The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The Financial Situation
HE general rate of business activity seems to be the situation as it has developed within the past few
fairly stable at the moment, with perhaps a weeks is the utter lack of the kind of leadership
slight trend downward at a time of the year when the around which sensible business men and others
movement is normally substantially upward. The might rally with a reasonable hope of making themfact that the business community is able to make a selves effective.
showing as good as this, surrounded as it is with
accumulated and accumulating uncertainties and
The Congressional Situation
distinctly unpleasant possibilities, is really rather
HE President continues to have hard sledding
remarkable. Of course there is nothing to be gained
in Congress, although compromises of the kind
by pretending that there is much real health in it all. to appeal to the political selfishness of members of
The facts are too plain. Twenty-odd millions of our the Senate seem to have eased his situation there
people, according to official statements, are obtaining somewhat. More of the same sort of salve may
their means of subsistence from public relief. The ultimately enable the President to obtain a large part
Federal Government is still
of his program, although
"priming the pump" with
of course that is a matter
An InternationagFinancial Conference?
several millions of specially
about which no one can
It is certainly not surprising that the percreated money per day.
be very sure at this time.
sistent weakness in sterling has given rise
Markets in several imthe sensational deBut
to new demands for an international conportant instances are being
velopment of the week, as
ference for the purpose of reaching understandings about world currencies.
shamefully "rigged" by
far as politics is conProbably no intelligent, informed man
governmental agencies.
cerned, was furnished by
could be found who would deny the urgent
need for international stability of currencies.
A very substantial part
the torrid attack of GenNor can there be any serious question that a
of the relatively good
eral Johnson, formerly of
world conference on the subject is the normal
showing being made by
the NRA, upon Senator
procedure to attain this objective.
The question is: Is there any reason to
current indexes is to be
Long and Father Coughlin,
believe that such a conference would be sucattributed directly or infollowed as it was by
cessful now when others have failed so disdirectly to an active automally? Nothing, of course, is to be gained by
attacks on Senator Long
further futile conferences.
mobile industry, and it
on the floor of the Senate
Light will be thrown on this question by
does not, of course, follow
by Administration leaders.
inquiring why previous efforts have failed.
that a boom in this inThe answer is simple and clear. They failed
Senator Long has made
because the countries represented were not
dustry is of a salutary nahis retort in kind and
prepared to take the steps necessary to
ture. Profit margins alaccomplish the desired end.
Father Coughlin is schedNot only did they differ among themselves
most everywhere are deuled to make his shortly.
as to what ought to be the ratio between
pressing and, far from
Our readers need not be
the various currencies, and about the desirability of attempts on the part of the recompleting the numerous
told that we have not the
spective governments to alter existing price
adjustments necessary for
slightest sympathy for the
levels, but none of them were willing to face
full and sound recovery,
the fact that sound currency conditions must
ideas of either Senator
rest upon sound international trade and
we as a people are laying
Long or Father Coughlin.
credit relations.
up a vast number of fresh
We have occasionally
Are the leading governments of the world,
including our own,now ready to come realisdifficulties which we must
found
ourselves in agreetically to grips with these underlying quesface at some time in the
ment
with
their denuntions? Unfortunately, there is little taindicate that they are, and unless they are,
future.
ciations of certain phases
nothing of an enduring nature is likely to
of the New Deal. But the
be accomplished by another international.
Remarkable Vitality
conference at present, however urgent the
programs they would have
situation may be.
But the fact that deus adopt in the place of
spite all this, and a good
the New Deal appear to
deal more that might be cited, industry can continue us to be the very negation of common sense and
to operate on a moderate scale suggests a tenacity of helpfulness. It would be appalling to have either of
life and a strength of purpose that, given a reason- these two gentlemen gain wider influence in our
able chance, would without question, we think, soon public life. It is to be feared that they are much too
cope successfully with the problems with which influential in some quarters already.
business is faced and effect a period of real reconBut what has General Johnson to offer? We of
struction.
The business community, however, course have no way of knowing whether the General
needs and will need all the vigor and determination was asked by the Administration to take the stump
it can muster to withstand the assaults being directed in the way that he did. The matter is of little moment
at it and still have enough recuperative power to in any event. The fact is that he appeared as a
regain its health. The events of the past week or defender of the Administration and of its general
two have emphasized the fact. Chickens, both policies. He seems to be laboring under the popular
political and economic, are showing an observable delusion that the Administration is a "middle-of-thetendency to come home to roost. The result is road" type of government consciously choosing such
certainly not encouraging in the main, though of a course to "save capitalism" and to .preserve the
course an excellent opportunity is offered for the country from the assaults of those who would destroy
commonsense of the nation to rise in its might and our institutions and our economic structure. Of
begin to set things in order. What is desperately course it is nothing of the sort, although it may
needed at present is strong,rational and statesmanlike think of itself in these terms. Such policies as it
leadership. Perhaps the most distressing aspect of pursues can in the very nature of the case neither save
T
T
1528
Financial Chronicle
"capitalism" nor preserve the rank and file from
deep and abiding economic injury. Its acts have
steadfastly encouraged the growth of what is known
as radicalism, but which is really the philosophy of
the unsuccessful and of wholly impractical dreamers
usually without even the beginnings of economic
knowledge or wisdom. Nothing has been gained by
its compromises with common sense, and nothing will
be gained by further compromises of the sort. Indeed
the question is an open one in our minds whether we
should not be better off to-day if the most extreme
among the Roosevelt followers had had their way at
the very begining. We should probably by now be
adequately convinced of the utter destructiveness of
such doctrines and perhaps ready to start rebuilding
upon a sound basis. If all that General Johnson with
his colorful phrases has to offer is an.Aindefinite
continuance of the policies of the past twoi years,
then we cannot summon much enthusiasm for the
campaign that he haslapparently launched.
A Political Mirage
Nor can we at this moment find great encouragement in that other prediction now not infrequently
heard in business circles, namely, that Senator Long
and Father Coughlin are likely to split the following of President Roosevelt in such a way that the
"conservatives" will be able to come into power next
year. Of course one man's guess is as good as another's regarding the probability of any such course
of events. But what would be the long-term consequences of such a development? That depends,
its seems to us, a great deal upon who and what is
meant by "the conservatives." If such a threecornered struggle were to bring into power groups
of professional politicians who have no understanding of our problems, whose chief interest is in being
in power, whose eyes are still turned back to the
fool's paradise in which we were living in the
twenties, and whose leadership could not summon
support from the more rational elements in the majority opposing them, the final state of affairs might
well be worse than the first. Thoughtful observers
who remember the general nature of the election
campaign of the Republican party last fall are not
likely to be without certain uneasiness on this score
even if the assumption is made that Senator Long
or others like him will manage.in some way to "kill
off" the present Administration at the polls. What
is needed is not merely a change in personnel at
Washington consummated by political intrigue but
the installation of a new Administration with a
positive and sensible program for our salvation.
Any government that succeeds the present Administration will have plenty of need for both clarity
of vision and strength of purpose.
Sterling Weakness
UT to turn from the more political aspects of the
situation, on which we have dwelt at some length
because they seem of fundamental importance at this
time, the continued weakness of sterling during the
past week with concomitant increases in the price
of gold has been a decidedly disturbing factor. Despite much that has been said on the subject, it does
not seem to us to be a particularly mysterious nor
even an especially surprising development. But the
situation as it actually exists is a complicated one
viewed either economically or politically. The position of British industry, trade and finance has for
B
March 9 1935
a year or more been rather badly misunderstood and
poorly appraised on this side of the water. At one
time it was commonly said that Great Britain was
practically out of the depression, having succeeded
by orthodox methods in solving most if not all of
its major problems. There was of course never any
good justification for such a view, but it was rather
widely held, so much so indeed that the President
was led to make rather unwarranted reference to it
last summer in one of his radio addresses. For some
months past it has been growing increasingly clear
to thoughtful observers that this was a mistaken
notion. All this of course served to shake more and
more the confidence of the outside world in the position of sterling, the more so since the actual developments in England, or perhaps the lack of them, has
of late tended to create a political situation there
that is difficult to appraise at this distance. In these
circumstances, it is therefore not surprising that the
recent troubles in the commodities markets in London should receive wide attention throughout the
world.
One result of all this has been to encourage foreign funds, "nervous money" as it has been called,
to withdraw from London, a movement that has been
seized upon by speculators eager to make a quick
profit. The situation that has thus developed is of
world-wide concern chiefly by reason of the association of the pound sterling with numerous other currencies in what has become .known as the sterling
bloc, and the relationship of this bloc to what has
become known as the gold bloc. The whole situation
is further complicated by the fact that the dollar has
been unduly devalued in terms of gold. Given the
mistaken view of currency relationships that prevails in Washington, and for that matter in many
other parts of the world, there is no question that
all this holds unpleasant possibilities. Presumably
this situation prompted the President on Wednesday to make certain comments about the value of
the dollar, or what is about the same thing, the level
of prices, that gave the stock market in New York
a short-lived spurt. Of course any competitive race
for worthless currency would be disastrous, and it
is to be hoped that neither the President of the
United States nor the Governments of foreign
countries will permit themselves to think of it for
a moment. It is our judgment that soon or late we
shall have to reconcile ourselves to seeing most foreign currencies worth less in terms of the dollar
than is the case today. Therefore, we least of all
have any occasion to take a leading part, or any
part at all for that matter, in this type of economic
madness.
Treasury Finances
N THE midst of all this the Treasury has the courage to come forward with a refunding program involving an offering of long-term bond issues and fiveyear notes, both at rates of interest that are claimed
at Washington to be the lowest ever borne by comparable government obligations. As has been the
custom for a good many years past, Government officials are boastful of the low yields thus offered,
and consequently of the low cost of the funds obtained. The turmoil of the past week has not left
the Government bond market entirely untouched,
but nothing has occurred there that warrants serious doubt that the financing thus attempted can
be carried through to completion. But of course the
I
Volume 140
Financial Chronicle
fact is that this is possible only by reason of the
direct and indirect manipulation of the Government
bond market in which the Government has engaged
and is engaging. That manipulation includes the
building up of stupendous excess reserves to the account of member banks as well as the efforts made
directly in the market itself. The result of it all,
or one of them, is that the banks of the country are
induced, not to say obliged, not only to be constantly
inflating credit but also steadily acquiring assets
which may well prove some day to be worth less
than they are today in amounts sufficient to cause
widespread technical insolvency in the banking system. But apparently we shall have to reconcile ourselves to an indefinite continuance of this type of
Government financing which seems to have the dual
objective of raising unlimited amounts of funds at
the same time that the yields on Government obligations are reduced to very nearly the vanishing point.
It has become a regular feature of public policy, but
that is no reason why we should not keep reminding
ourselves of its nature and its almost inevitable
ultimate consequences.
A Remarkable Suggestion
HE public utility industry, neither in this city
nor elsewhere, is likely to find much encouragement in the report made this week by the Power
Authority of New York State to the Governor and
the Legislature. The interesting and disturbing
feature of this document, an extended summary of
which will be found elsewhere in this issue, is not
the very large sum which the Authority says is
"water" in the capital structure of local utility companies, but the nature of its definition of "water."
Of course the Authority duly cites all the items
which these bodies usually cite in such circumstances. It does not stop there, however. It finds
in _addition a sum of some $173,000,000 which it says
is the "contribution" of consumers to the funds of
the companies, and which, therefore, according to
the Authority, ought to be eliminated when computing a rate base. This "contribution" was made, so
it is said, in the form of excessive rates throughout
a period of years.,Elimination of all such sums must
be effected, the Authority insists, if the plans for
providing New York City with cheap St. Lawren
ce
power at some indefinite date in the future are to
meet with success. The Authority seems to forget,
as so many other bodies of a like sort so often forget,
that public authorities throughout the period in
question fixed the rates charged consumers, and that
during this time many investors have been placing
their funds in the enterprise not supposing for a
moment that the authorities would at some later
date conclude that the companies had for years been
permitted to earn more than they ought, and in
making such conclusions retroactively effective
would take from them their hard earned savings.
Of course they likewise overlook the fact that these
companies will again in the future have to ask investors to furnish funds. This latter aspect is what
makes such policies deeply injurious to consumers
as well as unfair to those who have invested their
funds in good faith.
T
Showing Their Hand
UT for the confused and confusing multiplicity
of events throughout the past week, and also
for the growing doubt as to the extent to which
B
1529
the Administration is likely to have its way in Congress, expressions by a number of Administration
spokesmen on current legislative problems would
doubtless have attracted a good deal more attention
than has actually been the case. Mr. Richberg on
Thursday, while yielding a good deal of ground on
the NRA, still insisted upon a continuance of the
vicious labor provisions of the existing law and upon
a continuance of other provisions in respect of interState commerce. The whole experiment ought to
be discontinued, and most business men have now
come to that conclusion. Mr. Eccles, Governor of
the Federal Reserve Board, repeated much of his
unsound banking philosophy before the House Committee considering the proposed banking bill, and
added thereto another of the ideas he has expressed
on previous occasions, namely, that what is needed
is a redistribution of income in order to restore prosperity. Strangely enough the Governor seems to
suppose that this idea has no relation to that of redistributing wealth, a proposal he apparently believes he does not favor. The Secretary of Agriculture came to the support of proposed AAA legislation, attempting to defend the whole system he has
succeeded in having effected during the past year
or two and demanding further and more drastic
legislation for the purpose of strengthening his hand.
The bonus issue is again thrusting itself to the front
in menacing fashion without any clear indication as
to the ability of the President to halt the movement.
The President early in the week asked Congress to
convert the existing indirect subsidy for shipping
into a direct subsidy, when of course what should
be done is to remove conditions which render it practically impossible for the merchant marine of any
country, our own included, to make a decent living.
The week has also brought forward a number of
new court decisions mostly unfavorable to the New
Deal, which of course is encouraging as far as it
goes. These decisions include the opinion of the
United States Supreme Court to the effect that the
New York State Milk law is invalid so far as it relates to inter-State shipments, the decision of the
Appellate Division of the Supreme Court in New
York State that the so-called State NRA Act is unconstitutional, and a number of others. A fuller
discussion of them will be found on a later page in
an article dealing specially with them. It need
only be said here that they carry further the trend
of adverse court opinions upon the mass of both
Federal and State legislation of the New Deal type,
a trend which it seems to us must be welcome by
all thoughtful people.
Federal Reserve Bank Statement
ANKING statistics this week
B
again reflect only
the tendencies which have become customary
during the last year or two. There are some divergencies from what might be considered normal, but
they are to be expected in a period of intense monetary unsettlement. Currency circulation, for instance, shows a gain of $36,000,000 in the week to
Wednesday night, according to the summary furnished by the Federal Reserve Board in Washington.
Most of this increase occurred in Federal Reserve
notes, but other types of currency also increas
ed.
The expansion of the circulating medium somewh
at
exceeds the ordinary seasonal gain for this time of
the year, and it may be added that the tendency has
been noted intermittently for the last six weeks.
1530
Financial Chronicle
It may well be that a modest advance is called for
by business needs, but it seems more likely, unfortunately, that some increase in currency hoarding
really is at the bottom of the matter. Money in circulation now aggregates $5,478,000,000 and this
figure means that there has still been no decrease
at all commensurable with the vast gain that took
place during the first few years of the depression.
The combined condition statement of the twelve
Federal Reserve banks for March 6 shows that the
ordinary notes of these institutions in circulation
totalled $3,159,989,000, against $3,138,751,000 on
Feb. 27. The net circulation of Federal Reserve
bank notes declined to $1,227,000 from $1,324,000,
only the Boston Bank having failed now to take
steps for liquidating its liability on such notes.
Deposit liabilities of the twelve institutions dropped
to $4,880,023,000 from $4,898,231,000, chiefly as a consequence of a decline in member bank deposits on
reserve account to $4,554,816,000 from $4,587,949,000.
Although member bank reserve deposits now are
about $90,000,000 under their recent record high
figure, excess reserves remain at the swollen aggregate of about $2,200,000,000. Gold certificate holdings of the Reserve system increased $13,062,000 to
$5,556,087,000 on March 6 from $5,543,025,000 on
Feb. 27, whereas the monetary gold stock in the same
period gained $22,000,000. Changes in reserves and
liabilities offset each other, for all practical purposes, and the ratio of total reserves to deposit and
Federal Reserve note liabilities combined remained
at 72.4%. Discounts by the System fell slightly to
$6,108,000 on March 6 from $6,444,000 on Feb. 27.
But industrial advances again increased, the current
rise being to $19,470,000 from $19,163,000. Open
market bill holdings were up only $1,000 to $5,506,000, while holdings of United States Government
securities increased $175,000 to $2,430,486,000.
Corporate Dividend Declarations
IVIDEND actions the current week are again
largely of a favorable nature. Coca-Cola Co.
declared a quarterly dividend of $2 a share on the
common stock, payable April 1, which compares
with $1.50 in preceding quarters. Coca-Cola International Corp., which owns a substantial interest
in Coca-Cola Co., declared a quarterly dividend of $4
a share on its common stock, payable April 1, as
compared with $3 a share in previous quarters; in
addition, an extra of $2 a share was paid Jan 2 last.
Borg-Warner Corp. declared a quarterly dividend
2c. a share on the common stock, payable
of 371/
April 1; in the four preceding quarters only 25c. a
share was paid; in addition, 25c. extra was paid
last Jan. 2. Pittsburgh Plate Glass Co. declared a
quarterly dividend of 50c. a share on the common,
payable April 1, which compares with 40c. on Jan. 2
last and only 35c. in the two previous quarters.
Lehman Corp. declared an extra dividend of 25c. in
addition to the regular quarterly of 60c. a share,
both payable April 5. Washington Ry. & Electric
Co., a subsidiary of North American Co., declared
an extra dividend of $20 a share on its common
stock, payable March 11; a similar distribution was
made a year ago, while on March 1 last the regular
quarterly of $3 a share was paid.
Foreign Trade in January
HE foreign commerce of the United States for
January made quite as poor a showing as that
for any month for some time past. Exports of mer-
D
T
March 9 1935
chandise were valued at $176,223,000 and imports
$167,006,000. Exports compared with $170,673,000
for December and $172,220,000 for January of last
year and imports with.$132,252,000 for the preceding
month and $135,70,000 for January, 1934. The
determination of the Department of Commerce at
Washington to make something out of these figures,
was quite in line with similar efforts on the part
of other New Deal advocates.
Making allowance for the higher range of prices
for practically all commodities at this time, comparisons with a year ago leave no margin for an
increased volume in the merchandise movement as
to exports, and little, if any, in imports. January
exports were below those in value for any month
since August last, excepting only December, and
while imports were higher than any month of 1934,
the increase was not large. The balance of trade in
January continued on the export side but was only
$9,217,000, while for December it was $38,421,000
and for January last year $36,515,000. The reduced
amount at this time may be a blessing in
disguise.
For the seven months of the current fiscal year,
the value of merchandise exports from the United
States was $1,273,571,000 and of imports $958,213,000, the export trade balance being $315,358,000.
For the same period in the preceding year, exports
amounted to $1,177,886,000 and imports $993,173,000, an excess of exports of $184,713,000. The increase in exports for the past seven months over the
same period in the preceding year was $95,685,000 or
8.1%. The increase in the value of exports for
January over that month in 1934 was only 2.3%.
Imports for the seven months ending with January
were actually reduced in value as compared with
the same time in the preceding year, the loss being
$34,960,000 or 3.5c. In January, the value of merchandise imports was still in excess of that for the
preceding year, the increase being 23.8%.
The loss in exports of cotton continues very pronounced. The foreign movement of that important
commodity in January was down to 478,289 bales,
the lowest since August, or for that matter the
lowest for any January in many years. The above
figures compared with exports of 757,469 bales in
January a year ago. The Department of Commerce
does not mention this decline. The value of cotton
exports in January this year was $32,158,365, against
$41,483,794 in January, 1934, the reduction this year
being 22.5 per cent. Exports other than cotton in
January this year were valued at $144,064,000, an
increase of $13,328,000 over January last year, equal
to 10.2 per cent. The increase in exports last month
was largely in automobiles and tires, leaf tobacco,
refined oils, and furs and skins. Imports were larger
in foodstuffs, meats, dairy products, raw silk, and
sugar.
The specie movement in January continued heavy
in imports of gold, which amounted to $149,755,000.
Gold exports for that month were $363,000. For the
seven months of the current fiscal year, from July
to January, gold imports have been $484,038,000,
against $11,630,000 for the same period in the preceding fiscal year. The value of gold exports during
the same time was $39,910,000, showing an excess
of gold imports of $444,128,000. Gold exports in
the corresponding seven months of the preceding
fiscal year were $277,663,000, exports exceeding imports for those seven months by $266,033,000. Silver
Volume 140
Financial Chronicle
imports in January were $19,085,000 and exports
$1,248,000.
Business Failures in February
DUSINESS failures in the United States in February show a slight reduction both in the number and the amount of liabilities from January but
the decline was narrow, and smaller than appears
in similar comparisons for some time past, particularly as to the number. There were also fewer defaults in the month jusi closed than in February,
1934, but here too the reduction was small. The
records of Dun and Bradstreet show 1,005 business
failures last month, against 1,184 in January and
1,049 in February of last year, while the total liabilities reported for February was $18,737,657 against
$18,823,697 for January and $19,444,718 for February, 1934. In that month two years ago 2,378 business failures were reported involving $65,576,068 of
defaulted indebtedness. The reduction in the number of insolvencies in February from that month
last year was only 44 or 4.2%. In January the decline from the same month of the preceding year
was 180 or 13.2%. February failures were fewer
in number than for January this year by 16.0%,
while in both preceding years the ratios of decline
from January to February were respectively 23.1
and 18.5%. Business defaults in January are in
almost every year at the high point for any month.
The slight change for the better shown in the
February report in comparison with a year ago
was more pronounced in the trading class than in
the two other divisions. For the month just closed
failures among trading concerns numbered 660 with
liabilities of $7,632,816. There were 229 defaults
among manufacturing concerns for $6,383,020 and
116 classified as "other commercial" mainly agents
and brokers involving $4,721,816 of indebtedness.
In February of last year 716 trading failures occurred for $9,170,903; 248 of manufacturing concerns owing $5,942,439, and 85 "other commercial"
for $4,331,381. The division last mentioned was the
only one in which the number of defaults was more
numerous this year than last.
The reduction in the number of failures in February this year was mainly in the West. A separation on the lines of Federal Reserve districts
shows fewer business defaults in February this year
compared with a year ago in the Chicago, Minneapolis and Kansas City Federal Reserve districts.
The number was also reduced this year in the Cleveland and Richmond districts, in the latter the reduction being quite large. In the New York District
there were fewer failures this year, but in the other
sections of the East, New England and the Philadelphia District, an increase appears. There was
an increase also for most of the South, covered by
the St. Louis, Atlanta and Dallas districts, and
for the Pacific Coast States.
The',New York Stock Market
HE stock market this week was affected more
by uncertainty regarding the international
monetary outlook than by domestic factors. This
is understandable in view of the unplumbed potentialities, and the unsettlement in securities is a further indication of the need for stability. Stocks
were dull on the New York Stock Exchange in the
first session of the week, turnover amounting to
about 422,000 shares, as traders preferred to hold
T
1531
aloof. Net changes were small, but more pronounced on the lower side than on the upper. All
observers were puzzled by the personal assurances
of Donald R. Richberg,leading member of the Washington Brain Trust, that there will be no inflation
during President Roosevelt's incumbency. Such
statements provided only a partial offset to new
gyrations of sterling exchange. On Tuesday a severe
break developed in railroad stocks, as the mounting troubles of the transportation industry are receiving much attention everywhere. Other securities also were weak, and losses ranged from 1 to 4
points in prominent issues, while trading increased
nearly to the 1,000,000-share mark. On Wednesday
the market was thrown into a turmoil by a press
conference statement on the part of President
Roosevelt, who indicated that commodity prices
have not yet risen, in his opinion, to a degree commensurate with the debt burdens of the nation. This
was accepted as a plainly inflationary indication,
and prices of stocks mounted sharply for a brief
period. But a subsequent White House statement
said that no inflationary implications were intended
by the remark, and stock quotations not only lost all
their early gains, but dropped below the preceding
close. Turnover in the irregular market was about
1,285,000 shares. By Thursday some stability appeared to have been re-established in sterling exchange, and the stock market was calm in that session, with trading only a little more than 500,000
shares. Small gains were general, with stocks of
public utility and industrial corporations in better
demand than railroad issues. The tendency toward
improvement was continued yesterday, with trading
even more modest than on Thursday. Gains were
mostly fractional, but they were general.
In the listed bond market uncertainty was quite
as pronounced as in stocks. Announcement on
Monday by the United States Treasury of a conversion offer applicable to nearly $2,400,000,000 of
notes and bonds payable March 15 and April 15
was followed by a rise in outstanding United States
Government securities. Changes were inconsequential on Tuesday, but on Wednesday a sharp recession
developed, owing to the President's comments on
commodity prices and debts. So severe was the
reaction that it undoubtedly exercised an unfortunate effect on the current debt conversion plans.
It was rumored in the market that the Treasury
itself extended aid to its obligations through largescale purchases. But a further decline occurred
Thursday, and it was not until yesterday that a
measure of stability was restored. High-grade corporate bonds were dull and lower, while speculative
issues followed the trend of stocks and closed lower
for the week. Commodity markets were dull, and a
temporary rally on Wednesday failed to affect the
general tendency toward lower figures. Trade and
industrial indices reflect no great current changes.
Steel-making in the week ending to-day was estimated by the American Iron and Steel Institute
at 48.2% of capacity, against 47.9% last week.
Production of electric power for the week to
March 2 was 1,734,338,000 kilowatt hours, according to the Edison Electric Institute, against 1,728,293,000 kilowatt hours in the preceding week. Car
loadings of revenue freight for the week to March 2
totaled 604,642 cars, an increase of 51,746 cars over
the previous period, which contained a holiday, the
American Railway Association states.
1532
Financial Chronicle
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 96%c. as against 981/
8c. the close on
Friday of last week. May corn at Chicago closed
yesterday at 821/
8c. as against 841/
2c. the close on
Friday of last week. May oats at Chicago closed
yesterday at 49c. as against 50%c. the close on
Friday of last week. The spot price for cotton here
in New York closed yesterday at 12.45c. as against
12.60c. 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 27 pence
per ounce as against 26 1/16 pence per ounce on
Friday of last week, and spot silver in New York
/
8c. In the
closed yesterday at 58/
3
4c. as against 567
matter of the foreign exchanges, cable transfers on
2 as against $4.82
London closed yesterday at $4.781/
the close on Friday of last week, while cable transfers on Paris closed yesterday at 6.67c. as against
6.65y2c. the close on Friday of last week. On the
New York Stock Exchange 77 stocks reached new
high levels for the year and 423 stocks touched new
low levels. On the New York Curb Exchange 48
stocks touched new high levels and 159 stocks
touched new low levels. Call loans on the New
York Stock Exchange remained unchanged at 1%.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 279,480
shares; on Monday they were 421,930 shares; on
Tuesday; 899,250 shares; on Wednesday, 1,285,747
shares; on Thursday, 536,603 shares, and on Friday,
443,463 shares. On the New York Curb Exchange
the sales last Saturday were 121,165 shares; on
Monday,136,740 shares; on Tuesday, 178,195 shares;
on Wednesday, 216,790 shares; on Thursday, 112,010
shares, and on Friday, 123,825 shares.
The stock market on Tuesday of this week suffered
a severe reduction in values, affecting all sections
of the list. Wednesday witnessed a sharp rally, and,
in turn, was followed by a sudden decline, with the
market for the remainder of the week falling back
again into its accustomed state of apathy. General
/8 on
/
8 against 227
Electric closed yesterday at 227
Friday of last week; Consolidated Gas of New York
at 17% against 18%; Columbia Gas & Elec. at 4%
against 5; Public Service of N. J. at 21% against
21y2; J. I. Case Threshing Machine at 52% against
561/
8; International Harvester at 38 against 40;
/
8 against 33½; MontSears, Roebuck & Co. at 325
8; Wool/8 against 251/
gomery Ward & Co. at 237
worth at 54% against 54/8; American Tel. & Tel.
at 1063
4 against 1053%, and American Can at 117
against 1177
/8.
Allied Chemical & Dye closed yesterday at 13334
4 on Friday of last week; E. I. du Pont
against 1351/
/
8 against 92½; National Cash
de Nemours at 917
Register A at 15 against 15%; International Nickel
at 23 against 24; National Dairy Products at 16 ex/8
/
s; Texas Gulf Sulphur at 327
div. against 167
/8 against 26%;
against 33; National Biscuit at 257
Continental Can at 70 against 71%; Eastman Kodak
8; Standard Brands at 16%
at 1211/
2 against 1211/
1
2
against 17%; Westinghouse Elec. & Mfg. at 36/
against 38; Columbian Carbon at 771/2 against 76%;
/
4 against 20%; United States InLorillard at 201
2 against 40½; Canada Dry
dustrial Alcohol at 381/
/8 against 101/2; Schenley Distillers at
at 107
8
24/
1
4 against 26, and National Distillers at 261/
against 27.
March 9 1935
The steel stocks were depressed. United States
Steel closed yesterday at 31 against 33 on Friday
of last week; Bethlehem Steel at 261/
8 against 273
%;
Republic Steel at 107
/8 against 12, and Youngstown
Sheet & Tube at 15% bid against 16%. In the motor
group, Auburn Auto closed yesterday at 191/
2 against
22/
1
4 on Friday of last week; General Motors at 28%
against 29%; Chrysler at 34 against 36%,and Hupp
Motors at 2 against 2/
1
4. In the rubber group, Goodyear Tire & Rubber closed yesterday at 19/
1
4 against
21 on Friday of last week; B. F.. Goodrich at 8%
against 97
/
8, and United States Rubber at 12%
against 1414.
The railroad shares again record declines for the
week. Pennsylvania RR. closed yesterday at 19
against 201/
8 on Friday of last week; Atchison Topeka & Santa Fe at 39/
1
2 against 42; New York
Central at 13% against 16; Union Pacific at 88
against 95; Southern Pacific at 14/
1
2 against 15½;
Southern Railway at 8% against 93%, and Northern
Pacific at 147
/
8 against 16. Among the oil stocks,
Standard Oil of N. J. closed yesterday at 371/
2
against 387
/
8 on Friday of last week; Shell Union
Oil at 6/
1
4 against 6%,and Atlantic Refining at 22/
1
4
against 23/
1
4. In the copper group, Anaconda Copper closed yesterday at 9% against 10% on Friday
of last week; Kennecott Copper at 151/
8 against 16;
American Smelting & Refining at 35 against 36/
1
4,
and Phelps Dodge at 14% against 15/
1
4.
European Stock Markets
UROPEAN stock markets, like those in the
United States, were dominated this week chiefly
by international monetary uncertainty. Concern
was caused in all financial centers of the world by
the pronounced weakness of sterling exchange and
there was endless conjecture regarding the significance of the decline. It was pointed out in some
quarters that the British Exchange Equilization
Fund has ample resources to prevent any such developments as a fall in sterling to much under nominal parity with the United States dollar, while other
circles suggested that the British authorities probably were quite pleased to be rid of the accumulation
of funds which nationals of other countries had piled
up in London during recent years, and which were
a constant danger to currency stability. Whatever
the cause of the exchange movements, the fact remains that securities trading on the London Stock
Exchange remained small all week, with gold mining
shares absorbing most of the interest. The tone was
dull until sterling leveled out at the $4.75 figure late
this week, and some improvement then appeared.
The Continental markets likewise were extremely
quiet, with quotations generally lower early in the
week, while small gains appeared thereafter. Reports of European trade and industrial activity
again failed to reflect any changes of consequence.
Uneasiness regarding the foreign exchange developments was evident on the London Stock Exchange
as trading was resumed on Monday. Attention was
concentrated mainly on African and Australian gold
mining shares, owing to an advance in the price of
gold on the London market. Gold stocks were active
and higher, but all other groups were dull. British
funds lost a little ground, while industrial stocks and
international issues were irregular. Although the
price of gold fell in the London market on Tuesday,
trading was overshadowed by indications of increased armaments expenditures by the British
E
Volume 140
Financial Chronicle
Government. Gold mining issues were off on profittaking. British funds were depressed and most industrial issues likewise eased. In the international
section Greek bonds led a downward movement.
Liquidation was general on Wednesday, even gold
shares failing to respond to a further upward movement in the price of that metal. British funds and
industiial stocks were marked materially lower,
while international issues reflected the pessimistic
advices from New York and the uncertainties of the
European political situation. Signs of returning
confidence at length made their appearance on
Thursday, when British funds rallied moderately
and a number of gains were recorded in industrial
issues. Gold issues were better and a number of
international securities also improved. Cheerfulness increased on the London market yesterday, and
substantial gains were recorded in British funds,
industrial stocks and gold mining issues. International securities were dull.
The Paris Bourse was preoccupied on Monday by
the wild fluctuations in sterling exchange and the
possible consequences to the gold bloc of any continued recessions in the British unit. Rentes declined in the very dull market, while almost all
French bank, utility and industrial stocks also were
marked lower. The opening on Tuesday was firm,
owing to a better quotation for sterling in the
French market, but modest liquidation soon turned
the course of the market downward again. Losses
were small but general in the limited trading. In
Wednesday's dealings much uncertainty again prevailed. The opening was marked by sharp recessions
in all groups of issues, and a rally at mid-day served
to cancel only a part of the losses. Rentes and
French equities closed with modest net declines,
while international stocks were quite a bit weaker.
Although the French market was again nervous on
Thursday, the tone was better and small advances
were registered in rentes and a majority of French
bank and industrial securities. The international
section was irregular. After a firm opening, prices
again moved lower on the Bourse, under the leadership of rentes. Losses were general at the end.
Trading on the Berlin Boerse was of exceedingly
small proportions on Monday, and the price changes
did not have much significance. A few speculative
favorites were marked slightly higher, but the bulk
of issues failed to reflect any changes. The Getman
market was stimulated a little on Tuesday by expectations of favorable results from the Leipzig Fair,
but activity was not much expanded. Textile stocks
improved a point or two, and some of the mining
and potash shares also were better. Other groups
failed to reflect the improved sentiment to any extent. Better demand for stocks finally appeared in
Thursday's session on the Boerse and a modest but
general advance was recorded. A gain of a point
in I. G. Farbenindustrie shares stimulated the market, and the buying soon spread to the mining and
utility groups, while textile shares engaged in another and more spirited advance. The opening was
cheerful yesterday, but modest liquidation soon
made its appearance and best figures were not
maintained.
Currency Stabilization
IDE fluctuations in foreign exchange markets
always stimulate new discussions of monetary
stabilization possibilities. The problem was re-
W
1533
viewed this week in parliamentary and financial
circles of all the leading European countries, but
there seems still to be little likelihood of early action.
The need for currency stability was aptly illustrated
by the acute unsettlement which followed the recent
sharp fall of sterling to much under nominal parity
with the United States dollar. Chancellor of the
Exchequer Neville Chamberlain was questioned on
the subject in the House of Commons, Thursday,
and he again expressed the view that there is no
possibility of immediate stabilization. If action
were to be taken now by Britain, he said, the resources in gold of France and the United States
would either rid Britain of her own gold supplies
or else force her to raise her bank rate and deflate
with disastrous consequences to British recovery.
Mr. Chamberlain denied that the Exchange Equalization Fund had deliberately pushed sterling lower,
but he declined to disclose the recent functioning
of that fund. There is no need for uneasiness, he
assured the House, and in this connection he mentioned again the official British thesis that the
value of sterling is stable, whereas the value of gold
fluctuates to a very considerable extent. Although
sterling now is devalued more than the United States
dollar, Mr. Chamberlain continued to insist that the
franc is on one side of the British unit and the dollar
on the other, and the need for a better relationship
of the French and American currencies again was
proclaimed.
Members of the European gold bloc, much disturbed by the sharp drop of sterling, took measures
on Thursday for a further conference of the gold
standard countries. Premier Georges Theunis announced in the Belgian Chamber of Deputies, on
that day, that he had requested the French Government to participate in a conference for exploration
of the entire situation. Her informed the Deputies
that the question of devaluation had again been examined and that the Government was determined to
maintain the currency without impairment. A debate on the problem was conducted in Paris by the
Chamber Finance Committee. The French Finance
Minister, Louis Germain-Martin, informed the Committee that a continued fall of sterling exchange
would necessitate a French exchange surtax against
British goods. The French Government remains
unalterably opposed to any tampering with the present value of the franc, he said, and would "gladly
aid other countries to realize their stabilization."
A determination to maintain the value of the franc
also was expressed earlier in the week by Premier
Pierre-Etienne Flandin. It is admitted in all countries, however, that the advocates of monetary
tinkering are becoming more numerous and more
vociferous.
European Peace and Armaments
I N MORE than one direction, prospects for continned peace in Europe and for at least a small
measure of disarmament by the heavily armed States
became visibly dimmer this week. Even the recent
diplomatic feelers for a Western European aerial
defense agreement, and entry by Germany into the
League of Nations and the projected Eastern Locarno and Central European pacts have received a
sharp set-back. The precarious state of European
affairs is well illustrated by a British White Paper,
issued last Monday, in which general increases in
British land, sea and air armaments were foreshad-
L 1534
Financial Chronicle
owed, owing to the increases common among virtually all other nations. The official British document referred rather sharply to the German armaments increases and the militaristic spirit now being
inculcated by the Nazis in the younger generation
of the Reich. Perturbed by these references, Chancellor Adolf Hitler on Tuesday requested the British
Foreign Secretary, Sir John Simon, to postpone his
scheduled visit to Berlin for discussion of the aerial
defense pact and other proposals. The official reason for the German request was a slight illness of
the German Chancellor, but it was admitted quite
generally in Berlin that the illness was more "diplomatic" than real. Complicating the whole matter
additionally was an announcement by Sir John
Simon, Thursday, that Captain Anthony Eden, Lord
Privy Seal in the British Cabinet, would proceed to
Moscow and Warsaw soon for discussion of the
European situation. British influence is entirely responsible for the recent attempts to draw Germany
back into the concert of European nations, and the
several snubs administered by Britain and Germany
to each other are hardly calculated to bring about
any general agreement.
Sir John Simon only last week accepted the invitation of the German Government to visit Berlin for
discussion of all matters brought up in the AngloFrench memorandum to the Reich, and he arranged
to go to the German capital on Thursday of this
week. But the publication of the British White
Paper on Monday and its aftermath have changed
the position drastically. But tempers always cool
after a time, and it is earnestly to be hoped that the
troubles will be patched up rapidly and the projected
visit made. Late this week signs already were appearing that the German authorities heartily regretted the hasty decision to request a postponement
of the British Minister's.visit. Highest officials of
the German Foreign Office are said to have been
opposed from the start to any such action, and there
was much conjecture as to the source of the radical
Nazi advice which the German Chancellor accepted.
It was remarked in London dispatches, significantly,
that the British decision to send Captain Eden to
Russia and Poland "might help Herr Hitler cure
his cold."
In Berlin, most of the usual advisers of the
German Chancellor are said to have indicated
that they did not counsel the cancellation of Sir
John Simon's visit.' Such circles admitted readily
that they would feel it keenly if British representatives first visited Warsaw and Moscow for diplomatic discussions. It is now held likely that the
German invitation will be renewed after a brief interval and will be accepted by Sir John after another
interval.
There developments have somewhat overshadowed
the British Government's decision to increase all
types of armaments, as announced in the White
Paper. Such increases are a matter of world importance, and the British intentions already have
been given effect in proposals for budgetary increases for the sea, air and land services. It was
pointed out in the White Paper that Great Britain's
example of unilateral arms reduction has not been
followed by other nations, and that all the post-war
peace efforts have proved inadequate to bring
security. "Despite many setbacks," the document
reads, "public opinion in this country has tended to
assume that nothing was required for the mainte-
March 9 1935
nance of peace excepting the existing international
political machinery, and that the older methods of
defense—navies, armies and air forces—on which
we have hitherto relied, are no longer required. The
force of world events, however, has shown this
assumption to be premature, and we have far to go
before we can find complete security without having
in the background the means of defending ourselves
against attack."
In presenting the arguments for increases of
British armaments, specific attention was given the
German procedure, and the comments made in this
connection occasioned the German resentment that
found expression in the Chancellor's diplomatic illness and cancellation of Sir John Simon's visit.
After alluding to statements in the House of Commons that Germany is rearming illegally, the White
Paper remarks that this rearmament, if continued
at the present rate, unabated and uncontrolled, will
aggravate the existing anxieties of Germany's neighbors and may consequently produce a situation
where peace will be in peril. "The British Government have noted and welcomed the declarations of
leaders in Germany that they desire peace," the
White Paper continued. "We cannot, however, fail
to recognize that not only their forces, but the spirit
in which their population, especially the youth of
their country, are being organized, lend color to and
substantiate the general feeling which already has
been incontestibly generated." Nor is the increase
in armaments confined to Germany, the White
Paper asserted. In Russia, Japan, the United States
and elsewhere increases are being made, and it was
indicated that the British now have decided to "meet
their deficiencies" without stirring up an armaments race. The British War Office promptly followed with a demand for army appropriations of
£43,550,000, an increase of £3,950,000 over current
expenditures, and air service appropriations of
00,650,000, an increase of £3,089,000. Naval estimates, submitted Wednesday, call for expenditures
this year of £60,050,000, an increase of £3,500,000
over 1934. A general debate on the armaments
policy is to be held in the British House of Commons
early next week.
Only one day after this White Paper was published the request was made by the German Government that Sir John postpone his projected journey
to Berlin. Sir Eric Phipps, the British Ambassador
to Berlin, was requested to convey the regrets of
the German Government, and it was made clear at
the time that the Chancellor was suffering from an
indisposition. Nor is there any doubt that the German Chancellor actually was indisposed, as he contracted a cold during the ceremonies in the Saar
which marked the return of that area to Reich sovereignty. But a violent outburst of bitterness and
rage in the German press regarding the British
White Paper gave a sufficient indication that resentment over the British charges was chiefly responsible for the diplomatic rebuff. This was well
realized in London, and no attempt was made in
any country to disguise the real situation. In Great
Britain itself, some criticism was leveled at the
National Government for its comments on German
rearmament. They were described in some quarters
as a strange prelude to the British Foreign Secretary's visit to Berlin on a mission of peace. In
France, much satisfaction was caused by the rift
between Germany and Great Britain.
Volume 140
Financial Chronicle
Revolution in Greece
LL of Greece was thrown into wild turmoil this
week by a revolutionary outbreak, engineered
by former Premier Eleutherios Venizelos and directed against the Government of Premier Panayoti
Tsaldaris. The issues in this revolt are from clear,
and the outcome seems equally uncertain. M. Venizelos gave up the office of Premier several years
ago, and he appeared to be resigned to continued
private life, but it now appears that he began plotting the current revolt more than a year ago. A
group of naval officers started the movement last
Saturday by assuming command of five warships
which promptly steamed for the Island of Crete,
where M. Venizelos was staying. The Tsaldaris Government immediately took measures to combat the
rebels, and airplanes, which were dispatched to
bring the warships back, inflicted serious damage
on several vessels, among them the cruiser Averoff,
largest vessel in the Greek fleet. Martial law was
declared by the Government, and M. Venizelos used
this circumstance as a pretext for openly espousing
the cause of the rebels.
In addition to a good part of the navy, much of
the Greek army apparently found the revolutionary
side to its liking, and pitched battles have been in
progress all week in Macedonia and Thrace. The
Island of Crete is completely in command of the
rebels, and the Venizelists are said to be preparing
for attacks on the mainland. Although the Government in Athens has issued statements every day that
great victories had been won by the loyal forces and
that the next day would see the end of the revolt,
it appears that neither side has made great progress,
and a protracted struggle is quite possible. Other
nations in southeastern Europe have manifested distinct uneasiness over the developments. Turkish
forces were concentrated in the small territory remaining to that nation in Europe, while Bulgarian
troops also were ordered to the frontier. The Bulgarian Government protested to the League of Nations, Thursday, against the concentration of Turkish troops, and the Turkish delegate to Geneva responded in kind. Although a strict censorship was
clamped down by the Athens Government, all reports agree that the capital itself and the Western
Greek provinces are quiet.
1535
"Herald Tribune" states, because of "fear that the
news of the separation of the rival forces in Africa
would require more explanation to the Italian public
than is usually vouchsafed regarding involved
affairs." The dispatch adds that the neutral zone
arrangement "by no means assures a peaceful end
of the quarrel with Ethiopia."
The problem of a neutral zone was a difficult one
for the Ethiopian Government, since the area in
question is used mainly by nomad tribes, difficult
to control, who cross the territory frequently in
search of water. These tribes, it was finally agreed,
will be permitted to cross the zone, but only after
surrendering their arms. Abyssinia had insisted
upon the presence of neutral observers in the delimitation arrangements, but on this point Italy
remained adamant, and the Abyssinian negotiators
will not have the assistance they desired. In the
direct conversations between the two governments
for adjustment of outstanding problems, attention
now will be given the Ualual incident of last December. Italy has demanded reparations and apologies
from Ethiopia in connection with the Ualual conflict, even though British observers have fully confirmed the Abyssinian contentions that Italians
were the aggressors at the small settlement. After
the Ualual matter is out of the way, discussions will
begin on the general problem of frontiers between
the Italian colonies and Ethiopia. Italian claims
on these matters probably will prove exceedingly
difficult to satisfy, and most observers are convinced
that the Government at Rome, having been. given a
free hand by the European Powers in Abyssinia, will
pursue the objective of establishing a "protectorate"
over the African Kingdom. It would be difficult,
on any other basis, to explain the complete silence
of the League of Nations regarding this international dispute.
Argentine Banking and Currency
ROTRACTED debates in the Argentine Chamber of Deputies over the banking and currency
plans of the Justo Government were ended last
Saturday by passage of five measures providing for
the establishment of a central bank, revaluation of
the gold stock, and practically complete Government
control of the nation's banking system. Although
it was pointed out again and again in the Chamber
Italy and Abyssinia
debates that the proposals opened the way to limitEACEFUL settlement of the dispute between less inflation, passage of the bills was accomplished
Italy and Abyssinia regarding border incidents along party lines and without compromise. The
and the delimitation of boundaries was brought a Argentine Senate already had passed measures
small step nearer, Tuesday, when arrangenients closely resembling those adopted in the Chamber,
were completed for establishment of a neutral zone and only nominal changes are anticipated in the
along the frontier of Italian Somaliland and Ethi- final conferences. National Democratic and Socialopia. This measure is only the first of three neces- ist party members opposed the bills strenuously on
sary conditions laid down by the Italian Govern- the ground that they provided for inflation, and in
ment for adjustment of disputes, and it appears that order to placate them a promise was made that the
further adjustments will prove very difficult. The present Government never will resort to currency
Italian Government was not persuaded by the under- increases. It was pointed out that such guarantees
standing on the neutral zone to decrease embarka- are no barrier to inflation by future Governments,
tions of troops for service on the "African front." since experience has shown that authorized emisMen and materials continued to move to Eritrea and sions of currency almost always result disastrously
Italian Somaliland on all available vessels. It was in the end.
noted in Rome dispatches that the Italian people
The five measures, as summarized in a Buenos
were not informed of the arrangement, which was Aires dispatch to the New York "Times," provide
mentioned in Italy only by the "Osservatore Ro- for a central bank and for Government control of
mano," organ of the Holy See. Other newspapers in all private banks. A rediscount institution is to be
Italy apparently were not allowed to publish any- created for liquidation of frozen bank credits. Laws
thing about the agreement,a report to the New York governing the operation of the new Bank of the
p
P
1536
Financial Chronicle
Argentine Republic and the National Mortgage Bank
also were passed. Just before these measures were
adopted, Finance Minister Federico Pinedo issued
a statement explaining that the Government's gold
revaluation scheme will provide a gold reserve of
1031/2% for Argentina's currency. The paper peso
was computed to be worth 23/
3
4c., or its equivalent,
under this plan. The gold revaluation, for which
Argentina has excellent precedent, will give the Government a profit of 500,000,000 pesos, and this sum
will be used largely for payment of the Federal debts
to the Bank of the Nation and the Gold Conversion
Office. "Senor Pinedo insists," the report to the
"Times" states, "that the operation is not intended
as a revaluation of the paper peso, which he says
will not be undertaken until the pound and the
dollar are stabilized." The monetary gold stock
now held by the Conversion Office amounts to
247,000,000 gold pesos, and at the current legal ratio
of 2.27 paper pesos to the gold peso, this totals
561,000,000 paper pesos. Transfer of the metal is
to be made, according to Senor Pinedo, at a valuation of 1,061,000,000 paper pesos, as backing for the
outstanding currency of 1,025,000,000 pesos in notes
of denominations above five pesos. Notes of five
pesos and under are not to have any 'backing.
Loan Proposed for China
INTIMATIONS recently were given in London that
the British Government might give favorable
consideration to proposals for an international loan
to China, designed ostensibly to rehabilitate the
tottering financial structure of that country. These
reports now have been confirmed, and it appears
that officials of the British and United States Governments have conversed on the subject. Sir Ronald
Lindsay, the British Ambassador, talked at length
in Washington with William Phillips, Acting Secretary of State, late last week, and it was stated in
Washington dispatches thereafter that the United
States undoubtedly prefers collective action for such
rehabilitation as China may need. Prominent in
all the conversations, apparently, is the circumstance that the American silver purchase policy
occasioned the Chinese difficulties in good part.
"But just what the United States could do in the
present state of affairs was considered doubtful," a
dispatch to the New York "Herald Tribune" said.
The British Government, it seems, approached not
only the United States Government on the matter,
but also those of France and Japan. Little has been
said regarding the suggested loan in Paris, but in
Japan opinion apparently has veered between acceptance of the British ideas and rejection of all
European or American aid for China. The political
character of a loan of this nature is obvious enough,
and this fact alone affords ground for much apprehension regarding the proposal. It is reported from
Shanghai, moreover, that Great Britain would be
unlikely to make any advance unless China agrees
to join the group of sterling nations. British regulations, according to remarks reputedly made by Sir
Alexander Cadogan, British Minister to China,
would prevent a loan to China unless she was a
sterling country. In Shanghai, accordingly, discussion turned late this week to Chinese monetary
reform and the linking of Chinese money with sterling. Ministers of the Nanking Government, which
is badly in need of financial aid, suggest that the
loan might exceed $100,000,000.
March 9 1935
King Prajadhipok Abdicates
ALTHOUGH changes in Government have been
r% legion during the current depression, no such
incident as that of the abdication of King Prajadhipok of Siam previously has been reported. At his
home in Cranleigh, England, this amiable monarch
conducted negotiations over a period of months regarding the terms on which he would consent to
return to his country and resume his customary
rule. But the discussions were fruitless, and announcement was made last Sunday that he had formally and voluntarily abdicated, principally because
the Cabinet in Bangkok would not accede to his
demands for a substantial measure of democracy
in the government of his country. A Siamese delegation in London conducted the negotiations between King Prajadhipok and the Government group
in Bangkok headed by Premier Phyia Bahol, who
seized power in 1932. Nine conditions are said tohave been laid down by the King for his retention
of the throne, but the governing group rejected six
of these and agreed to discuss the other three. The
points rejected are said to be that the Siamese National Assembly be chosen by popular vote, that
officers of the army and navy take no part in politics, that a three-quarters majority in the Assembly
be required to override a royal veto, that political
offenders be tried in ordinary courts, that current
prosecutions for political offenses be abandoned,
and that capital punishment be discontinued after
a time. These revelations were made in the course
of an informal interview at the King's residence, and
it was indicated at the same time that Prajadhipok
would take the title of Prince of Sukhodaya, under
which he will travel for some time in Europe.
Prince Ananda.Mahidol, 11-year-old nephew of the
King, who is now in Lausanne, Switzerland, attending school, was invited by the Siamese Cabinet to
mount the throne, and he accepted on Tuesday.
Discount Rates of Foreign Central Banks
HERE have been no changes this week in the
discount rates of any of the foreig<central
banks. Present rates at the leading centers are
shown in the table which follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Country
Austria....
Belgium...
Bulgaria...
Chile
Colombia..
Czeoboalovak la_ _ _
Danzig_ _ _
Denmark _.
England_.
.
Estonia._
Finland__
France___
Germany _.
Greece ____
Holland _ __
Rate in
Effect
Date
Mar.8 Established
Prerim
Eats
4
231
7
434
4
Feb. 23 1935
Aug. 28 1934
Jan. 3 1984
Aug. 23 1932
July 18 1933
434
3
8
514
b
334
4
234
2
5
4
234
4
7
234
Jan. 25 1933
Sept. 21 1934
Nov. 29 1933
June 30 1032
Sept. 25 1934
Dec. 4 1934
May 31 1934
Sept. 30 1932
Oct. 13 1933
Sent. 18 1033
434
3
3
234
554
434
3
5
734
3
Country
Rate in
Date
Effect
Mar.8 Established
Hungary
India
Ireland
Italy
Japan
Java
Jugoslavia.
Lithuania_
Norway...
l'oland
Portugal.—
Rumania.
.
South Africa
Spain
Sweden__ ...
Switzerland
434
334
3
4
8.65
334
5
6
334
5
5
434
4
6
234
2
Oct. 17 1932
Feb. 16 1934
June 80 1932
Nov.26 1934
July 3 1933
Oct, 31 1934
Feb. I 1935
Jan. 2 1934
May 23 1933
Oct. 25 1938
Dec. 18 1934
Dec. 7 1934
Feb. 211983
Oct. 22 1982
Dec. 11933
inn 22 1031
Prepious
Rate
5
4
834
3
3
4
634
7
4
6
534
6
5
634
3
234
Foreign Money Rates
IN LONDON open market discounts for short bills
on Friday were 9-16% as against 9-16% on
Friday of last week,and 9-16@%% for three-months'
bills as against 9-16@Y% on Friday of last week.
Money on call in London on Friday was 317
0. At
Paris the open market rate remains at 17
4% and in
Switzerland at 132%.
Bank of England Statement
HE statement of the Bank for the week ended
March 6 reveals another gain in gold holdings
of 01,203 setting a new high of £193,092,083 which
T
Financial Chronicle
Volume 140
compares with £192,021,432 a year ago. However,
as this gain was attended by an expansion of L2,628,000 in circulation, reserves fell off £2,597,000.
Public deposits decreased £8,152,000 and other deposits rose £8,665,205. The latter consists of
bankers' accounts which increased £8,965,214 and
other deposits which fell off £300,009. Proportion of
reserves to liabilities dropped to 46.77% from 48.60
a week ago; last year the ratio was 51.73%. Loans
on Government securities rose £2,725,000 and those
on other securities £399,390. Other securities are
discounts and advances which declined £820,035 and
securities which increased £1,219,425. The discount
rate did not change from 2%. Below are shown the
different items with comparisons of other years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
March 6
1935
March 7
1934
March 8
1933
March 9
1932
March 11
1931
£
£
£
£
£
Circulation
380.066.000 370,219.833 363,327.323 354,475,000 350,326.938
11,202,000 21,811,071 14,984,436 7,835,625 8,757,239
Public deposits
Other deposits
144,898.394 136,311,430 147,102,017 126,747,150 92,743,263
Bankers'accounts_ 104,484,065 99,737,518 112,577,469 93,565,017 59,275,585
Other amounts_ 40,414.329 36,573.912 34,525,448 33,182,133 33,468.678
Govt. securities
85,147.256 76,729,732 78.705.258 54,370,906 30,434,684
16,183,348 17,829,581 29,244,015 56,475,363 37,947,359
Other socurities
Dist. & advances_
5.426,227 5,800.140 11.761,156 11,545,035 9,238,678
10,757,121 12,029,441 17,482,859 44.930,328 28,708,681
Securities
Reserve notes & coin 73,026,000 81,801,599 73,373,757 41,980.416 51,402,090
C3010 and bullion
193,092,083 192,021,432 160,701,080 121,455,416 141,729,028
Proper.of.res.to nab.
46.77%
51.73%
44.65%
31.19%
50.64%
Rank rate
2%
2%
1537
091,000 marks and the year before 3,355,869,000
marks. Bills of exchange and checks, advances,
investments and other daily maturing obligations
register increases of 418,520,000 marks, 142,004,000
marks, 8,770,000 marks, and 93,764,000 marks,
respectively. The proportion of gold and foreign
currency to note circulation stands now at 2.34%,
in comparison with 9.7% last year and 27.4% the
previous year. Below we furnish a comparison of
the various items for three years:
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week
Assets-Gold and bullion
Of which depos. abroad
Reserve In foreign curr_
Bills of exch. and checks
Silver and other coin_
Notes on other Ger. bks.
Advances
Investments
Other assets
Liabilities—
Notes in circulation
Other daily matur.oblig.
Other liabilities
Prpopr. of gold & torn
elrr tn nnta rfrollrn
Feb. 28 1935 Feb. 28 1934 Feb. 28 1933
Reichsmarks
Retchsmarks Reichsmark, Reichsmark,
80,136,000 333,480,000 768.926,000
+70.000
No change
21,397,000
26,479,000
46,279,000
—8,000
4,598.000
6,691.000 151,952,000
+418,520,000 3,677,085.000 2,770,494,000 2.459,708,000
—104,660,000 139,639.000 219,376,000 207,241,000
—8,727,000
4,001,000
3,318,000
4,640,000
+142.004,000 188,319,000 248,197,000 279,236,000
+8,770,000 764,225,000 665,887,000 401.004.000
—118,305,000 553,738,000 578,741,000 828,403,000
+294,297,000 3.617,442.000 3,494,091,000 3,355.869,000
+93,764,000 928,099,000 530,217,000 402,351,000
—50.397,000 243,403,000 178,725,000 775,464,000
—.020G.234G.
07G.
9740/.
New York Money Market
THOUGH demand for accommodation in the
New York money market increased slightly
this week, in connection with dealer preparations
Bank of France Statement
for the current refunding operations of the United
HE Bank of France statement for the week ended States Treasury, no changes in rates or in fundaMarch 1 reveals an increase in gold holdings of mental conditions occurred. The downward pres155,837,214 francs. Total gold is now at 82,195,580,- sure on rates was not relaxed, but it was reflected
538 francs, in comparison with 73,928,199,446 francs chiefly in Treasury discount bill financing. The
last year and 81,111,281,262 francs the previous Treasury sold $50,000,000 of six-months' bills and
year. Credit balances abroa I show a gain of 1,000,000 $50,000,000 of nine-months' bills, Monday, the
francs and advances against securities of 93,000,000 shorter maturity being awarded at an average disfrancs. Notes in circulation register a large increase, count of 0.10% on an annual bank discount basis,
namely 1,828,000,000 francs.
Circulation now while the longer bills went at an average of 0.147%.
aggregates 83,744,835,905 francs, which compares There were no changes whatever in bankers' bill and
with 82,575,518,230 francs the corresponding period commercial money rates, and the aspects of the
a year ago. The Bank's ratio is now 80.69%, com- markets also were unaltered. Call loans on the New
pared with 77.32% last year and 77.33% the previous York Stock Exchange held at 1% for all transacyear. French commercial bills discounted and creditor tions, whether renewals or new loans. Time loans
current accounts record decreases of 626,000,000 were again 3
/
1@1%. The compilation of brokers'
francs and 1,830,000,000 francs respectively. A loans by the New York Stock Exchange discloses a
comparison of the various items for three years decline of $9,099,722 during February to an aggreappears below:
gate of $815,858,439.
N
T
BANK OF FRANCE'S COMPARATIVE STATEMENT
Changes
for Week
Mar, 1 1935
Mar. 2 1934
Mar. 3 1933
Francs
Francs
Francs
Francs
Gold holdings
+165,837.214 82,195,580,538 73.928.199,446 81.111,281.262
Credit bats. abroad_
+1,000,000
11,019,848
12,681,045 2.454.340,877
a French commercial
bills discounted- - —626,000,000 3,373,120,740 5,430,183,220 3,044,851.010
b Bills bought abr'd No change
950,748,241 1,056,785,542 1,926.451,781
Adv. against secure_
+93,000,000 3,173.092,875 3,040,264,537 2.661.848,145
Note circulation---- +1.828,000,000 83,744,835,905 82,575,518,230 85.477,041,890
Credit current accts. —1,830,000,000 18,115,240,505 13,037,579.726 19,411,093,586
Proport'n of gold on
hand to sight liab.
+0.15%
80.69%
77.32%
77.33%
a Includes bills purchased in France. b Includes bills discounted abroad.
Bank of Germany Statement
HE R,eichsbank's statement for the last quarter
of February shows a further increase in gold
and bullion, the current advance being 70,000
marks. Total gold now stands at 80,136,000 marks,
which compares with 333,480,000 marks a year ago
and 768,926,000 marks two years ago. A decrease
appears in reserve in foreign currency of 8,000
marks, in silver and other coin of 104,660,000
marks, in notes on other German banks of 8,727,000
marks, in other assets of 118,305,000 marks and in
other liabilities of 50,397,000 marks. Notes in circulation record an increase of 294,297,000 marks,
bringing the total of the item up to 3,617,442,000
marks. Circulation a year ago aggregated 3,494,-
T
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day, 1% remained
the ruling quotation all through the week for both
new loans and renewals. The time money market
has shown no movement this week. Rates are
nominal at %
3 @,1% for two to five months and
for
six months. The market for prime
1%
1@13
commercial paper has been unusually brisk this week.
Paper has been in good supply and the demand has
3 %
shown a substantial improvement. Rates are 4
for extra choice names running from four to six
months and 1% for names less known.
D
Bankers' Acceptances
HE market for prime bankers' acceptances has
been very dull this week. Very few bills have
been available and there has been only a moderate
number of inquiries. Rates are unchanged. Quotations of the American Acceptance Council for bills
up to and including 90 days are 3-16% bid and A%
asked; for four months, 5-16% bid and N% asked;
for five and six months, 32% bid and %% asked.
The bill buying rate of the New York Resevre Bank
T
en538
Financial Chronicle
is 4%
1
for bills running from 1 to 90 days,l%% for
91-to 120-day bills, and 1% for 121-to 180-day bills.
The Federal Reserve banks' holdings of acceptances
increased from $5,505,000 to $5,506,000. Their
holdings of acceptances for foreign correspondents,
however, decreased from $357,000 to $286,000.
Open market rates for acceptances are nominal in
so far as the dealers are concerned, as they continue
to fix their own rates. The nominal rates for open
market acceptances are as follows:
March 9 1935
143s. 113.- d. on Feb. 27, and 145s. id. on March 1.
The previous high level for gold in the London open
market was 143s. 3d. on Oct. 11 1934. These prices
compare with the statutory price of around 84s.
per ounce paid by the Bank of England when
Great Britain was on gold. This general downward
trend of sterling has been manifest since December.
This week the trend became more intensely
accentuated.
The wildest imaginable gyrations in foreign exSPOT DELIVERY
change took place on Wednesday in consequence of a
-180 Days- -150 Days- -120 Days
general misinterpretation of remarks made by
Bid
Asked
Bid
Asked
Bid
Asked
Prim;eligible bills
34
IS
34
'ii
34
34
- President Roosevelt at a press conference on Wednes-90Days- -60Days- -30 Days
Asked
Bid
Asked
Bid
Asked
Bid
day morning, when the President expressed the view
Prime eligible bills
34
)i
'ta
34
Ns
Na
that the dollar had not yet been put back in relation
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
to debts as far as it ought to go and that despite
Eligible non-member banks
;4
34Z b
bid
d
some relief, the debt column had not been reduced
Discount Rates of the Federal Reserve Banks
sufficiently in comparison with the asset column. A
HERE have been no changes this week in the reporter asked "Does that mean further devaluarediscount rates of the Federal Reserve banks. tion?" The President held up his hand, it is said and
The following is the schedule of rates now in effect replied laughingly, "Hold on." In the next few
for the various classes of paper at the different minutes this exchange of remarks was duly recorded
Reserve banks:
on wires and cables, with wholly unexpected results.
DISCOUNT RATES OF FEDERAL RESERVE BANKS
The misunderstanding occurring in a foreign exchange
Raft in
market
already confused by the fall in sterling, disFederal Reserve Bank
Date
Erna on
Previous
Established
Rate
Mar.8
rupted orderly dealings and brought about as wild a
Boston
Feb. 8 1934
2
234
day of fluctuations in exchange values as has been
New York
134
Feb. 2 1934
2
2
Jan. 17 1935
Philadelphia
234
witnessed since the revaluation of the dollar.
Cleveland
Feb. 3 1934
2
234
Richmond
Jan. 11 1935
234
3
Trading had begun in the morning with a conAtlanta
2
Jan. 14 1935
234
Chicago
2
Jan. 19 1935
234
tinuation
of the fall in sterling. In London the price
St. Louis
2
Jan. 3 1935
234
Minneapolis
Jan. 8 1935
234
3
of
gold
Kansas City
had
been raised to 149s. 4d., new record high,
Dec. 21 1934
234
3
Dallas
254
Jan. 8 1935
3
San Francisco
up is. 53/2d. from the preceding day. With sterling
2
Feb. 16 1934
234
at $4.73% at the time of fixing the gold price in
Course of Sterling Exchange
London (11 a. m., London time), this price was
TERLING exchange is fluctuating as widely and equal to $35.38 an ounce, compared with the United
more violently than at any time since Great States fixed price of $35 an ounce. The sterling-franc
Britain abandoned gold in September 1931, or since rate had dropped to 70.75 francs to the pound. In
the devaluation of the dollar. In terms of French New York sterling opened at $4.733
4 and declined
francs, or gold, as shown by the mean London check to $4.723/
2 about 11 a. m., the lowest price since
rate on Paris, sterling is at the lowest levels ever Oct. 30 1933. Soon after this level was reached, the
recorded. On several occasions during the week first reports of the President's statement came to the
sterling dropped in terms of French francs to as low market. All European traders and foreign exchange
as a discount of 423/
2% from its former parity. operators here as well interpreted the statement as
Meanwhile almost daily in the past two weeks the indicating a further devaluation of the dollar in
price of gold in London established successive record the immediate future. French francs and all the
highs. The range for sterling this week has been European currencies soared to high levels in terms of
between $4.723
4 and $4.79% for bankers' sight bills, dollars and sterling, although on the strength of the
compared with a range of between $4.813/2@$4.86% jolt given to the market sterling also raced up to
last week. The range for cable transfers has been around $4.78 without any offerings available in the
between $4.723/
2 and $4.80, compared with a range market, but some transactions were made at $4.783(
of between 84.81% and $4.87 a week ago.
or 6 cents above the low. The misunderstanding as
The following tables give the mean London check to the President's statement caused a rise in the stock
rate on Paris from day to day, the London open and commodity markets and a corresponding decline
market gold price and the price paid for gold by in bonds. At about 1 p. m. a statement was issued
the United States:
from Washington, which might be described as
MEAN LONDON CHECK RATE ON PARIS
"semi-official" in that while it came from official
Saturday, Mar. 2
71.731'Wednesday, Mar.6
71.049
Monday, Mar. 4
Thursday, Mar. 7
71.071
70.956 sources it could not be attributed to any one person.
Tuesday, Mar.5
Mar. 8
71.445 Friday,
71.455
The statement made known that the inferences drawn
LONDON OPEN MARKET GOLD PRICE
from the President's remarks in the morning were
Saturday, Mar. 2
146s. 10;id. 1 Wednesday, Mar. 6___149s. 4d.
Monday, Mar. 4
1485. 10d.
Thursday, Mar. 7___148s. 104.
unwarranted. It was said that nothing that the
Tuesday, Mar. 5
1478. 103id. Friday,
Mar. 8___148s. 334d.
President
had said bore the slightest suggestion of
PRICE PAID FOR GOLD BY UNITED STATES (FEDERAL
RESERVE BANK)
possible dollar devaluation. Following the second
Saturday, Mar. 2
35.00 Wednesday, Mar. 6
35.00
Washington statement markets receded to more
Monday, Mar. 4
35.00
35.00 Thursday, Mar. 7
Tuesday, Mar. 5
Mar. 8
35.00 Friday,
35.00
nearly natural levels as judged by the course of
It may be recalled that on Friday of last week, exchange during the previous 10 days. The French
March 1, the London check rate on Paris touched a franc, which had risen to as high as 6.693', fell back
new low of 72.56 francs to the pound. Parity is to 6.68. The course of the market in general,
124.21. Meanwhile the price of gold in London especially the trend of sterling exchange, shows the
shot up to new record highs-143s. 11d. on Feb. 23, great danger that any currency is subject to when
T
S
Volume 140
Financial Chronicle
not fixed to gold. The Washington remarks proved
the problems confronting markets on even the
slightest talk of change in monetary policy.
So far as can be discovered the British Exchange
Equalization Fund has not been operating to any
noticeable extent for several weeks, and it would
appear that'the London authorities are undisturbed
by the decline in the pound. There can be no doubt
that bear speculators have been operating against
sterling on the other side, and it seems equally certain
that there is a widespread conviction abroad, despite
anything which might be said here, that the dollar
will follow sterling in its downward course. The
ease and fluctuations in sterling at this time are all
the more puzzling when it is considered that at this
season under normal condition of international trade
sterling and the European currencies are firm in
terms of the dollar. This seasonal characteristic is
normally operative until the end of September. Without doubt there has been some withdrawal of nervous
money from London, but this movement at most is
quite inconsiderable. Nor can active speculative
trading have had much influence on exchange.
Speculators have long been cautious in operating
against either sterling or the dollar, as such operations
have been discovered from experience to be liable to
sudden and severe attacks resulting in great losses
through the quick and secret operations of both the
British and the American equalization funds.
There is no way of explaining the course of the
markets in sterling or in any foreign exchange unit
on logical grounds. The idea frequently expressed in
the phrase "impending currency war" can find no
support in competent sources. No nation could
undertake such a position in monetary matters
without bringing great economic disaster upon itself.
Brom Basle come reports pointing out that it is
recalled there that at the February meeting of the
Bank for International Settlements there were hints
from British sources that a "readjustment" downward of the pound might soon be necessary because
of England's deteriorating economic situation.
The extremes witnessed in the past few weeks in
the foreign exchange market give rise to new hopes,
especially on the Continent, that some form of international stabilization will be forced upon the major
countries. Against this view, however, must be
recorded a grave lack of confidence undoubtedly
entertained by London banking authorities as to
the experimental attitude of American officials on
monetary matters. Again, as regards projects for
international stabilization of currencies, it is well to
remember that when Great Britain returned to the
gold standard in 1821, when specie payments were
resumed after a period of about 24 years of inconvertible paper money because of the Napoleonic
wars, she did not invite or find necessary the cooperation of any other country in fixing the gold
content of the pound.
Money continues in great abundance in London,
but discount rates are showing a slightly firmer
undertone and it is expected that they will be forced
up a little further by a concerted policy of the clearing
banks to give relief to the discount market from the
unwarrantably low rates now prevailing. Four- and
six-months bills have been forced upIA% and it is
believed that the shorter terms will soon be raised
in the interests of the discount houses. In this connection it was though that the Bank of England
1539
might increase its rediscount rate this week from
2%, where it has been since June 30 1932, to 21-A%.
London was generally expecting such action, but no
announcement was made on Thursday. Call money
against bills is in supply at M% to 4%.
1
Twomonths' bills are 9-16%,three-months' bills 9-16% to
%%, four-months' bills %% to 11-16%, and sixmonths' bills 11-16% to 4
3 %.
All the gold available in the London open market
this week was taken for unknown destination, which
was believed to be for account of foreign hoarders.
However, some at least of this gold is believed to
have been taken for American official account.. On
Saturday last there was available £362,000, on
Monday £674,000, on Tuesday £669,000, on Wednesday £405,000, on Thursday £369,000, and on
Friday only a small amount was available which was
bid is. 6d. under the fixed price of 148s. 33/2d. The
open market price i.e., the price at the time of "fixing"(London, 11 a. m.),each day will be found above
in tabular form, but it is well to note that on numerous
occasions during the week strong bidding for the gold
induced premiums of several pence above this price.
The Bank of England statement for the week ended
March 6shows an increase in gold holdings of £31,203,
total bullion standing on March 6 at £193,092,083,
which compares with £192,021,432 a year ago, and
with the minimum of £150,000,000 recommended by
the Cunliffee committee.
At the Port of New York the gold movement for
the week ended March 6, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$13,882,000, of which $12,508,000 came from
England, $1,332,000 from India, $20,000 from
Guatemala, $15,000 from Cuba, and $7,000 from
Panama. There were no gold exports. The Reserve
Bank reported a decrease of $330,000 in gold earmarked for foreign account. In tabular form the gold
movement at the Pqrt of New York, as reported by
the Federal Reserve Bank of New York,for the week
ended March 6, was as follows:
GOLD MOVEMENT AT NEW YORK,FEB. 28-MAR.6,INCLUSIVE
Exports
Imports
812,508,000 from England
1,332,000 from India
20,000 from Guatemala
None
15,000 from Cuba
7,000 from Panama
813,882,000 total
Net Change in Gold Earmarked for Foreign Account
Decrease 8330,000
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 gold or change in gold held earmarked for foreign account.
Canadian exchange is at a discount in terms of the
United States dollar. On Saturday last Montreal
funds were at a discount of 4%
1
to %%,on Monday
at 9-16% to 1 1-16%, on Tuesday at PA% to 13/2%,
7 % to 2 23-32%, on Thursday at
on Wednesday at /
1 7-16% to 15A%, and on Friday at 3A% to 11/%.
Referring to day-to-day rates, sterling exchang
on Saturday last was sharply easier. Bankers' sight
was $4.775
/s@S4.797A; cable transfers $4.77%@
3
.80. On Monday the pound showed marked ease.
The range was .7331@ .773/ for bankers' sight
and $4.733'@S4.77% for cable transfers. On Tuesday sterling was fractionally firmer. Bankers' sight
was $4.753/2@$4.78; cable transfers $4.75/@
1540
Financial Chronicle
$4.783'. On Wednesday exchange gyrated wildly.
Theirange was $4.72%@$4.783/ for bankers' sight
and $4.723'@$4.781
/
1 for cable transfers. On
Thursday sterling was steadier but with an easy
undertone. The range was $4.73%@$4.77% for
bankers' sight and $4.74@$4.78 for cable transfers.
On Friday,sterling was higher, the range was $4.773
@$4.79% for bankers' sight and $4.7732@$4.793'
for cable transfers. Closing quotations on Friday
were $4.781
4 for demand and 84.783/ for cable
transfers. Commercial sight bills finished at $4.783/8;
60-day bills at $4.77%; 90-day bills at $4.77; documents for payment (60 days) at $4.773
4 and sevenday grain bills at $4.783. Cotton and grain for
payment closed at $4.783/.
Continental and Other Foreign Exchange
RENCH francs and the major European currencies continue to display firmness in terms of
the dollar and the pound sterling, a trend which has
been manifest for the past few weeks. The principal
factors in the foreign exchange market bearing upon
the franc have been outlined above in the resume of
sterling exchange. It goes without saying that the
French authorities are greatly concerned over the
continuous drop of sterling in terms of the franc, or
gold. France is the more disturbed as the situation
in Belgium is severely aggravated by the decline in
the pound, and grave fears are entertained there
that the Belgian unit may by compulsion of public
opinion be devalued, an event which would have a
serious effect on the gold bloc. However, Premier
Georges Theunis, of Belgium, declared in the
Chamber of Deputies on Thursday, "We have
examined the question of devaluation and we declare
to you we intend to maintain the franc (the belga).
We are following the situation closely." It is understood that Premier Theunis will go to Paris this
coming week to prepare for a new consultation of the
gold bloc countries in view of the decline in sterling.
Meanwhile Neville Chamberlain, British Chancellor
of the Exchequer, has declared before the House of
Commons that he sees no reason whatsoever for
worrying nor any posibility of stabilizing now. Mr.
Thomas F. Woodlock in discussing the meaning of
the stabilization of world exchanges in the "Wall
Street Journal" on March 5 said inter alia: "There
is another difficulty confronting stabilization in the
shape of what we have learned to call the 'gold bloc'
nations-France, Belgium, Holland, Switzerland,
and Italy. The currencies of these countries are at
present on a gold basis of sorts, but France is the
only one of the five where the gold basis is fully
effective. It seems clear that international stabilizalization of exchange is most unlikely to be at all
seasonable without a devaluation of these currencies
with respect to their present gold equivalent-yet
political considerations of the gravest kind are present
to prevent this from being effected in France, which
is the key to the whole gold bloc position. Thus, no
one can tell when the thing can be done, much less
when the thing will be done. That it is desirable that
it should be done, most people are agreed; also that
it would be an important aid to the world's recovery
of something like normal conditions is generally
admitted. Sooner or later it undoubtedly will be
done,for it is not thinkable that the world will be
content to do business with fluctuating exchanges,
nor is it thinkable that stability could be secured in
the case of 'managed currency'."
F
March 9 1935
The British Exchange Equalization Fund, it would
appear, has been buying francs and selling gold to
the Bank of France. The Bank of France statement
for the week ended March 1 shows an increase in
gold holdings of 155,837,214 francs. This follows
upon an increase for the week ended Feb. 22 of
148,444,041 francs. Both increases were derived
chiefly from the same source. The bank's total gold
holdings now stand at 82,195,580,538 francs, which
compares with 73,928,199,446 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 level of 80.69%, which compares with 77.32%
a year ago, and with legal requirement of 35%.
In sympathy with the strong tone of the franc all
the Continental currencies are quoted relatively
high in terms of the dollar. Italian lire, however,
are exceptionally weak in terms of all other currencies. This condition is due to special causes
affecting Italy alone. Primarily the Italian trade
balance has been developing unfavorably for some
time, while immediately the warlike preparations
of the Italian Government have an unfavorable
effect on lire quotations. It cannot be stated with
entire certainty, but the general opinion among
foreign exchange bankers is that lire would be quoted
much lower at this time were it not for supporting
measures taken by the Bank of France in the
general interest of the gold bloc currencies.
The following table shows the relation of the
leading European currencies still on gold to the
United States dollar:
France (franc)
Belgium (belga)
Italy (lira)
Switzerland (franc)
Holland (guilder)
Old Dollar
Parity
3.92
13.90
5.26
19.30
40.20
New Dollar
Parity
6.63
23.54
8.91
32.67
68.06
Range
Thie Week
6.613X to 6.694
23.53 to 23.69
8.35 to 8.50
32.72 to 32.95
68.39 to 68.71
The London check rate on Paris closed on Friday
at 71.65, against 72.56 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.663/
2, against 6.653.i. on Friday of
last week; cable transfers at 6.67, against 6.65 and
2, against 6.63. Antcommercial sight bills at 6.643/
bankers' sight bills
23.58
for
werp belgas closed at
and at 23.59 for cable transfers, against 23.57 and
23.58. Final quotations for Berlin marks were
40.72 for bankers'sight bills and 40.73 for cable transfers, in comparison with 40.57 and 40.58. Italian
lire closed at 8.403/
2 for bankers' sight bills and at
8.413/i for cable transfers, against 8.49 and 8.50.
Austrian schillings closed at 19.08, against 19.00;
exchange on Czechoslovakia at 4.233's, against 4.21;
on Bucharest at 1.02, against 1.02; on Poland at
19.10, against 19.06 and on Finland at 2.12, against
2.13. Greek exchange closed at 0.943/ for bankers' sight bills and at 0.95 for cable transfers, against
0.94 and 0.9432.
XCHANGE on the countries neutral during the
war presents no new features of importance
from those of the past few weeks. The gold bloc
units, the Holland guilder and the Swiss franc, are
firm in terms of both the dollar and the pound in
sympathy with the upward movement of the French
franc. Spanish pesetas also are affected by this
influence, while the Scandinavian units, as members
of the sterling bloc, move in almost strict accordance
with the fluctuations in sterling exchange.
Bankers' sight on Amsterdam finished on Friday
at 68.52, against 68.25 on Friday of last week; cable
E
Volume 140
Financial Chronicle
transfers at 68.53, against 68.26 and commercial
sight bills at 68.50, against 68.23. Swiss francs
closed at 32.81 for checks and at 32.82for cable transfers, against 32.64 and 32.65. Copenhagen checks
finished at 21.37 and cable transfers at 21.38, against
21.48 and 21.49. Checks on Sweden closed at 24.65
and cable transfers at 24.66 against 24.82 and 24.83;
while checks on Norway finished at 24.03 and cable
transfers at 24.04, against 24.18 and 24.19. Spanish
pesetas closed at 13.813/i for bankers' sight bills and
at 13.823/ for cable transfers,against 13.78 and 13.79.
1541
Kong closed at 48 11-16@48%, against 48@48 3-16;
Shanghai at 38%@38%,against 39%@39%; Manila
at 49.95, against 49.95; Singapore at 56,against 56%;
Bombay at 36.17, against 36.47 and Calcutta at
36.17, against 36.47.
Foreign Exchange Rates
URSUANT to the requirements 01 Section 522
of the Tariff Act of 1922, the Federal Reserve
I
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
P
XCHANGE on the South American countries FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
continues to be largely influenced by, the
MARCH 2 1935 TO MARCH 8 1935, INCLUSIVE
and
nevi„banking
movements of sterling. Argentina's
Sate for Cable Transfers in New York
monetary system is expected to be in full operation Country and Ilionettint NOMA BuyingValue in United Mates Money
Unit
within a very few days. It is created.by five laws
Mar. 2 Mar.4 Mar. 5 Mar.6 Mar. 7 Mar.8
$
$
the
of
Buenos
Houses
$
$
$
Europewhich have now passed both
$
189625° .190041* .189908* .190400 .190500 .190200*
Austria.scbilling
.235938
.236161
.236446
.236330
Central
the
.236788
creates
belga
236100
Belgium,
first
The
Aires Legislature.
013250* .013375* .013250° .013250* .013250* .013075*
Bulgaria, ley
Czechoslovakia, krone .042178 .042279 .042231 .042325 .042280 .042264
Bank of the Argentine Nation. The second, a general Denmark,
213566 .212125 .213291 .212236 .212009 .213218
krone
pound sterrg 4.780089 4.753250 4.776250 4.763750 .749416 .778125
banking law providing for government regulation of England,
.021237 .021033 .021125 .021050 .021066 .021182
Finland, markka
.066682 .066810 .066740 .066835 .066721 .066685
franc
private banks. A rediscount institute for the liquida- France,
Germany, reiclismark .406257 .407100 .407057 .407446 .407264 .408942
009457 .009485 .009482 .009500 .009520 .009495
Greece,
tion of frozen credits is set up. The fourth modifies Holland,drachma
.683876 .685892 .685164 .686315 .685671 .685000
guilder
299250* .298625* .298000° .300666* .300666° .297125*
pengo
Hungary.
the laws governing the operation of the Bank of the Italy. lira
.084838 .084557 .083953 .084353 .084179 .034136
.238636 .240025 .239063 .238575 .240100
krone
.240341
Norway.
Argentine Nation and the National Mortgage Bank. Poland. zloty
190820 .191280 .191090 .191440 .191120 .190680
.043745 .043135 .043416 .043150 .043118 .013420
Portugal. escudo
The law abolishes the gold conversion office and Rumania,leu
.010125 .010160 .010160 .010130 .010130 .010130
138161 .138364 .138310 .138507 .138292 .134139
Spain. peseta
transfers its gold stock to the Central Bank. The Sweden,
.246641 .244966 .246308 .244968 .244800 .246266
krona
Switzerland, franc__ .327178 .328385 .328657 .329135 .328484 .327982
gold stock amounts to approximately 247,000,000 Yugoslavia, dinar
.023000 .023050 .023100 .023100 .023131 .023100
Ailsgold pesos (the gold peso is worth approximately China-Chefoo (yuan) dol' .394583 .402500 .386666 .375416 .385416 .384582
Hankow(yuan)dol' .395000 .402916 .387083 .375833 .385833 .385000
71.87 cents). It will be transferred at a new valuation
Shanghal(yuan)dol' .394791 .402708 .386875 .375416 .385312 .384375
dol' .395000 .402916 .387083 .375833 .385833 .385000
Tientsin(ytian)
a
will
pesos
and
provide
of 1,061,000,000 paper
Hongkong. dollar__ .481875 .493750 .470625 .466562 .482500 .481250
361935 .358340 .359600 .358080 .357075 .360275
rupee
currency with a gold backing of 103.5% but will India,
.280810 .278310 .280405 .278975 .278675 .280765
Japan, yen
Singapore (S. S.) do"r .560000 .553750 .556875 .551250 .553125 .558125
reduce the nominal value of the paper peso to 233
Australasia.795628 3.773437'3.788125.3.762500 3.756250 3.788125*
pound
cents gold. The law authorizes the Central Bank to Australia,
New Zealand, pound_ 3.818750•3.796562*3.811250.3.785625 .779375°3.811250*
Africa
increase the currency until the gold backing is re- South Africa, pound._ 4.731500•4.698750*4.724750* 4.707500*4.694500'4.727500'
North Americaduced to 25%.
.996406 .991406 .990781 .984453 .985833 .990104
Canada, dollar
.999200 .999200 .999200 .999200 .999200
Cuba, peso
Argentine paper pesos closed on Friday, official Mexico, peso (silver). .099200
.277500 .277500 .277500 .277500 .277500 .277500
.993875 .989250 .988375 .981000 .983250 .987375
dol
quotations, at 31% for bankers' sight bills, against Newfoundland,
South America.315975* .318275° .316587* .315862 .318425*
.318500*
Argentina, peso
.082725* .082225* .082558. .082325° .082400* .032783*
4 on Friday of last week; cable transfers at 32, Brazil.
323
milreht
.050625* .050625* .050625° .050625* .050625° .050625*
Chile. peso
.810250* .811250* .810750* .812000° .810750* .810000*
against 32%. The unofficial or free market close Uruguay. peso
573100* .573100° .573100° .568200° .565800• .552500*
Colombia. peao
was 25.35@25.75, against 25.70@25.75. Brazilian
• Nominal rater); firm rates not available.
milreis, official rates, are 8.00 for bankers' sight bills
Gold Bullion in European Banks
and 83
% for cable transfers, against 8.12 and 83.
HE following table indicates the amount of gold
The unofficial or free market close was 6 2, against
bullion (converted into pounds sterling at par
634. Chilean exchange is nominally quoted on the
new basis at 5.20, against 5.20. Peru is nominal of exchange) in the principal European banks as of
March 7 1935, together with comparisons as of the
at 23.05, against 23.25.
corresponding dates in the previous four years:
E
T
XCHANGE on the Far Eastern countries con- Banks of1931
1932
1933
1934
1935
5
£
tinues to follow the trends of thelpast many
£
t
5
England... 193,092,083 192,021.432 160,701,080 121,455.416 141,729,028
605,902,021 448,661,902
weeks. The Chinese units are firm, unwelcomely Frances... 657,564,644 591,425,595 648.890,250
40.015,750 103,887.750
35,577,050
Germany b.
2,936,950
15,542,800
96,625,000
90,355,000
89,948,000
90,745,000
90,469,000
Spain
high from the Chinese point of view.
Shanghai Italy
60,854,000
.57.309.000
62,343,000
76,780,000
62,971.000
37,170,000
72,310.000
85,254,000
67,800,000
67.547,000
Netherlands
bankers expect a still further upward swing. It has Nat.Belg .... 72,402,000 77,540,000 75,147,000 72,777,000 40.462,00C
65.436,000
25,718,000
88,805,000
Switzerland
67,548,000
67,518.000
officially
announced at Shanghai, by H. H. Sweden... 16,094,000 14,584.000 11,440,000 11,439,000 13,3.50,000
been
8,160.000
9.547.000
7,399,000
7,398,000
7,395,000
Kung, Finance Minister of the Chinese National Denmark..
8.134.008
6,559,000
Norway...
8,013.000
6,852,000
6,574,000
Government, that China is negotiating a large inter- Total week. 1,245,117,677 1,207,682,827 1,274,924,380 1,154.856,187 982,593.680
national credit. It may exceed $100,000,000 and will Prey. week 1.244.460168 1 2na 224 VIR 1 MA50.47921 150526 R12 951.842.082
•These are the gold ho dings of the Bank of France as reported in the new forsa
Of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
be participated in by Great Britain, United States, abroad,
the amount of which the present year Is £1.063.850.
France and Japan. The loan will be used for "commercial and industrial recovery." Reform of China's
More Judicial Food for Thought
monetary system would be an essential requirement
We commented last week upon the decisions of the
of any financial assistance the gold standard powers
might advance, it is said. Japanese yen continue Federal District Courts in the cases of the Weirton
to follow the swings in sterling exchange as a matter Steel Co. and a group of Kentucky coal operators,
of fixed Japanese policy. The recovery of sterling upholding the constitutional distinction between
exchange this week from the earlier lows recorded inter-State and intra-State commerce, and denying
was attributed largely to Japanese buying of sterling. ,the right of the Federal Government to extend its
Closing quotations of yen checks yesterday were control to businesses not clearly inter-State. The
28.19, against 28.25 on Friday of last week. Hong present week has brought a number of decisions,
E
1542
Financial Chronicle
by Federal or State courts, further enforcing the
distinction and otherwise curbing the legal pretensions of agencies of the New Deal.
In an oral decision, rendered at Birmingham, Ala.,
on Feb. 22, Judge Grubb, of the United States District Court, interposed judicial objection to the sale
of electric power by the Tennessee Valley Authority.
It was his conviction, Judge Grubb declared, "that
under the Tenth Amendment, or regardless of it, the
Government of the United States would have no
right, within the limits of a State, to conduct any
private proprietary business unless it did so in a
way that was tied to some express or implied constitutional grant of power." Without passing upon
the constitutionality of the Tennessee Valley
Authority Act as such, Judge Grubb was of the
opinion that the electric power of which the Tennessee Valley Authority had undertaken to dispose, through the acquisition of properties of the
Alabama Power Co., and in other ways, was not
the surplus power to which Section 11 of the Act
refers, but that there was "no substantial relation
between the power created and disposed of or intended to be disposed of" under the plan of the
Tennessee Valley Authority "and a surplus that is
merely over it, what is needed to carry the Government operation on physically, and that cannot be
made exact and is therefore an approximation."
The idea of the Tennessee Valley Authority seemed
to him to be that "anything is a surplus which is
over and above what they actually use, and that
'that gives them the right to use what they see fit."
Such disposition of its power imparted to the Tennessee 'Valley Authority the character of a public
utility, and for its operations in that capacity constitutional warrant was lacking.
On Monday Judge Grubb clinched his decision by
the issuance of injunctions restraining the Alabama
Power Co. from transferring certain of its northern
Alabama properties to the Tennessee Valley Authority, on the ground that the transfer would be
"in furtherance of illegal proprietary operations" of
the latter corporation; further forbidding the Alabama Power Co. from acting as an agent of the
Electric Home and Farm Authority, a subsidiary
of the Tennessee Valley Authority, for the sale of
electrical appliances at low prices and on long-term
purchase agreements; and, in addition, forbidding
14 cities and towns in northern Alabama which were
receiving electric power from the Alabama Power
Co. to make or perform any contract with the Tennessee Valley Authority for the purchase, directly
or indirectly, of electrical energy.
Judge Grubb's decision and its related action will,
of course, be appealed. The irritation and apprehension which the decision created among the original sponsors of the Tennessee Valley enterprise may
be gathered, however, from the action of Senator
Norris of Nebraska and Representative Rankin of
Mississippi in introducing, on Feb. 28, bills which,
according to the Washington correspondent of the
New York "Herald Tribune," would not only require
any persons seeking an injunction against the Tennessee Valley Authority to post a bond, but would
also require the bond to be "large enough to cover
all expenses to the Tennessee Valley Authority in
defending the suit and all of its losses pending a
final decision, including the income from the sale
of power of which it was deprived pending final
adjudication of the case." The status of the Ten-
March 9 1935
nessee Valley scheme must be regarded as precarious
indeed if legislation of this extraordinary character
is thought necessary to strengthen it. In the meantime, Judge Grubb's injunctions will stand as reminders that the discretion of the Tennessee Valley
Authority is not exempt from judicial review.
Monday also brought a decision of the Supreme
Court of the United States overruling contentions
of the State of New York regarding the Milk Control
Act of 1933. Briefly, the New York law undertook
to prevent the sale within the State of milk brought
in from other States at less than the minimum prices
which the Act, and its enforcing regulations, required dealers to pay to producers. In the case in
point the milk was purchased in Vermont. A lower
court had upheld the law in its application to the
sale of the Vermont milk ih bulk in the containers
in which it had been introduced, but enjoined the
sale of such of the milk as had been bottled in New
York. The Act and regulations were defended by
the State on the grounds, among others, that the
fixing of a minimum price was to the economic advantage of the farmers, and that the interests of
health would be served by insuring a regular and
adequate supply of pure and wholesome milk such
as could not be looked for if farmers were jeopardized by inability to earn living incomes.
Associate Justice Cardozo, who delivered the
opinion of the court, was not impressed by the economic argument. "Economic welfare," he remarked,
"is always related to health, for there can be no
health if men are starving. Let such an exception
be admitted, and all that a State will have to do
in times of stress and strain is to say that its farmers and merchants and workmen must be protected
against competition from without, lest they go upon
the poor relief lists and perish altogether. To give
entrance to that excuse would be to invite a speedy
end of our national solidarity." To the contention
that the exclusion from New York of the lowerpriced Vermont milk would "tend to impose a higher •
standard of quality and thereby promote health,"
he replied that there was "neither evidence nor presumption that the same minimum prices established
by order of the Board for producers in New York
are necessary for producers in Vermont"; that commerce between the States is "burdened unduly when
one State regulates by indirection the prices to be
paid to producers in another, in the faith that
augmentation of prices will lift up the level of economic welfare, and that this will stimulate the
observance of sanitary requirements in the preparation of the product," and that "the next step would
be to condition importation upon proof of a satisfactory wage scale in factory or shop, or even upon
proof of the profits of the business."
Turning to the question of the sale of milk bottled
by the importer, Justice Cardozo pointed out that
the theory of the "original package" was subject to
the principle "that one State in its dealings with another may not place itself in a position of economic
isolation," that "neither the power to tax nor the
police power may be used by the State of destination
with the aim and effect of establishing an economic
barrier against competition with the products of
another State or the labor of its residents," and that
"the form of the packages in such circumstances is
immaterial, whether they are original or broken."
The inter-State commerce clause,in other words,contemplates that commerce between the States shall
Volume 140
be free, and the freedom is not to be abridged by
pleading some alleged economic advantage which
would accrue to the citizens of a State by price discriminations or other barriers.
On the same day on which Justice Cardozo rendered his decision, a majority decision of the Federal
Circuit Court of Appeals at San Francisco overruled the Agricultural Adjustment Administration
in an attempt to control the milk business of dealers
whose business was carried on wholly within a
State. The Court found that the Los Angeles milk
dealers, whose business was involved, were not engaged in inter-State commerce,and hence were under
no obligation to obey the regulations made by the
Secretary of Agriculture for the conduct of their
business. To the contention that it was "necessary
to fix intra-State prices to control inter-State prices"
the Court replied that the power which Congress
had delegated to the Secretary was limited to "licensing foreign and inter-State commerce," and that
interference by the Government agencies concerned
in the case was "without warrant or authority in
law" and constituted trespass. On Wednesday Judge
Wayne G. Borah of the United States District Court
at New Orleans,in an oral opinion, held the National
Recovery Administration unconstitutional in denying an application for an injunction to prevent a
Louisiana corporation from violating the minimum
wage and maximum price provisions of the lumber
code.
The attempt to graft the NIRA upon the States
by means of State enabling acts received a sharp
setback on Tuesday in a decision of the New York
Appellate Division, Third Department, at Albany,
declaring invalid the so-called Schackno Act. The
Act, passed in 1933, declared that an "acute economic emergency" existed in New York, recognized
the declaration of an emergency by the NIRA and
declared that it related to intra-State as well as
inter-State or foreign commerce carried on in the
State, and announced the policy of the State to cooperate in furthering the objects of the NIRA, particularly in making uniform the standards of fair
competition. This Act the Divisional Code Authority of the Retail Solid Fuel Industry undertook to
apply through the issuance of various orders, particularly one forbidding the sale of solid fuel at
retail at prices less than those fixed by the code
authority.
Justice Hill, in upholding an application for an
injunction, declared that the Act "is not only an
unconstitutional attempt to delegate legislative
authority, but it amounts to complete abdication
by the Legislature." Justice Rhodes, who rendered
a separate opinion, held that the Act"does not create
or establish any State agency or instrumentality for
the carrying out of its declared purposes," but that
the Legislature, by leaving the adoption and enforcement of codes to Federal agencies, "has to this extent attempted to abdicate its powers and surrender
the sovereignty of the State into the hands of the
President." He was "unable to find any tenable
theory" on which the Act could be upheld. Justice
McNamee pointed out that "it appears in the moving papers [for a temporary injunction], and is not
denied, that the code in question was never filed with
the Secretary of State" of New York.
Strikingly similar language appears in a decision
of the Supreme Court of Wisconsin, handed down
on Tuesday, voiding as unconstitutional a Recovery
1543
Financial Chronicle
Act of that State. The Act differed from the
Schackno Act, however, in giving to the majority
of an industry rather than to the Executive the
authority to establish codes. "It is difficult to
conceive," the Court declared, "of a more complete
abdication of legislative power than is involved in
this Act." What was delegated was not the power
to organize and adopt self-governing ordinances, but
the power in a group "to determine whether or not
there shall be a law at all," and to give to an approved code the status of "a law with penal sanctions."
Decisions in the lower Federal courts will doubtless be appealed as a matter of course, and rehearings may be asked for in the higher State courts.
The cumulative effect of these multiplying decisions
upon the public mind, however, can hardly fail to be
considerable. The decisions bring important parts
of the recovery program under judicial scrutiny, and
the decisions which we have cited indicate that the
primary test of harmony with the Constitution is
one which the courts will not hesitate to apply. The
public service which the courts are thus rendering
is of inestimable importance in the condition of disillusionment and confusion in which the country now
finds itself.
The End of an Illusion
The announcement on Monday that Great Britain
proposed to increase its armament was no surprise
to those who have been watching the course of international events in Europe and Asia. It has been
evident for years, to everybody who did not cherish
the pacifist illusion, that the Kellogg Pact, with its
lofty renunciation of war "as an instrument of national policy," was dead, that the League of Nations
was as good as helpless as an agency for preventing
war,that there was no possibility of an international
agreement to reduce or limit armaments, and that
neither the Locarno treaties in Europe nor the
treaties relating to the Pacific area were any longer
of great consequence as means of preserving peace.
It has remained for Great Britain, however, which
in international matters may usually be counted
upon to pursue a realistic course, to recognize officially the facts of the present situation, and to announce its intention of preparing for eventualities,
whatever the eventualities may be.
The White Paper which the MacDonald Government laid before the House of Commons, as cabled in
important extracts to the New York "Times," makes
clear the reasons for the proposed action and the
primary steps which the Government intends to
take. "Hitherto," it declares, "despite many setbacks, public opinion in this country has tended to
assume that nothing was required for the maintenance of peace except the existing international
political machinery, and that the older methods of
defense—navies, armies and air forces—on which we
have hitherto relied are no longer required. The
force of world events, however, has shown this assumption to be premature, and we have far to go
before we can find complete security without having
in the background the means of defending ourselves
against attack."
The special cause of anxiety at the moment is
Germany. Referring to the charge of illegal arming
which was made against Germany in the House of
Commons last November, the White Paper main-
1544
Financial Chronicle
tains that "this re-armament, if continued at the
present rate, unabated and uncontrolled, will aggravate the existing anxietieA of Germany's neighbors, and may consequently produce a situation
where peace will be in peril. The British Government have noted and welcomed the declarations of
leaders in Germany that they desire peace. We cannot, however, fail to recognize that not only their
forces, but the spirit in which the population, especially the youth, of their country are being organized
lend color to and substantiate the general feeling
which has already been incontestably generated." It
is not Germany alone that is arming, however. "All
over the world, in Russia, Japan, the United States
and elsewhere, armaments are being increased. We
could not afford to overlook this, and so had to begin
to meet our deficiencies," although "we are anxious
not to make our provisions for necessary defense
merge into an armament race."
The steps which, according to the White Paper,
it is proposed to take include a considerable increase
in the number of cruisers for the protection of British territories and trade; the early replacement of
old battleships, but "subject to any agreement
reached at the forthcoming naval conference," and
an increase in anti-aircraft armament. The naval
agreement which it is hoped may be secured is described as one "that will avoid competition in naval
armaments, while leaving us free to maintain our
fleet at a strength necessary,to our absolute requirements," but "it is equally essential that our fleet
should be kept up to date in all respects," included
in that requirement being "sufficient highly trained
personnel," "adequate provision for aircraft," and
"the most modern weapons, repair facilities, the
necessary reserves and full ammunition stores of
all kinds at convenient bases."
The presentation of the White Paper was followed
on Tuesday by the submission of estimates for the
air force of £20,650,000, an increase of £3,089,000
over last year. Naval estimates of £60,050,000, or
£3,500,000 more than last year, were submitted on
Wednesday. The total defense budget, including a
considerable increase asked for the army, amounts
to £124,250,000, a figure £10,539,000 in excess of
that for 1934. Only replacement tonnage can be
built until after 1936, however, because of the limitations imposed by the London Naval Treaty.
The immediate reaction in France to the British
program is, of course, one of great satisfaction because of the backing which is given to the French
security thesis. With Germany, on the other hand,
relations have been further complicated. The appearance of the White Paper just on the eve of the
proposed visit of Sir John Simon, British Foreign
Secretary, to Berlin, where he was expected to discuss with Chancellor Hitler the proposals recently
submitted by France and Great Britain at a conference in London, has seemed to Germany an unprovoked rebuff, and the expected conversations
have been abruptly postponed. Precisely why the
British Government, which has appeared sincerely
desirous of reaching an amicable understanding
with Germany regarding armament and the return
of Germany to the League and the Disarmament
Conference, should have chosen this moment for
arraigning the militaristic temper of the German
people and pointing to German re-armament as a
special menace to peace seems difficult to explain
except, perhaps, on the assumption of the existence
March 9 1935
of plans, known to the British Government or suspected by it but not yet made public, which convinced it that an agreement with Germany was out
of the question at this time.
Whatever the German situation may be, there are
not wanting grounds in other directions for British
anxiety. The flamboyant language in which Russian leaders have lately called attention to the
strength of the Russian army, while coupled with
earnest professions of peaceful intent, has not been
such as to banish uncertainty regarding future Russian policy in Europe or the Near or Far East. The
controversy between Italy and Abyssinia is apparently on the point of settlement by means of a compromise, but it has exhibited Italy as a military
Power able and willing to act vigorously, and perhaps not without territorial ambitions in Africa.
The outbreak in Greece and the reported massing of
Turkish troops on the Greek frontier are late events
which will doubtless be regarded as further enforcing
the new British policy. The attempt of Japan to
strengthen its hold upon China by means of a loan,
and its reported opposition to the counter-proposition of a loan in which Great Britain, the United
States and perhaps other Powers, together with
Japan, might join shows no weakening of Japan's
apparent purpose to make itself the guardian and
mentor of China as well as the dominating Power in
the Far East. There is small reason for expecting
that the London naval conference of 1936 will find
Japan willing to abate its demand for naval parity
and the denunciation by Japan of the Nine-Power
Treaty leaves that treaty shorn of one of its most
important signatories.
The influence of the British announcement will
be far-reaching. The announcement is notice to the
world that, as far as Great Britain is concerned,
existing pacts, treaties, accords and agreements are
looked upon as of only minor consequence as guarantees of peace, and that men, guns and ships are
again to be the main reliance for national defense.
It will almost certainly stiffen the resistance of Germany to the isolating policy of Great Britain and
France, since if Great Britain feels the need of additional defense against possible aggression,the need
of Germany is assuredly not less. It will go far to
justify, in American opinion, the Roosevelt policy of
naval development, and it will be strange if naval
expansion is not stimulated in France, Italy and
Japan. It does not necessarily imply that the British Government regards war as imminent, but it
does point to war as a reasonable possibility and
to national defense as an urgent duty.
There is another observation in the White Paper
which should not pass unnoticed. Some months ago,
it will be remembered, Stanley Baldwin startled the
House of Commons by declaring that the frontier
of Great Britain was "no longer the chalk cliffs of
Dover, but the Rhine." The White Paper virtually
endorses Mr. Baldwin's assertion by noting the increasing distances over which air attacks can be
launched in Europe, and the increased liability of
England to attack if countries bordering on the
English Channel were held by an enemy, and declares that "for these reasons the importance of the
integrity of certain territories on the other side of
the Channel and the North Sea, which for centuries
has been and still remains a vital interest of this
country from a naval point of view, looms larger
than ever when air defense also is taken into con-
Financial Chronicle
Volume 140
sideration." The statement may perhaps be construed as a warning to Germany, but it seems also
to commit Great Britain to the defense of France,
Belgium, The Netherlands and Denmark as a logical
step in defending itself. The White Paper announcement, in other words, seems clearly to envisage an
understanding with the States just named, and an
understanding is, to most intents and purposes, the
equivalent of an alliance. In the present instaace
it seems to look toward a revival of the old theory
of a balance of power, dictated by changing needs of
national defense under new conditions of air warfare. A general application of the principle might
easily result in a redrawing of the European political
map, not with new territorial boundaries but with
recognition of new groupings of political interest
in whose formation defense was one of the controling factors.
BOO K REVIEWS
The Problem of Poverty. An Analysis of Popular
and Prevailing Politico-Economic Policies
By John Rustgard. Minneapolis, Minn.: Midwest Book Co.
This book is described as an attempt to "point out and
emphasize certain biological and economic laws which circumscaibe and govern social activities," and to state them
in such a way as to make them understandable by "the
average person." The topics dealt with are why so many
people are impecunious, the social importance of saving,
why some people are rich, fair and unfair wages, the plight
of the farmer, the effect of the machine in increasing demand
for labor, sophisms of technocracy, reasons for the concentration of capital, shorter hours of labor, taxation as a leveling deviee, and public charity.
The topics are illustrated by incidents drawn from the
author's experience as well as from other sources, and by
comment and exposition of a practical kind. The author
concludes that "individual deficiencies of character constitute
1545
the root" of the evil of poverty, that present governmental
policies are antagonistic to saving, that "capital as such"
does not earn too much but that some "obtrusively large
fortunes" have been made by "picking the pockets of the
public," that crop limitation is of doubtful wisdom because,
among other things, it jeopardizes our position in foreign
markets, and that wages less than standard would restrict
public works to periods of depression, and thereby afford an
effective means of meeting depression unemployment.
The Formation of Capital
By Harold G. Moulton. Washington: The Brookings Institution. $2.50
This volume is the third in the series of studies of the
"distribution of wealth and income in relation to economic
progress," of which those entitled "America's Capacity to
Produce" and "America's Capacity to Consume" have
already appeared. The discussion deals with the nature and
significance of capital, the flow of money income, the "economic dilemma" arising from the necessity of decreasing
expenditures for consumption in order to save money while
increasing such expenditures if we are to have a profitable
expansion of capital goods, the relation of consumption to
capital formation and an examination of the question of
which takes the lead in recovery, commercial banks and the
supply of funds and their part in capital formation, how
public capital is formed, and the maladjustment between
savings and consumption.
The study as a whole is highly technical and not seldom
involved. Among the conclusions reached are (1) that the
bulk of capital "is created in periods of general economic
expansion" but without any "extensive shifting of labor and
materials from consumption goods industries to the formation of capital"; (2) that in a period of increasing output of
both consumption and capital goods "there is an expanding
flow of funds through both consumption and investment
channels" made possible by "the expansive quality of our
commercial banking credit system," and (3) that "the
growth of capital is directly related to the demand for consumption goods."
An appendix contains critical examinations of the views
of a number of other economists on the savings process,
together with a variety of statistical matter.
The New Capital Flotations in the United States During the Month of
February and for the Two Months Since the First of January
The new capital flotations in this country during February again proved extremely light, and call for no comment
beyond noting the fact Welt The grand total of new
security offerings amounted to $95,817,805, represented
by $53,526,805 State and municipal issues, $29,791,000 of
corporate securities, and an offering of $12,500,000 Federal
Intermediate Credit banks 11A% collateral trust debentures.
Municipal disposals, at $53,526,805 for February, showed a
substantial decrease from the total of $97,130,419 recorded
in January. The corporate financing in February, amounting to $29,791,000, compares with only $7,726,000 under that
heading in January. The grand total of all financing in
February, at $95,817,805, comprised $45,807,272 of refunding operations, leaving the month's new capital demand
only $50,010,533. The grand total of $95,817,805 for
February was somewhat less than the figure of $140,851,689
reported for January, which, in turn, had shown a decrease
from the total of $186,126,709 put out in December. For
the benefit of the reader, we will say that our compilations,
as always, are very comprehensive, and include the stock,
bond and note issues by corporations, by holding, investment and trading companies, and by States and municipalities, foreign and domestic, and also farm loan and governmental agency emissions.
United States Government issues appeared in the usual
order during the month of February. The month's financing comprised four bill issues sold on a discount basis. In
accordance with an announcement made by Secretary of
the Treasury Morgenthau, on Feb. 18, a new issue of securities designated United States Savings bonds, or "baby
bonds," was placed on sale through the post offices on
March 1. The new bonds are being sold on a discount basis
to yield 2.9% if held for 10 years, the difference between
the amount paid and the face value at maturity representing
interest. Bonds of $25 maturity value are obtainable at
$18.75; $50 bonds at $37.50; $100 bonds at $15; $500 bonds
at $375, and $1,000 bonds at $750. The bonds are not transferrable, but are redeemable for cash on the owner's request
at any time after 60 days from date of issue. A table of
redemption values appears on the face of each bond. The
Treasury Department has placed no limit on the total of
sales, but no individual may obtain more than $10,000 of the
bonds issued within any calendar year. The results of this
offering will be included in our tables of Government financing for the month of March.
Because of the importance and magnitude of United States
Treasury issues, we furnish below a summary of the new
securities sold during the first two months of the current
year and give particulars of the different issues.
New Treasury Financing During the Month of
February 1935
An offering of $75,000,000, or thereabouts, of 182-day
Treasury bills was announced by Secretary of the Treasury
Morgenthau on Jan. 31. The bills, however, were dated
Feb. 6 and will mature Aug. 7 1935, and hence form part
of the Government's financing for the month of February.
Tenders to the offering amounted to $262,895,000, of which
875,185,000 was accepted. The average price for the bills
was 99.939, the average rate on a discount basis being 0.12%.
The proceeds of this issue were used to retire an offering
of similar securities.
Mr. Morgenthau on Feb. 5 announced another offering
of $75,000,000, or thereabouts, of 182-day Treasury bills.
The bills were dated Feb. 13 and will mature Aug. 14 1935.
Subscriptions to the offering totaled $196,853,000, of which
$75,112,000 was accepted. The average price for the bills
was 99.944, the average rate on a bank discount basis being
0.11%. This offering was used to refund a maturing issue.
1546
Financial Chronicle
Another offering of $75,000,000, or thereabouts, of 182-day
Treasury bills was announced on Feb. 14 by Mr. Morgenthau. The bills were dated Feb. 20 1935 and will mature
Aug. 21 1935. Tenders to the offering totaled $156,544,000,
of which $75,024,000 was accepted. The average price for
the bills was 99.941, the average rate on a bank discount
basis being 0.117%. This offering was used to refund a
maturing issue.
On Feb. 21 Secretary of the Treasury Morgenthau announced a combined offering of $50,000,000, or thereabouts,
of 182-day Treasury bills and $50,000,000, or thereabouts,
of 273-day Treasury bills. Both offerings were dated
Feb. 27, the 182-day bills maturing Aug. 28 1935 and the
273-day bills coming due Nov. 27 1935. Subscriptions to
the two issues totaled $285,892,000, of which $120,712,000
was for the 182-day bills and $165,180,000 was for the 273day bills. The amount accepted totaled $100,239,000, of
which $50,054,000 was for the 182-day bills and $50,185,000
was accepted for the 273-day bills. The average price for
182-day bills was 99.946, equivalent to an average rate of
0.108% on a bank discount basis, while the 273-day bills
brought an average price of 99.874, equivalent to an average
rate of 0.166% on a bank discount basis. This financing
provided for the refunding of $75,065,000 of similar securities, leaving $25,174,000 as additional debt.
Another offering of Treasury bills in two series, $50,000,000, or thereabouts, of 182-day bills, and $50,000,000, or
thereabouts, of 273-day bills, was apnounced by Mr. Morgenthau on Feb. 28. Both series, however, were dated
March 6, and hence form part of the Government financing
for the month of March. The 182-day bills mature Sept. 4
1935, while the 273-day bills come due Dec. 4 1935. Subscriptions to the two series totaled $309,580,000, of which
$152,020,000 was for the 182-day bills and $157,560,000
was for the 273-day bills. The amount accepted totaled
$100,186,000, of which $50,114,000 was for the 182-day
bills and $50,072,000 was for the 273-day bills. The average price for 182-day bills was 99.949, equivalent to an
average rate of 0.10% on a bank discount basis, while
the 273-day bills brought an average price of 99.889,
equivalent to an average rate of 0.147% on a bank discount basis. The combined Treasury bill offering will be
used in part to retire $75,290,000 of maturing bills. The
rates on these offerings compare with 0.108% (182-day
bills) and 0.166% (273-day bills) dated Feb. 27; 0.117%
on bills dated Feb. 20; 0.11% on bills dated Feb. 13, and
0.12% on bills dated Feb. 6.
In the following we show in tabular form the Treasury
financing done during the first two months of this year.
The results show that the Government disposed of $701,209,000, of which $676,035,000 went to take up existing issues
and $25,174,000 represented an addition to the public debt.
For February by itself, the disposals aggregated $325,560,000,
of which $300,386,000 represented refunding and $25,174.000
was new indebtedness.
UNITED STATES TREASURY FINANCING DURING THE FIRST TWO
MONTHS OF 1935
Date
Offered
Dated
Dec. 25 Jan.
Jan. 3 Jan.
Jan. 10 Jan.
Jan. 17 Jan.
Jan. 24 Jan.
Due
Amount
Applied for
Amount
Accepted
$
214,130,000
141.685,000
142,359,000
232.573,000
203,618,000
$
75,150.000 Average
75,185,000 Average
75.079,000 Average
75,129,000 Average
75,106,000 Average
2 182 days
9 182 days
16 182 days
23 182 days
30 182 days
Janua ry total
Price
Yield
99.949 *0.10%
99.942 *0.12%
99.926 *0.15%
99.927 *0.15%
99.931 *0.14%
375,649,000
Ian. 31 Feb. 6 182 days
Feb. 5 Feb. 13 182 days
Feb. 14 Feb. 20 182 days
Feb. 25 Feb. 27 182 days
Feb. 25 Feb. 27 273 days
262.895.000
196,853.000
156.544,000
120,712,000
165,180,000
Febru ary tots 1
75.185,000 Average
75.112,000 Average
75,024,000 Average
50.054,000 Average
50,185,000 Average
99.939 *0.12%
99.944 *0.11%
99.941 *0.117%
99.946 .0.108%
99.874 *0.166%
325,560,000
-,,•••,,,•.....I
1/11 ono AAA
*Average rate on a bank discount basis.
USE OF FUNDS
Type of
Security
Dated
Jan
Jan
Jan.
Jan.
Jan.
2
9
16
23
30
Treasury
Treasury
Treasury
Treasury
Treasury
bills
bills
bills
bills
bills
Treasury
Treasury
Treasury
Treasury
Treasury
bills
bills
bills
bills
bills
Total
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Feb. 27
Total
nrand
Mtn!
Total Amount
Accepted
Refunding
$75,150,000
75,185,000
75,079,000
75.129,000
75,106.000
575.150,000
75,185,000
75,079,000
75,129,000
75,106,000
$375.649,000
5375,649.000
New
Indebtedness
$75,185,000
$75,185.000
75.112.000
75,112,000
75,024,000
75,024.000
50,054,000 1 75,065,000
50,185,000 f
.
$325,560,000 5300,386,000
$25,174,000
2701 209 fina
125.174.000
1876.035.000
$25,174,000
March 9 1935
Features of February Private Financing
Making further reference to the new corporate issues announced during February, we find that there were only
seven offerings, totaling, as previously stated, $29,791,000,
and comprising $16,791,000 long-term issues and $13,000,000
short-term issues. There were no new stock offerings during the month. Public utility issues accounted for $11,000,000; railroads contributed $8,000,000, while industrial
and miscellaneous flotations amounted to $7,791,000.
The portion of the month's financing used for refunding
was $23,291,000, or about 78% of the total. In January
the refunding portion was $2,459,000, or about 31% of that
month's total. In February 1934 the amount for refunding
was $2,308,000, or about 15% of the total for that month.
The month's new issues worthy of mention comprised:
$10,000,000 the Laclede Gas Light Co. ref. & ext. mtge. 5s,
due April 1 1939, representing an extension of maturity;
$8,000,000 the Nypano RR. Co. prior lien mtge. 4Y45, due
1950, also representing an extension of maturity, and
$5,500,000 Studebaker Corp. (Del.) 6% deb., due Jan. 1
1945, issued pursuant to reorganization plan.
No foreign issues of any description were floated in this
country during February, and it is also to be recorded that
no new fixed investment trust issues came to market during
the month.
There was an offering during the month, however, of
$12,500,000 Federal Intermediate Credit banks 1%% coll.
trust debentures, due in four and six months, and offered,
as usual, at price on application.
During the month of February there was one new bond
Issue floated with a provision for conversion into stock,
namely, $691,000 Atlas Imperial Diesel Engine Co. 6%'cony.
notes, 1945, convertible into stock of the company at the
rate of $25 per share until March 1 1939; at $33% thereafter to March 1 1942, and at $40 thereafter to March 1 1945.
The following is a complete summary of the new financing,
corporate, State and city, foreign government, as well as
farm loans issued during the month of February, and the
two months ending with February:
SUMMARY OF CORPORATE. FOREIGN GOVERNMENT', FARM LOAN
AND MUNICIPAL FINANCING
1935
MONTH OF FEBRUARY—
Corporate—
Domestic—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian—.
Long-terra bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
New Capital
Refunding
Total
g
g
8
6,500,000
10,291,000
13,000,000
16,791,000
13,000,000
6,500,000
23,291,000
29,791,000
43,510,533
12,500,000
10,016,272
12,500,000
53,526.805
Grand total
2 MONTHS ENDED FEB. 28—
Corporate—
Domestic—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
50,010,533
45,807,272
95,817,805
7,278,000
2,485,000
925,000
1,079,000
11.135,000
14,615,000
18,413,000
17.100,000
925,000
1,079,000
Total corporate
3anadian Government
Other foreign Government
?arm Loan and Government agencies_
. Municipal—States, cities, he
United States Possessions
11.767,000
25,750,000
37,517.000
6,000,000
124,465,176
433,000
42,700,000
26,192,048
48,700.000
150,657,224
433,000
Total corporate
Canadian Government
Other foreign Government
Farm Loan and Government agencies_
• Municipal—States, cities, he
United States Possessions
•
Grand total
142,665,176
94,642,048 237,307.224
•These figures do not include funds obtained by States and municipalities from
any agency of the Federal Government.
In the elaborate and comprehensive tables on the succeeding pages we compare the foregoing figures for 1935 with the
corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings,
Showing separately the amounts for all the different classes
of corporations.
Following the full-page tables we give complete details
of the new capital flotations during February, including
every issue of any kind brought out in that Month.
MONTH OF FEBRUARY
New Capital
Long-term Bonds and Notes—
$
Railroads
Public utilities
1,000,000
Iron, steel coal, copper, &c
Equipment manufacturers
Motors and accessories
5,500,000
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
Total
6,500,000
Short.term Bonds and Notes—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
011
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
Total
Stocks—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
Total
Total—
Railroads
Public utilities
1,000.000
Ron,steel, coal, copper, &c
Equipment manufacturers
5,500,000
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
Total corporate securities
6.500.000
1935
Refunding
S
8.000,000
691,000
1,600,000
Total
$
8,000,000
1.000,000
New Capital
$
6,191,000
1,600,000
10,291,000
16,791,000
10,000,000
10,000,000
1934
Refunding
$
2,308,000
2,3C8,000
Total
$
1933
Refunding
$
31,625,000
414,000
Total
$
31.625,000
414,000
900,000
900,000
New Capital
8$
Nwe Capital
$
28,000,000
1,938,000
3.000,000
13,000,000
2,308,000
1,314,000
31,625,000
32,939.000
200.000
28,200,000
4,616,000
4,616,000
3,950,000
4,616,000
12,000,000
12,000,000
$
13,975,000
88.225,944
4,300,000
1.237,000
9,000,000
119,446,501
15,212,000
220,972,445
1931
Refunding
$
4,000,000
3,000,000
Total
$
12,000,000
32,350,000
4,616,000
6,850,000
3,590,000
1,938,000
200.000
30,138,000
480.000
41.420,000
7,000,000
480,000
48,420,000
1,000.000
2,650,000
100,000
4.950,000
2,650,000
100,000
3.300,000
6,225,000
9,525,000
100,000
500,000
600,000
2,900,000
2,565,100
250,000
2,815,100
10,600,000
100,000
6,065,100
6,975,000
100,000
13,040.100
2,312,775
22,390,844
22,390,844
2.325,000
2,325,000
3.750,000
2,312,775
.
532.500
532.500
525,000
525,000
1,057,500
1,057,500
8,000,000
10,000,000
8,000,000
11,000,000
12,000,000
12,000,000
691,000
1,600,000
6.191.000
1,600,000
532,500
3,000,000
29.791,000
36,241.000
414,000
3,950,000
30.312,775
900,000
900,000
2,900,000
13,057.500
1,000,000
4,588,000
100,000
2,050,000
2,050,000
26,765,844
26,765,844
4,950,000
34.900,775
100,00C
8,000,000
55,040,844
4,000,000
9,225,000
12,000,000
64,265,844
2.425,000
500,000
2,925,000
2,900,000
6,155,100
250.000
6,405,100
1.700.000
44.550.775
2,050,000
580,000
74,250,944
13,975,000
2,050,000
580.000
88,225,944
2,840,500
525,000
525,000
3,000,000
23.291.000
414.000
36,241,000
2,308,000
1.500,000
3,812,775
1,500,000
3,812,775
2.308,000
15.365.500
1,314.000
36.241,000
37.555,000)
1.700.000
38.862.775
5.688,000
okr erlinloA
Total
48.420.000
13.040,100
7.509.000
19,256,844
3,590,000
2,900,000
3.000.000
13,000,000
New Capital
$
8,000,000
29.350,000
29,938,000
Total
$
$
7,000.000
6,975.000
2,308,000
12,000,000
12,000,000
1932
Refunding
$
1931
Refunding
apyrano lepueuld
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF FEBRUARY FOR FIVE YEARS
1932
1933
1934
MONTH OF FEBRUARY
1935
New Capital
Total
Refunding
New Capital
Total
Refunding
Total
New Capital
Total
New Capital
Refunding
New Capital
Refunding
Corporate—
$
$
$
$
$
$
$
$
Domestic—
$
$
$
$
$
41.420.000
30.138.0001,938,000
28,200.000
32,939,000
31,625,000
1,314,000
2,308,000
Long-term bonds and notes_
10,291,000
16,791,000
2,308.000
6,500,000
6.065,100
10.600.000
3,750,000
6,850,000
4,616.000
4,616,000
12,000.000
Short-term
12,000,000
13.000,000
13.000.000
7,509,000
2,312.775
2,312,775
Preferred stocks
19,256,844
1,500,000
1,500,000
1,057,500
1,057,500
Common stocks
Canadian—
.
Long-term bonds and notes_
Short-term
Preferred stocks
Common stocks
Other Foreign—
•
Long-term bonds and notes_
Short-term
Preferred stocks
Common stocks
74,250.944
44.550,775
5,688,000
38.862,775
37,555,000
36,241,000
1,314,000
2,308,000
15,365,500
Total corporate
29.791,000
13,057,500
6,500,000
23,291,000
4,300,000
Canadian Government
Other foreign Government_
9,000,000
15,000,000
15,000,000
1,400,000
1.400.000
1,900,000
8.900,000
Farm Loan and Govt. agencies_
12,500,000
7.000,000
12,500,000
118,209,501
35,292,689
34.782.564
510,125
17,571,818
635,600
16,936,218
65,182.481
53,526,805
*Municipal, States, cities, &c--4,180.444
10,016.272
61,002,037
43,510,533
287.000
287.000
United States Possessions_ _ _ _
205,760.445
95,130.464
56,526,818
73,932,339
21,198.125
36,876.600
19,650,218
89.447,981
95.817,805
81,059,537
8,388,444
Grand total
50,010,533
45.807,272
* These figures do not include funds obtained by States and municipalities from any agency of the Federal Government.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF FEBRUARY FOR FIVE YEARS
1931
Refunding
181.692.000
13,141,000
Total
440.655.000
36.208.850
34,012,779
38,055.594
70.000.000
50,000.000
668,932,223
16,300,000
2,575.500
14,500,000
170,095,408
197.408.500
869.827,631
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES
FOR TWO MONTHS ENDED FEBRUARY 28 FOR FIVE YEARS
1935
1934
1933
TWO MONTHS ENDED FEB. 28 New Capital
1932
1931
Refunding
Total
New Capital
Refunding
Total
New Capital
Refunding
Total
New Capital
Refunding
Total
New Capital
klunding
Long-term Bonds and NotesTotal
$
$
$
5
$
$
$
$
$
Railroads
$
$
i
3
8,000.000
8,000,000
3
$
12.000.000
31,625.000
43.625.000
Public utilities
1,778,000
130.160.000
400,000
56,844,000 187,004,000
2.178,000
1,500,000
1,500.000
6,821.000
31,518.000
38,339.000
68,270,000
Iron, steel coal, copper,
1,938,000
70.208,000 174,591,000 123.928.060 298.519,000
&c15,250
.000
Equipment manufacturers
15,250,000
Motors and accessories
5,500.000
300.000
691.000
6,191,000
300.000
Other industrial and manufacturing
1.600,000
1,600.000
2,308.000
2.308,000
011
50,492,000
50.492,000
Land, buildings, &c
900.000
900.000
Rubber
1.075.000
1,075,000
7,190,000
920,000
8,110.000
Shipping
Inv. trusts, trading, holding, &c
Miscellaneous
444.000
444.000
200.000
200.000
980.000
'Total
980.000
7,278,000
11,135,000
18,413,000
3,808.000
3,808,000
19,721.000
63,143,000
82,864,000
Short-term Bonds and Notes69,545,000
1,938,000
71,483,000 378,963.000 181,692.000 560,655.000
Railroads
.
4,616.000
4,616.000
3,950.000
Public utilities
1,000.000
4,950,000
10,000,000
10,000,000
12,000,000
12,000,000
500,000
6,500.000
7,000,000
750,000
Iron,steel, coal. copper, &c
4,150,000
4,900.000
17,875,000
10,650.000
28,525,000
4,342,000
4,342,000
Equipment manufacturers
100,000
100.000
Motors and accessories
Other industrial and manufacturing
2,485,000
1,615,000
4,100,000
Oil
300.000
500.000
800.000
Land, buildings, &c
709.000
791.000
1,500,000
3,050,000
Rubber
3,050.000
4,083.850
1,200.000
5,283.850
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
3.000.000
3.000,000
100.000
Total
100.000
2,485,000
14,615.000
17,100,000
12,000,000
12,000,000
500,000
15,458,000
15,958,000
7,750.000
Stocks-5,250,000
13,000,000
23.067,850
13,141,000
36,208,850
Railroads
Public utilities
1,785,250
1,785,250
4,412.775
Iron,steel, coal, copper, &c
4,412,775
61.329.623
61.329,623
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
218,750
218,750
6.515,907
6,515,907
3,250.000
3,250,000
150,000
Oil
150.000
5,256,250
5.256,250
Land. buildings, &c
Rubber
1,032,500
1,032.506
525.000
525,000
2,168,750
Shipping
2,168,750
Inv, trusts, trading, holding, &c_
Miscellaneous
2,050,000
2,050,00(
1.500.000
1500.000
2,400.000
Total
2,400.00(
2,004,000
2,004,000
7,040.907
7,040,907
3,250,000
3,250,000
8,231,525
Total8,231,525
72.068,373
72,068,37I)
Railroads
8,000.000
8.000.000
12.000.000
36,241.000
48,241,00C
3,950.000
1,000.000
Public utilities
4.950.000 130.160.000
3,563,250
10.400.000
13,963,250
56.844.000 187,004,001
12.000.000
1,500,000
13,500.000
7,321.000
38,018.000
45.139.000
73.432.775
Iron,steel, coal, copper,,tc
6,088,000
79,520.775 253,795.623 134.578,000 388.373.621
4,342.000
4,342,000
Equipment manufacturers
100.000
100.000
15,250.000
15,250.001
Motors and accessories
300,000
5.500,000
691,000
6,191.000
300,001
Other industrial and manufacturing
2,703,750
3,215,000
5,918,750
6,515.907
2,308,000
8,823.907
3.250.000
3.250,000
150,000
Oil
150.000
56.048,250
500.000
56.548.251
Land. buildings, &c
709.000
791.000
1,500,001
900.000
900.000
4,125.000
Rubber
4,125.000
12,306.350
2.120,000
525.000
14,426,351
525.000
2,168.750
Shipping
2,168.750
Inv. trusts, trading, holding, &c..
Miscellaneous
2.050.000
3.444.000
3.444.000
2.050.001
1.700.000
1.700.000
3,480.000
Total corporate securities
3,480.001
11.767.000
25.750.000
37,517,000
19.040.907
3,808.000
22,848,907
23.471,000
78.601.000 102,072.000
85,526,525
7.188.000
92.714.525 474.099.223 194.833.000 668.932,22:
aptuarto lepueuid
194,833,000
9161 6 rioleN
SUMMARY OFZCORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL
FINANCING FOR TWO MONTHS ENDED FEBRUARY 28 FORvFIVE,YEARS
TWO MONTHS ENDED FEB. 28
1935
1934
1933
1932
New Capital
Refunding
Corporate-Total
New Capital
Refunding
Total
New Capital
Refunding
Total
New Capital
Refunding
Total
New Capital
DomesticS
$
$
Long-term bonds and notes..
7.278,000
11.135,000
18,413.000
3,808.000
3.808,000
19,721.000
63.143,000
82.864,000
Short-term
69,515.000
1.938.000
71.483,000
2.485.000
258.96.3.000
14,615,000
17,100.000
12.000.000
12,000.000
500.000
15.458.000
15.958.000
Preferred stocks
7.750.000
5,250,000
13.000,000
925,000
23,087.850
925.000
2,500,000
2,500.000
6,562,775
Common stocks
6,562,775
1,079,000
34,012.779
1.079,000
7,040,907
7,040.907
750,000
Canadian750,000
1,668.750
1,668.750
38,055.594
Long-term bonds and notes_
Short-term
70.000,000
Preferred stocks
Common stocks
Other ForeignLong-term bonds and notes_
Short-term
50,000,000
Preferred stocks
Common stocks
Total corporate
11.767,000
25.750,000
37,517.00(
19,040.907
3,808,000
22,848,907
23,471,000
78,601,000 102.072,000
Canadian Government
85,526,525
7,188.000
474.099,223
92,714.525
Other foreign Government_
16,300.000
Farm Loan and Govt. agencies
6.000.060
42.700.000
48,700,00(
12,000.000
24,900.000
36,900,000
10,900.000
10.900,000
*Municipal, States, cities, e c
27.500,000
27.500.000
124.465.176
14.500.000
26.192,048 150.657.22,
97,971,909
22,281,776 120,253,685
49.786,474
S.W§88 53.406,424 172."9-88.628
United States Possessions_
552,125 173,540,753
433,000
167.519.908
433.001
287,000
287,00C
Grand total
142.665.176
A4 642 54A 2:47 :107 22,
129,012,816
50,989,776 180.002.592
84.157.474
82.220.950 166,378,424
258.802.153
35,240.125 294.012.278
672.419.131
• These figures do not include funds obtained by States and municipalities from any agency
of the Federal Government.
1549
Financial Chronicle
Volume 140
DETAILS OF NEW CAPITAL FLOTATIONS DURING FEBRUARY 1935
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS)
Amount
Purpose of Issue
To Yield
About
Price
Railroads8,000,000 Refunding
100 x
4.25 The Nypano RR. Co. Prior Lien M. 4Vis, March 1 1950. Offered by company to holders of its
prior lien 4.5is maturing March 1 1935.
87H
6.50 Pinellas Water Co. 18t M.535s series A 1959. Offered by Swart, Brent & Co.. Inc.; Chandler & Co.,
Inc.; Boenning & Co., and Burr & Co., Inc.
Public Utilities1.000,000 New construction
Motors and Accessories691,000 Refunding
6.00 Atlas Imperial Diesel Engine Co. 6% Cony. Notes 1945. (Notes are convertible into stock of the
company at the rate of 825 per share until March 1 1939 at $33 1-3 thereafter to March 1 1942 and at
$40 thereafter to March 1 1945). Offered by company to holders of its 6% cony. notes maturing
March 1 1935.
6.00 Studebaker Corp. (Del.) 6% Debentures, due Jan. 1 1945. Offered to holders of common and pref.
stock of old company under reorganization plan; underwritten.
100
100 y
5,500,000 Working capital
6,191,000
Other Industrial &
1,600,000 Refunding
Company and Issue and by Whom Offered
mfg.-
6.00 United States Printing & Lithograph Co. 6% Debentures 1950. Offered by company to holders
of its 6% serial notes maturing April 1 1935.
100
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS)
To Yield
About
Price
Purpose of Issue
Amount
Public Utilities10,000,000 Refunding
98.34
Miscellaneous3,000,000 Refunding
100 z
Company and Issue, and by Whom Offered
5.38 The Laclede Gas Light Co. Ref. & Extension M.58, due April 1 1939. Offered by company to holders
of its refunding and extension mortgage 58, due Aprll 1 1934.
5.00 Manufacturers' Finance Co. 33-i-Year Coll. Trust Notes. Series A. due April 1 1938. Offered by
company.
FARM LOANS AND GOVERNMENTAL AGENCY ISSUES
Amount
Issue and Purpose
Price
To Yield
About
12,500,000 Federal Intermediate Credit Banks 154%
debs. dated Feb. 15 1935, and due in 4 and
Prices on applic.
6 mor.ths (refunding)
Offered by
Charles R. Dunn Fiscal Agent, New York.
Each holder of $1,000 bond agreeing to extension rece ved payment of 50 cents per bond.
y Bonus in new common stock accompanies bonds.
z Holders of the company's notes due April 1 1935 were given privilege of exchanging their holdings for the new notes. receiving a cash bonus of 810 per 51.000 note
exchanged.
The Course of the Bond Market
Most bond groups have been only mildly reactionary this
week in the face of another substantial decline for the
medium- and lower-grade railroad issues. As an example
of the diversity of trends now found in the bond market, one
might cite the fact that the Baa utilities made a new high
this week, the highest for this group since October 1930,
while the Baa rails are at their lowest point in 15 months.
United States Government bonds declined moderately, but
still remain close to recent highs. The same is true of
high-grade corporation bonds. The Treasury has sold its
latest bills at very low rates (.108%), and offered its new
2%% 20- to 25-year bonds on terms very closely adjusted to
the market. Following the present exchange of Fourth
Liberty 414s, $1,300,000,000 of this issue will remain to be
called. If they are to be retired on Oct. 15 the call must
be made on April 15.
Erratic price fluctuations have been typical of the highgrade railroad bond market. The Chesapeake & Ohio 4%s,
1992, at 119 were unchanged for the week; Union Pacific 4s,
2008, closed at 106%, down 1. Lower prices generally have
been witnessed among medium-grade rail issues. Cleveland
Union Terminal 1st 4%s, 1977, declined 3% points to 82%;
Louisville & Nashville 4174s, 2003, closed at 101, off 1%
points. Lower-grade railroad bonds continued weak, and
many new lows were made. The "St. Paul" gen. 4%s, 1989,
at 43% were off 5% points; Denver & Rio Grande 4s, 1936,
declined 5% to 24%; Southern Pacific deb. 4%s, 1981, eaded
the week at 60% for a loss of 2% points.
Of all classes of utility bonds, high grades have given
the best exhibition, and Delaware Power & Light 4%s, 1969;
Kansas City Power & Light 4%s, 1961, and Indiana & Michigan Electric 5s, 1957, have been among those that reached
new high levels. Lower grades have been erratic, tending to
weakness, but no outstanding breaks have been discernible.
Illinois Power & Light 58, 1956, closed the week at 83%,
down %; National Power & Light 6s, 2026, declined % to 75;
Puget Sound Power & Light 5%s, 1949, at 65% were up %.
Canadian utility issues were weak as a result of the drop
in the Canadian dollar and political developments, but some
recovery occurred late in the week. New York traction
issues were soft, with unification proceedings postponed
once again.
The outstanding feature in the industrial group this
week was the announcement that Swift & Co. had registered,
a $43,000,000 3%% refunding issue to mature May 1950.
This is believed in many quarters to be the forerunner of
considerable financing and refinancing as a result of the
recent simplification of the Securities Act of 1933 by the
Securities and Exchange Commission. Swift 5s, 1940 and
1943, objects of the refinancing, eased only slightly, as the
news had been anticipated for some time. Consolidation
Coal 5s, 1950, advanced 4% points to 38% for the week,
probably as a result of 1934 improvement as revealed in the
recently-issued annual report. General Steel Castings 5%s,
1949, dropped 3% points to 80, due to the poor outlook for
the railroad equipment business. Medium-grade steel bonds
were approximately unchanged. Porto Rican American Tobacco 6s, 1942, declined 2% to 46.
The general trend has been lower among foreign bonds.
Italian corporate issues were weak, although the Government 7s and some municipal issues were firm. Others showing losses included Australian, Argentine, Buenos Aires and
German Government obligations. On the other hand. Scandinavian issues were off only fractionally, and Japanese
bonds held up well.
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND PRICES
(Based on Average Yields)
MOODY'S BOND YIELD AVERAGES t
(Based on individual Closing Prices)
,
1935
Daily
Averages
120
U. 8.
Govt. Doneetic
Bonds
Corp.*
5*
Mar. 8-- 107.85
7-- 107.93
6- 108.17
5_ 108.37
4_ 108.37
2_ 108.15
1- 108.22
Weskly:
Feb. 23... 108.44
15- 107.49
8-- 107.47
1.- 107.10
Jan. 25_ 107.83
18- 108.79
11- 106.81
4._ 105.76
High 1935 108.44
Low 1935 105.66
High 1934 106.81
Low 1934 99.06
Yr.
Mar 8'34 102.84
2 Yrs.Ago
Mar. 3'33 98.20
120 Domestic Corporate*
by Ratings
120 Domestic
Corporate* by Groups
Aaa
Aa
A
Boa
RR.
101.64
101.81
101.97
102.30
102.64
102.81
102.47
119.48
119.48
119.69
119.48
119.69
119.69
119.48
110.98
111.16
111.16
111.54
111.35
111.16
111.35
101.14
101.31
101.47
101.81
101.81
102.14
101.64
81.42
81.66
81.66
82.38
83.23
83.48
82.99
95.63
96.08
96.39
97.16
97.78
98.09
97.78
102.81
102.30
101.64
101.31
102.14
100.81
100.81
100.33
102.81
100.00
100.00
84.85
119.48
119.07
118.66
118.04
118.04
117.43
117.63
117.43
119.69
117.22
117.22
105.37
111.18
110.79
110.42
110.05
110.05
109.31
109.12
108.94
111.54
108.57
108.75
93.11
102.14
101.14
100.49
100.33
100.81
99.52
99.52
98.88
102.14
98.73
99.04
81.78
83.97
83.60
82.50
82.38
84.35
82.26
82.50
81.54
84.60
80.95
83.72
66.38
95.18 110.61 102.47
93.85
78.32
96.85
87.96 101.14
74.67
72.06
54.18
69.59
76.35
99.04
85.48
P. U. Indus.
101.47
101.47
101.31
101.47
101.81
101.97
101.64
108.57
108.57
108.75
108.75
108.57
108.57
108.39
99.68 101.14 108.21
99.68 99.68 107.85
99.04 98.41 107.85
99.04 97.94 107.31
100.49 98.73 107.49
99.68 96.23 108.78
100.17 95.93 106.96
100.00 94.58 106.96
100.49 101.97 108.75
95.63 94.14 106.78
100.49 94.58 106.78
85.61 742.5 96.54
78.44
All
1935
120
Daily
DomesAtit70.18
tfc
Mar. 8_
7_
65_.
4_
2-1....
weal,
Feb. 23_
158-1.Jan. 25-18-11__
4._
Low 1935
High 1935
Low 1934
High 1934
Yr. AgoMar. 8'34
2 Yrs.Ago
Mar. 3'33
120 Domestic Corporate
by Ratings
A
120 Domestic
Corporate by Groups
tt
30
PerP. U. Insists. 810118
Arm
AG
Baa
RR.
4.65
4.64
4.63
4.61
4.59
4.58
4.60
3.69
3.69
3.68
3.69
3.68
3.68
3.69
4.12
4.11
4.11
4.09
4.10
4.11
4.10
4.68
4.67
4.66
4.64
4.64
4.62
4.65
6.09
6.07
6.07
6.01
5.94
5.92
5.96
5.03
5.00
4.98
4.93
4.89
4.87
4.89
4.66
4.66
4.67
4.66
4.64
4.63
4.65
4.25
4.25
4.24
4.24
4.25
4.25
4.26
6.12
6.12
6.11
6.07
6.04
6.03
6.03
4.58
4.61
4.65
4.67
4.62
4.70
4.70
4.73
4.58
4.75
4.75
5.81
3.69
3.71
3.73
3.76
3.76
3.79
8.78
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
6.13
5.90
7.58
4.77
4.77
4.81
4.81
4.72
4.77
4.74
4.75
4.72
5.03
4.72
5.75
4.68
4.77
4.85
4.88
4.83
4.99
5.01
5.10
4.63
5.13
5.10
P.74
4.27
4.29
4.29
4.32
4.31
4.35
4.84
4.34
4.24
4.35
4.35
4.97
6.02
6.04
6.01
6.12
6.14
6.14
6.21
6.30
6.01
6.33
6.84
8.61
5.06
4.14
4.60
5.15
6.36
4.95
5.57
4.68
7.26
6.70
4.81
5.76
6.96
9.27
7.22
6.54
6.35
lilt
•These prices are computed from average yields on the basis of one "Ideal" bond (414% coupon, maturing in 31 years) and do not purport to
show either the average
level or the average movement of actual prize quotations. They merely serve to Illustrate In a more °comprehensive way the relative levels and the
relative movement of
Yield averages, the latter being the truer picture of the bond market. For Moody's Index of bond prizes 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,
Average
t1
of
30
but
adjusted
to
a
2264.
foreign
bonds
page
comparable basis with previous averages of 40 foreign bonds.
1550
Financial Chronicle
March 9 1935
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, March 8 1935.
Business showed some improvement over that of the
previous week, with retail trade and the industrial rate
showing rising tendencies. Steel operations advanced to
48.2% as compared with 47.7% in the same week last year,
and electric output was 0.3% larger for the week. Coal
production, too, showed an increase of 400,000 tons over the
previous week. Lumber shipments and new orders, it is
true, were slightly smaller, but the total was the second
largest for the year, and production was the heaviest for
any week thus far this year. Automobile production continued to advance, and sales were larger. Bank clearings
reached the highest level for the current year. Retail failures were fewer. Retail business was best for several
weeks past. Sales of women's wear, millinery, hosiery and
shoes were rather large, and men's apparel sold on a larger
scale. There was also an increase in jewelry sales. Wholesale orders were larger, particularly in the apparel divisions.
Commodity markets were sharply lower in small trading.
Operators in most markets are pursuing a cautious attitude,
owing to uncertainty over the monetary situation. President Roosevelt's remarks at one time during the week that
the dollar was too high in relation to debts caused buying
and a quick rise in commodity prices, but later, when it was
denied that dollar devaluation was contemplated, a sharp
downward movement followed. The weakness of sterling
exchange for a time had a depressing effect. Spot cotton
continued in small demand, but the basis at the South remained firm. Some moisture was received in the grain
belt, particularly in the Southwest, but more is badly
needed. Sugar was rather active and firmer. Public interest, however, in all markets seems to have dried up owing,
it is believed, to uncertainty regarding the monetary outlook. The temperature here climbed to a near record high
for late winter on the 6th inst., but late in the week snow
flurries swept the city and the mercury shot down to 31
degrees. An ice storm gripped the area at the head of the
Great Lakes on the 5th inst. and six cities in Minnesota and
North Dakota were isolated. Southern California on the
2nd inst. was swept by a heavy rain. A dust storm over a
strip of the Texas Panhandle on the 3rd inst. turned day
into night, and temperatures dropped 15 points. Dust
storms in Kansas almost hid the sun from view. Dust and
vapor, with the sun trying to break through, caused weird
color shadows. A freak storm poured mud in Washington
streets. A tornado whipped Louisiana and Texas early in
the week, killing two persons and injuring several others.
It wrecked scores of buildings. To-day it was fair and
cold here, with temperatures ranging from 23 to 32 degrees.
The forecast was for fair to-night and Saturday; warmer
Saturday; Sunday probably rain and warmer. Overnight
at Boston it was 20 to 32 degrees; Baltimore, 34 to 44;
Pittsburgh, 26 to 56; Portland, Me., 14 to 80; Chicago, 24
to 30; Cincinnati, 30 to 48; Cleveland, 22 to 84; Detroit,
14 to 30; Charleston, 58 to 70; Milwaukee, 24 to 28; Dallas,
42 to 54; Savannah, 56 to 82; Kansas City, 26 to 36; Springfield, Mo., 30 to 38; Oklahoma City, 36 to 46; Denver, 26
to 50; Salt Lake City, 32 to 46; Los Angeles, 44 to 54;
San Francisco, 42 to 52; Seattle, 36 to 48; Montreal, 4 to 16,
and Winnipeg, 0 to 14.
Moody's Daily Index Recedes in Sympathy
with Pound Sterling
Primary commodity markets showed mixed trends during
the week in review, with declines outnumbering gains.
Weakness in most commodities coincided with lower quotations for the pound sterling. Moody's Daily Index of Staple
Commodity Prices declined, largely due to lower quotations
for wheat, corn, rubber and cotton. Notable exceptions to
the downtrend were hogs and silver, which rose to the best
levels since 1930 and 1938, respectively. The Index is now
157.0 against 158.3 the week before.
Only four items registered advances during the week,
namely top hogs, silver, wool and sugar. Of the other items
in the Index, wheat,rubber,corn,cotton, hides, coffee, steel,
silk and cocoa declined, the negative changes being in the
order named. Copper and lead were the only items to remain unchanged for the week.
The movement of the Index number during the week, with
comparisons, is as follows:
Fri.,
Mar. 1
Sat., Mar. 2
Mon., Mar.4
Tues., Mar.5
Wed., Mar.6
Thurs., Mar.7
Fri., May.8
158.3
157.8
157.6
157.2
157.0
156.9
157.1
2 Weeks Ago,
Month Ago,
Year Ago,
1933 High,
LOW,
1934-35 High,
Low,
Feb. 21
157.9
Feb. 8
159.1
Mar. 8
139.3
July 18
148.9
Feb. 4
78.7
Jan. 8'35.-160.0
Jan. 2'34.-126.0
Revenue Freight Car Loadings Rise 51,746 Cars
Loadings of revenue freight for the week ended March 2,
1935 totaled 604,642 cars. This is an increase of 51,746 or
9.4% from the preceding week, but a loss of 1,075 cars, or
0.2% 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 123,434 cars or
25.7% higher. For the week ended Feb. 23 loadings were
3.8% below the corresponing week of 1934, but 19.6%
above those for the like week of 1933. Loadings for the week
ended Feb. 16 showed a loss of 3.0% when compared with
1934 but an increase of 12.5% when the comparison is with
the same week of 1933.
The first 17 major railroads to report for the week ended
March 2 1935 loaded a total of 290,144 cars of revenue freight
on their own lines, compared with 266,985 ears in the preceding week and 288,721 cars in the seven days ended
March 3 1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded on Own Lines
Weeks Ended-
Received from ConnYns
Weeks Ended-
Mar. 2 Feb. 23 Mar. 3 Mar. 2 Feb. 23 Mar. 3
1934
1935
1935
1934
1935
1935
Atch. Top.& Santa Fe Ry
Baltimore & Ohio RR
Chesapeake & Ohio Ry
Chicago Burl. .1c Quincy RR _ _ _
Chicago Milw. St. P.& Pac. Ry_
Chicago & North Western Ry _
Gulf Coast Lines
Internat. Great Northern RR
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
N.Y. Chic. & St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry
17,909
28,548
22,017
13,355
18.887
13,064
2,752
2,411
4,084
13.977
44.772
4,376
18,228
56,198
5.372
21,057
5,137
16,076
25,264
22.124
12,048
15,048
12,388
2,449
1,801
3,588
12,410
40,564
3,872
17,876
52.151
5,369
19,280
4.679
17,068 4,967 4,558 4,208
27,747 14,029 13,813 13,499
21,229 7,042 8,927 6,947
14,795 6,674 6,145 6,373
17,991 7.010 8,333 6,320
14,295 8,861 8,973 8,679
2,399 1,233 1,017 1,173
2,872 2,014 1,976 1,928
4,372 2,552 2.525 2,782
13,854 7,142 6,904 7,797
43.946 59,975 58,445 64,433
3,760 9,494 8,947 8,870
17,618 3,972 3,603 3,751
58,998 35,123 33.084 34,694
5,499 5,285 5,042 5,403
19,205
x
5,073 9,342 8,340 8,059
Total
290,144 268,985 288,721 184,825 176,632 184,896
x Not reported
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks EndedMar. 2 1935 Feb. 23 1935 Mar. 3 1934
Chicago Rock Island & Pacific Ry
Illinois Central System
St. Louis-San Franc'sco Ry
Total
21,086
29,010
11,757
19,683
26,057
, 11.223
19.386
26,486
12,072
81,833
58,983
57,924
The Association of American Railroads, in reviewing the
week ended Feb. 23, announced that loadings of revenue
freight totaled 552,896 cars. This was a decrease of 29,085
cars below the preceding week and 22,012 cars below the
corresponding week in 1934, but an increse of 90,581 cars
above the corresponding week in 1933. All three years
included Washington's Birthday holiday.
Miscellaneous freight loading for the week ended Feb. 23 totaled 209,774
cars, a decrease of 2.807 cars below the preceding week but increases of
13,934 cars above the corresponding week in 1934 and 57,953 cars above
the corresponding week in 1933.
Loading of merchandise less-than-carload-lot freight totaled 142.471
cars, a decrease of 13.835 cars below the preceding week,,1,734 cars below
the corresponding week in 1934, and 1,021 cars below the same week in 1933.
Coal loading amounted to 127.075 cars, a decrease of 13.305 cars below
the preceding week, and 29,195 cars below the corresponding week in 1934.
but an increase of 23,715 cars above the same week in 1933.
Grain and grain products loading totaled 26,109 cars, an increase of
920 cars above the preceding week, but reductions of 1,351 cars below the
corresponding week in 1934 and 2,213 cars below the same week in 1933.
In the Western districts alone, grain and grain products loading for the
week ended Feb. 23 totaled 15,961 cars, a decrease of 2,062 cars below the
same week in 1934.
Livestock loading amounted to 11,234 cars, a decrease of 335 cars below
the preceding week, 4.058 cars below the same week in 1934, and 3.195
cars below the same week in 1933. In the Western districts alone, loading
of livestock for the week ended Feb. 23 totaled 8,462 cars, a decrease of
3,596 cars below the same week in 1934.
Forest products loading totaled 25.815 cars, an increase of 1.087 cars
above the preceding week, 3,223 cars above the same week in 1934, and
11,543 cars above the same week in 1933.
Ore loading amounted to 2.988 cars, decreases of 202 cars below the
preceding week and 193 cars below the corresponding week in 1934, but
an increase of 1,276 cars above the corresponding week in 1933.
Coke loading amounted to 7,430 cars, decreases of 608 cars below the
Preceding week and 2,638 cars below the same week in 1934, but an increase of 2,523 cars above the same week in 1933.
All districts except the Northwestern showed decreases for the week
of Feb. 23 compared with the corresponding week in 1934„ in the number
of cars loaded with revenue freight. All districts reported increases compared with the corresponding week In 1933.
Financial Chronicle
Volume 140
Loading of revenue freight in 1935 compared with the two previous
years follows.
Four weeks in January
Week of Feb. 2
Week of Feb. 9
Week of Feb. 16
Week of Feb. 23
TW,11
1935
1934
2,170,471
598,164
592,560
581,981
552,896
2,183,081
565,401
573,898
600,268
574,908
4
Ann
075
4 497
1933
1,924,208
486,059
504.663
517,529
462,315
nAa
a
1551
In the following table we undertake to show also the loadings for separate roads and systems for the week ended
Feb. 23 1935. During this period a total of 60 roads showed
increases when compared with the corresponding week last
year. The most important of these roads which showed
increases were the Chesapeake & Ohio RR. and the Southern
Pacific RR.(Pacific Lines).
R94 774
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED FEB. 23
Total Revenue
Freight Loaded
Railroads
1935
Total
Group BDelaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_
Ittsburgh & Shawmut
Pittsburgh Shawmut & North
Total
Group CAnn Arbor
Chicago Indianapolis & Louisv_
C. C. C.& St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line....
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
N.Y. Chicago & St. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia__ _
Wabash
Wheeling & Lake Erie
Total
Grand total Eastern District__
Allegheny DistrictAkron Canton & Youngstown__
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley
Cambria & Indiana
Central RR. of New Jersey_
Cornwall
Cumberland & Pennsylvania_ __
Ligonier Valley
Long Island
b Penn-Reading Seashore Lines
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk di Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup AAtlantic Coast Line
Clinchfleld
Charleston & Westerricarolina_
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac...
Southern Air Line
Southern System
Winston-Salem Southbound
1933
1935
Total Revenue
Freight Loaded
Railroads
1934
1935
1934
Total Loads Recetre4
from Connectiens
1933
1935
177
546
513
2.653
162
1,267
836
254
1,084
14,713
13,488
93
125
1,493
2.292
297
136
731
989
2.436
229
679
1,411
446
737
8,942
3.645
432
249
1,223
2.065
702
162
794
1.090
2,583
196
614
1,341
546
744
8.660
3,867
483
325
1.416
2,508
698
1934
2,687
2,432
6,918
908
3,337
9,063
489
2,121
2,261
6,147
761
2,613
7,952
451
1,735
2,304
5.895
557
2,463
8,193
461
318
4,233
9,933
1,579
2,932
10,751
960
182
4.225
9,988
2,099
2,453
11,631
973
25,834
22,306
21,608
30,706
31.551
3,657
7.144
10.019
146
841
6.175
1.796
18,139
1,819
508
330
5.643
10.075
12,870
139
2,177
8,252
1.929
18,928
2,189
546
423
3,969
6.425
9,201
152
1,075
6.315
1,097
15,153
2,069
315
268
6.146
6,098
13.240
1,803
1,037
6,067
35
27,081
1.641
24
279
6,895
5,800
14.818
1,716
1,073
6.679
37
28,808
2,227
16
289
50,574
63.171
46,039
63,451
68,358
533
1,245
7.271
31
193
312
3.147
3,895
7.744
4,114
3,872
5,369
4,869
910
4,679
3,310
479
1,136
6,708
27
204
186
1,907
3,859
7,166
5.389
3.440
4,883
4.467
1,151
4,652
3,274
372
1,293
6.380
19
172
187
1,118
2,449
5,082
2,730
3.135
3,590
2,342
969
4,117
2,716
1,111
1,742
12,214
61
73
3,720
2,409
7.451
9,956
158
8,947
5,042
4,676
1,143
8,340
2,880
1.007
1,573
12.325
80
114
3,677
1.447
7.311
10,240
158
8,832
5.185
5,305
851
7.393
2.989
51,494
48,928
36,671
69,923
68,487
127,902
134,405
104,318
164,080
168,396
474
25,264
1,171
222
1,214
4,287
3
383
157
692
1,028
52,151
10,916
7,399
95
3,056
427
27,199
1,613
260
1,257
6.323
5
399
241
509
921
53.868
13,880
6,089
109
3,216
259
20,481
643
220
a
3.965
3
292
211
788
737
44.283
9,200
2,590
79
2,529
679
13,813
1.705
8
14
9,425
55
25
16
2,219
1.117
33,084
14,318
1.383
834
13.634
1.112
5.550
5,333
108,512
116,316
86,280
83,411
85,643
10.304
52
9
13
3,076
1,451
34,123
14.516
1,172
22,124
17,876
1.334
3.547
21,889
18,359
1,037
3,810
18,014
14.075
861
3,168
6,927
3,603
1,158
751
7,025
3,512
1,172
708
44,881
45,095
36.118
12,439
12.417
8,800
1,147
338
168
38
1,138
482
307
7,191
18,370
138
8,783
1,232
321
147
54
1.103
497
389
7,022
19,411
133
7.923
784
316
120
42
1,369
467
259
6,202
15,888
137
4,773
1,616
1,128
233
91
1,159
823
3,012
3,391
11,957
641
4,723
1,607
992
439
102
1,145
1,027
2,072
4.014
12,663
618
Group BAlabama Tennessee & Northern
Atlanta Birmingham & Coast__
Ati. & W.P.-W.RR. of Ala__
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah__ __
Mississippi Central.
Mobile & Ohio
Nashville Chattanooga & St. L.
Tennessee Central
173
633
593
3,802
207
1,201
718
282
1.319
17.701
17,710
132
117
1,610
2,796
370
169
667
610
3,522
194
1,146
833
323
1,225
17,980
18,740
114
168
1,742
2,731
375
49,364
50,539
39,993
25.052
26,027
Grand total Southern Diatrict_
78.481
89,531
73,500
53.876
56,329
Northwestern DistrictBelt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chicago 5111w. St. P. & Pacific.
Chicago St. P. Minn. & Omaha
Duluth Mis.sabe & Northern.. _
Duluth South Shore di Atlantic_
Elgin Joliet di Eastern
Ft. Dodge Des Moines & South
Great Northern
Green Bay & Western
Lake Superior & Ishpeming__
Minneapolis & St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
Spokane International
Spokane Portland & Seattle___
917
12,386
1.801
15,048
2,847
440
654
3,169
254
9,084
590
244
1,220
3,926
7,285
86
1,011
749
13,436
2,096
15,856
3,271
460
503
4,041
249
7,266
506
273
1,597
3,652
7,963
74
799
523
11,268
1,810
13,094
2,605
364
379
2,597
232
6.876
474
160
1,422
3.681
6,027
55
580
1,549
8.973
2.279
6,333
2,609
102
277
6,054
135
2.745
465
105
1,397
2,105
2,392
201
836
1,438
8.536
2,244
5.792
2.506
133
296
4,097
120
1,683
371
124
1.143
2,053
2,031
158
1,178
62.962
62,791
52,147
38,557
33,903
16,076
2,362
162
12,048
1,688
9,098
2,820
763
1,942
445
893
1,763
.544
39
13,964
150
284
10,552
381
1,066
16,667
2,396
195
14,251
1,695
9,794
2,830
947
1.961
220
954
1,860
540
65
12,067
275
343
11,170
262
920
15,372
2,540
149
11.244
1,417
9,116
2,330
785
1.677
225
1.043
1,667
286
73
9,011
243
309
9,680
441
892
4.558
2,032
34
6,145
1.028
6,999
2,082
945
1,889
6
930
968
201
41
3.437
209
962
5.978
1,224
4,237
1,650
29
5,655
503
5,875
1,797
684
1.630
2
808
918
258
61
3,231
291
862
5,385
3
1.058
77.040
79,412
68,500
39.674
34,937
135
134
134
2,449
1,801
117
1,562
1,164
170
391
503
145
3,588
12,410
32
89
6,336
1,785
5.316
3,655
2,023
26
153
NN
WW
-.110
0
.
VOW -00.
0.0.W-4=50-400W-INNN.NN-40.0Nw
oc),ot,J.0..14>tAo.VW14..W,NWWCitto
Eastern DistrictGroup ABangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N.Y. N.II. & Hartford
Rutland
1934
Total Loads Received
from Conneatons
120
147
170
2,119
2,211
121
1,418
1.539
93
295
531
55
3,923
10,921
56
102
6,706
1,732
4,769
3,097
1,303
24
a
3,860
341
191
1,017
1,976
816
1,299
801
351
767
192
197
2,525
6,904
13
94
3,344
2,068
2,239
3.511
14,700
50
90
3,714
358
158
1.239
2,114
787
1,291
683
342
670
267
287
2,401
7,409
10
102
3,499
1,981
2,181
3,891
15.761
31
121
Total
Total
Central Western District
Atch. Top. & Sante Fe System
Alton
Bingham & Garfield
Chicago Burlington & Quincy_
Chicago & Illinois Midland...
Chicago Rock Island & Pacific
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western
Denver & Salt Lake
Fort Worth & Denver
•
Terminal
City.Ilnos
•
North Western Pacific
Peoria & Pekin Union
.
Southern Pacific (Pacific)_
St. Joseph & Grand laland_ _ _
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 di Gulf_ __
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas_ _
Litchfield & Madison
_
Midland Valley
Missouri & North Arkaasas__ _
Missouri-Kansas-Texas Lines_ _
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louts Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR. of St. Louis
_
Weatherford M. W.& N. W__
Wichita Falls & Southern
_
6
Total
38.117
38,992
33,507
28,824
30,302
Total
_
44.118
47.358
47.346
41,452
49.10
•Previous figures. a Not available. b Pennsylvania-Reading Seashore
Lines Include the new consolidated lines of the West Jersey & Seashore RR.. formerly Part el
Pennsylvania RR..and Atlantic City RR..formerly part of Reading Co.
January Net Operating Income of Class I Railroads
Reported Below January 1934
The net railway operating income of the Class I railroads
in January 1935 amounted to $21,348,557, which for that
month was at the annual rate of return of 1.50% on their
property investment, according to reports recently filed by
the carriers with the Bureau of Railway Economics of the
Association of American Railroads and made public yesterday
(March 8). In January 1934, their net railway operating
income amounted to $31,058,275 or 2.16% on their property
investment. The Association also reported:
Property investment is the value of road and equipment as shown by the
books of the railways, including materials, supplies and cash. The net
railway operating income is what is left after the payment of operating expenses, taxes and equipment rentals but before interest and other fixed
charges are paid.
This compilation as to earnings in January is based on reports from 145
Class I railroads representing a total mileage of 238,200 miles.
Gross operating revenues for the month of January amounted to 8264.213,172 compared with $258,014,517 in January 1934, or an increase
of 2.4%. Operating expenses in January this year totaled $212,971,508
compared with 8195,866,222 in the same month last year, or an increase
of 8.7%.
Class I railroads in January paid $19,868,948 in taxes, a decrease of
$766,326 or 3.7% under the same month last year.
Sixty-one Class I railroads operated at a deficit in January, of which 13
were in the Eastern, 15 in the Southern and 33 in the Western District,
Eastern District
The net railway operating income of the Class I railroads in the Eastern
District in January was 819,309,156, which was at the annual rate of return
of 2.81% on their property investment. For the same month in 1934, their
net railway operating income was $21,267,623 or 3.11% on their property
investment. Gross operating revenues of the Class I railroads in the
Eastern District in January totaled $140,289,062, an increase of 3.6%
over
Financial Chronicle
1552
the corresponding period the year before, while operating expenses totaled
$106,217,477, an increase of 7.4% above the same period in 1933.
Southern District
Class I railroads in the Southern District in January had a net railway
operating income of $2,756,082. which was at the annual rate of return of
1.12% on their property investment. For the same month in 1934, their
net railway operating income amounted to $5,272,361 which was at the
annual rate of return of 2.11%. Gross operating revenues of the Class I
railroads in the Southern District in January totaled $34,354,140, a decrease
of 0.7% under the same month in 1934, while operating expenses totaled
$28,296.959 which was an increase of 9.7% above January last year.
Western District
Class I railroads in the Western District in January had a net railway
operating deficit amounting to $716,681. In January 1934. their net
railway operating income amounted to $4,518,291, which was at the annual
rate of return of 0.89%. Gross operating revenues of the Class I railroads
In the Western District in January totaled $89,569,970, an increase of 1.8%
above January 1934, while operating expenses totaled 578,457,072, an
increase of 10.3% compared with the same month last year.
CLASS I RAILROADS-UNITED STATES
211onth of January-
Per Cent
Inc.(+)
Or
Dec.(-)
1934
1935
$264,213,172 5258,014.517
212,971,508 195,886,222
19,868.948 20,835.274
21,348,557 31,058,275
75.91
80.81
2.16%
1.50%
Total operating revenues
Total operating expenses
Taxes
Net railway operating income
Operating ratio-per cent
Rate of return on property investment
+2.4
+8.7
-3.7
-31.3
----
Slight Increase Noted in "Annalist" Weekly Index of
Wholesale Commodity Prices for Week of Mar.5
Further advances in livestock and meat prices during the
week were almost entirely offset by lower prices elsewhere,
and the "Annalist" weekly index of wholesale commodity
prices in consequence rose only 0.1 point to 125.0 on March
from 124.9 Feb. 26. The "Annalist" said:
The general decline (outside of the livestock and meat group) appears
to have been due in part to the dubious exchange situation precipitated
by the drop in sterling, and to the uncertainties surrounding Congress,
whiCh reacted adversely also upon the security markets. A further drop
In the pound or the devaluation of the gold currencies would undoubtedly
have a depressing effect upon the prices of international commodities.
THE ANALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for Seasonal Variation. (191100)
Mar. 5 1935
Feb. 26 1935
Mar. 8 1934
91.7
122.7
t122.7
Farm products
107.3
128.4
128.8
Food products
122.2
1106.4
•108.4
Textile products
157.5
154.5
157.5
Fuels
104.9
109.5
109.5
Metals
111.9
113.7
111.9
Building materials
100.1
98.7
98.7
Chemicals
87.2
79.8
79.6
Miscellaneous
124.9
108.2
125.0
commodities
All
64.6
73.8
73.5
b All commodities on old dollar basis
'Prellminary.
-tHevised
b Based on exchange quotations for France. Switzerland, Holland and Belgium.
Retail Prices of Food Increased Further During Two
Weeks Ended Feb. 12 According to United States
Department of Labor
Retail prices of food advanced 1.8% during the two weeks'
period ended Feb. 12 1935, Commissioner Lubin of the
Bureau of Labor Statistics of the United States Department
-of Labor announced Feb. 27. "The Bureau's current index,
122.0 (1913=400.0), is 12.7% higher than one year ago and
is the highest point reached since April 15 1931, when the
index was 124.0," Mr. Lubin said, adding:
Of the 42 articles of food Included In the index, 27 advanced In price,
8 showed no change and 7 declined in price. Of the six groups into which
these items are classified, five registered increases. Cereals alone showed
a decrease, the decline being 0.3 of 1% due to weakening prices for flour
and macaroni.
The meat group showed the greatest advance and rose by 3.5%. All
Items in this group, with the exception of leg of lamb and pork chops,
increased in price. The dairy products group advanced 2.5%, fresh milk
showing no change, while all other items of this group rose. Egg prices
rose 2.7%.
Fruit and vegetable prices increased 1.9%, oranges, cabbage and onions
accounting for the major increases.
Miscellaneous foods registered an advance of 0.5 of 1%. Prices of fats
and oils advanced, coffee declined and sugar remained unchanged.
Price increases occurred in 49 of the 51 reporting cities and in each of
the geographical divisions. New York and Portland. Ore., were the only
cities that showed no change.
From an announcement issued in the matter by the Department of Labor we take the following table:
INDEX NUMBERS OF RETAIL PRICES OF FOOD (1913=100.0)
1933
1934
1935
1930
Jan. 29 Nov.6 Aug. 14 May 8 Feb. 13 Feb. 15 Feb. 15
Feb. 12 2 Weeks 3 Mos. 6 Mos. 9 Mos. 1 Year 2 Years 5 Years
Ago
Ago
Ago
Ago
Ago
Ago
Ago
All foods
Cereals
Meats
Dairy products
Eggs
Fruits & vegs_
zzi.,,vai mons
122.0
150.9
140.1
117.3
111.6
110.4
99.5
119.8
151.3
135.4
114.4
108.7
108.3
99.3
115.3
152.1
122.8
107.8
113.9
105.3
98.4
111.8
149.8
121.1
103.4
87.8
118.1
91.6
108.2
144.2
114.9
99.9
87.5
131.7
88.8
108.3
143.3
106.7
102.6
81.1
135.0
87.5
90.9
112.0
99.0
90.3
62.0
89.5
83.9
153.0
161.8
183.1
138.5
136.8
190.9
127.6
The announcement also contained the following:
Prices used in constructing the weighted index are based upon reports
from all types of retail food dealers in 51 cities and cover quotations on
March 9 1935
42 important food items. The index is based on the average of 191eas
100.0. The weights given to the various food items used in constructing
the index are based on the expenditures of wage earners and lower-salaried
workers.
The following table shows the percentages of price changes for individual
commodities covered by the Bureau, Feb. 12 1935, compared with Jan. 29
and Jan. 15 1935, Feb. 13 1934, Feb. 15 1933 and Feb. 15 1930.
CHANGES IN RETAIL FOOD PRICES, FEB. 12 1935 BY COMMODITIES
Per Cent Change-Feb. 12 1935 Compared with
1935
1934
1933
1930
Feb. 13
(1 Year
Ago)
Feb. 15
(2 Years
Ago)
Feb. 15
(5 Years
Ago)
Commodities
Jan.29
(2 Weeks
Ago)
All foods
Cereals
Bread, white
Cornflakes
Cornmeal
Flour, wheat
Macaroni
Rice
Rolled oats
Wheat cereal
Dairy products
Butter
Chem
Milk,evaporated
Milk,fresh
Eggs
Fruits and vegetables
Bananas
Oranges
Prunes
Raisins
Beans, navy
Beans with pork,ond...
Cabbage
Corn.canned
Onions
Peas,canned
Potatoes. white
Tomatoes,canned
Meats
Beef-Chuck roast
Plate beef
Rib roast
Round steak
Sirloin steak
Hens
Lamb,leg of
Pork-Bacon, dined
Ham,sliced
Pork chops
Miscellaneous foods
Coffee
Lard, pure
Oleomargarine
Salmon, red, canned_.
Sugar
Tea
Vegetable lard sub.__
+1.8
0.0
+1.1
+2.0
-2.0
-0.6
+1.2
0.0
+0.4
+2.5
+6.5
+3.6
+1.4
0.0
+2.7
+1.9
-0.4
+5.6
0.0
+1.0
-1.8
0.0
+13.5
+1.6
+4.9
+0.6
0.0
+1.0
+3.5
+32.9
+5.3
+1.5
+2.2
+1.1
+3.0
-1.6
+2.0
+1.2
-0.7
+0.5
-0.4
+1.7
+2.3
+0.9
0.0
0.0
+1.4
Jan. 15
(4 Weeks
Ago)
+3.0
+12.6
+34.2
-20.3
0.0
+2.3
+2.0
-2.0
-0.8
0.0
+1.4
+0.4
+4.4
+13.0
+6.1
+2.9
-0.8
+2.4
+2.6
-0.9
+4.1
0.0
0.0
-1.6
+1.4
+27.3
+2.4
+2.4
+1.1
0.0
+1.0
+5.9
+10.8
+12.0
+8.3
+8.2
+6.0
+7.1
+4.1
+4.9
+3.7
-0.3
+1.4
-0.4
+4.7
+8.0
+0.5
0.0
+0.3
+3.4
+5.3
+5.1
-2.2
+18.6
+4.2
+1.3
+6.5
+11.9
+1.7
+14.3
+40.3
+12.4
+4.4
+2.6
+37.5
-18.3
-4.3
+11.9
+3.6
+5.4
+3.4
+1.4
0.0
+16.4
-8.5
+9.3
-35.7
-1.0
+31.3
+38.3
+37.3
+34.5
+33.2
+29.8
+18.7
415.2
+54.0
+30.9
+25.3
+14.1
+5.3
+85.8
+42.4
+0.5
-3.8
+8.8
+9.9
+34.8
+29.7
+2.3
+50.0
+72.4
+7.5
+41.4
+33.9
+9.0
+29.9
+40.3
+23.0
+7.6
+14.8
+80.0
+23.3
-2.2
+14.0
+28.1
+5.4
+46.3
+7.7
+35.5
+30.1
+65.4
+39.7
+20.0
+20.9
+41.5
+38.3
+40.0
+30.8
+36.0
+29.8
+28.2
+29.0
+75.5
+47.0
+88.8
+19.0
0.0
+133.8
+40.2
+12.1
+8.0
-10.3
+13.5
-13.6
-5.7
-6.4
-3.8
-2.0
-19.5
-14.6
-14.8
-5.1
-15.3
-9.5
-29.0
-23.7
-16.3
-18.4
-42.2
-29.1
-38.9
-37.7
-19.7
-51.2
-38.1
-37.3
-17.4
-16.7
+8.7
-53.8
-17.5
-23.5
-30.2
-32.7
-24.2
-24.0
-23.9
-28.5
-26.5
-14.3
-22.4
-15.6
-21.8
-34.9
+5.3
-32.1
-33.2
-18.9
-6.4
-13.9
National City Bank of New York Finds "Leveling Off"
of Upswing in Business Which Began in October
In its monthly letter for March the National City Bank
of New York states that "the reports from business during
the past month have supplied indications that the upswing
which began last October is finally leveling off, and wheh
all the February figures are in it is probable that they will
show little or no gain in productive activity over the
January rate." The bank goes on to say, in part:
This is in accord with conservative expectations. The rise in industrial
operations in preparation for spring business started early this year.
Hence, an early flattening out may be accepted as inevitable, and as
essentially one of the seasonal fluctuations in activity, though occurring
before its accustomed time. . . .
The late Easter and the opening up of outdoor occupations are favorable
seasonal factors whose effects are still to be felt. They will help to sustain
business, and may give new support to some of the industries, particularly
these selling consumers' goods, whose order books are now running down.
However, it would be expecting a great deal to look for the industries as a
whole to pile further gains upon those already described. Without such
gains the seasonally adjusted indexes compiled by the Reserve Board and
other authorities will naturally take a downward turn.
Among the industries, chief interest has centered upon automobiles and
steel, which have moved in opposite directions, automobiles showing further
expansion and steel operations contracting. This is unusual, since automobile takings constitute the largest item in steel orders under present
conditions, and the divergence is net likely to last long; but from which
direction it will be closed is not readily predictable. . . .
Trade Hesitant
Wholesale business in most lines has made a poorer showing in February
than in January, and in the primary textile markets the situation has
been especially disappointing. Cotton mills have been selling less than
their production for over two months, and eating into their unfilled orders
steadily. This is already forcing curtailment in the fine goods division,
and unsold stocks are reported accumulating in other quarters. . . .
Retail trade appears to be hesitant, for although it is running ahead
of last year the margin of gain is narrower than at the end of 1934, and
the decline from the holiday peak has been somewhat greater than usual.
The bank adds that "unquestionably there are favorable
factors in the prospect for spring trade."
Decrease in Wholesale Commodity Prices During Week
of March 2 Reported by National Fertilizer Association
Wholesale commodity prices declined in the week ended
March 2, the index of the National Fertilizer Association
dropping to 77.9% of the 1926-28 average, compared with
78.3 in the preceding week. A month ago the index was
77.7 and a year ago 71.6. With the exception of the two
weeks immediately preceding, the index last week was at
the highest level reached since January 1931. The following
is also from an announcement issued March 4 by the Association:
The general trend of prices was downward last week with only one
component group of the index advancing and six declining. The grains,
feeds and livestock group continued its upward movement, although 10
commodities in this group registered declines and only eight advanced.
The rise in the group index was due in large part to higher hog prices, which
reached the highest level since October 1930.
The fats and oils group dropped sharply last week following 10 consecutive
weeks during which this group had advanced, with the decline last week
due mainly to lower butter prices. Lower quotations for eggs, pork,
cornmeal. fotatoes, and apples resulted in the foods group declining to
76.7 last week from 78.5 in the week preceding. Minor declines were
registered by textiles, metals, fertilizer materials, and miscellaneous commodities. Commodities which declined last week included wool, burlap,
scrap steel, coffee, and rubber.
Thirty-one commodities declined last week and 22 advanced, compared
with 13 declines and 25 advances during the preceding week.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100)
.
Group
Latest
Week
Mar. 2
1935
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
Foods
Fuel
Grains, feeds and livestock__
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural implements
Month
Ago
Year
Ago
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
77.4
69.5
86.1
69.3
70.3
88.3
78.8
81.8
85.4
82.5
94.0
65.8
76.5
100.6
73.3
67.8
55.2
71.9
69.2
90.5
80.0
78.6
85.0
55.2
93.1
67.6
75.8
92.4
770
712 R
77 7
71 A
I
Preceding
Week
0
: 8gggre.4C2c-tig r.rog
iz;o:co'm bD;4*-4;-• 6:4
Per Cent
Each Group
Bears to the
Total Index
Inn 0
All crtnuna onmhlnad
Wholesale Commodity Prices Unchanged During Week
of March 2, According to Index of United States
Department of Labor
The general level of wholesale commodity prices was
unchanged during the week ended March 2, Commissioner
Lubin of the Bureau of Labor Statistics of the United States
Department of Labor announced March 7. The average
level of prices remained at 79.6 of the 1926 average, the
highest level reached since December 1930. Mr. Lubin
stated:
The March 2 index is 33%% above two years ago, the record low point.
As compared with the corresponding week of a year ago, this week's index
is higher by 8%. The trend of wholesale commodity prices, while not
pronounced, has been steadily upward since the first of the year, the
accumulated rise being more than 2%.
Of the 10 major groups of items covered by the Bureau two groups
-farm products and chemicals and drugs-registered increases over the
previous week. Six groups-foods, hides and leather products, textile
products, metals and metal products, building materials, and miscellaneous
commodities-showed decreases, while the fuel and lighting and housefurnishing goods groups remained unchanged.
As compared with the corresponding week of 1934, farm products have
registered the greatest rise with an increase of 29%. Foods advanced
22%; chemicals and drugs, 8%; miscellaneous commodities, 2%; and
fuel and lighting materials, % of 1%. Textile products, on the other
hand, have decreased 9%; hides and leather products. 3%,and building
materials, 2%. Housefurnishing goods and metals and metal products
are also slightly lower.
When compared with the corresponding week of 1933, which was the
low point, all of the commodity groups are higher. Farm products are
up by 97%;foods, 54%%;textile products. 37%;hides and leather products,
28%; building materials, 21%; miscellaneous commodities, 17%; fuel and
lighting materials. 15%; chemicals and drugs. 14%; housefurnishing
goods. 13%, and metals and metal products, 10%.
An announcement by the Department of Labor, from
which the foregoing is taken, added:
Advances in chemicals caused the group of chemicals and drugs to rise
0.7 of 1% to the highest point since March 1931. Drugs and pharmaceuticals and fertilizer materials remained unchanged, while average
prices of mixed fertilizers were down by nearly 1%.
GROUP INDEX NUMBERS FOR THE WEEK OF MARCH 2 1935 IN COMPARISON WITH MARCH 3 1934 AND MARCH 4 1933, AND THE
PER CENT OF CHANGE
Commodity Groups
Mar. 2
1935
Mar. 3
1934
P. C. of
Change
Mar. 4 P. C. of
1933 Increase
All commodities
79.6
73.6
+8.2
59.6
33.6
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Houseturnishing goods
Miscellaneous
All commodities other than farm
farm products and foods
80.0
82.5
86.6
69.4
73.9
85.0
84.7
81.6
81.9
69.9
62.0
67.5
89.8
76.6
73.5
85.1
86.5
75.4
82.3
68.6
+29.0
+22.2
-3.6
-9.4
+0.5
-0.1
-2.1
+8.2
-0.5
+1.9
40.6
53.4
67.6
50.6
64.4
77.4
70.1
71.3
72.7
59.6
97.0
54.5
28.1
37.2
14.8
9.8
20.8
14.4
12.7
17.3
77.6
78.6
-1.3
611.2
I7'2
An advance of 0.1 of 1% was recorded for farm products due to a 6%
advance in livestock and poultry. Average prices of poultry were up
11%; hogs. 7%; and cattle, 4%. Grains were lower by 1% and other
farm products including cotton, eggs, seeds, white potatoes, and wool
were lower by 3%. Important commodities increasing in price were
corn, dried beans, lemons, oranges, peanuts, and onions. The present
farm products index, 80.0, is the highest since October 1930. The general
average of farm products is now % of 1% above the "all commodities"
index and 3% above the average for the group of "all commotles other
than farm products and foods."
1553
Financial Chronicle
Volume 140
For the first time during the current year wholesale food prices have
registered a decrease. The index for the group, 82.5, is lower by 0.8
of 1%. The drop was due to declines of 4.4% in the sub-group including
coffee, eggs, and cocoa beans; 2% in butter, cheese, and milk sub-group,
and 1% for cereal products. Meats, on the other band, were higher by
2 1-3%, and fruits and vegetables 2%.
Textile products, with a decrease of 0.4 of 1%, have reached a new low
Silk and rayon prices are lower by early 1%%:
for the current year.
woolen and worsted, 0.6 of 1% due to a drop in the price of yarn; other
textile products. 0.4 of 1% because of declining prices of burlap and raw
jute, and cotton goods, 0.2 of 1%. The sub-groups of clothing and knit
goods remained unchanged.
Miscellaneous commodities also registered a drop of 0.4 of 1% due to a
decline of 3%.% in average prices of crude rubber, over 1% in cattle feed.
and a smaller decrease for cylinder oil and paraffin wax. The sub-groups
of automobile tires and tubes and paper and pulp remained unchanged.
A decrease of over 1%% for prices of hides and skins forced the index
of hides and leather products down 0.2 of 1% to 86.6. Average prices
for leather were higher. Shoes and other leather products were unchanged.
Metals and metal products, with an index of 85.0. registered a slight
decrease from the level of the previous week. Higher prices for plumbing
and heating fixtures were offset by falling prices for scrap steel and pig
tin. The sub-groups of agricultural implements and motor vehicles
remained unchanged.
Building materials, with an index of 84.7. also registered a decline of
0.1 of 1% because of lower prices for lumber and sand. Paint materials
and plumbing fixtures were slightly higher. The sub-groups of brick
and tile, cement, and structural steel remained stationary.
All sub-groups in the group of fuel and lighting materials were unchanged at the level of the previous week. The index for the group as
a whole remained at 73.9% of the 1926 average.
The index for the group of housefurnishing goods, 81.9, also remained
at the level of the previous week. No changes were reported in average
prices of furniture or furnishings.
The general level for the group of "all commodities othern than farm
Products" declined 0.1 of 1% from the level of the week before. The
present index, 77.6, compares with 78.6 for a year ago and 66.2 for two
years ago.
The index of the Bureau of Labor Statistics is composed of 784 price
series weighted according to their relative importance in the country's
markets and based on average prices of the year 1926 as 100.
The following table shows index numbers for the main groups of commodities for the past five weeks and for the weeks of March 3 1934 and
March 4 1933.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF MARCH 2.
FEB. 23. FEB. 16, FEB. 9, AND FEB. 2 1935, AND MARCH 3 1934 AND
MARCH 4 1933. (1926=100.0)
Commodity Groups
Mar.2 Feb.23 Feb.16 Feb. 9 Feb. 2 Mar.3 Afar.4
1935 1935 1935 1935 1935 1934 1933
All commodities
79.6
79.6
79.4
79.1
79.1
73.6
59.6
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
All commodities other than farm
nroductA and fonda
80.0
82.5
86.6
89.4
73.9
85.0
84.7
81.6
81.9
69.9
79.9
83.2
86.8
69.7
73.9
85.1
84.8
81.0
81.9
70.2
79.2
83.1
86.7
69.7
74.0
85.1
84.6
80.4
82.1
70.2
78.1
82.3
86.6
9.6
74.3
85.2
84.7
80.4
82.3
70.1
78.3
81.5
86.8
69.9
74.4
85.2
84.9
80.2
82.2
70.2
62.0
67.5
89.8
76.6
73.5
85.1
76.5
75.4
82.3
68.6
40.6
53.4
67.6
50.6
64.4
77.4
70.1
71.3
72.7
59.6
77.6
77.7
77.7
77.8
77.9
78.6
66.2
Business Conditions in Boston Federal Reserve District
-Activity Increased Slightly from December to
January
According to the Federal Reserve Bank of Boston a slight
improvement occurred during January in the seasonally
adjusted level of general business activity in New England
over the rate prevailing during December. "This rising
tendency in the volume of production," said the Bank,
"appeared to be distributed throughout the principal lines
of industry in the District, except in two major classifications
of the building industry, contracts awarded for residential
and for commercial and factory construction." From the
Bank's March 1 "Monthly Review" we also take the following:
Production of boots and shoes in New England increased in January
over December by more than the usual seasonal amount, and exceeded
the number of pairs produced in January 1934. by approximately 12%.
Between 1933 and 1934 production of boots and shoes decreased in Massachusetts, but increased in Maine and New Hampshire, with a small net
gain in the total for the three States combined. . . .
Between December and January an increase of 1.4% was recorded In the
number of wage-earners employed in representative manufacturing establishments in Massachusetts and a gain of 2.5% in aggregate weekly payrolls,
according to the Department of Labor and industries. These increases were
oontrary to the seasonal changes between December and January. which
during the nine-year period 1925-1933 were average decreases of nearly
2% in employment and 2.6% in payrolls. . .
The sales volume of 1,002 retail concerns in Massachusetts during
January was $18,827,392, as compared with $18,693.668 in the corresponding month in 1934. Of 11 major classifications, Increases were reported
in five groups, while in six a decrease in sales was shown. The largest Increase was in the food group, amounting to 6.1%, while the greatest decline.
9.0%, was in the furniture group. The sales of nearly one-half the reporting
concerns were larger in January 1935, than in January 1934.
Production of Electricity Rises During Week Ended
March 2
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 2 1935 totaled 1,734,338,000 kwh. Total
output for the latest week indicated a gain of 4.6% over
the corresponding week of 1934, when output totaled 1,658,040,000 kwh.
1554
Financial Chronicle
Electric output during the week ended Feb.23 1935 totaled
1,728,293,000 kwh. This was a gain of 5.0% over the
1,646,465,000 kwh. produced during the week ended Feb. 24
1934. The Institute's statement follows:
PERCENTAGE INCREASE OVER 1934
Major Geographic
Divirknis
New England
Middle Atlantic
Central Industrial
West Central
Southern States
Rocky Mountain
Pacific Coast
Week Ended
Mar. 2 1935
Week Ended
Feb. 23 1935
Week Ended
Feb. 16 1935
1.3
1.0
5.0
3.9
7.1
11.4
6.3
3.3
2.7
5.8
6.3
6.0
13.6
1.6
2.6
3.2
9.0
7.4
7.1
15.6
4.9
2.8
4.5
8.8
9.1
7.9
15.2
4.7
4.6
5.0
7.3
6.8
Total United States-
Week Ended
Feb.9 1935
Arranged in tabular form, the output in kilowatt-hours of
the light and power companies of recent weeks and by
months is as follows:
DATA FOR RECENT WEEKS
Week of-
1935
1934
Jan. 5._ 1.668,731.000 1,563,678,000
Jan. 12___ 1.772,609,000 1,646,271.000
Jan. 19._ 1,778,273,000 1,624,846,000
Jan. 26._ 1,781.666,000 1,610.542,000
Feb. 2.__ 1,762,671,000 1,636,275,000
Feb. 9___ 1,763,696,000 1.651,535,000
Feb. 16___ 1,760,562,000 1,640,951,000
Feb. 23.... 1.728,293,000 1,646,465,000
Mar. 2.._ 1,734,338,000 1,658.040.000
P. C.
Ch'ge
+6.7
+7.7
+9.4
+10.6
+7.7
+6.8
+7.3
+5.0
+4.6
Weekly Data for Previous Years
in Mali(MS of Kilowatt-Hours
1933
1932
1931
1930
1929
1.426
1.495
1,484
1„470
1,455
1.483
1,470
1,426
1.423
1.619
1,602
1,598
1,589
1.589
1.579
1.545
1,512
1.520
1,714
1,717
1,713
1,687
1.679
1,684
1,680
1,633
1.664
1,680
1,816
1,834
1,826
1.809
1.782
1,770
1,746
1.744
1,542
1,734
1,787
1,717
1.728
1,726
1,718
1,699
1.707
1934
January._ -.
February ___
March
April
May
June
July
August
September
October
November_ _
December
7,131,158.000
6,608.356,000
7,198,232,000
6,978,419,000
7.249,732,000
7.056,116.000
7.116.261.000
7.309,575,000
6,832,260,000
7.384,922,000
7,160,756,000
7,538.337,000
1933
1§§§§§§§§§§§§
Afenth of-
:4=.40.avcommmo.co
-oeololablm
8
wow.-oowb2www
4....a.,
—w000cwa,wo.o
.
..,O,Val'obtob*
M.--,Cn,QA.WOWCOO
"
DATA FOR RECENT MONTHS
%
Change
1932
1931
+10.0
+13.2
+16.4
+15.8
+11.0
+3.6
+0.8
+1.3
-1.4
+4.1
+4.8
+7.5
7,011.736.000
6,494,091,000
6,771,684,000
6,294,302,000
6,219,554.000
6,130,077.000
6.112,175,000
6.310,667,000
6,317,733,000
6.633,865,000
6,507,804,000
6,638,424,000
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
111 Total
85,564.124,000 80,009,501,000 +6.9 77,442,112,000 86,063,969,000
Note-The monthly figures shown above are based on reports covering approximately 92% of the electric Ight and power Industry and the weekly figures an
based on about 70%.
Indexes of Business Activity of Federal Reserve Bank
of New York
In presenting its monthly indexes of business activity in its
"Monthly Review" of March 1, the Federal Reserve Bank
Of New York stated that "for the first half of February,
available data on the primary distribution of goods indicate
that somewhat more than the average seasonal expansion
occurred in the movement of merchandise and miscellaneous
freight over the railroads and that bulk freight car loadings
increased slightly in contrast to a usual downward tendency
at this time of year." Continuing the Bank said:
Retail trade, as reflected by department store sales in the Metropolitan
area:of New York, appears to have shown less than the average expansion
from the January level, but retail sales of automobiles are reported to have
shown at least the usual February increase.
In January some decline in general business activity and trade appears
to have occurred, after allowance for the usual seasonal variations. Sales of
department stores in the cities, general merchandise sales in rural areas, and
sales of chain stores other than grocery systems declined by larger amounts
than in other recent years, while sales of grocery chains and the volume of
advertising were unchanged after seasonal adjustment. The volume of
check transactions also was reduced more than seasonally, but the movement
of merchandise and miscellaneous freight over the railroads increased somewhat, and sizable increases occurred in sales of new passenger automobiles
and the amount of new life insurance placed.
(Adjusted for seasonal variations, for usual year-to-year growth, and, where
necessary, for price changes)
Primary DistributionCar loadings, merchandise and miscellaneous__
Car loadings, other
Exports
Imports
Wholesale trade
Distribution to ConsumerDepartment store sales. United States
Department store sales, Second District
Chain grocery sales
Other chain store sales
Mail order house sales
Advertising
New passenger car registrations
Gasoline consumption
General Business ActivityBank debits, outside New York City
Bank debits, New York City
Velocity of demand deposits, outside N. Y. City_
Velocity of demand deposits, New York City
New life insurance sales
Factory employment, United States
Business failures
Building contracts
New corporations formed, New York State
Real estate transfers
General price level •
Compoxite index of wages •
Cost &living •
Jan.
1934
Nov.
1934
61
60
48
60
93
56
54
47
64
88
58
62
509
609
99
-94
70
70
72
85
71
56
27
82
70
71
63
79
75
60
55
77
75
73
63
84
74
60
44p
68
70p
68
63
80
71p
59
549
--
57
43
72
53
63
76
42
46
65
50
133
179
135
57
38
64
40
60
78
43
26
60
49
140
181
139
Preliminary. r Revised. • 1913 averagf=100.
Dec.
1934
83
45
71
47
69
80
39
22
52
53
140
181
138
Jan.
1935
61
al
59p
42p
65
45
82
82p
35
249
60
lii
182
140
March 9 1935
Business Conditions in Cleveland Federal Reserve
Bank District-January Industrial Operations
Reported Above December
"Industrial operations in the Fourth (Cleveland) District
in January were at a higher rate than in December, even
allowing for usual changes, and the volume of trade declined
by a less-than-seasonal amount," states the Cleveland Federal Reserve Bank. "The upward movement, however," the
bank said, "was not so sharp as in December, and in the
first half of February there was a slowing down in some
lines, although declines have been slight and not so noticeable in this section as in some parts of the country because
operations in the automobile industry continued to expand
in the period." Continuing, the bank also had the following
to say in its "Monthly Business Review" of Feb. 28:
The greater part of the expansion in the past two months was due more
to the automobile industry than to any other single factor. Production In
January.was 292,765 units, the highest for that month since 1929. A
further expansion in plant activity was reported in the first three weeks
of February, but when allowance is made for the fact that assembly plant
operations generally increase at a rapid rate at this time of year, the
"Annalist's" weekly index of production showed little change in February
and was only slightly under the average for the three years 1927-1929. . . .
Retail trade in January in Ohio declined less than seasonally from
December; buying prior to Jan. 27, the effective date of the 3% sales
tax, particularly of the more expensive types of merchandise, was In
considerable volume. Dollar sales at Fourth District department stores
were 14.5% larger than in January 1934, and the seasonally adjusted
index of daily average sales was 77.4% of the 1923-1925 monthly average,
compared with 74.1 in December. This was higher than since 1931.
Wholesale sales of groceries and dry goods were larger in January than a
year ago, but declines were shown in other reporting lines.
Business Conditions in Richmond Federal Reserve
District-Trend During January and Early February Mixed
The volume of business in the Fifth (Richmond) District
during January and February, according to the Richmond
Federal Reserve Bank, "showed recession from business in
the preceding fall and winter months in some lines, but in
other lines increased activity after the new year was noted,
most of the changes being seasonal." In its Feb. 28
"Monthly Review" the bank added:
In comparison with conditions in January and early February last year,
distinct improvement is shown in nearly all lines of trade and industry
this year, the only outstanding exception being in construction fields.
Last year at this season a considerable volume of Government-aided work
was either under way or was being started, but now most of that work has
been finished and new projects are awaiting Congressional action on funds.
As a result, the number of building permits issued in January 1935 was
relatively small and contracts actually awarded were much lower in valuation than contracts awarded in January 1934. On the other hand, retail
trade in January, as reflected in department store sales, exceeded the
volume of sales made in January last year by 6%, and collections also
showed improvement this year. Wholesale trade, likewise, registered a
seasonal increase in sales in comparison with December, and three of five
reporting lines showed larger sales last month than in January 1934.
Textile mills not only made the usual increase in operations over December, but consumed more cotton than in January last year. Tobacco sales
were much small in January 1935 than in January 1934, but this was
due to late selling last year and early selling this year. . . .
There was some increase in unemployment in January and early February,
but most of it was seasonal in nature, due to unfavorable weather for
outside work.
Wholesale and Department Store Trade During January
in Chicago Federal Reserve District Above Year
Ago-Increase Also Noted in Mid-West Distribution
of Automobiles
"As was the case last January, counter-to-seasonal expansion took place in the month this year in the wholesale
grocery, dry goods, and drug trades," said the Federal
Reserve Bank of Chicago in reviewing merchandising conditions in the Seventh (Chicago) Federal Reserve District
in its "Business Conditions Report" of Feb. 28. As to trade
at wholesale the Bank also said:
Grocery sales increased 2% over the preceding month, dry goods sales
20%, and the drug trade 1%, as against recessions in the 1925-34 average
for January of 6, 4 and 1% respectively. The wholesale hardware trade
felloff22% in the comparison with a month previous and the wholesale
electrical supply trade 27%. both of which declines are about seasonal in
amou,nt. For the second successive month, sales of drugs failed to equal
the corresponding volume of a year ago, although the difference was less
than 2%; gains shown over last January in the hardware and dry goods
trades were smaller than in the yearly comparison for several months past:
while increases in groceries and electrical supplies were somewhat greater
than in the year-ago comparison for December. For reporting wholesale
hardware and electrical supply firma, the ratios of accou,nta outstanding at
the end of January to net sales during the month rose noticeably over the
corresponding ratio for December, but for other groups this ratio declined
further.
WHOLESALE TRADE IN JANUARY 1935
Per Cent Change
from Same Month Last Year
Stocks
Accts. Outstanding
Collections
Ratio of
Accts. Outstanding to
Net Sales
+19.6
+4.4
+4.0
+1.8
+1.9
-0.8
-10.7
+3.4
-8.9
-5.3
+17.6
+16.7
46.0
-2.0
+18.6
88.0
233.8
204.7
187.1
170.4
Commodity
Groceries
Hardware
Dry goods
Drugs
Electrical supplies --•
Net
Sales
+11.4
-1-6.7
+11.8
-1.8
+16.3
Financial Chronicle
Volume 140
The Bank had the following to say regarding department
store sales in the Chicago District:
Seventh District department store trade continued, during the first
month of 1935, to exceed the volume of the corresponding month a year
Previous, although the gain of 9% recorded over last January was considerably smaller than in the yearly comparison for either of the two closing
months of 1934. It will be noted in the table that Milwaukee trade showed
Practically no increase over January 1934; however, at that time, sales of
Milwaukee stores exceeded those of January 1933 by a greater percentage
than did trade in the other large cities of the District. The 52% decline
shown in District sales for the current period from December 1934 was
average for January; recessions ranged from 50% for Indianapolis sales to
56% for the total of stores in smaller centers; Milwaukee trade fell off 53%
Chicago 52% and Detroit trade 51%. With Chicago stores carrying stocks
at the end of January that were 2% heavier in aggregate value than a month
,i% less in the
previous, the total for the District as a whole was only 3;
comparison, which recession is somewhat smaller than usual for the first
month of the year; stocks totaled slightly less in dollar volume than a year
ago.
DEPARTMENT STORE TRADE IN JANUARY 1935
Locality
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Per Cent Change
Jan. 1935 from
Jan. 1934
Ratio of January Collections
to Accounts Outstanding
End of Preceding Month
Net
Sales
Stocks End
of Month
1935
1934
+6.6
+17.9
+13.8
+0.2
+5.3
+1.1
+1.4
-2.6
-9.2
+4.3
32.1
50.9
48.0
43.0
35.6
30.3
40.5
45.2
36.4
33.0
Seventh District
+8.8
-0.6
43.2
37.2
Although the dollar volume of shoes sold during January by reporting
dealers and department stores totaled 7% heavier than in the month last
year, the gain is wholly attributable to sales by department stores, as the
reports of practically all dealers showed declines in the comparison. Aggregate sales were 56% smaller in January than a month previous, the decline
comparing with one of 51% in the 1926-34 averagd for January.
Sales of furniture and house furnishings aggregated 12% larger this
January than a year ago, according to the reports of dealers and department stores; a recession of 35% in sales from the December volume was
about seasonal in extent.
Thirteen chains reporting to this bank had sales in January totaling
little more than 1% in excess of those a year ago. Among the groups to
record gains over last January were drug, grocery, cigar, and shoe chains,
while five-and-ten-cent stores, men's clothing, and musical instrument
chains reported a smaller dollar volume of sales. All groups except shoes
shared in the decline of 45% from a month previous.
Reporting on the distribution of new automobiles in the
Middle West the Bank said that heavy gains occurred both
at wholesale and retail during January over a month previous
as well as a year ago. The Bank added:
Stocks of new cars on hand also increased substantially in these comparisons. The large increase in sales over those of last January is partly
attributable to the fact that sales expansion was retarded last year by
delays experienced in receiving new models. Used car sales in January
failed to follow closely the trend of new cars. increasing by only 6% over
the preceding month and totaling 12% below those of January 1934.
Deferred payment sales comprised 47% of the total retail sales in January
of dealers reporting the item, as against a ratio of 50% in December and of
51% last January.
Business Conditions in San Francisco Federal Reserve
District-Slight Expansion During January Noted
"After allowance for seasonal changes," states the Federal
Reserve Bank of San Francisco, "Twelfth (San Francisco)
District 'business activity expanded slightly further during
January and was approximately as high as at any time since
the spring of 1933. Employment by private enterprise was
reduced by slighly less than the seasonal amount during
January," the bank said on Feb. 25, continuing, in part:
Industrial production increased during January, and in most imoprtant
industries exceeded that of a year earlier. Output at lumber mills, adjusted
for seasonal influences, advanced for the third successive month. Cement
production decreased from the relatively high level prevailing at the end of
last year. There was some increased activity in the manufacture of iron
and steel and other metals. Crude oil production during January exceeded
output in any month since the 1934 peak reached in July. . . .
Following the good Christmas siowing, department store sales receded
by somewhat more than the customary amount, and intercoastal water-borne
commerce failed to show the usual seasonal expansion. Freight loaded on
district railroads held up better than is customarily expected at this
season.
In most parts of the district rain and snowfall continued to exceed normal
expectations during January and the first half of February, and while it is
still too early to determine definitely, the outlook for adequate irrigation
water during the coming crop season is good. Condition of planted crops
and livestock ranges improved further. . . . Volume of marketing
generally was smaller than last year, due partly to the tendency of farmers
to withhold products for higher prices.
Mill Shipments of Lumber Heaviest of Year Continue
Well Above A Year Ago
The National Lumber Manufacturers Association reports
that shipments from the lumber mills during the week ended
March 2 1935, were the heaviest of any week of the year
and were 22% above those of corresponding week of last
year. New business was well up to the average of previous
weeks of 1935 and was 9% above that booked during similar
week of 1934. For the year to date, shipments and orders
were 30 and 27% respectively, above what they were for the
same period of 1934; production totals about the same.
These comparisons are based upon reports from 1,009 mills
1555
for the week ended March 2 which showed production
152,375,000 feet; shipments, 198,141,000 feet; orders
received, 185,533,000 feet. Revised figures for the previous
week were mills, 1,129; production, 176,257,000 feet; shipments, 189,531,000 feet; orders, 192,202,000 feet. The
Association further reported that:
All regions but Northeastern Hardwoods reported orders above production during the week ended March 2 1935. Total softwood orders were
21% above output; hardwood orders, 34% above hardwood production.
Total shipments were 30% above output. All regions but West Coast,
Southern Cypress, Northern Pine and Northeastern Hardwoods reported
orders above those of corresponding week of 1934; total softwood orders
were 8% above last year's week, hardwood orders 32% above in the same
comparison. Production was one% above those of similar week of 1934.
Unfilled orders on March 2, as reported by 943 identical mills were the
equivalent of 30 days' average production compared with 26 days' on
similar date of 1934. Identical mill stocks on March 2 were the equivalent
of 164 days' production, compared with 166 days' a year ago.
Forest products earloadings totalled 25,815 cars during the week ended
Feb. 23. This was 1,087 cars more than during the preceding week, 3,223
cars above corresponding week of 1934 and 11.543 cars above similar
week of 1933.
Lumber orders reported for the week ended March 2 1935, by 850 softwood mills totalled 173,427.000 feet; or 21% above the production of the
same mills. Shipments as reported for the same week were 188,791,000
feet, or 32% above production. Production was 143,333.000 feet.
Reports from 191 hardwood mills give new business as 12,106,000 feet,
or 34% above production. Shipments as reported for the same week were
9,350,000 feet, or 3% above production. Production was 9,042,000 feet.
Unfilled Orders and Stocks
Reports from 1,268 mills on March 2 1935, give unfilled orders of 840.237,000 feet and gross stocks of 4,656,448,000 feet. The 943 identical
mills report unfilled orders as 776,753,000 feet on March 2 1935, or the
equivalent of 30 days' average production, compared with 688,729.000
feet, or the equivalent of 26 days' average production on similar date a year
ago.
Identical Mill Reports
Last:week's production of 742 identical softwood mills was 142,120,000
feet, and a year ago it was 141,681,000 feet; shipments were respectively
186.985,000 feet and 152,872,000; and orders received 171,515,000 feet,
and 158,912.000 feet. In the case of hardwoods,115 identical mills reported
Production last week and a year ago 7,853,000 feet and 6,149,000 feet;
shipments 8,369,000 feet and 7,040,000 feet and orders 11,172,000 feet and
8,436,000 feet.
Fewer Farmers Threatened with Foreclosure, According to Land Bank Commissioner Goss
The number of farmers threatened with foreclosure was
only about one-third as many in the last half of 1934 as in
the first half of the year, and the number has been decreasing each week almost without exception since the beginning
of this year, according to a statement made March 6 by
Albert S. Goss, Land Bank Commissioner of the Farm Credit
Administration. Mr. Goss said that from Oct. 3 1933 to the
end of that year the number of requests received for aid
from mortgagors was 19,332; for the first half of 1934 it
was 22,667; whereas for the last half of 1934 it was only
8,314. The requests during 1935 have run from 233 to 321 a
week. He continued:
The total number of appeals received by the FCA from Oct. 3 1938 to
Dec. 31 1934 amounted to 50,313. The greatest number of requests came
from the Omaha district, representing 1.6% of the total farms in the area
which comprises Iowa, Nebraska, North Dakota mid Wyoming. This was
followed by Wichita with 1.2%. This district embraces Kansas, Oklahoma,
Colorado and New Mexico. Practically the same percentage was received
from the Federal Land Bank Districts of Berkeley, Spokane and St. Paul.
The requests from the St. Louis district, which incorporates Arkansas,
Illinois and Missouri, equaled approximately 1% of the total hums of
these States. There was received from the Springfield district, which
Includes all of New England, New York and New Jersey, requests amounting
to approximately 0.8% of the farms recorded in that area by the United
States Census of 1930. Virtually the same proportion holds for the Louisville district, which includes Indiana, Ohio, Kentucky and Tennessee.
Requests were made in the Baltimore district, covering Pennsylvania, West
Virginia, Virginia, Maryland and Delaware, of a little over 0.5% of the
total number of farms. Requests for aid in the New Orleans, Houston
and Columbia districts ran about 0.35% of the farms recorded in the last
agricultural census.
Indexes of Farm Prices and Purchasing Power of Bureau
of Agricultural Economics Show Increases from
Jan. 15 to Feb.15.
An advance of four points in the index of prices of farm
products and of two points in purchasing power during the
month ended Feb. 15 are reported by the Bureau of Agricultural Economics, United States Department of Agriculture. The farm price index is 111 and purchasing power 87,
calculated on a five-year pre-war base of 100. Under date
of March 5 the Bureau also announced:
The advance in prices last month was led by truck crops,-following
freezes in Southern States, and is attributed to reduced marketings of these
crops-hogs, cattle, and reduced storage holdings hof dairy products and
poultry products. A slight advance in prices of cotton seed was offset by
a downturn in local market prices of cotton.
All mid-February group indexes of prices were higher than a year ago.
Truck crop prices were up 87 points; chickens and eggs, up 41 points;
meat animals, up 40 points; grains, up 35; dairy products, up 29; cotton
and cottonseed, up 15; fruits, up 3, and miscellaneous products, up 3.
The mid-February purchasing power figure of 87 was the highest since
June 1930, and that corn, oats, barley, cottonseed and truck crops were
bringing parity prices or better. The purchasing power figure a year ago
at this time was 70.
Financial Chronicle
Hog prices averaged $7.10 per 100 pounds on Feb. 15 compared with
$6.87 on Jan. 5, and with $3.87 on Feb. 15 last year. Reduced hog
supplies are the result of the adjustment program, intensified by last
summer's drought, which cut feed crops and forced marketings at lighter
weights of the 1934 spring pig crop. The hog-corn ratio rose to 8.4 on
Feb. 15 compared with 8.1 on Jan. 15. Corn prices declined slightly
during the month, on limited demand and favorable winter weather in the
drought area as well as increased imports.
Wheat prices averaged 87.9c. per bushel on Feb. 15 compared with 89.3c.
on Jan. 15 and with 72.0c. on Feb. 15 last year. Wheat prices were lower
than corn prices at local markets in Missouri, Nebraska, Kansas, and in
West South Central and Far Western States on Feb. 15.
Cotton prices averaged 12.2c. per pound on Feb. 15 compared with 12.3c.
on Jan. 15. Cotton cloth markets were dull, and cotton exports were
substantially under corresponding 1934 figures. The average farm price
on Feb. 15 a year ago was 11.7c.
A sharp upturn in marketings of 1934 late crop potatoes depressed
average prices received by farmers 0.9 of a cent per bushel from Jan. 16
to Feb. 15, putting the price on the latter date at 45.2c. compared with
87.7c. a year ago.
Dairy products prices rose contra-seasonally from Jan. 15 to Feb. 15,
on account of relatively light production and marketings and small cold.
storage holdings. Butterfat prices averaged 35.9c. a pound on Feb. 15
compared with 30.5c. on Jan. 15, and with 21.6c. a year ago.
Farm Income in January Above December and January
Last Year, According to Bureau of Agricultural
Economics
January farm income was $498,000,000 compared with
$488,000,000 in December and $485,000,000 in January 1934,
reports the Bureau of Agricultural Economics, United States
Department of Agriculture. The Bureau, under date of
March 1, further said:
Cash income from crops and livestock was $428,000,000 in January
compared with $435,000,000 in December and $425,000,000 in January
1934. Rental and benefit payments by the Agricultural Adjustment Administration in January totaled $63,000,000 compared with $47,000,000 in
December and $60,000,000 in January last year. Income from emergency
sale, of cattle in the drought area totaled $6,000,000 in January, and
income from the sale of sheep and goats $1,000,000. The decrease in
income from farm marketing, in January was less than usual.
Farm income during the first six months of this year will be slightly
larger than in the same period last year. A smaller income from crops
during this period will probably be more than offeet by a larger income
from livestock. Rental and benefit payments during the first six months
of this year, it Is estimated, will be considerably higher than in the same
period last year, or from $300,000,000 to $350,000,000 compared with
$149,000,000 last year.
Acreage for Beet Sugar Planting in 1935 Fixed at
975,500 Acres by AAA
Sugar beet planting in 1935 was fixed by the Agricultural
Adjustment Administration at 975,500 acres on Feb. 20.
This represents a decrease of 10% from 1933, the year of
highest acreage for the United States, said Associated Press
advices from Washington, Feb. 20, which added:
The acreage will vary slightly, officials explained, through later minor
adjustments to be made in some districts. It applies to continental United
States.
Total production on the basis of average growing conditions would be
1,550,000 short tons, the quota allowed under the Jones-Costigan Control Act.
Allotments were made to companies which operate within a factory
district. Each company received an allotment for that district. The
total allotment will be divided equally among farmers within the district
according to their production during 1933, each making about a 10%
reduction below the 1933 figure.
AAA Orders Reduction in Puerto Rican Sugar Crop
for Next Two Years
Over the protests of producers and processors, said Associated Press advices from Washington, Feb. 22, the
Agricultural Adjustment Administration announced that day
a two-year program for reduction of sugar production in
Puerto Rico. The advices added:
The program provides for reduction of about 263,000 tons in the current
crop to the quota which will be established for 1936 under the Jones-Costigan
Act.
Producers and processors of sugar will be required under the contract
to be submitted to them shortly to bring the present crop down to the
779,000 tons quota for export and 60,000 tons for insular consumption
fixed under the Act.
In return producers will receive cash benefit payments totaling about
$11,000,000 during the two years through which the program will run.
World Sugar Stocks to Decrease During 1935 According
to Estimate of Lamborn & Co.
According to a survey recently completed by Lamborn &
Co., 1935 will be the fourth consecutive year in which a
decrease in world sugar stocks will be recorded. The firm
states that on Aug. 31 1935 the world stock will approximate
9,225,000 long tons, raw sugar, which compares with
9,990,000 tons on hand on Aug. 31 1934, a falling off of
765,000 tons, equivalent to 7.6%. The firm on Feb. 27
further announced:
World sugar stocks reached the peak on Aug. 31 1931, with 12,362,000
tons. Since then the reduction has aggregated over 3,000,000 tons.
World sugar production during the crop year ending Aug. 31 1935,
according to the Lamborn survey, will approximate 25,769,000 long tons
SW compared with 25,709,000 tons during the previous year, an increase
of 60,000 tons, or approximately 1/5 of 1%.
March 9 1935
World sugar consumption during the current crop year is forecast at
26,534,000 tons as against 26,287,000 bons last year, an increase of 247,000
tons, or approximately 1%.
The Lamborn estimates of production and consumption
for the current season, by geographic divisions, compare
with the previous year's figures as follows (in long tonsraw sugar value):
WORLD PRODUCTION
North America
South America
Europe
Asia
Attica
Oceania
Total
1934-35
1933-34
Changes
6,307,000
1,687,000
8,355,000
7,797,000
849,000
774,000
7,054,000
1,644,000
7,169,000
8,181,000
942,000
719,000
-747,000
+43,000
+1,186,000
-384,000
-93,000
+55,000
25.769.000
25.709.000
+60.000
WORLD CONSUMPTION
North America
South America
Europe
Asia
Africa
Oceania
Total
1934-35
1933-34
Changes
6,590,000
1,352,000
9,576,000
7,859,000
717,000
440,000
6,519,000
1.386,000
9,448,000
7,757,000
722,000
455,000
+71,000
-34,000
+128.000
+102,000
-5,000
-15,000
26.534.000
26.287.000
+247,000
Increase Noted in Sugar Crop of Czechoslovakia for
1934-35 as Compared with Previous Season
The Czechoslovakian 1934-1935 sugar crop, harvesting of
which has just been completed, is reported at 625,000 long
tons, raw sugar, as contrasted with 511,000 tons last season,
an increase of 114,000 tons, or 22.3% according to advices
received by Lamborn & Co. Under date of March 2 the
firm also reported:
In 1931, when Czechoslovakia became a member of the International
Sugar Agreement, production totaled 1,123,000 tons. Since that time,
production has been steadily curtailed, the 1934-1935 crop being the first
to show an upturn.
Czechoslovakia is one of the leading European sugar exporting countries.
During 1934 the foreign shipments totaled 183,703 long tons, raw sugar,
as against 228,829 tons in 1933, a decrease of 45,126 tons, or 19.7%.
Under the International Sugar Agreement, a crop year export quota of
562,000 long tons was allotted.
Annual consumption approximates 397,000 tons.
Sr
February Trading in Coffee Futures on New York
Coffee & Sugar Exchange Largest Since July 1933Sugar Futures Trading Below January
The New York Coffee and Sugar Exchange announced
as follows, on March 3, regarding coffee and sugar futures
trading on the Exchange during February:
Trading in coffee futures on the Exchange during February amounted to
988,000 bags, a gain of 77.6% above the January trading, which totaled
556,250 bags, and the largest February volume since 1929, according to
the Exchange statistician. The February volume was also the greatest
for any month since July 1933. Prices declined over 100 points, or lc.
per pound, during the month.
Trading in sugar futures during February amounted to 488,100 tons,
compared with 599,750 tons during January and 459,950 tons during
February 1934. For the two months of the year so far, 1,087,850 tons
have been traded, a gain of 20% above the similar period in 1934. The
new No. 3 contract's volume during February totaled 250,300 tons, exceeding the volume traded in the old No. 1 contract, which amounted to
237,800 tons.
Sr
Coffee Destruction in Brazil Reported Decreasing
Destruction of coffee by Brazil is practically halted, it
was revealed March 3 in cables to the New York Coffee &
Sugar Exchange, showing only 28,000 bags eliminated by
burning from Feb. 15 to Feb. 28. This was the smallest halfmonthly total since the beginning of the destruction program
in June 1931, and compares with 196,000 bags burned
during the first half of February and 514,000 bags destroyed
during January. Since the beginning of the program, it
is stated, 34,846,000 bags have been destioyed with a
value estimated in excess of $300,000,000.
Imports of Sugar by United States During January
and February Under Jones-Costigan Sugar ActReport of AAA
In a report issued March 2 on sugar exports to the United
States under quotas allotted by the Jones-Costigan Sugar
Control Act, the Sugar Section of the Agricultural Adjustment Administration stated that during January and
February a total of 986,439 short tons, raw value, entered
the United States for consumption from Cuba, the Philippines, Puerto Rico, and Hawaii. It was noted that the
Virgin Islands had not exported any sugar during the two
months under its quota. The report is the second such to
be issued; a previous report for January was given in our
issue of Feb. 16, page 1159. According to the latest report
the imports during the two-month period represents 22.1%
of the total of 4,454,019 short tons allotted the areas for 1935
under the Sugar Act, leaving 3,446,580 tons which may
Volume 140
Financial Chronicle
still be entered during the remainder of the year. The
following table shows the amounts exported during January
and February by the off-shore areas and also the amount
still remaining to the credit of each country (in short tons,
raw value):
Area
Cuba
Philippines
Puerto Rico
Hawaii
Virgin Islands
Amount
Entered
304,892
388,352
161,457
131,638
Balance
Remaining
1.552,130
530,000
612,963
762,146
5,371
The report notes that in addition to the sugar charged
against the quotas for Cuba and other insular areas, a large
proportion of the sugar which may be admitted from fullduty countries was admitted during January and February.
The following table shows, in pounds, the amount admitted
by these countries and the amount which may be admitted
during the balance of 1935:
Area
Peru
Dominican Republic
Haiti
France
Germany
Dutch East Indies
Mexico
China
Hong Kong
United Kingdom
UnaBetted Reserve
Total
Amount
Entered
7.343.561
4,406,150
608,950
116
77
68.100
143.961
53.252
9,744
1.198
16,998
Balance
Remaining
12,652,107
4,834,004
71.570
3.841,557
127.373
230.502
583.002
The quotas for 1935 under the Jones-Costigan Act were
given in these columns of Jan. 12, page 222.
World Coffee Deliveries Dropped During Period from
July 1 1934 to Feb. 28 1935 as Compared with Same
Period Year Ago According to New York Coffee
& Sugar Exchange
World coffee deliveries during the first eight months of
the current season, July 1 1934 to Feb. 28 1935, amounted
to 14,686,965 bags, a decrease of 1,769,743 bags or 10.8%
when compared with 16,456,708 bags delivered during the
similar 1933-34 period, according to the New York Coffee
& Sugar Exchange, which, on March 4, said:
United States deliveries during the current period totaled 7,468,965 bags
compared with 8.289,708 bags in 1933-34, a drop of 820,743 bags. or 9.9%•
Deliveries of Brazilian grades were off 16.3% while coffee from countries
other than Brazil increased 8.1%. Brazil's percentage of total deliveries
dropped from 73.6% during the eight months of 1933-34 to 68.3% during
the current season.
European areas report distribution of 6,546.000 bags compared with
7.298.00. bags during the previous season, a decrease of 752,000 bags or
10.3%. Brazilian deliveries to "other than United States or European
points" dropped from 869,000 bags during the 1933-34 eight months to
672,000 bags this season, a decrease of 22.7%.
Decrease of 14.4% Reported in World's Visible Supply
of Coffee March 1 as Compared with March 1 Year
Ago
The world's visible supply of coffee, exclusive of restricted
stocks in Brazil, decreased 1,086,989 or 14.4% from Mar. 1
1934 to Mar. 1 1935, according to figures compiled by the
New York Coffee & Sugar Exchange, which show stocks
of 6,476,872 bags this year compared with 7,563,861 last
year. The Exchange on March 6 announced:
United States supplies dropped 282,989 bags or 8.3% from 1,677,861 to
1,394,872 of which Brazilian coffee, afloat and in stock, were 998,251 against
1,433,652 a year ago, while coffees of other countries totaled 395,621 bags
against 242,209 last year. Stocks In Brazilian ports awaiting shipment were
2,133.000 bags this year. 23.8% less than the 2,800,000 bags total on Mar.1
1934. European supplies were also lower totaling 2,949,000 bags this
year compared with 3,086,000 bags last year. On Feb. 1 1935, United
States supplies were 1.235,702 bags, European supplies 2,057,000 bags and
Brazilian port stocks 2,244,000 bags. The world's testi amounted to
6,476,872 bags.
Petroleum and Its Products—Six Texas Oil Units
Named in Injunction Suit—Governor Marland
Gets Inter-State Compact Ratified by Oklahoma
House—Administrator Ickes Cancels "Exclusive"
Contracts—Crude Oil Futures Trading Starts—
Crude Oil Output Under Quota
Federal Judge Kennerly has set March 18 for hearings
on the first injunction suit brought in Texas under the
recently-enacted Connally "hot oil" measure which named
six companies in a complaint filed in Federal Court in
Houston Thursday.
The application sought a restraining order against the
Artex Refineries Sales Co., the Deepwater Oil Terminals,
Inc., the Gulf Marketing Corp., the Seaboard Tankers'
Co., Inc., the International-Great Northern RR. and L. W.
Baldwin and Guy A. Thompson, trustees, and the Houston
Belt & Terminal Ry. from shipping or causing to be trans-
1557
ported approximately 93,000 barrels of allegedly "hot oil"
from the East Texas field.
A hearing to consider adjustments of the Texas oil production allotment during April will be held in Austin March
18 by the Railroad Commission. It is indicated that
next month's quota will be higher than the March allowable,
due to the rise in demand resulting from seasonal developments.
Re-establishment of the Federal Tender Board under the
authority contained in the new Connally "hot oil" bill was
ordered by Administrator Ickes on March 2 following the
signing of the order creating the FTB by President Roosevelt.
"I anticipate that the operations of the new Tender Board
will be equally as successful as the Tender Board which was in
operation at the time Section 9-C of the NIRA was declared
invalid, and will immediately result in a sharp decrease in
the production of illegal oil," he said.
The Oklahoma House of Representatives Wednesday
passed the Senate measure approving the inter-State compact
plan for control of crude oil production developed at the
recent meeting of Governors and representatives of the major
oil producing States and sent it to Governor Marland for his
signature. New Mexico already has approved the pact.
Coincident with orders providing that retail dealers in
gasoline and other products may cancel exclusive dealer
cdntracts on 30 days' notice if they so desire, the Oil Administrator Tuesday disclosed that he had asked the Federal
Trade Commission to study the legal operation and effect
of lease and agency, lease and license and other forms of
exclusive dealer arrangements common in the oil industry.
In making his announcement, Administrator Ickes held
that the loosening of the regulations governing such contracts, coupled with the Federal Trade Commission petition,
may be expected to do much toward the settlement of "the
vexing lease and agency and lease and license question
which has disturbed the marketing and refining branches of
the oil industry for the past several years."
When questioned as to whether or not he believed that
exclusive dealing contracts violate anti-trust regulations, he
answered that he has referred this problem also to theFederal
Trade Commission for a legal ruling.
It was explained that under the various methods of exclusive dealing contracts the usual procedure is to guarantee
the signing retail dealer a higher profit margin in return for
distributing exclusively the gasoline of one company. It
was charged that through these arrangements, attempts
have frequently been made to prevent dealers from handling
refined products made by other companies than the original
distributor.
"I find," Mr. Ickes said, "that small independent marketers of petroleum products other than gasoline have been
placed at a disadvantage through the institution of exclusive
dealing contracts covering such products.
"These marketers have found it difficult, and at times
impossible to obtain retail outlets for their products. The
very nature of the service and filling stations at which
petroleum products are sold to the public makes it necessary
that dealers in such products be assured a continuous supply
of gasoline. Motor fuel is unquestionably the sales leader.
"If the larger companies continue to write exclusive dealing
contracts and thereby give the retailer the choice either of
accepting their lubricating oils and other subordinate products or of using a brand of gasoline not having a large sale
acceptance, independent marketers of lubricating oil and the
like will suffer. Provisions in contracts requiring exclusive
sale of lubricating oils, greases and other products are,
therefore, considered proper subjects for prohibition.
"I, therefore, have chosen to prohibit differentials in
favor of exclusive contracts only where the standards of
prior legislation are clearly violated. That is to say, the
practice of discriminating in price in favor of operators
who are neither lessors nor bona fide agents must cease."
The order, which he said would affect about 150,000
filling stations, independent refiners and supply companies,
was promulgated under authority granted him in the petroleum code, Administrator Ickes said.
Administrator Ickes Friday ordered Shell Oil Co. to
recognize five unions as collective bargaining agents for
all California employees of the company, sustaining a
decision handed down by the Petroleum Labor Policy Board.
Mr. Ickes supported the Board's action in overruling the
contention of previous employees' representatives that
results of an employee election should be determined by
departments.
1558
Financial Chronicle
"It is the belief of the Board," it was stated,"that Section
7, Article 2 of the petroleum code crystallizes a legislative
intent to give employees economic strength in their relationship with their employers.
"It is obvious that this strength is only effective to the
extent that it represents the opinion or desire of many
as against the opinion or desire of an individual or few.
"To the extent therefore that facts and circumstances in
each case so justify, it is the duty of the Board to certify
as collective bargaining agencies the largest possible groups
of employees, numerically speaking, who consider themselves and who may be considered by present and past
objective facts and circumstances homogeneous and similar."
The Board ruled that on a Statewide basis 51.6% of the
voting employees had chosen as their representatives the
International Association of Oil Field, Gas Well & Refinery
Workers of America, the International Association of
Machinists, the International Brotherhood of Boilermakers
& Welders, the International Brotherhood of Blacksmiths &
Helpers, and the International Brotherhood of Electric
Workers.
Provision was made against any possible complaints by
an individual or minority group against agreements negotiated by the Unions, it was pointed out, the Board announcing that it later would "determine whether or not
some other arrangement is necessary to protect these interests."
The Oil Administrator also ordered the Keener Oil &
Gas Co. of Bartlesville, Okla., to dissolve its company
union and co-operate with the Petroleum Labor Policy Board.
No action has been taken by the Texas Co. in regard to
Mr. Ickes'ruling ordering them to dissolve a company union
at its West Tulsa, Okla., refinery, despite the fact that
the time limit has expired, it was stated. Mr. Ickes made
no statement on his next step in the matter.
Formal trading in crude oil and gasoline futures opened
Tuesday morning on the Commodity Exchange, Inc., after
brief ceremonies under the supervision of Jerome Lewine,
President of the Exchange. Dr. W. E. Dunn, Assistant
Director of the Bureau of Foreign & Domestic Commerce,
was a guest speaker.
The contract unit for crude oil is 2,000 barrels of 42 gallons
each, and for gasoline is 42,000 gallons. The base grade
for crude oil is Mid-Continent 36 to 36.9 gravity; that for
gasoline United States motor within the range of 55-59
octane. The first month in which trading is permitted
is June 1935.
The new market provided the first petroleum futures
facilities for New York since 1923, when a short-lived
attempt was made to establish a New York Petroleum
Exchange. This market, formed to "provide, regulate,
maintain, own, lease and operate a mart or place for the
purchase, sale, exchange and general trading in all securities,
leases and products and by-products of petroleum," did
not exist very long.
Among the men identified with the founding of this
market were William G. Skelly, head of the Skelly Oil Co.;
C. L. Maguire, head of the McGuire Petroleum Co. of
Chicago, and Homer F. Wilcox, President of the H. F.
Wilcox Oil & Gas Co.
January crude oil production averaged 2,539,000 barrels,
or 78,715,000 barrels, an increase of 120,000 barrels over
the previous month's daily average, the Bureau of Mines
reported late this week. The daily average was 78,000
barrels above the Federal quota for this period.
An increase of 50,000 barrels in the daily average total
for Texas represented the largest jump with other gains
noted in the coastal fields of Louisiana and in Oklahoma,
despite a sharp cut in the Oklahoma City field.
A drop of 37,000 barrels in daily average crude oil run to
stills brought an increase in crude oil stocks to 338,174,000
barrels at the close of January, against 337,254,000 on
Dec. 31 last.
While production of gasoline was off slightly from the
December total, consumption in the first month of the
current year showed an increase of 2% over the previous
period. An increase of 6,060,000 barrels in gasoline stocks
represented a rise of 890,000 barrels in excess of allocations.
Reporting refineries operated at 69% of capacity, against
70%.
A decline in the petroleum product price index to 48.8
on Jan. 31 from 49.8 on the close of the previous month and
51.1 on the comparable 1934 date was disclosed in the
report.
March 9 1935
Daily average crude production for the week ended
March 2 held within the Federal allowable for the first
time in several weeks, dipping 62,350 barrels from the
previous week to 2,473,850, against the Federal quota of
2,520,300 barrels, reports to the American Petroleum
Institute disclosed.
Texas output rose 5,750 barrels to 1,022,850, against
an allowable of 1,020,100; California dipped 22,600 barrels
to 465,700, against 492,600, and Oklahoma was off 41,250
barrels to 457,800, against 491,000.
An increase of 2,208,000 barrels in crude oil stocks held
in the United States during the week ended March 2 brought
the total to 323,575,000 barrels, the Bureau of Mines
reported Friday. Stocks of domestic crude rose 2,013,000
barrels and foreign stocks 195,000 barrels.
There were no price changes posted.
Prices of Typical Crudes per Barrel at Well
(All gravities where A. P. I. degrees are now shown)
Bradford. Pa
70
$2.35 Smackover. Ark.. 24 and over
Lima (Ohio 011 Co.)
1.15 Eldorado. Ark.. 40
$1 00
Corning. Pa
1.00
1.32 Rusk. ex., 40 and over
Illinois
.87
1.13 Darst Creek
Western Kentucky
1.02
1.08 Midland District, Mich
Mid-Cont., Okla.. 40 and above__ 1.08 Sunburst, Mont
1 35
Hutchinson, Tex.. 40 and over
.81 Santa Fe Springs. Calif., 40and over 1.34
Spindletop, Tex.. 40 and over
1.01
1.03 Huntington. Calif.. 28
Winkler. Tex
2.10
.75 Petrolla. Canada
REFINED PRODUCI'S—TEXAS RETAIL GASOLINE UP—MIDWEST BULK MARKET STRENGTHENS—OHIO PRICES
IMPROVE—KEROSENE SOFT IN LOCAL MARKET—MOTOR
FUEL STOCKS RISE
All marketers posted an advance of 1 cent a gallon in
service station prices of gasoline in Houston Wednesday.
The markup, applicable to all Texas common points, was
explained as due to the normal seasonal rise at this time and
in part to the improvement in the general situation.
Under the new schedule, which became effective immediately, premium gasoline is posted at 19 cents a gallon,
regular at 17 cents and third-grade 15 cents a gallon.
A general strengthening has taken place in the Texas
markets for refined petroleum products following the passage
of the Connally "hot oil" bill and the re-establishment of
the Federal Tender Board. The normal seasonal firming of
prices has been aided by these factors, it was pointed out.
The improved outlook combined with the normal spring
rise in demand proved a decidedly bullish influence in the
Chicago bulk gasoline market, low-octane material moving
into higher price levels as demand bettered.
Low-octane gasoline moved XI cent a gallon higher over
the week-end to 3% to 3% cents a gallon March 4, against
33 to n• cents on March 2. Later it added another X;
cent a gallon gain and at the close of this week was generally
posted at ni to 33 cents a gallon.
Gradual improvement in areas in Ohio affected by pricewars was seen in Monday's announcement by the Standard
Oil Co. (Ohio) of an advance of 1 cent a gallon in Auglaize,
Mercer and Van Wert counties and in parts of Champaign,
Paulding, Hardin and Defiance counties.
The advance, which applied to all three grades, left prices
still 1 cent a gallon under the State-wide level, reductions of
2 cents a gallon having been posted recently to meet cutprice competition. Under the new schedule, premium is
posted at 18M cents, regular at 16M and third-grade at
15 cents.
In the local market, kerosene has shown marked seasonal
easiness, and while there have been no further changes posted
here, fractional cuts have been made at other points along
the Atlantic Seaboard. Norfolk, Richmond, Wilmington,
N. C., and Charleston, S. C., have all been affected by the
downward movement although reductions have been slight
as yet.
With the retail prices of gasoline still under the influence
of the prevailing price war, wholesale quotations are not
exceptionally strong. However, they are being well maintained despite the spreading of the "8 for a $1" offerings of
gasoline in Brooklyn. Favorable weather aided consumption.
An increase of 1,255,000 barrels in gasoline holdings as
refiners increased their working stocks in anticipation of the
spring spurt in demand brought the March 2 level to 55,654,000 barrels, reports to the American Petroleum Institute
indicated. A week earlier, stocks had recorded an advance
of 1,988,000 barrels.
Reporting refineries operated at 69% of capacity, against
71.3% in the preceding week, with daily average runs of
crude to stills pared 81,000 barrels to 2,351,000 barrels.
Representative price changes follow:
March 4—Standard Oil of Ohio advanced gasoline prices at service
stations 1 cent a gallon in Anglaise. Mercer and Van Wert counties and in
parts of Champaign, Paulding. Hardin and Defiance counties.
Volume
Financial Chronicle
140
March 4-Wholesale prices of low-octane gasoline in Chicago rose
% cent a gallon to 334 to 334 cents.
March 6-All marketers advance Houston service station prices of
gasoline 1 cent a gallon to 19 cents. 17 and 15 cents for the three grades, the
markup affecting all Texas common points.
March 7-Wholesale prices of low-octane gasoline in Chicago rose
34 cent to 334 and 334 cents a gallon.
New York
Brooklyn
Newark
Camden
Boston
Buffalo
Chicago
Gasoline. Service Station, Tax Included
Minneapolis
Cincinnati
8.175
.8.14
New Orleans
.175
.125-.14 Cleveland
Philadelphia
Denver
.21
.157
Pittsburgh
17
152
Detroit
San Francisco
16
Jacksonville
195
12 Houston
Si. Louts
.17
LOS Angeles
163
18
8.149
165
16
17
185
158
Kerosene. 41-43 Water White, Tank Car, F.O.B. Refinery
New York:
I North Texas-$.03 -.03)(INew Orleans 8.05
(Bayonne) -$8.0534-.061Los Angeles-- .04 M-.05% I Tulsa
ossinossi
N.Y.(Bayonne):
Bunker C
Diesel 28-30 D
Fuel 011, F.O.B. Refinery or Terminal
Callfornla 27 plus D
Gulf Coast C
$1.00
$1.15
91.05-1.20iPhlla.. bunker C..- 1.18
1.89 New Orleans 0.
1.00
Gas 011, F.O.B. Refinery or Terminal
N.Y.(Bayonne):
'Chicago:
I Tulsa
27 Was
$.0434-.051 32-36 00._--$.02-.0214
$.02..0214
U.S. Gasoline, Motor(Above 63 Octane),Ta k Car Lots, F.O.B. Refinery
Standard 011 N. .1.:
Chicago
$.04;4,04lt
Motor, U. S
1.06
ColoMM-Beacoo $ 0554 New Orleans-.-- .05%
Texas
Socony-Vacuum:
.06
.06 Los Angeles.ex_.0434.-0441
Tide Water Oil Co. .06
Gull
.06 Gulf ports.- ---- .04%
Richfield 011 (Cal.) .06
Republic 011
.064 Tulsa
.0414-.049(
Warner-Quinlan Co. .06
Shell East'n Pet--8.06
Output of Coal Again Declines During Latest Week
Production of soft coal during the week ended Feb. 23
is estimated at 8,316,000 net tons in the weekly coal report
of the United States Bureau of Mines. This is a decrease
of 199,000 tons, or 2.3% from the preceding week, and compares with 8,330,000 tons produced in the corresponding
week last year. In some sections of the country Washington's Birthday was observed as a holiday. For the country
as a whole, the day was equivalent to 0.9 of a normal working
day.
Anthracite production in Pennsylvania during the week
ended Feb. 23 is estimated at 821,000 net tons. Compared
with the preceding week, this shows a decrease of 336,000
tons, or 29.0%. Production during the corresponding week
in 1934 amounted to 1,710,000 tons.
During the coal year to Feb.23 1935, 317,532,000 net tons
of bituminous coal and 48,423,000 net tons of anthracite
were produced. This compares with 313,120,000 tons of
bituminous and 48,000,000 tons of anthracite produced in
the corresponding period of 1933-34. The Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
Week Ended
Feb. 23
1935 c
Feb. 16
1935 d
1934-35
1933-34 e
1932-33 o
Saturn. coal. a
Total period_ 8,316,000 8,515,000 8,330.000 317,532,000 313,120,000 272,474,000
Daily avge_ 1,409,000 1,419,000 1,388,000 1,154,000 1,134,000
988,000
Pa. anthra.. b
Total period_ 821,000 1,157.000 1,710,000 48,423,000 48,000,000 44,476,000
Daily avge__ 149,300 192,800 310,900
177,700
176,100
162,600
Beehive coke.
rota' period_
25,600
26,100
36,300
760,200
839,500
600,100
Daily avge__
4.267
4.350
6,050
2,715
2,998
2.143
•Includes lignite, coal made into coke, local sales and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales and colliery Cue. c Subject
to revision. d Revised. e Production for first week in April adjusted to make
comparable accumulations for the three years.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES (NET TONS)
Week Endedrec. HI
1935
89
0
§
ocicLoogo
8888888§§§§ §§§§§§§§§
C,
06.-.•-...;00Mt:NTei•-7CidTC•itZt.i•Ciat;44
0.t..0500MMOV.ONM0000,
-,CNNWt..00.
0,
VN.
N
cc
..0r2
N
Alabama
Arkansas and Oklahoma_
Colorado
Illinois
Indiana
Iowa
Kansas and Missouri
Kentucky-Eastern
Western
Maryland
Montana
New Mexico
North Dakota
Ohio
Pennsylvania (bituminous)
Tennessee
Texas
Utah
Virginia
Washington
West Virginia-Southern a
Northern_ b
Wyoming
Other States
Fee. it
1935
rep. 17
1934
Feb. 18
1933
205,000
252,000
164,000
55,000
40,000
89,000
131,000
109,000
166,000
1,132,000
933,000 1,041.000
411,000
366,000
386,000
90,000
69,000
105,000
146,000
113,000
181,000
718,000
676.000
652,000
206,000
184,000
231,000
41,000
41,000
36,000
58,000
43,000
69,000
25,000
23,000
34,000
37 000
33,000
80,000
505,000
547.000
426,000
2,120,000 1,905,000 1,611,000
96,000
93,000
90,000
15,000
14,000
16,000
66.000
38,000
115,000
219.000
215,000
166.000
38,000
28,000
47,000
1,538,000 1,610,000 1,528,000
584,000
595,000
406,000
101,000
69,000
85.000
13,000
19,000
23,000
Feb. 16
1929
406,000
170,000
301,000
1,722,000
472,000
133.000
212,000
1,014,000
411,000
63,000
97,000
61,000
66,000
455,000
2,928,000
129,000
25,000
150,000
281,000
77,000
2,071,000
725,000
170,000
21,000
Total bituminous coal.. 8,515,000 8,550,000 8,015,000 7,747,000 12,160,000
Pennsylvania anthracite
1.157,000 1.388,000 1,655,000 1,283,000 1.672,000
(I 1,0 AAA
CI 111,0 11.1111
ill WW1 NMI
11 11.3/1. nein 1 0 00n .........•
a Includes operations on the N.& W.; C.& 0.; Virginian; K & M.,and B. C.& G
b Rest of State, including Panhandle district and Grant, Mineral and Tucker
Counties.
Imports of crude and refined oil at principal United States ports totaled
1,272,000 barrels for the week, a daily average of 181,714 barrels, against a
daily average of 57,571 barrels the week before and 125,536 barrels over
the last four weeks.
Receipts of California oil at Atlantic and Gulf Coast ports totaled 389,000
barrels for the week, a daily average of 55,571 barrels. against 31.536
barrels over the last four weeks.
Reports received for the week ended March 2 1935 from refining companies owning 89.8% of the 3.795.000 barrel estimated daily potential
refining capacity of the United States, indicate that 2,351.000 barrels of
crude oil daily were run to the stills operated by those companies and they
had in storage at refineries at the end of the week, 35,807.000 barrels of
finished gasoline; 5,668.000 barrels of unfinished gasoline and 100.340.000
barrels of gas and fuel oil. Gasoline at Bulk Terminals, in Transit and
In pipe lines amounted to 19,847,000 barrels.
Cracked gasoline production by companies owning 95.6% of the potential
charging capacity of all cracking units. averaged 482,000 barrels daily during
the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures In Barrels)
Actual Production
Week Ended
Federal
Agency
Allowable
Effective
Mar, 1
Mar. 2
1935
491,000
139,700
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe.)
Total Texas
Feb. 23
1935
Average
4 Weeks
Ended
Mar.2
1935
Week
Ended
Mar. 3
1934
457,800
146,400
499,050
146,750
479,900
142,950
404,550
113,100
62,850
57,550
25.650
150,300
51,250
438,300
47,200
59,900
62,750
57,400
25,650
149,950
51,600
436,400
47,400
59.050
61.650
57,150
25.750
150,200
51,650
435,000
47,450
59,100
57,700
55,150
26,800
128,950
43,100
416,850
49,200
45,450
129,850
126,900
128,250
111,550
1,020,100 1,022,850 1,017,100 1,016,200
934,750
23,000
94,400
22,950
94,200
22,900
93,550
27,650
44,200
110,500
117,400
117,150
116,450
71.850
31,900
105,500
31,600
30,050
106,550
33,350
30,750
105,400
37,250
30,750
105,100
36,270
30,950
88.500
29,750
35,100
9,500
3,500
31,900
10,800
4,300
32,200
10,900
4.150
32,950
11,150
4,150
31,050
7,200
2,750
North Louisiana
Coastal Louisiana
Total Louisiana
Arkansas
Eastern (not incl. Mich.)
Michigan
Wyoming
Montana
Colorado
Total Rocky Mtn.States
New Mexico
California
Coal Year to Date
Feb. 24
1934
1559
Daily Average Crude Oil Production Again DeclinesBelow New Federal Quota
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
March 2 1935 was 2,473,850 barrels. This was a drop of
62,350 barrels from the output of the previous week, and
came well within the new Federal allowable figure of 2,520,300 barrels which became effective March 1. Daily average
production for the four weeks ended March 2 1935 is estimated at 2,522,200 barrels. The daily average output for
the week ended March 3 1934 totaled 2,183,300 barrels.
Further details as reported by the Institute follow:
48,100
46,500
47,250
48,250
41,000
49,300
492,600
47,250
465,700
47,200
488,300
46,950
499,400
41,550
427,300
Total United States.... 2.520.300 2.473.850 2.536.200 2,522,200 2.183,300
Note-The figures indicated above do not Include any estimate of any oil which
might have been surreptiously produced.
CRUDE RUNS TO STILLS-FINISHED AND UNFINISHED GASOLINE
AND GAS AND FUEL OIL STOCKS, WEEK ENDED MARCH 2 1935
(Figures In thousands of barrels of 42 gallons each)
Stouts
Stocks a Stocks
of
b Stocks
of
of
of
Gas
Fin(Inand
Daffy P C.- [shed finished Other
ROOT tag
Aver- Oper- Gaso- Gas:- Motor Fuel
Fuel
Oil
line
line
ated
Total P. C. age
Daily Refining
Capacity of Plants
District
East Coast__
Appalachian_
Ind.. III.,Ky.
Okla., Kan.,
Missouri__
Inland Texas
Texas Gulf_
La. Gulf....
No. La.-Ark.
Rocky Mtn_
California__
Totals week.
Mar. 2 1935
Feb.23 1935
Pole'sHal
Rate
Crude Runs
to Stills
582
150
446
582 100.0
140 93.3
422 94.6
967 80.2 16.969
97 69.3 2,155
344 81.5 9,830
985
295
710
195 10,043
110
929
55 4,146
461
351
601
168
92
96
848
386
167
587
162
77
64
822
237
96
514
107
44
29
416
61.4 5,489
57.5 1,423
87.6 6,711
66.0 1,446
57.1
260
911
45.3
50.6 10,460
750
231
1,324
260
38
111
964
410 3,849
415 1,844
120 8,960
____ 3,828
421
85
724
50
2,515 65,596
83.7
47.6
97.7
96.4
83.7
66.7
96.9
3,995 100,340
3.990 100.579
• Amount of unfinished gasoline contained in naphtha distillates. b Estimated
blended
motor
plants;
ONO
Includes unb ended natural gasoline at refineries and
fuel at plants c Includes 35,807,000 barrels at refineries and 19,847,000 barrels at
bulk terminals, in transit and pipe lines. d Includes 34,191,000 barrels at refineries
and 20,208,000 barrels at bulk terminals in transit and pipe lines.
3,795
3.795
3,409 89.8
3.409 89.8
2,351 69.0 c55,654
2.432 71.3 d54.399
5,668
5.704
Gas Revenues Gain During December
Revenues of manufactured and natural gas utilities
totaled $65,508,000 in December, an increase of 4.3% from
the figure of $62,801,200 reported for December 1933, according to the monthly summary of the American Gas Association.
Revenues of the manufactured gas industry aggregated $33,002,500 for
the month, an increase of 0.2%. The natural gas utilities reported revenues
of $32,505,500, which were 8.8% above the figures for December 1933.
Sales of manufactured gas reported for December totaled 32,221,800,000
cubic feet, an Increase of 8.8%, while natural gas utility sales for the
month were 90,304,700,000 cubic feet, an increase of 12.5%.
Financial Chronicle
Sales of manufactured gas for domestic cooking, water heating, refrigeration, &c., continued to run about 3.7% below a year ago. Sales for house
beating purposes, however, registered a sharp gain, amounting to 29.7%
over the corresponding month of the preceding year. Manufactured gas
sales for industrial-commercial uses were also above those of a year ago
by 12.5%.
World's Silver Production Rises
World silver production in January was 15,767,000
ounces, against 15,426,000 ounces in December, and 15,319,000 ounces in November, according to American Bureau
of Metal Statistics.
United States production in January was 2,722,000 ounces,
against 2,917,000 ounces in December and 1,976,000 ounces
in November.
Mexican output in January totaled 6,000,000 ounces,
against 5,614,000 ounces in December and 6,241,000 ounces
in November, while output in Canada in January came to
1,531,000 ounces, against 1,187,000 in December and 1,517,000 ounces in November.
The following computation of world production of new
silver, in fine ounces, has been released by the American
Bureau of Metal Statistics. The accounting for some of the
countries, especially for the latest months is preliminary.
Country
United States
Canada
Mexico
Peru
Other America
Europe
Australia, refined
Other Australia and New Zealand
Japan
Burma. refined
Other Asia
South Africa
Other Africa
Totals
Nov. 1934
Dec. 1934
Jan. 1935
Ounces
1,976,000
1,517,000
6,241,000
828,000
970,000
1,400,000
706,000
300,000
x560.000
480,000
220,000
86,000
x35,000
Ounces
2,917,000
1,187,000
5,614,000
937,000
1,000,000
1,375,000
695,000
300,000
x580,000
480,000
220,000
86,000
x35,000
Ounces
2,722,000
1,531,000
x6,000,000
807,000
1,000,000
1,350,000
650,000
300,000
x580,000
480,000
230,000
87,000
x30,000
15.319.000
15.426.000
15.767.000
x Conjectural.
February Slab Zinc Shipments and Production Above
Like Month of 1934
The American Zinc Institute in its monthly zinc report
released on March 6 disclosed that 33,072 short tons of slab
zinc were produced during the month of February 1935.
During January a total of 35,614 tons were produced, as
against 30,296 tons produced in February 1934. Shipments
of zinc during February amounted to 34,903 tons. This
was a decrease from the 35,538 tons produced in the preceding month, but exceeded the 32,485 tons produced in
February 1934. Inventories on Feb. 28 stood at 118,075
short tons, and compares with 119,906 tons on Jan. 31 and
109,792 short tons on Feb. 28 1934. The Institute's statement follows:
SLAB ZINC STATISTICS (ALL GRADES)-1929-1935
(Tons of 2.000 Pounds)
(a)
Retorts
Nock as Shipped Operating
End of
'
,
or
End of
Period
Export Period
Acerage
Retorts
During
Period
Unfilled
O•ders
End of
Period
Produced
During
Period
Shipped
Druing
Purled
Total for year.. 631,601
602,601
50,217
75,430
6,352
529
57,999
68,491
18.585
52,633
504,463
42,039
436,275
36,356
143,618
196
16
31.240
47.769
26,651
300.738
25,062
314.514
26,210
129.842
41
3
19,875
23,099
18.273
170
14
21,023
18.560
8.478
324.705
27,059
341,001
28,687
105,500
239
27,190
23,653
15,978
1934
January
February
March
April
May
June
July
August
September
October
November
December_ _ _ _
33.077
30,296
33,845
30,686
30,944
25,160
24,756
26,169
26,515
34.527
34,977
35,685
111,981
109,792
110.760
109.374
104,729
99.672
97,462
101.988
106,570
110.803
115,852
110,830
44
0
3
0
0
48
0
0
0
0
53
0
26,975
27,779
28,816
25.349
25.086
27.720
29,048
30.637
30.562
32,179
30,265
32,226
26,717
26.676
21,976
27,396
20 831
21.726
16.058
14,281
11,121
19,188
31,992
30,786
Total for year. 366,837
Monthly aver_
30,553
1935
January
35,614
Fehrumw
ll (17 ,
352.367
148
29,384
35,538
'14 001
20
0.0.0”1,
0.1000.010.4
J.P.WIPWW.f.AWWWWJA.
124,856
-4.A.WW=JCON .
-40,0
218.517
18.210
IwnDwwwwwww.2
213,531
17,794
COOS 00030303000301010003
01*00.....1CDCO00
1929
Monthly aver _
1938
Total for year
Monthly aver_
1931
Total for year..
Monthly aver _
1932
Total for!year_
Monthly aver_
1933
Total for year
Monthly aver_
12
119,906
110 n70
0
'II
28,887
32,658
Al 910
32,230
07 157
25,993
20 670
a Export shipments are Included In total shipments.
Note-These statistics include all corrections and adjustments reported at the
year-end.
World Copper Consumption
"Metals and Mineral Markets," in its issue of March 7,
published the following:
World consumption of raw copper In 1934 totaled 1,320,000 long tons,
according to an estimate by Brandeis, Goldschmidt & Co., London. This
compares with 1.110.000 long tons In 1933 and 965,000 long tons in 1932.
Consumption for the years 1928 and 1929 averaged 1,935,000 long tons
March 9 1935
a year, the same authority states.
Estimated world consumption of raw
copper in 1934. with comparable figures for 1933. in long tons, follows.
Great Britain_ _ _ _
France
Germany
Italy
Belgium
Sweden
Austria
1933
1934
145,000
105,000
170,000
60,000
20,000
30,000
5 0011
215,000
90,000
230,000
56,000
22,000
38,000
0 1100
1933
Canada
Russia
Japan
United States
Other countries____
Totals
28,000
50,000
80,000
345,000
72,000
...•
1934
34,000
55,000
115,000
370,000
87,000
1.110.000 1.320.000
Sales of Non-Ferrous Metals Continue in Good Volume
-Zinc Firm-Tin Lower
"Metal and Mineral Markets," in its issue of March 7,
stated that with the exception of tin, which, under continued pressure in London, moved to lower levels, the market
for non-ferrous metals again gave a good account of itself.
Sales of copper, lead, and zinc were in good volume. The
weakness in the pound sterling took a little enthusiasm
out of both sellers and buyers toward the close of the week.
The immediate effect of the fall in sterling was to raise
prices for both gold and silver in the world market. Foreign
demand for copper was stimulated by optimistic statements
in reference to the probable outcome of the forthcoming
conference of producers. That publication further added:
Copper Firmer Abroad
Foreign consumers of copper took more notice of the market last week,
and, despite the shock of renewed unsettlement in the pound sterling,
prices steadied. Sales abroad were larger than In recent weeks. Advance
news on the coming conference, scheduled to open in New York on March 8.
was mostly favorable. Sonic reports had it that the meeting would be
of short duration, as leading world producers had virtually agreed at the
preliminary hearings on the Important question of capacity ratings. The
plan to incorporate a marketing agreement in the scheme to control foreign
copper has not been dropped, and this problem is not likely to be settled
In a hurry, according to a number of producers. The wide variations In
exchange caused dollar prices for copper in the foreign market to fluctuate
over a wide range daily. On March 4 sales were closed here at prices
ranging from 6.65 to 6.85 cents, c.i.f. European ports.
•
The domestic situation was about unchanged. Sales for the week
totaled 7,856 tons, against 6,594 tons in the preceding seven-day period.
The price held at 9 cents, Valley. Brass mills reported good shipments
of their products to the automobile industry. Wire mills say that their
sales have not experienced much improvement.
Great Britain imported 21,406 long tons of copper (unwrought) during
January, against 13,663 long tons In January a year ago.
Copper production in Canada during 1934 totaled 365,646,739 pounds,
according to a preliminary statement issued recently by the Dominion
Bureau of Statistics. This total, the largest on record for Canada, compares with 299,892,448 pounds in 1933 and the previous high of 303,478.356
pounds in 1930.
Foreign trade In copper for this country during January 1934 and 1935,
In short tons, as reported by the Bureau of Foreign and Domestic Commerce.
January January
1934
1935
ImportsIn ore, dic
Unrefined
Refined
2,945
7,049
1,119
2,590
14,565
3,865
Exports, RefinedTo Mexico
Belgium
France
Germany
121
314
2,832
2.791
12
769
2,489
1.082
January January
1935
1934
Exports, Re!. (Cond.)
To Great Britain _ ___
Italy
Netherlands
Sweden
China & Hongkong
Japan
Other countri___
Totals
5.787
1,956
1,289
505
519
146
2,069
343
182
5,243
947
12.885
20.980
3,310
411
748
Zinc Moves Upward
Buying of zinc was active, sales for the calendar week ended March 2
amounting to about 7.300 tons, the bulk of which was In prime Western.
Demand since the close of that period continued in fair volume, though
the buying slackened a little as the price moved upward. There was
doubt until late yesterday (March 6) as to whether the market had settled
at 3.90 cents. Some operators intimated that 3.875 cents might still
be done. Before the close, however, business went through at 3.90 cents,
establishing the quotation on that basis. With curtailment in output
assured, sellers see no reason why the price should not move up to a level
that would return a small profit on a $26 ore basis. This price level, it
was stated, would be at least 4 cents per pound for prime Western, St. Louis.
Lead Sales Larger
Demand for lead continued in good volume, sales for the week exceeding
5,500 tons. Prices were unchanged at 3.55 cents, Now York, the contract
settling basis of the American Smelting & Refining Co., and 3.40 cents,
St. Louis. St. Joseph Lead quoted and received a premium of $1 per
ton on its brands for delivery in the East. Despite the generally satisfactory tonnage of metal booked during the seven-day period, the undertone of the market was not wholly favorable.
Tho following table shows total lead stocks at the works of smelters and
refiners in the United States for January and February of this year, so
far as reported to the American Bureau of Metal Statistics, In short tons.
Jan. 1
Feb. 1
Jan. 1
Feb. 1
In base bullion.
Antlnionlal lead
10,437 8,564
At smelters Sr refiners. 6,045 10,945 In ore and matte and In
In transit to refiners__
1,528 2,757
process
60,699 62,201
In process at refineries 11,567 13.302
Refined lead
225.020 223,429
Total stocks
315.296 321.198
Tin Moves Downward
In the face of widely fluctuating sterling exchange rates and continued
unsettlement in London, demand for tin in the domestic market was
relatively light last week, sales probably not exceeding 100 tons on any
trading day. Prices continued their downward trend, Straits going below
47 cents on March 6 for the first time since October 1933.
United States deliveries of tin during February amounted to 3,905 long
tons, against:4,600 tons in January and 2,940 tons in February last year.
The world's visible supply of tin at the end of February, including the
buffer stock and the Eastern carryover, was 20.849 tons. A month
previous, without the buffer stock but including the Eastern carryover,
the visible supply was 16,764 tons.
1561
Financial Chronicle
Volume 140
Chinese tin, 99%, was quoted nominally as follows. Feb. 28, 46,600
cents; March 1,47.000 cents; March 2,46.850 cents; March 4,46.500 cents;
March 5, 46.500 cents; March 6, 46.000 cents.
PRODUCTION OF COKE PIG IRON AND OF FERFOMANGANESE
(GROSS TONS)
Ptg iron x
Production of Steel Ingots Lower in February
The latest monthly report of the American Iron and
Steel Institute places steel ingot production of all companies
in February at 2,742,125 tons. This total when compared
with the previous month shows a decrease of 92,045 tons,
but as February contained fewer working days, percentage
of operation rose from 47.42% in January to 51.61% in
February. The output for February 1934 was 2,183,160
tons. Approximate daily turnout in February 1935 was
114,255 tons for the 24 working days, while in January
the daily output averaged only 104,969 tons for the 27
working days. In February 1934, which also contained
24 working days, the daily output was approximately 90,965
tons. Below we tabulate the monthly figures as reported,
since January 1934:
MONTHLY PRODUCTION OF OPEN HEARTH AND BESSEMER STEEL
INGOTS-JANUARY 1934 TO JANUARY 1935
(Reported by companies which in 1933 made 99.32% of the open hearth and
100% of the Bessemer ingot production.]
Calculated Moruhly Production-AU Cos. Caked
Daily No.of
Open Hearth *BesTotal
Prod'n Workers:.
Mier
All Cos. fag
Open H'rth Bessemer
Gross % of % of Gross % of (Gross Days
Ingots
Ingots
Tons
Cap. Cap. Tons
Cap. Tons)
Reported Production
(Gross Tons)
134
a __ 1,788,467 172,489 1,798,698 34.20 25.17 1,971,187 33.16 73,007
b__ 1,993.638 175.873 2,007,287 42.93 28.87 2,183,160 41.31 90.965
ar-- 2,540,143 203,904 2,557,534 48.83 29.75 2,761,438 46.45 102,275
27
24
27
552,268 6,363,519 41.88 27.89 6,915,785 40.27 88,664
78
nil- 2,622,372 257,482 2,640,328 54.22 40.57 2,897,808 52.64 115.912
ay - 3,000,624 331,620 3,021,168 57.44 48.38 8,352.788 58.40 124,177
me - 2,714.983 282,592 2,733,571 53.97 42.81 3.016,163 52.68 118,008
25
27
26
, qr. 8,337,979
78
I qu 6,320,248
871,694 8,395,065 55.25 44.02 9,266,759 63.96 118.805
nos. 14,658,227 1.423.980 14,758,584 48.57 35.96 18,182,544 47.11 103,734 158
ly- 1,843,732
4_ 1,245,445
pt... 1,126,415
119,869 1,352.932 27.78 18.89 1,472,801 26.78 58,912
109.598 1,253,972 23.84 15.99 1,863,570 22.94 50,503
117,580 1,134,127 23.29 18.53 1,251.707 22.74 50,088
25
27
25
l qr.. 3,715,592
347,047 3,741.031 24.94 17.75 4.088.078 24.11 53,092
77
nos. 18,373,819 1,771,007 18,499,615 40.76 29.94 20,270,622 39.51 86,998 233
A -- 1,325,225
ov-- 1,447,297
so- 1,797,830
127,789 1,334,298 25.37 18.64 1,462,08724.59 54,151
132,059 1,457,206 28.77 20.01 1,589,26527.76 61,126
131,456 1,810,139 37.17 20.71 1,941,595 35.27 77,664
27
26
25
h qr 4,570,352
391,304 4.601,64330.28 19.76 4,992,947 29.07 64,012
78
7otal 22,944,171 2,162,311 23,101,258 88.1327.39 25,263,569 36.89 81,233 311
935
,n - 2,578,671
b - - 2.500.062
239,858 2,594,312 47.42 34.99 2,834,170 49.02 104,969
224.336 2.51/.789 53.5336.82 2.742.125 51.61 114.255
27
24
• Calculated production for all companies is the same as the reported production
for all companies,
Note--The percentages of capacity operated are calculated on annual capacities
as of Dec. 31 1933, as follows: Open hearth ingots, 60.583,813 gross tons; Bessemer
Ingots, 7,895,000 gross tons, and as of Dec. 31 1934 open hearth ingots, 60,954,717
gross tons: Bessemer ingots. 7,895,000 gross tons. Bold face figures denote revisions.
February Pig Iron Producing Rate Up 20.5%
The "Iron Age"in its issue of March 7 stated that production of coke pig iron in February totaled 1,608,552 gross
tons, compared with 1,477,336 tons in January. The daily
rate in February, at 57,448 tons, increased 20.5% over the
January rate of 47,656 tons a day. The February daily
rate was the highest for that month since 1931 when it
reached 60,950. The "Age" further went on to say:
There were 96 furnaces in blast on March 1, making iron at the rate of
56,695 tons a day, against 90 furnaces on Feb. 1 operating at the rate of
54,605 tons a day. Ten furnaces were blown in during the month of which
were Steel Corp. units, 3 were independent steel company furnaces and
2 were merchant stacks. Four furnaces were blown out or banked, 2 of
which were Steel Corp.stacks and 2 independent steel company furnaces.
Among the furnaces blown in were the following: 1 Carrie, Carnegie
Steel Co.; 3 Ensley and 1 Fairfield, Tennessee Coal, Iron & RR. Co.;
1 Standish, Chateaugay Ore & Iron Co.; 1 Cambria, Bethlehem Steel Co.;
1 Oriskany, Lavin° Furnace Co.; 1 Hubbard, Youngstown Sheet & Tube
Co., and 1 Calumet, Wisconsin Steel Co.
Furnaces blown out or banked included: 1 Farrell, Carnegie Steel Co.;
1 Gary, Illinois Steel Co.; 1 Eliza, Jones & Laughlin Steel Corp., and
1 Haselton, Republic Steel Corp.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1930-GROSS TONS
1930
1931
1932
1933
1934
1935
91,209
101,390
104,715
106,062
104,283
7,804
55,299
60,950
85,556
67,317
64,325
54,621
31,380
33,251
31.201
28,430
25,276
20,935
18,348
19,798
17.484
20,787
28,821
42,166
39,201
45,131
52,243
58,581
65,900
64,338
47,858
57,448
First six months_ 100,891
61,356
28,412
24,536
54,134
85,146
81,417
75,890
89,831
62,237
53,732
47,201
41,308
38,964
37,848
36,782
31,625
18,461
17,115
19,753
20,800
21,042
17,615
57,821
59,142
50,742
43,754
36,174
38,131
39,510
34,012
29,935
30,679
31,8128
33,149
86.025
same
23.733
38.199
43.592
January
February
March
April
May
June
July
August
September
October
November
December
19 m na stva.nta A _ _
January
February
March
April
May
June
Half year
July
August
September
October
November
December
1935
1934
1,477,336
1,608,552
1,215,226
1,283,673
1,619,534
1.726,851
2,042,896
1,930,133
Ferromanganese y
1936
10,048
12,228
1934
11,703
10,818
17,605
15,418
10,001
10,097
9,798,313
75,642
1,224,826
1,054,382
898,043
951,062
958,940
1,027,622
10,188
8,733
7,100
9,830
8.134
4,563
124,190
15,911,188
Year
'These totals do not include charcoal pig iron. The 1933 production of this
iron was 32,941 gross tons. y Included in pig iron figures.
Steel Production Holds at 483.% of Capacity-Rail
Business Appears
The March 7 issue of the "Iron Age" stated that the
decline in steel production that set in during the second week
of February has been arrested and the national average
remains unchanged at 4834% of capacity. Gains at Chicago
and in the Philadelphia district are offset by recessions in the
Valleys, at Buffalo and at Detroit. Operations for the
country to date this year average 50.3% as compared with
38.2% in the corresponding period in 1934. The "Age"
continued:
The behavior ofscrap prices is also more encouraging, with the downward
trend halted in some markets and retarded in others. However, a drop of
50c. a ton on heavy melting steel at Philadelphia has reduced the "Iron
Age" scrap composite from $11.67 to $11.50 a gross ton.
The opening of mill books for second quarter business has failed to
stimulate forward buying except in flat-rolled steel. Most full-finished
sheet mills have enough tonnage entered to keep them running at capacity
through March and some are now well committed into April. Strip mills
are comfortably booked for the remainder of this month. Production of
full-finished sheets this week is believed to be at the highest level since last
spring. Output for the entire sheet industry consequently is slightly higher,
at 70 to 75% of capacity. Strip mill operations are holding at 65%, while
tin plate production has been lifted from 70% to a range of 70 to 75%.
Despite this favorable showing in the lighter rolled products, steel
demand as a whole has lost momentum. Though the automotive industry
continues to take large shipments, it is no longer crowding the mills for
delivery. Forecasts of automobile output have not been scaled down, but
motor car makers now have more than adequate stocks of material and
parts to draw upon and do not care to expand their inventories further.
Chrysler's assemblies last month of 80,277 units were the largest for any
February in its history. Ford turned out 135,663 units in February. and
is aiming at 160,000 for March, 170,000 for April and 156,000 for May.
Chevrolet will produce 80,000 to 90,000 units this month, with a substantial
increase in prospect for April, but is reputed to have parts built ahead
for close to 100,000 cars.
A gradual accumulation of railroad orders and a seasonal expansion of
outdoor work are counted on to make up for any loss in tonnage that the
mills may suffer next quarter because ofstocking by the motor car industry.
Support is also expected from the farm machinery and tractor industry,
which is steadily pushing its operations to higher levels, and from manufacturers of household equipment, whose needs continue to grow.
The Atlantic Coast Line has bought 5,000 tons of rails, and the Virginian
2,200 tons, while the Gulf Mobile & Northern has closed for 3,218 tons of
rails and 700 tons of track accessories. The Northern Pacific has ordered
1,860 tons of tie plates. The New York Central is expected to close this
week on 20,000 tons of rails and 9,500 tons of fastenings. The Kansas
City Southern is inquiring for 2,000 tons of rails and the Missouri Pacific
system will buy 10,000 tons. The Erie's rail requirements are estimated
at 20,000 tons. The Chicago & North Western has applied for Government funds to finance repairs to 115 locomotives and 2,000 automobile cars.
The General Petroleum Corp., Los Angeles. has divided an order for
8.100 tons of 10U-in. seamless steel pipe among three producers. Bids
taken in San Francisco for the trans-bay crossing of the Hetch-Hetchy
pipe line call for 5,500 tons of cast iron pipe and 1,300 tons of plates.
Structural steel awards of 9,300 tons compare with 9,655 tons in the
previous week. New projects total 16,300 tons as against 8,500 tons last
week and 60,000 tons two weeks ago.
Reductions in duties of $1 to $3 a ton on some of the commoner forms of
finished steel, under the Belgian trade agreement, threaten to open the way
to more serious inroads by foreign steel into coast markets.
Pig iron production in February was 1,608.552 tons, or 57,448 tons
daily, as against 1,477.336 tons, or 47,656 tons per day,in January. The
gain in daily rate was 203i%. There were 96 furnaces in blast March 1
compared with 90 on Feb. 1, a net gain of 6.
Steel production this week is up 1 point to 55% at Chicago and 1 point
to 36% in the Philadelphia district. Operations are off 5 points to 50%
In the Valleys,3 points to 38% at Buffalo, and 5 points to 95% at Detroit.
Bolts and nuts have been advanced by reducing discounts to 70, 10 and
5% offlist, as compared with 70, 10 and 10%. Fluorspar has been reduced
$3 to $13 a ton, mines,for all-rail shipment and $1.50 to $16 a ton for barge
delivery.
The "Iron Age" composites for pig iron and finished steel are unchanged
at $17.90 a ton and 2.124c. a lb. respectively.
Finished Steel
Mar.5 1935, 2.124c. a lb.
Based on steel bars, beams, tank plates.
One week ago
2 124c. wire rails black pipe sheets and hot
One month ago
2.1240. rolled strips. These products maks
One year ago
2.008e. 85% of the United States output.
High
Low
1985
2 124o. Jan. 8
2.124c. Jan. 3
1934
2.199c. Apr. 24
2.008c. Jan. 2
1933
2.015o. Oct. 3
1.887e. Apr. 18
1982
1.926c. Feb. 2
1.977c. Oct. 4
1931
2.037e. Jan. 13
1.945o. Dee. 29
1930
2.273o. Jan. 7
2.018e. Dee. 9
1929
2.317e. Apr. 2
2.2730. Oct. 29
1928
2.286c. Dec. 11
2.2170. July 17
1927
2 402e. Jan. 4
2.212o, Nov. 1
1562
Financial Chronicle
Pig Iron
Mar. 5 1935, 517.90 a Gross Ton Based on average of basic iron at Valley
One week ago
$17.90 furnace and foundry irons at Chicago.
One month ago
17.90 Philadelphia, Buffalo. Valley and
One year ago
16.90 Birmingham.
Low
High
1935
$17.90 Jan. 8
$17.90 Jan. 8
1934
17.90 May 1
16.90 Jan. 27
1933
16.90 Dec. 5
13.58 Jan. 3
1932
14.81 Jan. 5
13.56 Dec. 6
1931
15.90 Jan. 6
14.79 Deo. 15
1930
18.21 Jan. 7
15.90 Dec. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov.27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap
Mar.5 1935. 111.50 a Gross Ton Based on No. 1 heavy melting steel
One week ago
Ell 67 quotations at Pittsburgh. Philadelphia
One month ago
12,17J and Chicago.
One year ago
12.92
High
Low
1935
$12.33 Jan. 8
$11.50 Mar.
1984
13.00 Mar. 13
9.50 Sept.2
1933
12.25 Aug. 8
6.75 Jan.
1932
8.50 Jan. 12
6.42 July
1931
11.33 Jan. 6
8.50 Dec. 2
1930
15.00 Feb. 18
11.25 Deo.
1929
17.58 Jan. 29
14.08 Dec.
1928
16.50 Dec 31
13.08 July
1927
15.25 Jan. 11
13.08 Nov.2
The American Iron and Steel Institute on March 4 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 48.2%
of the capacity for the current week, compared with 47.9%
last week, 52.8% one month ago, and 47.7% one year ago.
This represents an increase of 0.3 points, or 0.6% from the
estimate for the week of Feb. 25. Weekly indicated rates
of steel operations since Jan. 1 1934 follow:
1934Jan. 1
Jan. 8
Jan. 15
Jan. 22
Jan. 29
Feb. 5
Feb. 12
Feb. 19
Feb 26
Mar. 5
Mar. 12
Mar. 19
Mar. 28
Apr. 2
Apr. 9
Apr. 16
193429.3% Apr. 23
30.7% Apr. 30
34.2% May 7
32.5% May 14
34.4% May 21
37.5% May 28
39.9% June 4
43.6% June 11
45.7% June 18
47.7% June 25
48.2% July 2
48.8% July 9
45.7% July 16
43.3% July 23
47.4% July 30
50.3% Aug. 6
193454.0% Aug. 13
55.7% Aug. 20
58.9% Aug. 27
58.6% Sept. 4
54.2% Sept. 10
56.1% Sept. 17
57.4% Sept.24
58.9% Oct. 1
56.1% Oct. 8
44.7% Oct. 15
23.0% Oct. 22
27 5% Oct. 29
28.8% Nov. 5
27.7% Nov. 12
28.1% Nov. 19
25.8% Nov.28
193422.3% Dee. 3
28.8%
21.3% Dec. 10
32.7%
19.1% Dec. 17
34.8%
35.2%
18.4% Dec. 24
20.9% Dec. 31
39.2%
22.3%
193524.2% Jan. 7
43.4%
47.5%
23.2% Jan. 14
23.6% Jan. 21
49.5%
22.8% Jan. 28
52.5%
23.9% Feb. 4
52.8%
50.8%
25.0% Feb. 11
26 3% Feb. 18
49.1%
273% Feb 25
47 9%
27.6% March 4-....48.2%
28.1%
"Steel" of Cleveland, in its summary of the iron and steel
markets on March 4, stated:
Pig iron production in February made another substantial gain, the fifth
consecutive month. Daily average output at 57,686 gross tons was up
20.9% and the total-1,615,207 tons-was 9.2% above January.
These tonnages were the largest since last June. The number of active
stacks was increased by 7 to 96, operating Feb. 28. For the two months
this year. output at 3.093.650 tons is an increase of 23.9% over the comparable period in 1934.
There are strong indications that February daily average steel ingot
production will vary little from the January level, when tonnage figures are
announced this week. From the fact the rate declined only 2 points to 48%
last week it is believed much of the weakness in the situation has been
overcome, and operations are at least becoming more stable.
So far this year the steel rate is 13 points above the average of the year
1934. tending to duplicate the 12-point gain made in 1934 over 1933.
At the moment it appears iron and steel consumption is moving on a fairly
even plane, with structural and railroad work in the spring months to be the
determining factor In the volume of business for the first half.
March 9 1935
Shipments of finished steel, pig iron and coke are holding up, thong
pressure for deliveries to the automobile industry has relaxed. Largely
due to an outpouring of scrap from this industry's increased operations, and
a slower demand, scrap prices again have declined sharply, "Steel's" scrap
composite being off42 cents to $11.16,lowest since the middle of December.
Automobile production continues to gain slowly, 84.000 cars last week
bringing the total for February to about 325,000, compared with 293,000
in January. March output should show a little further improvement. Sheet
mills in the districts near automobile centers still operate at capacity, and
some will be unable to deliver all the material specified for this month.
Railroads are awaiting first quarter earnings statements before formulating definite buying plans. Steelmakers do not expect much from them
before April or May. Practically all western roads and many eastern lines
will purchase some rails, though recent estimates have been revised downward. Truck transportation is cutting in heavily, while freight car loadings
have declined three consecutive weeks, contrary to the usual trend at this
time.
New York Central opened bids last week and is about to award 20.000
tons of rails and 9,500 tons of fastenings, a mere shadow of its former
Purchases, which in 1930 included 175,000 tons of rails. Federal court has
authorized Missouri Pacific to spend $5,584.000 this year in improvements.
Burlington plans to build 500 freight cars In its own shops. Structural shape
awards last week were 11.661 tons, slightly above the preceding week.
The extension of prices for second quarter has not been followed by any
general commitments for that period, except by automobile manufacturers. Nut and bolt prices have been advanced 5%. Mail order houses by
reducing prices sufficient to absorb sales taxes on wire and nails are taking
away considerable jobber and dealer business from mills.
There is a strong feeling in the industry that If the country can steer
clear of labor dissensions iron and steel demand will become insistent
enough to build up a new peak before summer. The Nields decision clearly
renders NRA's Section 7-A inapplicable to the actual processes of iron and
steel manufacture; it also establishes the legality and effectiveness of
employee representation plans.
There is no doubt the great majority of the industry's employees are
members of such plans, and cold to organized labor, the prospect being
that there will be no noteworthy change in labor relations. The only dark
spot in the automobile picture is at the Fisher Body. Cleveland plant.
although there is no prospect of a general tie-up in the automobile industry
Steelworks operations in the Pittsburgh district last week were un
changed at 37%; Chicago, 53; Detroit, 100; New England,63; Birmingham,
55M. Wheeling was down 7 points to 78; Cleveland 5 to 74; Buffalo 5 to
40; eastern Pennsylvania 1;i to 2934; Youngstown 8 to 50.
Due to the decline in scrap. "Steel's" Iron and steel price composite is
down 8 cents to $32.42, while finished steel holds at $54.
Steel ingot production for the week ended March 4, is
placed at about 483/3% of capacity, according to the "Wall
Street Journal" of March 6. This compares with approximately 50% in the week before, and 52% two weeks ago.
The "Journal" further stated:
U. S. Steel is estimated at 46%,the same as in the previous week. Two
weeks ago the corporation was at a 47% rate. Leading independents are
credited with 49%,against 52% in the preceding week,and 55% two weeks
ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years. together with the
change, in points, from the week immediately preceding.
Independents
Industry
U. S. Steel
1935
1934
1933
1932
1931
1930
1929
1928
4834-II6
47 +2
1634-2
26 +1
53 +1
79 -1
93 +355
82 -1.1i
41 -1
15% ___
2834+1
55 +2
85% ____
96 +5
89 .-1
49 -3
51 +4A
1834-254
25 + 34
52 + Si
73 -2
91 +4
76 -1
1110,
1.11, _L0 IL
n,
as
.1.1
.4-2
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 6, as reported by
the Federal Reserve banks, was $2,459,000,000, an increase
of $6,000,000 compared with the preceding week and a
decrease of $100,000,000 compared with the corresponding
week in 1934. After noting these facts, the Federal Reserve
Board proceeds as follows:
On March 6 total Reserve bank credit amounted to $2,452,000,000, an
increase of $2,000,000 for the week. This Increase corresponds with
increases of $36,000,000 in money in circulation and $26.000,000 in nonmember deposits and other Federal Reserve accounts and a decrease of
S3.000.000 in Treasury and National bank currency, offset in part by an
increase of 822.000.000 in monetary gold stock and decreases of 333.000.000
in member bank reserve balances and of $8,000,000 in Treasury cash and
deposits with Federal Reserve banks.
Relatively small changes were reported in holdings of discounted and
Purchased bills and of industrial advances. Decerases of 518,000.000 in
holdings of United States Treasury notes and 52,000.000 in United States
bonds were offset by an increase of $20.000.000 in holdings of rreasury bills.
Beginning with the week ended Oct. 31 1934, the Secretary
of the Treasury made payments to three Federal Reserve
banks, in accordance with the provisions of Treasury regulation issued pursuant to subsection (3) of Section 13-B of
the Federal Reserve Act, for the purpose of enabling such
banks to make industrial advances. Similar payments have
been made to other Federal Reserve banks upon receipt of
their requests by the Secretary of the Treasury. The
amount of the payments so made to the Federal Reserve
banks is shown in the weekly statement against the caption
"Surplus (Section 13-B)" to distinguish such surplus from
surplus derived from earnings, which is shown against the
caption "Surplus (Section 7)."
The statement in full for the week ended March 6, in
comparison with the preceding week and with the corresponding date last year, will be found on pages 1612 and 1613.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
March 6 1935, were as follows:
Increase (+) or Decrease (-)
Since
Mar. 7 1934
Mar. 6 1935 Feb. 27 1935
$
$
-53,000,000
6,000,000
-40,000,000
8,000,000
-2,000,000
2,430,000,000
Bills discounted
Bills bought
U. S. Government securities
Industrial advances (not including
15,000,000 commitments-Mar. 6) 19,000,000
-19,000,000
Other Reserve bank credit
+3,000,000
+19,000,000
-11.000,000
Total Reserve bank credit
2,452,000,000
+2,000,000
8,546,000,000 +22,000,000
Monetary gold stock
Treasury and National bank currency_ 2,517,000,000 -3,000,000
-87,000,000
+990,000,000
+205,000,000
Money In circulation
5,478,000,000 +36,000,000 +104,000,000
4,555,000,000 -33,000,000 +1,242,000,000
Member bank reserve balances
Treasury cash and deposits with Fed2,998,000,000 -8,000,000 -296,000,000
eral Reserve banks
Non-member deposits and other Fed+56,000,000
483,000,000 +26,000,000
eral Reserve accounts
Returns of Member Banks in New York City and
Chicago--Brokers' Loans
Below is the statement of the Federal Reserve Board for
the New York City member banks and also for the Chicago
member banks for the current week, issued in advance of
the full statement of the member banks, which latter will
not be available until the coming Monday. The New York
Financial Chronicle
Volume 140
City statement formerly included the brokers' loans of
reporting member banks and showed npt only the total of
these loans but also classified them so as to show the amount
loaned for their "own account" and the amount loaned
for "account of out-of-town banks," as well as the amount
loaned "for the account of others." On Oct. 24 1934 the
statement was revised to show separately loans to brokers
and dealers in New York and outside New York, loans on
securities to others, acceptances and commercial paper,
loans on real estate, and obligations fully guaranteed both
as to principal and interest by the United States Government. This new style, however, now shows only the loans
to brokers and dealers for their own account in New York
and outside of New York, it no longer being possible to get
the amount loaned to brokers and dealers "for account of
out-of-town banks" or "for the account of others," these
last two items how 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 $731,000,000 on March 6 1935, an increase of
$93,000,000 over the previous week.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
New York
Mar. 6 1935 Feb. 27 1935 Mar. 7 1934
Loans and investments—total
7,547,000,000 7,401,000,000 7,069,000,000
Loans on securities—total
1,530,000,000 1,428,000,000 1,649,000,000
To brokers and dealers:
In New York
Outside New York
To others
676,000.000
55,000,000
799,000,000
582,000,000
56,000.000
790,000,000
641,000,000
48,000,000
960,000,000
Accepts,end commercial paper bought
221,000,000 228.000,0001
Loans on real estate
131,000,000 131,000,000,661,000,000
Other loans
1,212,000,000 1.205,000,000)
U.S. Government direct obligations— --3,128,000,000 3,108,000,000 2,668,000,000
Obligations fully guaranteed by United
States Government
284,000,000 285,000,00011,091,000,000
Other securities
1,041,000,000 1,016,000,0001
Reserve with Federal Reserve Bank.---1,701,000,000 1.773,000,000 1.181,000,000
Cash In vault
49,000,000
54,000,000
38,000,000
Net demand deposits
7,052,000,000 6,978,000.000 5,580,000.000
Time deposits
609.000,000 618,000,000 679,000,000
Government deposits
526,000.000 525,000,000 797,000,000
Due from banks
66,000,000
67,000,000
82,000,000
Due to banks
2 018,000,000 1,958,000,000 1.414,000,000
Borrowings from Federal Reserve Bank_
Loans on investments—total
Chicago
1,682,000,000 1,689,000,000 1,386,000,000
Loans on securities—total
238,000,000
231,000,000
274,000,000
To brokers and dealers:
In New York
Outside Now York
To others
28,000,000
32,000,000
178,000,000
28,000,000
25.000.000
178,000,000
13.000,000
33,000.000
228.000.000
Accepts and commercial paper bought__ 50,000.000
50,000,000
Loans on real estate
18,000,000
18,000,000 296,000,000
Other loans
230,000,000 227,000,000
U.S. Government direct obligations..
857.000,00
533,000,00
873,00.000
Obligations fully guaranteed by United
States Government
78,000.00
78,000,0001 283,000.000
Other securities
211,000,000 212,000,000f
Reserves with Federal Reserve Bank.... 373,000.000 401,000,000 345,000.000
Cash in vault
35,000,000
36,000,000
42.000,000
Net demand deposits
1 521,000,000 1,581.000,000 1,152.000.000
Time deposits
380,000,000 374,000,000 360,000.000
Government deposits
42,000,000
42,000,000
69,000,000
Due from banks
188,000,000 186,000,000 168,000.000
Due to banks
503,000,000 501,000,000 338,000.000
Borrowings from Federal Reserve Bank_
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks
themselves and covering the same week, instead of being
held until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in 91 cities cannot be compiled.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Feb. 27:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on Feb. 27 shows increases for the week
of $106.000.000 In total loans and investments and $15.000,000 in net demand deposits, and decreases of $67,000,000 in Government deposits and
$42,000,000 in reserve balances with Federal Reserve banks.
Loans on securities to brokers and dealers in New York City increased
$39,000.000 at reporting member banks in the New York district and
$42,000.000 at all reporting member banks: loans on securities to brokers
and dealers outside New York City decreased $2,000.000; and loans on
securities to others declined $21.000,000 in the New York district and
$28.000,000 at all reporting banks. Holdings of acceptances and commercial paper increased $3,000,000 at all reporting member banks; real
estate loans_declined,$4.000,000; and "other loans" increased $16,000,000
1563
in the San Francisco district, $14,000,000 in the New York district and
$37,000,000 at all reporting banks.
Holdings of United States Government direct obligations increased $11.000,000 in the St. Louis district, $9,000,000 in the New York district.
$6,000,000 In the Richmond district and $10,000,000 at all reporting member banks, and declined $15.000.000 In the San Francisco district; holdings
of obligations fully guaranteed by the United States Government increased
$12,000.000 in the New York district and $15,000,000 at all reporting
banks; and holdings of other securities increased $36,000,000 In the New
York district and $33,000.000 at all reporting banks.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $1.223.000,000 and net demand, time and Government deposits of $1,419,000,000 on Feb. 27. compared with $1.234,000,000 and $1,417,000,000. respectively, on Feb. 20.
A summary of the principal assets and liabilities of the reporting member
banks,in 91 leading cities, that are now included in the statement, together
with changes for the week and the year ended Feb. 27 1935. follows:
Increase (+) or DeCTeade (—)
Since
Feb. 27 1935 Feb. 20 1935 Feb. 28 1934
Loans and investments—total_ _ __18,321,000,000
+106,000,000
+921,000,000
Loans on securities—total
2,995,000,000
+12,000,000
—525,000,000
To brokers and dealers:
In New York
Outside New York
To others
726,000,000
166,000,000
2,103.000,000
+42.000.000
—2,000.000
—28,000,000
—33,000,000
+15,000,000
—507,000,000
440,000.000
965,000,000
3,198,000,000
+3.000.0001
—4.000.000}
+37,000,000)
—62.000,000
U.R. Govt. direct obligations
7,227,000,000
Obligations fully guaranteed by the
United States Government
660,000,000
Other securities
2,836,000,000
+10,000.000
+978,000,000
Reserve with Fed. Res. banks
Cash in vault
3,454,000,000
286,000,000
—42,000,000 +1,183,000,000
+62,000.000
+4,000,000
14,175,000,000
4,449,000,000
1,019,000,000
+15,000.000 +2,777,000.000
+79.000,000
+2.000.000
—67.000,000 —448,000.000
1.850.000,000
4,462,000,000
—10.000,000 +438,000,000
—9,000,000 +1,275,000.000
Accepts, and oom'l paper bought
Loans on real estate
Other loans
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R.banks
1,000.000
+15,000.0001 +530,000,000
+33,000,0001
+1,000,000
—11,000,000
Dr. L. J. A. Trip, President of Bank of Netherlands,
Reported as Having Agreed to Accept Presidency
of Bank for International Settlements
In Associated Press advices from Basle, Switzerland,
Feb. 24, it was stated:
Banking circles said to-day Dr. Leonardus Jacobus A. Trip, President
of the Bank of the Netherlands, had agreed to accept the Presidency of the
Bank for International Settlements, succeeding Leon Fraser, who is returning to the United States in May.
Mr. Frazer's term expires in May and about July 1 he
will join the First National Bank of New York as a VicePresident; reference to this was made in our issue of Feb. 16,
page 1089. From the New York "Times" of Feb. 25 we
take the following regardinp Dr. Trip, who at present is
Vice-President of the Bank for International Settlements:
Dr. Trip is one of the leading champions of the gold standard in the socalled gold bloc of Western European countries. He has been a director
of the Bank for International Settlements since its inception, and its
Vice-President for nearly two years. He has served as Treasurer-General
of the Netherlands and as President of the State Bank of Java. He Is
understood to have accepted the Presidency of the World Bank only on
the condition that he could retain his home post.
Dr. Trip has long been active in international financial matters in the
League of Nations and in other connections. He was President of the
preparatory committee for the World Economic and Monetary Conference
in London soon after the Inauguration of President Roosevelt.
New Law for Control of Swiss Banks Effective
From Geneva, March 1, wireless advices to the New York
"Times" said:
The Federal law for control of banks entered into force in Switzerland
to-day. It is a Government measure, taken owing to the failure of several
banking establishments in late years.
The law comprises 59 articles providing for the control of banks, internal
organization, disposition of funds, speculation and annual accounts.
Statement of Condition of Bank for International
Settlements—Assets as of Feb. 28 Show Increase
Over Jan. 31
The assets of the Bank for International Settlements increased by approximately 10,000,000 Swiss francs during
February, the statement of condition of the Bank as of
Feb. 28 (issued March 4) showing total assets of 648,018,070
Swiss francs,compared with 637,726,168 on Jan. 31. Nearly
7,000,000 of the increase came from new deposits by central
banks, said a wireless account from Basle, Switzerland,
March 4, to the New York "Times" of March 5, which
noted that the remainder was from the Saar as the result
of the Franco-German agreement for the collection of French
bank notes there. The following is also from the advices:
This represents, however, only a small part of the money already collected
in the Saar, for it totaled 150,000.000 French francs on March 1 and is
expected to reach 200,000.000 or 250,000,000. all of which will be deposited
with the Bank. France issued 1,500,000.000 French frana3 in the Saar,
and Germany hoped to collect at least 350,000,000 of them.
To-day's balance sheet shows a shift of 20.000.000 Swiss francs from
the sundry liabilities to the French Government guarantee fund. This
is the result of arbitration regarding whether France or the Bank should
1564
Financial Chronicle
take the loss occasioned to this fund by devaluation of the dollar. The
Bank won the lion's share of the compromise reached.
As contained in Associated Press advices from Basle,
March 4, the statement of condition of the Bank for International Settlements follows (figures in Swiss francs at par):
ASSETS
Jan. 31 1935
Feb. 28 1935
I. Gold in bars
11,007.565.58 11,007,565.58
II. Cash on hand and on current account with
banks
2,610,609.75
2.337,634.52
III. Sight funds at interest
4,794.187.44
4,223,866.16
IV. Rediscountable bills and acceptances:
I. Commercial bills and bankers' acceptances-163,500,205.37 164,959,458.13
2. Treasury bills
194,895,737.32 184,810,002.91
Total
358,395,942.69 349.769,461.04
V. Time funds at interest—Not exceeding 3 mos_ 41.770,576.58 40,229,004.77
VI. Sundry bills and investments:
1. Maturing within three months:
(a) Treasury bills
30,750,655.98 29,502,708.44
54,037,165.74 33,513,944.52
(b) Sundry investments
2. Between three and six months:
(a) Treasury bills
36,916,796.60 34,234,210.40
(b) Sundry investments
42,458,993.47 63,632,657.27
3. Over six months:
20.307,128.42 23,094,159.38
(a) Treasury bills
36,247,376.45 36.252,652.10
(b) Sundry investments
Total
220.718,116.66 220,230,332.11
VII. Other assets:
1. Guaranty of central banks on bills sold, as
8,128,531.43
per contra
6,083.767.93
2,956,475.73
2. Sundry items
3,480,600.14
Total
9,564,368.07
9.085,007.16
648.018,070.26 637,726,187.85
Total assets
LIABILITIES
I. Capital paid up
II. Reserves:
1. Legal reserve fund
2. Dividend reserve fund
3. General reserve fund
125,000,000.00 125,000.000.00
Total
Hz. Long-term deposits:
1. Annuity trust account
2. German Government deposits
3. French Government guarantee fund
2,672,045.12
4,866,167.29
9,732.334.56
2,672,045.12
4,866,167.29
9,732,334.56
17,270,546.97
17,270,546.97
154,293,750.00 154,481,250.00
77,146,875.00 77,240,625.00
61.930,084.72 41,062,346.17
Total
293,370,709.72 272,784,221.17
IV. Short-term and sight deposits (various currencies):
1. Central banks for their own accounts:
107,758,707.43 107,604,763.11
(a) Not exceeding three months
27,987.040.18 21,460,714.10
(b) Sight
Total
2. Central banks for the account of others:
Sight
3. Other depositors:
Over six months
Sight
Total
V. Sight deposits (gold)
IV!. Miscellaneous items:
1. Guaranty on commercial bills sold
2. Sundry Items
Total
Total liabilities
135,745,747.59 129,085,477.21
15,398,338.86
12,490,511.50
488,274.13
1,427.588.43
1,413.289.98
1,915,842.56
10,920,979.17
10,920,979.17
6,083,767.93
42,312,137.48
6,187,623.03
82,593,518.82
48,395,905.39
68,781,141.85
648,018,070.26 637,726,167.85
Canada's Bank Note Circulation Shows Drop of
$12,000,000 in January
A decrease of $12,000,000 in bank note circulation at the
end of last January, compared with December, and a drop
of $5,000,000 in Central Gold Reserve deposits were shown
to-day in the monthly report of chartered banks to the
Department of Finance as on Jan. 31 1935. The foregoing is from Ottawa advices Feb.27 to the Toronto "Glove,"
which added:
With the opening of the Bank of Canada next month, all the gold will
be taken over by that institution, as well as the note-Issuing power.
Demand deposits were down $45,000,000 from December, but $50,000,000 greater than on the same date last year. Savings deposits inereased
$5,000,000 in the month,and $62.000,000 in the year. Call loans in Canada
were down $10,000,000. compared with the previous month, while current
loans were down $18,000,000 from December and $50,000,000 compared
With Jan. 31 1934. The summary:
Reserve fund
Note circulation
Demand deposits
Notice deposits
Deposits outside Canada._ _
Current coin
Dominion notes
Deposits C. G. R
Call loans, Canada
Call loans, outside
Current loans, Canada
Current loans, outside
Total liabilities
Total assets
Jan. 31 1935
Dec. 31 1934
8132,750,000
124,732,538
529,915,309
1,412,377,612
314,686,917
50,645,323
177,355,774
13,381,732
91,357,650
93,452,123
819,381,139
131.994,870
2,871,005,240
2.880.901.928
5132,750,000
138,434,754
575,498,870
1,407,201,814
325,397,867
50,068,331
169,833,343
18,581,732
102,699,733
98,743,655
836,796,579
133,942,910
2,910,106,888
2.919.286.944
Jan. 31 1934
5132,500,000
121,218,816
475,774,385
1,350,903,882
316.071,916
50,759,129
139,449,003
14,581,732
103,693,207
86,185,938
878,748,673
136,339,485
2,733,061,029
2.743.887.917
Germany Takes Over Mining Control—Law Unifies
Regulation by the States—Another Decree Provides
That Former Farm Workers Must Quit Other Work
and Return to Land
The German Cabinet decreed a series of laws on Feb. 26,
the most important of which, according to an official announcement, "initiates the transfer of mining affairs to the
Reich." Advices on that day from Berlin to the New York
"Times" said in part:
The law itself is brief, merely stating, "Mining affairs (mining authority
and mining economy) are matters for the Reich, and are to be directed by
the Reich Economics Minister (Dr. Rjalmar Schacht)," to whom are
granted blanket powers to decree supplemental laws and administrative
ordinances for the measure's execution.
March 9 1935
"This law, which does not yet provide for any property settlement, ii
to be regarded as the forerunner of a Reich mining law," the official announcement adds.
At first sight the announcement's phraseology seems to suggest the possibility of nationalization, which would make it a sweeping measure indeed,
since it applies to all mining, including coal, ore, oil, metal and potash, but
for the present, at least, nationalization does not appear to be intended.
Socialists Proposed It
Nationalization of the coal mines was proposed by the German Socialists
immediately after the World War, but it was dropped quickly to save the
mines from Germany's reparation creditors. . . .
German law already has vested the control of the country's natural
resources in the State,and in some fields,such as the oil industry,the owner
of the surface soil has no right to the wealth under it. This control, however, has been vested in the individual States, and its extent has varied
according to the laws of each State.
The official commentary accompanying the law decreed to-day explains,
therefore,that its purpose is to unify this control system and centralize it in
the Reich, especially in view of the special tasks of German raw material
economy. . . .
Ex-Farmers Must Quit Jobs
To many individual Germans another law decreed to-day will prove much
more important since it provides that workers and office employees formerly
employed in agriculture but now active in other enterprises or professions
must be dismissed and return to agriculture at the demand of the German
Labor Office's head.
A previous decree had already restricted the freedon of workers wishing
to move from the country to the city, and in some cities, notably Berlin,
former agricultural workers were already being shipped to the country,
but to-day's law makes the system general throughout the land.
Another law decreed to-day introduces a labor pass for every worker on
which his training and professional development are to be recorded.
The Cabinet likewise passed a law exempting from future foreign exchange restrictions all obligations issued by the conversion office for foreign
obligations, which affects the funding bonds offered to Germany's longterm creditors in lieu of cash interest payments.
Return to Belgium of Head of Economic Mission Following Conclusion of Trade Agreement With
United States
Senator Pierre Forthomme, Chairman of the Belgian
Economic Mission to the United States, sailed from
New York on March 2 on the French liner Ile de France.
Senator Forthomme returns to Brussels following the signing
of the reciprocal trade treaty between the United States
and Belgium, reference to which was made in our issue of
March 2, page 1387. Senator Forthomme, who was accompanied by Louis Camu, of the Belgian Ministry of Industry
and Labor, stated in departing: "I want to express my
gratitude for the kindness, courtesy and broadmindedness
of the American negotiators, and for the understanding of
the position of my country. If things go as we hope they will,
the agreement may increase trade between us by 100%."
"The American tariff wall against fifty Belgian products will
be lowered as a result of the treaty," he was quoted as saying
in the New York "Herald Tribune,"from which we also take
the following:
The trade balance between the two nations always has favored the
United States strongly, he said, with Belgium importing about twice as
much as she sells.
"That situation is entirely satisfactory to Us, nevertheless," Senator
Forthomme said. "We want no change in the trade balance, but stmlnY
a healthy increase in the total volume of trade at the present balance."
From Brussels advices March 1 to the New York "Times"
said:
News of the signing of a Belgo-American commercial agreement has been
received here with satisfaction.
A concession is understood to have been made to Belgium in duties on
automobile parts imported by American firms in Belgium, enabling the
great American assembling and fitting works at Antwerp to continue.
Finished cars assembled here rarely remain in Belgium, being exported to
Central Europe and Africa. The Belgian automobile trade thus will be
little affected.
There is great optimism over cuts in tariffs on hand-made lace and
embroidery. Aside from commercial considerations, the Belgians were
vexed at being unable to send valuable pieces of lace and real works of art
to the United States for appreciation.
Appointment of Miguel Lopez Pumarejo as Minister
of Colombia to United States Favorably Regarded
by Colombia Bondholders' Committee
The recent appointment of Miguel Lopez Pumarejo as
Minister of the Republic of Colombia to the United States
is regarded by the Colombian Bondholders' Committees as
a most favorable development from the point of view of
the holders of the various issues of Colombian bonds in this
country. According to Lawrence E. de S. Hoover, Secretary
of the Executive Committee of the Colombia Bondholders'
Committees, the Committees can only construe the appointment of Mr. Lopez as Colombian Minister to Washington
as one of the first definite steps of the present Administration in Colombia to give consideration to the external debt
situation at an early date.
The Committees point out that Mr. Lopez, who is a
brother of the President of Colombia, is well equipped to
approach the problems presented by the present status of
his country's external obligations and to reconcile the essentially parallel interests of Colombia and the holders of
Volume 140
Financial Chronicle •
1565
Colombian bonds. Incident to Mr. Lopez's appointment it
is also stated:
culating
re
currency totals 1,202,000,000 pesos with a gold backing of 46.66%
The merchant-banking firm of Pedro A. Lopez & Co., of which Mr. Lopez
was for 12 years a partner, was one of the oldest and most prominent in
Colombia, with ramifications in the coffee industry and allied activities
throughout the Republic. Mr. Lopez thus enjoys an intimate first-hand
knowledge of the most important commercial and financial phases of
Colombia's development.
Mr. Lopez attended Manhattan College, New York; Chestnut Hill
Academy, Chestnut Hill, Pa.; Worcester Academy, Worcester, Mass., from
1901 to 1907. He attended the Institute of Dr. Schmidt in St. Gallen,
Switzerland, in 1907, and was a member of the Faculty of Mathematics
and Engineering in I3ogota from 1909 to 1911.
He is an ex-President of the Chamber of Commerce, Bogota; ex-President
of Congress; ex-member of the Municipal Council of Bogota; founder of
the Ginmasio Moderno, &c.
The post of Colombian Minister at Washington has been vacant since the
resignation of Dr. Fabio Lozano, July 7 1934. Mr. Lopez is expected to
assume his post some time during the month of March.
Senor Pinedo's statement says this gold stock will be transferred to the
central bank at a valuation of 1,061,000,000 pesos as backing for currency
to a total of 1,025,000,000 pesos, which the central bank will take over.
Notes of five pesos denomination and smaller are not to have any backing.
Argentine Congress Adopts Legislation for Central
Institution of Issue and Revised Currency Plan—
Huge Emissions Authorized, but Government
Promises Not to Make Them—Gold Reserve of
103% for Currency
The Argentine Chamber of Deputies passed, on March 1,
the Government's financial projects, establishing a central
bank of issue and reorganizing the country's banking and
monetary systems. A Buenos Aires cablegram, March 2 to
the New York "Times," from which we quote, reported further as follows:
As the bills passed the Senate before going to the Chamber, they will
become law as soon as the Senate approves minor amendments introduced
by the Deputies. The Government has accepted these amendments, so they
are expected to be pushed through the Senate for President Augustin P.
Justo to sign within a few days.
The new banking and monetary legislation consists of five laws.
The first creates a central bank of the Argentine Republic. The second,
a general banking law, provided for Government control of private banks.
The third creates a rediscount institute for liquidation of frozen bank
credits. The fourth modifies the laws governing operation of the Bank
of the Argentine Nation and the National Mortgage Bank. The fifth is a
general organization law for the operation of the central bank and rediscount institute.
Socialists Fight Bills
The session was unusually stormy, due to strenuous opposition from the
Socialists. They did not oppose the central bank in principle, but charged
that the law as finally passed opens the way for heavy inflation. They had
announced they would break the quorum, but majority floor leaders prepared for this emergency.
One Deputy was brought to Buenos Aires by airplane and two sick
Deputies were induced to attend the session. The Government was thus
enabled to force the bills through on strict party lines, even after the
Socialists and National Democrats left the Chamber.
Central Bank Law
The central bank law abolishes the gold conversion office and transfers
its gold stock to the central bank. This gold stock, approximately 247,000,000 gold pesos [the gold peso is worth 71.87c] will be transferred to
the central bank at a new valuation of 1,061,000,000 paper pesos. This
will provide a paper currency with gold backing of 103%%, but will
reduce the nominal value of the paper peso to 231
/
2c. gold.
Socialists throughout the debate kept hammering at the point that the
central bank law permits an increase of the currency to double the present
circulation under its minimum provisions or quadruple under the maximum
provisions.
The law authorizes the central bank to increase the currency until gold
backing is reduced to 25%.
Finance Minister's Pledge
Finance 'Minister Federico Pinedo, present during the debate, assured
the
Deputies that the present Government would not increase the currency
above
Its present total. Socialists argue this is no guarantee against inflation by
future Governments. They added experience has shown that when emission
is once authorized it is eventually used.
The Chamber removed the final obstacle to political control of the bank
by abolishing the clause that barred members of Congress, provincial
Legislatures or municipal Councils from the board of directors.
Revaluation of the gold stock will give the Government a profit
of more
than 500,000,000 pesos, with which it can pay off its debt to the
Bank
of the Nation and gold conversion office, subscribe its share of the central
bank's capital, and provide capital for the rediscount institute. It
was
stated in the debate that banks have frizen credits of 367,000,000 pesos,
of which 233,000,000 are in the Bank of the Nation.
Senor Pinedo insisted throughout that the 500,000,000 paper pesos
profit
created by revaluation of the gold stock will merely be bookkeeping
entries.
The Government does not intend to print new money for that amount.
An earlier cablegram, March 1, to the "Times" said, in
part:
Finance Minister Federico Pinedo has issued a statement explaining
that
the Government's gold revaluation scheme, in connection with its central
bank project, will provide a gold reserve of 1031
/
2% for Argentina's currency. This will give Argentine currency the highest gold
backing in
the world.
Hie figures show the paper peso to be worth approximately 231
/
2e. in
gold, as against the present quotation here of 44c.
The Government will make a profit of 500,000,000 pesos by revaluation.
It has announced it will pay off from this profit its debts to the Bank of
the Nation and to the Gold Conversion Office, which will provide capital
for the new bank. The new bank is to take over the frozen credits of
private banks.
Senor Pinedo insists that the operation is not intended as a revaluation
of the paper peso, which he says will not be undertaken until the pound
and the dollar are stabilized.
The gold stock now held by the Gold Conversion Office totals 247,000,000
gold pesos of 1.6129 grams of .000 purity. At the present legal ratio of
2.27 pesos per gold peso, this gold is worth 561,000,000 paper pesos. Cir-
An item bearing on the proposed central bank appeared
in our issue of Feb. 23, page 1230.
Portion of Helsingfors (Finland) 63/6% Sinking Fund
Bonds, Due 1960, Drawn for Redemption April 1
Through Sinking Fund
Brown Brothers Harriman & Co., fiscal agents for the City
of Helsingfors 30-year 6% sinking fund bonds, due 1960,
announce that $60,000 principal amount of the bonds have
been drawn by lot for redemption on April 1 through operation of the sinking fund. Payment will be made at par at
the office of the fiscal agents.
New York Stock Exchange Strikes Two Issues from
Listing and Registration—Issues of Argentina and
Finland Affected
The New York Stock Exchange announced March 7 that
the following two issues have been stricken from listing and
registration on the Exchange:
Argentine Republic 5% Internal Gold Loan of 1909.
Republic of Finland 7% External Loan Sinking Fund Gold Bonds due
March 1, 1950.
$976,500 Bonds of Cuban 5% Loan of 1904 Purchased
and Canceled for 1934 Sinking Fund
Speyer & Co., as fiscal agents, announced March 5 that
they have purchased and canceled for the 1934 sinking fund,
$976,500 bonds of the Republic of Cuba 5% Loan of 1904.
Out of an original issue of $35,000,000 bonds, there remain
outstanding $9,191,500 bonds.
New York Stock Exchange Rules on San Paulo 7%
Gold Bonds External Water Works Loan of 1926
Incident to the announcement that the March 1 coupons
on the 7% secured sinking fund gold bonds external water
works loan of 1926 of San Paulo (Brazil) would be paid in
part (referred to in our issue of March 2, page 1388), the
New York Stock Exchange on March 2 issued the following
rulings affecting the bonds:
NEW YORK STOCK EXCHANGE
Committee on Securities
March 2 1935.
Natice having been received that payment of $7 per $1,000 bond will
be made on March 2 1935, on surrender of the coupon due March 1 1935.
from State of San Paulo 7% secured sinking fund bonds external water
works loan of 1926, due 1956:
The Committee on Securities rules that transactions made on and after
March 2 1935, shall be settled by delivery of bonds bearing only the March
1 1932 ($29 paid), to March 1 1934, inclusive (ex Sept. 1 1934 and March 1
1935), Sept. 1 1935 and subsequent coupons; and
That the bonds shall continue to be dealt in "flat."
ASHBEL GREEN, Secretary.
of March 1 Coupons on Two 63/6% Bond Issues of
Minas Geraes (Brazil) Being Paid—Rulings on
Bonds by New York Stock Exchange
The National City Bank of New York is notifying holders
of State of Minas Geraes (Brazil) 63.% secured external
sinking fund, gold bonds of 1928, due March 1 1958, and
secured external loan of 1929, series A, 6 ,
610 bonds due
Sept. 1 1959, that sufficient money has been deposited with
it to pay 20% of the face amount of the coupons due March
1 1935, amounting to $6.50 for each $32.50 coupon and
$3.25 for each $16.25 coupon. Holders of the March 1
coupons may obtain payment of the amounts mentioned
upon presentation of their coupons at the office of the
bank, 55 Wall Street.
The following announcements of rulings on the two bond
ssues by the New York Stock Exchange were issued through
Ashbel Green, Secretary, on March 4:
20%
NEW YORK STOCK EXCHANGE
Committee on Securities
March 4 1935.
Notice having been received that payment of $6.50 per $1,000 bond is
now being made on surrender of the coupon due March 1 1935, from State
of Minas Geraes 63.5% secured external sinking fund gold bonds of
1928,
due 1958:
The Committee on Securities rules that transactions made on and after
March 4 1935, shall be settled by delivery of bonds bearing only the March
1 1932 ($6.56 paid) to March 1 1934,inclusive (ex Sept. 1 1934 and
March 1
1935), Sept. 1 1935 and subsequent coupons; and
That the bonds shall continue to be dealt in "flat."
March 4 1935.
Notice having been received that payment of $6.50 Per $1,000 bond is
now being made on surrender of the coupon due March 1 1935, from
State
of Minas Geraes secured external gold loan of 1929, series A,6% bonds.
due 1959:
The Committee on Securities rules that transactions made on and after
March 4 1935,shall be settled by delivery of bonds bearing only the March 1
• Financial Chronicle
1566
1932 (56.56 paid) to March 1 1934, inclusive (ex Sept. 1 1934 and March 1
1935), Sept. 1 1935 and subsequent coupons; and
That the bonds shall continue to be dealt in "flat."
ASHBEL GREEN, Secretary.
Market Value of Stocks Listed on New York Stock
Exchange March 1, $32,180,041,075, Compared
with $32,991,035,003 Feb.1-Classification of Listed
Stocks
As of March 1 1935, there were 1,182 stock issues aggregating 1,302,902,206 shares listed on the New York Stock
Exchange, with a total market value of $32,180,041,075.
This compares with 1,185 stock issues aggregating 1,304,698,420 shares listed on the Exchange Feb. 1, with a total
market value of $32,180,041,075, and with 1,187 stock issues
aggregating 1,305,420,004 shares with a total market value
of $33,933,882,614 Jan. 1. The Exchange, in making public
the March 1 figures on March 4, said:
As of March 1 1935. New York Stock Exchange member total net borrowings on collateral amounted to $815,8513,439. The ratio of these member
total borrowings to the market value of all listed stocks, on this date, was
therefore 2.54%. Member borrowings are not broken down to separate
those only on listed share collateral from those on other collateral; thus these
ratios usually will exceed the true relationship between borrowings on all
listed shares and their market values.
As of Feb. 1 1935, New York Stock Exchange member
total net borrowings on collateral amounted to 24,958,161.
The ratio of these member total borrowings to the market
value of all listed stocks on that date was therefore 2.50%.
In the following table listed stocks are classified by leading
industrial groups with the aggregate market value and average price for each:
Feb. 1 1935
March 1 1935
Autos and accessories
Financial
Chemicals
Building
Electrical equipment manufacturing....
Foods
Rubber and tires
Farm machinery
Amusements
Land and realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandising
Railways and equipments
Steel, iron and coke
Textiles
Gas and electric (operating)
Gas and electric (holding)
Communications (cable, tel. & radlo)_
Miscellaneous utilities
Aviation
Business and office equipment
Shipping services
Ship operating and building
Miscellaneous businesses
Leather and boots
Tobacco
Garments
U. S. companies operating abroad
Foreign compitnies (incl. Cuba & Can.)
Market
Value
Aver.
Price
Market
Value
Aver,
Price
2,219,582,790
762.814,687
3,899,700,727
289,145,420
910,815,170
2,437,665,164
250,017,356
463,349.251
149,616,689
34,351,570
1.252,658,352
1,030,742,310
3,630,414,541
228.629,657
1,891,214,229
3,195,491,472
1,249,396,180
185,554,827
1,169,043,080
734,281,028
2,358.039,096
149.978,803
145,692,023
289,876,404
7,448,206
26,260.190
78,155,904
221,196,226
1,590,206,801
18.480,034
608,294,999
701,927,909
$
21.52
13.89
52.65
18.33
22.27
32.33
24.77
38.95
10.05
6.94
25.43
18.68
19.04
14.41
30.48
27.77
32.10
15.55
16.83
7.60
63.56
15.63
6.95
27.54
3.56
8.67
13.92
37.28
61.44
19.37
18.11
19.12
2,300,655,728
762,712,534
3,860,529,745
305,118,894
917,296,279
2,400.020,879
266,981.353
450,268,794
153.577,527
34,591,159
1,235,795,351
1.043,998,203
3,753,629,500
234.399,976
1,913,987,134
3,404,784,600
1,390,232,784
195,355.027
1,305,169,780
845.955,449
2,346,794,233
152,110,730
163,437,286
283,759,018
7,532,931
28,147.065
79,182,820
222,867.481
1,586,642.456
18,247,770
608,461,022
718,791,495
21.66
13.87
52.10
19.35
22.43
32.41
26.45
37.85
10.36
6.99
25.10
18.92
19.68
14.78
30.85
29.59
35.82
16.37
18.79
-8.76
63.26
15.85
7.80
26.96
3.60
9.29
14.10
37.56
61.30
19.13
18.12
19.56
We give below a two-year compilation of the total market
value and the total average price of stocks listed on the
Exchange:
1933Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
1934an. 1
A1. 1 _
NEW YORK STOOK EXCHANGE
Committee on Securities
March 2 1935.
Notice having been received that payment of $6.125 per 51.000 bond will
be made on March 4 1935, on surrender of the coupon due March 1 1935,
from State of Pernambuco 7% external secured sinking fund gold bonds,
due 1947:
The Committee on Securities rules that transactions made on and after
,March 4 1935,shall be settled by delivery of bonds bearing only the Sept. 1
11931, to March 1 1934, inclusive (ex Sept. 1 1934 and March 1 1935).
Sept. 1 1935 and subsequent coupons; and
That the bonds shall continue to be dealt in "flat"
ASHBEL GREEN, Secretary.
Market Value of Bonds Listed on New York Stock Exchange-Figures for March 1 1935
The New York Stock Exchange issued the following
announcement on March 6 showing the total market value of
listed bonds as of March 1 1935:
As of March 1 1935. there were 1,535 bond issues aggregating $45,032,755.233 par value, listed on the New York Stock Exchange, with a total
market value of $41,111.937,232.
This compares with 1,538 bond issues, aggregating
$44,978,558,842 par value, listed on the Exchange Feb. 1
1935, with a total market value of $41,064,263,510.
In the following table, listed bonds are classified by
governmental and industrial groups with the aggregate
market value and average price for each:
Markel
Value
Average
Price
$23,073,194,091
19,700.985,961
19,914,893,399
26,815,110,054
32,473,061,395
36,348,747,926
32,762,207,992
36,669,889,331
32,729,938,196
30,117,833,982
32.542,456,452
$17.71
15.20
15.41
20.73
25.10
28.29
25.57
28.42
25.32
23.30
25.13
33,094,751,244
37 3a4 990 391
25.59
28.90
1934Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Sept 1
Oct. 1
Nov. 1
Dec. 1
1935Jan. 1
Feb. 1
Mar. 1
Market
Value
Average
Price
838,657,646,692
36.699,914.685
36.432,143,818
33,816,513.832
34,439,993,735
30,752,107,676
32,618,130,662
32,319,514.504
31,613,348,531
33,888,023,435
$28.34
23.37
28.13
26.13
26.60
23.76
24.90
24.61
24.22
25.97
33,933,882,614
32,991,035,003
32.180.041.075
25.99
25.29
24.70
Pernambuco (Brazil) Remits 17% of March 1 Coupons
on Bonds of 7% External Sinking Fund Loan Due
March 1 1947-Rulings on Bonds by New York
Stock Exchange
Holders of State of Pernambuco (United States of Brazil)
7% external sinking fund loan due March 1 1947, are being
notified that there have been remitted to White, Weld & Co.,
special agent, funds for the payment of the March 1 1935
coupons appertaining to the outstanding bonds of this loan
at the rate of 174% of the dollar face amount of such
coupons. It was announced that beginning March 4
coupons would be paid at the rate of $6.125 per $35.00
coupon, upon presentation thereof to White, Weld & Co.,
40 Wall Street, New York.
Rulings on the bonds by the New York Stock Exchange
were issued as follows on March 2by Ashbel Green, Secretary
Feb. 1 1935
March 11936
Market
Value
United States Government
Foreign government
Autos and accessories
Financial
Chemical_ _
Building
Electrical equipment manufacturing
Food
Rubber and tires
Amusement
Land and realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and Publishing
Retail merchandising
Railway and equipment
Steel iron and coke
Textile
Gas and electric (operating)
Gas and electric (boldinc)
Communication (cable, tel. dr radlo)
Miscellaneous utilit;es
Business and office equipment
Shipping services
Shipbuilding and operating
Miscellaneous businesses
Leather and boots
Tobacco
U. S. companies operating abroad___ _
Foreign companies (including Cuba
and Canada)
All listed bonds
Aver.
Price
Market
Value
A vet.
Price
$
21,360,733,718 104.78 21,022,590,169 104.16
4,592,205,201 84.31 4,623.729,724 84.68
39,938.547 84.73
41,375,548 87.78
69,733,548 99.68
69,298.896 99.06
93,178,949 97.03
03,998 139 97.89
49,867,470 84.67
50.429,295 88.31
65,483,136 101.59
65,286.828 101.28
215,967,224 104.35
218.937,366 102.89
149,673,872 99.32
148.176,196 98 13
53,607,267 67.19
53,982.871 67.64
13.371,009 34.14
13.498.842 34.47
30,762,933 45.61
32.293,650 47.17
157,480,315 69.64
159.403,763 70.48
397,963,316 96.08
504.957 947 97.26
65,834.320 76.69
66,449.955 77.25
21,973,665 84.00
22.421,140 84.01
7,980,245,089 73.66 8,136,634,180 75.10
388,530.774 90.91
391,922,115 91.73
8,564,604 56.81
8,690.096 57 64
1,905,573,243 101.20 1,884,940,324 10011
168,165,863 72.85
163,858,675 70 99
1,104,068,011 107.10 1,103 528.084 10705
412,939,090 70.93
407.856,697 70.06
21,426,846 102.12
20.876.095 99.50
18,367,873 54.25
19,029.880 56.20
11,593,844 45.97
11.431,690 45.33
5,891,188 102.50
5,898.372 02.63
920,040 102.50
904,332 00.75
46,786,581 123.28
52,360,304 22.55
208,033.198 49.97
213,157,116 51.20
1,453,056,498 71.85 1,456,385,423 71.38
41,111.937,232 91.29 41,064,263,510 91.30
The following table, compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
Market
Value
32.180.041.075 24.70 32.991.035,003 25.29
All listed stocks
March 9 1935
1933Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
1934Jan. 1
Feb 1
$
32,456,657,292
30,758,171,007
30,554.431,090
31,354,026,137
32,997,675,932
33,917,221,869
34.457,822.282
35,218,429.938
34.513,782,705
33,651,082.433
34,179,882,418
34,861,038,409
36.263.747.352
Average
Price
$
193478.83 Mar. 1
74.89 Apr. 1
74.51 May 1
76.57 June 1
80.79 July 1
82.97 Aug. 1
84.43 Sept. 1
84.63 Oct. 1
83.00 Nov. 1
82.33 Dec. 1
81.36
1935Jan. 1
83.34 Feb. 1
89.84 lt4nr 1
Market
Value
Average
Price
$
38,843,301,985
37,198,258,126
37,780,651.738
38,239,206,987
39,547,117,863
39,473.326,184
39,453,963,492
38,751,279,426
39,405,708,220
39,665,455,602
$
88.27
89.15
90.46
90.17
90.80
89.79
88.99
88.27
89.39
89 85
40,859,643,442
41,064,263,510
90.73
91.30
41 111 017929
01 90
Outstanding Brokers' Loans on New York Stock
Exchange Reported Lower in February-Total
Feb. 28 of $815,858,439 Compares with $824,958,161
Jan. 31-Government Securities in Amount of
$62,729,273 Pledged as Collateral
For the second consecutive month outstanding brokers'
loans on the New York Stock Exchange during February
decreased, the Exchange reporting that the loans on Feb. 28
totaled $815,858,439. This compares with $824,958,161
on Jan. 31, a decline of $9,099,722. The figure for Jan. 31
represented a decrease of $55,304,994 from the Dec. 31
total of $880,263,155.
The report for Feb. 28, issued by the Exchange on March
4,shows that demand loans on Feb. 28 totaled $573,313.939,
as compared with $575,896,161 Jan. 31, while time loans
at the end of February amounted to $242,544,500, against
$249,062,000 the previous month. According to the
report, $62,729,273 of Government securities were pledged
as collateral for the borrowings during February, as compared with $48,299,727 in January. The report for Feb. 28
was made available as follows:
Financial Chronicle
Volume 140
New York Stock Exchange member total net borrowings on collateral.
contracted for and carried in New York, as of the close of business Feb. 28
1935. aggregated 5815.858.439.
The detailed tabulation follows:
Demand
Time
1. Net borrowings on collateral from New York
banks or trust companies
$510,838,891 $238,295.500
2. Net borrowings on collateral from private
bankars, brokers, foreign bank agencies
or others in the City of New York
62.475.048
4.249,000
$573,313.939 $242,544,500
Combined total of time and demand borrowings
$815.858,439
Total face amount of"Government securities"
pledged as collateral for the borrowings included in Items 1 and 2 above
$62,729,273
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
Below we give a two-year compilation of the figures:
1933—
Jan. 31
Feb. 28
Mar.31
Apr. 29
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 30
1934—
Jan. 31
Feb. 28
Mar.31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept.29
Oct. SI
Nov.30
Dee, 31
1935—
Jan. 31
Jan. 31
Feb. 28
Demand Loans
$255,285,758
222.501,556
207,601,081
207,385,202
398,148,452
582,691,556
679,514,938
634,158,695
624,450,531
514,827,033
544.317,539
597,953.524
Time Loans
$104,055,300
137,455,500
103.360.500
115,106,986
130,360,986
197,694,564
236,728,996
283,056,579
272,145,000
261,355,000
244,912,000
247,179,000
Total Loans
5359,341,058
359,957,056
310.961,581
322,492,188
528,509,438
780,386,120
916.243.934
917,215.274
898,595,531
776,182,033
789.229,539
845,132,524
626,590,507
656,626,227
714,279,548
812,119,359
722,373.686
740,573,126
588,073,826
545,125,876
531,630,447
546,491,416
557,742,348
616,300,286
276,484,000
281,384,000
267,074,400
276.107.000
294,013,000
341,667,000
334,982,000
329,082,000
299,899.000
280,542,000
273,373.000
263,962,869
903,074,507
938,010,227
981,353,948
1,088.226,359
1.016,386,689
1,082,240,126
923,055,826
874,207.876
831,529.447
827,033,416
831,115,348
880,263.155
824,958,161
575,896,161
575,896,161
244,062.000
573,313,939
242,544,500
—,......_.
249,062,000
824,958,161
815,858,439
1567
Second Larkins-Warr Trust (2-1300, Form A-1) of Tulsa, Okla., seeking
to issue 3.500 units of beneficial interest, no par value, to be offered at
$100 per unit.
Renotez, Inc. (2-1301. Form A-1) of New York, seeking to issue 50,000
shares of $2 par value stock, to be sold at not less than $3 nor more than
$4 a share.
Cornelius J. Shea, et at (2-1302, Form F-1) of St. Louis, Mo., seeking to
issue voting trust certificates for 11,296% shares of $10 par value capital
stock of the State National Life Insurance Co. at $25 per share.
5 T I. S. Management, Inc. (2-1303, Form C-1) of Jersey City, N. J..
seeking to issue 862,069 shares of Trusteed Industry shares, having an
aggregate offering price of $1,014,301.76.
Sunrise Mines, Inc. (2-1304, Form A-1) of San Diego, Calif., seeking to
Issue 300,000 shares of common stock with a stated value of 30 cents. Of
these shares, 100,000 are to be offered at 30 cents, 50,000 at 50 cents,50,000
at 75 cents, and 100,000 at Si.
In making public the above lists 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 2, page 1391.
Short Interest on New York Stock Exchange Reported
Lower in February
The total short interest existing as of the opening of
business on Feb. 28, as compiled from information secured
by the New York Stock Exchange from its members, was
741,513 shares, the Exchange announced March 7. This
compares with 764,854 shares, as of Jan. 31, which figure
represented an increase over the previous month's total
(Dec. 31) of 714,234 shares.
SEC Will Accept from Railroads Reports Filed With
ICC in Place of Registration Statements
According to an announcement recently made by the
Suggestions for Nominations as Members of Governing Securities and Exchange Commission, reports of railroads
Committee of New York Stock Exchange Exceed
90—R. Whitney, C. R. Gay and J. W. Hanes Named filed with the Interstate Commerce Commission may be
for Presidency—Two Governors Withdraw from filed with the SEC in place of reports required in the forms
for permanent registration under the Securities Exchange
Renomination
The New York Stock Exchange announced March 7, that Act. The SEC further ruled that such reports need not be
Richard Whitney, President of the Exchange, Charles R. independently p,udited except where the ICC requires that
Gay, of Whitehouse & Co., and John W. Hanes, of Chas. D. they be so certified. Advices Feb. 20 from Washington to
Barney & Co., have been suggested to the Nominating the New York "Herald Tribune," from which we take the
Committee for nominations as President of the Exchange. foregoing also said:
The Commission also adopted a regulation providing that the accounting
However, Mr. Hanes announced March 7 that he would not
requirements imposed upon any companies by other Federal regulatory
be a candidate for the office. The annual election of the legislation
take precedence over the requirements of the Commission as to
Exchange will be held on May 13. Three names have been the same matters under the Securities Exchange Act.
Commission
issued the following rule under Section 13 (B) of the
The
suggested to the Committee for the office of Treasurer. They
Securities Exchange Act of 1934:
are Warren B. Nash, of DeCoppet & Doremus, who has
Rule KB1. Reports of carriers and other persons subject to Federal reguserved continually as Treasurer since 1919, Edward C. lation. (A) In the case of any reports made pursuant to the Act with
respect to any person whose methods of accounting are prescribed under the
Fiedler, of Jacquelin & DeCoppet, and Edward T. H. provisions of any law of the United States, or any rule or regulation thereunder, the requirements imposed by such law or rule or regulation shall
Talmage, Jr., of Clark, Dodge & Co. The Exchange also supersede
the requirements imposed by any rule or regulation of the Comin respect of the same subject matter.
announced that Allen L. Lindley, of Lindley & Co., has been mission under the Actcarriers
subject to the provisions of Section 20 of the
(B) In the case of
suggested for the office of trustee of the Gratuity Fund.
Interstate Commerce Act as amended, or carriers required pursuant to any
other Act of Congress to make reports of the same general character as
Howard C. Foster and A. Varick Stout, Jr. have notified those required under such Section 20. any person required to file reports
other documents with respect to such carriers may file with the Comthe Nominating Committee of the Exchange that they will or
mission and the exchange duplicate copies of the reports and other docunot be candidates for renomination to the Governing Com- ments filed with the Interstate Commerce Commission or with the governmental authority administering such other Act of Congress in lieu of any
mittee. Both Mr. Foster and Mr. Stout explained that they reports,
information and documents required under Section 12 or 13 of the
subject matter. Any such reports or documents filed with the Comwere withdrawing in order to devote more time to their same
mission and the exchange need not be certified by independent public or
any other rule or regulation to
personal affairs. Ninety-three suggestions had been made up independent certified public accountants,
the contrary notwithstanding, if the reports and other documents filed
to March 4 as nominess for the Governing Committee. Of with the Interstate Commerce Commission or with the governmental
authority administering such other.Act of Congress are not required to be
this amount 41 were suggested as Governors and 52 as so
certified.
Governing members. Action of the Exchange providing for
The new interpretation is expected to reduce substantially the cost of
the election of office partners as Governing members is re- permanent registration for the carriers.
ferred to elsewhere in our issue of to-day. The Nominating
StateCommittee has to chose 11 Governors and 8 Governing Ruling of SEC Covering Filing of Registration
by Seasoned Corporations Engaged in Rements
members for the Governing Committee, to be voted upon
funding Operations
May 13.
The Securities and Exchange Commission promulgated on
Filing of Registration Statements Under Securities March 2 a rule providing certain conditions under which
financial data need be submitted only as of a date within
Act of 1933
The Securities and Exchange Commission announced on six months of the date of filing a registration statement by
March 4 the filing of seven registration statements under seasoned corporations engaged in refunding operations registhe Secgrities Act of 1933. The total involved is $5,098,- tering under the Securities Act on the new Form A-2. The
512.26, of which $4,343,809.76 represents new issues. The rule follows:
Rule as to Date of Balance Sheets for Filing on Form A-2 for Corporations
securities involved are grouped as follows:
The balance sheets required under the heading "Financial Statements
Commercial and industrial issues
Investment trusts
Certificates of deposit
Voting trust certificates
$3,329,508.00
1.014.301.76
472,290.00
282,412.50
The following is the list of securities (statements Nos.
1298-1304) for which, it was announced March 4, registration is pending:
Committee for the Kelly-Springfield Tire Co. $6 Preference Stock (2-1298,
Form D-1),seeking to Issue certificates of deposit tor approximately 48.440
shares ot $6 preference stock. The market value is given as $472.290. The
Secretary of the committee is F. G. MacLean, 25 Broad St.. New York.
American Business Shares, Inc.(2-1299, Form A-1) of Jersey City, N. J.,
seeking to issue 2,01,800 shares of 50-cent par value common stock, to be
offered at prices based on the market value of the underlying assets plus
distrilyition charges.
of the Registrant and Its Subsidiaries" in the "Instructions as to Financial
Statements" in the Instruction Book for Form A-2 for Corporations need
be only as of a date within six months of the date of filing the registration
statement if all of the following conditions are met:
(1) The offering of the securities registered is primarily for the purpose
of refunding outstanding obligations not In default;
(2) The total assets of the registrant, as shown by the balance sheet of
the registrant filed with the registration statement, amount to $10,000,000
or more;
(3) The registrant has at least one class of its securities not senior to that
for which registration is sought registered on a national securities exchange;
(4) The securities registered are bonds or other evidences of indebtedness.
If all of these conditions are met, the SEC pointed out,
the registrant must conform to the general requirement that
financial data must be submitted as of a date within 90 days
of the date of filing.
1568
Financial Chronicle
SEC Issues Ruling on Private Offerings—Underwriters
Permitted to Change from Private to Public Flotation Without Incurring Risk of Liability
Announcement was made on March 2 by the Securities
and Exchange Commission of the adoption of a rule defining
transactions not involving any public offering made prior to
the filing of a registration statement. The rule makes clear,
the Commission said, that offerings made prior to the filing
of the registration statement and made under circumstances
which did not necessitate registration or contemplate registration, do not by the fact of registration become the type
of offerings which are prohibited by the Securities Act. The
rule allows those who have contemplated or begun to undetake a private offering to register the securities without
incurring any risk of liability as a consequence of having
first contemplated or begun to undertake a private offering.
It follows:
Regulation defining transactions not involving any public offering made
prior to filing of registration statement. The phrase "transactions by an
issuer not involving any public offering" as used in Section 4 (1) of the
Securities Act of 1933 shall be deemed to apply to transactions not involving
any public offering at the time of said transactions although subsequently
thereto the issuer decides to make a public offering and (or) files a registration statement.
Chairman Kennedy of SEC Sees No Reason Why Bank
Stocks Should Not Be Listed on Stock Exchanges
—Text of Announcement
Supplementary to the reference made in our columns a
week ago (March 2, page 1392) to the letter of Joseph P.
Kennedy, Chairman of the Securities and Exchange Commission, replying to numerous inquiries as to the status of
bank stocks which had been listed on the now discontinued
Securities Market of the New York Produce Exchange, we
take occasion here to quote the excerpt of Mr. Kennedy's
letter, as made public by the SEC on Feb. 24:
As of an earlier date, I wrote you to the effect that the Commission had
been aware of the problem ot the status of certain bank stocks as collateral
in brokerage loans after Feb. 28 1935, the effective date for the closing of
the securities division of the New York Produce Exchange. I stated that
the Commission was aware that these stocks would, under Section 7 (0) of
the Securities Exchange Act,lose the collateral value that they had theretofore possessed as a result of being admitted to unlisted trading privileges
on the New York Produce Exchange. I said that the Commission was
giving the problem careful attention and would shortly reach a conclusion
upon the subject. A number of these securities are now held in brokerage
accounts.
The Federal Reserve Board has pointed out in its release No.41 that the
fact that these securities will lose their collateral value by ceasing to possess
the status of registered securities as of Feb. 28 1935 will not result in any
enforced liquidation of these securities when held as collateral in brokerage
accounts.
The question of enforced liquidation having thus been disposed of, there
remains the problem of whether any exemption should be granted to these
securities so as to entitle them to privileges which appertain to registered
securities. A great many arguments have been presented to the Commission
concerning the desirability of not listing bank stocks, and of giving them,
by the exempting powers of the Commission, the status of registered securities. In regard to the bank stocks now admitted to unlisted trading privileges on the New York Produce Exchange and which on Feb. 28 1935 will
lose their registered status, the Commission has carefully considered all the
arguments as to the desirability of granting them an exemption but concludes that it is not in the public interest to do so.
Examination reveals that most of the 26 bank stocks admitted to unlisted
trading privileges on the New York Produce Exchange are widely distributed. Figures available with reference to 11 of them show that in 1933
there were 333.181 stockholders in these 11 banks. Of these 11 Issues, three
ofthem have a wider distribution than many industrial issues now listed on
the New York Stock Exchange such as American Can, American Smelting,
American Tobacco,Chrysler, Eastman Kodak,General Foods,International
Harvester, Sears Roebuck, Union Carbide and Woolworth.
The Commission finds no reason why issues of such wide distribution
should not be listed on a National securities exchange and thus it sees no
ground for exercising its exempting powers to give these stocks the type of
collateral value that will be denied thorn as unregistered stocks under
Section 7 (C) of the Securities Exchange Act when the securities division
of the New York Produce Exchange closes.
It is well to point out that bank stocks can be listed with certainly as
great a facility on a National securities exchange as other stocks. The
Commission is now preparing a form for the registration of such stocks.
In the meantime, a provisional form known as Form 7,is available to these
issuers, who may thus acquire for their security holders the benefits of
registration upon a National Securities exchange.
March 9 1935
Securities and Exchange Commission for administration
changes of stock exchanges, was referred to in our issues of
Feb. 23, page 1234, and Feb. 16, page 1063. Under the
amendment the Governing Committee of the Exchange will
be increased from 42 to 50.
Chicago Stock Exchange Requests Corporations to
Advise Before March 15 as to Filing of Permanent
Registration Applications •
The Chicago Stock Exchange mailed on Feb. 27 to 298
corporations having securities listed on the Exchange, forms
and instructions for filing permanent registration applications
under the Securities Exchange Act of 1934. In his letter
transmitting the forms and instructions, Michael J. O'Brien,
President of the Exchange, asked corporations to notify the
Exchange before March 15 when the application will be
received,and whether or not the required financial statements
will be filed at the same time as the application, or a delay
requested for filing the financial statements in accordance
with the rules of the Securities and Exchange Commission
permitting delayed filing under certain circumstances.
Charter Issued for Establishment of Bond Exchange at
Toronto—Plans for Bond Market at Montreal
Progressing
The Ontario, Canada, Government on Feb. 27 issued a
charter to a group of independent bond dealers for the
establishment of a bond exchange at Toronto, we learn from
Canadian Press advices from Toronto, Feb. 27. The advices said:
The incorporators of the new financial institution, to be known as the
Canadian Bond Exchange, were not made known, and the charter was
issued in the names of provisional directors, Hon. Harry Nixon, provincial
secretary signing the papers this afternoon.
A meeting will be called later this week, it was intimated to-night, to
appoint a first full board of directors.
Co-operation with the Toronto Stock Exchange will be sought, it is
understood.
To begin with, the exchange will function simply as a clearing house for
quotations. Traders for the various dealer firms, who now make a market
by inter-office telephones, will get and give their quotations through the
central "exchange office," to be established. Later, regular trading will be
developed.
J. M. Godfrey, Ontario Securities Commissioner, stated to-day that
"the incorporators will be given a chance to organize the exchange and if
they succeed, it would require very cogent reasons to convince me to agree
to establishing any other bond exchange should such a question be referred
to me."
F. S. Mathewson, Acting Chairman of the Montreal Stock
Exchange,issued the following statement on Feb. 28 regarding progress made in the establishment of a bond exchange in
Montreal:
Some months ago, the Governing Committee of the Montreal Stock
Exchange recognized the necessity of providing organized trading facilities
for bonds in Canada. At that time, application for a charter was made to
the Provincial Government,and letters patent were granted for the Montreal
Bond Exchange.
Because of the fact that opinion with respect to organized and regulated
trading is not unanimous among bond dealers, progress has been slow In
the matter of organization.
However, it Is the purpose of this body to place the proposed organization
in operation as quickly as it is conveniently possible to do so.
No discussions have been held with any group which has more recently
proposed such an exchange.
Trading in Gasoline and Crude Oil Futures on Commodity Exchange Inaugurated
The market for gasoline and crude oil futures was inaugurated at 11 a. m. March 5 on the Commodity Exchange,
Inc. The first transaction in gasoline futures was executed
by I. Within, of Canalizo, Witkin & Co., who bought one
contract, or 42,000 gallons from Charles Slaughter, of
Slaughter, Horne & Co., for June delivery at 5.90 cents per
gallon. The first transaction in crude oil futures was executed by Jack R. Aron, of J. Aron & Co., who bought one
contract, or 2,000 barrels for June delivery at $1.25 a
barrel,from Homer W. Orvis, of Orvis Brothers & Co.
Sales during the first day of trading totaled 33 contracts,
The Securities Market on the Produce Exchange was discontinued on Feb. 25, as noted in our issue of March 2, or 1,386,000 gallons in gasoline and 7 contracts or 14,000
barrels in crude oil. The highest and lowest prices for gasopage 1393.
line futures were 5.98 cents for January and February
and 5.78 cents for June delivery. For crude oil
Amendment Adopted by New York Stock Exchange delivery
Permitting Eight Office Partners to Serve on the highest and lowest,prices were $1.25 for June delivery
and $1.18 for July delivery.
Governing Committee
Prior to the inauguration of the trading in the two new
At a meeting of the Governing Committee of the New York
Stock Exchange held March 4, an amendment to the con- futures markets, Jerome Lewine, President of the Exchange,
stitution giving effect to the proposal to add 8 governing said:
I am happy to present to you the most recent development among our
members to the Governing Committee was adopted and will
commodity markets, namely, that for gasoline and crude oil. We feel
be submitted to the members in accordance with the pro- proud that Commodity Exchange has taken the initiative in the developvisions of article XXV of the constitution, which provide ment of futures trading in these petroleum products. The inauguration
these markets marks another important step in the progress of our
that such amendments become effective if not disapproved of
Exchange. It is our aim to provide a trading market which will afford
The
weeks.
two
within
the
of
Exchange
membership
the
by
hedging facilities for those commodities which are susceptible to such
proposal, made incident to the 11-point program of the trading, and where an economic need for such hedging facilities appears.
Volume 140
Financial Chronicle
The oil industry is one of the principal and basic industries of the nation.
Its products have an estimated annual value of upwards of $13,000,000,000.
The industry has for years been disturbed by the disrupting effect of
uncontrolled price fluctuations. It is our belief that this futures market
will tend to impart a greater degree of stability to price movements, and
that through the use of this market for hedging purposes the industry
may obtain protection against adverse price movements. We sincerely
hope that all factors of the industry, including producers, refiners, dealers
and consumers will take advantage of these facilities.
This market is not designed to supplant the marketing facilities now
obtaining in the industry, but is intended to provide the industry with a
market wherein it can obtain price insurance against adverse price movements. .. .
Among those who also addressed those attending the
inauguration was W. E. Dunn, Acting Assistant Director
of the Bureau of Foreign and Domestic Commerce, United
States Department of Commerce. He said in part:
I will limit my remarks to bringing you a message of greeting from
Secretary Roper, and tell you that the Department of Commerce is very
much interested in this development here this morning to promote and
further both domestic and foreign commerce. I will not say that we know
much about it. We do not pretend to know, but we come here to learn.
Anything that makes for stabilization of prices, which makes for a
stable market and means the removal of barriers to business and to the
flow of commerce—anything of this kind is very much of interest to
the Department of Commerce and especially to the Bureau of Foreign
and Domestic Commerce.
You probably know that the present Administration in Washington
is endeavoring to remove trading barriers. We are trying to tear down
some of these obstacles to world trading which have been built up. To
what extent your trading activities in these commodities will affect foreign
trading I have not been able to figure, but I feel that it will have some
effect, although at present you will look to the domestic market more
than to the foreign market.
The trading hours for the two contracts are from 10 a. m.
to 3 p. m. on each business day with the exception of Saturday, when trading will cease at 12 noon. At present trading
is being conducted in contracts for delivery during June,
1935,and the eight subsequent months. On and after June 1
1935, trading will be conducted in contracts for delivery
during the current month and the succeeding 11 calendar
months. The contract unit for gasoline is 42,000 United
States gallons on the basis of measurement at 60 degrees
Fahrenheit, and that for crude oil 2,000 barrels of 42 United
States gallons each on the basis of measurement at 60 degrees
Fahrenheit. The following are the deliverable grades in
the two contracts:
Gasoline Contract
Base Grade (Exchange Grade No. 1): United States motor gasoliee as
per Federal specification VV-G-101. within the range of 55-59 octane
numbers.
Other Deliverable Grades (Exchange Grade No. 2). Motor gasoline as
per Federal specification VV-M-571, within the range of 60-64 octane
numbers. at X of 1 cent per gallon premium above the contract price.
Exchange Grade No. 3: Motor gasoline of the same specification as
Grade No.2, with octane numbers 65 and above, at X of 1 cent per gallon
premium above the contract price.
Crude Oil Contract
Base Grade. Mid-Continent (Oklahoma and Kansas origin) 36.0-36.9
A. P. I. gravity.
1. Other Deliverable Grades. Texas. Mid-Continent and California oils,
as specified in Section 353 of the By-Laws (the term "grade" covering
both the characteristics of point of origin and A. P. I. gravity).
Hearings on Administration's Banking Bill of 1935—
Governor Eccles of Federal Reserve Board Advocates Changes in Open Market Provisions in Bill
—Redistribution of Income Advocated
Hearings on the Administration's Banking Bill have continued before the Committee on Banking and Currency of
the House of Representatives, with Marriner S. Eccles,
Governor of the Federal Reserve Board and Comptroller of
the Currency J. P. T. O'Connor presenting their views on
the proposed legislation. Governor Eccles, who began his
testimony on Monday, March 4, told the Committee that
"the present need is to so modify our banking law as to
encourage the banking system to give a full measure of
co-operation to efforts at economic recovery." The proposal in the bill to combine the offices of Governors and
Chairmen of the Board of the Federal Reserve Banks was
discussed by Mr. Eccles, who had the following to say in
explanation of the proposed change:
As you know, the present law provides that the Federal Reserve Board
appoint three directors of each Federal Reserve Bank and that one of the
directors appointed by the Board be the Chairman of the board of directors.
It appears to have been the intention of the framers of the Federal Reserve
Act that the Chairman of the board of directors be the principal executive
officer of each bank and the law makes him also the official representative
of the Federal Reserve Board at the bank. In practice, however, it has
developed that the directors appoint an executive officer for whom they
have adopted the title of Governor of the Federal Reserve Bank, a title
that is not mentioned in the law, and that these governors have become the
active heads of the Federal Reserve banks.
The proposal in the bill is to recognize the existing situation by giving
the governor of a Reserve bank a status in the law and to combine his
office with that of the Chairman of the board of directors. It is, of course,
essential that the holders of these combined offices be approved by the
Federal Reserve Board. The Board, you will note, will no longer appoint
a Chairman of the board, but will merely have to power to approve or dieapprove the appointment of the Governor, who will also be Chairman of
1569
the board. In this proposal there is no encroachment on the autonomy of
the individual Reserve banks. It merely re-establishes the original principle of the Federal Reserve Act that the Federal Reserve Board, which
has responsibility for national policies and for general supervision over the
Reserve banks, shall be a party to the selection of the active heads of the
twelve Reserve banks. This change will work towards smoother co-operation between the Board and the banks and will establish within the banks a
greater unity of administrative control than now exists. It will also result
in considerable saving through the elimination of one of the two highest
officers in each Federal Reserve bank.
In passing upon the provisions in the bill dealing with
changes in the machinery for determining and carrying out
the open market policies of the Federal Reserve System, Mr.
Eccles stated that "it would appear that the best way in
which to handle this proposal would be to place the responsibility for open market operations in the Federal Reserve
Board as a whole and to provide for a committee of five
Governors of Reserve banks to advise with the Board in
this matter." Governor Eccles' statement in the matter
follows in part: ,
Under existing law open-market operations must be initiated by a committee consisting of representatives of the twelve Federal Reserve banks,
that is, by persons representing primarily local interests. They must be
submitted for approval or disapproval to the Federal Reserve Board, and
after they have been approved by the Federal Reserve Board, the boards
of directors of the Federal Reserve banks have the power to decide whether
or not they wish to participate in the operations. . . .
In this matter, therefore, which requires prompt and immediate action
and the responsibility for which should be centralized so as to be inescapable, the existing law requires the participation of twelve governors,
eight members of the Federal Reserve Board and 108 directors scattered
all over the country before a policy can be put into operation. . .
The proposal in the bill is to set up a committee of 5, 3 of whom shall
be members of the Federal Reserve Board and 2 governors of Federal
Reserve banks. This proposal would have the advantage of creating a
small committee with undivided responsibility. It is not clear, however.
that this arrangement is the best that can be devised for the desired purpose.
The Federal Reserve Board, which is appointed by the President and
approved by the Senate for the purpose of having general responsibility
for the formulation of monetary policies, would under this proposal have
to delegate its principal function to a committee, on which members of the
Board would have a bare majority, while governors of the banks would
have 2 out of 5 members.
From the point of view of the Board the disadvantages of this arrangement are that a minority of the Board could adopt a policy that would be
Opposed to one favored by the majority. It would even be possible for
one member of the Board by joining with the 2 governors to adopt a policy
that would be objectionable to the 7 other members of the Board . .
Upon further study it would appear that the best way in which to handle
this proposal would be to place the responsibility for open-market operations
in the Federal Reserve Board as a whole and to provide for a committee of
5 governors of Federal Reserve banks to advise with the Board in this
matter. The Board should be required to obtain the views of this committee of governors before adopting a policy for open-market operations,
discount rates, or changes in reserve requirements. Such an arrangement
would result in the power to initiate open-market operations by either a
committee of the governors or by the Board, but would place the ultimate
responsibility upon the Federal Reserve Board, which is created for that
purpose.
As to the proposal that "limitations on real estate loans
be so modified as to permit member banks better to supply
the needs of their communities for mortgage loans." Mr.
Eccles had the following to say:
Member banks hold about $10,000,000.000 of the people's savings, and
it is therefore proper and necessary that they invest a part of their funds
of long-time undertakings. The separation of commercial banking from
savings banks may be theoretically desirable, but it cannot be accomplished
in this country without disrupting existing machinery, while the need for
increased activity in building is urgent. Member banks are suffering from
the competition of many Government and other agencies that are entering
the field of real estate loans, and it is a matter of self preservation for the
banks to be able to hold and expand their activities in this field.
The details of the bill as proposed may have to be modified. The problem
is a difficult one because the laying down of specific percentages of value
presents many perplexities. In some regions and at some times a 75%
loan on real estate is conservative, while at other times a 50% loan may be
too liberal. It may be best in this matter, as in others, to vest discretion
in the Federal Reserve Board to prescribe such rules and regulations about
real estate loans as in its judgment would operate most effectively in the
public interest.
On March 6 a redistribution of income—not wealth—was
suggested by Mr. Eccles, as one way of solving the depression's problems. As to the Governor's suggestion, Associated Press advices from Washington, March 6, said:
restifying on the new omnibus banking bill, Mr. Eccles almost, but
not quite, took a leaf out of Senator Huey Long's redistribution of wealth
book. He said in effect that it would be all right for a man with, say,
$10,000.000 in capital to keep that provided his income was redistributed.
Senator Long wants the capital redistributed.
The Reserve Board Governor went back to the post-war days to illustrate
his argument. At the height of the boom, he said, one-tenth of 1% of the
families at the top of the income list received as much as 42% of the families
at the bottom of the list. Furthermore, he pointed out, one average
family in the big-income class got as much as 400 families at the bottom
of the list.
"This one-tenth of 1% was unable to use all this income in consumption,"
he said. "They therefore had to find an outlet in the investment field.
As a result, the capacity to produce increased out of all relation to the
capacity to consume."
Families with big war and post-war incomes, he said, could not spend all
the money they had. The only thins left to do was to invest it. By investing it in stocks or bonds or industrial enterprises they stimulated production. Soon more things were being made than could be sold, and the
reaction set in.
"Our ability to fight the depression in this economy of abundance is not
a question of money," he said. "It is a question of distribution.
1570
Financial Chronicle
March 9 1935
"The depression was not brought about by a shortage of money. As
long as we had inequitable distribution of wealth as existed (In the postwar decade) it was inevitable that business would slow up and the depression ensue.
"Our problem now is one of distribution of income, fhe most effective
way of achieving a better balance is through income taxes."
The Government, he said, must at all times have complete control of
credit.
of the Comptroller. Mr. O'Connor agreed that such stringency had not
been an important cause of the slow flow of credit of recent years.
Representative Steagall said that the Comptroller's office had often been
criticized in the past as lenient on bank examinations, and he commended
Mr. O'Connor for courage shown in liberalizing examination standards
in line with the President's recovery policy.
Administration ever since the 1933 banking holiday and that so far the
problem had not been solved.
"The banks are willing to extend credit on Government bonds," Mr.
Eccles said, "and the Government in turn through such agencies as the
Reconstruction Finance Corporation and the Home Owners' Loan Corporation and the Farm Credit Administration, has been putting out billions
of dollars in bonds and credit and then lending in turn to individuals and
corporations. If this process continues, banks will have a hard time
justifying their existence."
He said the Government might have to take over the business of the
banks "not because the Government wants to enter banking but because
the banks have forced Government agencies to provide the necessary
credit."
Mr. Eccles testified that a provision to enable member banks to borrow
from the reserve banks against "any sound asset" was the most important
feature of the bill from the standpoint of the immediate future.
"fhis provision does not mean inflation," he assured the committee.
"Before member banks would have any occasion to borrow from the Federal
Reserve they would have to extend billions and billions of credit. fhey
now have a great excess of reserve.
But if the provision is there, It would change the attitude of the banks
toward lending. This, to my mind, is the most important feature of this
legislation. It would do more toward inducing recovery, through credit
expansion, than any other provision of this bill. The banking system
must be made to provide the money and credit required by business."
Some members of the committee said afterward, however, they thought
some limitation should be written into the measure against any possible
recurrence of credit inflation of 1929 days.
Representative Hollister, (Rep., Ohio.)and Chairman Steagall took the
position that Congress had plenty of time to alter the law before that time,
in case it worked out that any hardship was being imposed on deserving
small banks. . . .
Leo T. Crowley. Chairman of the FDIC, and L. E. Birdzell, its General
Counsel, told the Committee to-day that 14,155 banks in the country had
deposit insurance on Dec. 1, with only 1.192 non-member State banks
uninsured.
The insured banks had a deposit liability of $38,500,000,000, which was
43.49% insured.
The insured banks were distributed as follows.
Number
Type
5,478
National banks
State banks members of the Federal Reserve
976
7,701
State banks not members of the Federal Reserve
In the same paper it was stated that a charge that Federal
On the same day (March 5) Governor Eccles warned insurance of bank deposits would be used as a club to force
(according to Washington advices to the New York "Times") every bank in the country to join the Federal Reserve
that commercial banks would soon be unable to justify System or stop business was made before the Committee
their existence, unless Federal Reserve requirements were on Feb.28. In part the Washington advices to the "Times"
liberalized to enable them to extend longer term credit. on that date added: Representative Dirksen.(Rep., Ill), and Williams,(Dem.. Mo.),ranging
The further remarks of Mr. Eccles on this point were indi- themselves
on the side of the small non-member banks, organized under
cated asfollows in Associated Press advicesfrom Washington: State charters, assailed the provision of the bill which directs that a non... Mr. Eccles stated the failure of banks to lend has been troubling the member State bank could only acquire insured status until I July 1 1937.
Administration's Banking Bill of 1935—Comptroller of
Currency O'Connor Opposes Repeal of Double
Liability of National Bank Stockholders Unless
Action Is Taken to Build Up Bank Surplus
The section in the Administration's Banking Bill of 1935
repealing on July 1 1937 the double liability assessment of
stockholders of National banks was approved on March 1
by J. F. T. O'Connor, Comptroller of the Currency, conditional upon the requirement that banks build up reserves
equal to their capital stock. Comptroller O'Connor's views
were presented at the hearing on the bill before the House
Banking and Currency Committee. Mr. O'Connor declared
that it would be "unconstitutional" to attempt to relieve
stockholders of double liability as to stock already outstanding. From Associated Press accounts March 1 from Washington we quote:
Under present law, stockholders are subject to assessments equal to
double the amount of their stock if their banks get into financial difficulties.
The future elimination of that requirement, Mr. O'Connor told the
Committee in its hearing on the new omnibus banking bill, would "greatly
encourage the establishment of new banks."
"But you must remember," he added, "that by eliminating double
liability for stockholders in all National banks you tremendously weaken
the banking structure and therefore banks should be required to build up
out of their profits some substantial fund to go into their surplus." . . .
This testimony followed charges that the Administration's proposed
new banking law is intended as a "club" to force thousands of small banks
Into the Federal Reserve System.
Representative Dirksen (Rep., Ill.), in leading the attack, called attention to a provision in the bill which excludes all but certain types offinancial
institutions from deposit insurance benefits.
Pointing to the insured deposit clause, which in effect eliminates nonmember banks from deposit insurance after July 1 1937, he hinted that the
bill aims to force all these State institutions into the Federal Reserve
"which don't want to go in, and close up others which cannot meet the
requirements."
Regarding the hearing on March 1 we quote in part as
follows from the New York "Times":
Mr. O'Connor reviewed the work of opening closed banks, since the
banking holiday of Marcia 1933. Just after the holiday there were over
the nation 1,417 unlicensed National banks, with deposits of $1,971.980,000.
whereas on Feb. 1 of this year there remained only three with deposits of
$3,280,000.
FDIC Safeguards Favored
He favored safeguards to protect the Federal Deposit Insurance Corporation, of which he is a board member, in insuring deposits in State banks.
He declared that the FDIC should be allowed to pass on the capital structures before such banks were admitted to the fund, that the State nonmember banks should make the same condition reports as were required of
member banks, that criminal penalties against officials should be extended
to all insured banks, and that robbery of an insured bank should be made
a Federal offense.
Assessments for deposit insurance will cost the banks about $70.000.000
a year, Mr. O'Connor said, on the basis proposed in the draft bill. The
Glass-Steagall Act of 1933, by forbidding banks to pay interest on demand
deposits, saved an average of $250.000,000 a year, he added.
Representative Sisson of New York remarked that bankers, in explaining
why credit was not always granted freely, had been using as an "alibi" the
alleged stringency of Federal bank examiners, working under the direction
14.155
Total
The uninsured banks have deposit liabilities of $500,000,000. Mr. Crowley
said, and of these he thought about 72% could qualify for deposit insurance
under existing minimum capital requirements. He said that it was not the
intention to drive the small banks out of business, and suggested that
Congress might liberalize the deposit requirements to let them into the
System should it develop that they were going to be unable to qualify.
Previous reference to Mr. Crowley's testimony before the
Committee was made in our March 2 issue, page 1403.
Delay on Proposed Amendments to Federal Reserve Act
Urged by National City Bank of New York in Discussing Administration's Banking Act of 1935
"The proposals affecting the banking system embodied in
the new bill before Congress, known as the Banking Act of
1935, are of so fundamental a nature as to make this bill
the.most important piece of banking legislation since the
Federal Reserve Act," says the National City Bank of New
York in its "Monthly Letter" for March. In the comments
the bank says:
The bill is of importance to every bank depositor because it concerns the
soundness and liquidity of banking assets, and it is of importance to every
man, woman and child because it concerns the value of money. In a
country like the United States, where 90% of the aggregate value of all
payments is made by checks drawn against bank deposits, it is obvious
that the volume of bank credit is a far greater factor in determining what
the dollar will buy than the amount of currency outstanding. This is the
reason why this bill proposing to remodel the banking system is a matter
of vital interest, not only to bankers, but to every individual who has
savings or other kinds of property, or who uses money for any purpose
whatever, and this, of course, means everyone.
Title II of the bill, which embodies amendments to the
Federal Reserve Act, "constitutes," the bank observes, "the
heart of the bill, containing, as it does, proposals for fundamental changes in banking control and practice. It is this
section in particular which calls for most careful consideration." The bank also has the following to say, in part,
regarding Title II of the bill:
In so far as the vital provisions of Title II of this bill are concerned, it
is difficult to see how anything will be gained by haste. It is easy to
see how much might be lost. There can be no doubt but that the country
would feel far more secure, and the chances of reaching wise conclusions
far greater, if this section of the bill were reserved for more extended study
and debate. . . .
Briefly stated, the changes proposed in this section Include:
1. Limitation of the self-governing character of the Federal Reserve banks and
the centralization cf the control In the Federal Reserve Board and the President.
2. Broadening the eligibility requirements of the Reserve banks—now restricted
to self-liquidating commercial paper or member bank notes secured by U.S. Government obligations—to Include any "sound" assets of member banks; Federal Reserve
notes to be secured by a first Ilen on all assets of the Issuing banks,
3. Authorization of National banks to invest their entire capital and surplus in
real estate loans, which, if amortized, may be up to 75% of the value of the property
and run for 20 years; such investments in real estate to be in addition to the banks'
own premises.
It is evident that these proposals concern basic principles of our central
banking organization. These principles, as they were laid down in the
Federal Reserve Act of 1913, were drawn from years of study and discussion
dating back particularly to the panic of 1907 which exposed the intolerable
weakness of our banking system in a manner so convincing as to inspire
the demand for banking reform. Responding to an aroused public opinion,
Congress in 1908 appointed a National Monetary Commission, headed by
Senator Nelson W. Aldrich, to survey the banking system and make recommendations for its improvement.
This Commission undertook an exhaustive study, lasting over a period
of three years, during the course of which it held extensive hearings, and
visited many foreign countries. The report of the Commission, published
in 23 volumes, comprises the most complete treatise on central banking
ever assembled. Regardless of how much the framers of the Federal
Reserve Act may or may not have drawn from this particular report, the
report is of significance to-day, not only because of the vast amount of
information which it contains, but because it is indicative of the pains.
Volume 140
Financial Chronicle
taking research and scientific thought devoted to the problem of banking
reform a generation ago.
The Need for Banking and Currency Reform
The foregoing does not imply, of course, that the Federal Reserve
System, as established in 1913, represented the last word in banking development, and that any change from the principles then laid down is
necessarily undesirable. The fact that more than 20 years have passed
since the enactment of the Federal Reserve Act would alone constitute
reason for a thorough-going review of the workings of the System in the
light of practical experience. When, in addition, consideration is given to
the manner in which our banking and currency laws have been patched
up and amended over the years, and particularly since the emergency
legislation, until they bear little semblance to the former order, the need
for a scientific restudy of the whole question of banking and currency is
clearly apparent. . . .
The question at issue, therefore, is not whether our banking and currency
laws need revision—of that there can be no doubt—but what is the best
way to go about revising them? Is it advisable to rush through legislation
of such fundamental importance without opportunity for any real discussion, or is it advisable to take time out for mature thought and
deliberation ?
Bondholders Committee for Cuban Bonds Brings Suit
Against Chase National Bank for Names of Holders
of Defaulted Public Works Issue—Statement by
Bank
A suit was filed on March 5 in the Supreme Court against
the Chase National Bank, New York, by Albert F. Coyle,
Secretary of the bondholders committee for the Republic of
Cuba bonds, to require the bank to supply the committee
with a list of holders of defaulted Cuban Public Works 54%
bonds of 1945. The bondholders committee, in addiiton
to Mr. Coyle, consists of United States Senator Bronson
Cutting, of New Mexico, Thomas H. Healy, J. Fred Rippy
and Max Winkler. As to the suit the New York "Times"
of March 6 said:
The suit, which declares the bank is no longer able to serve the bondholders' interests, is aimed at taking from the bank the control of
negotiations with the Cuban Government for payments on the bonds.
The complaint set forth that the bonds, purchased by the bank from
the Cuban Government and sold through a syndicate including the Chase
Securities Corporation, were to have been secured by a lien on certain
revenues. Although these revenues exceeded the interest requirements in
1933 and 1934, the complaint declared, the Cuban Government defaulted
on interest payments since Dec. 31 1933. The bank is fiscal and transfer
agent for the bonds.
Because a Cuban governmental commission held that the loans made
through the Chase bank were contracted illegally and repudiation would be
justified so far as the bank was concerned, the committee declared, the
bank can no longer effectively serve the bondholders. The same applies
to the Foreign Bondholders Protective Council, Inc., financed in part by
the bank and furnished by it with a list of bondholders, the complaint
declared,and the plaintiffcommittee lathe only effective bond holders'group.
The Chase National Bank issued the following statement
on March 5 incident to the court action instituted by Mr.
Coyle:
With the reference to the request made by Mr. Coyle for a list of holders
of Cuban Public Works bonds, the persons who are known as such
to The
Chase National Bank classify as follows:
First. 61 persons or institutions having custody or safekeeping accounts
with the bank.
Second. 44 holders of registered bonds.
The bank has a fiduciary relationship with persons or institutions
maintaining custody accounts with it, or for whom it holds bonds in safekeeping.
For that reason the bank is not in a position to disclose their names to anyone except upon their request. Nevertheless, on Dec. 13 and 14 1934,
the
bank consistently with its practice in such cases sent to each of the foregoing
the prospectus, deposit agreement and transmittal form of Mr.
Coyle's
committee.
Toward the registered bondholders the bank has not the same fiduciary
relationship, but it occupies the position of paying agent, a position
which it
holds, of course, with respect to all bondholders. In this case also the
bank
feels that names should not be disclosed to Mr. Coyle, for reasons
which
are controlling in the circumstances.
Mr. Coylo refers in his complaint to the Foreign Bondholders Protective
Council and the committee organized by it for the protection of the Cuban
Public Works bonds.
There is no secret about the establishment of that organization. The
Secretary of State, the Secretary of the Treasury, and the Chairman of the
Federal Trade Commission called a meeting on Oct. 20, 1933, at the Treasury, which was continued later that day at the White House,looking toward
its establishment. The results of that meeting were reported in a newspaper
release from the White House under the same date. The Council was
organized on Dec. 18 1933 as a non-profit corporation and there can be no
doubt about the disinterested nature of its functions, which involve primarily the protection of the rights and interests of American holders of
foreign public obligations. The Council is supported by voluntary contributions from upwards of 150 institutions and individuals all over the
country. The Chase National Bank is one of that number, and joins
with the others in making its contribution without attaching conditions of
any nature, believing that it servos a highly important public purpose.
Like the Council itself, the committee which it organized is a non-profit
organization, and its members serve without compensation. They represent institutions holding substantial amounts of bonds. Its organization
was forecast in an announcement to the press on July 17 1934, by the Secretary of State. Up to the present the committee has not asked for the
deposit of bonds, but has invited bondholders to register with it their names
and the amounts of bonds held by them. In response to this invitation
the Chase National Bank has registered its own bonds with the committee,
and understands that some 1,500 other bondholders have done likewise.
In a recent letter the committee asked the bank to join with the other large
registrants in providing for its expenses. The committee in that letter
estimated that its expenses for a year, apportioned among the larger registrants, would be covered by payments at the rate of25 cents for each $1,000
bond registered. The bank participated pro rata.
1571
$20,001,000 of 13/2% Debentures Offered by Federal
Intermediate Credit Banks—Issue Over-subscribed
The Federal Intermediate Credit banks offered on March
6 an issue of $20,000,000 of 134% debentures, dated March
15 and due in three and six months. Charles R. Dunn,
fiscal agent for the banks, announced on March 6 that
subscriptions of approximately $250,000,000 had been
received for the offering, which, according to Mr. Dunn, is
the largest over-subscription of any issue ever offered by the
banks. In February the banks offered $12,500,000 of
134% debentures due in four and six months; reference to
the February financing of the banks was made in our issue
of Feb. 9, page 889.
$309,580,000 Received to Combined Offering of $100,000,000 or Thereabouts of Two Issues of Treasury
Bills Dated March 6 1935—$50,114,000 Accepted to
182-Day Bills at Rate of 0.10% and $50,072,000 to
273-Day Bills at Rate of 0.14%
Tenders to the aggregate amount of $309,580,000 were
received to the offering of two series of Treasury bills, dated
March 6 1935, offered in the aggregate amount of $100,000,000 or thereabouts, Henry Morgenthau Jr., Secretary
of the Treasury, announced March 4. Of the tenders,
which were received at the Federal Reserve banks and the
branches thereof up to 2 p. m., Eastern Standard Time,
March 4, it was stated that $100,186,000 was accepted.
The two series of bills were offered in amount of $50,000,000
or thereabouts each; one series was 182-day bills, maturing
Sept. 4 1935, and the other 273-day bills, maturing Dec. 4
1935. Reference to the offering was made in our issue of
March 2, page 1395. Details of the result of the offering
were announced by Secretary Morgenthau as follows:
182-Day Treasury Bills, Maturing Sept.4 1935
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $152,020,000, of which $50,114,000 was accepted.
The accepted bids ranged in price from 99.955, equivalent to a rate of about
0.089% per annum, to 99.946. equivalent to a rate of about 0.107% 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 99.949 and the average rate is about 0.100%IPer
annum on a bank discount basis.
273-Day Treasury Bills, Maturing Dec. 4 1935
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was $157,560,000, of which $50,072,000 was accepted.
The accepted bids ranged in price from 99.909, equivalent to a rate of
about 0.120% per annum, to 99.886, equivalent to a rate of about 0.150%
per annum, on a bank discount basis. Only part of the amount bid for at
the latter price was accepted. The average price of Treasury bills of this
series to be issued is 99.889 and the average rate is about 0.147% Per
annum on a bank discount basis.
New Offering of Two Series of Treasury Bills in Amount
of $100,000,000 or Thereabouts—Both to Be Dated
March 13 1935—$50,000,000 of 182-Day Bills Offered
and $50,000,000 of 273-Day Bills
Announcement was made on March 7 by Henry Morgenthau, Jr., Secretary of the Treasury, of ii, new offering of
Treasury bills in two series to the aggregate amount of
$100,000,000 or thereabouts. One series will be 182-day
bills and the other 273-day bills; each series will be offered
in amount of $50,000,000 or thereabouts. The bills will
be dated March 13 1935; the 182-day securities will mature
Sept. 11 1935 and the 273-day, Dec. 11 1935. The face
amount of the bills of each series will be payable without
interest on their respective maturity dates. Tenders to
the offering will be received at the Federal Reserve banks,
or the branches thereof, up to 2 p. m., Eastern Standard
Time, Monday, March 11, but will not be received at
the Treasury Department, Washington. Both series of
bills will be sold on a discount basis to the highest bidders.
Secretary Morgenthau expressed that bidders are required
to specify the particular series for which each tender is
made. An issue of similar securities in amount of $75,365,000 will mature on March 13 and the accepted bids to the
new offering will be used in part to retire the same. From
Secretary Morgenthau's announcement of March 7 we
take the following:
The bills will be issued in bearer form only, and in amounts or denominations of $1,000. $10.000, $100,000, $500,000 and $1,000,000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed on the basis of 100, with not more than three decimal places,
e.g., 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a
deposit of 10% of the face amount of Treasury bills applied for, unless
the tenders are accompanied by an express guaranty of payment by an
incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on March 11
1935 all tenders received at the Federal Reserve banks or branches thereof
up to the closing hour will be opened and public announcement of the
1572
Financial Chronicle
acceptable prices for each series will follow as soon as possible thereafter.
Probably on the following morning. The Secretary of the Treasury expressly reserves the right to reject any or all tenders or parts of tenders,
and to allot less than the amount applied for, and his action in any such
respect shall be final. Any tender which does not specifically refer to a
particular series will be subject to rejection. Those submitting tenders
will be advised of the acceptance or rejection thereof. Payment at the
price offered for Treasury bills allotted must be made at the Federal Reserve
banks in cash or other immediately available funds on March 13 1935.
The Treasury bills will be exempt, as to principal and interest, and
any gain from the sale or other disposition thereof will also be exempt
from all taxation, except estate and inheritance taxes. No loss from the
sale or other disposition of the Treasury bills shall be allowed as a deduction, or otherwise recognized, for the purposes of any tax now or hereafter imposed by the United States or any of its possessions.
Treasury's March 16 Financing Involves Refunding
Operation at Low Interest-20-25-Year 2V%
Treasury Bonds Offered in Exchange for Called
Fourth 43% Liberty Loan Bonds-5-Year 1/%
Treasury Notes Offered for Maturing 24% Notes—
No Cash Involved—Books for Note Issue Closed
Bearing interest rates which Under Secretary of the
Treasury Coolidge describes as the lowest for any comparable
Government security, the Treasury Department announced
on March 3 as its March 15 quarterly financing, offerings of
an issue of 20-25-year Treasury bonds and an issue of 5-year
Treasury notes to meet maturities of approximately $2,378,000,000. The refunding operation consists of an offering
of 23/% Treasury bonds of 1955-60 in exchange for thirdcalled Fourth 43 % Liberty Loan bonds called for redemption on April 15 1935, and an offering of 1%% Treasury
noteslof Series A-1940 in exchange for $528,000,000 of
Treasury notes of Series C-1935, maturing March 15 1935.
Approximately $1,850,000,000 of the Fourth Liberty bonds
are involved in the third call; the call was referred to in our
issue of Oct. 20 1934, page 2447. The subscription books
for the offering of 1%3% notes were closed at the close of
business yesterday (March 8), but those for the offering of
% bonds will remain open until further notice by the
TreasuryiDepartment. Subscriptions for the 14% notes
placed,* the mail before midnight March 8 will be considered "a timely subscription." The closing of the books
on the Treasury notes on March 8, was indicated as follows
on March 7 by the New York Federal Reserve Bank:
FEDERAL RESERVE BANK OF NEW YORK
FiscalaAgent of the United States
(Circular No. 1512, March 7 1935)
Subscription Books to Close March 8 1935 On Offering of United States:of
America 1%% Treasury Notes of Series A-1940
To all Banks and Trust Companies in the
Second Federal Reserve District and Others Concerned:
In accordancelwithnstructions received from the Treasury:Department
the subscription books for the current offering of United Stateslot America
1,41% Treasury notes of Series A-1940, dated and bearing interest from
March 15 1935.tdue March 15 1940, in payment of which only,Treasury
notes of Series 0-1935. maturing March 15 1935, may be tendered,
will close at the close of business March 8 1935. Any subscription placed
in the mall before midnight March 8 1935, as evidenced by postofrice
cancellation, will be considered a timely subscription.
The eubscriptionibooks for the'offering of United States of America92 %
Treasury bonds of 1955-60, dated and bearing interest from March 15 1935.
due March 15 1960, will remain openluntil further notice for the receipt of
subscriptions for which only:Fourth LibertylLoan 44% bondsjof 1933-38
included in the third call for redemption on April 15 1935 (Third-called
Fourth 44's) are tendered in payment.
GEORGE L. HARRISON, Governor.
March 9 1935
There are two outstanding Issues of Government bonds bearing 3%
Interest. No other standard issue carries a lower rate and most are higher,
running up to 434%. Previous note issues of a maturity comparable to
the 5-year notes now offered have carried interest of more than 2%.
Mr. Coolidge's conunent on the development was merely, "I feel that
we are saving the Treasury a lot of money."
There are certain Treasury bonds outstanding bearing a lower interest
rate than the bonds now offered, but these low coupon securities are of a
special type and involve relatively small sums of money. There are the
2% Panama Canal bonds and the 2%consols. which were special in that
they bore the circulation privilege for National bank currency. There are
also the 24% Postal Savings bonds, which amount to about $102,000,000.
The consols aggregate about $600,000,000 and the 2% Panama Canal bonds
about $74,000,000.
As its Dec. 15financing, the previous quarter, the Treasury
offered 338% Treasury bonds of 1949-52 in amount of
$450,000,000 or thereabouts; 13' % Treasury notes of Series
E-1936 in amount of $450,000,000 or thereabouts and also
in exchange for maturing certificates of indebtedness of
Series TD-1934; and
% Treasury notes of Series A-1939
in exchange for the maturing certificates. This financing
was referred to in our issues Dec. 15, page 3733, and Dec. 8,
pages 3564-3567. Announcement of the offering was made
as follows on March 3 by Secretary Morgenthau:
Secretary of the Treasury Morgenthau to-day announced an offering
of 20-25-year 24% Treasury bonds of 1955-60 in exchange for Fourth
Liberty Loan 434% bonds of 1933-38 called for redemption on April 15
I233:(Third-called Fourth 448); and 5-year 134% Treasury notes of Series
A-1940 in exchange for Treasury notes of Series C-1935, maturing March
15 1935. The two offerings are entirely on an exchange basis,and the issues
of bonds and notes will be limited to the amount of Third-called Fourth
449 and Treasury notes of Series C-1935,respectively, tendered in payment
and accepted. Cash subscriptions will not be received. About $1,850,000,000 of the Fourth Liberty Loan bonds are included in the third call for
redemption on April 15 1935, and about $528.000,000 of the Treasury notes
of Series 0-1935 mature on March 15 1935.
The Treasury bonds, now offered in exchange for Third-called Fourth
43(5, will be dated March 15 1935, and will bear interest from that date at
the rate of 24% per annum payable semi-annually. They will mature
March 15 1960, but may be redeemed at the option of the United States
on and after March 15 1955.
The Treasury notes of Series A-1940,now offered in exchange for Treasury
notes of Series 0-1935 maturing March 15 1935, will be dated March 15
1935, and will bear interest from that date at the rate of 1 % per annum,
payable semi-annually. They will mature March 15 1940, and will not be
subject to call for redemption prior to that date.
The Treasury bonds will be issued in two forms, bearer bonds with
Interest coupons attached, and bonds registered both as to principal and
Interest; both forms will be issued in the denominations of $50. $100, $500.
$1.000, $5.000. $10,000 and $100,000. The Treasury notes will be issued
only in bearer form with coupons attached, and in the denominations of
$100. $500, $1,000, $5,000, $10,000 and $100.000.
Applications will be received at the Federal Reserve banks and branches
at the Treasury Department, Washington. Banking institutions generally
will handle applications for subscribers, but only the Federal Reserve banks
and the Treasury Department are authorized to act as official agencies.
Interest on Third-called-Fourth 434s tendered in payment for 214%
Treasury bonds of 1955-60 will be paid up to March 15 1935. In the case of
coupon bonds, which must be surrendered with coupons dated April 15
1935, and all subsequent coupons attached, this accrued interest to March
15 1935, will be paid to the subscriber. In the case of registered bonds a
different procedure is necessary. Because of the large number of registered
bonds it would not be feasible for the registered accounts to be adjusted to
take account of exchanges in time to assure different payment of interest
on April 15 with respect to registered bonds which have been exchanged.
Accordingly, to all holders of record on March 15 1935, of registered
Fourth 44s checks will be mailed for interest on their registered bonds
covering the full six months' period from October 15 1934 to April 15 1935.
It will therefore be necessary for holders to accompany the tender of their
registered bonds for exchange with payment of an amount equal to the
interest on their bonds from March 15 to April 15 1935.
The present offering of 234% Treasury bonds of 1955-60 affords the
holders of the Third-called Fourth 43O an opportunity to exchange their
bonds for other long term bonds of the United States. Holders of the Thirdcalled bonds who wish to take advantage of the present exchange offering
should act promptly. No further exchange offering will be made to holders
of these called bonds, and if such bonds are not exchanged under the present
offering, they should be presented for redemption on April 15 1935.
The amounts of the offerings of the Treasury bonds and
notes will be limited to the amount of maturities tendered
in exchange, the Treasury announced. Cash payment will
be made for called Liberty bonds and the maturing 2%
notes not tendered in exchange for the new bonds and notes.
The new 2%% bonds will be dated March 15 1935 and will
bear interest from that date, payable semi-annually. They
will mature on March 15 1960, but are redeemable at the
option of the United States at par and accrued interest on
and after March 15 1955. The 19/% notes are also dated
March 15 1935 and will mature March 15 1940. Interest
on this issue will also be payable semi-annually March 15
and Sept. 15. The notes are exempt, both as to principal
and interest, from all taxation, except estate or inheritance
taxes, now or hereafter imposed by the United States or in
the United States, and the bonds are exempt from all taxa,
tion, except (a) estate or inheritance taxes, and (b) graduated
additional income taxes, commonly known as surtaxes, and
excess profits and war-profits taxes. As to the low rates
of interest borne by the two new issues, Washington advices,
March 3, to the New York "Herald Tribune" of March 4,
said:
OFFERED ONLY IN EXCHANGE FOR THIRD-CALLED FOURTH
LIBERTY LOAN BONDS
1935
Treasury Department
Department Circular No. 531
Office of the Secreatry,
Washington, March 4 1935.
Public Debt Service
The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act. approved Sept. 24 1917, as amended, for refunding
purposes, invitee subscriptions from the people of the United States, for
234% bonds of the United States, designated Treasury bonds of 1955-60.
In payment of which only Fourth Liberty Loan 434% bonds of 1933-38
Included in the third call for redemption on April 15 1935 (hereinafter
referred to as Third-called Fourth 43(s) may be tendered.' Treasury
bonds of 1955-60 will be issued at par and accrued interest. If any, and
Third-called Fourth 448 will be received in payment at par, with an adjustment of accrued interest as of March 15 1935, on the Third-called Fourth
434s so received. The amount of the offering will be limited to the amount
of Third-called Fourth 44s tendered and accepted. Fourth Liberty Loan
T. Jefferson Coolidge. Under Secretary of the freasury, stated that the
new bond issue involved the lowest interest rate paid by the Government
on long term securities in "modern times." He was not certain whether
it was the lowest ever offered, but he was confident that there was no
precedent for the rate in the last 50 years.
'Pursuant to the third call for partial redemption (see Department Circular No.
% bonds of 1933-33
525, dated Oct. 12 1934)all outstanding Fourth Liberty Loan
bearing serial numbers ending in 5, 6, or 7 (in the case of permanent coupon bonds
preceded by the distinguishing letter E, or 0,respectively) have been called for redemption on April 15 1935, on which date interest on such bonds will cease.
The details of the March 15 are contained in the following
official Treasury circulars:
UNITED STATES OF AMERICA
234% Treasury bonds of 1955-60—Dated and bearing interest from March
15 1935. Due March 15 1960. Redeemable at the option of the
United States at par and accrued interest on and after March 15 1955.
Interest payable March 15 and Sept. is.
V oluzve 140
Financial Chronicle
bonds not included in the third call for redemption on April 15 1935, will
not be accepted for exchange under this circular.:
Description of Bonds
The bonds will be dated March 15 1935, and will bear interest from that
date at the rate of 2Ni% per annum, payable semi-annually, on Sept. 15
1935, and thereafter on March 15 and Sept. 15 in each year until the principal amount becomes payable. They will mature March 15 1960, but may
be redeemed at the option of the United States on and after March 15 1955.
in whole or in part, at par and accrued interest, on any interest day or days,
on four months' notice of redemption given in such manner as the Secretary
of the Treasury shall prescribe. In case of partial redemption the bonds
to be redeemed will be determined by such method as may be prescribed
by the Secretary of the Treasury. From the date of redemption designated in any such notice, interest on the bonds called for redemption shall
cease.
The bonds shall be exempt, both as to principal and interest, from all
taxation now or hereafter imposed by the United States. any State, or any
of the possessions of the United States, or by any local taxing authority,
except (a) estate or inheritance taxes, and (b) graduated additional income
taxes, commonly known as surtaxes, and excess-profits and war-profits
taxes, now or hereafter imposed by the United States, upon the income
or profits of individuals, partnerships, associations, or corporations. The
interest on an amount of bonds authorized by the Second Liberty Bond
Act, approved Sept. 24 1917, as amended, the principal of which does not
exceed in the aggregate $5,000, owned by any individual, partnership,
association, or corporation, shall be exempt from the taxes provided for
in clause (b) above.
The bonds will be acceptable to secure deposits of public moneys,and will
bear the circulation privilege only to the extent provided in the act approved
July 22 1932, as amended. They will not be entitled to any privilege of
conversion.
Bearer bonds with interest coupons attached, and bonds registered as to
principal and interest, will be issued in denominations of $50, $100. $500,
81,000, $5,000, $10.000 and $100,000. Provision will be made for the
interchange of bonds of different denominations and of coupon and registered bonds, and for the transfer of registered bonds under rules and regulations prescribed by the Secretary of the Treasury.
The bonds will be subject to the general regulations of the Treasury
Department, now or hereafter prescribed. governing United States bonds.
Application and Allotment
Applications will be received at the Federal Reserve banks and branches
and at the Treasury Department, Washington. Banking institutions
generally will handle applications for subscribers, but only the Federal
Reserve banks and the Treasury Department are authorized to act as
official agencies. The Secretary of the Treasury reserves the right to close
the books as to any or all subscriptions or classes of subscriptions at any
time without notice.
The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, to allot less than the amount of bonds applied for,
to make allotments in full upon applications for smaller amounts and to
make reduced allotments upon,or to reject, applications for larger amounts,
to make classified allotments or to make allotments upon a graduated
scale, or to adopt any or all of said methods or such other methods of allotment and classification of allotments as shall be deemed by him to be in the
public interest; and his action in any or all of these respects shall be final.
Subject to these reservations, all subscriptions will be allotted in full.
Allotment notices will be sent out promptly upon allotment.
Terms of Payment
Payment at par and accrued interest, if any, for bonds allotted hereunder must be made or completed on or before March 15 1935, or on later
allotment, and may be made only in Third-called Fourth 4 X8, which will
be accepted at par with an adjustment of accrued interest thereon as of
March 15 1935, and should accompany the subscription. If any subscription is rejected, in whole or to part, the Third-called Fourth 44s tendered
therewith and not accepted will be returned to the subscriber.
Coupon bonds.-Third-called Fourth 4s in coupon form tendered in
payment should have coupons dated April 15 1935, as well.as all subsequent
coupons attached, and accrued interest from Oct. 15 1934, to March 15
l935,3 will be paid to the subscribers.
Registered bonds.-As checks for interest covering the full six months
period from Oct. 15 1934, to April 15 1935, will be issued on April 15 1935,
to holders of record on March 15 1935, of Third-called Fourth 4).is in
registered form,tenders of such registered bonds hereunder must be accompanied by payment of an amount equal to the interest to accrue thereon
from March 15 to April 15 1935.4
Surrender of Third-Called Fourth 4!is on Exchange
Coupon bonds.-Third-called Fourth 43s in coupon form tendered in
exchange for Treasury bonds offered hereunder, should be presented and
surrendered to a Federal Reserve bank or to the Treasurer of the United
States, and should accompany the application. Coupons dated April 15
1935, and all coupons bearing dates subsequent to April 15 1935, should be
attached to such coupon bonds when surrendered, and if any such coupons
are missing, the application must be accompanied by cash payment equal
to the face amount of the missing coupons.: The bonds must be delivered
at the expense and risk of the holder. Facilities for transportation of
bonds by registered mail insured may be arranged between incorporated
banks and trust companies and the Federal Reserve banks, and holders
may take advantage of such arrangements when available, utilizing such
incorporated banks and trust companies as their agents. Incorporated
banks and trust companies are not agents of the United States under this
circular.
Registered bonds -Third-called Fourth 4)is in registered form tendered
in exchange for Treasury bonds offered hereunder should be assigned by
the registered payee or assigns thereof in accordance with the general
regulations of the Treasury Department governing assignments for transfer
or exchange in one of the forms hereafter set forth, and thereafter should be
presented and surrendered with the application to a Federal Reserve bank
or to the Treasury Department, Division of Loans and Currency, Washington. The bonds must be delivered at the expense and risk of the holder.
'First-called Fourth 41113 (which ceased to bear Interest on April 15 1934) bear
serial numbers ending in 9, 0, or 1 (in the case of permanent coupon bonds preceded
by the distinguishing letter J. K. or A. respectively), Second-called Fourth 4.11s
(which ceased to bear interest on Oct. 15 1934) bear serial numbers ending in 2 or 8
(in the case of permanent coupon bonds preceded by the distinguisihng letter B or H,
respectively), and uncalled Fourth Cie bear serial numbers ending in 3 or 4 (in
the case of permanent coupon bonds preceded by the distinguishing letter C or D,
respectively).
'Accrued interest at 4,4% from Oct. 151934, to March 15 1935, on $1,0013 Thirdcalled Fourth 4,js (151 days) is $17.6304945.
'Interest from March 15 to April 15 1935. on $1,000 Third-called Fourth 43is
(31 days) is 53.6195055.
'The final coupon attached to temporary coupon bonds became due on Oct. 15
1920. The holders of any such temporary bonds which are included in the third
call for partial redemption on April 15 1935, will receive the PSESt due Interest from
Oct. 15 1920, If such bonds are tendered for exchange under this circular.
1573
If Treasury bonds are desired registered in the same name as the Thirdcalled Fourth 4 yis surrendered,the assignment should be to "The Secretary
of the Treasury for exchange for Treasury bonds of 1955-60"; if Treasury
bonds are desired registered in another name, the assignment should be to
"The Secretary of the Treasury for exchange for Treasury bonds of 1955-60
"; if Treasury bonds in coupon form
in the name of
are desired, the assignment should be to "The Secretary of the Treasury
for exchange for Treasury bonds of 1955-60 in coupon form to be delivered
to
General Provisions
As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions, to make alitoments on the basis
and up to the amounts indicated by the Secrerary of the Treasury to the
Federal Reserve baoks of the respective districts, to issue allotment notices,
to receive payment for bonds allotted, to make delivery of bonds on fullpaid subscriptions allotted, and they may issue interim receipts pending
delivery of the definitive bonds.
The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing
the offering which will be communicated promptly to the Federal Reserve
banks.
HENRY MORGENTHAU JR.,
Secretary of the Treasury.
UNITED STATES OF AMERICA
1%% Treasury notes of Series A-1940--Dated and bearing interest from
March 15 1935. Due March 15 1940. Interest payable March 15
and Sept. 15
OFFERED ONLY IN EXCHANGE FOR TREASURY
NOTES OF SERIES 0-1935
Treasury Department,
1935
Office of the Secretary.
Department Circular No. 532
Washington, March 4,1935
Public Debt Service
The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Loan Act, approved Sept. 24 1917, as amended, invites subscriptions, at par, from the people of the United States, for 1%% notes of the
United States, designated Treasury notes of Series A-1940, in payment of
which only Treasury notes of Series 0-1935, maturing March 15 1935, may
be tendered. The amount of the offering will be limited to the amount
of Treasury notes of Series 0-1935 tendered and accepted.
Description of Notes
The notes will be dated March 15 1935, and will bear interest from that
date at the rate of 15.4% per annum, payable semi-annually, on Sept. 15
1935. and thereafter on March 15 and Sept. 15 in each year. They vrill
mature March 15 1940, and will not be subject to call for redemption prior
to maturity.
The notes shall be exempt, both as to principal and interest, from all
taxation (except estate or inheritance taxes) now or hereafter imposed by
the United States, any State, or any of the possessions of the United States,
or by any local taxing authority.
The notes will be accepted at par during such time and under such rules
and regulationi as shall be prescribed or approved by the Secretary of the
Treasury in payment of income and profits taxes payable at the maturity
of the notes.
The notes will be acceptable to secure deposits of public moneys, but will
not bear the circulation privilege.
Bearer notes with interest coupons attached will be issued in denominations of $100, $500, $1,000, $5,000, $10,000 and $100,000. The notes
will not be issued in registered form.
Application and Allotment
Applications will be received at the Federal Reserve banks and branches
and at the Treasury Department, Washington. Banking institution
generally will handle applications for subscribers, but only the Federal
Reserve banks and the Treasury Department are authorized to act as official
agencies. The Secretary of the Treasury reserves the right to close the
books as to any or all subscriptions or classes of subscriptions at any time
without notice.
The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, to allot less than the amount of notes applied for,
to make allotments in full upon applications for smaller amounts and to
make reduced allotments upon,or to reject, applications for larger amounts,
to make classified allotments or to make allotments upon a graduated scale,
or to adopt any or all of said methods or such other methods of allotment
and classification of allotments as shall be deemed by him to be in the
public interest; and his action in any or all of these respects shall be final.
Subject to these reservations, all subscriptions will be alloted in full. Allotmeat notices will be sent out promptly upon allotment.
Payment
Payment at par for notes allotted hereunder must be made or completed
on or before March 15 1935, or on later allotment, and may be made only
in 23 % Treasury notes of Series 0-1935. maturing March 15 1935, which
will be accepted at par and should accompany the subscription.
General Provisions
As fiscal agents of the United States. Federal Reserve banks are authorized and requested to receive subscriptions, to make allotments on the basis
and up to the amounts indicated by the Secretary of the Treasury to the
Federal Reserve banks of the respective districts, to issue allotment notices,
to receive payment for notes allotted, to make delivery of notes on full-paid
subscriptions allotted, and they may issue interim receipts pending delivery
of the definitive notes.
The Secretary of the Treasury may at any time,or from time to time, proscribe supplemental or amendatory rules and regulations gvoerning the
offering, which will be communicated promptly to the Federal Reserve
banks.
HENRY MORGENTHAII JR.,
Secretary of the Treasury.
Sales of"Baby Bonds" During First Two Days Reported
in Excess of $6,000,000-New York and Chicago
Lead in Volume
More than $6,000,000 worth of United States Savingis
Bonds were sold in the first day and a half of their sale,
according to preliminary reports which reached the Post
Office Department March 4, the Treasury Department announced. Actual sales reported by 4,000 post offices
amounted to $5,520,000, the announcement said, but the
10,000 post offices still to be heard from were expected to
1574
Financial Chronicle
bring the total above $6,000,000. It is pointed out that as
this figure represents the purchase price, iti means ihTt
the maturity value of the bonds sold amountsTtoTabout
,000,000. Reference to the initial purchase orjhelbonds
on March 1 by President Roosevelt was made in our issue
of March 2, page 1396. The Treasury's announcement
said:
Sales would have been larger, according to Post Office officials, if the
supply of bonds had not been exhausted in many places early on March 1.
the first day of the offering to the public. Many purchasers showed a
preference for denominations which were not in stock or were soon sold,
the $25 and $1000 units apparently proving the most popular. In response
to specific requests for additional supplies, the Post Office Department
has shipped $10,500,000 worth of bonds in addition to the original consignments.
Fifty leading cities accounted for $2,895,035.50, or almost half of the
total. This figure does not give any true indication of the division of sales
as between rural and urban sections, however, because many large cities
not included in the list of fifty bought large amounts. In general, reports
indicated that the bonds sold better in the West than in the East.
New York City led in sales with a total of $505,134.75. The New York
total includes sales of $91,697.25 in Brooklyn, which is a separate post
office from that in Manhattan. If the New York total is divided as between the two post offices, then Chicago gains first place with:a total of
$472.275 and Detroit stands third with $413,519.
Sales in some of the other large cities were as follows:
Cleveland
$103,822.50 Denver
43,143.75
St. Louis
103,143.75 Baltimore
41,684.25
Boston
41,375.00
97,818.75 San Francisco
Kansas City
39,150.00
94.443.75 Louisville
Cincinnati
90,575.00 Columbus, Ohio
37,556.25
Washington, D. O.__ 86,288.00 Pittsburgh
32,068.75
Minneapolis
78,125.00 New Orleans
28,200.00
Toledo
28,143.75
72,243.75 Dayton
Philadelphia
62,781.25 Indianapolis
28,125.00
Los Angeles
58,968.75 Jacksonville
28,031.25
Omaha
58,800.00 Milwaukee
26,450.00
Dallas
50,800.00 Portland, Ore.
23,456.25
Postmaster Albert Goldman of New York City, announced
March 6 that sales in this city up to 3 p. in., March 5 neared
$1,000,000. In Manhattan and the Bronx alone the sales
amounted to $735,000, he said.
Hoarded Gold Amounting to $623,278 Received During
Week of-Feb7-273
-37728 -Coin and $589,550
Certificates
Receipts of gold coin and gold certificates during the week
of Feb. 27 by the Federal Reserve banks and the Treasurer's
office, according to figures issued by the Treasury Department on March 4, amounted to $623,278.16. Total receipts
since Dec. 28 1933, the date of the issuance of the order
requiring all gold to be returned to the Treasury,and up to
Feb. 27 amount to $117,451,155.71. Of the total received
during the week of Feb. 27, the figures show, $33,728.16 was
gold coin and $589,550 gold certificates. The total receipts
are shown as follows:
Received by Federal Reserve banks.
Week ended Feb. 27 1935
Received previously
Gold Coin
Gold Certificates
533,728.16
1579,850.00
29,901,821.55 84,639,550.00
March 9 1935
1,184,819.02 Fine Ounces of Silver Received by Mints
During Week of March 1
In accordance with the President's proclamation of Dec. 21
1933, which authorized the Treasury Department to absorb
at least 24,421,410 fine ounces of newly mined silver annually,
the Department during the week of March 1 turned over
1,184,819.02 fine ounces of the metal to the various mints.
A statement issued by the Treasury no March 4 showed that
of this amount 831,214.34 fine ounces were received at the
Philadelphia Mint, 352,667.68 fine ounces at the San
Francisco Mint, and 937 fine ounces at the Mint at Denver.
During the previous week ended Feb. 21 the receipts by the
mints amounted to 403,179.36 fine ounces.
The Treasury's statement of March 4 indicated that the
total receipts from the time of the issuance of the proclamation and up to March 1 were 28,124,000 fine ounces. Reference to the President's proclamation was made in our issue
of Dec. 31 1933, page 4441. The weekly receipts are as
follows (we omit the fractional part of the ounce):
Week Ended— Ounces
1934— '
Jan 5
1,157
Jan. 12
647
Jan. 19
477
Jan. 26
94,921
Feb. 2
117,554
Feb. 9
376.995
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
• Corrected figures.
Week Ended— Ounces
885,056
May 25
295.511
June 1
200,897
June 8
206.790
June 15
380,532
June 22
64,047
June 29
July 6
*1,218.247
230.491
July 13
115,217
July 20
292,719
July 27
Aug. 3
118,307
254,458
Aug. 10
649,757
Aug. 17
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
Week Ended—
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
1935—
Jan. 4
Jan. 11
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Mar. 1
Ounces
712,206
268,900
826,342
359,428
1,025,955
443,531
359.296
487.693
648.729
797.206
484,278
467.385
504.363
732,210
973,305
321.760
1,167,706
1,126.572
403.179
1,184,819
President Roosevelt Urges Legislation to Provide Appropriation to Meet Claims of Foreign Nations in
Amount of $316,155
President Roosevelt on March 4 transmitted to Congress
a report of the Secretary of State recommending the enactment of legislation for the purposes of satisfying claims of
nationals in other countries against the United States amounting to $316,155. The President requested the enactment of
the necessary legislation. In transmitting the report he said:
To the Congress of the United States.
I transmit herewith a report by the Secretary of State recommending
the enactment of legislation for the purposes described therein.
The recommendations of the Secretary of State have my approval, and
I request the enactment of legislation for the purposes indicated in order
that this Government may meet the obligations outlined in the report.
Franklin D. Roosevelt.
The White House,March 4, 1935.
(Enclosure: Report of the Secretary of State.)
President Roosevelt Issues Executive Order Re-Establishing Federal Tender Board Under Provisions of
Connally Oil Law
$259,806.00
The issuance by President Roosevelt of an Executive
Total to Feb. 27 1935
5259,806.00 52,036,400.00
Order re-establishing the Federal Tender Board was anNote—Gold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.
nounced on March 1. The President's action was taken
under the authority of the Connally Oil Control bill, which
Silver Transferred to United States Under Nationaliza- • was signed by President Roosevelt on Feb. 22, following its
tion Order—Totaled 38,135 Fine Ounces During adoption by Congress. The bill's enactment into law was
Week of March 1
noted in our issue of March 2, page 1398. The passage of
Announcement was made by the Treasury Department on the bill was designed to overcome the ruling of the United
March 4 that 38,135 fine ounces of silver were transferred to States Supreme Court holding unconstitutional Section
the United States during the week of March 1 under the 9-C of the National Industrial Recovery Act. From United
Executive Order of Aug. 9 1934, nationalizing the metal. Press advices from Washington March 1 we quote:
OU Administrator Harold L. Ickes and members of the Petroleum AdminTotal receipts since the order of Aug.9 (given in our columns
istrative Board said the Committee could be "set up and at work" within
of Aug. 11, page 858) was issued, amount to 112,449,526 24 hours.
The Board will have its headquarters again at Kilgore, Tex., where it
fine ounces, the Treasury announced. During the week of
was operating before the United States Supreme Court held unconstituMarch 1 the silver, according to the Treasury's statement, tional
Section 9-0.
was received as follows by the various mints and assay
The Tender Board, officials said, will function as it did before the Court
decision, issuing permits to producers to move, in interstate commerce
offices.
Total to Feb. 27 1935
Received by Treasurer's Office.
Week ended Feb. 27 1935
Received previously
529,935,549.71 $85,219,400.00
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
Total for week ended March 1 1935
19,700.00
2,026,700.00
Fine Ounces
3,542
29,516
821
2,736
231
1,289
from the east Texas fields, only oil legally produced.
Officials estimated hot oh movements from east Texas increased from
5,000 to 70,000 barrels a day after the Tender Board disbanded.
They predicted shipments of oil produced illegally could be curtailed again
by the Tender Board and kept off the market.
38,135
President Roosevelt in Message to Congress Proposes
Shipping Subsidies and Termination of Existing
Ocean Mail Contracts
In advocating, in a message to Congress, on March 4,
that adequate provision be made for subsidies for American
shipping, President Roosevelt at the same time told Congress
that it "should provide for the termination of existing ocean
mail contracts as rapidly as possible, and it should terminate
the practice of lending Government money for shipbuilding."
"The Government to-day," said the President, "Is paying
Following are the weekly receipts since the order of Aug.9
was issued:
Week Ended— Fine Ozs.
1934—
Aug. 17
33,465,091
Aug. 24
26.088,019
Aug. 31
12,301,731
Sept. 7
4,144.157
Sept. 14
3.984,363
8.435,920
Sept. 21
Sept. 28
2,550,303
2,474,809
Oct. 5
2,883.948
Oct. 12
1.044.127
Oct. 19
Week Ended— Fine Ozs.
Oct. 26
746,469
Nov. 2
7.157.273
Nov. 9
3,665,239
Nov. 16
336,191
Nov. 23
261.870
Nov.30
86.662
Dec. 7
292,358
Dec. 14
444,308
Dec. 21
692.795
Deo, 28
63,105
Week Ended— Me Ozs.
1935—
Jan. 4
309,117
Jan. 11
535,734
Jan. 18
75.797
Jan. 25
62,077
Feb. 1
134,096
Feb. 8
33,806
Feb. 15
45,803
Feb. 21
152,331
Mar. 1
38,135
Volume 140
Financial Chronicle
annually about $30,000,000 for the carrying of mails which
would cost, under normal ocean rates, only $3,000,000. The
difference, $27,000,000," continued the President, "is a
subsidy, and nothing but a subsidy." He further declared:
But given under this disguised form it is an unsatisfactory and not an
honest way of providing the aid that Government ought to give to shipping.
I propose that we end this subterfuge. If the Congress decides that it
will maintain a reasonably adequate American merchant marine, I believe
that it can well afford honestly to call a subsidy by its right name.
Three reasons were given by the President in furtherance
of his proposal, viz.:
1. That in time of peace subsidies granted by other nations, shipping
combines and other restrictive or rebating methods may well be used to
the detriment of American shippers.
2. In the event of a major war in which the United States is not
involved, our commerce, in the absence of an adequate American merchant
marine, might find itself seriously crippled.
3. In the even of a war in which the United States itself might be
engaged, American flagships are obviously needed.
Two reports dealing with American shipping were submitted to Congress with the President's message, one prepared by the Post Office Department and the other by an
Interdepartmental committee on shipping policy.
As to these reports, the Washington advices, March 4,
to the New York "Times" said, in part:
The report over the signature of the Postmaster-General assailed the
whole system of mail subsidies and building aids through loans by the
Shipping Board, making charges ranging from division of mail contract
funds to inefficiency against operating companies, and saying that the
current practice was of no value from a defense standpoint. . . .
Convention Ratification Urged
The report by the interdepartmental committee, appointed by Secretary
Roper, treated the subject more generally. It made specific recommendations, however, that the United States ratify the 1929 convention for the
safety of life at sea; that the office of Assistant Secretary of Commerce
for Maritime Affairs be created to co-ordinate work dealing with the
merchant marine, and that a Federal maritime authority be established to
study any questions relating to policy, subsidy payments and related
questions.
Mr. Farley contended in hl report that advertisements for bids on ocean
mail contracts were "a mere sham and matter of form," as routes were
laid out to meet the requirements of specified lines and "always the
favored bidder got the contract."
He reported that rates for carrying ocean mails ranged jrom $1.50 per
nautical mile for vessels of low speed and less than 2,500 gross tons to $12
per mile for great liners with tonnage in excess of 20,000 and speeds
averaging 24 knots or better. With few exceptions, he added, the highest
rates were always paid.
Substantial Government aid had already been given to mail contractore
prior to the award of ocean mail contracts, the Post Office Department
reported, as the Shipping Board sold to operators 220 vessels now used in
contract mail service that cost $516,174,249.48 but were sold to contractors
for only $41,411,665.10. The vessels were sold with the agreement that
no ships would be sold to competitors on the routes operated by the
purchasers.
Large Return to Lines Stressed
Then came the mail contract system, Mr. Farley added, with the passage
of the Merchant Marine Act 1(4 1928, and "in every case the purchasers
of Shipping Board vessels operating over exclusive trade routes were awarded
mail contracts."
In addition, he said, two other classes were favored by contracts: the
builders of new vessels and purchasers of ships that still remained on the
Shipping Board's hands. He cited one case where a purchaser of Shipping
Board vessels who invested $2,500,000 "will have received more than
$27,000,000 in mail contract pay during the term of the contract."
The current mail contracts, it was reported, involved $308,095,100.30, of
which $119,257,756.63 had been paid out by the Post Office up to
June 30 1934.
"If the mail had been carried on a foreign poundage basis up to June 30
1934, the cost would have been $6,802,434.90, and if carried at the
American poundage rate the coat would have been $15,534,609.10," the
report said. "The difference between the American poundage rate and
the amount actually paid could be called nothing except a direct subsidy
paid with the expectation that it would be properly used in the building
of a marchant marine."
$162,139,989 Given to Operators
Among the comparisons made by the Postmaster-General in statistical
studies were showings that mail contractors had invested Only $59,123,246.53 in new vessels and reconditioning work up to June 30 1934, while
the Federal Government, through loans and subsidies, had in the same
period given the operators assistance amounting to $162,139,989.11.
The Shipping Board has outstanding now $107,593,957.32, debts due
from mail contractions, on which interest rates vary from as low as /
1
4 of 1%
to 31
/
2% annually.
It was estimated that even after the current mail contracts expire and
many vessels have become obsolete or badly worn some $65,000,000 would
still be owed to the Shipping Board by contractors.
The following is the President's message:
ro, the Congress of the United States:
I present to the Congress the question of whether or not the United
States should have an adequate merchant marine.
To me there are three reasons for answering this question in the
affirmative. The first is that in time of peace subsidies granted by
other nations, shipping combines and other restrictive or rebating methods
may well be used to the detriment of American shippers. The maintenance
of fair competition alone calls for American flagships of sufficient tonnage
to carry a reasonable portion of our foreign commerce.
Second, in the event of a major war in which the United States is not
involved, our commerce, in the absence of an adequate American merchant
marine, might find itself seriously crippled because of its inability to
secure bottoms for neutral peaceful foreign trade.
Third, in the event of a war in which the United States itself might be
engaged, American flagships are obviously needed not only for naval
auxiliaries but also for the maintenance of reasonable and necessary corn-
1575
mercial intercourse with other nations. We should remember lessons
learned in the last war.
In many instances in our history the Congress has provided for various
kinds of disguised /subsidies to American shipping. In recent years the
Congress has provided this aid in the form of lending money at low rates
of interest to American shipping companies for the purpose of building
new ships for foreign trade. It has, in addition, appropriated large annual
sums under the guise of payments for ocean mail contracts.
This lending of money for shipbuilding has in practice been a failure.
Few ships have been built and many difficulties have arisen over the
repayment of the loans. Similar difficulties have attended the granting
of ocean mail contracts. The Government to-day is paying annually about
$30,000,000 for the carrying of mails, which would cost, under normal
ocean rates, only $3,000,000. The difference, $27,000,000, is a subsidy,
and nothing but a subsidy. But given under this disguised form it is an
unsatisfactory and not an honest way of providing the aid that Government
ought to give to shipping.
I propose that we end this subterfuge. If the Congress decides that it
will maintain a reasonably adequate American merchant marine I believe
that it can well afford honestly to call a subsidy by its right name.
Approached in this way, a subsidy amounts to a comparatively simple
thing. It must be based upon providing for American shipping Government aid to make up the differential' between American and foreign shipping
costs. It should cover, first, the difference in the cost of building ships;
second, the difference in the cost of operating ships, and, finally, it should
take into consideration the liberal subsidies that many foreign governments
provide for their shipping. Only by meeting this threefold differential
can we expect to maintain a reasonable place in ocean commerce for ships
flying the American flag, and at the same time maintain American
standards.
In setting up adequate provisions for subsidies for American shipping
the Congress should provide for the termination of existing ocean mail
contracts as rapidly as possible, and it should terminate the practice of
lending Government money for shipbuilding. It should provide annual
appropriations for subsidies sufficiently large to cover the differentials
that I have described.
I am submitting to you herewith two reports dealing with American
shipping: a report of an interdepartmental committee known as the "Cornmitte on Shipping Policy," appointed June 18 1934 by the Secretary of
Commerce, and a report to me from the Postmaster-General on ocean mail
contracts prepared pursuant to an Executive Order of July 11 1934.
Reports which have been made to me by appropriate authorities in the
executive branch of the Government have shown that some American shipping companies have engaged in practices and abuses which should and
must be ended. Some of these have to do with the improper operating
of subsidiary companies, the payment of excessive salaries, the engaging in
businesses not directly a part of shipping, and other abuses which have
made for poor management, improper use of profits and scattered efforts.
Legislation providing for adequate aid to the American merchant marine
should include not only adequate appropriation for such purposes and
appropriate safeguards for its expenditure, but a reorganization of the
machinery for its administration. The quasi-judicial and quasi-legislative
duties of the present Shipping Board Bureau of the Department of Commerce should be transferred for the present to the Interstate Commerce
Commission. Purely administrative functions, however, such as information and planning, ship inspection, and the maintenance of aids to navigation should, of course, remain in the Department of Commerce.
An American merchant marine is one of our most firmly established
traditions. It was, during the first half of our national existence, a great
and growing asset. Since then it has declined in value and importance.
The time has come to square this traditional ideal with effective performance.
Free competition among the nations in the building of modern shipping
facilities is a manifestation of wholly desirable and wholesome national
ambition. In such free competition the American people want us to be
properly represented. The American people want to use American ships
Their Government owes it to them to make certain that such ships are
in keeping with our national pride and national needs.
FRANKLIN D. ROOSEVELT.
The White House, March 4 1935.
Work Relief Bill—Senate Committee Orders Measure
Reported Back to Senate with "Prevailing Wage"
Provision Eliminated
The Administration's $4,880,000,000 work relief bill was
returned to the floor of the Senate on March 5 after the
Senate Appropriations Committee had rejected on that
day, by a tie vote of 12 to 12, the McCarran "prevailing
wage" amendment. This amendment (requiring payment
of prevailing wages on emergency public works) was inserted in the bill by the Senate on Feb. 21, and following
this action, as was indicated in our issue of March 2, page
1400, the Senate on Feb. 22 adopted a motion to recommit
the bill to the Committee. Several weeks ago the Committee adopted the Russell substitute which the Senate
rejected in favor of the MeCarran amendment. As the
measure resumed its legislative course on March 5 (said a
dispatch from Washington on that date to the New York
"Times"), Administration leaders counted at least three
shifts in the Senate line-up which, they felt, would assure
its passage in a form desired by the President. In part
these advices continued:
The price of these shifts was an amendment, approved by the President
and incorporated in the resolution by the Appropriations Committee
to-day, breaking down the work relief program into eight general classifications of projects.
The resolution was reported to the Senate late this afternoon by Senator
Glass and placed in position to be called up immediately after the War
Department appropriation bill is disposed of to-morrow or Thursday.
It was ordered reported after less than two hours of Committee consideration this morning. .
According to the account from Washington March 5 to
the New York "Herald Tribune," efforts to cut the total
of the bill were defeated in committee and it was ordered
1576
Financial Chronicle
reported out carrying $4,000,000,000 for works and $880,000,000 for direct relief. These are the totals of the original
bill. The "Herald Tribune" advices (Washington, March 5)
also said in part:
The Committee to-day made various changes in the bill. The most
important amendment was one setting apart specific sums for certain lines
of works projects. It has the approval of the President and of Senator
Joseph T. Robinson, Democratic leader. It was offered by Senator
Carter Glass, Chairman of the Committee, and adopted by 14 to 6. The
provision to break down the works fund reads:
Provided, that except as to such part of the appropriation made herein
as the President may deem necessary for continuing relief as authorized
under the Federal Emergency Relief Act of 1933. as amended, this appropriation shall be available for the following classes of projects, and
the amounts to be expended for each class shall not, except as hereinafter
provided, exceed the respective amounts stated, viz.:
Highways, roads, streets and grade crossing elimination, $800,000,000.
Rural rehabilitation and relief in stricken agricultural areas, $500,000,000.
Rural electrification, $100,000,000.
Housing, $450.000,000.
Projects for professional and clerical persons, $300,000,000.
Civilian Conservation Corps, $600,000,000.
Public projects of States or political subdivisions thereof. $900,000,000.
Sanitation, prevention of soil erosion, reforestation, forestation, flood
relief and miscellaneous projects, $35(7.000,000.
Provided, further, that not to exceed 20% of the amount herein appropriated may be used by the President to increase any one or more
of the foregoing limitations if he finds it necessary to do so in order to
effectuate the purpose of this joint resolution.
Senator Copeland Opposes Change
The Senators who opposed this were Senators Copeland, New York
(Dem.), and Hale, Keyes, Dickinson, Townsend and Carey (Reps.).
While the breaking down of the works fund on the surface seems important, Senator Glass explained that as the amendment stands, 20%
of the entire $4,000,000,000 for works may be transferred from any one
of these classifications to any other. This makes what he termed "a
resilient fund" of $800,000,000. An attempt was made to make the 20%
apply to the several allocated amounts but this failed of adoption. Under
the circumstances, the purported allocation of funds is regarded as meaning
little.
On the prevailing wage, Senator McCarron moved that his amendment
be substituted for the Russell proposal, which is acceptable to the Administration. The motion failed 12 to 12. The vote was.
Ayes—Senators Copeland, Thomas, Adams, McCarran, Overton by
proxy, O'Mahoney, Truman (Denis.), and Nye by proxy, Stelwer. Dickinson, Townsend and Carey (Reps.).-12.
Nags—Senators Glass, McKellar, Hayden, Byrnes, Tydings, Russell,
Coolidge, Bankhead by proxy, McAdoo (Dems.), Hale. Keyes, Norbeck
(Reps.).-12.
Previous Vote 14 to 9
The amendment was rejected in committee some days ago by 14 to 9
and hence was stronger to-day than before. However, Senators Adams,
O'Mahoney, Truman and Thomas, who voted "aye" to-day, also voted
"aye" on the floor about two weeks ago.
On the strength of the vote in committee to-day, Senator McCarran
refused to concede defeat despite Administration claims.
A motion by Senator Alva B. Adams (Dem.) of Colorado. to cut the
total of the bill to $2,880,000,000 was beaten without a roll call.
Another motion by Senator Frederick Hale (Rep.) of Maine, to cut
the total to $1,880,000.000 was beaten also without a roll call.
In response to demands from master plumbers, the Committee adopted
an amendment to the effect that all building construction work or projects
or mechanical sanitary work shall be "let separately and by contract
and awarded to the lowest qualified bidder."
The Committee discussed the Tydings amendment formerly put into
the bill in committee and which stirred contention over the question of
shutting strikers off relief rolls. It was agreed it would be revised by
Senator M. E. Tydings, its sponsor, and others interested, and proposed
on the floor. Minor amendments were brought up and one or two adopted.
Senator John G. Townsend (Rep.) of Delaware, offered an amendment
for a sinking fund to pay off the proposed debt incurred by the bill, but
this was ridden down without a roll call.
March 9 1935
Senator Byrd expects to show that there is an extensive relief fund
already on hand in support of his contention that the pending appropriation should be reduced to $1.880,000,000.
Senator McCarran, author of the "prevailing wage" provision, introduced it again to-day so that it would be pending when the resolution is
called up.
Administration leaders were reported on March 6 as
prepared to call the measure up for action in the Senate on
March 7 or 8. From Washington March 7 the "Herald
Tribune" reported:
Senator Robinson to Rush Action
Failure of the Senate to pass the War Department appropriation bill
again postponed consideration of the works relief bill. However. Senator
Carter Glass, Chairman of the Appropriations Committee, succeeded in
having it made unfinished business following the passage of the War
Department appropriation bill, which is expected early to-morrow. Senator
Robinson said he would try to keep the Senate in session Saturday and
work for a final vote on the works relief bill early next week. It was
considered unlikely, however, that final action could be hoped for before
the end of the week. An almost endless number of amendments,including
bonus and silver riders, await action.
Incident to the bringing of the relief bill before the Senate
this week, it was indicated on March 4 that fresh conferences which President Roosevelt held with Senate leaders
had started a determined drive for immediate action on the
bill. From the Washington advices March 4 to the "Times"
we quote:
The President was believed to have insisted, both in his personal talk
with Senator Glass and in telephone conversations with Senator Robinson.
that the resolution be revived and consideration concluded as quickly
as possible.
His conference with the Senate leaders followed even more extended
talks with Harry L. Hopkins, the Relief Administrator, whom the President
recalled from a speaking tour in the West for a discussion of the relief
emergency.
Between his visits to the White House Mr. Hopkins allotted $3,683,039
to five States—Idaho, North Dakota, Oklahoma. Oregon and Washington
—to continue present relief operations until March 15.
This made a total of $61,122.093 allotted out of the $80,000,000 recently
borrowed by the Federal Relief Administration from the Public Works
Administration. Eight States, including Arkansas, Delaware, Georgia.
Illinois, Minnesota, New Mexico, New York, Vermont and Hawaii, have
not yet received grants.
Inquiry Before Senate Committee Into Administration
of Codes Under NRA—Recommendations By Donald R. Richberg For Revision and Extension of Act
With the inception on March 7 of the inquiry before the
Senate Finance Committee into the Administration of Codes
under the NRA, recommendations for the revision and extension of the National Industrial Recovery Act were made
by Donald R. Richberg, Executive Director of the Presidents National Emergency Council. Mr. Riehberg presented 17 recommendations, one of which was that the act
be extended substantially in the present form for two years,
"so as to allow for a further development of administrative
procedures and a clarification of the entire problem prior to
the enactment of such permanent legislation as may then
seem desirable.
Mr. Richberg during the presentation of his recommendaA statement by Senator Glass on March 5 explaining tions, according to the Washington advices March 7 to the
the proposed amendment setting apart specific sums for New York "Herald Tribune" encountered sharp criticism of
certain projects, is quoted as follows from the "Times": his program as "vague" and as not going far enough. These
The proposed amendment distributes the appropriation of $4,880,000,000
advices also stated in part:
according
to eight general purposes and classes of projects. Inasmuch as
It is impossible to list separately all of the individual projects necessary to
utilize the divergent skills and occupational background of the workers
now on the relief rolls, these classes are meant to be only indicative of the
activities to be performed under each heading.
It is not intended that the projects be restricted to those specifically
mentioned in each class. The announced purpose of this joint resolution
Is to give employment to the workers on the relief rolls and this purpose
must be kept paramount.
In order to assure that this primary purpose is attained, the President
is authorized to use not to exceed 20% of the total appropriation to in
crease the amounts stated for any of the classes, if delays occur which
prevent the prompt provision of employment under any of the classes
listed.
Part of this appropriation is to be used for gradually tapering off the
relief activities of the Federal Government. fhe amount necessary for
this purpose depends upon the speed with which employment can be furnished by the classes of work projects as listed. Inasmuch as this cannot
be anticipated with any degree of exactness in advance, the President is,
therefore, authorized to use as much of this appropriation as is necessary
for continuing relief as authorized under the Federal Emergency Relief
Act of 1933, as amended.
The amendment reported by the Committee is wholly in accord with
the principles for caring for the needy unemployed as stated by the President in his message of Jan. 4. The broad categories laid down allow
a large variety of individual projects and, as often stated by the President,
the need for latitude in the transfer of funds to meet project conditions
as they develop is adequately provided for.
On March 6 the Senate adopted a resolution introduced
March 4 by Senator Byrd of Virginia calling upon Secretary
Morgenthau to submit an itemized statement of allocations
under the $3,300,000,000 public works program of 1933,
as well as information on the amount of cash disbursed and
the total unexpended balance. Advices to this effect were
contained in Washington advices March 6 to the "Times,"
which also said:
After two or more hours of listening to Director Richberg as he proposed
that Congress write into law a definition of monopoly and monopolistic
practices and put a statutory bottom to what has been an Administrative
venture, the committeemen decided to recall the witness for questioning
to-morrow.
The indication was that the appearance of Mr. Richberg was merely the
opening skirmish in a major battle before adjournment of Congress. Apparently up in the air regarding an intimation in Mr. Richberg's statement
that many of the codes were to be scrapped, members asked for a
specific list. They dropped their questioning, however, as his explanation
proceeded, preparing to interrogate him later.
In recommending that Congress provide more specific statutes in the
revision of the NIRA,to be made before July if any phase of NRA is to be
continued, Mr. Richberg emphasized a proposal to curtail the President's
power over codes. It was suggested that proponents of the voluntary
codes should have the right to withdraw their consent if the President
ordered modification regarded by them as unacceptable.
At the same time, Mr. Richberg explained there must be a clear grant of
power to the President to impose a limited code where no code is in effect.
Such a code should, he added, be confined to provisions involving minimum
wages and maximum hours, the prohibition of unfair business practies,
and prohibition of waste of natural resources.
While it is suggested that the Congress should set the standards of
minimum wages and maximum hours for administrative application in
limited codes, Richberg said it is essential that these standards be kept
flexible so that the executive discretion may not be too narrowly confined.
Service Codes Opposed
Complete scrapping of the service codes affecting 3,000.000 workers in
barber shops, beauty parlors, etc., was suggested. These codes have been
Ineffective and the witness declared this phase of industry has little effect
on inter-State commerce. The door should be left open, he said, in case
component parts of these trades desire to enter into a voluntary code
agreement.
Again in this connection, the administration asked Congress to state
specifically what industries should be codified and those which should be
exempt.
The first reaction of the members of the Finance Committee to the outline for legislation presented by Mr. Itichberg was that the Administration
Volume
140
Financial Chronicle
had been vague in its suggestions for changes, a feeling that the President's
chief aid did not go far enough, was not sufficiently specific and left too
much to Congress.
Toward the end of the brief hearing to-day Chairman Harrison intervened with the suggestion that questions be reserved for a later session
and that the witness be permitted to read his prepared outline with such
amplifications as suggested themselves to him as he proceeded.
Mr. Richberg bluntly insisted that Congress define unfair trade practices, price-fixing and cutting, the labor sections of NIRA and whatever
other details the Congress is called upon to work out in any continuance
of the NRA which is to be provided.
Opposes Price Fixing
Except in a few instances, he was inclined not to favor price-fixing. In
fact, he remarked that price-fixing experience of NRA had been "unfortunate," and cited the lumber code, where this procedure in the beginning
went farthest. Mr. Richberg recalled that he had written a memorandum
in opposition to the price provisions of the lumber agreement at the very
start.
"It did not prevail," he said, "but, of course, in that instance I was
merely acting in an advisory capacity. Everybody was acting in an advisory capacity."
He warned the committee that Congress would do well to deal in some
broad way with the so-called service industries, which involve more than
3,000,000 workers. His warning was prompted by the questioning of
Senator Thomas P. Gore, of Oklahoma, who cited the barbershop industry
and wanted to know if they should be coded. Mr. Richberg's answer was
his specific recommendation that Congress set standards of minimum
wages and maximum hours for limited codes.
The Administration witness embarked on a legal argument in which
he contended that the theory of Federal control over inter-State commerce
could be expanded to cover virtually all industry. His own best interpretation, he explained, was that a line should be marked where the State is
incapable of dealing with the problem in the interest of the country as
a whole. That,he added,appeared to be substantially the rule the Supreme
Court has followed.
The witness explained that the definition of unfair competition was not
undertaken in the law establishing the Federal Trade Commission in 1934,
and Congress apparently was willing to let a development of law serve to
establish such a definition, with the result a large accumulation of legal
Interpretation.
"As soon as you define unfair competition," he said, looking at Senator
William H. King, Democrat, of Utah,chief questioner in the hearing to-day
and advocate of elimination of NRA "then it will be possible to do something."
Mr. Richberg's recommendations were made as follows:
I think I can fairly say that there has been a general agreement that
revisions along the following lines would strengthen the act and improve
its administration.
1. The policy of Congress to meet the needs of the present emergency
and to prevent its recurrence by appropriate regulations of Inter-State
commerce should be more clearly defined; and the administrative activities
to accomplish these defined alms should be explicitly authorized. This
will serve not merely to strengthen the exercise of administrative authority,
but also to define its limitations.
2. The act should be extended substantially in the present form for
two years, so as to allow for a further development of administrative
procedures and a clarification of the entire problem prior to enactment oi
such permanent legislation as may then seem desirable.
3. The flexible machinery of code formulation and administration should
be preserved with the use of such instrumentalities of self-discipline as
cede authorities permitted, but with express restrictions upon the exercise
of any public authority by any private body.
4. Provision should be made for the voluntary submission of codes.
But codification should be limited to those trades and industries actually
engaged in inter-State commerce, or affecting it so substantially that the
establishment and enforcement of standards of fair competition therein
are necessary for the protection of inter-State commerce.
5. In the approval of codes of fair competition the President should be
required to make findings that the standards laid down by the Congress
had been met. These standards should include clear and practical definitions and prohibitions of monopolies and monopolistic practices. In the
language of the President's message.
"We must make certain that the privilege of co-operating to prevent
unfair competition will not be transformed into a license to strangle fair
competition under the apparent sanction of the law."
There should be authority provided in the law for those controls over
natural-resource industries which are required for eliminating waste, controlling output, stabilizing employment and the protection of the public
Interest.
6. The President's power to impose conditions upon his approval of a
code, or to require amendments or modifications thereof,should be explicitly
given. But the proponents of voluntary codes should have the right to
withdraw their consent from codes so modified as to be unacceptable to
them.
7. There should be a clear grant of power to the President to impose a
limited code whenever there is no code in effect, which limited codes should
contain only certain wages, maximum hours, the prohibition of notoriously
unfair business practices, provisions to prevent the waste of natural resources
and to require that information be furnished which is necessary to the public
interest.
8. The Congress should itself set the standards of minimum wages
and maximum hours for administrative application in limited codes. Some
flexibility in these standards is absolutely necessary, but the area of executive discretion should be rather narrowly defined.
9. Provision should be made for financing code administration so far
as possible by the trade or industry concerned, subjecting the collection
and administration of such funds to the general approval of the NRA, so
as to protect Individual and minority interests, as well as the public interest.
10. The provisions in the present law for voluntary agreements to improve
industrial or labor conditions should be preserved.
11. In order to sustain the effectiveness of codes and agreements, the
use of insignia and labels should be authorized, whereby consumers may
assist in supporting the standards of fair competition.
12. The present exemption from the provisions of the anti-trust laws
should be restricted and defined so as to provide that co-operatioe activities, legalized by code provisions, shall be lawful only when the codes themselves have been written in compliance with the anti-monopoly requirements of the act.
13. The rights of employee should be defined, as at present,in Section 7a,
which contains a statement of principles which are gaining in general understanding and acceptance and which have already received the interpretation and sanction of the Supreme Court,
14. Various terms in the act should be clarified by definition.
1577
15. The general provisions of Sections 8, 9 and 10 should be continued
with some desirable improvements in language.
16. The machinery for the enforcement of codes should be strengthened
by providing for:(a) preventing violations by equity procedure;(b) making
violations of codes or rules punishable only by a fine; (o) providing for the
compromise of liabilities incurred; (d) authorizing findings of fact on employe complaints as the basis Co: the expeditious judicial proceedings; (e)
making remedies under the Federal Trade Commission Act available for
the enforcement of codes, agreements or rules.
17. In order to maintain the continuity of present codes and at the
same time to insure any necessary revisions, there should be a requirement that all codes shall be revised within a limited period of extension so
as to conform to the requirements of the amended act.
The foregoing suggestions do not represent all the many possible revisions
of the act which have been given consideration by the NRA and which, in
varying degrees, would meet with its approval. They are intended, however, as an outline of those recommendations upon which there is a general
accord and which may involve a minimum of controversy.
They are regarded as practically necessary, in the light of experience,
to the continued and improved functioning of the NRA. If they are
adopted, they should aid to strengthen the exercise of the Federal authority
within a definite area wherein it is urgently required; while at the same
time removing many fears, either of undue extension of governmental
authority or of the illegal exercise of private economic controls to the
injury of the public interest.
Hearings Before House Committee on Rayburn Bill to
Regulate Public Utility Holding Companies—
R. E. Healy of SEC Proposes Modification of Bill
Changes in the Rayburn-Wheeler bill, designed to regulate public utility holding companies were proposed on
March 6 by Robert E. Healy, a member of the Securities
and Exchange Committee at the hearing on the bill before
the House Inter-State and Foreign Commerce Committee.
Mr. Healy on several occasions during the past week or
more, had presented his views on the bill to the Committee
and some of his earlier testimony (on Feb. 27) was referred
to in our March 2 issue, page 1405. On Feb. 28 he urged
modification of the bill in behalf of investors in organizations which under the measure would be dissolved in 1940;
on that date (Feb. 28) advices from Washington to the New
York "Times" said:
Members of the committee told of letters they had received from constituents expressing the fear that they would lose all of their investments
in holding companies.
"I am not satisfied that the passage of this act will destroy their investments," Judge Healy said in answer to a remark by Representative Wolfenden of Pennsylvania. "Of course, the situation is different in different
companies. It is not the function of Congress to preserve the value of
securities based on inflation, but the situation might be different in the
various companies."
Sava Widows Fear Loss
Mr. Wolfenden said that he had received four letters in two days from
widows who said they had their savings invested in holding companies, and
asking that Congress do nothing that would wipe out their equities.
Representative Cooper of Tennessee said that from a man who has no
connection with holding companies he had received a letter saying that
the savings of many citizens in Ohio, invested in good holding companies,
would be wiped out through a collapse of market quotations comparable to
1929, although the intrinsic value of the holdings would remain untouched
by the passage of the bill.
Mr. Cooper said that he favored strong regulatory legislation, but feared
the effect it would have on the securities of sound and unobjectionable
companies. Other members expressed the opinion that utilities stock prices
will be forced down by the absence of purchasers, as no investor would want
to buy such stocks in the existing uncertainty.
Representative Lea of California said that Congress had a duty toward
investors in these securities as well as toward any one else.
Bill Called Misunderstood
Representative Balm inkle of North Carolina, however, said that the bill
was widely misunderstood and that the letters reported by members came
from individuals who had not taken the trouble to read the measure.
Judge Healy pointed out that the value of holding company stocks did
not depend on future prospects but on the value of the operating companies.
Investors in a holding company which has sound assets will receive securities
of the operating companies in exchange for the holding company stock,
should the holding company be dissolved.
In further presenting his views to the Committee on March
6 Mr. Healy again advocated modification of the bill to permit holding company operations after 1940 at the discretion
of the SEC, and his additional proposals that day were indicated as follows in the "Times" account from Washington,
March 6.
Other alterations in the pending bill proposed by Mr. Healy would aim
at greater pnotection of investor and consumer interests in holding companies and he calculated to placate mounting opposition to the bill as
now written. That this opposition is increasing was evident from the
questions put by committee members during the hearing.
One of the changes suggested by Mr. Healy would permit continuance of
certain holding companies without reorganization after 1938 should it be
determined before that time by the SEC that an earlier reorganization or
dissolution would have been detrimental to investors of the public interest.
The grounds on which companies slated for extinction by 1940 could
apply to the SEC for continuance would also be broadened under the
Healy proposals. In view of his experience as chief investigator of holding
company structures for the Federal Trade Commission, it was thought likely
that Mr. Healy's suggestions would be carefully weighed by the committee.
Although noncommital on his attitude toward the suggested changes
Chairman Rayburn, oo-author of the Administration's bill, indicated his
opposition through questioning and observations.
He felt that the bill as now drafted gave adequate protection to investors
and the public through various discretionary powers placed in the SEC.
To stipulate that holding companies might be regulated after 1940 at the
discretion of the Commission instead of being forced to dissolve would
1578
Financial Chronicle
be tantamount to Congressional approval of the abuses that have characterized their past operations, Mr. Rayburn contended.
The bill now provides that holding companies register with the SEC
and reorganize or get out of business by 1938 unless the Commission found
their continuance would not unduly complicate an operating system or
jeopardize intents of consumers, investors or their subsidaries. Discretionary
authority is given to the Commission to extend this date to 1940.
But the amendment suggested by Mr. Healy would tolerate an indefinite
postponement of reorganization should it be found that such action or complete dissolution would "cause substantial injury to investors or is not in
the public interest." He said the committee might fix a date beyond which
reorganization or dissolution might not be delayed, or leave that for the
SEC to decide.
This same latitude would be included by Mr. Healy in another provision
of the bill which directs compulsory disposition after 1940 of holding
company securities, and that they be reorganized or dissolved in so far as
necessary to bring the integration of operating systems along regional lines.
The effect of thus broadening the provision, Mr. Healy explained, would
be to add another condition on which holding companies might be exempted
from the dissolution requirement. The several modifications he recommended, while considered a partial victory for foes of the measure, did not
meet all objections since the dissolution provision was retained if in slightly
milder form. Mr. Healy reiterated, in fact, that dissolution would be necessary in most instances, asserting:
"I doubt if regulation alone could be successful. I take the position that
we should force eventual elimination of them, the arbitrary elimination of
them, but with some discretion vested in the Commission as stated here."
Although emphasizing that he took no part in the draft of recommendations by the Trade Commission on holding company control, Mr. Healy agreed
that taxation could be employed as a means of encouraging bolding company
dissolution. Since consolidated income tax returns had been barred for the
future, a move in this direction was already under way, he said.
Opposition by Philip H. Gadsden to Amendments to
Public Utility Bill Proposed by R. E. Healy of
SEC—Destructive Character of Bill not Changed
by Amendments According to Mr. Gadsden
In a statement issued on March 6 regarding amendments
proposed by R. E. Healy of the SEC to the public utility bill,
Philip H. Gadsden, Chairman of the Committee of Public
Utility Executives, said:
"Investors and consumers affected by the public utility bill pending
before Congress should not misunderstand the effect of the amendments
proposed to-day by Judge Healy at the hearings before the House InterState and Foreign Commerce Committee. These amendments do not change
the destructive character of the bill. They are of such a nature, however,
as to seem to give those investors and consumers a false sense of security.
"Judge Healy said that the bill, in spite of these amendments, still looks
toward eventual elimination of the holding companies. The amendments
appear to postpone the date by which such elimination shall take place
and to leave that to the discretion of a government commission. Those
companies which are not actually guillotined would be under death sentence
to be executed at the discretion of such commission. In other words, the
bill continues to substitute the principle of destruction for the principle
of regulation.
"Moreover, the amendments do not change in any way the provisions of
the bill respecting the operating companies. These provisions, in so far
as the public is concerned, are just as far-reaching and destructive as the
provisions relating to holding companies.
"The fact is that few operating companies could survive as private enterprises under this bill, even if the provisions dealing with the holding companies were eliminated. It is in this connection that the real purpose of
this legislation is disclosed. The bill seeks, first, to eliminate the holding
company and thus isolate and weaken the operating companies, and, second,
to subject the operating companies to such drastic regulation as to make
their continuance as private companies virtually impossible. Under these
circumstances, it would, of course, be an easy matter to accomplish nationalization and municipalization of the entire electric industry which is
apparently the ultimate object of this legislation."
Mr. Healy's proposals for amending the bill are referred
to in another item in this issue.
House Ways and Means Committee Favorably Reports
Vinson Bonus Bill, Sponsored by American Legion
—Takes No Action on Patman Measure, Providing
$2,000,000,000 Currency Expansion
The House Ways and Means Committee on March 6
voted 14 to 11 to consider the American Legion bill for
cash payment of the soldiers' bonus, as opposed to the
Patman bill, which would provide for cash payment of the
bonus by issuing new currency. The American Legion
measure, sponsored by Representative Vinson, would
authorize payment of the bonus, but would not provide for
currency expansion. The Committee had earlier agreed
to submit to the House a bill for immediate and full cash
payment of the bonus, and it then chose the Vinson bill as
the measure to receive a favorable report. The Legion had
previously assailed the Patman bill, calling for a currency
issue of $2,000,000,000. The preference for the American
Legion plan, said advices March 6 from Washington to the
New York "Times" was voted on the motion of Representative Cooper of Tennessee, after the Committee had
decided,21 to 1, to report some form of legislation for cashing
more than $2,000,000,000 in adjusted service certificates
held by veterans of the World War and not due until 1945.
The final Committee hearing on March 5 was described as
follows in a dispatch of that date from Washington to the
"Times":
Senator Tyclings appeared before the Committee in a last-minute effort
to push his compromise bill, but it appeared to findl little favor with
members.
March 9 1935
His bill would give to veterans, in exchange for their certificatestnegotiable bonds of a face value which, plus nine annual interests coupons at
3%,would equal in 1945 the face value of the certificates. The certificates
are now payable in 1945.
Senator Tydings explained that a veteran wk.) elected to sell his bond
immediately on receipt (which would be in 1936) ought to receive for it
about so% of the face vlaue of his certificate.
Crowther Objects to Bill
"Then that's the end of that idea," interrupted Representative Crowther
of New York. "Every veteran would say. 'I don't get anything' after
they deducted what he has already borrowed and interest due."
"Some soldiers will want it all," replied Mr. fydings,"I am not trying
to please everybody, but to pay what the Government owes now."
He predicted that his bill would receive 95% of the votes in the Senate,
and said he believed President Roosevelt would sign it, although he admitted
he had no authority to speak for the White House.
"This bill can be sold to the Administration," he said. "It will receive
votes no other measure will; the soldiers will be satisfied for the most part,
and the country will suffer no hurt."
American Legion officials and the author of the measure were the principal witnesses to-day for the Vinson bill. They contended that passage of
the Patman bill, with its mandatory inflation, would sound the death
knell of bonus payment by this session of Congress. and said their proposal
had a good chance of passage even over a Presidential veto.
Legion Fights Inflation Plan
ji Frank N. Belgrano Jr., National Commander of the Legion, and John
Thomas Taylor,Its legislative agent, were among the witnesses. They both
recalled how the Patman bill, in substantially its present form, had passed
the House twice, only to be defeated in the Senate.
Twenty-five bonus bills were pending before the Ways
and Means Committee when it opened hearings on these
measures March 4. A Washington dispatch of March 1 to
the "Times" briefly described some of these measures as
follows:
It is planned to devote only two days to hearings on the bonus, so that
a bill might possibly be reported to the House late next week. It was
considered more probable that it would not be brought out until the following week, however.
On Monday Representative Patman of Texas, author of II. R. No. 1,
expects to be heard as the first witness. His bill provides for immediate
cash payment of the adjusted service certificates' face value, the money to
be raised by an issue of currency.
The Vinson bill, also pending before the Committee, with the backing
of the American Legion. calls for immediate cash payment of the face
value of the certificates, but makes no provision for raising the money.
Other proposals include measures to remit interest due on certificate loans,
to pay immediately only the adjusted service pay plus interest since the
Armistice, and similar compromises.
Fenster Tydings has introduced a compromise proposal in the Senate
which provides for giving to the holders of certificates bonds for their face
value, payable in 1945. The bonds would be negotiable, so that a needy
holder could sell his security for about its present value.
Congressional business has so far been kept moving by the prompt action
of the House in passing regular appropriation bills and sending them to the
Senate.
Of the six such measures passed by the House, however, only one has
become law—the Independent Offices Appropriation Bill. The Senate
has only acted on one other, the Four-Department Bill, and that measure
has not yet been sent to conference.
National Advisory Council of American Veterans
Association to Oppose Bonus Demands—Leonard
P. Ayres and Other Prominent Persons Accept
Membership on Council
Fifty representative American men and women have
accepted membership on the National Advisory Council of
the American Veterans Association, Donald A. Hobart,
National Commander, announced on March 3. The Association, a national patriotic organization of Americans who
have served in the armed forces of the United States, is a
leader in the fight against payment of the veterans' bonus
before it is due, and is engaged in formulating a constructive
program on veterans' compensation to take the problem
out of politics. In his announcement, Mr. Hobart said:
dollars
Opposition to the demands of veterans' lobbies that two billion
be paid, 10 years before the due date, to 3% of the population is gaining
be
would
bonus
momentum all over the country. fhe boasts that the
passed early in January stand revealed as pure bombast. It is heartening
repreto our Association that fifty leading men and women, thoroughly
stand up
sentative of the nation, so promptly accepted our invitation to
justice
of
program
and be counted against the bonus and for a constructive
its memto all veterans. The American Veterans Association restricts
public-spirited
bership to veterans, but it wishes to thank publicly the
citizens who stand ready to advise on major policies of the Association.
Mr. Hobart expects to invite representative citizens )!
every state in the Union to join the National Advisory
Council. Among the members of the National Advisory
Council are:
Leonard P. Ayres, Vice-President, Cleveland Trust Co., Cleveland.
BelleDr. Samuel A. Brown, Dean Emeritus, New York University and
vue Hospital Medical College, New York.
Association,
Charles C. Burlingham, Former President, New York Bar
New York.
Professor Nell Carothers, Lehigh University, Bethlehem, Pa.
Association,
Melbert B. Cary Jr., President, Continental T3rPefounders
Inc., New York.
N. Y.
University,
Dr. Harry Woodburn Chase, Ohancellor. New York
of TechDr. Karl T. Compton, President Massachusetts Institute
nology. Cambridge, Maas.
Dr. Elliott (7. Cutler, Harvard Medical School, Boston.
New York.
Cleveland E. Dodge, Vice-President, Phelps, Dodge Co.,
Inc., New
A. W. Erickson, Chairman of the Board, McCann-Erickson,
York.
Foundry Co..
William B. Given Jr., President American Brake Shoe &
New York.
Volume 140
Financial Chronicle
Professor Lewis H. Haney, New York University, New York.
Charles Evans Hughes Jr., Hughes, Schurman & Dwight, Attorneys,
New York.
Professor E. W. Kemmerer, Princeton University, Princeton. N. J.
Aethur H. Lockett, Vice-President Newmont Mining Corporation,
New York.
Dr. Robert A. Milliken, California Institute of Technology, Pasadena,
Calif.
Wesley C. Mitchell, Director of Research, National Industrial Conference Board, New York.
Isk Dr. Howard J. Savage, Secretary Carnegie Foundation for the Advancement of Teaching, New York.
Henry D. Sharpe, Browne & Sharpe Manufacturing Co., Providence,
R. I.
Henry L. Stimson, Winthrop, Stimson, Putnam & Roberts. Attorneys.
New York.
Professor F. W. Taussig, Harvard University, Cambridge, Mass.
Professor R. B. Westerfield, Yale University, New Haven, Conn.
William Allen White, Editor, Emporia, Kansas.
Geo. W. Wickersham, Attorney, New York.
Ivan Wright, Professor of Economics, University of lllinois, Champaign,
k
Chairman Fahey of HOLC Before House Committee
Denies Charges of Alleged Inefficiency of Corporation—Testifies Incident to Proposal for Investigation
Before the House Committee on Rules, on March 4, Charles
H. Fahey, Chairman of the Home Owners' Loan Corporation, declared that charges alleging inefficiency brought
against the HOLC by some House members were of "flimsy
character." From Associated Press accounts from Washington, March 4, we quote, in part:
▪
Testifying before a Rules Committee hearing on a measure by Representative Martin L. Sweeney, Democrat, of Ohio, for an investigation of
the agency, Mr. Fahey said his organization would welcome an inquiry.
He denied flatly that any graft, malfeasance or neglect existed among members of the HOLC Board or central executives. He conceded that some
Irregularities had been found in the far-flung organization set up by the
corporation, but that in proportion to the business done these were minor.
"We have investigated hundreds of supposed irregularities which proved
to be based upon mere gossip and which would not stand the teat of
examination," he said.
"Absolutely contrary to the facts," was the way Mr. Valley described
statements by some Representatives that the Corporation had favored
closed banks in refinancing frozen mortgages. Operations In this connection, he said, saved more than 133,000 homes and put $400,009,000 into
pockets of needy, small depositors in closed institutions.
Intimating that the worst blunder which the HOLO could have made
would have been to undertake its relief task so cautiously as to prevent
any possibility of error, Mr. Fahey recalled that the Corporation had been
created in the midst of a panic, organized under intense pressure and
overwhelmed by an immediate avalanche of more than 400,000 loan requests
which quickly amounted to over 1,750,000 applications. He asserted that
in barely 18 months of active operation the Corporation had saved more
than 800,000 families from the loss of their homes, and had refinanced
home mortgages in the sum of $2,500,000,000.
"Since the beginning of the depression over half a million families had
lost their homes, in which they had placed their savings," he said. "If
the Corporation had not begun at once to operate with all possible speed,
hundreds of thousands of additional foreclosures would have taken place."
Reminding the Committee that sensational charges against the Corporation had been made in Congress, Mr. Fahey asserted that the small actual
number of the alleged irregularities indicated the flimsy character of the
charges of widespread inefficiency, considering that the Corporation to
date had examined and appraised no fewer than 1,371,885 loan applications.
"If there existed any such general condition of 'graft and inefficiency as
these few vague criticisms have alleged," he said, "there would have been
a far greater volume of protests from the army of more than 1,750,000
applicants who have been in contact with employees of the HOLC. The
fact is that less than 50 charges, from all this vast number of applications, have been made before Congress as to the Corporation's practices,
dealings or delays. Of this number, specific information has been given
us in only 31 cases. Out of these 31 cases, only eight deserve the serious
consideration of any committee interested in dealing with the facts."
An item bearing on the proposed inquiry appeared in our
issue of March 2, page 1405.
Bill to Increase Bond Issue of HOLC Given Right of
Way by House Committee
The bill to increase the authorized bond issue of the
Home Owners' Loan Corporation from $3,000,000,000 to
$4,500,000,000 was given right of way on March 6 by the
House Rules Committee. Members will be permitted to propose any amendments they wish, said United Press advices
from Washington on March 6, which also said:
The HOLC bill was left open to amendments because of controversy as
to whether the authorization should be increased by $2,000,000,000 instead
of the lower figure.
Another question is whether the HOW should be directed to receive
new applications for loans from distressed home owners or whether it
should merely care for applications already filed.
HOLC Chairman John H. Fahey told the Banking Committee $1,500,000,000 additional would be sufficient only to care for applications now
on file. The Corporation has not accepted new applications since last fall.
United States Supreme Court Declares Invalid Portion
of New York State Milk Control Law—Provision
Ruled Against Prohibits Sale Within State of Milk
Bought Outside at Prices Other Than That Fixed
in State
The United States Supreme Court on March 4 declared
invalid that portion of the New York State Milk Control law
1579
which prohibits the sale within the State of milk bought
outside the State "unless the price paid to producers was
one that would be lawful upon a like transaction within
the State." The portion of the law referred to was declared
unconstitutional in a ruling handed down in New York City
on Nov. 21 last by a special Federal statutory court composed of Judges Learned Hand, William Bondy and Robert
F. Patterson, which,as we noted in our issue of Nov.24 1934
(page 3240), issued injunctions which removed from New
York dairymen protection from being undersold by those
in other States. The lower court's decision was based on
the theory that the provision in the law is in restraint of
Inter-State commerce. The United States Supreme Court,
in its decision this week, unanimously held that the State
;has no authority to interfere with inter-State commerce
through the State Milk Act. The decision was written by
Associate Justice Benjamin N. Cardozo. The court's unanimous conclusion that the New York Milk law would interfere with inter-State commerce was woven all through the
opinion, it was noted in the Washington advices, March 4,
to the New York "Times," which pointed out that the decision concerned two cross suits between C. A. F. Seelig, Inc.,
milk dealers, and Charles H. Baldwin, State Commissioner
of Agriculture and Markets. The decision, it was noted in
the Washington dispatch to the New York "Herald Tribune,"
made permanent a temporary injunction under which enforcement of the section thad been restrained and applied
the decision equally to milk sold in the original containers
and milk bottled in New York. The following is taken from
the Washington account, March 4, to the "Times":
The Supreme Court's decision attracted extraordinary attention inasmuch
as the court had upheld the New York milk laws in two other important
instances. Both the Seelig interests and New York State authorities had
begged the court for an early finding. State authorities were especially
insistent, pointing out that the Milk Control law would expire March 31,
and that the Legislature would take some action on the situation, "for
which action a final decision is needed for guidance."
The direct issue in to-day's opinion was a challenge of the law forbidding
the sale inside the State of milk bought outside at a lower price than paid
to producers within the State.
This vitally affects the Seelig concorn, which buys milk from the Seelig
Creamery Corp., in Fairhaven, Vt., which, in turn, buys from producers
on nearby farms. The corporation buys at lower prices from the creamery
than it can in New York State, and Mr. Baldwin has refused to license
the See/ig corporation.
"If New York, in order to promote the economic welfare of her farmers,
may guard them against competition with the cheaper prices of Vermont,
the door has been open to rivalries and reprisals that were meant to be
averted by subjecting commerce between the States to the power of the
nation," Justice Cardozo stated in his opinion.
He took up arguments that the end to be served by the Milk Control Act
was beyond economic welfare, that it was really maintenance of a regular,
adequate supply of milk which would be jeopardized when the farmers
cannot make a living.
"Price security, we are told, is only a special form of sanitary security;
the economic motive Is secondary and subordinates the State intervention
to make its inhabitants healthy, and not to make them rich," he commented.
"On that assumption we are asked to say that intervention will be upheld
as a valid exercise by the State of its internal police power, though there
Is an incidental obstruction to commerce between one State and another.
"This would be to eat up the rule under the guise of an exception."
"Economic welfare was always related to health, for there could be no
health if men were starving," Mr. Cardozo argued, but added:
"Let such an exception be admitted and all that a State will have to do
in times of stress and strain is to say that its farmers and merchants and
workmen must be protected against competition from without, lest they go
upon the poor relief lists or perish altogether.
"To give entrance to that excuse would be to invite a speedy end of our
national solidarity. The Constitution was framed under the dominion of a
political philosophy less parochial in range. It was framed upon the
theory that the peoples of the several States must sink or swim together,
and that in the long run prosperity and salvation are in unison and not
divided."
The arguments that farmers who were underpaid for milk would be
tempted to save at the expense of sanitary precautions likewise found no
favor with Justice Cardozo, who remarked:
"We think the argument will not avail to justify impediments to commerce between the States."
Commerce between the States would be "burdened unduly" when one
State by indirection sought to regulate prices paid to consumers in another
State, he declared. One State could not put economic pressure upon
another, he held, stating that if Vermonters were leaving their farms, that
was the responsibility of the Vermonters, and not of the New York
Legislature.
While Justice Cardozo approved the injunction restraining interference
with the milk in cans, he criticized the failure of the lower court to act
In the same way regarding milk in bottles. He said that the test of the
original package "is not an ultimate principle," and added that:
"Neither the power to tax no: the price power may be used by the State of destination with the aim and effect of establishing an economic barrier against competition
with the products of another State or the labor of its residents."
Further discussing the original package theory, he declared "there was
little, if any, analogy" between the restrictions on original "packages"
of liquor and the question of milk involved in the Seelig case.
Justice Cardozo also said:
It is one thing for a State to exact adherence by an importer to fitting
standards of sanitation before the products of the farm or factory may be
sold in its markets. It is a very different thing to establish a wage scale
or a scale of prices for use in other States, and to bar the sale of the
products, whether in the original packages or in others, unless the scale
has been observed.
1580
Financial Chronicle
From Justice Cardozo's decision we also quote:
New York has no power to project its legislation into Vermont by regulating the price to be paid in that State for milk acquired there. So
much is not disputed. New York is equally without power to prohibit the
Introduction within her territory of milk of wholesome quality acquired in
Vermont, whether at high prices or at low ones. This again is not
disputed.
Accepting those postulates, New York asserts her power to outlaw milk
so introduced by prohibiting its sale thereafter if the price that has been
paid for it to the farmers of Vermont is less than would be owing in like
circumstances to farmers in New York. The importer in that view may
keep his milk or drink it, but sell it he may not.
Such a power, if exerted, will set a barrier to traffic between one State
and another as effective as if customs duties, equal to the price differential
had been laid upon the thing transported. Imposts or duties upon commerce with other countries are placed, by an express prohibition of the
Constitution, beyond the power of a State, "except what may be absolutely
necessary for executing its inspection laws." Constitution, Article 1,
Section 10, Clause 2; Woodruff vs. Parham, 8 Wall. 123.
Imposts and duties upon inter-State commerce are placed beyond the
power of a State, without the mention of an exception, by the provision
committing commerce of that order to the cower of the Congress. Constitution, Article 1, Section 8, Clause 3. "It is the established doctrine of
this court that a State may not, in any form or under any guise, directly
burden the prosecution of inter-State business."
International Textbook Co. vs. Pigg, 217 U. S. 81, 112, and see Brennan
vs. Tituaville, 153 U. S. 289; Brown vs. Houston, 114 U. S. 622; Webber
vs. Virginia, 103 U. S. 344, 351; Kansas City Southern RR. Co. vs. Haw
Valley Drainage District, 233 U. S. 75, 79.
Regarding earlier decisions of the United States Supreme
Court on New York's Milk Control Act, the Washington
account, March 4, to the "Times" said:
In the first of the two other decisions on the New York Milk Control
law, the Supreme Court, in 1933, by a five-to-four decision, in March 1934,
upheld the New York laws, when Leo Nebbia, a Rochester grocer, sold a
five-cent loaf of bread, with two quarts of milk, at the price set for the
milk alone.
Last November, in an unanimous opinion, the Hegeman Farms Corp.
lost a suit in which it contended that the spread between the price the
Milk Board set for buying and selling milk was insufficient to permit a
fair return on its $450,000 properties.
In still another case, the Borden company challenges the Board's right
to add a differential of one cent to the price of milk sold by widely.
advertised companies. The Supreme Court ordered this suit remanded to
the Federal court for the Southern District of New York on the ground
that the case had not been properly prepared for final decision.
In addition to the Supreme Court's findings, on March 4,
the Federal Circuit Court of Appeals at San Francisco, also
on the same day, found that the Agricultural Adjustment
Administration has no authority to regulate the business of
milk dealers where the business is conducted wholly within
a State. This decision is referred to in another item in this
issue.
30% of New York City's Milk Supply Affected by
Supreme Court Ruling
Stating that Governor Herbert H. Lehman of New York
and Peter G. Ten-Eyck, Commissioner of Agriculture and
Markets, made no comment, on March 4, on the decision by
the United States Supreme Court, in which it was held the
State, under its Milk Control law, cannot fix prices which
dealers must pay for milk produced outside the State, an
Albany dispatch to the New York "Herald Tribune" added:
Officials of the State Division of Milk Control indicated that they welcomed the decision as clearing the atmosphere regarding how far the State
can go in its regulation of milk prices. One official said there had always
been doubt as to what the court's attitude would be, and now that the
doubt had been removed the Division would adjust its regulations to meet
the situation.
Kenneth F. Fee, Director of the Division of Milk Control, said that
about 30% of the milk consumed in the New York metropolitan district,
inclusive of parts of New Jersey, was shipped from out of the State.
Nearly all the rest of the State is supplied with milk produced within
the State, be said.
Federal Court at San Francisco Rules Against AAA in
Matter of Regulation of Milk Business Operated
Within State
At San Francisco, on March 4, the Federal Circuit Court
of Appeals ruled that the Agricultural Adjustment Administration and Secretary of Agriculture Wallace have no
authority to license and regulate the business of milk dealers operating wholly within the State. From Washington,
on March 4, United Press advices said:
The AAA probably will ask the Justice Department to appeal immediately the decision of the Circuit Court of Appeals in San Francisco that
Federal milk license regulation does not apply to intra-State commerce,
officials believed to-day. More than half a dozen cases challenging milk
licenses are pending and appeals have been taken in each case which the
Government has lost on the initial test.
As to the conclusions of the San Francisco court we quote
the following from that city, March 4, to the New York
"Times":
The ruling was in a case arising in the Los Angeles area. It was on a
two-to-one basis. The majority decision was written by Presiding Judge
Curtin D. Wilbur and concurred in by Judge 0. 0. Cavanah. Judge
Francis A. Garrecht dissented.
The Government had appealed a temporary injunction by the Los Angeles
Federal District Court against milk licenses issued by Secretary Wallace.
The effect of the decision is to prevent Government price-fixing in infraState commerce.
March 9 1935
It holds that the Secretary of Agriculture, under the AAA, invaded the
rights of business within a State under the guise of regulating inter-State
commerce.
Reply to Federal Argument
Peirson Hall, United States Attorney at Loa Angeles, had argued that
it is "necessary to fix intra-State prices to control inter-State prices."
In commenting on this argument, Judge Wilbur wrote:
"We conclude that Congress has limited its delegation of power to the Secretary
Of Agriculture to licensing foreign and inter-State commerce."
He held that the Los Angeles mink dealers involved are not engaged in
inter-State commerce "and hence are not bound to obey the regulations
promulgated by the Secretary for the conduct of their wholly intra-State
business," and that "interference of the appellants (Government agencies
set up under the AAA) with said business is without warrant or authority
in law."
In declaring that the milk regulations established by Secretary Wallace
were "not authorized by Congress," the decision said:
"The appellees are not seeking to establish their title to anything other than their
right to conduct their business under the constitutional guarantee of freedom of the
right of contract.
Not in "Inter-State Commerce"
"The appellees are not engaged In 'Inter-State commerce'and as to them the actions
of the appellants constitute trespass. Under such circumstances appellants cannot
shield themselves behind the unauthorized regulations."
Judge Garrecht, in his dissenting opinion, held:
"Although the particular distributers interested in this action did not themselves
handle milk or dairy products which physically moved in Inter-State commerce. It
Is plain that the regulation complained of is Justified because the producers' price of
fluid milk distributed in the urban markets of the country has a direct and immediate
effect upon the movement of butter, cheese and other products In Inter-State commerce.
"To permit a few milk distributors to enjoin enforcement of the Act Is to destroy
the entire marketing plan, for it Is obvious any just and efficient plan for the stabilization of market conditions cannot function if any small group In the industry is
Permitted to set it at naught.
"The appellees have been conducting business under the Agricultural Adjustment
Act. One having accepted the benefits of a statute, and having received moneys
thereunder,should not be permitted to assert the unconstitutionality of the law."
The injunction was granted by Judge George Cosgrove in Los Angeles
on the petition of four milk distributers, Charles K. Kurtz, Western Holstein Farms, Inc., the Valley Dairy, Inc., and the Lucerne Cream &
Butter Co.
Question of Constitutionality,of Frazier-Lemke Farm
Moratorium Act Reaches Calendar of United States
Supreme Court
The Frazier-Lemke Mortgage Moratorium law was added,
on March 4, by the United States Supreme Court to the
accumulating list of Administration Acts which it has slated
for review. Associated Press advices from Washington,
March 4, further reported:
The Frazier-Lemke Act reached the highest court, with divided decisions
In the lower courts. Five Federal judges have held it constitutional and
one Circuit Court of Appeals has agreed.
Two District Courts have ruled unconstitutional the measure, which
permits a farmer unable to reach an agreement with his mortgage-holding
creditors a virtual moratorium for five years, if he pays a "reasonable
rental."
In addition, the Act enables the farmer to obtain full title to his property
by payment of its appraised value, regardless of the amount stipulated in
the mortgage, at the end of five years.
Reference to the move for a review of the Frazier-Lemke
Act by the Supreme Court was made in these columns
Feb. 23, page 1251.
United States Supreme Court Declares Invalid Franchise Tax on Telephones by..Montana—Inter-State
Business Held Untaxable
The imposition of a franchise tax on telephones by Montana was declared invalid on March 4 by the United States
Supreme Court. Chief Justice Hughes delivered the opinion,
from which there was no dissent, said Associated Press
advices from Washington to the New York "Herald Tribune," which likewise stated:
A three-judge Federal District Court enjoined the State from enforcing
the tax—imposed in 1933—on the ground it imposed a burden on interState commerce.
The levy was challenged by the Mountain States Telephone & Telegraph
Co., a subsidiary of the American Telephone & Telegraph Co. The tax
was $2 annually on each telephone for which it charged more than $2 a
month for residence use and $4 for office or business use. No license tax
was imposed if the rates were lees.
Inter-Slate Business Untazable
Justice Hughes's opinion said there were sufficient methods by which the
company's local business could be taxed but that its inter-State business
could not be taxed.
The Mountain States Co. had contended a large part of Its business in
the State was long distance messages received from or sent to points outside
the State; that it could not discontinue its intra-State business without
damaging its inter-State business, and that the tax denied it constitutional
property rights and impaired the obligation of the contract under which
it began business in the State.
Kerr-Smith Tobacco Act Proclaimed by Secretary Wallace Applicable to Crop for 1935—Tax on Sales
Beyond Allotments Increased from 25% to 33 1-3%
Secretary of Agriculture Henry A. Wallace on March 1,
said Associated Press advices from Washington, that day,
proclaimed the Kerr-Smith Tobacco Act applicable to the
1935 crop and increased the tax on the sale of tobacco
beyond allotments from the 25% that was levied last year to
33 1-3%—the maximum allowed under the Act. The Act, as
passed in 1934, was given in our issue of July 21, 1934, page
Volume 140
Financial Chronicle
337. The Associated Press adviees March 1, also had the
following to say:
.The control;program applies to practically all important domestic types
of tobacco,including flue-cured. Burley,fire cured, dark air cured and cigar
binder and filler.
The proclamation extending the act is effective at the beginning of the
crop year May 1, but as markets for some types of tobacco grown in 1934
will not close until after that date, the Secretary signed a second proclamation leaving the tax rate at 25% for the period from May 1 to June 30.
In this two-month period, the Secretary said it will not be possible for
any tobacco grown in 1935 to be marketed.
,,,,Secretary Wallace said growers voted as follows for continuing the control
program: Flue-cured growers on the basis of land voted were 99.1% for
continuance; fire-cured growers, 92.6%; Burley growers, 95.7%; dark air
cured, 92.5%, and cigar filler and binder type growers, 87.8%•
Post Office Department Extends Seven Temporarya.
'•)Air6„,_Mail Contracts After Congress Fails to Adopt
Permanent Policy—Report on 43 Ocean-Mail
Contracts Calls Them "Improvident"
The Post Office Department on Feb. 28 extended contracts
for seven air-mail routes, after Congress had failed to act
on President Roosevelt's suggestion that it adopt a permanent air-mail policy before March 1, the date of expiration
of these contracts. The seven contracts were extended for
periods ranging from 10 to 14 weeks.
Meanwhile the report of Postmaster General Farley on
the existing 43 ocean-mail contracts, which was made public March 4, inferentially stated that these contracts had
been awarded "illegally and improvidently." This report,
which accompanied President Roosevelt's message to Congress on Shipping (described elsewhere in this issue of the
"Chronicle") was based on an investigation conducted last
Fall. A Washington dispatch of March 4 to the New York
"Journal of Commerce" summarizing the findings in the
report said in part:
Scores Exorbitant Profits
As regards the complicated organization and operation of some lines
through holding and operating companies, and the affiliations of shipping
companies with allied businesses, the Farley report echoes the attitude expressed so often by Senator Black (Dem., Ala.) during the conduct of his
investigation of the contracts last year.
"The Government cannot hope to receive the full measure of benefit
from its expenditures," said Postmaster-General Farley, "if those who receive Government aid in the form of mail contracts, or otherwise, are permitted to operate in an extravagant manner and pay unconscionable fees,
salaries and dividends, and to organize subsidiary companies, such as machine
shops, agencies or other companies, which are permitted to make exorbitant
profits and incidentally stifle independent shops and firms; or to own, or
In turn to be owned wholly or in any substantial part, by holding companies that have exorbitant expenses."
lie recommends as a remedy for these practices creation of a uniform
accounting system with Government sanction and that periodical reports
be made to the appropriate Government agency.
Postmaster General Earley Issues Blanket Denial of
Charges of Official Misconduct Preferred by
Senator Long—Secretary Ickes Presents PWA Data
in Response to Another Senate Resolution—
Inquiry on Gifts of Stamps Is Sidetracked
Postmaster-General Farley, in a letter made public on
March 4, declared that charges of official misconduct which
had been made against him by Senator Long of Louisiana
were "false," "untrue," "baseless" and "ridiculous." This
letter was addressed to Senator McKellar, Chairman of the
Post Office and Post Roads Committee, which had been
asked to investigate charges against Mr. Farley by Senator
Long. The Senate, without a record vote, on Feb. 15, had
approved another resolution introduced by Senator Long,
calling on Secretary of the Interior Ickes for any information concerning Mr. Farley's activities which had been gathered by Louis Glavis, investigator for the Public Works Administration. The Committee on Post Offices and Post
Roads on March 4 received from Mr. Ickes a mass of data
relative to public works projects in New York, sent in response to this resolution. The resolution adopted by the
Senate on Feb. 15 reads as follows:
Resolved, That there be transmitted to the United States Senate by the
Secretary of the Interior any and all reports, data assembled, or work
sheets (including daily, temporary, or final reports, work sheets and
material collected) affecting any building project investigated or inquired
Into which affects the contracts let to or done by the firm cf James Stewart
00., and particularly as may have affected the supplies furnished thereon
by the General Builders' Supply Corp; and be it further
Resolved, That the Secretary of the Interior further transmit to the
United States Senate any and all information, data, reports, investigations,
or inspections that have been assembled or conducted by Denis (Davis or
those working under or in association with him, or by any other person
or persona, which affect, mention, or report on James A. Farley or any
concern with which said Mr. Farley has been or is now identified.
Mr. Ickes, in sending the public works data on March 4,
said that his department had "never made or caused to be
made any investigation of Postmaster-General Farley."
Senator Long had since early in February criticized Mr.
Farley on the Senate floor, and urged that the resolutions
he sponsored be acted upon by the Senate. In his letter to
1581
Senator McKellar, made public on March 4, Mr. Farley discussed in detail the charges made by Senator Long, and
denied these charges categorically. The text of Mr. Farley's
letter is given below:
In relation to Senate Resolution No. 74 and certain charges contained
therein and uttered upon the floor of the United States Senate, I desire to
submit the following:
1.'rho resolution states that "Whereas, it has been reported that James A.'Farley,
acting as Postmaster General and in various other capacities for the United States
Government, has conducted a private business for the selling of materials to persons
engaged In doing nubile construction work for the United States Government and
that In some instances concerns buying materials from the said concerns In which
the said James A. Farley Is interested have received contracts through,as manysas
three low bidders being disqualified."
I have conducted no private business since I have occupied the position
of Postmaster-General of the United States. Prior to March 4 1933 I
resigned as President and director of the General Builders' Supply Corp.,
and since that time I have had no part in the management of that company or participation in its affairs, nor have I received any sums, salaries,
commissions or anything else from this source since that time with the
exception of a dividend of $525 out of the total earned dividends on my
preferred stock, which consists of approximately 1/14 of the outstanding
preferred stock of the company. No dividends have ever been paid or
earned on the common stock, a which I own less than one-eighth.
Discusses Holding Company
Mention has been made of a certain holding company which carries my
name. That company was organized in 1929 to collect the slow assets
of James A. Farley & Co., Inc., a corporation which went out of existence
at that time.
This holding company does not own stock in any corporation whatsoever,
has never engaged directly or indirectly in the sale of builders' supplies,
in contracting or in any business whatsoever except in what has been to
date a rather fruitless effort to collect old debts.
The stock which I own in these two companies represents all the stock
which I own in any corporation whatsoever.
I have not solicited business for any corporation or any contractor. I
have never interested myself in helping any contractor to secure any
contracts from the United States Government or from any other person
or corporation.
There is not a word of truth in the insinuation that I participated in any
way in having bids of any contractor rejected by the Treasury Department
or by any other department or agency of the Government.
2. The resolution also states that "whereas it is further alleged that the
said concerns favoring the firm of the said James A. Farley with business
have been able to secure changes in specifications netting them large sums
in profits after the award of contracts, and it being alleged that such
changes are deliberately made for the purpose of allowing large profits
and avoiding competition."
This, I understand, refers to certain contracts for the building of the
annex to the New York City Post Office Building. The only part the
Post Office Department played in this matter consisted in advising the
Treasury Department, which let the contracts, of the need of postal requirements so far as a building in New York City was concerned.
I am sending you herewith the full file of correspondence between the
two departments, including letters that were canceled because of the
request of the proper Treasury official that the Poet Office Department
be more specific in the statements of its requirements.
There was a question concerning the erection of a completed building,
the cost of which was in excess of the amount of funds allocated for the
project, or an incompleted building in which two floors were not to be
finished, alternative bids having been called for by the Treasury. The
details of this are shown in the accompanying correspondence.
I did not at any time attempt to exercise any influence on the Treasury
Department with respect to the letting of this or any other contract.
I had no knowledge that there had been any changes in specifications
or materials until I read of them in reports of the charges made by the
Senator from Louisiana. In any event, I have no connection whatsoever
with respect to such changes in relation to any building or any contract.
3. Again the resolution reads:
"iVhereas it is further publicly known that the said James A. Farley has used
thelPrinting Office and facilities of the United States Government for the purpose of
gratifying personal whims and caprices of personal and political friends, even to
the printing of stamps never to be used."
Custom of Post Office Department
With respect to this matter, I followed, as Postmaster-General, a custom
that has existed in this department for many years; that is, the presentation as souvenirs of new issues of stamps. I attach herewith a memorandum showing how long and how extensively this practice has been
pursued. On Jan. 23 1905 the then Third Assistant Postmaster-General,
Edwin C. Madden, wrote an official letter to the Postmaster-General, from
which I quote the following:
•••In this connection. I deem it proper to say that the giving away of
specimen
stamps, proofs, &c.. Is a practice of upward of forty years standing. •••
No record was kept of the persons to whom these stamps were distributed prior
to my coming into office, but since Nov. 1899, I have caused to be kept a record of
every stamp given away, and can furnish, should it be so desired, a complete list
of those who have received them during my incumbency, except for the four months
between July 1 1899 (the date of my appointment),and Nov. 1,1899, when the record
of.distribution was begun.
4. Again the resolution reads:
Whereas it has been further charged.that the said James A. Farley is implicated in
a wire service leading into the gambling houses in the United States from the race
tracks, and Is using the functions which he supervises for the Government:to pursue
said businesses for profit to himself and to his friends.
Gambling Charges Called Baseless
The above charge is utterly untrue and is as ridiculous and baseless as
are the others. The only wire service in the Post Office Department,
except the ordinary commercial telephone and telegraph lines, is a teletype
press service such as you will find in many other Government departments,
in most newspaper offices, and in many business offices.
It is a bulletin of the day's happenings as they occur, embracing the
proceedings of Congress and other news of the day. This teletype machine
is connected only with a news service office. It leads to no gambling house
and nothing is transmitted by it except that which is written for the
news service which operates it, namely, the Washington City News Service.
Personally, I have no connection, direct or indirect, with this or any ether
wire service.
5. Again the resolution reads:
Whereas it is further alleged that, without Pay or compensation for the same, the
said James A. Farley has commandeered for his personal use, facilities of publicservice corporations borrowing money from the United States Government:
I have never commandeered the facilities of any public service corporation. I assume that the Senator from Louisiana refers to the fact that I
1582
Financial Chronicle
have at various times accepted the invitations of railroad officials to
ride in their business cars with them when I was traveling by train.
It is well known that as Postmaster-General I have a post office commission which entitles me to ride in any conveyance operated by any mail
contractor. The Government is put to no expense, nor is it saved any
expense, by my occasional acceptance of these invitations, and I am not
put under the slightest obligation thereby. In no case, however, did I at
any time commandeer any such service.
6. Again the resolution reads:
Whereas it has been charged that the said James A. Farley, on the eve of a loan
being granted to a railroad in West Virginia, telephoned the leading factor of that
concern that it was to his interest to take a certain political position affecting the
election of a United States Senator;
Talked with Political Leaders
I never telephoned anybody in West Virginia that it would be to the
interest of any railroad to take a certain or any political position affecting
the election of a United States Senator or any one else. I did converse
with various political leaders, including former Governor Cornwall of
West Virginia, with the idea in mind of promoting party harmony.
I did not know that the B. ,ft 0. RR. was endeavoring to secure a Reconstruction Finance Corporation loan, and I do not know now if it ever
received a loan, but I do know that whether it did or did not receive
a loan had nothing to do with any conversation in which I took part. I
knew the gentleman only as a former Governor of West Virginia and a
Democratic leader in the State.
As to the final omnibus section of the resolution, alleging general misconduct, irregularity, Soc., I can only make my denial as general as the
accusation itself. With respect to the statements made by the Senator
from Louisiana on the floor of the United States Senate in the effort
to imply that I solicited contributions from Federal office holders for the
Democratic National Committee, and that in a particular instance immunity
from prosecution was extended in exchange for a political contribution, I
declare that the charges are absolutely false.
On March 3 1933, before the beginning of this Administration, Clyde 0.
Eastus, then a practicing lawyer in Texas, handed me at the Mayflower
Hotel, Washington, D. C., for the Democratic National Committee, a
cashier's check for $1,000, which he told me was the contribution of
E. P. Knotts of Fort Worth, Tex., whom I did not know and of whom I
had no knowledge.
I accepted the check for the committee and immediately wrote to Mr.
Knotts acknowledged its receipt. Some time in May 1933 K. P.
Aldrich, the newly-appointed Chief Inspector of the Post Office Department,
reported to me that charges of the improper use of the mails had been
pending for several years in the department against Mr. Knott; and that
the hearing had been repeatedly continued.
I immediately instructed the solicitor of the department, who has immediate jurisdiction over matters of this kind, to proceed without delay
to dispose of the case. A photostatic copy of this order is transmitted
herewith. This order was complied with; the hearing was held before
the end of the month, and a fraud order was issued against Mr. Knotts.
As a result of it, criminal charges were preferred in the Federal courts
and Mr. Knotts pleaded guilty and was sentenced to imprisonment, five
years in the penitentiary. He is now serving his term.
According to "The Congressional Record," the Senator from Louisiana
read from what purported to be a letter issued by the National Democratic
Council of the District of Columbia in its effort to raise funds for the
Democratic National Committee, which letter is alleged to have borne
my name as Detnocratic Chairman on the letterhead and which is also
alleged to have been sent to Federal employees.
I did not sign the letter; I did not authorize its issuance, and to this
date I know nothing whatsoever about it or to whom it was sent.
Let me repeat that in the most complete and explicit manner I deny
the base insinuation of the Senator from Louisiana that I have at any
time used the power and prestige of my office for personal financial gain
or private interest.
A move for an investigation of reports that PostmasterGeneral Farley had given rare stamps to his philatelist friends
was sidetracked Feb. 5 when the Post Office Department
announced that duplicates of all stamps privately allotted
by Mr. Farley would be printed in sufficient number to
nieet all demands. A resolution sponsored by Representative Millard, proposing an inquiry into this subject, was
introduced into the House on Jan. 28, while another similar
resolution of the same date was sponsored by Representative
Fish. Both resolutions charged that the stamps, which
Mr. Farley purchased for face value, were actually worth
hundreds of thousands of dollars to stamp collectors because
of the fact that they were unperforated for tearing and had
no glue applied.
Action of the Post Office Department of Feb.5 was noted
as follows in a Washington dispatch of that date to the
New York "Herald Tribune":
"Sample" stamps given by Mr. Farley to President Roosevelt, Harold L.
Ickes, Secretary of the Interior, and others had acquired a value which some
philatelists placed as high as $2,000,000.
T e Department's invitation to collectors to apply for duplicates of the
stamps involved in the controversy was believed to have originated with the
President. It was said that he had not been unmindful of the political
possibilities of the uprising of great numbers of stamp-enthusiasts throughout the nation against Mr. Farley,
Representative Charles D.Millard, Republican,of New York, whose resolution directing the Postmaster-General to furnish the House detailed facts
on the stamp affair was tabled in the House, hailed the announcement of
the Postmaster-General to-night as showing his resolution has been justified.
He declared the outcome "a great victory."
The statement to-night from the Post Office Department follows.
In order to clarify some misrepresentations which have been made
in regard to the issuance of United States postage stamps and in order to
leave no possible question in the mind of the public as to the policy of the
Post Office Department, the following statement is made.
1. Collectors ofstamps do not recognize varieties, of stampssuch as imperforate varieties, inverted center varieties, etc., unless these varieties have
been sold to the public. Sometimes in the history of the Department these
have been sold over postoffice counters by mistake on the part of the Bureau
of Engraving and Printing. Where this happens the stamp becomes a
collector's "find" and often attains great value.
March
9 1935
In the case of several recent issues a number of sheets in imperforate
condition were struck off as samples, but were not sold to the public. This
being so, they have no value from the collector's point of view because they
do not fall under the general rule any more than proof copies, essays or
stamps marked "specimen."
2. Because question has been raised, however, in regard to these sheets,
which were not sold to the public, and because of the possibility that in
the future some of these sheets might find their way into the hands of
the public and be given a fictitious and unwarranted value, the Post Office
Department has decided to take the one step possible to eliminate this
for all time. The Department will place on sale, through the Philatelic
Agency in Washington, imperforate sheets of all issues of which imperforate "specimen" or "souvenir" sheets have already been run, and these
will be printed in sufficient numbers to meet the request of all collectors.
Normally such imperforate stamps should not be available for postage,
but it is, of course, impossible for every Postmaster to check up on every
stamp which passes through his office, and they will therefore be available
for postage.
3. Orders have been issued that hereafter no sheets of any stamp will
be allowed outside of the Bureau of Engraving and Printing except in
the form in which the stamp is available to the public over the counter.
The resolution of Representative Millard was tabled on a roll call by
275 to 101, after it had been declared tabled on a division. Immediately
after this, regardless of efforts of Republicans to make themselves heard,
all opposition was bowled over and a similar resolution by Representative
Hamilton Fish Jr., of New York was tabled. This was done without,a
roll call, and despite protests of Republicans at the summary method of
the Democratic machine.
FHA Loans for Modernization Purposes Increased
70.9% from Nov. 30 to Feb. 15
Insured loans made to property owners for repair and
improvement purposes under the modernization credit plan
of the Federal Housing Administration reached a total of
93,713 transactions on Feb. 15. The FHA on Feb. 26
said that this figure represented an increase of 70.9% since
Nov. 30 1934, or an acceleration of more than 25% a month,
and this despite the fact that the intervening period was
one not altogether favorable to building projects in many
States. It added:
The average amount spent on each job made possible by the extension
of modernization credit to property owners was found to have been 8421,
as against the average dollar values of pledges obtained during better
housing program of only $258.50 per item. These latter proposed jobs
Included. In addition to work that was to be done with insured funds,
other work financed by savings and uninusred loans,
Using the results obtained in the San Francisco, Calif., better housing
program, which was among the best conducted and most carefully checked
movements, it was demonstrated that a majority of all jobs resulting from
such programs called for small expenditures. A majority of the work
items listed in the canvass anticipated costs of not more than $100.
New York Supreme Court Upholds as Constitutional
New York City Sales Tax Imposed in Behalf of
Unemployed
Under a ruling, on Feb. 28, Justice William 'X. Collins of
the New York State Supreme Court upheld as constitutional the New York City 2% sales tax imposed for the
relief of the city's unemployed. Justice Collins's decision
was rendered in dismissing a plea for an injunction to bar
the New York Telephone Co. and the city from trying to
collect further taxes under the law, brought by Gustive B.
Garfield and Maurice V. Seligson, of the law firm of Garfield & Seligson, 285 .Madison Avenue. The complaint was
based on a levy of 24c, by the telephone company on the
plaintiffs on Jan. 10, said the New York "Herald Tribune,"
which also had the following to say regarding the court's
findings:
Disputes Plaintiff's Theory
"I cannot subscribe to the doctrine that although the City of New York
has power to tax real estate to defray the ordinary expenses of the city
government, it is impotent to tax sales of commodities to save its citizens
from starvation," Justice Collins said in his decision.
"The Constitution would be a hindrance rather than a help if it restrained a municipality from performing the indispensable and imperative
function of according relief to those in dire need," he continued. "It is no
adequate or valid answer to retort that such relief can flow directly from
the Legislature and should not emanate indirectly from the Legislature
through the local government. The enabling Act was a recognition by the
Legislature—and the Constitution permits the recognition—that large urban
communities, such as New York City, are possessed of problems which do
not infest or attach smaller communities.
"More, it was a declaration of governmental policy that it is to the best
interest of the people of such larger communities that their problems be
resolved by the city, rather than by the State. That the local governing
body is closer to the situation and thus better able to cope with it is selfevident. The home rule amendment has written this truism into the State
Constitution."
Comphrint "Understandable"
The court conceded that the plaintiffs' complaint was "understandable."
"Their aversion to the tax commands sympathy," Justice Collins said,
"But this is not the forum to deal with the wisdom of the tax as a
policy of government or economics. Our concern is with the right to tax,
not the query of whether or how the power should be exercised. The
responsibility for determining the fairness of the tax rests with its fabricators. No tax is popular except perhaps to those not directly touched
by it. But an unpopular or even an unwise tax is no test of its legality."
In replying to the plaintiffs' contention that the city "exceeded its
power both as to the manner and means of the adoption of local legislation,"
Justice Collins said that the law was passed in response to an emergency
message from the Governor, and that the Legislature by a two-thirds vote
enacted "the attacked law to that municipalities within the million class
might 'relieve the people of any such city from hardship and suffering
caused by unemployment.'"
Financial Chronicle
Volume 140
Bringing out that the present sales tax differed little from the real
estate tax, Justice Collins said: "It has been held that 'taxation is the
most delicate and highest attribute of sovereignty'—and that such 'legislative function' may not be delegated except that the 'Legislature may confer upon the municipalities or political divisions, which are through the
local authorities representatives of the people and participants in the
government of the State, powers of providing revenue for local governmental and public purposes' (Cautier vs. Ditmas, Ditmar, 204 N. Y. 27;
New York Steam Corp. vs. the City of New York, 153 misc. 493).
"I am unable to embrace the distinction etched by the plaintiffs, that
the tax in the Cautier case was upon real estate, whilst the present covers
sales," Justice Collins added.
—4,—.
More Building Permits for Repairs and Improvements
Issued in 1934 Than in 1933
The total number of repair and improvement permits
issued during the year 1934 in more than 750 cities having
populations of more than 10,000 each was found to have
been 24% greater than the total granted for these purposes
in the same cities in 1933. The amount of money involved
in the 1934 volume of permits was 51% increased over the
value of the previous year's total, according to information
made available by the Bureau of Labor Statistics, United
States Department of Labor. From an announcement
issued Feb. 21 by the Federal Housing Administration we
also take the following, in part:
Inasmuch as there are only 982 cities having populations of 10,000 or
more in the entire country, these gains noted may be taken as indications
of the increase throughout the Nation last year.
The effect of the operation of the modernization credit plan of the FHA
is indicated by a study of the individual monthly totals. After July, when
the financial institutions commenced making credit available to owners
for repair and modernization of their property, the volume of permits issued
showed large gains. As the better housing programs got under way through
the fall and early winter, totals became greater, despite the fact that it
was during the so-called "unseasonal" time of the year.
Ordinarily the bulk of repair and improvement permits are taken out
In the spring and summer, which have come to be known as the "building
In the smaller towns and rural sections, reports made by workers in
better housing campaigns indicate that in those sections also there are
gains noted in the volume of repair business.
There is much modernization done which does not require permts,
since in some municipalities many items are not of sufficient dollar value
to come under the permit requirements. The aggregate of these items
would be of considerable importance.
The following table, issued by the FHA, offers a monthly analysis of
the work done in the 750 identical cities during the years 1933 and 1934.
Number
1934
1933
of
No. of Bldgs. No. of Bldgs.
Cities
Affected
Affected
January
February
March
April
May
June
July
August
September
October
November
December
773
771
753
762
776
760
754
745
768
756
772
764
11,997
11,261
19,285
23,168
26,330
24,267
21,134
22,955
22,669
22,670
16,802
11.135
12,575
11,593
17,730
24,724
27,522
24,094
22,784
25,096
25,829
29,629
20,950
15.358
Gain
in
Projects
578
332
—.1,555
1,574
1,192
—173
1.650
2.141
3,160
6.959
4.148
4.221
Per Cent
of
Gain
4.8
2.9
—8.1
6.8
4.5
—0.7
7.8
9.3
13.9
30.7
24.7
370
Taxation Committee of Chamber of Commerce of New
York State Urges Repeal of 15% Municipal Income
Tax—Suggests Postponement of March 15 Effective
Date
Reaffirming its opposition to the 15% municipal income
tax, the Chamber of Commerce of the State of New York on
Feb. 27 made public an interim report of its Committee on
Taxation, urging that the levy be repealed before it becomes
effective on March 15. As an alternative to its repeal at this
time, the report suggested that collection of the tax should
be postponed until it was definitely known what revenue
will be provided by the sales tax, the gross business tax and
the tax on public utilities. The report said that multiple
taxation laws were placing an unbearable burden upon many
city taxpayers. The report continued:
The total income tax of a resident whose income is assessed in the higher
brackets, is now 79.5% of his total income. This large percentage is the
result of a 7% tax by the state, a 63% tax by the Federal Government and
the 15% municipal tax, which is the equivalent of 9.5% of the taxable
income. Under these conditions a taxpayer may receive a larger return by
investing in a tax-exempt security yielding 3%, that by holding a 15%
taxable investment.
Such a situation, the report pointed out, is a serious
handicap to industry and employment in the city and makes
it advantageous to many persons to locate their homes and
business elsewhere. It said:
The increase in state taxes recently voted at Albany and the prospect of
higher Federal taxes makes tax conditions In the City of New York still
more objectionable.
—4_
Power Authority of New York Urges 279 Million Reduction in Rate Base for Consolidated Gas Electric
Companies in New York City—Profits Linked to
"Water"
Alleging a huge inflation in the plant account of the
Consolidated Gas Co. System's electric properties serving
New York City, the Power Authority of New York State on
1583
March 4 sent a report and letter to Governor Lehman and
heads of the Senate and Assembly urging that no legislation
be passed to facilitate the merger of the Consolidated Gas
properties unless provision is made for a drastic cut in the
rate base. Unless this precaution is taken the State's St.
Lawrence water power program for lower electric rates
would be Jeopardized, it is asserted. The Power Authority
insists a write-off of $279,000,000 in the electric rate base
of the utilities in New York City could be made by the
companies and still permit a return which "would amply
reward all the legitimate investment" serving the city.
This, the report states, would mean a decrease in the fixed
capital of the companies as of Dec. 31 1932 to $469,049,524
from $748,515,511 as contrasted with the offer of $59,000,000
reduction made by Floyd L. Carlisle, Chairman of Consolidated Gas in a tentative outline of new rate proposals
submitted to the Public Service Commission.
The following is the summary of the report of the Power
Authority on the financial history of the Consolidated Gas
Co. of New York:
Any solution of the present electric rate issue in New York City, which
involves a determination of the capital to be included in the rate base or
the enactment of legislation permitting the Consolidated Gas holding company system to transform itself through merger into a single huge operating
company will vitally affect the State's ability to negotiate contracts for
the distribution of St. Lawrence power in terms of the law creating the
Power Authority. That law is specifically directed to securing the lowest
possible rates for residential and rural customers, with rates based upon
cost of generation, transmission and distribution, including a fair return
on the capital employed.
If an excessive rate base should now be frozen, with State sanction
behind it, the result might well be to preclude the negotiation of contracts
in harmony with the spirit as well as the letter of the law. It would tend
to postpone indefinitely, as it has already postponed for many years, the
reduction of electric rates in New York City to proper levels.
The present situation is particularly important for two reasons.
Companies Open Question of Eliminating Inflation
In the first place, in connection with the proposal for rate adjustment
by the contract method, for the first time in history the companies have
themselves opened up the question of eliminating inflation from the rate
base. On Dec. 31 1934 Floyd L. Carlisle, Chairman of the Consolidated
Gas Co. of New York, in response to a growing demand for a New York
City "yardstick" for electric rates, made the following statement:
"I have been authorized by the trustees of the Consolidated Gas Co. of
New York to propose putting into effect as to our electric companies in the
City of New York and Westchester County the so-called Washington Plan
of rate reductions."
This plan, he said,
". . . involves rates based on a limited return upon an agreed rate
base from which any elements Of water or write-up have been completely
taken out."
This statement raised the whole issue of the amount of electric capital
upon which the consumers of electricity in New York City may legitimately
be required to provide a return through the rates that they pay for
electricity. As will be shown in this report, for years consumers of
electricity in the metropolis have been carrying the burden of a capital
account deliberately inflated at the outset and constantly rendered more
excessive as a result of the policy Which dictated that inflation. Through
this means consumers have been forced to provide a great part of the
capital used in extending the system.
In the second place, as a basis for the new plan of rate adjustment, the
companies have proposed merger, and legislation has been recommended to
make possible unification on this basis. This proposal should, in itself,
open up the entire question of the legitimacy of the capital structures
which are to enter the merger.
The possible consequences of a law permitting the Consolidated Gas
subsidiaries to merge without a thorough write-off of inflated capital
will be appreciated upon a review of the effect of similar legislation in
1884, permitting the separate gas companies operating in New York City
to consolidate into the present Consolidated Gas Co. The enabling Act
provided that the directors of the corporations proposing to consolidate
were to make an agreement for consolidation, embracing, among other things,
the amount of capital and the number of shares of stock into which it
should be divided, the capital not to be in amount more "than the fair
aggregate value of the property, franchises and rights of the several companies to be consolidated."
Court Rule Upholds Inflated Capitalization
Under this legislation the company issued stock based in part upon
$7,781,000, representing a value of franchises which was agreed upon by
the stockholders, and which had never cost any of them a single penny.
Yet the Supreme Court, in the Consolidated Gas case of 1909 (Wilcox vs.
Consolidated Gas Co., 212 U. S. 19), held that the Legislature had by
implication validated this inflated capitalization. From that day to this
the fictitious book entry has remained as a part of the rate base on which
consumers of gas in New York City must pay what is termed "a fair
return."
In view of the fact that any agreement or merger sanctioned by the
State might be considered as attaching permanent validity to the fixed
capital so established, it is of vital importance that the most complete
house-cleaning on the part of the companies be insisted upon in order that
in the future the capital structure may be no larger than justified by an
economically operated electric service.
There are various ways and means of inflating the capital structure of a
utility company, all of which have played a part in developing the present
fixed capital on the books of the electric companies serving New York
City. These may be briefly enumerated as follows:
(1) Original watering of the capitalization by which, in the process of
merger of constituent companies, the securities issued for the new company
exceed the value of the properties, as they appeared on the books of the
companies merged. The fixed capital account is then adjusted to fit the
liability side of the ledger.
(2) The reinvestment of the excessive profits produced by this inflated
set-up so that the original water in the capitalization tends to reproduce
itself in a snowball growth.
1584
Financial Chronicle
March 9 1935
(3) Failure to use available net income to set up a reserve against
obsolescence in the property. Reinvested income becomes an addition to
the fixed capital without a corresponding write-off of the superseded equipment as it ceases to be of use.
(4) Investment of surplus profits in construction beyond the legitimate
needs of the service or the requirements of growth. This is done in order
to widen the field of reinvestment in a supposdly limited return industry.
(5) Inflation in construction costs through cost plus or other contracts,
designed to benefit favored individuals or groups for political or other
reasons. In such contracts the terms affecting cost were not arranged "at
arm's length," thus affording a basis for circumventing Public Service
Commission control of additions to the capital accounts. This procedure
was facilitated through the financing of new construction by means of
short-term loans, largely of the intercompany variety.
their common stock had no value behind it other than the expectation of
excessive profits from monopoly control of the city's electric system.
Second, that the value behind the common stock to-day has been largely
contributed by consumers of electricity through profits over and above a
7% return reinvested in the business.
Third, that as a consequence no injustice can be done to the Consolidated
Gas Co., which as a holding company owns practically the entire outstanding stock of the electric companies, if the fixed capital account is
reduced to a figure representing the actual value of the property as
measured by economically rendered service.
Fourth, that the combined fixed capital account of these electrical companies, after deducting original inflation, superseded property and added
inflation through capital additions subsequent to 1920, should not exceed
an undepreciated value of $469,049,524.
Danger of Postponement of Reduction of Rates
There is grave danger that inflation of capital accounts by the first
method will alone receive consideration. It so, the major part of the
inflation in these companies will be frozen into the rate base and reduction
of rates to reasonable levels will be indefinitely postponed, if not completely foreclosed.
The public has recently been given a mere glimpse of the inflation resulting from the deliberate retention on the books of property which has outlived its usefulness in the public service. In the Jan. 31 hearing before
the legislative committee now investigating the utility situation, letters
were placed in the record showing that two Vice-Presidents of the Consolidated Gas Co. had ordered electric vehicles, representing a total investment of $102,069.86, kept in the company's capital accounts, although
they only pose.ectaed junk value. This was done, frankly, in order to furnish
grounds for a higher rate base. A significant quotation from one of these
letters, written by henry M. Brundage, Vice-President, now retired, reads:
"Before giving final answer the subject was discussed with my associate
executive, Mr. Nickerson, and agreement reached that, for the present, the
investment in these trucks should be allowed to remain in fixed capital.
As a corallary, it was understood that if it becomes necessary, Colonel
Stilwell or some of his associates will be prepared to defend, on the witness
stand, such action on the ground that they are an emergency service to be
used when, as and if needed. It was felt to be a wiser policy to include
them in the rate base and argue for their retention rather than eliminate
them and thereby lose any possible chance of presenting a rate base at the
highest amount which can be contended for."
As will be shown by subsequent analysis of the operating electrical properties, this is nct exceptional but typical of the policy of the companies
over many years. The $102,000, representing useless trucks, can be amplified to include cables, steam generating capacity, sub-station equipment, &cc., to the extent of tens of millions of dollars.
Summary of Conclusions from Data in Analysis
These conclusions rest upon data contained in subsequent pages, which
may be summarized as follows:
(1) The original book entry of $79,891,832 as the fixed capital of the
New York Edison Co. at its organization was, according to the sworn
testimony of the company's chief auditor, nothing more than a balancing
item arbitrarily set up to offset the excessive value of the securities issued
by the promoters who brought about the merger. In terms of exchange of
securities this meant an inflation of $54,000,000, while in terms of the
assets properly included in the fixed capital of the New York Edison
Co. it meant a write-up of $65,256,115.
(2) The existence of this original water was recognized in reports of the
first Public Service Commission, Milo It. Maltbie, as a member of this
first Commission, in a minority opinion, written inn 1915, placed the
original security inflation at $55,000,000.
(3) This original water in the New York Edison Co. fixed capital has
been carried on the books right down to the present in an item which,
since 1924, has been called "fixed capital not classified by prescribed
accounts," and is traceable throughout the entire history of the company.
(4) Similar items of inflation in other companies which have become a
part of the Consolidated Gas electric system increased the total water in the
capitalization of the combined companies to $77,090,640, at which figure
it remained down to 1927. In that year additional inflation raised the
total to $79,465,987.
(5) When regulation began in 1907 the value of the actual property of
these electric companies hardly more than covered the face value of their
outstanding bonds. In fact, reinvested surplus and reserves were required
to put full value behind the bonds and to furnish a margin of $3,144,277
to support $62,898,000 in outstanding capital stock.
"Property Emeritus" Pensioned by Consumers
Engineers, who have engaged in valuation for rate making, know this.
The companies, inn order to sustain high rates, have kept on their books
what may be termed "property emeritus." On such property emeritus
the consumers of electricity are forced to pay a continuous pension equivalent to what it would earn as new and useful property.
The danger that these more subtle methods of watering capitalization
will be overlooked is increased by the proposal that all the electric, gas
and steam properties of the Consolidated Gas Co. should be merged into a
single all-embracing operating unit. This would amount to transforming
the Consolidated Gas Co., which is to-day primarily a holding company,
into a single giant operating company. State sanction for a merger, without insistence as a prerequisite on the elimination of all alleged value
which does not represent economical service, would provide a basis for
perpetuating a large percentage of the excessive capitalization which has
characterized the growth of its holding company structure.
From the point of view of contracts determining electric rates there
are other reasons for questioning the advisability of such an omnibus company. According to the report of Colonel William J. Donovan, as counsel
Law,
for the Commission cn Revision of the Public Service Commission's
1930, Chairman Prendergast testified that where a company was engaged
unprofitable,
were
in both the gas and electric business, if the gas business
the Commission could not but be affected, in passing upon electric rates,
by the general financial condition of the company, taken as a whole.
Such a practice might readily be discriminatory against electric consumers, even though many may use both services, as Chairman Prendergast
stated.
In the face cf all these circumstances, the Power Authority has prepared
this report in order to safeguard the interest of the people of New York
of
in their right to secure the lowest possible electric rates as a result
the development of St. Lawrence power.
Any action taken at this time, which falls short of assuring a rate base
in New York City in harmony with the reasonable cost of electrical service,
will tend to thwart the purpose of the State in providing for determination
of rates by the contract method.
The City of New York has a vital interest in the proper determination
of this matter. It has an immediate concern in the rates which it is
paying for municipal consumption as well as in the rates paid by its
citizens. It has an added interest, closely associated with that of the
Power Authority, in the effect of any such determination upon the distribution of St. Lawrence power.
The subsequent analysis is in five parts.
Part I deals with the original introduction of water into capitalization
of the electrical system, revealing arbitrary fixed capital entries to conform
to predetermined security totals.
Part II analyzes the financial history of the company to discover the
effect of original overcapitalization in enforcing a continuing contribution
by consumers of new capital for the expansion of the industry.
Part III examines the same historical data from a different angle to
determine the effect of original overcapitalization in encouraging a policy
of expansion which tends to produce an ever-increasing inflation of the
capital structure.
Part IV analyzes in detail the historical development of the major capital
accounts by the use of physical criteria, to locate examples of excessive
additions to fixed capital, particularly in the 1920 to 1932 period.
Part V discussed certain methods by which the companies have been
able to a considerable extent to circumvent Public Service Commission
control of the growth of their capital structures.
Summary of Conclusions
This analysis leads to four major conclusions. They are:
First, that at the beginning of Public Service Commission regulation
the fixed capital shown on the books of the combined electric companies
serving New York City, which to-day form parts of the Consolidated Gas
System, was more than twice the actual value of the property used in
supplying electric service, and that taking the companies as a group
Net Income in 26 Years Fire Times Book Value
(6) Starting with this heavily watered capital structure, these electric
companies serving New York City, during the period of I'ublic Service
Commission regulation, have collected $717,839,265 in net operating income
(1907-1933). This represents an amount five times the original book value
of fixed capital and 10 times the value of the properties with the water
squeezed out. It exceeds by more than $100,000,000 the total increase
in fixed capital over the entire period. In other words, it was sufficient
to provide by reinvestment for all the new capital required with a margin
of $100,000,000 left for distribution as interest and dividend payments to
the investors in securities.
(7) This total net operating income has represented an average annual
return throughout the entire period of regulation of approximately 7% on
entire inflated fixed capital account as it appears on the books of the
companies plus an allowance of 10% of gross operating revenues for
working capital.
(8) An annual return of 7% on the fixed and working capital, corrected
by subtracting the original water in the fixed capital account, would have
required not more than $544,958,187 for the entire period of regulation
instead of the $717,859,265 actually collected. The difference of $172,•
901,078 represents the most conservative possible estimate of the excess
profits collected as a result of the original inflation of the capitalization
and must be considered as the minimum contribution of consumers to the
growth of the system. The total excess corresponds fairly closely with the
accumulation in surplus and reserve accounts throughout the period.
(9) These electrical companies disbursed during the period a total of
$570,865,826 in dividend and interest payments, an amount $25,907,639
In excess of the $544,958,187 shown as representing a 7% return on fixed
capital, after deducting original inflation, plus an allowance for working
capital. To this extent they have paid out a portion of the excess profits
which the water in the capital structure enabled them to exact from consumers of electricity in New York City. The greater part of the dividends
went directly to the Consolidated Gas Co. as the holding company, and
directly or indirectly became available as new capital for expansion. In
addition, $153,884,654 of surplus or undivided profits remained for rein.
vebtsnent in the business.
Users Added $442,452,811 to Capital Since 1907
(10) A more valid assumption that the owners were entitled to no more
than a 7% return on their investment in property used in the public service
and that profits in excess of this amount should be considered as an
accumulating capital reserve reinvested in the industry for the account of
consumers, indicates a total of $442,452,811 as the consumer contribution
to capital since 1907. This basis would have allowed the investing interest
a total of $282,148,756 in net operating income for the period, or enough
to have covered all interest charges with about $107,049,123 to spare for
the stockholder interest. It would mean that consumers to-day should be
considered as having paid off all except $244,763,876 of the entire investment in the electrical properties serving New York City.
(11) A very similar result is obtained on the assumption that the com•
pounding of the original water in the capital structure of the companies
at the actual rate of return for each year should be treated as a consumers'
capital account and as such deducted from the investment entitled to a
fair return.
(12) These figures suggest that, in the 27 years since regulation by
Public Service Commission was initiated in New York State, consumers of
electricity in New York City have purchased the equivalent of a twothirds interest in the book value of their electric companies, with water
deducted, through enforced contribution over and above an average return
of 7% on the investment upon which the owners were entitled to claim a
return. Subsequent analysis of the fixed capital account will suggest
that the consumer investment corresponds closely with the sound value
of the property actually engaged in supplying the service.
(13) The common stock of the New York Edison Co., as already noted,
originally represented no value, and it is suggestive that the consumer contribution shown in the preceding paragraphs is approximately equivalent
to the present book value of the capital stock of these electric companies.
Volume 140
Financial Chronicle
City Woukt Own System If Purchased in 1907
(14) It in 1907 the city had purchased the electrical system at a price
representing the book value of fixed capital, less water, and had done its
original and subsequent financing at 4%%, the gross revenue actually
collected from consumers of electricity would have covered all costs, including depreciation, taxes and interest, and would have provided, in addition,
for the writing off by 1935 of $610,938,586 of the investment as a debt
burden. The city would now own the system practically debt free.
(15) The enormous accumulation of excess profits collected as a result
of the original water in the capitalization of these companies has had a
continuing influence on the guiding financial policy encouraging excessive
investment in construction to subserve the profit interest.
(16) This tendency to excessive investment was cramped in the period
1907 to 1920, in part by the vigilance of an active Public Service Commission, alert to the tendency of the controlling interest to overcapitalize
the properties if allowed a loophole. This appears in a slow but steady
decline in the fixed capital per kilowatt of peak load from $409 in 1907
to $308 in 1920. The greater part of this decline occurred before the
economic situation created by the war could have had any effect upon the
construction programs.
(17) This tendency to excessive investment appears in full control in
the period 1920 to 1930 following a change in the Public Service Commission set-up. This appears not only in an enormous expansion in the total
fixed capital of the electric companies but also in a rapid increase from
$308 to $495 in the fixed capital per kilowatt of peak load.
(18) The capital increment cost per kilowatt of added peak load jumped
from $252 in the 1910 to 1920 period to $638 in the 1920 to 1930 period.
Such an increase is found to be excessive in comparison with the authoritative construction cost indices of the industry. An adjustment in the
cost of additions to correspond with these indices would reduce by $180,000,000 the cost of additions to fixed capital from 1920 to 1932.
(19) Comparison of the capital increment cost per kilowatt of added peak
load of New York companies in the 1920 to 1932 period with the corresponding figures for the electric companies serving Boston, Cleveland,
Detroit, Philadelphia and Washington confirms the conclusion that those
in New York were excessive. This appears strikingly both in the amount
of the increment cost and in the relation of the increment cost in the 1920
to 1932 period to the corresponding figure for the pre-1920 period. Application of the weighted average increment percentage of these other large
cities to the New York situation suggests an excess of some $210,000,000
in the capital cost of meeting the growth in demand in New York City.
Costs Here Compared with Philadelphia Since 1920
(20) Comparison with the capital increment costs of the Philadelphia
Electric Co. suggests that an important factor in the excessive cost of the
New York system since 1920 was the policy of extending the direct current
system in Manhattan during years when teehnclogical progress dictated a
change over to alternating current. Both systems began the 1920 decade
with approximately the same fixed capital per kilowatt of peak load.
The Philadelphia company started early to change over to alternating
current, and its fixed capital per kilowatt of peak remained practically
unchanged, while the New York system fixed capital per kilowatt of
peak increased. The capital increment cost per added kilowatt of load
was $723 in New York as compared with $470 in Philadelphia.
(21) The New York policy which was calculated to result in more
costly construction contracts thus resulted in unwarranted capital additions which the Philadelphia experience suggests amounted to at least
$162,000,000.
,
(22) Comparison of fixed capital per kilowatt of system peak load in
New York City in 1929 with corresponding figures for 10 cities outside
New York State, especially with those served by six systems influenced
by public competition, reveals the New York system capital as excessive
and suggests that $450 per kilowatt of system peak would be an ample
figure for New York City, including the capital of the separately incorporated conduit company.
(23) Analysis of the major capital accounts of the Consolidated Gas
Electric system serving New York City for the 1920 to 1932 period confirms the conclusions of the previous general analysis that there has been
serious inflation of the fixed capital through additions during this period.
In general, the indications of excessive capital additions are particularly
apparent in the construction activities in Manhattan, as exemplified by
the excessive unit prices for the East River generating station, the direct
current sub-stations and the underground conduits.
(24) Specifically, analysis of the power plant accounts shows the East
River station of the New York Edison Co. on the books for about $60,000,000, or $216 per kilowatt of station capacity. This is more than
double the capacity coat of other large stations and does not check with
its assessment value reported at $32,288,000.
Unwarranted Expansion in Edison Concern Seen
(25) Similarly, analysis of sub-station accounts shows an unwarranted
expansion of the direct current system of the New York Edison Co. at
inflated costs. The capacity coat of these direct current sub-stations added
since 1920 appears to have been $187 per kilowatt, which is over $100
out of line with the usual cost of such equipment. Distribution system
increment costs are also out of line with the construction cost indices,
underground conductors and conduits added in Manhattan and the Bronx
showing unit costs over three and one-half times the average for the
system at the end of 1920.
(26) Analysis of retirements from 1920 to 1932 shows about $120,000,000
of the 1920 book value of $166,923,135 for fixed capital less water still
on the books at the end of 1932. This represents the obsolete generating
plants, the older direct current sub-stations and some distribution property,
now from 14 to 33 years old. The functional depreciation of this old
property, due to obsolescence and inadequacy, and its supersession by new
property constructed since 1920, indicate that a larger write-off should
be made.
(27) The evasion of theoretical Public Service Commission control of
capital additions, making possible inflation of capital structures under
regulation, has been accomplished, in part, through the financing of new
construction by short-term loans. Until 1934 these have not been subject
to Commission authorization and, according to Walter J. Fitzpatrick, the
Commission's chief accountant:
"Projects which in the first instance are financed through the issuance
of short-term notes are not subject to review by the Commission in advance
of the actual construction, and in such circumstances there is no restriction
to possible overbuilding by the operating companies other than the good
judgment of the responsible officials of the corporation and the necessity
of their being in a position to justify in a rate cam the operating expenses
and to demonstrate the efficiency of the plant generally. . . ."
(28) The fact that between 1920 and 1930 the companies had 10 years
in which to request authority front the Commission to issue securities to
1585
refinance these short-term construction loans practically destroyed the
possibility of effective check upon the economic soundness of the addition
or the honesty of the construction costa. The way was thus opened to
excessive additions to fixed capital either through unwarranted building
or through collusive contracts resulting in inflated costs.
Approach to Rate Base Suggested After Analysis
It would require long work by a large staff of engineers and accountants
to discover in detail all the elements which have entered into the present
excessive capitalization of the Ornsolidated Gas electric system serving
New York City. On the basis, however, of the above analysis, shown in
greater detail in the succeeding pages of this report, it appears that the
following adjustments of existing book value would be found to make
equitable and ample allowance for the fixed capital of the present system:
Fixed capital as shown in the books, as of Dec. 31 1932
Deduction for water in fixed capital accounts
587
11
$74
78
9:4
56
15
5:9
$669,049,524
Balance
Deduction for inflation of construction costs and unnecessary con150,000,000
struction
$519,049,524
Balance
Deductions of obsolete and superseded property retained in fixed capital 50,000,000
Balance
$469,049,524
The deduction of 10% for accrued depreciation in the remaining property
would reduce this to $422,144,572.
An allowance of 10% of gross revenues, or $16,885,471, for operating
working capital, including cash, materials and supplies, would increase
this to $439,030,043.
Judging from the financial history of the companies, as outlined in
Part II of this report, a return on $450,000,000 would amply reward all
the legitimate investment in the Consolidated Gas electric system serving
New York City.
It should be noted that the figures in the preceding table cover only
the operating electric properties of the New York Edison, United Electric
Light & Power, Bronx Gas & Electric, New York & Queens, and Brooklyn
Edison companies. They do not include the conduit system in Manhattan
and the Bronx, owned by the Consolidated Telegraph & Electrical Subway
Co. and rented to the New York Edison system for the underground conductors in those boroughs. The rental for these conduits has always been
charged as an operating expense and consequently deducted before net
operating income, and the Consolidated Subway Co. is not to be Included
in the proposed merger.
If the book value of this conduit system were included in the above table,
it would mean an addition, as of Dec. 31 1932, of about $97,000,000. This
is undoubtedly an excessive figure. In any case, the inclusion of the fixed
capital represented by these conduits would require the elimination of the
rentals from operating expenses and would consequently increase correspondingly the available net operating income.
It should also be pointed out that the net operating income shown in
the historical analysis of these companies has been large enough to provide
an ample margin for writing off the elements of inflation and obsolescence
deducted in the table. In fact, these historical data suggest that, from
the viewpoint of justice to consumers of electricity in New York City, the
amount of investment entitled to claim a fair return should be considerably
lower than the table suggests and that the above conclusion is, therefore,
conservative.
Finally, it should be understood that the use of a 7% return in this
report is for the purpose of historical analysis only and should not be
taken as indicating the Power Authority's view as to what constitutes a
fair return. Under conditions prevailing to-day the Power Authority
believes such a rate to be excessive.
THE POWER AUTHORITY OF THE STATE OF NEW YORE.
Trustees:
Frank P. Walsh, Chairman,
James 0. Bonbright, Vice-Chairman,
Fred J. Freestone,
George S. Reed.
Many Errors in Power Report Cited by Chairman
Carlisle of Consolidated Gas Co.—Issues Statement Refuting Allegations Made to Gov. Lehman
Asserting the report of the Power Authority to Governor
Lehman on the Consolidated Gas Co. "contains great and
obvious errors," Floyd L. Carlisle, Chairman of the Board
of the company, issued a statement refuting the various
allegations made by the Authority.
Citing the Authority's statement that $16,000,000 is all the working
capital necessary to operate the electric business in New York City, as
one of the inaccuracies, Mr. Carlisle points out that actual experience has
demonstrated that it would be impossible to meet payrolls, taxes and
operating expenses with less than $40,000,000. Further, he added, it is
the company's intention, in order to cheapen the price of electricity and
induce greater use, to assist in the financing or renting of electrical and
gas appliances on a scale far greater than ever before attempted, which
will require at least $50,000,000 more of working capital.
"The statement that the construction cost of our electrical generating
plants has been too high is without foundation in fact," Mr. Carlisle said.
"Compared with nine of the most representative central stations of the
country our cost per kilowatt of installation is 20% below the average."
While the Power Authority seems to infer that no reduction in rates
would be possible unless a very large decrease in the rate bases were made,
Mr. Carlisle cites the city of Washington, D. C., as an example to the
contrary. There, he stated, the rate base VMS considerably increased and
yet the plan in operation resulted in a tremendous decrease in rates.
Mr. Carlisle took issue with the Authority's opposition to a merger of
the gas and electric properties, contending that the proposed merger is an
absolutely necessary step in effecting economies in operations to the end
of producing lower rates.
"I sincerely hope," he concluded, "that the main objective of lower
rates and greater use of our electric service will not be delayed or prevented
by the confusion of various government agencies created and existing for
different purposes, each trying to solve the matter in some different way.
I believe that the consumers of the City of New York can receive electricity
at lower rates in the reasonably near future, on a fair rate base and a
simplified financial structure. So far as the companies are concerned
this will not be denied the consumers by inaction or unwillingness on our
part to approach a solution on the basis of facts and complete fairness."
1586
Financial Chronicle
Judge Grubb of Alabama Issues Decrees Annulling
Contracts For Sale of Power Plants to TVA
Restraining orders to halt, it is stated, "illegal proprietary
operations" of the Tennessee Valley authority in transactions
with the Alabama Power Co., were handed down in the Federal District Court at Birmingham, Ala., on March 4 by
Judge William I. Grubb. One of two formal injunctions
signed by Judge Grubb restrained the Alabama Power Companyfrom transferring North Alabama properties to the TVA.
Associated Press advices from Birmingham, reporting this,
added:
In the same decree Judge Grubb annulled a contract between the utility
concern and the Electric Home and Farm Authority, Inc., and restrained
the Alabama Power Company from acting as an agent for the EHFA in
selling electric appliances.
The Judge held that the contract of Jan. 4 1934. between the TVA and
the Alabama Power Company for the sale of the latter's transmission lines
"to be in furtherance of illegal proprietary operations by the Tennessee
Valley Authority."
While the contract was annulled. Judge Grubb held that construction of
the Joe Wheeler Dam was legal and the utility concern which sold the s to
to the TVA should not interfere with the continuation of the work.
Forney Johnston, an attorney for the group of preferred shareholders of
the Alabama Power Company, who brought the suit, suggested last Friday
that compensation for the site could be worked out in negotiations or by
Government condemnation.
To safeguard electrc service to municipalities and county associations
now receiving current wholesale from the TVA, the decree stated that the
interchange agreement between the authority and the utility, a part of the
annulled contract, should continue in force for four months after the date
of decree or final appeal.
A further provision was made that the utility or the TVA could terminate
the interchange agreement on giving 90 days' notice.
-Judge Grubb continued in force the injunction restraining 14 north
Alabama municipalities from obtaining a Government loan to construct
their own distribution systems "for the distribution of electric power to be
supplied by the Tennessee Valley Authority either directly or indirectly."
The order pertaining to the towns also prohibited the borrowing of funds
from any Federal agency to build a distribution system to obtain TVA
current.
In an oral decision ten days ago in which he held the TVA without constitutional authority to sell surplus power, Judge Grubb also ruled that the
construction of Joe Wheeler Dam "was legal" and the TVA was entitled
to the site, bought from the Alabama Power Company in a contract annulled to-day.
The order prohibited the utility from seeking to recover the site either
through suit or otherwise, or to interfere with construction work on the
dam.
Forney Johnston, counsel for a group of preferred shareholders of the
Alabama Power Company on whose petition the order to-day was granted,
indicated last week that negotiations could be opened for transfer of the
dam site, or the Government could institute condemnation proceedings.
Judge Grubb's decision holding illegal the sale of electric
power by the TVA in competition with privately-owned
utilities was referred to in these columns March 2, pages
1407-1408.
Opposition by Railroads to Guffey Bill to Providelfor
Regulation of Bituminous Coal Industry—Bill
Not in Public Interest—Views Indicated Before
Senate Committee by C. S. Duncan of Association
of American Railroads
Enactment of the bill introduced by Senator Guffey of
Pennsylvania for the regulation of the bituminous coal industry was opposed on Feb. 28 by the railroads of the country. In a statement made to the Senate Interstate Commerce Committee by Dr. 0. S. Duncan, Economist of the
Association of American Railroads, the rail carriers charged
that the bill is not in the public interest, that it will increase
the cost of coal to consumers and enable the bituminous coal
industry "under the cloak of an industry affected with public interest" to escape from the anti-trust law and "consolidate monopolistic powers." The hearings before the Senate
Committee on the bill were referred to in these columns,
March 2, page 1399.
Dr. Duncan told the Committee that in the opinion of the
railroads the provisions of the bill setting up a bipartisan
National Bituminous Coal Commission and District or National Producers' Board is inconsistent with the regulation
in the public interest of a public utility industry. Dr. Duncan said that the power of allocating tonnage which is conferred in the Commission is not confined to commercial
mines but extends likewise to captive mines, including those
owned by the railroads. He added:
It is our opinion that if such a proposal should be made for the regulation of the railroad industry, likewise a, public utility, there would be
objection from the shippers of the country, including the shippers of
bituminous coal. It is our opinion that the objections arising from these
shippers, including the shippers of coal, would be that such a provision
for the railroads would not protect the public Interest, including the interest
of the shippers, who are the consumers of transportation service.
Under the bill the Commission would have power to fix
bituminous coal prices, added Dr. Duncan, who declared it
Is indefensible to have such price regulations applicable to
captive mines. He estimated that the bill would bring about
an increase of from seven to 10 million dollars per year in
the fuel bill of he railroads, "and thus compel an industry
March 9 1935
Which itself has an important unemployment problem to
aid in the financing of the unemployment and rehabilitation problem of an independent industry."
Dr. Duncan told the Committee that the railroads are
opposed to the bill on the following grounds:
1. It extends the power of regulation, by an industry-controlled organiza-
tion, to railroad captive mines, which are in the nature of plant facilities,
and unnecessarily and unjustifiably and contrary to the best interests of an
essential public utility so as to interfere with the most efficient and
economical operation of such mines.
2. It would increase railroad operating costs. No one will dispute that
this bill aims to increase the cost of coal and thereby increase the cost of
railroad operation. A partisan regulatory body is provided for which
will dictate to rail carriers at what price they may secure their coal.
3. This regulatory body would also have the power, and is directed to
exercise it, to dictate to a very large extent at which mines the rail
carriers may secure their coal. This would take from the railroad management its right to purchase this commodity without artificial restrictions, a
freedom which the carriers have with respect to all other commodities, and
a freedom which is essential to their economical and efficient operation.
It cannot be in the public interest.
4. Substitutes for bituminous coal have for years been crowding it in all
markets. The provisions of this bill would give them new impetus. As
carriers of coal the railroads would further suffer a decline in tonnage and
revenues.
5. The bill provides that the consumers of coal shall carry the burden of
expense, through taxation, in the rehabilitation of the bituminous industry,
validating investments whether wise or unwise, caring for displaced and
unemployed miners, and otherwise transferring managerial and labor
leaders' responsibility from the industry itself.
0. In its entire conception the bill is inconsistent with the responsibilities
of a public utility and the regulation of such a public service industry in
the public interest. Under the cloak of an industry affected with public
interest, it seeks to escape from anti-trust laws but to retain and consolidate monopolistic powers. This purpose cannot surely be in the public
interest.
The rail carriers, Dr. Duncan said, are vitally interested
in the proposed legislation, not only because, like certain
other industries, they own and operate bituminous coal
mines, commonly known as "captive mines," but also because
of the fact that they are large consumers and carriers of
bituminous coal. In 1933 the rail carriers consumed about
22% of the total production of bituminous coal, while in
that year bituminous coal tonnage equaled 34% of the total
tonnage carried by Class I railroads.
With respect to the provision in the bill authorizing the
National Bituminous Coal Commission to pass upon the
extension of railroad facilities for the service of any mine
producing bituminous coal, Dr. Duncan said that "this is an
attempt to remove from the Interstate Commerce Commission that has the responsibility for regulating rail carriers
both as to rates and service, a duty which belongs to them
and to them alone." If such a provision is to be required, he
said, it also should be made applicable both to waterway
and highway transportation.
Liberalization of Government's Lending Policy to
Railroads Urged by Milton W. Harrison in Urging
Remedies for Transportation Emergency—Six-Hour
Day and Other Legislative Measures Opposed
Blaming "rigid, oppressive" Government regulation and
labor's increasing political domination for the present financial crisis confronting the railroads, Milton W. Harrison,
President of the Security Owners Association of New York,
speaking before the Minneapolis (Minn.) Traffic Club, on
Feb. 28, warned that only prompt Congressional action could
prevent a credit collapse which might eventuate in Government ownership.
Liberalization of the Government's lending policy to railroads, creation of an equipment corporation to aid in rehabilitating railroad motive power and rolling stock, together with the launching of a program of consolidations,
were urged by Mr. Harrison as remedies for the transportation emergency. In part, Mr. Harrison said:
A combination of the influences of depression, rigid regulatory policy,
labor domination and unregulated competition, has resulted in a collapse
of railroad credit. Government ownership is thus more likely to arrive by
the back door instead of the front, without any real sentiment in favor
of such a policy having been shown by the public.
The Interstate Commerce Commission and Congress exercise power of
economic life or death over the railroads. Yet at the same time they
accept no responsibility whatever toward investors for the financial results
that may flow from their acts. Notwithstanding the clear mandate in the
Transportation Law of 1920, that property utilized In transportation was
entitled to a "fair return," the Commission, except for the initial horizontal
percentage rise to adjust revenues to war-time expenses, has consistently
declined to initiate rate proceedings to that end. Early it became apparent
that regulation, in so far as it might be expected to maintain that proper
equilibrium between railroad income and expense, was a one-way policy.
When one examines that complicated and rigid administrative system
established by the Interstate Commerce Commission, wonder grows that
railroad progress takes place at all. The average case brought before this
tribunal, with its 1,500 employees, requires nearly a year to reach a
decision; technicalities of presentation necessitate a special bar of legal
experts who must qualify for practice as before the Federal courts.
Every phase of railroad operation is under continuous scrutiny by the
Commission. Income and the major elements of expense must follow an
elaborate, prescribed accounting; from one small system traversing three
Volume 140
Financial Chronicle
States no less than 5,000 reports to governmental agencies are required in
a single year. No executive can spend more than $1,000 without explanation; nor can stockholders elect directors should the Commission disapprove.
How can economic recovery be effected if enterprise is fettered and
choked with check-reins and regulatory harness?
Condemning labor bills recently introduced into Congress
for the six-hour day, limiting train length, hours of servite
and other measures, Mr. Harrison said:
Ever since 1916 the railroad labor unions, through their control of more
than a million and a half member voters, concentrated for the most part
in strategic Congressional districts, have exercised increasing power over
the National Legislature. Through the passage first of the Adamson Act,
next the Railroad Labor Act and related Acts, and finally last year the
Railroad Retirement Act—not to dwell on the famous Section 7-B of the
Emergency Transportation Act—they have succeeded in nullifying the regulatory authority of both the Interstate Commerce Commission and the
Federal Co-ordinator in relation to employment and economies.
These measures were undertaken ostensibly—as such measures always
are—to provide further employment for railroad workers. But what were
the actual results? The railroads, unable to absorb an increased labor
unit cost, concentrated their energies in developing new operating efficiencies and economies. It was the only way they could save themselves.
Although the rate of compensation rose and the percentage of wages to
operating revenues increased, the number of employees has steadily declined.
This, together with the effect of the depression, has reduced working forces
from 1,822,000 in 1926 to 990,000 in 1934.
No one questions railroad labor's right to a high wage commensurate
with the skill required or what revenues are able to bear. But such a
proposition is quite different from utilizing the power of the State, through
organized political pressure, to exact tribute over and beyond the capacity
of the railroads to pay, when such acts unbalance and endanger the whole
existing economy. . . .
For the situation that has developed on the railroads, management must
accept its share of responsibility. The autocratic tradition, understandable
in an industry which must maintain almost military discipline in order to
move trains on split-second schedules, has outlived its usefulness. Management has been slow to sense that new times require new methods. Lacking
the proper perspective, it has often played directly into the hands of
labor politicians and been forced in the end to yield much more than if a
more reasonable, conciliatory course had been pursued.
Discussing financial needs of the railroads, Mr. Harrison
declared:
Provision of some temporary financing, as a bridge-over to a restored
earning power, would thus seem a necessity. With the present impairment
of railroad credit, it would appear that only the Government, through the
Reconstruction Finance Corporation, could supply these needs. Precedent
exists for such action in the course taken in 1919 when the Government,
after war-time operation, relinquished control of the railroads. At that
time the Government lent the railroads nearly a billion dollars without
collateral; all of which, with the exception of 16 millions, were subsequently
repaid with a profit. Likewise, it may be necessary, through the formation of an equipment corporation, to assist the railroads in rehabilitating
their motive power and rolling stock. Here, again, precedent exists;
weaker carriers been extended aid through such a nationally incorporated
loan organization in 1920.
With regard to companies facing possible reorganization, national policy
must be defined with extreme care. Railroads, which have had a deficiency
of not more than 20% in meeting their fixed charges during the acute
phases of the depression, should not be allowed to become bankrupt. The
deflationary forces thus set in motion would do much to offset progress
toward recovery made during the past year. A way must be found to
meet this emergency without general recourse to the bankruptcy court.
Some common program of action must be agreed upon, fair to equity
holders as well as to bond holders, which will prevent any widespread
breakdown in railroad finance. We must overcome the present attitude
of "defeatism" by bringing to bear constructive remedies for this temporary situation.
1587
with an indebtedness of two and a quarter billion dollars
because of their Government-owned railroad. He added
that every argument and every experience in this country
and abroad are against Government ownership.
Alluding to the recommendation of Co-ordinator Eastman
that the position of Co-ordinator be continued with an extension of the powers of that official, Mr. Cornwell expressed opposition to continuing permanently a super-regulatory authority. He feels that with the regulation of the
Interstate Commerce Commission, and of 48 State Commissions, while the issuance of railroad securities is regulated
now by the Federal Securities Commission, no further nor
higher regulatory bureau is necessary. Concluding, Mr.
Cornwell said:
If the railroads are to continue under private ownership and management; if they are to survive and remain efficiently operated, the managements must be allowed to do at least a few things without examining
statutes or orders or procuring the assent or consent of a multitude of
regulatory bodies and bureaus.
Above all, as I have before suggested, it may not be necessary to know
everything that is to be done by Congress or some Government body, but
it is necessary to know that some things will not be done. If private
ownership and operations of railroads are to continue the signals must not
all be red; there must be a green one occasionally, at least for managements, as well as for trainmen, if they are to go forward.
Wheeling (W. Va.) "Intelligencer" Deplores Apparent
Apathy of American People In Face of Movement
Toward Public Ownership of Railroads—Principle
Unsound and Economically Impracticable.
An editorial recently published in the Wheeling (W. Va.)
"Intelligencer" declares that to that newspaper "it is both
surprising and disconcerting that the American people
remain apparently apathetic in the face of a pronounced
and well-supported movement toward public ownership of
the Nation's railroads." The editorial, which appeared in
the "Intelligencer" of Feb. 2. points out that "it is a matter
of common knowledge that Senator Wheeler is preparing a
bill providing for nationalization of the carriers," and "in
fUrtherance of this purpose, the Senator has announced that
he will introduce a resolution calling for investigation of
railroad financing and operation. The Senator knows," (we
continue to quote from the editorial) "that the Interstate
Commerce Commission for years has investigated railroad
financing and railroad operation, approving or disapproving
as it saw fit." In part the editorial continued:
This newspaper is opposed to public ownership of the railroads first,
because it believes the principle to be unsound, and second, because experience has proven it to be economically impracticable. Reference has been
made in these columns heretofore to the experience of Canada with a
successful privately owned railroad and a tragically unsuccessful publicly
owned railroad running side by side. The subject was dealt with recently
in an address before the Board of Trade and Service Clubs of Vancouver,
by E. W. Beatty, President of the Canadian Pacific. rival of the publicly
owned Canadian National. Describing the Canadian railroad situation
as unsound and unhealthy, Mr. Beatty said.
'7-do ricThc=w
vn 'why we should continue to be sick just because we have
heretofore been able to pay the doctor's bills. The railway experiments of
the past have left us with a publicly owned system which has a debt of no
less than $2,895,799,134, as of Dec. 31 1933. These are astonomical
They still tend to increase. By no ingenious method of bookWarning by J. J. Cornwell of Baltimore 8c Ohio RR. figures.
keeping can they be reduced. . . .
Nor is this all. May I point out to you that the Royal Commission on
Against Government Ownership of Railroads, Pro-.
reported that during the nine years, 1923-1931,the Canadian
posed in Bill of Senator Wheeler—Views Measure Transportation
National Railways failed by no less than $456,063,195 to earn the interest
which the Government of Canada was bound to Pay to Private capitalists
as Leading to Communism
who owned the securities of that system. Whence came this sum of almost
of that railway
Speaking on "Government Ownership, or What?", before half a billion dollars. You paid as much for the serViC4)
system as you would if it had been privately owned, and you paid in taxes
the Chamber of Commerce at Canton, Ohio, on Feb. 27, John almost half a billion dollars in those nine years to private capitalists for the
Canadian National Railways.
J. Cornwell, general counsel of the Baltimore & Ohio RR., =lege of saying that you owned the
Nor is Canada alone in this experience. It is perhaps true that in every
declared that if Government ownership of the railroads instance
where public ownership was adopted as a national policy, it was
became effective in the United States it would mean social- thrust upon the Country. In Germany and France, it was a military
ism and ultimately lead to communism. Mr. Cornwell measure. In some of the smaller Countries of Europe there was not suffiprivate capital available. In each of these instances the experiment
pointed to the movement on foot to bring about Government cient
has been costly, and, according to reliable observers, the trend in conownership of the railroads, which has Just now taken tinental Europe of late is away from public ownership. In Belgium and
definite form in a bill prepared by Senator Wheeler, Chair- Italy, for example, the roads have been turned over to private companies
for private operation.
man of the Committee on Interstate and Foreign Commerce.
That has been the experience of other Countries. And what has been
Referring to Senator Wheeler's advocacy of Government ours with private ownership in the meantime. Tbe answer was summed
up tersely in this language several months ago by John J. Cornwell general
ownership, Mr. Cornwell said:
counsel for the Baltimore and Ohio Railroad, in an address at CumberIt is difficult to believe that the Senator really meant such a vicious
land,
Md..
attack upon the hundreds of railroad executives throughout the country
Here in the United States private capital and private initiative have conwho, during the past five years, with less than 60% of what was formerly
structed, taking the railroads of the United States as a whole, a system of
regarded as normal business, have kept the 250,000 miles of railroad in
250,000 miles of railroad. This American system, privately owned and
privately managed, has paid the highest wages and the highest taxes of
this country in operation, giving the safest, speediest and best transportaany railroads in the World: it has given the best service at the lowest
railroads
in
the
any
world,
with
of
their
companies
paying
service
tion
relative rates of any railroad system in the World, and, at the same time,
the highest taxes and charging, relatively, the lowest rates. Most of the
the railroads have had a lower capitalization than those of any other
country. From the standpoint of service, of wages, of taxes, and of rates,
men managing these railroad properties, even those at the very top,
certainly the history of government owned and operated railroads elsewhere
started at the bottom, worked their way up and know everything that
does not invite government ownership in this country.
can be known about the operation and maintenance of railroads. Such a
The railroads are not at present in a flourishing condition in this Country.
criticism, therefore, should not mean much even if it does come from a
it is true. But for that matter, what industry is. rho railroads have
United States Senator. It is little short of a crime to make such indissuffered from the depression perhaps more than has any other business
criminate charges against a group of men who have devoted their lives
activity. But they are continuing to give efficient service andTwill ride
and their energies to a great public service.
out their financial difficulties if business generally is re-establlshecifon a
pointed
out
that
no
country
in
the world sound basis. If business is not so re-established, it can't make much difMr. Cornwell
ever adopted Government ownership as a deliberate or pre- ference who owns the railroads or anything else. Certain it is that there
no public hope in saddling the railroad burden upon the taxpayers, even
ferred policy. Foreign nations, Where it exists, have it as a is
if the properties could be thus operated economically and efficetntly, which
necessity, he said, and the Canadian people are burdened no thoughtful person believes.
1588
Financial Chronicle
In the light of the experience of other Nations with public ownership of
railroads, and our own war-time experience with public operation, this
newspaper cannot believe that the American people are willing to take
this step. But they may find they have taken it without their consent if
they do_not at once impress their views upon the gentlemen representing
them in the Congress of the United States.
S. Clay Williams Resigns as NIRBIChairman—President's Letter of Acceptance Asks that Retirement
Be Postponed a Fortnight
S. Clay Williams has resigned as Chairman of the National Industrial Recovery Board, it was announced at the
White House on March 5. Mr. Willianas' resignation is said
to have been prompted by his desire to return to private
business. He was appointed head of the NIRB on Sept. 27
1934, after President Roosevelt had reorganized the National
Recovery Administration to eliminate the one-man control
which had been exercised by General Hugh S. Johnson. It
was stated at that time that he would remain at the post
for 60 or 90 days and then would return to the R. J. Reynolds
Tobacco Company, of which he was Chairman of the Executive Committee. Mr. Roosevelt accepted the resignation in
a letter in which he asked that Mr. Williams' retirement be
postponed for at least another two weeks.
The White House announcement on March 5 follows:
The following correspondence between S. Clay Williams, Chairman National Industrial Recovery Board, and the President, was released to-day
for publication:
The correspondence began on Sept. 27 1934, when the President wrote
Mr. Williams, then in Winston Salem, N. 0., advising him that he was
being drafted "for a most important public service" and was being appointed as a member of the National Industrial Recovery Board.
At that time the President advised Mr. Williams that he was asking him
"to accept this appointment with the definite understanding that if you
find yourself unable to serve as long as I hope may be possible, I shall,
although reluctantly, release you from further service on your request."
Mr. Williams, under date of March 5 1935, advised the President that
because of pressing personal affairs the time had come when he would like
to return to his own business.
In his letter, March 5, to the President Mr. Williams said:
March 6, 1936.
The President,
The White House,
Washington, D. C.
My Dear Mr. President:
You will remember that when you asked me to become a member of the
NIRB last September I told you that the responsibilities and duties upon
me in the business connections I regularly carry were such that any service
I could render could only be for such a period of time as those other relationships could permit. You responded with an appreciated recognition of
the obligations I felt in my regular relationships and suggested that when
those requirements should no longer leave me able to continue in this special
assignment you would release me from further service.
About Christmas time we spoke again of the necessity of my returning
to my business and you asked me to stay on until the study of new legislation had been completed.
Now that the Board has completed its study of proposals for new legislation and has also substantially accomplished these other essential tasks
which were indicated for attention prior to new legislative determination,
I feel that I cannot longer disregard the increasingly urgent call to return
to my regular work. While in the earlier stages of the Board's work a
change in its membership might have resulted in some delay in the handling of immediately important tasks, I feel sure that under the present
status of the Board's work there will be only a minimum of lost motion
connected with my retirement.
I am, therefore, asking that you permit me to retire from the NIRB
just as soon as possible consistent with your convenience in the matter of
making such arrangements as you may desire to make in connection with
my retirement. I hope that you can name an early date at which I may
expect to return to my business duties.
It has been a pleasure to me to serve under you on the Recovery Board
and I have appreciated to the fullest the fine support that we of the Board
have had at your hands in the administration of our part of the task.
Yours very truly,
S. CLAY WIILLIAMS.
•
The following is the President's reply:
March 9 1935
William Green, President of the American Federation of Labor, said tonight:
"Now that Mr. Williams has resigned, I hope a reorganization of the
NIRB may take place and that in the reorganization labor may have equal
representation with industry."
The service of Mr. Williams as Chairman of the NIRB was marked by
a drastic change in procedure from the days of General Johnson and by
sharp criticism of him by labor organizations, particularly in connection
with the Cigarette Code, promulgated only recently.
The American Federation of Labor by formal resolution at its amine'
convention in San Francisco last Fall asked the President to dismiss Mr.
Williams. This request was emphatically turned down by Mr. Roosevelt
Dec. 21 in a letter to Mr. Green, whom Mr. Roosevelt addressed as "Dear
Bill." The letter was made public Feb. 6.
Much of the criticism of Mr. Williams was ascribed to the long delay
of a code for the cigarette industry. The delay was viewed in the criticism
in the light of his private connection with the tobacco industry.
From 1931 to 1933 he was President of the 'Reynolds Tobacco Company.
He then became Vice-Chairman of the Executive Committee and Chairman
of the industry's Committee to deal with the NRA.
Mrs. E. W. Blair Succeeds Late Mrs. Mary Harriman
Rumsey as Chairman of Consumers' Advisory
Board of NRA
Mrs. Emily Newell Blair, a former Vice-Ohairman of the
Democratic party, has become Chairman of the Consumers
Advisory Board of the National Recovery Administration,
succeeding Mrs. Mary Harriman Rumsey, whose death was
noted in these columns Dec. 22, page 3900. Mrs. Blair
assumed her new duties on Feb. 20. In announcing her
appointment, the National Industrial Recovery Board on
Feb. 20 stated:
NIRB expects the Consumers Advisory Board to continue a forceful presentation in the way in which the public's interest as consumers is affected
by codes of fair competition under the jurisdiction of the Board.
At the same time Mrs. Blair said:
I shall carry on Mrs. Rumsey's work where she left off. Since the
beginning of the National Recovery Administration I have been an active
member of the Consumers Board and have been closely associated with
Mrs. Rumsey.
Provisions of Motor Bus NRA Code Ruled Contrary to
Constitution by Federal Judge Cushman at Tacoma, Wash.—Denies Injunction in Union Stages
Case
Holding that President Roosevelt had exceeded the
authority granted him by Congress in framing the motor bus
code, Federal Judge E. E. Cushman denied, on Feb. 11, to
the Federal Government an injunction which would restrain
Orr K. Scott, as the Union Stages, operating between Seattle
and Portland, from continuing his transportation business.
From the Portland "Oregonian" we quote the following Associated Press account from Tacoma, Wash., on Feb. 11, regarding the court's conclusions:
In the suit against Mr. Scott the Government alleged he operated without
obtaining a certificate of convenience and necessity or permit from the
State, without registering his route, without publishing his rates and
charges, and without providing liability and property damage insurance as
provided by the National Recovery Administration motor code.
Court Ruling Cited
The court held that the provisions of the code requiring the certificate
of public convenience and necessity and those relating to the liability and
property damage insurance were contrary to the Constitution of the United
States, and that the Supreme Court had so ruled in preview' cases.
In delegating to the President power to frame the code for the NRA,
Congress made provisions regarding inter-State commerce, which the court
quoted as follows:
"It is hereby declared to be the policy of congress to remove obstacles
to the free flow of inter-State and foreign commerce which tend to diminish
the amount thereof."
Code Violation Denied
It follows, the court ruled, that the provisions of the code requiring the
filing of the certificate of convenience and necessity and those relating to
insurance are in excess of power beyond that which the court may assume
Congress intended by the NRA to give to the President.
Inasmuch as Mr. Scott had complied with the legitimate provisions of
the NRA code by filing his rates, fares, routes and schedules with the Motor
Code Authority, the court found that he had not violated the code.
My dear Clay:
It is with sincere regret that I received to-day your letter stating that
the increasing importance of your returning to your regular business duties
leaves you unable to continue your service on the NIRB.
But I was not surprised because I have in mind our several discussions
of this possibility and particularly my letter to you under date of Sept.
27 1934, in which I said:
"I am asking you to accept this appointment with a definite understanding that if you find yourself unable to serve as long as I hope may be
possible, I shall, although reluctantly, release you from further service on
your request."
In response to the request of your letter and in accordance with the
understanding I had with you last September, I shall arrange to let you
return to your regular work at an early date, but I am asking that you
do not make your resignation effective or retire from the work of the board
for at least another two weeks.
May I take this occasion to tell you of my deep appreciation for your
unselfish contribution to the work we are all trying to do, and the fine
public service that you have rendered?
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
Honorable Clay Williams.
Chairman, National Industrial Recovery Board,
Washington, D. C.
NRA Announces Hearing March 12 on Distribution
Differentials Incident to Over 100 Codes
Information concerning distribution provisions in more
than 100 codes will be sought at a public hearing beginning
March 12 in the Commerce Building Auditorium, Washington, D. C. Announcement of the hearing was made on Feb.
21 by the National Recovery Administration, which said that
the hearing will relate to the nation's system of wholesaling
some $63,000,000,000 worth of manufactured goods The
NRA points out that the provisions in the Codes as to which
information is sought affect "directly some 169,000 wholesale establishments, as well as numerous manufacturers,
chain stores, department stores, mail order houses, and also
the hundreds of thousands of retail outlets." In part the
announcement of the NRA also said:
A Washington dispatch of March 5 to the New York
"Times" commented on the resignation in part as follows:
The hearing will be conducted by the advisory committee on Distribution
Differentials, headed by Dr. Willard L. Thorp, chairman of the NRA
Advisory Council with the assistance of the Division Administrators and
Volum* 140
Financial Chronicle
the Deputy Administrators in charge of the various codes affected. In
addition to Dr. Thorp, the committee is composed of the following:
Wroe Alderson, Washington, president of Merchandising Facts, Inc., research
analyst, author of several studies of distribution problems.
L. F. Boffey, of the Consumers Advisory Board staff.
Milton Katz, Advisory Council legal department.
O. A. Bishop, Division of Research and Planning.
R. S. Rauch, Industrial Advisory Board and Advisory Council.
Whether intentionally or not, certain code provisions have affected the
character of competition between jobbers and manufacturers who sell direct
to retailers, or between jobbers and mass distributors, or between long established agencies of distribution, such as jobbers or brokers, and special
agencies of distribution, such as truckers or direct-sales to consumers.
The crucial conflicts lie in the following five categories listed in the 1930
Census of Distribution table of distribution of sales in 1929:
Sales to wholesalers, $18,759,293,000, or 29.6% of the total; sales to
manufacturers' own wholesale branches, $10,237,077,000, or 16.1%; sales
to retailers, $11,776,598,000, or 18.6%; sales to manufacturers' own re'tail branches, $1,232,990,000, or 1.9%; sales to industrial or other large
consumers, $19,849,875,000, or 31.3%; sales to home consumers, $1,553,.
367,000, or 2.5%.
Total of 389 Cases Reported Pending in Federal Courts
to Test New Deal Legislation—NIRA Subject of
332 Actions-46 Affect AAA
Over 389 test cases growing out of the New Deal legislation were reported on Mardi 2 as pending in the Federal
courts. The National Industrial Recovery Act, which suffered two adverse rulings at the hands of Federal judges
during the past two weeks, is the subject of 332 actions, and
the Agricultural Adjustment Act is at issue in 46, according
to Associated Press advices from Washington on March 2,
which also said,in part:
Three cases each have arisen from the Kerr-Smith Tobacco and the
Tennessee Valley Authority Acts, two from the Bankhead Cotton law, and
one each from the Emergency Railroad Transportation, the Railroad Retirement, and the Silver Purchase Acts.
Officials of the Department of Justice, promising to take all disputed
statutes to the Supreme Court speedily "to find out what the law is,"
state that 332 of the pending cases involve the NIRA.
The nub of contention in many of these cases is "what constitutes interState commerce?"
Contending that manufacturing plants and business establishments are
"the wells of commerce," the Government has sought to regulate them
under its constitutional power to control commerce between the States.
Two recent decisions on this point have been against the Government.
A Federal judge at Wilmington, Del., ruled that the collective bargaining
clause of the NIRA was unconstitutional as applied to the Weirton Steel
Co., maintaining the Constitution gave Congress no right to regulate manufacture. On the same day a Federal judge at Louisville, Hy., taking a
similar view, granted an injunction against enforcement of a coal code.
Attorney-General Cummings expects the questions involved in both of
these litigations will be settled by another case pending in the Supreme
'Court. This is the Government's appeal from the decision of the Federal
Court at Birmingham, Ala., holding that the NIRA and a lumber code
established under it were unconstitutional. Mr. Cummings hopes the
Wilmington and Louisville cases may be combined with the Birmingham
litigation, which is to be argued before the Supreme Court next month.
Three other cases of importance to the Roosevelt Administration are
docketed for consideration by the Supreme Court next month.
The first of these is a "slum clearance" action started at Louisville, Ky.
The Federal court there held that the Government did not have the right
to condemn four city blocks for which $1,628,000 in Public Works Administration funds had been made available.
Attorneys have asked the court for a ruling Monday in this case. The
fate of 50 similar projects in 30 different cities may be affected by the
decision. The precedent established might determine the extent of slum
clearance work to be attempted in the President's proposed $4,000,000,000
work relief program.
Railroad workers are watching for a decision soon on the legality of the
Railroad Pension Act. Although this was not a New Deal measure, it may
provide a precedent for the Administration's social security legislation.
Another case involves the retail motor code set up by a New York auto
corporation.
The decision in the Weirton Steel case was referred to in
our issue of March 2, page 1405, while the conclusions of
Judge Grubb affecting the TVA were noted in the same
issue, pages 1407-1408.
Report by Sub-Committee of Pennsylvania Bar Association Declares Against NRA Price Fixing and
Other New Deal Policies
At a meeting in Harrisburg on March 2, the Executive
Committee of the Pennsylvania Bar Association received a
report of a Sub-Committee of the Association's Committee
on Federal Laws, this Committee report, according to the
Philadelphia "Inquirer," containing a declaration to the
effect that a large portion of the New Deal does violence
to the Constitution and many of its provisions tend to destroy
private initiative. The "Inquirer" also said:
In attacking the President's program, the Committee report, which
was placed on the table for future consideration, struck directly at the
National Recovery Administration, emergency price fixing, nationalization
of gold and silver and the much disputed processing tax.
Aside from the report presented, the Executive Committee
characterized Governor Earle's $203,000,000 taxation program as "faulty in princuple," and advocated a 2% sales
tax for a two-year period, the proceeds to be expended for
unemployment relief. In noting that emphatic was the
attack on the Roosevelt Administration by the Federal law
1589
Sub-Committee,headed by Ira Jewell Williams, Philadelphia
attorney, the "Inquirer" added in part:
Against Report
Deputy Attorney-General James C. Crumllsh, a Governor Earle appointee and prominent Philadelphia Democrat, and Percival H. Granger,
also of Philadelphia, dissented from the report.
"Every business man finds himself in a bewildering maze of codes.
rulings and regulations." the Williams report declared in its attack on the
Roosevelt Administration. "Economic laws are flouted; individual
initiative is 'Prometheus bound.'
"In this grave crisis of constitutional government the bar has not been
supine. Committees; of the American Bar Association and the president
and committees of the Pennsylvania Bar Association and great lawyers
of both parties have stressed the vices and follies and dangers of the Federal
program, the violations of fundamental right and sound tradition, the
menace to liberty and security.
"Business men are wise and sensible about business affairs; but in matters
of government and constitutional right and the reality of freedom, they
may not take the long view which is the true view.
"The Bar should point out to the business men and to the Nation the
lessons of the past andgthe perils along the primrose path that 'leads to
the everlasting bonfire' of printing press money and the ensalvement of
industry. . . . "
The report charged Congress with bringing about an almost "complete
inversion in government and business" under the power to "regulate commerce, varnished with a thin emergency gloss, while the States and the rights
of the people have been engulfed in a Federal maelstrom."
Enterprise Destroyed
C"The new phenomena," the report continued, "include the enslavement
of labor and industry, nationalizing gold, silver and dishonor; destroying
private enterprise_by governmental competition; reckless expenditure of
astronomical sums of taxpayers' money; the installation of 100,000 noncivil service bureaucrats.to carry on novel and unheard-of functions outside
the true Federal domain,and,finally a consumption or so-called 'processing
tax' to levy $1,400,000,000 on food, clothing, to pay for the destroying and
not producing theseAvery necessaries, in order by scarcity to increase the
prices thereof."
Striking at Section 7-A of the National Recovery Act, the sub-committee
maintained it permitted a majority of union members in an industrial plant
to force a 49% minority to abide by its actions and force a closed shop.
"That means," the report held, "that the closed shop, having received
the Congressional imprimatur, is forced upon all industry. This may
ultimately prove for the greatest good of the greatest number, but it may
mean the enslavement alike of employer and employee."
Hits Price-Firing
Concerning emergency price-fixing, the report read.
"Price-fixing was always regarded as the mortal sin of the monopoly.
However that may be,the anti-trust laws are still in full effect in 99 44-100%
of the country, but inapplicable in certain business in various sections
spotted over the map of the United States. The anti-trust laws apply,
let us say, to 100.000,000 out of 126,500,000 of the population of the United
States, but not to the remaining 26,500,000.
"And the decision that they do not apply to this hypothetical number
is made by some administrative official in Washington on the finding and
representations of the industry as to the existence of an emergency.
"It is evident that fixed prices are not based upon the cost of the most
economical or most efficient dealer, but upon an average, with the result
of confusion worse confounded and economic bedlam.
"The entire system ignores the rights of consumers sorely in need of
cheaper necessities, and often too poor to pay higher prices. The system
of permitting dealers to sit in judgment on their own prices and enforce these
judgments upon the entire trade is inherently vicious and violates the
principle that 'no man shall be a judge in his own cause."
In reference to the general welfare in the Constitution. the committee
said.
"Neither the preamble to the Constitution, nor the general welfare
clause in the taxing power confers any authority upon Congress.
"Certainly there can be no pretense that all the phenomena of the 600
odd codes are justified by the Inter-State Commerce clause. All retailing
is under codes, with enormous attendant costs and negligible benefits, if
any. How can local retail activities be inter-State commerce? About all
production is under codes.
"Yet Congress has no power over production for the purpose of interState commerce. The States have the undoubted right to control their
purely internal affairs, in doing which they exercise powers not surrendered
to the National Government."
Right of Employees to Picket Retail Stores Upheld By
New York Court of Appeals—Ruling Reverses Contention in Earlier Opinion by Supreme Court—
Shoe Salesmen Permitted to Agitate for Closed
Shop
The right of employees to picket a retail store in an attempt
to bring about unionization of the workers was sustained by
the New York State Court of Appeals in a decision made
public Feb. 27. Although the ruling made no distinction
between manual and white-collar workers, it was regarded
as reversing a decision of Feb. 25 by Justice Salvatore A.
Cotillo of the State Supreme Court, in which he said that a
labor union has no right to enforce a closed shop against department stores and must not picket such stores or other
retail establishments. Justice Cotillo's opinion was handed
down in granting an injunction restraining Local 107 of the
Retail Cloak, Suit, Dress and Fur Sales Peoples Union from
picketing R. A. Freed, Inc., retail department store in New
York City. Justice Cotillo in his decision drew a distinction
between the so-called white-collar class and manual labor
with respect to their right to picket or enforce a closed shop,
and contended that since the success of retail stores depends
largely upon the personality of its salespeople, store owners
should not be "intimidated" by union activities. The
decision of the Court of Appeals was described as follows in
the New York "Herald Tribune" of Feb. 28:
1590
Financial Chronicle
By ts decision, handed down Tuesday, the Court of Appeals modified
an injunction granted by Justice Burt Jay Humphrey, in Supreme Court,
enjoining the R. tail Shoe Salesmen's Union, Local 287, from picketing any
of the stores of the Wise Shoe Company, which has 23 stores in New York.
The highest court in the state ruled that any disorder engendered by picketing was unlawful, but that picketing itself was a constitutional right.
The decision said:
We have never gone so far as to hold that wherever acts or words went
beyond peaceful picketing, all picketing was to be enjoined. If so there
would have been no need for the many modifications for injunction judgments which this court has made.
Is Victory for Salesmen's Union
The victory by the shoe salesmen's union was considered as possibly foreshadowing a reversal by the Court of Appeals of the decision by Justice
Cottllo, which restrained the Retail Cloak, Suit, Dress and Fur Sales
People's Union from picketing the department store of R. A. Freed, Inc..
at Third Avenue and 159th Street, the Bronx. The union has announced it
would appeal the Cottllo ruling.
Justice Humphrey granted the Wise application for an injunction on
January 3, 1934. The Retail Shoe Salesmen's Union carried the case to the
Appellate Division, Second Department, which modified the sweeping character of the injunction, limiting the restraining provisions to the Wise store
at 1597 Pitkin Avenue, Brooklyn. Further appeal to the Court of Appeals
resulted in even further modification.
The Court of Appeals decision was per curiam, meaning that it was the
opinion of the entire court, as distinguished from that of a single judge.
The incident leading to the original injunction suit was the opening
of the Pitkin Avenue store by the Wise company. f'he salesmen were not
members of the union, which ordered the picketing to call to the attention
of customers that the Wise firm did not employ union help.
Court Finds Pickets Disorderly
The Court of Appeals found that the pickets had been disorderly. The
pickets shouted at customers, some of whom, as the original complaint alleged, "were intimidated and put in fear by the conduct and speech of said
pickets."
Although restating the right of picketing, the Court of Appeals recognized that continued disorder menaced the public peace, and it left a
way open for the employer, in this particular instance, to seek to have the
picketing stopped.
We modify this injunction ... to restrain all shouting, collecting of
crowds, interferences of any kind with customers, loitering upon or obstructing the sidewalk or the entrance to the store, and we permit peaceful
picketing with sign or placard with truthful legend and persuasion by sign.
notice or handbill. Should any of these provisions be violated, application
may be made on notice, to the Special Term, to add to the foot of the judgment a provision prohibiting all picketing.
New York State NRA Enforcement Act Held Unconstitutional—Appellate Division Rules Schackno Act
Seeks to Delegate Enforcement of State Legislation
to Federal Authority
The Schackno Act, which was passed by the New York
State Legislature to supplement the National Industrial
Recovery Act, was declared unconstitutional on March 5
by the Third Department of the State Appellate Division,
in sustaining two orders by Justice MeNaught of Bingham. ton, N. Y., in a test case brought by Gustave C. Darweger
of that city. The Schackno Act provided that the regulations
imposed under NIRA should apply to intra-State commerce,
and it granted the rights of code enforcement to divisional
Code Authorities. Mr. Darweger had obtained an injunction at a special term of the State Supreme Court restraining
the divisional Code Authority for the retail solid fuel industry from interfering with the operation of his business by
imposing a rigid sale of code prices for his product.
The Appellate Division, in its opinion,ruled that the Legislature had no right to delegate such power to an Authority,
and said that the adoption, administration and enforcement
of any code are sought to be effected not by agencies of the
State, subject to State control, but by the President, acting
under Federal law.
An Albany dispatch of March 5 to the New York "Times"
outlined the scope of the decision as follows:
The court affirmed the order of Justice McNaught of Binghamton, in
which the Code Authority moved to dismiss Mr. Darweger's complaint
and affirmed the order grantinfran injunction preventing the Code Authority from interfering with Mr. Darweger in selling coal intrastate at
prices other than that fixed by the Authority.
The case is to be taken at once to the Court of Appeals. The appeal will
be conducted by Hinman, Straub & Hughes of Albany, acting for the
Divisional Code Authority.
Attorney General Bennett will appear for the State to defend the Schackno
Act.
Hughe's Ruling Is Cited
Presiding Justice James P. Hill wrote the prevailing opinion, in which
Justices Leon C. Rhodes, F. Walter Bliss and Christopher J. Hefferman
concurred.
Justice Rhodes stated his views in a separate memorandum in which
the presiding justice and Justices Bliss and Heffernan concurred.
Justice Daniel V. McNamee also concurred for affirmance in a separate
memorandum.
Presiding Justice Hill in his opinion quoted Chief Justice Hughes in the
recent petroleum case and declared:
This decision answers defendant's argument that the NIRA justifies the
interference with plaintiff's business as charged in the complaint. With
so recent, direct and authoritative precedent, other and wider citations
would be cumulative.
Quoting the ruling in the case of the Panama Refining Company v. Ryan
and other authorities, he stated:
The Legislature may not delegate the fixing of policies or the establishing
of standards, but having fixed and defined a standard it may empower an
executive department to enact subordinate rules for the purpose of making
the defined standards and policies effective.
The Schackno act is not only an unconstitutional attempt to delegate
legislative authority, but it amounts to complete abdication by the LegisiaLure. The plaintiff (Derwager) has shown reasons justifyin; the grarring
of the injunction against the defendants.
March 9 1935
"Abdication" Held Illegal
Justice Rhodes in his memorandum pointed out:
The so-called Schackno Act does not create or establish any State agency
or instrumentality for the carrying out of its declared purposes.
By its terms, a copy of each code in effect pursuant to the Federal Act
(NIRA) is permitted to be filed in the office of the Department of State of
the State of New York, and provides that upon the filing of a copy of such
code, properly certified as approved by the President of the United States,
such code shall be 'the standard of fair competition' in this State as to
transactions intra-State in character.
The adoption, administration and enforcement of any code are sought
to be effected not by agencies or the State subject to State control, but by
the President, acting under the Federal law.
Thus the Legislature has, to this extent, attempted to abdicate its power
and surrender the sovereignty of the State into the hands of the President
I do not believe that such power is reposed in the Legislature. It rests, if
at all, in the people, to be accomplished by a change in the State Constitution.
It is true that the authority attempted to be granted is not irrevocable:
the Legislature may at any time retake what it has attempted to bestow,
but that involves a contingency which is not our problem. Our duty is to
pass upon the validity of the statute as it now exists. I am unable to find
a
any tenable theory upon which it may be upheld.
The texts of the opinions handed down by the Appellate
Division on March 5, as given in Albany advices to the
"Times," follow:
Justice Hill's Opinion
We are reviewing two orders of the Broome County Special Term, (1)
denying defendants-appellants' to dismiss plaintiff's complaint for failure
to state a cause of action, (2) granting an injunction pendente lite restraining defendants from interfering with plaintiff in the operation of his intraState coal business.
Appellants constitute the Divisional Code Authority, Division No. 3
of the Retail Solid Fuel Industry. The jurisdiction of Division No. 3
extends to the entire State of New York except the counties comprising
New York City and those on Long Island. Code of Fair Competition No.
280 for the Retail Solid Fuel Industry was approved by the President of
the United States by an Executive Order dated Feb. 14 1934, which recited
that the approval was pursuant to the authority vested in the President by
Title I of the National Industrial Recovery Act, approved June 16 1933.
A properly certified copy of the code was filed with the Secretary of State
of the State of New York on Feb. 24 1934.
Threats to Prosecute Pleaded
The suit is brought for a permanent injunction to restrain defendants
from enforcing the numerous rules and regulations contained in the code
in connection with the conduct by plaintiff of his intra-State retail coal
business, particularly Rule No. 5 thereof, which forbids a sale of solid
fuel at retail under any terms and conditions so that a buyer shall pay a
• price less than that fixed by the code authorities. It is pleaded that threats
to prosecute plaintiff civilly and criminally have been made by defendants.
The defendants, by making the motion to dismiss the complaint, admit,
for the purposes of the motion, the truth of all the allegations of the complaint and all reasonable intendments arising from the facts pleaded, but
argue that the plaintiff has no cause of action because thereof, as the President's Executive Order of Feb. 14 1934, justifies and empowers them to
force plaintiff to conduct his coal business according to the code of "fair
competition."
fhe constitutionality of the National Industrial Recovery Act of June 16
1933, was discussed by the Supreme Court of the United States in Panama
Refining Co. v. Ryan (U. S. 55, S. Ct. 241). That suit for injunction
involved the inter-State transportation of petroleum and the products
thereof.
Hughes Ruling Is Cited
Section 9 of Title I of the Act specifically empowered the President "to
Prohibit the transportation in inter-State and foreign commerce of petroleum
and the products thereof produced or withdrawn from storage in excess of
the amount permitted to be produced or withdrawn from storage by any
State law."
Chief Justice Hughes, writing for himself and 7 of his associates, says
in part concerning the specific provision quoted, and Section 1 of fitle
of the Act.
The Congress did not declare in what circumstances that transportation
should be forbidden, or require the President to make any determination
as to any facts or circumstances. Among the numerous and diverse objectives broadly stated, the President was not required to choose.
The President was not required to ascertain and proclaim the conditions
prevailing in the industry which made the prohibition necessary. The
Congress left the matter to the President without standard or rule, to be
dealt with as he pleased.
The effort by ingenious and diligent construction to supply a criterion still
permits such a breadth of authorized action as essentially to commit to the
President the functions of a Legislature rather than those of an Executive
or administrative officer executing a declared legislative policy.
Rulinglls:Held andlAnswer
This decision answers defendant's argument that the National Industrial Recovery Act justifies the interference with plaintiff's business as
charged in the complaint. With so recent, direct and authoritative precedent, other and wider citations of authorities would be cumulative.
Defendants also argue that the Shackno Act (Chapters 781 and 783.
Laws of 1933, of the State of New York) justifies their attempted control
of plaintiff's coal business. Section 1 of that Act reads.
Section I, legislative finding; statement of policy, a National emergency
productive of widespread unemployment and disorganization of industry,
which likewise prevails in the State of New York, which burdens intra-State
inter-State and foreign commerce, affects the public welfare, and undermines
the standards of living of the American people and of the people of the State
of New York, is hereby declared to exist.
The existence in this State of such present acute economic emergency, and
the effects and certain causes thereof as declared in Section 1 of Title 1
of the NIRA, enacted by the Congress of the United Flatten, effective June
16 1933, are hereby recognized: and it is hereby declared that said emergency
the causes and effects thereof, as so declared, relate as well to cammerce in
this State wholly intra-State in character as to Inter-State and foreign commerce and transactions affecting inter-State and foreign commerce carried
on in this State.
It is hereby declared to be the policy of this State to co-operate in the
furtherance of the objects and purposes declared in said Act of the Congnefs,
and each and every provision of this Act, shall be construed in accordance
with the policy so declared, and to make uniform the standards of fair
competition prevailing in intra-State commerce and industry with those of
inter-State commerce required by the provisions of the said NIRA which
are applicable in inter-State commerce in the State of New York.
This section contains the only attempt in the entire Act to lay down
a legislative policy and to establish standards to be followed by the executive agencies to which power is sought to be delegated.
The words of Justice Hughes in the Panama Refining Company case concerning Section 1 of Title 1 of the National Act apply with equal force to
Section 1 of the State Act. He says in part:
The first section is a "declaration of policy." It declares that a National
emergency exists. ... It is manifest that this broad outline Is simply an
introduction of the Act, leaving the legislative policy as to particular
subjects to be declared and defined. if at all, by the subsequent sections.
Volume
Financial Chronicle
140
In the State act there are no subsequent sections which declare and
define the legislative policy.
Delegation of Power Barred
The later provisions deal with the mechanics of filing in the Secretary
of State's office of the State of New York of a copy "of each code, agreement,license, rule or regulation in effect pursuant to the Act of Congress,"
and provide that upon the fillng of a certified copy of a code of "fair competition," approved by the President of the United States, that any "violation of any provision of such code, agreement, license, rule or regulation
shall be a misdemeanor, and upon conviction thereof, the person convicted
shall be fined not more than $500 for each offense, and for each day such
violation continues a separate offense subject to the fine herein prescribed
shall be deemed to have been committed."
In substance and effect, like the Constitution of the United States, the
Constitution of the State of New York provides "the legislative power of
this State shall be vested in the Senate and Assembly," Art. 3, Section 1.
The Legislature may not delegate the fixing of policies or the establishing
of standards, but having fixed and defined a standard, it may empower an
executive department to enact subordinate rules for the purpose of making
the defined standards and policies effective (Panama Refining Company v.
Ryan, Supra.)
The Schackno Act is not only an unconstitutional attempt to delegate
legislative authority, but it amounts to complete abdication by the Legislature. (Panama Refining Co. v. Ryan, Supra; Wayman v. Southard,
10 Wheat 1; United States v. Grimaud, 220 U. S. 506; People v. Klinck.
214, N. Y. 121; Matter of the trustees of the Village of Saratoga Springs
v. Saratoga Gas, Electric Light & Power Co., 191 N. V., 123.)
Warning totDealers:Recalled
An administrative board may neither act without legislative authority
nor beyond the limits defined by the Legislature. (Brown v. the University
of the State of New York, 242 A. D. 85, Affd.)
The complaint states a cause of action for injunctive relief. It appears
on the motion for an injunction pendente lite that defendants, or some of
them, threatened to cause plaintiff's arrest for any violation of code No.
280, and that plaintiff and other coal dealers had been advised by defendants, or on their behalf, that "any sale of coal by you for less than
the established floor level price would constitute a violation of the approved
coal code, No. 280, which is binding on all dealers.
"Compliance with the approved code for your industry is compulsory,
or prosecution results."
Also, that an information was presented to the City Court of Binghamton by an inspector employed by defendants asking that a warrant be issued
for the arrest of a coal dealer in that city for a violation of Subdivision 4
of Article 3 of code No. 280. which prohibits, under certain conditions
"the delivery of more than one kind, grade, size or blend of solid fuel
It loaded on the same wagon or truck. . . ."
The plaintiff has shown reasons justifying the granting of the injunction
pendente lite against the defendants.
The order denying defendants' motion to dismiss the complaint should
be affirmed, with $10 costs. The order granting an injunction pendente
lite, against'the defendants should be affirmed, with Slqcosts.
Justice Rhodes's Opinicml
I concur with Presiding Justice Hill. file Ninth Amendment'to the
Constitution of the United States provides as followsk,
p Reserved rights of people—The enumeration in the Constitution, of
certain rights, shall not be construed to deny or disparage others retained
by the people.
The Tenth Amendment to said Constitution is as follows:
Powers not delegated, reserved to States and people respectively—The
powers not delegated to the United States by the Constitution nor prohibited
by it to the States, are reserved to the States respectively, or to the people.
The several States were separate and independent sovereignties:at!the
time of the adoption of the Federal Constitution, and thus they',renaain,
except in so far as certain powers have been delegated to the United States
by that Constitution. No State may lawfully be deprived of such reserved
powers except in the manner specified in such Constitution. In no other
way may the sovereignty of any State be impeded, except by surrender from
within or usurpation from without.
—
Surrender of Power Questioned
aallrld•••••••It
The so-called Schackno Act does not create or establish any State agency
or instrumentality for the carrying out of its declared purposes. By its
terms a copy of each code in effect, pursuant to the Federal Act (NIRA),is
permitted to be filed in the office of the Department of State of the State of
New York,and provides that upon the filing of a copy of such code properly
certified, as approved by the President of the United States, such code shall
be "standard of fair competition" in this State as to transactions intra-State
in character. The adoption, administration and enforcement:of any code
are sought to be effected not by agencies of the State subject to State control but by the President acting under the Federal law.
Thus, the Legislature has, to this extent, attempteeto abdicate its
powers and surrender the sovereignty of the State into the hands of the
President. I do not believe that such power is reposed in the Legislature;
it rests. if at all, in the people, to be accomplished by a change in the State
Constitution.
-t is true that the authority attempted to be granted is not irrevocable;
the Legislature may at any time retake what it has attempted to bestow,
but that involves a contingency which is not our problem. Our duty is to
pass upon the validity of the statute as it now exists. I am unable to find
any tenable theory upon which it may be upheld.
Justice McNamee's Opinion
We have here only a question of pleading, and a question of the propriety
of granting injunctive relief pending the suit. Our decision calls only
for a disposition of these two questions.
On the question of pleading, it appears from the complaint thatran organized group who are unfamiliar to the law of New Yorkl are defending. This
group have adopted a rule, known as Order No.3-R, part of its code of fair
practice; and thereunder they claim the right to control the conduct and
the intra-State business of the plaintiff, and also the right to prosecute him
criminally for disobeying their order, and they threaten to do so. Already
they have done so to others, under a code rule known as No. 280.
The contemplated prosecution is imminent and the prospective damage
is evident. The facts are admitted. This makes a good cause of action.
The plaintiffis not required to wait until he is lodged in jaikbefore protecting
himself against illegal arrest, or the imposition of an illegal fine.
On the question of temporary injunctive relief, it appears in the moving
papers, and is not denied, that the code in question was never filed with the
Secretary of State. Chapter 781 of the Laws of 1933 (the Schackno Act,
so-called) affords the only color of authority for defendants' claims to
obedience and the only alleged basis for their threats of prosecution, pursuant to any code enacted by them.
1591
Cites Clause on Filing
Section 2 of that statute authorizes and requires the filing of certain
codes and provides:
"Upon such filing of a certified copy of a code of fair competition for
any trade, industry or sub-division thereof, . . . such code . . .
shall be the standard of fair competition for such trade or industry . . .
and any violation of any provision of such code . . . shall be a misdemeanor" and shall be punished by fine.
The filing with the Secretary of State was a sine qua non to any validity
of a code enacted by defendants, even if the statute mentioned could impart
validity to it as a part ofthelaw ofthe State. This condition the defendants
have not met, and admit the failure.
Accordingly, they cannot defend even under the color of right to exercise
any power over the plaintiff or his business. The injunctive relief pendente
lite was properly granted.
Hence, a complete disposition of the appeal before this Court can be
made without inquiry into the validity of the statute under which the
defendants seek a dismissal of the complaint:and a denial of the injunction.
Until now thay have disregarded it.
The orders should be affirmed.
In Denying Injunction for Alleged Violation of
Lumber Code Federal Judge at New Orleans Holds
NIRA Unconstitutional in Intra-State Trade
A ruling to the effect that thei National Industrial Recovery Act is unconstitutional insofar as it pertains to industries engaged solely in manufacturing was given on March 6
by Judge WayneIG. Borah tin Federal District Court at
New Orleans, Judge Borah, at the same time expressing it
as his personal opinion that the "whole NIRA is unconstitutional.
Judge Borah denied an application of the Government for
an injunction to restraintthelHammond Box Company of
Hammond, La., from alleged violation of maximum hour
and minimum wage provisions of the Lumber Code. As to
the Court's findings we quote the following from a New
Orleans dispatch to the New York "Times":
Products solely manufactured in a State do not come under the interState commerce clause even though they ship their products inter-State,
the Court held.
The Hammond company limits its manufacture to Louisiana, but its
products are sold to farmers for shipping berries and vegetables into other
States. The Government took the position that the product ultimately
moved inter-State.
fhe company contended that if it were forced to comply with regulations
calling for wages of 23 cents an hour and a 40-hour week it would be forced
out of business by other manufacturers in the same line who refuse to comply
with the code.
h II
hal
[Price Provisions Held Different
•
Judge Borah said that while he had granted restraining orders against
ice dealers and cleaners and dyers in the New Orleans area enjoining them
from violations of code price provisions, "those defendants were not injured
by the restraining orders."
Two ice manufacturers were restrained from constructing new plants until
they complied with regulations requiring them to secure certificates of convenience and necessity from Code Authorities. Both injunctions were
withdrawn by the Federal attorney, however, after Code Authorities failed
to extend price provisions.
Several firms in New Orleans have been charged before the United States
Commissioner with criminal violations of various codes. United States
Attorney Rene A. Viosca announced that these cases would not be sunmitted
to the Federal Grand Jury "until the Supreme Court passes on the constitutionality of the Recovery Act."
The following is taken from Associated Press accounts
from New Orleans, March 6:
The jurist's verbal opinion that he believed the "whole thing" unconstitutional was made in open court from the bench in explanation of his action
in denying the Government's petition.
"In previous cases I have granted injunctions for violators of NIRA
codes, as requested by the Government, but in those cases all concerned
of certain industries were enjoined. No one firm, or class of firms were
discriminated against," Judge Borah said.
"I did not believe in those cases that it was necessary to pass on the
constitutionality of the act because the injunctions sought could be granted
without injury to the defendants.
"But the present case has an inter-State commerce feature. If I grant
an injunction against the Hammond concern, then I am restraining it and
doing it an injustice. The Jianunond factory has competitors out of the
jurisdiction of the Court."
Hearings on Andrew W. Mellon's Appeal from Treasury
Ruling Requiring Him to Pay $3,000,000 Additional
Income Taxes for 1931
An appeal by former Secretary of the Treasury Andrew W.
Mellon against a Treasury decision that he must pay an
additional $3,000,000 income tax for 1931, that was heard
before the United States Board of Tax Appeals in Pittsburgh
beginning Feb. 18, was temporarily adjourned March 6, in
deference to the memory of former Associate Justice Oliver
Wendell Holmes of the United States Supreme Court, who
died on the latter date. Almost all of the testimony thus far
presented before the Board has been gicen by Howard M.
Johnson, Mr. Mellon's financial secretary, who was questioned on intimate details of his employer's business relations
with his brother, the late R. B. Mellon; his son Paul and his
daughter Ailsa, who is Mrs. David K. E. Bruce. Another
witness who spent much time on the stand was H.A.Phillips,
to whom Mr. Mellon entrusted his power of attorney when
he went to England as the American Ambassador.
1592
Financial Chronicle
At the opening of the hearing on Feb. 18 Mr. Mellon's
attorneys announced that he had purchased $19,000,000
worth of pictures and that he plans to establish a national
-art gallery in Washington. Statements to this effect were
made while an attorney was arguing that Mr. Mellon should
have been permitted some tax deduction for the $3,241,250
which he paid for five pictures bought in Leningrad.
On Feb. 20, Mr. Johnson is reported as having told the
Board that while Mr. Mellon was Secretary of the Treasury
in the Hoover Cabinet in 1931 he sold stock "short" and
that he failed to swear to his income tax return in the same
year. The Government had previously charged that these
stock transactions represented an effort to evade the income
tax laws. Mr. Johnson's testimony also reported Mr.
Mellon's personal wealth as of Dec. 31 1931 at $97,603,005,
including $20,000,000 in the Coalesced Co., which was the
Mellon family's private holding concern. Associated Press
adviees from Pittsburgh on Feb. 20 summarized the day's
testimony as follows:
Some of the principal developments to come out of Johnson's testimony
were.
1. That Mr. Mellon profited by $72,250 on stock sold "short" in March
1931, and took a loss of $68,300 on a similar transaction.
2. That Mr. Mellon signed his income tax report of 1931 without examining it and without being sworn, and that later a notary's seal was
affixed in the banker's Pittsburgh office.
3. That Mr. Mellon experienced a "book loss" of approximately $15,000.000 the same year—this in answer to the Government's claim he made
numerous fictitious stock sales to establish deductions in income report.
4. That D. D. Shepard, Mellon's tax attorney, occupied a Government
office in the United States Treasury Building in and before 1931, although
not a Government employee.
Mr. Johnson testified on March 1 that Mr. Mellon
reduced his personal fortune more than $120,000,000 in 30
days during 1931 by gifts to his children. Tax-exempt
bonds owned by Mr. Mellon on Dec. 1 1931, Mr. Johnson
said, totaled $9,368,046.01, or "less than 5% of his personal
wealth."
Brief Attacking Validity of NIRA Filed in United States
Supreme Court By Spielman Motor Sales Co.
The Spielman Motor Sales Co., Inc., of New York City,
filed with the Supreme Court on March 1 its brief attacking
the validity of the National Industrial Recovery Act, the
New York State Recovery Law, and the automotive retail
code. United Press advices from Washington, March 1,
further reported:
The case, to be argued next week, is the first Supreme Court test of
the NIRA.
The company sued in the Federal District Court for the Southern District
of New York to restrain William C. Dodge, District Attorney from New
York County, from prosecuting it for alleged violation of the code end
law by allowing more than the code maximum turn.in value on used cars.
The lower court refused the injunction.
The company contended in its brief that the NIRA is invalid because it
exceeds the power of Congress to regulate business and constitutes an undue
delegation of legislative power.
It also charged that the code involved exceeds the authority granted
under the NIRA.
Return from Abroad of Harvey D. Gibson—Had
Attended Conferences in Berlin on German "Standstill" Agreement
Harvey D. Gibson, President of Manufacturers Trust Co.,
New York, and one of the heads of the delegation that
represented American banks in the renewal negotiations pertaining to the "standstill"agreement with Germany.returned
from abroad on the "Washington," March 8. In our issue
of last week (March 2), page 1387, we referred to the return
of F. Abbott Goodhue, President of the Bank of Manhattan
Co., New York, who also participated in the Berlin conferences. The departure of the two delegates for the conferences was noted in these columns of Jan.26, page 581.
Charles West Appointed Special Assistant to Governor
Myers of FCA
W. I. Myers, Governor of the Farm Credit Administration, announced on March 6 the appointment of Charles
West as Special Assistant to the Governor to handle administrative matters. Governor Myers said:
Mr. West has been an instructor of Government at the Harvard University and an instructor at the College of Wooster and professor of political
science at Denison University. He is a graduate of Ohio Wesleyan University and spent three years at Harvard University. He served for a time
as American vice cousin at Naples. Italy, Mr. West was elected to the
72nd and 73d Congress from the seventeenth Ohio district.
Death of Oliver Wendell Holmes, Former Associate
Justice of United States Supreme Court—Served
on Highest Tribunal from 1902 to 1932—Statement
by President Roosevelt
Oliver Wendell Holmes, former Associate Justice of the
U. S. Supreme Court, died at 2.15 a. m. on March 6 at his
March 9 1935
home in Washinpton. Justice Holmes' death was ascribed
to pneumonia and complications due to his age. He would
have been 94 years old yesterday (March 8). Funeral services were held yesterday in All Souls Church in Washington,
and Chief Justice Hughes and other members of the Court
served as honorary pallbearers. A military burial was given
in Arlington Cemetery, in recognition of the wounds that the
former jurist suffered as a Union soldier in the Civil War.
President Roosevelt on March 6 issued a statement in
which he said that "the Nation has lost one of its first citizens" who personified "throughout his long career the finest
American traditions." The President's statement is given
below:
Oliver Wendell Holmes, Associate Justice of the Supreme Court of the
United States, retired, has left us.
The Nation has lost one of its first citizens.
We cannot minimize the grief of his passing, but we can find solace in
the thought that he was with us for so long. His was the life of rare distinction; soldier, scholar, author, teacher, jurist and gallant gentleman, he
personified throughout his long career the finest American traditions.
Endowed with the keen and piercing intellect which was mellowed by
kindly humor and understanding, he had a powerful and beneficient influence upon the Nation. Imbued with a high sense of justice and right, he
believed in the peaceful evolutions of the new from the old. He had a fine
perspective of history as a continuous and living thing and with courage
and logicibelleved in the shaping of government to changing conditlions.
The people ot America mourn the death of the venerable and beloved
Justice.
Mrs. Roosevelt and I have had the high privilege of his friendship for many
years and our sorrow at his passing is great.
While numberless tributes have been paid to the memory
of the late Justice we are able to make room here for a statement by Chief Justice Hughes, and eulogies in Congress
reported as follows from Washington, March 6, in the New
York "Herald Tribune":
Statement by Chief Justice Hughes
Although every member of the Supreme Court knew of Justice Holmes'
death, they were notified formally by Chief Justice Hughes when the Court
met this morning with all its members present except Justice Willis Van
Devanter, who is ill of a cold. When the Court was seated, the Chief
Justice said.
"It is my sad duty to announce that our former colleague, Mr. Justice
Holmes, passed away this morning. Peacefully, painlessly, and in the
fullness of time, came the inevitable end—the close of a career of unique
distinction as patriot, scholar, judge. We have lost a great jurist and a
noble friend.
"As a mark of respect to his memory, the Court will now adjourn until
to-morrow noon. We shall then resume the hearing of cases,and at the close
of the session to-morrow the Court will adjourn until Monday next at noon,
in order that the members of the Court may attend the funeral services to
be held on Friday."
Justice Holmes' associates on the bench felt his loss keenly, but few of
them would speak their sorrow. Justice Louis D. Brandeis, whose name
was mentioned most with Mr. Holmes' in dissenting opinions, was pale
and shaken, but mute. Justice Harlan F. Stone said. "His life speaks for
itself. It was a wonderful career. There is nothing that we could says
that could add or detract from it."
Congress Hears Eulogies
In both houses of Congress Justice Homes was praised for his public
service. Senator David I. Walsh, Democrat. of Justice Holmes' native
State of Massachusetts, said, "Few men have been spared to give such
fullness of years to the service of their fellow countrymen as this distinguished
citizen of the United States." After sketching Justice Holmes' career as a
Civil War fighter, a lawyer, law professor and jurist, he concluded. "No
man in our Nation's history served the cause of justice more devotedly and
continuously."
In the House, Representative Samuel B. Pettingill Democrat, of
Indiana, said that Justice Holmes was one "who dissented from the old
thought patterns in favor of the new."
"He always believed in a new deal," he said. "He would without doubt,
have upheld the major purposes of the New Deal of to-day."
:meter Joseph T. Robinson. of Arkansas, Democratic leader of the
Senate, and Joseph W. Byrns, Speaker of the House, also praised Justice
Holmes. Homer S. Cummings. Attorney-General, said. "The broad
sweep of his scholarship, and his unfailng devotion to liberal traditions in
law as in life, will make him ever remembered."
Justice Holmes was frequently known as "the great
dissenter," because he so often joined in a minority opinion
of the Supreme Court. He was appointed to the Court by
President Roosevelt in 1902, and retired in 1932 because of
his advanced age. His career was outlined, in part, as
follows, in the New York "Herald Tribune" of March 6:
His literary style, always distinguished, seemed to increase in its freshness
and force. He expressed himself in the language of the street, rather than
of the law, but there was always hard-hitting power in his arrangements of
simple words. Some of his phrases spring out of the text and startle the
reader. Justice Cardozo used the epithet "phosphorescence" to describe
the flash and animation in the sentences of Justice Holmes.
The dissenting opinions of Justice Holmes have in snore than one case
become the law of the land. Justice Holmes voted against affirming a
conviction which had been won by a United States Attorney by evidence
obtained by wire tapping. The majority opinion held that the collection
of evidence in this matter was not illegal. Justice Holmes denounced it,
in his plain manner, as "dirty business." Though legal, this "dirty business" fell Into such disrepute that Federal agents have since been cautioned
against it.
Justice Holmes was appointed by President Theodore Roosevelt, who was
not pleased when the new Justice stood with the minority in the Northern
Securities case, one of the chief maneuvers of the Roosevelt administration
in its fights against trusts. Advancing years and the great growth of
American enterprise were to prove the wisdom of the opinion of Justice
Holmes.
President Roosevelt, in 1902, had ordered his Attorney-General, Philander C. Knox, to seek the dissolution of the Northern Securities Co.,
Volume 140
Financial Chronicle
formed by the elder J. P. Morgan and James J. Hill to consolidate the
Northern Pacific, Great Northern and the Chicago, Burlington & Quincy
railroads. The Government sued under the clause in the Sherman Act
forbidding a combination in the form of a trust or otherwise in restraint of
commerce.
The Government won the case by a five to four vote,although the decision
was even closer, because Justice Brewer, while siding with the majority.
held separately that only unreasonable restraints of trade were affected by
the Sherman Act. The division of the Court rested in the question of
whether the Sherman Act guaranteed the maintenance of free competition.
The word "competition" was not written into the law but the majority of
the justices held that the Act intended to maintain free competition.
Justice Holmes' heritage was the best of New England when New England
was the intellectual capital of the New World. His father, Oliver Wendell
Holmes, was Professor of anatomy and physiology at the Harvard Medical
School for 35 years and made to medicine some of the most valuable contributions of his time, but he was known,and preferred to be known,as an
essayist, a verse writer and the best conversationalist in Boston. . . .
The Puritan strain was strong in him. His paternal grandfather was
the Rev. Abdiel Holmes, minister ot the first parish in Cambridge, and
through his mother's side he was a descendant of Anne Bradstreet, the
Puritan poet of the early 18th century.
Justice Holmes was born in Boston on March 8 1841.
Educated at Harvard
Justice Holmes was educated at private schools and at Harvard College.
As a member of the class of '61, he would have been graduated in June of
that year, but in April, after Fort Sumter was fired upon, he answered
President Lincoln's call for volunteers. It was while in camp at Fort
Independence as a member of the 4th Battalion of Infantry that he wrote
the class peom, which afterward was read at Harvard, and he later received
his degree.
He was commissioned a first lieutenant July 10 1861. in Co. A, 20th
Massachusetts Infantry, and he went with the regiment to the front. For
three years he saw hard and continuous service. Three times he was
desperately wounded.
In 1881, his work on "The Common Law" appeared. This volume
attracted immediate attention and elicited commendation by reviewers as
a treatise of remarkable value. Foreign commentators, as well as American
authorities, pronounced it a work of extraordinary merit. It was translated
Into Italian and partly as the outcome of the publication Harvard created a
new professorship for him.
Mr. Holmes had just entered upon the duties of this professorship in 1882
when he was appointed by the Governor of Massachusetts to the Supreme
bench of that State to fill the vacancy caused by the resignation of Justice
Otis P. Lord. In 1899 he was appointed Chief Justice of the Massachusetts
Supreme Court by Governor Wolcott.
Justice Holmes was serving in that capacity in 1902, when Justice Gray
of Massachusetts, an Associate Justice of the Supreme Court of the United
States, died. Justice Holmes was named as his successor by President
Roosevelt. He was confirmed by the Senate without delay and took his
seat Dec.8 1902.
Export Managers ot Motor Companies to Hold Meeting
March 11 at Detroit Under Auspices of Automobile
Manufacturers Association
The Automobile Manufacturers Association will hold a
meeting for the export managers of motor companies in
Detroit Monday, March 11, for the purpose of discussing
plans for the expansion of the industry's overseas operations.
Development of the Government's reciprocal trade program and its effect upon the motor industry will be reviewed
at the meeting. George F. Bauer, Secretary of the Association's Export Committee, reported. Other topics scheduled
for consideration are: recent international monetary developments, foreign automobile shows and general expositions, and a plan for the rating of truck capacities in export
markets.
Reopening of Closed Banks for Business and Lifting
of Restrictions
Since the publication in our issue of March 2 (page 1415)
with regard to the banking situation in the various States,
the following further action is recorded:
MARYLAND
In indicating that the Court of Appeals had upheld a
decision of Judge Eugene O'Dunne approving the reorganization plan of the Title Guarantee & Trust Co.of Baltimore,
Md., advices from that city to the New York "Times" on
March 6 said:
The plan for reorganizing the Title Guarantee & Trust Co. of Baltimore,
blocked for a year by litigation, seemed to-day to be clear of legal barriers.
The Maryland Court of Appeals upheld a decision of Judge Eugene O'Dunne
approving the reorgnaization plan. Depositors will receive about $1,000,000 from a Reconstruction Finance Corporation loan, on the assets of the
old company.
Urged on by Representative William P. Cole Jr.,about 100
stockholders and depositors of the closed Baltimore County
Bank, Towson, Md., on March 1 passed a resoltuion calling
for the formation of a committee "for the protection and
furtherance of the interests of the depositors." The Baltimore "Sun" of March 2, authority for the foregoing, continuing, said:
The bank, which has been closed since the March 1933, banking holiday,
is now under the receivership of John J. Ghingher, State Bank Commissioner
who was appointed about three months ago.
The resolution called for the appointment of the committee and empowered it to "require Mr. Ghingher to submit to the committee lists
showing the assets and liabilities of the bank, entire lists of depositors,
with the amounts to their credit, and a list of stockholders, showing the
shares owned by them."
The committee will be composed of nine members, three each from
Towson, White Hall and Randallstown, commmnities in which the bank
had branches. George M. Berry and Lawrence E. Ensor offered their services as attorneys without charge.
1593
MICHIGAN
The First State Bank of East Detroit and the State Bank
of Fraser, both in Macomb County, Mich., were opened last
week, we learn from the "Michigan Investor" of March 2.
The paper said in part:
An entirely new set of officers was chosen for the bank at East Detroit.
Henry Mok, well known South Macomb business man is President; Melvin
Van Howe,former receiver of the bank, and Fred Puffpaff, are Vice-Presidents, and Arthur G. Leise, former receiver of the Garland State Bank. Is
Cashier.
Officers of the new Fraser bank are Henry J. Bohn,President and Cashier;
Joseph Couchez, William L. Hartsig. and E. A. Schwartzkoff, Vice-Presidents. Theodore Bohn is Assistant Cashier. Both this bank and the
State Bank of East Detroit released 40% of impounded deposits.
Accordingto the "Michigan Investor" of Feb. 23, Ralph
E. Callahan, receiver of the First National Bank of Richmond, Mich., was releasing a dividend of 23%. With this
payment,it was said, the distribution of impounded deposits
totals 83%.
OHIO
The Union Trust Co. of Newark, Ohio, which for the past
two years has been operated by Charles MeGruder as conservator, has now been reorganized and is expected to reopen
shortly, we learn from Newark advices on Feb. 25 to the
Pittsburgh "Post-Gazette." The reorganized bank is
capitalized at $200,000 and has surplus and undivided profits
of $120,000. Further details were given in the dispatch as
follows:
The bank is the consolidation several years ago of the Franklin National
Bank and the Home Building Association. Under the new form the real
estate part of the organization will be segregated and real estate is given as
collateral for a Reconstruction Finace Corporation loan. W. T. Suter
and C. C. McGruder represent the stockholders. Depositors are represented by W. L. Cary and F. M. Black and Julius Juch in the mortgage
company which takes the old bank's real estate and many of its mortgages.
There are $5,000.000 now in the bank. Fifty per cent Is available for withdrawal when the bank opens.
It is learned from Youngstown, Ohio, advices appearing in
"Money and Commerce" of March 2 that the Federal Savings & Loan Co. of Youngstown, of which A. Grover Welch
is President, has been granted a charter. The new organization, the dispatch stated, will succeed the restricted
Home Savings & Loan Co. with deposits of approximately
$9,000,000 when transfer of deposits is approved.
PENNSYLVANIA
The Peoples Safe Deposit Bank of St. Clair,Pa.,representing a reorganization of the Citizens Bank of that place, which
closed in September 1933, opened recently, according to
advices from St. Clair, printed in "Money and Commerce"
of March 2. The new organization is capitalized at $100,000
with surplus and undivided profiys of $55,000 and has deposits of $483,172. Officers were named in the dispatch as
follows: T. D. Morris,President;John Potts, Vice-President;
W.J. Evans,Secretary, and Frank P.Zarr, Cashier.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
A membership on the Chicago Board of Trade sold, Feb. 5,
at $4,600 net to the buyer, a decline of $200 from the previous sale.
Arrangements were made, M- arch 4, for the transfer of a
New York Stock Exchange membership at $79,000. The
previous transaction was at $81,000, on March 1. On
March 7 another transfer was arranged at $76,000.
The extra membership of Emanuel F. Rosenbaum on the
New York Commodity Exchange, Inc., was sold March 4 to
Isaac Witkin, for another, at $2,100, an increase of $100
over the last previous sale.
Samuel Sachs, former seni- or partner of the investment
banking firm of Goldman, Sachs & Co., New York, died of
heart disease on March 2. Mr. Sachs, who was 83 years
old, had been a special partner of the firm up to the time
of his death. In his youth Mr. Sachs was an employee of a
mercantile concern, but in 1882, at the age of 31 years, he
turned to banking, entering the banking firm of Marcus
Goldman, his father-in-law. Shortly after, the present name
of Goldman, Sachs & Co. was adopted. The firm has held
a membership on the New York Stock Exchange since 1882,
except for a four-year period. Mr. Sachs retired as senior
partner of the firm about six years ago with the title of
special partner.
The Board of Directors of the Guaranty Trust Co., New
York, has declared a dividend for the quarter ended
March 31 1935 of $3 a share, payable on April 1 to stockholders of record March 8. This represents a disbursement of $2,700,000 for the quarter. The bank since June
1929 had been paying an annual dividend rate of $20, or $5
1594
Financial Chronicle
on the quarterly basis. William C. Potter, Chairman of
the institution, in announcing the new rate, on March 6,
stated that it was occasioned by the desire to adhere to a
conservative disbursement policy following reduction in
earnings due to low prevailing rates of interest, the continuing inactivity of security markets, and the lack of use
by business of the superabundant bank credit available.
The Bank of New York & Trust Co., New York, has announced the appointment of James Carey and Stewart L.
de Vausney as Assistant Secretaries.
An application has been filed with the New York State
Banking Department by the Bank of Sicily Trust Co., New
York, for permission to open a branch office at 1612-1616
Broadway, conditioned upon the discontinuance of the
branch office heretofore authorized by the Banking Department to be maintained at 2059 Fulton Street.
The New York Stock Banking Department on Feb. 28
granted authority to the Brooklyn Trust Co., Brooklyn,
N. Y., to open a branch office at 215 Montague Street,
Brooklyn.
Commencing Monday of this week, March 4, Howard W.
Alcorn, receiver of the City Bank & Trust Co. of Hartford,
Conn., is paying a 5% cash dividend to depositors in the
savings department of the bank whose claims are in excess
of $100. The payments, as scheduled, will continue up to
and including April 2.
The County Trust Co. of White Plains, N. Y., opened a
branch bank in Mamaroneck on March 1 in the building formerly occupied by the defunct First National Bank & Trust
Co. of Mamaroneck. In noting the matter, a dispatch from
that village, printed in the New York "Herald Tribune,"
said:
A line of depositors formed one hour before the doors were opened.
Mamaroneck has had no commercial bank since January 1933, when the
First National closed with a loss of $1,800,000 to Its 4,300 depositors.
TheFirst National Bank of Mount Vernon, N. Y., on
Feb. 25 was authorized by the Comptroller of the Currency
to maintain a branch in North Pelham, Westchester
County, N. Y.
The People's National Bank of Rochester, Pa., capitalized
at $50,000, went into voluntary liquidation on Feb. 18. The
institution was taken over by the First National Bank of
the same place.
March 9 1935
Robert C. Baker, who resigned as an officer of the Manufacturers Trust Co. of New York. has been elected a VicePresident of the Central National Bank of Richmond, Va..
we learn from Everett, Pa., advices appearing in "Money
and Commerce" of March 2, which added, in part:
For the past several years Mr. Baker has been officer in charge of the
Fourth Avenue branch of the New York bank, which be is now leaving.
Previously he had been graduated from the Wharton School of the University of Pennsylvania.
Expansion of the quarters of the Bank of Commerce &
Trusts, of Richmond, Va., to include the whole of the Main
Street front of the Mutual Building was announced on
Feb. 25 by bank officials, effective March 1, according to
the Richmond "Dispatch" of the following day. The paper
continued:
The bank, in addition to its main office at Ninth and Main Streets,
operates a branch in South Richmond, under the management of D. C.
Ballard, branch Cashier, assisted by W. J. Fisher.
Officers of the bank, which is a member of the Federal Reserve System
and the Federal Deposit Insurance Corporation, are: John T. Wilson,
President; Wilfred A. Roper, Executive Vice-President; W. N. Street,
Cashier; Clarke W. Roper, J. E. Townes and R. D. Curtis, Assistant
Cashiers; Thomas J. Headlee, Trust Officer, and G. A. Peple, Assistant
Trust Officer.
Effective Feb. 23, the Shenandoah National Bank of
Woodstock, Va., capitalized at $30,000, was placed in voluntary liquidation. It was succeeded by the Shenandoah
County Bank & Trust Co. of the same place.
On Feb. 23 the Massanutten National Bank of Strasburg,
Va., was placed in voluntary liquidation. The Massanutten
Bank of Strasburg is the successor institution.
We learn from a Huntington, West Va., dispatch, printed
In "Money and Commerce" of March 2, that a new bank,
with the tentative name of Commercial National Bank, is
being organized in Huntington. It is expected, the advices
stated, to secure a Reconstruction Finance Corporation loan
of $100,000 and begin business with resources of $250,000.
The officers and directors of the National Bank of Commerce of Charleston, West Va., announce the death of their
President, Edward Hess, on Feb. 24.
J. B. Seward, President of the Savings Deposit Bank &
Trust Co. of Elyria, Ohio, has announced the election of
W. G. Barnes as Vice-President and Executive Officer of
the institution, according to advices from that city, printed
in "Money and Commerce" of March 2. The dispatch also
supplied the following details regarding Mr. Barnes's
career:
Walter E. Burns, Executive Vice-President of the Carlisle
Deposit Bank Trust Co., has been elected President of the
new Capital Bank & Trust Co. of Harrisburg, Pa., according to an announcement made in Carlisle on March 6. In
noting the matter, advices to the New York "Times" from
Carlisle added:
Mr. Barnes has wide experience in banking and commercial lines. Born
in Fredericksburg, he was educated in Cleveland and at Albertson College.
He followed commercial pursuits for a time, and served in the war, then
becoming identified with Fields, Richards & Co., investment bankers. In
1924 he went with the Cleveland Trust Co., and in 1932 became identified
with the Reconstruction Finance Corporation, in Cleveland, specializing
in security analysis.
-4---
He will assume his new duties on March 15. The new bank in Harris.
burg is a union of the Commonwealth Trust and Union Trust companies.
H. S. Buckley, President of the New Richmond National
Bank, New Richmond, Ohio, announced on Feb. 26 the appointment of Guy T. Beim, of Winchester, to succeed the
late Bert Reed as Cashier of the institution, according to
advices appearing in "Money and Commerce" of March 2,
which also said:
In indicating the approaching opening of a new bank in
Renovo, Pa., a dispatch from that place appearing in
"Money and Commerce" of March 2 had the following
to say:
The organization committee of the new Citizen's National Bank has
announced that the new institution will open for business about March 15
or shortly thereafter.
The third 5% dividend payment to depositors of the defunct Park Bank of Baltimore, Md., was authorized on
Feb. 28 by Judge Charles F. Stein in the Circuit Court,
according to the Baltimore "Sun" of March 1, which also
supplied the following details:
The distribution will be made "within the next 10 days," according to
William D. Macmillan, who is acting for John E. Semmes, counsel to the
receiver of the institution, John J. Ghingher, State Bank Commissioner.
Checks are now being prepared by a clerical staff.
According to a report filed by the receiver, the dividend will involve the
payment of $169,488.19. With the two previous dividends, the total
amount paid creditors will aggregate $506,853.94, it was stated.
It is learned from Lexington, Va., advices, on March 2
to the Richmond "Times-Dispatch," that I. R. Alphin has
been elected President of the First National Bank of Lexington, to succeed the late B. Estes Vaughan, and that
T. B. Shackford has been appointed Second Vice-President
(a newly-created position) and Trust Officer. L. W. Pnitz
Is Cashier of the institution, the dispatch said.
Mr. Behm was formerly a State bank examiner and was associated in
the investment business for some years. He also has served as conservator
for several banks in the Toledo district.
Depositors of the First National Bank of Logansport, Ind.,
will receive a 25% payment on their deposits soon after the
middle of this month, according to an announcement made
March 1 by Marc C. Stuart, receiver for the institution.
In reporting the matter, the Indianapolis "News" of March 2
furthermore said:
This will be the fourth payment to be made since the bank closed on
Oct. 28 1931, and will bring total return of deposits to 85%. Thia payment of approximately $1,100,000 will be made from cash on hand and
funds received from the Reconstruction Finance Corporation.
Approximately $20,000 was to be distributed to depositors
by the Elwood First National Bank, Elwood, Ind., March 1,
representing payment of 20% of funds waived by depositors
when the bank was reorganized Dec. 1 1933, according to
Elwood advices on Feb. 27 to the Indianapolis "News,"
which went on to say:
Twenty-five per cent, of funds was waived when the bank was reorganized
and opened in Class A. Since then a satisfactory increase in business has
been realized, Edward C. DeHority, President, announced.
Volume 140
Financial Chronicle
The Chicago "Tribune" of March 2 is authority for the
statement that depositors of the Merchants' & Farmers'
Bank of Grays Lake, Lake County, Ill., on March 1 began
regretfully to withdraw their cash of more than $400,000.
The bank was carrying out its plan of going out of business,
first announced in December. We quote the paper further:
L. Y. Sykes, President, explained that officials had postponed their
action to permit time for another group to attempt to organize a new bank.
That effort apparently had failed, and the town of 1,200 persons will be
left without a bank.
Inability to make profits led to the decision to pay off depositors in
full and give $160 for each $100 share of stock. The bank was organized
34 years ago, and was one of three in Lake County permitted to re-open
immediately after the 1933 banking moratorium was lifted.
In indicating that the defunct First State Bank of Barrington, Ill., was to pay an initial dividend to its depositors,
the Chicago "News" of Feb. 21 had the following to say:
Edward J. Barrett, State Auditor, to-day announced that he has author.
ized a 5% disbursement, amounting to $14,300, to the depositors of the
First State Bank of Barrington. This is the first disbursement since the
bank closed. The checks will be given out this week. In addition to this
payment, $127,980 has been paid on bills.
This disbursement is being made cut of funds acquired in the ordinary
course of liquidation. William L. O'Connell is receiver.
The "Michigan Investor," in its issue of Feb. 23, reported
that a 15% dividend is in prospect for depositors of the
former Wayne Savings Bank of Wayne, Mich., the Reconstruction Finance Corporation having submitted an offer
of $260,000 for the assets of the bank. The dividend, it was
said, would amount to $210,000, which is the same amount
previously distributed in three payments of 5% each.
We learn from the "Michigan Investor" of Mar. 2 that
Carl F. Spaeth has been appointed a Vice-President of
the Jackson City Bank & Trust Co. of Jackson City, Mich.
Regarding Mr. Spaeth's career the paper said in part:
Mr. Spaeth has been particularly identified with banking activities in
Flint where he was connected with the First National Bank & Trust Co.
for 15 years. . . .
Following the death of G. Harold Lovejoy, who had been Cashier of
the bank for two years, Mr. Spaeth became Oashier. Later he was made
Vice-President and in 1930 was made Executive Vice-President and
Cashier.
When the directors of the First National and the Genesee County Savings
Bank combined the management of the two institutions in April 1930, Mr.
Spaeth was appointed executive officer of the two banks with the title
of Executive Vice-President in charge of operations.
Following the bank holiday of 1933, the First National requested
the appointment of a conservator and on Mar. 25 1933, Mr. Spaeth received the appointment to take charge of the bank's affairs. He was
replaced by John S. Smith, present receiver of the bank, early in 1934
and shortly afterwards was appointed examiner in Southern Michigan
for the Federal Deposit Insurance Corp Board.
Effective Feb. 2, the First
National Bank of Browerville,
Minn., went into voluntary liquidation. The institution,
which was capitalized at $25,000, was succeeded by the Lee
State Bank of Browerville.
Associated Press advices f- rom Lufkin, Tex., on Mar. 1
reported that Judge E. J. Mantooth on Feb. 28 retired as
President of the Lufkin National Bank, a post he had held
for 21 years, and had been succeeded by J. H. Kurth, heretofore a Vice-President of the bank, and holder of large
lumber and mill interests.
On Feb. 27 the Citizens' National Trust & Savings Bank
of Riverside, Calif., was granted permission by the Comptroller of the Currency to maintain a branch in the City of
San Bernardino, Calif.
The Comptroller of the Cu-rrency on March 1 authorized
the Bank of America National Trust & Savings Bank (head
office San Francisco, Calif.) to open a branch in the unincorporated town of Avenal, Kings County, Calif.
It is learned from Salem, Ore., advices, on Feb. 21 to the
"Oregonian," that checks representing a 40% dividend on
all claims against the savings department of the Brookings
State Bank of Brookings, Ore., were mailed to depositors
on that day. The dispatch went on to say:
This dividend, which amounts to $9,800.74, will complete the full 100%
payment of all claims filed in liquidating the savings department of this
bank. Payment of all claims in the commercial department was completed
on March 29 1934. The bank was placed in the hands of the State Superintendent of Banks Jan. 30 1932, with total assets of $76,773.84, and
liabilities of $65,000. Approximately $18,000 of the latter represented
secured claims, which also have been paid in full. Assets remaining after
the 100% payment to the depositors will be returned to the stockholders.
J. L. Gault, receiver Farmer- s' & Stockgrowers' National
Bank, Heppner, Ore., has announced that the bank will
pay its depositors in full. In noting this, the Portland
"Oregonian" of Feb. 24 also said:
1595
Heretofore he has paid a 40% dividend and two of 15% each. A
loan has been secured from the Reconstruction Finance Corporation to
augument funds on hand.
J. W. Maxwell was elected Chairman of the Board of
the National Bank of Commerce of Seattle, Wash., on
Mar. 1 to succeed the late Manson F. Backus, dean of
Northwest bankers. The Seattle "Post-Intelligencer" of
Mar. 2, from which this is learned, continued:
The post of Chairman of the Executive Committee, held by Mr. Maxwell until the election yesterday, was abolished. Homer L. Boyd,
President of Marine National Corporation, was elected to a Vice-Presidency
in the bank.
The net profit of the Swiss Bank Corp. (head office Basle,
Switzerland) for the year'ended Dec. 31 1934, after deduction of expenses and taxes, and making provision for bad
and doubtful debts, amounted to £289,572, which, when
added to £44,0'26, representing the balance to profit and
loss brought forward from the preceding year, made £333,598
available for distribution. Out of this sum the directors
propose to pay a dividend of 4%%, calling for £288,000, and
to carry forward the balance of £45,598 to the current year's
profit and loss account. The institution has a paid-up capital of £7,000,000; reserve funds of £1,560,000; total deposits
of £30,766,711, and total resources of £47,950,468.
CURRENT
NOTICES
—An analysis of 12 leading New York City banks, currently being
distributed by Otis & Co., shows the percentage of net earnings on total
assets and on deposits of each bank necessary to cover present dividend
requirements. These percentages range from 0.27% to 1.83% on tota
assets and from 0.33% to 2.27% on deposits. For all 12 banks the
figures are 0.69% and 0.81%, respectively.
Other tabulations show comparative 1933 and 1934 figures for deposits,
holdings of cash and U. S. Government securities, loans and discounts and
relation of market prices to book values.
—Goodbody & Company announce the removal of their uptown New
York office to larger quarters on the fourth floor of the Lincoln Building,
60 East 42nd Street. Their uptown personnel has been augmented by
Harold A. Sands and Oswald E. Cooper, formerly associated with them
at the main office at 115 Broadway.
—James Talcott, Inc. has been appointed factor for the following:
Cunard Mills, Carrollton, Georgia, manufacturers of cotton braids. United
Hosiery Mills, Philadelphia, Pa., manufacturers of hosiery and Lowell
Knitting Mills, Inc., Lowell, Mass., manufacturers of knit goods.
—J. M. Dahl & Co., Minneapolis. announce the opening of offices in
Chicago at 2619 Board of Trade Building under the management of Merrill
M. Cohen, Vice-President.
—Stroud & Co., Inc., announces that William Congreve has become
associated with its organization in charge of the municipal department in
Its Philadelphia office.
—Sherwood & Merrifield, Inc., specialists in New York municipal bonds
announce the removal of their offices to 40 Wall Street, New York.
Course of Bank Clearings
Bank clearings this week will again show an increase as
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ended to-day
(Saturday, March 9) bank exchanges for all cities of the
United States from which it is possible to obtain weekly
returns will be 30.0% above those for the corresponding week
last year. Our preliminary total stands at 86,282,903,581,
against $4,831,164,125 for the same week in 1934. At this
center there is a gain for the week ended Friday of 41.4%.
Our comparative summary for the week follows:
Ckartngs—Rdurns by Telegraph
Week Ending March 9
1935
1934
Per
Cent
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
83,500,747,934
202,433,044
271,000,000
175,000,000
67.340,352
63,400,000
94,214,000
74,928,636
63,117,845
46,038,334
46,479,499
24,992,000
12,475,577,524
151,549,593
214,000,000
142,000,000
51,292,037
49,500,000
82,671,000
60.194.697
51,557.305
39,622,880
37,823,522
24,283,000
+41.4
+33.6
-1-26.6
+23.2
+31.3
+28.1
+14.0
+24.5
+22.4
+16.2
+22.9
+2.9
Twelve cities, five days
Other cities, five days
14,629,691,644
606,061,340
$3,380,071,558
480,240,920
+37.0
+26.2
Total all cities, five days
All cities, one clay
15,235,752,984
1,047,150,597
$3,860,312,478
970,851,647
+35.6
+7.9
16.282 903 SRI
54 R31 164_125
-i-Rn n
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
resultsfor the week previous—the week ended March 2. For
that week there is an increase of 8.6%, the aggregate of
clearings for the whole country being $6,239,654,748, against
$5,745,162,779 in the same week in 1934.
Outside of this city there is an increase of 19.4%, the
bank clearings at this center having recorded a gain of 3.4%.
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 an increase of 3.4%,in the Boston Reserve
District of 6.6%, and in the Philadelphia Reserve District
of 46.6%. In the Cleveland Reserve District the totals are
larger by 17.7%,in the Richmond Reserve District by 9.7%
and in the Atlanta Reserve District by 9.0%. The Chicago
Reserve District enjoys an increase of 30.4%, the St. Louis
Reserve District of 19.2% and the Minneapolis Reserve
District of 4.4%. In the Kansas City Reserve District
the increase is 14.0%, in the Dallas Reserve District 6.6%
and in the San Francisco Reserve District of 13.1%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended Mar. 2 1935
1935
1934
Ine.or
Dec.
1932
1933
$
$
$
%
3
Federal Reserve Dists.
278,662,888
206.825,583
235,250,988 +6.6
250,752,376
1st Boston _ _ _ _12 Cities
4,368,447,999
3,584,755,177
+3.4
3,985.199,257
4,118,964,303
"
.12
2nd New York
314,952,956
323,369.619
264,793,183 +46.6
388,102,03e
3rd Philadelpla 9 "
210,411,105
151,287,507
264,202,202 +17.7
240,261,438
4th Cleveland__ 5 "
125,559,751
27,634,075
+9.7
101,968,529
111,817,881
15th Richmond.6 "
99,437,857
32,369,220
109,318,977 +9.0
119,208,248
6th Atlanta_ _ _.10 "
409,848,480
211,803,875
+30.4
332,200,712
433,149,201
7th Chicago - - -19 "
99,084,331
70,032,249
103,497,485 +19.2
123,342,937
8th St. Louts... 4 "
71,742,277
55,500,121
76,730,286 +4.4
80,093,532
9th Minneapolis 6 "
107,899.511
77,018,197
+14.0
110,021,304
125,444,870
10th Kansas City10 "
39,281,381
2,751,234
39,664,635 +6.6
42,295,375
5 "
11th Dallas
252,088,107
65,738,490
182,315,221 +13.1
206,222,549
12th Ban Fran _ _12 "
110 C1t1123 6,239,654,748 5,745,162,779 -1-8.6 4,809,085,347 6,327,416,623
Total
2,244,623,623 1,880,250,165 +19.4 1,316,184,401 2,069,396,039
Outside N. Y. City
flan.114
March 9 1935
Financial Chronicle
1596
22 eitlffi
242 827 970
$S
i
4.3 1,706,299,492 2,352,409,623
.
1,877,003,574 1,800,113,070 4
29,951,183,804 27,800,497,695 +7.7 25,579,516,206 30,846,387,028
2,694,008,020 2,225,271.917 +21.1 2,494,350,630 2,595,351,685
1,774,523,777 1,525,617,237 +16.3 1,478,598,555 1,931.776.913
987,427,527
768,661,907
756,623,490 +11.6
844,349,143
868,978,049
705,944,170
845,505,997 +14.7
970,176,915
3,170,978,808 2,483,038,864 +27.7 2,098,669,303 3,303,074,089
859,009,434
679,800,656
824,803,867 +11.9
923,073,612
606,903,286
467,932,371
577,646.085 +6.9
617,657,566
846.430,235 1,116,144,154
996,580,336 +19.3
1,188,763,552
593,078,138
467,011,944
600,586,020 +6.8
641,696,710
1,678,834,484 1,465,105.560 +14.6 1,231,939,605 1,730,787,793
Federal Reserve plats.
1st Boston.... _ 14 cities
2nd New York...13 "
3rd Philadelpla 12 "
4th Cleveland__13 "
5th Richmond . 8 "
5th Atlanta_ ___15 "
7th Chicago. _25 "
6th St. Louis. _ _ 5 "
11th Minneapole312 '
10th Kansas City14 "
10 "
11th Dallas
12th San Fran...21 "
Total
162 cities 46,333,249,965 41,901,390,138 +10.6 38,525,155,074 47,791,327,719
17,273,767,511 14,849,233,746 +16.3 13,715,513,251 17.888,467.862
Outside N. Y. City
.1-32 1 MO 420 24 2.071.740.1915
0 078 AM Ina
n lac 1,010 If.
S•InItlea
rNanftela
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for February and the two months of 1935 and 1934 are:
We also furnish to-day a summary of the clearings for
the month of February. For that month there is an increase for the entire body of clearing houses of 1.4%, the
1935 aggregate of clearings being $20,793,838,124 and the
1934 aggregate $20,505,980,543. In the New York Reserve
District the totals show a loss of 4.2%, but in the Boston
Reserve District there is a gain of 3.9% and in the Philadelphia Reserve District of 16.4%. In the Cleveland Reserve
District there is an improvement of 13.4%, in the Richmond
Reserve District of 6.7% and in the Atlanta Reserve District of 12.0%. The Chicago Reserve District has managed
to enlarge its totals by 21.7%, the St. Louis Reserve District by 10.0% and in the Minneapolis Reserve District by
6.2%. In the Kansas City Reserve District the increase is
15.1%, in the Dallas Reserve District 7.0% and in the San
Francisco Reserve District 12.7%.
2 Months
Month of February
Description
1934
1935
1934
1935
Stock-Number of shares 14,404,525 56,829,952
Bonds
Railroad dr miscell. bonds 3142,769,000 3289,595,000
State, for'n, &c., bonds_ 29,248,000 71,445,000
U. S. Government bonds 48,239,000 23,463,700
33,813,657
111,395,301
$337,950010
69,897,000
142,955,000
3565,073,000
165,132,500
95,282,090
3220.256,000 5384.503,700
5550.802.000
3825,488.400
Total bonds
The volume of transactions in share properties on the
New York Stock Exchange for the two months of the years
1932 to 1935 is indicated in the following:
1935
No. Shares
19,409,132
14,404,525
Month of January
Montt of February
1934
No. Shares
54,565,349
56,829.952
1933
No. Shares
18,718.392
19,314,200
1932
No. Shares
34,362,383
31,716,267
The following compilation covers the clearings by months
since Jan. 1 1935 and 1934:
266.729.815
224.722_491
215 591 992 -12.8
2 Months
1932
2 Months Inc.or 2 Months
1933
Dec.
1934
2 Months
1935
MONTHLY CLEARINGS
Clearings Outside New York
Clearings, Total AU
.
IIoath
1934
1935
1934
1935
$
$
%
$
$
%
Jan__ 25,538,411,841 21,395,409,595 +19.4 9,331,886,572 7,843,155,201 +19.0
Feb.__ 20,793,838,124 20,505,980,543 +1.4 7,941,880,039 7,006,078,545 +13.4
The course of bank clearings at leading cities of the country
for the month of February and since Jan. 1 in each of the
last four years is shown in the subjoined statement:
$
$
$
%
3
Federal Reserve Dist!.
785,539,785 1,037,499,234
812,006,340 +3.9
843,344,923
1st Boston __ _ _ 14 cities
2nd New York..13 " 13,259,070,278 13,839,489,732 -4.2 12,514,263,301 13,641,340,459
1,227,489,960 1,054,385,576 +16.4 1,182,855,587 1,170,478,936
3rd PI:Wadi:40U 12 "
896,002,459
707,650,625
726,793,019 +13.4
824,257,264
4th Cleveland _ _ 13 "
452,984,496
343,867,235
360,872,325 +6.7
384,952,147
5th Richmond . 8 "
393,059,147
329,237,987
+12.0
402,804,344
"
451,312,960
.15
Atlanta...
6th
853,739,635 1,481,747,476
1,436,232,138 1.180,430,664 +21.7
7th Chfcago._ .25 "
397,098,705
301,684,274
391,974,121 +10.0
431,073,439
8th St. Louis__ 5 "
284,184,151
209,764,926
272,526,265 +6.2
289,406,631
9th MinneapolLs12 "
519,330,014
390,275,491
490.549,691 +15.1
584.629.639
10th Kansas City 14 "
276,127,243
208.970,608
+7.0
287,247,997
307,496394
"
10
11th Dallas
788,369.560
564,669,540
686,900,469 +12.7
774,372,361
12th San Fran...21 "
BANK CLEARINGS AT LEADING CITIES IN FEBRUARY
February-Jan. 1 to Feb. 281932
1933
1935
1934
1935 1934 1933 1932
(000.0005
$
s
omitted)
$
$
$
$
$
$
12,852 13,500 12,164 13,219 29,058 27,052 24,810 29,903
New York
925 2,001
748
1,399 2,066
604
1,569
887
Chicago
1,477 2,034
682
900
704
1,613
727
1,563
Boston
1,176 1,001 1,122 1.095 2,584
2.120 2,375 2,420
Philadelphia
575
441
238
192
265
514
263
574
St. Louis
798
311
596
294
363
380
771
656
Pittsburgh
951
330
437
395
706
941
435
828
San Francisco
528
385
186
169
191
388
239
429
Baltimore
388
161
313
147
177
187
374
329
Cincinnati
574
244
454
200
300
268
640
520
Kansas City
624
472
223
221
275
200
492
427
Cleveland
394
133
179
182
173
301
371
386
Minneapolis
258
224
98
106
99
203
116
212
New Orleans
640
253
337
89
337
287
713
530
Detroit
1137
150
79
97
221
72
107
193
Louisville
205
109
136
63
99
223
96
213
Omaha
83
59
29
27
32
36
65
70
Providence
152
90
48
43
55
97
71
120
Milwaukee
245
97
200
88
100
208
108
225
Buffalo
131
73
107
49
182
166
79
153
St. Paul
127
161
83
119
74
178
59
74
Denver
112
91
49
39
42
93
50
109
Indiana
235
209
109
96
111
228
109
242
Richmond
99
78
58
46
56
127
34
115
Memphis
204
142
88
92
78
191
66
170
Seattle
03
73
35
98
29
44
79
39
Salt Lake City_ ___
75
60
35
67
31
30
27
86
Hartford
Total_._____ 162 cities 20,793,838,124 23,505,980,543 +1.4 18.392,518,995 21,338,221,880
7,941,880,939 7,006,078,545 +13.4 6,228,802,197 8,119,696,152
Outside N. Y. City
Total
Other cities
February
1935
February
1934
Inc.or
Dec.
February
1932
February
1933
19,158 19,086 17.159 19,786 42,834 38,880 35,812 44,115
2,723 3.676
1,636 1,420 1,234 1,552 3,498
3,021
1.016,229.120
20,794 20,506 18,303 21,338 46,332 41,901 38,525 47,791
Total all
Outside New York_ 7,942 7,006 6,229 8,120 17,274 14,849 13,716 17,888
We append another table showing the clearings by Federal Reserve districts for the two months for each year back
to 1932:
We now add our detailed statement showing the figures
for each city separately for February and since Jan. 1 for
two years and for the week ended March 2for four years:
r1.1m9/19
32 eltle4
1 fr17 724 219
881.880.564
1-819.919.213 4.1-8
CLEARINGS FOR FEBRUARY,SINCE JANUARY 1, AND FOR WEEK ENDING MARCH 2
1935
1934
$
$
First Federal Reser ye District- Boston2,009,616
2,324,130
Me.-Bangor
6,992,850
5,611,849
Portland
704,289,041
726,570,722
Mass.-Boston
2,356,124
2,392,523
Fall River
1,277,032
Holyoke
1,466.671
1,037,863
1.177.999
Lowell
2,325,411
2,359,264
New Bedford
9,588,266
Springfield
10,357,400
4.320,286
Worcester
4,913,407
30,355,156
35,262.287
Conn.-Hartford
12,938,456
12,001,497
New Haven
3,987,900
Waterbury
4,472,900
28,986,700
32,337.000
R. I.-Providence_ __ _
1,541,639
2,097,274
N. H.-Manchester...._
Total (14 altice)......_
843.344,923
812,006,340
Week Ended March 2
2 Months Ended Feb. 28
Month of February
Clearings atInc. or
Dec.
1935
%
S
1934
$
Inc. or
Dec.
1935
1934
Inc. or
Dec.
1933
%
$
$
%
$
+15.7
-19.7
+3.2
+1.5
+14.9
+13.5
+1.5
+8.0
+13.7
+16.2
-7.2
+12.2
+11.6
+36.0
4,721,048
14,136,122
1,613,030,230
5,308,273
3,159,498
2,506,800
4,978.159
21,844,984
11,254,682
85,722,946
27,335,038
9,606,500
69,550,500
3,848,794
3,900,881
14,518,626
1,563,126,634
4,826.276
2.773.517
2,258,517
4,733,519
21.577,358
9,974,912
67,013,602
28,571,758
8,621,100
64,863,100
3,353,270
+21.0
-2.6
+3.2
+10.0
+13.9
-1-11.0
+5.2
+1.2
+12.8
+27.9
-4.3
+11.4
+7.2
+14.8
679.658
1,627,190
216,780,233
692.980
+3.0
1,877,003,574
1,800,113,070
+4.3
250.752,376
1932
$
455,273 +49.3
406,530
d
1,798,593 -9.5
204,401.341
+8.1 e178,000.000
470,270
635.980 +9.0
479,975
2.188.555
241,703,432
713,301
347,977
551,819
3,033,358
1,541,787
11,842,701
3,406.968
317,744 +9.5
546,024 +1.1
2.879,353 +5.3
1,364,134 +13.0
9,460,184 +25.2
3,848,271 -9.1
262.526
571,218
3,274,833
1,896,240
8,291,387
5.563,122
387,578
707,405
3,747,976
2,448,885
9,920,171
7,446.829
9,681,100
475,605
8,639,600 +12.1
904,491 -47.4
7.584,600
504,857
+6.6
206.825,583
8,196,500
722,278
-278.662,888
235.250.988
1597
Financial Chronicle
Volume 140
CLEARINGS-(Continuea)
2 Months Ended Feb. 28
Month of February
Week Ended March 2
Clearings at1935
1934
Inc. or
Dec.
$
1935
1934
Inc. or
Dec.
$
$
%
1935
1934
Inc. or
Dec.
1933
1932
$
$
%
$
$
$
Second Federal Res erve District -New York31,687.151
N. Y.-Albany
52,559,014
3,717,071
Binghamton
4,322,706
97.275,981
Buffalo
100.400,000
Elmira
2,590,807
2,056,430
Jamestown
1,941,457
1.698,315
New York
12,851,957.185 13,499,901,998
Rochester
26,923,272
26,265,075
12,735,901
Syracuse
14,682,640
10,488,154
Conn.-Stamford
8,818,367
1,558,662
1,460,478
N.J.-Montclair
Newark
73,184,560
61,196,034
115,158,487
89,466,439
Northern N. J
3,210,492
Oranges
3,303,334
+65.9
93,658,320
71,201,195
+16.3
8,907,938
8.259,376
224,720,558
207,618,287
+3.2
+26.0
5,227,188
4,411,600
+14.3
4,016,554
3,690,465
-4.8 29,058,482,454 27,052,156,392
+2.5
56,136,685
51,446,642
+15.3
30,330,407
28,968,875
+18.9
24,217,242
22,696,434
3,301.822
+6.7
3,162,736
190.598,627
+19.6
131,601,456
+28.7
284.533.318
208,428,146
7,052,891
+2.9
6,856,09
+31.5
25,634,628
32.866,095
908,771
1,075,720
+7.9
26,937.656
+8.2
28,500,000
587,613
706,382
+18.5
615,335
615,790
+8.8
+7.4 3,995.031,125 3,864.912,614
8.860.423
7,075.581
+9.1
4,105,101
3,928,277
+4.7
2,170,290
2,448,676
+6.7
408,784
383,198
+4.4
18,847,955
21,146.336
+14.4
30,726,931
25,670,279
+36.5
+2.9
-22.0 el0,893,219
5,309,910
+18.4
853,930
954.527
+5.8
24.323,291
27,076,568
d
-16.8
808,844
624,341
+0.1
649.532
+3.4 3,492.900,946 4,258,020,584
6,596,960
9.726,207
+25.2
d
-4.3
5,905.096
2,592.110
+12.8
3,347,358
612,033
+6.7
739,550
19,219.023
27,704,282
+12.2
26.139,324
+19.7
28,205,541
Total (13 cities).-13,259,070,278 13,839,489,732
-4.2 29,951,183.804 27,800,497,695
+7.7 4,118,964.303 3,985,199,257
+3.4 3,584,755,177 4.368,447,999
%
Third Federal Rese rye District- Philadelphia-1,352,049
Pa.-Altoona
1,314,327 +2.9
Bethlehem
29,854,637
b
Chester
1,140,531
971,517 +17.4
Harrisburg
6,337,212
5,758,928 +10.0
3,843,977
Lancaster
2.683,375 +43.3
Lebanon
1,277,198
1,074,843 +18.8
Norristown
1,546,274
1,625,952 -4.9
Philadelphia
1,178,000,000 1,001,000,000 +17.5
Reading
4,273,405
3,978,738
+7.4
Scranton
8,586,136
7,924,600 +8.3
Wilkes-Barre
3,881,885
4,815,638 -19.4
York
4,264,293
3,491,658 +22.1
14,987,000
N. J.-Trenton
19,746.000 -24.1
Total (12 cities).- -
1,227,489,960 1,054.385,576 +16.4
Fourth Federal Re serve District -ClevelandOhio-Akron
c
c
Canton
5,515,863
4,023,269
Cincinnati
176,505,353
160,904,953
Cleveland
221,408,269
199,756,218
Columbus
37,751,100
31,231,100
Hamilton
1,976,539
1,381,464
Lorain
696,410
512,885
Mansfield
4,456,631
3,754,012
Youngstown
b
b
Pa.-Beaver County
609,299
526,490
Franklin
305,795
349,204
Greensburg
802,856
628,520
Pittsburgh
362,988,432
310,865,100
Ky.-Lexington
5,743.021
7,612,049
W. Va.-Wheeling.-5,497,696
5,247,755
Total (13 cities)._
824,257,264
+37.1
+9.7
+10.8
+20.9
+43.1
+35.8
+18.7
434,591
R3,336,309
384,741
358,186 +21.3
b
308,312
315,453
342,667
486,638
22,615,611
567,577
1,173,513
785,240 +49.4
862.113
1,106,648
+47.2
+30.1
+2.8
-19.5
+24.0
+69.9
313,000,000
1,114,504
2,755,721
1,599,107
877,054
2,503,000
302,000.000
2,365,497
3,046,046
1,715,725
1,192,825
2,472,000
388,102,038
264,793,183 +46.6
323,369.619
314,952.956
52,096,017
66,231,034
12,213,300
45,425,424 +14.7
58,473.570 +13.3
9,388,600 +30.1
e17,043,917
e25,603,927
e2,720,300
46.051.021
58,943,525
9,230.000
1,016.700
1,132,129 -10.2
e733.183
914,355
108,704,387
89.782,479 +21.1
105.186,180
95,272,204
2,844,750
a21,099,549
2,139,523
13,620,444
8,030,606
2,520,694
3,235,759
2,584,000.000
9,858,809
18,535,921
8,248,846
9,505,068
31,467,600
2,641,861
b
2,174,307
12,356,592
5,670,428
2,194,795
3,363,789
2,120.000,000
8,796,631
17,130,093
10,205,958
7.530,863
33,206,600
-11-.6
+10.2
+41.6
+14.8
-3.8
+21.9
+12.1
+8.2
-19.2
+26.2
-5.2
374.000,000
1,309,686
2.593,961
1,097,964
1.210,382
5,897,200
254,000,000
1,006,778
2,522.252
1,364,588
975,927
3,471,900
2,694,008,020
2,225,271,917 +21.1
+7.7
C
8,304.770
329,264,387
426,802,780
64,892,600
2,755,528
982,317
8,250,825
b
1,043,964
688,653
1,118.580
655,786.148
14,666,655
11,060,030
+15.7
12.4
+27.7
+16.8
24.6
+4.8
11,634,702
374,383,252
491,630,952
81,781,000
3,728,930
1,401,038
9,521,899
b
1,235,160
618,746
1,649.752
771,183,072
13,850,404
11,924,870
726,793,019 +13.4
1,774,523,777
1,525,617,237 + 16.3
240.261,438
204,202,202 +17.7
151,287.507
210,411,105
+5.1
+33.8
+2.6
1,166,125
18.773,000
242,247,803
994,766 +17.2
15,129.000 +24.1
227,782,664 +6.4
152,001
2,899,000
28,229,400
149,504 + 1.7
2,111.000 +37.3
28.846.782 -2.1
235,404
2,593,000
24,057.019
420,022
2,859,910
26.972,247
+12.4
+8.0
+3.1
+43.0
7,868.711
12,285,453
429,072,147
2,412,700
+6.9
7,359,214
10,908,613 +12.6
387,746,250 +10.7
1,873.782 +28.8
829,943 +17.0
748,652
61,708,870
Fifth Federal Rese rye District- RichmondW.Va.-Huntington._
512,518
487,631
Va.-Norfolk
9,478,000
7,085,000
Richmond
111,386,391
108,533.515
N. C.-Raleigh
C
c
S. C.-Charleston _ _ _
3,632,346
3,231,194
Columbia
6,100,931
5,648,943
Md.-Baltimore
191,758,334
186,006,020
Frederick
1,127,346
788,098
Hagerstown
b
b
D. C.-Washington _
49.091,924
60,956,281
+40.1
+13.7
+15.2
+26.0
+35.3
+42.6
+15.4
+18.3
10.2
+47.5
+17.6
+7.8
970,879
56,652,827
+8.9
+24.2
130,523,204
104,829,221 +24.5
17,857,731
360.872,325
+6.7
844,349,143
756,623,490 +11.6
111,817,881
Sixth Federal Rese erve District -AtlantaTenn.-Knoxville
10,276,930
5,924,406
Nashville
51.208,414
42,088,382
Ga.-Atlanta
155,300,000
143,200,000
Augusta
3,855,353
4,290,856
Columbus
2,213,129
1,836,887
Macon
2.783,336
2,559.268
Fla.-Jacksonville.. _ _
51.610,109
39,432,586
Tampa
4,246,886
4,094,184
Ala -Birmingham.._ _ _
57,985,049
49,650,048
Mobile
4,292,189
3,794,206
Montgomery
2,939,136
2,131,18
Miss.-Hattiesburg_ _ _
3,621,000
3,721,00
Jackson
b
b
Meridian
1,074,888
1,270,70
Vicksburg
617,483
572,38
La.-New Orleans__
90,289.058
98,238.24
+73.5
+21.7
+8.4
-10.1
+20.5
+8.8
+30.9
+3.7
+16.8
+13.1
+37.9
-2.7
is
-15.4
+7.9
+1.1
21,798,441
106,905,911
341,700.000
8,090,709
4,590,217
5,934,528
105,748,591
9,281.195
126,979,764
9,483,725
6,354,232
7.627,000
14,611,153
86,800,066
303,900,000
8,777,697
3,712,682
5.153,80
81,614,027
9,136,173
105.346,18
8.210,827
4,596,39
7,302,00
+49.2
+23.2
+12.4
-7.8
+23.6
+15.1
+29.6
+1.6
+20.5
+15.5
+38.3
+4.5
3,028,507
15,541,125
41,400,000
1,037,668
2.171,034 +39.5
12,656.883 +22.8
38,000.000 +8.9
1,048,676 -1.0
759,895
12,906,000
• 703.851
13,154,000
+8.0
-1.9
15,021,296
1,178,451
14,859,526
1,111,504
+1.1
+6.0
2,286.658
1,172,047
212,223,897
2,400,83
1,184,33
202,759,814
-1.0
+4.7
121,833
28,213.473
402,804,344 +12.0
970,176,915
845,505,997 +14.7
119,208,248
587,700
4,505,121
712,699,711
6,883.117
15,503,946
3,193,311
8,583,086
5,746,854
15,749,61
109,105.000
7,033,25
31,893,69
5,135,235
119,692,30
2.866,654
6,276,061
459.020
4,310,666
530,469.464
9,844,908
12,197,776
2,478,360
5,890,457
4,371.166
12,869,116
92.618,000
5,377,210
31,978,913
3,323,617
96.584,920
2,358,258
2,290,025
+28.0
+4.5
+34.4
-30.1
-27.1
+28.8
+45.7
+31.5
+22.4
+17.8
+30.8
--0.3
+54.5
+23.9
+21.6
+174.1
51,861,04
39.923.02
20,288,97
17.929,19
Total (8 cities)
384,952,147
Total (15 pities)._ _ _
451,312,960
Seventh Federal Re serve District -ChicagoMich.-Adrian
256,796
199,595
Ann Arbor
1,982,346
2.000,890
Detroit
337,475,937
252,622,831
Flint
3.685,305
6,240,037
Grand Rapids
7,492,547
5,842,447
Jackson
1,587,361
1,188,581
Lansing
4,404,047
3,055,767
Ind.-Ft. Wayne
2,720,078
2,079,929
Gary
7,355,943
5.605,230
Indianapolis
48,901,000
39,486,000
South Bend
3,520,481
2,808,081
Terre Haute
14,214,355
13,868,020
Wis.-Madison
2,417,386
1,677,060
Milwaukee
55,152,549
47.929,916
Oshkosh
1,352,754
1,084,976
Iowa-Cedar Rapids_ _
2,901,810
1,060,302
Davenport
b
b
Des Moines
24,234,058
18,499.524
Iowa City
b
b
Sioux City
9,821,078
8,825,42
Waterloo
b
b
Ill.-Aurora
997,941
773,12
Bloomington
1,041,153
1,166,58
Chicago
886,605,290
747,852,39
Decatur
2,155,356
1,828,48
Peoria
9,048,015
9,498,73
Rockford
2,765,266
1,948,30
Springfield
3,242,386
3,288,42
Total(25 cities)
13,378,473 +33.5
101,968,529
+9.7
895,787
72.056.782
22.355.003
27,634.075
e6.904,804
e660,080
125,559,751
3,135,761
11,156,017
29,700,000
880.855
506,630
10,906,572
e3,648,574
e633.207
9,329,133
1,229,247
97,497 +25.0
25,516,006 +10.6
71,146
20,451.409
128,833
32,464,809
+9.0
32.369,220
99,437.857
66,846
785,999
115,994,839
61,562 +8.6
399,542 +96.7
79.714,931 +45.5
274.211
184,005
771,811
77,031,647
2,421,487
1,867,142 +29.7
1,079,413
3,486,029
1,517,495
729,199
884,207 +71.6
601,841 +21.2
416,274
1.274,400
1,260,921
13,842,000
1,574.223
4,539,854
10,576,000 +30.9
698,079 +125.5
3.561,753 +27.5
e7,569,000
e86,438
2,504,338
19,699.000
1,460,851
3,729.228
16,098,921
13.995,534 +15.0
e8.084,663
18,251,832
842,005
274.373 +206.9
+29.9
7,097,472
6,278,766 +13.0
5,175,880
5,442.030
2,561,236 +16.6
1,799,331
2,638,801
is
109.318,977
+28.7
-0.9
+33.6
-40.9
+28.
+33.
+44.
+30.8
+31.2
+23.8
+25.4
+2.5
+44.1
+15.1
+24.7
+173.7
b
+31.0
b
+11.3
b
+29.1
-10.8
+18.6
+17.9
+4.7
+41.9
-1.4
+13.2
2,985,540
1,963,857
2,331,628
2.000,573,958
4,713,692
21,192,227
5.583,069
7,015.698
1,548,67
2,309,68
1,569,463,402
3,747,150
20,220,032
4,019,520
6,456,299
+26.8
+0.9
+27.5
+25.8
+4.8
+38.9
+8.7
387,085
258,672,378
741,215
2,990.637
901,173
960.833
342,327
206,064,433
536,533
2,461,161
181,539,347
431.327
1,915,171
928,482
1,377,888
265.741,487
552,075
3,231,455
998,919
1,871.071
1,436,232,138 1,180.430,664 +21.7
3,170,978,808
2,483,038,864 +27.7
433,149,201
332,200,712 +30.4
211,803,875
409,848,480
is
is
+11.6
+14.6
77,400,000
29,369.399
62,700,000 +23.4
25,965,851 +13.1
49,600,000
e13,523,941
68,700,000
18,174,440
16,170,538
14,505,634 +11.5
is
326.000 +23.6
e6.908.308
403.000
11,667.993
is
541,898
123,342,937
103.497,485 +19.2
70,032,249
99,084.331
Eighth Federal Res erve District--St. LouisInd.-Evansville
b
New Albany
is
b
Mo.-St. Louis
264,860,851
237,380,415
Ky-Louisville
106,666,319
96,788,621
Owensboro
b
Paducah
b
Tenn-Memphis
57,709,353
56,349,675
Ill.-Jacksonville
172,916
153,410
Quincy
1,664,000
1,302,000
Total(5 cities)
431,073.439
391,974.121
b
b
+11.6
+10.2
b
b
+2.4
+12.7
+27.8
is
b
573,663.937
221,093,493
b
b
124,671,221
350,388
3.294,573
b
b
513,816,552
192,879,367
b
b
115,093.219
303,729
2,711,000
+10.0
923,073 612
824.803.867 +11.9
is
+8.3
+15.4
+21.5
+13.1
+25.5
+38.1
+21.I
87.407 +84.9
833,885 +15.2
845.030
1598
Financial Chronicle
March 9 1935
CLEARINGS-(Concluded)
Month of February
2 Months Ended Feb. 28
Clearings at1935
1934
5
$
Ninth Federal Rese rve District- MinneapolisMinn.-Duluth
7,329,999
7,133,088
„ Minneapolis
179,460,247
173,324,030
Rochester
846,006
670,233
I St. Paul
78,807,712
73,375,496
N.Dak-Grand For L
2,727,000
2,790,000
I. Minot
490,000
458,958
1,928,582
8.}Pak.-Aberdeen _ _
1,508,781
So Sioux Falls
4,237,723
3,091,463
Mont.-Billings
1,706,710
1,191,726
Great Falls
2,018,838
1,488,080
Helena
9,719,534
7,368,504
Lewistown
138,270
129,948
Inc. or
Dec.
1935
%
$
13reek Ended March 2
1934
Inc. or
Dec.
1935
1934
Inc. or
Dec.
1933
$
%
$
3
%
$
1932
$
+2.8
+3.5
+26.2
+7.4
-2.3
+7.2
+27.9
+37.1
+43.2
+35.7
+31.9
+4.9
15,593,162
386,275,852
1,769,117
165,975,148
5,775,000
990,329
3,862.507
9,090,749
3,497,690
4,342,133
20,182,834
303,045
14,927,824
370,709,027
1,414,687
153,298,320
5,713,300
934,170
3,445,111
6,639,479
2,457,076
3,079,249
14,759,313
268,729
+4.5
+4.2
+25.1
+8.3
+1.1
+8.0
+12.1
+38.9
+42.4
+41.0
+38.7
+12.8
1,716,700
53,198.031
2.061,177 -16.7
49,543,684 +7.4
21,741,229
22,254,486
+8.2
617.657,586
577,846,085
+6.9
80.093,532
78,730,288
+4.4
55,500,121
71,742,277
Tenth Federal Re e rye District- Kansas City344,792
Neb.-Fremont
237,861 +45.0
k Hastings
282,499 +38.5
391,121
Lincoln
8,282,557
7,739,162 +7.0
99,163,302
108,852,359 -8.9
Omaha
5,105,409
5,132,280 -0.5
Kan.-Kansas City--9,040,692
6,674,341 +35.5
Topeka
6,988,404 +44.4
10.091,545
Wichita
1,468,382
1,209,833 +21.4
Mo.-Joplin
244,090,518 ,+26.7
309,162,823
Kansas City
10,473,216
10,841,859 -3.4
St. Joseph
Okla.-Tulsa
24,063,966
21,158,851 +13.7
1,865,210 +15.4
Colo.-Colo. Springs_ _
2,151,704
82,981,358
73,833,029 +12.4
Denver
1,843,455 +28.1
Pueblo
2,105,774
718,598
710,620
17,585,862
213,097,933
10,956,896
19,147,077
22,173,775
3,277,382
839,554,627
24,503,216
50,265,966
4,305,582
177,941,890
4,528,128
539,143
562,827
15,884,384
222,875,708
11,723,150
14,100,994
15,054,291
2,647,152
520,442,254
24,560,645
41,685,890
3,782,703
119,348,254
3,813,153
+32.9
+26.3
+12.1
-4.4
-6.5
+35.8
+47.3
+23.8
+22.9
-0.2
+20.8
+14.4
+49.1
+25.3
111,364
101,144
2,415,148
28,158,739
104,063 +7.0
52,321 +93.3
2,086.118 +16.9
32,488,871 -19.5
d
d
e1,118,878
e15,943,138
289,463
187,399
2.677,548
24,397,884
2,540,354
3,341.057
1,889,018 +35.9
2,092,185 +59.7
1,593,404
2,180,183
2,157,992
4,843,748
87,252,772
2,536,539
67,882,888 +29.0
2,949,632 -14.0
52,708,570
2,443,087
68,842,875
2,976,097
853,058
490,549,691 +15.1
1.188,783,552
Total (12 cities)-- .
Total(14 eltieS)--- _
259,406,821
584.829,639
272,528.265
Eleventh Federal t eserve Dlstric I-Dallas-4,731,982
3,129,211
Texas-Austin
3.555,374
3.080,000
Beaumont
130.880,758
144,538,013
Dallas
.
12,882,393
10,422,913
El Paso
19,318.702
20,722,903
Fort Worth
•
9,224,000
8,729,000
Galveston
101,096,120
98,130,537
Houston
1,179,314
Port Arthur
1,303,567
3,004,522
2,426,967
Wichita Falls
La.-Shreveport
8,538,721
8,051,398
Total (10 cities).
Twelfth Federal
Wash.-Bellingham
Seattle
Spokane
Yakima
Idaho-Boise
Ore -Eugene
Portland
Utah-Ogden
Salt Lake City
Arlz.-Phoenix
Calif.-Bakersfield
Berkeley
Long Beach
Modesto
Pasadena
Riverside
Sacramento
San Francisco
San Jose
Santa Barbara
Stockton
996,580.338 +19.3
+51.2
+15.4
+10.4
+21.7
-6.8
-5.4
+3.0
+10.5
+23.8
+8.1
10,231,091
7,193,548
301,091,002
26,072,535
40,860,230
17,916,000
211,830,459
2,689,897
5,918,146
17,914,004
6,354,074
8,280,500
270,472,194
21,649,022
42,544,273
19,285,000
209,942.979
2,391,449
4,924,126
16,782,403
+81.0
+14.9
+11.3
+20.4
-4.0
-7.1
+0.9
+11.8
+20.2
+8.9
287.247,997
+7.0
641,696,710
800,588,020
+6.8
i eserve Distric t-San Franc
1,576,934
1,228,000
188,481,840
78,280,182
•
25,581,000
22,157,016
2,105,072
1,604,509
3,356,226
2,918,522
482,000
410,000
81,157,186
68,143,881
1,972,898
1,881,745
44,094,605
34,959.474
9,888,991
7,457,465
3,710,777
2,949,908
14,286,937
20,325,835
10,794,563
11,605,045
1,719,595
1,896,000
10,713,935
11,107,238
2,337,489
2,433,901
20,229,345
10,625,784
394,758,338
435,355,674
5,803,121
8,641,155
3,942,792
3,376,251
4,283.772
5,080,268
sco+28.4
+13.0
+155
+31.2
+15.1
+17.6
+19.1
+17.3
+26.1
+29.7
+25.8
-29.7
+7.5
+10.3
-3.5
+4.1
+90.4
+10.3
+14.4
+18.8
+19.1
3,250,046
191,486,164
61,876,000
4,144,217
7,537,088
995,468
172,177,872
4,512,064
98.078,271
20,273,573
8,225,131
29,622,450
24,696,358
4,229,000
22,499,014
5,587,451
44,083,349
941,334,885
14,443,997
8,829,354
10,952,734
2,726,000
169,901,777
48,458,707
3,821,506
6,311,273
874,000
145.295,023
3,981,118
79,267,225
16,297,607
6,201,948
44,821,040
22,711,363
3,870,182
22,759,900
5,194,496
26,895,889
828,375,093
12,544,728
7,921,343
9,275,344
+19.2
+12.7
+33.2
+14.4
+19.4
+13.9
+18.5
+13.3
+23.7
+24.4
-32.6
-33.8
+8.7
+9.3
-1.1
+7.8
+83.9
+13.6
+15.1
+11.5
+18.1
688,900,489 +12.7
1,678,834,484
.
307,496,394
' 1
Total (21 eities)---- IS 774,372,361
Grandltotal (162 cities) 20.793,838,12420.505.980.543
1,465,105,560 +14.8
1,803,523
39,129,981
2,727,069
49,259,193
-2.3
e14,159,545
17,261,078
625,907
497,537
367,394 +35.4
407,072
429,497
330,776 +29.8
d
353,030
2.510,538
2,172,769 +15.5
d
1,516,000
380,877
295,274 +29.0
593,320
606,876
441,138 +37.6
439,819
873,549
125,444,870
110.021.304 +14.0
77.018,197
107,899.511
615,530 +72.4
519,703
1,060.983
32,879,887
4.331,982
1,669,000
2,353,583
29,979,371
+9.7
d
5,445,734 -20.5
1,735,000 -3.8
890.174
28,488,740
d
e947,000
4,847,140
2,270.000
1,284,531
2,785,307
42,295,375
39,864.635
+8.8
2,751,234
39,281,381
24,232,147
6,924,000
818,112
22,247,643 +9.4
8,208,000 +11.5
440,389 +40.4
d
c2,111,000
e135,518
25,001,483
6,178,000
538,388
24,666,953
18,995,494 +40.4
11,571,314
9,770,084 +18.4
8,475.704
1,355,667
1,889,000 +24.6
d
19,213,718
9,904,989
3,349,143
3,455,437
2,926,786 +18.1
3,074,462
2,595,773 +18.4
5,874,394
121,912,031
1,788,283
1,021,895
1,103,741
3,279,628 +79.1
112,253,279 +8.6
1,870,878 +5.8
968,519 +5.7
980,788 +14.9
d
e54,289,000
e659,204
d
724,399
8,187.841
121,232,800
1,797,530
1,184,288
1,268,218
208,222,549
182,315,221 +13.1
65,738,490
202,088,107
+1.4 148,332,249,985 41,901.390,138 +10.6 8,239,654,748 5,745,162,779
4,253,711
d
+8.6 4,809.085,347 8,327,418,823
Outside New York_ __ _ 7,941,880,939 7.006.078,545 +13.4 17,273,787,511 14,849,233,746 +16.3 2.244,623,823 1,880,250,165 +19.4 1.318,184,401 2,069,396,039
CANADIAN CLEARINGS FOR FEBRUARY, SINCE JANUARY 1, AND FOR WEEK ENDING FEB. 28
Month of February
2 Months Ended Feb. 28
Week Ended Feb. 28
Clearings at
1935
CanadaToronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
3askatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
3herbrooke
Kitchener
Windsor
Prince Albert
iiloncton
Kingston
Thatham
larnia
iudburY
$
414,964,180
307,976,266
105,684,954
52,584,247
16,374,278
13,067,928
7,803.887
13,604,449
18,931,234
5,634,888
5,880,436
9,182,422
14,591,271
9,490,426
1,068,068
1,461,348
4,871,945
1,894,228
2,763,576
2,015.852
1,870,660
734,922
2,031,748
1,979,808
3,312,824
9,438,254
1,134,551
2,480,281
1,735.807
1,721,474
1,471,769
2,606,444
1934
$
%
400,108,922 +3.7
311,781,206 -1.2
103,904,494 +1.7
55,437,325 -5.2
14,784,960 +10.7
13,5513.818 -3.6
7,036,487 +10.9
13,498,498 +0.8
18,307,352 +3.8
5.871,015 -4.0
5,729,791 -1.2
8,512.897 +7.9
13,344,817 +9.3
9,194,772 +3.2
913,338 +18.9
1,280,134 '+14.2
3,922,577 +19.1
1,588,238 1+6.7
2,584,235 '4-6.9
2,004,280 '+0.6
1,772,539 +5.5
700,894 +4.9
2,101,419 -3.3
1,842,100 '+7.5
3,650,260 V-92
7,914,889 +19.2
1,001,885 +13.2
2,349,494 +5.6
1,705,745 +1.8
1,618,427 +6.4
1,351,840 +8.9
2,147,607 +21.4
Tats.] (32 eitics)
1.037.724.215 1.019.515.233
a Not Included In totals. b No clearings available
to start of Bank Moratorium.
Inc. or
Dec.
1935
$
915,218,017
704,778,888
279,637,537
112,731,384
36,274,129
28,102,418
16,772,259
28,035,407
37,095,861
12,317.302
11,581,958
20,304,351
32,555,771
20.774,880
2,307,878
3,077,861
9.607,233
3,548,320
8,155,294
4,362,618
3,733,832
1,501,515
4,558,054
4,033,570
7,374,010
18.224,712
2,314,892
5,157,712
3,781,084
3,830,557
3.181,211
5,321,084
1934
3
889,759,503
682,121,686
270,038,722
115,549,409
33,125,727
28,847,144
15,670,050
27,836,957
35,144,581
12,367,304
12,015,469
18,202,379
28,403,920
20.073,273
2,048,954
2,898,200
8,385,815
3,588,548
5,943,039
4,113,974
3,594,384
1,503,901
4,526,816
4,041,597
7,599,757
18,317,864
1,974,039
5,183,169
3,785,917
3,528.313
3,198,938
4,514,174
Inc. or
Dec.
%
+2.9
+3.3
+3.6
-2.4
+9.5
-2.6
+7.0
+0.7
+5.8
-0.4
-3.6
+11.5
+14.6
+3.5
+12.6
+6.3
+14.6
-1.1
+3.6
+8.0
+3.9
-0.2
+0.7
-0.2
-3.0
+11.7
+17.3
-0.5
-0.1
+2.9
-0.6
+17.9
1935
$
96.592,972
75,341,833
22,136,781
13,102,367
3,434,900
2,814,122
1,844,295
3,130.284
3,985,656
1,309,780
1,358,789
2,128,246
3,456,270
1,973,731
229,137
318,142
1,058,505
359,805
650,404
438,375
506,002
188,693
452,377
500,810
798,509
2,165,821
296,039
670.517
373,544
393,892
323,127
744,165
1934
Inc. or
Dec.
$ot
,o
119,720,971 -19.3
78,516,335 -4.0
30.409,392 -27.2
14,081,882 -8.8
3,391,811 +1.3
3,205,938 -12.2
1,573,151 +4.5
3,043,718 +2.8
3,976,273 -0.2
1,493,500 -12.3
1,408,317 -3.7
2,262.019 -8.0
2,997,984 +15.3
2,513,737 -21.5
201,840 +13.8
287,159 +19.1
902,848 +17.0
363,211 -1.0
636,180 +2.2
441,051 -1.1
521,680 -3.0
184,549 +1.3
541,833 -18.5
481,931 +8.4
965.219 -17.3
1,909,353 +13.4
285,954 +3.5
884,331 +0.9
428,702 -12.9
432,827 -9.0
228,430 +41.5
603,068 +23.4
1933
$
83,052,425
70,117,209
25,246,785
11,489,048
3,278,934
3,076,208
1,987.029
3,012,078
4,174,820
1,274,075
1,181,981
2,279,464
2,558,325
2,211,434
233,459
308,748
974,334
397,486
548,828
393,725
389,245
154,140
449,987
400,839
798,186
2,358,141
220,131
644,467
421,2136
388,943
313,149
412,014
1932
S
83,596,105
86,699,559
36,917,208
14,892,535
5,346,624
4,257,573
2,379,406
3,994,314
4,984,916
1,892,691
1,544,335
3,095,805
3,901,283
3,354,852
381,301
328,150
1,524.168
514,852
793,233
572,843
502,198
187,704
539,030
622,238
840.173
2,179,340
338,598
811,022
588,780
483,848
365,889
581,484
+1.8 2.348.029.409 2.275.879.303 +3.2 242.827.670 278.593,992 -12.8 224,722,481 288.729,815
c Clearing House not functioning at present. d No clearings: Bank Moratorium e Figure much smaller due
Volume 140
Financial Chronicle
1599
Greyhound Corp. at 33, against 333%; Gulf Oil of Pennsylvania at 53, against 563%; Hollinger Consolidated Gold
Mines at 173
/, against 193%; Humble Oil (new) at 46%,
1 3; Lake Shore Mines, Ltd., at 563%, against 563%;
against 48/
Niagara Hudson at 3, against 33%; Pioneer Gold Mines of
B. C. at ION,against 11; Standard Oil of Kentucky at 193
%,
3•
against 203%, and Swift & Co. at 173%, against 17%
THE CURB EXCHANGE
Price movements on the Curb Exchange have generally
been toward lower levels during the present week. There
have been occasional but brief periods of strength, particularly in the morning dealings, but the gains have been small
and without special significance. Selling pressure has been
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
in evidence from time to time and the weakness of the mining
and metal shares had a depressing effect on the list as a
Bonds (Par Value)
Stocks
(Number
Week Ended
whole. The volume of sales, due largely to liquidation,
Foreign
of
Foreign
Mar. 8 1935
Total
Domestic Government CO7porate
Shares)
showed a substantial increase as the week progressed.
$16,000 83,335,000
Speculative activity centered to a large extent around the Saturday
8107,000
121,165 83,212,000
97,000
39,000 4,122,000
136,740 3,986,000
Monday
mining and metal shares and the industrial issues during the Tuesday
58.000 4,292,000
178,195 4,156,000
78,000
47,000 5.055,000
62,000
216,790 4,946,000
Wednesday
two-hour session on Saturday and gains ranging from small Thursday
23,000 3,333,000
26,000
112,010 3,284,000
29,000 3,296,000
203.000
123,825 3,064,000
fractions to a point or more were registered by several Friday
prominent members of these groups. The best advances in
8573,000
$212,000 123,433,000
Total
888,725 822,646,000
the mining and metals were recorded by Lake Shore Mines
Jan. 1 to Mar. 8
Sales at
Week Ended Mar. 8
and Aluminum Co. of America, and the industrials were
New York Curb
1934
1935
1934
1935
Exchange
represented on the upside by Sherwin Williams, A. 0. Smith
19,607,273
7,692,196
1,583.996
888,725
and Swift & Co. Public utilities and oil shares displayed Stocks-No,of shares_
Bonds
8225,505,000
8225,605,000
little activity, most of the changes being declines in minor Domestic
$22,648,000 823,675,000
10,083,000
4,768,000
573,000
512,000
government_ _
Foreign
changes
were
price
the
list,
parts
of
fractions. In other
2,513,000
9.546,000
736,000
212,000
Foreign corporate
within a comparatively narrow channel and generally on
$232,786,000 8245,439,000
$23,433,000 824,923,000
Total
the down side.
Losses of fractions to a point or more were in evidence as
THE ENGLISH GOLD AND SILVER MARKETS
the curb market came to a close on Monday, due in a large
measure to the heaviness in the mining and metal shares.
We reprint the following from the weekly circular of
Bunker Hill-Sullivan, Newmont Mining, Hollinger Con- Samuel Montagu &-Co. of London, written under date of
solidated Gold Mines of B. C. and Lake Shore Mines were Feb. 20 1935:
GOLD
down from 1 to 2 points. Scattered through the list were a
The Bank of England gold reserve against notes amounted to £192,434.few resistant spots which held the downward movement in 126 on the 13th instant showing no change as compared with the previous
check. These included among others, Atlas Corp., Con- Wednesday.
During the week the Bank announced the purchase of £64,414 in bar gold.
solidated Gas of Baltimore, Fisk Rubber Corp., General
The decision of the United States Supreme Court with regard to the
A
and
U.
S.
Montgomery
Ward
Tire & Rubber pref. A,
gold clause was made known on Feb. 18. By a majority of 5 to 4 the Court
upheld the right of Congress to abrogate the gold clause in private bonds.
Playing Card.
action unconstitutional in the case of Government
Receding prices, due to an increased volume of selling, but considered thedecided
that owners of the latter had no redress against
bonds although it
again marked the trading on the Curb Exchange on Tuesday, the Government unless loss or damage could be proved:such loss or damage
many prominent issues sinking into new low ground for the was held not proved in those cases under consideration.
This decision removes from the gold market a factor which has been very
movement. Mining and metal shares and industrial issues prominent
the last few weeks, namely the buying on account of the Ameriagain bore the brunt of the decline, though fractional losses can Exchange Equalization Fund which had as its object the ironing out
appreciation of the U. S. dollar as compared with the other
of
any
undue
turnover
for
were apparent in practically every group. The
currencies caused by apprehension as to the result of the Supreme
the day was higher than during the previous session, the gold
Court's judgment. Consequently, the volume of business in the market
transfers reaching approximately 178,000 shares as compared has contracted sharply as. apart from the usual small enquiry On private
with 137,000 on Monday. Prominent among the stocks account, the chief demand appears to come from those quarters which
by high premiums, have recently sold and are now desirous of
yielding a point or more were Bunker Hill-Sullivan, Carrier tempted
replenishing stocks at prices nearer to th3 exchange parities.
Corp., Dow Chemical, Glen Alden Coal, Murphy Co.,
The total amount changing hands at the fixing during the week approx Parker Rust Proof, Pepperell Manufacturing Co., Pitts- mated £1.350,000.
Quotations during the week:
Equivalent Value
burgh Plate Glass, Todd Shipyard, United Shoe Machinery
Per Fine
of E Sterling
Ounce
and Newmont Mining.
118. 11.044.
1428. 6;ici.
February 14
lie. 10.87d.
142s. 83id.
15
The trend of prices was toward lower levels on Wednesday, February
lie. 10.87d.
142s. 8%d.
February 16
lie. 10.99d.
1428. 7d.
particularly in the late dealings when selling appeared and February 18
lie. 10.754.
1428 .10d.
February 19
greatly accelerated the downward swing. In the early February 20
lie. 10.79d.
142s. 93,6d.
lie.
10.88d.
Average
trading price movements were slightly upward, but the list
The following were the United Kingdom imports and exports of gold
began to slip backward around the noon hour and many of registered from mid-day on the 11th instant to mid-day on the 18th instnt:
the early gains were cancelled. Recessions ranging from
Exports
Imports
£1,169,907
South Africa
£658.307 France
fractions to a point or more were registered by American British
Australia
229,303 United States of America_ 5.801.763
15,000
British India
1,406,360 Netherlands
Cyanamid B, Childs Co. pref., Fajardo Sugar, General Tire France
9,000
961,574 Belgium
1,700
248,753 Iraq
& Rubber, Gulf Oil of Pennsylvania, A. 0. Smith, Pitts- Netherlands
2.160
Switzerland
479.933 Other countries
burgh Plate Glass, Parker Rust Proof, Pan American Air- Egypt
462,271
Iraq
10,679
ways and Lynch Corp.
Tanganyika Territory..-11,401
British Guiana
6,157
Curb stocks were moderately stronger on Thursday but British
Malaya
6,660
5.730
the volume of sales showed a substantial falling off from Venezuela
Other countries
9,903
the turnover of the previous session. In the opening hour
£6.999.530
£4,497,031
price movements were quiet and showed little change from
The SS. Kaiser-i-Hind, which sailed from Bombay on the 16th instant
close,
but
as
the
day
progressed
the
trend
the previous
IR reported to carry gold to the value of £584,000 of which £460,000 is conturned upward and a number of active shares recorded small signed to London and £124,000 to New York.
gains at the close. The advances included among others,
SILVER
Demand from China and the Indian Bazaars was apparent at the outset
American Cyanamid B, American Gas & Electric, Atlas
of the week inder review and with a fair amount of general spaculaitve
Corp., Commonwealth Edison, Ford Motor of Canada A, buying also, prices moved upward by successive rises until quotations of
Williams
and
Pennsylvania,
Sherwin
Hiram
24 15-16d. for cash and 25 1-I6d. for forward were registered on the 16th
Gulf Oil of
Instant. Hesitancy on account of the gold clause decision expected on
Walker.
on
improved
Firday,
the
day's Monday led to a slight setback of Hd. on that day but, with that factor
Trading was somewhat
of, general demand has been in evidence and in spite of profit
transactions showing a moderate gain over the preceding disposed
taking resales, prices rose
yesterday and Hd. to-day to 25Hd. for
session. The trend of prices was again upward, though cash and 253d. for forward3-16d.
delivery.
the advances, except in a few special stocks, were not parAmerica has been a buyer, mostly in the afternoons and the undertone
ticularly noteworthy. Dow Chemical was fairly active and remains consistently steady. Whilst further profit taking resales may
2) casue temporary reaction the tendency is still upwards.
moved up 2 points to 86, Pittsburgh & Lake Erie (23/
The following were the United Kingdom imports and exports of silver
advanced 2% points to 56 and Parker Rust Proof gained
mid-day on the 11th instant to mid-day on the 18th instant,
13% points and closed at 60. As compared with Friday registered fromImports
Exports
of last week prices of leading stocks were lower, Allied Mills Canada
E25.409 United States of America_ £339.500
% on Friday a week ago; Soviet Union
closing last night at 13Yg, against 143
57.730 Palestine
6.196
6,200 Netherlands
4; American Irish Free State
19,500
Aluminum Co. of America at 383/2, against 403
Australia
9,677 France
17,054
Cyanamid B at 16, against 17; American Superpower at Belgium
14,180 Other countries
5.617
3 , against 8; Canadian Syria
5,400
%, against N; Atlas Corp at 7%
Fiji Islands
4,920
%; Carrier Corp. at 16%, against Netherlands
Marconi at 1%, against 13
2.984
3.754
173%; Creole Petroleum at 11, against 113%; Distillers France
8.674
Seagrams, Ltd., at 053%, against 173%; Ford of Canada A Other countries
%,against 183%;
£138,928
%;Glen Alden Coal at 173
£387.867
at 83%, against 293
1600
ENGLISH FINANCIAL MARKET-PER CABLE
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
r
A
0
t.)
..;
,.)
c,
..
5834
50.01
5834
50.01
6434
6455
64.34
en
U. S. Treasury
Mar. 2
Francs
Bank ot France
10,400
Banque de Paris et Dee Pays Bas
873
Banque dL'Unlon Parlelenne.....
463
Canadian Pacific
155
Canal de Suez
18,000
Cle Distr. crElectricitie
1,126
Cie Generale d'Electricitie
1,210
Cle Generale Transatlantique
22
Citroen B
68
Comptoir Nationale d'Escompte
974
Coty S A
84
Courrleres
231
Credit Commercial de France._,
590
Credit Lyonnais°
1,780
Eaux Lyonnalse.
2,150
Energie Flectnque du Nord..
500
Energie Electrique du Littoral
703
Kuhlmann
493
L'Air Liquide
720
Lyon (P L NI)
990
Nord RY
1,260
Orleans Ry
490
Pathe Capital
42
Pechiney
* 810
Rentee, Perpetual 3%
81.30
Renten 4%, 1917.
86.75
Rentes 4%. 1918
86.50
Reines 414%, 1932 A
91.60
Rented 434%, 1932 B
92.60
Rentes 5%, 19211
117.70
Royal Dutch
1,420
Saint Gobain C & C
1,176
Schneider & Cle
1,391
Societe Francalse Ford
49
Societe Generale Fonclere
46
Societe Lyonrutise
2,135
Societe Nfarsellialse
584
Tublze Artificial Silk pref
61
Union trElectricitie
593
Wagon-Lits
60
Mar. 4 Mar. 5
Francs Francs
10,200 10,200
860
857
456
454
163
169
17,900 17,900
1,122
1,105
1,190
1,180
Owned
by
United
Slates
0
Mar. 6
Francs
10,100
863
450
158
18,000
1,102
1,180
Mar. 7 Mar. 8
Francs Francs
1,0100 10,200
872
453
160
"jai
18,000 18,000
1,115
1,180
1:i645
23
-if)
75
00
wvi
0.
V
0.0.
A
..
A
,o
W
X t.
E.
taP
69
23-io
04
974
973
967
972
82
82
82
80
79 91.3
223
220
219
220
'
1:1 Q
583
582
585
589
1,780
1,770
1,760
1,770
1,780 Z15
2,050
2,100
2,020
2,050
2,050
492
491
486
488
<o
692
693
698
___ _
483
476
472
482
700
690
690
670
980
980
970
969
1,240
1,247
1,227
1,235
492
475
475
480
480
42
41
41
40
821
812
798
802
80.90
80.25
79.60
79.60
79.60
86.00
85.50 84.60 84.90 84.80
86.00
85.40 84.80
84.80 84.90
91.60
91.30
90.90
91.00
90.80
92.60
92.25
91.80
92.00
91.80
118.30 117.10 116.50 116.30 116.10
1,400
1,390
1,370
1,380
1,390
1,168
1,162
1,164
1,160
1,380
1,380
1,375
1,373
48
48
47
48
45
43
43
44
48
2,070
2,035
2,035
2,055
584
582
583
584
60
59
55
59
590
596
580
583
60
59
59
59
E
GO
00
0
a ..,.
Z
DIVCNMA.
.000.AV
0.MAVMW
0 N
4 "
4
NN . A
00
O. M
VN .0
.5. 4
vioiciei .V
-,-, -,
M
A
,. .
M
a
W
.0
0
W
a .
a
1
p
p
p
p
F.
0
C
I,:
p.
o
0
0
CO
W
M
.
.
CC'
M
N
A
A
0
. N
N
5550
BC-FOh
.0i
N
70
a
....NNWMNN.Cl
ONN.00A0.0 0
.AA000.606
M
M
CCV.O.VNVCON
00
000000...AN.
.
NNWON0.4.00, V.
a ,S
,
i.i.
;
.Oc•icachsici,
4 ,;airio.:.,i06.,4ci
0 V,
M
. A
.
a .
.
a
.
-.
.
.
W.V. N.NMON. .AAVMV.V. 000.0
0.0 .0N0A0 0
1.
C.' 0'-' "'
"
m.
10 ;
,
,
,e' S
' 01 '
N et;
t-:
.0 .7 W
ei,
1i N el;
‘i
0
01.
eg 0
§
lel
Cl
CO 0
M
W.0
SO
.
W .
BC
.,
0 0
0
0.V. N.NMNN
WO
.ANVMAV
A
M
Cl
N. A
V
.000 .0N0A0 A
Mn. NVN
M
V
Cl
C.AN 0 0
M
0.0.0 NCM 0
0
.-. c;
4.:Sr.:
.0 .4 to
44
4
,..
4 o
M
WAN
V
40 .764
.
.
.
1,
0
ell
.-1
70 .
18
,
00
M 0
.
0
,
1-1
.6.,,. .
.o,6.
10.
R
R
N
P:lotg
N.N
rg
M
1
A
,--.
,i;
m
W.N000
.0000
M.
Q
NV 0
A
0
N
06
Cl
6-
:
Cl
V,
0
..
a
6
0
,
.
.
8 g
N
A
0
Iole
4
o
06
W
- .0
.
.
'
V
;/°
.0. 0....OV .
.0. .1.000000
A
N.V0.. CO
hV
Cl
M
W
0
M
A
C.:
00
0
.
M
M
M.
.N
MO
OW
CA
A0 WON
MM0NM
.
.
1
.VN
0
0
IZIogg'ig
NNN..... M
a .
a. a
.
a a
.A
a
.
iii
NVM..ANM.N
00..A.COA..0
NOMMO...AN
A
V
CO
n''cl.9S26' 4
C.; C
N
.
Cl R
Cl
CI
.
0
IA
oOr.i.-; .-7
V.0000N.
ANOM.MW
hVVhVMM
COBB
0
0
.
a
W
a
V
V
Cl
a
V.V.COMM
M
O.
A.
M0 V..
NO.00
F.
60 N
M
ON..
.6
4
-;
Cl
CO
2
.
S
.
'.'01h
OM
0,
g
cl
a,
C
...
0
00000000M. 00
A000000000 CO 0
00000000V0 00
.000.00.0. M
N
00A00000.0 M
.0.0.0
0 M
.
0..
.
rZolo.i-7oci,
t..: .-io
0NNNet;01 c.:Ovitz IS
,1. .A0.0000.0
o .00V. 0,1.0
sa ... .N. N.. 3 3
a
a 0
W
M
44
GS 0
so ..o
ONN.00A0.0 0
COCONONWMNN
CO
V
0
.00AA0mo.0
V.00.04VO0N
V. V
N.COON0V.M0V
M0MA0000.VN
V
A
N
niciOeicoini.,;.. v
vic.6cirZa
cci,
-,e4,-.
O
c; ''"
NV..M.V0.0 0
0.0.00000.01 .
A
,
. Cl
M
N.
N
N.
M
a+
ci
144
N0.0A. 0
nonono ...
10000000 00
0 .i,..1.-"6 CO
avem.-. M
-.
GO
a
.
'
"
8
CO 0000000A.. 0
.
.1.
tg7
911.
§
6
0
2 2
CO
.
t.
,
M.
.
-AM
;.
00
NM
.7
10,
..N
0000
MO
C-:.
AA
a ,..
tM
,...ool.i .°
AMA.WA000.N
0000ACOONNZ0
M0NQW0NVMV.
CI
..,1
A
w
cable each day
QN
All
Other
representative stocks as received by
of the past week
M
Securities
United Guaranteed
States
by
Securities
United
States
of
Total
III
Prices on Paris Bourse
Quotations
WN
.5
o
N. NW
W. VW
.
C
00
c;
NO
C)..,
t-$
1
.. MN 0
NC NM 0
WM .. CO
.0 .16
N. .Cl
It
OM
NM
..
,
1 06
OM
0
M
Cl
0
M
.
A 0
,
I: .6
60 M
.
0
A
00
.0
0
.
,S
4
C
N
0.
0
51 .
I1
COB
,
.4.
0
C
W
M
h
0
Cl
00
C 0
00 =
0 .6
N
N
N
'act
-
AA0 V
NM
70
'
0 0
00
C C.M
0
N 0
,
I :rv
'4V 0
N
4 w
to
w 0
1
'
6434
Real
Accounts
Estate
and
and
Other
Other
Receivables Business
Property
643.4
Assets d
(newly mined) 6434
:g
Guaranteed Not Guaranteed by
by
United
United
States
States
5734
50.01
4?
,.1
Liabilities and Reserves d
C.,4
0
1l
...I
The price of silver in New York on the same days has been:
Silver In N. Y.(foreign). per oz. (cts.).
58
5734
5734
U. S. Treasury 50.01
50.01
50.01
v
4,.',44V
o
a
Mon.,
Wed..
Sal.,
Tues.,
Thurs.,
Fri.,
Mar. 2
Mar. 4
Mar. 6
Mar. 5
Mar. 7
Mar. 8
Silver, per oz__ 27d.
27%d.
26 11-16d. 26 13-16d. 273d.
27d.
Gold,!Mine oz_146s.103id. 1488.10d. 147s.1034d. 1498.4d. 148s.10d. 1488.3%(1.
Consols,2)4% _ Holiday 8734
8434
85K
85
85%
British 314%
War Loan __ Holiday 10634
1053
105%
105%
10534
British 4%
Holiday 11834
1960-90
117
117
1173.4
117.15
March 9 1935
NO
Privately
Owned
U
w
g
in
E.
g
E
w
g
E.
in
w
I-,
t
4
0
Proprietary Interest
ci
i7
Capital
Stock
0
INDIAN CURRENCY RETURNS
Feb. 7
Feb. 15
Jan. 31
Notes in circulation
18,295
18.285
18,358
Silver coin and bullion in India
9,267
9,170
9,386
Gold coin and bullion in India
4,155
4,155
4,155
Securities (Indian Government)
3,382
3,514
3,438
Securities (British Government)
1,435
1,446
1,435
Stocks in Shanghai on the 16th instant consisted of about 13,700,000
ounces in sycee, 257,000,000 dollars and 45,200,000 ounces in bar silver, as
compared with about 15.700,000 ounces in sycee. 256,000,000 dollars and
44.700.000 ounces in bar silver on the 9th instant.
(In Lacs of Rupees)-
Surplus
Distribution of U. S. Interests
P.
IN NEW YORK
w
(Per Ounce .999 Fine)
0
in
Feb. 14_ __24Nd.
2454d.
c.
Feb. 13
t
Feb. 15___24 13-16d. 24 15-16d.
Feb. 14
54 9-16c.
91
Feb. 16_ _ _24 15-16d. 25 1-16c1.
54 15-16c. g
Feb. 15
Feb. 18_24 13-16d. 24 15-16d.
54 15-16c. E.,
Feb. 16
Feb. 19_ __25d.
25;4d.
54 15-16c. a/
Feb. 18
Feb. 20_ __25;4d.
251,4d.
Feb. 19
55 5-16c. :
Average__.24.8854.
25.010d.
E.
The highest'rate of exchange on New York recorded during the period >
from the 14th instant to 20th instant was 34.89A and the lowest $4.86M. C2
-Bar Silver Per Oz. Std.Cash
2 Mos.
Interagency
Interests
Financial Chronicle
Quotations during the week:
IN LONDON
CAM C0
.COM
A
A
ci .:7;
5
0NOAMN
MCOVOMN
0.A0CM
.-;
A
0
,
-1
Cl at.: to to
.
60
N00.000 NV
M.
0A00.0000
A
VN
A
00000.V. ON
00 0
Ca BC ocioi,-; 4
C. cci
N..... .. N
M
.
N
WO
0 60
t
'
Q
'
.....f2 6
.
MONTHLY REPORT OF THE UNITED STATES
TREASURY AS OF JAN. 31 1935
k
'CII
;
The monthly report of the Treasury Department showing
and
credit
Jan. 31
agencies,
g
.4
1935 of governmental
financed
wholly
or in
be
issued
by
The report is the eighth such
Treasury; the
the
last
previous
one for
Dec. 311934, appeared in our issue of Feb. 9, pages 917-919.
The
report
financed
for
wholly
Jan. 31
from
shows
in
Government
the
case
funds
of
a
agencies
proprietary
interest of the United States as of that date of $3,354,495,902,
which
compares
with
$3,363,816,735
the case of these wholly owned
proprietary
interest
represents
Dec.
31
1934.
In
Government agencies, the
the
excess
of
assets
over
liabilities, exclusive of inter-agency items.
The
nanced
Government
'
s
partly
from
proprietary
Government
interest
funds
ci
in
and
agencies
partly
fi-
from
private funds as of Jan. 31 was shown to be $1,119,748,336.
This compares with $1,113,525,728 as of Dec. 31.
In the
case of these partly owned Government agencies, the Government
'
s proprietary interest is the excess of assets over
liabilities, exclusive of inter-agency items, less the privately
owned interests.
The statement follows:
ci
Total Group I
daily statement for Feb. 28.
to
I. Financed wholly from Government funds—
Reconstruction Finance Corporation
Commodity Credit Corporation
Export-Import Banks
Puolic Works Administration
Regional Agricultural Credit corporations
Production Credit corporations
Panama Railroad Co
United States Shipping Board Merchant Fleet Corporation
War Emergency corporations and agencies_ h
Other_l
part by the United States, was contained in the Department
'
s
Grand total
For tootnotes. see under tables which follow.
corporations
of
as
Total Group II
liabilities
11. Financed partly from Govt. and partly from private funds—
Federal Land banks
Federal Intermediate Credit banks
Federal Farm Mortgage Corporation
Banks tor co-operatives
Home Loan banks
Home Owners' Loan Corporation_j
Federal Savings dr Loan Insurance Corporation
Federal Savings & Loan associations
Federal Deposit Insurance Corporation
War Finance Corporation .k
assets and
1601
Financial Chronicle
Volume 140
STATES
COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF THE UNITED
AS OF JAN. 31 1935. COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY-Continued
DETAILS (In Thousands of Dollars-Last Three Figures Omitted)
Financed Wholly from Government Funds
Recessaffliction Commodity
Finance
Credit
Corp.
Corp.
Assets-.
sans:
Banks
Railroads
Insurance companies
Credit unions
Building and loan associations
Livestock credit corporations
Mortgage loan companies
Agricultural credit corporations
Co-operative associations
States. Territories, &c
Joint Stock Land banks
Federal Land banks
Ship construction and reconditioning loans_
Mortgage loans (not otherwise classified).
Crop livestock and commodity loans
Other loans
$
$
Public
Works
AdmitsItalian
Regional
Agricultarot
Credit
Corp.
5
$
5
615.237
379.087
53,955
366
15.639
1,313
156,292
863
Total, all assets
Total, all liabilities
Total liabilities, capital, and surplus
50
2,588,887
84.726
40,009
4,450
40,009
83
n
4,450
4,434,697
266,872
84,726
1,280
182
e72
9,736
a
8
1,263
1,599
2,740
1,821
10,361
887
28,681
825
513
615,237
555.486
53,955
366
15.639
1,313
156,292
1,750
28,681
133.758
6,043
56,917
9,901
201,005
169,133
42,338
112,554
217
5.187
112,771
5,237
140,066 2,051.221
3,419
4
842,233
100
3,419
a
123
455
11
e305
3,944
14
2
138
n
40,563
14,207
23,699
9,105
10.550
1,755
26
158
46
89
399
92
24,339
1.267
1,305
12,169
36,080
1,370
58
170
218
108
507
269,071
90,888
114.507
43,220
210,458
n
2,934
629
n
54
136
14,991
32,602
16.098
2,164
3,450
83.160
69.866
53,445
4.895
7,460
381.969
356,452 3,743.247
3,600,432 3,714,410
621
e35
1,078
116
89,724
2,572
20,204
949
13.503
48,368
1,811
20,204
860
8,110
826
1,659,019 11,726,524
1615,064
135 1,170,972
e60,918
e60,000
40,563
14,207
389,990
90,923
114,507
43,841
210,458
14,991 5.616,039 10,970,219
80.000
250,061
80,000
1
20,653
129
617
1
42.772
787
75
6
262
7,831
6,680
75
101,052
388,751
250,061
617
e16,360
629
11.392
12,305
2,199
5
11,459
69.515
25,488
1,734
11,459
33,855
21,007
9,097
761
n
578
60
17.510
46
89,724
0
Totat
s
$
5
$
5
5
Other i
112,554
19,352
149,376
61
583
28
404
1.601
722
2,385
7,824
6,343
Total liabilities other than inter-agency
267,668
;nter-agency liabilities:
Due to governmental corporations or agencies 3,599.672
:iltpital and surplus:
Capital stock
Pald-in surplus
Reserves from earned suiplus.
Reserve for dividends and contingencies...
Legal reserves
Earned surplus and undivided proUta
U.S.
War
Shipping
Board- Emergency
Corp.
Merchant
and
Fleet
Corp. Agencies 11
132,861
nter-agency assets:
Due from governmental corps, or agencies._ p113,322
Capital stocks and paid-in surplus of governmental corporations
67,505
Allocations for capital stock purchases and
paid-in surplus
554.145
Other allocations
1,110,837
Liabilities3onds, notes, and debentures:
Obligations guaranteed by United States...
Other
teemed interest payable:
Guaranteed by United States
Other
)ther liabilities
3eferred income
leserves:
For uncollectible items
Other operating reserves
Production Panama
Railroad
Credit
Co.
Corps.
134,011
71
5,530
Total loans
1,397,087
referred capital stock. &c.:
842,233
Banks and trust companies
100
Insurance companies
Railroads
Other
ash:
With Treasurer. United States
6,471
On hand and in banks
186
In transit
e62
In trust funds
avestments:
United States securities
Obligations guaranteed by United States:
Federal Farm Mortgage Corporation
Home Owners' Loan Corporation
Federal Land bank bonds
Federal Intermediate Credit bank secure _
Production credit associations-class A stock
Railroad bonds and securities
Ship sales notes
Other investments
,ccounts and other receivables
648
Locrued Interest receivable
42,133
teal estate and business property:
Real estate and equipment
551
Vessels and rolling stock
Stores and supplies
teal estate and other property held for sale-.
1,614
/ther assets
e297,797
Total assets other than Inter-agency
ExportImport
Bank*
61
612
404
722
16,553
650 1,177,174 4,849,203
147
35,750
1,601
870
16,553
725 1,278,226 5,237,955
44,500
el0,132
112,000
7,000
50,000
o3,599,294
a45.643 a4,327.504 5.493.388
11,915 3,621,343
491
372
968
c439
167
c62
90.923
114,507
3,867,341
36,481
404
500,000
3,000
13.750
67,256
1,081
4,434,697
40,563
14,207
100
1,601
35,137
36.420
a389,990
389,990
1,132
35.971 c3,455,389
43,841
210,458
c31.377
3,065
c2,740 c3,385,532
14.991 5,616,039 10,970,219
For foot notes see following page.
Combined Report of Condition Statements of Licensed
National Banks in United States, Alaska and
Hawaii by Comptroller of Currency-Assets of
6,467 Institutions Dec. 31 Show Increase of $818,190,000 Over Those of 5,466 Banks on Oct. 17
Comptroller of the Currency J. F. T. O'Connor announced
Feb. 21 that the total assets of the 5,467 licensed National
banks operating on an unrestricted basis in the contimmtal
United States, Alaska and Hawaii, on Dec. 31 1934. the
date of the last call for statements of condition. aggregated
825,629,580,000, which is an increase of $818,190,000 over
the amount reported by 5,466 licensed banks on Oct. 17
1934, the date of the previous call, and an increase of $3 882,097,000 over the amount reported by 5,159 licensed bank
as of Dec. 30 1933, the date of the corresponding call made
a year ago. A combined report by the Comptroller covering
the Oct. 17 call was given in our issue of Dec. 22, page 3881.
In his announcement of Feb. 21 the Comptroller also said
Loans and discounts, including rediscounts, on Dec. 81 1934 totaled
$7,488,652,000, in comparison with $7,633,924,000 on Oc'. 17 1984 and
$8,101,156,000 on Dec 30 1933.
Investments in United States Government obligations, aired ana fully
guaranteed, aggregated $6,960,208,000, which was an incrt.ase of 8311,976,000 since Oct 17, and an increase of $2,491,061,000 in the year
Investments in United States Government obligations repoTted for the
recent call comprise direct obligations of the United States of $5,282.109,000, obligations of the Reconstruction Finance Corporation of $185,953,000, Federal Farm Mortgage Corporation bonds of $183,569,0 ,O, and
Home Owners' Loan Corporation bonds guaranteed as ra interan and
principal of $328,577,000. Other bonds and securities held amounting to
$3,495,724,000, which included HOLC 4% bonds of $71,963,650 guaranteed
by the United States as to interest only, showed a decrease cf $74,413,000
since Oct 17, but an increase of $94,099,000 in the year.
Balances due from correspondent banks and bankers of $5,976.6113,00n,
which included reserve with Federal Reserve banks of T2,525,418,000,
Were $384,589,000 more than on Oct. 17 last, and $1,915,805,000 more
than reported on Dec. 30 1933. Cash in vault of $456.466,000 showed
increases in the two-and-a-half and 12-month periods of $37,710,000 an.
$113,349,000, respectively.
The book value of capital stock of the licensed Natianal banks on
Dec. 1 1934 was $1,786,409,000 and represented a par value of $1,788,154,000. The latter figure was composed of class A preferred stock
$464,752,000, class B preferred stock of $17,178,000, and common stock
of $1,306,224,000. The book value of capital increased in the two and a
half and 12-month periods $13,896,000 and $198,159,00C respent'vely.
The par value of the stock showed increases of $14,326,000 and $198,-
1602
Financial Chronicle
March 9 1935
COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND
CREDIT AGENCIES OF THE UNITED STATES
AS OF JAN. 31 1935, COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY-Concluded
DETAILS (In Thousands of Dollars-Last Three Figures Omitted)
Financed Partly from Gorernment and Partly from Plicate Funds
Federal
Land
Banks
Assets5
Loans:
Banks
Railroads
Insurance companies
Credit unions
Building and loan associations
Livestock credit corporations
Mortgage loan companies
Agricultural credit corporations
Co-operative associations
States, Territories. Ac
Joint Stock Land banks
Federal Land banks
Ship construction and reconditioning loans_ _
Mortgage loans (not otherwise classified)... 2,008,614
Crop livestock and commodity loans
Other loans
Total loans
Preferred capital stock, Ac.:
Banks and trust companies
Insurance companies
Railroads
Other
Cash:
With Treasurer, United States
On hand and in banks
In transit
In trust funds
Investments:
United States securities
Obligations guaranteed by United States:
Federal Farm Mortgage Corporation
Home Owners' Loan Corporation
Federal Land bank bonds
Federal Intermediate Credit bank seam's__ ._
Production credit associations- class A stock
Railroads bonds and securities
Ship sales notes
Other investments
Accounts and other receivables
Accrued interest receivable
Real estate and business property:
Real estate and equipment
Vessels and rolling stock
Stores and supplies
Real estate and other property held for sale
Other assets
Total assets other than inter-agency
Inter-agency assets:
Due from governmental corps, or agencies
Capital stocks and paid-in surplus of governmental corporations
Allocations for capital Mock purchases and
paid-in surplus
Other allocations
Total, all assets
LiabilitiesBonds. notes, and debentures:
Obligations guaranteed by United States_
Other
Accrued interest payable:
Guaranteed by United States
Other
Other liabilities
Deferred income
Reserves:
For uncollectible items
Other operating teserves
Capital and surplus:
Capital stock
Paid-in surplus
Reserves from earned surplus:
Reserve for dividends and contingencies
Legal reserves
Earned surplus and undivided profits_
Federal
Farm
Mortgage
Corp.
Banks
for
Co-operalva
Home
Loan
Banks
Home
Owners'
Loan
Corp.
Federal
Savings
and
Loan
Insurance
Corp.J
Federal
Savings
and
Loan
Associalions
Federal
Deposit
Insurance
Corp.
War
Finance
Corp.k
Total
3
$
5
$
3
5
$
$
$
$
4
81,978
34,444
118,145
28,498
643,228
62
152,590
24,599
1,762
12,668
el
4
81,978
62,942
7 02,512.521
3
600
2,008,614
643.290
28,498
14,859
8.396
1,634
14,747
3,406
1,037
119,391
47
1,189
224
14,942
n
33,539
27,027
17,682
40,637
8
53
52,945
604,243
3,117
1,302
50
15,355
33
765
1,319
46
421
3,892
218
762
2,244
15
49
10
2,733
1
126
11
487
20
32
244,014 1,278,313
119,371
173,751
42,357
1,763
445,695
315,661
5,588
5,164,371
118,211
600
7 5,428,108
82,585 2,512.521
67,529
111,265
105,596
604,290
99,999
•
38
12,029
24,745
4,842
82,164
2,572
2,24(1,582
5.580
n
95
110,096 2,638.587
102,172
1,358
19,389
45,597
7,779
n
Q13,60
1,786
82,175
18,658
13.663
334,761
232 7,087,795
e35,137
40.718
100,000
2,252,163
279,151 1,278,313
1,814,220
170,970
13,044
38,522
4,071
1,227
2,453
846
119,371
110.096 2,738,587
1,041.493
15,076
1,961.835
223,011
62,443
24,617
805
1100,000
102,172
13,663
232 7,228,514
334,761
3,238,549
10 2,300,472
s2,197,055
324,271
6,971
Total liabilities other than Inter-agency.,.. 1,884,936
Inter-agency liabilities:
Due to governmental corporations or agencies
76,898
Total, all liabilities
Federal
Intermediate
CredU
Banks
15,832
14,277
84,504
6,048
8,861
4
4
4,248
14,597
n
n
60
n
n
324
2,109
11
3,997
22,964
4,008
5,778
175,497 1,076,007
4
4,253 2,550,564
324
4,058
10 3.695.658
175,497 1,076,007
4
4,253 2.5.50,564
324
4,058
10 5,772,557
289,299
r41.402
10 1,316,326
133,846
76,898
70.000
30,000
200,000
116,576
103,764
200.000
100,000
66
3,654
2,306
2,723
419
882
775
c11,977
1.848
4,871
13,663
212
485
5,966
c669
Total liabilities. capital, and surplus
2,252,163
279,151 1,278.313
119,371
110.096 2,738,587
102,172
13,663
232 7.228,514
334,761
a Non-stock (or includes non-stock proprietary interests).
b Excess Inter-agency assets (deduct).
c Deficit (deduct).
d Exclusive of inter-agency assets and liabilities (except bond Investments).
e Adjusted for inter-agency items and items in transit.
f Excludes contingent assets and liabilities amounting to 85,464,967 for guaranteed loans, 5:e.
g Includes accrued interest.
h Includes U. S. Hou.sIng Corporation: U. S. Spruce Production Corporation: U. S. Railroad Administration, and notes received on account of war
sunPlies.
i Includes Inland Waterways Corporation: Federal Subsistence Homesteads Corporation; Tennessee Valley
Inc.: Electric Home and Farm Authority.
Inc.: Federal Housing Administration; Farm Credit Administration (crop production and other loans): AgriculturalAuthorRY.
Adjustment Administration: Tennessee Valley Associated
Co-operatives, Inc., and inter-agency Interests held by the U.S. Treasury, and loans to railroads.
I Preliminary statement.
k In liquidation.
I Represents capital stock paid-in surplus, and other proprietary inter-agency interests which are not deducted from the capital stock and paid-in surplus of the
corresponding organizations.
n Less than 81,000.
o Appropriation provided by Congress.
p Includes loans to Federal Land banks amounting to $76,901,532.
o Assets not classified. Includes only amount of capital stock subscribed by the United States.
r Assessments paid In by member banks and trust companies.
s Includes unissued bonds covering loans In process.
700,000, respectively, in the two-and-a-half and 12-mcnth periods. Surplus
funds of $837,888,000, undivided profits of $261,491,000, reserves hr contingencies of $141,880,000 and preferred stock retirement fund of $2,320,000, or a total of $1,243,579,000, showed a decrease of $40,198,000
since Oct. 17, and a decrease of $70,337,000 in the year
Circulating notes outstanding amounted to $654,476,000, in comparison with $665,845,000 on Oct. 17 1934 and $778,566,000 on Dec. 30 1933.
The total deposits of licensed banks on Dec. 31 1934 were $21,676,303,000, showing an increase of $854,911,000, or 4.11%. since Oct 17,
and an increase of $4,086,421,000, or 23.23%, since Dec. 30 the year
previous. The aggregate on Dec. 31, 1934, included amounts 4e t•banks subject to immediate withdrawal and certified and euehiers' checks
outstanding of $3,362,954,000, United States Government deposits of
$887,240,000, other demand deposits of $10,410,202,000, find time ccposits of $7,015,907,000. In the total of time deposits were ::icluded
postal savings of $350,686,000, time certificates of deposit cf $658,502,000
and deposits evidenced by savings pass books of $5,394,518 000, the latter
figure representing 14,069,665 accounts. Postal savings in National banks
on Dec. 31 1934 showed a decrease of $9,697,000, or 2.69%, since Oct.
17, and a decrease of $219,793,000, or 38.53%, in the year.
Bills payable of $7,342,000 and rediscounts of $383,000, a total of
$7,725,000, showed decreases in the two-and-a-half and 12-month periods
of $1,061,000 and $74,262,000, respectively.
The percentage of loans and discounts to total deposits reported Ls of
Dec. 31 1934 was 34.55, in comparison with 36.66 on Oct. 17 1934 and
46.06 on Dec. 30 1933.
1603
Financial Chronicle
Volume 140
FUNDS APPROPRIATED AND ALLOCATED TO EMERGENCY ORGANIZATIONS, EXPENDITURES
THEREFROM, AND UNEXPENDED BALANCES AS OF FEB. 28 1936
The statement of funds appropriated and allocated as of Feb. 28 1935, taken from the daily Treasury statement, is
as follows (see explanatory note below):
Expenditures
Sources of Funds
Appropriations
•
Organisations
Allotments
Specific
Agricultural Adjustment Administration
Less processing tax
$
bl 284,638,795
d705,799,187
Net
Commodity Credit corporation_f
Farm Credit Administration..f
Federal Farm Mortgage Corporation
Federal Land banks:
Capital stock
P...1d-in surplus
Reduoton in interest rates on mortgages
Federal Emergency Relief Administration
1,
Federal Surplus Relief Corporation
Civil Works Administration
Emergency conservation work
Department of Agriculture, relief
Public Works:
Tennessee Valley Authority
Loans to railroads
Loans and grants to States, municipalities,do
Public highways
Boulder Canyon project
River and harbor work
All other
Home Loan System:
Home Loan Bank stock
Home Owners' Loan Corporation
Federal savings and loan assoolatiOns
Emergency housing
Federal Housing Administration
Subsistence homesteads
Reconstruction Finance Corporation—Direct
loans and expenditures_f
Export-Import Banks of Washington_f
Federal Deposit Insurance Corporation
Administration for Industrial Recovery
Total
Unallocated funds:
By the President
By Public Works Administration
Unexpended
Statutory and Executive
578,839,608
80,000,000
National
Industrial
Recovery Act
37,566,000
3,000,000
60,000.000
120,035,000
1345,000,000
93,101,630
400,005,000
323,362,315
72,000,000
50,000,000
199,607,800
541,785,851
437,141,725
44,125,000
250,068,587
709,794,120
$
c
8
8
37,566,000
125,000,000
125,000,000
22,990,000
1605,000,000
255,488,218
18.339,961
Emergency
Appropriation
Act 1935
Reconstruction
Finance
Corporation
96,785,000
413,980,000
343,390,000
98,845,000
g408,209,162
313,247.530
200,000.000
Fiscal Year
1934 and
Prior Years a
Fiscal Year
1935
$
1,322,204,795
705,799,187
$
516,504,993
352,750,390
$
290,249,669
353.048.797
$
515,450,133
616,405,608
411,209,162
550,032,530
200,000,000
163,754,603
h136,335,127
57,863,116
266
e62,799,128
164,341,935
282,004,975
199,999,734
515,450,133
383,202,354
210,164,439
h9,060,860
125,000,000
18,524,414
125,000,000
9,105,433
22,950,000
911,040,000 2,050.055,000 f 1,098,326,465
1 63,388,753
10,669,556
833,965,000
88,960,000
262,630,151
759,853,945
76,368,307
98,845,000
75,000,000
199,607,800
724,040,989
692,629,943
65,464,961
344,767.587
860,243,223
25,000,000
j
I
182,255,138
3,000,000
94,699,000
78,449,103
125,000,000
200,000,000
kf0,000,000
25,329,500
1,000,000
25,000,000
Total
c25,000,000
25,000,000
11,041,185
123,019,675
40,863,477
65,612.109
6,815,311
7,029,257
705,208.678 } 143,077,296
40,053.808
18,172,551
805,122,892
165,282,943
331,940,851
22,476,693
11,036,795
21,463,723
70,739,000
68,510,660
78,596,230
90,246,202
267,882,018
251,519,090
19,445,382
16,444,885
72,450,381
109,980,474
204,483,068 . 133,327,844
42,499,483
60,358,140
555,198,558
173.228,835
29.574,694
162,336.731
522,432,311
81,445.700
1E4,000.000
754,800
369,351
43,354,300
200,000
46,000,000
15,359,439
2,857,392
12,319,376
2,574,618
125,000,000
200,000,000
50.000,000
25,329,500
26,000,000
50,000,000
2,330,181
33,885,761
22,102,757
13,680,624
45,095,201
c4,260,036,474 4,260.036,474 11114,020,424 2,411,844,706 1,962,212,191
9,812,221
2,654,324
1,283,455
13,760,000
12,500,000
149,502,150
497,850
150,000,000
ni
4,146,468
6,632,491
7,634,040
18,413,000
5,000,000
1
1,250.000
150,000,000
13,413,000
2,520,719,416 3,242,483,898 1,366,403.241 6.543,993,165 13,673,599,720 2,352,588,925 6,099,797,508 5,221,213,288
57,516,102
715,095
116,572.766
715,095
116,572,766
715,095
n59,058,664
Grand total
2.520.719.416 3.300.000.000 1.426.175.000 6,543,993,165 13,790,887,582 2,352,588,925 6,099,797,508 5,338,501.149
a The emergency expenditures included in this statement or the period prior
Is increased by the sums necessary for such purchases, not to exceed $250,000.000.
to the fiscal year 1934 include only expenditures on account o the Reconstruction
The purchase of such securities by the Reconstruction Finance Corporation is
Finance Corporation, and subscriptions to capital stock of Federal Land banks
reflected as expenditures of the Reconstruction Finance Corporation and as credits
under authority of the Act of Jan. 23 1932. Expenditures by the several departagainst expenditures of the Federal Emergency Administration of Public Works.
ments and establishments for public works under the Emergency Relief and ConThe amount by which the available funds on account of such transactions has been
struction Act of 1932 were made from general disbursing accounts, and, therefore,
increased Is, therefore, included in the funds of the "Reconstruction Finance Corare not susceptible to segregation from the general expenditures of such departporation—direct loans and expenditures."
ments and establishments on the basis of the daily Treasury statements.
k Includes $500,000 allocated for savings and loan promotion as authorised
b Includes (a) 8350,000,000 specific appropriations from the General Treasury
by Sec. 11 of the Act of April 27 1934.
1 The appropriation of $500,000,000 for subscription to capital stock is included
under the Acts of May 12 1933, May 25 1934 and June 19 1934; (b) $924,885,000
in the figures shown in the column for Reconstruction Finance Corporation.
advanced by the Secretary of the Treasury under authority of Sec. 12-B of the
m Under Sec. 3 of the Act of June 16 1934 the Reconstruction Finance CorpoAgricultural Adjustment Act, which must be returned to the Treasury from
the
ration is authorized to purchase at par obligations of the Federal Deposit Insurance
proceeds of processing taxes collected on farm products: (a) $1,753,795 advanced
Corporation in a face amount of not to exceed $250,000,000, and the amount of
by the Secretary of the Treasury under authority of Sec. 10-A of the Act of June 28
obligations which the Reconstruction Finance Corporation is authorized to have
1934; and (d) $8,000,000 allocated horn processing taxes for purchase of surplus
outstanding
at any one time is increased by 5250,000.000. The amount to be
sugar under the Act of May 9 1934.
c There are no statutory limitations on the amounts of funds which may be
Included in this column will represent the proceeds deposited with the Treasurer
made available by the Reconstruction Finance Corporation for carrying out the
of the United States on account of the sale of such obligations by the Federal
Deposit Insurance Corporation to the Reconstruction Finance Corporation.
purposes of Sec. 5 of the Agricultural Adjustment Act, and for the purchase by
n This amount represents the unallocated balance of an allocation of $400.the Reconstruction Finance Corporation of preferred stock or capital notes of
banks and trust companies under the Act of March 9 1933. The Reconstruction
000,000 by the President to the Administrator of Public Works. As and when
such funds are allocated by the Administrator to specific projects, the amounts
Finance Corporation is required to make available to the Federal Housing Administrator such funds as he may deem necessary for the purposes of carrying out the
are transferred from an unallocated status to an allocated status.
provisions of the National Housing Act. The amounts included in this column
NOTE—The expenditures in this statement are on the same basis as those
for the purposes specified are based upon checks issued therefor from time to time
exhibited on page 2 of the daily Treasury statement, but differ with respect to
by the Reconstruction Finance Corporation. The authority of the Reconstruction
classification. The purpose of this statement is to show all funds appropriated
Finance Corporation to issue its bonds, notes, and debentures has been increased
or allocated to the respective emergency organizations, the expenditures thereby such amounts as may be required to provide funds for such purposes.
from, and the unexpended balances. The principal difference in classification
d The sum of $8.000,000 of this amount has been allocated for the purchase
of expenditures is with respect to amounts paid from funds allocated by the Reconof surplus sugar under the Act of May 9 1934. The remainder is reserved to reimstruction Finance Corporation to various emergency organizations. The expenburse the Treasury for the advances referred to In footnote b.
ditures on page 2 under the caption "Reconstruction Finance Corporaton" come Excess of processing tax, deduct.
prehend all expenditures from funds of the Reconstruction Finance Corporation,
Expenditures are stated on a net basis, i.e., gross expenditures less repayincluding those allocated to other organizations, whereas expenditures included
ments and collections, the details of which are set forth in the supplementary
In the foregoing statement on account of such allocated funds are exhibited as
statement below.
expenditures of the organizations to which the funds were allocated rather than
g Net, after deducting repayments to the Reconstruction Finance Corporation.
expenditures of the Reconstruction Finance Corporation. Similarly, certain
h Excess of credits, deduct.
expenditures of the Farm Credit Administration and the Commodity Credit CorI The appropriation of $950,000,000 provided in the Act of Feb. 15 1934 was
poration, representing funds allocated to those organizations for the purpose of
allocated by the President as follows: Civil Works Administration, $345,000.000:
carrying out the provisions of the Agricultural Adjustment Act, are exhibited on
Federal Emergency Relief Administration, $605,000,000
page 2 under the caption "Agricultural Adjustment Administration," whereas
I Under the provisions of the Emergency Appropriation Act, fiscal year 1935,
such expenditures are exhibited in this statement as expenditures of the Farm
the Reconstruction Finance Corporation is authorized to purchase marketable
Credit Administration and the Commodity Credit Corporation, respectively.
securities acquired by the Federal Emergency Administration of Public Works,
The total amount of expenditures for the fiscal year 1935 in this statement can
but the amount which the Reconstruction Finance Corporation may have invested
be reconciled with the total amount of emergency expenditures shown on page 2
at any one time In such securities may not exceed $250,000,000. Moneys paid
by adding to the latter the amounts included in general expenditures under the
for such securities amo available for loans (but not grants) under Title II of the
captions "Agricultural Adjustment Administration," "Refunds of receipts—ProNational Industrial Recovery Act. The amount of obligations which the Reconcessing tax on farm products," and "Subscriptions to stock of Federal Land banks,"
struction Finance Corporation is authorized to have outstanding at any one time
and deducting the receipts under the caption "Processing tax on farm products."
DETAILS OF REVOLVING FUNDS INCLUDED IN THE TABLE ABOVE
Fiscal Year 1935
This Month
Organizations
Payments
Repayments and
Collections
Net
ExpendUures
Payments
Repayments and
Collections
Net
Expenditures
Commodity Credit Corporation
*233,363,002
84,656,454
85,375,553
$97,027,875
2;719.100
28136,335.127
Farm Credit Administration
20,865,820
6153,878,463
57,863,116
12,447,706
6211,741,579
8,418,114
Loans and grants to States, municipalities, &c
16,820,143
56,402,896
6,893,705
90,248,202
9,926,437
148,649,098
Reconstruction Finance Corporation—Direct loans & expenditures
60,279,091
a114,020,424
91,769,761
c966,232,123 c1,080,252,547
a31,490,670
Export-Import Banks of Washington
987,857
3.407,747
1.283,455
3,015
984,842
4.691.202
a Excess of repayments and collections deduet.
b These figures have been adjusted by eliminating certain non-cash transactions involving the allocation of funds by the Reconstruction Finance Corporation and the
transfers of funds between disbursing aecounts. The adjustment does not affect the net expenditures of the Farm Credit Administration.
C These figures have been adjusted by eliminating certain non-cash transactions involving the allocation of funds by the Reconstruction Finance Corporation to other
Government organizations, the purchase of the Corporation's notes by the Secretary of the Treasury, and the transfers of funds between disbursing accounts. The adjustment does not affect the net expenditures of the Reconstruction Finance Corporation.
COMPARATIVE PUBLIC DEBT STATEMENT
On the basis of daily Treasury statements)
Mar. 31 1917
Pre-War
Debt
Aug. 31 1919
Highest PostWar Debt
Dec. 31 1930
Lowest Po(War Debt
Feb. 28 1934
A Year Ago
Jan. 31 1935
Last Month
Feb. 28 1935
$1,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07
306,803.319.55
74,216,460.05 1,118,109,534.76
326,052.375,584.80 $28,475,842,046.95 $28,525,994,303.20
Gross debt
4.901,768,919.51 2,319,392,435.31 2,080,644,091.65
Net bal. In general fund_
Gross debt leas net balann. in um. fund
S1.207.827.8R8.23 125.478.592.113.25 118.719.283.767.52
Gross debt less net balance in gen. fund_ 821,150,606.665.29 $26.156,449.611.64 $26.445.350,211.55
Gross debt
Net bal. In general fund_
1604
Financial Chronicle
TREASURY CASH AND CURRENT LIABILITIES
The cash holdings of the Government as the items stood
Feb. 28 1935 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of Feb. 28 1935.
CURRENT ASSETS AND LIABILITIES
GOLD
AssetsGold
8,526.204,942.94 Gold certificates:
Outstanding (outside
of Treasury)
827,616,509.00
Gold ctf. fund-Fed.
Reserve Board_ _ _4,840,649,515.48
Redemption fundFed. Reserve notes_
16,299,405.28
156,039,430.93
Gold reserve
Each,stabilization fund_1,800,000,000.00
885,600,082.25
Gold in general fund
Total
8,526.204.942.94
8.526.204.942.94
Total
Note-Reserve against $346,681,016 o United States notes and $1,183,874 of
Treasury notes of 1890 outstanding. Treasury notes of 1890 are also secured by
silver dollars In the Treasury.
SILVER
AssetsLiabilUtesSilver
221,963,408.82 Silver ctfs. outstanding. 712,650,381.00
Silver dollars
510,658,264.00 Treasury notes of 1890
outstanding
1.183,874.00
Silver in gen. fund
18.787,417.82
Total
732,621,672.82
732,621.672.82
Total
GENERAL FUND
AssetsLiabilities$
Gold (see above)
885.600,082.25 Treasurer's checks outSilver (see above).
standing
18.787.417.82
6,125,431.53
United States notes
3,562.747.00 Deposits of Government
Federal Reserve notes
officers:
17,104,580.00
Fed. Reserve bank notes
2,040,983.79
Post Office Dept
1,065,948.00
National-bank notes
Board of Trustees,
18,085,627.50
Subsidiary silver cont.__
Postal Savings
4.725,404.74
Minor coin
System:
3,337,510.23
Silver buillon(cost value) 116,952,834.21
5% reserve, lawful
Silver bullion (recolnage
60,748,981.80
money
value)
40,623,742.65
Other deposits
9,696,529.70
UnclasalfledPostmasters, clerks of
Collections, Ace
courts, disbursing
3,641,826.95
Deposits In:
officers. Arc
352,427,302.90
Fed. Reserve banks__ 125.076,363.29 Deposits for:
Special depos. acct. of
Redemption of F. R.
sales of Govt. sees.,1,325,435,000.00
bank notes(5% fund
Nat. and other bank
lawful money)
250,250.00
depositaries:
Redemption of Nat'!
To credit of Treasbank-notes50% fund
urer of U. 9
lawful money)
19,119,701.70
31,837,491.15
To credit of other
Retirement of add'I
Govt. officers.__
eircularg notes. Act
24,824,749.67
Foreign depositaries:
of May 3() 1908_
1,350.00
To credit of TreasUncollected Items. exurer of U. S
1,284,122.14
5,726,507.77
changes. &c
To credit of other
Govt. officers_ _
1,409.037.85
499.787,041.59
Philippine Treasury:
To credit of TreasBalance of Increment reurer of U. S
sulting from reduction
721,650.16
In weight of the gold
dollar
799,021,282.65
Seignlorage (see note 1)_
85,896,698.64
Working balance
1,195,726,110.36
Balance to-day
2,080,644,091.65
Total
Total
2 580.431,133.24
2.580,431,133.24
Note 1-Thls item represents selgniorage resulting from the issuance of silver
certificates equal to the cost of the silver acquired under the Silver Purchase Act of
1934 and the amount returned for the silver received under the President's proclamation dated Aug. 9 1934.
Note 2-The amount to the credit of disbursing officers and agencies to-day was
$886.307,765.24.
$1,240,690 in Federal Reserve notes, $1,065,948 in Federal Reserve bank notes,
and $18,008,422 in National bank notes are in the Treasury in process of redemption
and are charges against the deposits for tile respective 5% redemption funds and
retirement funds.
TREASURY MONEY HOLDINGS
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of December
1934, and January February and March 1935:
Holdings in U. S. Treasury Dee. 1 1934
Jan. I 1935
Feb. 1 1935
Mar, 1 1935
S
$
$
s
Net gold coin and bullion_ 1,091.409.088 1,164.656.814 1.057.434.159 1,041,639,513
Net silver coin and bullion
98.733,103 113,969,654 119,061..144 145,436,782
Net United States notes. _
3,002,330
2,530.126
2,616.347
3,562,747
Net National bank notes_
20,637,074
21.909,115
18,198.398
18,085.627
Net Federal Reserve notes
16,952,805
16,170.480
17,172.770
17,104,580
Net Fed. Res. bank notes.
1,924,128
2.318,088
763,788
1,065,948
Net subsidiary silver
6.016,944
4,286.800
4,860.682
4,725,405
Minor coin, Ac
6,263,556
5,308,764
7.879,760
6,979,337
Total cash In Treasury_ 1244,161,703 1,331,932,166 1227987,048 *1238599,939
Less gold reserve fund_
156,039.431 156,039,431 156.039,431 156,039,431
Cash balance In Treas. _ 1,088,122,272 1.175,892,735 1,071,947,017 1,082,560,508
Dep. In spec'l depositories
account Treas'y bonds.
Treasury notes and certificates of indebtedness 947,409,000 1,694,982,000 1,562.315.000 1,325.435,000
Dep. In Fed. Res. bank
92,754,321 153,068,748 125,241,459 125,076,363
Dep. In National banksTo credit Treas. U. S
6,547,144
36.894,264
23,240,608
19,119,702
To credit did). officers_
24,891.199
29,557,741
25,078,945
24,824,750
Cash In Philippine Islands
1,188,518
819,788
1,238,371
721,650
Deposits In foreign depts.
2,965.2511
2.984.773
2,529,333
2,693,160
Dep. in Fed. Land banks_
Net cash In Treasury
and in banks
2,163,897.227 3.094,180.032 2,811,591,333 2.580,431,133
Deduct current liabilities_ 566,488,388 530.335,015 492,198,898 499.787,041
Available cash balance_ 1.597.408,839 2.563.845.517 2.319,392,435 2,080,644,092
• Includes March 1 5126,649.364 silver bullion and $3,337,510 minor, &c., coin
not included in statement "Stock of Money."
General & Special Funds -Month of February- --July its Feb. 28-Receipts1933-34
1934-35
1934
1935
Internal Revenue.
$
$
$
$
Income tax
358.206.989
466.952,835
22,718,627
27,569,599
Miseell. Internal revenue
985,750,951
115.737,963 1,078,103,866
109,471,509
200,905,147
Processing tax on farm prod's_
352,750,390
32,913,807
44,412,868
Customs
224,642,329
221,080,902
23,274,801
24,959,895
Miscellaneous receipts:
Proceeds of Gov't-owned securities:
394,175
Principal-for'n obligations
64,355
19,869,636
Interest torn obligations...,
438,016
45,634,227
35,812,733
All other
5,94-0,038
1,235,168
15,718,615
Panama Canal tolls, cto
16,765,298
2,086,614
2,092,639
78,066
Seignlorage
54,273,650
234.883
3,322
34,401,106
Other miscellaneous
35,770,088
4,157,603
3,068,593
Total receipts
214,128,139
ExpendituresGeneral:
Departmental (see note 1)_ _ _
29,333,499
Public bldg. construction and
sites, Treas. Dept.(note 1)-1,567,073
River & harbor work (note 1).
3,953,541
National defense (note 1):
Army
16,613,048
Navy
37.617,555
Veterans' Admin. (note t)..
44,776,014
Adjusted serviee MI. fund
Agricultural Adjustment Administration (note 1)
53,910,738
Farm Credit Admin.(note 1).
8,402,683
Refundsof receipts:
Customs
2,069,101
Internal revenue
1,673,826
Processing tax on farm prod.
2,685,606
Postal deficiency
10,003,000
Panama Canal (see note I)_
501,099
Subscription to stock of Federal Land banks
83,658,485
Civil Service retirement fund
(Government share)
Foreign Service retirement
fund (Govt. share)
Dist. of Col.(Govt. share)
Interest on the public debt.__
34,429,111
Pubile debt retirements:
Sinking fund
2,849,000
Purchases and retirements
from foreign repayments.
Received from torn Govt.&
under debt settlements_ _
Estate taxes forfeitures,
gifts, dm
Total
Emergency:
Agricultural Adjust. Admin..
Farm Credit Administration
Federal Farin Mtge. Corp_
Federal Land banks
Federal Emergency Relief
Administration (see note 2)
Civil Works Administration
Emerg. Conservation Work
Dept. of Agriculture-relief._
Public works:
Tennessee Valley Authority
Loans to railroads
Loans and grants to States,
municipalities, lee
Public highways
Boulder Canyon project.
River and harbor work.,,,
Subsistence homesteads_
All other
Fed.'savings & loan associatMi
Emergency housing
Reconstruction Finance Corporation (see note 2)
Fed. Deposit Insurance Corp_
Admin. for Indus. Recovery..
205,749,790
2,262,012,133
1,885,601,241
31,893,856
246,834,734
225,655,757
4,732,908
4,107,625
20,065,379
35,335,400
60,236,265
52.854.008
16,042,274
10,236,369
36,643,376
145,280,157
220,235,141
369,954,090
50,000,000
144,742,321
153,110,757
336,771,143
50,000,000
40,609,836
1.462,438
366,670,211
12,690,138
210,609,578
39,430,192
1,409,665
2,338,773
51,765
5,000,W°
600,895
14,528,661
16,398,546
21,256,143
25,024,176
5,836,396
8,981,880
35,761,876
137,801
57,002,059
4,978,439
32,065,514
%
89,060,860
8191,000
20,850,000
20,850,000
159,100
4,364,295
469,995,439
292,700
5,700,000
407,317,299
148,590,650
51,976,000
357,850
453,750
9,000
246,753,409
187,998,291
2,185,461,516
1,828,614,865
4,595,292
7,961,029
12,943,880
128,695,234
38,242,477
55,525,107
40,300,000
1,155,721
3,356,565
27,629,847
27,480,788
130,571,226
160,854
31,900,976
4,179,091
300,4139
150,816,850
24,331,798
665,014,315
10,669,556
262,630,151
76,368,307
300,839
425,579,268
207,762,769
2,571,605
4,638,381
855,481
21,463,723
68,510,660
3,019,592
6,990.000
9,926,438
11,285,195
1,866,691
7,174,116
277,116
11,189,568
2751,334
1,051,788
1,855,058
17,410,670
1,712,477
6,513,293
90,246,202
251,519,090
16,444,885
109,980,474
2,574,618
205,361,272
15,359,439
2,857,392
52,906,413
157,031.847
10,833,803
35,904,280
324,774,290
497,850
7,634,040
1,211,133,034
109,207,356
3,463,820
17,253,806
1,110,820
25,497,867
30,500
146,753,054
51,415,702
519,528
63,969,199
48,500
Total251,624,010
447,323,562
2,326,473,822
2,411,156,615
Total expenditures
498,377,459
635,321,856
4,511,935,368
4,237,771,480
Excess of receipts
Excess of expenditures
284,2/9,320
429,572,066
2,249.923,235
2,352,170,239
Summary
Excess of expenditures
Less public debt retirements._
284,249,320
2,849,000
429,572,066
2,219,923,235
149,044,400
2,352,170,2.39
52,342,850
281,400,320
429,572,066
2,100,878,835
2.299,8274389
Excess of expenditures (exclud'g
Public debt retirements)
Trust funds, Increment on gold,
&o., excess of receipts (-) or
expenditures (+)
+7.500,280-2,809,816,794 -126,747,798 -2,825,688,063
Total excess of expenditures( -I-)
or recelpt4(-)
-1- 288.900,600 -2,380,214,728 +1,974,131.037 -525,860,674
Increase (-I-) or decrease (-) In
general fund balance
-238,748,344 +3,364,557,807 -501,278,148 +4,039,563,649
Increase In the public debt
50,152,256
984,323,079 1,472,852,889 3,513,703,025
Public debt at beginning of
month or year
28,475,842,047 25,068,052,506 27,053,141,414 22,538,672,560
Public debt this date
Trust Funds, Increment on
Gold. &c.
ReceiptsTrust funds
Increment resulting from redueLion in weight of gold dollar
Seignlorage (see note 37
Total
ExpendituresTrust funds
Chargeable against increment on
gold:
Exchange stabilization fund
Melting losses. Ac
Payments to Fed. Res. Banks
(Sec. 13-13, Federal Reserve
Act, as amended)
Total
GOVERNMENT RECEIPTS AND EXPENDITURES
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts and disbursements for February
1935 and 1934 and the eight months of the fiscal years
1934-35 and 1933-34.
March 9 1935
28,525,994,303 26,052,375,585 28,525,991,303 26,052,375,585
16,759,599
10,238,783
147,131,877
103,316,726
68,211
6,292,141
2,808,221,138
1,289,673
85,896,699
2,808,221,138
23,119,981
2,818,459,921
234,318,249
2.911,537,864
28,734,508
8,843,126
93,926,304
85,849,800
136,973
13,507,174
1,885,753
30,620,261
8,643,126
107,570,451
85,849,800
Excess of receipts or credits_
126,747,798 2,825,688,064
2,809,816,795
Excess of expenditures
7,500,280
a ExCa.33 of credits (deduct,.
Note I-Additional expenditures on these accounts for the months and the fiscal
years are included under emergency expenditures, the classification of which will
be shownin the state nent of classified receipts and expenditures appearing on page
5 of the daily Treasury statement for the 15th of each month.
Note 2-The expenditures of the Reconstruction Finance Corporation include
$44,725,213.27 for this month and $485,499.344.28 for the fiscal year 1935 to (late
for account of the Federal Emergency Relief Administration. in accordance with the
Emergency Appropriation Act. approved June 19 1934.
Note 3—This item represents seignorage resulting from the issuance of sliver
certificates equal to the cost of silver acquired under the Silver Purchase Act of 1934
and the amount returned for the silver received under the President's proclamation
dated Aug. 9 1934.
PRELIMINARY DEBT STATEMENT OF THE
UNITED STATES FEB. 28 1935
The preliminary statement of the public debt of the United
States Feb. 28 1935, as made upon the basis of the daily
Treasury statement, is as follows:
Bonds2% Consols of 1930
2% Panama Canal loan of 1916-38
2% Panama Canal loan of 1918-38
3% Panama Canal loan of 1961
3% Conversion bonds of 1948-47
% Postal Savings bonds(9th to 48th series)
$599,724.050.00
48,954.180.00
25.947,400.00
49,800,000.00
28.894,500.00
101,943,340.00
$555,263,470.00
First Liberty loan of 1932-47:
334% bonds
$1,392,226,250.00
4% bonds (converted).5,002,450.00
535,981,250.00
4h% bonds (converted)
3,177,359,600.00
$758,983,300.00
1,036.834.500.00
489,087,100.00
454,135,200.00
352,993,950.00
544.914,050.00
818.646,500.00
755,478,850.00
834,474,100.00
1,400,570,500.00
1.518.858.800.00
824,508,050.00
491,377.100.00
10,280,882,000.00
Total bonds
Treasury Notes—
li% series A-1935, maturing June 15 1935._
1 % series 11-1935, maturing Aug. 1 1935_
23.4% series C-1935, maturing Mar. 15 1935 _
294% series D-1935, maturing Dec. 15 1935__
334% series A-1936, maturing Aug. 1 1936___
234% series 13-1936, maturing Dec. 15 193623.4% aeries 0-1938, maturing Apr. 15 1936_
1 H% series D-1936, maturing Sept. 151936...
1%% series E-1936, maturing June 15 1936_
1134% series A-1937, maturing Sept. 15 1937 _
3% series 11-1937. maturing Apr. 15 1937____
8% series 0-1937. maturing Feb. 15 1937__
234% series A-1938, maturing Feb. 1 1938.2%% series B-1938, maturing June 15 1938-8% series 0.1938, maturing Mar. 15 i938.,
2)4% series D-1938, maturing Sept. 15 1938—
% series A-1939, maturing June 15 1939_
4% Civil Service retirement fund, series 1935
to 1939
4% Foreign Service retirement fund, series
1935 to 1939
4% Canal Zone retirement fund, series 1936
to 1939
2% Postal Savings System series, maturing
June 30 1939
2% Federal Deposit Insurance Corporation
series, maturing Dec. 1 1939
$16,246,695,020.00
$416,602,800.00
353,865,000.00
528.101,600.00
418,291,900.00
364,138,000.00
357,921,200.00
558,819,200.00
514.066.000.00
686,616,400.00
817,483,500.00
502,361,900.00
428,730,700.00
276,679,600.00
618,056.800.00
455,175,500.00
596,405,100.00
1.293,714,200.00
$9,187,029,400.00
245,500,000.00
2,642,000.00
2,272,000.00
45.000,000.00
100,000,000.00
9,582,443.400.00
Certificates of Indebtedness4% Adjusted Service Certificate Fund series.
maturing Jan. 1 1936
Treasury Bills (Maturity Value)—
Series maturing Mar. 6 1935
Series maturing Mar. 13 1935
Series maturing Mar. 20 1935
Series maturing Mar.27 1935
Series maturing Apr. 3 1935
Series maturing Apr. 10 1935
Series maturing Apr. 17 1935
Series maturing Apr. 24 1935
Series maturing May 1 1935
Series maturing May 8 1935
Series maturing May 15 1935
Series maturing May 22 1935
Series maturing May 29 1935
Series maturing June 5 1935
Series maturing June 12 1935
Series maturing June 19 1935
Series maturing June 26 1935.
Series maturing July 3 1935
Series maturing July 10 1935
Series maturing July 17 1935
Series maturing July 24 1935
Series maturing July 31 1935
Series maturing Aug. 7 1935
Series maturing Aug. 14 1935
Series maturing Aug. 21 1935
Series maturing Aug. 28 1935
Series maturing Nov. 27 1935
161,100,000.00
$75,290,000.00
75,365.000.00
75,041,000.00
75,023,000.00
75,038,000.00
75,360,000.00
75,248,000.00
75,102,000.00
75,015,000.00
75.075,000.00
75,045.000.00
75.168,000.00
75,287,000.00
75.139,000.00
75,079,000.00
75,020,000.00
75.300.000.00
75,150,000.00
75,185,000.00
75.079.000.00
75,129.000.00
75,106,000.00
75,185,000.00
75,112,000.00
75,024,000.00
50,054,000.00
50,185,000.00
Total interest-bearing debt outstanding
Debt Bearing No Interest—
United States notes
Lees gold reserve
—19,466,518
1,783,694,335
889,694,775
41,259,335
235,399.338
3,911,655
3,270,433
43,844,754
103,489.154
4,085,395
2,157,520
283,840,761
153.576,823
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount secured on War Savings Certificates
Settlement on warrant checks
Treasury bills, series matUr111111935—Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3
Apr. 10
Apr. 17
Apr. 24
May 1
1934—Jan. 3
Jan. 10
Jan. 17
Jan. 24
Nov. 7
Nov. 14
Nov. 21
Dec. 19
Dec. 26
1933—Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov. 29
Dec. 6
Dec. 20
Dec. 27
Oct. 31 1933
$
599,724.050
48,954.180
25,947,400
49,800,000
28,894,500
1,492,897,000
1,392,227.350
5,002,450
532,489,950
3,492,150
5.622,765,100
758,983,300
1,036,834,500
489.087.100
454,135,200
352.993.950
544,915,050
819,497,000
759.494,200
835,043,100
645.351,650
68,633,500
5,150,172,200
c75,167,000
c75,235,000
c75,144,000
c75,200.000
c75,025,000
c75.327.000
c75,320,000
c75,090,000
c75,065.000
c75,290,000
c75,365.000
c75,041,000
c75,023.000
c75,038,000
c75,360,000
c75,248,000
c75,102,000
c75,015.000
c100,050,000
c75,020,000
c75,523,000
c80.034,000
c50,173,000
c50,080.000
c50,140,000
c75,226,000
c75,353,000
c60.096,000
c75,143,000
c75.100,000
030,200.000
c100,296,000
c75,039.000
c100,015,000
c75,082,000
26,643.066,300 22,668,932,880
309,116.629
496,780,022
72,281,310
48,283,820
a27,188,130,142 23,050,330,819
Total debt
Deduct Treasury surplus or add Treasury deficit ___ +1499853,574 +736,117,952
13625,688,276,568 22,314,212,867
Net debt
a Total gross debt Oct. 31 1934 on the basis of daily Treasury statements was
$27,188,021,665.58, and the net amount of public debt redemptions and receipts
In transit, &c. was $108.476.25. b No reduction Is made on account of obligations
of foreign governments or other investments. c Maturity value. d Includes amount
of outstanding bonds called for redemption on April 15 1934.
$27,969,042,420.00
$1,524,980.26
1,864,600.00
3,026,650.00
10,900.00
808,400.00
3,020.900.00
16.222.550.00
25,157,000.00
393,525.00
52,029.505.26
3346,681,016M
156,039,430.93
CONTINGENT LIABILITIES OF THE UNITED STATES, OCT. 31 1934
—Amount of Contingent Ltalrilit,-7'otal
Interest a
Detail—
Principal
Guaranteed by the United States:
$
Federal Farm Mortgage CorP.:
5
$
39,027,505.56
2% bonds of 1935
38,900,000.00
12i.505.56
3% bonds of 1944-49
660,045,000.00 9,075,618.74 669,120.618.74
431,452.53 106,635,152.53
334% bonds of 1944-64
106,203,700.00
805,148,700.00
Federal Housing Administration_
Home Owners' Loan Corp.:
4% bonds 01 1933-51
3% bonds, series A, 1944-52_ _ _1,079,092,700.00
254% bonds,series B, 1939-49_ _ 314,829,300.00
134% bonds, series C, 1936_ _-- 49,736,000.00
134% bonds, series D. 1937.-- 49,843,000.00
49,532,100.00
2% bonds, series E, 1938
9,634,576.83
814,783,276.83
2,806.352.67
132,806,352.67
16,186.390.50 1,095,279.090.50
2,164,451.44 316,993,751.44
49,891,425.00
155,425.00
50,024,719.20
181,719.20
49,738.483.75
206,383.75
•1,543,033.100.00 21,700,722.56 1,564,733,822.56
308,946,490.50
2,036,415.33
3,297,887.04
504.922,377.94
$28,525,994,303.20
Total gross debt
a Includes amounts of outstanding bonds called for redemption on April 15 1934,
1934,
on
which
interest
has
ceased.
and Oct. 15
+1499853,574 +736,117.952
INTEREST-BEARING DEBT OUTSTANDING
Interest Oct. 31 1934
$
Payable
Title of Loan—
Q.-J. 599,724,050
2s Consols of 1930
48,954,180
Q.-F.
25 of 1916-1936
25.947,400
Q -F.
2s of 1918-1938
49,800,000
Q.-M.
3s of 1961
28,894,500
Q
-.I
38 convertible bonds of 1948-1947
1,1.3,996,500
Certificates of indebtedness
J -D 1,592,226.250
3148 First Liberty Loan, 1932-1947
5,002.450
45 First Liberty Loan, converted 1932-1947_ __J.-D.
434s First Liberty Loan, converted 1932-1947...J.-D. 532,489,100
3,492,150
1932-1947_4.-D.
cony_
4345 First Liberty Loan. 2d
A -0.d3 251,338,200
414s Fourth Liberty Loan of 1933-1938
758,983,300
A.-0.
1947-1952
Treasury
bonds
of
434s
J.-D, 1,036.834,500
35 Treasury bonds of 1944-1954
M.-S. 489,087.100
8345 Treasury bonds of 1946-1956
J -D. 454.135,200
bonds
of
1943-1947
3445 Treasury
J.-D. 352.993,950
3345 Treasury bonds of 1940-1943
M.-S. 544,914,050
8345 Treasury bonds of 1941-1943
J,-D, 819,096,500
3345 Treasury bonds of 1946-1949
M.-S. 755,478.850
35 Treasury bonds of 1951-1955
F.-A. 834,474,100
3345 Treasury bonds of 1941
A -0. 1,400.570,500
4345-3345 Treasury bonds of 1943-1945
1,510,846.850
334e Treasury bonds of 1944-46
824,508,050
3s Treasury bonds of 1948-1948
88,684.020
J -J.
2145 Postal Savings bonds
8,026.567,550
Treasury notes
$190,641,585.07
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional currencyThrift and Treasury savings stamps. unclassified sales, Jo
909.161,293
1,811,617,973
Balance end of month by daily statements. &o
Add or Deduct—Excess or deficiency of receipts Over
—27,923,638
or under disbursements on belated items
Aggregate of Interest-bearing debt
Bearing no Interest
Matured ,interest ceased
1.978,804,000.00
Matured Debt on Which Interest Has Ceased—
Old debt matured—Issued prior to April 1 1917
4% and 434% Second Liberty Loan bonds of
1927-42
434% Third Liberty Loan bonds of 1928._
334% Victory notes of 1922-23
434% Victory notes of 1922-23
Treasury notes, at various interest rates
Ctrs, of indebtedness, at various interest rates
Treasury bills
Treasury savings certificates
CASH AVAILABLE TO PAY MATURING OBLIGATIONS
Oct. 31 1933
Oct. 31 1934
Balance, deficit(—)or surplus(+)
5,110,569.550.00
Treasury bonds:
434% bonds of 1947-52
4% bonds of 1944-54
% bonds of 1946-56
334% bonds of 1943-47
334% bonds of 1940-43
”i% bonds of 1941-43
3H% bonds of 1946-49
3% bonds of 1951-55
334% bonds of 1941
834% bonds of 1943-45
334% bonds of 1944-46
3% bonds of 1946-48
3)4% bonds of 1949-52
COMPLETE PUBLIC DEBT OF THE UNITED STATES
The statement of the public debt and Treasury cash holdings of the United States, as officially issued as of Oct. 31
1934, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
and net debt on that date, we append a summary thereof,
making comparison with the same date in 1933:
Total
$1,933,209,950.00
3h% Fourth Liberty loan of 1933-38 (called
and uncalled)_o
1605
Financial Chronicle
Volume 140
Reconstruction Finance Corp.:
234% notes, series E
2% notes, series F
3% notes, series G
2% notes, series H
149,621,666.67 1,278,529.40
64.093,000.00
397,097.93
16,000,000.00
148,695.65
18,435,500.00
123,237.31
150,900,196.07
64.490,097.93
16,148,695.65
18,558,737.31
248,150,186.87 1,947,580.29 c250,097,726.96
Total, based upon guarantees
2,829,814,826.35
1606
Financial Chronicle
CONTINGENT LIABILITIES OF THE UNITED STATES, OCT. 31 1934
—Amount of Contingent Liabilitg—
Interest a
Total
Principal
On Credit of the United States:
Secretary of Agriculture
92,764.697.00
124,126.52 d92,888,823.52
Postal Savings System:
Funds due depositors
1,192,843,677.70 23,408,571.00 e1216,252,248.70
Tennessee Valley Authority
Total, based upon credit of the
United States
1,309,141,072.22
Other Obligations—
Federal Reserve notes (face amt.).
63,421,656,824.00
* Includes only bonds issued and outstanding. a After deducting amounts of
funds deposited with the Treasury to meet interest payments. b Interest on 5348,080,375 face amount of bonds. c Does not include $3,300,000,000 face amount of
notes and accrued Intelest thereon, held by Treasury and reflected in the public
debt. d Funds borrowed by Secretary of Agriculture pursuant to Sec. 4 of the Act
of May 12 1933, upon cotton in his possession or control, for which the warehouse
receipts for such cotton have been pledged as collateral. e Figures as of Sept. 30
1934—figures as of Oct.311934, not available Offset by cash in designated depository
banks and accrued interest amounting to $577,656,630.76, which is secured by the
pledge of collateral as provided in the regulations of the Postal Savings System having
a face value of $591,279,235.74: cash in possession of System amounting to $73,739,316.60, and Government securities with a face value of $560,572,390 held as
investments, and other assets. f Exclusive of $22,029,876 redemption fund deposited
In the Treasury. Federal Reserve notes Issued are secured by gold certificates in the
amount of $3,224,416,000: United States Government securities of a face value of
5277,800,000, and commercial paper of a face amount of $9,238,000.
CURRENT
NOTICES
—Inflation is not a prerequisite of continued real estate recovery in the
opinion of H. R. Amott, President of Amott, Baker & Co., Inc., who said
that "the people who have an equity or a mortgage interest in the earnings
ofsound business or residential properties need look only to the constructive
though slower, processes of orderly business recovery, and with more
confidence.
"Numerous evidences of improved conditions in the real estate market,
and of enhanced investor interest, are supported by the current AmottBaker Realty Bond Price Averages which show that 200 diversified real
estate security issues on properties located in various eastern cities advanced
an average of 3.8% during February, and a total of 8.2% since January 1.
"Such an increase in real estate security prices may be properly interpreted, I believe, as due in large part to improved earnings of the properties.
During the past few months, this has been especially marked with respect
to housekeeping apartments and certain types of business properties.
"Any degree of increase in commerce or industry generally, together
with a more normal flow of money in usual business channels, cannot help
but affect real estate, because these affect, in turn, the demand for rentable
space both of business and residential properties."
—At a meeting of the Board of Directors of The Association of Cotton
Textile Merchants of New York, held on Tuesday, the following officers
were re-elected to serve for the present year: President, W. Ray Bell.
Vice-President, Harry L. Bailey, of Wellington Sears & Co. Treasurer,
John C. Hughes Jr., of McCampbell & Co., Inc. New directors of the
Association, elected at the recent annual meeting to serve until the annual
meeting in 1938, are: Walter S. Brewster of Pacific Mills. Elroy Curtis of
Southeastern Cottons, Inc. William D. Judson of Parker, Wilder St Co
and George M. Miller of Turner Halsey Co.
—C. G. Blackwell & Co., Inc. of Denver, Colo., members Denver Stock
Exchange, announce the opening of a New York office at 42 Broadway
under the management of 8. L. Forst.
NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
VOLUNTARY LIQUIDATIONS
Capital
Feb. 25—The Shenandoah National Bank of Woodstock, Va
$30,000
Effective Feb. 23 1935. Liq. agent: E. W.Newman, Woodstock,
Va. Succeeded by the Shenandoah County Bank & Trust Co.,
Woodstock, Va.
Feb. 25—The Peoples National Bank of Rochester, Pa
50,000
Effective Feb. 18 1935. Liq. committee: Walter M. Yost,
Joseph C. Campbell and Geo. M. Helier, all of Rochester, Pa.
Absorbed by the First National Bank of Rochester, Pa.,
charter No. 2977.
Feb. 25—The Massanutten National Bank of Strasburg, Va
50,000
Effective Feb. 23 1935. Liq. agents: Dr. B. R. White and C. D.
Smith, care of the lig. bank. Succeeded by the Massanutten
Bank of Strasburg, Va.
Feb. 27—The First National Bank of Browerville. Minn
25,000
Effective Feb. 2 1935. Liq. agent: Robt. J. Holig, Browerville,
Minn. Succeeded by the Lee State Bank, Browerville, Minn.
March 1—The First National Bank of Dolton Ill
50,000
Effective Feb. 23 1935. Liq. agent: the First National Bank in
Dolton, Ill. Succeeded by the First National Bank in Dolton,
charter No. 14319.
BRANCH AUTHORIZED
Feb. 25—The First National Bank of Mount Vernon, N. Y. Location
of branch: Village of North Pelham, Westchester County, New York.,
certificate No. 1151A.
Feb. 27—The Citizens National Trust & Savings Bank of Riverside, Calif.
Location of branch: City of San Bernardino, County of San Bernardino,
Calif., certificate No. 1152A.
March 1—Bank of America National Trust & Savings Association, San
Francisco, Calif. Location of branch: Unincorporated Town of Avenel,
Kings County, Calif., certificate No. 1153A.
AUCTION SALES
Among other securities, the following, not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Boston and Philadelphia on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares
Stocks
5 Keystone Trust Co. of Harrisburg, Pennsylvania (Pa.), par $50
$ per Share
$16 lot
By Adrian H. Muller & Son, Jersey City, N. J.:
No sales.
By Barnes & Lofland, Philadelphia:
Shares
Stocks
34 Norristown-Penn Trust Co., Norristown, Pa., par S100
25 Corn Exchange National Bank dr Trust Co., par $20
15 Girard Trust Co., par $10
411Philadelphia Bourse common, par $10
15 National Liberty Insurance Co. of America
Bonds
51.000 U. S. Treasury 3s. due 1955 optional 1951 (M.& S. 15)
per Share
20
344
92
8
6 st
Per Cent
103 dc
March 9 1935
By. R. L. Day & Co., Boston:
Shares
Stocks
$ per Share
10 Louis de Jonge & Co. 7% preferred, par 5100
9
10 Atiantio Gas & Electric Corp. common; $2,000 cony. 6s, June 1933, series
A. Coupon June 1931 and subsequent on
$41i lot
7 Atlantic Gas & Electric Corp. common; 14 Atlantic Gas & Electric Corp.,
common class A; 55 Davis Industries, Inc.. class B; 10 New England Bond
Sc Mortgage Co. common; 15 New England Bond Sc Mortgage Co., pref.,
par $50; 45 Public Indemnity Co., temp. ctf., par $2%*
$2g lot
200 Aerial Rotary Engine Co.. par $10; 10 International Cumbustion Engineering Corp., common
25c I et-By Crockett & Co., Boston:
Shares
Stocks
per Share
1North Boston Lighting Properties, preferred, par $50
47
25 Plymouth Cordage Co.. par $100
79
100 International Match Corp., partic. pref., par $35; 29 Stevens Mfg. Co.,
pref., par $100
$10 lot
20 New England Public Service Co., 166 pref., par $100
134
Bonds
Per Cent
$2,500 Berkshire Street Ry. ext. 6s, due June 1 1937
2434 flat
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
Abraham & Straus
30c
15c
Extra
881
Acme Glove Works,63 % Preferred
Alabama Sc Vicksburg By.(s.-a.)
$3K
hie
Allen Industries. $3 preferred
American Agricultural Chemical Co.(guar.).—
50c
American Capital, $3 preferred
h75c
American Cyanamid Co., corn. class A and B-10c
American Drug Fire Insurance
$234
Extra
500
American Express(quar.)
$1
American Hard Rubber Co.,8% pref. (quar.)_ _
American Hardware (quar.)
25c
American Hosiery(guar.)
25c
American Insurance(Newark)(s.-a.)25c
American Snuff Co., common
3
Preferred
1
American Sugar Refining (quar.)
boo
Preferred (quar.)
American Water Works & Electric Co.—
$6 series 1st preferred tzluarl
Anchor Cap Corp.,corn.(quar.
$6 preferred (quar.)
Appalachian Electric Power,$7 pref. (quar.)$6 preferred (quar.)
Associated Breweries of Canada (guar.)
r2Sc
Preferred (quarterly)
r$11.
3g
Axton-Fisher Tobacco,class A (quar.)
Class B (quar.)
40c
Preferred (quar.)
$134
Bankers Trust Co.(quar.)
7c
Beatrice Creamery (special)
Preferred (quar.)
$134
Beech Creek BR. Co.(quar.)
50c
Bell Telephone of Pa.,6X% pref.(quar.)
sig
Bandini Petroleum (monthly)
Belding Corticelli (quar.)
$1
Belding Herninway
50c
Black & Decker.8% cumulative preferred
h50c
Bloomingdale Bros
10c
Borg-Warner (quarterly)
37Xc
Preferred (guar.)
$1 X
Bridgeport Gas Light(quar.)
60c
Bridgeport Machine Co
/42
British-American Assurance (s.-a.)
75c
Broad Street Investing Co., Inc.(quar.)
20c
Brown-Forman Distillery
e5%
Bucyrus-Monighan, class A (quar.)
450
Burdine's Inc., preferred
h$1
Preferred (quar.)
70c
Cambria Iron Co.(semi-annual)
81
Cambridge investment Corp. A & B (8.-a.)
25c
Canada Permanent Mtge. Corp. par.
)
$2
Cada
na
Permanent Mtge. Corp.(quar.
$2
Canadian General Electric (quer.
75c
Preferred (quarterly)
870
Canadian Westinghouse (quar.)
Canadian Wirebound Boxes, A
825
Cannon Mills (quar.)
Capital Administration Co., pref. ser. A (quar.)
7
Central Aguirre Sir (quar.)
37Xc
Celanese Corp. of Amer.,7% cum. pref.
$134
Central Hanover Bank & Trust Co.(quar.)..
ilk
Central Tube
Chicago Dock & Canal (quar.)
$1 X
Chicago Flexible Shaft Co.(quar.)
30c
Extra
10c
Chicago Junction Ry.& Union Stockyards (qu.)
Preferred (quarterly)
Cincinnati & Suburban Bell Telep. (quar.).._
Cinci. Newport & Covington Lt. & Tr. (quar.) - $1 X
434 preferred (quar.)
$1.125
City of Paris Dry Goods.2d prof
h$9
7% 1st preferred
147
Cleveland Electric Illuminating (quar.)
50c
Cluett, Peabody & Co., Inc., pref. (quar.)
$IM
Coca-Cola International Corp., corn. (quar.)_ _
Cohen (Dan.) Co.(quar.)
Colgate-Palmolive-Peet, preferred (quar.)
$1
Columbia Pictures (quar.)
2
Commonwealth Edison (quer.)
$1
Consumers Gas Co. of Toronto (quar.)
$234
Continental Bank & Trust (quar.)
20c
Continental Baking Corp., pref. (quar.)
Si
Continental Gas & Electric, pref. (quar.)
Si X
Courier-Post, preferred (quar.)
$131
Dayton Power & Light Co.,6% prof.(monthly)50c
Dejoy Stores, class A
h55c
Deposited Bank Shares (N. Y. series)
4Xc
Des Moines Gas Co.(quar.)
SI
7% preferred (quarterly)
8714c
Detroit Hillsdale & Southwestern RR.(s.-a.)_ _
$2
Semi-annually
$2
Dominion Textile Co.(quar.)
Si
East Missouri Power Co.,7% pref. (8.-a.)
$3
Eastern Steamship Lines, 1st preferred (quar.).. $1
Preferred, no par (quar.)...
87
Eastern Township Telephone Co
Eastman Kodak (guar.)
Preferred (guar.)
$1
Ecuadorian Corp., Ltd
Electrographic Corp., preferred
Preferred
$14
$ig
:Ai
When Holders
Payable of Record
Mar.30 Mar.21
Mar.30 Mar. 21
Mar. 15 Feb. 28
Apr. 1 Mar. 8
A
mpar.
r.30
1 Mar. 20
Mar. 18
Mar. 25 Mar. 15
Apr. 1 Mar. 16
Mar. 1
Mar. I
Apr. 1 Mar.22
Apr. I Mar. 16
Apr. 1 Mar. 16
Mar. 1 Feb. 21
Apr. 1 Mar. 15
Apr. 1 Mar. 14
Apr.
AApprr 212 Mar. 14
Mar. 5
Mar. 5
Apr. 1 Mar. 18
Apr. 1 Mar. 20
Apr. 1 Mar. 20
Apr. 1 Mar. 6
Apr. 1 Mar. 6
Mar.31 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 14
Apr. 1 Mar. 14
Apr. 1 Mar. 15
Apr. 15 Mar.20
Mar. 20 Mar. 6
May 1 Apr. 15
Apr. 30 Apr. 1
Mar.30 Mar. 18
Mar. 18 Mar. 16
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Mar.30 Mar. 15
Mar. 25 Mar. 15
Apr. 1 Mar. 23
Apr. 1 Mar. 16
Mar. 12 Mar. 8
Apr. 1 Mar. 20
Apr. 1 Mar. 16
Apr. 1 Mar. 16
Apr. 1 Mar. 15
Apr. 1 Mar.20
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 18
Feb. 1 Mar. 15
Apr. 1 Mar. 18
Apr. 1 Mar. 18
Apr. 1 Mar. 19
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Mar. 25 Mar. 15
Mar. 1 Feb. 26
Mar.30 Mar.20
Mar. 30 Mar. 20
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 20
Apr. 1 5Mar.30
Apr.Mar.1 Mar.30
Mar. 1
Apr. 1 Mar. 20
Apr, 1 Mar.21
Apr. 1 Mar. 12
Apr. 1 Mar. 15
Apr. 1 Mar. 5
Apr. 1 Mar. 13
May 1 Apr. 15
Apr. 1 Mar, 15
Apr. 1 Mar. 15
Apr. 1 Mar. 18
Apr. 1 Mar. 12
Apr. 1 Mar. 15
Apr. 1 Mar. 20
Apr. 1 Mar. 15
Apr. 1 Mar. 1
Apr. 1 Mar. 15
Apr. 1 Mar. 15
July 5 June 20
Jan. 6 Dec. 20
Apr. 1 Mar. 15
Apr. 1 Mar. 20
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 15 Dec. 31
Apr. 11 Mar. 5
Apr. 1 Mar. 5
Apr. 1 Mar. 11
Mar. 1 Feb. 18
Mar. 1 Feb. 18
Name of Company
Per
Share
When Holders
Payable of Record
Electric Auto-Lite, preferred (quar.)
ilg Apr. 1 Mar. 15
25c Mar. 20 Mar. 9
Emsco Derrick & Equipment
75c Apr. 1 Mar. 10
Endicott-Johnson (quar.)
Apr. 1 Mar. 18
Preferred (quar.)
25c Apr. 1 Mar. 18
Evans Products
50c Mar. 15 Mar. 2
Fear (Fred.) & Co.(quar.)
15c Apr. 1 Mar. 21
Federal Dept. Stores (guar.)
10c Apr. 1 Mar.21
Extra
20c Mar.31 Mar. 19
Filenes(Wm.)Sons Co.(quar.)
10c Mar.31 Mar. 19
_Extra
Apr. 1 Mar. 19
Preferred (quar.)
$2X Apr. 1 Mar.16
Finance Co.of Penna.(guar.)
h25c Apr. 15 Mar. 25
First National Corp. (Portland), class A
Apr. 1 Mar. 12
$1
Fisk Rubber,$6 pref.(quar.)
Foreign Light & Power,$6 prat.(guar.)
$1 1 Apr. 1 Mar.20
Mar.25 Mar. 15
49W.37th St., vot. trust certificates (s.-a.)Si X Apr. 1 Mar. 15
Gannett, $6 cony. pref. (quar.)
$1 X Apr. 1 Mar.20
General American Investors, pref.(guar.)
15c Apr. 25 Mar. 15
General Electric
30c Apr. I Mar. 18
General Printing Ink(quar.)
$1 X Apr. I Mar. 18
$6 preferred (quarterly)
/41% Apr. 1 Mar. 18
Godschaux Sugar, $7 preferred
2V c Mar.30 Mar. 9
Goebel Brewing (guar.)
25c Mar.30 May. 15
Granite City Steel Co.(quar.)
Apr. 1 Mar. 15
141
Greening (B) Wire, preferred
Apr. 1 Apr. 20
$1
Greenwich Water & Gas,6% pref. (quar.)
Mar. 29 Mar.21
5
Groton-Pew Fisheries Co.(quar.)
$100 Mar.29 Mar. 9
Group No. 1 Oil Corp. (quar.)
Apr. 1 Mar. 8
3
Guaranty Trust Co.of N. Y.(quar.)
Mar.31 May. 18
43
Hackensack Wat.7% pref. A (quar.)
Mar.20 Mar. 5
$1
Hanna iM.A.)preferred (quar.)
75c May 15 May 4
Hawaiian Commercial & Sugar (quar.i
43 c Mar. 15 Mar. 1
Hearst Consol.Publishers,Cl. A(guar.
Sly Mar.30 Mar. 28
Heath (D. C.) & Co.. 7% pref. (quar.
$1% Apr. 1 Mar.23
Hickok OIL 7% preferred
Mar.25 Mar. 9
Hollinger Consolidated Gold Mines
Mar.25 Mar.20
Homestake Mining (monthly)
$2 Mar. 25 Mar. 20
Extra
15c Mar. 10 Feb. 28
Honolulu Plantation (mo.)
$1 X Apr. 1 Mar.21
Horn & Hardart(Phila.)(guar.)
75c Apr. 15 Mar.29
Household Finance Corp..class A & B corn.(qu.)
87 c Apr. 15 Mar.29
Participating preference (quar.)
Houston Natural Gas Corp., 7% pref. (quar.).. 87 c Mar.30 Mar.20
Oc Apr. 1 Mar. 15
Huron & Erie Mtge.Co
$1 Apr. 1 Mar. 16
Huylers of Del. 7% pref. stpd & unstpd. (quar.)
50c Apr. 1 Mar. 11
Hygrade Sylvania Corp., corn
Preferred (quar.)
s1g Apr. 1 Mar. 11
Mar. 20 Mar. 5
Idaho Maryland Consolidated Mines (quar.)2c Mar.20 Mar. 5
Extra
$13i Mar.30 Mar.20
Illinois Bell Telep
3% Mar.30 May. 15
Imperial Tobacco of Canada,pref.(s.-a.)
1 % Mar.30 Mar. 15
Ordinary (quarterly)
Ordinary (final)
% Mar.30 Mar. 15
Imperial Tobacco of G. B.& Ireland—
71.6 Mar. 8 Feb. 13
American deposit receipts for ord.reg
$145 Apr. 1 Mar. 6
Indiana General Service.6% pref.(quar.)
Indiana & Michigan Electric,7% pref.(guar.)-- $14 Apr. 1 Mar. 6
SIX Apr. 1 Mar. 6
6% preferred (quar.)
Apr. 1 Mar. 5
Indianapolis Power & Light,63 % pref.(quar.)_ $1
6% preferred (quar.)
$IX Apr. 1 Mar. 5
20c Apr. 1 Mar. 15
International Button Hole Machine (quar.)_ lc Mar. 1 Feb. 23
InternaGional Coal & Coke,Ltd
$1 Si May 1 Apr. 1
International Nickel of Can.,pref.(quar.)
50C Apr. 1 Mar. 15
International Shoe (guar.)
50c Mar. 15 Mar. 1
Investors Corp. of Phila.(quar.)
25c Mar. 15 Mar. 1
Extra
Apr. 1 Mar.15
$1
Iowa Power & Light,7% pref. (quar.)
Apr. 1 Mar. 15
$1
6% preferred (quar.)
Mar. 1 Feb. 15
Irving Oil Co.,Ltd.,6V pref.(quar.)
7
Apr. 1 Mar. 11
Jersey Central Power & Light,7% pref.(qu.)- - $1
Apr. 1 Mar. 11
$1
6% preferred (quarterly)
Apr. 1 Mar. 11
$1
55 % preferred (quarterly)
Jones (J. Edw.) Realty Trust,ser. D partic.ctfs. $7.
Feb. 28 Jan. 31
Series E participating certificates
$1.38 Feb. 28 Jan. 31
Series F participating certificates
$1.20 Feb. 28 Jan. 31
Series G participating certificates
$1.30 Feb. 28 Jan. 31
Series H participating certificates
$1.20 Feb. 28 Jan. 31
Series I participating certificates
$1.75 Feb. 28 Jan. 31
Series J participating certificates
$8.60 Feb. 28 Jan. 31
Series K participating certificates
$1.20 Feb. 28 Jan. 31
Kansas City Fire & Marine Ins.(initial)
30c
Kansas Gas& Electric,7% cum.pref.(quar.) - $1X Apr. 1 Mar. 14
$6 preferred (quarterly)
$1 V Apr. 1 Mar. 14
Kelvinator Corp
12Vc
151
15r. Mar. 5
Keystone Custodian Fund,811-1
Feb. 28
1.946c
Keystone Public Service, pref. (quar.)
70c Apr. 1 May. 15
King Royalty Co.,8% pref. (guar.)
$2 Mar. 31 Mar. 15
Koloa Sugar (monthly)
50c Mar.30 Mar. 25
Lambert Co., common (quar.)
75c Apr. 1 Mar. 18
Lazarus (P. & R.) Co.(quarterly)
10c Mar.30 Mar. 20
Extra
5c Mar.30 Mar. 20
Lehigh Power Security
34c Mar. 1 Feb. 15
Lehman Corp.(quar.)
60c Apr. 5 Mar. 22
Extra
25c Apr. 5 Mar. 22
Leslie-California Salt (quar.)
75c Mar. 15 May. 1
Ludlum Steel Co., pref. (quar.)
$154 Apr. 1 Mar. 23a
Marine Midland Corp. (quar.
10C Apr. 1 Mar. 15
McCall Corp. common guar.
50c May 1 Apr. 5
McKeesport Tin Plate guar.
$1 Apr. 1 Mar.15
McQuay Norris Mfg.(quar.)
75c Apr. 1 Mar. 11
Mack Trucks, Inc (guar.)
25c Mar.30 Mar. 15
Manufacturers & Traders Trust (quay.)
30c Mar.30 Mar. 20
Marine Midland Trust (N. Y.) (quar.)
37C Mar. 18 Mar. 16
Extra
15c May. 18 Mar. 16
Co.
(guar.)
Mead Johnson &
75c Apr. 1 Mar. 15
Extra
25c Apr. 1 Mar. 15
Meadville Conneaut Lake & Linesville RR.(s.a.)
$1 Apr. 1 Mar. 15
Merchants & Miners Transportation Co.(qu.)-40c Mar.30 Mar. 12
Merrimac Hat Corp. (guar.)
$1 Mar, 1 Feb. 26
8% preferred (quarterly)
Si May. 1 Feb. 26
Metropolitan Coal, 7% pref. (guar.)
$t Mar.30 Mar.23
Midland Royalty, $2 preferred
h25c Mar. 15 Mar. 13
87ttc Apr. 1 Mar.20
Missouri Edison. $7 cum. pref. (guar.)
e2
Monroe Paper Products
Mar. 1
1 c Apr. 1 Mar. 154
Mountain Producers Corp. (guar.)
/41X Apr. 1 Mar. 15
National Auto Fibers, preferred
25c Apr. 1 Mar. 12
National Candy (guar.)
Apr. 1 Mar. 12
1st & 2d preferred (quar.)
National Enameling & Stamping Co
Mar.30 Mar.20
Mar. 1 Feb. 20
National Linen Service.$7 Preferred
Ise Apr. 1 Mar. 14
National Tea Co.,corn.(quar.)
New England Power Co.,6% preferred (guar.). sig Apr. 1 Mar. 11
Apr. 1 Mar. 15
Newport Electric Corp.,6% prof. (guar.)
Mar. 9 Feb. 28
Newark (Ohio) Telephone (guar.)
$184 Apr. 1 Mar.21
New York Shipbuilding Corp. (guar.)
10c Mar. 15 Mar. 5
1932 Trust Fund
$40 Mar. 15 Feb. 28
North American Bond Trust, ctfs. of int
25c Apr. 1 Mar. 11
North American Co., common (quar.)
75c Apr. 1 Mar. 11
Preferred (quar.)
North Central Texas Oil Co., Inc., pref. (quar.) sla Apr. 1 Mar. 11
Apr. 1 Mar. 11
North Eastern Water & Electric (quar.)
Si Feb. 11 Feb. 4
Northern Liberties Gas Co. (s.-a.)
70c Mar. 10 Dec. 31
Northwestern Drug
.35c Apr. 1 Mar. 20
Norwich Pharmacal Co. (quar.)
75c Apr. 1 Mar. 16
Nova Scotia Light & Power (guar.)
Apr. 1 Mar. 15
Si
Nunn Bush Shoe, 1st preferred
Apr. 1 Mar, 15
$1
2d preferred
Mar. 15 Mar. 6
1
Oahu Sugar, Ltd. (monthly)
Oakland Title Insur. & Guarntee Co. (Calif.)—
Si Feb. 25 Feb. 25
Quarterly
50c Apr. 1 Mar. 15
Ohio Service Holding Corp.. $5 preferred
1607
Financial Chronicle
Volume 140
,a
Apr.
'AA
Name of Company
Per
Share
When Holders
Payable of Record
$184 Apr. 1 Mar. 16
Old Colony RR.(quar.)
15c Apr. 1 Mar. 15
Old Colony Trust Associates (guar.)
15c Apr. 1 Mar. 15
Old Line Life Assurance Co. of America (qu.)
80c Apr. 1 May. 15
Ottawa Electric Ry. Co
50c Apr. 1 Mar. 15
Ottawa Traction, Ltd. (quar.)
$4 May. 15 Mar. 4
Pacific-American Fire Ins. (liquid.)
20c May 1 Apr. 15
Pacific Finance Corp. of Calif (Del.), pref. A
16Xc May 1 Apr. 15
Preferred C (quarterly)
17Xc May 1 Ap.. 15
Preferred D (guar.)
$184 Mar.30 Mar.20
Pacific Telephone & Telegraph Co. (quar.)
$1 X Apr. 20 Mar.30
Preferred (guar.)
50c May. 1 Feb. 20
Package Machinery Co. (quar.)
S1( Mar. 15 Feb. 28
Paton Mfg. Co Ltd.,7% pref.(guar.)
75c May 15 May 6
Penmen's, Ltd.(guar.)
$184 May 1 Apr. 23
Preferred (quarterly)
50c Mar.30 Mar.20
Penney (J. C.) Co., common (quar.)
5184 Mar.30 Mar. 20
Preferred (uar.)
$1 X Apr. 1 Mar.20
Pennsylvania Gas & Electric,7% pref.(quar.)
$1 V Apr. 1 May. 15
Pennsylvania Telep. Corp..6% prof.(quar.)
10c Mar. 15 Mar. 11
Pepeekeo Sugar (monthly)
i23c May. 15 Mar. 5
Petroleum Exploration, Inc. (quar.)
Soc Apr. 1 Mar. 15
Phoenix Insurance (quar.)
15c Apr. 1 Mar.20
Pie Bakeries
$184 Apr. 1 Mar.20
7% preferred (quar.)
75c Apr. 1 Mar. 20
2nd preferred (quar.)
50c Apr. 1 Mar. 9
Pittsburgh Plate Glass (guar.)
25c Apr. 1 May. 15
Pratt & Lambert (quar.)
$IX Apr. 1 Mar. 15
Provincial Paper, Ltd. preferred (quar.)
Prudential Investors, Inc.,6% preferred (quar.) $184 Apr. 15 Mar.30
20c Apr. 1 May. 15
Reece Button Hole Machine Co.(guar.)
Sc Apr. 1 Mar. 15
Reece Folding Machine Co
The Apr. 1 Mar. 18
Reynolds (R. J.) Tobacco Co.(guar.)
The Apr. 1 May. 18
Class B (quarterly)
$1 V Apr. 1 Mar. 20
Rochester Telephone (guar.)
$184 Apr. 1 Mar. 20
6% preferred (quay.)
25c Mar.20 Mar. 15
Roos Bros., Inc
Mar.20 May. 15
h81
Preferred
Feb. 15 Feb. 1
Rosemary Mfg. Co., 784% preferred (s.-a.)
Apr.
1 Mar.20
3
Ross Gear Tool (guar.)
30c Apr. 1 Mar.15
Rossia Insurance, (s.-a.)
25c Apr. 1 Mar. 5
Royal Baking Powder (quar.)
$1 Apr. 1 Mar. 5
6% preferred (guar.)
7oc May. 15 May. 10
St. Joseph South blend & Southern By (s.-a.).-..
$284 Mar. 15 May. 10
Preferred (semi-annually)
75e Apr. 1 Mar. 18
Safeway Stores (quarterly)
$IX Apr. 1 May. 18
7% preferred (quar.)
$IX Apr. 1 Mar. 18
6% preferred (guar.)
$184 Apr. 1 May. 16
Scranton Electric,$6 pref.(quar.)
Apr. 1 Mar. 16
87c
preferred
Selected Industries, $584
Apr. 1 Mar.20
Sharon Railway
Mar. 15 May. 9
Sheaffer(W. A.) Penn
50c Apr. 1 Mar. 9
South Porto Rico Sugar Co.. corn.(guar.)
Apr. 1 Mar. 9
Preferred (quarterly)
Apr. 1 Mar. 15a
South West Penna.Pipe Lines
Apr. 1 Mar. 20
Southwestern Bell Telep., pref. (guar.)
14184 May. 2 Feb. 20
Southern Bleachery & Print Works pref
707 preferred (quarterly)
Apr. 1 Mar.20
Southern California Edison Co.,.Ltd.—
Apr. 15 Mar.20
43
Original preferred (quar.)
Apr. 15 Mar.20
34
Preferred stock, series 0,
% (guar.)
Apr. 1 Mar. 15
Southern Ry. Mobile & Ohio (s.-a.)
8100% Mar.30 Mar. 15
Sparta Foundry
25c Mar.30 Mar. 15
Initial
15c Mar.30 Mar. 15
Extra
Springfield Gas & Electric Co., pref. (quar.)__-.. $184 Apr. 1 May. 15
h27 c Mar.30 Mar.20
Square D Co., pref. A
Mar. 25 Mar. 14
Standard Fruit & Steamship Corp.,$3 pref.(qu.)
25c Apr. 1 Mar. 13
Stanley Works (quar.)
May
15 May 4
37){c
preferred
6%
(quarterly)
Mar.30 Mar. 18
Starrett (L. S.) Co
Mar.30 Mar. 18
Si
Preferred (quarterly)
$1 V Apr. 1 Mar. 15
Stein(A)& Co.,684% prat.(quar.)
20c May. 30 Mar. 15
Sunshine Mining Co
$2 May. I
Tampa Gas Co.,8% Preferred (guar.)
$184 Mar. 1
7% preferred (guar.)
25c Apr. 1 Mar. 11
Taylor Milling (quarterly)
25c Apr. 1 Mar. 11
Extra
25c Apr. 1 Mar.30
TelephoneInvestment Corp.(monthly)
51 Apr. 1 Mar. 20
Time. Inc.(quar.)
$1% Apr. 1 Mar. 20
$684 preferred (quar.)
6284c Apr. 1 Mar. 16
Trim Products (quarterly)
Apr. 1 Mar.16
Tr -Continental Corp.,6% pref.(quay.)
Twentieth Century Fixed Trust Shares—
6.24c May. 15
Series B coupon
$2 Apr. 5 Mar.30
Twin Bell Oil Syndicate (monthly)
$27 Feb. 15 Jan. 31
Union Investors Trust, series J (s.-a.)
Apr. 1 Mar. 16
60c
United Carbon (quar.)
50c Apr. 30 May.29
United Profit Sharing, pref. (s.-a.)
United States Electric Light & Power Shares—
22c Mar. 1
Series A trust certificates
25e Apr. 1 Mar. 15
United States Gypsum (guar.)
Apr. 1 Mar. 15
SIN
Preferred (quarterly)
25c Apr. 1 Mar.21
United States Playing Card (quar.)
25c Apr. 1 Mar.21
Extra
51t Apr. 1 Mar. 18
United States Tobacco Co., corn. (quar.)
Apr. 1 Mar. 18
$1
Preferred (quarterly)
$18 Apr. 1 Mar. 21
United States Trust Co. (quay.)
50c May 1 Apr. 17
Universal Leaf Tobacco (quar.)
32 Apr. 1 Mar.22
Preferred (quarterly)
Apr. 1 May. 15
Upressit Metal Cap, pref. (guar.)
UV Apr. 1 Mar. 15
Valve Bag, preferred (guar.)
$2
Apr.
1 Mar. 8
Vicksburg Shreveport & Pacific By. Co
$284 Apr. 1 Mar. 8
Preferred
$184 Apr. 1 Mar. 11
Virginia Public Service 7% pref.(quar.)
30e Mar.20 Mar. 15
Wailuku Sugar Co
$184 Apr. 1 Mar.20
Walgreen 684% Preferred(guar'
)
50c Apr. 1 Mar. 16
Ward Baking Corp., preferred
$20 Mar. 11 Mar. 2
Washington By.& Electric, extra
$184 Mar. 15 Feb. 25
Washington Water Power,$6 pref.(guar)
60c Apr. 1 Mar. 23
Western Assurance Co.(s.-a.)
Western Canada Flour Mills Co., Ltd.
r75c
May. 15 Feb. 28
684% preferred (quarterly)
50c Apr. 25 Apr. 15
Western Grocers Co. (guar.)
UV Apr. 25 Apr. 15
Preferred (quarterly)
Western Tablet & Stationery Corp.
$1V Apr. 1 mar. 21
7% preferred (quarterly)
$1 V Mar.30 May. 16
West Penn Electric. class A(quar.)
$184 May 1 Apr. 5
6% preferred (quar.)
UV May 1 Apr. 5
7% preferred (quar.)
75c Apr. 1 Mar. 15
West Texas Utilities Co..$6 prof.(guar.)
h$1 Apr. 1 Feb. 15
West Virginia Water Service, $6 pref
25c Apr. 1 Mar. 11
Wiser Oil Co.(quarterly)
50c Mar.30 Mar.20
Worcester Salt
$184 May 15 May 4
Preferred (quar.)
25c Apr. 1 May. 15
Young(L. A.) Spring & Wire (guar.)
25c Apr. 1 May. 15
Extra
$3a
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When Holders
Share. Payable. of Record.
Acme Glove Works. Ltd..684% preferred
14184 Mar. 15 Feb. 28
Adams Express Co. 5% cum. pref. (guar.)
$1 V Mar.30 Mar. 15c
Sc Apr. 1 Mar. 15
Affiliated Products (monthly)
Agnew-Surpass Shoe Stores, preference (guar.). 184% Apr. 1 Mar. 15
Agricultural Insur.(Watertown. N.Y.)(quar.)
75c Apr. 1 Mar. 26
Financial Chronicle
Name of Company.
When Holders
Per
Share. Payable. of Record.
Alabama Power Co..$7 pref. (quar.)
$134 Apr. 1 Mar. 15
$6 preferred (quarterly)
5134 Apr. 1 Mar. 15
$5 preferred (quarterly)
$134 May 1 Apr. 15
Allegheny Steel
25c Mar. 15 mar 1
Allied Chemical & Dye Corp., pref.(quar.)
% Apr. 1 Mar. 11
Allied Laboratories (quar.)
10c Apr. 1 Mar. 25
Extra
10c Apr. 1 Mar. 25
3,234 convertible preferred (quan)
8734c Apr. 1 Mar. 25
Alpha Portland Cement
25c Apr. 25 Apr. 1
Aluminum Mtgs. (quar.)
50c Mar.31 Mar. 15
Quarterly
50c June 30 June 15
Quarterly
50c Sept. 30 Sept. 15
Quarterly
50c Dec. 31 Dec. 15
7% preferred (quarterly)
$134 Mar.31 Mar. 15
7% preferred (quarterly)
$134 June 30 June 15
7% preferred (quarterly)
$134 Sept.30 Sept. 15
7% preferred (quarterly)
$134 Dec. 31 Dec. 15
Amalgamated Leather
50c Apr. 1 Mar. 20
American Asphalt Rooting Corp.8% pref. (qu.) h$1 Si Apr. 15 Mar. 31
American Bank Note, preferred (quar.)
75c Apr. 1 Mar. 13
American Can Co., preferred (quar.)
134% Apr. 1 Mar. 15a
American Can Co., 7% pref. (quar.)
$134 Apr. 1 Mar. 15
American Chicle (quar.)
75c Apr. 1 Mar. 12
American Cigar (guar.)
$2 Mar. 15 Mar. 9
Preferred (guar-)
$134 Apr. 1 Mar. 15
American Factors. Ltd. (monthly)
10c Mar. 11 Feb 21
American Felt. 6% pref. (quar.)
3134 Apr. 1 Mar. 15
American Hair & Felt 1st preferred
h$2 Apr. 1 Mar. 15
American Hawaiian Steamship (guar.)------25c Apr. 1 Mar. 15
American Home Products (monthly)
20c Apr. 1 Mar. 14a
Amer. Invest. Co. of Illinois. 7% pref. (quar.).... 4331c Apr. 1 Mar. 20
American News, N. Y. Corp.,(bi-monthly)__._
25c Mar. 15 Mar. 5
American Paper Goods,7% pref.(Guar.)
3134 Mar. 15 Mar. 5
American Power & Light Co., $6 preferred
37340 Apr. 1 Mar. 11
$5 preferred
3134c Apr. 1 Mar. 11
American Safety Razor (quarterly)
$1 Mar.30 Mar. 8
Special
$1 Mar.30 Mar. 8
Extra
25c Mar.30 Mar. 8
American Steel Foundries. 7% preferred (qu.)-50c Mar. 30 Mar. 15
American Stores Co. (quarterly)
50c Apr. 1 Mar. 15
American Sugar Refining (quar.)
50c Apr. 2 Mar. 5
Preferred (quar.)
$134 Apr. 2 Mar. 5
American Sumatra Tobacco (quar.)
25c Mar. 15 Mar. 1
American Telep. & Teleg. Co. (quar.)
$234 Apr. 15 Mar. 15
American Tobacco Co.. preferred (quar.)
% Apr. 1 Mar. 9
5c July 2 June 22
Amoskeag Co ,common
Preferred (semi-annual)
$234 July 2 June 22
Armour & Co. (Ill.) $6 prior pref. (guar.)
$134 Apr. 1 Mar. 11
Armour & Co.(Del.) preferred (guar.)
$134 Apr. 1 Mar. 11
Art Metal Works. Inc. (quar.)
10c Mar. 21 Mar. 11
Associated Oil Co
350 Mar.30 Mar. 6
Associates Investment Co.(quar.)
$1 Mar. 30 Mar. 20
7% preferred (quarterly)
$1 34 Mar. 30 Mar. 20
Atlantic Refining Co.,common
25c Mar. 15 Feb. 21
Automatic Voting Machine Co. Mari
1254c Apr. 2 Mar. 20
Quarterly
1234c July 2 June 20
Babcock & Wilcox
lOc Apr. 1 Mar. 20
Backstay Welt
35c Apr. 1 Mar. 16
Baldwin Co..6% preferred A (quar.)
$134 Mar. 15 Feb. 28
Bangor & Aroostook lilt. (quar.)
63c Apr. 1 Feb. 28
Preferred (quarterly)
5134 Apr. 1 Feb. 28
Bangor Hydro-Electric (quar.)
75c Apr. 1 Mar. 11
7% preferred (quar.)
$134 Apr. 1 Mar. 11
6% nreferred (quar.)
$134 Apr. 1 Mar. 11
Bankers National Life Ins. (Jersey City. N. J.)_
50c Mar. 15 Feb. 28
Battle Creek Gas Co.. 6% Preferred (War.) --- $134 Apr. 1 Mar. 20
Bayuk Cigars
e4% Mar. 15 Feb. 28
1st preferred (quar.)
$134 Apr. 15 Mar. 30
Beech-Nut Packing Co.. common (quar.)
75c Apr. 1 Mar. 12
Extra
50c Apr. 1 Mar. 12
Belding-Corticelli. preferred (quar.)
$14 Mar. 15 Feb. 28
Bell Telephone Co:of Canada
r$1K Apr. 15 Mar. 23
Bellows & Co.. A (quar.)
25c Mar. 15 Feb. 28
Blltmore Hats, Ltd., 7% preferred (quar.)
$134 Mar. 15 Feb. 15
Birmingham Electric, $7 preferred
h$1K Apr. 1 Mar. 12
$6 preferred
h$1K Apr. 1 Mar. 12
Birmingham Water Works Co.6% pret.(qu.)-- $134 Mar. 15 Mar. 1
Bloch Bros. Tobacco, quarterly
37Ac May 15 May 10
6% pref. (quar.)
$134 Mar.30 Mar. 25
6% preferred (quar.)
$1% June 29 June 25
Bohn Aluminum & Brass Corp
75c Apr. 1 Mar. 15
Boston & Albany RR. Co..
$2 Mar.30 Feb. 28
Boston Elevated (guar.)
$134 Apr. 1 Mar. 9
Boston Insurance (quarterly)
$4 Apr. 1 Mar. 20
Boston & Providence RR.(quar.)
52.125 Apr. 1 Mar. 20
52.125 July 1 June 20
Quarterly
Quarterly
$2.125 Oct. 1 Sept. 20
Quarterly
32.125 Jan.2.36 Dec. 20
Bower Roller Bearing (quar.)
25c Apr. 25 Apr. 1
Brazilian Traction. Light & Power, pref. (quar.) $134 Apr. 1 Mar. 15
Brewer (C.)& Co.. Ltd.(ma.)
SI Mar. 25 Mar. 20
Briggs & Stratton Corp
75c Mar. 15 Mar. 5
Bright (T. G.) & Co.(guar.). .7,Sic Mar. 15 Feb. 28
6% preferred (quar.)
$134 Mar. 15 Feb. 28
Brill° Mfg. Co., Inc., common (quar.)
Mc Apr. 1 Mar. 15
Class A (quar.)
50c Apr. 1 Mar. 15
Bristol Brass Corp. (quar.)
3734c Mar. 15 Feb. 28
British American Tobacco (Amer.) ord
10d Apr. 6 Mar. 1
"American" 5% preferred (s.-a.)
2Si% Apr. 6 Mar. 1
triad Apr. 6 Mar. 1
Amer. dep. rots. ord. bearer (interim)
Amer. dep. rots. ord. registered (interim)---- wl0d Apr. 6 Mar. 1
Amer. dep. rota..5% pref. bearer (semi-ann.) rw2K% Apr. 6 Mar. 1
Amer. dep. rots. 6% pret registered (5.-ani_ xte2K% Apr. 6 Mar. 1
British Columbia Power Corp. (quar.)—
r38c Apr. 15 Mar. 31
Brooklyn-Manhattan Transit Corp.
Preferred (quarterly)
$11i Apr. 15 Apr. 1
$1 Si July 15 July 1
Preferred (quarterly)
Brooklyn & Queens Transit $6 pref. (guar.). -50c Apr. 1 Mar. 15
Brooklyn Union Gas (quar.)
$134 Apr. 1 Mar. 1
Brown Forman Distillery $6 preferred (quar.)_.. $134 Apr. 1 Mar. 20
Bruck Silk Mills (quar.)
25c Apr. 15 Mar. 15
Sc Apr. 15 Mar. 15
Extra
Buckeye Pipe Line Co
75c Mar. 15 Feb. 21
Bucyrus-Erie Co. preferred (quar.)
50c Apr. 1 Mar. 15
Buffalo Niagara & Eastern Power. pt. (guar.)._
40c Apr. 1 Mar. 15
$5 preferred (quar.)
$134 May 1 Apr. 15
w234an Apr. 5 Feb. 27
Burma Corp.. Amer. dep. receipt(interim)
Burt (F. N )(quarterly)
50c Apr. 1 Mar. 15
Apr. 1 Mar. 15
Preferred (quarterly)
$1
Butler Water Works (Pa.) 7% pref. (quar.)---- $134 Mar. 15 Mar. 1
Cairo Water,7% preferred (quar.)
$134 Apr. I Mar. 20
Calamba Sugar Estates (guar.)
400 Apr. 1 Mar. 15
Extra
$1 Apr. 1 Mar. 15
Preferred (quar,)
35c Apr. 1 Mar. 15
Calgary & Edmonton Corp. (initial)
Sc May 1 Apr. 1
California Elec. Generating Co.6% pref.(WE).- 3134 Apr. 1 Mar. 5
California Ink (quar.)
60c Apr. 1 Mar. 22
California Packing (quar)
373.4c Mar. 15 Feb. 28
Canada Malting Co., registered (quar.)
3734c Mar. 15 Feb. 28
Bearer (quar.)
3734c Mar. 15
Canada Northern Power Corp.. common (qu.)._
30c Apr. 25 Mar.30
7% cum. preferred (guar.)
% Apr. 15 Mar. 30
Canada Permanent Mtge. Corp. (guar.)
$2 Apr. 1 Mar. 15
Canadian Celanese, Ltd., 7% cum. panic. pref. h$1.91 Mar.30 Mar, 15
7% cum. partic. preferred (quar.)
$1;i Mar.30 Mar. 15
Apr. 1 Mar. 15
Canadian Cottons (quar.)
Preferred (quar.)
$134 Apr. 1 Mar. 15
Canadian Foreign Investment (guar.)
40c Apr. 1 Mar. 15
Quarterly
40c July 1 June 15
Preferred (quar.)
$2 Apr. 1 Mar. 15
Preferred (quar.)
52 July 1 June 15
11
Name of Company.
March 9 1935
Per
When Holders
Share. Payable. ofRecord
Canadian Industries, Ltd., A & B (quar.)
$1 Apr. 30 Mar. 30
7% preferred (quar.)
r$l34 Apr. 15 Mar.30
Canadian Oil Cos., preferred (quar.)
r$2 Apr. 1 Mar. 20
Canfield Oil, preferred (quar.)
$134 Mar.31 Feb. 20
Carnation Co..7% preferred (quar.)
$134 Apr. 1 Mar. 20
7% preferred (quar.)
$134 July 1 June 20
7% preferred (quarterly)
Oct. 1 Sept.20
$1
Carolina Telep.& Teleg
$23 Apr. 1 Mar. 25
Case (J. I.). Co. preferred
31 Apr. 1 Mar. 12
Carter (Wm.) Co., Inc.. 6% preferred (quar.)_ _
$134 Mar. 15 Mar. 10
Centlivre Brewing Corp., $2 class A
hl2Sic Apr. 1 Mar. 20
Central Illinois Light Co.6% pref. (quar.)
154% Apr. 1 Mar. 15
7% preferred (quar.)
134% Apr. 1 Mar. 15
Centrifugal Pipe Corp.(quar.)
10c May 15 May 6
Quarterly
10c Aug. 15 Aug. 5
Quarterly
10c Nov. 15 Nov. 6
Champion Coated Paper, let preferred (quar.). $134 Apr. 1 Mar. 20
Special preferred (quarterly)
$134 Apr. 1 Mar. 20
Champion Fiber Co., preferred (guar.)
$134 Apr. 1 Mar. 20
Chesapeake Corp.(quar.)
75c Apr. 1 Mar. 8
Chesapeake & Ohio (quar.)
70c Apr. 1 Mar. 8
Preferred (semi-ann.)
$351 July 1 June 7
Chesebrough Manufacturing Co. (quar.)
$1 Mar. 29 Mar. 8
Extra
50c Mar. 29 Mar. 8
Chicago Flexible Shaft (quar.)
30c Mar.30 Mar. 20
Extra
10c Mar. 30 Mar. 20
Chicago Rivet & Machine Co
3734c Mar. 12 Feb. 25
Chickasha Cotton Oil(special)
50c Apr. 1 Mar. 5
Christiana Securities. 7% pref. (quar.)
$134 Apr. 1 Mar. 20
Chrysler Corp. (quarterly)
25c Mar.30 Mar. 9
Cincinnati Inter-Terminal RR. Co.
4% preferred (semi-annual)
$2 Aug. 1 July 20
Cincinnati Union Terminal, preferred (quar.)__ _ $134 Apr. 1 Mar. 20
Preferred (quar.)
$134 July 1 Juno 20
Preferred (quar.)
$134 Oct. 1 Sept. 20
Preferred (quar.)
$I St Jan.I'36 Dec. 20
Citizens Water (Wash., Pa.),7% pref.(guar.).- $134 Apr. 1 Mar. 20
City Ice & Fuel (quar.)
50c Mar.30 Mar. 15
Clark Equipment
20c Mar. 15 Feb. 28
Preferred (quar.)
$134 Mar. 15 Feb 28
Cleveland & Pittsburgh By.7% guar.(quar.)___ 87Kc Juno 1 May 10
7% guaranteed (quar.)
8754c Sept. 1 Aug. 10
7% guaranteed (mar.)
873.4c Dec. 1 Nov. 9
Special guaranteed (gnarl
50c June 1 May 10
Special guaranteed (quar.
50c Sept. 1 Aug. 10
Special guaranteed (quar.
50c Dec. 1 Nov. 9
Climax Molybdenum Co. (guar.)
Sc Mar.30 Mar. 15
Quarterly
5c June 30 June 15
Quarterly
Sc Sept. 30 Sept. 15
Quarterly
Sc Dec. 30 Dec. 15
Clinton Trust Co.(New York) (quarterly) _ _ _ _
50c Apr. 1 Mar. 15
Clorox Chemical (quar.)
50c Apr. 1 Mar.30
Extra
Apr. 1 Mar. 30
12
Coast Counties Gas & Electric pref. (quar.)____
Mar. 15 Feb. 25
$1
Colgate-Palmolive-Peet, preferred (quarterly)__
Apr. 1 Mar. 5
$1
Colt's Patent Fire Arms Mfg.(quar.)
3134c Mar. 31 Mar. 9
Columbia Broadcasting System, Inc.—
Class A and B stock
40c Mar. 29 Mar. 13
Columbus & Xenia RR
$1.10 Mar. 11 Feb 25
Commercial Credit ((Mar.)
50c Mar. 30 Mar. 11
8% cumulative preferred B (quarterly)
50c Mar 30 Mar. 11
7 cumulative preferred (quarterly)
43Kc Mar. 30 Mar. 11
634% 1st preferred (quarterly)
$134 Mar.30 Mar. 11
$ class A preferred (quarterly)
75c Mar. 30 Mar. 11
Commercial Investment Trust Corp., corn. (qu.)
50c Apr. 1 Mar. 5
Convertible preferred (opt. 1929) (quar.)_ _ m$1 54 Apr. I Mar. 5
Commercial Solvents Corp., common (extra)._ _
25c Mar.30 Mar. 16
Commonwealth & Southern. $6 preferred
75c Apr. 1 Mar. 8
Commonwealth Utilities Corp.,7% pref. A (411.) $134 Apr. 1 Mar. 15
6% preferred B (quar.)
Apr. 1 Mar. 15
$1
% preferred C (quar.)
.1
r. 1. Mar. 15
$1 5
5 Feb. 28
Compressed industrial Gases. (quar.)
50c
Confederation Life Assoc.."Toronto" (quar.)_
$1 Mar.31 Mar. 25
Quarterly
$1 June 30 June 25
Quarterly
Si Sept. 30 Sept. 25
Quarterly
51 Iec. 31 Dec. 25
Congoleum-Nairn. Inc. (quar.)
40c Mar 15 Mar. 1
Connecticut Electric Service (guar.)
75c Apr, 1 Mar. 15
Consolidated Bakeries of Canada (quar.)
20c Apr. 1 Mar. 15
Consolidated Gas, preferred (quarterly)
$134 May 1 Mar. 29
Consolidated Gas Co.(N. Y.)
25c Mar. 15 Feb. 11
Consolidated Gas El. Lt. & Pow. Co. of Balto.'
Common (quar.)
flOc Apr. 1 Mar. 15
Series A 5% preferred (quar.)
$134 Apr. 1 Mar. 15
Series D 6% preferred (quar.)
$154 Apr. 1 Mar. 15
Series E 53.4% preferred (quar.)
$1% Apr. 1 Mar. 15
Consolidated Investors Trust (semi-ann.)
50c Apr. 15 Apr. 1
Special
70c Apr. 15 Apr. 1
Consolidated Paper preferred (quar.)
17 Sic Apr. 1 Mar. 21
Consumers Glass Co.. 7% pref. (quar.)
$134 Mar. 15 Feb. 28
Consumers Power Co.. $5 pref. (quar.)
$134 Apr. 1 Mar. 15
6% preferred (quarterly)
$1 K Apr. ,1 Mar. 15
6.6% preferred (quarterly)
$1.65 Apr. 1 Mar. 15
7% preferred (quarterly)
$134 Apr. 1 Mar. 15
6% preferred (monthly)
50c Apr. 1 Mar. 15
6.6% preferred (monthly)
55e Apr. 1 Mar. 15
Container Corp., 7% cumulative preferred
h$7 Apr. I Mat. 11
Continental Assurance Co., Chicago (guar.)._ _ _
50c Mar. 31 Mar. 15
Continental-Diamond Fiber Co
15c Mar. 29 Mar. 14
Continental Gin Co., Inc.. 6% Pref
h75c Apr. • 1 Mar. 15
Copnerweld Steel (quar.)
12Kc
Quarterly
A uagy. 31 Aug. 15
1254c M
Quarterly
12 Sic Nov.30 Nov 15
Courtaulds. Ltd. (final)
w6% Mar. 25 Feb. 19
Crowell Publishing Co. (quar.)
25c Mar. 25 Mar. 14
Crown Cork & Seal Co.. Inc.. preferred (quar.)_
67c Mar. 15 Feb. 284
Crown Willamette Paper. 7% preferred
Apr. 1 Mar. 13
Crum & Forster, 8% preferred (quar.)
$2 Mar. 31 Mar. 21
Cuneo Press. Inc 634% Preferred (quarterly). $134 Mar. 15 Mar. 1
Curtis Publishing. $7 preferred
/MK Apr. 1 Mar. 9
Dayton & Michigan RR. (semi-ann.)
87Kc Apr. I Mar 15
8% Preferred (quarterly)
31 Apr. 1 Mar. 15
Do Long Hook & Eye (quar.)
75e Apr. 1 Mar. 20
Diamond State Telephone, preferred (quar.) _ _ _
$134 Apr. 15 Mar. 20
Deposited Insurance Shares, ser. A (semi-ann.)_ e254% May 1 Mar. 15
Devoe & Raynolds A & B (quar.)
25c Apr. 1 Mar. 20
A & B (extra)
25c Apr. 1 Mar. 20
1st & 2nd preferred (quar.)
$1 4
8 Apr. 1 Mar. 20
Dome Mines. Ltd.(quar.)
50c Apr. 20 Mar.30
Dominion Glass (quarterly)
5134 Apr. 1 Mar. 15
Apr. 1 Mar. 15
Preferred (quarterly)
Dominion Textile (guar.)
$13481 , Apr. 1 Mar. 15
Preferred (quar.)
Apr. 15 Mar.30
$1 4
3
Draper Corp. (roar.)
60c Apr. 1 Mar. 2
Driver-Harris. 7% preferred (quarterly)
$134 Apr. 1 Mar. 21
Duke Power (quarterly)
75c Apr. 1 Mar. 15
Preferred (quarterly)
*art Apr. 1 Mar. 15
Apr. I Mar. 8
Duplan Silk Corp.,8 Wpreferred (quar.)_
65c Mar. 15 Feb. 27
Du Pont de Nemours (E. I.) & Co. cont.(qu.)_ _
Debenture stock (quar.)
$1 34 Apr. 25 Apr. 10
Duquesne Light Co. 5% cum. 1st pref. (qu.)__ _
$134 Apr. 15 Mar. 15
Eastern Gas & Fuel Assoc..4 A % pref.(quar.)
31.125 Apr. I Man. 15
6% preferred (quarterly)
$13.4 Apr. 1 Mar. 15
Sc Mar. 9 Feb. 20
Eastern Malleable Iron (quar.)
Eastman Kodak common (quar.)
61A
. IM Mar
ar: 5
Preferred (quar.)
A Apr.
.. 25
9
Edison Brothers Stores (guar.)
25c Mar.Mar 2155
Feb.
Preferred (quar.)
$134
25c Apr. 1 Mar. 20
Electric Controller & Mfg.(quar.)
50c Apr. 1 Mar. 9
Electric Storage Battery Co. corn. (quar.)
50c Apr. 1 Mar. 9
Preferred (guar.)
W.
Name of Company
Per
Share
When Holders
Payable of Record
Elgin National Watch
15c Mar. 15 Mar. 8
Elizabeth & Trenton RR. (semi-ann.)
$1 Apr. I Mar. 20
Semi-annual
$1 Oct. 1 Sept. 20
$134 Apr. 1 Mar. 20
5% preferred (semi-annual)
5% preferred (semi-annual)
$IX Oct. 1 Sept. 20
El Paso Electric Co., Texas,6% pref. (quar.)_ _ $134 Apr. 15 Mar. 29
Emerson's Bromo Seltzer 8% preferred (quar.)__
50c Apr. I Mar. 15
Empire & Bay State Telep.. 4% gtd • (quar.).._
$1 June. 1 May 22
$1 Sept. 1 Aug. 22
4% guaranteed (quar.)
4% guaranteed (guar.)
$1 Dec. I Nov. 21
Empire Power Corp. $6 cum. preferred
SI X Apr. 1 Mar. 15
Emporium-Capwell
20c Apr. 8 Mar. 25
Eppens, Smith & Co., semi-annual
$2 Aug. I July 27
Erie & Pittsburgh RR. Co.7% gtd. (quar.)__.... 8734c Mar. 9 Feb. 28
8734c June 10 May 31
7% guaranteed (guar.)
8734c Sept. 10 Aug. 31
7% guaranteed (guar.)
7% guaranteed (Guar.)
8735c Dec. 10 Nov. 30
80c June 1 May 31
Guaranteed betterments (quar.)
80c Sept. 1 Aug. 31
Guaranteed betterment (quar.)
80c Dec. 1 Nov.30
Guaranteed betterment (quar.)
20c Apr. 1 Mar. 15
Eureka Vacuum Cleaner (guar.)
734c Mar. 27 Mar. 12
Falconbridge Nickel Mines
64c Apr. 1 Mar. 28
Fern's° Corp., class A common (guar.)
Farmers & Traders Life Ins.(guar.)
3234 Apr. 1 Mar. 11
Faultless Rubber (quar.)
50c Apr. 1 Mar. 15
Ferro Enamel (guar.)
15c Mar. 20 Mar. 9
Fifth Ave. Bus Securities (quar.)
16c Mar. 29 Mar. 16
6234c Apr. 1 Mar. 8
First National Stores Collar.)
$134 Apr. 1 Ma". .5
7% preferred (quarterly)
20c Apr. 1 Mar. 8
8% preferred (quarterly)
25c Mar. 25 Mar. 15
Flintkote Co
Flintkote, class A
25c Mar.2 Mar. 15
Feb. 18
Florence Stoves (guar.)
50c Mar.
7% preferred (guar.)
Feb. 18
$1% Mar.
Florshenn shoe co.. A (guar.)
Mar. 20
25e Apr.
Class 13 (guar.)
Mar. 20
123
,
.c Apr.
Food Machinery Corp., preferred
60c Mar. 1 Mar. 10
Food Machinery Corp. of N. Y.50c Mar. 15 Feb 10
634% preferred (monthly)
634% preferred (monthly)
5t1c Apr. 15 Apr. 10
634% preferred (monthly)
60c May 15 May 10
634% preferred (monthly)
50c June 15 June 10
Fort Wayne & Jackson RR.534% prof.0
Sept.,2 Aug. 20
,
10
Freeport Texas preferred (quar.)
$14 May 1 Apr. 15
Frost Steel & Wire 7% pref. (quar.)
$134' Mar. 15 Mar 5
Galland Mercantile Laundry (guar.)
8734c Apr. 1 Mar. 15
General Cigar, preferred (guar.)
$13( June I May 23
General Fire Extinguisher
10c Mar. 11 Mar. 5
General Mills, Inc., preferred (guar.)
$134 Apr. 1 Mar. 14a
General Motors Corp. common (guar.)
25c Mar. 12 Feb. 14
$5 preferred (guar.)
$131 May 1 Apr. 8
General Railway Signal
25c Apr. 1 Mar. 11
Preferred (quarterly)
$134 Apr. 1 Mar. 11
Georgia Power Co.. $6 Preferred (quar.)-- -$134 Apr. 1 Mar. 15
$5 preferred (quar.)
$134 Apr. 1 Mar. 15
Gillette Safety Razor (guar.)
25c Mar. 29 Mar. 11
Preferred (quarterly)
May 1 Apr. 1
$1
Glen Falls Insurance (quar.)
Apr. 1 Mar. 15
4
Glidden Co.(guar.)
25c Apr. 1 Mar. 18
Extra
15c Apr. 1 Mar. 18
Preferred (quarterly)
$13/i Apr. 1 Mar. 18
Gold Dust, preferred (guar.)
$134 Mar.30 Mar. 16
Golden Cycle Corp. (quar.)
40c Mar. 10 Feb. 28
Extra
60c Mar. 10 Feb. 28
Gold & Stock Telegraph (guar.)
$134 Apr. 1 Mar. 30
Goldblatt Bros., Inc.(guar.)
p3755c Apr. 1 Mar. 11
Goodyear Tire & Rubber.$7 pref.(guar.)
$1 Apr. 1 Mar. I
Gordon Oil (Ohio). B (guar.)
25c Mar. 15 Mar. 1
Gottfried flaking Co., Inc. preferred (guar
1 Mar. 20
% Apr
Preferred (quarterly)
% July 1 June 20
Preferred (quarterly)
134% Oct. 1 Sept.20
25c Apr. 1 Mar. 12
Grant (W. T.) Co., (guar.)
25c Apr. 1 Mar. 12
Extra
$134 Apr. 1 Mar. 21
Great Western Electro-Chemical pref. (quar.)
Great Western Power 7% pref. (guar.)
$134 Apr. 1 Mar. 5
6% preferred (guar.)
$134 Apr. I Mar. 5
Great Western Sugar (quar.)
60c Apr. 2 Mar. 15
$134 Apr. 2 Mar. 15
Preferred (quarterly)
Green (D.) Co.. preferred (guar.)
$134 Apr. 1 Mar. 15
Greenwich Water & Gas System.$6% Pref.(qu.) $135 Apr. 1 Mar. 20
Greyhound Corp. preferred A (quar.)
$114 Apr. 1 Mar. 22
Mar. 15 Mar. 1
Gulf States Utilities Co.. $6 pref. (guar.)
$1
$534 preferred (quarterly)
Mar. 15 Mar. I
$1
Hackensack Water. class A pref. (guar.)
43Xc Mar. 31 Mar. 18
Halold Co.(guar.)
25c Mar.30
Extra
25c Mar.30
7% preferred (quar.)
$134 Mar.30
Hamilton Cotton. Ltd.. preferred
/150c Apr. 2 Mar. 15
Hammermill Paper, pref. (guar.)
$135 Apr. I Mar. 15
Hanna (M A.) Co. (guar.)
25c Mar. 11 Mar. 5
Preferred (guar.)
$13' Mar.20 Mar. 3
Hannibal Bridge Co. (quar.)
Apr. 20 Apr. 10
liarbison-Walker Refractories Co. pref. (guar.)
Apr. 20 Apr. 8
Hardesty (R.) Mfg. Co..7% pref.(quar.)
June 1 May 15
7% preferred (quarterly)
Sept. 1 Aug. 15
7% preferred (quarterly)
Dec. 1 Nov. 5
Harrisburg Gas. 7% preferred (guar.)
$1.3
4 Apr. 15 Mar. 30
Hawaii Consol. Ry.,7% pref. A (quar.)
20c Mar. 15 Mar. 5
7% preferred A (quarterly)
20c June 15 June 5
7%, preferred A (quarterly)
20c Sept. 15 Sept. 5
7% preferred A (quarterly)
20c Dec. 15 Dec. 5
Hazel-Atlas Glass Co
31V Apr. 1 Mar. 12
HazeitineCorp
25r Mar. 15 Mar. 1
HeImo (Geo. W.) Co. common (guar.)
$IX Apr. 1 Mar. 9
Preferred (quarterly)
$1.51 Apr. 1 Mar. 9
Hercules Powder Co., common (guar.)
75c Mar. 25 Mar. 14
Hibbard, Spencer, Bartlett & Co.(monthly)_ _
10c Mar. 29 Mar. 22
Hickoic Oil Corp. (semi-annual)
50c Mar. 15 Mar. 9
Preferred (quarterly)
$I
Apr. 1
Home Fire & Marine Insurance (guar.)
50c Mar. 15 Mar. 5
Honolulu Oil Corp.(quar.)
25c Mar. 15 Mar. 5
Honolulu Plantation Co.(monthly)
150 Mar. 10 Feb. 28
Hoskins Manufacturing (guar.)
25c Mar. 26 Mar. 11
Extra
25c Mar. 26 Mar. 11
Humble Oil & Refining (quar.)
25c Apr. I Mar. 2
Ideal Finance Association, common A (guar.)— 1234c Apr. 1 Mar. 9
Cony. preferred (guar.)
.50c Apr. 1 Mar. 9
Preforrexl (quar.)
$2 Apr. 1 Mar. 9
Imperial Life Insurance (quar.)
$331 Apr. 1 Mar. 31
Quarterly
5335 July 2 June 29
Quarterly
Oct. 1 Sept. 30
Quarterly
$3
$353 1-2-36 Dec. 31
Indiana II ydro-Elec. Power,7% cum. pref.(qu.) 87 34c Mar. 15 Feb. 28
Indianapolis Water Co.5% cum. pref.(quar.)
$131 Apr. 1 Mar. 12a
Insuranshares Certificates, Inc. (semi-aim).—
7c Mar. 20 Mar. 12
international Bronze Powders6% cum. partic. preferred (guar.)
3734c Apr. 15 Nlar. 31
International Business Machine Corp.(quar.)_ _ $134 Apr. 10 Mar. 22
International Carriers, Ltd., common
Sc Apr. I Mar. 14
International Content Corp
25c Mar. 29 Mar. 11
International Harvester (guar.)
Mc dApr.15 Mar. 20
International Mining Corp
15c Mar. 20 Mar. 1
International Nickel Co.,common
rl5c Mar.30 Feb. 28
International Ocean Tel. Co.(guar.)
$134 Apr. 1 Mar. 30
International Power Co., 7% 1st preferred
nsi Apr. 3 Mar. 15
International Salt Co
3734c Apr. 1 Mar, 15a
International Silver. preferred
3.1 Apr. I Mar. 14
Inter-Ocean Re-Insurance (semi-ann.)
$1 Mar. 9
Interstate Hosiery Mills (guar.)
50c May 15 May 1
Quarterly
50c Aug. 15 Aug. 1
Quarterly
50c Nov. 15 Nov. 1
1609
Financial Chronicle
Volume 140
114
:1%
$1%
Name of Company
Per
Share
When Holders
Payable of Record
Intertype Corp. 8% 1st preferred (guard
$2 Apr. 1 Mar. 15
Investment Trust of N. Y.. Inc.—
Investors Corp. of R. I., $6. 1st pref. (quar.)___ $134 Apr. I Mar. 20
2c Mar. 15 Feb. 28
Investors Fund of America, Inc
Iron Fireman Mfg.(guar.)
25c June 1 May 10
Quarterly
25c Sept. 2 Aug. 10
Quarterly
25c Dec. 2 Nov. 9
10c Apr. 1 Mar. 15
Irving Air-Chute Co., Inc., common (quar.).
Jamaica Public Service (guar.)
25c Apr. 1 Mar. 15
Preferred (quarterly)
$134 Apr. 1 Mar. 15
Jefferson Lake Oil Co., 7% pref. (5.-a.)
35c Mar. 11 Mar. 1
Jewel Tea Co.. Inc. corn. (guar.)
75c Apr. 15 Apr. 1
Johns-ManvillelCorp , 7% pref. (guar.)
3134 - Apr. 1 Mar. 15
Kalamazoo Allegan & Grand Rapids RR.(13.-a.) $2.95 Apr. 1 Mar. 15
15c Mar.30 Mar. 20
Kalamazoo Vegetable Parchment (quar.)
15c June 30 June 20
Quarterly
15c Sept. 30 Sept. 20
Quarterly
Quarterly
15c Dec. 30 Dec. 30
Kansas City Power & Light. pref. B (quar.).... 3134 Apr. 1 Mar. 14
Kansas Electric Power Co.. 7% pref. (guar.) - $19' Apr. 1 Mar. 15
6% cumulative junior preferred (guar.)
$134 Apr. 1 Mar. 15
Katz Drug Co.(quarterly)
75c Mar. 15 Feb. 28
$IX Apr. 1 Mar. 15
Preferred (quarterly)
Kaufman Dept. Stores preferred (guar.)
5154 Apr. 1 Mar. 9
Keivinator Corp
1234c Apr. 1 Mar. 5
Kennecott Copper Corp
15c Mar.30 Mar. 15
Keystone Steel & Wire
50c Mar. 11 Mar. 1
Kimberly Clark Corp.. 6% pref. (guar.)
$134 dApr. 1 Mar. 12
$134 Apr. 1 Mar. 18
Kings County Lighting 6% prof. (guar.)
5% preferred (guar.)
3134 Apr. 1 Mar. 18
$13.1 Apr. 1 Mar. 18
7% preferred (guar
10c Mar. 10 Feb. 28
Kirby Petroleum
Klein (D. Emil.) Co.(quarterly)
25c Apr. 1 Mar. 20
Extra
1234c Apr. 1 Mar. 20
1234c July 1 June 20
Extra
75c June 1
Knabb Barrel Co.. Inc.. pref.(a.-a.)
$134 Apr. 1 Mar. 12
Koppers Gas & Coke, pref. (guar.)
25c Mar.31 Mar. 12
Kresge(S. S.) Co
Preferred (quar.)
$134 Mar. 31 Mar. 12
Kroger Grocery & Baking 6% preferred (guar.) $134 Apr. 1 Mar. 20
$13i May 1 Apr. 19
7% preferred (quarterly)
$1 Apr. 1 Mar. 7
Lackawanna RR. of N. J., 4% gtd. (quar.)_
50% Mar. 15 Mar. 1
Lake Shore Mines, Ltd. (guar.)
50% Mar. 15 Mar. 1
Bonus
Landis Machine preferred (guar.)
5134 Mar. 15 Mar. 5
$134 June 15 June 5
7% preferred (quarterly)
7% preferred (quarterly)
$134 Sept. 15 Sept. 5
$134 Dec. 15 Dec. 5
7% preferred (Quarterly)
8734c Apr. 1 Mar. 14
Lehigh Portland Cement Co..preferred
30c Mar. 15 Feb. 28
Libbey-Owens-Ford Glass (guar.)
Liggett & Myers Tobacco, pref. (guar.)
5134 Apr. I Mar. 11
3734c Mar. 15 Mar. 4
Lily Tulip Cup Corp. (guar.)
Lincoln National Life Insurance (semi-ann.).—
60c Aug. 8 Aug. 2
Lind Air Products. 6% pref. (guar.)
$134 Apr. 1 Mar.20
1734c Mar. 14 Mar. 9
Lindsay Light. preferred (guar.)
Link Belt 834% preferred (guar.)
$154 Apr. 1 Mar. 15
Little Miami RR. Co. spec. gtd. (quar.)
50c Mar. 9 Feb. 25
Special guaranteed (quarterly)
50e June 10 May 24
Original capital
$1 Mar. 9 Feb. 25
Original capital
$1.10 June 10 May 24
Lockhart Power Co.. 7% pref. (1.-a.)
$334 Mar.30 Mar.30
Loew's, Inc. (quarterly)
50c May 30 Mar.i15
London Tin Corp.. American dep. recta.734% participating preferred (semi-annual)-- sw334% Apr. 8 Mar. 6
Long Island Lighting Co., ser A 7% preferred_ _ 134% Apr. 1 Mar. 15
Series B 6% preferred
134% Apr. 1 Mar. 15
Loose-Wiles Biscuit, preferred (quarterly)
$134 Apr. 1 Mar. 18
Lord & Taylor Co. (guar.)
Apr. 1 Mar. 16
$2
Lorillard (P) Co., common (guar.)
30c Apr. 1 Mar. 15
Preferred (quarterly)
$1.3.1 Apr. 1 Mar. 15
Loudon Packing (guar.)
3734c Apr. 1 Mar. 15
Extra
1234c Apr. 1 Mar. 15
Louisville Gas & Elec. Co.(Del.),cl. A & B com_ 3734c Mar. 25 Feb. 28
Lunkenheimer Co.634% pref(quarterly)
519-4 Apr. 1 Mar. 21
3134 July 1 June 20
634% preferred (quarterly)
634% preferred (quarterly)
$14 Oct. 1 Sept.20
$134 Jan. 1 Dec. 21
634% preferred (quarterly)
$134 May 15 May 5
Magnin (I.) & Ce..6% pref. (quar.)
. 6% preferred (quarterly
$134 Aug. 15 Aug. 5
$134 Nov. 15 Nov. 5
6% preferred (quarterly
Mapes Consolidated Mfg.(quar.)
75c tpr. I Mar. 15
Quarterly
75c July 1 June 14
Marion Water, 7% preferred (guar.)
$14 Apr. 1Mar.20
Maryland Fund, Inc
10c Mar. 15 Feb 28
Extra
Sc Mar. 15 Feb. 28
Mathieson Alkali Works (quarterly)
3734c Apr. 1 Mar. 4
Preferred (quarterly)
$50131 Mar.pA r. 15
1
Mayflower Assoc.(guar.)
M
Mar
ar.
. 4
1
McClatchy Newspapers, 7% pf.(qu.)
434c June I May 31
7% preferred (quarterly)
433ic Sept. 1 Aug. 31
7% treferred (quarterly)
4334c Dec. 1 Nov.30
r20c Mar. 15 Feb. 15
McColl Frontenac Oil (quar.)
Memphis Power & Light. $7 pref. (guar.)
$134 Apr. 1 Mar. 10
$6 preferred (quarterly)
$134 Apr. 1 Mar. 16
irl
2
15
6
Mesta Machine (quarterly)
3734c Apr. 15
1 Mar.
Metro-Goldwyn Mayer Pictures,7% pref.(qu.) 471,2 Slat.
Metropolitan Edison. $7 pref. (guar.)
Apr. 1 Feb. 28
$1
.36 preferred (quarterly)
$134 Apr. 1 Feb. 28
$5 preferred (quarterly)
3134 Apr. 1 Feb. 28
Mississippi Valley Public Service6% preferred B (guar.)
5134 Apr. 1 Mar. 22
Mitchell (J. S.) & Co., preferred (guar.)
3134 Apr. 1 Mar. 15
25c Mar. 12 Mar. 1
Mock. Judson, Voehringer Co
Model Oils, Ltd
3c Mar. 11 Feb. 18
Monarch Knitting Mills, Ltd..7% pref
85194 Apr. 1 Mar. 15
Monarch Life Insur. Co. (Springfield, Mass.)._
3134 Mar. 15 Mar. 1
Monroe Chemical, $334 pref. (guar.)
8734c Apr. 1 Mar. 8
25c Mar. 15 Feb. 25
Monsanto Chemical (guar.)
Montgomery Ward.class A (quar.)
$154 Apr. 1 Mar. 21
r$134" Mar. 15 Feb. 28
Montreal Cottons. preferred (quarterly)
6234c Mar. 15 Feb. 28
Montreal Loan & Mortgage (quar.)
Moore Corp. class A and B pref. (guar.)
$131 Apr. 1 Mar. 15
5134 Apr. 1 Apr. 1
Moore Dry Goods (guar.)
Quarterly
$134 July 1 July 1
Quarterly
$134 Oct. 1 Oct. 1
Quarterly
$134 Jan. 1 Jan. 1
Morrell (John) te Co.(guar.)
90c Mar. 15 Feb. 23
Feb. 7
Morris (Philip) Consol. (liquidating)
50c
Morris Finance, 7% preferred (guar.)
$14 Mar. 30 Mar. 20
Class A (guar.)
$134 Mar.30 Mar. 20
Class B (quar.)
30c Mar.30 Mar. 20
Morris 5& 10c to $1 Stores,Inc..7% pref.(qu.)- 5154 Apr. 1 Mar. 20
$134 July 1 June 20
7% preferred (quarterly)
7% preferred (quarterly)
$134. Oct. 1 Sept.20
Morris Plan Insurance Society, (guar.)
$1 June I May 27
Quarterly
$1 Sept. 1 Aug. 27
Quarterly
$1 Dec. 1 Nov. 26
Muncie Water Works Co.8% pref.(guar.)
$2 Mar. 15 Mar. 1
Mutual Chemical Co. of Amer..6% pref. (qu.)_ $134 Mar. 28 Mar. 21
6% preferred (quarterly)
$134 Jun 28 Jun 20
6% preferred (quarterly)
$134 Sept. 28 Sept. 19
6% preferred (quarterly)
$134 Dec. 28 Dec. 19
Mutual Telephone Co. (Hawaii) (monthly)_
Sc Mar. 20 Mar. 11
Myers (F. E.) & Bro. (quarterly)
40c Mar.30 Mar. 15
Nashua Gummed & Coated Paper,7% Pi%(qu.)
$134 Apr. 1 Mar. 25
Nassau & Suffolk Lighting. 7% preferred
7Sc Apr. 1 Mar. 15
National Bearing Metal Corp. 7% pref
h$134 May 1 Apr .20
National Biscuit (quarterly)
50c Apr. 15 Mar. 15
Preferred (quarterly)
$134 May 31 May 17
National Bond & Share Corp
25c Mar. 15 Feb. 28
Extra
25c Mar. 15 Feb. 28
1610
Financial Chronicle
Name of Company
Per
Share
When Holders
Payable of Record
National Breweries, Ltd.(guar.)
40c Apr. 1 Mar. 15
44c Apr. 1 Mar. 15
Preferred (guar.)
National Dairy Products, $7 pref. A & B (qu.) $191 Apr. I Mar. 11
15c Apr. 1 Mar. 10
National Finance Corp.of Amer..6% pf.(qu.)_
National Gypsum 7% preferred (guar.)
$191 Apr. 1 Mar. 16
National Lead par.)
$134 Mar.30 Mar. 15
Prefeed
rr
A guar.)
$1 X Mar. 15 Mar. 1
$134 dMay 1 Apr. 19
Preferred B guar.)
National Oil Products. $7 pref. (guar.)
$191 Apr. 1 Mar. 20
30c Apr. 1 Mar. 15
National Standard (guar.)
50c Apr. 1 Mar. 15
National Standard (quarterly)
50c Apr. 1 Mar. 4
National Sugar Refining Co. of N.J. (guar.)
15c Apr. 1 Mar. 12
Natomas Co.(guar.)
$114 May 20
Neiman-Marcus Co. 7% pref. (guar.)
25c Mar. 15 Mar 1
Neisner Bros.. Inc. (guar.)
50c Mar. 15 Mar I
Extra
$134 Apr. I Mar. 22
Newark & Bloomfield RR.(semi-annual)
400 Apr. 1 Mar. 16
Newberry (.7.7.) Co.(guar.)
10c Mar. 15 Feb. 15
New Bradford 0111
New England Gas & Elec. 55X pref
3734c May 1 Apr. 8
$134 Mar.30 Mar. 8
New England Telep. & Teleg. Co.(guar.)
$1.34 Apr. 1 Feb. 28
New Jersey Pow.& Lt.Co.. $e pf.(guar.)
$134 Apr. 1 Feb. 28
$5 preferred (quarterly)
3191 Apr. 1 Mar. 20
New Jersey Water, 7% pref. (guar.)
$134 Apr. 1 Mar. 14
New York Lackawanna & Western Ry.(qu.) _ _
50c May 1 Apr. 20
New York Merchandise (guar.)
1214c May 1 Apr. 20
Extra
New York & Queens Elec. Light & Power—
$2 Mar. 14 Mar. 1
Quarterly
$114 Apr. 1 Mar. 15
New York Steam, $6 pref. (guar.)
3191 Apr. 1 Mar. 15
$7 preferred (quarterly)
$114 Apr. 15 Mar. 20
New York Telephone 634% pref.(guar.)
15c Apr. 15 Mar. 22
New York Transit Co
1 Mar. 115
50c Mar. 28
New York Transportation (guar.)
Mar. 15
Niagara Share Corp. of Md., pref. A (quar.)__ _
15
Apr. 30
$
5
10c
%
M
A
p
a
r
y
.
(guar.)
"A"
Corp.
Nineteen-Hundred
50c Aug. 15 July 31
"A"(quar.)
50c Nov. 15 Oct. 31
"A" (quar.)
30c Apr. 1 Mar. 20
Noblitt-Sparks Industries (quarterly)
$2 Mar. 19 Feb. 28
Norfolk & Western (guar.)
$2 Mar. 19 Feb. 28
Extra
15c Mar. 11 Mar. 1
North River Ins. Co.(guar.)
100 Mar. 11 Mar. 1
Extra
51 June 1 May 20
Northern RR.Co.of N. J.4% gtd.(guar.)
$I Sept. 1 Aug. 20
4% guaranteed (guar.)
$1
Dec. 1 Nov. 21
(guar.)
guaranteed
4%
8734c Apr. 1 Mar. 21
Norwalk Tire & Rubber. pref.(guar.)
15c Mar. 16 Mar. 11
Oahu By. & Land (monthly)
10c Mar. 15 Mar. 6
Oahu Sugar Co.(monthly)
$191 Apr. 1 Mar. 15
Ohio Edison Co.. $5 preferred (quar.)
$134 Apr. 1 Mar. 15
$6 preferred (quarterly)
$1.65 Apr. 1 Mar. 15
$6.60 preferred (quarterly)
$191 Al.r. 1 Mar. 15
$7 preferred (quarterly)
$1 80 Apr. 1 Mar. 15
$7.20 preferred (quarterly)
$114 Apr. 1 Mar. 11
Ohio Finance,8% preferred
$114 Mar. 15 Mar. 2
Ohio Oil, preferred (quarterly)
500 Apr. 1 Mar. 15
Ohio Service Holding Corp., $5 pref
$13.4 Mar. 15 Feb. 28
Oklahoma Gas & Elec.6% pref. (guar.)
Mar. 15 Feb. 28
$191
(quer.)
7% preferred
Apr.1 Mar. 15
Omnibus Corp.. pref. (quar.)
141 Mar. 15 Feb. 28
Oneida Community Ltd..7% pref
20c Mar. 20 Mar. 11
Onomea Sugar Co. (monthly)
25c Mar.30 Mar. 20
Ontario Mfg. Co.(quarterly)
$191 Mar.30 Mar. 20
Preferred (quarterly)
Ontario Silknit, Ltd.. 7% preferred (quar.)__ _ $191 Mar. 15 Feb. 28
15c Apr. 1 Mar. 15
Pacific Finance Corp. of Calif. (Del.) (quar.)
200 May 1 Apr. 15
Preferred A (guar.)
16 Xc May I Apr. 15
Preferred C (quar.)
1714c May 1 Apr. 15
Preferred D (guar.)
$134 Apr. 15 Mar.30
Pacific Lighting $6 cum. pref.(guar.)
r75c Apr. 1 Mar. 16
Page-Hersey Tubes. Ltd.(guar.)
Mar.
Apr. 27
1 54a
r 16
5
r$1
Preferred (quarterly)
50c Mar.
Paraffine Cos.(quarterly)
Mar.
Mar.
30
20
25c
(quarterly)
Park Davis
25c Mar. 30 Mar. 20
Extra
134c Mar. 20 Mar. 1
Parker Woolverine. 5% pref. (initial)
75c Mar. 15 Mar. 1
Penick & Ford (guar.)
Penne Gas & Elec. Corp.(Dela.)7% pref.(qu.) 5191 Apr. 1 Mar. 20
$1 91 Apr. 1 Mar. 20
$7 preferred (quarterly)
313.4 Apr. I Mar. 11
Penn Central Light & Power, $5 pref. (quar.)_ _
700 Apr. 1 Mar. 11
$2.80 preferred (guar.)
$1 91 Apr. 1 Mar. 15
Pennsylvania Glass Sand preferred (guar.)
14194 Apr. 1 Mar. 15
Preferred
55c Apr. 1 Mar. 20
Pennsylvania Power Co., $6.60 pref. (mo.)_ _ _ _
Mc May 1 Apr. 20
36.60 preferred (monthly)
55c June 1 May 20
$6.60 preferred (monthly)
$1
34 June 1 May 20
$6 preferred (quarterly)
60c Mar. 15 Feb. 15
Pennsylvania RR. Co
75c Apr. 1 Mar. 15
Pennsylvania Water & Power corn. (quarterly)_
$1 91 Apr. 1 Mar. 15
Preferred (quarterly)
25c Apr. 1 Mar. 6
Peoples Drug Stores. Inc.(guar.)
Mar. 15 Mar. 1
$154
(quarterly)
64% preferred
$191 Apr. 1 Mar. 20
Peoria Water Works Co., $7 pref. (guar.)
20c June I 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.)
30c Mar. 30 Mar.20
Perfection Stores Co. (guar.)
$191 Apr. 1 Mar. 25
Peterborough RR.(Nashua, N. H.)(s.-a.)
el00% Mar. 15 Feb. 23
Peter Paul, Inc
25c Apr. 1 Mar. 11
Pet Milk Co. corn. (quarterly)
$191 Apr. 1 Mar. 11
(quarterly)
Preferred
$134 Apr. 1 Max. 1
Philadelphia Co.. $6 cum. preferred (quar.)
Apr. 1 Mar. 1
$I
$5 cum. preferred (guar.)
500 Apr. 1 Mar. 9
Philadelphia Electric Power 8% pref. (quar.)__ _
$234 Apr. 10 Mar. 30
Philadelphia & Trenton RR.(quar.)
$291 July 10 June 30
Quarterly
$21.4 Oct. 10 Sept.30
Quarterly
50c Apr. 10 Mar. 31
Phoenix Finance Corp.. 8% pref. (guar.)
50c July 10 June 30
807 preferred quarter.y)
50c Oct. 10 Sept.30
8% preferred quarterly)
50c Jan. 10 Dec. 31
8% preferred quarterly)
r20c Apr. 1 Mar. 2
Pioneer Gold Mines of B. C., Ltd.. common__
75c Apr. I Mar. 15
Pittsburgh. Bessemer & Lake Erie (s.-a.)
$191 Apr. 1 Mar. 11
Pittsburgh Ft. Wayne & Chicago RY. (Quar.)
$191 July 1 June 10
Quarterly
$191 Oct. 1 Sept. 10
Quarterly
$ni Jan. 2 Dec. 10
Quarterly
5191 Apr. 2 Mar. 11
79' preferred (gear.)
$191 July 2 June 10
7% preferred (guar.)
$191 Oct. 8 Sept. 10
7% preferred (guar.)
757 preferred (quar-)
$191 Jan. 7 Dec. 10
Pittsburgh Youngstown & Ashtabula RR.
$191 June I May 20
79' preferred (guar.)
$191 Sept. 1 Aug. 20
79 preferred (guar.)
$1 Dec. 1 Nov. 20
7% preferred (guar.)
25c Mar.30 Mar. 12a
common
Plymouth 011 Co.,
$191 Apr. 1 Mar. 15
Ponce Electric Co.. 7% pref.(quar.)
r3c Apr. 15 Mar. 14
Premier Gold Mining (guar.)
Apr. 1 Feb. 28
e2
Pressed Metals of Amer..Inc., common
$191 Mar. 15 Feb. 25a
Procter & Gamble Co. preferred (guar.)
1 July 1
July
Insurance
Life
Protective
(5.-a.)
$191 Mar. 15 Mar. 5
Publication Corp. 707 1st & orig. pref. (quar.)
$191 Mar. 15 Feb. 28
Public Service Co.of N.H.$6 pref.(guar.)
$191 Mar. 15 Feb. 28
$5 preferred (quarterly)
70e Mar. MO Mar. 1
Public Service of N..1. ((mar.)
$191 Mar.30 Mar. 1
$5 preferred (quarterly)
$2 Mar.30 Mar. 1
preferred
ed (quarterly)
g191 Mar.30 Mar. I
7%
75 preferred (quarterly)
Mar.30 Mar. 1
50c
6% preferred (monthly)
Name of Company
March 9 1935
Per
Share
When Holders
Payable of Record
Public Service Co. of Oklahoma-7% prior lien stock (quarterly)
$191 Apr. 1 Mar. 20
6% prior lien stock (quarterly)
$134 Apr. 1 Mar. 20
Public Service Electric 4c Gas$191 Mar.30 Mar. 1
7% preferred (quarterly)
Mar.30 Mar. 1
$5 preferred (quarterly)
Apr. 1 Dec. 31
Puritan Ice,common
$1 Apr. 15 Apr. 1
Quaker Oats (quarterly)
Special_____
$1 Apr. 15 Apr. 1
May 31 May 1
$1
Preferred (quarterly)
Apr. I Mar. 15
Queens Bore. Gas & Elec. Co..6% cum. pf.(qu.) $1
Radio Corp. of America, A pref. (guar.)
15(% Apr. 1 Mar. 1
Raybestos Manhattan
25c Mar. 15 Feb. 28
h50.3 June I May 10
Rainier Pulp & Paper.$2 class A
Rapid Electrotype
50c Mar. 15 Mar. 1
50c. Mar. 14 Feb. 21
Reading Co., lot preferred (quarterly).2nd preferred (guar.)
50c Apr. 11 Mar. 21
Reeves (Daniel) Inc. (guar.)
1214c Mar. 15 Feb. 28
$144 Mar. 15 Feb. 28
63.4% preferred (guar.)
Mar. 15 Feb. 28
Reliance Grain Co.,6.14% Prof.(guar.)
$1
150 May 1 Apr. 20
Reliance Mfg.(Ill.) (guar.)
$191 Apr. 1 Mar. 21
Preferred (guar.)
Reno Gold Mining Ltd. (quar.)
30 Apr. 1 Feb. 28
Reynolds Spring Co
10c Mar. 29 Mar. 15
Apr. 1 Mar. 15
Rice-Stir Dry Goods Co.. 1st & 2d pref. (quar.)
$1
Rich's. Inc. 634% preferred (guar.)
$114 Mar.30 Mar. 15
Rike-Kurnler CO. COM.(guar.)
25c Mar. 11 Feb. 23
h25c Apr. 1 Mar. 15
Riverside Silk Mills, class A
Class A (quar.)
25c Apr. 1 Mar. 15
Apr. 1 Mar.30
Robbins (Sabin) Paper,7% pref. (guar.)
25c Mar. 15 Mar 1
Ruberoid Co. (guar.)
Ruud Mfg. (guar.)
10c Mar. 15 Mar. 5
Quarterly
10c June 15 Juno 5
St. Joseph Lead Co
10c Mar. 20 Mar. 8
St. Louis Rocky Mountain & Pacific RR. Co.
Common (quarterly)
25c April 20 April 5a
Preferred (quarterly)
$131 April 20 April 50
Preferred (quarterly)
$134 July 20 July 5
Preferred (quarterly)
$131 Oct. 21 Oct. 5a
San Carlos Milling Co. (monthly)
20c Mar. 15 Mar. 1
San Joaquin Light & Power.7% pref.(qu.)
$134 Mar. 15 Feb. 28
6% prior preferred A (guar.)
$114 Mar. 15 Feb. 28
7% preferred A (quarterly)
$1 X Mar. 15 Feb. 28
6% preferred B (quarterly)
$134 Mar. 15 Feb. 28
Savannah Electric & Power8% preferred A (guar.)
$2 Apr. 1 Mar. 15
7X % preferred B (guar.)
$134 Apr. 1 Mar. 15
preferred C (guar.)
$1X Apr. 1 Mar. 15
$154 Apr. 1 Mar. 15
691% preferred D (guar.)
Schlff Co., common (guar.)
50c Mar. 15 Feb. 28
Preferred (guar.)
$191 Mar. 15 Feb. 28
Scott Paper Co., common (guar.)
4214c Mar.31 Mar. 16
Scovill Mfg. Co. (guar.)
25c Apr. 1 Mar. 15
Seaboard Oil of Del.(guar.)
15c Mar. 15 Mar. 1
Extra
10e Mar. 16 Mar. 1
2nd International Securities 6% 1st pref
Apr. 1 Mar. 15
62
Second Twin Bell Syndicate (monthly)
Mar. 15 Feb 28
Seeman Bros.. Inc. common (extra)
50c May I Apr. 15
Selected American Shares (semi-ann.)
2.1c Mar. 15 Feb. 28
Selfridge & Co
5%
Senior Securities (guar.)
30c Mar. 11 Fob. 28
Skervrin Williams. Ltd., preferred
h$1 X Apr. 1 Mar. 15
Sioux City Stockyards Co.$14 part ref(guar.) 3714c May 15 May 14
$191 participating preferred (quar.)
37Xc Aug. 15 Aug. 14
$191 participating preferred (guar.
373.4c Nov. 16 Nov. 14
Siscoo Gold Mines(guar.)
3c Mar. 15 Feb. 28
Extra
30 Mar. 15 Feb. 28
Smith (8. Morgan) Co. (quarterly)
$1 May 1 May 1
Quarterly
$1 Aug. 1 Aug. 1
Quarterly
$1 Nov. 1 Nev. 1
Socony-Vacuum Oil Co
15c Mar. 15 Feb. 20a
South Carolina Power Co., $6 pref. (quar.)
1 Mar. 15
. arr.. 15
$114 it,p
Feb. 20
South Calif. Ed Co.. Ltd..7% ser A prof(guar.) 4354c
Feb. 20
Mar.
6% series B preferred (guar.)
15
3714c
South Penn Oil (guar.)
300 Mar.30 Mar. 15
South Porto Rico Sugar Co..corn.(guar.)
50c Apr. 1 Mar. 9
Preferred (quarterly)
2% Apr. 1 Mar. 9
Southern Acid & Sulphur (guar.)
50c Mar. 15 Mar. 9
7% preferred (quarterly)
$191 Apr. 1 Mar. 9
Southern & Atlantic Tales- gtd. (s.-a.)
6214c Apr. 1 Mar. 16
Southern Canada Pow. Co..6% cum. panic. pf_ 134% Apr. 15 Mar. 20
Southern Fire Insurance Co.(N. C.)(qu.)
373-4c Mar. 28 Mar. 25
Southern Colorado Power Co.. 7% preferred
1% Mar. 15 Feb. 28
Southwestern Gas Sz El. Co..8% cum. pf. (qu.).
$2 Apr. 1 Mar. 15
7% cumulative preferred (quarterly)
$191 Apr. 1 Mar. 15
Southwestern Light & Power Co., $6 cum. pref_
50c Apr. 1 Mar. 15
Spencer Kellogg & Sons. Inc. (guar.).
40c Mar.30 Mar. 15
Standard Draws, Inc.. common
(quar.)
25c Apr. 1 Feb. 25
$7 cumul. preferred, series A (guar.)
$191 Apr. 1 Feb. 25
Standard Coosa-Thatcher,7% pref.(quar.)
$191 Apr. 15 Apr. 16
Standard 011 Co. of California
25c Mar. 15 Feb. 16
Standard Oil (Indiana )(guar.)
25c Mar. 15 Feb. 15
Standard 011 of Kentucky (guar.)
25c Mar. 16 Feb. 28
Extra
25c Mar. 15 Feb. 28
Standard 011 Co. of N. J
Mar, 15 Feb. 15
Standard 011 Co.(Ohio), 5% cum. pref.
$1114 Apr. 15 Mar.30
No action was taken on common stock.
Sun Oil Co.(guar.)
25c Mar. 15 Feb. 25
Sunset. McKee Salesbook,class A (guar.)
3734c Mar, 15 Mar. 4
Class B (guar.)
25c Mar. 15 Mar. 4
Swift & Co. (quarterly)
I Mar. 1
1214c
Sylvania Industrial Corp. (guar.)
25c Mar. 15 Mar. 5
Sylvanite Gold Mines (guar.)
5c Mar. 30 Feb. 23
Tennessee Electric Power Co.—
5% lit preferred (qua?.
$111 Apr. 1 Mar. 15
1st preferrederuar.
Apr. 1 Mar. 15
$1
Apr. 1 Mar. 15
4 lit preferred guar.
7°f_,
7.2% lit preferred (guar.)
$1.8 Apr. 1 Mar. 15
607, oreferred (monthly)
50c Apr. 1 Mar. 15
7.2% preferred (monthly)
600 Apr. 1 Mar. 15
Tacony-Palmyra Bridge Co., A & B (guar.)
25c Mar.30 Mar. 10
Teck-Hughes Gold Mines
rlOc Apr. 1 Mar. 9
Texas Corp. (quarterly)
25c Apr. 1 Mar. I
Texas Gulf Sulphur Co
50c Mar. 15 Mar. 4
15
Tex-O-Kan Flour Mills, pref.(guar.)
$191 June 1 May
Texon Oil & Land Co., common
15c Mar. 29 Mar. 9
Thatcher Mfg. Co
25c Apr. 1 Mar. 15
Tide Water Assoc. 011,6% pref
/42 Apr. 1 Mar. 11
Tide Water Oil
35c Mar.30 Mar. 11
Tip-Top Tailors 7% pref. (guar.)
$191 Apr. 1 Mar. 20
50c Mar. 20 Mar. 5
Todd Shipyards Corp
Underwood Elliott Fisher Co.common (quar.)__
50c Mar.30 Mar. 12a
Preferred (guar.)
5191 Mar.30 Mar. 12a
Union Carbide & Carbon Corp
40c Apr. 1 Mar. 8
$1 X Apr. 1 Mar. 1
Union Pacific R.R. Co
Preferred (semi-annual)
$2 Apr. 1 Mar. 1
Union Twist Drill (guar.).
25c Mar. 28 Mar. 20
Preferred (guar.)
$112 Mar. 28 Mar. 20
United Biscuit Co.of America. preferred (guar.) $114 May 1 Apr. 15
United-Carr Fastener
25c Mar. 15 Mar. 5
United Corp., preferred (no action)
United Dyewood preferred (guar.)
$191 Apr. 1 Mar. 14
10c Mar. 23 Mar. 5
United Elastic (quarterly)
United Gas & Electric Corp., preferred (quar.)
19(% Apr. 1 Mar. 15
Oc Mar.30 Feb. 28
United Gas Improvement
$191 Mar.30 Feb. 28
Preferred (quarterly)
United Light & Rys.(De1.158 1-3c Apr. 1 Mar. 15
7% prior preferred (monthly)
530 Apr. 1 Mar. 15
6.36% prior preferred (monthly)
50c Ann 1 Mar. 15
6% prior preferred (monthly)
t
60
Financial Chronicle
Volume 140
Per
When
Holders
Share. Payable. ofRecord
Name of Company.
United New Jersey RR.& Canal must.)
United States Foil Co., class A & B, corn..
Preferred(quarterly)
United States Industrial Alcohol Co.,common...
UnitedStates Petroleum (s.-a.)
Semi-annually
United States Pipe & Fdy Co.(guar.)
Common (quar.
Common guar.
Common guar.
let preferred iquar.i
1st preferred guar.
let preferred guar.
lit preferred (guar.)
United States Playing Card (guar.)
Extra
United States Sugar Corp., prof. (quar.)
Preferred (quarterly)
Universal Products
Upper Michigan Power& Light.6% Pref.(guar.)
6% preferred (quarterly
6V preferred (quarterly
6% preferred quarterly
Utica Chenango & Susquehanna Valley RR.—
Guaranteed (semi-annual)
Utica Clinton & Binghamton By.—
Debenture stock (semi-ann.)
Debenture stock (semi-ann.)
Utica Knitting. 7% preferred
Vapor Car Heating Co., Inc
7% preferred (quarterly)
Veedec Root (quarterly)
Vermont & Boston telephone (semi-ann.)
Victor-Monaghan Co.,7% preferred (guar.)._
Viking Pump, preferred (guar.)
Virginia Electric & Power. $8 Preferred (quar.).
Virginia Public Service. 7% pref. (guar.)
6% preferred (guar.)
Vortex Cup (quarterly)
Class A (quarterly)
Vulcan Detinning,Preferred (qear.)
Preferred (quar.
Preferred Wm.)
Wagner Electric, pref. (quar)
Walker (H.). Gooderham & Warta. Pref. Ore./—
Warren RR. Co.(semi-annual)
Washington Ry.& Electric Co.5% pref.(guar.)
Wesson Oil & Snowdrift Co., Inc., corn
Extra
Western Maryland Dairy, pref.(quar.)
West Kootensy Power & Light, pref. (q11.)-Weetland Oil Kenning. A (monthly)
Westmoreland, Inc. (quarterly)
Weston Electrical Instrument, cl. A (guar.)._
Westvaco Chlorine Products, pref. (guar.)
$234 Apr. 10 Mar. 20
15c Apr. 1 Mar. 15a
Apr. 1 Mar. 15a
Mar.30 Mar. 15a
lc June 15 June 5
lc Dec. 15 Dec. 5
1234c Apr. 20 Mar.30
1234c July 20 June 29
1234c Oct. 20 Sept.30
12 c Jan. 20 Dec. 31
Apr. 20 Mar.30
30c July 20 June 29
30c Oct. 20 Sept.30
30c Jan. 20 Dec. 31
25c Apr. 1 Mar. 21
25c Apr. 1 Mar. 21
Apr. 5 Mar. 10
$1
July 5 June 10
$1
2
Mar.30 Mar. 20
May 1 Apr.
111
Aug. 1 July 27
Nov. 1 Oct. 26
$1
2-1-'36 Jan. 27
$1
g6
$3 May 1 Apr. 15
$2
$2
/43
$1 Ii
50c
$2
81%
60c
2134
$13(
$134
3734c
6234c
13(
I
$r25c5i
$13(
$13(
1234c
3734c
$134
$
30c
50c
$13(
June 26 June 16
Dec. 28 Dec. 16
Mar. 18 Feb. 18
Mar. 9 Mar. 1
Mar. 9 Mar. 1
Mar.31 Feb. 18
July 1 June 15
Apr. 1 Mar. 20
Mar. 15 Mar. 1
Mar. 20 Feb. 28
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
Mar. 16 Feb. 22
Apr. 15 Apr. 5
June 1 May 15
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 20
Apr. 1 Mar. 20
Mar. 15 Feb. 28
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1Mar.15
1611
When Holders
Payable of Record
Per
Share
Name of Company
Weyenberg Shoe Mfg.,pref.(quar.)
Mar. 15 Mar. 5
Wheeling Steel, 6% cum. prof
Apr. 1 Mar. 12
Whitman (Win.) Co.7% Preferred
h$13( Mar. 15 Mar. I
Wilcox Rich ('orp.( Ism A kquat )
Mar.31 Mar. 20
6234
Will St Baumer Candle Co.. Inc—
Preferred
2 Apr. 1 Mar. 15
Wilson & Co., Inc., common
1234c June 1 May 15
Preferred
May I Apr. 15
Winsted Hosiery (guar.)
May 1
$1
Quarterly
$1
Aug. 1
Quarterly
Nov. 1
$1
Wisconsin Electric Power 6% pref.(War.)
Apr. 1 Mar. 25
$1
Am 1 Mar.25
854% preferred (guar.)
$1
Wisconsin Michigan Power, preferred (guar.)__ _ $1
Mar. 15 Feb. 28
Wisconsin Power & Light.6% preferred
h50c Mar. 15 Feb. 28
7% preferred
h58 1-3c Mar. 15 Feb. 28
Wisconsin Public Service Corp., 7% cum. pref. 8734c Mar. 20 Feb. 28
634% cumulative preferred
813(c Mar. 20 Feb. 28
6% cumulative preferred
75c Mar.20 Feb. 28
Woodley Petroleum Co. (quar.)
100 Mar.31 Mar. 15
Wright-Hargreaves Mines(guar.)
100 Apr. 1 Mar. 9
Extra
Sc Apr. I Mar. 9
Wrigley (Wm.) Jr. (monthly).
250 Apr. 1 Mar. 20
Zione Cooperative Mercantile Ins. (guar.)
Air. 15
50c
Quarterly
July 15
50c
Quarterly
Oct 15
50c
t The New York Stock Exchange hag ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
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.
h On account of accuf Payable in common stock. p Payable In scrip
mulated dividends. .0 Payable in preferred stock.
m Commercial Investment Trust Corp. has declared a guar. div. on the
cony. pref. stock, at the rate of 5-208 of one share of corn, stock, or, at the
option of the holder,in cash at the rate of $1.50 for each cony. pref. share.
n Standard Oil of N. J. dlv. of one sh. of Mission Corp. stock for each
25 shares of S. 0. of N. J. $25 par value and 4 she. of Minden Corp. stk.
for each 25 ells. of St. 0. of N. J. $100 par value.
p Goldblatt Bros., Inc., declared a dividend of 3734 cents cash per
share. or 1-40th of a share of stock, at the option of the stockholders.
Fractional shares will not be issued.
r Payable in Canadian funds, and in the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
14 Payable in U. S.funds. r A unit. w Less depositary expenses.
Less tax. w 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 March 6 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 2 1935
Surplus and
Clearina House
Members
• Capital
Bank of N Y & Trot Co.
Bank of Manhattan CoNational City Bank__ -Chemical Bk & Trust Co
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk & Tr Co
Corn Exch Bank Tr Co.
First National Bank__
Irving Trust Co
Continental Bk & Tr Co.
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co._
Marine Midland Tr Co
New York Trust Co
Comml Nat Ilk & Tr Co
Public Nat 13k at Tr co
Totals
Net Demand
Deposits,
Average
Undivided
Profits
Time
Deposits,
.4oerage
$
6,000,000
20,000.000
127,500,000
20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
150,270,000
500,000
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
8,250,000
a
5
10,298,100
110.618.000
25,431,700
317,442,000
38,273,300 a1,071,504,000
48,104,400
387,368,000
177,294,700 61,086,314,000
10,297,500
286.398,000
61,512,800
620,563,000
16,124,900
197,567,000
89,218.100
421,843,000
57,819.800
408,287,000
3.608.900
34,790,000
68,839,400 c1,434,337.000
3,329,600
44,996,000
62,018,800 d663,493,000
8,160.400
13,915,000
7,503,200
60,263,000
21,361,500
24E1,545,000
7,644,700
57,253,000
5,148,21.0
55,126,000
6.328,000
29,846,000
151,004,000
20,869,000
55.210,000
104,077,000
26,609,000
21,183,000
10,053,000
4,373.000
2,176,000
70,142,000
352,000
17,885,000
274,000
3,322,000
15,685,000
1,203,000
37,907,000
614 955 Win
791 aan non 7 Knn ass non
a,/ ono ono
e
• 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) $205,628.000;(b) $61,576,000;
(e) $82,831,000; (d) $25,041,000.
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 1:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, MARCH 1 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans
Other Cash Res. Dep., Dep. Otter
Disc. and Including N. Y. and Fasts and
Investments Bank Notes Elsewhere Trust Cos.
Manhattan
5
Grace National
23,606,100
Trade Bank of N. Y_
3,966,733
Brooklyn—
4.032.000
People's National__ _
$
$
93,400
167,239
2,329,200
797.946
97.000
1.221.000
5
Gross
Deposits
$
2,201.200 23,335,300
192,404 4,221,039
238000
4 asa Ann
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc. and
Investments
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County.._.
United States
Brooklyn—
Brooklyn
Mora County
5
Cash
S
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere Trust Cos.
$
$
Gras
Deposits
$
52,773,700
7,225,506
12,371,780
18,145,900
30,523,700
58,912,059
•4,228,100 8,342,200
100,597
679,917
*789,492
719,642
*2,855,800
839.100
.5,861.300
698,800
19,206,622 16,026,316
2,459,600 55,758,700
1,016,807 7.338,472
62,541 12.015,803
805,300 17,768,400
34,662,300
65,487,136
87,770,000
27.992 952
2,636.000 26,037,000
2 077 4na 7054 nit
234,000 102.570.000
21 209 AA,
•Includes amount with Federal Reserve as follows. Empire,$3,059,700: Fiduciary:
11537,372; Fulton, 82,674,100; Lawyers County. $5,168,400.
Mar. 6 1935 Feb. 27 1935 Mar. 7 1934
Assets—
Gold certificates on hand and due
U. S. Treasury_x
Redemption fund—F. R. notes
Other cash
nn
$
$
$
- 2,064,710,000 2,106,196,000 1,277,046,000
1,151,000
3,354,000
1,307,000
51,493,000
72,656,000
71,706.000
.2,137,567,000 2,180,159,000 1,331,893,000
Total reserves
2,808,000
Redemption fund—F. R. bank notes. ..
Bills discounted:
Secured by U. S. Govt. obligati ins
1,008,000
8,042,000
1,845,000
direct & (or) fully guarantee& .-2,448,000
18,465,000
2,514,000
Other bills discounted
3,456,000
4,359,000
26,507,000
2,104,000
1,576,000
2,104,000
1,499,000
2,646,000
......
139,228,000
463,682,000
162,408,000
139,945.000
472,624,000
157,749,000
165,518,000
353,344,000
282,893.000
Total U. S. Government mewl ea.
765,318,000
770,318,000
801,755,000
Total bills discounted
Bills bought in open market
Industrial advances
.....
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
143,000
Other securities
Foreign loans on gold
Total bills and securities
772,454,000
778,280,000
831.051,000
315,000
3,951.000
109,657,000
11,599,000
315,000
6,634.000
115,572,000
11,598,000
1,131,000
3,047,000
99,309,000
33,443,000
33,043,000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
Total assets
11,424.000
50,820,000
- 3,068,986,000 3,125,801,000 2,331,483,000
Liabilities—
F. R. Dottie In actual
_ ..._ 661,798,000 658,338,000 611,369,000
F. R. bank notes in actual circulation net
52,774,000
Deposits—Member bank reserve ace't.- 1,984,934,000 2,051,971,000 1,366,590,000
U. S. Treasurer—General scrotal ._
7,012,000
44,023,000
37,444,000
Foreign bank
-__
5,871.000
7,094,000
1,779,000
Other deposits
144,059,000 124,239,000
33,737,000
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
--- 2,173,531,000 2,226,104,000 1,409,118,000
111,797,000 120,195,000
96,201.000
59,722,000
59,724,000
59,280,000
49,964,000
45,217,000
49,964,000
1,492,000
877,000
7,501,000
4,737,000
--.
7,501,000
3,181,000
2,898,000
52,787,000
Total liabilities
.3,068,986,000 3,125,601,000 2,331,483,000
Ratio of total reserves to deposit ad
F. R. note liabilities combined...
75.4%
65.9%
75.6%
Contingent liability on bills purch
for foreign correspondents
30,000
1,769.000
157,000
Commitments to make Industrial advances
6.125.000
5.449M00
•"Other cash" does not include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
These are certificates given by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
cents to 59.06 cents, these certificates being worth loss 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 01 1934.
March 9 1935
Financial Chronicle
1612
Weekly Return of the Federal Reserve Board
The following is issued by the Federal Reserve Board on Thursday afternoon, Mar. 7, showing the condition of the
twelve Reserve banks at the close of business on Wednesday. The first table presents the results for the System as a
whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions."
6 1935
C051B1NED RESOURCES AND LIABILITIES OF TI1E FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MARCH
Mar. 6 1935 Feb. 27 1935 Feb. 20 1935 Feb. 13 1935 Feb. 15 1935 Jan. 30 1935 Jan. 23 1935 Jan. 16 1935 Mar. 7 1934
9
$
$
5
5
$
5
$
$
I SSETS
4.152,918,000
Gold ctfs. on hand & due from U.S.Treas.: 5,556,087,000 5,543,025.000 5,516.081.000 5.449.639.000 5,445,101,000 5.350,959.000 5,281,298,000 5,237,503.000
34,163.000
17,398,1100
17,398,000
15,875.000
10.549,000
16,559.000
15,852,000
15,799,000
15,950,000
Redemption fund (F. R. notes)
210,841,000
287,444,000
286.400.000
280,320.000
247,266,000 257,047,000 253.317,000 264.771,000 270,330.000
Other cash •
4,397,932,000
5,819,303,000 5,815.871,000 5.785,250,000 5,730,959,000 5,731,990,000 5,647,154,000 5.585,096,000 5.542,345,000
Total reserves
11,111,000
1,752,000
1,579,000
1,986,000
250.000
1.759,000
250.000
250,000
250,000
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. 8. Govt. obligations
15,117,000
13,604,000
6,294.000
3.558,000
3.124.000
3,451,000
2,719,000
3.113,000
2,830,000
direct and(or) fully guaranteed
43,460,000
3,617,000
3.394.000
3,500,000
3,207,000
3,351,000
3,301,000
3,059,000
3,278,000
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial advances
(3,5. Government securities-Bonds
Treasury note.]
Certificates and bills
6.108.000
6,464,000
5,920,000
6,510,000
6,428,000
7,058,000
8.688.000
17,221.000
58,577,000
46,366,000
5.582,000
5.539,000
5,538.000
5,501,000
5,505.000
5,503,000
5,502,000
5,506,000
14.826.000
15.636,000
17,493,000
17,824.000
18,729,000
18,375,000
19,163.000
19,470,000
394,388,000 395,688,000 395.748.000 395,726,000 395,630.000 395,652,000 395.650,000 395.627,000 442,843,000
1 492,673,000 1,511,198,000 1,511,675,000 1,511.683,000 1,511,666.000 1.611.693.000 1,508.688.000 1,508.667,000 1,068,318,000
543,425.000 523,425,000 522,925.000 522,925.000 522.925,000 522.925,000 527.925.000 525,925.000 920,702.000
2,431,863,000
Total U. S. Government securities- 2,430,486,000 2,430,311,000 2,430,348,000 2,430,334,000 2.430.221.0002,430.270.000 2.430,263,000 2.430,219,000
653,000
Other securities
Foreign loans on gold
2,461,570,000 2,461.443,000 2,460,504,000 2,460,721.000 2,459,976,000 2.460,359,000 2,400,126,000 2,467,828,000 2,537,459,000
Total bills and securities
Gold held abroad
3,128,000
806,000
805.000
807.000
805,000
805,000
803,000
805.000
802,000
Due from foreign banks
13.145,000
24,226,000
22,324,000
16,113,000
18,529.000
18,649,000
19,672.000
17,165,000
16.763,000
Federal Reserve notes of other banks_ _
392,474,000
505,729,000
457,509,000 477.747,000 482.633,000 415,332,000 416.543,000 411.130.000 440.365,000
Uncollected items
52,431,000
49.296,000
49.308,000
49.436,000
49.307.000
49,436,000
49,436,000
49.338.000
49,453,000
Bank premises
45,589,000 118,286,000
40.961,0%
48,444,000
46,349,000
46,657.000
45,280,000
45,814,000
47,088,000
All other assets
8,852,088,000 8.870.736.000 8,843,343,000 8,720.615.000 8.722.860.000 8.638,857,000 8.612,582,000 8.637.571.000 7,525,986,000
Total assets
LIABILITIES
F. R. notes In actual circulation
F. It. bank notes in actual circulation
3,159,989,000 3,138,751.000 3,127,655,000 3,118,015,000 3,101.685.000 3,068,172,000 3,068,915,000 3.099,050,000 3,002,345.000
25,869,000 184,543,000
25,683,000
1,227,000
1,324,000
25,697,000
1,242,000
25,627,000
1.192,000
Deposits-Member banks' reserve account 4.554,816,000 4.5.97.949,000 4,644.795,000 4,580,341,000 4,632,647,000 4,541,755,000 4,500.919,000 4,387,560,000 .1,312,787,000
31,926,000
67,227,000
49.155,000
56,481,000
35,434,000
72,312.000
38,422,000
99,181,000
88.485,000
U. S. Treasurer-General account _ a4.024,000
18,339,000
19,083,000
16,073,000
14,355,000
13,629,000
13,424,000
16,323,000
13,567,000
Foreign banks
220,399,000 196,746.000 178.973.000 167.945,000 162.684.000 178,141,000 169,073,000 196.677.000 129,163.000
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 advance.
Maturity Distribution of Bills and
Short-term Securities1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 days bills bought In open market_._
16-30 days bills bought in open market_..
31-60 days bills bought In open market_..
01-90 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 (lays industrial advances
Over 90 days industrial advances
Total industrial advances
4,880,023,000 4,898,231,000 4,875,819,000 4,834,165,000 4,844,189,000 4,792,450.000 4.738,230,000 4,689,803,000 3,480,900,000
467,797,000
146.990,000
144.893,000
13,447,000
30,822,000
6,900,00,
490,259,000
147,031,000
144.893,000
12,830,000
30,824,000
6,593,000
495,913,000
146,953,000
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
412,710,000
148,870,000
144,893,000
11,560,000
30.820,000
5.685,000
444,405.000
140,888.000
144.893,000
10.6139,000
30.820,000
4.059.000
500,428,000
146.839,000
144.893.000
10,528.000
30,808,000
3,365,000
394.161,000
146,118,000
138,383,000
22,528,000
157,008,000
8,852,088,000 i,870.736,000 8,843,343,000 8,720,615,000 8,722,860,000 8.638,857,000 8.612,562,000 9,037,571,000 7.525,986,000
72.4%
72.4%
72.3%
72.1%
72.1%
71.8%
71.6%
71.3%
67.8%
286,000
14,854,000
357,000
13,963,000
368,000
12,940,000
366,000
12,540,000
366.000
12,314,000
317,000
11,739,000
317,000
11,109,000
567.000
10,840,000
4,931.000
3
$
$
$
$
3
$
$
$
4,687.000
205,001
276,001
680,000
260,000
4,353.000
880,000
332,000
671,000
228.000
4.528,000
733,000
167.000
271,000
237,000
5,321,000
181,000
675,000
286.000
47,000
4,693,000
673,000
715,000
299,000
48,000
5,418,000
627.000
635,000
358.000
22,000
7,021,000
110,000
1.228.000
296,000
33.000
15,588,000
223,000
077.000
701.000
32,000
46,328,000
3,428,000
4,406,000
4,094,000
321,000
6,108.000
6,464,000
5,926,000
6,510,000
6.428,000
7.058,000
8,683,0130
17,221,000
58,577,000
112,000
751,000
629,000
4,014,000
3,388,000
702.000
701,000
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
3,203,000
657,000
1.506.000
386,000
2,989,000
2,750,000
845,000
1.213,000
731,000
2.743,000
833,000
669,000
1,317.000
14,376,000
9,662,000
16,156,000
6,172,000
5,506,000
5,505,000
5,501.000
5.502,000
5,503,000
5,538,000
5,539,000
5,562,000
46,366,000
197,000
560,000
1,334,000
312,000
17,047,000
274,000
599,000
784,000
862,000
16,644,000
97.000
432,000
1,225,000
893.000
16,082,000
93,000
618,000
702,000
1,315,000
15,647,000
139,000
551,000
748,000
1,298,000
15,088,004)
92,000
146,000
1,184,000
904,000
15,167,000
42,00
191,002
820.000
1,251,000
13.332.000
47.000
186,000
656,000
878.000
13,039,000
19,470,000
19.163,000
18.729,000
18,375.000
17,924,000
17,493.000
15,636.000
14.828,000
30,200,000
40.135,000
44.540,000
39,690.000
39.467,000
36,222,000
35.114,000
1-15 days U. S. certificates and bills__ 125,685,000
44,467,000
35,114,000
39,690,000
36.222,000
40,550,000 128,010,000 124,180,000 120,030,000
16-30 days U. S. certificates and bills_-__
80,750,000 165.130,000 175.030,000 163,880.000 154,252,000
31-60 days U. S. certificates and bills_ _ __ 177,761,000 170,174,000 179,054,000
92.368,000 183,618,000 179,175,000 172,177,000 189,545,00)) 201,873.000
93,096,000
91,540,000
61-90 (lays U. S. certificates and bills..- Over 90 days U. S. certificates and bills_ 1,994,944,000 1,994,491,000 1.995,056,000 2,009,714,000 2,011.112,000 2,007,374,000 2,001,189.000 1,999,427,000
207,760.000
90,095,000
143,318,000
49.873,000
429,654.000
2,430,486,000 2.430,311.000 2.430.348.000 2.430.334,000 2,430,221,0002,430,210,090 2.430.263,000 2.430,219,000
920,702,000
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Ovor 90 days municipal warrants
otal municipal warrants
590,000
10,000
53,000
653,000
Federal Rewire Notes3,250,040,000
Issued to F. It. Bank by F. R. Agent..... 3,435.639,000 3,422.825,000 3,419,985,000 3,382,242,000 3,379.971,000 3,365.435.000 3,386,374.000 3,433,031.000 247,695,000
275,6.50,000 284,074,000 292,330,000 204,227.000 278,286,000 297,263.000 319,459.000 333.981.000
Held by Federal Reserve Bank
3,002,345,000
3 159,989,000 3,138,751,000 3,127.655,000 3.118,015,000 3.101,685,000 3.068,172,000 3,008,915,000 3,099,050,000
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank2,840,618,000
Gold ctfs. on hand & due from U.S. Treas. 3,312,993.000 3.298.357.000 3,280.827.000 3.252,450.000 3.256.450,000 3.258.370,000 3.274.200,000 3,292,700,000
75,426,000
15,778,000
7,285,000
5,587,000
4.955,000
4,201.001
5,084,000
4,591,000
4,105,000
By eligible paper
376,000,000
179,000,000 189,000,000 199.100,011 199,000,000 191,000,000 186.000,000 188,000,000 193,000,000--U. S. Government securities
3.196,088,000 3,491.949.000 3.484.126.000 3.456,534.000 3.452.405.000 3.449.957.000 3,469,485,000 3,501.478.000 3,292,044.000
Total collateral
t Revised figures.
•"Other cash" doeS not Include Federal Reserve notes or a bank's own Federal Reserve bank notes.
to 59.01'. cents
x 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
the
the
difference,
of
extent
been appropriated so profit by the Treasury under
the
having
itself
these
8.
difference
the
certificates
being worth less to
on/Jan. 31 103
provisions of the Gold Reserve Act of 1931.
to
transferred
1934
2
May
on
deposits
Government
•Citation changed from "Government" to "U. S. Treasurer-General account" and 3100,000 000 included in
"Other deposits."
Financial Chronicle
Volume 140
Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAR. 6 1935
Two Ciphers (00) Omitted
Federal Reserve Bank of-
Boston
Total
Phila.
New York
Cleveland Richmond
Aaevua
Chicago
St. Louis Minneap. Kan. City
Dallas
SanFran.
$
$
$
$
$
$
$
$
15
5
$
$
$
RESOURCES
Gold certificates on hand and due
5,556,087,0 410,422,0 2,064,710,0 292.285,0 420,109,0 204,236,0 116,112,0 1,053322,0 198,785,0 143,916,0 204,437,0 115,909.0 332,044,0
from U. S. Treasury
206,0 3.219,0
1,151,0 2,018,0 1,584,0 2,074,0 3.416,0
461,0
428,0
345,0
468,0
580,0
15,950.0
Redemption fund-F.R. notes
27,982,0 9,150,0 10,162,0 10.386,0 5,732,0 17,293,0
71,706,0 34,958,0 9,263,0 10,324,0 12,794,0
247,266,0 27,516,0
Other cash
5,819,303,0 438,283,0 2,137,567,0 329,261,0 430.956,0 216,634,0 132,322,0 1,081,684,0 208,363,0 154,546,0 215,284,0 121,847,0 352,556,0
Total reserves
250.0
250,0
Redem. fund-F. R. bank notes_
•
Bills discounted:
See. by U. S. Govt. obligations
73,0
275,0
211,0
22,0
288,0
110,0
114,0
729.0
direct & (or)fudy guaranteed
1,008,0
2,830,0
31,0
66,0
67,0
5,0
6,0
321,0
39,0
136,0
2,448,0
23,0
55,0
81,0
3,278,0
Other bills discounted
Total bill., discounted
Bills bought in open market
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
6,108,0
5,506,0
19,470,0
153,0
404,0
2.167,0
609,0
556,0
3,449,0
3.456,0
2,104,0
1,576,0
865,0
523,0
1,364,0
266.0
204,0
3,368,0
23,0
651,0
1,350,0
191,0
198.0
1,079,0
5,0
84,0
1,840,0
139,0
149,0
639,0
67,0
143,0
1.405,0
306,0
385,0
686,0
58,855,0 15,949,0 15,610,0 13,331,0 18,821,0 23.860,0
263,985,0 66.965,0 36.607,0 56,992.0 38,222,0 103,422,0
93,003,0 25,286,0 13,632,0 21,521,0 14,432,0 39,049,0
139,228,0 25,137,0 30,559,0 16.290,0 13,534,0
463,682,0 103,539,0 132,454,0 70.611,0 58,586,0
162,408,0 38,444,0 50,012,0 26,662,0 22.119,0
394,388,0 23,214,0
1,492,673,0 97,608,0
543,425,0 36,857,0
28,0
105,0
547,0
Total U.8. Govt. securities_ 2,430,486,0 157,679,0
765,318,0 167,120,0 213,025,0 113,563,0 94.239,0
415,843,0 108,200,0 65,849,0 91,844,0 71,475,0 166,331,0
Total bills and securities
2,461,570,0 160,403,0
Due from foreign banks
60,0
802.0
Fed. Res. notes of other banks.._
16,113,0
339,0
457,509,0 45,675,0
Uncollected Items
Bank premises
49,453,0 3,168,0
All other resources
47.088,0
680,0
772,454,0 171,734,0 215,777,0 117,401,0 95.707,0
82,0
76,0
29.0
315,0
30,0
489,0
801,0 1,357,0 1,124,0
3.951,0
109,657,0 37,687,0 43,922,0 39,574,0 16.910,0
11,599,0 4,541,0 6,629,0 3,028%0 2,325,0
33.443,0 4,628,0 1,531,0 1,324,0 1,753,0
417,867,0 108,880.0 67,778,0 92,771,0 73,090,0 167,708,0
21,0
56,0
22,0
8,0
6,0
97,0
314,0 2,246,0
678,0
782,0
2.608,0 1,424,0
64,545,0 21,349,0 12,083,0 28.666,0 16,116,0 21.345,0
4,955,0 2,628,0 1,580,0 3,447,0 1,684,0 3,869,0
545.0
936,0
287,0
738,0
993,0
230,0
8,852,088,0 648,858,0 3.068,986,0 548,402,0 699,692,0 379,348,0 250,170,0 1.572,749,0 342.882,0 237,513,0 341,155,0 214,008,0 548,325,0
Total resources
LIABILITIES
F. R. notes In actual circulation_ 3,159.989,0 265,708,0 661,798,0 234,930,0 308,971,0 155,090,0 126,051,0
F. R. bank notes In actual circuen
1,227.0 1,227,0
Deposits:
Member bank reserve account_ 4,554,816,0 305,693,0 1,984,934,0 227.938,0 303.885,0 162,778.0 85,829,0
U. S. Treasurer-Gen. acct._
88,485,0 1,694.0
37,444,0 2,755,0 5,831,0 3,059,0 4,873,0
Foreign bank
7,094,0 1,446,0 1,387,0
16,323,0 1,051,0
540,0
526,0
Other deposits
220,399,0 3,727,0 144,059,0 13,236,0 3,910,0 3,683,0 3,494,0
Total deposits
Deferred availability items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
Reserve for contingencies
All other liabilities
Total liabilities
789.028,0 140,624,0 105,300,0 118,628,0 48,960,0 204,901,0
659,008,0 149,153,0 101,353,0 173,367,0 125,090,0 275,788,0
12,718,0 3,811,0 3,370,0 9,143,0 1,668,0 2.119,0
380,0 1,022,0
394,0
351,0
438,0
1,694.0
2,709,0 16,039,0 5,829,0 1,080,0 2,989,0 19,644,0
676,129,0 169,441,0 110.903,0 183,984,0 130,127,0 298,573.0
65,691,0 ,22,466,0 12,275,0 29,056,0 25.002,0 21,447,0
12,743,0 4,072,0 3.134,0 4,048,0 4,020,0 10,794,0
21,350,0 4,655,0 3,420,0 3,613,0 3,777.0 9.645,0
649,0
626,0
523,0
477,0 1,003,0
1,330,0
809,0 1,363.0 2,062,0
5,325,0
891.0 1,211,0
254,0
133,0
494,0
267,0
256,0
1,153,0
4,880,023,0 312,165,0 2,173,531,0 245,375,0 315,013,0 170,060,0 94.722,0
467,797,0 45,416,0 111,797,0 34,089,0 43,871,0 40.733,0 15,954,0
59,722,0 15,142,0 13.117,0 5,053,0 4,382,0
146,990,0 10,763,0
144,893,0 9,902,0
49,964,0 13,470,0 14,371,0 5,186,0 5,540,0
1,492,0 2,098,0 1,007,0 1,697,0
13,447,0 1,791,0
754,0
7,501,0 2,996,0 3,000,0 1,416,0 2,600.0
30,822,0 1,648,0
213,0
3,181,0
6,900,0
302,0
342,0
113,0
167.0
8,852,088,0 648,858,0 3,068,986,0 548.402,0699,692,0 379,348,0 250,170,0 1,572.749,0 342,882,0 237,513,0 341,155,0 214,008,0 548,325,0
Ratio of total res. to dep. Ac F. R.
note liabilities comblned
Contingent liability on bills purchased for for'n correspondents
Committments to make industrial
advances
72.4
75.8
75.4
68.6
69.1
66.6
59.9
73.8
67.2
71.5
71.1
68.0
$286,0
29,0
30,0
40,0
38,0
15,0
15,0
47,0
12,0
10,0
11,0
11,0
14,854,0
2,234,0
6,125,0
303,0
1,266,0
712.0
731.0
453,0
1,418,0
30,0
273,0
70.0
28,0
1,309,(
•"Other Cash" does not include Federal Reserve notes or bank's own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted
Federal Reserve Agent al-
New York
Boston
Total
Phila.
Cleveland Richmond Atlanta
Chicago
Si. Louis Minneap. Kan. City
Dallas
SanFran.
Federal Reserve notes:
$
$
Is3ued to F.R.Bk.by F.R.Agt_ 3,435,639,0 285,479,0
Held by Fed'I Reserve Bank... 275,650,0 19,771,0
2
2
$
2
2
765,070,0 251,042,0 323,905,0 163,848.0 143,547,0
103,272,0 16,112,0 14,934,0 8,758,0 17,496.0
$
3
3
3
2
2
820,736,0 145,926,0 109,609,0 126,017.0 54,440,0 246,020,0
31,708,0 5,302.0 4,309,0 7.389,0 5,480,0 41,119.0
In actual circulation
. 3,159,989,0 265.708,0
Collateral held by Agent as security for notes Issued to bks:
Gold certificates on hand and
due from U.8. Treasury.... 3.312,983,0 301,617,0
Eligible paper
138,0
4.105,0
U. 8. Government securities._ 179,000,0
661,798,0 234,930,0 308,971,0 155,090,0 126,051,0
789,028,0 140,624,0 105,300,0 118,628,0 48,960,0 204,901,0
788.706,0 226.000,0 294,215,0 147,340,0 80,685.0
234,0
498,0
175.0
846,0
1,735,0
25,000.0 30,000,0 18,000,0 65.000,0
826,546,0 133,936,0 111.000,0 127,000,0 55,675.0 220,263,0
292,0
58,0
107,0
22.0
28,000,0
13,000,0
790.441 0 251.498.0 325.061.0 165.574.0 145.860.0
826.546.0 146,958,0 111,000,0 127,107,0 55,733,0 248,555,0
Total collateral
3.495.088 0 101 755 0
FEDERAL RESERVE BANK NOTE STATEMENT
Two Ciphers (00) Omitted
Federal Reserve Agent al-
Total
Boston
$
9,151,0
7,924,0
$
1,511,0
284,0
In actual circulation-net •_
Collat. pledged kist. outst. notes:
DIscounted & purchased bills..
U. S. Government securities-.
1,227,0
1,227,0
Total collateral
Phila. Cleveland Richmond Atlanta
$
$
2
2
7,640,0
7,640,0
New York
Federal Reserve bank notes:
L.sued to F. R. Bk.(outstda.).
Held by Fed'I Reserve Bank__
$
17,000,0
5,000,0
12,000,0
17.000.0
5.000.0
12.000.0
Chicago
St. Louis Minneap. Kan. City
Dallas
San Fran.
$
3
$
$
$
$
I
• Does not include 295,043,000 of Federal Reserve bank notes for the retirement of which Federal Reserve banks have deposited lawful money with the Treasurer
of the United States.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the figures for
the latest week appears in our department of "Current Events and Discussions," immediately preceding which we also give the
figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES, BY DISTRICTS, ON FEB. 27 1935
(In Millions of Dollar.)
Federal Reserve District-
New York
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louis Minneap. Kan. City
Dallas
San Fran.
1,162
8.275
1,079
1,194
367
351
2.041
547
364
576
413
1,952
Loans on securities-total
2,995
216
1,629
196
173
56
51
273
66
32
51
49
203
To brokers and dealers:
In New York
Outside New York
To others
726
166
2,103
17
37
162
615
58
956
18
14
164
2
6
165
6
1
49
:W^
Boston
18,321
30
28
215
4
4
58
i
31
6
2
43
5
1
43
19
11
173
440
965
3,198
7,227
660
47
90
294
347
12
230
248
1,353
3,276
318
22
72
167
297
59
2
73
130
602
23
11
16
79
133
13
.
.0k.,.
4..004,
NN
Total
62
33
299
1,032
86
10
37
108
205
26
9
6
100
155
7
20
14
108
247
20
3
23
112
161
24
22
341
324
674
58
2,836
3,454
286
14,176
4,449
1,019
1,850
4,462
1
156
236
69
949
316
71
116
210
1,221
1,838
66
7,347
1,035
555
167
2,026
1
266
149
15
735
313
63
167
260
191
165
20
719
452
45
135
199
59
51
12
241
138
8
89
106
..
0000WW4D
Wit
4.62.0...IWO.
L01111,1 and Investments-total
256
482
48
1,818
514
58
299
616
95
95
8
398
168
22
106
192
55
63
5
263
127
5
94
121
116
98
12
480
165
21
238
289
41
86
9
312
124
52
163
149
330
163
17
722
969
Acceptances and comm'l paper bought
Loans on real estate
Other loam
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
Government deposits
Due from banks
Due to banks
n.........inna (won I' 11 hanka
ss
194
209
1614
Financial Chronicle
Orr .
, tnanrial
March 9 1935
United States Government Securities
Bankers Acceptances
Tentinerrial
PUBLISHED WEEKLY
NEW YORK AND HANSEATIC CORPORATION
Terms of Subscription-Payable in Advance
12 Mos.
Including Postage$15.00
United States, U. S. Possessions and Territories
In Dominion of Canada
16.50
South and Central America, Spain, Mexico and Cuba--- 18.50
Great Britain, Continental Europe (except Spain). Asia,
20.00
Australia and Africa
6 Moo.
$9.00
9.75
10.75
11.50
WILLIAM B. DANA COMPANY, Publishers,
37 WALL ST., NEW YORK
United States Treasury Bills-Friday, Mar. 8
Rates quoted are for discount at purchase.
William Street, Corner Spruce, New York.
Bid
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. 2 Mar. 4 Mar.5 Mar.6 Mar. 7. Mar. 8
High
First Liberty Loan
334% bends of 1932-47_ Low_
(First314s)(Close
Total sales in $1,000 units_
Higil
4% bonds of (High
1932-47
Close
Total sales in $1,000 units__
Converted 411% bonds illigli
of 1932-47 (First 41is) Low_
Close
Total sales in $1,000 units___
Second converted 43(% High
bonds of 1932-47 (First( Low_
Second 4(,48)
Total sales in $1,000 units__
{High
Fourth Liberty Loan
43(% bonds of 1933-38__ LowClose
(Fourth 41,1s)
Total sales in 31,000 units__
1Iligit
Fourth Liberty Loan
41,1% bonds (3d called). LowClose
Total sales in mow ,snits___
High
Treasury
Low_
41gs 1947-62
Close
Total sales in $1,000 units__..
Mll
Low_
48, 1944-54
Close
_
Total sales in $1,000
(High
units_Low_
430-311s, 1943-45
Close
Total sales its $1,000 units__
High
Low_
35(s, 1946-56
Close
Total sales in $1,000 units__ _
High
Low_
3145, 1943-47
Close
Total sales in $1,000 units_ __
High
3s, 1951-55
Low_
Close
Total sales in $1,000 units_....
Hih
Low..
38. 1946-48
Close
Total sales in $1,000 units_ __
High
334s, 1940-43
Low_
Close
Total sales in 31,000 units__ _
(High
354s. 1941-43
Low_
Close
Total sales in $1,000 units.. __
High
314e, 1946-49
Low_
Close
Total sales in $1,000 units_ __
{High
3548, 1949-52
Low..
Close
Total sales in $1,000 units___
High
354s, 1941
Low_
Close
Total sales in $1,000 units.__
High
31,./,s. 1944-46
Low_
Close
Total sales in $1,000 units__
Federal Farm Mortgage
High
31g5, 1944-64
Low_
Close
Total sales in $1,000
.
Federal Farm Mortgage units_IHigh
3s. 1944-49
Low_
Close
Total sales in $1,000
_
Federal Farm Mortgage units_High
3s, 1942-47
Low_
Close
Total sales in $1,000 units_ .
Home Owners' Loan
{High
48, 1951
Low_
Close
Total sales in $1,000
.
Home Owners' Loan
units_High
38, series A, 1952
Low_
Close
Total sales in $1,000 units_
Home Owners' Loan
1
(High
25fe, series B, 1949
Low_
Close
Total sales in $1,000 units__
102.30 103.4 103.6 103.2 103.6 103.8
102.31 103.1 103.7
102.28 103.1 103
103.2 103.6 103.8
102.28 103.4 103
34
37
140
22
289
104
2.i3 10-115 10-2.
- 5 103.i3
10-2.i3 10-2-.li 10-.
102.12 102.13 102.13 102.10 102.9 102.13
102.12 102.17 102.15 102.10 102.13 102.14
9
25
19
33
21
9
____
____
_
103-.3
103.6
103.6
8
101.18
101.18
101.18
173
116.2
116.2
116.2
6
111.5
111.5
111.5
2
105.4
105.2
105.4
256
__--
_
10-3-.3
103.6
103.7
134
101.26
101.13
101.24
2,116
116.10
116.8
116.8
55
111.12
111.6
111.9
114
105.16
105.11
105.15
156
109.25
109.20
109.21
34
106.24
106.14
106.24
70
103.24
103.20
103.21
143
103.24
103.21
103.22
169
107.10
107.8
107.10
77
107.11
107.11
107.11
5
104.22
104.19
104.22
310
104.25
104.20
104.23
90
107.17
106.24
107.17
103
105.14
105.2
105.14
403
104
103.27
103.27
23
102.6
102
102.3
19
102.5
102
102.3
63
101.13
101.12
101.13
23
102.6
102
102.2
512
100.14
100.4
100.13
768
____
____
106.12
106.10
106.11
4
103.16
103.16
103.16
39
103.19
103.17
103.17
23
106.24
106.21
106.21
17
106.23
106.23
106.23
4
____
____
____
____
104.22
104.17
104.17
51
106.27
106.22
106.25
109
105.6
104.29
105.2
43
103.25
103.20
103.25
14
102.1
101.28
101.30
29
102
101.30
101.30
25
101.11
101.11
101.11
9
102.2
101.28
102
97
100.7
100.1
100.5
365
____
____
____
iti.ii uri.ii
10-3:Ii
103.12
103.13
14
101.9
100.29
100.29
2,012
115.28
115.28
115.28
5
111.2
110.22
110.22
337
105.9
104.31
104.31
626
109.19
109.11
109.12
180
106.24
106.22
106.24
26
103.12
103.4
103.4
1,393
103.15
103.2
103.2
218
____
16.iL
____
103.7
103.13
62
101.27
101.23
101.24
1,082
116.9
116.5
116.5
57
111.11
111.6
111.7
296
105.18
105.18
105.18
75
109.27
109.23
109.23
158
106.30
106.28
106.30
51
103.24
103.22
103.22
9
103.24
103.20
103.20
352
107.20
107.13
107.16
53
107.17
107.16
107.16
53
104.24
104.20
104.20
25
104.25
104.22
104.23
671
107.19
107.16
107.16
771
105.17
105.12
105.14
579
103.28
103.27
103.27
3
102.6
102.2
102.2
114
102.5
102.3
102.4
41
101.26
101.12
101.16
25
102.5
102
102.4
78
100.16
100.12
100.14
817
_
103.12
103.14
11
101.22
101.10
101.10
954
116.6
116
116
31
111.3
110.30
110.30
508
105.16
105.8
105.8
582
109.24
109.24
109.24
1
106.30
106.26
106.26
39
103.20
103.10
103.10
112
103.20
103.10
103.12
2,003
107.11
107.8
107.9
11
107.11
107.8
107.8
70
104.23
104.12
104.13
2,292
104.22
104.11
104.12
4,830
107.16
107.8
107.10
366
105.10
105.7
105.7
523
103.20
103.20
103.20
25
102
101.26
102
246
102
101.26
101.28
264
101.16
101.12
101.16
16
102
101.24
101.26
1,003
100.14
100.5
100.8
1,771
____
____
107.8
107
107
40
104.15
104.2
104.2
172
104.14
104.4
104.4
1,958
107.11
107.3
107.3
546
105.8
104.31
104.31
327
103.13
103.8
103.8
30
101.25
101.18
101.19
215
101.25
101.18
101.18
136
101.12
101.10
101.12
24
101.25
101.16
101.16
738
100.10
100.2
100.4
328
103.12
103.12
37
100.29
100.23
100.29
1,320
115.24
115.20
115.20
10
110.24
110.12
110.20
330
105
104.24
104.31
903
109.10
109.6
109.8
202
106.14
106.10
106.14
15
103.2
102.25
103.2
212
103.4
102.24
103.4
361
107.2
106.18
106.30
462
106.28
106.17
106.23
566
104.6
103.24
104.6
137
104.6
103.26
104.6
82
107.3
106.24
107.2
307
105
104.21
104.31
1,005
-_-____
101.23
101.18
101.23
226
101.24
101.15
101.24
65
101.10
101.9
101.9
3
101.21
101.8
101.21
348
100.7
99.29
100.6
543
Note-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
28
1
1
1
10
12
4th 4qs (3d called)
Treasury 41ls-31,18
Treasury 4s 1944-54
Treasury 3s 1951-55
Treasury 334s 1946-49
Home Owners 2545 103949
100.20 to 101.22
105.6 to 105.6
111.5 to 111.5
103.5 to 103.5
104.17 to 104.17
100
to 100
Mar. 13 1935
Mar.20 1935
Mar.27 1935
Apr. 3193.5
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
Bid
Asked
June 19 1935
June 26 1935
July 3 1935
July 10 1935
July 17 1935
July 24 1935
July 31 1935
Aug 7 1935
Aug. 27 1935
Aug. 28 1935
Sept. 4 1935
Nov. 27 1935
Dec. 4 1935
0.10%
0.10%
0.10%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Asked
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, Mar. 8
Figures after decimal point represent one or more 32ds of
a point.
Maturity
in:.
Rate
June 15 1936Sept. 15.1938......
Aug. 1 1935___
Mar. 15 1940_
June 15 1939_
Mar. 15 1935....
Sept. 15 1938.__
Dec. 15 1935_
Feb. 1 1938._
134%
lyg%
154%
114%
214%
215%
214%
214%
254%
Dim
23.117.
1A 102/1
Asked
Maturity
Int.
Rate
101.8
101.30
101.6
100.20
102.25
100.21
104.9
102.9
104.21
101.10
102
101.8
100.23
102.28
100.24
104.12
102.11
104.24
Apr. 15 1936_
June 15 1938.-June 15 1935._
Feb. 15 1937...
Apr. 15 1937___
Mar. 15 1938Aug. 1 1936_
Sept. 15 1937___
Treasury
254%
254%
3%
3%
3%
3%
354%
3.11.%
1114 12
1114 IN
Bid
Asked
Bid
27.41,
7- Mn.. lit lONS-1111
103.8
105.10
101.23
104.25
104.29
105.20
104.9
105.29
103.10
105.13
101.95
104.28
105
105.23
104.11
106
Inn
ino_nn
27
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 8 1935
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Tnts41
Stocks,
Railroad
State,
Number of and Miseell Municipal ai•
Shares
Bonds
PoreignBonds
279,480
421,930
899,250
1,285,747
536,603
443,463
5 888 472
Sales at
New York Stock
Exchange
$4,257,000
5,818,000
7,166.000
9,285,000
6,419.000
8,283,000
$1,154,000
2,037,000
1,574,000
1,811,000
1,621,000
980,000
non
an 47701111
541 9914
Week Ended Mar. 8
1935
$1,391,000
5,490,000
5,396,000
15,594,000
9,366,000
7,290,000
$6,802,000
13,345,000
14,136,000
26,690,000
17,406,000
16,553,000
nnn
504.922.000
Ltd N97
Jan. 110 Mar. 8
1934
1935
7,356,165
38,317,592
121.473,836
$9,313,100
16,997,000
48,079,000
$193,371,000
80,642,000
385,784,000
$107,103,000
187,508,500
630,177,000
394.932,000 $74,389,100
3659,797,000
3924.788,500
Stocks-No, of shares.
3,866,473
Bonds
Government
$44,527,000
State and foreign
9,177,000
Railroad & industrial
41,228,000
Total
1934
Total
Bond
Sales
United
States
Bonds
CURRENT
NOTICES
-G. V. Grace & Co., Inc.. 29 Broadway, New York, have available for
distribution a pamphlet on "The Argentine Economic Outlook".
-Estabrook & Co., 40 Wall St., New York, have prepared a list of state
and municipal bonds yielding from .50% to 4.50%.
-It. J. Francis, Norman Bretton and M. J. Huley are now in the sales
department of Seligman, Lubetkin & Co., Inc.
-T. Elbridge Foster and John F. Hartfield have become associated
with Barker & Co. as municipal bond traders.
-Allen & Co., 20 Broad St., New York, have prepared an analysis of
146 public utility and industrial stocks.
-Hornblower & Weeks have prepared an analysis of Chemical Bank &
Trust Co. capital stock.
-George J. Arnold is now with Fuller, Rodney & Co.
FOOTNOTES FOR NEW YORK STOCK PAGES
•Bid and asked prices, no sales on this day.
Companies reported in receivership.
a
pE
Dxe_fri
ergrbete
d.delivery.
r Cash sale.
Ex-dividend.
Ix Adjusted for 25% stock dividend paid Oct. 11934.
value 109. replaced .C1 par, share for share.
June 27 1934; replaced 500 lire par value.
ss Listed Aug. 24 1933; replaced no par stook share for share.
33 Listed May 24 1934; low adjusted to give effect to 3 new shares exchanged for
1 old no par share.
37 Adjusted for 66 2-3% stook dividend payable Nov. 30 1934.
33 Adjusted for 100% stook dividend paid April 30 1934.
33 Adjusted for 100% stock dividend paid Dec. 31 1934.
44 par value 400 fire; listed Sept. 20 1934; replaced 500 Ilre par value.
31 Listed April 4 1934; replaced no par stock share for share.
ds Adjusted for 25% stock dividend paid June 1 1934.
The National Securities Exchanges on which low prices sines July 1 1933 were
made (designated by superior figured in tables)), are as follows.
21 Pittsburgh 131009
II Cincinnati Stock
New York Stock
23 Richmond Stock
New York Curb
33 Cleveland Stock
14 Colorado Springs Stock 54 St. Louis Stock
New York Produce
gs Salt Lake City Stock
New York Real Estate Is Denver Stock
as Ban Franchise Stock
Sleek
32 Detroit Stock
Baltimore St
37 San Franaisco Curb
Boston Stock
I7 Los Angeles Stock
le San Francisco Mining
13 Los Angeles Curb
Buffalo Stock
33 Seattle Stock
California St
Stock
Is Minneapolls-St. Paul
Is Spokane Stock
Chicago Stook
33 New Orleans Stock
3, Washington(D.C.)Stock
I Chicago Board of Trade al Philadelphia Stook
I Chicago Curb
33 Listed July 12 1934; par
13 Par value 550 lire listed
1615
Volume 140
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
NOTICE-Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the day. No account is taken of such
sales in computing the range for the year.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Mar. 2
$ Per share
.35
43
*111 11112
558 538
*8712 91
3012 3028
104 1114
*534 6
712 ve
1124 11234
114
114
1734 18
Monday
Mar. 4
Tuesday
Mar. 5
3 per share $ per share
.36
42
36
36
111 111
11114 11114
558 534
5
512
*8712 89
*8712 89
3034 3118 3038 3214
1034 1114 10
1034
*558 7
538 558
Wednesday
Mar. 6
Thursday
Mar. 7
Friday
Mar. 8
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share Shares
Par
4134 *35
.35
4134 *35
No par
20 Abraham & straus
4134
11110 11112 11112 11112 *11112 11178
Preferred Called
100
190
478
518
5
5
5
518 7,200 Adams Express
No par
*8712 89
*8712 8814 *8712 88
Preferred
100
3118 31
31
30
*3114 3134 4,300 Adams Millie
No par
978 1038 1014 1014
10
104 6.100 Address Multigr Corp
10
538
538 *514
512 •538 6
300 Advance Rumely
No par
758 7,8 vs 734 7,2 7,2 713 74 *712 734 1,800 Aftillated Products Inc No par
112 11234 41038 11134 111 11114 *11114 11214 *11134 113
1,300 Air Reduction Inc
No par
*114
138
144
114
114
138
1
118
1
118 1,400 Air Way Elee Appliance.... No par
17
1778 1613 1678 1612 1734 1634 1718 164 1718 12,200 Alaska Juneau Gold Mtn
10
Albany & Susquehanna
100
.214
234
214
214
*214
212
214 214 *2
212 *2
212
200 A P W Paper Co
No par
1
14
1
1
14
14
1
14
1
1
118
1
No par
7,000 :Allegheny Corp
34 34
34 378
334 34
312 328 *318 4
328 34
1,600
Prof A with $30 warr
100
3
*3
*3
334
4
3
314 338 *3
300
312 .3
Prof A with $40 warr
34
100
*234 378 *3
438 *3
438 *278 4
*278 4
*278 4
Frei A without warr
100
*2112 24
2212 2212 22
2213 *22
23
*2212 23
*22
23
300 Allegheny Steel Co
No par
Allegheny & West 6% gtd___100
iii. 2. 1341-2 iii- 134- 1.33 - iii- iii- fii- ..i5i- 11,37, 13333131- _ 2200,
Allied Chemical & Dye-No par
*12638 12712 12712 12712 12634 12712 127 127 *12634 12734 *125 12734
100
400 Preferred
11338 1638 16
1638 154 1614
144 1512 1438 1512 15
15
No par
9,900 Allis-Chalmers Mfg
1578 1604
1528 1578 1518 1538 154 154 1512 1512 *15
1,300 Alpha Portland Cement No par
16
*234 278 *234 278
214
234
214
238 .214 24 *24 238
900 Amalgam Leather Co
1
*2913 31
*2912 31
2913 2913 29
29
*2812 2912 2812 2812
300
7% preferred
50
5534 5534 50
5614 5514 56
5434 5512 *5538 56
5514 5534 2,500 Amerada Corp_
No par
Am Agri Chem (Conn) pt_Wo par
5212 5212 5218 5214 5018 5118 4918 51
----4934 4934 2,000 Amer Agile Chem (Del) __No par
1538 1538 15
1512 1434 15
15
1418 1438 1514 16
14
5,600 American Bank Note
10
*5012 52
504 504 *504 60
51
51
*504 52
20
Preferred
50
*503* 55
*2714 2778 2712 2712 26
2714 26
26
25
25
2518 2514
1,200 Am Brake shoe A Fdy___ No par
.122 123
122 122
122 122
120 120
121 12112 *121 122
Preferred
70
100
11712 11734 11634 11712 1143* 117
11334 116,
11678 118
4 11634 117
10,200 American Can
25
•156 158 .156 158
15612 15612 15612 15612 *156 158
15612 15714
Preferred
100
700
•1412 1478 1412 1412 134 14
1213 1338 1212 13
13
13
4,100 American Car & FdY
No par
*3214 38
*33
3312 3034 33
29
32
29
2934 29
2918 2,200
Preferred
100
1114 1238 *11
124 *1078 1218 10
1078 1014 1014 *1012 1112 2,500 American Chain
No par
*60
64 .58
65
61
6018 6018 *59
6012 6012 *57
6012
200
7% preferred
100
7414 7413 7434 744 7438 7438 75
7612 76
7512 76
No par
76
1,200 American Chicle
*30
33
*30
33
Am Coal of N I (Allegheny Co)25
*30
*30
33
33 .30
*30
33
33
*234 3
.234 3
*234 3
10
*234 3
Amer ColortYne Co
*234 3
*234 3
*27
2714 *2638 27
2534 2614 25
264 2512 3512 2534 26
20
3,300 AM Comml Alcohol Corp
1018 1038
978 1018
9
934
814 934
10
9
91 t
914 914 8,309 American Crystal Sugar
8413 87
8634 881 1 8414 8914 83
8513 83
8312 83
7% preferred
8334 1,510
100
24 218 .2
21g
2
2
17g
1,100 Amer Encaustic Tiling___No par
178 •14 2
178 2
*338 414
34 358 *24 414
314 314 *234 334 *3
334
400 Amer European Sec's____No par
278 278
234 278
238 234
212 238
212 238 8,700 Amer & For'n Power
No par
24 238
1914 1914 *18
19
18
1818 17
18
No par
17
17
900
174 1784
Preferred
*5
6
5,2 53*
5
412 4)3
5
418 5
434 44
No par
800
2nd preferred
*1412 10
*1412 1612 .14
15
*14
15
144 1478 *1318 1478
No par
$6 preferred
100
•1034 11
1034 1034 1013 10)2 11
121 *1012 1214 *1012 1214 1,000 Amer Hawaiian S S Co
10
*4
414 .4
414
4
4
338 34 *314 4
*314
4
200 Amer Hide & Leather___No par
231 .21
*21
23)2 21
2112 19
19
1734 1914
1814 1812 1,200
100
Preferred
3218 3218 314 3214 3238 3238 314 3238 3218 3214 *3134 3218
1,100 Amer Home Products
1
412 414
412 412
414 414
378 4
312 334
No par
312 334 3,000 American Ice
*35
36
*34
36
34
36
3112 341 *34
3578 *34
3518
100
500
6% non-cum prof
538 538
538 538
5
514
5
5,4
No par
5
518
5
514 3,500 Amer Internet Corp
3 Am L France & Foamite_No par
---- ---- ---- --_- - ---- - - ---- - - ---- - - ---- - __ ____
.24
212
218 21g
*2
214
214 21
218 218
218 -218
Preferred
100
80
12
1212 1113 12
13
1318
11
124 1078 1113 11
1138 10,100 American Locornotive____No par
39
3912 40
40
3738 40
37
374 3718 3712 *3618 37
1,200
Preferred
100
2012 2038 2034 2078 20
21
1934 20
20
2014 *20
2012 4,200 Amer Mach & Fdry Co___No par
6
6
•512 638 .513 638 *512 6
*512 6
400 Amer Mach & Metals____No par
6
6
•514 8
*514 578 *5
578
5
5
*5
578 '514
200
Voting trust etre
No par
578
18
184 16
1638 154 154 15
1538 •1514 1538
1512 1512 4,400 Amer Metal CO Ltd
No par
81
81
.80
82
81
81
81
8134 *80
82 .80
82
450
6% cony preferred
100
*25
28
*25
2614 *25
2618 *25
2512 *25
2612 *25
2618
Amer New4, NY Corp__ No par
24 214
24 24
218
218
2
218
2
218
218 218 5,000 Amer Power & Light____No par
1314 1312 1314 1314
1234 13
12
1212 124 1212 1213 1212 1.600
56 preferred
No par
1034 1034
1012 1012
94 104
10
94 94 10
21014 11
2,400
$5 preferred
No par
1238 1213 12
1212 1112 1178 1138 12
1134 12
12
1218 30,300 Am Rad & Stand 8an'y
No par
*135 138 .136 138 *136 138 *136 138 *136 138 *136 138
Preferred
100
1913 1912 1912 1913 1734 1914 1714 19
18
1812 184 1838 13,400 American Rolling Mill
25
75
75
7512 7531 7514 75)3 74
7213 *70
753* *70
7212
900 American Safety Razor --No par
.538 6
*53* 6
538 538
5
514 .518
54 .518 538 1.200 American Seating v $ c_No par
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- - -- ____
Amer Ship & Comm
No par
*2178 2312 •2173 2312 2112 22
2112 2112 2112 1112 .22
2312
80 Amer Shipbuilding Co
No par
3678 37
3512 364 34
3438 3514 35
352 3312 36
353* 19,500 Amer Smelting & Refg
No par
*123 12412 12334 124 •123 125
125 12518 124 124
124 124
2,000
Preferred
100
10534 106 *106 107
106 106
10612 10612 .10612 107
107 107
800
2nd preferred 8% cum
100
*68
6914 *68
69
68
68
6712 6712 *67
69
.68
69
300 American Snuff
25
132 132
•130 132
133 133 .131 134 *131 134 *131 134
30
Preferred
100
1434 1434 1478 1478 1412 144 1238 1434 14
1412 .1334 14
3.700 Amer Steel Foundries ____No par
*92
93
*92
93
92
92
*91
9214 91
91
9078 9078
170
Preferred
100
3812 3812 .3814 3918 3834 384 384 3812 3713 38
37
3714 1,400 American Stores
No par
09
x68
69
68
67
68
8512 6712 66
6612 66
6612 7,500 Amer Sugar Refining
100
*13313 134 113312 13312 134 134
13378 13378 *13334 13418 135 13518
600
Preferred
100
*20
21
2014 2014 20
2014
1938 20
*1934 2034 *20
2034
1,800 Am Sumatra Tobacco-No par
10538 10578 1054 10534 105 10538 10378 10518 10438 10614 10612 10734 27,200 Amer Telep & Teleg
100
794 79,2 *7814 7934 78
7838 7714 78
7812 7812 7834 7834
1,300 American Tobacco
26
8034 81
8114 8114 7914 8014 7838 80
794 80
80
8014 5,800
Common class B
25
13712 13712 *13712 140
13712 138
137 1374 *13434 13812 13738 13712 1.400
Preferred
100
*334 4
.378 4
*34 4
*334 434
4
4
4
4
200 tAm Type Founders
No par
1334 1334
•1334 14
12
1234
12
13
12
12
1212 1212
190
Preferred
100
934 1014
912 10
1034 1078 .1012 1034
938 078
978 104 8,500 Am Water Wks & Elect___No par
.53
57
*53
57
*53
5678 *50
57 .50
57
*52
5034
let preferred
No pa
652 638 •618 678
6
534 613
6
578 638
572 578 1,900 American woolen
No par
384 37
3838 384 3814 3812 37
38
*3738 39
3718 3712 3,000
Preferred
100
.1
118 *1
118
1
1
1
1
114
*12
34
34
800 tAm Writing Paper
1
*338 41. *334 34
338 338
312 34 *314 34 *314 338
400
par
Preferred
No
388 38.
8 *312 4
*313 4
*338 334
33* 338
3,2 3,2
500 Amer Zinc Lead & Smelt ___100
39
*36
*36
394 *36
39
*36
39
*36
39
.36
39
Preferred
25
913 1018
934 104
914 10
1018 1012
938
934
938 934 21,700 Anaconda Copper Mining
50
1738 1738 *18
*1712 1918 *1712 1918 .1738 18
1918 *1912 1938
200 Anaconda Wire & Cable__No par
16
.16
18
164 16
16
1512 16
9514 16
1514 1514
1.100 Anchor Cap
Vo par
*10614 107
106 10614 .105 10712 .105 10712 107 10734 .105 10712
270
36.50 cony preferred
No par
*318 5
*318 5
*318 43* a338 338 *34
438 *318 438 • 100 Andes Copper Mining
10
40
4012 4014 404 3914 4012 4012 4118 41
41
41
41
2,400 Archer Daniels 3tl1d1'd___No par
'118'z__._ •11812 119
11813 11812 .11812
_. •11813 -..-- •11812 --30
7% preferred
10
10512 10512 10514 10514 10534 10534 *10512 1084
-10018 10618 .10334 1061s
500 Armour & Co (Del) pref.-100
478 5
44 5
434 478
412 434
412 428
412 438 20,209 Armour of Illinois new
5
68
6812 16778 677s 4,800
694 68,2 6914 8714 69
683* 684 69
56 cony pre
No par
*102 105 .102 105 *102 10478 10212 10212 101 101 *100 1011
200
100
Preferred
For foo notes see page 1614.
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
5 per share
36 Feb 26
11114 Mar 4
478 Mar 6
8434 Jan 2
294 Feb 6
8 Jan 12
514 Jan 12
634 Jan 15
10912 Jan 29
1 Mar 7
1638 Feb 6
2 Jan 4
I Mar 2
314 Feb 28
3 Feb 28
3 Feb 27
21 Jan 12
Iltphest
$ per share
3634 Jan 23
11112 Mar 6
714 Jan 2
89 Jan 28
3312 Jan 2
1114Mar 2
814 Jan 3
838 Feb 11
11534 Jan 8
14 Jan 7
12018 Jan 9
312
14
7
612
638
23
Jan
Jan
Jan
Jan
Jan
Jan
8
7
4
2
5
7
132 Mar
12334 Jan
1438 Mar
154 Mar
214 Mar
6 141 Jan 3
4 12712 Feb 27
6 1778 Feb 18
5 2014 Jan 5
5
34 Feb 11
2814 Jan 10 3214 Feb 19
4812 Jan 11 57 Feb 18
4712 Jan 2 5734 Feb 16
1312 Jan 12 1812 Feb 19
43 Jan 11 5213 Feb 13
25 Mar 7 2928 Jan 3
119 Jan 8 12234 Feb 21
110 Jan 15 123 Feb 18
1514 Jan 4 15714 Mar 8
1213 Mar 6 2014 Jan 9
29 Mar 6 4538 Jan 9
3 Jan 30 1238 Mar 2
38 Jan 11 6012 Mar 7
66 Feb 8 7612 Mar 7
278 Feb 13
25 Mar 6
612 Feb 5
574 Jan 2
14 Mar 6
314 Mar 6
238 Mar 7
17 Jan 15
418 Mar 6
1312 Feb 5
1012 Mar 5
338 Mar 6
1734 Mar 7
3038 Jan 15
312 Jan 2
2878 Jan 2
5 Mar 5
38 Feb 11
2 Feb 27
1078 Mar 7
37 Mar 6
1934 Mar 6
5 Feb 26
5 Jan 27
14 Jan 26
72 Jan 2
x24 Jan 3
2 Feb 27
12 Feb 27
934 Mar 6
34 Jan 25
3314 Jan 3
1038 Mar 2
8814 Mar 4
3 Jan 3
518 Jan 21
54 Jan 3
2338 Feb 14
813 Jan 7
20 Feb 14
13 Jan 10
534 Jan 5
2534 Jan 3
3212 Feb 11
478 Jan 17
3734 Feb 16
634 Jan 3
34 Jan 18
6 Jan 18
2034 Jan 9
5613 Jan 9
2334 Jan 3
712 Jan 3
7 Jan 3
1714 Feb 18
8134 Mar 6
26 Feb 28
334 Jan 4
1514 Feb 13
134 Feb 13
1138 Mar 6
13412Mar 1
1714 Mar 6
67 Jan 4
433 Jan 18
se Jan 3
203* Feb 6
3234 Feb 6
121 Feb 4
103 Feb 14
63 Jan 18
125 Feb 20
1238 Mar 6
88 Feb 4
37 Mar 8
60 Feb 1
12612 Jan 3
1812 Jan 29
10284 Feb 7
7714 Mar 6
7838 Mar 6
12918 Jan 18
334 Feb 27
1112 Feb 27
912 Mar 6
5314 Feb 27
534 Feb 27
37 Feb 15
34 Mar 7
312 Mar 1
312 Feb 26
38 Jan 5
918 Feb 27
1612 Jan 2
15 Feb 7
103 Jan 4
413 Jan 12
36 Jan 16
11814 Jan 4
9978 Jan 21
41 2 Mar f
6412 Jan 15
85 Jan 2
1618 Jan 7
138 Jan 4
24 Jae 7
7534 Mar 4
638 Feb 20
118 Jan 7
2614 Jan 7
4018 Jan 7
12518 Jan 14
112 Jan 15
69 Feb 19
133 Mar 5
1814 Jan 9
92 Jan 4
43 Jan 9
7012 Feb 16
13518 Mar 8
244 Jan 3
10734 Mar 8
8434 Jan 7
8838 Jan 7
138 Mar 5
634 Jan 18
1938 Jan 18
x144 Jan 10
60 Jan 5
914 Jan 2
4518 Jan 3
114 Jan 18
612 Jan 18
434 Jan 4
3834 Jan 8
1238 Jan 7
1978 Feb 21
1738 Jan 4
1074 Mar 7
51s Jan 3
4118 Mar 6
11812 Feb 21
10614 Feb 23
618 Jan 3
704 Jan 10
10612 Feb 4
July 1
1933 to Range for
Feb. 28 Year 1934
1935
High
Low Low
---S peril 5 per share
30
35
43
89
538
1
1-1-73
65
7014 x85
1412
16
344
6
634 1138
314
31s
738
478
Vs
9,
8
804
914 113
114
I%
338
,7 1638
1628 234
196
205
170
234
74
2
118
1,4
54
438 1618
314
4
1438
3
373 1438
3
2318
1314
15
82
82
9814
10712 11518 16034
12218 130
117
104
1038 233*
1112
1112 204
24
24
74
45
2114
25
27
39
5528
40
38
2713
20
254 48
114
1113 2514
503*
40
3413
1912
193* 38
122
98
88
9014 1144
80
120
12612 15213
12
334
12
3138
32
5613
412
4
1214
14
40
19
4312
4814 7028
20
22
3512
2
218
612
2034
2034 82,2
612
812
13'3
64 724
32
118
5
118
4
4
10,2
378 1384
23*
1134
5
1014
1012
312
1734
2434
3
2534
434
38
2
1112
3512
12
3
3
124
63
2034
2
1138
912
934
10713
124
3338
2
4
15
2812
71
57
43
106
1018
52
3518
4512
102
11
10018
6313
6478
105
218
7
10
50
534
38
1
278
312
32
918
74
1318
80
418
2178
106
64
312
4614
3114
1134
64
11
104
312
174
2534
3
2534
44
38
314
144
3513
1238
314
412
124
63
21
3
1138
012
10
11112
1312
30
218
4
1738
3014
100
7114
4834
106
1018
5938
37
46
10311
134
10014
6514
67
10714
3
74
124
54
7
36
1
278
334
3613
10
914
1318
84
41s
2614
.10
7614
34
4614
64
30
1712
25
2228
1012
42,4
364
10
4514
II
l's
10
383*
7434
2338
1014
10
2720
91
3434
124
294
26,4
1738
13771
284
*154
714
23*
30
5114
125
10913
71
12712
21312
92
4434
72
12918
24
1254
8513
89
13014
13
2834
273*
80
1718
8334
414
1713
2
50,8
174
1838
24,
4
108
104
394
117
1033*
64
7114
85
New York Stock Record-Continued-Page 2
1616
HICHI AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Mar. 2
Monday
Mar. 4
Tuesday
Mar. 5
Wednesday
Mar. ft
Thursday
Mar. 7
Friday
Mar. 8
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
March 9 1935
Range Since Jars 1
On Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
Feb. 28 Year 1934
1935
Low Low
High
$ Per share $ per share it per share $ per share $ per share 6 per share Shares
$ per than
Par 2 per share
$ per eh
.412 434
458 4/
1
4
414 414 2.000 Arnold Constable Corp
412 4/
1
4
4
412
44 414
633 Jan 3
4 Mar 6
272
5
*4
512 '4
512 *4
512 *4
512 *4
512 *4
Artloom Corp
432 Feb 8
4 Feb 21
3/
1
4
No par
5/
1
4
"6832 ____ '6832 ___- "6832 -__ *6833 ...„ '6852 ____ *8452 -__
Jan
Preferred
22
704
100
70
/
1
4
Jan
22
833
4
__ _ _
__
_
__
_
__
__
. _ __
_
__
Art Metal Construction
__
_
352
10
914
61'2 -9-4
3612 I3-4
ii 5 -5..
38 3518 112 11174 1,
834 Mar 8 1352 Jan 8
3
: -1...,-.,,,..
1
;
141 Associated Dry Goods
714
*81
87 *8112 46 "81
85
81
81 '80 84 '75
100
6% let preferred
87
44
100 81 Mar 6 95 Jan 24
5412 "5013 541
/
4 "504 5412
'5014 55 "5014 5412 *504 5412 *50
7% 2d preferred
36
100 55 Feb 28 70 Jan 18
*30
39 *30
39 "30
38 "30
36 •30
36
*30
36
Associated 011
26
25 2934 Feb 21 31 Jan 12
41/
1
4 4134 4072 4138 38/
1
4 4012 3734 40
3812 404 39 3934 22,900 etch Topeka & Santa Fe.--100 3734 Mar 6 5553 Jan 7
3913
7912 7912 7914 7914 78
79
*76
7714 74/
1
4 76
7414 74/
1
4 1,600
Preferred
5314
100 744 Mar 8 8612 Jan 5
26
2632 *2514 26
24
241
/
4 2314 2414 23
24
2334 2334 3,000 Atlantic Coast Line RR
24
100 23 Mar 7 3714 Jan 4
*452 6
*434 8
4
4
3
3
*34 5
*31
/
4 6
60 At a & w I SS Lines--No par
3 Mar 6
7 Jan 7
5
*7
81
/
4 *612 7
6
61
/
4
61
/
4 812 416
9
"6
9
700
Preferred
7/
1
4
913 Jan 19
6 Mar 5
100
2312 2318 2278 2314 2234 2314 2214 23
2213 2212 2212 2212 7,300 Atlantic Refining
25 224 Mar 7 2553 Jan 2
214
374
3913 40
'3934 40
3914 391
/
4 37 3914 3714 3733 *37
1,800 Atlas Powder
18
NO par 37 Mar 6 43 Jan 11
"10912 110 *10912 109/
1
4 1094 10934 109 10912 107 107
10934 10934
170
Preferred
75
100 10634 Jan 2 110 Mar 1
*4
5
472 4/
1
4 *3
434 *353 434 *4
433
44 414
200 Atlas Tack Corp
734 Jan 8
414 Mar 8
No par
54
22
22
2214 1912 2112 1812 2012 19
22
1914 1912 1912 8,700 Auburn Automobile
16/
1
4
No par 1812 Mar 6 2914 Jan 7
812 812
87.2 8/
1
4
833 833
8
833
772 7/
1
4
734 8
900 Austin Nichols
4
734 Mar 8 14 Jan 2
No par
'4634 50 "4634 50 *4634 50 •4634 50 "4634 48
*4634 48
Prior A
2712
No pa
50 Jan 28 63 Jan 2
312 334
1
4
334 3/
3/
1
4 334
3/
1
353 334 9,200 Aviation Corp of Del (The).- _5
4 372 '37s 4
Ms Jan 3
3/
1
4 Feb 27
312
1/
1
4 2
172 2
11
/
4 2
1
4
134 2
134 172 14,700 Baldwin Loco Works
11
/
4 1/
113
No par
852 Jan 9
11
/
4 Feb 28
1012 1012 1012 1012
938 1014
9
9/
1
4
9/
1
4 10
2,600
*94 10
Preferred
100
9 Feb 26 2834 Jan 21
9
104 1012
9/
1
4 1014
9
934
912 18.200 Baltimore & Oillo
834 914
814 913
9
100
814 Mar 6 1472 Jan 7
953
1073 111
1012 1112 11
"12
/
4 1034 11
13
1114 1158 111
/
4 3,400
Preferred
1034
100 1012Mar 6 17/
1
4 Jan 7
10212 10212 103 103
104 104 *103/
1
4 104 '10312 104
210 Bamberger(L)& Co pref___.100 10034 Feb 21 104 Mar 5 86
10312 104
"38
39
*374 381
/
4 *37
3812 37 37 *37
38 "37 38
100 Bangor & Aroostook
50 37 Mar 6 4214 Jan 2
2914
110 110
110 110
109 109 *10812 110
109 109 '109 11112
100
Preferred
914
100 108 Jan 15 110 Jan 11
*313 4
"353 4
313 312 *3/
1
4 412 .353 412 "353 334
100 Barker Brothers
214
No par
314 Feb 25
533 Jan 22
*3414 39
*3414 39
3414 3414 *3414 39
35
*3414 39
120
35
64% cony preferred
100 324 Jan 15 4034 Jan 22
14
57
6
64 614
6
6
61
/
4
64 614
6
64
61s 7,600 Barnsdall Corp
54
7 Jan 5
57$ Mar 6
5
424 4232 4214 4214 414 4114 4114 414 4034 41
"4012 4114
600 Bayuk Cigars Ino
No par 40 Jan 15 4412 Jan 7
23
110 110 *110 115 *110 115 *110 115 *112 115 6E11011
20
lst preferred
/
4 1104
100 10734 Jan 11 110 Mar 2
80
18/
1
4 19
18
1853 19
18
1712 18
17/
1
4 18
*1734 18/
1
4 2,500 Beatrice creamery
25 164 Feb 4 19 Mar 1
884
104 104
'103 105
--- *10314 --- "101
100
- '103 - -Preferred
100 1004 Jan 5 104 Mar 4
55
*74/
1
4 78
*75 -78
7434 7434 103*75
78
78
76 -id "78
300 Beech-Nut Packing Co
20 72 Feb 2 78 Jan 12
64
"13
134 1213 13
/
4 1252 7,100 Belding Hemingway Co__No par 12 Mar 8 1312 Feb 23
1232 1213 1214 121
1212 1212 12
7
"1111
/
4
_ 11712 11712 "11112
-- 11112
_
-- *11614
100 Belgian Nat Rye part pref
- 11114
11234 Jan 3 11712Mar 7
8334
14/
1
4 1213 -144
15 1518 1412 1473
- 1353 -13/
1
4 1352 1314 1353
3,300 Bendix Aviation
5 1213 Mar 6 174 Jan 2
934
1573 16
15/
1
4 15/
1
4 15/
1
4 1534 15/
1
4 15/
1
4 1512 1534 1553 15/
1
4 3,300 Beneficial Indus Loan____No par 1512 Mar 6 1733 Jan 7 3 12
"3814 37
3614 3614 3512 3814 35
36
1,600 Beet & Co
38
3512 3512 36
No par 34 Jan 30 3814 Feb 19
21
1
4 2714 2514 2634 2452 2678 25
274 27/
1
4 26/
2612 18.200 Bethlehem Steel Corp
2573 26
No par 2452 Mar 8 3433 Jan 8
23
1
4 6412 8434 8434 '64
6514 6514 "6434 6512 6434 6434 63/
654
800
7% preferred
100 6334 Mar 6 7734 Jan 9
4433
1834 1713 1653 17
1814 1814 *18
1812 1712 18
16/
1
4 1714
860 Bigelow-Sant Carpet Inc- No par 16/
1
4 Mar 7 2614 Jan 23
18
1113 114 1114 1113 1012 1112 1012 11
No par 1013 Feb 26 1372 Jan 8
1012 1012 1012 10/
1
4 5,000 Blaw-Knox Co
6
"20 2372 *1812 20 *1813 20
20
20
20
20
50 Bloomingdale Brothers__ _No par 18 Feb 16 2314 Jan 21
20
20
18
'10634 10714 106 10714 10633 107 *10633 107
Preferred
10612 107 108 108
100 10314 Jan 22 108 Jan 3 65
150
32
29
'30 33
29
*2812 31
34/
1
4 3412 30
*29
31
90 Blumenthal & Co pref
100 29 Mar 6 4034 Jan 23
28
713 752
6/
1
4 734
784 734
7/
1
4 732 4,300 Boeing Airplane Co
7
712
753 772
5
634 Mar 6 10 Jan 2
834
5553 5553 55/
1
4 5572 53/
2,000 Bohn Aluminum & Br
55
1
4 55 *53
53/
1
4 54
1
4 5434 53/
5 53 Jan 29 5972 Jan 8
3334
96
96
9624 904 98
96
96 97
97
97
170 Bon Awl class A
97
No par 90 Jan 31 971
97
/
4 Feb 20
88
2434 25
2453 2512 2412 25
2432 254 2453 25
2472 2514 10,800 Borden Co (The)
25 234 Jan 2' 2534 Jan 7
18
3253 3358 3258 3312 31
3234 30/
1
4 3253 3134 3232 324 3212 18,400 Borg-Warner Corp
10 284 Jan 15 3412 Mar 1 • 111
/
4
*412 9
412 412 *414 5/
1
4
200 Boston & Maine
44 44 "412 5/
100
41
/
4 Mar 6
712 Jan 4
1
4 *44 578
412
*32 1
400 :Botany Cons Mills class A-50
34
34
52
*1
/
4 114
52
%Mar 5
*14 114
*12 114
112 Jan 9
/
1
4
2834 29
2712 98
2812 2832 2714 2814 26/
2753 Ms 19,700 Briggs Manufacturing-No put 2412 Feb 7 3013 Feb 20
1
4 28
614
304 3014 z2934 2934 29
29
2833 2832 2833 2832 1,700 Briggs & Stratton
No par 234 Jan 17 311
2912 29
/
4 Feb 21
1012
5 034 mar 8 364 Jan 10
*34
34/
1
4 34 34
3334 33/
1
4 34
34
*3314 34
1
4
600 Briatel-Myers Co
3314 33/
25
2!2 2l2
214 214
214 24
213 2/
1
4 •214 212
134 212 1,300 Brooklyn & Queens Tr...-No par
3/
1
4 Jan 6
134 Mar 8
2
2012 2012 20
20 *1734 1934 •18
1812 *18
1834 1712 18
800 Preferred
NO par 1712Mar 8 3172 Jan 3 20
4112 4112 40 40/
3912 38
1
4 38
40
40 404 3934 4012 5,300 Bklyn Manb Transit
2534
No par 3672 Jan 15 444 Feb 19
*9414 9434 94
94
9312 9334 934 93/
1
4 '91
94
*92
94
900
$6 preferred series A....-No par 90 Jan 4 9612 Feb 20 694
48
48
4714 4714 *47 4712 47 47 *48
47
47
47
600 Brooklyn Union Gm
No par 47 Feb 25 52 Jan 10 46
'58
5834 58
1
4 57 57
58 "5614 57/
54
54
5814 54
700 Brown Shoe Co
41
No par 54 Mar 7 360 Feb 19
'12434
__ '12434 _ __ *1254 _ __ *125 _ __ *125 .
•125 ___ _
Preferred
100 124 Feb 14 124 Feb 14 117
•452 _-514 *452 -514
433 -4/
1
4
412 Mar 6
44 -4/
'413 434 1.000 Bruns-Balke-Collender-No par
1
4 "412 -514
-_4
872 Jan 9
10
2,100 Bucyrus-Erie Co
414 Mar 7
534 534
632 Jan 7
512 512
1
4 5
5
3/
1
4
54 512
472 4/
1
4 '4/
5
114 1113 1034 1034
934 1012
.....,6
2,200
9/
1
4 Mar 6 13 Jan 3
952 10
10
10
934 10
Preferred
6
'65
6912 *65 6912 *85
6912 65 65 *851
47
/
4 89
30
654 O5/
7% preferred
100 64 Jan 2 74 Jan 25
1
4
433 412
414 414
4
372 4
414
334 414
3/
1
4 414 6.500 Budd (E CI) Mfg
3
514 Jan 2
334 Feb 26
No par
2814 29
274 2734 2613 2734 26/
2853 29
1
4 203 27
16
2834 1,210
7% preferred
100 26 Jan 15 33 Jan 22
34 3/
1
4
3
3
3
3
3
2/
1
4 3
3
3
2
312 2,900 Budd Wheel
414 Jan 22
2/
1
4 Mar 7
No par
*4
41
/
4 *4
4
438
4 . "372 412
4
412 *4
4
4/
4 Mar 6
1
4 Jan 18
200 Bulova Watch
No par
2/
1
4
1114 12
1114 1114 1014 114
94 1034 10
1014 1016 1014 4.300 Bullard Co
912 Mar 6 16 Jan 2
412
No par
*14 3
*11
/
4 3
"1
Burns Bros class A
3
*14 3
3
'1
3
•1
234 Jan 25
2 Jan 19
1
No par
*/
1
4 112
*/
1
4 114
*/
1
4 14
Class A •$0
No par
72 Feb 27
"8 14
112 Jan 23
*34 114
*34 114
12
5*4
Class 13
.
14
No par
68 '
/
1
4
1 Jan 8
14
52
"14
11
/
4 Feb 7
52 .
58
*14
1
5*
Ise
14
No par
Class 13 °Hs
13 Feb 6
118 34 *4 34 318 /
'4
/
1
4 Feb 20
1
4
34 '
*4
/
1
41
34
34
5
5
5
220
5
7% preferred
434 434
3
100
9/
1
4 Jan 23
414 Mar 8
434 434 '414 434
411 4/
1
4
15
15
1434 1512 144 1473 144 1434 141
/
4 1433 1413 1472 4,500 Burroughs Add Maeb___No par 1414 Jan 15 1534 Jan 7
1012
•1/
1
4 1/
1
4 "152 1/
1
4
152 153
/
4 13 '11
112 112 '11
/
4 134
300 Mush Term
112 Mar 6
No par
34 Jan 21
34
614
614 614 *414 614 .414 7
*6
*4/
1
4 7
100
'54 7
Debenture
614 Mar 4 1012 Jan 22
2
100
133
4
Ws
13
1412
1,44
1312
14
'13/
1
4 17
1312 1212 1212
190 Bush Term BI gu pref ctfs--100 1212 Mar 8 224 Jan 21
/
4
41
_
_
_
_
_
_ _ __
_ _ _
_
_
Butte & Superior Mining-10
__
133
;lir -134
lig -1-5; ;1.T2 15-2
i; 112 112 II ;ii2 Ills Loa Butte Copper & Zino
112 Feb ii
2 Jan 3
14
•1
114 *14 114
1
118
1
1
1
1
1
1
1,000 thutterlek Co
1 Feb 27
No par
134 Jan 3
1
1
4 144 1414 1312 1412 13/
151
/
4 151
/
4 141
1
4 14
/
4 14/
1334 13/
1
4 3,700 Byers Co (A M)
No par 134 Mar 6 2053 Jan 7
1334
'42
45 *42 44/
45
42
1
4 *40
42
4434
40 40 '41
Preferred
110
40
100 40 Feb 13 60 Jan 5
414 391
4152 4152 41
/
4 40/
1
4 3852 4012 3912 3912 *3912 40
3,400 California Packing
No par 3612 Jan 15 4212 Feb 18
1653
118 2,700 Callahan Zino-Lead
1
12 Feb 19
12
4
34
4
12
33
53
34
112 Jan 3
34
/
1
4
/
1
4
12
Calumet
3
272 3
313
&
Hada
3
2,800
273
272 3
3
234 3
234
Cons Cop_25
234 Mar 7
234
41
/
4 Jan 7
*9
933 *9
94
9
9
19
834
400 Campbell W & 0 Fdy____No par
812 812 '812 912
812 Mar 7 1153 Jan 3
6
1014 1012 1038 1034 10
1012 1012 1034 1034 1072 5,700 Canada Dry Ginger Ale
1073 10
5
953 Mar 1 1653 Jan 7
1114
*49
Canada Southern
53 *4914 53
*4914 53 "4913 53 *51312 53 "5013 53
100 52 Jan 18 53 Feb 4
44
11
1112 1072 10/
9/
1
4 1012 104 1012 1014 1012 14,800 Canadian Pacific
1
4 1014 104
25
97s Mar 8 1334 Jan 9
10/
1
4
3413 341
/
4 3412 34
34
3412 34
1,000 Cannon Mills
No par 3353 Jan 2 36 Jan 10
3434 3434 344 3412 *34
2214
200 Capital AdmInia el A
1
514 Mar 8
414
7/
1
4 Jan 9
512 512 *5
*54 578 •512 814 *5/
54 514
1
4 552
534
Preferred A
"334 3612 35
35
35 *3212 3513 *33
80
35
10 3212 Feb 25 37 Jan 9
28
35
35
35
_ _ "8334 _ _ *8312 .
. '8212 ___ '4212 . _ '8212 _ _ ...... Carolina Climb & Ohio By....100 8214 Feb 27 8413 Jan 15 60
"83"88 -9112 *88/
Mod
1
4 -91l2
91-4 '8834 -9112 *8732
*8712 -9112 *8712 -91/
100 8714 Feb 27 90 Jan 29
70
1
4
5612 57
551
/
4 57/
1
5034 5512 5234 53/
4 5252 5414 19,300 Case (.1 I) Co
1
4 5253 55
100 5034 Mar 6 63 Feb 18
35
Preferred certificates
120
100 89 Mar 7 99 Jan 8
90
92
*91
89 89
90
90 90
92 •90
89 89
5872
No par 36/
1
4 40/
4232 4252 4232 4234 4032 4212 3914 4112 40 40/
1
4 40/
1
4 11,500 Caterpillar Tractor
1
4 Jan 16 44 Feb 18
15
No par 2312 Mar 6 3533 Jan 7
2914 29/
1
4 2833 28/
1
4 26,400 Celanese Corp of Am
1
4 2353 26/
1
4 2313 254 2413 2514 2412 25/
174
'214 212 *2
No par
500 Weloter Corp
2 Feb 26
'2
24
"2
214
2
214
41
2
/
4 Jan 18
2
2
112
Certificates
No par
900
14 Mar 8
"1/
1
4 11
114 11
78
/
4 *158 11
/
4
31
112 112
/
4 Jan 18
/
4
/
4
112 1/
1
4 "152 21
Preferred
100 1512 Feb 26 2512 Jan 18
30
18
16
21:
18
17
*15
*1713 1734 17
17 *15
17 "14
27 27
2612 26
27 2714 2614 2653 26
26
2514 2612 3,500 Central Aguirre Aseo----No par 2214 Feb 13 2714 Mar 4
1834
*40
441 *39
500 Central RR of New Jersey-100 38 Mar 5 5512 Jan 4
411
/
4 38
38 "36
3812 3912 404 '40 45
40
*9
034 •912 934 *9
1,100 Century Ribbon Mills___No par
7 Mar 7 1233 Jan 16
7
934
8
9
7
9
5/
1
4
7
994 101 '9914 101
Preferred
30
100 9814 Mar 6 1094 Jan 2
100 100
75
*9914 101
9814 9914 *9714 100
4352 21,900 Cerro de Pasco Comer-No par 3853 Jan 15 47 Jan 7
44/
1
4 44/
1
4 4314 45
1
4 4312 43
2334
4134 43
42/
4134 44
4 Mar 7
412 4/
1
4 *433 518 •433 5
1,300 Certaln-Teed Products-No par
4
4
6/
1
4 Jan 7
414 432
2/
1
4
4
412
*26
27 *2512 26
100 24 Mar r 3314 Jan 23
7% preferred
244
160
2513 *24
1052
2512 2512 24
2534 *24
Checker Cab
5
434 Feb 26
653 Jan 7
'433 7
*432 7
412
*41
/
4 94 *438 934 3438 934 *433 7
4234 4234 *4214 43/
No par 3734Mar 8 44/
1
4 40/
3734 3814 3,700 Chesapeake Corp
2912
1
4 4112 3952 41
x38
1
4 Jan 4
39
424 4232 4112 421
25 3812Mar 8 4532 Jan 7
/
4 4114 41/
374
1
4 40/
1
4 4112 z3853 4012 3812 3914 19,700 Chesapeake & Ohlo
/Chia & East Ill By Co
*1
212 *1
100
172 Jan 4
24 •1
1
24 Jan 12
*34 21
24 • 34 212
/
4 .
34 213
*158 2
*153 11
253 Jan 8
500
/
4
6% preferred
100
/
4
114 Mar 7
112 153
11
/
4 14
1 12
114 112 *114 11
.34 1
ors 1
78 1
78
.124
78 1,200 Chicago Great Western
*34
1
100
1
/
1
4 Feb 28
214 Jan 7
52
2
2
2
2
214 214
800
2
2
Preferred
2
.2
100
412 Jan 4
212
11
/
4 Feb 28
2
11
/
4
10 :Chic Ind & Loulev prat---100
11
/
4 Mar 8
*134 234 *134 234 *184 234 *134 234 *134 234
134 Mar 8
134 134
134
2
11
/
4 11
2
/
4 4,700 Chic Milw St P & Pao--No par
2
2/
1
4
2
2/
1
4
11
/
4 Mar 8
2
2
2
11
/
4 2
3 Jan 3
253 234
253 234
214 2/
214 233 7.100
1
4
232 252
214 232
2 Feb 26
Preferred
2
100
434 Jan 4
3 Mar 8
334 334
552 Jan 7
312 334
312
314 312
3,13 334 10,100 Chicagm& North Western...100
34 314
3
312
'6
61
/
4 *8
612
Preferred
5/
1
4 6
512 Mar 5 1052 Jan 8
5/
1
4 6
100
512 512
534 534 1,100
5/
1
4
5 Mar 8
5
5
•532 5/
'5
514
1
514 1.500 Chicago Pneumat Tool___No par
4
733 Jan 7
514 54 *54 534
5
352
22
*2212 2278 22
900
Cony preferred
1414
2114 2152 211
/
4 2112 *2012 2212 '2034 2214
No par 20/
1
4 Feb 27 284 Jan 7
•134 2
*172 2
11
/
4 17s
11
/
4 11
/
4
700 Whims° Rock hi & Paelflo_100
/
4
253 Jan 9
134 Feb 23
134 134 *134 11
11
/
4
"2
234 *214 234
214 212
44 Jan 9
212
24 233 '2
7% preferred
214 24
232
100
600
24 Mar 6
*2
214 214 *2
212
2
214 214
214
6% preferred
2
24 *2
400
2
100
4 Jan 10
2 Mar 8
112
__
._
1003
Preferred
14
93,
'GO
1012 10
400 Chicago Yellow Cab
10
No par 10 Feb 20 111s Jan 3
4 '10
10
10
1014 10
----
For footnotes see page 1614.
$ per share
..8
8/
1
4
4
1012
/
4
6334 701
4/
1
4
934
7/
1
4 1814
46
90
36
644
291
/
4 404
4514 7334
7012 90
2412 5414
5
16
7/
1
4 24
214 3514
3514 554
93 107
54 164
1612 5732
013 1652
3114 65
314 1014
44 16
1614 6434
12/
1
4 3412
16
37/
1
4
8612 1021
/
4
/
4
3512 461
954 115
214
64
1618 384
Fs 10
4514
23
89
10912
1014 1934
55 100
68
7652
8/
1
4 1514
954 127
1
4
934 23/
124 1912
26
40
2412 494
5472 82
194 40
6
1814
17
26
88
109
28
564
6/
1
4 1114
441
/
4 6814
76
94
1972 2814
1612 311
/
4
014 1013
:
1
3
12
2833
14
2712
3712
26
832
333
3114 584
2814 4472
82/
1
4 97
45
804
45
61
11814 1254
4
1072
34
9/
1
4
8
141:
50
75
3
7/
1
4
44
16
2
532
2/
1
4
012
5/
1
4 1512
11
/
4
6
/
1
4
412
1
312
12
213
4
1512
1012 31932
84
$74
912
234
54 21
14
24
14
34
11
/
4
434
1334 3234
40
8772
1834 4432
15
124
234
852
6
1572
1212 2913
481
/
4 564
1072 1814
2813 384
Ms 1014
2634 39
74
85
70
9212
35
8614
5672 93
23
38/
1
4
1712 4472
Ds
572
1
4
613 224
18/
1
4 3213
53
92
512 12/
1
4
82
1104
3014 4412
34
734
1713 35
413 1612
34
4872
3912 484
14
7
152
8
112
512
/
4
34 111
134
7
812
2
34 1314
312 15
534 28
352
972
1414 2834
134
64
952
2/
1
4
8
2
112
813
4
11/
1
4
94 s16
Volume 140
New York Stock Record-Continued-Page 3
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Mar. 2
Monday
Mar. 4
Tuesday
Mar. 5
Wednesday
Mar. 6
Thursday
Mar. 7
Friday
Mar. 8
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On Basis of 100-share Lots
1617
Julio 1
1933 to Range for
Feb. 28 Year 1934
1935
how Low
High
Lowest
Highest
$ per share $ per share $ per share 3 per share 8 per share I per share Shares
Par $ per share
per share Iva'sh $ Per share
5
2832 2812 •28
2832 2634 28
27
2712 2718 2712 27
27
2,200 Chickasha Cotton OU
10 2612 Feb 7 2934 Feb 18
15
1914 30/
*434 5
'434 5
1
4
*434 514
434 434 *434 5
*434 5
100 Childs Co
No par
434 Mar 1
712 Jan 7
34
*912 14
334 111
/
4
*912 14
*912 14
*912 14
*912 14
10
10
10 Chile Copper Co
25
9
Feb
23
1212
28
Jan
9
1014 17/
1
4
35/
1
4 3638 3534 3614 3352 3534 3212 35
z334 344 3372 3412 99,700 Chrysler Corp
5
6
Mar
3212
4212 Jan 3
26/
1
4
2112 2112 2134 22
2914 60/
1
4
211
/
4 22
2172 2212 22
22
*2212 2214 2,600 City IOC & Fuel
No pa, 20 Jan 14 2212 Mar 6
1412
174 2438
*93
95
93
93/
1
4 93
9312 9334 9334 9334 94
9412 9512
190
Preferred
100 87 Jan 10 9512 Mar 8
6333
924
67
"32
50 '32
50 "32
•32
50
50
•32
5(1
*32
50
City Investing
100
3714
3714 52
78
78
78
78
78
78
34
/
1
4
34
2,900 City Stores
34
78
34
No par
12
34Mar 6
1' Jan 17
13
213
12
12
"2
58
*12
58
"2
55
12
12
12
500
12
Voting trust certits
No par
13 Jan 10
78 Jan 17
*4
532 *4
/
1
4
33
11
/
4
534 *312 53
*334 572 *4
5h *4
Class
378
A
No par
4 Feb 28
8
/
1
4
Jan
17
2
24
*314 412 *3
5
53
412 *3
412 *312 4
*314 412 *272 412
Class A v t a
No par
372 Feb 27
613 Jan 17
34
1414 1414 *1314 1432 1314 1314 *12
2
54
1432 13
13
13
13
400
Clark
Equipment
par
No
13 Feb 7 15 Jan 18
64
834 211
/
4
*7658 83
*7653 83 '7653 82
•7632 80
*7632 80
*7652 80
Cleveland & Pittsburgh
60 8014 Feb 27 z82 Feb 7
60
7012 78
*4312
__ •431
*4312
_
*4312
*s312
_ *4312 _ . ___
8
50
31
38
45
*25 19
*2514 -2714
*25 1634 25 /5 •25/
1
4 Il *2513 2-7-12
200 Ciuett Peabody & Co--No par 2434 Feb 1 2812 Jan 7
22
2472 45
*116 130 '117__
-_ 121 121 *120 125 "120 _ __ "120
10
Preferred
100 1124 Jan 7 121 Mar 5
90
95
17812 180
115
17812 17812 17712 17712 17712 17712 *17712 17912 179 17978
1,300 Coca-Cola Co (The)
No
par
2
Jan
1617
2 180 Mar 2
85
9514 161 12
5672 56/
1
4 "5614 57
57
57
*57
5712 *57
5712 57
5732 1,200
Class A
No par 5513 Jan 5 5738 Mar 8
4512
5012 57
*350
*350
__ *350
*348
*348
. *348
__
_ __ Coca Cola Internal Corp.No par
200
314
314
1712 -IS
1753 18
17 1773 1658 1714
17
---1734 1734 -184 _21,900 Colgate-Palmolive-Peet-- No par 1612 Feb 6 1814 Jan 7
9
9/
1
4 181s
'103 106 *10212 105 *103 106 *103 106 *103 10412 103 103
100
6% preferred
100 101 Jan 3 103 Feb 27
66
6812
10212
124 12l
12
12
11
1172 1032 1112 1014 11
•1052 11
4,200 Collins & Altman
1014 Mar 7
No par
10
284
15/
1
4 Jan 7 71 978
*77
7734 *7314 7734 *731
/
4 7734 *7314 76 '734 76
40
Preferred
73
75
100 73 Mar 8 85 Jan 8
72
74
94
"6/
1
4 9
*658 9
*658 9
634 6/
1
4 .658 9
*658 9
.50 Colonial Beacon 011
No
par
63
4
Jan
712
10
15
Feb
5
5
9
3
3
3
3
3
3
3
332
272 2/
1
4
234 2/
1
4 2,300 :Colorado Fuel & Iron
No par
253 Feb 27
513 Jan 21
253
353
814
.1018 18
*1014 18
*912 18
"10
171 *1413
18
15
15
20
Preferred
100 15 Mar 8 2812 Jan 21
9
1012
32
'1152 1712 4.1172 1512 *1114 17
11
1114 12
12
*1234 1312
50 Colorado & Southern
100 1034 Feb 28 1953 Jan 8
1034
1653 40/
1
4
*84 914 10/
1
4 1014 1014 1014
814 814
813 934 *812 1012
140
4%
preferred
1st
100
7 Feb 26 15 Jan 8
7
13
*74 814
33/
1
4
834 834 *613j 834 *633 812
714 813 *714
738
180
4% 2d preferred
100
714
Mar
7
Jan
13
8
77
11
2
30
7634 7934 7812 79
7612 77
75/
1
4 7812 76'4 7712 7673 78
4,800 Columbian Carbon via..No par 67 Jan 15 7934 Mar 2
45
424 44
58
4273 4412 4318 4412 4212 4538 4332 4332 43/
7714
1
4 4434 18,500 Columb Pict Corp v to...-No par 3414 Jan 16 4533 Mar 6
1713
434 473
2111 411
434 5
412 434
/
4
432 434
414 412
414 412 24,700 Columbia Gas & Elee...--No par
414 Mar 7
734 Jan 10
50
44
"48
51
653 194
50
47
47
4612 4758 4614 4614 45
4614
1,900
Preferred series A
100 45 Mar 1 5914 Jan 26
46
52
*4034 46
"4034 46
78
*4034 46
/
1
4
*4034 46
31l4 46
*3414
43
6% preferred
100 47 Jan 31 5134 Feb 9
41
41
4634 47
71
46
4584 4373 44/
47
444 45/
1
4 42
1
4 24334 4334 1,500 Commercial Credit
10 3912 Jan 2 4714 Feb 20
1114
31
1853 404
31
31
31
3118 3112 "314 311
3114 3112 13012 3114
290
7%
1st
preferred
25 29 Jan 5 3214 Feb 4
22
2313 304
57
57/
1
4 *5614 574 5612 5612 5614 561
5614 5614 15552 5572
900
Class A
50 5212 Jan 7 5714 Mar 2
32
38
53
3112 312 *3114 3112 31
3134 "3113 3112 3114 3112 £3013 3013
210
Preferred B
25 294 Jan 3 83 Jan 25
23
24
3013
112 11212 *11214 11212 112 11212 112 112
11214 11214 *11112 112
280
614% first preferred
100
Jan
1097
2
2
Mar
113
1
85
9112
110
5912 5912 z59
59/
1
4 5814 59
5634 592 5734 57/
1
4 58
58
3,900 Comm Invest Trust
No par 564 Feb 7 624 Jan 9 182214
3534 61
•114 11478 *113 115 "113 115 *113 11478
'1123411338 112 11234
200
Cony preferred
No par 112 Mar 8 11512 Jan 29
8412
114
91
21
2114 21
2113 z1934 2034 1858 20
1933 20
1933 20
23,300 Commercial Solvents
par
No
3Mar
185
6
237
3
Jan
7
153
4
1534 3611
1
118
/
4
1
1
84
8
1
34
1
/
1
4
34
72 45,600 Commonwith & Sou
No par
34 Mar 6
11
/
4 Jan 2
1
1
334
3512 3653 35
3513 3314 35
3332 3412 z3312 34
3314 35
3,700
56
preferred
sedee
par
No
2915 Jan 4 4058 Feb 13
1732
2112 5254
*6
8
*6
8
*6
8
*6
8
"6
8
"6
8
Conde Nast Pub.. Ine
No par
7 Feb 25
734 Jan 23
5
5
1332
3012 31
3032 3012 2932 3012 2834 30
2834 2912 2934 3012 4,700 Oongoleum-Nairn 2nc
No par 2834 Mar 6 3472 Jan 2
1612
22
3532
*934 10
9/
1
4 973
934 934
914 94 '914 912 *914 10
500 Congress Cigar
No par
9 Feb 7 1013 Jan 18
7
/
1
4
714
24
24
144
*24
28
•22
28
*22
28
*22
28
•22
28
20 Connecticut Ry & LIghting_ _100 2334 Mar 1 42 Jan 4
28
32
61
*40
50
*35
47
*35
47
*35
47
*35
47
*35
47
Preferred
100 44 Feb 26 44 Feb 26
44
55
58
812 812
812 812
712 71
712 7/
1
4 *8
812
8
8
900 Consolidated Cigar
par
712 Mar 5 1012 Jan 9
No
514
.70
8
14
1334
75
*70
75
*70
7112 *70
71
"70
71
*70
71
Preferred
100 73 Jan 14 74 Jan 24
3014
31
.81
75
8113 *81
8114 81
81
80
80 '7673 78
78
76
/
1
4
50
Prior
preferred
100 714 Feb 8 82 Feb 28
4514
4514
*76 110
747
•77 110
2
*76 110
80
80
•7312 7972 *74
20
Prior pref ex-warrants
79/
1
4
100 80 Mar 6 80 Mar 6
45/
1
4
49
70
*512 5/
55s 534
1
4
5,4
Ms
5
512 *552 534
532 612 3,400 Consol Film Indus
1
5 Mar 6
614
712 Jan 16
153
153
1034 20
1934 2014 191
/
4 1934 19
1952 19
20
20
201
/
4 12,200
Preferred
No par
1832 Feb 27 2212 Feb 15
714
1772 1814 17/
10/
1
4 2032
1
4 1772 16
1714 161
1
4 1658 17
/
4 17/
1714 1778 40,800 Consolidated Gas Co
No par 15/
1
4 Feb 20 2252 Jan 11
1573
1813 47/
1
4
7712 78
7738 7814 7512 7714 75
7512 75
751, 76
7614 3,300
Preferred
No par 7213 Feb 23 82 Jan 11 z71
x71
95
*134 2
*134
11
/
4
134
134
134
134
*133
134
18
11
/
4
900 Connol Laundries Corp
No par
11
/
4 Mar 8
214 Jan 18
112
14
4/
1
4
71
/
4 753
74 753
733 753
713
712
19.400
Como!
74
Oil
Corp
7
71
74
/
4
4
No
par
718
Mar
6
834 Jan 2
714
*110 11453 .10912 114/
7/
1
4 144
1
4 *10913 1124 '110 11212 110 110 *10814 1111
/
4
100
8% preferred
100 10812 Feb 5 112 Jan 28 103
108
1124
*313 34 *34 312
3
3/
1
4
3
34
314 314 .318 314 1.500 Clonral RR of Cuba prat
100
212 Jan 25
314 Feb 21
213
212
834
58
34
58
58
53
58
58
58
34
5
8
5,200
Consolidated
34
Textile
38
No par
4
/
1
4 Feb 5
is Jan 5
12
4
12
2a
1158 111
/
4 11
1112 1034 1114 11
11
11
1138 4,100 Container Corp class A
20 1052 Feb 7 1353 Jan 10
414
414 414
613 13/
1
4
41
/
4 414
4
4
372 4
3
4
7
8
4,100
44
Class
33
B
4
par
33
No
4
Mar
8
5/
1
4 Jan 9
2
2/
1
4
*54 512
533
5
512
5
532
472 54
473 473
4/
1
4 4/
1
4 1,600 Continental Bak class A
No par
4/
1
4 Mar 6
Jan
63
4
7
5
/
1
4
514
14
/
1
4
/
1
4
/
1
4
/
1
4
/
1
4
/
1
4
34
73
73
/
1
4
14
34
11
/
4
3,600
Class B
34 Mar 7
No par
1 Jan 3
34
/
1
4
238
51
51
51
51
*49
5112 *5014 52
51
51
'
551
64
Preferred
300
100
28
Jan
46
54
/
1
4
Feb
19
441
4414 64
/
4
7112 72
71
7172 68/
1
4 7134 68
70/
1
4 6914 7014 70
7114 12,700 Continental Can Inc
20 6234 Jan 15 734 Feb 18
37
5634 6412
812 812
812 812
814 814
8
812 *812 88
812 8'
900 Cont'l Diamond Fibre
5
7 Jan 15
912 Feb 18
6
6
3214 3214 3212 3212 32
11/
1
4
3212 31
32
3114
311
32
32
Continental
2,100
Insuranoe
2.50 30 Feb 7 34 Jan 8
20
1
23/
1
4 361
/
4
1
1
113
1
1
1
113
1
1
1
1
3,500 Continental Motors
74 Jan 2
No par
18 Jan 8
1712 1732 171
/
1
4
/
4 1712 1714 1712 1672 1732 1672 17
84
ins
1652 171
/
4 11,100 Continental Oil of Del
5 1852 Mar 8 1912 Jan 3
1214
*47
1534 2214
48
47
47
4512 4632 45
4514 4212 4414 42
42
/
1
4
170
Corn Exchange Bank Trust Co 20 42 Mar 8 4813 Feb 14
6412 6514 64h 6412 6212 64/
4012
404 51
1
4 624 64
6334 64'2 6412 6512 5,200 Corn Products Refining
25 82 Feb 6 68 Feb 18
5512
•15612- - •156
5512 8412
-- *156 *156 . _ *156 . _ *156
_
_. _ _
Preferred
100 149 Jan 2 154 Feb 23 133
135
15012
514 -532
51
/
4 --514
5
-514
434 -5
434 -47
434 --478 5:600 Cot, Ins
No par
434 Mar 6
6/
1
4 Jan 3
3912 39h 394 39/
314
352
974
1
4 3934 39/
1
4 39/
1
4 39/
1
4 3934 397
3912 39783,700 Cream of Wheat otfa
No par 3578 Jan 15 3973 Mar 4
23
1434 14/
1
4 1412 14'
28
3614
14
1432 1334 14
14
14
1414
1414
1.200 Crosley Radio Corp
No par
1212 Jan 15 1534 Feb 16
7
8
2612 2612 *2573 2614 25
1712
2534 24h 2532 25
25
*25
2534 1,600 Crown Cork & Seal
No par 2332 Jan 30 28 Feb 18
*4414 4434 *4414 4434 *4414 4434 *4414 4434
18/
1
4
1834 364
45
45
*4412 4434
400
82.70 preferred
No par 43h Jan 4 45 Feb 18
32
3512 4414
*76 - -- *76
80
*75h 79
*7512_ -- *75h _ _
*7512 _
___
Crown W'rnette Pap 1st pfNo par 83 Jan 17 86 Jan 11 77 40
414 485
47
414
84
414
4
4
4 .
4
334 -57
372 2.400 Crown Zellerback v t o
372 --334 Mar 7
No par
532 Jan 10
10
1914 19
314
352
6/
1
4
19
18
1834 1782 is
174 171 •1713 1934 1,100 Crucible Steel of Amerloa____1
00 1712 Mar 6 2514 Jan 7
•58
14
61
*59
17
62
3838
•59
62
59
59
5834 583 *5812 62
200
Preferred
100 5834 Mar 7 68 Jan 2
•14
30
112
44
114 .113 14
114
71
112
11
/
4
113
182
114
114
1,500
Cuba
Co
3
4
78
No par
(The)
918
1 Jan 28
11
/
4 Feb 19
*534
678
a512 54 *434 7
*5
7
*534 7
*513 7
60 Cuba RR 6% pret
100
5 Jan 5
7/
1
4 Feb 25
3
6/
1
4 7
314 1012
6/
1
4 7
6/
1
4 634
6
6/
1
4
614 61
612 612 5,800 Cuban-American Sugar
10
758 Feb 18
5734 58
5/
1
4 Jan 2
5834 5734 5412 57
24
34
9/
1
4
53
55
*5312
557
53
53
950
Preferred
100 4013 Jan 3 58 Mar 1
"444 45
45
1412
45
2013 65
*43
4414 4334 44
4334 4384 4312 44
500 Ondahy Packing
60 41 Feb 4 474 Jan 2
3512
37
5332
*1814 1812 1812 1812 18
1833 1713 18
17
1733 17
1712 2,200 Curtis Pub 00(The)
No par 17 Mar 7 2272 Jan 8
98
98'± 9713 9712 9672 974 9634 97 £97
1312
134 2932
97
•9634 97
1,200
Preferred
No par 9312 Jan 2 101 Jan 10
214
232
214 232
214 232
3812
4312 9554
212 214
24 214
212 24 12.500 Ourtise-Wright
734 8
1
24 Mar 6
7/
1
4 7/
2
8 Jan 2
2/
1
4
1
4
94
7
7/
1
4
634 733
7
73
3
7
/
1
4
7
/
1
4
11,900
Class
A
63
1
4 Mar 6 1012 .189 2
•73
834 •73
78
*73
334
514 1214
78
78
78
*73
831 •74h 78
10 Cushman's Bons 7% pref --100 7314 Jan 16 83 Feb 8
"61
*61
70
70
*61
70
7314
75
/
*61
1
4
91
70
*61
70
"61
70
8% preferred
No par 6418 Jan 23 65 Jan 19
19
6413 90
/
4
19
641
"1812 1913 18
1834 17/
1
4 18
*1634 173 "1634 17/
1
4
800 Cutler-Hammer Inc
No par 1714 Jan 2 20/
1
4 Feb 19
912
7/
1
4 7/
1
4
11
734 734
211
/
4
772 7/
1
4
7/
1
4 7/
1
4
7/
1
4 7/
1
4 .714 8
1,200 Davega Stores Corp
6
733 Mar 7
*2814 2882 2714 27/
84 Feb 14
1
4 2534 27
512
6
834
2783 2534 261
25
2512 264 10,500 Deere & Co
No par
2012 2038 2012 201
2412 Jan 15 31 Feb 18
104 344
2014 2012 20/
1014
1
4 2034 2034 2114 22
2212
3,900
Preferred
20 19 Jan 15 2212Mar 8
2972 3034 294 2934 26
1014
1014 191
27
2518 257
26
271
26/
1
4 274 6,700 Delaware & Hudson
100 2518 Mar
•1372 144 1352 14
29/
1
4
12
85
131
12
7312
13/
1
4 1233 1272 12/
1
4 1234 11,300 Delaware Lack & Western-50 12 Mar 6 4312 Jan 7
2
2
5 1914 Jan 7
11
/
4 173
4
134
121
14
13
33/
1
4
1/
1
4
17
11
/
4
1
/
1
4
*13
4
2
600 Deny & Rio Or West prat
100
112 Feb 27
*6714 603 68
68
67
434 Jan 8
67 .566
lh
334 1314
681 *66
68
66
67
400
Detroit
Edison
100
"278 47
66
Mar 8 78 Jan 25
'234 47
.2/
1
4 47
55
6312 84
*234 47
.273 4/
1
4 •273 4/
1
4
Detroit
& Mackinac Ry Co...100
4 Jan 5
•64 15
*6
15
6 Jan 17
4
'56
5
15
7
4'61
/
4 15
*64 15
*612 15
5% non-cum preferred__100
.540
437 "40
8 Jan 4 11 Jan 29
441
40
14
40
10
•3914 41
1814
*3914 40
*3914 4412
100 Devoe & Raynolda A__--No par 3834 Feb 15 503 Jan 2
•115 1161 "115 1161
/
4 *115 1161 115 115 *11034 11412 11412
20
3
29
5
54
11412
40
1st preferred
100 1141215ar 8 117 Jan 21
28
/
4 231
28's 281
28
28
8913
99
117
27/
1
4 281
28
2834 2814 2814 2,300 Diamond Match
No par 2612 Jan 2 2934 Jan 28
3612 361 '3613 37
3612 361
21
3612 3612 36h 361
21
2812
/
4 *3552 36
500
Participating preferred
26 3432 Jan 7 3714 Feb 25
4058 411
344
414 38/
1
4 393
3814 4084 38/
284
2753
1
4 39
39
404 23.500 Dome Mines Ltd
No par 3412 Jan 15 4114 Mar 2
'10
103
1014 10/
1
4
933 93
25
933 9/
32
46/
1
4
1
4
94 9/
1
4
93
94
3
1.400
Dominion
Stores
No par
21
F112 Feb 23
21'8 2034 2084 1912 2052 1812 201
1238 Jan 28
812
11
23
1834 1953 1914 1933 12,700 Douglas Aircraft Ltd
Co Ins No par
1812 Mar 6 24/
1
4 Jan 3
114
144 2812
*154 16
1534 153
1412 1514 14
14
"1412 15
15
15
700 Drearier(SR)Mfg oonv A No pa
14 Mar 6 1612 Feb 19
"614 712 .164 71
"64 71
814
'618 712 '613 7
84 20
'618 7
Convertible class 13...__No par
414
12
*14
t1
*14
I
613 Feb 15
4.4
12
*14
338
5
714 Jan 8
111
/
4
12
*14
I:
Duluth 8 Et di Atlantic
100
*1
as
9
3
Jan
*12
3
8
Jan
5
9
*12
5
/
1
4
14
*12
34
11
/
4
*13
34
12
11
100
Preferred
100
12
Feb
4
13
12 Feb13
12
'34 334 '
24
312 3/
1
4
34 34
3
31
/
4
3
34 "34 31
1,700
/
4
Dunhill
International
*15
1
3 Mar 6
15
1512 15
*14
1538 .514
513 Jan 18
3
15
3
1134
*14
15
"14
15
100 Duplan Silk
No par 1353 Feb 5 174 Jan 3
"105 1074 "105 10712 *105 10712 *105 10712 *103 107h *103 107
1313
1313
23
/
1
4
Preferred
100
9272 9312 9012 9282 89/
9234 93
92
1
4 93
100
110
91
9232 9138 92/
1
4 20,100 DuPont deNemours(E.I.)&0o.20
8953 Mar 6 9912 Feb 18 77 5972
128 128
12813 12813 128 128
128 128
1284 1284 128 128
80
10372
1,700
6% non-voting deb
100
12673 Feb 8 129 Jan 8 10414 115
*105 10514 1054 10514 105 105
10412 10412 10412 105/
1284
1
4 104 104
210
Duquesne
Light
15t
oret
100
*23- .. •23 - __
Feb 18 107 Jan 17
23
23 "23
__ •23 _ _ '23
85
90
107
-- ___ __ _ Durham Hosiery Mills prof-100 104
22 Jan 15 23 Mar 5
574
75713
4
21
514 .-57-4
30
514 54
514 _-553
532 -432
532 --512
Eastern
Rolling
M1112
____No
par
54
Feb 26
119 12012 117 1191
122 12214 *120 121
8 Jan 7
34
44 1234
/
4 11734 119
12034 1211, 4.800 Eastman Kodak (N J)___No par
11012 Jan 16 1234 Feb 19
•14912 150 *149 150 *149 150
150 150
65h
150 150 *150 151
79
11613
50
6% cum preferred
100 141 Jan 4 150 Mar 6 120
1813
1818 1752 1814 174 18
18
120
147
17/
1
4 1814 18
1814 6,600 Eaton Mfg Co
No pa
16/
1
4 Jan 15 2073 Feb 18
*438 512 *438 512 *414 5
10
44 413 '4
/
1
4
1212 224
434 *44 44
100 Ettlngon Schild
No par
372 Feb 27
24
2334 24
24
2112 2352 2034 2234 2134 2212 22
734 Jan 4
3/
1
4
6
1914
2232 16,100 Elec Auto-Lilt (The)
5
20
3
4
Niar
6
109 109
29 Jan 3
1
4 109
108/
15
1094 1094 10912 10912 10912 110 *10912 11012
11/
311
1
4
/
4
710
Preferred
100 107 Jan 23 110 Mar 7
4/
1
4 4/
1
4
1
4 4/
4/
4/
1
75
4
1
4 434
80
433 434
110
44 41
4/
1
4 412 6,000 Electric Boat
3
43
8
Mar
3
6
712
613
758 753
Jan
712 74
7
7
3
74
634 678
634 68
6/
1
4 674 10,800 Elec & Mn, Ind Am shares
634 Mar 6
8/
1
4 Feb 18 n 54
134 1/
44
1
4
912
1/
1
4 172
1/
1
4 114
11
/
4 134
112 11
/
4
112
11
/
4 5,500 Electric Power & Light __No par
112 Feb 27
3 Jan 3
6
6/
1
4
112
512 6
5h
5
24
5
9/
1
4
532
334 413
4/
1
4 432 4.600 Prefer
re
No par
334 Mar 7
812 Jan 10d6
5
/
1
4 21
5
6
*412 514
4
412 5
4
4
4
3/
1
4 4
COO
86 preferred
Vo par
352 Mar 8
7/
1
4 Jan 11
5
6
1934
For footnotes see page 1614.
In
New York Stock Record-Continued--Page 4
1618
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Mar. 2
Monday
Mar. 4
Tuesday
Mar. 5
Wednesday
Mar. 6
Thursday
Mar. 7
Frtday
Mar. 8
Sales
for
the
IFeel
STOCKS
NEW YORK STOCK
EXCHANGE
March 9 1935
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
Feb. 28 Year 1934
--1935
MA
LOW Low
$ per share $ per sh
Par $ per share
S per share $ per share 5 per share S per share 3 per share 5 per share Shares
No par 423 Mar 6 4913 Jan 7 1 3378
4234 1,000 Elec Storage Battery
4314 *41
434 .42
43
464 4514 4514 423 45
13
46
78 Jan 10
5
Mar
8
3
par
No
500 :Elk Horn Coal Corp
34
*38
12
*38
12
12
38
38
12
*38
12
13 Jan 10
12
78
34 Mar 8
50
6% part preferred
100
34
1
1
*34
34
*34
114
*34
114
*34
114
*34
45
Feb 19
6014
16
Jan
528
50
Corp
Endicott-Johnson
1,200
6012
603 5914
5912 5912 *5834 60
5834 6018 5934 6014 *59
100 12534 Jan 10 130 Feb 20 112
Preferred
*12978 _ __ .12978 _ _ •12978 _ __ *130 _ _ .130 _ _ ___ ___
178
278 Jan 4
138 Mar 1
300 Engineers Public Serv____No par
214
113 112 *112 -112 112 .112 238
.12
138 -1-38 *112 -29%1018
1438 Jan 2 2012 Feb 13
No par
55 cony preferred
700
1518 1513 1512
15
15
15
16
*15
1514 1514 *1514 16
11
1412 Feb 7 2118 Feb 13
No par
100
203-4 preferred
1714 1714 *1614 1712 .1614 1712 *1614 1718 *1614 1713
•1714 18
12
17 Jan 18 223* Feb 13
No par
56 preferred
*1513 1918 *16
1918
*1613 20
*1612 20
*1734 20
*1734 20
5
518 Feb 18
5 Jan 7
4,500 Equitable Offlee Bldg..._No par
5
5
5
5
5
5
5
5
518
518 *5
*5
814
14 Jan 4
814 Feb 26
100
Erie
85
3,500
812
838
8
87
9
812
913
9
934 934
10
10
1018
4
Jan
1714
8
Mar
4
93
100
preferred
First
700
934 10
10
10
10
1034 1034 1012 1013 10
*1112 13
75 Mar 6 13 Jan 7
812
100
Second preferred
100
*73* 813
8
*7
8
73* 758 *7
*712 9
*712 9
50
56 6912 Feb 18 70 Feb 2
Erie & Pittsburgh
_ *6218 __ - *6218
__ *621
__ *6218
__ *6218
*6218
63s
19
Feb
12%
15
Jan
4
103
5
2,100 Eureka Vacuum Clean
12
12
12% 1214
2
1112 -1-.
114 12
12 12
12 12
3
5 1612 Mar 6 2314 Feb 21
19,000 Evans Products Co
1914 1818 19
2112 2134 2014 2138 1612 2114 18
2134 22
3
5 Jan 18
5
Mar
318
par
1
Corp_No
Buffet
Exchange
70
*338 37
44
318 314 *318 414 *318 414 *3
*314 372
1
19
Jan
214
5
Mar
1
25
200 Fairbanks Co
134
*118
1
1
2
*1
1
1
2
13 *1
93 Jan 18
*1
312
8 Mar 7
47
100
Preferred
300
514
4%
5
8
47
5
5
515
5
47
618 618
7
*5
20
Feb
2412
11
Jan
17
par
__No
Co_
&
Morse
3,900 Fairbanks
2134 2178 22
2212 2032 2112 2038 2214 21
*22
*2212 23
25
100 72 Jan 17 91 Feb 20
Preferred
200
86
8712 86
8712 8712 8612 8712 87
*8712 90
4
*8712 90
734 Feb 15
534 Jan 8
15
1,100 Federal Light & Trac
7
*6
7
*618
618 618
614 613
612 612 *658 7
33
7
Feb
58
8
Jan
48
par
No
Preferred
90
5612 5612 5612 5614 5614
5514 55
55
57
*55
58
*55
45
17
Jan
50
28
Mar
45
Federal Mln & Smelt Co__100
55
*40
55
*40
55
*40
55
*45
55
*45
55
*45
50
100 61 Feb 28 70 Jan 17
Preferred
70
*55
70
*55
70
*55
70
70 .55
*55
70
*55
6 Jan 2 le 234
412 Feb 5
300 Federal Motor Truck____No par
*41
47
412 412 *413 434 *438 434
*412 47
*413 47
1
41z Jan 7
3 Mar 5
Works____No par
Screw
Federal
700
3
4
*23
3
3
3
3
31
3%
3
318
*318 314
78
138 Jan 7
7s Feb 25
7, 1,400 Federal Water fiery A____No par
7,
1
1
%
3*
1
78
118
14 *1
18
*I
7
Jan
26
Feb
18
par
203*
_ _No
200 Federated Dept
*1818 1913 *1818 1912
18
18
18
1912 18
*1818 1912 *18
20%
7 3412 Jan 9
Mar
3014
2.50
Y
N
StoredIns
Fire
Phan
Fidel
1,200
3012
4
303
3012
3014
3114
3114 31
31
32
32 .31
*31
614
Fifth Ave Bus Sec Corp.__No par
____
193
193 Jan 10 2313 Jan 8
Filene's(Wm)Sons Co___No par
1914
___
1914 .____ 1914.
*____ 1914.__ 1914 •__-_ 1914 *
x85
16
Jan
4
Mar
1103
6
10814
100
preferred
140
8__
634%
.
10614 10614 107 107 *1071
*105 107 *10512 107 .1064 107
1318
10 1413 Mar 6 1818 Jan 7
15% 2,900 Firestone Tire & Rubber
1412 1538 1458 1512 15 -.
1558 1558 153* 1512 14% 1514
6718
100 917 Feb 6 9458 Feb 20
Preferred series A
9313 1,000
93
*9314 933
94% *9312 94
94
9358 9338 9334 04
6
7
Jan
478
56
2
Feb
4712
par
Stores____No
4934 2,200 First National
49
49
x49
4812 49
50
50
5018 50% 4912 50
2234 Jan 4
123*
19 Feb 21
10) Florsheirn Shoe class A ___No par
23
*20
23
2112 2014 2014 *20
2112 *20
•1912 2113 *20
2
6% Jan 7
214 Mar 6
No par
318 2,000 :Follansbee Bros
3
212 212
214 212
212 212
.258 27
23* 23*
2814 Mar 1 37 1014
15
Jan
2014
par
No
271* 2814 1,900 Food Machinery Corp
27
271g 27
27
27
2712 2712 27
2734 28
812
1713 Jan 2
1138 Mar 7
par
No
Foster-Wheeler
2,000
117
8
117
4
113
8
113
1212
1112
12,4 13
13
1313 1312 13
4414
No par 62 Mar 5 77 Jan 2
Preferred
100
*6014 6574 *6014 65% *6038 70
62
62
6318 65
66
53 Mar 6 10% Jan 7
65
614
No par
612 *558 65* 2,500 Foundation Co
6
5% 6
6% 8%
*658 713 *634 714
8
Jan
25
6
165*
Mar
2212
1
w
w
Invest
Nat
Fourth
1,100
*2038
7
2212
*2118
22
2212 2234
23
23
24
2418 2414 24
814
9 Feb 14 13% Jan 2
No par
914
918 912
93* 2,600 Fox Film class A
938 938
912 10
10
10
20
*972 10
70 Fkln Simon & Co 1007% DL.100 3414 Jan 2 45 Jan 11
*3534 304
3534 36
36
3734 36
3734 *36
*36
36
38
26 Jan 2
6
2038
Mar
20
10
Co
Texas
Freeport
3,900
21
2013
20%
2012
2018
2158 2012 2034 20
2138 21
21
100 117 Feb 8 1201g Jan 22 11312
Preferred
__ *11658 ____ ______
*11658 ___ *11658 ___. *11658 --_ •11638 118% *1163*
1212
1634 Jan 15 24 Jan 25
Fuller (G A) prior pret___No par
20
*17
20
2012 *17 -.17
.17 21
21
*17
•17 21
5
812 Jan 7 12 Jan 24
par
No
pref
2d
$6
814
834 *7
834 *7
.7
8
8% *7
812 .7
*8
3
Jan
118
21s
5
Mar
14
1
No par
300 Gabriel Co (The) el A
I%
1% *1
14 *1
•I15
13
114
134
13 *138
*138
8
912 Jan 10
8
Feb
8
par
No
(The)
Co
Garnewell
20
812
*8
812
*8
8
8
9
*8
9
*8
55
8
8
4
Jan
8
75
6
Mar
6
par
No
Investors
Amer
1,500 Gen
*618 614
6
6
68
6
658 658
65s 65
64%
*634 7
No par 84% Jan 10 8713 Feb 15
Preferred
90
*87
90
*87
90
*87
90
*87
90
*87
90
*87
25%
5 3334 Mar 8 3814 Jan 5
3434 3334 3412 3,600 Gen Amer Trans Corp
34
35
34
35
34
35
35
35
35
12
9
Jan
1878
6
Mar
1313
10
3,300 General Asphalt
14
14
13% 1412 1313 1414 1334 14
14% 1434 *1412 15
73 Jan 15
612
94 Feb 19
5
Baking
General
2,000
8
*778
8
8
814
8
818
8
838 83
*838 9
100
25
Feb
125
10
Jan
115
par
No
preferred
$8
10
124 124 *123 125 *123 125 *120 125 *120 125 *120 125
5
71s Jan 8
514 Mar 4
5
Bronze
General
4,800
1
512
1
512
5'2
6
512
6
512
2
5
4
514
614
5
6
214
314 Jan 3
238 Mar 6
No par
90) General Cable
212 *238 212
23* 213 *214
213 213
212 212
213 213
414
3
Jan
7
5
Mar
8
43
No par
Class A
200
*438 612
458 45
*434 514 *434 514
438 55*
*43* 614
14
2713 Jan 7
27
Feb
23
100
preferred
cum
1%
200
25
*23
2418
*23
24
24
24
24
*227 27
*234 26
244
8
Jan
6314
6
Feb
5012
par
No
Inc
600 General Cigar
5431
5534 54
5513 5512 *53
*5558 56
5612 *5512 56
*56
97
100 12712 Jan 2 13412 Jan 4
7% preferred
2,
*1331(13313 *133 13312 13312 13312 133 133 *132 133 *132 133
No par 2012 Jan 15 2514 Feb 18 6 16
2212 2278 66,500 General Electric
2218 23
2134 23
2338 2218 23
23
2318 is 233
11
3
Jan
1118
2
Jan
10 11
Special
9,847
1118 1118 1118 1118 1118 1118 1118 111s 1118 1118 1118 11%
28
No par 3234 Jan 4 3512 Feb 18
6,300 General Foods
3358 3414 3334 3413 3412 345
3458 38A 34% 35
3412 35
4
511 Jan 14
14 Feb 25
No par
3„
14
38
*4
38
14
38
38
38
*14
38
38
1,500 Gen'l Gas & Elec A
54
12 Feb 20 133s Jan 18
Cony pref series A____No par
1218
1218 *10
1212 "10
*10
12
*10
12
1212 *10
'10
63
14 Feb 5
5
Mar
11
par
No
A
class
pref
$7
13
200
*11
13
*11
13
*11
11
11
16
*11
16
*11
713
15% Jan 16 16 Jan 24
No par
$8 pref class A
18
*12
18
*12
18
*12
18
*12
18
*12
18
*12
5712 Jan 2 613 Feb 5 "54
()en Rai Edison Elm Corp
6078
e_ 6078 *_ _ 6078 .____ 60% .____ 6078 *60%
51
7
28
Feb
654
6
Feb
59
par
No
0
Mills
General
2,400
6314
63% 6234 163-3-4 6234
63
643
6434 638 6414 64
*64
100 116 Jan 3 11818 Feb 14 10013
Preferred
100
118 118 *118 11912
*117Is 118 *1173 118 *11734 118 *11712 118
10 28 Mar 6 344 Jan 3 33 2238
68,400 General Motors Corp
2914 283* 2878 2838 29
2938 294 2812 2938 28
2938 297
84
par 40712 Jan 4 113 Jan 28
No
preferred
$5
112 11213 1,500
113 113
11212 113
11212 11212 1123 113
*112)2 113
83*
1118 Feb 7 13 Jan 10
No par
Adv A
Outdoor
Gen
10
*812
913
*814
1014
*8
11
*8
1218
*814
1218
"8
314
33 Jan 2
9
Jan
314
par
No
Common
33
1,800
8 338 *314 334
34 314
3,4 338
1013
5
*314 335 *314 33
Mar
8
247
5
Feb
175
No par
530 General Printing Ink
231/ 2318 *2314 2414
237
2478 23
*23
2312 2313 2414 23
6114
Jan 22 100 Mar 5
9312
par
No
3
3
100
Preferred
$6
4
993
4
993
99
4
993
100
99
9918 9918 *9712 9934 9934 100
138
2% Jan 3
113 Mar 4
No par
900 Gen Public Service
112
112 *114
113 *114
113 *114
119
112 112
*112 13*
2313
18 Mar 6 30 Jan 7
No par
2018 2,700 Gen Railway Signal
20
20
x20
20
20 - 2112 18
2153 23
*2318 24
80
30
Jan
91
2
Jan
80
100
Preferred
20
88
*8612
88
*8712
88
*87
88
*87
88
*88 10112 88
1
14 Jan 10
1 Mar 5
1
1% 3,200 Gen Realty & Utilities
*1
I
1
1%
1
1
1
118
118
114
•114
10
157 Nlar 6 19% Jan 10
No par
7 1612 1,200
$6 preferred
*1613 173 *1670 1738 1618 1612 1578 1614 *1578 1638 *15
812
3
Jan
2014
30
Jan
163
par
No
Refractories
General
1,300
1812 1834 1834
*1834 1912 1812 1812 1714 181, 18
20
*19
714
No par
11114 Jan 15 19% Jan 2
Voting trust certifs
1814 1814 3,000
1712 1814 1778 18
19
19% 1914 18
19
19
1814
1514 Mar 6 32 Jan 22
No par
50 Oen Steel Castings pref
*1514 17
1514 17 .1514 18
*1514 18
26
9518 20 .16
6
10
712
1*
Jan
5
Feb
15
s
131
par
No
Razor
1312 13% x1313 1358 5,100 Gillette Safety
1335 133
1418 1418 14% 1312 1378
14
4512
No par
7012 Jan 4 7731 Mar 5
Cony preferred
7678 7678 7678 1,300
*76
7734 763* 77
77
77
7718 77
77
37
212
Jan 4
213 Feb 25
No par
258 2,400 Gimbel Brothers
258
5213 212
212 25
258 23*
2341 23
23* 234
1312
274 Jan 5
100 21 Mar 1
Preferred
21
.19
21
*19
21
2318 "19
23% *1918 2218 *19
12
*19
No Par 23% Feb 7 2778 Feb 21
Glidden Co (The)
5,400
26
26
8
257
4
255
2614
25
8
267
8
255
263 2634 263sF2634
80%
100 104% Jan 2 1088* Mar 1
Prior preferred
60
107 107
107 107 .107 110 a107 1:7
33
48 Jan 25
*107 108 *107 108
312 Fob 28
5
312 338 *312 334 3,900 Gobel (Adolf)
312 334
334 4
418
4
334 4
153
1534 Feb 7 18 Jan 7
No par
a
I
v
Corp
Dust
Gold
4,700
8
165
8
,
16
1714
4
,
16
1714
1638
1718 1718 1718 1718 1634 17
9613
25
Feb
11613
19
Jan
114%
par
No
preferred
cone
$6
100
11612 11612
*11312 118 *114 118 *11514 118 .11514 118 *115 118
8
812 Mar 6 117s Jan 7
No par
918 7,300 Goodrich Co (ft F)
88
834 9
813 918
934
838 9'8
9
2812
978 978
100 45 Feb 7 5413 Jan 8
Preferred
800
49
4678 4912 *4812 4912 49
48
48
49
*4813 4912 49
1812
7
6
Jan
1
Mar
267
183
par
Rubb___No
1914 2018 17,300 Goodyear Tire &
1912 2012 1834 2034 1912 203*
2014 21
21
21
7.113 Star 8 92 Jan 10 17 53Is
No par
1st preferred
400
7412 7412
79
*71
79
*70
78
*777 834 78
81
81
318
512 Jan 3
3% Feb 27
No par
314 314 1,200 Gotham Silk Hose
35
314 38 *314 312
338 312
334 *312 3%
3812
10(1 3512 Mar 2 50 Jan 3
Preferred
40
39
*34
39
*34
39
*34
39
*35
3512 3512
314 Jan 3
3512 38
112
6
Mar
2
1
Motors
Graharn-Paige
9,300
218
2
218
2
214
2
214 218
218 214
214
218
4
714 Jan 7
53* Feb 25
57
6,100 Granby Cons M Sm & Pr.__ 100
53
5% 6
614
6
614 614
6% 634
3
614 612
5 Jan 7
234 Mar 6
1
otIs
Cott
Union
Grand
1,100
27g
8
8
27
4
23
4
2
231
233
3
3
318 318
314 318
17
17 Feb 25 293* Jan 3
No par
Cone pref series
500
194 1914
*1834 22
*18% 25
18
18
1714 177
20%
173* 175
No par 23 Jan 10 23 Jan 10
Granite City Steel
*2018 24
*2014 24
*2018 24
*201g 24
*2018 24
.20% 24
25
Jan 3
3514
30
1
Feb
par
No
T)
(W
Grant
1,500
3012
3012
304 30% 3014 3013
303 31
31
3034 31
31
784
913 Mar 6 127s Jan 7
912 912 2,900 Co Nor Iron Ore Prop.__ _No par
97 10
912 912
912 978
10
10
10
10
1132
100 1014 Mar 6 1734 Jan 7
1114 113* 19,600 Great Northern pre!
1218 1014 1212 1034 115*
11
1218 12%
25
4
1219 13
Mar
317
15
Jan
265*
par
Sugar____No
Western
3112 10,400 Great
3138 3158 313* 3178 3038 3158 2934 3134 3013 3114 3114 128
99
100 119 Jan 2 12712 Feb 20
Preferred
140
126 126 *127
125 125
125 126
125 125
126 126
18
100 34 Feb 6 36 Mar 6
Copper
Canapes
Greene
10
4012
*30
401z
*3112
36
36
50
*36
50
*36
50
036
58
24 Feb 19
1 Feb 1
No par
900 Guantanamo Sugar
138
112 *114
113
112
15*
13 *119
138
714
134
21
Feb
134
4
23
16
Feb
100 19
Preferred
.1614 22
*1614 2112 *1614 2234 *1614 23
4
*1614 23
*1614 23
6 Jan 6
7
Mar
4
100
Northern
&
Mobile
Gulf
100
512
*312
4
4
512
312 *4
512 .4
*4
6
*4
11
100 II Feb 7 15 Feb 18
Preferred
1034 *812 1034 *812 1012 *812 1012 *813 10
14
1034 .9
*9
14 Feb 26 24 Jan 8
No par
Oulf States Steel
1812 *1412 1812
1012 .14
1612 *14
1913 *14
23
25,4
.14
*13
11
Jan
67
27
Feb
58
100
Preferred
50
*40
58
"53
58
4.40
59
*41
60
*40
60
*40
19%
5
Mar
2512
15
25 2114 Jan
100 Hackensack Water
*2538 26
*2512 26
*2518 2512 .2518 2512 2512 2512 *2534 26
28
26 30 Jan 18 32 Jan 15
7% preferred class A
3113
3112 *31
3112 *31
3112 *31
3113 *31
3112 *31
*31
312
618 Jan 7
438 Feb 27
No par
47
518 514 12,600 Hahn Dept Stores
538
412 5%
412 458
45* 434
434 5
18
100 65 Jan 15 60 Mar 7
Preferred
7,800
8814
88
69
68
65
5834
5914
50
61% 6138 598 60
Jan 2. 314
712
5
Mar
5
10
1,800
Printing
Hall
5
5
518
5
5
5
512
5
512
514
512 534
33*
9% Jan 8
914 Feb 18
No par
Hamilton Watch Co
914
914 *7
914 *7
93, *7
*7
914 *7
914 *7
20
100 63 Jan 4 75 Jan 23
Preferred
30
*6412 70
*8412 70
*6412 70
*6419 70
*6412 70
65
77
65
25
Feb
10512
2
Jan
101
par
pf___No
$7
Co
A)
140 Hanna (al
104 104 *10412 10612 10412 10419 •10313 10412
12
*10512 107 .10312 104
1834 Jan 17 20 Feb 18
2,000 Harblson-Walk Refrac___No par
18
18
1814 01734 18
82
1834 18% 1814 1812 18
10% 1834
100 9934 Jan 7 102 Feb 19
Preferred
.-.__ 10234 *10212 ----'102'2 _ .•102l2 __ _ _ _ _ ___
112
7
*10212 -_ *10231 Jan
7
6
Feb
5%
613 6-13 1,300 Hat Corp of America el A____1
64 -6-38
1413
612 634
6,2 6,2
8
634 -6-7.
612 .6-13
100 81 Feb 6 8614 Jan 2
61-4% preferred
80
4
84,
843 *82
843i *82
8313 .82
%
8
Jan
8314 *8234 8314 83
12
*82
2
Jan
la
par
__No
Co
Ity
Electric
100 Havana
a,
*14
84
*14
38
234
38
12
*38
12
2% Jan 26
*38
34
*ag
234 Jan 26
100
Preferred
4.238 4
*234 4
*234 4
4
*23
*234 4
*234 4
For footnotes seepage 1614.
$ per share
34
52
17
%
334
I
63
45
128
120
814
2
1018 2313
2412
11
13
25,2
103*
5
938 2478
1434 284
23
9
68
50
7
1438
9
2714
1012
3
238
1
33
1212
1834
7
7712
30
1114
4
3418 62
107
52
98
62
278
854
58
2
4
1
31
20
3512
235
II
7
30
23
106
87
1318 2514
9214
71
53
694
25
15
173*
2
1012 2158
812 22
80
55
614 174
1712 27,2
84 1712
63
20
2113 5038
11312 16011
3312
14
1938
5
438
112
20
8
53* 1112
87
73
435
30
2312
12
612 1438
10812
100
1018
5
61*
214
4% 12
1412 33
594
27
1273*
97
167s 25,4
12%
11
3671
28
134
32
614 19
21
11
22
13
621s
50
64%
51
118
103
245* 42
8034 109
834 21
63*
314
1012 2512
7312 96
55
2
2312 458
1013*
90
35*
1
268*
10
1018 233*
20
10
1758 48,2
812 147*
72
47
638
25*
1814 30
165, 283*
107,2
83
93*
338
23
18
06% 120
18
8
-.512 62%
1812 4l8
864
64
37
115k
3812 71 12
41 2
1%
133,,
4
8%
4
40
23
31 1s
21
4038
28
811 154
1214 3212
3514
25
11812
102
69
18
312
a,
714 31
1614
5
358
12
154 42
83
47
2012 2614
31
27
1
814
3
2514 6312
311
934
23* 11%
63
25
101%
84
24%
13
100
87
758
1%
1934 92
1 12
%
812
3
Volume 140
New York Stock Record-Continued-Page 5
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Mar, 2
Monday
Mar. 4
Tuesday
Mar. 5
Wednesday
.91st. 6
Thursday
Mar. 7
Friday
Mar. 8
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On Bases of 100-share Lots
1619
July 1
1933 to Range far
Feb. 28 Year 1934
1935
Low Low
High t
Lowest
1
Highest
$ Per share $ Per share $ per share $ per share 8 per share $ per share Shares
Par $ per share
per share $ per sh 5 per share
$
.238
212
212
212
2%
212
214
214 *214 212 "230 212
500 Hayes Body Corp
37 Jan 2 34 134
2
214 Feb 27
63
944 9414 94
114
9412 9214 11312 9212 9312 .
9213 9314 9318 9318 1,100 Hazel-Atlas Glass Co
25 85 Jan 2 9413 Feb 23
65
*13014 132 *13014 132 *13014 132 .13014 132 .129 132 .129 132
74
957k
Helme (G W)
127
25
Jan
5
Jan
130
0150
9
94
101
_
145
.150 _ __ .150
0
_ _ 150
_ _ .14814
Preferred
100 14212 Jan 10 150 Feb 25 120
01212 1-5 .1212 is
12313 153
0121., ii .12 143-4 .12 -1134_ *14814
-1414
*12
Hercules Motors
No par
11 Jan 8 16 Feb 20
514
.75
514 1218
7634 75
75
7478 75
7318 747
7318 733* 7378 74
1,700 Hercules Powder
No par 7318 Mar 6 775 Jan 8
40
59
.123 12412 12314 12334 124 124 •12334 12412 12312 12414 *12312 124
81%
60
37
cum
preferred
122
100
Feb 9 125 Jan 2 10412 III
•78
80 .77
80 .76% 80
1253*
7613 7678 767 78 .7812 7912
500 Hershey Chocolate
No par 7312 Jan 2 8134 Jan 19
44
4812 7334
107 107
107 107 '10612 115 .10312 115 .107 11012 *107 115
200
Cone
preferred
No
Jan
104
pat
25
107
Jan
9
80
83
10518
714 714
*718 73
7
7%
612 612
613 612 .638 7
1,100 Holland Furnace
No par
613 Mar 6
914 Jan 7
4
434 1014
812 812 •814 812
818
8
8
8
8
8
77g
778 1.700 Hollander & Sons (A)
778 Mar 8 11 Jan 2
5
5%
534 13
380 340
38012 38012 •356 375
375 378 .36212 375
375
375
700
Homestake
Mining
100
338 Feb 5 39118 Jan 7 200
310 x43018
*32
3358 32
32
32
31
32
32
*31
327 .3112 327
600 Houdaille-Hershey cl A _-No par 31 Jan 12 3634 Jan 25 8 7
11
77
8
8
31
8
818
734
73* 712
714 77
712 734 10.800
Class B
No par
714 Jan 15
918 Feb 19
212
25
*537 55
87
*53
.55
5112 5112 *53
5518 .53
6512
5512 "53
100 Household Finance part pf___50 49 Jan 2 56 Feb 26
43
43
54
•1334 1412 *1334 1412 1334 1334 1281 1312 *1212 1234 13
13
700 Houston 011 of Tex tern ctfs__100 1238 Mar 6 173 Jan 2
1212
1212 294
23
234
234 234 *232 234
252 238
212 238
212 212 1,600
Voting
trust
new
etre
25
212Mar
7
33* Jan 4
212
4838 4914
2,2
49
532
4512 47
46
4878 464 47
47
4712 5,600 Rowe Sound v t o
5 43 Jan 15 5218 Jan 3
20
3513 5714
*3
514 *314 414 '3
312
312 312
312 312
330 332
400 Hudson & Manhattan
100
24 Feb 27
512 Jan 21
24
4
1218
"818 9
.8% 10
*818 812
8
81s *734 812
712 71
700
Preferred
712 Mar 8 1312 Jan 21
100
814
9
2614
918 914
932 912
812 914
812 932
872 914
9
91g 14,600 Hudson Motor Car
No par
818 Feb 6 1234 Jan 7 31 6
618 2414
2% 214
2
218
2
218
2
218
2
2%
2
2
13,000 Hupp Motor Car Coro
37
10
Feb
2
26
Jan
7
I%
1112 12
1%
11
98 1078 1018 1034 1012 1078 7,900
714
1118 1018 11
Illinois Central
100
952 Mar 6 1714 Jan 7
934
133* 3872
*1612 18
.16
17 .16
17 .15
16
*15
17 .15
17
--__ ._
6% pref series A
100 167 Feb 26 2334 Jan 4
04714 50
1672
21
.45
50
50
*45
046
50
50 .4134 50
04134 50
Leased
Ilnee
100
Feb
50
25
Jan
5712
10
46%
48% 66
612 613 •614 8
614 614 .6
0512 8
8
6
6
RR See etre series A____1000
80
6 Mar 7 10 Jan 4
7
.214 212 *214 212 *214
712 2414
212 *214 212 *214 212 '214 213
Indian Refining
10
214 Feb 6
212 Jan 2
230
214
3112 3114 3078 3112 29
434
31
2814 30
29
30
2912 30
15,300
Industrial
Rayon
No
par
2814
Mar 6 33 Jan 7 36 1314
193
.66
3214
68 .65
.6412 66
69
61
66
65
65
65
55
1,000 Ingersoll Rand
No par 64 Mar 6 7018 Feb 20
45
49% 7334
.118
*118 12912 .118 _ ..118 131 .118 136 .120
.
__
___
Preferred
100
109
120
28
Jan
Feb
105
7
105
11634
52% -5230 5134 52
51
51-12 4930 513
50
50
51
--51
2,100 Inland Steel
No par 493g Mar 6 554 Jan 2
26
21
238
3414 55
3
3
3
314
23* 23
23* 25* .23* 3
1,000 Inspiration Cons Copper
37 Jan 8
20
212 Feb 27
212
218
.4% 434 .414 434 *414
6%
43*
414 414
414
414
4%
418
400
Insuranshares
Ctte
Inc
Mar
4
1
1
*133* 1412 127 14
478 Feb 14
2
218
438
1212 13
1218 1318 1218 1212 1238 124 3,200 tInterboro RapidTran v In_,. _100 1218
Mar 6 1618 Feb 19
512
5ls
_
17
11 I
Certificates
No par
5
612 1212 ,
'314 5
'314 4
*314 4
*332 4
.314 4
.314 4
Interest
Rye
of
Cent Amer _ _100
35* Feb 25
2
432 Jan 25
2
0312 4%
7
312 312 *2
412 *2
412 •214 413 .214
413
10
Certificates
No par
312 Mar 4
63
5 Jan 3
213
14
213
14
14
1412 .13
14
13
14
135 1330 1612 1612
280
Preferred
100
13 Mar 6 1812 Jan 10
214 214 "218 3
63*
758 2234 '
*2
212
2
2
.113 3
0134 212
600 Intercont'l Rubber
No par
2 Feb 27
Jan
3
7
2
218
530 53* .518 578
572
514 514
5
518
434
414
5
5
1,800 Interlake Iron
No par
414 Mar 7
7 Jan 7
4
4
1114
03,2 334 *312 334
312 312
312 33*
312 312
312 312
SOO Internet Agrieul
No par
312 Mar 5
5 Jan 2
*37
113
38
2
3612 3612 36
6%
33
3312 3312 .3334 40 e .34% 38
400
Prior preferred
100 3313 Jan 15 424 Jan 25
10
15
16014 160% 160 16012 157 16014 157 156 *15712 1601 1(1) 16072
3714
1,800 Int Business Machinee___No par 14912 Jan 15 16112 Feb 18 12534
131
164
412 412
42 412
432 412
33
418 430
372 412
4
2,400
Internal
Carriers
Ltd
334 Mar 8
1
41
4
63* Jan 8
2638 2612 2614 2614 2512 2612 2512 2512 2513 2532 x2132 2472
1214
3,600 International Cement____No par z2434 Mar 8 33 Jan 7
1830
3934 40
1830 3734
39,s 3912 3734 39
3R14 3914 37
3812 377 387 15,200 Internal Harvester
No par 3614 Mar 6 4372 Jan 2
2314
234 467
*142
__ 14212 14212 .142 145
142 142 .142 .... _ •142
_ _
200
Preferred
100 135 Jan
14212Mar 4 110
110
137
113 I%
134
14
113
134
112 112
112 1-12
138 -1-% 3,000 Int Hydro-El Sys el A
25
112 Mar 1
272 Jan 9
234
134
234
212
912
234 3
234 3
234 278
234 234 *212 27s 1.900 Int Mercantile Marine___No par
214 Jan 15
318 Feb
2
2
6
2334 2373 2312 23% 2234 2318 2232 231g 2234 23
2272 2312 26,600 lot Nickel of Canada____No par 2214 Jan 15 2412 Feb 20
18 21 145*
"12512 1281 *12512 12812 *12518 12812 .125% 12813 *12518 12812.125
21
2914
12813
Preferred
100 125 Feb 8 12634 Feb 19 101
11534 130
__ ____ ___ ___ ___ ____ ______ Internal Paper 7% prof
100
-•17
814
10
2
25
.17
2
1%
178
14 18
13*
134
800 Inter Pap & Pow Cl A____No par
*112
13
4
134 NIar 6
3 Jan 8
*3
4
1
1%
*34
2
.34
1
6'2
1
*34
1
*31
78
Class B
*34
72
7,
18
No
par
vs
78 Feb 9
312
Jan 7
"8
34
"2
34
ki
38
%
•4
.52
34
*38
400
34
Class C
11 Jan 19
No par
38 Feb 21
7
%
714
%
234
7
7%
634 678
638 71/4
634 718 *634 7
2,300
Preferred
100
612
Feb
25
12
612
7
Jan
2414 2414 .23
8% 24%
24% .2283 2412 23
23 .2234 2412 23
2314
1,000
Int
Printing
Ink Corp___No par 2112 Jan 15 2412 Mar 1
9
9
9938 10034 .9934 101
2513
*9934 100
9934 9934 *9934 10034 *9934 101
100
Preferred
100 9812 Jan 2 101 Feb 26
.30
65
66
100
303* .3034 31
*3032 3072 3032 31
30 d 30 .2918 30
400 International Salt
No par 29 Jan 21
3118 Jan 4
*14
20
21
4412 4338 44
32
*4312 4334 4312 44
54314 4312 4312 4312 1,500 International Shoe
No par 4312 Mar 6 4514 Jan 10
2230 223* *2112 23
38
38
50%
.2012 23
*2012 2138 .21 , 213* .20
2 130
100 International Silver
100 21 Mar 1 28 Jan 4
19
19
684 6834 *6712 71
453
*6712 71
6714 6712 6712 .6712 .6713 71
7%
40
preferred
100 6714 Mar 6 75 Jan 3
40
71* 7%
59
718
8412
738
634 74
634 718
67g1 718
7
712 30.000 Inter Telep & Teleg
97 Jan 10
No par
71
634 Mar 5
712
1134 1134 1134 12
1734
.113* 11%
1112 1132 1112 21134 1118 113* 1.200 Interstate Dept Storee
No par
10 Feb 5 1234 Jan 7
*5712 8412 06472 8412 *72
23
313 1638
8412 *7272 8412 '70 Igsvo .72
8418
.....
Preferred
100 75 Jan 29 84% Jan 7
0614 7
1614
213*
8112
.
618 730 .
6%
730 •612 730 063* 11730 .
63*
Intertype Corp
73*
43
No par
614 Jan 10
718 Mar 1
53* 10
33
33
3312 3312 3312 31
3312 33% •334 34
*333 34
600 Island Creek Coal
1 31 Feb 7 36 Jan 8
2034
242
*115 _ _ - .115
36
___ 115 115
116 116 .117
.116
Preferred
30
...-1 110 Jan 22 116 Mar 6
85
90
5612 5612
- .54 -57
11012
54
55
5
.5278 5618 .52% -5512 54
5612
300 Jewel Tea Inc
Na par 535* Feb 6 57 Jan 7
26
464 4634 44
33
574,
46
4234 44
414 443
4214 4332 43
4312
Johns21.600
Manvllle
No pat 4114 Mar 6 5738 Jan 7
3613
39
123 124
66
12412 12412 .120 12334 .11912 1233 .122
1233 *12212 12334
100
Preferred
100 120 Feb 26 125 Jan 4
87
101
121
.135 175 •135 175 .135 175 .135 175 4 .135
175 .135 175
Joliet & Chic RR Co 7% gtd_100 130 Feb 19 130 Feb 19 115
135
*61
140
6212 63
6312 61
62
6012 6112 60
6014
602
6012
280
4
Jones
&
Laugh Steel pref-100 5613 Jan 2 73 Jan 23
45
*116
.•116 . ..116
45
7712
_ _ .116
_ . .11618 ____ *11618
_ ___
Kansas City P & L pf eer BN0 pa 1153* Feb 27 1151* Feb 27
9778
9778 1148
,
.618 _-612
6
-6.12
Us -(i
Vs -47g
5
518 .4 .-53
-8
Kansas City Southern
10(1
478 Mar 6
834 Jan 7
9
618
6% 19,2
9
.8
9
834 834
714
714
7
730 •7
812 1,100
Preferred
tOO
7
Mar
7
1312
Jan
834 914
9
7
1014
273*
914 912
934 10
918 934
934 934
914 914 3,600 Kaufmann Dept Stores 512...50
712 Feb 6 10 Mar 5
*1718 18
174 1714
53*
6
11378 1714 1672 1672 1672 1672 1672 17
Kb,
1,600 Kayser (J) & Co
533
5 1534 Jan 17 19 Feb 19
12
033
137g
181.
40
•33
40
40
•33
40
34
34
*33
40
100 Keith-Albee-Orpheum pref_100 34 Mar 7 34 Mar 7
15
114
20
114
37,;
118
14
1
118
1
118 .1
1
14
7,600
1
IKelly-SPringf
1%
ield!Tire
5
1 Mar r
218 Jan 17
0814 10
1
1
4"812 934
8
812
812 812 *8
9
5
9
600
6% preferred
No par
7% Jan 2 1330 Jan 17
5
5
20
.612 0
,
614 6'2
6
6
6
614
6'4 64
2,000 Kelsey Hayes Wheel conv.elA -1
714 8
6 Jan 25
8 Mar 8
412 41g
212
3
10,2 1
412 41
312 3%
4
412
47
412
43
4
2,300
512
Class
Ll
1
512Mar 8
314 Mar 1
164 1714 11638 1712 1614 167s 1512 1612 153
112
23*
'
714
2 1614
16
1612 11,300 Kelvinator Corp
No pa, 1512 Mar 6 1814 Jan 9 8 678
947 947
945 9438 *9312 9432 "9312 9438 9312
11% 21
9312 *8834 9432
70 Kendall Co in pf eer A
No par 903 Jan 8 95 Jan 29
154 1618
55
6518 94,„
1538 16
155* 16
15
153 1472 1514 1512 1512 20,000 Kennecott Copper
No
par
Mar
147
8
7
183
8
7
Jan
1518
*98 1014 1014 1014
16
23,,
10
10
*9
10
101
.9
.9
1012
300 Kimberly-Clark
No par
.434 412 .4
10 Mar 5 11 Jan 8
412
978 18,,
4
4
930
•338 5
"333 5
.33* 5
100 Kinney Co
\To par
4 Feb 6
.27
3172 2813 2812 .27
51* Jan 3
214
3
7
2714 2672 27 .27
2813 2712 2812
340
Preferred
No par 2672 Mar 6 38 Jan 23
12
1312 41
2032 2072 2014 2034 204 2034 203
2034 21
2012
2078 11,000 Kresge (5 8) CO
.109 11012 110 110 .109 11012 .109 11012 .109 11012 2012 11012
10 201g Jan 15 22 Feb 18
1014
13%
22%
*109
10
7% preferred
03
.3
412 03
_100 10612 Jan 16 112 Jan 4
9914
4
101 1114
4
.3
4
.3
4
.3
4
Kresge Dept Stores
No par
312 Jan 15
.57
65 .5738 65 .5734 65 .578 65
4 Jan 17
2
212
714
*5818 65
.5804 65
Preferred
100 42 Jan 11 5614 Mar 1
6114 6114 .594 63 .59
12
55
19
60 .59
an
.59
6012 *59
100
6030
Kress (S H) & Co
No par 60 Jan 29 6912 Jan 7
2312 2338 2312 2334 2314 2372 2332 2414 2312 24
275
36
6513
,4 237 24
8,900 Kroger Groe & Bak
No par
2314 Mar 5 2834 Jan 2
.16
•16
18
18
16
19
2314 3338
16
•13
18
.13
18
11 13
18
20 Laclede Gas Lt Co St Louis _100 15 Mar 28 21 Jan 12
.2014 28 .2014 28 .2014 26
.2014 28
15
20
6312
*2014 26 .2014 26
5% preferred
100 2618 Feb 26 31 Jan 24
•2738 28
2712 28
273* 28
271 2814 2712 2734 273* 2734
2618
27
60
2,300 Lambert Co (The)
*678
7
.678 7
No par 264 Feb 6 2812 Jan 8
634 622 .5
624 *422 634 •5
1938
2214 313*
63,
200
Lane
Bryant
No par
*1138 12
oh Feb 13
113o 1130
11334 1112 1012 1012 1038 1058 1034
9 Jan 3
44
5
1414
1034
700 Lee Rubber & Tire
.1312 141 .1212 1412 .1212 14
5 103s Mar 7 1278 Jan 7
*1212 137 .1338 13%
518
7
1412
133 1338
100
Portland Cement
*98
991 *98
__ *98
50 1338 Mar 8 173 Jan 7
_
11
9
*98
20
_ - 598 - - •98 - _ _ - _ __ Lehigh
7% preferred
100 89% Jan
730 75*
99 Feb 20
7 --7
73
613 -63
733* 90
- -4
614 -67
-8
612 -712
"632 -7
2,300
Lehigh
Valley
RR
178 2
Feb
50
26 1112 Jan 7
I% I%
64
1%
134
134
614
1% .138
912 2114
lh
13.4
134 1,500 Lehigh Valley Coal
No par
7
13.1 Mar 5
814
64 73
67
272 Jan 4
712
178
212
5
7
73* *634 714
63* 714 4,000
Preferred
.70
634 Mar 5 1212 Jan 23
50
7014 69
70'2 70
5
70
4
1632
69
69
•701g 7012 1,500 Lehman Corp (The)
6934 70
No par 69 Mar 5 7434 Feb 19
1612 1612 .16
15% 15
3
1614 16
58
6414
78
1612 .16
1634 *1614 1634
700 Lelin & Fink Prod Co
2634 264 263* 2634 2578 264 2538 2614 2538 25
5 1514 Feb
1112
1112 23%
25% 25
11,600 Libby Owens Ford Glam.- No par 2532 Mar 27 1714 Jan 25
.22
223* 215* 215* .2112 2178 2138 2i78 2178 22
6 3234 Jan 2
2212 4372
21
.2134 22%
600 Life Savers Corp
5 2112 Jan 17 23 Jan 3
105 105 .103 106
10312 104
104 105
1718
24
10312 10412 10314 104
155*
1,200 Liggett & Myers Tobaceo____25 102
10514 10512 1053* 10534 10478 10512 10418 105
Jan 15 10712 Jan 4
7112
73
110
10514 10514 10514 10514 2,800
Series B
25 102 Jan 15 10912 Jan 4
.158 160 *15418 --- •15618 ___ •15634 ____ •15612 160 *1543 160
734
7412
1114
Preferred
100 15112 Jan 30 156 Feb 19 123
129
15212
.1814 187s 183* 1838 175* 18
1712 17% .1712 1812 *1712 1812
500 Lily Tulip Cup Corp__No par 17 Feb
*1614 19
5 1914 Jan 3
165o 1638 1538 1619 1416 1612 1412 1514
1414
16
2612
1434 15
1,100
Lima
Locomot
orke____No
par
204 2014 2012 2078 20
1418 Mar 6 2412 Jan 5
20
1912 1912 198 193* 1912 20
1514
1514 3614
1,000 Link Belt Co
No par 17/
02612 2714 27
2714 26
1
4 Jan 16 22 Feb 16
2612 253* 2612 2534 26
1112
1112 192*
2614 2634 1,800 Liquid Carbonic
No par 2514 Feb 6 3078 Jan 8
36
3618 3512 357
3414 35% 34
3512 343* 3512 355* 3578
161g
1618 353
No par 3114 Feb 7 36% Feb 18
•10418 10431 10412 10412 *10112 1041 10432 10134 *101 10412 10412 10412 24,000 Loew e Incorporated
1912
2078 37
600
Preferred
No
par
102
Feb
1
114
114
Mar
1044
138
6
1%
138
114
68
114
72
114
114
105
114
1 14
1 1 4 2,700 Lott Incorporated
No par
114 Jan 24
*112 14
114 Jan 2
1%
I%
114
112
15*
1 12 *1 14
15*
112
134 .114
3
1% 1,200 Long Bell Lumber A
No par
112 Mar 6
.3412 3512 35
35
Feb
3514 3514 3414 3112 3412 34% •343 3434
212
14
1
1
3
800 L008e-Wiles Elblettlt
25 3412 Mar
.12714 130 *12712 130 .12712 130 .12713 130 .12712 130
3614 Feb 20
3314
334 14434
12712 12712
100
7%
tot
preferred
100 126 Jan 30 129 Feb 23 116
2012 20,4 2018 2032 20
2038 1972 2014 20
11934 12812
2014 20
2014
7,500 Lorillard (P) Co
10 19 Jan 15 2130 Jan 3
*131 135 .130 135 .130 135 .130 135 .13212 135
1434
1534 2213
133 133
100
7% preferred
100 130 Feb 18 13512 Jan 25
*1
118
118
14 •I
9812 102 2130
118
1
1
.1
I%
1 Is
1 18
900
Louisiana
011
No par
1 Jan 4
24
17
83
8
Jan
83,, 8%
7
032 838 *752 8%
8% 0734 8
%
332
8% 8%
100
Preferred
100
71* Feb 27 1412
1234 1234 *1212 13
74 2312
6
1212 123* .1212 13
1214 1238 .1214 1278
600 Louisville Gas & El A___ No par 2124 Feb 27 1418 Jan 8
.40
4112 4034 4034 3913 395* 3814 3914 38
Jan 10
12
21
12
3814 3812 39
1,900
Louisville & Nashville
100 33 Mar 7 4712 Jan 7
15,2 153* 15,4 15,2 1378 1512 13
3413
378
1334 .14
6212
143 .14
15
1,900 Ludlum Steel
1
13 Mar 6 1814 Jan 8
9972 9972 *9734 10012 *9712 0978 *98
*997 104
712
814
1912
997 100 100
200
Cony preferred
No par 9014 Jan 4 103 Feb 18
454 4514 •4514 47
4514 4514 44% 45
50
60
97
45
45 .
45
433*
700 MacAndrewe & Forbes
10 40 Jan 24 46 Feb 19
•11712 _- •I1734 ---- .11734 -___ 1173.4 11734 *11612 11714 11612 11734
21
30
4214
40
6.
, preferred
100 113 Feb 8 11734 Mar 7
95
111 14
875*
100
20%
20% 33
4778
g
For footnotes see page 1614.
New York Stock Record-Continued-Page 6
1620
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Mar. 2
Monday
Mar. 4
Tuesday ' Wednesday
Mar. 6
Mar. 5
Thursday
Afar. 7
Friday
Afar. 8
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
March 9 1935
Ranee Sine. Jan. 1
On Basis of 100-share Lots
Lowest
Hiyhest
July 1
1933 to -Ranee for
Feb. 28 Year 1934
--1935
Low Low
High
8 per share 8 per sit 3 Per Mare
22
22
415
2818 Jan 8
354
3514 6218
444 Jan 2
7
258
212
718 Feb 8
1512 22314
1214
2214 Jan 7
414
112
1
2 Jan 4
4
753 334
1978 Jan 23
314
4
4
2 Jan 4
1
914
14
612 Jan 23
812
3
3
578 Jan 19
41
20
14
3612 Feb 20
1034
1034 294
22 Feb 1
1012 204
1014
1314 Jan 5
118
1
338
14 Jan 23
418
418
538
512 Jan 14
9
512
5
64 Jan 24
12
238
13
118 Jan 8
814
2
2
5 Jan 8
3
1214
3
7 Jan 28
44
1
72
214 Jan 8
12
32
17
254 Jan 23
838 1958
758
1114 Jan 3
1238
4
214
918 Jan 7
2312 408
2312
32 Jan 8
136
148 Feb 9 10512 110
23
45114
30
44 Jan 22
834
412
314
7 Feb 18
36
10
834
40 Mar 8
3214
9
8
37 Feb 28
924
19
27
92 Feb 18
32
24
22
32 Jan 10
Ds 1212
34
13 Jan 3
1238
114
118
1218 Jan 3
54 6338
312
69 Jan 17
4
1012
4
84 Jan 31
3812 5012
2858
4538 Mar 4
79
6714
9518
99 Feb 15
914
414
312
84 Jan 2
1172 4234
912
45 Mar 4
174 I
1
N
1638 Jan 3
6
912 924 1
00 Jan 0
'
42
26
1712
4534 Feb 21
312 11
558 Jan 22
313
52
24
24
3812 Jan 23
2512 338
2512 Feb 9 6 22
22018 254
32 Star 5 7 88
2814
21
18
2814 Jan 3
612
24
24
35* Jan 7
148
918
018
1278 Jan 2
612 214
612
1378 Jan 8
854
44
44
70 Jan 22
65
36
724 Feb 21
204
107
87
10712 Mar 6 3 68
54
14
112
534 Jan 2
1512 41
15
4178 Jan 22
4
14
14
4 Jan 7
34
34
34
118 Feb 11
518
114
114
2 Jan 21
712
112
112
3 Jan 14
1472
44
3
614 Jan 7
344
12
1412 Jan 7
614
6
14
1 12
3 Jan 4
934
218
2
4 Jan 7
1212 2238
11
1612 Jan 3
6158
39
6012 Jan 3 31 24
3558
20
1514
3012 Jan 7
634
37
3478
66 Feb 25
71
58
5534
4
14
32
58 Jan 8
38 Jan 16
12
6
IN
1514 4454
1514
1914 Mar 6 2838 Jan 4
658 1612
614
8 Mar 6 1134 Jan 7
514 154
34
812 Mat 6 1212 Jan 22
1218 46
10
3678 Jan 11 59 Jan 22
2514
13
10
14 Mar 5 15N Jan 24
374 1153
34
8 Jan 7
558 Star 6
33
14
1312
3
Jan
32
12
Jan
30
124 3214
1258
1212 Mar 6 1912 Jan 7
46
19N
1814
1712 Mar 7 2712 Jan 8
878
84
Si, Mar 6
3
714 Jan 7
54 1314
514
814 Jan 9
64 Feb 26
814 1234
278
63.1 Jan 17
278 Jan 23
264 4,912
2572
254 Mar 6 3014 Jan 7
1484
14118 Mar 7 146 Feb 25 12012 131
234
12
12
1434 Mar 6 1838 Jan 3
1834
13
11 14
1512 Feb 7 1718 Feb 9
il
372
1
458 Jan 17
1 12 Mar 7
2818
5
3
2114 Jan 3 3434 Feb 16
314
16
16
2434 Jan 15 2914 Jan 3
1612 3272
10
25 Feb 2 29 Feb 18
170
874 135
146 Jan 18 16812 Jan 14
14618
122
150 Jan 18 15712 Mar f 122
9934 10012 12112
12158 Jan 26 125 Feb 26
1512
8
65
5
5 Feb 23
7514 Jan 2
238
34
1 Jan 10
4
1 Jan 10
1
4
38 Jan 11
12 Jan 2
38
3412 584
33
4234 Mar 8 6012 Jan 9
214
10
914
3
Feb
Jan
11
6 144
334 60
33
41 Jan 15 474 Jan 3
184
9
1138 Jan 4
834
858 Mar Ii
612 3014
4
14
2234 Jan 16 2838 Feb
494
31
II
4312 Jan 2 52 Mar 1
112
100
80
109 Jan 25 11314 Mar 2
25
6
532
6 Feb 27
6 Feb 27
54 13
5
5 Mar 8
8 Jan 3
1112 28N
1112
2034 Mar 8 2814 Jan 4
1838 4514
1.112
1258 Mar 6 2134 Jan 7
284
5
sh
812 Mar 6 13 Jan 4
4314
16
124
1234 Feb 26 25 Jan 7
84
24
24
34 Jan 22 318 Jan 22
20
5
5
8 Jan 11
13 12 Mar 5
139
108
116 Mar 7 122 Jan 22 101
120
112
112
Par $ per Chars
per share $ per share $ per share Shares
$ per share $ per share $ per share $2214
No par 2218 Mar 5
2234 •*2214 2258 2238 2212 8,400 Mack Trucks Inc
2258 2234 2218 2258
2212 23
par 3614 Feb 27
No
Inc
Co
II)
(R
Macy
3.300
374 3734 3734
3734 3714 3734 3638 3714 364 3714 37
37
512 Jan 2
No par
500 Madison Su Gard v t c
6
6
64 *534 614
6
614 614
•614 612 *618 638
10 185s Jan 16
Magma
Copper
900
204
8
205
21
*20
2034 2114 *2114 2214 2114 2112 2058 21
118 Mar 8
par
(H
R)& Co-No
800 Mallinson
118
118
Di
114
14
138
114
114
114
114
158
•114
812 Mar 6
100
7% preferred
50
914
914
812 812
918 914
10
1012 10
*10
13
*10
78 Feb 6
100
Sugar
:Manati
100
112
158 *114
138 *114
138 *114
*114
IN
138 138 *114
4 Jan 7
100
Preferred
90
6
.54
*4
434 434 *5
*44 512
512 *412 6
5
452 Jan 16
par
No
Bros
3
Mandel
74
4
*43
714
*4
714
*434 714 *434 714 *134 714 *5
:Manhattan Ry 7% guar _100 32 Jan 23
35
*25
35 *___ _ 35
*30
35
35 .30
3612 *30
*30
100 17 Mar 6
Mod 5% guar
1734 1734 1,900
1712 1712 1711
17
1878 1878 1712 1834 1712 18
25 11 Jan 15
Manhattan Shirt
900
1112
1112
1112 1158
•1134 1214 *1134 1214 1134 114 *1158 1214
1 Feb 23
300 Maracaibo 011 Explor___No par
118
*1
1
1
1
1
118
*113 114 *1
1
1
434 Feb 27
5
Corp
Slarancha
3,000
5
8
*47
5
8
*47
8
47
478
8
47
8
47
5
5
478 5
4 Mar 6
53
5
Corp
Marine
Midland
618 5,400
6
578 6
534 578
578 6
6
6
578 6
12 Jan 31
1
*12
100
Market Street Ry
1
*12
1
*12
•12 1
*12 1
*12 1
Jan 2
24
100
Preferred
4
43
*112 434 *112 434 *112 434 *112 434 *112 434 *113
334 Mar 1
100
Prior preferred
*334 512 *34 512 *334 512 *334 512 *334 512 *334 512
118 Jan 10
100
preferred
2nd
2
*118
2
*118
14
*118
2
*114
*114 2
*114 2
No par 21 Mar 5
1,100 Marlin-Rockwell
22
*21
22
2112 22
21
21
2134 2134 2178 2178 21
738 Mar 6
No par
734 5,400 Marshall Field & Co
758
738 712
738
738
712 734
753 74
753 734
7 Mar 6
No par
500 Martin-Parry Corp
7
7
8
73
7
*7
8
814 814 *7
814
*8
7
255*Mar
par
Works_No
Alkali
Mathieson
5,400
2578 26
2534 2712 2534 2634 2558 26
2634 27
2614 27
Jan 2
136
100
Preferred
20
14712 14712 *147 150
14612 147 *14612 150
*145 149 *147 148
3814 Mar 6
10
Stores
Department
May
1,600
39
39
3912
3912
3918
3814
3978 4014
4012 41
41
41
512 Jan 30
No par
658 658 2,200 Maytag Co
618 658
618 612
6'8 611
612 634
612 612
No par 33 Jan 15
Preferred
1,400
40
39
39
39
3812 39
39
3812 3812 3812 39
*38
Jan 7
3212
par
ex-warrants_No
Preferred
10
40
*35
38
*35
40
*35
40
*35
40
3612 3612 *35
No par 8412 Jan 4
Prior preferred
70
*8712 90
90
*87
90
90
90
90
90
90
90
90
par 2812 Jan 28
No
McCall
1,000
31
Corn
*3014
31
31
3114
31
314
3138 3138 *3138 314 3114
858 Star 6
934
858 934
0
938 912 6,300 :McCrory Stores classA-No par
918 934
10
10
10
10
734 Mar 6
No par
Class B
834 878 *814 878 2,600
734 838
838 878
918 914
878 878
5714 Feb 5
100
preferred
Cony
2200,
'
65
65
65
65
6518 6414 65
*63
65
6412 6412 64
Jan 5
812
par
No
Co
Pub
McGraw-Hill
*712 812 *718 838 *712 772
*712 81
812 *712 81
*8
4412 4212 434 4314 4518 27,7011 McIntyre Porcupine Mines___5 3658 Jan 15
42
43
4458 4538 4334 4558 42
Jan 15
9012
par
Plate___No
Tin
McKeesport
500
*9514 97
9712 9712 *9514 9634 9634 97
9812 9834 *9718 98
7 Feb 7
5
712 758 7,200 McKesson dc Robbins
712 712
738 778
738 778
778 778
778 8
Jan 15
37
60
A
series
prat
Cony
6,500
431.1
4318
4318
4318
4118
4212
45
4312 4334 4334 4438 43
12 Jan 12
No par
1214 1212 11,100 :McLellan Stores
1212 1218 1214
1218 1278 12
1278 13
1314 1314
100 88 Jan 12
cony pref set A
8%
200
93
*8812
*8812
8918
93
89
93
*8918
93
*8918
*8918 93
No par 41 Jan 2
1,100 Melville Shoe
43
43
4314 *4212 44
43
4234 4278 4238 43
*4312 44
33 Star f
1
312 312 2,000 Mengel Co (The)
358 358
333 312
334 334
372 372
*334 378
100 2313 Mar 6
preferred
7%
230
24
24
2512
*24
2414
2312
2712
4
233
*2712 30
*2712 30
50 March & Min Transp Co_No par 23 Feb 25
*194 241 *1958 2412
2413 *21
23
*22
25
25
25
*22
5 2418 Jan 15
3038 13,301 Mesta Machine Co
30
2978 30'o
2938 31
3038 3038 3112 3038 32
30
Metro-Goldwyn Pict pref____27 2718 Mar 8
500
8
273
2718
2738
2814
8
*273
278
2814
8
*273
*274 2814 *2738 2814
24 Feb 27
6
Copper
Miami
400
*212 3
3
3
234 278
*278 3
.234 3
3
3
H:08 mar 7
10
104 1034 1052 1034 2,10( Mid-Continent Petrol
1034 11
1112 1078 11
1114 1114 *11
912 Mar 7
par
No
Prod
Steel
Midland
1,700
1013
10
10
912
11
1184
1012 1034 10
114
*1058 12
100 6018 Mar 6
8% cum lat Prof
290
*6112 6212 6018 6112 6012 6114 6012 6112
62
62
61
61
58 Jan 15
Regu__-No par
MInn-Honeywell
2,000
72
694
68
68
4
683
70
67
71
72
72
73
*7058
100 105 Jan 9
6% pref eeries A
140
107 107 *10718 10712 10712 10712 *10718 __ 90718
107 107
418 Feb 27
412 -4-34 5,10( Minn Moline Pow Imp] __No par
414 438
414 412
438 412
412 412
458 434
3212 Star 6
par
No
Preferred
1,500
4
353
4
3
35
36
36
34
3212
3418
3538 33
35
*3512 38
18 Mar 4
Louls__100
St
&
1,400 211.1inneapolis
14
*18
14
14
14
*18
14
14
18
18
14
14
1 Jan 30
Minn Si Paul & SS Marie ___100
1
4.34
*34 1
*34 1
1
*34 1
*34
1
*34
Mar 6
1
100
preferred
112
7%
*1
100
112
*1
1
1
112
112 *1
112 *1
*1
134 Feb 25
100
4% leased line ctfs
40
*158 2
134 134 *158 2
134
134
134
134
*134 2
Feb 27
3
par
No
RR
Mo-Kan-Texas
2,700
314
314
4
3
3
318 318
312 312
338 338
318 314
64 Feb 27
100
Preferred series A
4,500
7
7
64 7
612 7
612 7
714
7
738 758
1 12 Feb 25
100
700 :Missouri Pacific
138
112 *114
112 *114
De
112 112
158
158
*112 178
2 Feb 26
100
Cony preferred
218
212
24 1,400
2 - 218 *2
24 218
214 24
258
214
20 13 Mar 5
*1234 14
*1234 1378 1,200 Mohawk Carpet Mills
13
13
13
1318 1314 13
*1312 14
Feb 29
55
Co
10
Chem
Monsanto
1,500
6014
*59
60
*59
8
597
8
583
5914
59
60
5838 5838 *59
(3
2334 2412 2314 2178 234 2418 2334 2418 25,200 Mont Ward & Co Inc____No par 2314 Mar
2514 2538 2434 25
No par 61 Jan 25
200 Morrel (J) & Co
6478
6478 *62
6412 6412 *6012 644 *62
6412 6412 *6412 65
*___ _
as
*8
*2234
9
934
5512
*14
6
*30
1434
*1712
*534
712
70 *___
is
38
*8
20
2314 2214
858
9
934
10
5519 55
1514 1412
64
618
3414 *32
1478 1412
*1734
25
534
6
712
712
70 *____
38
38
*8
20
2214 2012
838
834
934 *918
5512 52
1412 14
578
638
3212 32
1478 1334
*1734
24
53
534
714
712
70 *__ -_
38
38
*7
20
1914
21
8
819
812
938
5112 5112
14
14
54
618
*2912
32
1458 1212
18
24
512
534
718
712
70 *__ __
38
38
*7
20
1958
21
818
812
*812
9
5212 52
14
14
534
6
3112 *2912
1318
14
1712
18
512
552
714
738
70 *___ _
*38
38
*7
20
1978 *1934
84 *814
*812
9
*52
52
1434
14
572
54
*32
32
1338
1334
1712 *18
512
512
738
73.3
51)
Morris & Essex
70
12 2,900 Mother Lode Coalltioa___No par
1
Moto Meter Gauge & Ea
20
2.100 Motor Products Corp.-No par
20
5
812 3,000 Motor Wheel
No par
9
700 Mullins Mfg Co
No par
Cony preferred
470
5413
No par
500 Munsingwear Inc
1434
10
6,000 Murray Corp of Amer
0
No par
3217
100 Myers F & E Bros
No par
1312 15,500 Nash Motors Co
25
60 Nashville Chatt dc St Louis __I00
1
1,400 National Acme
51_
738 3.600 National Aviation Corp. _No par
:National Bellaa flees pret___100
10
26-18 -15-800 National Biscuit
100
7% cum prof
800
14118
No par
3,300 Nat Cash Register
15
No par
1611 15,500 Nat Dairy Prod
:Nat DepartmentStores_No par
14 4200,
100
Preferred
840
2234
No par
2718 33,000 Nati Distil Prod
No par
300 Nat Enam & Stamping
26
26-3-4 257.8 -2-612 2558 2618 2538 26-14 2558 2618 2558
14118 14258 14118
14234 143
14212 143 143 *14114 143
1478
1434 1512 1472 15
1514
1614 1512 1558 15
1614 1613 216
1612
1658 1634 1614 1678 16
17
IN
14
14
112
14
13, 134
178
14
178
23
22
2234
24
22
2234 24
2412 2478 25
2658 2514 2658 264 2678 2618
2714 2658 2738 26
*22
26
*21
25
2718 *2718 2712 2658 2714 25
100
400 National Lead
155 16478
165 165
*165 16678 *165 16512 165 165 *161 165
100
Preferred A
200
16513
*155
168
*155
15712
15714
*15612 170 *157 160 *15714 160
1013
I'referred B
90
125 125
125 125
125 125
125 125
*123 125 *124 125
par
No
Lt
&
Pow
National
11,200
512
514
5.4
512
514
5
518 514
514 512
538 512
Nat Rya of Mex 1st 4% pf_-100
1
•12
1
*12
"2 118
12 118
*12 118 .
•12 118
100
2d preferred
400
4
*14
8
3
4
12
8
*3
12
8
*3
12
"38
38
38
25
3,800 National Steel Corp
434 4234 43
4412 43
4412 4312 444 43
44
4438 45
25
National Supply of Del
1114 *10
1114
1112 *10
*10
*1012 12
*1114 12
*1114 12
100
Preferred
80
4212
4312
4312
*4112
*4112
4213
42
.4134 4212 *4134 4312 4112
No par
1,700 National Tea Co
*834 9
*852 9
858 9
9
9
9
9
912
*878
NO par
1,560 Neisner Bros
2312 233.1 2338 2334 *2418 2412 2358 24
2412 2412 2334 21
No par
000 Newberry Co (J J) ._
•4714 50
50
5014 50
50
4978 50
5118 *4931 52
51
100
150
7% Preferred.
113 11314 *112 1134 *112 11314 *112 11314 *11212 11314 1134 1131 1
Mex..100
&
Texas
Orleans
:New
15
*5
15
*5
15
*5
15
*5
15
*5
15
*5
1
Industries
Newport
5,500
8
3
5
5
514
514
518 512
534
514
534 534
*534 6
No par
2031 2078 2,800 N Y Air Brake
2312 2112 2212 2078 21
2358 234 23
*2358 24
par
No
Central
York
New
44,900
4
133
,
133
14
1314
8
145
1258
1558 1618 1458 1512 1334 1434
100
600 NY Chic & St Louis Co
878 9
9
812 84 *7
1012 *812 918
104 *9
*9
100
Preferred series A
1418 1338 1334 1314 1317 2,800
1514 1334 1458 13
*1512 1678 15
100
New York Dock
358 *214
358
*214 358 *214 358 *214 358 *214 358 *24
Preferred
100
100
74
738 *618
*5
738
618 618 *5
738
*618 738 *618
50
30 N Y& Harlem
116 116 *11212 116
117 117
118 118
*113 11978 *113 122
50
Preferred
*114 160 *114 160 *114 160 *111 160 *114 160 *114 160
58 Jan 3
88 Jan 31
No par
4 2,200 IN Y Investors Inc
38
12
12
38
38
12
38
38
12
*38
*38
NY Lackawanna & Western_100
278 Feb 26
812 Jan 4
100
414
7,800 N Y N II & Hartford
4
414
4
34 414
438 412
458 458
34 414
6 Feb 26 1438 Jan 7
100
Con* preferred
74 712 4,400
738
634
634 714
634 738
812 812
734 838
6 Jan 19
314 Mar 7
100
1,500 NY 0 natio & Western
314 338 *312 414
338 358
358 358
*434 434
5
*4
1 Jan 9
58 Feb 28
No par
NY
Railways
pref
8
7
8
*5
8
7
8
*3
4
8
5
.
8
7
*4
4
*4
78
*53
Jan 7
1618
8
Mar
7
stk____1
part
NY
Corp
8,300
8
Shipbldg
95
7
958
8
93
912 104
*1038 1112 1012 1058
10
10
100 7214 Feb 18 87 Jan 7
7% preferred
40
7512
7912 *7512 7912 *7512 7912 *7512 7912 *7512 7912 75
•75
77 Mar 8 85 Jan 2
So par
20 NY Steam $6 prof
77
77
78
*76
80
*76
*7514 80
*7512 7912 *7514 80
So par 90 Feb 2 97 Jan 22
20
87 1st preferred
9014 9014 *9014 9034 *9014 9(117 9014 9014
*904 92
*9014 92
30N Jan 15 3638 Mar 4
No Par
3518 14,900 Noranda Mines Ltd
3638 3278 3414 3314 3514 3334 3334 34
3514 3534 35
14 Jan 17
114 Feb 21
100
Southern
112
:Norfolk
*1
112
*1
112
112 *1
112 *1
114 *1
*1
Mat 6 1744 Jan 22
160
100
2,300 Norfolk & Western
160 160 *159 166
160 161
161 163
164 165
•160 164
10 10112 Feb 21
Jan
09
100
pref
101
*10014
4%
AdJU8t
10112
*10014
10112
*10014
10112
*10012
*10014
10112
10112
•10012
1018 Feb 20 1312 Jan 2
No par
1013 1012 1011{ 1012 x1018 1031 17,700 North American Co
1114 1138 1118 1112 1012 1118
4214 Feb 13
50 3738 Feb 21
Preferred
53712 371? 1,100
38
38
38
38
3814 3734 38
3878 3878 38
4 Jan 23
238 Mar 3
1
Aviation
Amer
North
8,500
21?
8
23
212
212
258
212
4
23
8
25
234 278
258 234
Feb 13
69
3
Jan
57
par
pret____No
200 No Amer Edison
60 •6012 6258 *6012 6314
6214 60
*6012 63 .60
•6012 63
10 Feb 4 10 Feb 4
North
Lloyd
German
1012
*9
11
8
*85
19
*84
1012
*914
11
*9
*934 1012
Jan 26
91
21
Jan
9112
50
......
Central
____
Northern
*8612
*8612 -___ *8612 ____ *8612 -___ *8612 --._ *8612 -_
26.12
14212
*1512
164
134
2412
264
*25
For foo notes see page 1614.
4
7812
278
6
34
58
94
694
70
83
25
1
138
77
1018
31
212
39
718
71
114
38
96
83
244
6
1012 3758
1153
44
134
a.
912 224
8934
73
994
73
1094
90
3014 4578
418
14
187
161
10012
82
1014 2514
45
34
834
258
474 7418
713 16
9214
81
New York Stock Record—Continued—Page 7
Volume 140
HIGH AND LOW SALE PRICES—PER SHARE. NOT PER CENT
Saturday
Mar. 2
Monday
Mar. 4
Tuesday
Mar. 5
Wednesday
Mar. 6
Thursday
Mar. 7
Friday
Mar. 8
5 per share $ per share $ per share $ per share $ per share $ per share
16
1614 1552 1534 1352 1532 13N 15
147 1514
1414 15
*37
3734 *37
38 .37
3734 38
38
37
38
38
38
*112 2
*134 2
113 115
I% 134
113 112
113 134
*22
2612 •22
2614
27 *22
2614 *22
2614 .22
2614 .22
97
932 10
934 10
034 ON
988 934
*934 972
972
*3% 332
313 3%
3
3
3%
3
21
/
4 3
3
3
•20
22
1812 194 1634 1812 1812 1812 1812 1812
*1934 21
412 43,
*413 47
4
*414 47
4%
4
4
4
4
1169 84 *69 84 *67 84 *67 84 .67
84 *67 84
632 632 ' *612 612
6
6%
6
6
612 612 *57s 612
1388 1388 1388 1388 1314 1313 13
13% 1313 1314 1313 133,
109 110
109 10913 109 110
*10912 110
11012 11113 *11012 11112
47
514
514 5%
472 5
5
5
5/
1
4 5%
5
5111
.32 34
3012 3112 30
30 .29
314 33
3272 *27
3088
.38
42
43 .38
1538
41 .38
43 •38 43 •38
43
15114%
*11412
-- 1511412 _ *11412 ___ *11412 ___ *114%
__
90 -Sio
89 -13938934 -60
4 8812 -89
8812 -8912 8814 -8814
.134 2
*134 27 .14 2
.134 2
12
134 13
*1
412 412
*413 6
4
4
*4
412 *4
5
.4
6
38
*13, 33, *13, 388 •114 38
*1
*113 33
*113 334
133, 133, 133, 1312 13% 1312 13% 1312 133, 1388 13% 133
2112 213, 2112 213, 213, 21
*2034 2114 2114 2112 21
21
*1412 19 •1412 18
1412 1412 •1432 19
*1412 19
14
143,
72% 73
73
73
7212 7212 7212 73
73
7312 73% 7413
*118_ . *118
— 120 120 .118 _ — *118 121 *119 122
813 --858
4
8
812
813 -838
-8
*734 8
8
8
37
4
37
4%
4
413
4
4
4N
4
38 4
.1132 11% *1132 1152 •1132 113, •1132 113, *118 115p 1132 1132
15
15
15
1515
15
15
16
15
15
15 .15% 19%
%
72
1
1
*1
1%
1
1
1
1
113 110
52
72
52
•52
•52
%
*32
%
•52
72
52
53
*712 10
*7% 10
.713 10
.7 i 10
.7 10
*7
10
388
314 338
315 314
1
4
3
314 312
338 3/
3
312
27
312 313
318
234 272
234 3
234 28
288 28
14
34
1s
58
34
34
33
34
38
53
58
12
1
4 1512 1312 1434 1414 14N 133 1334
1513 16
153, 1534 13/
*9% 10
914 9%
9
914
813 872
9
9
*872 914
v114 1%
I% 138
128 112
IN i1
/
4
112 11
13, 13,
*67 674 6713 6734 68
69
67 68 *6713 68
68
6814
1
4 6734 6714 8734 6514 6684 6514 6614 6614 6612
1
4 67/
6714 87/
*109
111
111
.1098
*109
110 *109% 110
109 109 *10813 110
*214 38 *21
3
212 21
38 *2% 313 .21
•253 332
*334 4
3% 334
388 388
3% 318
312 312
3% 314
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
Par
13,300 Northern Pacific
100
140 Northwestern Telegraph
50
700 Norwalk Tire & Rubber ..,.No par
Preferred
50
3,800 Ohio Oil Co
No par
3,500 Oliver Farm Equip
No par
Preferred A
1,500
No par
1,600 Omnibus CorigTheivto No par
Preferred A_..100
600 Oppenheim Coll & Co
No par
4,100 Otis Elevator
No par
550
Preferred100
5,300 Otis Steel
No par
1,000
Prior preferred
100
Outlet Co
No par
__ .__
Preferred
100
1,600 Owens-Illinois Glass Co
25
20 Pacific Coast
10
1st preferred
60
No par
2d preferred
No par
2,100 Pacific Gas & Electric
25
1,300 Pacific Ltg Corp
No par
GOO Pacific Mills
No par
1,260 Pacific Taloa & Teleg
100
50 6% preferred
100
2,200 Pao Western 011 Corp____No par
20,700 Packard Motor Car
No par
100 Pan-Amer Petr & Trans
5
1,700 Park-Tilford Inc
1
500 Parmelee Transporta'n___No par
200 Panhandle Prod & Ref--No par
8% cony preferred
100
35,000 :Paramount Publlz etfs
10
5,600 Park Utah C M
1
13.200 Path, Exchange
No par
Preferred Chin A
3,300
No par
2,500 Patin° Mines & Enterpr No par
2,000 Peerless Motor Car
3
No par
1,800 Penick & Ford
No par
5,800 Penney (J 0)
Preferred
100
100
100 Penn Coal & Coke Corp
10
No par
1,600 Penn-Dixie Cement
21
203 20% .18% 2034 *1813 2034 *18
.
1 18
203 *1813 20%
Preferred aeries A
100
100
2015 2012 20% 203, 1912 2014 1852 197s 1834 193, 19
1912 18,300 Pennsy.vanta
50
3312 34
*3414 35
*3234 3334 33N 343, *3314 34 *33 34
No par
700 Peoples Drug Stores
*111% 120 .11114 120 *11114 1163 *11212 11634 *1122 11634 11212 112's
Preferred
100
30
*1912 20 •19% 20
18
187
18
181
173 18
*18
194 1,800 People's 0 I. & 0(ChM_ —100
*2N 2%
2% 21
a 2%
*2
21
*214 212
200 Peoria & Eastern
214 214
100
*12
1412 *12
20
12
12 •1013 13 *10
12
*10
12
300 Pere Marquette
100
*21
25 .21
25 .21
25 *21
25 .21
25 .21
25
Prlor preferred
100
1
4 *1612 257 *16N 257 *1611 25 *1612 25% '
*1612 25/
01612 257
Preferred
100
*17
19% *17
1914 .17
193 17
17 •1513 1914 •1634 191
200 Pet Milk
No per
.8
812
8
8
8
81
8
8
.8
81a *8
2,600 Petroleum Corp of Am
5
1512 1512 15
158
1413 15
1414 15's 1412 148
141s 1414 7,400 Phelps-Dodge Corp
25
24% 2414 24
2414 24
24
900 Philadelphia Co 6% pref
23s 233, *2312 241
24
24
50
3
*39
.39% 41
41
3812 38 .30
40 .30
40 .35 40
No par
200
$6 Preferred
*112 312 *112 3
*112 3
*2
234 *2
312 *2
Mbiladelphia Rap Tran Co___50
312
4
4
372 373 *314 41
*3
413
4% 4% .333 58
50
7% preferred
400
•2/
1
4 3
3
3
3
3
234 28
232 23
*232 2/
1
4 1,800 Phlia & Read 0 & I
No par
3912 3912 39/
1
4 3934 39
39
3712 3912 *3713 39
37
10
3734 2,..00 Phillip Morrie & Co Ltd
8
*714 10
10
*7
No par
Phillip' Jones Corp
*7% 1 912 *71
9'3 *712 91
*7% 912
60 *5014 60 *51
*5814 60 *56
58
*5012 58 *5014 58
100
7% preferred
15
15
1472 15
1432 14% 143, 1434 14% 1424 1411 143
No par
9,800 Philips Petroleum
*4
434 *312 412 *4
48
4%
414 4% *4
.312 4
5
100 Phoenix Hosiery
.4912 56 .49% 56
*4912 56 •491
/
4 56
*4912 56
•4912 58
100
Preferred3,
34
34
34
34
34
34
5
33
34
38
34 9,700 :Pierce-Arrow Mot Car Co
14
12
12
12
12
32
as '
25
532
12
*32
32
13 1,500 Pierce 011 Corp
32
*434 5% •434 5% *48
5% *434 5% *414 5% *434 512
109
Preferred
72
72
72
72
78
72
72
72
72
7
No par
3,200 Pierce Petroleum
78
1
33 33
3212 3212 32N 3212 3112 3112 *31N 32
*3112 32
No par
600 Pillsbury Flour Mills
• . 73 *
_ 73 • - 73 • _ 73 • . 75 .— 75
Pirelli Co of Italy Amer shares__
.iiii _ 2._ •lEd _ 2._ +dal _ .... •iiii _ ,_ •ii5i. _ noi
Pitts C C & St L RR Co____100
*8
-914 .8
-914 *8
-914
8
-8
8
i
100
8
8
500 PIttaburgh Coal of Pa
*33 3634 *33
3634 *33 36/
1
4 *32
3634 *32
3634 *32
Preferred
100
3612
*17134 - - •---- - - .171 _ _ •__ _ _ __ _-__
_- --100
_ ___ _ _ Pitts Ft W & Chia prat
*634 1372 *634 -672
612 112
61
/
4 -613
6/
1
4 _-61
614
612 __Pittsburgh Screw &Boll— No Fa
*251 32 *251 30
2512 2512 25N 2512 2412 241
SO Pitts Steel 7% oum pref
100
2412 2412
•112 213
113 113 .112 212 •1N 212 *112 21
*IN 2 3
200 Pitts Term Coal Corp
100
18
*10
•13
18 .11
14
15
15
*103s 15
*1032 15
6% preferred
100
10
*113 1% *112 212
112 11
/
4 *IN 2
*IN 21
*112 2
100 Pittsburgh United
25
*2712 29
*27N 28
27
2712 27
27 *2634 31
*27N 31
Preferred
50
100
4.618 14
.561 14
15812 14
*612 14
*612 14
*613 14
Pittsburgh & West Ylrldnla —100
*Vs 2
*114 2
*Ds 2
*110 2
*112 2
*112 2
Pittston Co (The)
NO par
8
8%
8
8
734 8
712 73
732 8
8
8
4,000 Plymouth Oil Co
5
814 85
834 8/
1
4
75, 7%
8
834
7/
1
4 78
*Di 8
700 Poor & Co class B
No par
*2
314 112
314 .2
3% *2
212 *2
212 •2
21
Porto Rio-Am Tob al A_ —No par
*34 1
34
34
14
34
34
34
*34 114
900
*34
Class B
78
No par
Das 1212 *12
1234 11
118 1088 1112 11
11% 1118 1112 3,200 Postal Tel & Cable 7% prat --100
18
18
13, 152
151% 17s
1% 138
134 134
1% 13,
600 rressed Steel Car
No par
98 10
9
912
•9% 10
834 914 *813 12
*7
834
800
Preferred
100
49% 4914 4914 493, 483* 4912 473 49
48
4814 484 4914 11.700 Procter & Gamble
par
No
— *12014 _ .. *12032
_ *12032 — — 12012 12012 *120% -- -20
(ser
5%
pref
of
Feb
1'29)_.
100
•118203$ 21% 203 2114 2088 21
2132 -2132 2114 -211
21% 22% 10,400 Pub Ser Corp of NJ
No par
644 6434 6512 6512 65 651 *641 65% .648 6512 65 65
500
$5 preferred
No par
78 •75
78 .75
7734 *75
*75
77 •75
7612 7612 77%
400
8% preferred
100
8612 861
8512 858
1586 87
R5N 8512 87 8732 88N 8814
800
7% preferred
100
10112 1011 *99 1021
*99 103 *10112 103
/
4 *99/
1
4 102/
1
4 •100 10232
100
8% preferred
100
100 100 *100 101 *100 101 *100 101
100 100
*97 101
300 Pub See El & Gas pf $5.....No par
4413 464 4313 46
47% 4814 47 471
4453 4514 4412 4514 9.300 Pullman Inc
No par
4634 7
63 64
64 634
65
6%
634 67
632 612 6,300 Pure 011 (The)
No pa
53
531
52
53
1
4 533
*53 5334 53/
5232 5212 *527 54
240 8% eon, preferred
100
983
14
91g
9N 9/
1
4
9'4
9% 9
'
9% 9
9% 913
2,900
9%
Purity
Bakeries
par
No
47
47
5
5
413 47
434 5
412 484
412 4% 33,600 Radio Corp of Amer
No par
5172 517
5212 5252 5112 52
5114 5114 5014 51
51
51.11
1,800
Preferred
50
4314
421
41
3912 42% 3953 404 3988 4072 24.500
43 4314 4234
Preferred B
No par
1N
11
/
4 132
11
/
4
132 13
132 1.32
112 11
/
4
112 11
/
4 7,800 tRadio-Keith-Orph
No par
.183, 1912 185 183, 18
1812 18
1832 18
18 .1734 1832 1,700 Raybestos Manbattan
No par
36
36
39
35
38 *36
35 .3012 35 .3114 35
*36
200 Reading
50
•3783 4153 *3712 413, *3712 4132 *3712 4188 *3712 4132 *3712 4113
1s1 preferred
60
.3112
351
*3113 36 .3112 35
*3112 3512 35% 351
*3112 36
100
2d preferred
50
43
414 41
.414 4/
412 41
434
*434 5
1
4
414 414 1.000 Real Silk Hosiery
10
3012 3012 •30N 311± 30
30
.3013 33
30
30 •25
311p
50
Preferred
100
*118 2
1/
1
4 134
132 1.62
132 132 *132 2
13, 1.32
400 Reis (Robt) & Co
No
par
*812 10
8/
1
4 81
*812 10
*812 10
*8
12
*8
12
100
tat preferred
100
gla 9%
87
9
834 834
84 914
8% 9
912 93
4.800 Remington-Rand
1
81
81
81
81
81
82
81
*80 81
*81
*80
81
700
1st preferred
100
7412 73 74 •71
73 *73
75 •73
75 *73
73
741.
40
20 preferred
100
•____
*---115
117
*-115
*____ 117
*--- 115 *---- 115
Reuss & Saratoga RR Co__ _100
3
312
3
213 212
3
212 21
234 21
253 252 3.400 Reo Motor Car
5
11
1134 12
1188 1018 1172 1012 1118 1072 11
1172 12
14.200 Republic Steel Corp
No par
3
34% *3312 3412 2,400 6% cony preferred
/
4 3412 35
33
3712 372 3714 3714 35N 361
100
34
38
*3313 3612 .33
*36
33% 3318 *33
153612 38
34
100 6% pref ctfs of dep
*7
9
8
*7
9
*7
*7
8
713 *7
*7
712
Revere Copper & Brass
.5
1912 *1634 1912 1672 167 *15
1913 *1512 18
*1872 1912 •17
100
Class A
10
86 86 *85 88
*85 88 .83 88 *83
86 86
88
60
Preferred
100
2112 2113 2,500 Reynolds Metal Co ____No par
228s 221
2212 22% 218 2214 21% 2288 213 22
1312 1312 13
*1312 14
1312 14
14
*13
•1312 14
14
700 Reynolds Spring
I
4712 4772 4714 4772 47% 4734 47% 4814 48 483* 12,900 Reynolds(R J) Tob class B___10
4734 48
59 *5612 59 .5612 59 .5612 59 *5612 59 *5612 5920 Class A
59
10
20 a1534 154 *15% 1713 *15
20
1015
4163 50 •14
20 100 Rhine Westphalia Elea Power__
812 *5/
1
4 612 *5N 81
*513 612 *6
*512 612
6
6
100 Ritter Dental Mfg
No par
424
2412 *2414 25
23% 23% 23 233, 2234 223 •22.4 23%
700 Roan Antelope Copper Minea--For footnotes see page 1814.
1621
July 1
1933 to Range for
Feb. 28 Year 1934
1935
Highestz,
—
,
— Low
High
Range Stare Jan. 1
On Basis of 100-share Lots
Lowest
5 DV share $ per sh
$ Per share
13% Mar 15 2172 Jan 7
1412
Ni
3572 Jan 18 3813 Jan 3
18
2/
1
4 Jan 4
113 Mar 6
2.5 Feb 16 3212 Jan 3 25
9% Feb 6 107s Jan 3
813
48g Jan 2
272 Mar 7
2
1634 Mar 6 2632 Jan 2
9
51 Feb 16
4 Feb 4
3%
75 Jan 16 77 Feb 26
70
77 Feb 19
6 Mar 5
5%
13 Mar 6 1532 Jan 7
1188
106 Jan 7 110 Feb 25
92
472 Mar 5
3
714 Jan 21
221 Jan 16 46 Jan 21
712
42 Jan 11 45 Jan 8 28
97
60
8372 Jan 11 903 Feb 18
113 Feb 26
1%
213 Jan 7
3% Jan 2
312
8 Jan 7
2 Feb 26
4 Jan 7
2
1318 Mar 6 1433 Jan 2
123,
203,
203, Feb 27 235 Jan 11
14 Mar 8 21 Jan 2
15
70 Jan 2 7413 Mar 8 a.6812
11112 Jan 14 120 Mar 5
99114
7 Jan 24
834 Feb 28 4 5
57a Jan 7 81 23,
37s Mar 6
10% Jan 9 1138 Mar 8
8%
15 Feb 26 4734 Jan 11
15
12
73 Jan 4
188 Feb 18
153 Feb 27
133 Jan 7
32
7
8 Jan 4 12 Jan 7
112
3 Mar 6
414 Jan 26
2
212 Feb 7
334 Jan 3
Is
112 Jan 2
12Mar 8
43*
1312Mar 8 17% Jan 2
8%
814 Feb 28 12112 Jan 3
1% Feb 11
1
18g Jan 4
6412 Feb 5 70 Jan 8
4432
351$
6432 Feb 5 74 Jan 8
108 Jan 2 110 Mar 1 103
311 Feb 11
172
2% Jan 4
312 Mar 8
2%
512 Jan 7
10
1812 Jan 15 2512 Jan 26
193
18/
1
4 Mar 6 2532 Jan 7
30 Feb 5 3632 Jan 3 59 1082
80
1103 Jan 9 11212Mar 8
1734 Mar 7 237 Jan 10
18
283 Feb 26
2
3 Jan 7
12
12 Feb 26 19 Jan 31
23 Feb 26 32 Jan 9
1412
12
18 Feb 5 241$ Jan 11
9%
17 Jan 2 19% Feb 4
93, Jan 2
8 Feb 5
8
1334 Jan 30 1614 Feb 18
11%
23 Feb 27 28% Jan 15
2113
3814
3812 Mar 5 48 Jan 25
4 Jan 8 31 112
3 Jan 24
6 Jan 12
372 Mar 4
3
212
4/
213 Feb 26
1
4 Jan 9
1012
37 Mar 8 4634 Jan 11
7
8 Feb 27 11 Jan 4
48
60 Jan 4 68 Jan 15
11
14% Jan 15 16 Jan 4
412
414 Mar 6
6 Jan 3
44
55 Jan 23 z 57 Feb 11
44
3, Mar e
IA Jae 7
52 Jan 8
sa Jan 2
%
412
6 Jan 7
472 Feb 5
112 Jan 8
'is Jan 17
34
18
3112 Mar 6 3312 Jan 3
75 Jan 16 76% Jan 25"75
7312
100 Jan 12 110 Jan 15
8 Mar 6 1012 Feb 4
712
26
30 Jan 5 42 Feb 4
172 Feb 14 173 Jan 16 14114
412
9 Jan 11
61
/
4 Mar 7
15%
2412 Mar 7 35 Jan 21
1%
2% Jan 12
112 Mar 4
6N
141 Jan 4 15 Feb 25
1/
1
4
1.12Mar 5
212 Jan 21
27 Mar 5 371 Jan 7
253,
10
113
2N Jan 4
11
/
4
112 Feb 25
7
8/
1
4 Jan 7
7 Feb 27
6
712 Feb 25 1112 Jan 9
2
41 Jan 24
2 Feb 28
14
113 Jan 8
14 Feb 28
1012
Mar
7
6 1688 Jan
103s
1%
15 Mar 1
312 Jan 21
5%
84 Mar 6 17 Jan 21
33%
423* Jan 12 4953 Feb 4
115 Jan 2 12012 Max 7 1101
2012
2032 Mar 5 2714 Jan 25
5972
62% Feb 20 71 Jan 28
75
7612 Mar 8 88 Jan 26
84
8514 Mar 6 93 Jan 19
10112 Mar 5 108% Jan 19
99
831s
99 Jan 5 102 Jan 16
4353 Mar 6 5272 Jan 9
351
61$
734 Jan 4
6% Jan 12
52 Mar 6 81 Jan 4
49
8% Feb 1 1072 Jan 2
888
572 Feb 18 22 4%
412 Mar 6
22
5034 Mar 7 62% Jan 25
1332
35% Jan 15 451k Feb 18
112
112 Feb 26
288 Jan 2
1112
18 Mar 5 21 Jan 2
35
35 Jan 25 4312 Jan 7
28
381: Jan 9 3918 Feb 18
27
35 Feb 11 36% Jan 15
412
414 Mar 8
3
612 Jan
33/
1
4
80 Mar 6 39 Jan 7
21$ Jan 7
11 Feb 27
1%
812Mar 6 15 Jan 7
ISla
81 Mar 6 11% Jan 7
514
7134 Jan 15 8312 Feb 18
2434
/
4 Feb 15
70 Jan 9 751
24
110 Mar 1 110 Mar 1 104
212 Jan 2
2
3/
1
4 Jan 7
1018 Mar 6 1512 Jan 7
9
33 Mar 7 4912 Jan 21
19
/
4 Mar 7 49 Jan 21
331
3912
6 Jan 30
8 Jan 4 41 6
14 Jan 31 17 Feb 25 41 14
82 Feb 26 8812 Jan 24
35
2114 Feb 21 2412 Jan 10 a 9/
1
4
12% Jan 18 1472 Jan 4 48 634
4612 Jan 12 515 Jan 3 3934
5612 Feb 20 81 Jan 8
5812
a1534 Mar 5 a1534 Mar 5
12/
1
4
51
6 Mar 1
7 Jan 3
2172 Feb 25 26 Jan 22
20
$ per share
1413 38%
33
43
15a
412
29
4014
812 157a
2
7
9
2788
35
632
70
95
51s 14%
1212 1988
92
108
35
8
9
25
30
47
97
11412
60
94
11s
63,
312 1114
2
612
123, 2312
20% 37
19
84
69
8512
103 116
612
gas
2%
6%
10% 12
17
3512
12
2
32
212
7
2112
188
Vs
212
Irs
13
414
1012 242
912 3112
47
1
44/
1
4 67
5112 7414
10512 10812
1%
514
27
734
1214 32
20% 3772
19% 66
112%
86
19% 43/
1
4
1
8
38
12
18
5112
131% 43
914 1772
814 1414
1314 18%
2414 37
49
6434
2
6
412 16
314
634
1112 483
7
21
747
68
1388 z2034
413 1312
64
50
114
612
as
l's
413 10%
St
2
1812 343,
7014 87
—
Iiii 1812
4283
26
141% 169
412 1132
1514 43
18,
312
8% 1912
IN
5
25/
1
4 5972
27
10
133
144
188
5
7/
1
4 1634
14%
8
2%
8%
1
314
1012 293,
114
512
53, 22
338k 6432
102% 117
25
45
84
67
78
97%
88
106
105 119%
8712 10412
3514 59%
61i 1472
80
49
8% 194
412
91s
2314 56%
46
15
4%
112
1418 23
35/
1
4 56%
3312 4112
2915 3912
14
8
36
6014
6
13,
5% 385k
6
1312
33/
11
4 71
30
70
126
114
2
512
1012 25%
33% 8712
39% 42N
5
1412
1114 Ms
46
90
1512 2734
61, 16
3914 5334
6272
57
1212 23
61s 1312
20% 331k
New York Stock Record-Continued-Page 8
1622
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Mar. 2
per share
Monday
Mar. 4
Tuesday
Mar. 5
per share $ per share
Wednesday
Mar. 6
Thursday
Mar. 7
Friday
Mar. 8
per share $ per share $ per share
3113 ;56
;564 -3612 30 3014 *3014 3113 *3038 31
.12
412 *218 413 •21
/
4 413 *218 412 *218 412 *24 412
1312 1314 1314 1212 1234 1218 1312 z1214 1218 1212 1212
112 *114 112
113 11
114 114
118 118
/
4 *118 114
/
4 *112 11
153 *112 11
/
4
114 114
114 114
1,2 112
*7
*7
14
14
*718 14
14
*718 14
*713 14
12
12 *_ _ __ 25 *_ _ _ 15 *--__ 15 *____ 25
15
4012
4012
3912 *3913 4018 *40
3938 40,2 39
4114
4012
108 108
108
106 106
106 107
10578 10634
106 106
11214 112 11214 11214 11214 11214 11214 *11214 11278 112 11234
554
814 812
8,3 818
734 84
734 778 *712 778
2512 2558 2418 2558 2314 25
26
24
2458 2414 2433
214 212
212 234
218 218
2
212
212 212
234
14
14
14
1212 1314 12
13
13
1212 1212 14
58
*58
*55
58
5938 5814 5814 *55
5912 5973 60
12
12
12
12
13
33
12
3s
12
12
I2
*4 1
1
78
78
4
72
4
*78
1
2178 2212 2134 2234 2214 22/
2338
2314 2238 23
1
4 23
4
458
*378 4
4
4
*378 414 *378 414
4
3358 3212 3318 32
3278 3138 3418 3258 3312 3258 3312
134 134 *134 172
11
/
4
*158
178
134 134
134 134
*37
46
46
*38
45
*4014 45 *38
45
4534 *45
-813 --8"4
818 812
812 878
8
814
8 --8-1-2
9
758 734
8
818
712 758
734 778
734 81
/
4
8
1
4
978 9/
958
1014
1012 1012
10/
1
4 1034 *1012 11
9,2 10/
1
4
413 414
418 418
418 414
4/
1
4 418
*412 458
2
2
47% 4712
48
4713 4712 *47
*47% 48
*4714 48
*4714 48
*22
*2212 23
25 822
*2234 25
25
*2314 25 *23
23
614 614
618 6/
1
4
638 612
614 638
6/
1
4 6/
1
4
64 6,4
69
69
*69
6912 69
7012 *66
6912 70 *66
70
71
9
958
*9
938
953 10
9
9
9,4 932
934 10
678 714
612 712
678 718
7
734
8
818
8
813
1634 1612 1612 16
1534 1578 1578 1612 1612 1718 16
1632
758 734
*734 8
*734 8
734 734
734 734
734 734
*6118 64
*6118 64
6118 6118 *6012 70
*6112 64
*6212 64
1514 *1312 19% *1312 1934 *111
/
4 1984
*1514 19/
1
4 *1514 1934 15
*25
26
*2513 3212 *2513 2814 *2512 2814 *2512 2814 2512 26
18
1812 18
1712 18,4 18
*1812 1878 1812 1812 1712 18
1214 12/
1
4 1218 1212 1134 1218
1234 13
13
131
/
4 1278 13
111 111
*11034 112 *11034 11112 Il118 11118 11118 11118 11034 112
2212 2412 22312 2373 2334 24
2414 2312 24
24
2412 24
13712 146
13712 146
139 139
*139 _ _ _ _ 139__-_ *139 146
11% 11% 1112 1158 1114 1158 111g 1113 1114 1112 1138 1112
4,3
•3
8
*3
8
*3
8
*3
8
*3
8
1
4 *114 414
1
4 *114 4/
/
4 4/
*114 414 *114 414 *114 414 *11
/
4 141g 1434 1412 15
14
1434 1358 141
14% 1514 1434 15
8% 9
812 9/
1
4
833 914
8/
1
4 9,2
9,2 934
934 10
1112 1078 1114 11% 1118
1212 1212 1158 1158 1058 1118 11
32
32 .26
*26
29
*26
*26
29
*2614 32
*26
32
57s *514 578 3'514 5%
*538 573
518 518 *5
514 533
*4514 50
*4514 50
*4514 50 *4514 50
*4514 50
*4514 50
;55i8
*212
1314
*114
*158
*718
*1218
*4012
•107
1214
.5I2
2534
*212
14
*5918
12
*74
2314
*41
/
4
33
173
*45
---858
65
65 *61
*63 65 *63 65 *63 65
*63 66
*61
373 4
4
353 378
*3/
1
4 4
4
334 4
3/
1
4 334
*412 5
5
*412 514
5
*412 578 *412 558 *434 5
80 *65
863 80 *63
*63
80
80
80
*63 • 85
*65
3412 3512 3412 3434 35
34
35
3538 34
35
*3358 35
778 818
758 818
8
858
812 858
838 853
77g 8
10
10
10/
1
4 *1014 1034 10,4 1014
913 912 *912 1012 10
*36
3712 *3612 3712 *36
37,3 3634 3634 3512 3512 3512 3512
6214 6314 63
6312
6838 6838 6534 6712 6312 6534 60 64
/
4 1658 1673 1614 1678 1614 1658 1638 165s
17
1714 1678 171
12634 12634 12634 12634 *12512 120 *12512 130 *12512 130 •12512 130
314 314 *312 3%
318 312
3/
1
4 3,2
*338 334 *312 334
21. 212
258 234
238 258
234 234
258 258
212 234
3
3
318
3
318
3
358 358
3
314
2 312
6
618
678 678
614 614 *638 8
*65s 7
512 512
8
8
734 8
8
812
834 834
734 8
*834 814
•114 134 *11
138 1,118 133
11
/
4 *118
/
4 138 *118
/
4 138 *11
1
4
1
4 11338 11338 11338 11338 *113 113/
1
4 *11318 113/
*11253 11338 •113 113/
2958
1
4 2934 2918 2958 2913 2938 2914 2912 29
2914 2958 29/
2438
2438 2434 2412 2434 2438 2458 2438 2458 244 244 24
*28
*2812 31
*2834 35
31
31
*2814 35
*2814 35
31
1
4 3712 3858
1
4 39
3814 38/
3778 3834 37/
3878 3914 3858 39
1312 1312 131 *1358 137s
*1338 1334 1312 1312 1314 1312 13
641
6312 64
6312 6312
/
4 6314 64
6378 6412 6378 6438 63
1% 1% *114 112
138
138
138 •114
112 112
*112 11
/
4
/
4 358 *3% 354 *314 354
312 312 *31
358 358
.34 4
40
36
36
*36
40
39
3658 3658 *35
*35
*36
40
712 758
•758 773
7
714
638 7,4
712 758
634 713
273 3
318 338
3
314
3
3
278 3
2/
1
4 318
-;5i2 513
Trii8 -111 *318
*413 5I
388 384
*414
6615 6434 66
6412 6412 *63 6
6634 6634 *66
6612 *66
11812
11812
*1183
4
11834
11912
*11812
_
1183
4
1183
4
*11812
13
*1212 1333
13
*1234 -1-41-2 *1234 1412 1313 13-12 13
11
/
4 2
1% 178
11
/
4 11
/
4
1%
1%
134 134
173 11
/
4
613 733
613 814
612 613
7
7
7
7
614 638
314 314 *313 312
3,4 314
312 312
312 312
*3,2 3/
1
4
*12
54
*12
34
*12
34
*12
84
34
*11
34
.
12
2
2
*2
218
178
1%
2
2
213 218
*21g 212
•818 812
8
8
8
8
814 814 *8
814
814 814
412 412
412 412 *4% 434
4/
1
4 434
*434 518 *434 5
1
4 1914
1912 1934 1912 1973 1918 1938 1834 1938 1878 1914 18/
3238 331
3134 3114 32
33
33
32/
1
4 3212 3112 3213 31
3/
1
4 3/
1
4
358 358
378 378
1
4
3/
1
4 334
3/
1
4 3/
334 334
958 1018 1014 107s 1058 11
1018
*10
9/
1
4 1014
1014 10
22
1714 1714 •1818 195g •1518 22
*17
21
*18
22
*19
1
4
1712 1634 1712 1634 1834 1678 16/
1738 1712 1778 1838 17
,8
8 5358 *513s 5318 5138 5318 *5112 531
*5138 5358 (3
/
4 5313 5318
*538 5
*538 6
*538 7
5/
1
4 5/
1
4
634 *538 6
75
*66
75
75 *66
*66
75
75
*66
75 *66
•66
212 273
3
3
234 234
318 318
31s 313
318 314
3
3
258 258
234 338
314 314
3,4 314
314 314
*1814 1912 *1712 1913 1614 1814 •1638 1912 *18% 1812
19
19
512 512 *478 012 .918 612 *512 612 .512
3512 534
1534
1
4 14% 15% 15
16
1618 16
1614 1478 1538 1438 15/
213 218
2
218
2
218
2
2
2
214
233 238
20
20 •10
•10
20 •10
20 •10
20 *10
20 *10
814 83s
838 812
8% 8%
814 838
8/
1
4 858
8,1 812
88
8712 8712 87 8713 88
8813 *877g 8812 8713 8812 288
*2712 30
*2713 30
*2712 30
*2713 30
*2712 30
*2712 30
*10214 10213 102 102 *10013 102/
1
4 •10112 10234 10112 10112 *102 10258
512 534
514 538
513 513 *518 514
918 914
*5/
1
4 534
33
*3052 31%
32/
1
4 3212 30
33
3214 2912 31,4 3018 31
5
512
518
5
518
5
5
513
5
518
513
5
*578 7
6
8
6
6
*6
714
7
•6
7,4 *6
278 3
234 2%
234 2/
1
4 • 258 234
278 3
234 234
77
77
79 •75
*75
*75
79
77
*75
79
*75
79
4038 3038 4038 4038 40
*4014 41
4014 41
40
40
40
*458 478
478 018
434 478 *478 5
*458 5
434 5
418 41g
418
4
41
/
4 412 *414 412
4
4%
4
4
4
4
4
4
312 414 *338 4
*414 412 *414 438
2112 2212
2212 2212 2012 2213 2012 21
23
23
2312 23
158 *114
158
*133 153 *114
112
112 •114 112 *54 . 112
60
56
3512 5714 56
56
57
58/
1
4 5878 .57
5812 56
•12812
*12812
*12812
*12812
- *12812
*12812
-441
--2 42 -4234 4234
42
44 42
4512 4512 44.S3 45
4733 4713 4712 46
4712
4718 4538 47 54614 473s 47
47
1618 1534 16
15% 1614 1578 1638
161
/
4 1614 .1534 1638 16
For footnotes see page 1614.
Sales
for
the
Week
Shares
March 9 1935
July 1
1933 to Range for
Feb. 28 Year 1934
1935 ---Highest
High
Low Low
per share $ per oh $ per share
4
338
104
2858
2$58 3918
32/
1
4 Jan 26
512 Jan 3
412 15
312
13
15/
1
4 2778
1758 Jan 3
11
/
4
458
118
2 Jan 8
112
212 Jan 8
14
618
8
14 Jan 12
8
20
13
27
13
21 Feb 1
33/
1
4 57
46 Jan 2 3554
110 Jan 22 80
8454 108
90/
1
4
112/
9812 11312
1
4 Jan 22
412
8/
1
4 Mar 1
518 1214
1718 3873
234 Jan 3
174
24
3
8
4 Jan 2
15
12
204 Jan 18
30/
1
4
61
60 Feb 16
3714
6058
12
'2
2
/
1
4 Jan 4
1
112 Jan 5
1
318
19
2034 3838
2678 Jan 3
212
55g
212
47s Jan 26
31
014
.013 Jan 3 30
ill
2 Jan 7
14
414
32
52
494 Jan 2 30
12
12
2
312
458 9
9/
1
4 Feb 19
6
884 13/
9/
1
4 Jan 2
1
4
4
518 1314
1418 Jan 21
4
4
77s
512 Jan 3
3814 49
30
4712 Jan 7
19
2612
19
2412 Jan 31
6
6
1112
778 Jan 7
57
89
7834 Jan 23 37 4512
8
1212
11 Jan 3 25 514
81g 24%
8
1014 Jan 2
71.4 1718
18/
1
4 Jan 9
71
/
4
6
6
Ills
8 Feb 20
5112 6818
42
64 Feb 20
15
12
2114 Jan 8
2712
1812 42
15
3434 Jan 21
312
20 Feb 15
634 1934
1212 49%
147g Jan 4
1212
88
76
11118 Mar 1
10812
20
20
25 Feb 18
39%
116
137
140 Feb 26 112
104 2218
104
1254 Jan 10
812 1053
512
314
112
112
1
4
14/
1
4 33/
1918 Jan 7
1334
1112 3612
812
1612 Jan 4
14
4114
1014
2058 Jan 4
2612
3112 4734
334 Jan 12
13
5
712 Jan 8
3014 74
3014
50 Jan 8
7
1538
7
30
66
20
66 Jan 7
8
278
278
5/
1
4 Jan 2
2
738
112
7 Jan 22
6412
39
3012
74 Jan 7
1514 3318
1214
36 Jan 10
55a 113s
358
954 Jan 2
a
13
6
1158 Jan 8
2114 4114
18
x4054 Jan 3
19
76/
1
4
7912 Jan 17
714
17/
1
4 2514
1918 Jan 3
16/
1
4
12114 127
12634 Mar 1 120
8
8
4/
1
4 Jan 21
3/
1
4 17
212
434 Jan 3
458 17
3
554 Jan 10
10
83
1254 Jan 3
7
812
111
/
4 3812
16 Jan 7
1/
1
4
7$
78
112 Jan 7
96/
1
4 114
944
11338 Mar 6
2614 4378
264
3238 Jan 2
2312 271
/
4
2314
2512 Jan 3
26
41
19
32 Feb 18
3914 5018
331g
431; Jan 2
6
6
1538
1554 Jan 3
4714 6812
45%
6438 Mar 5
114
3
1
178 Jan 18
258
3
7
518 Jan 3
30
3818
2818
3653 Mar 7
g1
/
4 Jan 5
4/
1
4 102
412
/
4
37s 151
25a
5 Jan 7
17g
914
3/
1
4 Jan 3
4
10
47
21 Jan 3
42
884 Feb 18
5115 7414
96
118
100
11912 Mar 8
114
114 2614
1658 Jan 10
114
214 Feb 8
314
114
4/
1
4 16/
1
4
4/
1
4
94 Jan 7
5/
1
4 Jan 3
34
554
84
/
1
4
212
73 Jan 4
/
1
4
11
/
4
gas
112
234 Jan 4
712
978 Jan 9
14 1514
318
6/
1
4
512 Jan 26
34
19/
1
4 2958
2158 Jan 7 in 18%
30
4314
3634 Feb 19
22/
1
4
211
24
812
414 Jan 18
11 Feb 20
684 12
1312
2534 Jan 10
1812 4314
19/
1
4 Feb 15
8
18
8
5218
5318 Mar 8
39
3858
4
4
124
714 Feb 14
45
50
83
82 Jan 29
414 Jan 7
24
94
212
4
814
5 Jan 5
314
la% 22%
13
21 Jan 7
4% 11
41.
6 Jan 15
10
1778 Jan 2
2014
10
154
134
512
312 Jan 7
17
2412
17
712,
8
14/
1
4
10 Jan 3 xr
8412 87
8312 Mar 5 7 4358
24
40
18
274 Jan 29
10012
62
1034 Jan 22
80
37s
812
74 Jan 3
41
26
21
36/
1
4 Jan 8
81/
8/
1
4
5
5/
1
4 Jan 7
44 1312
44
814 Jan 3
8
6/
1
4
3/
1
4 Jan 3
2/
1
4
81 Feb 11
51
6014 78
4212
33
2534
4212 Jan 7
518 Feb 20
1/
1
4
512
112
318
9/
1
4
6 Jan 8
3/
1
4
812
11
/
4
5 Feb 19
/
1
4
6
39
44
2734 Feb 18
1
1
214 Jan 4
36
6112 Feb 19
5878
2212
102
12878
95
129 Feb 25
3914 6078
314
5012 Jan 22
3578 50/
1
4
34
49 Feb 18
114 2012
1658 Feb 21
Range Since Jan. 1
On Basis of 100-share Lots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Par
6
Ronda Insurance Co
300 Royal Dutch Co (N Y shares)-100
Rutland RR 7% prof
10
3,300 St Joseph Lead
1,200 :St Louis-San Francisco_-100
100
15t preferred
1,500
St Louis Southwestern
100
100
Preferred
10
No Par
1,400 Safeway Stores
100
6% preferred
150
100
7% preferred
300
No Par
1,300 Savage Arms Corp
5
14,700 Schenley Distillers Corp
1
2,100 Schulte Retail Stores
Preferred
100
660
No oat
30 Scott Paper Co
No par
5,900 !Seaboard Air Line
100
Preferred
500
2,500 Seaboard 011 Co of Del-No par
No par
200 Seagrave Corp
17,800 Seam. Roebuck & Co....No par
1
600 Second Nat Investors
1
Preferred
No par
:Seneca Copper
1
Serve! Inc
No par
3,200 Shattuck (F 0)
No par
1,800 Sharon Steel Hoop
No par
1,800 Sharpe .1 Dohme
Cony preferred ger A ..No par
400
Shell Transport & Trading__ _£2
No par
7,300 Shell Union Oil
100
Cony preferred
600
4,500 Silver King Coalition Mlnee_5
No par
8,000 Simmons Co
10
10,400 Simms Petroleum
25
1,500 Skelly 011 Co
100
200 Preferred
30 Elloss-Sheff Steel & Irqn-.100
100
7% preferred
20
2,700 Snider Packing Corp----No par
41,800 Bocony Vacuum 011 Co Inc_ _15
400 Solvay Am Invt Tr pref.-100
No ear
6,400 So Porto Rico Sugar
100
Preferred
20
25
6,800 Southern Calif Edison
Southern Dairies class A.-No Par
No par
Class B
100
24,700 Southern Pacific Co
100
13,400 Southern Railway
100
Preferred
3,500
Mobile & Ohio stk tr Ws -100
300 Spalding (A 13) & Bros-No par
100
let preferred
Spang Chalfant& Co Ina-- No par
100
Preferred
No par
3,800 Sparks WithingtOn
No par
10 Spear & Co
100
Preferred
1,500 Spencer Kellogg & Bons ,,..No par
1
18,700 Sperry Corp (The)•t e
No par
800 Spicer Mfg Co
No par
Cony preferred A
30
9,600 Spiegel-May-Stern Co-No Par
No par
22,500 Standard Brands
Preferred
No par
30
No par
700 Stand Comm Tatuwoo
No par
3,700 Standard Gas & El Co
No par
Preferred
1,900
No par
$8 cum prior prof
600
No par
$7 cum prior pre!
1,500
Stand Investing Corp.......No par
300 Standard Oil Export pref--__100
No par
12,400 Standard 0110! Calif
25
10,600 Standard 0110! Indiana
10
200 Standard Oil of Kansas
14,000 Standard 011 of New Jersey- _25
900 Starrett Co (The) L S__No par
10
4,600 Sterling Products Inc
700 Sterling Securities cl A___No par
Preferred
No pat
2,500
50
Convertible preferred
300
5
5,200 Stewart-Warner
No par
5,300 Stone & Webster
:Studebaker Corp(The).-No par
---200
100
Preferred
No par
700 Sun 011
100
Preferred
70
300 Superheater Co (The)----No par
1
1.800 Superior 011
100
1.800 Superior Steel
50
800 Sweets Co of Amer(Tbe)
No par
Symington Co
Class A
No vat
800
6
1,200 Telautograph Corp
..- --6
700 Tennessee Corp
---25
12,000 Texas Corp (The)
No par
10,100 Texas Gulf Sulphur
10
2,300 Texas Farina Coal & Oil
29,400 Texas Pacific Land Trust. . 1
100
100 Texas & Pacific Ry Co
No par
2,400 Thatcher Mfg
No pa'
83.60 con• pref
100
No xi,
100 The Fall
100
Preferred
1
1,300 Thermold Co
105
1,400 Third Avenue
I
200 Third Nat Investors
25
100 Thompson (J R)
4,800 Thompson Products Inc- No pat
2,500 Thompson-Starrett Co-No pal
No par
$3.50 cum prof
No Par
10,300 Tidewater Assoc 011
100
Preferred
1,200
No par
Tide Water 011
100
Preferred
300
10
3,900 Timken Detroit Axle
4,800 Timken Roller Bearing-No par
No par
24,400 Transamerica Corp
200 Tranaue & Williams BSI- No par
No Par
3,200 Tr -Continental CorD
No par
6% preferred
100
No pa/
1,500 Trico Products Corp
No par
2,500 Truax Traer Coal
10
1,400 Truscon Steel
800 Twin City Rapid Trans__ No par
100
230 Preferred
No pa/
200 171en & Co
1,800 Under Elliott Fisher Co No par
Preferred
100
1.100 Union Bag & Pap Corp-NO Par
18,400 Union Carbide & Carb___No par
25
4,100 Union 011 California
per share
29/
1
4 Jan 3
312 Jan 28
1218 Mar 6
11
/
4 Feb 18
it4 Mar 7
12 Jan 16
12 Mar 4
3812 Feb 8
10578 Mar 8
10612 Feb 7
6 Jan 15
2314 Mar 6
2 Mar 6
12 Mar 7
55 Jan 2
38 Mar 4
78 Mar 1
21 Jan 15
3/
1
4 Feb 14
3138 Mar 6
112 Feb 2
44 Feb 14
754 Jan 5
712 Mar 7
gi2Mar 6
4/
1
4 Mar 5
4473 Jan 29
20/
1
4 Jan 2
618 Mar 6
6854 Jan 11
1
4 Feb 15
8/
612 Mar 6
15 Feb 6
612 Jan 15
60 Jan 22
15 Mar 5
2512 Mar 7
1733 Jan 15
1134 Mar 8
10712 Jan 15
20 Jan 30
132 Feb 4
1118 Mar 6
1358 Mar 6
84 Feb 26
1014 Feb 26
213% Feb 28
04 Mar
46 Feb 26
82 Feb 5
358 Mar 7
5 Jan 3
70 Jan 4
33 Jan 2
7/
1
4 Mar 6
918 Feb 7
3314 Feb 14
60 Mar 6
1614 Mar 6
123 Jan 3
34 Mar 6
238 Mar 7
3 Feb 27
512 Mar 8
734 Mar 6
11
/
4 Jan 17
111 Jan 3
29 Mar 8
2334 Feb 7
29/
1
4 Feb 20
3713 Mar 8
13 Feb 6
58/
1
4 Jan 15
158 Mar 5
312 Mar 5
36 Mar 5
653 Mar 6
1
4 Feb 27
2/
18 Feb 20
358 Mar 8
6412 Mar 7
11512 Jan 10
13 Mar 6
15s Jan 2
618 Mar 6
34 Mar 6
Feb 27
11
/
4 Mar 8
8 Mar 6
1
4 Jan 14
4/
18/
1
4Mar 6
31 Mar 6
314 Jan 2
812 Jan 15
1714 Mar 6
1518 Jan 15
51 Jan 6
558 Mar 8
811
/
4 Jan 7
212 Mar 7
258 Mar 7
1614 Mar 6
518 Jan 7
14 Feb 6
2 Feb 27
814 Mar 5
84 Jan 8
2712 Jan 29
100 Feb 15
518 Mar 6
2912 Mar 6
5 Feb 4
6 Mar 6
2% Mar 6
75 Jan 3
36 Feb 7
418 Jan 15
4 Mar 5
312 Mar 5
1814 Jan 2
112 Feb 11
5512 Mar 0
127 Jan 18
42 Mar 6
44 Jan 15
1434 Feb 6
vi
New York Stock Record-Concluded-Page 9
II1011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Mar. 2
Monday
Mar. 4
Tuesday
Mar. 5
IVednesday
Mar. 6
Thursday
Mar. 7
Friday
Mar. 8
Sales
for
the
1Veek
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On Basis of 100-shore Lots
Lowest
S per share 3 per share $ per share 3 per share 3 per share $ per share Shares
Par $ per share
94
94
938k 94
01
9212 89
93
86.68 0034 8734 89
10,400 Union Pacific
100 86% Mar 6
8334 83% 83
83
8312 82
82
8234 .82
82
8212 8212 1,000
Preferred
100 82 Mar 5
*2412 244 2434 2434 *24
*24
25
*24
25
25
600 Union Tank Car
2378 2414
No par 2378 Mar 8
1214 1268 12
II% 1114 1112 22,700 United Aircraft Corp
1012 1178 11
1214
1114 12
5
1012 Mar 6
43
512 512
11,000 United Air Lines Transp v t 0 5
51s 514
5
5
48 5
5,2
434 Mar 6
5
538
*9
1012 *9
8
1012
8
812 9
9
8 Mar 6
9
800 United American lioectiNo par
*812 1014
2478 25
2412 241. 24
2412 24
243
24
2414 *24
2412 1,800 United Biscuit
No par 24 Mar 5
•115 11512 *115 11548 115 115 *112 115 *11412 115 *11412 115
10
Preferred
100 113 Jan 18
53
5314 5214 53% 5012 5214 50
5118 504 515* 5134 5134 4.800 United carbon
No par 46 Jan 28
13
17
1% 2
17
2
134 2
134
112 Feb 27
1%
I%
17 19,800 United Corp
Vs par
2314 2378 22.68 2418 213 2318 215* 2212 2112 2212 2218 235* 13,300
213 Feb 28
Preferred
No par
10
1018 10
10% 10
1018
934 1018
934 97
10
1012 8,800 United Drug Ins
5
934 Mar 6
51
517 *414
518 *414
5%
538 573 *514 6
512
400 United Dyewood Corp
5 Feb 7
10
514
*65
70
•65
70
•65
60
*65
70
*65
70
*65
70
Preferred
100 70 Feb 21
05
518
5
5
478 5
5
412 434
5
434 434
1,500 United Electric Coal
412 Mar 8
No par
3
8114 8114 81
8112 80
8044 7812 80% 795* S012 79
8034 3,400 United Fruit
Vo par 7158 Feb 6
97 10
10
10
934 10
934 10
934 10
978 10
14,600 United Gas Improve
No par
95* Feb 20
88
•88
88
88% 88
88
8818 8812 88
83
*8712 88
700
Preferred
No par 8814 Mar 4
*214 314 *234 314 *234 314
234 234 *23
100 /1:11112/30 PlIDC11308211
314 *25* 311
100
218 Jan 28
3
3%
3% 3%
234 34 •3
1,800 United Piece Dye Wks.__No par
3% 318
312 *3
214 Feb 26
314
20
1912 1912 *17
20
19% 20
1912 1814 1814 *1812 1912
18
Feb 26
100
614% preferred
90
37
*414 412
412
448 468
458 412
418 414 6,000 United Stores class A____No par
38 418
334 Feb 26
*5214 5734 *523 58
*5214 55
*5278 55
*53
5738
55
55
100
Preferred class A
No par 4812 Feb 20
54
53
5612 56% 5534 5534 53
5312 *5312 55
5334 5334
900 Universal Leaf Tobacco No par 52 Jan 30
138 138
140 1403 *13834 14038 *13814 1405* *13814 1405* *13814 1405*
70
Preferred
100 13314 Feb 9
. *37
4412 *3712 4412 *38
*37
411
3812 *3712 4412 *3712 4458,
Universal Pictures let pfd
100 3612 Jan 15
178
17i
14
134
112 15*
15*
112 1%
112
168
1,600 Universal Pipe dc Rad
114 Jan 16
15*
1
1712 19
17
17
17
1712 17
1714 1714 1812 1,060
1938 17
Preferred
100 12 Feb 6
177 1773 01712 17% 17
1712 168 1712 165* 17
165 16% 4,900 U S Pipe & Foundry
20 1668 Mar 6
*2018 2014 2014 2014 20% 2018 2014 2014 20
2018 *20
1,200
1st preferred
2012
1914 Jan 7
No par
13
"1
268 .1
2
*1
268 *1
18
258 "1
268
200 U S Distrib Corp
134 Mar 6
No par
9
8
68
8
934 *714 934 *7
*714 93
8
8
50
Preferred
100
7 Feb 7
.%
12
014
*33
12
12
500 United States Express
38
38
14 Jan 2
14
100
14
*14
12
1268 125
1212 1212 1114 1134 *11 14 1211 *11% 1214
*1212 1314
500 U S Freight
1114 Mar 6
No par
57
57
5
512
614
514 614 *cis
534 534 "5% 534
900 U S & Foreign Secur
No par
5 Mar 6
*5512 82
*5512 83
*5512 82
*5512 82
*5512 76
*56
82
Preferred
No par
7612 Jan 3
4512 46
45
4512 44
4512 41
4312 4134 42
4114 43
3,500 U S Gypsum
20 41 Mar 6
*14714 1473 *14714 14712 14714 147% *14714 148
147 14',14 "14714 148
180
7% preferred
100 143 Jan 11
53
*6% 6% *618
7%
618 6%
55*
57
6
53
700 U S Hoff Mach Corp
6
5 Feb 8
5
40
4018 40
4014 39% 4014 38
3914 372 3814 3312 3812 3,600 U 13 industrial Alcohol___No pi, 3614 Feb 1
*5
534 *5% 58 *5,8 568
700 U El Leather v I c
3,s 518
518 514
5
513
5 Sli.r 7
No par
*914 93
*614 924
9
914
834 834
1,100
Class A 4, t a
834 918 "834 9
No pa,
834 Mar 8
65514 59
*5514 59
*5514 59
*5514 59
"53
59
*51
59
Prior preferred v t o
100 53 Jan 22
43
45* 45*
4
41.
434
4% 468
4
41
4% 418 2,100 U S Realty & Inapt
4 Mar 6
No par
14
14
1334 133
13
125* 127a
1312 1218 1334
12% Mar 6
125* 1244 12,100 U S Rubber
No par
34
3412 3318 3334 3118 33
2968 3314 31
3134 3112 32
8,60
1s1 preferred
100 2968 Mar 6
11512 12014 117 118
12113 1223 11914 12268 116 110
118 11934 14,800 U S Smelting Ftef & Min
50 10612 Jan 15
*6814 6812 6814 6832 6832 685* 6612 6858 67
67
657 6614
1,700
Preferred
50 6278 Jan 3
32
325* 305 32
298 318
3258 33
31
3058 311
3114 50,800 U 8 Steel Corp
100 2978 Mar 6
81
81
80
81
7834 80
7812 791
7834 81
794 7834 3,000
Preferred
100 7812 Mar 7
0130 132
130 13014 *129 132
129 129 .12914 132 *12914 132
300 U S Tobacoo
No par 11918 Jan 4
014812_ 814812 ___ *1481. ----*14812 ____ 014812
*14812
Preferred
100 14934 Feb 11
*45 -6-7-12 .4512 -55
*4512 55 .1512 55
*4512 -55
Utah Copper
*4512 55
10 4978 Jan 11
118
118
114
1%
118
118
118
118
114
1,500 Utilities Pow & LS A
1%
111
114
118 Feb 25
1
34
81
58
58
"8
1,200 Vadsoo Sales
31
kl
8 Feb 25
34
34
34
"8
34
No par
*20
2234 *20
2234 *2018 2234 20
20
100
Preferred
*1958 2168 *1968 215*
100
20 Mar 6
1634 1634 1612 1612 15
1518 1612 1538 1558 1514 1558 4,900 Vanadium Corp of Am___No par
1614
15 Mar 5
14
1414 *1368 14
3
123 14
1268 13
1212 13
2,400 Van Relate Co Inc
1234 12
5 1114 Feb 7
*93
9412 91
94
94
94
92
94
*92
94
*92
94
350
7% let pref
100 91 Feb 20
36
3718 37% 375* 37
37
3634 368 3634 37
2,000 Vick Chemical Inc
5 348 Jan 14
3758 37,4
3
3
3
3
338 312
318 314 2,600 Virginia-Carolina Chem __No par
314 338
35* 338
3 Mar 8
2334 233
2314 238
2058 22
22
21
23
21
22
22
2,800
6% preferred
100 205* Mar 6
9872 987g .98541 9878 0612 08
*85
95 .90
98
•90
OS
300
7% preferred
100 85 Jan 4
86
86
.8618 875* 8718 8714 8712 89.
89
89
8912 91
350 Virginia El & Pow $6 p1 ._No par 7212 Jan 4
*4
5
*4
5
4
4
*4
512 "4
5% 84
4 Mar 5
30 Virginia Iron Coal & Coke
512
VP
*1518 40
"1518 40
*1518 40
*1518 40 .1518 40 .15% 40
5% pref
100 15 Feb 19
74
74
*72
75
*72
7478 70
72
70
70
*10
75
190 Vulcan Detinning
100 70 Mar 6
*10814 11312 *110 11312 *110 11312 *110 11312 *110 1131: *110 1131.
Preferred
100 10914 Feb 5
112
112 *138
112
1%
13g •114
1% •11i
13g
158 •114
200 :Wabash
100
114 Feb 27
1%
17
*134 3
.1% 278
134
1% *I%
2
•134
2
(100
Preferred A
100
134 Mar 1
*1 18 212 .114 • 212 •114 212 "18
Preferred B
212 .158 212 *138 212
100
14 Feb 25
*518 57
*5% 5%
51s 51s
5
5
5
700 Waldorf System
5
.478 5
5 Mar 6
No par
29
2912 2914 2912 2812 2918 2778 2778 2812 2.)
29
29,
8 2,200 Walgreen Co
No par
278 Jan 15
•11614 117 .11512 11678 *11512 116% *11512 11534 11.594 116
40
100 114 Jan 7
11534 115%
615% preferred
2
2
2
2
I%
178
1% 2
134
17
18
1% 2,100 Walworth Co
114 Feb 28
Vo pa
*53 6% .518 64 `5% 63
*5% 6
568 Jan 30
Ward Bating class A
No pa
*514 63
*518 6%
114
114
114
114
114
114
114
114
*138
112 *las
112
114 Feb 28
No pa
600
Class
B
*3118 3134 *3012 3114 3012 3034 2912 3014 2812 2812 29
600
Preferred
29
100 28% Jan 12
3,8 314
3,a
314
3
318
278 318
27
3
27 Mar 6
3
318 26,600 Warner Bros Pictures
5
1678 1713 16
1868 1912 1712 1914
*185* 20
17
41718 10%
300
$3.85 pone peer
par
No
16 Mar 7
78
78
078
1
.78
1
118
78
1
78 .1
1
78 Feb 27
300 Warner Quinlan
No par
33
37
368
*378 4
4
31.
328 33
312
312 Feb 26
331
No px
:112 2,600 Warren Bros
*734 10% •11
1018 *7
10
*614 10
*614 912 •61. 93
Convertible prof
Feb 6
No par
.25
2638 253 263
26
243
2434 2434 2434 243 2441
265*
700 Warren Fdy & Pipe
No par 23% Feb 14
468 468 *468 434
45* 468 •412 468 .412 4% *412 448
412 Feb 27
No pa
800 Webster Elsenlohr
"80 __ _ "80 -_ _ *80
. *80
__ _ .80
_ _ *80
__ _ ___
Preferred
100 90 Feb 18
i
*1
*1
firi
1
__1'8
*1
fis •1
III. *1
ii,
ioo Wells Fargo k co
1
1 Jan 5
3714 3714 36
36% 36
3612 353 3612 30 • 3618 351. 3614 4,400 Wesson 011 & Snowdrift __No par 30% Jan 15
75
75
75
75
75
7514 7434 7514 7514 7512 .753i 7534
1,700
Cony preferred
No par 72 Jan 29
25% 2312 247
26
2614 25
23
247
23% 2414 2418 2478 10,600 Western Union Telegraph___ 100 23 Mar 6
2131 213
205 2112 1912 2012 20
213 22
20% *2018 21
3,300 Westingh'se Air Brake
1912 Mar 6
par
348 3758 358 3718 3612 3714 31,401 Westinghouse El & Mtg No 50
38
373 385* 373 3858 36
343 Mar 6
941 .04
9412 .94
.94
94% 04
94
i141‘. 9412 *95
9712
80
let preferred
90 Feb 5
50
111 *1012 11
1112 11% .11
*1012 11
810
1012 1012 101,
200 Weston Elea Instrum's___No par
1012 Mar 8
3111 *30
31
.30
*31
32
.30
31
*30
32
32
32
30
Class A
Vo par 29 Jan 4
40
40
41
41
37% 3712 34
37
3812 41
41
4212
570 West Penn Elec class A
34 Mar 6
par
No
44
47
4612 47
41
44
3978 4112 4114 4214 45
4568
840
Preferred
100 3978 Mar 6
411 1
3834 41
39
*3834 39
38
39
39
40
41
4212
650
8% preferred
100 38 Mar 6
109 10914 107 109
110 11018 10914 110
10612 1077 107 107
420 West Penn Power pref
100 10412 Jan 17
96
95
9714 96
96
97
95
96
96
97
9612 9612
380
6% preferred
100 95 Jan 2
*15
218
218
*1 12 214 .112 214
21
*138 214 .158
218
100 West Dairy Prod el A____No par
15 Feb 27
*12
%
13
5tt
*12
58
*12
58
*12
%
*12
%
200
Class 13 • to
% Feb 7
No par
7
65*
7
*7
71
7
634 668
6
612
6
658 2,600 Western Maryland
Mar 7
100
6
.918 11
811
814
'914 12
8
8
8
8
*758 10
300
2d preferred
8 Mar 6
100
112
112
*112 2
15* .1%
18
15*
134 *168
178
178
300 Western Pacific
8 Feb 26
13
100
33
33
358
3%
3
318 358
338
3
358
3
3% 2,200
Preferred
238 Feb 28
100
1834 1912 .1834 1968 1834 19
1978 1978 *1978 2012 1914 193
1,000 Westvaco Chlorine Prod__ No par
1812 Feb 27
.10
*112* 22
22
*10
22
•1218 22
"1168 22
VG-heeling & Lake Erie Ry Co_ 100 18 Jan 3
*1158 22
*25
30 .25
.25
30
30
.25
30 .25
30
"25
30
6% non-auto preferred__ _100
*1512 17% *15
1758 *1512 1712 .1512 18
*1512 18
*1512 18
Wheeling Steel Corp
1612 Mar 1
No ear
56
55
.5312 5678 56
55
5312 5312 *52
55
*52
5514
300
Preferred
100 4612 Jan 12
10
10
.868 1012
12
'90
9
9
•868 10
10
10
40 White Motor
50 9 Star 6
2114 21% .21
22
.21
213e 22
2214 .21
2218 .21
600 White Rk Min Sprat!' ____No par 2114 Feb 9
215*
134
134 •168 2
2
.148
178
.15*
VI
158 •112
15
200 White Sewing Machine _ __No pa
112 Feb 26
.7
7% *7
712
7
7
678 67
7
7
*6
712
300
Cony preferred
6 Jan 11
No par
.2
212 *2
2%
2
2
2
2
•2
218 *2
2%
300 Wilcox Oil & Gas
2
Feb 20
41
84
35
35
.3412 35
*35
*3412 35
3431 34 .
_
3 2 35
20 Wilcox-Rich Corp clam A_No pa
34 Feb 5
57, 6
578 6
568 57
513 514
512 55g
51g -i; 37,800 Wilson & Co Inc
.tio par
514 Star 6
No par 252 Feb 7
74% 74% 7414 7434 7112 74
---727212 7231 73% 3,500
56 pref
ioo 68 Feb 25
55
5412 541., 5434 15.600 Woolworth (F W)Co
.SS's 54% 55% 53714 5472 535g 5458 54
10 51 Jan 15
163
4
.15
1812 1458 1512 • 1514 1511
164
.168 17%
146; 15
900 Worthington P & W
.. i00 1438 Mar C
434
36t2 .32
38
3138 34
31
32
32
3212 3138 3112
250
Preferred A
_100 31 Mar 6
273
23
23 .22
27
25 .23
"22
*23
27 .22
27
100
Preferred B
_ 100 23 Mar 5
47
43
44
.44
4012 43 .41
*4112 43
44
*41
44
160 Wright Aeronautical
No par 4012 Mar 6
*7612 79
.7612 78
78
79
7712 7712 1,000 Wrigley (Wm) Jr (Deli No par
70
79
78
78
75 Jan 12
*18
213
201:2
213
4
t
201_
2502
•1778 201. •1778 2012
.2012 2178
200 Yale & Towne Mfg Co
25 2012 Mar 5
3 4 3%
314 314
3,8 3,8
3
31s
3
3)8
3
3
2,400 Yellow Truck & Coach el B
10
3 Mar C
3612 36
*3712 3812 36
36
*36
35
*3712 40
357g 3578
80
Preferred
100 357 Star 8
1938 1938
1013 1912 1918 197
1914 195* 19'2 1978
1914 198
3,300 Young Spring & Wire___No par
1834 Feb 6
01614 1634
1614
15
1512 1614
16% 17
1558 15% *1538 1614 5,400 Youngstown Sheet & T___No par
15 Star 6
51
*40
51
48
*45
.40
*45
51
48
.45
.40
48
51.1 preferred
100 46 Jan 3
158 .112 1%
1.118
I% "1%
112
1 12 *112
1%
las
158
300 Zenith Radio Corp
Vo par
112 Feb 26
37
4
358
4
4
3% 4
4
4
"32
334
334 2,900 Zointe Products Corp...358 Mar 5
For footnotes see page 1614.
1623
Highest
July 1
1933 to Range for
Feb. 28 Year 1934
1935
tow Low
High
$ per share $ per sh 3 per share
11112 Jan 10 6 8978
90
13378
713, 89
6278
8834 Jan 11
2618 Jan 4
135
1523 258
1518 Jan 7
818
818 1514
678 Jan 31
314
314
61 2
7
914 Feb 19
8
17
19
2812 Jan 9
2114 2914
11712 Jan 2 10414
107
120
5038
35
2014
5314 Mar 1
37,
218
3 Jan 2
112
2114 377,
21 14
295* Jan 25
914 1814
6%
1314 Jan 7
23
8 Jan 3
35* 1078
82 Jan 7
50
5934 7544
3%
71,
3
712 Jan 9
4912
8112 Mar 4
59
77
93
1272 Jan 10
1112 20%
9218 Jan 22
8212
88
9938
158
1
318 Feb 15 I
3%
578 Jan 71
214
135*
4
3312 Jan 24
68
18
30
712 Jan 3
21
2%
814
4812
6512 Jan 19
54
76
4014 63
37
59 Jan 2
14038 Mar 4 10814 11212 140
40 Jan 9
15
1678 4612
78
78
3
212 Jan 18
4%
414 24
195* Mar 6
12
22 Jan 7
1512 33
1314
2044 Feb 15
161
1968
112
4
1
268 Jan 3
4
10 Jan 9
4
14
14
%
114
12 Jan 4
2712
11
11
1512 Jan 7
1514
0
7,2 Jan 3
6
60
84 Jan 22
63% 78
3414
3414 5114
5318 Jan 7
148 Feb 19 110
115
146
45* 1018
314
714 Feb 19
32
32
4512 Jan 2
8434
558
6% Jan 7
5,3 117s
7
7
1914
125* Jan 3
43
5914 Feb 16
45
801
4
7 Jan 7
4
128,
11
24
1714 Jan 3 6 105*
24% 6114
1718
428g Jan 7
53%
12414 Jan 3
965* 141
69 Feb 26
54% 6512
5112
4018 Jan 8
2958 597g
293
94 Jan 23
6714
671* 9912
8134
13014 Mar 24
99
140
152% Feb 26 1245* 126
150
4812
4978 Jan 11
4812 67
72
2 Jan 2 41
112
532
„
118 Jan 2
%
173
1914 2212
19%
20 Mar 6
14
2134 Jan 7
313
14
1468 Feb 27
412 1212
334
5414 25414 98
9118 Mar 1
23%
2458 368
3758 Mar 4
55*
178
458 Jan 3
178
10
2714 Feb 1
10
26
100 Feb 1
5714
5934 84
91 Mar 8
60
85
80
368
9
312
4 Mar 5
1518 Feb 28
1618 27
15
36
8112 Jan 7
52
82
95 I 95
10014 Feb 5
112
47
114
I%
25* Jan 8
2
312 Jan 4
85*
258
134
234 Jan 19
114
612
712 Jan 10 6 372
4
S78
31 Jan 3 9 151g
2214 2974
11618 Feb 25 5 80
8412 11668
37 Jan 7
114
214
133
5
668 Feb 19
5
12
15 Feb 18
35
114
1,4
24
323 Feb 21
24
36
45 Jan 2 31 258
23
8%
317
12
15
248 Jan 26
78
1
37
158 Jan 2
618 Jan 7
314
3%
1358
14 Jan 7
8
8
2874
28 Jan 8
1312
1312 31
3
6 Jan 2
3
7
90 Feb 18
80
65
90
s,
2%
114 Jan 24
3
15
39 Feb 18
IA
z4 35
49
7512 Jan 10
5212 748
2418
3434 Jan 7
27 Jan 9 34 153
41 Feb 18
2778
99 Jan 28
77
5
137 Jan 2
15
32 Mar 8
53 Jan 12
3954
6012 Jan 7
47
53 Jan 2
4018
11034 Feb 11
8812
10214 Feb 1
78%
214 Jan 8
138
12
% Jan 8
658
9% Jan 7
1134 Feb 20
914
138
358 Jan 7
77 Jan 7
228
2312 Jan 3
12%
22 Feb 8
18
21
2014 Jan 21
1112
34
58 Jan 22
1858 Jan 3
10
2114
2412 Jan 9
238 Jan 22
112
912 Jan 24
4
2
258 Jan 8
2278
35 Feb 18
7 Jan 2
318
31% Jan 3
1114
75 Feb 28
68
35
557 Feb 18
2112 Jan 7
1312
3112
4478 Jan 23
33 Jan 11
2214
5218 Jan 3
12
7912 Jan 7
473
24 Feb 1
1138
4% Jan 7
234
42 Feb 19
25
21 Jan 2
@FedFRASER