equent
Volume 140
New York Bond Record-Continued-Page 2
Week's
Juiy 1
1
,
1 •,,,
,...
Range or ;
_ 1933 to
ST
Friday's
,
117
4 Feb. 28
4167. Bid et Asked Si,
3 1935
2149
....
Week's
July 1
BONDS
Range
BONDS
:
. Range or ; 1933 to Range
N. Y STOCK EXCHANGE
Since
N. Y STOCK EXCHANGE
ib
Friday's
,st:1 Feb. 28
Since
Week Ended Mar. 29
Jan. 1
Week Ended Mar. 29
.4.
11 Bid dt Asked di
1935
Jan. 1
-Foreign Cost. &Munk.(Cowl.)
Law
HOD No
Low Low
High
Loot
YlQb No
Low Low
Rome (City) exti 6413
High
1952 A 0 7012 7434 90
7812
7012 8714 All & Chart A List 444s A
19441 J 10378 10378
5
8678 10358 104
Rotterdam (City) extl 13s_.
1964 M N 120
12034
5
9218 120 13918
lot 30-year 5s series 13
1944 J J 10538 10538
2
86
105 10918
•Roumanla (3fonopolles) gu 78 I959 F A _ _
_ ____
2053
204 404 Atlanta Gas L lot 5ii
1
1947
0
-------*103
95
'August coupon off
-3
.012 -3111 __
3012 3612 Atlantic City 1st guar 48
1951 J J *0312
_ __ _
74
Saarbruecken (City) (is
1953 1 J- 6312 6312
56
2
6312 78
All Coast Line let cons 4i July _._'52 M 3 9518 1019518 163-12
04
7112
*Sao Paulo (City) a f 8s__Mar
1952 MN ------ -- ----18
___
_ _
General
unified
4446
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964 1 0 79
84
6113
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79
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1.12
2 _i8i.
1512 -19-38
L & N roll gold 4a__Oct
1952 MN
7014
7238 29
57
6838 8212
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1957 M N
All & Dan 1st a 4,
1948 J J 30
35
32
12
31
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4214
_
1418
15
3
1418 1978
2(14,
1948 J .
1
26
27
5
26
27
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3412
_ _ ___
154
i8_ --_ : lf& W I 83 coil tr 5s_
_t1Gu
1959 J J 39
40
3514
17
3514 47
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25
-28"
13
a
0 Atlantic Refining deb be
1937.1 J 10778 10814 54 101
1074
*External see a 1 8a
10814
1950 J J
1212
20
20
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1949 A 0 39
39
2
39
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- -- •1818 22
184 2334 Austin & N W let gu g 5s
1941 J .
1 581
75
2
9312
90
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9334
_ _ _-__
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1012
17
-78
6 _
1612 21
:Baldwin Loco Work. let 5s
1940 MN 99
993s
9514
7
9514 105
•Fxternal of 8a
1968 J J -------- ----1084
__ _ ._ Balt & Ohio
Ist g 4s_ _July _ _1948 A 0 9614
9933 183
8214
9614 104
*July coupon off
8
7
1b
-21
Refund & gen 5, ee-rie, A
1995 J 0 5458 5734 67
*Secured at 70
5413
544 774
1940 A 0 8418 86
49
81
7612 9114
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__1948 A 0 10112 10578 103
July
9418 10112 10912
'Santa Fe (Prey Arg Rep) 7s
1942 M S •54
61 ____
17
52
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&
gen
139
series C
1995 J 0 6314 6714 77
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763s
9418 100
3518 3612 16
3212
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1950 J .1 88
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7414
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1951 M N 33
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&
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1959 J J
7912 80
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86
1945 J 0 50
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2000 M 8 521t 5612 28
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53
1
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5212
4448
1980 F A
4212
3812 6078
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3812 4312 136
1982 M N ------- ----1914
Ref & gen M 54i ser F
5212 7612
1996 M 8 5212 5612 58
•All unmatured coupon on ---------3014 304
54
4 ___2712 40
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1943J J 11134 11212
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2
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31 --------25
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ref 4s
1 J 105
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741s
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1962 M N -------- ----17
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lia stamped
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•All unmatured coupon, on
---- 3034 3034
3 ---Batavlan Pelt guar deb 434o.. 1942 1 J 103
2534 42
9438 103 114
11
105
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•24
3212 --------22's 36
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1989 J D *61
67 __
60
66
68
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1936 J J 101
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101
15
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1958 1 D 66
7018 30
42
60
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2d guar g 55
1988 J 1 *98
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____
10012
8912
101
101
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59
59
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493
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1951 A 0 *9638
__ ____
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66
95
95
1936 31 N •
17373 117
169 1754 Bell Telep of Pa 5s series B
1948 J J 11734 11834 17 103
*Styria (Prov) external 71
11314 11912
1946 F A
__
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9314 10018
1st & ref 55 series C
A
1960
0
1213
10314
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22
1223
4
4
1163
4
1223
4
*
98 --------87
9612 Beneficial Indus Loan deb es ___..1946 M S 10912 110
Sydney (City) of 54s
31
82
1074 11014
1955 F A
9312 9878
5
75
9718 10212 *Berlin Clty Elea Co deb 6141
1951 J 0 33
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33
274
12
44
33
1971 J .1 8033 81
45
58
7412 81
'Deb sinking fund 614s
1959 F A
Tokyo City Si loan 01 1912
3212 3314 11
2554
31
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1952 M S 061
6712 __
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*Debentures as
7
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1985 A 0 3134 32
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1961 A 0 7734 7814
59
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99
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94
1938 J J 10358 10378 54
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1945 1 D -------- ----5114 107 107
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4 ____
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95 10412 Big Sandy let Cs
1944 1 0 •1064 -------90
*External a 1 814s_June 15 ......1957
10238 10238
1, ---- ---4112
____
_
Bing
St Bing deb 614s
1950 PA 8 *40
51 ____
25
•Untnatured coupons on
3412 45
0812 --9812
2
82 1-00Boston & Maine lot Ss A C
1967 M S 5912 6438 38
•Urtiguay (Republic) en' 8a__ _1946 F A 363
5914
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364
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lot
51
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II
1055 M N 6012 6412 25
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1960 M N
3414
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77
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lot g 4&o set .1.1
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1964 M N 3413 3514 31
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Boston & NY Air Line lit 4s
1953 F A
Venetian Prov Mtge Bank 7s ____'53 A 0•
2812 29
37
28
2812 403s
so ____ 80
80
83
11•Botany Cons Mills 634.
'Vienna (City of) extl s f 6a
1934 A 0
534
63
8
94
8
1213
5
3
4
1952 M N -----------525* 10114 10811
•Certificatea of deposit
A 0 *514
818 ____
74
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713 11
•
8978 _
____
8478 66
§:•llowman-Bflt Hotels lot 75_1934
Warsaw (City) external 7s______1968 F A 63
69
16
41
83
7334
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M 3 •434
412
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1981 3 D 82
834 13
8014 85
63
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973 -9-73
Brooklyn City RR lot Si
1941 J J
RAILROAD AND INDUSTRIAL
9012 9l34 12
6812
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1949 1 J 10938 110
50 103
COMPANIES.
10812 1104
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'((Abitibi Pow & Paper let bs
1952
J J 10938 110
86 10212 108 110
53 1 D 28
33
54
1533
4112
23
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1968 J J 106
Abraham & Straus deb 514s_
10713 94
884 1044 1074
1943 A 0 105
10514 23
87
10333 10514 BkITI1 QII Co & Sub con gtd bs
211 MN 62
Adams Express coil Ira 41
62
524
3
f12
55
1948 M S 89
8912 24
61
90
lot 5s stamped
85
1941 J J 68
Adriatic Elee Co ext 7s
6838
2
573
4
65
8833
1952 A 0 91
91
2
9014
91 10014 Bklyn Union El 1st g re
1950 F A 10512 106
Ala 01 Sou let cons A ba
7312 1004 106
24
19431 D 10734 10734 12
8013 10012 108
Bklyn Un Gas lot conga ba
1945 MN 11838 11812
6
lot cons 4s nor 11
10312 11434 118,2
1943 1 D 1001s 101
11
74
10118 103
let Ilen & ref els series A
1947 MN 12212 123
6 10514 1184 12312
Albany Perfor Wrap Pap 61
1948 A 0 4084 4514 23
40
6438
40
Cony deb a 54s
1938 J J ____
Alb & Susq 1st guar 344.
- ____ 158
1946 A 0 100
101
9
83
Debenture
10214
100
gold
6a
1950 -11 0 10558 1-66.
7
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93
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4734
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lot lien & ref bandies B__
1957 MN 11018 11014
5 10012 10814 Ill
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1949 1 D 5212 57
69
41
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1931 i J *10212-_- --__
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884 10238 10213
1950 A 0 13
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1981 F A 11138 11138
9612 10834 I1138
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1312 14
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1937 M S 105
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1950
8
11
44
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1957 MN
5212 55
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5212 7034
1998 -A 0 *82
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____
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1818 24
1942 M 3 108
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teertifirates of
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18
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1937 M N 10078 lot% 73
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76
1955 M 3 23734 8734
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1955 .1 .1
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38
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1955 ---- •____
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go tax ex __ __ '60 A 0 53
5812
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1945 31 N 8338 8334
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80
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1938 A 0 102
10218 12
584
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1937 MN 1084 10814
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/
4 1074 108,2
2030 M S 55
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1940.6 1 1035, 10414 25
American Ice s f deb 5e
85
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1953 J D so% 82
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112
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Cal
70
Petroleum
debit
con,
14____
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Amer I G Chem cony 645
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1949 MN 10512 106
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1942
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1939 A 0 103
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1962 a0 108
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1938 MN 10312 105
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1954 NI S 10378 10418 24
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-year
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Am Telco &Telex cony 4e
9114 10812 11333
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1968.1 0 10418 10438 36
30-year coll tr 59
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1946.1 D 10831 1101g 86 10111 10812 1104
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July 1969.1 .11 11334 11434 13
35-year0 f deb 5a
96,4 11234 118
1960 J .1 11178 11238 57 10034 11118 113
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bs
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1943 MM 11234 11318 91 103
115 12018
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1970 F A 11634 11714
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1939 3 1 107
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June 15 1935.6 0 11414 1151s 33
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1956 F A 11218 113
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9138 109 11578
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Sept 1951 M S 11112 112
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9133 10934 11433
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1940 J D 10614 10678 19 1021g
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1975 M N 6912 7214 42
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1916 J J 12212 12314 10 1031s
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1944 WI 3 91
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1948 34 S 100l, 10014
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1945 MN
9438 10988 11253
8
838 42
314
738 11
Coll
It
g
Si
Dec
:•Ann Arbor let g 4a.__July
1 1964.1 D 10134 10312 34
7314
1995 0 J
10134 1044
51
54
3
27
5012 5712
Collateral truat 410
19601 1 9618 9733 68
Ark & Mem Bridge & Ter So
1964 M S 91
6434
9534 9934
91
2
7818
8734 91
i•Car Cent let guar g gs
1949 J J *4214 46 ____
Armour & Co (III) lst 414e
19
1939 J D 10314 10418 167
45
40
75
102
1g
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Caro
&
104
015$ 5.
1938 1 D 10733 10738
Armour & Co. of Del 54s
1943 J .1 105
4
9512
108
108
10538 100
74
103 10834
lot & cons g Slier A
Armstrong Cork cony deb bs __ _1940 1 D 104
Dec 15 523'
D 10838 10838
8914 1084 19938
4
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85
104 10434 Cart & Ad 1st an g 40
Ateh Top AS Fe-Gen I 41I
1981 .1 D *65
84 ____
68
1995 A 0 10738 10978 214
7412 78
8414
10678 11112 *Cent Branch 1.1 P 1s1 g 43
Adjustment gold 4s_ _July __ _ _1993 Nov 103
1948 J D 52712 ___- ____
24,4
30
39
104
.7
75
101 10612 Cent Dist Tel let 30-yr bs
Stamped 4s_ _ _ _ _ _ July
1943.1 D •1084 11012
1995 M N 10314 104
1034 10814 10938
55
7518
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4
10618
2•Central
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1909
1955 .1 D 102
39
42
102
47
1
75 10112 104
•Consol gold 5.9
1945 MN
Cony 48 of 1905
14
14
19553 D 10178 1024 18
2
1612
14
26
7414
10114 104
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1959 A 0
Cony g 40 Issue of 1910
7
7
1960 J 0 10212 10238
2
712
7
14
4
78
100
10318
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Cony deb 444e
1959 A 0
7
19481 D 10518 10534 16
712
3
753
7
1412
8818 105 110
•Chatt
put
Div
money
g
4s
____
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1712
1951
D
22
J
512
1985 1 J 10314 105
17
79
105
10014
•Mac
&
Nor Inv lot g 59
1946 J .1 •__
Trams-Con Short 1. lot 4s
25 ____
19583 J 10918 10918
35
1
89
10713 110
'511(10,& All Div put m be.... '47 J ------23 ____
Cal-An: let & ref 44s A
1962 M S 110
15
1104 38
15 15
8714
10873 112
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1946 1 3 ------------20
1946.1 0 •11214 125
All Knox & Nor 1st g be
20
25
9934 110 113
Cent Hudaon G & E 58
Jan 195 M 3 10818 109
17 1004 Ion 110os
For footnotes see page 2153.
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exch•ngs - Members - New York
Curb Eachang•
49 WALL STREET
-
NEW YORK
Private Wire/ lo Chicago, Indianapolis and St. Lou,,
2150
N
New York Bond Record-Continued-Page 3
Juig 1
4, Week's
1933 to
41
or
BONDS'
a- Range
t
87. Feb. 28
Friday's
....., .,,Y. STOCK EXCHANGE
1935
ZIC. Bid & Asked Si2J3
Week Ended Mar. 29
Range
Since
Jan. 1
BONDS
R. Y. STOCK EXCHANGE
Week Ended Mar. 29
March 30 1935
E.1
-... t
July 1
Week's
1933 to
4
Range or
se...1 Feb. 28
Fricho's
MO & Asked ro E, 1935
Range
Since
Jan. 1
High
Low Low
High No
Lott
High
Low Low
105 10612
99
10612 68
1945 F A 1011
7112 8512 Consol Gas(N Y) deb 54s
43
88
99 10412
D 10378 10412 122
1
1951
4
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674
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50
80
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93
10534 61
1957 1 3 105
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101 10834
90
32
32
3514
22 ____
1954 3 J '-___
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93
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324
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1956 .1 J •____
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55
29 -3-612
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49
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_
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98
104
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1952
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103
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4 1031 2
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1937 -1 J 10634 106 8 15 102
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:•Chle Ind & Louis. ref 68
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70
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1961 341 N
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105,4 107
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1995 1 J
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73
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76
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7453
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4378
.
22
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let guar 634e serles C
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92
75
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s
637
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1943 A 0 5412 5514 15 -3014
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794 874
59
1942 M S 8612 8612 14
let lien s f be stamped
48
79
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8312 8612 193
1947 J J
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8012 92
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91
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m
1942
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1952
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73
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110 11338
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9834
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1952
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11134 114
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114
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A
1973
0 8634 8758
lets! be Series Ii guar
19
1
2253 24
19343 J 2258 2258
9114 ft•Ga Caro it Nor lit ext 6*
66
80
83
82
1977 a 0 81
lets 1448 Berke C
48
44
39
45 .......
1946 A 0 .......
Georgia Midland let 38
104
9211 104
. ____
1945 .1 D 510434
Coal River fly let gu 48
39 ' 4434
34
3
39
*Good Hope Steel & Sr see 75._ 1945 A 0 39
50
38
38
.- ____
-49
1938 J J *46
Colon OH cony deb (3e
8912 108 10913
11
1947 3 .1 10838 10834
6611 8414 Goodrich (II F) CO let 634e
2612
12
83
8414
1943 F A
f•Colo Fuel & It Co gen it f &
83
9212 9758
1945 1 1) 944 9512 100
Cony deb 6s
2212 34
1558
._1934 F A 2212 2414 22
5l'Col Indus lst & coil 58 gu.
834 104 106
78
10412
105
N
M
1957
let
Rub
be
&
Tire
9912
73
Goodyear
8914
9912
469
95
N
M
1935
ext
&
4%e
Colo & South ref
8212
974
85
3
85
8212
D
J
1936
deb
fla
Hosiery
Silk
7334 Gotham
5512
56
9
57
1980 M N 56
General mtge 43.48 stir A
17
364
8
26
23
17
1940 F A
56
6512 1:11Gould Coupler let s f Os
11
58
56
*Assented 445
1980,.
101 101
101
*____
D
J
1942
let
&
5a
(louv
69
83
0912
Oswegatchle
150
794
Columbia 0&E deb 5s_ May 1952 M N 7838
10418
1074
-1-34
9
1
10578
8
1941 J 1 1057
6858 83
Gr R & I ext let gu g 4145
6014
7912 20
Apr 15 1952 A 0 78
Debenture 58
1940 A 0 10514 10558 46 1014 10514 10634
8133 Grand Trunk of Can deb 7s
08
08
147
Jan 15 1981 .1 3 774 79
Debenture 58
1936 Ni S 10614 10638 37 10014 106,4 1074
10214 10235
Deb guar 8s
94
1948 A 0 *105
Col & H V let ext g 4s
73
984 10578 Grays Point Term let gu fts
Columbus Ry P & List 434e __ _1957 3 .1 10538 10534 17
fiii.2 -8-8-12 21
F A
1944
Pow
El
10834
(Japan)
11214
78
Cons
9014
Gt
10
11112
111
1942 A 0
Secured cony g 5145
66
7835 8112
6
1950 J 1 8012 8112
lit & gen if 64s
10534 1054
91
1955 F A *10534
Tol let ext 4s
8258 95
7112
8 8612 165
835
J
gen
A
eer
7e
J
Northern
1936
Great
1124
954
11012
58
11218
112
1949
A
F
deb
Tr
5345
Invest
Comm'l
104
97
684
86
8
985
97
.1
J
1961
A
4i
ref
aeries
&
10014
1st
92
100
-4s
1943 A 0 *10014
Calm & Piteaum Itre 1st 4e
93
75
64
52
81
77
19523 J
General 5148 wiles B
8818 1081g 10838
1961 1 .7 •10758
Conn fly & L Ist & ref 445
864
69
57
32
7578
701a
J
J
1973
C
series
General
Si
4
1063
106
964
3
1951 .1 J 10612 10612
Stamped guar 43413
704
644
s
537
62
4
713
8
643
1
J
1976
General 44s series D
*Consolidated Hydro-Elee Works__ __
6414 7958
5315
714 64
1977 1 J 65
General 4 Sis series E
41 14
35
33
40 ____
1958 .1 ./ *33
of Upper Wuertemberg 7e
For footnotes see page 2153.
Low
8212
1951 F A
Cent III Elee & Gas let bs
1961 1 3 50
Cent New Eng! let gu 46
1987 J 1 101
Central of NJ gen 658
1987 3 1 94
General 4s
1949 F A 9712
Cent Pac 1st ref gu g 48
1954 A 0 9758
Through Short L let gods
7114
F A
Guaranteed g 56
5734
1937 M N
Cent RR & Mg of Ga 0011 58
M
N
114
1941
88
if
Central Steel 1st g
1948 M 8 6812
Certain-teed Prod 514a A
1936 1 3 *10414
Charleston & Say'h 1st 7e
Chesap Corp cony Si __May 1547 M N 102
1944 J D 10214
10-year cony coil 68
1939 M N 11214
Cbes dr Ohio lit con g 6a
1992 M S 11712
General gold 434e
1993 A 0 10914
Ref dr Mutt 414e
2995.1 .1 10834
Ref & Mot 4345 ser 13
Craig Valley let Es_ _May _1940 J J *10534
1946.3 J
Potts Creek Branch let 48
1989 J J 11038
11 & A Div lit con g 4it
1989 1 3 •10518
2d coneol gold 45
1941 M S *107
Warm Spring V 1st g 5g
Col &
High No.
8358 35
2
5058
10572 129
21
90
99.8 140
98
4
7378 52
3
5734
16
115
6912 62
18
103
58
103
23
113
11818 22
10978 30
10934 157
--------
5-8-4, iii, .9i,
New York Bond Record-Continued-Page 4
Volume 140
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 29
:
July 1
July1Wes,k's
Week's
et
.:#. 7,2
Range or ; 1933 to
Range
BONDS
1
1933 to
t3
Range or
z. . -E Friday's tr. Feb. 28
Since
N Y STOCK EXCHANGE
Friday's
:".. Feb. 28
1935
...a. Bid & Asked to,
.74a. BM sit Asked
Week Ended Mar. 29
Jan. 1
Z 1935
_
2151
Range
Since
Jan. 1
Hie
Low Low
Me. bic
bow
Low Low
MO
11318 117
894
_ ___
1965 A 0
--------Lex ds East 1st 50-yr 5s go
28
130 134
4 117
132
13238
1944 A 0 *110--312 5
Liggett & Myers Tobacco 75
3
11578 1204
9 103
12014
1951 F A 120
Se
8814
_
8112
_ __
1982 MN
Little Miami gen 45 series A
70
61
50
571
/
41031.4 1-06
76
53
10414 1(ii
1941 A 0 *104Loew's Inc deb 5 f 65
5514 66
4912
5872 _
8012
614
74
6118
5
6118
2
0
1952
Lombard
Elec
7eser
A
664 684
55
5
92
9712 10212 1031
/
4
Long Dock consol g 5*
1935 A 0 *10258 103 --__
55
50
91
9734 Long Island50
7
93
104 10512
9814
7
1934 1 D 10518 10518
General gold 45
9512 10512 10712
8714 10248 105
6
104
1949 M S 104
31
2
Unified gold 48
3818 4838
41
924 10218 10314
12
103
1937 M N 103
20-year pm deb bs
3912 4912
3612
597 10134 10412
8534
4
104
1949 M S 104
23
1
28
3018
029
Guar ref geld 48
12514 12812
13 110
1944 A 0 12514 127
4
512 Lorillard (P) Co deb 75
44
5
9828
11218 11512
8
9
1143
114
A
F
1951
91
3
11228 11712
115
58
5812 6912
3812
75
63
59
1969 2 J
Louisiana & Ark lst bs ser A
3112 42
20
1
3312
10714 112
86
10
1952 MN 11112 112
13
121
Louisville Gas & El (Ky) 5s
15
15 -___
104
102
83 ___
7518
3
104
813
80
1945 M S 10334
95
Louis &Jeff Bdge Co gag 48
10714 10712
1 100
1937 M N 10712 10712
Louisville & Nashville bs
10438 108
.
2
106
905
104
18
107
8812
113
10618
107
J
J
1940
Unified gold 4s
101 10234
89
2
102
10418 10712
81
2003 A 0 10418 10514 18
1st refund 514s series A
85
9058
61
9028 40
80% 10334 107
10534 33
2003 A 0 105
151 dr ref 5s series B
38
64
40
35
447
99. 104
74
78
10114
9912
0
2003 A
1st & ref 4568 series C
2 10138 11334 118
118
98,2 10614 107%
1941 A 0 *10878 --__ ---Gold 58
8558 9014
6334
8858 105
03413
10
72
4,3 18
2,3
8
84
00
3,
18
3 _8_2_14_ _..1_45
s .18
E A
46
0M
Paducah & Mem Div 45
18
98
31
397
27
90
35
St Louis Div 2d gold 3s
92
1091s 10918
___ ____
19562 D 1093 1104 40 10312 109 11114
Mob & Nfontg 1st g 414*
1945 M S *1085
Illinois Bell Telephone 5s
86
77
6678
4
1952 J I 77 8-80
104 104
83
Illinois Central 1st gold 4s
South Ry joint Monon 45
1951 i J *10138
105 108
80
2
1955 MN 10614 1064
1951 .1 2 9912 100
99 10118
1st gold 334*
Atl Knoxv & Cin Div 4s
7812
2
90
99
4412
3
914
90
1
78
1951 A 0 9912 9912
991s 10018 *Lower Austria Hydro El 6165.-1944 F A
Extended 1st gold 345
66
1951 M 13 *68____
1st gold 3e sterling
1941
Collateral trust gold 45
1952 A 0 6834 -693-4 22
57
6834 8313 f:McCrory Stores deb 545
811/
1
4 9014
4612
9034 70
---- 89
Refunding 45
Proof of claim filed by owner
72
8638
5818
5
72
73
1955 M N
53
933 9914
9712 9814 146
Purchased lines 336s
1952 J J *__ _ _
McKesson dr Robbins deb 51411---'50 M N
71
7438 --__
71
56
11
9
1312
Collateral trust gold 45
63
1953 M N 61
61
7512 g f•Manati Sugar 1st s f 7145.--1942 A 0 *1138 21 ---;
5234
25
814 15
7,2
1
15
15
Refunding Se
*Certificates of deposit
8478 9412
84%7014
1955 M N *77
818 15
91
612
1936.1 .1 91
82
1
15-year secured 6 45 g
90 101
1 t•Stmpd Oct 1931 coupon_ __I942 ;CO *1158 25 -__ 1
4
12
12
12
12
____
4213 6318
49
88
Aug 1 1966 F A
4334 483
40 year 4545
*Certificates of deposit.
4
94 912
--- *1012 14 ___
Cairo Bridge gold 4s
7018
5
1950 J D 10018 10014
1I•Flat stamped modified
9838 10034
712 1212
7,2
8
1238 1212
_
Litchfield Div 1st gold 3s
1951 2 J *79
*Certificates of
7338
85
85
5034 59
35
8
5212
Loulsv Div dr Term g 3365
cons g 4s ___I990 A0 51
9218 I•Manhat Ry(NY)deposit908 19
1953 2 2 90
90
654
35
47
5434
50 ____
Omaha Div 1st gold 3s
1951 F A *67
*Certificates of deposit
77
60
70
--- *46
77
4012 45
27
1
4012
4012
D
J
2013
St Louis Div & Term g 35
1951 J 2 5
•2d
45
74
75
61
75
82
1953 as 8 *864 9512 ____
92% 98
83
1
Gold 34s
1951 2 1 83
6212
83
8714 Manila Elec RR & Lt 5 f 5s
2
g
70
49
7228
75 --__
Springfield Div let g 345
1939 M N *70
1951 .1 J *911267
Manila RR (South Lines) 4s
687s 6912
51
- ---Western 1.1nes 1st g 45
1959 M N *6912
1951 F A *8514 8812
1st ext 45
854 8614
75
111 Cent and Chic St L& NOMan GB & NW 1st 345
Joint 1st ref 56 series A
1963 J 0 5338 574 41
5338 7838 Mfrs Tr Co ctfs of panic In
5238
714 7512
50
7
75
let & ref 44* series V
1943 2 D 75
1963 J D 504 5212 39
A I Namm & Son lst 65
5212
5014 733
41
70
55
4
5938
1947 A 0 59
Illinois Steel deb 4 3,4s
1940 A 0 1074 108
36 10114 106 108
Marion Steam Shovel s f 65
63
72
60
32
69
66
1
•Ilseder Steel Corp mtge 6s
1940 @
31
8
1948 F A 38/
1
4 4012
374 434 Market St Ry 7s ser A _April
47
7938 8828
8513 12
Ind Bloom & West 11.1t est 45
1945 M N 84
1940 A 0 *101
Mead Corp 1st 65 with wart
894
88
98
9118
25
9134
98
0
A
1957
Ind Illh Iowa late 45
Meridionale
Elec
1e1
75
A
9714
72
1 2 *9634 9712
1950.
968
10212 10512
77
10538 17
Ind Nat Gas & 011 ref be
1953 1 1 105
94
1
1936 M N 10234 10234
102 10314 Metz Ed 1st & ref 55 set C
67
9574 10212
43
f.Ind & Louisville 1st gu 45
1964 M S 10112 102
1018
1
1956 J J
151 g 4165 series D
10
16
10
10
74
3
97 10134
10
97
973
4
0
ind Union Ry gee 5s ser A
1950 A
1965 2 1 *10512
, 96
104 10614 Metrop Wat Sew & D 534*
914 1112
9
1134 ---Oen hr ref Ss series B
1965 .1 .1 310612
--r-' 984 106 10618 gi•Met West Side El(Chic)45 _ _1939 F A *1014
I's
414 ____
1977 N4 5 *218
inland Steel 1st 4)4 ser A
1978 A 0 10413 1-0-5
79
33
10334 10618 *Meg Internet 151 4* 5.5std
1
I)
1956
•____
38% ---37
1st M 5 f 4165 set B
---- ---1981 F A 104
80
10438 39
103% 10514 •Miag Mill Mach 1st if 75
tinterboro Rap Tran 1st 5s
5612
1966 1 J 8712 8834 489
814 884 Michigan Central Detroit & Bay
93,4 10012 10414
5•I0-year Os
1940 1 1 10012 10214 16
City Air Line 45
194
1932 A 0 53
52
65
5412 28
88% 901s
8734
92 ---11 1 *_
1951'
*Certificates of deposit
Jack Lane & Sag 3565
51
2014
62
15
5212 53
8412 1004 10312
6
1952 M N 10134 10178
4•10-year cony 7% notes
1st gold 345
1932 M S 8613 8712 88
84
8934
5712
9312 9912
70
3
95
95
1979 J .1
Ref & impt 416s series C
*certificates of deposit
89
82
57%
76
86
87
7212 80
61%
1940 A 0 *6814 70 --__
1951 M N
Mid of N J 1st ext 55
Interlake Iron 1st bs B
82
6
72
50
7538 7538
1023
s 10312
90
8
58
1033
M
e
1936
10318
I
lot AgrIc Corp 1st & coil tr bacoil
8105
Midvale St & 0
tr
7712 94
57
71
91
1981 1 D 90
M N 9534 96
Stamped extended to 1942
9118 9934 Milw El Ry & Lt 1st be B
171 52
7612 9412
58
40
1971 .1 .1 89% 91
Int Cement cone deb 1512
1st mtge 55
9712 102
74
1948 M N 9712 9938 100
6214
93 __
•IMilw&Nor let ext445(1880) _ __'34 1 D •____
254 41
f•Int-Grt Nor 1st 65 ser A
25
9
1952 2 J 2534 2638
78
6914 _ __
653 70
1939 __ *____
512 1114
let ext 414s
bil
7
•Adjustment 65 ser A __ __July 1952 A 0
7
18
____
65
6534
604
68
__
_
*_
__
_r
1934
ext
4165.
J
.1
•let be series 11
Con
26
2314
4
23
24
1956
38,4
3412 53
--21
1947 M 8 3412 3918
•Ist g ba series V
23
3734 Mil Spar dc NW let ati 411
2314
3
23
1958 .1 1 23
2814 5614 5111w & State Line let 334.
Internal Hydro El deb 6s
36
1944 A 0 3138 3638 165
4
518 818
*81
2
-i -1934 M N
*Minn & St Louis 55 nth;
Int Mere Marine 5 f 65
56 :
60
37
36
1941 A 0 544 56
1
24
112 15 1
1
1949 M 13
62
47
18
Internet Paper 5s set A & B
7734
64
1947 .1 J 82
•151. & refunding gold 4a
14 112
112
____
13
8
*12
F
@
ext
50-yr
ser
A
1962
•Ref
&
Si
Ref 51 65 serlea A
42
5812
314
4314 27
1955 M 8 42
7
8
118
7
8
"2
112
--Q F
*Certificates of deposit
74
lot Rye Cent Amer 1st be B
70
454
2
1972 M N 724 724
2814 36%
2914 3213 54 2912
7518
1
M SIP ASS M con g 4* 1111 gu __ :38 J J
4918
let coll trust 6% g notes
7418 81
1941 M N 7518
197 264
20
10
23
2012
J
.1
1938
7314
7312
1st eons 55
7314 8112
434
5
1st lien & ref 645
1947 F A
35
7
33
407
3412
33
1938 J .1
50
6412
lot Telep ds Teleg deb g 445
1st eons Saga as to Int
37
70
1952 2 .1 534 55
1812 2312
18
8
1812 1912
19462 .1
1st & ref 65 series A
5812 72
42
86
Cony deb 4565
1939 1 .1 624 64
174
1912
15
1954 F A
18 ---,
1949 M 8 *1714
25-year 516s
5512 69%
40
Debenture 55
588 6012 124
6712 75
513*
7
1978 J J 8712 694
1st ref 54s series B
804
Investors Equity deb Ss A
99 10134
1947 .1 D 10112 101% 14
85
MN
155 Chicago Term 5 f 45
99 10118
82
5
Deb 54, ser 11 with wart
101
1948 A 0 101
1994491
-5iPl
j •
-fi - :::: 75 -Oa- -tiiI-2
82
Without warrants
99 1011z Mississippi Central 1st 58
1944 A 0 101,
8 10112 18
7
:flows Central 1st 55 etre
1934 1 12
7
978
358
734 17
12
*155
8
1978 _I__
j
1
195
,
19
30
_
112
*1st & ref g 45
1
11
/
4 f•Mo-III RR 1st be series A
I
1951 M S *118
72
8958
67%
783 154
1990 J D 72
James Frank & Clear let 45
66%
4
1959 1 D 7412 7438
74
834 Mo Kan & Tex lit gold 45
46
5314
73
57
5114
46
.1
.1
1962
Mo-K-T RR pr lien 55 ser A
4012 62
48
4012 4684 26
Kal A & G R 1st gu g 55
1962 1 J
99
1938 J J *
40-year 45 series B
993 10012
10012 64
50
57
4738 ---1971 J J •___ _
Kan & M 1st gag 45
1990 A 0 10014 1004
Prior Hen 445 series D
97 10112
70
4
165s
32
1412 364
f•K C Ft S 12 M Ity ref g 45
1938 A 0 33
Cum adjust 55 set A
Jan 1967 A 0 1412 151
33
33
41
3012
1
20
20
30
20
221s 52
A 0 314 3114
1965 F A
*Certificates of deposit
1
29
3114 3918 f•Mo Pac let & ref fe ser A
22
1
1914
2714
1914
1914
K C Pow & Lt 1st 4345 ear B
1957 2 J 10534 106
•CerLficates ot deposit
97
27
105 1084
74
5/
1
4 114
173
7
1961 F A 11312 114
1
4
5/
1st mtge 416s
1975 M 8
96
20
*General 45
1104 114
20
1934 30
1977 M 23 194 227 159
Kan City Sou 1st gold 38
1950 A 0 7278 7458 101
•Ist & ref 58 series F
713 783
51,4
194
234 274
_ ---Ref & trent 55
Apr ._.1950 J J
5612 6034 55
*Certificates of deposit
5612 74,2
56
20
52
197 29%
1978 22
Kansas City Term 1st 420
1960 1 J 106
108
85
1978 M N *1814--84,2 10518 109
•Ist & ref Si series CI
2312 27
5184 --------20
Kansas Gas & Electric 4165
1980 2 D 10213 10314 28
*Certificates 01 deposit
7034 10014 105
775
4
5
4
5
84
1949 MN
•Karstatit (Rudolph) 1st (311
1943 M N *40
1334
45
*Cony gold 5165
32
443s
20
30
20
53
23
•Certificates of deposit
1980 A 0 20
2812 33
13
16
26
3834
•Ist & tale 55 series H
22
4--___
*181
1946 M S 6818 8818
Keith (13 F) Corp 1st (is
3
6712 7412
44
*Certificates of deposit
193 3028
20
2234 80
193
1942 A 0 45
Melly-Springfield Tire 6*
1981 F A
494 63
295
•Ist & ref 55 wiles I
4412 57
2214 27
20
---1948 M S 102
59
103
Kendall Co 5345
68
10112 10358
*Certificates of deposit
80
76
6955
J
1987 J
*184-797
__8 ---*10418 105/
Kentucky Central gold 45
1
4 ---80
1044 106 •Mo Pac 3d 75 ext at 4% July _ -1938 MN •___85
1961 J 1 *
8478 _
Kentucky & Ind Term 4348
85
73
19452 .1 *8012 99 ---_
91
Mob & Birm prior Uen g 55
1961 1 3 98
95
9812
80
2
98
Stamped
Small
464
.i1-1 18
1961 e J *98
10312 93
Plain
59 ---'
"ii
.
1st M gold 45
1945 1 1 •
1937 A 0 10838 10838
1 103
Kings County El L & P5*
10814 10834
Small
30__
0
____
*14614
A
1997
--_118
149
money
6s
8812
Purchase
14512 148
f*Mobile & Ohio gen gold 45____1938 51 S *____
12 164
12
1949 F A 984 99
13 -___
Kings County Elev 1st g 45
66
50
94
9934
*Montgomery Div let g 55____1947 F A *1118
5
/
1
4
9
1954 J J •111I2 11234 -Kings Co Lighting 1st be
7
6
10034 110 111
2
6
M
S
1977
•Ref & Impt 4168
618 912
618
5
613
1954 J I *1171
612
-105,2 118 120
First and ref 6165
1938 M S
•Sec b% notes
104
80
70
1
'36 J 0 104 27712 10014 104
85,2
Kinney(OR)&Co 714% notes
Mob & Mal 1st gu gold 48
1991 M 9 *7614 79 ---24
1003
4 10212
87
87
103
10312
1
D
1936
11
10158
Found'n
coil
It
65
Kresge
10214 10312 Mont Cent 1st gu (Is
19371 J 10112
1959 M S 2734 308 184
794 100 1011s
4
10018
2614 34
1014
f•Kreuger & Toll el A 58 cths
1st guar gold be
1937 J J 100
1950 M 8 10618 10612 21
77
10312 75
Lackawanna Steel lat 55 A
934 10312
944 106 10912 Montana Power 15155 A
1943 J 1 103
1934 A 0 10014 10014
81
79
I
67
504
97 101 18
12
I•Laclede G-L ref as ext 55
Deb Se series A
1962 .1 D 7712 79
A 0 100
90
1003 104
974 1014 Montecat1n1 Min & Agrie5s 1934 extended to 1939
5912 60'z 48
4634
1953 F A
89
9312
87%
5912 70
Coll dr ref 5568 series C
91 ---Deb g 75
1937 J J *89
593
4
7
1960 F A 59
46
9614 101
59
88
6934 Montreal Tram 1st .12 ref Si
974 14
Coll & ref 5165 series D
1941 J J 97
7732 794
77
7
1937 2 2 10158 102
7038
8312 _-_1014 10318
Lake Erie & West 18t g 58
Gen & ref 5 f 5s series A
1955 A 0 *____
__
941
1941 J J *
61
72%
90
94
_ .... --Gen & ref s f 512 wiles B
2d gold be
1955 A 0 ____
43
79
1997 1 D 9912 1001
974 100/
733 -73-34
63%
1
4
Lake Sh & Mich So g 3348
-76 ---Gen & ref if 4165 series C
1955 A 0 *____
7
7
734
81
19541 .1
68
79
79
7
4%
70
3
4
•Lautaro Nitrate Co Ltd 65
---78
Gen & ref 51 be series D
1038
1955 A 0 •____
6
1954 J J 10412 1043
7712 10178 105
82
101 10375
Morris & Co lst 5 1434*
Lehigh C & Nay e f 4365 A
1939 2 J 10338 10378 19
1954 1 I •10434 106 ____
102 106
80
70
9438 118
917 9512
Morris & Essex let gu 345
Cons sink fund 434* Sec C
20001 D 917
524
____
67
194561
94 102
S *_-_77
6712 7314
29
96
Constr M 55 ser A
Lehigh & N Y 1st 111111 411
1955 M N 94
64
8
914
87
9638
91
6538
973
9
88
Constr M 416e series B
Lehigh Val Coal 1st & rats f 55____ '44 F A 91
1955 MN 87
33
2
68
88
1954 F A 68
83
30
4
100 10414
101
f•Murray Body let 6365
1st dr ref ti I 156
1934 .1 D 100
31%
6412 ____
98 100
___
65
1964 F A *50
9
100
72
1st 63.4s extended to Dec 1 1942- J D 98
1st & ref. t bs
32
65
1974 F A *28
65
10384 108
95
7312 Mutual Fuel Gas 1st all a 55
1
108
1947 M N 108
1st & ref 5 I 55
73
8
9212 9618 Mut Un Tel gtd 65 ext at 5%
1038 J 2 924 95
89% 102 106
Secured 8% gold notes
1941 M N *10512 ____ ---79
7
98 104
99
1954 F A 98
Namm (A I) & Son-See MfrsTr
-- ____
Leh Val Harbor Term gu be
7574
15
95
93
97
94
1940 1 J 04
78
99
6
93
Nash Chatt & St L 48 551 A
1978 F A 93
Leh Val N Y Ingo g 4148
10258 102%
3912
91
304 50% Nash Flo As let gU g bs
2003 M N 304 344 42
1937 F A *10238 105 ---Lehigh Val (Pa) cons g 45
43
7
5038 5938
5212
3412 1544 Nassau Elwin' g 4195tP0
2003 M N 3412 36
9
5112 52
1951 1 J
General cons 445
47
8618 95
3912 60
4318 12
8512
2003 M N 40
Nat Acme 156 5 f es
1942 J D *9212 95 ---General eons bs
10312 173
747s 1024 105
1941 A 0 *1065*
1948 F A 103
894 10512 10634 Nat Dairy Prod deb 51(8
Leh V Term Ity 1st gU g 55
Low
Feb *3212
*Green Bay dr West deb ctfs A
312
Feb
•Debentures etre B
1940 MN *104
Greenbrier Ry 1st gu 45
1950 A 0 *
Gulf Mob & Nor let 536s B
1950 A 0 2.
1s1 mtge 55 &erica C
Gulf &S I 1st ref & ter bs -- -- Febt952 1 J 92
.1 .1 *
Stamped
Gulf States Steel deb 545-.1942 .1 D 91
1952 .1 J *10578
Hackensack Water 1st 48
•Hanme SS Lines 65 with warr ___ -1939 A 0 41
1949 .1 J *
•Harpen Mining Os
1952 F A a29
Havana Elec consol g 5s
1951 M S *44
•Deb 5165 series of 1926
1999 J 11 11434
Docking Val 1st cons g 4345
'34 A 0 3312
12•110e(R)& Co 1st 6365 ser A
11147 M N *13
•Holland-Amer Line 65 (flat)
1937 51 N * .
Housatonic Ry cons g bs
1937 J 2 ifia
H & T C 1st g be lot guar
59372 2 10132
Houston Belt & Term 1st be
Boonton Oil sink fund 6365 A __ 1940 M N 90
1962 .1 0 35
Hudson Coal 1st 5 I foi ser A
1949 M N 118
Hudson Co Gas 1st g be
1957 F A 8538
Dud & Manhat 1st 55 eer A
Adjustment Income 55 ,,,,Feb 1957 A 0 31
rot footnotes see page 2153
Mob No.
312
1
New York Bond Record-Continued-Page 5
2152
:
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 29
Trews
r. 71
Range or
1
.3:
Friday's
3,.
.
437. Bid .4 Asked ce.
Low
*Nat Er of Mex pr lien 4 34s
1957.7 J
•Assent cash war rct No 4 on_
*214
*Guar 45 Apr '14 coupon
A 6
19ii*Assent cash war rct No 5 on_
____
*212
•Nat RR Mei pr lien 474.
loii
*Assent cash war rct No 4 on_
3
•Ist consol 48
-45
19E1 1
•Asaent cash war rct No 4 on_
- *212
Nat Steel lot con 5s
.1956
--- A0
10614
Naugatuck RR lot g 4s
1954 M N .50
Newark Consol Gas cons 58
1948.7 D *11614
Newberry (77) Co 544% note' ----'40 A 0 10314
New England RR guar bs
10452 J •
Consol guar 48
1946 1 1 .50
New Eng Tel & Tel & A
1952 J D 121
let g 4 Hs series 11
1961 MN 117
NJ Junction RR guar 1st 4.3
1986 F A *91
NJ Pow dr Light 1st 414s
1960 A 0 10014
New On Great Nor be A
1983.7 J 4834
NO & NE let refdrimpt 474. A ____'52 .1 J *40
New On Pub Ben, 181 54 A
1952 A 0 65
First dc ref 55 series) B
1955 .1 D 65
New Orleans Term let gu ts
19532 .1 *78
1•N 0 Tex el, Men n-e Inc be
1935 A 0 *
•let 54. series B
1954 A 0 2212
•Ist be series C
1956 F A
24
•Ist 4448 series D
1936 F A 2134
•Ist 584s serf(*) A
1954 A 0 2218
N & C Bdge gen guar 444.3
1945.7 1 *10538
N Y B & 51 13 1st eons &
1935 A 0 10218
NY Cent RR,cony deb 6s
98
1935 M N
Cony Secured fis
1944 MN 9934
Consot 4s eerie! A
7418
1998 F A
Ref & impt 43.4a series A
2013 A 0 4314
Ref dc Impt be series C
2013 A 0 4612
NY Cent & Hud RI. M 310 __ _ _1997 J J 9334
Debenture 4a
1942 .1 .1 88
Ref & hunt 440 ser A
2013 _
43
Lake Shore coil gold 340
1998 F A
79
Mich Cent coil gold 3448
1998 F A
79
NY Chic & St L int g 40
1937 A 0 10112
Refunding 5448 series A
1974 A 0 5734
Ref 444s aeries ('
19787.! 9 4734
1935 A 0 4338
3-7r 6% gold notee
N Y Connect lot gu 434e A
1953 F A 107
let guar be serles B
1953 F A •10734
N Y Dock 1st gold 4s
1951 F A 6214
Serial 5% notes
1938 A 0 43
NY Edison let & ref 634. A
1941 A 0 11338
let lien & ref 55 series B
1944 A 0 10812
1st lien & ref be series C
1951 A 0 10934
NY & Erie-See Erie RR.
N Y Gas El Lt H & Pow g M.__ 1948 1 D 12034
Purchase money gold 48
1949 F A 11114
NY Greenwood L cue be
1946 M N .8014
NY & Harlem gold 330
20001M N 101
N Y Lack & West 4. ser A
1973 M N 9931
series
It
4448
1972 M N *106
NY I, E & W Cloal& RR 5344 ____'42 MN .9112
N Y L E & W Dock & Impt 5. ....'43J 1 •10512
N Y & Long Branch gen 4s
1941 M 5 *1025
N Y & N F Bost Term 44
1939 A 0
Stab No.
314 ---3 -- 3
4
July 1
1933 to
Feb. 28
1935
Low
Hieh
112
2%
4%
2
3
618
234
10634 --,189
55
15
85
60
101%
104
27
8212
71
6838
64 __-6133
122
5 1043
118
19
9914
98 ___8213
10114 59
6812
5034
5
5174
5112 __-50
38
6638 24
6614 49
38
8412 __-58%
21
1214
2312 13
14
24
3
1414
141
2134
2
2312 69
1412
92
10218
2 101
99
336
69
10212 266 10412
7612 82
64
48
238
4812
52
325
63
9512 123
7378
8912 13
67
4812 333
4812
8031 26
64
80
11
65
10212 56
77
60
50
4312
5012 101
3634
51
32
41%
107% 21
9212
99
10834 6314
18
4112
45
11)1 30
11334 25 108%
1084 12 10212
110
24 10234
10418
95
61
8314
9234
89%
7612
87
9512
N Y NB & 1112-c deb 48
1947 M 8 23
2812 15
Non-cony debenture 334s
1947 M 13 .26
30 --,Non-cony debenture 334s
1954 A 0 2878
2913 21
Non-cony debenture 48
2878
19552 J
2934 16
Non-cony debenture 4s
281 4
1956 M N
2934
17
Cone debenture 340
1956 J .7 2814
2912 59
Cony debenture as
1948 .1 7 30
3334 73
Collateral trust 68
1940 A 0 4312 47
82
Debenture 48
17
1957 MN
1712 23
1st & ref 4448 ser of 1927
15672 D 2712 30
117
Harlem R & Pt Chas let 4s
9012 9213 43
1954 M N
N Y ()& W ref g 48
June 1992 NI 9 4412 4612 41
General 48
19552 D 36
3712
5
N Y Providence & Boston 48
1942 A 0 •987
_ --__
NY & Putnam lot con gu 4.4
1993 A 0 *75% -7678 ---'NY Rye Corp Inc ris___Jan .__1985 Apr
10
1114 140
Prior lien 68 serlee A
1966.3 .1 8412 86
45
N Y .4. ltIchm Gee 1st & A__ __ _ _1951 MN 10334 10834
11
I•N Y State fly. 4145 A etre _ _1962 ---- .134
2% ---•83.4s Bedell 11 certificates
1969 --*1%
234 _ -_
NY Steam Be eeriee A
1947 MN 11034 11034
8
let mortgage be
1951 M N 107
10718 12
let mortgage 58
1956 MN 106
10614 23
N Y Susq & West let ref bs
1937 1 1 50
6
51
2d gold 434,
1937 F A *42
48 ---General gold be
1940 F A
391,
39
4
Terminal let gold 58
-_
1943 M N *977
NY Telep let & gen of 444s
19397.1 N 11034 11112 72
N Y Trap Rock lot 68
1948.7 D 61
6334
14
N It Westch & B let ser 1434.._ .462 1
1814
1938 62
Meg Lock dr 0 Pow 1st be A
-1955 A 0 1074 10714
4
Niagara Share(hfo) deb 534s-- _ _1950 M N
69
70
.53
•NorddeutscheLloyd 20-yr of fis. '47 51 N
7212 7212 10
New 4-6%
51
-1-947 NI N
8
51
Nord Ity ext sink fund 634s
1960 A 0 16334 16818 80
It•Norfolk South 1st & rdI be__ _.J961 F A
13
1312 14
*Certificates of deposit
•11
17
12•Nurtolk & South let g Ss__ __1941 M N .38
42 ____
N & %V Ry lot cons g 48
1996 0 A 11238 11434 91
DI y'l let Ilen & gen g 48
1944 J I 10534 10614 22
Pocah CA C Joint 48
1941 J 0 107
10712 35
North Amer(,o deb As
1961 F A 8738 8912 83
No Am Edison deb be ser A
1957 M 8 8238 8434 46
Deb 534s sec B
Aug 15 1963 F A 8712 8812 30
Deb be ser C
Nov 18 1969 M N 8218 84
19
North Cent gen & ref be A
1979 M 8 *115
118 ____
Oen & ref 434s settee A
1974 M 8 11014 11014
2
I•North Ohio let guar g513
1945 A 0 •4212 65
'En Apr'33-Oct'33-Apr'34 cons-. _
•_ _ _.
42 ____
•Attnpd as te sale Oct 1933. &
'Apr 1934 coupons
•
50
Nor Ohlo Tree & Lt ilie A
1947 M S 10814 109
8
North Pacific prior Hen 48
1997 Q 1 10212 10412 210
Gen lien ry dc Id g 319 Jan ....._2047 (.1 F
72
7412 103
Ref & 'rapt 440 series A
2047 J J
7412 8114 22
Ref & mot 65 series B ______ __2047 J 1 8812 95
596
Ref & imp% bs eerie. C
2047 J 1 8414 8614
11
Ref & Impt So eerie. ID
2047 .1 J 83
8638 19
Nor Ry of Calif guar g M
1938 A 0 .10714 10912 ____
Nor Stater. Pow 25-yr bs A
1941 A 0 10674 107
30
1st dr net 5-yr 68 set' 11
1941 A 0 108
108
1
Northwestern Teleg 414e ext_ _ _ _1944 1 .1.
_ _ _
Norweg Hydro-El Nit 5346
89
1957 M N 10058--9018 1
-2
Og & L Cham let ffu g 48
1948.7 1 33
33
1
Ohio Connecting Ry 1,1 4.
1943 NI S *10512
Ohio Public 8ervIce 740 A
1948 A 0 11134 112
39
let & ref 70 wiles 11
1947 F A 111
8
11112
Ohio River RR let 11 513
1936 1 D 10212 10212 14
General gold &
1937 A 0 •
102
15
2•oid Ben coal 1,168
15
1949 F A
2
Ontario Power N F let be
1943 F A 111% 11134
7
Ontario Transmission let bs
1945 M N 110
2
110
Oregon RR & Nov corn g 4.13
1945 1 D 10712 10818 17
One Short Line let cons g be
1946
J 11438 11438
1
Guar stp.1 cons 6e
1946
1 11512 117
20
2914
27
2418
26
2714
2114
3214
4012
21
28
82
50
4174
8118
6614
4
56
96
114
118
98
90
9112
40%
43
3134
72%
10218
4535
195
90
48
38
367
10512
5
4
1414
91 14
97%
96
611
.
56
56
54
98
88
35
3534
Low
5
121
16
1/2
30
8712
1011s --24
10078 32
10774
100 ---107 ____
For footnotes see Page 2153
Rance
S4ncs
Jam 1
214
112
341
7478
76
5012
60
68%
64
81
100
89
93
100
6852
37
89
78
90
87
10
99
9412
8314
100
9934
March 30 1935
r.
234 434
1054 108
60
63
11312 118
103 10514
78
81
63
70
11512 122
112% 118
8812 8812
94 10112
4818 6312
50
53
551s 6812
5558 6834
82% 8814
2512
22
2212 2914
24
2812
20
2734
2218 31
1020. 104
102 102%
9114 99
9834 11212
7334 377
4314 64%
4612 707
92
984
88
9712
8412
43
7838 69%
79
8878
10012 10212
57
77
4734 86%
4338 71
10638 1081k
10712 1098
595, 67
49
43
113 11418
1077 10938
10814 1101
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 29
Week's
.1149 1
Range or
r.
;s
•
1933 to
Friday's
,
2h
,
113
, Feb. 28
:2,4"; Bid ek Asked ell,
3 1935
3
Range
Since
Jan. 1
Low
Filch No. Low Low
High
Ore-Wash RR & Na, 4s
7714 10112 10538
1961 1 .1 10112 10238 106
1963 M 5 9914
Oelo Gas & El Wks eat! be
9912
6512
9912 10
94
*0118 Steel let mtge Meer A
20
69% 913..
30
1941 M 8 8412 85
Pacific Coast Co Ist g 58
8
25
38
36
40
1946 1 D 3714
Pacific Gas dr. El gen & ref be A
9812 108 109
_'42 J J 10678 10714 35
Pacific Pub Seri.' 5% notes
-1936 M S 100
9612 10038
10038
9
64
Pac RR of Mo 1st ext g 4s
1)9 101 14
80
10018 16
1938 F A 100
•241 extended gold 58
84
95% 9914
1938 1 1 *91
9733
Pacific Tel & Tel 1st be
1937 1 J 10678 107 ---21 10314 10634 10712
Rot mtge be series A
26 10414 111 11312
1952 M N 11234 113
Paducah & Ills lot ate 434a
_ ---10518 10512
93
19552 J
II•Pan-Am Pet CO(Canconv 68_ ..'40 J D *10518--*35)2 3712 ---3534 4311
2518
_
2
3512 4312
25
*Certificates of deposit
3574 3512
9
2718
f•Paramount-Wway lot 5345____1951 I J
4258 5013
49
50
___
5014
*Certificates of deposit
42
50
12
5014
2712
Paramount Fam Lasky 68
1947
73
48
588g 75
707
1318
1 I•Proof of claim fled by owner_ __
16
J D
40
59
7034
*Certificates of deposit
75
73
Paramount Pub Corp 64411
1950 F A
127s
59% 7512
7174 73% 54
*Proof of claim filed by owner_ _ _ --__
deposit_
7112 7314 78
14
5834 7512
*Certificates of
Paris-Orleans RR ext 54413
15 10414
158
155 163
. 13
- 2155
1968 fil
*Park-Lexington 644s etre__
2
8
1978
_
1712 2112
19%
1953
A0 23
4
3112
14
Parmelee Trans deb 65
23
1944 -25
Pat & Passaic0& Econ.54
116 11712
117% 15 102
1949 M S 117
Pathe Etch deb 79 with wart
731 4
101 101
1937 MN 1038 10312 32
90
*Pauline Ry led ref s f 76
90
10
454
94
1942 M S 90
Penn Co gu 344s coil tr A
12
94
102 102%
1937 M S 10212 10234
5
1941 F A 102
8138 100 102
Guar 340 coil trust eer B
102
Guar 344.4 trust ctfs C
_ _--_
83%
9834 9834
1942 1 0 •1013
Guar 3448 trust ctfs D
98
98
8112
4101
_- ---1944 J 0 *9814
Guar 4s ser E trust ate
8418
__ _
9934 101,
4
1952 M N *102
Secured gold 4%,
-7
12---82
10634 5
104,
4 10634
1963 M N 1054
74
Penn-1)121e Cement 151 6. A
14
55
7112 861.
1941 M S 73
Pa Ohio & Det let & ref 434,A,...,,'77 A 0 104
10312 10512
78
1041. 24
10134 10412 105%
_
1981 .1 J
434a series B
Pennsylvaula P & I, Ist 4 Hs
10234 10312 _--163
98% 101'4
751z
1981 A 0 *10412--Pennsylvania RR cons g4,
107 10814
9814
1943 M N *10814_ ____
Consol gold 4s
9413 108 11034
012 27
1948 M N 11018 114s liter] atoll dollar May 1 _1948 MN 11018 11018
108 111
963
2
Comol sinking fund 4%,
9812 11412 11912
9
1960 F A 11618 11612
General 4%s series A
8035 10518 108%
1965J D 10512 10734 102
General be eerie. B
110 115,
51
8734
112
4
1968 7 0 110
Secured 8%.
1041. 106
1936 F A 10458 10484 63 101
Secured gold be
81
105 107%
76
1964 74 N 10512 107
Debenture g 444s
1976 A 0 9012 9314 158
66
9012 9714
General 434s eeriest D
7534 1003s 10112
1981 A 0 10134 1031 1 237
Gen mtge 444s aer E
91 12
997 111414
1984J .1 10112 10314 115
Peon Gael,& C 1st cons 68
21 10.7
11034 116
1943 A 0 1135, 116
Refunding gold be
1947 M S 103,
80
984 105
4 10418 65
Peoria & Eastern lit cons 4s
1940 A 0 *60
6712 7334
667 - - -,
60
•Income 4,
912
434
438
434
2
April ____1990 Apr
4%
Peoria & Pekin Un 1st 510
1974 F A 10514 10.514
8312 102 10512
5
Pere Marquette lst aer A be __ _1956 1 1 79
26
51
80
7134 91
let 45 series 13
12
72
1956 1 1 71
69
814
48%
let g 4445 series C
15
46
6812 82
1980 M 8 7234 74
116% 12114
10738 112
8518 9012
98 10118
9914 101,
4
10618 1085 Phila Bait & Wash 1st g 48
4
9878
1943 MN 10912 10934
___
__
General & series B
1974 F A •11538 --------9574
.
105 105
-General g 444s series C
1977 7 .1 11038 11038
6
87
10111 101%
General 4%s series D
1991 J D 109
10978 36 1001*
Phtla Co sec 5s series A
1967 .7 D 8034 84
179
61 14
Phil. Elec Co lot & ref 444s
1967 51 N 10612 10834
5 100
23
1st & ref 4s
39
1971 F A 10634 107% 46
89%
27
3612 PhDs& Reading C & I ref 5/1
139
1 7 5234 57
1973.
4834
2418 37
Cony deb (is
1949 M 8 301
38
122
36
40
26
PhiliPPIne RY 1st s f 18
1937 -7 .1 2338 2334
6
2014
1939 7 D 10212 10278 59
2674 3912 Phillips Petrol deb 544.4
8414
2414 3634 Pfilsbury Flour 51111s 20-yr 6s ____'43 A 0 108
27 10214
109
Pirelli Co (Italy) cony 75
30
62
_ 1035, _. _
99,3
1952 M N •
Pitts C C & 51 1, 4 Hs A
4012 63
-97 10978
-I 100
1940 A 0 10
17
30%
Series B 444.4 guar
99
1
1942 A 0 10978 10978
Series C 434, guar
2712 45
1942 M N .109
10034
8834 9514
Series D 48 guar
1945 M N "106
9734
____ ____
4412 61
Series E 3448 guar gold
1949 F A .10012 --- ---8212
3512 49
Series F 48 guar gold
---- ----1181,
19532 0 .106
__
___
Series 04.guar
1957 MN *106
--------08
-8714
_80
Belles II cons guar 45
1960 F A *10614___
9618
1_
8
12
Series Icon. 4%s
1963 F A 11518
1
119
1518
Seriee 7 cone guar 444s
7053 86
1964 M N *114
9612
11518 ____
105% 10834
General 5.1 5e series A
1970-3 D 11212 11314 43
8834
3
Gen mtge feeer B
38
1975 A 0 112
11318 45
8514
13
Gen 110 sertee C
134
1977 J J 10574 10512 22
75
108 11134 Pitts Sit & LE 1st g be
1940 A 0 .11038 --------97
10434 10734
let conso lgold fis
19432 J *103
Pitts Va & Char 1st 48 gnat
10412 107
--------94
1943 M N •105
50
63
*Pitts & W Va lot 41.4s ser A .... _1958 J 0 *53
66
1. ---,
4934 52
let M 4 Hs serlea B
1959 A 0 5213 5218
2
52
375 All
let M 448 settee C
1960 A 0 5018
51
6234
3
9712 100
Pitts Y & Ash 1s1 Meer A
9244
1948 1 D .10212 110 _ __
109 11112
1st gen be seriet B
--------97
1982 F A *110
6412 Port Arthur Can & Dk tie A
56
61 14
797
1953 F A "
lot mtge 8s series 13
1712 32
1953 F A • ,_
92 __ _
66
10411 108
Port Gen Elec let 448 ser C -- -1960 M 9 5534 5714 03
3712
& assented
6214 7512
5512 5718 155
1957 ---45%
Portland Gen Elec 1st 5s
63
75
19352 J 99% 10034 25 __ .
4412 5212 Porto Rican Am Tob cony Si
43
'42 1 J
44
9
2814
Postal Teleg & Cable coll 5s
1634 171
___1953 J 7 41
43
68
37
12
19% 12•Preeeed Steel Car cony g As
40
3814
1933 1 J
4014
15
13
1834 Providence Sec guar deb 4.
1957 M N •__ _
35 ____
35
3572 41
Provtdence Term 111 4.
1956 M 13 *9113 9312 ____
81 12
11013 11431 Pub Serv El &0 1st & ref 4448 --__'67 7 D 109
9818
10912 23
lot
net
4
Hs
&
1093
4
105%
1970 F A 10812 109
97
11
1s1 & ret 49
106 1071,
1971 A 0 10738 10778 15
8814
8112 8912 Pure Oils f 544% note.
1937 F A 101
87
10112 42
1k
74
8434
S t 54i% 1101.06
1940 M 81 100
101 12 95
92
Purity Bakeries St deb Ss
781, 89
1948 1 J 8538 8612 29
7814
7112 84
__ _ . _ 2•Radio-Keith-Orpheum 01 0,3 ctts
11014 11014
for deb (Is & coin stk (88% pd)-- - .37
35
443
40
*Debenture gold 8.4
1941 J 19 .27
30
15
Reading Co Jersey Cent coil& . '51 A 0 11712 99
45
45
53
73
Gen & ref 444s series A
19973 J 111612 10714 67
79
42
43
Oen & ref 434, series B
1997 1 .1 1061,1 10718
8
7914
Rem Rand deb 53.4a with war _1947 M N 10012 10112 78
10434 109
03
10212 107
5340 without warrants
1917 51 N .9812 100 ____
____
72
7612 Rensselaer & Saratoga 6s gu
1941 MN
7412 8912 Repub 1 & S 10-30-yr 5s s f
1940 A 0 10334 1-04-14
3
8-6
8812 1023
Ret & gen 5448 /erten A
1953 1 J 96
9634
7
61 12
8414 9614 Revere Cop de Brass as ser A
1948 M 8 108
10812 18
76
83
96
•Rheinelbe Unions f 75
1946 1 J
1318
3612
6
2612
105 10712 *Rh1ne-Ruhr Water series 6.__ _1953 J J
1212 3212
1
23
103 10714 •Rhine-Westphalla El Fri.
1950 M N
3914
3614
2914
2
10514 10812
*Direct Mtge 68
1952 M N
P118
3934
9
304
_ __
*Cone mtge (is 01 1028
.
1953 F A
1914
3
35
40
88
-97
-•Cons M 68 of 1930 with wart
55 A 0 3938 49
3212
10
33
5014 it•Richfield (11101 Centel'
1944 M N
2612 27
15
20
*Certificates of deposit
M N
26
1912
27
21
Rich & Meek 1st g 48
10914 112
1948 31 N
46
1
38
46
1071
.11112 Riclarn Term fly 181 vu be
1952 .1 J •1043
99
_ __
102 104
*Rime Steel let 5 f 75
1955 F A •_ _ _ _861 ---45
10238 10414 Rio Grande June let gu 54
19392 0 •73
87 ____
70
2•Rto Grande Sou let gold 48_ _1940 J 1
135 18
*I
10912 112
*Guar 4s (Jan 1922 coupon)_ _1940 J J *1- _ ---1
110 117% *Rio Grande West 1st gold 4,,
1939 .1 1 118
-68
.
78 23
6612
105 109
•Ist con & coil trust 43 A
1949 A 0 30
30
1
31
Roch G&E gen 51 54.41 ser C ___'48 M S 107,
11418 118
96
8 10733 25
115% 119
Gen Mtge 444s series D
1977 NI 9 •1091. --------86
Gen mtge IS, series E
1989 191 4 107,0 1973,
811'•
108 10938
113 11414
10702 111 14
107 11034
7912 8412
10612 110
10414 108
523 75
3012 537s
2214 2434
10112 102%
106 100
10212 10412
10838 110
10812 10934
109 109
108 103
---- -105% 10678
107 107
11333 11518
11334 1141s
111% 11614
1115, 11614
104 10712
110 11012
10714 iiiii,
53
68
52% 5614
6018 88
79
8014
5014
5014
98
43
4014
3814
35
90
10718
107
106
100%
9934
8214
1534
8014
60
60
102
521.4
5274
55
35
90
10912
109
10812
10214
10234
90
4.574
2612
9714
105
10518
99
9012
4514
32
10012
1081.
10813
10338
9912
10314
95
10714
3534
3134
3914
31332
33
3834
25
2412
46
1-05-14
10212
1(18)2
43
3912
44
4312
43
4313
3310
3312
46
iso
60
87
1
1
787s
4711
109
103
10111.
8511
1
1
66,2
30
10733
108
1074
2153
New York Bond Record—Concluded—Page 6
Volume 140
BONDS
N Y STOCK EXCHANGE
Week Ended Mar. 29
7i11
July 1
Weeks'
Range or ; 1933 to
Feb.
28
Frtday'S
g
1935
Bid & Asked
Range
Sines
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Mar. 29
July 1
1933 to
Range or
13
. Feb. 28
Friday's
at'
1935
z,Bid & Asked ,11Q
Range
Sine.
Jan. 1
High
H00 No. Low LOW
Loss
Lou Low
High
4
3„ 1110
ut, ilri
m
75* 1312 **Union Eley Ry (Chic) 5s
978
5
71112 ---.
2 2 118
A 11...711
1'
2t °
May '3
9038 10512 13612 Union 011 30-yr 68 A
1
0
7
2
3
7
4
.
77
92%
1
1
1
0
5
114
2
104
10314
1945
J
D
Deb 58 with warr
Apr
3412
35
38
94
4014 Union Pao RR let & Id or 4a .._ __1947 J .1 11018 110% 86
33
36
00
4,14
2 10
8012 10
03
8,11
4
let Lien et ref 4.2
June 2008 M S 10612 10734 60
42
42
51
103,2 10612
81
10312 10412 50
Gold 4 As
115% 120
99
7
834 103 105
Int lieu & ref Ss
7
June 1178 ?s,1 4 11534 116
1947 .1 J 10434 105
St Joe A, Grand laid 181 4*
7814
Gold
4a
1941 M N 1054 106
16 10534 10534 11134
St Joseph Lead deb 5445
83
7.2
10
87
4 10
97
2 '
Ig
'
4 IS1,14
48
2 Itl r
el 27
1937 M N
99% 10014 46
70
98 10014 United Biscuit of Am deb 6e ____1196
St Joe Ry Lt IR & Pr 181 50
53
1953M S 874 88% 73
90
United Drug Co (Del) 5e
1996 J 1 •87
93
87
6414
St lawr & Adr lot g bs
9712
1073
8
1085
8
1
8112
10058 1088
U N .1 RR & Can gen 4s
1906 A 0 *
70
8014 85
2d gold 68
1614
2814 3034
I *2814
111 ,
II•United Rye St L let g4* „IF:.1
28%
St Louis Iron Mt & Southern9012
95%
-ioi
56
1
J
9012
5834
63
4518
47
1933
M
N
5412
5412
70
U
8
Rubber
let
&
5*
8*?
__
92
2
ref
A
4,41tly & G Div let g 48
93
34
93
912
4
8518
4
1937 M N 9912 9912
.54
54
1
62
54
6414 United 8 8 Co 15-year 65
*Certificate! of deposit
1948 J J
39
464
45
5818
St L Peor & N W let Cu 58
11
36
60
6912
35
353
4
•Un Steel Works Corp 64s A— _ _1951 J D
19552 J 67
67
37
St L Rocky Mt & PS.stpd
2
27
35
1134 39
1714
*Sec if 64e eerie! C
1951 1 D 35
12
10
t•St 1-San Fran or lien to A _ _1950 J 2 1058
4
23
734 154
33
9
10
9
11
*Sink fund deb 6543 ser A
1947 1 J 33
*Certificates of depoelt
9834
12
2
330
33
1'8 12
3
442
1::
7l2 IS
19502 J
(In Steel Works (Burbach)7e ____1951 A 0 *115
10
1134 23
12
12512
•Prior lien 5e series 11
.
13
26 ---4
6
11
1612 *Universal Pipe & Rad deb fis --_1936 J D 26
*Certificate's of depoeit
10
41%
373
4
7
38
39
812
14%
A
0
387
a
1978
974
M 13
•Unterelbe Power & Light 61. — A953
100
•Con Al 4 As series A
9
7334
19
9
85
66
712
74 16
A 83
1
111: ... O
50%
84,4 52
94
814 1372 Utah Lt & Trao let & ref ba
•Ctia of deposit stamped -----------712
55%
607s 855*
Utah Power & Light lit 54
51
St L 8 W let 46 i bond etre ____1989 24-P1- *6912 7178 __-7412 80
109
-1
Nov 1989 J J
Utica Elec L & P ln s I g 54 —__1850 J J *17611 84 __6
28 g 48 Inc bonZi etJa
5612 60
114
585* --,r
6 100
1-2-0-1-2
1952 J J
II
414
354 23
30.2 41
Utica Gas & Elec ref texts, ___1967 J J 120
let terminal & unifying be
20% iri:i
i1_1:1_5::.4 371
s
1990 J J
3014
33
35
7
28
7% 0
Gen & ref g 55 ser A
36
43
434
dc 58
L1ght 544s
18
3312 36% 772
1937 J J 93
1959 F A
9314
7
45
PowerUtilDebenture
St Paul City Cable cons 51
1937 J J 94
94
Guaranteed 5s
79
9412
1
457s
8378 9414
59
.8)**3
4717
158.18
4
2
1
F
A D
O
A *13
83 __1_4_
1968 J D *99
8
48
7
1 2
Vanadium Corp of Am cony 5s ___:_:4
St P & Duluth lit con g 45
84
10112 102
99
1947 1 J *
Vendetta cons g 4s aeries A
St Paul E Or Trk 1st 4 As
45
iOiT4
1(1214
85
____
____
A
SIN
*10412
gu
444s_
1941
F
1114
1114
Sh
L
175
8
1957
&
K
C
12
Cone
If
4s
*St l'aul
16
12
series B
144
2
412
---1043 .1 J 108
1933 3
J ; •114
10712 52
St Paul Minn & Man 5
9318 106 108% •1Vera Crux & P lit au 441
4
4
3
---1937 1 D 10214 102% 10
Mont ext let gold 48
411July coupon off
88
102 . 103
3
6%
33
4
(large)
1940 1 J *10014 102
1 4
99% 10134 •Vertlentes Sugar 7ectfg
t Pacific ext gu 4s
85
110 112 a
105
17
11.2
. 10
17
1%
12 ---i
95
1972 1 J 115
11658 15
St Paul 1.113 Do!!Jaguar
96
113 11814 Va Else & Pow cony 53411
6 101,4 105,4 107%
1slil
52
4i
5s series B
1:4
4
3
17
1%
018 1010
0J
7
1 10
13
18
218 52
112
1943 1 ) 7412 78
43
55
HA & Ar Pass lot gu g4.
Secured cony 544e
7412 8514
10534 26
24 4 4
San Antonio Publ 8ery lit 88 __ _1952 J 1 105
70
10034 10712 Va Iron Coal & Coke let 4 5,2 __I819
8
11
,
,
1
2
,
7,*
1
(
9
11
1936
M
N
10218
1218
1.
t
!17.
1942
M
S
95
108 110
Santa Fe Pree & l'hon let be
Virginia Midland gen 51
19462 J *30
2
101 ol *ia
jsi,
o
171,11,2__ii .
3812 ..
35
&Wilco Co guar 634s
35
Va & Southwest lit gu 58
35
7678 84
*3014
Stamped
1st cons 5a
2613
____ ____
89
11018 113
Guar e f 63.4* series 11
1946 A 0 .3214
1902 SI N
37
Virginia RY 111 5, series A
39
____
5938
41,2
844 10
1 110
5(
06
817i
10512 ____
Stamped
1963 M N *105
*3014 39% 35 -3-6-4
tot mtge 444s series B
30
1989 M N 11214 114
10
Scioto V & N E lot gu ea
90
1094 115
57%
41
A 6
N
83
9:
71
9
68
1
9 MN
Ii•Seaboard Air Line let g 4a
1950 A 0
1193
030
tWaba8h RR let gold 5a
1313 ___634
1312 18
6
84
912 nit
4
48
•
*Certificates of deposit
•26 gold Ss
20
1014
1312 17
53,2 58
•
50
1954 1 .1 *5114 70 ---I4•Gold 48 stamped
1950
17
let lien g term 48
124
1414 20
70
___
*9938
*Centre of deposit stamped
A 0*
Del & Chic Ext 1,1 6.
1312 1014
17
20
45
---J *48
*Adjustment be
Oct 1949 F A
0212
3
"1")"
.19
11 j
O
Dm
esaS
hlop
lale: ID.41;21314144.48
212
212 34
43
60
33
t•Refunding 4s
194 A 0 .43.4 48 ---1959 A 0
434
44
7
412 g
5
79
77
82 ---56
*Certificates of deposit
Toledo & Chic Div g 48
5
48 8
197
91
:
1
12
11
2
714
1213
8
t•ist & collet (le series A_ _. ____1945 M S
13
5
6 - 53
6
11% f•Wabash RY ref & gen ill4s A _.- AN 3 1214
5
_
11
*11
*CertifIcatea of deposit
312
54 51
54
*certificates of deposit
34 10
12
i•Ati & Birm 1st g 45
193351 S *1018
1312 __,
11
*II
12
1E
--2
0
1712
B'76
F
A
*Ref & gen 55
10
1012 10,2
11
14seaboard All Fla 6s A ctfe____11/35 A 0
214
3 i
*Certificates of deposit
4
2%
24 4
114 Ills
12
*Series 11 certificates
1935 F A
214
1978 A 0 1134 -1-3-- --ii
*Ref Yc gen 43.48 series C
214
1
214
214 3%
11
*11
Sharon Steel Hoop If 5440
F A
8012 81 18 25
*Certificates of deposit
80
35
88%
9
111
5 % 11711
12
81,011 Pipe Line, f deb bs
1962 M N 10312 104
1980 A 0 1144 12-14 -"ii
22
•Ref & gen 58 series D
88
10314 10514
1012 11
1
13
11
11
Shell Union 011 e f deb 5s
1947 M N 10234 103
*Certificates of deposit
17
785* 10214 1033s
1312
33
33
Shinyetau El Pow let 614e
19522 D 82
7
58
•Walworth deb 644s with warr___ '35 A 0 *274 36
7612 83
83
364 3812
124
•ISlemens & Halake 51 78
0 *812 36% _1935 J J z6118 62
*Without warrants
8
39
58
8514
361s 60
184
12
•Debenture if 640
1941 M 5 434 4338 20
1945 A 0 3812 40 --slit sinking fund Co6s aer A
38
Sierra & San Fran Power 5*
1949 F A 109
10912 10
8614 10
43
3:
1 151r
4612 60,2
*Silesia Elec Corp e f 6448
30
3912 Warner Bros Pict deb 65
129
9;
1 11 s
S 1r, 11314 33
1946 F A
3118 32%
5
26
1,1
24
29%
Sileelan-Am Corp colt tr 7s
1941 F A 4812 4812
Warner-Quinlan Co deb 6e
2
33
454 60
17
Sinclair Cons 0117e ser A
1937 M S 10212 102% 44 1007e 10312 104
Warner Sugar Refill lit 7s
M
"
133
10
13
771
RI
1
9
133
11
3g13
:
1
series
13
let lien 84412
1938 J I) 104
11
91
Warren Bros Co deb 6e
10412 17
98% 10312 105
Skelly 011 deb 13446
85 ---1
1939 M S 10114 1015* 28
80
9834 10218 Warren RR lot ref gu g 34e-2000 F A
9118 94
South & Nor Ala cans gu g 5s_ 1936 F A 10458 1045*
WaHhington
Cent
1st
gold
412
____1948
Q
M
*9114
9484
2
99
10458 10434
10358 105
8:
1915 F A 105
105
Gen cons guar 60-year be
1963 A 0 11412 11412
Wash Term 1st gu 334,
2
89
112 115
1945 F A *10678
---9
let 40-year guar 48
6i
- 10-81;
____
98'8
South Bell Tel dc Tel let a fas __'41 j j 10918 10912 23 10312 1084 110
*1074
1
1939
J
Wash Water Power if bs
Southern Colo Power Os A
09472 J 9512 96
Westchester Ltg 5s atpd gtd ____1950 J D 11734 118,2 12 1034 11514 110,4
17
96
6014
82
10338 111 12
10014
13
11114
So l'ac coll 4s(Cent Pao coil)
1103
8
8
1949 J D 60% 6414 58
1946
M
Penn
Power
aer
A
513
Wen
7214
80%
48
lit 444/2 (Oregon Lines) A
1977 M 5 7452 767 174
let 58 series E
65
7312 8312
2
:
, 1111"11
l g
" i
Gold 4 ifci
12
2 1:1
1968 61 El 57
3/21 1013314
6112 94
tot Rae 58 series 0
44
111 M
J 11, 11Z
5612 69
90,4 1054 10912
7
Gold 4445
1969 M N
5512 6912
1981 1 J 107% 108,4
57
1st mtge 4e tier II
6114 133
43
Gold 4448
1981 M N
5618 61
205
42
56
6878
9418 1011
.
.2 llit/4g5s
Ran Fran Term let 48 be804
1950 A 0 10211 10358 20
1944 A 0 1058 10658 42
Western Electric deb 58
IGO% 104
8
0112
bo Pac of Cal let con gu g
1952 A 0 9018 9418 215
1937 M N 010712 ---- ----100
1074 10712 Western Maryland lot 48
So Poe Coast let gu g 4e
19372 J
1st & ref 534* series A
95
7
1 012
10
06
818 1
1977 j j 97
18
99
5
638 6
49
4 10
60
6
Ho Pao RR 1st ref guar 48
1955 .1 J 89
93 - 1813
8 West N Y & Pa let g 5s
604 -Till -661
7,4,
0
35
0
,
3
7 13
122
2
73
8
4
Southern fly let cons g bs
19942 J 8712 9528 52
3j
A O
8
1 12,984
19
93
47
Gen gold 4s
74
8712 1034
Devi et gen 4a series A
Virg 61
F
72
2 F
71,4
1956 A 0 384 4314 204
17
38
38
4
3.2 6
82
112 *Western Pac 1,1 5* ser A
29
Devi & gen 6s
1956 A 0 484 5678 28
*fa Assented
5514
8512 10112 1024
1)evl & gen 6448
1958 A 0 494 5914 68
574
4978 88
Western Union coll trust 68
6712
82
SS
Mew Div let g 5e
M
,
1r
19962 J •
Vag
60
92
9212
Funding & real est g 4)45
867 —
92
1% lliC21.2 1212
21
St Louis Div 151 g 48
1938 F A 10012 101
1951 .1 J 80
15-year 6448
80
80
88
5314
4
East 'Fenn reorg lien g Si
1938 51 5 103
103
1
25-year gold 58
73
102 103
HO
8834
72
Mobile & Ohio coil tr 48
5
2g '
2 gT,
1938 51 S 424 45
424
W4
15
30-year 5s
14%
1 4i
4214 67
S'west Bell Tel 1st & ref 58
7
27
37
1954 F A 10912 110
*Westphalia Un El Power 6s._ __1953 J .1 3634
26 104
1094 Ill
3
754158
1 4
86
3184
1
44
66
15pokane Internet let g be
74% 77
1955 J J
612
612
2
834
61, 912 West Shore let 4s guar
2381 J J
72
82%
Stand 011 of N Y deb 4 Sio
___Snd
73% 10
1961 .1 D 10218 103
137
2361 J J
72
98
Registered
102 10412,
Staten Island Ity 1st 444s
1943 J 1 *98
__-9612
ig.,, 103% 10412
11•Stevens Hotels 63 aeries A__ 1915 J 1 *13
3314
4 1041 ________
S:23
__
12
1318 16
Wheel de L E ref 444s ger A
i%1 8
14
19g(
9 61 7
104 104
1•8tudebaker Corp 6% notes ____'42 J 0 33
31
4912
Refunding Is series B
36
10214 10612
33
83
7
*Certificates of deposit
3614 19
7
1-01Rit let consul 4s
33614
32
49
1949 M S 106
10014
70
103,4
*Cony deb ils
10
63
1945 J J 4478 46
4112 43
Wheeling Steel Corp let 514s ____1948 J .1 10212 10314
90
91
60
Sunbury & Lewiston 1st 48
78
74
8%
14 95
19362 1 *10158
JA O
J 08
-9-8-3;
let & ref 414e series B
80
65
____
43,g
Syracuse Ltg Co 1st g be
1951 .1 D 118
White
Sew
11918
2 103
Mach
116 11918
88 with warr__ _1.9'3563
80
68
45
Without warranta
1 J *8038 -9-6- __
76
65
Tenn Cent let (le A or B
4212
1947 A 0 55
85 ____
55
1
4314
Panic e I deb 8s 8t'. 14 7._ _1_03
0 M N *63
5414 63
46
Tenn Coal Iron & Rit gen be
1951 J J 116
116
I 101 18 113 117
2•91Ickwire Spencer
ieon Copp & Chem deb 6.19 _ _1944 M 8 9434 98
7
60
9112 36
•Ctf dep Chase Nat Bank
roan Eleo Pow let 68 eer A
114
4
;
34 13
2
1947 J D 9312 05
94
81112
2
8
8134
1 11
544
90 10018
•Ctfe for col & ref cony 78 A ___1935 MN
36
48
Term Assn 01St list g434,
2
33
1930 A 0 110% 11038
1
99
10812 11038 Wilk & East 1st gu g 58
38
1942 J D 38
let cons gold be
1944 F A •11112
_
98
10912 11012
10212 10434
88
Gen refund is f g 4e
1953 J J 102
10434 13
1-033-4 -511
71
101% 105
Will & S F let gold 5s
1938 1 D 104
Texarkana & Ft El gu 53.4i A
1950 F A 84
9534 10104 110,a
8518
5
6414
109% 24
8312 9614 Wilson & Co let a f fle A
1941 A 0 109
1
42a
10747
1
41 1015037
1 exas Corp cony deb be
10
3
1944 A 0 10312 10334 119
8
9312 103 104'14 Winston-Salem S Fs lot Is
_
_ _ i2
1910 .1 J •10458 _8_1.
19432 J .8312 87
Tot & NO con gold 58
64
l•Wle Cent 50-yr let gen 4a._ __1949 .1 .1
83
87
8,8
2000 3 0 115
8
resits & Pac 1st gold Ls
11612 21
82
115 120
*Certificates of deposit
*734
912 ---47
6
.26 Income 55
Dec 1 2000 Mar ____
__
____
_
478
2
*Sup & Dui div & term 181 4, _'36 M N
5
1077 A 0 81
-87- 15 -55 - -81- -iiii-2
Gen de ref 58 series B
*Certificates of deposit
*114 _-_434,---19'9 A 0 795* 8612 183
53%
Gen & ref 68 series C
705* 9312 Wor & Conn East 181
---- -1943 1 2 ------------86
g314 eli2
1980 J 0 84
86
13
54
Gen & ref 5s series D
196453 $ 9334 94
92
6314
9804
let Pac-Mo Pao 'Ter 53.4. A
6
67
894 99
Youngstown Sheet at -robes. __'711 / I
c32
931t 100
9118 994
, lit ref 4e
19801 J 544 5514 14
6314
Third Ave It)
38
hi mtge s I Sloe? B
5114 584
1970 A 0 9112 933s 132
25
46
•Ad1 lot S, tan-el N Y_Jan _ _1960 A 0 24
2138
2314 2612
1937 .1 J 10034 1013
10
8514 10014 103
Third Ave RR let it 5s
1055 M 8 91
9114 12
7014
Toho Elec Power let 75 A_
8813 92% ar Cash sales not included in year's range. a Deferred delivery sale not Included In
'Tokyo Elec Light Co LtdYear's range. n Under-the-rule sale not Included in year's range. 4 Negotiability
7914 Impaired by
72
57%
1953 1 I) 774 7814 116
1st de dollar series
maturity. t Accrued Interest payable at exchange rate of 54.86115.
19312 J 10012 10078
9
85
10038 101
Toi & Ohio Cent 1st gu 58
/ Companies reported as being In bankruptcy, receivership, or reorganized under
1935 A 0*100_
91
101 101
Western Div let g 58
1035 .1 13 100,8 1-0-61
General gold ba
8 ---2
10018 10114 Section 77 of the Bantruptcy Act, or securities assumed by such companies.
83
1950 A 0 85
86
8
60
854 91
Tol St L & W 1814,
• Friday's bid and asked prloe. • Bonds selling flat.
1942 51 5 010512
103
103 103
Tot IV V & Ohio 4s aer C
z Deferred delivery sales In which no account Is taken In computing the range, are
82
9814 10034
Toronto ham & Buff 181 g 48 _ _1946 .1 D 9S58 1-601949 M S
10158 11214 11214 given below:
Trenton G & El let a 5e
1943 MN *11680
-la
81
35
70
Truax-Traer Coal cony 6445
Alpine-Montan Steel 7s,'Mar. 28 at 81.
1940 M N 101
10112
7
674 100 10314
Trumbull Steel lat a f 613
Chile Mtge. Bonds 65, Mar. 2921 10%.
*Tyrol Hydro-Elec Pow 734s. 1955 M N 8882 8838
I
454
85
98
89%
934
Cuba
Rep. 5s of 1914, Mar. 27 at 85%.
07 kis May 1 1935 coupon
88
On_1055__-1952 F A 8438 84%
-Zi18
8214 9012 Gt. Brit. & Ire. U. King. 4s, Mar. 18 at 11034.
*Guar eec a f 7e
1952
___
coupon
on_
*80
512
89
1935
48
07e Feb 1
801
Parls-Orleans RR. 5;45, Mar. 28 at 1534.
ii -13i1946 M S 8914 90
90
18
87
/311/08wa Elec Power a I 7e
Pernambuco 7s. Mar. 18 at 14%.
1957 A 0 10712 108
17
Union Elec Lt & Pr (Mo) be
945* 107 109%
1954 J J 10558 10558
3
994
10412 10612 Siemens & Halske 7s, Mar. 25 at 5934.
tin EL & P11)1) lot g 5445 A
§7.1t 1 Ark & Louis let 444s
itoyal Dutch 4s with wary
•Ituhr Chemical s f Bs
Rut-Canada lot gu g 4s
Rutland RR let con 444s
H00 No
Low
75
812 37
1934 M s
1945 A 0 110
4
110
36
1948 A 0 36
5
19492 J *3212 34 _--194. J 1 •35
42
4 4 11112
2154
New York Curb Exchange-Weekly and Yearly Record
March 30 1935
NOTICE-Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and
when selling outside of
the regular weekly range 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.
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Mar. 23 1935) and ending the present Friday (Mar. 29 1935). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
STOCKS
Week's Range
of Prices
Par Low
High
Acetol Products CIA
•
714
734
Adams Millis 7% 1st p1100 10611 10634
.\ero Supply Mfg cl A__ •
Class B
3
•
4
Agfa Ansco Corp com_ _1
Ainsworth Mfg Corp _-__10 21
21
Air Investors com
•
1
1
Cony pref
Warrants
AlabamaGt Southern_ _60
•
Ala Power $7 pref
$6 preferred
45
• 45
Algoma Consol Cp 7% PI-3
4
34
Allied Mills Inc
• 14
1455
Aluminum Co common-• 3551 38
6% preference
100 6934 7031
Aluminum Goods Mfg,..•
931 931
Aluminum Industries com•
Aluminum Ltd cora
C warrants
6
6
100 r52 r52
6% preferred
Amer Beverage com
1
American Book Co_ .A00
Amer Brit & Cont Corp_ •
Amer Capital•
Class A cons
•
Common class B
•
$3 preferred
A inerlean Cigar Co- -100
Preferred
100
Am Cities Pow & Lt213 3131 3255
Class A
I
Class B
134
155
Amer Cynamtel class A_ 10
10 1534 1631
Class B n-v
Amer Dist Tel NJ cora_ •
7% Cony preferred_ _100
Amer EQUILICS Co corn...!
Amer Founders Cor p__ _ A
34
ie
50 15
7% prof series B
15
6% let pref ear D__._50 1514 1534
Amer & Foreign Pow Warr_
131
1'4
Amer (1as & Elea corn
@FedFRASER