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The.
firtanqui
liromrie
Volume 136
New York, Saturday, May;113 1933:
Number 3542
The Ifinancial Situation
HE President's radio speech of last Sunday
night has naturally been the main topic of the
week. Like the radio address delivered eight weeks
before, it made an exceedingly good impression,
though not quite so convincing in some of its parts
as the earlier address. Mr. Roosevelt has an appealing voice and the ability to present his arguments and facts in a most plausible fashion. He
possesses the power of clarity of statement to a degree never possessed by any previous executive, at
least in recent years. He has, moreover, an engaging personality which his voice conveys in the radio
broadcasts, so that the listener falls under its influence even when not in his presence. Then, he is
so earnest and so sincere, yet simple, that his appeal
is almost irresistible, with the result that one feels
disinclined to differ with him even when one finds
himself at variance with his postulates. On the
former famous occasion, eight weeks before, he had
one of the gravest crises in history to contend with—
a state of things requiring heroic action and, accordingly, everyone felt that he was indeed the Man
of the Hour, and that the delegation of extraordinary powers to him was the part of wisdom, and
from which no escape indeed was possible.
On the present occasion judgment must be more
restrained, and doubts arise as to the wisdom of
the delegation to him of the further extraordinary
powers now demanded, and some of which are
already in process of being exercised. Moreover,
the debatable of these he passed over in a vague
and indefinite way, betraying no special desire to
enter into any defense of them. He is at all times
level-headed, and one cannot escape being impressed
with the thought that whether right or wrong, he is
acting with sincerest convictions and that he means
to be entirely frank in his communications with
the public. Thus, at one point we find him saying:
T
"To-day we have reason to believe that things are
a little better than they were two months ago. Industry .has picked up, railroads are carrying more
freight, farm prices are better, but I am not going
to indulge in issuing proclamations of overenthusiastic assurance.
"We cannot ballyhoo ourselves back to prosperity.
I am going to be honest at all times with the people
of the country.
"I do not want the people of this country to take
the foolish course of letting this improvement come
back on another speculative wave. I do not want
the people to believe that because of unjustified optimism we can resume the rninous practice of increasing our crop output and our factory output in the
hope that a kind providence will find buyers at high
prices. Such a course may bring us immediate and
false prosperity, but it will be the kind of prosperity
that will lead us into another tailspin."
On the other hand, in the closing portions of his
address, where he deals with the matter of the new
powers sought by him of an extraordinary nature,
and respecting which there is the greatest need of
enlightenment, many things are passed over with a
degree of lightness entirely out of keeping with
their importance. The passages we have in mind are
the following:
"The Administration has the definite objective of
raising commodity prices to such an extent that
those who have borrowed money will, on the average,
be able to repay that money in the same kind of
dollar which they borrowed.
"We do not seek to let them get such a cheap dollar that they will be able to pay back a great deal
less than they borrowed.
"In other words, we seek to correct a wrong and
not to create another wrong in the opposite direction. That is why powers are being given to the
Administration to provide, if necessary, for an enlargement of credit, in order to correct the existing
wrong. These powers will be used when, as, and
if it may be necessary to accomplish the purpose."
The purpose here in mind is stated with the same
clearness as in the other case, and there is no concealment of what is intended, but he is now dealing
with the inflationary provision of the Farm Relief
bill, and to have him dismiss this far-reaching
provision in offhand fashion with the bare statement that "these powers will be used when, as and
if it may be necessary to accomplish the purpose,"
is highly disappointing, to say the least.
In the meantime the Farm Relief measure, with
the inflationary amendments attached to it, has received the approval of both Houses of Congress, and
was yesterday signed by the President, making it
the law of the land. As previously pointed out by
us,the scheme oi inflation provides in the first place
that the President may direct the Federal Reserve
banks, through their open market operations,to add
$3,000,000,000 more to their already large holdings
of United States securities. In addition, authority
is given the President to put out $3,000,000,000 of
legal tenders or greenbacks under a law enacted
back in 1862 during the Civil War. Then there is a
provision for the coinage of silver on the basis of
16 to 1, and the taking over of a large block of silver
in payment of the indebtedness due to the United
States, and at a figure far above the market price
of the metal, if the debtor countries choose to avail
of the privilege. Finally, there is that extraordinary
3210
Financial Chronicle
power which allows the President to reduce the gold
content of the dollar to the extent of 50% if he feels
that there should be depreciation to that extent.
These are all extraordinary powers which cannot
be viewed with any except the gravest misgivings.
At the moment the whole country is under the spell
of the inflation craze, and as prices are moving upward and trade activity expanding, in large part
from independent causes, and we are traveling at a
very fast pace, too, there is little disposition on the
part of the general community to examine his
propositions very closely. The public wants results
in the shape of escape from the long period of depression, and is apparently indifferent, for the time
being, as to what the future may have in store, when
the period of exhilaration has passed and a period of
reaction follows. The day of reckoning, however,
will eventually have to be faced.
IN THE meantime it is important to bear in mind
that there are numerous independent causes at
work, in a good many instances, serving to
strengthen values, entirely apart from the upward
impelling influence exerted by the agitation of the
question of price inflation, and the movements at
Washington directed towards that end. And these
independent causes may indeed be said to have been
a more potent agency in promoting price recovery
than the inflation propaganda itself, and in that circumstance there is occasion for a feeling of much
satisfaction, for to the extent to which this is so the
improvement may be ascribed to natural causes and
as possessing an element of permanency likely to
prove enduring. On Thursday the price of wheat
enjoyed a further sharp upward swing, owing to the
unfavorable character of the monthly report of the
Agricultural Bureau at Washington, issued after
the close of business on Wednesday. This report,
which shows the condition of the growing winter
wheat crop as of May 1, fully confirmed the poor
outlook for that crop indicated by the report issued
a month earlier.
The Agricultural Bureau puts the probable production at no more than 337,485,000 bushels, or only
slightly higher than the indicated yield on April 1,
when the forecast was of a probable yield of 334,087,000 bushels. At 337,485,000 bushels now, the
promise for 1933 compares with a crop of 462,151,000
bushels harvested in 1932, and of 787,465,000 bushels
raised in 1931, and a five-year average production
(1926-1930) of 589,436,000 bushels. The indicated
crop is smaller than the production in any year since
1904. The condition of the growing crop or May 1
is put at only 66.7% of normal, or the lowest on
record. At the same time, the abandonment of acreage, as a result of winter killing and other causes,
is also without parallel in the records of the Department of Agriculture. The percentage of acreage
abandoned is estimated at 32.2% of the area sown
last autumn, which compares with 13.7% abandoned
in 1932 and with 14.7% the averaue abandonment
for the 10-year period 1921-1930. The acreage abandoned this year is placed at 12,889,000 acres. This
leaves the acreage remaining to be harvested at
27,096,000 acres, compared with 33,656,000 acres harvested in 1932 and the average of 38,560,000 acres
for the five-year period 1926-1930. This is the
smallest acreage remaining for harvest in 21 years,
or since 1912.
May 13 1933
Very naturally computations have been made in
the trade as to the effect of this great shortage in
the winter wheat yield on the probable total cro7.
spring and winter wheat combined, and the Associated Press has reached the conclusion that for the
first time in the twentieth century production of
all wheat in the United States will be less than estimated domestic needs. Putting the probable spring
wheat production (the seed for which is now going
into the ground) at, roughly, 267,571,500 bushels, on
the basis of the average yield for the previous 10
years, the total wheat crop of the United States in
1933 would be only 605,056,500 bushels, or the smallest wheat production since 1896. In 1932 the total
wheat crop of the United States was 726,831,000
bushels, and in 1931 the crop exceeded 900,000,000
bushels, the exact harvest having been 900,219,000
bushels. As it happens, too, press dispatches from
Canada on May 10 (the same day that the Agricultural Bureau at Washington issued its report)
stated that the Dominion Bureau of Statistics had
issued its report on Canadian acreage, and that it
showed that the area sown to spring wheat in Canada (the wheat crop of the Dominion consists almost
entirely of spring wheat) had been reduced from
26,646,100 acres in 1932 to 25,171,000 acres in 1933.
The news was accompanied by comment to the
effect that the drop of 1,475,100 acres came as a
surprise to experts, who had expressed the belief
that the recent price advances would result in at
least a slight increase over the 1932 acreage.
There is, of course, no likelihood of any scarcity
of wheat, since left-over supplies are large, both in
the United States and elsewhere, but is there not
in the facts we have here cited ample warrant for
the big rise in the price of wheat which has occurred
since the beginning of March, and this being so, is
there even remote occasion for referring the improvement to the inflationary schemes which are
being pushed with such extreme vigor at Washington? The July option for wheat in Chicago sold up
to 751
/
2c. a bushel on Thursday, and closed yesterday at 75c. At the beginning of March this same
/
4c.. Here is a rise of over
option sold as low as 471
27c. a. bushel, wonderfully improving the position
of the Western farmer. At the same time, September corn in Chicago yesterday crossed 50c. On
March 1 this corn option sold at 27c.
All accounts agree in saying that by reason of
the great improvement in prices farmers have been
marketing their supplies from the old crops, which
previously had been withheld from market, with
greatly increased freedom now that prices are so
very much higher, and one large railroad system has
gone so far as to give an order for a large number of
new cars in order to be able to handle the growing
grain movement with due dispatch. The advance in
wheat carried other grain prices with it, and thereby
the buying power of the farming classes was correspondingly increased. It would seem that this
larger buying power was to a large extent put to
immediate use, thus starting a revival in trade in
many different lines.
It should not be forgotten, either, that there is a
degree of permanency to the present higher levels
for grain, which has not existed before for the last
three years. In this we refer to the fact that Government supplies of wheat no longer bang as an
incubus over the market. During April the last of
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Financial Chronicle
these Government holdings of wheat was by degrees disposed of, and the Government saw to it
that the public was made aware of the fact. On
March 21 Henry Morgenthau Jr., Chairman of the
Federal Farm Board, announced that an agreement
had been reached with the American National Red
Cross whereby the Red Cross would take over by
Aug. 1 1933 the remainder of the relief wheat donated by Congress, and remarked that this would
dispose of all of the cash holdings of wheat still
controlled by the Farm Board. On April 18 Mr.
Morgenthau announced that he was reaching the
first goal he had set for himself when he became
Farm Board Chairman—to get the Board out of
the farm commodity stabilization business. He announced that at the close of the Grain Exchanges on
that day all of the Grain Stabilization Corporation's
holdings of May wheat futures in all markets had
been sold. He added that the Stabilization Corporation did not now possess any May futures. On
April 20 he announced the completion of the sale of
all July wheat futures held by the Grain Stabilization Corporation. On Saturday, April 29, final
elimination of Government holdings from the wheat
market was disclosed. Mr. Morgenthau, announcing that, at the close of the Grain Exchanges at
noon,the last of the wheat futures held by the Grain
Stabilization Corporation had been sold. The effect
of this last announcement was to send the prices of
the different wheat futures on the Chicago Board of
Trade up some 5@6c. a bushel on top of the large
previous rise during March and April. Back in 1931
the Farm Board owned about 325,000,000 bushels of
wheat after its effort of 1929 and 1930 to peg grain
prices. From all this it is easy to judge what a great
change for the better has occurred in the meantime.
3211
Western farmer is now shut out from a large anil
wide market which he formerly shared with Canadian and other Empire wheat.
This is a discrimination against the Western
farmer that should be speedily removed, and it is
obvious that the Western farmer will not be satisfied with anything less than that. He asks only to
be allowed to compete on ever terms the same as was
the case before the Ottawa agreements were devised.
In order to show how the Ottawa agreements are
operating to keep American-grown wheat out of the
British market, we reproduce below a table with
comparative figures for four years, given by us on a
former occasion, but with the figures brought down
to a later date, the returns for the month of March
having become recently available. The table shows
the importations into the United Kingdom for the
three months ending with March, and has been compiled from the returns published by the British
Board of Trade:
IMPORTS OF WHEAT INTO THE UNITED KINGDOM FOR
THE FIRST QUARTER IN HUNDREDWEIGHTS.
Wheat From—
1933.
1932.
1931.
1930.
Soviet Union (Russia)-250
1,146,242 5,788,947
321,912
America
U.S. of
5,006
655,398
1,424,555 4,153,193
Argentine Republic
6,087,126 7,951,061
4,064,766 5,948,118
British India
102,983
Australia
6,699,370 5,916,784 4,286,114 3,642,182
Canada
13,885,705 7,165,342 5,577,477 5,693,825
Other Countries
910,738
842,318
800,083
1,207,110
Total
27,588,195 23,678,145 22,044,925 20,866,320
It will be observed from the foregoing that importations of wheat from the United States into
Great Britain have been steadily diminishing ever
since Great Britain passed off the gold basis, until
now they have almost entirely disappeared. For
the three months of 1930 the imports of wheat from
the United States aggregated 4,153,193 hundredweights; from this there was a drop to 1,424,555 cwt.
NLY one thing is needed now to raise the in 1931,a further drop to 655,398 cwt.
in 1932, while
Western farmer to his former plane of pros- in the three months of 1933 the United
States had
perity, and that is that the foreign markets shall only 5,006 cwt. to its credit. On
the other hand,
once more be opened up to him, and especially the during the same period the importations
from CanBritish market. It is part of the program of the ada increased from 5,693,825 cwt. in
1930 and
Washington Administration that the foreign mar- 5,577,477 cwt. in 1931, first to 7,165,342 cwt. in
1932,
kets shall be widened to the American producers for and now to 13,885,705 cwt. in 1933. In
like manner
all classes of goods, through reciprocal tariff agree- the importations from Australia have been growing
ments. It is to be hoped that the indispensable need year by year, until as against 3,542,162 cwt.
in the
of Western farming interests for their former grain first three months of 1930, they reached
6,699,370
markets in the United Kingdom will not be over- cwt. in the three months of 1933.
looked. At present the British market is virtually
The daily papers are carrying flaming headlines
closed to American wheat, because of the discrimina- telling the public of the tariff truce
that is being
tory tax of 6c. a bushel which Great Britain imposes arranged between this country and the
other leading
on American-grown wheat as part of the Ottawa countries as a preliminary to the Monetary
and Ecoagreements which permit free entry of wheat and nomic Conference that is
to begin on June 12, with
numerous other articles and commodities when com- the idea of holding in abeyance
certain tariffs which
ing from the Dominions within the British Empire, are working with especial severity
against internabut tax the same articles when coming from outside tional trade. Nothing is said about the
harsh disthe British Empire.
criminating duties imposed against the United
Under these Ottawa agreements Canadian wheat States under the Ottawa
agreements. This makes
is admitted free of duty, whereas wheat coming from it pertinent to ask whether there is to be
relief from
the United States must pay the duty of 6c. a bushel these discriminating duties against
the
United
referred to. The same preference applies to other States. Judging from the
foreign dispatches in the
Empire-grown wheat—Australia, for instance. The papers, it looks very much
as if the tariff truce, as
result of this advantage, along with the benefits far as the United States is
concerned, meant simply
accruing from the depreciation of the Canadian dol- protection from further
impositions adverse to this
lar (which depreciation our Government is now try- country, rather than relief from the
duties now being
ing to overcome by similarly depreciating the Amer- imposed, and many of which are working
so harshly
ican dollar)—the result is to make the British mar- against the United States. There
would
be
poor conket the exclusive possession of Canada, of Australia solation in that. Specific relief of
the
kind
here
and other British Empire countries, to the detriment indicated is what is imperatively
required,
and
of the American producers. In other words, the nothing less will be satisfactory.
O
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Financial Chronicle
HE railroad problem is now receiving considerable attention by Congress in the consideration
of the bills that have been introduced to carry out
the views of the Administration, and it is pleasing
to note that the testimony is eliciting some outspoken declarations of views which should be helpful in promoting legislation along sound lines. Carl
R. Gray, President of the Union Pacific RR., testified before the Senate Inter-State Commerce Committee on Thursday and voiced objection on behalf
of the Association of Railway Executives against
certain provisions of the Administration Railroad
Bill. As indicating the importance of the railroads
in the political and economic system of the country,
Mr. Gray pointed out that the railroads are the
first line of offense or defense in time of war. It is
inconceivable that this Government could engage
in any war without the railroads in the highest state
of efficiency. This was demonstrated during the
World War, he observed, when the carriers handled
3,000,000 men and their equipment without difficulty. This was accomplished, he explained,
through the closest kind of co-operation between the
railroads and the Government, such as appears to
be the underlying purpose of the bill under consideration, which provides for the appointment (in the
language of President Roosevelt, as expressed in his
message to Congress on Thursday of last week), as a
temporary emergency measure of a Federal co-ordinator of transportation, who, working with groups
of railroads, will be able to encourage, promote or
require action on the part of carriers, in order to
avoid duplication of service, prevent waste, and encourage financial reorganizations.
Mr. Gray pointed out that the underlying principle of the bill is to let the regional railroad coordinating committees work out their difficulties,
since they know better than anyone else what is
chiefly required. Mr. Gray does not expect that
the co-ordinating committees will succeed in accomplishing every recommended objective, but he expressed confidence that a substantial part of these
objectives could be obtained, and that there was a
greater possibility of it with a Federal railroad coordinator in the picture. The regional co-ordinating
committees provided in the bill, he pointed out, cannot do more than the existing regional committees
of the railroads. If they are unable to agree, however, they will, under the new legislation, be able
to go to the Federal co-ordinator. He opposed all
the extensive list of amendments to the bill suggested by railroad labor.
Judge R. E. Fletcher, counsel for the Association
of Railway Executives, also testified at the hearing,
and he devoted his statement in the main to a suggested substitute for the present provisions of Section 14 of the original draft. This section provides
that the Inter-State Commerce Commission shall
not approve a loan to a railroad from the Reconstruction Finance Corporation or authorize issuance
of bonds or other indebtedness unless it shall find
that the financial structure of the carrier is such
that there is reasonable prospect that such a carrier
can, without financial reorganization, survive the
existing economic depression and provide for its
capital needs thereafter. He well said that this
feature was objectionable because it involved a
prophecy by the Commission. The practical effect
of such a provision, he declared, would be that the
Inter-State Commerce Commission, in a conscien-
T
May 13 1933
tious interpretation of it, would deny loans to many
railroads which otherwise would be entitled to them.
He suggested substitution of new language, as a
result of which the Reconstruction Finance Corporation loans would be forbidden, to a carrier whose
financial structure was such that the Commission
believed there was no reasonable prospect "under
normal business conditions," of it providing for its
financial needs without reorganization. The exact
language of the proposed amendment is as follows:
"Section 14. The Commission shall not approve
a loan to a carrier under the Reconstruction Finance
Corporation Act unless it shall find that the financial structure of the carrier is such that there ie
reasonable prospect that such carrier can under
normal business conditions, without reorganization,
provide for its financial needs: provided, however,
that the term 'carrier' as used in this section shall
not include a receiver or trustee."
Judge Fletcher laid great stress on the words
"under normal conditions," and it appears to us
highly important that there should be some such
proviso as that, since conditions during the last
three years have been far from normal, and it would,
it seems to us, be a grave mistake to base any
judgment as to the future on the inordinately low
revenues of the roads during such a period of depression as has marked the course of railroad revenues during that period. It occurs to us that it
might be well to provide some definite measure for
the Commission to use as a guide to its judgment in
that respect. Would it not be a good idea to make
the average of the railroad revenues for the 10-year
period ending with 1932 as such measure of future
ability? That would include three exceedingly bad
years along with seven good years, and would, accordingly, appear to furnish a fair standard for
judgment.
HE condition statements of the Federal Reserve
banks this week show no new or striking
changes. The Farm Relief Bill, with its inflationary
rider, did not become a law until yesterday, when
the President attached his signature to the bill.
Hence, it was not possible for the President to exercise any of the extraordinary powers with reference
to the Federal Reserve banks conferred upon him
by the inflationary provisions of the new Act. Pending the completion of the new legislation, the policy
of the Federal Reserve banks has continued the same
as before, and the changes for the week, which, as
already indicated, are not very material, are along
the same lines as heretofore. In a general way, it
may be said the changes indicate further improvement in the condition of the Federal Reserve banks
themselves, and likewise in that of the member
banks. This last appears from the fact that the
discount holdings of the 12 Reserve institutions,
which reflect member bank borrowing, were further reduced during the week from $400,102,000 to
$338,241,000, while at the same time the reserve
account of the member banks on deposit with the
Federal Reserve banks was increased from $2,033,939,000 to $2,089,115,000.
With the discount holdings reduced, as indicated,
the volume of Reserve credit outstanding was correspondingly diminished, and there was a further
diminution also by reason of a further decline in
the holdings of acceptances purchased in the open
market from $144,152,000 to $112,607,000. Holdings
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Volume 136
Financial Chronicle
of United States Government securities have again
remained virtually unchanged, the total this week
being reported at $1,837,193,000 as against $1,837,278,000 last week. The result is that the total holdings of bills and securities, which constitute a measure of the amount of Reserve credit outstanding,
have been further reduced, falling from $2,387,173,000 May 3 to $2,293,505,000 May 10. The volume
of Federal Reserve notes in circulation has also
been further reduced,standing at $3,349,753,000 this
week in comparison with $3,395,369,000 last week,
but as against this the amount of Federal Reserve
bank notes in circulation, and against which no cash
reserves are required, show a small further addition,
the amount this week being reported at $62,805,000
as against $56,059,000 last week. Gold holdings
have again been added to, and for the present week
are given as $3,442,134,000 as against $3,435,570,000
last week.
With the gold holdings again larger, and with the
amount of Federal Reserve notes outstanding
smaller, and some decrease also in the deposit liabilities, notwithstanding the larger member bank
reserves (the decrease in the deposit liabilities being
due mainly to the reduction during the week in
Government deposits from $144,406,000 to $42,467,000)—with all these favoring circumstances the
ratio of total reserves to deposit and Federal Reserve note liabilities combined records further improvement, being 64.6% as against 63.5% last week.
The amount of United States Government securities
held as part collateral for Federal Reserve notes decreased during the week from $659,400,000 to $633,400,000. Holdings of domestic acceptances for account of foreign central banks have further diminished during the week from $42,189,000 to $41,340,000. Presumably these holdings are now undergoing contraction, inasmuch as the rate of return,
or yield on them, is diminishing.
3213
the record for the wholesale division was somewhat
better than that for the retail lines.
The improvement in the manufacturing division
was scattered among a number of classes. Failures
last month were fewer for manufacturers of clothing; hats, furs and gloves; leather and shoes; iron
and steel; lumber and building; non-ferrous metals,
and stone, clay and glass. There was an increase
in the printing and publishing trade, and for bakers. For the large retail class, the clothing and
furnishing division and retail drug dealers lead in
the heavier record of failures. On the other hand,
dealers in foods, groceries and meats and general
stores show fewer failures; also dealers in dry
goods, and leather lines and shoes. There was also
a reduction for hardware and tools, and in the
jewelry division.
The large failures in April were more numerous
than in any other month this year. In the larger
group are included failures where the liabilities in
each case have been $100,000 or more. There were
117 such defaults last month. The number was not
so large in January, when all insolvencies were very
much more numerous than they were in April. The
total amount involved in April for the 117 large
defaults shown was $26,159,378. Last year in April
there were 161 similar failures, where the total indebtedness was $62,483,222. All failures in the early
part of 1932 were very numerous and for a much
larger amount. Another noteworthy feature of the
April insolvency record this year is the fact that
the smaller failures, where the liabilities were $5,000
and under, were more numerous than in March, and
relatively higher than for each month of the first
quarter of 1933.
ALREADY indicated further above, prospects
for winter wheat apparently assure "a consummation devoutly to be wished," and everybody
should be happy. The May report for this year's
iNSOLVENCIES in the United States during the crop, issued by the Department of Agriculture at
month of April were again very much reduced, Washington, indicates a greatly reduced yield. The
both in number and in the amount of indebtedness May 1 condition, at 66.7% of normal, is 7.3 points
shown. Conditions in respect to insolvencies higher than it was on April 1. This is a considerchanged very materially with the March report, and able advance for a month, when the crop does little
have continued along the same line since. For the more than settle itself for later growth, after the
past two or three years, failures had been very close of the winter. The Department now indicates
high in number, and liabilities heavy. April de- a production this year of 334,485,000 bushels. Last
faults, according to the records of Dun & Bradstreet, year the final yield of winter wheat was 462,151,000
Inc., were 1,921 compared with 1,948 in March and bushels, the lowest for any year since the crop har2,816 in April 1932. In like manner liabilities in vested in 1925.
April amounted to $51,097,284 against $101,068,693
The area planted to winter wheat last fall of
a year ago.
39,902,000 acres was slightly higher than that
In the comparison with April of last year, there planted in the fall of 1931, for the crop harvest last
are large reductions in the record of insolvencies year, but with that exception was considerably
for each of the different classifications into which below that for any year back to the planting in
the statement is separated. Relatively much the the fall of 1925. The area abandoned during the
best showing appears for the group embracing manu- past winter is now indicated by the Government at
facturing concerns. There were 422 such defaults 12,889,000 acres. This was 32.2% of the area sown
last month, involving $18,736,800 of indebtedness; last fall, the highest percentage of abandonment on
also, 1,352 trading failures for $25,954,034, and 147 record. For the crop harvested last year the area
of the third division, chiefly agents and brokers, of abandonment was 13.7%, which was one point
owing $6,406,550. In April 1932, 641 manufacturing lower than the 10-year average abandonment due to
defaults were recorded for $43,138,172 of liabilities; winter killing. The loss on last year's crop was
2,606 trading failures owing $41,736,272, and 169 6,405,000 acres. For the crop harvested in 1928,
other commercial for $16,194,239. A comparison there was a decline in area through winter killing
with the March insolvency return shows that the of 11,986,000 acres, and in 1917, 12,881;000 acres.
improvement for April was mainly in the manufac- The area remaining for harvest this year is now
turing group. For April this year the trading class placed by the Department at 27,000,000 acres. The
is separated as to wholesale and retail lines, and harvest last year was 33,656,000 acres, the latter the
./V
3214
Financial Chronicle
lowest for any year back to 1925. It is to be noted
that on May 1 a year ago the estimate of area remaining for harvest for that year was 32,277,000
acres, which was 1,379,000 acres below the actual
harvest.
The Department reports that since April 1 prospective production has increased in nearly all sections except the Pacific Northwest. Conditions are
below the average in all the leading winter wheat
States, and is notably low in the Great Plains area
and Pacific Northwest. Seeding of spring wheat
is considerably later than usual this year, especially
in the late sections of Montana, Idaho and North
Dakota. The May report on rye shows the condition to be below preceding; for May 1 this year
it is given at 75.6% of normal against 83.2% a
year ago.
HE New York stock market this week entered
upon a new stage of buoyancy. It was reactionary on Saturday, Monday and Tuesday, and during these days some portions of the gains of last
week were lost. But on Wednesday the market resumed its upward course, due,in the main,to reports
of increasing activity in trade, the "Iron Age" reporting a further increase in steel production, the
steel mills of the country now being reported as
engaged to 31% of capacity against 29% last week,
25% the previous week, and 15% at the beginning of
April. At the same time the United States Steel
Corp. showed a slight increase in the unfilled orders
of the subsidiary companies at the end of April for
the first time in a period of six months. This was
followed on Thursday by a sensational and spectacular rise based in the main on the poor winter
wheat crop report issued by the Department of
Agriculture at Washington after the close of business on Wednesday. The Department stated that
the indications pointed to a winter wheat crop of
only 337,485,000 bushels, differing very slightly
from the estimate a month earlier of 334,087,000
bushels, and leaving the crop the smallest in any
year since 1904. A notable rise in wheat prices on
Thursday, the July option for wheat touching
751/
4c. the day before, and cotton,
2c., as against 711/
rubber and several other commodities also soaring
upward. The stock market naturally responded
with a sensational advance of its own, a further
stimulus being furnished by the passage by both
Houses of Congress of the Farm Relief Bill with its
provision for several different kinds of inflation.
A very pronounced state of exuberance developed all
around. The fact that the Union Pacific RR. declared a quarterly dividend of $1.50 a share, the same
as before, served as a further stimulus to the upward
movement. United States Steel Corp. crossed 50,
touching 501/
4, and the whole market spurted up
with great rapidity.
The bond market has been strong all through the
week, even when stocks displayed a reactionary
tendency, and on Thursday rose further in much the
same way as the stock market, the low-priced issues
moving up with great rapidity. A further stimulating agency on Thursday was the fact that the
foreign exchanges once more turned against the
United States, the further depreciation of the dollar
being considered as a favorable influence as indicating that the process of inflation was doing its
work. Dealings on Thursday on the Stock Exchange
exceeded 6,000,000 shares, and the Stock Exchange
T
May 13 1933
tickers at one time were 13 minutes behind the dealings on the floor of the Exchange. Yesterday, after
early hesitancy, buoyancy was again in evidence,
with the transactions reaching 4,556,710 shares, and
moderate further advances occurred. The price of
wheat shows no great advance for the week, the
wheat market having suffered a downward reaction
in the early part of the week, when the stock market
showed a reactionary tendency, and the reaction in
stocks was in part due to the downward course of
wheat. The July option for wheat closed yester/
8c. the close on Friday of
day at 75c. as against 747
last week. The September option for corn went
above 50c. yesterday, as against 27c.at the beginning
of March. The price of cotton also moved lower on
Monday and Tuesday, but then advanced in the same
sensational way as wheat. Spot cotton here in New
York was marked up from 8.55c. to 8.60c. on Saturday, and then declined to 8.40c. on Monday, and to •
8.35c. on Tuesday, but then spurted up to 8.65c. on
Wednesday and to 8.95c. on Thursday, with the
quotation yesterday also at 8.95c. The cotton textile trades displayed great strength. The American
Woolen Co., according to reports in trade circles,
has orders booked solidly ahead for five months.
Crude rubber sold yesterday at 5.08c. against 4.68c.
on Friday of last week. Silver prices moved somewhat lower this week, and the London quotation
yesterday was 19 pence per ounce as against 191/
8
pence on Friday of last week. Corporate dividend
reductions and omissions were less numerous this
week. The Pan American Petroleum & Transport
Co. omitted the quarterly dividend on common stock,
and the Timken Roller Bearing Co.reduced the quarterly dividend on common from 25i/2c. a share to
15c. a share. The Alabama Great Southern RR.
omitted the semi-annual dividend on the 6% cumul.
and partic. pref. stock. Of the stocks on the New
York Stock Exchange,546 touched new high figures
for the year the present week, while only 7 stocks
recorded new low figures. On the New York Curb
Exchange 220 stocks advanced to new high figures
with only 8 stocks dropping to new low figures. Call
loans on the Stock Exchange have continued unchanged at 1% throughout the week.
Trading, somewhat reduced early in the week,
swelled to large proportions the latter part. On the
New York Stock Exchange the sales at the half-day
session on Saturday last were 2,094,030 shares; on
Monday they were 3,200,250 shares; on Tuesday,
2,229,370 shares; on)Wednesday 3,818,060 shares;
on Thursday 6,163,850 shares, and on Friday,
4,556,710 shares. On the New York Curb Exchange
the sales last Saturday were 235,015 shares; on
Monday 317,085 shares;voniTuesday 255,800 shares;
on Wednesday 335,930:shares; on Thursday 623,720
shares, and on Friday 636,960 shares.
As compared with Friday • of last week further
pretty general gains appear. General Electric closed
yesterday at 20% against 20% on Friday of last
week; North American at 263/ against 25; Standard
Gas & Electric at 15 against 13; Consolidated Gas
5 ex-div. against 52; Pacific Gas
of New York at 544
against 25; Columbia Gas &
Electric
26%
at
&
Electric at 17% against 16%; Electric Power &
Light at 8% against 8; Public Service of New Jersey
at 473 against 4532; International Harvester at 35
3s; J. I. Case Threshing Machine at 62
against 34/
against 613; Sears, Roebuck & Co. at 28% against
253'; Montgomery Ward & Co. at 24 against 22%;
Volume 136
Financial Chronicle
3215
Woolworth at 373' against 3738; Safeway Stores at Copper at 173' against 175%; American Smelting &
2
/
Refining at 29 against 293'; Phelps Dodge at 111
48% against 48; Western Union Telegraph at 423
against 37%; American Tel. & Tel. at 106% against against 1134; Cerro de Pasco Copper at 2034 against
2; American Can at 823 against 82%; Inter- 205%, and Calumet & Hecla at 43/8 against 5.
1023/
4; United
national Tel. & Tel, at 133/i against 125
RICE trends on stock exchanges in the leading
States Industrial Alcohol at 293/
8 against 27/
38;
Shattuck
financial centers of Europe were somewhat
Commercial Solvents at 16% against 169/8;
& Co. at 931 against 93, and Corn Products at irregular this week, in further reflection of the
705% against 703/2.
world-wide unsettlement created by the recent
Allied Chemical & Dye closed yesterday at 973/i action of the United States in dropping the gold
against 933/2 on Friday of last week; Associated Dry standard. The tone was generally firm on the LonGoods at 113 against 103/2; E.I. du Pont de Nemours don Stock Exchange, but wide upward and downat 643/i against 5732; National Cash Register "A" at ward swings were reported on the Paris Bourse and
153/i against 143; International Nickel at 143
the Berlin Boerse. There was less anxiety regardagainst 143'; Timken Roller Bearing at 233' against ing possible abandonment of the gold standard by
225%; Johns-Manville at 30 against 283'; Gillette France and the few additional countries that have
Safety Razor at 135% against 14%; National Dairy adhered to this metallic base, but fluctuations of
Products at 183/b against 183; Texas Gulf Sulphur the paper dollar were watched narrowly for indicaat 26 against 26; American & Foreign Power at 115
% tions of the "competition in currency depreciation"
against 103'; Freeport-Texas at 313
4 against 309/g; which European financial circles fear may follow
United Gas Improvement at 18% against 183/
8; the American action. Anxiety concerning the AmerNational Biscuit at 505% against 503; Coca-Cola at ican steps was undiminished, and keen interest was
843/i against 833
%; Continental Can at 56 against taken in all reports regarding the possible use to
4; Eastman Kodak at 723 against 653/2; Gold which the Washington Government will put the im543
Dust Corp. at 203/ against 21; Standard Brands at mense powers for inflation placed in its hands by
18% against 19; Paramount Publix Corp. ctfs. at Congress. On the other hand, more interest was
% against %; Westinghouse Elec. & Mfg. at 38 displayed in European trade and industrial reports
against 36%; Drug, Inc., at 48 against 44; Colum- than in recent weeks. These were favorable in some
bian Carbon at 543
4 against 483/2; Reynolds Tobacco cases, and they afforded a much-needed stimulus to
class B at 403 against 393; Lorillard at 183
% against the markets. Official figures on unemployment in
185%; Liggett & Myers class B at 833 against 809, Great Britain reflected a decrease of 78,550 during
April to a total of 2,697,634. German Government
and Yellow Truck & Coach at 534 against 534.
The steel shares have been foremost for their up- figures showed an absorption of 196,000 idle in the
ward swing. United States Steel closed yesterday second half of April, the total of jobless in the Reich
at 493' against 483
4 on Friday of last week; United being reduced to 5,333,000. German business circles
States Steel pref. at 84 against 83; Bethlehem Steel were fearful, however, of drastic control by the
at 263 against 253
4,and Vanadium at 183 against Fascist Government. In France the question of the
18. In the auto group, Auburn Auto closed yester- unbalanced national budget again came to the fore,
day at 473á against 47 on Friday of last week; Gen- as the Senate began to debate the measure recently
eral Motors at 249 against 225%; Chrysler at 2034 adopted by the Chamber of Deputies.
The London Stock Exchange was active and
against 185%; Nash Motors at 18 against 1734;
Packard Motors at 434 against 4; Hupp Motors at cheerful in the initial session of the week, despite
4 against 33
4,and Hudson Motor Car at 73/i against the uncertainty regarding the situation in the
75%. In the rubber group, Goodyear Tire & Rubber United States. British funds eased a little, but inclosed yesterday at 31'% against 315% on Friday of dustrial stocks moved forward and home rail issues
last week; B. F. Goodrich at 123' against 123
4, also did well. International securities were quiet
and United States Rubber at 93/i against 934.
and mostly unchanged. Firmness again characterThe railroad shares have at times developed ized the dealings on Tuesday, but activity diminstrength, though the price advances have been ished. British funds were soft at the opening, but
irregular. Pennsylvania RR. closed yesterday at recovered later. Industrial stocks resumed their
24% against 24 on Friday of last week; Atchison advance, while international issues remained dull
Topeka & Santa Fe at 609 against 58; Atlantic Coast on indifferent overnight reports from New York.
Line at 383/2 against 34; Chicago Rock Island & Dealings Wednesday were much the same as on prePacific at 8 against 8; New York Central at 287
% vious days. British funds improved slightly after
8; Baltimore & Ohio at 155% against 15; successful flotation of an Indian Government loan
against 273/
New Haven at 193 against 195%; Union Pacific at in the London market. The industrial group of
87 against 823'; Missouri Pacific at 33/ against 33s; stocks held most interest for traders and investors,
Southern Pacific at 233 against 225%; Missouri- and prices continued their rise. International
Kansas-Texas at 113/ against 113'; Southern Ry. issues did better on improved advices from New
at 15 against 143,; Chesapeake & Ohio at 353 against York. Trading on Thursday was marked by a fur4 against 193/2, and ther advance of prices in the industrial section, and
3438; Northern Pacific at 223
there was also a good tone in the international group
Great Northern at 185% against 17.
The oil shares have again lagged at times on account of securities. British funds were dull. The London
of the demoralized state of the oil trade. Standard market was unsettled yesterday by increasing inter5
national complications. British funds dropped
Oil of N. J. closed yesterday at 355% against 34%
1
%
while German bonds dipped sharply. Inslightly,
on Friday of last week; Standard Oil of Calif. at 31
were irregular.
dustrial
stocks
against
4
against 30; Atlantic Refining at 203
193;
Paris Bourse followed an uncertain
the
on
Prices
Corp.
at
against
the
In
175%.
copper
173
4
and Texas
session of the week, but net
trend
first
the
in
closed
yesterday
133
at
Anaconda
Copper
group
were
close
small and there were about
the
at
changes
week;
last
of
Friday
on
4
123
against
Kennecott
P
3216
Financial Chronicle
as many gains as losses. Rumors of an impending
Ministerial crisis caused some selling, but this was
absorbed rather well. The trend Tuesday was
downward, the selling of stocks being attributed on
this occasion to indications by President Roosevelt
that there will be no uncontrolled inflation in the
United States. South African gold mining shares
were firm, but almost all other securities declined.
Wednesday's session was very quiet and 'uninteresting. Prices drifted a little lower, but the changes
were quite unimportant. There was a marked
change for the better on Thursday, however, all sections of the market participating in a general advance. Reports of a favorable trend in the New
York market stimulated the buying in Paris, dispatches said. Prices drifted slowly downward in a
quiet session yesterday.
Uneasiness regarding both the international and
the internal situations caused liquidation at Berlin
in the first trading session of the week, and prices
declined sharply. The recessions in some speculative
stocks ranged as high as 8 and 10 points, and a rally
at the close reduced these recessions only a little.
The trend was reversed Tuesday, so far as equities
were concerned. Stocks advanced almost as rapidly
as they fell in the previous dealings, but the bond
market remained soft and some sizable losses were
recorded in this section. Uncertainty at the start,
Wednesday, was quickly overcome and a further
substantial advance occurred in stocks. Fixed.
interest issues also joined the movement toward
better levels. After a fairly good opening, Thursday, quotations dropped on the Boerse, with mining
stocks affected more than others. Net changes were
not great, however, and bonds hardly declined at all.
The tone yesterday was irregular, with losses more
prominent than gains.
EPRESENTATIVES of 26 central banks gathered at Basle, Monday, to hear the third annual report on the operations of the Bank for International Settlements, as submitted by Gates W.
McGarrah, the retiring President of the institution.
The report is a notable document in a world given
over to an increasing scale to currency experiments.
It expresses a calm and much needed faith in the
gold standard and urges a "general restoration of
a reform gold standard without delay." Although
only a few nations now remain on the gold standard,
all the banking experts gathered at Basle approved
the report and it was promptly adopted. Earlier
the same day the directors of the B. I. S. ratified
their previous decision to appoint Mr. McGarrah as
Honorary President of the bank, and elect Leon
Fraser, also of the United States, as President.
Alberto Beneduce of Italy, and Dr. L. J. A. Trip of
Holland were re-elected Vice-Presidents. The only
other change of note was the loss of membership in
the bank by Sweden, owing to abandonment of the
gold standard by that country. Some qualms regarding the election of an American as President
were caused, dispatches said, by the recent developments in the United States, but the directors found
a way out of this problem by deciding that the
American abandonment of the gold standard is a
temporary measure.
The Annual report of the B.I. S. was awaited with
unusual interest, owing to the many sensational
monetary developments of the last year. Much of
the report was devoted to the extraordinary increase
R
May 13 1933
in world gold production, but the more significant
passages related to the monetary use of that metal.
"More and more," the report states, "monetary experience has demonstrated that the true use of gold
in the modern world is to serve as a medium of international payment when the exchanges or international balances are adverse. If the international
gold standard is to be reconstituted, as it must be,
practice should take account of this lesson, and the
central banks should combat any conception that
gold is properly employable as a store of wealth or
that its primary object is to assure internal convertibility of notes co that all who will may hoard
gold coin on demand, to the detriment of the public
good and of the general economic welfare. A more
general employment of the gold bullion standard
would appear to be desirable."
The pressing economic problems of the world were
considered in the report from much the same sound
viewpoint. The world is at a crossroads, it was
remarked, and it must soon choose "whether the
future is to take shape along the lines of closed
national economies, with reduced standards of living, or revert to economic sense and the monetary
internationalism to which we, in fact, were naturally and healthfully tending in the days before the
World War." If the former alternative is chosen,
the report added, then the successful operation of
the international monetary mechanism is deprived
of its very foundation. "It has not infrequently
happened," the nations were warned,"that measures
which seemed from a national point of view to be
appropriate—for instance, the imposing of higher
tariffs to improve the trade balance and thereby
protect the currency—have proved harmful from the
general viewpoint and, by their cumulative effects,
have served to accentuate the depression." With
this factor in view, the hope was expressed that the
various nations will find it possible at the forthcoming World Monetary and Economic Conference
to revise their previous lines of policy and to frame
their economic and monetary plans in common.
"The great desideratum in the monetary field," it
was noted, "is a general restoration of a reformed
gold standard without delay." As on former occasions, the warning was expressed that little or no
progress can be counted upon in the monetary sphere
so long as governments fail to deal effectively with
the great problems now confronting them. "Unregulated anarchy" and "short-sighted individualism"
were condemned in the document as fatal to the
satisfactory working of the gold standard.
Although the B. I. S. has sustained severe shocks
in the last 12 months, the dividend rate of 6% was
retained and substantial sums were added to the
reserves. Net profits for the year were reported at
14,064,488 Swiss francs, as compared with 15,182,818
for the preceding year. Aggregate resources have
declined to 941,000,000 Swiss francs ($181,613,000),
as against 1,126,000,000 Swiss francs a year ago.
It was noted in dispatches, moreover, that the decline has been precipitous since the first annual
meeting, when resources were close to $400,000,000.
Suspension of reparations payments by Germany
has, of course, deprived the institution of its chief
reason for existence, as the bank was organized for
the primary purpose of handling reparations under
the Young plan. It was designed also to foster the
international working of the gold standard and to
promote currency stability, and the abandonment
Volume 136
Financial Chronicle
of the gold standard by most of the countries of the
world necessarily has occasioned serious difficulties for the institution. The cause of monetary internationalism nevertheless is bravely championed
in the annual report, and an excellent object lesson
thus supplied to a world that unquestionably stands
in need of it.
3217
Modification of the British attitude occurred
with unexpected suddenness on Monday, however,
after a discussion between Mr. Davis and Walter
Runciman, President of the Board of Trade. A set
of alternative proposals toward the same general
end was examined, and one was selected which Mr.
Runciman appeared to consider acceptable. "The
formula was deliberately made so elastic that it will
ROBLEMS and proposals that were discussed at not frighten the protectionists in the British CabiWashington in the initial international con- net," a dispatch to the New York "Times" said. "It
versations several Weeks ago have been aired rather is a mere recommendation of the most general kind
widely in European capitals in recent days, and the that the nations represented in the World Economic
disclosures are giving a better indication of the trend Conference refrain from imposing new obstacles to
of the conversations than was afforded by the bland international trade while the conference is in sesspeeches and hopeful official pronouncements made sion. It will not be binding until the Conference has
here. An intense effort has been made in London approved it, and naturally it cannot take effect until
this week for an agreement among the leading na- the conference has met. There is no prospect, howtions of the world on a tariff truce, to last until the ever, that the British Government will abandon the
end of the forthcoming World Monetary and Eco- economic nationalism that is so strongly in the
nomic Conference. The London Government was ascendant here. On the contrary, the Government
rather less than lukewarm at first, but experienced is working at an accelerated pace to extend its sysa change of heart Tuesday, and British and Amer- tem of bilateral treaties with their new barriers to
ican representatives thereafter engaged in the not the lowering of tariffs and their new discriminatory
very easy task of persuading other countries to adopt quotas and have them completed before the conferthe tariff truce idea. A plan for a tariff truce finally ence opens." After consultation with Wa.shington,
was adopted yesterday. In Paris the question of the Mr. Davis indicated that the revised formula was
war debts was debated eagerly after the return of acceptable to the United States Government, and the
X. Edouard Herriot from his Washington mission. hope was expressed at London that it would prove
The reports from Paris and Washington on this satisfactory also to France, Germany, Italy, Japan,
point differed widely, but in the end it appeared Belgium and Norway. These countries, together
that no appreciable progress had been made toward with Great Britain and the United States, are repreadjustment of this troublesome question, and there sented on the Organizing Committee of the World
was obvious disappointment in France regarding the Monetary and Economic Conference. Tsuneo Matuncertain and unsatisfactory position. There was sudaira, the Japanese Ambassador to London, inalso some conflict in the reports from Washington formed Mr. Davis on Tuesday that the Tokio Govand from Europe regarding the measure of consulta- ernment favored the tariff truce proposal, and Beltion on security to which the United States Govern- gian acceptance also was announced.
The question of a tariff truce was discussed
ment agreed tentatively. Altogether, the impression gained from these exchanges is not such as to guardedly in the House of Commons, Tuesday, by
increase any optimism that may prevail regarding Prime Minister MacDonald, and other intimations
the success of the World Monetary and Economic regarding the Washington conversations and their
Conference. It was chiefly to lay the foundations sequelae also were given. There is, he said, every
for that parley that the Washington talks were prospect of an agreement between Great Britain and
the United States as to the advisability of an immestarted.
Long conversations were held in London over the diate tariff truce. The essential positions of both
last week-end between Norman H. Davis, American Governments would be protected in this arrangeAmbassador-at-large in E urope, and Prime Minister ment, which the Prime Minister described as an
Ramsay MacDonald, with the admitted aim of ob- "avoidance of the adoption of new initiatives which
taining British acceptance of the tariff truce pro- might increase the many varieties of difficulties now
posal. These efforts were fruitless at first, and arresting international commerce." The need for
Mr. Davis prepared late last Saturday to go to removing tariff and other barriers "which are unGeneva for the meetings of the General Disarma- necessary for a nation as protection in international
ment Conference. He remained in London, however, trade" was recognized by both Governments, Mr.
and again tried to obtain a modification of the Brit- MacDonald declared.
Although he was closely questioned by the Memish position to the effect that "safeguards" would
required
before
bers
of Parliament regarding the war debts phase
London
could
accept
the
truce.
be
continued
Washington conversations, Mr. MacDonald
Davis
to
meet
"polite
of
the
evasions"
last
Mr.
Sunday, a dispatch to the New York "Times" said. stated that he could add nothing to what he had
The British Government, according to this report, already said on this subject. He declared emphatiwas awaiting some assurance of a moratorium on cally, however, that there was complete union of
war debts before committing itself to the proposed opinion that the World Economic Conference could
tariff truce. "Although Prime Minister MacDonald not be fully successful unless the debt difficulty had
deprecated haggling when he was in Washington, been removed before it ended. "A final settlement
his Government apparently is quite willing to use will take a little time," the Prime Minister conthe debts as a bargaining weapon," the report added. tinued. "I don't mean a longish time, but I mean
"The British want the war debts brought back to literally that it is going to take just a little time.
the center of the economic stage and seem prepared There are so many issues involved, so many awkto block President Roosevelt's international plans ward relationships to be dealt with in a complete
and satisfactory settlement. It was never contem.
until that is accomplished," it was reported.
3218
Financial Chronicle
plated that the war debts should come before the
Conference. I am not sure that the full list is in
yet, but at that Conference there may be 60 nations
represented. Could any more impossible body have
the question of European war debts placed before it
for the purpose of settlement? No one ever suggested that. Debt negotiations will have to go on
concurrently and on parallel lines. They have got
to be dealt with by another body of men. I only
throw this out as what I hope is a very commonsense
reflection, not as an announcement." The Prime
Minister continued and carefully elaborated his
thought that those who attend the London Economic
Conference will have at least some leisure for discussion of all war debt settlement possibilities. He
added the comment, however, that "June 15 is to
be an awkward hurdle."
The general policy of the British Government at
the World Economic Conference will be to effect
an increase of world commodity prices, Mr. MacDonald stated in his address before the House of
Commons. Stabilization of currency also must be
attempted by agreement, be added. He spoke of
"extraordinary stories" that the British and French
had launched an offensive against the dollar after
the United States abandoned the gold standard.
"So long as there is instability in international relationships that sort of thing is bound to go on and the
effect on political relations threatens to be disastrous indeed," Mr. MacDonald added. "Therefore,
one of the purposes of the Conference—announced
before the United States went off gold—was that
this item should be included in the agenda. The
dangers will remain until somehow or other an
agreement i reached regarding the stabilization of
the international relations of the currencies of the
great trading nations."
Exceptionally significant was an announcement
by Prime Minister MacDonald in the same speech,
to the effect that the United States is ready to enter
consultative pact agreements regarding European
peace. "The United States Government," he remarked,"is prepared to play a further part in tranquillizing Europe by agreeing, if the Disarmament
Conference comes to anything like a satisfactory
issue, to take its part in consultative pacts, the
effect of which will be to increase the security of
Europe and the safety of threatened nations against
war. This is a very considerable advance. Secretary of State Stimson began it in that courageous
statement he made before he went out of office regarding the need to re-define neutrality, and the
present Government has expressed its intention of
going further in making its obligations quite definite
and authoritative. An announcement will be made
in Washington in due time, when the matter is further considered and its details dealt with." In
Washington dispatches it was explained that any
American consultation in the event of threats of
war will not be by specific agreement on a general
consultative pact. When a general disarmament
treaty is signed at Geneva, a report to the New
York "Times" stated, it is planned that President
Roosevelt will send a note to the signatory nations.
This note will set forth that the United States will
be pleased to consult with all the signatories on such
occasions as they declare that a treaty violation
exists. The consultation, however, would be carried
on by this country not as a signer of the preamble
calling for such action, but as an individual nation
May 13 1933
desiring to co-operate, much as has been done on
previous occasions when the League of Nations has
made a decision.
The tariff truce proposal was advanced rapidly
after Great Britain and the United States reached
agreement on its outlines, and a meeting of the
organizing committee of the World Monetary and
Economic Conference was called for Thursday in
order to complete the tentative arrangements. That
meeting had to be postponed, however, as new difficulties were encountered. The German Ambassador
to London, Dr. Leopold von Hoesch, informed the
British and Americans in London that the German
Cabinet had considered the proposal, but had failed
to reach an agreement. He pointed out that it had
taken the British and Americans nearly two weeks
to reach an agreement on the matter, and that it
would be unfair to expect the German Government
to decide on the proposal in one day. Some delay
also was indicated from Paris, as no reply had been
received from the French capital in time for the
meeting of the organizing committee.
Difficulties encountered in the attempt to arrange
a temporary tariff truce finally were adjusted
yesterday, and a meeting of the organizing committee of the World Monetary and Economic Conference hastily was called. After a three-hour session
it was announced in London that the eight nations
represented on the committee had agreed unanimously to the truce, with some minor reservations.
Sir John Simon of Great Britain, as Chairman of
the Conimittee, was instructed to invite all other
nations to adhere to the truce. Owing to the prevailing impression that the World Economic Conference will continue perhaps until the end of this
year, a clause was inserted in the truce arrangement permitting withdrawal of any nation from the
tariff truce after July 31, on advance notification
of one month.
While these matters were under consideration in
London, all aspects of the war debts problem as it
affects the French Government were debated in
Paris. M. Herriot reached France on May 6 and
reported immediately to Premier Edouard Daladier
on the results of his Washington conversations with
President Roosevelt. M. Herriot emphasized in a
public statement that he was not in a position to
make any decisions at Washington, and that it
will be for the French Government to take any steps
deemed desirable along this line. His own mission
was that of giving and obtaining information, and
he expressed the belief that his trip was completely
successful on this basis. Cabinet meetings were
held over the last week-end to consider M. Herriot's
report, but it was reported from Paris that the Ministers appeared to be pessimistic on the whole matter. Although it has been stated again and again at
Washington that no formal or tentative offer of a
war debts adjustment had been made in the conversations at the capital, it was rumored and very generally believed in Paris early this week that a suggestion for a final lump-sum payment by France of
between 16,000,000,000 and 20,000,000,000 francs
had been transmitted to Paris from the Roosevelt
Administration. Such reports again were discredited at Washington.
The debts question remained uppermost in the
Cabinet discussions at Paris, however, and it was
said that intense consideration was given a recommendation by M. Herriot that France effect the
Volume. 136
Financial Chronicle
3219
avoiding the use of credit for illegitimate speculative
purposes.
The conversations between President Roosevelt
and the Argentine representative, Senor Tomas Le
Breton, had been started May 1, and they were concluded last Saturday. A joint statement indicated
that the American and Argentine officials engaged
in the fullest possible exchange of views and ideas
regarding the tasks that confront all countries at
the World Economic Conference. "They were inspired by the wish to examine all possible phases of
economic and monetary policy which by international action might restore employment, improve
prices and the turnover of trade and aid in the solution of financial and monetary difficulties," it was
remarked. "The exchange of views was to prepare
the way to action between all countries, and not to
at the moment to definite agreements." Ways
lead
Washington,
at
conversations
I NTERNATIONAL
instituted nearly three weeks ago to insure the and means of bringing about an increased movement
success of the World Monetary and Economic Con- of trade between the two countries also were surference at London, were concluded late last week veyed, the statement said. "We have entered into
with the representatives of the Italian and Argen- related questions of trade policy in which the two
tine Governments, and carried on all this week with Governments have an important and immediate conGerman, Chinese and Mexican delegates. The out- cern," it was added. As a result of the conversalines for all the talks clearly were established in tions the impression prevailed in Washington, acthe initial discussions with Prime Minister Ramsay cording to dispatches from the capital, that there
MacDonald of Great Britain and M. Edouard Her- is a good prospect for an early trade agreement
riot of France, and announcements regarding the between the United States and Argentina.
Dr. Hjalmar Schacht, President of the Reichsfurther talks between President Roosevelt and the
foreign representatives have disclosed nothing start- bank, arrived in Washington May 5, as the special
ling. In view of the discussions at London concern- representative of the German Government, and he
ing a tariff truce, it is noteworthy that President began discussions with President Roosevelt last
Roosevelt intends to request Congressional au- Saturday. The able German banking executive
thority to "bargain" with other countries on tariff made it clear on his arrival in this country that his
matters. That a request for such powers will be purpose was to discuss economic and not political
laid before Congress has been reported in many dis- matters. He was reported Thursday to have agreed
patches from the capital and never denied. It is with the general aim of a tariff truce, but to have
also stated in Washington reports that Mr. Roose- advanced the view that Berlin should retain the
velt intends to seek similar authority to negotiate right to raise German tariffs up to 15% to meet
provisional agreements on the war debts, such further depreciation of the dollar or other currenauthority to be granted only for the period of the cies. Dr. Schacht intimated yesterday, at the conWorld Monetary and Economic Conference. Any clusion of the German-American conversations in
provisional settlement made, moreover, is to be re- Washington, that his Government is prepared to
ferred back to Congress for approval, if this plan accept the tariff truce, with minor reservations.
A joint statement was issued by President Roosegains Congressional assent, it is reported.
The conferences between President Roosevelt and velt and Dr. Schacht in which the necessity of
the Italian Finance Minister, Guido Jung,were com- speedy elimination of obstacles to international
pleted last Saturday, and it was indicated that the trade and the creation of stable conditions in the
four days of discussion resulted in a complete agree- monetary field were emphasized. "Quick and farment on essential international action for raising reaching solutions are necessary to save the ecoworld commodity prices in the hope that the depres- nomic life of the world," the statement said. "We
sion could be terminated by that means. A joint are convinced that this aim cannot be achieved
statement was issued, in which "profound satisfac- unless along with economic disarmament there is
tion" was expressed at the close similarity of the military disarmament." It was stated further that
official Italian and American views on the many efforts must be made to help the unemployed by
difficult international problems. The need for internal credit expansion and by a synchronized
avoiding economic warfare was emphasized. "We international program for the mobilization of public
agree," the statement said, "that political tranquil- and private credit for productive purposes. "Interlity is essential for economic stability; that eco- national co-operation is needed above all else to
nomic disarmament can take place only in a world restore economic life and to insure peace," the joint
in which military disarmament is possible." The pronouncement continued. "We fully agree in our
statement called for a truce on tariffs and other firm resolve to help the world situation by attackobstacles to international trade, re-establishment of ing present problems vigorously along these lines."
Dr. T. V. Soong, Finance Minister of the Nanking
the gold standard throughout the world as a basis
for exchange values, a synchronized international Nationalist Government of China, arrived in Washprogram of public works for relief of the unem- ington last Sunday, and discussions between Presiployed, and concerted action by the central banks dent Roosevelt and the Chinese delegate were started
of the world for such an expansion of credit as may the following day. The conversations were probe necessary to support constructive work, while gressing very satisfactorily, late reports from the
overdue payment of $19,250,000. M. Herriot was
said to believe that this payment, if made, could
eventually be deducted from any lump-sum settlement, while adjustment of the default would ease
the proposed negotiations for a review of the debt
settlements markedly. In a Paris dispatch to the
New .York "Times" it was reported yesterday that
the French Government had decided to ask the
Chamber of Deputies for authority to pay the overdue December instalment on the debt, provided the
United States in turn would agree to a debt moratorium during the World Monetary and Economic
Conference. A Washington report to the same journal indicated that President Roosevelt already is
contemplating a general moratorium on the war
debts during the period of the conference.
3220
Financial Chronicle
capital indicated. The question of silver, in which
China has a special interest, was prominent in the
talks. Alberto J. Pani, Finance Minister of Mexico,
was received by President Roosevelt on Thursday,
and the conversations in this case also are expected
to center around proposals for improving the international status of silver. Paul van Zeeland, Governor of the Bank of Belgium, engaged in preliminary discussions Thursday with Professor Raymond
C. Moley, Assistant Secretary of State. The next
foreign mission to arrive in Washington will be the
Brazilion delegation, headed by F.J. de Assis Brasil,
who is expected to arrive in the capital next Tuesday
or Wednesday. A Japanese delegation is also en
route to the United States.
ELEGATES to the General Disarmament Conference at Geneva have labored for the last 10
days to overcome another of the periodical "crises"
which have threatened the existence of this remarkably unsuccessful gathering on frequent occasions
since it was started Feb. 2 1932. The British plan
of disarmament, to which the United States gave
support after the conclusion of Prime Minister
MacDonald's visit to Washington, is under consideration at Geneva. Ten days ago the question of
standardizing European armies on a short-term conscript basis was reached, and German objections
to the British plan virtually brought the proceedings
to a halt. The Reich Government preferred to retain the professional army which it now has as a
result of a 12-year enlistment period. Difficulties
also have been encountered in the classification
of the Fascist "storm troop" detachments of Germany, this point being made especially difficult for
the German delegates by •an Italian agreement,
Wednesday, to count 42,000 Blackshirts of that
country as part of the regular army. The German
delegatets opposed this method of computation,
and in the last two days there has been much
talk in Europe of a possible total collapse of the
conference.
Outside the conference, meanwhile, German of
are indulging in pronouncements which are
perhaps natural expressions of their present exaggerated nationalism, but which contain the seeds
of much additional trouble at the center of internationalism in Geneva. War Minister Werner von
Blomberg declared in Berlin, Monday,that the time
for Allied dictation to Germany on armaments matters definitely is past. Writing on the same subject,
Foreign Minister Konstantin von Neurath pointed
out, Thursday, that Germany intends to rearm to a
degree no matter what the General Disarmament
Conference may decide. This situation naturally is
causing profound apprehension in Paris, and alarm
in London and Washington. Norman H. Davis,
special representative of President Roosevelt in
Europe, conferred at length in London, Tuesday,
with Dr. Alfred Rosenberg, sliecial adviser of Chancellor Hitler on foreign affairs, and is said in dispatches to have informed the German emissary that
the United States will never consent to any form of
re-armament by any nation. The German attitude
on this and other matters also is provoking much resentment in Parliamentary circles in London. The
presence of Dr. Rosenberg in London brought many
adverse expressions in the course of a debate in the
House of Commons, Thursday. Viscount Hailsham,
the British Minister for War, expressed the personal
D
may
13 1933
view that any further German withdrawal from the
General Disarmament Conference might make that
country liable to the application of "sanctions" under the Versailles Treaty. The British Government
desired disarmament, he said, but could not agree
that equality status meant "letting Germany go half
way up the stairs and the other nations coming half
'way down and meeting on the landing."
HANCELLOR ADOLF HITLER and his Fascist
followers in Germany are carrying to remarkable lengths their endeavors to suppress all political
opposition and thus assure their own supremacy in
the affairs of the nation. An order was issued by
the authorities in Berlin, Wednesday, for the confiscation of all the property of the German Socialist
party and the Republican Reichsbanner organization, and the ordinary political activities of the German labor groups were thus brought to an end. The
newspaper and publishing plants of these factions
were specifically included in the order of confiscation, which was issued on the eve of a meeting of
the German Labor Congress. The seizure of property was carried out on the ostensible ground that
the trade unions and the labor banks had betrayed
their trusts by making loans to the Social Democratic party and the Reichsbanner organization during the many election campaigns of last year. Dissolution of the Socialist groups now is considered
inevitable, dispatches indicate, and some of the
party executives already have relinquished their
offices because no further possibility of political
activity is believed to exist. Indicative was a speech
by the Chancellor, the same day, in which he announced that conflicts between capital and labor
would be eliminated by placing both under the rigid
control of the Fascist State. There were signs early
this week, moreover, that the Nazis will soon feel
themselves strong enough to cut loose entirely from
their Nationalist party associates, who are led by
Dr. Alfred Hugenberg. Disregarding the agreement
whereby Dr. Hugenberg was given absolute control
of the economic and agricultural Ministries of the
Reich Government and the Prussian State, intimations appeared that a prominent Nazi leader would
be appointed to the Prussian agricultural post. Dr.
Hugenberg promptly threatened to resign and withdraw his support.
The Nazi leaders, who boast of their support by
the younger people of the Reich, engaged on Wednesday in the appropriately childish activity of consigning to the flames all books written in an "unGerman spirit." Volumes written by about 160 internationally known authors, living and dead, were
taken from bookshelves in the 30 German university
towns by Nazi students and carted off to huge fires
in the public squares. The works of such American
writers as Helen Keller, Jack London and Upton
Sinclair were included in this "burning of the
books," along with the volumes of many German
pacifists and Socialists. This action, called the
"dawn of the German spirit," evoked enthusiasm
only among the Nazi officials and the Nazi students,
notwithstanding great efforts by the authorities.
The Berlin correspondent of the New York "Times"
remarked that the ceremony in that city "savored
strongly of the childish." In Munich the book-burning was apparently regarded as symbolical, only 100
volumes being burned. In Cologne and Heidelberg
and some other towns the ceremonies were post-
C
Financial Chronicle
Volume 136
poned. In their attempt to re-direct German cultural life to their own ends, the Nazi authorities
last Saturday expelled from the Prussian Academy
of Art all outstanding democratic and republican
figures. It was remarked significantly in a dispatch to the New York "Herald Tribune" that the
list of expelled members "reads like a German
Who's Who."
pEACE
in the Chaco area was made more remote
than ever by a formal Paraguayan declaration
of war against Bolivia, announced by President
Eusebio Ayala, Wednesday, under special powers
granted by the Paraguayan Congress in March. The
war that was thus given something of an official
status has been in progress since June 15 1932, when
regular forces of the two nations clashed in disputes
regarding the boundaries in the Chaco Boreal. So
severe has the fighting been that casualties to date
are estimated at 40,000 dead and 60,000 wounded.
The war declaration followed a further fruitless
effort by the leading South American neutral nations to conciliate the conflict. Paraguay obviously
desired, by this move, to prevent the further shipment of war materials into landlocked Bolivia over
Chilean means of transportation. This was implied
in the declaration of war, which, Paraguay said,
"will enable other States, especially our neighbors,
to regulate their relations with the belligerents."
Decrees of neutrality by Chile, Argentina, Brazil
and Peru were awaited anxiously in Ascuncion, the
Paraguayan capital, in the hope that the terms
would result in a virtual arms blockade of Bolivia.
This is the first formal war declared since 1918,
and the event aroused apprehension in Geneva,
where there was a tendency to await action by the
United States. In Washington, however, the Chaco
war was regarded as a League problem. Bolivia
solved the problem of further international efforts
in this conflict by appealing, Thursday, for a special
session of the League Council to consider the declaration of war. The Council was summoned to
meet next Monday, and in the meantime an effort
is being made by the League Secretariat to obtain
advance approval of arbitration by both disputants.
Bolivia was reminded that Paraguay previously had
declared its readiness to arbitrate.
HE Central Bank of Holland on Thursday,
May 11, raised its discount rate 1% to 31/2%.
Present rates at the leading centers are shown in the
following table:
THE Bank of England statement for the week ended
I May 10 shows a loss of £17,978 in gold holdings
but as this was attended by a contraction of £996,000
in circulation, reserves rose £978,000. The Bank
now holds £186,909,248 of bullion in comparison
with £14,484,896 a year ago. Public deposits
increased 0,563,000 and ,pther deposits fell off
£7,071,266. The latter consists of bankers' accounts
which decreased £12,458,227 and other accounts
which rose £5,386,961. The proportion of reserve
to liability is at 52.48%; a week ago it was 50.20%
and a year ago 30.55%. Loans on Government
securities decreased £5,440,000 and those on other
securities £13,015. Other securities include discounts
and advances which fell off 01,147 and securities
which increased £8,132. The discount rate remains
unchanged at 2%. Below we show a comparison of
the various items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
May 10
1933.
Country.
Atierla....
Belgium....
Bulgaria.
Chile-----Colombia__
CieohosloTame__
Gamic__
Danmark_ England...
Estonia-Freleac___
Fran's _ _
Germany.
Greece__
Rag. in
Date
Effect
May12 Raabtithed.
PreNotts
Rapt,
6
344
g%
4%
5
Mar. 23 1933
Jan. 13 1932
May 17 1932
Aug. 23 1932
SePL 19 1932
3%
4
3%
2
634
4
234
a
9
Jan. 25 1933 4%
July 12 1932 5
Oat. 12 1932 4
June 30 1932 234
Jan. 29 1932 644
Jan. 31 1933 7
Oct. 9 1931 2
Sept.21 1932 5
Deo. $ 1933 10
6
244
9%
544
6
Country.
Holland
Hungary-India
Ireland....
nab'
Japan
Lithuania—
Norway__ Poland__
Portugal-Rumania_ _
South Africa
Spain
Sweden
Switsertand
Rale Os
Effect
Date
Mc11,12 IMOltehett.
3% May 11 1933
e% Oct. 17 1932
3% Feb 16 1933
3
June 30 1932
4
Jan. 9 1933
4.38 Aug. 18 1932
7
May 5 1932
4
Sept. 1 1932
6
Oat. 20 1932
6
Mar. 14 1933
6
Apr. 7 1933
4
Feb. 211953
6
Oat. 22 1933
334 Sept. 1 1933
2
Jan. 22 1931
PreSous
Rata.
244
5
4
334
5
5.11
734
434
744
644
7
5
634
4
244
In London open market discounts for short bills
on Friday were Mi@M%,as against/% on Friday of
last week, and 3'@9-16% for three months' bills,
as against 1A@9-16% on Friday of last week. Money
on call in London yesterday was H%. At Paris the
open market rate remains at 2Yi% and in Switzerland at 11/2%.
May 11
1932.
May 13
1931.
May 14
1930.
May 15
1929.
£
£
£
E
£
Circulation_ a
372,511,000 358,313,746 353,127,220 356,454,998 362,810,877
Public deposits
11,375,000 13,718,750 10,323,631 24,547,936 9,290,798
Other deposits
130.369,691 111,209,484 96,164,679 94,767,978 97,149,463
Bankers accounts- 87,196,795 78,029,570 62,198,812 58,310,637 61,070,863
Other accounts... 43,172,896 33,179,914 33,965.867 36.457,341 36,078,600
Govt.securities
62,217.127 72,135,906 35,664,684 52,792,629 37,816,855
Other securities
22,899,326 32,384,427 31,705,449 17.392,938 27,332.956
Disct.ac advances_ 11,613,407 12,096,188 6,362,032 6,403,528 9.586.015
Securities
11.285,919 20,788,239 25,343,417 10,989,410 17,746,941
Reserve notes ar coin 74,398,000 38,171,150 56,876,601 66,892,879 59,050,041
Coin and bullion
186,909,248 121,484,896 150,003.821 163,347.877 161,860.918
Proportion of reserve
to liabilities
52.48%
30.55%
55.47%
56.05%
53.40%
Bank rate
2%
234%
3%
244%
534%
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
note issues adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
HE Bank of France in its statement for the week
ended May 5 reveals another gain in gold
holdings, this time of 41,088,429 francs. Total gold
held stands now at 80,907,107,737 francs, in comparison with 78,339,831,836 francs a year ago and
55,624,662,520 francs two years ago. Credit balances
abroad rose 23,000,000 francs while bills bought
abroad fell off 33,000,000 francs. Notes in circulation show a contraction of 194,000,000 francs, reducing the total of notes outstanding to 84,799,203,815
francs. Circulation last year was 82,382,036,260
francs and the previous year 77,934,475,170 francs.
French commercial bills discounted and creditor
current accounts record decreases of 848,000,000
francs and 582,000,000 francs while advances against
securities increased 56,000,000 francs. A comparison
of the various items for three years appears below:
T
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
3221
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
Gold holdings
Credit bals. abroad.
aFrench commercial
bills discounted_ _
bulls bought abroad
Adv. against Weld's
Note circulation._
Credit current accts.
Propor. of gold on
hand to gVaht Bah
May 5 1933.
May 6 1932.
May 8 1931.
Francs.
Francs.
Francs.
Francs.
+41,088,429 80,907,107,737 78,339,831,836 55,624,662,520
+23,000,000 2,463,031,935 4,594,342,084 6,694,293,888
—848,000,000 2,957,607,678 3,433,207,431 5,436,583,395
--33,000,000 1,373,016,164 6,759,736,535 19,467,741,971
+56,000,000 82,705,810,645 2,842,574,231 2,840,328,863
—194,000,000 84,799,203,815 82,382,036,260 77,934.475,170
—582,000,000 18,938,990,823 27,163,455.703 22,129,017,267
4-0.6201.
77.03%
71.51%
A5 59,,Z.
a Includes bills purchased in France. b Includes bills discounted abroad.
HE Bank of Germany in its statement for the
first quarter of May shows a decline in gold
and bullion of 9,742,000 marks. The Bank's bullion
now stands at 400,799,000 marks as compared with
851,110,000 marks a year ago and 2,369,868,000
marks two years ago. A decrease is shown in reserve
in foreign currency of 112,000 marks in bills of exchange and checks of 69,081,000 marks, in advances
of 105,311,000 marks, in investments of 140,000
marks, in other assets of 54,779,000 marks, in other
daily maturing obligations of 46,096,000 marks and
in other liabilities of 9,678,000 marks. The propor-
T
may
Financial Chronicle
3222
tion of gold and foreign currency to note circulation
at 14.7% compares with 24.7% last year and 62.3%
the previous year. Notes in circulation record a
contraction of 128,443,000 marks, reducing the total
of the item to 3,409,869,000 marks. Total circulation
a year ago was 3,990,865,000 marks and the year
before 4,076,736,000 marks. Silver and other coin
and notes on other German banks register increases
of 50,132,000 marks and 4,876,000 marks, respectively. Below we furnish a comparison of the various
items for three years:
REICHSBANK'S COMPARATIVE STATEMENT.
ChangesforWeek May 6 1933. May 7 1932. May 7 1931.
Reichsmarks. Reichsmarks. Reichsmarks. Reichsmark*.
Assets—
—9,742,000 400,799,000 851,110.000 2,389,868,000
Gold and bullion
No change
89,156,000 207,638,000
18.967,000
Of which depos. abroad
99,395,000 133,254,000 169,281,000
—112,000
Reeve In foreign curr
—69,081,000 3,080,175,000 3,155,716,000 1,707,437,000
Bills of each, and checks
+50,132,000 221,006,000 197,797,000 175,099,000
Silver and other coin
13,758,000
7,998,000
5,823,000
+4,816,000
Notes on other Ger. bks.
71,770,000 110,974,000 146,546.000
—105,311,000
Advances
—140,000 316,797,000 361,561,000 102,669,000
Investments
—54,779,000 353,187,000 817,301,000 461,807,000
Other assets
Liabilities—
—128,443,000 ,409,869,000 3,990,865,000 4,076,736,000
Notes in circulation__
—46,096.000 359,909,000 362,836,000 332,741,000
Other daily matur.obili
—9,678,000 158,208,000 712,409,000 249,657,000
Other liabilities
Propor.of gold & foreign
....... .... nn,t4 rfronl'n
.4-n :407.
147L
24.7%
62.3
23/8% for 91 to 120 days, and 23/2% for bills due in
121 to 180 days. The Federal Reserve banks'
holdings of acceptances have dropped during the week
from $144,152,000 to $112,607,000. Their holdings
of acceptances for foreign correspondents also decreased during the week from $42,189,000 to $41,340,000. Open market rates for acceptances are
as follows:
SPOT DELIVERY.
—180 Days— —150 Days— —120 Dap—
B14. Asked.
Bid. Asked.
Bid. Asked.
1
134
Prime eligible bills
134
1
34
'4
—90 Days—
Days— —30Days—
Bid. Asked.
Bid. Asked.
Bid. Asked
Prime eligible bills
Si
34
Si
Si
fi34
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
1Si% bid
Eligible non-member banks
134% bid
—60
have been no changes this week in the
THERE
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Realm Bank.
O NEW factors of any importance were introduced into the New York money market this
week, and rates, accordingly, were unchanged in
almost all departments. Some time money hardened
a bit, but the volume of business transacted in this
section of the market was very small. Call loans on
the New York Stock Exchange were 1% for all dealings, whether renewals or new loans. In the unofficial outside market some loans were reported
31%from Monday to
effected every day at a rate of /
Thursday, with one or two transactions indicated
An issue of $75,000,000 in 91yesterday at
day Treasury discount bills was awarded Monday
at an average discount of 0.48%. Brokers' loans
against stock and bond collateral, as reported for the
week to Wednesday night by the Federal Reserve
Bank of New York, increased $52,000,000, obviously
as a result of the renewed speculative interest in
securities.
N
call loan
rates on the
EALING in detail with
D
Stock Exchange from day to day, 1% has
been the ruling quotation all through the week for
both new loans and renewals. The market for time
money shows slight improvement this week, there
having been several transactions in 60- and 90-day
maturities at 1%. Rates are nominal at %@1%
for 30- to 60-day periods, 1@13'I% for three and four
months and 1@,13/2% for five and six months. The
demand for commercial paper has been brisk, and
while the supply of paper is somewhat better, there
is still an insufficient amount to meet requirements.
%®2% for extra choice names running
Rates are 13
from 4 to 6 months and 23i.@2M% for names less
known.
HE market for prime bankers' acceptances has
shown no change this week. There has been
comparatively little demand and while there has
been an occasional transaction for the very highest
type of offering, most of the call has originated in
the Middle West. Rates are unchanged. The quotations of the American Acceptance Council for bills
up to and including three-months' bills are %% bid
and IA% asked; for four months, %% bid andEX%
asked; for five and six months, 13/8% bid and 1%
asked. The bill buying rate of the New York Reserve Bank is 2% for bills running from 1 to 90 days;
T
13 1933
Boston.
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
May 12
Date
Established.
Previous
Rate.
3
334
334
334
334
334
334
336
3,34
11)4
334
Oct. 17 1931
Apr. 7 1933
Oct. 22 1931
Oct. 24 1931
Jan. 25 1932
Nov. 14 1931
Mar. 4 1933
Oct. 22 1931
Sept. 12 1930
Oct. 23 1931
Jan. 28 1932
Oct. 21 1931
234
334
3
3
4
2si
234
4
3
4
2)4
exchange is exceptionally firm in all
STERLING
markets. On Saturday last cable transfers
York at 4.043/
2,
the highest price to
opened in New
be recorded at any time since the days immediately
following suspension of gold payments by Great
Britain in September 1931. The range this week
has been between 3.909' and 4.04% for bankers'
sight bills, compared with a range of between 3.833/
and 4.00 last week. The range for cable transfers
2, compared with
has been between 3.91 and 4.043/
a range of between 3.84 and 4.003/i a week ago. The
foreign exchange markets in all centeri have, of
course, been extremely demoralized since Great
Britain went off the gold standard, followed by
similar action by the Scandinavian countries. Shortly
thereafter international trade was further complicated by the moratoria and control restrictions set up
by the South American countries. In January 1632
Japan abandoned gold, but the adverse banking
situation which developed here the present year in
February, followed by the abandonment of gold and
the threat of inflation and diminution of the gold
content of the dollar, together with the clear intimation of repudiation by the United States authorities of the gold clause in bond contracts, has brought
about an unprecedented demoralization in foreign
exchange markets throughout the world. The position taken by the United States has resulted in reestablishing London as the money center of the world
and the safest place for deposits and international
financial engagements, despite the fact that the pound
itself is not anchored to gold. There cannot be the
slightest doubt that London has won the confidence
of the entire financial world. Whatever steps may
be taken here in the future, whether the extraordinary powers accorded to the President are conservatively used or not, London seems likely to lead in
international finance.
Owing to the present abundance of funds in
Lombard Street, open money market rates are ex-
It
3223
Financial Chronicle
For a long time after the abandonment of gold by
ceptionally low. Call money against bills is in
Britain open market offerings were quoted
Great
bills
ths'
two-mon
3'4%;
to
M%
at
abundant supply
118 to 120 shillings per fine ounce, at which
around
9-16%;
to
IA%
at
bills
onths'
three-m
M%;
at %% to
Bank of England or the Exchange Equalithe
prices
ths'
six-mon
and
N%,
to
9-16%
at
bills
-months'
four
7 %. The fact that sterling fell zation Fund frequently took part of the offerings.
bills at Yi% to 4
below 4.00 after the short session of Saturday last Most of the gold sold to hoarders is announced in the
week is taken to indicate that the Exchange Equaliza- market as "taken for export." Generally this means
tion Fund was active in the market, not so much in that such purchases taken for foreign interests, while
New York as in Paris and other foreign centers. perhaps destined ultimately for foreign export are
There can be no doubt that speculation on all sides is stored for the present in London vaults. According to
bullish on sterling and the London authorities are recent dispatches from Paris and other European
hard pressed to keep the rate from advancing rapidly. centers, the Continental demand for gold for hoarding
Were the market left entirely free, confidence in has resulted in a premium which is.sufficiently high
London is so strong and speculation on the up-side to permit bankers to buy gold from the Bank of
so persistent that sterling would now be selling France, send it to England, and sell it in the London
considerably above $4.00 and would advance with open market at a slight profit. It puzzles some to
such rapidity as perhaps to cause serious dislocation understand why Continental interests should buy the
in domestic prices in Great Britain, and the rate metal in London instead of in Paris when the price
could conceivably be pushed up by market conditions advantage is in Paris, but there can be no question
alone to a point where the pound would be quoted that the reason lies in the general belief that London
4.8665, whether or not England formally declared and London only is the safest place for the storing of
for gold. Despite the prevalent buoyancy, specu- gold. On Saturday last 400,000 of gold was taken
lative interests are extremely cautious, in view of the in the open market for Continental account at a price
fact that the Exchange Equalization Fund was of 124s. ld. per fine ounce. On Monday £135,000
increased by £200,000,000. The increase will not was taken at 123s. 9d. On Tuesday £300,000 was
become effective until the passage of the Finance Bill, taken at 123s. 4d. On Wednesday £400,000 was
which is not due for some weeks. Nevertheless, taken on keen bidding at 123s. 4d., representing a
the impending increase is sufficient to curb over- premium of 11d, per ounce. On Thursday £110,000
zealous speculators for the rise. After the Finance was taken at 123s. 6d. per ounce, the premium being
Bill has been passed British Treasury bills will be 7d. per ounce. It is of interest to observe that Ottaplaced upon the market only as and when they are wa, quoting the London noon price for gold on Wedsold by the Equalization account, in order to obtain nesday at 123s. per ounce, stated that this figure
sterling for the acquisition of foreign exchange. indicated a price for gold in Canadian funds at the
There will be no inflationary effect because of the Ottawa mint of $27.81 an ounce, or $7.14 above par.
increase in the Fund.
Gold premiums cannot be collected in the United
In London it is felt that the United States is drifting States for the reason that the only market or possible
dangerously at the present time and in these circum- place of sale is the United States Assay Office, which
stances the increase in the Equalization Fund is will pay for gold only the statutory price of $20.67
considered to have occurred at an opportune moment. per ounce in United States currency. This week the
It is regarded there as highly improbable that the Bank of England shows a slight loss in gold holdings
Fund will be used in any attempt to strengthen the of £17,978, the first loss since the Bank began to
dollar. It seems to be the opinion of leading financiers acquire gold in January. The Bank of England's
in London and Paris and of many authorities on this gold holdings now stand at 486,909,248 as of May 10,
side that were it not for the exchange restrictions which compares with £121,484,896 a year ago, and
here, there would be a heavy flow of American with £150,000,000 recommended as a minimum by
capital to London for purposes of security alone until the Cunliffe committee. The Bank's gold holdngs
such time as the situation here develops clarity and were at record high a week ago on May 4, when they
steadiness. It would seem unquestionable that the stood at £186,927,226.
London financial authorities are working in the
At the Port of New York the gold movement for
closest practical harmony with the banking author- the week ended May 10, as reported by the Federal
ities of Paris, Antwerp, and Amsterdam, while Reserve Bank of New York, consisted of imports of
virtually abandoning efforts to co-operate with the $32,000, of which $14,000 came from Mexico and
American authorities as a course impractical of $18,000 chiefly from other Latin American countries.
accomplishment, polite gestures to the contrary not- Exports totaled $6,100,000 to Norway. The Rewithstanding. The demand for gold in the London serve Bank reported a decrease of $6,100,000 in gold
open market, especially by foreign interests for hoard- earmarked for foreign account. In tabular form the
ing purposes, has become so insistent that the price gold movement at the Port of New York for the week
has been forced up from day to day to such premiums ended May 10, as reported by the Federal Reserve
that neither the Bank of England, the Exchange Bank of New York, was as follows:
Equalization Fund nor any central bank or practical
GOLD MOVEMENT AT NEW YORK, MAY 4-MAY 10, INCL.
Exports.
banking interest cares to enter the market. In a
Imports.
88,100,000 to Norway
from Mexico
normal market as sterling advances the premium on 814,000
18,000 chieflyfrom Latin American
countries
gold should decline, and conversely the price of gold
$6,100,000 total
should advance with any decline in sterling. At 832,000 total
Net Change in Gold Earmarked for Foreign Account.
present owing to the demands of hoarders the price
Decrease: 88,100,000.
of sterling bears no relation to the gold premium, and
The above figures are for the week ended Wedneson the other hand when sterling declines on the
gold
not
appears
of
to
be day evening. On Thursday and Friday there were
foreign exchanges, the price
no gold imports or exports, nor any change in gold
affected.
Volume 136
3224
Financial Chronicle
held earmarked for foreign account. For the week
ended Wednesday evening, approximately $45,000
of gold was received at San Francisco from China.
There were no further reports on Thursday or Friday
of gold having been received at any of the Pacific
ports.
Canadian funds continue at a severe discount.
On Saturday last Montreal funds were at a discount
of 12%,on Monday at 123/
2%,on Tuesday at 123/
2%,
on Wednesday at 12%, on Thursday at 12%, and on
Friday at 123/g%.
Referring to day-to-day rates, sterling exchange on
Saturday last fluctuated widely but opened at a new
high for the year. Bankers'sight was 3.9732@4.04%;
cable transfers 3.98@4.043/
2. On Monday sterling
was lower but firm. The range was 3.93%@3.997
4
for bankers' sight and 3.933/
2@4.00 for cable transfers. On Tuesday sterling was easier in a confused
market. Bankers' sight was 3.909@3.95%; cable
transfers 3.91@3.963. On Wednesday the pound
was steadier but inclined to sag. The range was
3.93@3.95% for bankers' sight and 3.933/g@3.96 for
cable transfers. On Thursday the market was listless. Bankers' sight was 3.943/
2@3.98%; cable
transfers, 3.94%@3.99. On Friday sterling was
slightly easier, the range was 3.96%@3.983 for
bankers' sight and 3.96%@3.98% for cable transfers.
Closing quotations on Friday were 3.973j for demand
and 3.97% for cable transfers. Commercial sight
bills finished at 3.96; 60 day bills at 3.95; 90 day bills
at 3.94%; documents for payment (60 days) at 3.95
and seven day grain bills at 3.963/2. Cotton and
grain for payment closed at 3.96.
XCHANGE on the Continental countries preE
sents no new features. All units are quoted
excessively
high in terms of the dollar, but quotations
in the New York market are largely nominal, owing
of course to the exchange restrictions, but particularly to the fact that the market is extremely thin
while the nervousness and hesitancy of traders further
curtails the effectiveness of operations. The French
franc has been exceptionally firm for several weeks,
but at present bankers everywhere are inclined to
display considerable nervousness as to the course of
the franc. It is feared that France may be compelled, if not to abandon the gold standard, at least
to erect such barriers to the easy flow of gold as may
be required to defend the franc and its gold reserves
against what threatens to become a wild speculation
in gold, headed by gold hoarders in many parts of
the world. As noted above in the resume of sterling
exchange, Continental speculators seem to have
been buying gold from the Bank of France and
shipping it to the London open market for the sake
of the premium. There can be no doubt that under
the present demoralized condition of the foreign
exchanges, which has been precipitated by Washington action, the French Bank would be entirely justified and even in duty bound to protect its gold from
this source of depletion. On Saturday last it was
confidently predicted in many quarters that suspension of the gold standard by France was imminent.
This was an important factor in sending sterling
exchange to as high as 4.043/2 in Saturday's short
session, while the French franc dropped 213 points
3
It seems unlikely that France will do more
to 4.53%.
than protect itself from speculative onslaughts and
foreign gold hoarders. The Bank of France statement for the week ended May 5 shows an increase in
May 13 1933
gold holdings of fr.41,088,429, the total standing at
fr. 80,907,107,737, which compares with fr. 78,339,831,836 a year ago, and with fr. 28,935,000,000 in
June 1928, when the unit was stabilized. The Bank's
ratio is at record high level of 77.99%, which compares with 77.37% on April 28, with 71.51% a year
ago and with legal requirement of 35%.
German marks are devoid of any special feature.
While marks are quoted excessively high with respect
to the dollar, the market is largely nominal owing to
exchange restrictions on both sides. Italian lire are
firm, due in part to the general firmness in the entire
foreign list, but also due in large measure to the fact
that there is almost a complete lack of offers of lire
in the New York market. Greek exchange, while
one of the minor units in New York and an inactive
exchange, occupied a portion of the spotlight this
week because of dispatches from Paris on Saturday
which stated that Athens advices indicated a probable
devalorization of the drachma. However, later
advices from Athens to all important markets said
that it could be stated authoritatively that the
Greek Government is determined to maintain the
stability of the currency at present levels and leave
the gold value of the drachma unchanged.
The London check rate on Paris closed on Friday
at 85.75, against 84.78 on Friday of last week. In
New York, sight bills on the French center.finished
yesterday at 4.63, against 4.70 on Friday of last
week; cable transfers at 4.63
against 4.703,
and commercial sight bills at 4.623/
2, against 4.693/2.
Antwerp belgas finished at 16.38 for bankers' sight
bills and at 16.39 for cable transfers, against 16.70
and 16.71. Final quotations for Berlin marks were
27.67 for bankers' sight bills and 27.68 for cable
transfers, in comparison with 28.34 and 28.35.
Italian lire closed at 6.133
% for bankers' sight bills
and at 6.14 for cable transfers, against 6.24 and
6.243/
2. Austrian schillings closed at 16.50, against
153; exchange on Czechoslovakia at 3.56, against
3.65; on Bucharest at 0.73, against 0.80; on Poland
at 13.25, against 13.45, and on Finland at 1.80,
against 1.70. Greek exchange closed at 0.67 for
bankers' sight bills and at 0.68 for cable transfers,
against 0.68 and 0.69.
XCHANGE on the countries neutral during the
E
war is quite demoralized as a result of the uncertaintie which have arisen
s
since the abandonment
of gold by the United States, as a result of the prospects of deliberate inflation here, of a cut in the gold
content of the dollar, and, the clearly intimated repudiation of the gold clause in dollar bonds. So far
Holland seems to be the most seriously affected of
the neutrals by the dark cloud of events. Amsterdam
has been loosing much gold to Paris and Antwerp ir
the past few weeks. However the Nederlandsche
Bank's gold reserves are still around fl. 900,000,000,
making a note cover in excess of 90%. Recent
Amsterdam dispatches stated that there is a persistant speculative attack on the guilder from London.
In view of these attacks the Netherlands bank has
conferred with all important bankers in Amsterdam
and advised them to sanction only commercial transactions. It is felt in banking circles that Holland
will stubbornly contest all attempts by all countries to abandon the gold standard. Should more
countries abandon gold the Dutch feel that they can
stand alone. And they are doubtless right. The
Amsterdamsche Bank in a recent statement asserted:
Volume 136
Financial Chronicle
3225
"The drop in the dollar should not make the position
of the guilder untenable. Dutch exports to the United
States are small and although the country has large
amounts invested in the United States, the country
has been able to stand the total loss of Russian securities, estimated at 1,000,000,000 guilders, the inflation in Germany,and the depreciation of the Austrian,
British and French currencies, without putting the
guilder in danger." The par of the guilder is 40.2.
The unit closed on Friday of last week at 48.05 for
cable transfers and fluctuated this week between 46.40
and 48.38, chiefly owing to transactions abroad.
The market in New York is thin. Amsterdam
hoarders are actively buying gold in the London
open market. Their purchases are generally left
in vaults in London. The Swiss franc is also exceptionally steady and while fluctuating with all the
major exchanges, has suffered a less severe range
this week than the guilder. Swiss francs (par 19.30)
closed on Friday of
week at 23.05 for cable transfers and fluctuated this week from 22.21 to 22.83.
The Scandinavian currencies follow sterling closely
and are relatively firm in consequence. The Spanish
peseta is firm owing to the strength in the French
franc to which the Spanish authorities endeavor to
keep the peseta anchored.
Bankers' sight on Amsterdam finished on Friday
at 47.30, against 48.04 on Friday of last week; cable
transfers at 47.31, against 48.05, and commercial
sight bills at 47.20, against 48.00. Swiss francs
closed at 22.713/ for checks and at 22.72 for cable
transfers, against 23.043/
2 and 23.05. Copenhagen
checks finished at 17.69 and cable transfers at 17.70,
against 17.84 and 17.85. Checks on Sweden closed
at 20.39 and cable transfers at 20.40, against 20.74
and 20.75; while checks on Norway closed at 20.19
and cable transfers at 20.20, against 20.44 and 20.45.
Spanish pesetas closed at 10.073/i for banker& sight
bills and at 10.08 for cable transfers, against 10.233/2
and 10.24.
course, reflect the firmer silver prices, but these
were a shade easier on balance this week. Under
all normal circumstances buying or selling exchange
on China is equivalent to a transaction in silver.
The white metal was quoted at 35% cents a fine ounce
at New York on Saturday last, at 35% on Monday,
5 on Tuesday, at 343
4 on Wednesday and at
at 34%
33% on Friday, where last week the range was
from 3614 cents down to 34% cents an ounce. The
Indian rupee is firm in sympathy with the British
pound, to which it is anchored at the rate of one
shilling and six pence per rupee. Japanese yen continue to be quoted at higher levels as has been the
case since the abandonment of gold by the United
States. Some few months ago the Japanese authorities declared that it was the fixed intention to maintain the yen around 203/2 (par is 49.85). The yen
closed at 24.15 on Friday of last week and on Saturday
touched 24.25 in New York, a new high for the year.
The firmness in the yen is attributed to the rise in
sterling.
Closing quotations for yen checks yesterday were
243/
8, against 24.15 on Friday of last week. Hong
Kong closed at 27%@27 15-16, against 27 11-16@
273
4; Shanghai at 25@253/8, against 253.1@25%;
%; Singapore at 46%,
Manila at 503/2, against 503
3038,
against 30, and Calagainst 463/2; Bombay at
cutta at 3038, against 30.
XCHANGE on the South American countries
E
continues to be only nominally quoted. All
these units are
exchange control
$
$
$
$
EUROPE3
$
148750* .150500" .150000" .146400" .149500* .150333"
Austria,schilling
164418 .163830 .162125 .162890 .163438 .163936
Belgium, belga
007300* .007900* .007766" .008000" .008000* .008250•
Bulgaria, ley
Czechoslovakia. krone .035707 .035600 .035014 .035612 .035250 .035200
178100 .177444 .174791 .175358 .176209 .176818
Denmark, krone
England, pound
sterling
3 986923 3.973833 3.944000 3.931750 3.958333 3.975000
Finland, markka....... .017800 .017708 .017333 .017566 .017560 .017500
045815 .046206 .045836 .045866 .046225 .046358
France,franc
Germany, reichsmark 281800 .277516 .275038 .274284 .275603 .276208
006641 .006762 .006569 .006575 .006595 .006641
Greece, drachma
470818 .472653 .468521 .468500 .471928 .473539
Holland. guilder
180000* .185000 .186000* .187500* .185000" .184166*
Hungary, pengo
Italy, lira
062046 .061863 .061480 .061588 .061713 .061575
204172 .202890 .200715 .201390 .201730 .202010
Norway, krone
126250" .132500 .132500" .132500 .131666 .132500
Poland, zloty
.035704 .035791 .035837 .035860
Portugal, escudo
035700 .
006833* .007050" .007020 .006860 .007050 .007050
Rumania,leu
100554 .100815 .099764 .099900 .100369 .100546
Spain, peseta
Sweden, krona
.206909 .205841 .203730 .203591 .202950 .203591
Switzerland, franc... .225681 .227046 .225314 .225385 .226823 .227364
Yugoslavia, dinar.... .015800 .016400 .016366 .016066 .016266 .016400
ASIAChina249791* .248333 .245833 .244375 .247500 .247500
Chetoo dollar
Hankow dollar_
.249791* .248333 .245833 .244375 .247500 .247500
Shanghai dollar_ _
.250625 .249375 .246562 .245156 .247812 .247500
Tientsin dollar
249791* .248333 .245833 .244375 .247500 .247500
Hong Kong dollar
.274583 .276250 .271875 .270781 .272343 .274687
India, rupee
300000 .298750 .294650 .296100 .297700 .299150
Japan yen
240875 .241850 .240750 .240000 .239500 .240125
Singapore (5.8.) dollar .463750* .463750 .455000 .459375 .460000 .482500
NORTH AMER.Canada. dollar
880125 .879114 .875364 .875729 .880989 .880572
Cuba, peso
.999162 .999162 .999162 .899162 .999162 .999162
Mexico, peso (silver). .294700* .295500* .297300 .296460 .294175 .292600
Newfoundland, dollar .876875 .877000 .872875 .873125 .878500 .878000
SOUTH AMER.Argentina, peso (gold) .697472* .692780* .682233* .682393 .682393 .684870'
Brazil, milreis
076400* .076350* .076350" .076350 .076350 .076350
Chile, peso
060250* .060250" .060250" .060250 .060250 .060250
Uruguay, Peso
503750* .522500* .525000* .525000" .525000 .525000
Colombia, peso
862100* .862100• .862100 .862100" .862100". .862100
OTHERAustralia, pound
3 165416 3.156666 3.125000'3.133333 3.154583 3.169791
New Zealand, pound.3.173333 3.164166 3.1325009.140833 3.162916 3.178125
South Africa. pound._ 3.946250 3.925000 3.900625 13.886250 3.912031 3.930781
•Nominal rates, firm rates not available.
supervised by
boards. The South American authorities have
marked up the nominal quotations in their local markets, being governed by quotations for French francs
and the pound. The Argentine peso for a long time
previous to March had been pegged at 171 gold pesos
per $100. But with the upswing in sterling on
Friday and Saturday last the quotation in Buenos
Aires went to 144.30 gold pesos per $100. The South
American raw products are all sharing in the general
advance in commodity prices. Weekly ship charter
figures at Buenos Aires are running almost double
those of last year.
Argentine paper pesos closed on Friday nominally
4 on
at 25% for bankers' sight bills, against 253
Friday of last week; cable transfers at 25.80, against
25.80. Brazilian milreis are nominally quoted 7.95
for bankers' sight bills and 8.00 for cable transfers,
against 7.45 and 7.50. Chilean exchange is nominally
quoted 63/8, against 63/8. Peru is nominal at 17.25,
against 16.05.
XCHANGE on the Far-Eastern countries conE
tinues to be quoted high with respect to the
dollar, but the market is dull and reflects the general
uncertainty prevailing throughout all foreign trade
and exchange transactions. The Chinese units, of
URSUANT to the requirements of Section 522
p
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
MAY 6 1933 TO MAY 12 1933, INCLUSIVE.
Country and Monetary
nil.
Noon Buying Rate for Cable Transfers in New York,
Value in Untied States Money.
May 6. May 8. May 9. May 10. May 11. May 12.
HE following table indicates the amount of gold
bullion in the principal European banks as of
May 11 1933, together with comparisons as of the
corresponding dates in the previous four years:
Financial Chronicle
3226
Banks of—
1933.
£
186,909,248
647,256,861
19,091,600
90,367,000
68,284,000
75,479,000
76,321,000
82,529,000
12,090,000
7,397,000
8,380,000
1932.
1931.
1930.
1929.
£
121,484,896
626,718,654
37,806,800
90,035,000
60,876,000
75,892,000
72,096,000
67,685,000
11,441,000
8,032,000
6,561,000
£
150,003,821
444,997,300
108,111,500
96,916,000
57,435,000
37,495,000
41,431,000
25,713,000
13,320,000
0,552,000
8,133,000
£
163,347,877
343,603,507
120,781,450
98,789,000
56,261,000
35,995,000
34,130,000
23,152,000
13,519,000
9,567,000
8,144,000
£
161,860,918
292.203,450
88.231,220
102,397,000
66.520,000
36,420,000
27,500,000
19,843,000
13,037,000
9,594,000
8,167,000
Tot. week 1,274,104,709 1,178,628,350
Prey. week_ 1.280.748.030 1.173.180.352
993,107,621
991.076.821
907,289,834
903.335.015
815,763,588
813,721,303
England__ _
France a_ __
Germanyb _
Spain
Italy
Netherlands
Nat. Beig _ _
SwItzeri'd
Sweden__
Denmark
Norway _._
a These are the gold holdings of the Bank of France as reported in the new form
Of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year Is £948,350.
The Significance of the Three-Power Conflict
in the Far East.
While the Washington conferences have been endeavoring to clear the ground for what it is hoped
will be a world-wide economic recovery, and plans
have been discussed for the World Economic Conference scheduled to meet at London on June 12, the
conflict in the Far East has been taking on what
appears to be a new significance. As far as Manchuria is concerned, the military activities of Japan
since the occupation of Jehol Province have been
mainly concerned with what in military language
are described as "mopping up" operations, intended
to put an end to the resistance of scattered Chinese
forces, hold banditry in check,and make additionally
secure the position of the new State of Manchukuo.
Along with these operations, however, have gone a
significant succession of Japanese advances south of
the Great Wall into the territory of China proper,together with reports of a plan to set up a buffer State
in the invaded territory as a protection to Manchukuo, and a controversy which at some moments has
been sharp between Japan, China and Soviet Russia
over the control of the Chinese Eastern Railway.
Except for the purpose of preventing, or at least
guarding against,further Chinese attacks upon Manchukuo, it seems not to have been the original intention of Japan to push its military advance beyond
the boundary of the Great Wall. On April 22 the
Japanese War Office announced that the campaign
south of the Wall which began on April 10, more than
a month after the occupation of Jehol, had been
halted, the Chinese having been driven from the region east of the Lwan River and from a ten-mile zone
west of the river as far as Miyun. The ten-mile strip,
it was said, would be maintained as a neutral zone
until there was no longer fear of Chinese attacks. If
such was the intention it was quickly altered, for
within two days the fighting had been renewed and
the Japanese forces were advancing further in the
direction of Peiping. Diplomatic tension with Russia
over the Chinese Eastern Railway was reported on
April 27 to have caused a sudden withdrawal of the
Japanese from the Lwan River area, but the next day
the Japanese were again advancing and the city of
Nantienmen, sixty miles northeast of Peiping, was
occupied. On May 6 a large-scale advance was forecast with Peiping, Tientsin and Balgan, the latter a
city on the northwestern edge of the Great Wall near
the border of Shansi Province, as the principal objectives. On Monday the drive was launched, and
since then it appears to have been vigorously pushed
in the direction of Tientsin and Peiping,the Chinese,
meantime, tearing up the railway to the former city
and removing the rolling stock. The prospect at this
time is for an early investment of Peiping, where the
foreign consuls are reported to be preparing to pro-
May 13 1933
tect their nationals and to evacuate them if
necessary.
In the face of this advance the Nanking Government, while nominally represented by the Chinese
forces in the fighting area, appears to have found itself helpless. The Tientsin correspondent of the New
York "Times" quoted Governor. Yu as saying, on
April 25,that"we realize we cannot successfully combat the Japanese and also cannot consent to negotiate, for negotiations are tantamount to surrender."
The peasants, merchants and many other classes in
North China, he said, were becoming "bitterly dissatisfied with the inconclusive warfare, which had
not the remotest prospect of a Chinese victory." The
same correspondent reported that two hundred leading citizens of Hopei Province, among them former
governors, officials, merchants, bankers and teachers,
had telegraphed a petition to the Nanking Government declaring that "we do not desire to join Manchukuo, nor do we desire to become traitors by participating in the establishment of an independent
State, but unless the Government desires to lose
Hopei it will be necessary to compromise with the
Japanese forthwith, or utilize the 500,000 troops
quartered upon Hopei for effective fighting." Earlier
reports of Japan's intention to erect an independent
State in the part of North China which has been occupied have not been confirmed, but unofficial
efforts of the British Ambassador to bring about a
cessation of hostilities as a preliminary to peace
negotiations have thus far failed.
The controversy over the Chinese Eastern Railway
has gone through several stages. Early in April, coincidently with the reported offer of Russia to sell
its one-half interest in the road, a sharp dispute developed over the demand of Manchukuo for the return of a considerable number of freight and passenger cars and locomotives belonging to the road which
were held in Russian territory, and some frank notes
were exchanged on the subject. On April 22 it was
learned that French interests, representing a very
large financial investment in the road on which
no dividends have been paid since 1918, had
presented their claims for consideration through the
Franco-Asiatic Bank, and had been assured by the
Manchukuo Government that nothing would be done
without first advising the French. Further irritation was caused by reports that the lines had been
blocked at various points and traffic between Manchukuo and Russia interrupted. Correspondence
made public on April 30 reasserted Russia's claim to
ownership of the road, and cited documents showing
that the right to purchase the road was reserved to
China provided foreign capital was not used for the
purpose. On May 11, however, a Russian official
statement from Moscow denied that treaties gave
China the right to oppose a sale of the road, for
the reason that the Chinese "had not upheld their
part in the treaties for more than 18 months."
The sharp tone of the diplomatic interchanges, emphasized by newspaper reports that a Russo-Japanese war was regarded as imminent, appears to have
been rather of the nature of a diplomatic barrage intended to prepare the way for negotiations. On May6
it was reported that Russia had offered to sell the
Chinese Eastern to Japan for 300,000,040 gold rubles
(about $153,000,000 at par of exchange), and that
the Japanese Foreign .Office was considering offering 80,400,000 yen, the equivalent of about 30,000,000
gold rubles. Precisely how the rights of China or
Volume 136
Finan:ial Chronicle
the claims of French investors were to be adjusted
was not revealed, nor was it clear to what extent
Japan could act independently of Manchukuo, a
State which Japan regards as legally independent
but to which it undertakes to afford certain protection.
The two widely divergent offers doubtless illustrate the Oriental fondness for bargaining, but as a
bargainer in this case Japan has the advantage. The
main line of the Chinese Eastern runs across northern Manchuria to Vladivostock, the Russian port on
the Pacific, and within Manchuria is now practically
under Japanese or Manchukuoan control. A branch
from Harbin connects with the South Manchuria
Railway, and at Mukden connection is made with a
line to Dairen, the seaport of Kwangtung Province
which Japan holds under lease from China, and with
another line to Seoul, in Korea, and the seaport of
Fusan. Strategically, the Chinese Eastern is now of
little value to Russia because of Japanese control of
Manchukuo, and its commercial importance has declined. !Moreover, the South Manchuria Railway,
which is owned by Japan, was reported on April 25
to be negotiating with the Korean Government for
the control of three ice-free ports in Korea—a move
which,if it is consummated,will give Japan virtually
complete control of railway transportation in Manchuria or Manchukuo and free and enlarged access
to the Pacific, and will go far to isolate Vladivostock.
Under these circumstances,it is pointed out at Tokyo,
Japan does not need to offer very much for the Chinese
Eastern, and the less because some 350,000,000 yen
that was loaned by Japan to the Tsarist Government,
together with accrued interest, has not been repaid.
The railway controversy not only takes rank with
the military advance in North China as a determining factor in the immediate future of Japan and Manchukuo, but its solution will be watched as an indication of Russia's attitude toward war or peace in the
Far East. With the railways of Manchukuo wholly
in Manchukuoan or Japanese control, a successful
invasion of Manchuria by Russia would hardly be
possible, at the same time that Vladivostock would
be in grave danger save as peace was maintained with
Japan. Japan, in other words, sees itself moving
nearer to its great objective of undisputed hegemony
in the Far East, with Russia bound to friendliness as
the price of retaining its access to the Pacific. The
disturbing factors in the situation are the legal claim
of China to a voice in the disposition of the Chinese
Eastern, and the possibility that French financial interests may obstruct the sale of the road or exact a
settlement on burdensome financial terms. Meantime the development of Manchukuo has led Japan
to reopen the naval base of Port Arthur,in the leased
territory of Kwangtung, which had been closed for
some time for reasons of economy. British circles
are reported to see in this a possible infraction of
Article XIX of the Washington Treaty, which forbids any increase in the fortifications or naval bases
in certain territories of the signatory Powers,and to
have raised the question whether Great Britain would
not be at liberty to fortify Kowloon,a leased area opposite Hongkong. It is the contention of Japan, however, that while the fortification of Kowloon would
add to the defenses of Hongkong, Port Arthur lies
entirely outside the art,, -o which the limitation of
Article XIX apples.
Some apprehension was aroused by the declaration
of a Manchukuoan official,in a newspaper interview
3227
on April 26, that Manchukuo would not maintain the
policy of the open door in the case of countries which
withheld recognition of the new State, and by subsequent reports that British and American business
firms were withdrawing from the country because of
covert opposition. On May 1 Stanley Baldwin, acting Prime Minister, stated in the House of Commons
that while the declaration was "in complete contradiction with repeated declarations by the Japanese
Government and administrative authorities in Manchuria," the British Government"will naturally take
any steps open to us to defend the principle of the
open door" if a change of policy were actually intended. On May 3, however, the United States was
officially informed that the Manchukuoan official
spoke without authority, and that as far as the
United States was concerned the open door would be
maintained. Reports from Japan,on the other hand,
tell of growing resentment at the recent action of the
Government of India in giving notice of the abrogation of the most-favored-nation provision of the commercial treaty with Japan, under which Japan has
greatly increased its exports to India,and of anxiety
over the expected discrimination against Japanese
goods by Great Britain and the British dominions.
The Japanese representatives who are to confer
with President Roosevelt have not yet reached Washington, and beyond some general expressions of willingness to co-operate in bringing about world recovery it is not known what action, if any, they will
ask for or support. There has been little mention of
Far Eastern affairs in Administration circles, and
it is apparently Mr. Roosevelt's purpose to let the
Sino-Japanese situation rest, or develop as it may,
until there is some specific reason for discussing it.
In view of all the circumstances, such a course appears to be unquestionably a wise one, especially
since the collapse of Chinese resistance in the North
would make it more difficult than ever for the Powers to suggest any terms to Japan.
A Time to Pull Together in a Common Cause.
Stagnation, which has been afflicting nearly all
forms of worthy endeavor in the United States for
three years, may be likened to the disease called
sleeping sickness. Symptoms and effects are very
apparent, but just as such cases are difficult for
physicians to cure when an individual is afflicted,
so are they puzzling to an economic doctor when the
mass of citizens is similarly sufferhig.
What everybody is now concerned about is the
cure. The patient is becoming sufficiently conscious
to thoroughly comprehend his predicament and to
realize that he must do something to help himself.
To this end many efforts are being systematically
made, and it becomes the duty of every citizen to
think not only of his own ills but also of those borne
by his fellows, and,therefore, in a spirit of self-sacrifice, if necessary, to take the medicine which may be
prescribed with a purpose of ultimately benefiting
himself and all of his associates.
A civilized people, organized for self-government,
may be regarded as a huge machine, an important
part of which is a revolving chain. The best constructed machine at times gets out of order. It may
be in need of lubrication or perhaps a thorough
cleaning, but whatever the cause, when the revolving
chain ceases to function each link becomes idle and
for the time being useless.
3228
Financial Chronicle
Every individual, of whatever station in life or
calling, is a vital link in this endless chain of human
effort, and it is incumbent upon each one to do his
bit to keep the chain in operation lest the efficiency
of the whole mechanism may become impaired and
perhaps utterly useless.
Observers note indications of renewed animation
in the steel industry, in the manufacture of rubber,
and the output of automobiles. Many textile mills
are doing exceptionally well. Markets for raw materials and foodstuffs are improving. Weak banks
have been weeded out, and the larger ones strengthened. Aid has been given to the railroads to assure
uninterrupted service of passenger, freight and mail
transportation. Unquestionably an excess of zeal is
being displayed at Washington in substituting the
Government for the individual in the daily affairs of
life, but that is an added reason why by our own zeal
we shall show that there is no need for anything of
the kind.
No matter whether workers receive a wage or a
salary, whether they have grimy hands of wear white
collars, their interests are identical, and they should
pull together for themselves and for the general
public.
Credit, based upon capital and income, is essential
to all business, and as credit is controlled by bankers,
it would seem to be their duty to supply this life-giving property with the exercise of unusual wisdom.
This, of course, does not mean that the Federal Reserve banks shall put afloat $3,000,000,000 more of
credit in the purchase of United States Government
securities. But this apart, let no link in the revolving chain of industry, enterprise and progress be
voluntarily broken.
If each American goes to his task with the right
spirit and without complaint, he will feel better for
having loyally played his part and done his bit to
bring back prosperity.
Alfialf Century Hence in Transportation.
During the past two or three years innumerable
boards and committees have devoted a great deal of
time grappling with the nation's transportation difficulties, and various plans have been offered as a
solution of the problem.
In spite of all that has been done, including the
present provisions of the "Emergency Railroad
Transportation Act of 1933," which was recently
sent to Congress by the President, the railroads a
half century hence will still be performing the bulk
of our transportation service, particularly with regard to freight.
Due to the decentralization of industry and population, as well as the enormous increase in the buying
power of the nation, the movement of commodities,
it is reasonable to assume, will increase tremendously in the next 50 years. Just how great an increase of freight movement is likely, in mathematical terms, it would be a waste of time for anyone
even to attempt a guess; but it will be quite large.
Of course, in addition to the railroads, there will
be water, highway and air transportation, as at
present. With reference to water transportation, it
can be frankly stated that there is no future worth
speaking of for inland canals or the canalization of
rivers not naturally navigable, at least in a country
such as ours, and with such waterways open for traffic only a part of each year. The expenditure of
May 13 1933
additional sums of money for projects of this character is in the majority of cases a huge waste, and it
is highly probable that the situation in 1983 will not
be materially different from the present. As a matter of fact, the inland canal era in the United States
ended at least 60 years ago.
The most important functions of motor vehicles in
their relation to the railroads will doubtless be to act
as collectors and distributors at terminals, interterminal hauls being more efficiently performed by
rail. Motors will doubtless absorb in the future a
greater proportion of the shorter distance passenger
traffic than at the present time. In the freight field
their economic utility will always be more circumscribed, except for collecting and distributing purposes in terminal zones and for reasonable distances
around towns and cities. In the great majority of
cases, comparatively long hauls of freighf, and in
considerable quantity, must in the nature of things
be better and more economically performed by rail.
The logical expectation for air transport is that it
will evolve a de luxe high-speed passenger service
with genuine, but distinctly limited, utility for longdistance travel and special requirements, and at
necessarily high rates. It can hardly be a factor of
any moment in freight service, though it doubtless
will develop a field in express service for light
articles, at high charges. As a matter of fact, a good
beginning is already being made in this respect.
In so far as the railroads themselves are concerned, the progress of the next half century seems
likely to be more a matter of orderly development
than of radical change. This is hardly surprising in
view of the fact that the railroads to-day represent
the evolution of over a full century of cumulative
knowledge and experience. In the way of further
improvements and betterments along lines already
understood, however, there are almost unlimited possibilities, and the question as to how far the railroads are able to go,recalls the recent words of Bruce
Barton:
"All the pioneers, all the explorers and leaders and
builders have gone out not knowing whither they
went. It isn't necessary to know the end. If the
whole path ahead were clear, there would be no adventure."
Farm Relief, Inflation and the Cotton
Market.
The cotton market has been advancing rapidly of
late, and prices for the Southern staple have reached
levels approximating those recorded at the peak of
the advance that took place in August 1932, following the publication of a Government Bureau report
forecasting at that time a much smaller crop than the
trade had been expecting. The advance that is taking place at the present moment has nothing to do
with the expectation of a small production this year,
as it is entirely too early as yet to forecast the yield
with any reasonable degree of certainty. The present buying movement, which is in evidence in other
commidities as well as in cotton, is in anticipation of
the ultimate effect of the inflationary measures embodied in the Administration Farm Relief bill, as
finally approved by Congress. Starting out as a
measure intended to bring relief to the farming element, the bill has been used as a vehicle to put
through Congress an inflationary program that has
amazed the whole country. Such inflationary ideas
Volume 136
Financial Chronicle
were not even whispered about when the Democratic
party was engaged in winning the last Presidential
election, but the radical element appears to be in the
saddle at Washington, and is riding rough-shod over
the conservative opposition of Senator Glass and
other sound money advocates.
It is given out at Washington that the Administration objective, in so far as commodity prices are concerned, is 10c. per pound for cotton and 90c. per
bushel for wheat. At the rapid rate that the market
is at present advancing, it will not be long before
middling cotton in the South will be selling at 10c.
But after that price has been attained in the open
market, then what? Will Secretary of Agriculture
Wallace then use the dictatorial powers that the
Farm Relief bill confers upon him to fix the price
at that level, or will he permit the law of supply and
demand to function?
The immediate benefits are not likely to accrue to
the planters themselves to any great extent. The
great majority of Southern farmers have already disposed of their spot cotton, so that the only interests
now profiting by the rise in the market are speculators, merchants and larger dealers who happen to
have stocks on hand. In most cases the stocks of
cotton presently held are hedged in the futures market, so that the'speculative element is the one that
stands to gain the most by the advance that is taking
place. On the other hand, with planting still going
on over large areas of the belt, the result may be
to encourage the planting of a greatly increased acreage. We understand, of course, that the new Farm
Relief measure embodies the allotment plan proposed
by Senator Smith of South Carolina, in a previous
bill which failed to become a law during the closing
days of the Hoover Administration. Secretary Wallace has announced that he proposes to put this plan
into effect promptly. It is reported in Washington
press dispatches that more than 2,200,000 bales of
cotton are available for a pool in which farmers who
3229
agree to cut their acreage by 30% will participate.
The amount available represents cotton held in storage on which Government loans of one form or another have been made. The Farm Relief Act provides that the Federal Farm Board and other Government agencies, except the Federal Intermediate
Credit Banks, shall sell all cotton owned by them to
the Secretary of Agriculture at prices not above the
prevailing market level at the time transfer of ownership is made. Cotton farmers will then be permitted to buy options on cotton in the pool. The
options will equal the amount by which the grower
agrees to reduce his output, in any case at least 30%
below that of last year. The grower may order the
cotton he holds in the pool sold any time up to Jan. 1
1934. The pool plan is based on the theory that any
rise in prices as the result of the curtailed production
would increase proportionately the value of the cotton in storage so that the option holder, who must
also agree not to increase the commercial fertilization of the rest of his crop, would get more by participating in the pool than by growing the 30%
himself.
It is open to question how the plan will work out
in practice. In the first place, there is no definite
knowledge of what the cotton acreage was last year,
or, for that matter, in any previous season. Acreage
in cotton over the belt is estimated, not surveyed,
and is more or less a matter of guesswork on the part
of the so-called field men of the Department of Agriculture. In individual cases, it will be even harder
to determine the exact acreage planted last year.
We do know in a general way that more acreage has
already been planted this year, and there is a strong
suspicion among the cotton trade that the individual
growers can abandon part of their present acreage
to participate in the allotment pool and still have as
much acreage as they planted last year. Accordingly, what the outcome will be must be left to the
future to determine.
Gross and Net Earnings of United States Railroads for the
Month of March
It is a dismal record that the earnings of United
States railroads present for the month of March.
But there is nothing surprising in that. It was a
foregone conclusion from the start. Business depression had been steadily growing in intensity in
January and February after having been uninterruptedly in progress during the whole of the three
preceding years, but in March trade activities were
brought to an almost complete standstill by the
bank holidays or bank moratoria, which by Presidential order extended over a period of a week or
more to all the banks in the United States. These
bank holidays involved the virtually complete suspension of banking activities, and in particular they
tied up banking deposits, rendering it impossible to
make use of checks against such deposits, which
checking accounts constitute the prime and indispensable factor in the conduct of business in these
modern times, and accordingly trade and business
were interfered with to an incalculable degree. In
these circumstances further contraction in the already
unprecedentedly low volume of traffic over the
railroads was inevitable. And with traffic thus
further cut down, heavy losses in earnings, gross and
net, even when compared with the inordinately low
figures of 1932, followed as a matter of course.
Our compilations show that the further loss in
gross earnings reached $69,022,941, or 23.89%, and
though operating expenses (not including taxes) were
reduced in amount of $43,766,928, or 19.85%, this
still left a new shrinkage in the net earnings in
amount of $25,256,013, or no less than 36.95%.
The exhibit is obviously a very poor one, even as
it stands, but its unfavorable character in full appears only when we carry the comparisons further
bach year by year. Even in 1932 the results (with
which comparison is now being made) had been
depressing in the extreme, the more so as the roads
a short time previously had received certain special
advantages which had been counted upon to yield
important benefits, but which benefits utterly failed
of realization. In commenting upon the poor showing
then made we were moved to say that whatever
advantage was accruing to the roads from the
moderate advances in rates which had been permitted by the Inter-State Commerce Commission,
had inured to its full extent during the month of
March and whatever savings were to be derived
from the 10% reduction in the wages of railway
labor, had also been a favoring factor that had
counted in full degree in March. We also noted
that the month of March in 1932 had contained
Financial Chronicle
3230
(the same as the month of March 1933) an extra
working day by reason of the fact that the month
had only four Sundays, whereas March 1931 had
five Sundays, leaving, therefore, one working day
more. Yet all this failed to prevent a further shrinkage in gross and net earnings alike, the loss in gross
earnings in 1932 as compared with 1931 reaching
$85,983,406, following $76,672,852 decrease in
March 1931 as compared with March 1930 and
$64,595,796 decrease in 1930 as compared with 1929.
The record of the net earnings was also one of continuous and cumulative losses notwithstanding huge
reductions in the operating expenses. The further
loss in the net earnings in 1932 amounted to $17,035,708, or 20.11%. And this falling off in the
net in March last year came after $16,893,267 contraction in the net in 1931, as compared with 1930,
and $38,262,064 contraction in 1930 as compared
with 1929. The further loss now for March 1933 of
$69,022,941 in gross and $25,256,013 in net, in
order to be properly appraised, must be studied in
the light of the long series of antecedent losses referred to.
The result now altogether is that the gross earnings
for March 1933 are down to only $219,857,606, as
against $516,134,027 in March 1929 and the net
has dwindled to only 3,100,029 in March 1933, as
against $139,639,086 in March 1929. In other words,
the net for 1933 is less than one-third that of 1929
and the gross earnings show a falling off in this period
of four years of almost 60%. The net of 1933 is
the smallest for the month of March since 1920,
the last year of Government control of the roads,
and the gross for March 1933 is the smallest of
any March gross since 1909.
1933.
1932.
Inc. (-I-) or Dec. (—).
Month of March—
241,489
240,911
—578 0.23%
Mlles of road (165 roads) ____
$288,880,547
earnings
8219,857,606
—$69,022,941 23.89%
Gross
178,757,577 220,524,505
Operating expenses
—43,766,928 19.85%
76.34% •
80.40%
—4.06%
Ratio of expenses to earningsNet earnings
843,100,029
868,356,042 —825,256,013 36.95%
The depth of the depression in trade reached in
the unparalleled circumstances encountered during
the month in 1933 is apparent in all the leading
trade statistics, but finds perhaps fullest expression
in the iron and steel trades. The make of pig iron
in the United States in March 1933 was only $542,011
tons as against 967,235 tons in March 1932; 2,032,243
tons in March 1931; 3,246,171 tons in 1930, and
3,714,473 tons in March 1929. In other words, the
output of iron in this country in March the current
year was only a little more than one-seventh what
it had been four years before in 1929. The shrinkage in steel production was almost equally severe.
As against a calculated output of steel ingots by all
the steel producers of the country of only 885,913
tons in March 1933, the production in March 1932
was 1,403,723 tons; in March 1931, 2,993,590 tons;
in March 1930, 4,254,331 tons, and in March 1929,
5,058,258 tons. The 885,913 tons for March 1933
certainly makes a striking contrast with the product
of 5,058,258 tons in March 1929. The mining of
coal was on an equally small scale, and here the
generally mild winter was a contributing factor,
though as a matter of fact the winter was mild also
as a rule in the years immediately preceding—that is,
there were no very extensive drawbacks to railroad
operations over large areas from snow blockades
or extensive snow storms, or interruptions to railroad operations from extreme cold during either
1933 or 1932 or, for that matter, in the years imme-
May 13 1933
diately preceding. The production of bituminous
coal in the United States reached only 23,685,000
tons in March 1933, against 32,250,000 tons in
March 1932, 33,870,000 tons in March 1931; 35,773,000 tons in March 1930; 40,068,000 tons in
March 1929; 44,668,000 tons in March 1928, and
59,911,000 tons in March 1927. The output of
Pennsylvania anthracite also suffered a sharp contraction. In March 1933 the quantity of anthracite
mined was 4,519,000 tons; in March 1932, 4,789,000
tons; in March 1931,4,745,000 tons; in March 1930,
4,551,000 tons; in March 1929, 4,859,000 tons; in
March 1928, 5,398,000 tons;in March 1927,6,056,000
tons, and in March 1926 no less than 8,732,000 tens.
Automobile production in March 1933 was only
slightly different from what it had been in March
1932, the comparison being between 118,592 and
118,959, but as compared with earlier years a huge
shrinkage appears, the number of motor vehicles
turned out in March 1931 having been 276,405; in
March 1930, 396,383, and in March 1929, 585,455.
For the three months ending with March the number of new cars added in 1933 was 355,461, or almost
the same as in the first quarter of 1932, when the
number turned out was 355,721. This compares
with 668,193 in the first quarter of 1931; 1,003,023
in the first quarter of 1930, and 1,452,910 vehicles
in the first quarter of 1929.
It is almost needless to say that new construction
work has been of a very diminutive character the
present year. From the figures compiled by the
F. W. Dodge Corp. it appears that the construction
contracts awarded in the 37 States east of the Rocky
Mountains had a money value of only $59,958,500
in March 1931, as against $112,234,500 in March
1932; $369,981,300 in March 1931; $456,119,000 in
March 1930; $484,817,500 in March 1929, and
$592,567,000 in March 1928. The inactivity here
is reflected in a striking reduction in the cut of
lumber, even though considerable activity developed in the lumber trade as the month progressed,
as compared with the extremely dull period immediately preceding. The National Lumber Manufacturers' Association reports that for 589 identical
mills the cut of lumber for the five weeks ended
April 1 1933 was only 442,134,000 feet, as compared with 515,634,000 feet in the corresponding
five weeks of 1932. This is a reduction of only
14%, but if the comparison is carried a year further
back it appears that the cut in 1933 for the five weeks
referred to fell 55% below the output for the same
five weeks of 1931.
As far as the Western roads are concerned, these
suffered also from a further contraction in the volume
of the grain traffic moved,even as compared with the
small movement of 1932. With the rise in grain
prices that has come during March and April the
present year, farmers once more began to market
their grain with greatly increased freedom. In
March, however, the movement was still small.
This appears from the fact that for the five weeks
ended April 1 1933 the receipts of wheat, corn, oats,
barely, and rye at the Western primary markets
aggregated only 34,145,000 bushels, as compared
with 35,664,000 bushels in the corresponding five
weeks of 1932; 65,175,000 bushels in the same weeks
of 1931; 56,158,000 bushels in 1930, and 76,286,000
bushels in the five weeks of 1929. Complete details
of this Western grain movement are set out in a
separate paragraph further along in this article.
V olume 136
3231
Financial Chronicle
A sort of composite picture of the traffic of the
railroads as a whole is furnished by the statistics
showing the loading of revenue freight on all the
railroads of the United States; and here evidence of
the great diminution in the volume of freight traffic
over the roads as a result of the unparalleled paralysis
of trade is revealed in very positive fashion just
as was the case last year. For the four weeks
ended March 25, the loading of revenue freight
comprised only 1,841,202 cars in 1933, against 2,280,837 cars in the four weeks of March 1932;
2,936,928 cars in March 1931; 3,515,733 cars in the
four weeks of March 1930, and 3,837,736 cars in
the corresponding four weeks of 1929. It will be
observed that the 1933 figure is less than one-half
that of 1929.
In the case of the separate roads, the feature
again is the part played by reductions in expenses
in offsetting the further heavy losses in the gross
revenues. Yet in only a few cases has the saving
in expenses been sufficient to completely wipe out
the falling off in the gross revenues. The Southern
RT. has a quite notable record in that respect. With
gross reduced in amount of $1,196,678, the company
is able to report a gain of $27,564 in net earnings,
owing to the drastic lowering of the expense accounts.
And a similar showing has marked the record of
this system in other recent months. For instance,
in February it reported $301,108 gain in net in face
of a decrease of $849,085 in gross earnings, and in
January a gain of $691,789 in net notwithstanding a
falling off of $476,673 in gross. The Atlantic
Coast Line for March shows $300,539 decrease in
gross changed into an increase of $294,534 in net
and the International-Great Northern has $215,883
gain in net to its credit for March, but it also enlarged
its gross in amount of $150,441.
The Pennsylvania shows for March $8,694,250
loss in gross and $2,434,875 loss in net; the New
York Central $8,586,217 shrinkage in -gross and
$2,847,646 shrinkage in net; the Baltimore & Ohio
shows $3,133,166 decrease in gross and $689,329
decrease in net; the Atchison $2,988,267 decrease
in gross and $1,845,608 decrease in net; the Southern
Pacific $3,189,518 decrease in gross and $1,014,926
decrease in net; the Union Pacific $1,986,228 decrease in gross and $864,497 decrease in net. And
these illustrations could be continued almost indefinitely, curtailment of operating expenses being
a feature everywhere though in only relatively few
cases sufficient to extinguish the large losses in
gross. In the following table we show all the changes
for the separate roads for amounts of $100,000 or
over, whether increases or decreases, and in both
the gross and the net:
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH OF
MARCH 1933.
Decrease.
Increase.
418,870
$294,534 St L Ban Fran (3 roads)...
Atlantic Coast Line
335,591
215,883 Chicago Great Western_
Internet Great Northern
317.339
Mo-Kans-Texas
307.529
$510,417 Wabash
Total(2 roads)
294.611
Pere M- rquette
273,114
Decrease. Northern Pacific
255,189
s$2,847.646 Delaware & Hudson_ _ _ _
New York Central
233.743
2.434,875 New 0 Tex&Mex(3 rds)_
Pennsylvania
216.911
n
Lor
Island
(3
1,845,608
Fe
S
&
rds)_
Top
Atch
170,554
1,412.937 Viz* ian
Chic Burl & Quincy
163.480
1,321,281 ElginJoliet & Eastern__ _
NY N H & Hartford...
158,457
Southern Pacific (2 rds). 1,014,926 Lehigh Valley
147,208
Chic Rock Isl &Par(2rds)% > • 916,116 Los Angeles & Salt Lake_
137,181
904.967 NY Chic & St Louis_ __ _
Missouri Pacific
131,024
864,497 Great Northern
Union Pacific (4 roads)._
128.269
857.197 Texas & Pacific
Chic & Nor Western.....
126.056
837.131 Wheeling & Lake Erie_ _ _
Chesapeake Sr Ohio
123,555
703,199 Chic & East Illinois
Illinois Central
120.574
689,329 Minn St P & S 9 Marie....
Baltimore & Ohio
118,860
643,604 Chic 8t P Minn & Om_ _
Erie,(3 roads)
111,212
605,008 Grand Tunk Western.....
Chic Milw St P & Pac__ _
106,154
594•409 Colo & Southern (2 rds)_
Norfolk dc Western
100,711
576,380 Pittsburgh & Lake Erie..
Del Lack & Western.471,822
Louisville & Nashville.....
$24.459,288
Total(56 roads)
422,166
Boston & Maine
a These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Includng Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result is a
decrease of $2,990,626.
•
When the roads are arranged in groups or geographical divisions according to their location, a
new idea is gained of the general nature of the further shrinkage in earnings, both gross and net,
from the circumstance that all the different districts
-Eastern, Southern and Western-as well as all
the different regions grouped under these districts,
show losses in gross and net alike, just as was the
case in March of each of the three preceding years,
all subdivisions having likewise suffered decreases in
these previous years. Our summary by groups is
as below. As previously explained, we group the
roads to conform to the classification of the InterState Commerce Commission. The boundaries of
the different groups and regions are indicated in the
footnote to the table.
SUMMARY BY DISTRICTS AND REGIONS.
Gras Earnings
District and Region.
Inc.(-I-) or Dec.(-)
1932.
1933.
Month of MarchEastern MarlaNew England region (10 roads)....11,006,276 14,700,046 -3,693,770 25.13
44,889,501 60,612,449 -15,722,948 24.94
Great Lakes region (30 roads)
Central Eastern region (24 roads)._ 44,509,049 60.690,189 -16,181,140 26.66
Total (64 roads)
Southern DistrictSouthern region (30 roads)
Pocahontas region (4 roads)
Total (34 roads)
Western DistrictNorthwestern region (17 roads)...
Central Western region (22 roads).
Southwestern region (28 roads)
100,404,826 136,002,684 -35,597.858 28.17
30,718,472
13,023,095
37,073,099
16,037,457
-6,354,627 17.14
-3,014,362 18.80
43,741,567
53,110.556
-9,368,989 17.84
23,046,258
34,317.079
18,347,876
29.575,943 -6,529.685 22.07
46,454,209 -12,137,130 26.13
23.737,155 -5,389.279 22.70
75,711,213 99.767,307 -24,056,094 24.11
Total(67 reads)
219,857,606 288,880,547 -69,022,941 23.89
Total all districts (165 roads)
Net Earnings
District and Region.
$
%
$
$
Month of March. -Mileage1932. Inc.(+)or Dec.(-)
1933.
1933. 1932.
Eastern DistrictNew England region__ 7,268 7.289 2,604,794 4.400,624 -1,795,830 40.81
Great Lakes region..... 27,243 27,311 8,640,881 14.476,752 -5,835,891 40.31
Central Eastern region 24,813 24,834 10,391,955 14,538,894 -4,146,939 28.52
59,324 59,434 21,637,610 33,416.270 -11778,660 35.25
Total
Southern District40.057 7,164,758 8,044.907 -880,149 10.94
39,786
Southern region
Pocahontas region.... 6,102 6,137 4,631,864 8,279,774 -1.647,910 26.24
45,888 46,194 11,796,622 14,324,681 -2,528,059 17.65
Total
PRINCIPAL CHNAGES IN GROSS EARNINGS FOR THE MONTH
Western DistrictOF MARCH 1933.
Northwestern region_ 48,624 48,767 1,527.797 4,082.582 -2.554,785 62.58
Decrease.
Increase.
Central Western reg'n 53,929 53,852 5.461,924 11,454,262 -5,992,338 52.31
Internat. Great Northern- $150.441 Minn St P & El 5 Marie_ $405,337
region._ 33,146 33,242 2,676,076 5,078,247 -2,402.171 47.30
Southwestern
Elgin Joliet & Eastern.-- 369715
$150.441 Chic St PaulO. 353.167
Total (1 road)
135,699 135,861 9.665,797 20,615,091 -10949,294 53.09
Total
Decrease. N 0Texas & Mex (3 rds)- 346,171
Pennsylvania
$8,694,250 Chicago & Eastern Illinois 343,748
Total all distriets____240,911 241,489 43,100,029 68,356,042 -25256,013 36.95
1'8,586,217 Los Angeles & Salt Lake.- 330.590
New York Central
NOTE.-We have changed our grouping of the roads to conform to the classifiSouthern Pacific (2 roads) 3.189.518 Pittsburgh & Lake Erie-- 318,259
cation of the Inter-State Commerce Commission, and the following indicates the
3,133,166 Grand Trunk Western- 318.136
Baltimore & Ohio
of the different groups and regions:
confines
Atlantic
Line
Coast
300,539
(3
Fe
2,988,267
rds)
Atch Top dc Sant
•
290,585
Chicago Burl & Quincy.- 2.225,593 Texas & Pacific
EASTERN DISTRICT.
Alton
285,673
&
2,187,300
Hartford-H
N
Y
N
New England Region.-This ret.116 Comprises the New England States.
278,656
Union Pacific (4 roads).- 1,986,228 Western Maryland
Great Lakes Region.-This region comprises the section on the Canadian boundary
1,755,864 Virginian
270,176
Illinois Central
between New England and the westerly shore of Lake Michigan to Chicago, and
1,735,919 Yazoo & Mississippi Vall- 267,447
Missouri Pacific
north of a line from Chicago via Pittsburgh to New York.
Chic RI & Pacific(2 rds)- 1,733,244 Wheeling & Lake Erie-- 242,258
Central Eastern Region.-This region comprises the section south of the Great
236,384
Chicago & North Western 1,607,481 Seaboard Air Line
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Central
229.705
Chic Mllw St Paul & Pac- 1,603,539 Maine
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
221,013
Louisville & Nashville.... 1,458,517 Denver & R 0 Western
Parkersburg. W. Va.. and a line thence to the southwestern corner of Maryland
1,406,420 Col & Southern (2 roads) 197.721
ErIe (3 roads)
and by the Potomac River to its mouth.
1,316.719 St Louis Southwest Lines- 192.314
Chesapeake & Ohio
1,292,445 Central of Georgia
170,142
Norfolk & Western
SOUTHERN DISTRICT.
1,196,678 Mobile & Ohio
154.120
Southern Ry
1,067,036 Indiana Harbor Belt
151.815
Southern Region.-Thls region comprises the section east of the Mississippi River
Reading Co
to a point near Kenova, W. Va., and a line thence
&
River
0
N
Ohio
Texas
Cinc
the
and
Pacificof
south
1.042,711
144,799
Maine
Boston &
following the eastern boundary of Kentucky and the southern boundary of Virginia
Delaware Lack & Western 1,002,176 Detroit Toledo & Ironton- 137.055
to the Atlantic.
827,255 Richm Fred & Potomac-- 135,022
Wabash
Pocahontas Region.-This region comprises the section north of the southern
Fran (3 rds). 729,018 Minneapolis & St Louis-- 133.827
St Louis-San
694,994 Western Pacific
132,807
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg.
Northern Pacific
&
Chau
St
Nash
W.
Louts.Va.,and south of a line from Parkersburg to the southwestern corner of Maryland
126.282
669,563
Northern
Great
and thence by the Potomac River to its mouth.
668,858 N Y Ontario & Western- 119,105
Lehigh Valley
Southern..... 113.825
Missouri-Kansas-Texas_ 638,966 Kansas City
WESTERN DISTRICT.
628,669 Spokane Portl dr Seattle- 110.484
Long Island
624,745 Union RR of Pa
105,925
Northwestern &Mon.-This region comprises the section adjoining Canada lying
N y Chicago & St Louis
Terminal
Illinois
561,811
105,250
Jersey
north of a line from Chicago to Omaha and thence
New
Region,
of
Lakes
of
west
Great
the
Central RR
104,923
548,297 Central Vermont
to Portland and by the Columbia River to the Pacific.
Pere Marquette
538,868
Central Western Reaton.-This region comprises the section south of the NorthDelaware & Hudson
Total(82 roads)
$66.560.718
western Region, west of a line from Chicago to Peoria and thence to St. Louis, and
Chicago Great Western.. 477.411
north of a line from St. Louis to Kansas City and thence to El Paso and by the
cover the operations of the New York Central and the
a These figures
Louis;
St.
Mexican boundary to the Pacific.
Michigan
&
Chicago
Central,
Cincinnati
leased lines-Cleveland
& Terre Haute. IncludSouthwestern Region.-This region comprises the section lying between the MisCincinnati Northern, and Evansville Indianapolis
Belt,
River south of St. Louis and a line from St. Louis to Kansas City and thence
the
Harbor
sissippi
result
a
is
Indiana
the
and
Erie
Lake
&
ing Pittsburgh
to El Paso and by the Rio Grande to the Gulf of Mexico.
decrease of $9,058,291.
Ca
3232
Financial Chronicle
The Western grain traffic in March the present
year, as already indicated, fell below even the greatly
diminished movement in March a year ago. And,
without exception, all the different cereals, in
greater or less degree, shared in the further contraction. The receipts of wheat at the Western
primary markets for the five weeks ending April 1
1933 were only 14,752,000 bushels, as against 15,079,000 bushels in the corresponding five weeks of
1932; the receipts of corn only 11,138,000 bushels,
as against 11,864,000 bushels; of oats, 5,298,000
bushels, as against 5,309,000, and of barley, 2,313,000
bushels, as against 2,762,000. Adding rye-644,000
bushels against 650,000-the receipts of the five
cereals combined for the five weeks of March 1933
aggregated only 34,145,000 bushels, as compared
with 35,664,000 bushels in the corresponding period
of 1932; 65,175,000 bushels in the same period of
1931; 56,158,000 bushels in 1930, and no less than
76,286,000 bushels in March 1929. In the following
table we give the details of the Western grain movement in our usual form:
WESTERN FLOUR AND GRAIN RECEIPTS.
5 Wks.End. Flour.
Wheat.
AprIl 1.
(bbia.)
(bush.)
Chicago1933 ___ 833,000
421,000
1932 -__ 727,000 1,402,000
Minneapolis1933 5,375,000
1932 2,714,000
Duluth1933 _
1,844,000
1932 _
411,000
Milwaukee1933 ___
74,000
9,000
1932 ___
101,000
206,000
Toledo1933 ....
529,000
1932 _
1,145,000
Detroit1933 _
58.000
1932 _
123,000
indianapolts et Omaha1933 _
767,000
1932 --8,000
913,000
St. Louis1933 ___ 711,000
1,321,000
1932 -- 675,000
1,693,000
Peoria1933 __ 258.000
79,000
1932- 267,000
248,000
Kansas CUy1933 ___
65,1300 3,604,000
1932 -__
42,000 5,115,000
St. Joseph1933 ..
192,000
1932 _
275,000
Wichita1933532,000
1932 _
558,000
Sioux City1933 ___
21,000
1932
276,000
Total All1933 ___ 1,941,000 14,752,000
1932 -__ 1,820,000 15,079.000
3 Mos.End. Flour.
Wheat.
April 1.
(bush.)
(COIL)
Chicago1933._ 2,087.000
838,000
1032
2,033,000
3,035,000
Minneapolis1933 11,961,000
1932 _
8,435.000
Duluth1933 _
3,784,000
1932 923,000
Milwaukee1933 ___
54.000
123,000
1932 ___ 194.000
294.000
Toledob. 1933
20,000 2,112.000
1932 4.030.000
Detroit1933
250,000
1932 376,000
Indianapolis & Omaha1933 _
2,036,000
1932
8,000 5,257,000
St. Louis1933 ___ 1.696,000 3,005.000
lk 1932 ___ 1,874,000 6,578,000
Peoria1933 -__ 629,000
463,000
p 1932
715,000
490,000
Kansas City1933 ___
167,000 9,370.000
1932 -__ 112,000 21.856,000
St. Joseph'
1933
395.000
P 1932
620,000
Vichita1,586,000
t 1933 _
1932
4,273,000
Sioux City, 1933
145.000
E 1932 ___
674,000
r
r
Corn.
(bush.)
4,353,000
4,998,000
439,000
544,000
Oats.
(bush.)
Barley.
(WOO
Rye.
(bush.)
417,000
389,000
43,000
23,000
743,000 1,131,000
508,000 1,196,000
431.000
381,000
1,273,000
1,560,000
181,000
2,000
28,000
14,000
77,000
17,000
121,000
165,000
465,000
739,000
101,000
194,000
311,000
647.000
24,000
6.000
197,000
286,000
399,000
1,012,000
2.000
13,000
1,000
7,000
17,000
25,000
68,000
116,000
1,976,000
1,695,000
1,453,000
888,000
1,301.000
874,000
562,000
332,000
112,000
122,000
4.000
1,000
968,000
1,048,000
252,000
160,000
189,000
276,000
2,000
814,000
925,000
214,000
216,000
324,000
299,000
166,000
122,000
17,000
15,000
2,000
2,000
2,000
86,000
414,000
37,000
185,000
18,000
11,000
1,000
11,138,000
11,864,000
Corn.
(bush.)
5,298,000 2,313,000
5,309,000 2,762,000
Barley.
Oats.
(btuh)
(bush.)
644,000
650,000
Rye.
(bush.)
12,633,000
14,795,000
2,478.000 1,095,000
4,610,000 1,036,000
150,000
119,000
1,363.000
1,611,000
1,619,000 2,502.000
1,252,000 2,163,000
836,000
807,000
56,000
89,000
19,000
52,000
13,000
1,420.000
1,767,000
178,000
28,000
306,000
19,000
405,000
275,000
268,000
917,000
471,000 1,455,000
65,000
25,000
681,000
993,000
1,115,000W1.835.000
6,000
32,000
2.000
17,000
80.000
77.000
156.000
288.000
164.000
207,000
77,000
97,000
7.065.000
4,962,000
3,383.000
2,602,000
8,000
20,000
4.027.000
3,294,000
2.070.000
1,513.000
239,000
429,000
28,000
11,000
3,376,000
3,602,000
555.000
623,000
356,000
809.000
2.000
2,320.000
2,234.000
626,000
626,000
1,326,000
744.000
547,000
814.000
82.000
81,000
2,000
22.000
2,000
4,000
164.000
1,261.000
112.000
314.000
48.000
30,000
2.000
1,000
Toted iU1933
4,722.000 35,999.000 34,822.000 12,987.000 5,635.000 1.565.000
1932 ___ 4,936,000 56.843,000 35,534,000 14,998,000 6392,000 1,374,000
As to the livestock traffic over Western roads,
this, too, appears to have been much smaller than
in March 1932. At Chicago the receipts comprised
only 9,677 carloads in the month the present year,
as compared with 11,954 carloads in March 1932 and
at Kansas City and Omaha 3,152 and 3,350, respectively, as against 4,813 and 4,135 carloads in
March 1932.
Coming now to the Southern cotton movement,
this also was on a greatly reduced scale as compared
with March last year, both as regards the overland shipments of the staple and the receipts at the
Southern outports. Gross shipments of cotton
overland during March 1933 aggregated only 26,825
bales, as against 43,122 bales in March 1932; 88,796
bales in March 1931; 58,147 bales in March 1930;
80,093 bales in March 1929, and 80,532 bales in
March 1928. Receipts of the staple at the Southern
outports in March the present year reached only
318,080 bales, against 644,554 bales in March 1932;
348,114 bales in March 1931; 204,092 bales in March
1930; 375,133 bales in March 1929, and 333,456
bales in March 1928, as will be seen from the table
we now present:
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR THE
MONTH OF
MARCH AND SINCE JAN. 1 TO MARCH 31 1933, 1932
AND 1931.
Month of March.
Since Jan, 1.
Ports.
1933.
Galveston
68,446
Houston, die
105.773
Corpus Christi- _-3,651
Beaumont
New Orleans
113,191
Mobile
10,656
Pensacola
2,236
Savannah
3,315
__
Brunswick
Charleston
4,584
Lake Charles
2.218
wilmIngton
1,458
Norfolk
2,489
Jaeksonville
63
Total
285,000
11,000
May 13 1933
318.080
1932.
1931.
1933.
127.329
56,479
345.649
148.293
64,139
626,846
6.792
3.479
17.211
4.325
794
2.470
240,892
96,048
466.077
58,808
47.996
69,655
6,012
5,336
9,998
22,938
42.568
17,341
1,1186,744
13.538
12-iii
18,181
6,540
2.514
15,619
4,183
4,795
9,341
2,989
10,278
7,354
1,473
24
1,022
644.554
1932.
1931.
688,400
735,155
23,862
7,653
856,742
167,120
19,935
67.988
5.400
27.665
24,007
13,042
7.524
5,276
348.114 1.613.508 2 040 700
219,750
326,728
13,674
3,802
310,076
156,058
8,736
120,936
36.107
12,618
14,446
23,974
88
1 oast 0/2
RESULTS FOR EARLIER YEARS.
As already explained, this year's falling off of $69,022,
941
in gross and of $25,256,013 in net follows a long series
of
poor or indifferent results in March of the years
immediately preceding. In March 1932 our tabulation
showed
$85,983,406 shrinkage in gross and $17,035,708 in
net after
$76,672,852 shrinkage in the gross and $16,893,267 in
the
net in 1931, while in 1930 there was $64,595,796
shrinkage
in the gross and $38,262,064 shrinkage in the net,
this
reflecting the first results of the trade collapse which last
as a sequel to the stock market crash in the autumn came
of the
preceding year. In March 1929 increases
appeared, but
they were very moderate in amount, namely
$10,884,477 in
gross and $7,516,400 in net, and, moreover,
succeeded
heavy losses in gross and net alike in March 1928,
though
the recovery would doubtless have been somewhat
greater
except for the fact that the month contained one less
working
day than in the previous year, due to there
having been
five Sundays in the month, whereas March 1928
had contamed only four Sundays. For March 1928
registered no less than $26,410,659 decrease our tables
in gross and
$4,034,267 decrease in net. Nor was the
showing for
March 1927 anything to boast of, the comparis
ons then
having revealed relatively trifling increases-3432,6
gross and $1,627,348 in net. It is not until we get16 in
back
to 1926 that we strike periods of marked improvement in
results. In March 1926 the showing was strikingl good,
y
with noteworthy improvement in gross and net alike. Our
compilations for March 1926 recorded $43.668,
624 gain in
gross, or 8.99%, and $24,561,652 gain in net, or
223/2%.
The fact is to be borne in mind, however, that these gains
in March 1926 followed losses in both the years immediately
preceding. Thus for March 1925 our statement registered
$18,864,833 decrease in gross and $5,447,665 decrease in
net, while for March 1924 the loss in the gross reached
$30,628,340, though the loss in the net was no more than
$2,514,076, owing to the reductions in expenses, reflectin
g
growing efficiency of operations. This growing efficiency in
operations was a feature at that time and the further back
we go the more striking the record becomes in that respect-
110
Volume 136
Financial Chronicle
barring 1923, when weather conditions were extremely unfavorable, and a gain of $59,806,190 in gross brought with
it an addition of only $3,419,324 to net earnings-which
last, however, was the reverse of what happened in 1922,
when a gain of $16,059,426 in gross was attended by a
reduction of $38,577,773 in expenses, yielding $54,637,199
gain in net, and the reverse also of what happened in 1921,
when though the gross revenues showed a decrease of $1,483,390, the net recorded an improvement of $18,656,316.
All this merely indicates that as the country got further and
further away from the period of Government control of the
railroads, with its lavish and extravagant administrations,
railroad managers once more succeeded in obtaining control
over the expenditures of the roads and were able to effect
important economies and savings.
Weather conditions are not, as a rule, a great drawback
to railroad operations in March (January and February
being the bad winter months), and in 1933 as in 1932, 1931
and 1930, there were few complaints on that score, though
in 1931 some heavy snowstorms in the early part of the
month and again in the closing part were reported in the
Rocky Mountain areas and the adjoining Prairie States,
with the Oklahoma Panhandle especially hard hit, and likewise heavy snowdrifts at different times during the month
in the Adironda,cks and northern New York. In 1929 the
drawbacks were only such as followed as the result of the
severe cold and heavy falls of snow experienced by some of
the far Western roads in January and February. At different times during March of that year there came reports of
snow slides at widely separated points in the section of the
country referred to-from Colorado, from Dakota, from
Montana, from the State of Washington, &c. In 1928 the
weather was not an adverse influence anywhere. In 1927,
likewise, the weather did not exert any serious adverse
influence except in several of the Rocky Mountain States,
more particularly in Colorado and Wyoming, where repeated
snowstorms occurred all through the winter months of 1927,
making railroad operations difficult, and where even towards
the middle of April an unusually severe spring blizzard
was encountered, seriously interrupting traffic. The latter
extended also into South Dakota and into western and
northwestern Nebraska. In 1926, too, the winter for the
country as a whole did not interfere with railroad operations to any great extent, temperatures then being mild
and the season far in advance of the ordinary. In 1924
the weather was also mild and the roads suffered no setback
on that account. Back in 1923, on the other hand, weather
conditions in March were extremely unfavorable. Moreover, in 1923 the winter was very severe also in January
and February, with heavy snows making the adverse
effects cumulative and entailing outlays of great magnitude
on that account. In discussing the severity of the winter
weather in our review of March 1923 we pointed out that
in nearly the whole of the northern half of the country quite
unusual weather conditions had prevailed. Here in the
East in the last week of the month the Weather Bureau in
this city on several days reported the lowest March temperature records during its existence. And the cold persisted right up to the close of the month. On the night of
March 31-April 1, the latter being Easter, the official thermometer registered a temperature of as low as 12 degrees
above zero. Previously the temperature in this city on Mar.
31 had never been below 25. Furthermore, dispatches from
Washington, D. C., in that year reported the coldest first of
April ever experienced at many points east of the Mississippi River, with the mercury in Washington down to 15
degrees, seven degrees under the record set April 19 1875,
and lower than ever registered after Mar. 21 in any year
since the establishment of the Washington Weather Buerau
in 1870. But the cold in 1923 was not so much of a drawback as the snowfalls and the snow blockades. Added to
the numerous snowstorms in February, which had then so
seriously increased operating costs, more particularly in
New England and northern New York, there were, in 1923,
other snowstorms during March, some of these in the West
attaining the dimensions of blizzards. The result was that
virtually everywhere outside of the South operating costs
were heavily augmented. It was because of this that out
of $59,806,190 increase in gross earnings in March 1923,
$56,386,866, as already stated, was eaten up by augmented
expenses, leaving only $3,419,324 increase in the net.
It has already been noted that the loss in the net in
1925 and 1924 came after four successive years of increase.
On the other hand, prior to 1920, March net had been
3233
steadily dwindling for a long period past, until the amount
had got down to very small proportions. For instance, in
March 1919 there was a loss in net of no less than $52,414,969 in face of an increase of $10,676,415 in the gross
earnings and furthermore, March 1919 was the third successive year in which the March expenses had risen to such
an extent as to wipe out the gains in gross receipts-hence
producing a cumulative loss in net. In the following we
give the March totals back to 1906. For 1911, 1910 and
1909 we use the Inter-State Commerce figures, which then
were slightly more comprehensive than our own (though
they are so no longer), but for preceding years, before the
Commerce Commission had any comparative totals of its
own, we give the results just as registered by our own
tables each year-a portion of the railroad mileage of the
country being always unrepresented in the totals in these
earlier years, owing to the refusal of some of the roads then
to give out monthly figures for publication:
Gross Earnings.
Net Earnings.
Year.
Year
Given.
Year
Ine. (-I-) Or
Preceding. Dec.(-).
Year
Given.
Year
Inc. (-I-) or
Preceding. Dec. (_._).
March- $
$
$
$
$
$
1906_ 129,838,70: 116,861,229 +12,977,479 40.349,748
35,312.906
1907. 141,502,502 128,600,109 +12,980,393 40,967.927 40,904,113 +5,038,842
+63,814
1908 _ 141,193,819 162,725,500 -21,531,681 39,328,528 45.872,154
1909 - 205,700.013 183.509,935 +22,190,078 69,613,713 55,309,871 -6,543,631
+14,303,842
1910 _ 238,725,772 205,838,832 +32,887,440 78,322,811
+8,664,106
1911 _ 227,564,915 238,829,705 -11,264,790 69,209,357 69,658,705
78,357,486 -9,148,129
1912 _ 237,564,332 224,608,654 +12,955,678 69,038,987 68.190,493
+848,494
1913. 249,230,551 238,634,712 +10,595,839 64,893,146 69,168,291 -4,275.145
1914 _ 250,174,257 249,514,091
+660,166 67,993,951 64,889,423
1915. 238,157.881 253,352,099 -15,194,218 68,452,432 67,452,082 +3.104,528
1916. 296,830,406 238,098,843 +58,731,563 97,771,590 68,392,963 +1,000,350
1917 - 3294,068,34521,317,560+27,249,215 88,807.466 96,718,706 +29.378,627
-7,911,240
1918 - 362,731,238 312,276,881 +50,484,357 82.561,338
1919_ 375,772,750 365,096,335 +10,676.415 29,896.482 87,309,806 -4,748,470
-52.414.969
1920. 408,582,467 347,090,277 +61,492.190 40,872,775 82,011,451
1921 _ 456,978,940 458,462,330 -1,483,390 58,538,958 27,202,867 +13,669.908
+18.656,318
1922. 473,433,886 457,374,460 +16,059,426 113,468,843 39,882,602
1923 _ 533,553,199 473,747,009 +59,806,190 117,117,122 58,831,644 +54.637,199
1924. 504,016,114 534,644,454 -30,618,340 114,754,514 113,697,798 +3,419,324
1925. 485,498,143 504,362,976 -18,864,833 109,230,086 117.668,590 -2,914,0713
114,677,751 -5,447,662
1926 - 528,905,183 485,236,559 +43,668,624 133,642,754 109,081.102
+24,561,652
1927. 529,899,898 529,467,282
+432,616 135,691,649 134,064,291 +1,627,35S
1928. 504,233,099 530,643,758 -26,410,659 131,840,275 135.874,542
-4,034,261
1929. 516.134,027 505.249,550 -F 10,884,477 139,639,086
1930 - 452,024,463 516,620,259 -64,595,796 101.494.027 132,122,686 +7,516,40C
1931 _ 375,588,844 452,261,696 -76.672,852 84,648,242 139,756,091 -38,262,064
101,541,509 -16,893,261
1932. 289,633,741 375,617,147 -85,983,406
84,706,410 -17,035,709
1933 _ 219.857.606 288.880.547 -69.022.941 67,670,702
43.100.029 68.356 04 -25.256.013
Note -Includes or March 96 roads in 1906; 94 in 1907; In 1908
based on 152,058 miles of road; n 1909. 233,702; In 1910, 239,691; the returns were
In 911, 244,081;
In 1912, 238,218; in 1913, 240,510; In 1914, 245,200;
In 1915, 246,848; In 1916,
247,363; In 1917, 248,185; In 1918, 230,336; in 1919. 226,076;
1920,
in
206,319: In
1921, 234,832; in 1922, 234,986; in 1923, 235,424:
In 1924, 235.715; In 1925,236.559;
In 1926, 236,774; In 1927, 237,804; In 1928, 239,649;
In
1929.
241,185;
In 1930,
242,325; In 1931 242,566; In 1932, 241,996: In 1933, 240,911.
The Course of the Bond Market.
Increasing strength in bond prices this week brought the
averages well above the highs of March 18. Railroad,
utility and industrial groups were all equally strong. High
grade as well as low grade bonds all participated in the
advance. Although less attention has been given in the past
week to threats of currency inflation, due to the President's
speech last Sunday, which referred to an enl rgement of
credit but not to any expansion of currency, inflation still
remains a possibility and capital therefore is largely interested
in the speculative stock, bond and commodity markets.
Reports of improvement in business activity throughout
the country, however, justify a large part of the current improvement in all sections of the bond market.
Government bonds likewise continued to rise this week.
The Federal Reserve statement for Wednesday, May 10,
shows that the Federal Reserve banks have not begun as
yet the expected purchase of "governments." The Treasury's financial policy is unchanged, with short term financing
of $75,000,000 or so a week continuing, for the purpose of
meeting maturities. The next larger maturity, of $374,000,000, will be on June 15. It is just pAsible that a new
short term loan will be made at that time to provide
money
for refunding and also for other purposes such
as public
works and relief.
Railroad bonds were very actively traded in at advancing
prices in the past week, all groups participating,
including
gilt edge issues, whereas in the immediately preceding
the upward movement was, to a fairly substantial weeks
extent,
confined to medium grade and speculative
bonds. Announcement of the Administration's railroad bill,
increased
traffic movement, as indicated by carloadings,
and
nance of Union Pacific's $6 dividend, together maintewith the
general strength of the security and commodity
were all contributory factors. Atchison Topeka markets,
& Santa
Fe 4s, 1995, advanced from 883i to 928
4, Union Pacific 4s,
2008,from 823 to 87 and Baltimore & Ohio
4s, 1948, from
78Yi to 8252. Gains were proportionally as
large in the speculative investment and speculative groups.
New York
Central 6s, 1935, advanced from 67 to 69, Great
Northern
May 13 1933
Financial Chronicle
3234
7s, 1936, from 67 to 70%, Baltimore & Ohio 43's, 1960, 5s, 1953, to rally several points to a new 1933 high at 71%.
Otis
from 413' to 423 and Chicago & North Western 4%s, Despite the company's current financial difficulties,
of
a
rise,
to
gain
reaching
continued
103(
1941,
6s,
Steel
from
18%
1949,
to 19%.
After a minor setback on the first day of the current week, points for the week. All steels were firm to higher. Oils
utility bonds developed strength and continued to advance held well and some advanced despite adverse trade news on
each day thereafter. Buying seemed to grow in intensity as petroleum.
Some strength was evidenced by the foreign bond market
the week advanced and bonds of all grades were in demand.
2s, 1951, gained 3 points for the week, this week. There was a sharp upward movement in JapanConsolidated Gas 43/
from 923/i to 953', Columbia Gas & Electric 5s, 1961, 5 ese, Argentine, and to a somewhat less pronounced degree in
points, from 76 to 81, and Texas Power & Light 5s, 1956, Finnish, Greek and Hungarian bonds. French issues were
also strong.
3% Points, from 75 to 783.
During the past week considerable improvement occurred
Again strength characterized the industrial bond list though
the advance was, as a whole, not as sharp as in the preceding in the municipal bond market. Quotations showed firmness
week. Highest grade issues rallied after hesitating pre- and several important communities were able to do necessary
viously on inflation fears. Procter & Gamble 43s, 1947, financing which had been held up by poor market conditions.
were up 3 points to 103 and Liggett & Myers Tobacco 5s, Bankers extended short term maturities of New York City,
1951, rallied 2% points to 1083's. One of the few big but at best, solution of the problem has been postponed
declines during the week was in Pressed Steel Car 5s, 1933, until June.
Moody's computed bond prices and bond yield averages
on reports of a receivership. Renewal of reports of the sale
of Boots Pure Drug stock by United Drug caused the latter's are given in the tables below:
MOODY'S BOND YIELD AVERAGES.*
(Based on Individual Closing Prices.)
MOODY'S BOND PRICES.*
(Based on Average Yields).
1933
Doily
Averages.
May 12
11
10
9
8
6
5
AU
120
Domes
82.74
82.38
80.95
80.26
80.03
79.91
79.68
78.66
77.99
77..55
77.44
120 Domestics Si, Ratings.
Amt.
Aa.
A.
102.30
101.97
100.81
100.33
99.68
99.68
99.36
98.88
98.88
98.73
98.88
90.55
90.69
89.17
88.50
87.69
87.56
87.30
86.25
85.87
85.10
84.97
79.34
78.99
77.88
77.11
77.00
77.00
76.67
75.61
74.88
74.88
74.88
120 Domestics
by Groups.
Baa.
RR.
65.62
65.12
63.50
62.64
62.95
62.79
62.56
61.41
60.38
59.95
59.65
81.66
81.66
79.91
78.99
78.77
78.88
78.55
77.11
76.25
75.61
75.40
P. U. huhu.
79.11
78.66
77.22
76.78
76.89
76.46
75.92
74.88
74.05
74.15
74.05
87.69
87.17
86.12
85.10
84.72
84.85
84.85
84.22
83.97
83.60
83.60
All
120
1933
Daily
Domes
Averages. tic.
May 12
11_10__
5.98
6.01
6.13
6.19
6.21
6.22
6.24
6.33
6.39
6.43
6.44
120 Domeati a by &Map.
120 Domestics
by Groups.
&us.
AL
A.
Baa.
RR.
4.61
4.63
4.70
4.73
4.77
4.77
4.79
4.82
4.82
4.83
4.82
5.38
5.37
5.48
5.53
5.59
5.60
5.62
5.70
5.73
5.79
5.80
6.27
6.30
6.40
6.47
6.48
6.48
6.51
6.61
6.68
6.68
6.68
7.67
7.73
7.93
8.04
8.00
8.02
8.05
8.20
8.34
8.40
8.44
6.07
6.07
6.22
6.30
6.32
6.31
6.34
6.47
6.55
6.61
6.63
40
For.
P.O. Indus. signs.
6.29
6.33
6.46
6.50
6.49
6.53
6.58
6.68
6.76
6.75
6.76
5.59
5.63
5.71
5.79
5.82
5.81
5.81
5.86
5.88
5.91
5.91
10.07
9.94
9.96
10.02
10.08
9.93
9.89
9.84
9.83
9.89
9.93
4
3
2
1
Weekly
Weekly6.72
8.63
6.73
5.77
6.76
4.77
5.93 10.26
77.11 99.68 85.35 74.46 58.32 74.36 74.05 83.35 Apr, 28-- 6.47
Apr. 28
6.95
9.02
7.03
5.93
6.96
6.10 10.58
4.89
71.38
72.06
21__ 6.70
55.73
81.30
72.16
83.35
74.67 97.78
21
Stock
Exeha
Clo sed.
age
14__
Stock Excha nge Clo sed.
14
6.77
9.17
7.08
5.73
6.70
4.75
6.05 10.83
6.61
74.67 81.90
71.09
13__
54.80
73.95
85.87
100.00
75.61
13
9.42
6.90
7.11
5.79
6.84
6.22 11.02
4.76
6.72
74.46 99.84 85.10 72.65 53.28 70.62 73.25 79.91
7
6.88
9.32
5.76
7.03
6.83
4.78
6.20 10.80
6.69
74.77 99.52 85.48 72.85 53.88 71.38 73.35 80.14
1
8.79
5.58
6.59
6.80
4.65
6.38
6.1.13 10.76
73.65 78.10 82.14 Mar.24_ _ 6.40
57.24
75.82
87.83
101.64
77.88Mar.24
6.45
8.60
5.48
6.71
4.61
6.17
5.98 10.73
17._ 6.29
79.11 102.30 89.17 77.33 58.52 74.57 80.49 82.74
17
9.27
6.96
5.76
7.22
6.54
4.81
6.35 11.19
3__ 6.70
74.67 99.04 85.48 72.06 54.18 69.59 76.35 78.44
3
6.55
8.68
5.47
6.85
6.16
4.57
5 95 11.05
78.77 102.98 89.31 76.26 57.98 73.15 80.60 83.11 Feb. 24._ 6.32
Feb. 24
6.26
8.31
5.36
6.62
4.48
5.89
6 80 10.40
17.- 6.10
81.30 104.51 90.83 79.45 60.60 75.50 83.85 84.97
17
6.08
8.06
5.23
6.41
440
5.72
6.70 10.05
77.77
5.94
85.99
10._
62.48
86.25
81.54
92.68
105.89
83.23
10
6.17
8.21
5.24
6.55
443
5.72
5.76 10.20
6.81
82.38 105.37 92.53 80.49 61.34 76.25 85.99 85.48
3
6.11
8.00
6.55
5.25
9.82
4.42
5.60
5 69
83.11 105.54 92.39 81.18 62.95 76.25 87.56 86.38 Jan. 27-- 5.95
Jan. 27
6.12
7.98
5.29
6.66
9.85
4.45
5.55
5.67
75.09
88.23
96
20_
63.11
5
86.64
81.07
91.81
03
105
82.99
20
6.05
7.83
6.60
5.26
9.62
4.42
5.48
5.60
13._ 5.89
83.85 105.54 92.25 81.90 64.31 75.71 89.17 87.56
13
6.27
8.18
5.37
6.97
9.98
5.55
4.46
5.69
- 6.07
81.66 104.85 90.69 79.34 61.56 71.96 88.23 86.38
6
6.05
7.67
5.21
07
6
5.47
9.60
4.39
Low
5.59
62
81.66
89.31
87.69
1933
65
5.88
81.90
92.97
106.07
83.97
High 1933
6.98
9.44
5.96
7.22
4.91
6.97
6.35 11.19
74.15 97.47 82.99 71.87 53.16 69.59 71.96 78.44 High 1933 6.75
Low 1933
6.34
7.41
6.30
5.44
9.86
4.51
5.59
5.75
82.62 03.99 89.72 78.55 67.86 78.99 87.69 85.61 Low 1932 6.99
High 1932
9.23
12.96
7.03
10.49
7.65
5.75
8.11 15.83
65.71
High
1932
37.94
8.74
47.58
62.09
54.43
67.57 85.61 71.38
Low 1932
Yr. AgoYear Ago8.09 11.21
8.93
6.20
6.74
7.38 13.96
5.21
65.54 92.97 80.14 62.25 44.33 56.32 74.25 68.13 May12'32 7.68
May 12 1932_
2 Yrs.Ago
k. Tiro Years Ago5.57
6.97
5.44
4.73
4.95
6 96
89.72
4.37
96.85
85
5
71.96
5.41
84.35
87.96
May13'31
100.33
06.42
90.13
_
May 13 1931_
yield on the basis of one "h ear bond 444% coupon, maturing in 31 years) and do not purport to show either
•Note.-Thene prices are computed from averageprice
the
way
comprehensive
relative
levels
more
They
and
quotations.
relative
the
a
In
merely serve to Illustrate
the average level or the average movement of actual picture of the bond
market.
movement of yield averages, the latter being the truer
these Indexes was published In the "Chronicle" on Jan. 14 1933. page 222 For Moody's Index of bond priest
,The last complete list of bonds used In computing
"Chronicle" of Feb 6 1932. page 907.
by months back to 1928. refer to the
Devaluation of Dollar Declared Confiscatory by H. H.
Heimann of National Association of Credit Men.
Devaluation of the dollar by 50% is branded as confiscatory and the most vicious type of inflationary measure by
Henry H. Heimann, Executive Manager of the National
Association of Credit Men in his May monthly review of
business sent to the Associations' members. "A devaluation of 50% would in effect be the equivalent of reducing
the wages and salary of each and every working man and
employee by 50%" declares Mr. Heimann, who adds:
your own salary and reducing
You can best visualize the effect by taking
the effect of a reduction of
It exactly in half. Then you will understand
the gold content of the dollar by 50%•
professional men, and the intent
It would reduce the earnings of all
of a fixed nature. It would strike
and realization of all specific contracts
saved for old age, and those who
particularly hard against those who had
savings and pension allowances
were living upon a pension, because their
would be halved.
a reduction of the gold content
that
There is a mistake abroad in the land
upon the rich. The fact is that it
of the dollar would fall most heavily
classes.
would have to be shouldered mostly by the laboring
my mind, outside of printing
It is, indeed, confiscatory in nature. To
measure. I would
inflationary
press money, It is the most vicious type of
to currency might not be reduced
not go so far as to say the gold backing
35% or even 30%,
somewhat from the present 40% scale to, perhaps.
along comparable bases in
providing the same regulations were adopted
gold basis. In that case, every
other nations, and all nations returned to a
there would be a rigidity about the
one would be on the same basis and
currency.
currency that would develop a stabilized
the currency, that 111 essential in
It Is the stabilization, not the value of
Fluctuating currency not only disturbs
the flow of commerce and trade.
nations, and domestically as well, when
but destroys commerce between
Even this move, of course,
domestic monetary policies lack stability.
a certain measure of write-off or
would have the effect of bringing about
would be reduced, but it
confiscation, to the extent that the gold backing
reduction of the gold content of the
would not be as vicious as would be a
dollar by as much as 50%.
is reduced by 50%. the article you now
If the gold content of the dollar
simply cost you a dollar. Let us assume that a
buy for 50 cents would
would still be paid $150, but
man is getting a wage of $150 a month. Ile
necessities of life he would discover that he could
when he went to buy his
only buy one-half as much for the $150 as he could prior to the deflation
of the gold content of the dollar. Commodities, In other words, would
advance rapidly.
Devaluation is a form of deflation of labor and of salaried people that
Is drastic and severe, and experience tells us that wages and salaries lag
some six to eight months in meeting the new situation. It is difficult to
believe that the authority under this law would be exercised by the President. Even the present situation, in my opinion, does not jus.ify such
confiscatory legislation, and if it is put into effect the forces of deflation
will gather with renewed vigor, and march on unchecked to a point where
it would be idle to predict lust what would be In store for Us. The obvious
results of such a move should convince us somewhat that the move in area
will not be made. The authority has been requested for other reasons.
Proceedings of 1932 Convention of National Association
of Railroad and Utilities Commissioners.
The printed volume of Proceedings of the 1932 Convention
of the National Association of Railroad and Utilities Commissioners, held in Hot Springs, Arkansas, November 15-18
1932 has just been issued and forms an invaluable compendium of information.
These proceedings are of particular interest at this time
because of the considerable attention given to the regulation
of holding companies and public utility companies. The
book is an important and valuable contribution to the
literature on the subject of railroad, public utility and holding company regulation, including as it does many legislative
recommendations on these.natters. Many f these proposed
enactments are now receiving the serious consideration of
Congress and the State Legislatures.
The volume is replete with valuable data, and contains
the current thought on the many subjects discussed. It is
thoroughly indexed.
The book, of approximately 700 pages, is issued by ,the
National Association of Railroad and Utilities Commissioners, and is published by The State Law Reporting Co., of
New York, at 30 Vesey Street. The price is $5.00 per copy,
plus postage.
Volume 136
Financial Chronicle
3235
THE COMING
INTERNATIONAL EXPOSITION
AT CHICAGO, ILLINOIS
"A Century of Progress" in the Theatre of the World
4
The World's Exposition at Chicago.
Bustle and activity are everywhere in evidence at
Chicago. The World's Fair at that point is infusing
new life into everybody and everything. The Fair
grounds are probably the busiest place in the United
States just now. As a matter of civic pride, the
deepest interest in the Exposition is felt by everyone
in Chicago. The people of Chicago are determined
to have it rank as the greatest success of the age,
and everyone in the city is boosting it from morning
to night. It looks, too, as if the Exposition was to
inaugurate a new era in the life of the city and of
the West. The Fair seems likely to revive trade
and business throughout the West, and the benefits
are sure to flow to all parts of the country.
As we stated last week, we feel certain that the
attendance will be large, when the merits of the
undertaking become known. People will flock to
Chicago from all parts of the United States and
also from Europe and other parts of the world.
Chicago is so located that it may be called the heart
of the country, and the railroads will have an influx
of traffic such as they have not seen before for
many a long year. We are confident that this accession of special traffic will play an important part
in placing the railroads of the country on their feet
once again. We opine, too, that many of the trans.
Atlantic steamship lines, in carrying passengers to
these shores, will get a large amount of new business for the time being which will be of great benefit
to them.
In a word, we feel that greater activity in the
country's trade and business will result all along the
line, and with that in view we are recording here
from week to week the leading events and happenings connected with the undertaking as they unfold
during the holding of the Exposition so that the
world may not be left in the dark as to this marvelous record of achievement to which all the nations
of the world have contributed.
Date for Opening International Exposition at
Chicago Advanced—Will Open May 27 Instead of June 1—Everything in Readiness.
The official opening of A Century of Progress—Chicago's
1933 World's Fair—has been set ahead from Thursday,
June 1, to Saturday, May 27, so that President Roosevelt
may take part in the opening ceremony. This announcement was made on May 4 by Lenox R. Lohr, General
Manager of A Century of Progress, upon receipt of word
from Washington that President Roosevelt had accepted
the invitation to appear in the ceremony on May 27, tendered him in person by Rufus C. Dawes, President of the
Exposition. A promise to attend commencement exercis
at the Naval Academy at Annapolis on June 1 had made
it impossible for the President to appear on the date selected
for the formal opening of the Fair more than two years ago.
"So far as I know, our decision to open A Century of
Progress five days before the announced opening establishes
a record for World's Fairs," said General Manager Lohr.
"Every building and exhibit erected and operated by A
Century of Progress will be ready for the May.27 opening.
In addition, telegrams are being sent to every exhibitor and
concessionaire to rush their work to completion for the
advanced date.
"Although our contract with the South Park Commissioners does not place us in possession of Soldier Field
Stadium until June 1, I do not believe that any objection will
be raised by the Commissioners to using the Stadium for
the opening ceremony."
In the meantime, Robert I. Randolph, director of operations of the Fair, began the task of shifting arrangements
for the initial illumination of the Fair buildings and grounds
on the night of the opening.
Plans had already been elaborated to have light from the
star Arcturus, focused on a photo-electric cell and stepped up
by means of an amplifier, close the relay switching on the
first illumination. Arcturus is 40 light years away from
the earth, so that the beam actuating the current left that
distant star during Chicago's first World's Fair—the World's
Columbian Exposition of 1893.
Light from the star Arcturus is to be focused on photoelectric cells at four observatories: Yerkes of the University
of Chicago at Williams Bay, Wis.; Harvard University, Cambridge, Mass.; University of Illinois at Urbana, Ill., and
the University of Pittsburgh, at Allegheny, Pa. These
impulses amplified are to close the relays turning on the
illumination at the World's Fair on the opening night.
Messages were sent to the observatories and to General
Electric, Westinghouse Electric & Manufacturing Co.,
Western Union Telegraph Co. and the broadcasting companies of the change in date.
According to Mr. Randolph, President Roosevelt will be
escorted to Soldier Field Stadium on May 27 by the Black
Horse Troop.
The parade will start from Chicago Avenue at 10 a. m.
and follow Michigan Boulevard to Soldier Field, where it
will be reviewed by the President.
Marching in the procession will be military and naval
units, members of American Legion posts, and other units
in uniform.
• Prior to the arrival of the President, the international
character of the Exposition will be symbolized by a "Salute
of Nations," in which the flags of all nations will be raised
by groups in native costume.
There will be four addresses, according to the present
program: by President Rufus C. Dawes, Mayor Edward J.
Kelly, Governor Henry Homer and President Roosevelt.
Following his address President Roosevelt will be guest
of honor at a luncheon on the Exposition grounds.
The evening ceremony will center about the initial illumine,
tion by the star Arcturus and will be followed by a reception
in the great hall of the Hall of Science.
A Century of Progress
3236
As heretofore noted, President Roosevelt will also dedicate
the formal opening of the Great Lakes to the Gulf waterway
while in Chicago.
Progress in Completing Work at Chicago's International Exposition—Buildings Already Complete .
Describing the Exposition grounds at Chicago as presenting a picture of much activity, with throngs of visitors
inspecting the sprawling buildings which have sprung up
like flowers after a spring rain, a dispatch May 6 to the
New York "Times" from Chicago added:
After receiving reports from his aides, Major Lenox Lohr, General
Manager of the Exposition, announced that all major exhibit buildings
were completed, all roads and avenues in use and the utilities necessary
for operation Installed.
Major Lohr declared that every project sponsored by the Exposition
Itself would be ready when the gates are officially opened May 27 by
President Roosevelt.
Dedication of Enchanted Isle, which is to be a wonderland for children,
was postponed to-day until next Saturday [May 13], because many civic
leaders who wished to attend were at the Kentucky Derby.
Promoters of the Skyride, which seeks to supply in 1933 intensity the
thrills which the Ferris Wheel of the Columbian Exposition in 1893 offered,
announced thatthe rocket cars would whiz across the lagoon on the opening
day, barring any unforeseen difficulty.
Among the Exposition buildings completed are:
Administration, Court of Honor. Hall of Science, five buildings of the
General Exhibits group, Hall of Religion, Travel and Transport, agricultural group, dairy, Hall of Social Science, Radio, communications and
electrical buildings.
Old Fort Dearborn, the Lincoln replica group and the Chinese golden
temple of Jehol have been ready for several months. The Federal building.
Illinois host building and hall of States have been completed, as well as
the Swedish and Czechoslovakian pavilions.
Buildings of a more commercial nature ready for visitors include:
Sears-Roebuck, American Radio, Sinclair prehistoric building, the
World a Million Years Ago, Firestone, infant incubator, Penland, weavers'
and potters' cabin, General Motors, Chrysler, domestic animal show and
the Alaskan cabin.
The Old Heidelberg Inn, Rutledge Tavern. Mueller-Pabst Cafe and
Edward's Adobe Rancho are already doing business on the grounds.
The Dance Ship, a two-decker, with dance facilities emulating those of
a transatlantic liner, will be ready May 27 for a luncheon for 600 persons,
Its promoters report. The general structure of the ship is completed.
ready for painting of the hull.
The coops are up for the international egg-laying contest, but the contestants will not be ready to start until May 15.
Scarlet banners have emerged on modernistic metal poles overhanging
the Avenue of Flags, which is the drive from the Administration Building
to the Hall of Science. The exterior of Streets of Paris has been completed and a gay ball is scheduled there for the opening night.
Will Rogers, the Humorist, Views the Chicago Fair.
The following is from the "Times" of May 11:
"I've been looking at the great Chicago World's Fair which opens two
weeks from Saturday. I am the first 'rube' to visit it. . . .
"This Fair is a tremendous thing. It would take me a week to tell
you about it. It's exactly what everybody needs. People have been
sitting at home grouching at each other for three years.
"Now, don't think we have outgrown the 'fair' stage. In the days
when we were a great nation we enjoyed 'em.
"Now you can see the whole thing for 50 cents and the way this Roosevelt
is going, by then we will have the 50 cents.
"Yours,
"WILL ROGERS."
Business in Chicago Shows Steady Gain—Approach
of Opening of International Exposition a Factor
in Improved Sentiment.
Indicating that business in virtually all lines in the Chicago
metropolitan area continued to improve steadily during
• the week of May 6, a dispatch May 7 from that city to the
New York "Journal of Commerce" added that with the
opening of A Century of Progress rapidly approaching,
Chicago business men are in a most optimistic frame of
mind. The dispatch continued:
Announcement that the World's Fair will be opened May 27, instead of
June 1. served to give definite assurance that the grounds will be ready
to welcome visitors on scheduled time. It was pointed out, too, that
this is probably the first World's Fair in history to be opened ahead of
• schedule rather than later and this evidence of exceptional pre-fair management has served to stimulate confidence in its success.
Boost Attendance Estimate.
From tourist agencies throughout the Middle West and from Chicago
salesmen covering the Middle Western territory have come reports that
extreme interest is being displayed in A Century of Progress and the estimated attendance has now been stepped up from 50,000,000 to 60,000,000.
Chicago retailers, hotel men and others profiting by out-of-town visitors
to the city are anticipating a rich harvest throughout the summer, but
have pledged themselves to make no attempts to boost prices exorbitantly.
May 1st saw the installation of one of the most elaborate
exhibits of the electrical group at Chicago's 1933 World's
May 13 1933
Fair. It is "Electricity at Work," the display of the electric
light and power industry of the United States, and the
first units were placed in the exhibit hall just a month
before the opening of the Exposition originally scheduled for
June 1, but now advanced to May 27.
The many applications of electricity to industry, commerce, trade, transport, community existence and household
economy were presented in a form easily understood. The
exhibit occupies 8,000 square feet of space in the Electrical
Group on Northerly Island. How electricity is produced,
transmitted and converted to human needs was displayed
in a manner never before attempted.
The elements of the exhibit have been prepared in a special
work room on South Michigan Avenue, and the delicate
task of transporting them to the Exposition grounds
required
several days to complete.
The central feature of the exhibit is the largest diorama.
ever made, a composition 90 feet long, portraying in miniature the complete projection of electrical utility from mountainside to populous cities. More than 10C1 engineers,
architects, model makers and skilled craftsmen labored for
months on the undertaking, which combines technical
perfection with pictorial art.
Of equal interest are the model farms, stores, factories,
offices, school rooms, hospital operating rooms, beauty
parlors, shops, household interiors, gardens and other smaller
dioramas giving realistic visions of advanced and efficient
methods of electric illumination and operation. In
addition,
there are many full-sized rooms and workshops equipped
with electrical appliances and lighting effects heretofore
unknown to the majority of people.
One of the most fascinating details of the exhibit is a
series of models showing the progressive history of electrical
and steam power from the earliest records to the present
day.
"Electricity at Work" has been made possible by modest
contributions from a large number of electric light
and
power companies throughout the country. E, W. Lloyd,
Vice-President of the Commonwealth Edison Co. of Chicago,
is Chairman of the committee which arranged the
financing
and planned the display. Members include R. J. Graf,
1st Vice-President, Byllesby Engineering & Management
Corp.; Clarence L. Law, General Commercial Manager,
New York Edison Co.; T. A. Kenney, Vice-President,
Commonwealth & Southern Corp.; Louis H.Egan, president,
Union Light, Heat & Power Co., St. Louis; D. C. Barnes,
Engineers' Public Service Co., New York; D. 0.
Green,
Vice-President, Electric Bond & Share Co., and
Colonel
William Kelly, Vice-President, Buffalo, Niagara & Eastern
Power Co.
The World's Fair at Chicago will offer one of the most
unusual horticultural programs in the history of such displays. Departing from the traditional lines, as this World's
Fair is doing in all departments, the horticultural and
floricultural section has been modeled on the plan of a.
modern flower show, as it has been developed in England
and in this country.
It will combine in substance the features of the Chelsea
show in England, and the exhibitions held each spring in
the larger cities of this country. It will last the entire five
months of the Exposition, with an almost entirely new
display of fresh flowers each week. In a fiveare area on
Northerly Island, on the lake front, the hugh L-shaped
horticultural building is receiving its final touches. It is
designed and equipped to house current cut-flower exhibitions
and commercial displays.
The wings of the building will enclose a great courtyard,
400 feet square, which will be devoted to model gardens
built 'outdoors, as are the gardens in the Chelsea show.
Senator Samuel A. Ettelson, former corporation counsel, is
Volume 136
A Century of Progress
sponsoring the exhibit which will be under the direction of
John A. Cervas. Mrs. Ettelson will be one of the largest
exhibitors, being an expert amateur horticulturist.
Space within the building, to a very limited extent, will
be sublet to commercial exhibitors in units of 100 square feet.
There will be no charge for outdoor garden space, but
exhibitors will be required to maintain a high standard of
design and execution.
United States Army and American Legion executives
joined to welcome the Pantheon de la Guerre at A Century
of Progress on Friday of last week, when this immense
painting, said to be the world's largest, arrived at the
World's Fair grounds. General Frank Parker, commanding
the Sixth Corps area, was guest of honor at ceremonies at
Old Heidelberg and pledged co-operation of the Army in
dedicating the exhibit. He spoke feelingly of the events
and men commemorated in the painting.
The painting, which is 402 feet long, 45 feet high and
weighs 11 tons, will be housed in a circular building on
the Midway. It represents the political and military leaders
of the Allied forces in the World War, and many of the
outstanding heroes of the conflict.
Present at the ceremonies besides Gen. Parker were:
Lieut.-Col. J. N. W. Schulz of the Army; Capt. Chas.
W. Schick and Arthur Poorman, past Department Commanders for Illinois of the American Legion; Joseph Novotny,
President of the 33rd Corporation of the Legion, which is
working to bring the 1934 convention to Chicago; Geo.
Sugarman, Grand Chef du Gare of the Forty and Eight;
Judge Edmond K. Jarecki; Judge Joseph Burke; C. Wayland
Brooks, and W. H. Chadwick; Harry A. Cochran and Hugh
L. Garden, of the Pantheon company.
3237
college students, and 100 young women, school teachers,
will be ready to conduct visitors through the principal
buildings of the Exposition.
The guide-lecturers will be employed by the Gray Line
Sight Seeing Co., which was granted the concession on
May 3. There will be a small charge for the service. Tours
will leave Gray Line World's Fair offices every 15 minutes
throughout the day and. night. The charge will include
bus transportation on the special Greyhound buses which
operate inside the Exposition grounds.
Classes are now being held on the Exposition grounds
daily to instruct the guide-lecturers in their dutues.
It's a long road from a foundling's bassinette on the
doorstep of a French scientist to the stupendous mathematical
exhibits of A Century of Progress Exposition. Yet that is
the road traveled by one important section of the exhibit
on applied mathematics at Chicago's 1933 World's Fair.
The journey was completed on May 4 when the Naval section of the mathematics exhibit arrived at the Exposition
grounds. The items are those instruments contained in
the radio division of the Navy exhibit in mathematics.
Perhaps the reader will wonder why radio is shown in
the mathematical display. Captain Frank H. Roberts,
United States Navy, is in charge of this section of the pure
science exhibits in the Hall of Science, which are under the
direction of Dr. Henry Crew. He says that experimentation
in radio dates only from the discovery of the Herzian waves
in 1888, and that for 141 years previous to that date the
study of radio was purely mathematical.
Major Chester L. Fordney, United States Marine Corps,
which is assistant to Captain Roberts in mathematics, goes
into more detail in his explanation. He tells us that progress
toward radio began with the solution of a differential equation
The charm and beauty of Hawaii will be emphasized in by d'Alambert. And that's where the bassinette and the
the Island's exhibit at Chicago's World's Fair. John M. baby enter the story. D'Alambert was the foundling
Warinner and Harold Coffin, both of Honolulu, arrived orphan. The equation he solved was the differential
at the Exposition grounds last week to complete plans for equation for wave motion, and its solution led to the further
the Island's show in the United States Government building. calculations making possible a study of ether waves. And,
They will remain for the entire five months' duration of adds Major Fordney, every boy who plays with a crystal
set knows that radio is the result of wave motion.
the Fair.
The Naval display in the mathematical exhibit was brought
"Novel methods will be used to portray the industrial
and cultural progress achieved by Hawaii during the past to Chicago at the suggestion of Professor Edward V. Hunghundred years," said Mr. Warinner. "For instance, there ington and Professor 0. D. Kellogg of Harvard; Dr. D. R.
will be in constant operation at the Hawaiian exhibit a Curtis and Professor E. J. Moulton of Northwestern Unipseudomatic television receiving set which will enable versity; Dr. Mark H. Ingraham of the University of
visitors to the exhibit to tune in on the industry, customs, Wisconsin; Dr. Harold T. Davis of Indiana State; Dr. Sol
Pollock of Indiana State Teachers' College; Dr. Theodore
scenery and music of the Islands."
Among the Hawaiian unusualities shipped for the Ex- Seller of Amherst; Professor Louis C. Karpinski of Michigan;
position is a large supply of barking sand from the "Garden Dr. George Campbell of the Bell Telephone Laboratories,
Island" Kauai, and another box of sand of volcanic origin and others who have assisted Captain Roberts and Major
from the famous black sand beach on Hawaii, largest island Fordney in arranging the mathematics exhibit.
The Naval display includes:
in the Hawaiian group.
1. An exhibit of time by the naval observatory, showing the time service
Mr. Coffin pointed out: "One hundred years have readdred
the civilized world by the United States Navy.
brought dramatic changes and advancements to the Hawaiian
2. A radio exhibit from the Bureau of Engineering.
Optical instruments (range finders, periscopes, &c.) from the Bureau
Islands without destroying the spirit, romance and charm of3.
Ordnance.
4. The gyroscopic compass and two repeaters from the Bureau of
that have been associated with the Sandwich Isles since they
Navigation.
were discovered by Captain Cook in 1778." In 1883
Assisting in the preparation of this display have been
Hawaii's only exports were sandalwood and a few supplies
outstanding
technicians of the United States Navy, nfor whaling vessels that called at the Islands. To-day
eluding
Commander
H. E. Rossell of the Construction
Hawaii's exports total close to a hundred million dollars in
Corps,
former
head
of
the department of mathematics at
sugar, pineapples and many other products.
Annapolis; Lieutenant Alvin L. Becker, Superintendent of
the Ninth Naval District for Radio Communications, and
Guides speaking English, French, German, Italian and J. B. Dalton, associate electrical.engineer, in charge of the
other languages, and several proficient in the sign language gyroscope.
The place of a time exhibit in the mathematical display,
used by the deaf and dumb will be furnished by the official
Century of Progress Tour Service for the World's Fair, it says Major Fordney, lies in the fact that time is a fundawas announced on May 4. When A Century of Progress mental mathematical unit. In this exhibit the Navy will
opens its gates 300 smartly uniformed young men, all attempt to give an answer to a simple question that ordi-
A Century of Progress
narily involves a very complicated reply: "What time is it?"
The exhibit will show how the Navy answers the question
by going to the heavenly bodies.
One of the most important features of the application of
mathematics to navigation is found in the gyroscopic compass. The gyroscope will be placed in the main hall of
the Hall of Science, and the switchboard and repeaters will
be located in the balcony.
"Mathematics made it possible to use the gyroscope as a
direction finder by disclosing the properties of the gyroscope," said Major Fordney. In addition to finding direction, the instrument is employed in fixing the course of
torpedoes, airplanes and other objects.
In the radio display the great service performed by
mathematics is graphically represented. Mathematical
proof of the relationship of light and Herzian waves was
proved as a result of d'Alambert's solution of the wave
equation. From those early experiments came the disclosures of the great band of electro-magnetic waves ranging
May 13 1933
from cosmic rays to the longest waves used in radio transmission.
"Before d'Alambert's discovery was capitalized by
Maxwell and Hertz in proving the existence of ether waves,"
said Major Fordney, "man was aware only of the small
visible band in the broad range of electro-magnetic waves.
These are represented by lengths of .0002 centimeters for
the violet to .00008 centimeters for the red. Below them
lay the infra-red, or heat waves. Below these were discovered the Herzian waves, which embrace the band from
.02 centimeters to 30,000 meters and perhaps beyond.
"The only fundamental difference we can detect in these
waves lies in their length and frequency. They have a
common property of an identical speed. Without mathematics nothing could have been done with radio. It was
Hertz's determination to find a laboratory demonstration
of Maxwell's theories of electro-magnetic waves that led
to the discovery which immediately preceded the experiments
with radio transmission."
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, May 12 1933.
The industrial revival which had such a modest beginning
less than two months ago has advanced progressively, covering more and more ground each successive week until it has
now assumed proportions which are not only substantial
but doubly gratifying because of their unseasonal nature.
Statistics in almost every line of endeavor show the past week
to have been the best of the year from a business standpoint.
Many industries moreover report a more profitable and a
larger trade than for the same period last year and in some
cases for two and three years back. Steel production, to
cite one main barometer of conditions, reached a new peak
for the year and while the rate of output is not uniform, it
has gone over the 30% mark as an average and in some districts it is fully 10% beyond that. The stock market, another indicator, has continued to advance with daily transactions at a rate reminiscent of 1929. Retail sales have
increased materially in spite of deterrent weather conditions,
show every sign of continuing to broaden. Wholesale trade
has kept up at a high rate and little sign of relative slackness, which usually appears at this time, is discernable.
Prices, both retail and wholesale, have risen. Unit sales
are ahead of last year in many lines and the dollar volume
is very close to that of the same period of 1932. Textiles
have gained both in production and sales. In some instances trade has been better than it has for the past
three years. The woolen business has been steadily improving, although held back to some extent by the uncertainty of inflationary tendencies. Tire prices have risen
and production levels for some of the largest companies are
now on a basis which necessitates a schedule of 24 hours a
day for six days a week. Automobile production and sales
are at new high points for the year. Electric power output
last week showed an increase over the same week last year
for the first time since 1929. Business failures have been
lower than last year and bank clearings are slightly larger
although still under 1932's level. Silk prices are up in some
cases as much as 40c. a pound above those prevailing two
months ago. Metal quotations are firm with copper up
to 7o. a pound and tin at higher prices than any recorded
since April 1930. Shoe production continues at a good rate
and hide quotations more than double those of a year ago.
Coal has lagged and crude oil has continued in a chaotic
state. In the case of the latter, Federal regulation is looked
for in the not far distant future with the hope that the
present ruinously competitive conditions may be alleviated.
The continued rise in commodity prices has been shown for
the most part to have hadia sound basic origin. All speculative commodities advanced during the week. A sensationally poor Government report stated the condition of
winter wheat at the close of April to be the worst on record.
Rye production was estimated at approximately 25% below
haat of last year and weather and wet soil conditions have
been unfavorable for corn and oats. Cotton has benefited
from the increased demand by manufacturers of textiles
and from mills.
Unemployment has decreased and there have been large
additions to the force of workers in the heavy industries,
automobiles and textiles. Wages have been advanced in
some instances although increases have not by any means
been general. One of the most encouraging factors in
the
situation has been the gradual broadening of activity until
it has now provided a base for a real revival of a more prosperous business cycle.
In New York the upswing in trade continued although the
weather left something to be desired. Retail demand kept
up, particularly for articles of clothing and house furnishings.
Automobile sales increased.
In Chicago another advance in business occurred despite
bad weather at times. The rise in grain and live stock was
a powerful factor. Steel output was up to 30%. Boston
reported a very definite improvement. Wool was active
and rising at prices 15 to 20% higher than two weeks ago
and 30% higher than at this time last year. The gain in
New England was especially marked in textiles and shoes.
In Philadelphia inflationary tendencies have caused increased
demand for merchandise of all kinds. Some of the woolen
mills in the district are on full time. Cotton mills lagged
behind the hosiery industry. At Minneapolis the gain in
wheat and flour has enlivened business generally by stimulating sales of all commodities. Grain prices are much
higher than a year ago. Hogs and cattle prices are firm
In St. Louis business has decreased but very general advances
in prices have taken place. Retail sales have picked up and
what is more there is a better demand for the more expensive
goods. Wholesale business has also improved owing to the
increased buying power of the farmer growing out of rising
prices for grain. At Richmond, Va., tobacco factories are
much busier and the same is true of textile mills. San
Francisco reported a big recent advance in hops and wool.
New life in the auto trade is apparent. In Cleveland business is gaining. There has been a sharp increase in steel
output there and also in Youngstown. Car loadings and the
production of electric power have risen. Steel scrap prices
have advanced. In Kansas City recently the weather has
been rainy and unseasonably cold but trade for all that has
been better.
As to the stock market, on the 6th, stock averages declined
nearly 23' points, with total sales of 2,094,030 shares.
There were persistent rumors that France and possibly
Holland would go off the gold standard over the weekend,
and the uncertainty as to the remarks which would be
made by President Roosevelt in his radio address on Sunday
caused the more cautious traders to reduce their long commitments. Reports of steel operations continued to be
more optimistic and other trade developments indicated
that the business recovery was progressing in accordance
with expectations. On the 8th, with total sales of 3,200,250
shares, prices fell away an average of about a point in a
Volume 1.?6
Financial Chronicle
market with decidedly mixed tendencies. Trading was
largely professional and commission house sentiment
cautious. The President's radio speech of Sunday night
was the chief topic of conversation among traders, but it
was agreed that the speech did not furnish any decided cue
as to the Administration's further course of action. According to the monthly statistics of the Iron and Steel
Institute, operations of the steel industry averaged 24.55%
of capacity in April, compared with 21.4% in April 1932.
April this year was therefore the largest month sincelFebruary
of 1932. Most United States Government issues were higher.
French bonds, both National and municipal, were the
weakest features, with losses reaching as much as 10 points
for the day on continued rumors of the imminence of France's
withdrawal from the gold standard.
On the 9th the volume of trading slackened materially
with total sales down to 2,229,370 shares. Prices moved
rather aimlessly during the day and closed fractionally
higher as a rule. As has been usual recently when speculation tends to slacken actual trade conditions governed
market movements more than predictions as to how far
inflationary measures would go. Steel news continued to
be gratifying and rumors continued about the instability of
the gold status in France and Holland. Bond trading was
relatively quiet with transactions of $12,717,000. Prices
were steady, for the most part strong. U. S. governments
were generally higher. French bonds recovered some of
their recent losses and domestic corporations showed considerable firmness.
The 10th was featured by some very constructive trade
news and stock averages advanced emphatically with
transactions up again to 3,818,060 shares. Gains of 3 to
5 points were common and the close was not far from the
top prices of the day. U. S. Steel unfilled orders increased
23,572 tons at the end of April which was the first advance
to replace the long series of monthly declines since last
October. The Department of Agriculture estimated the
winter wheat crop at 337,485,000 bushels as of May 1, or
the lowest since 1904. Textile news was cheering and
electric power output last week exceeded the total of the
same period last year by JA of 1%. While this increase
was very small it was the first gain reported over a similar
period of the previous year since June 1930. The bond
market was strong with total sales of $16,030,000. U. S.
governments advanced practically without exception and
domestic corporation bonds were in some instances as much
as 5 points higher. Foreign issues were also very firm
as a rule.
On the 11th prices again had a sensational advance. The
averages were some 2 points higher but some gains were
registered, particularly in the industrial section, of much
greater magnitude. Commodity prices were again higher.
The government crop report, showing the lowest condition
in nearly 30 years for winter wheat issued after the close of
the previous day, had a marked affect and from present indications the spring rally in business was deemed likely to go
considerably further. Brokers' loans increased $52,000,000
in the week ending May 10th according to the compilation of
the Federal Reserve. The total stock turnover was up to
6,163,850 shares. The bond market had the busiest daysince
September, 1931, with total sales of $23,235,000. Almost
without exception domestic bonds were abnormally strong.
U. S. Governments issues were all higher and in some instances very near the top prices of the year. Foreign bonds
were more mixed in their action but as a rule showed firmness.
To-day after some weakness caused by weakened profit
taking, the underlying strength of the market was plainly
disclosed by the manner in which offerings were absorbed.
In the last hour a fresh burst of speculative buying drove
prices upward to a close which was approximately equal to
that of the previous day. Total transactions were about
4,556,710 snares. Trade news was constructive. Federal
action to bring about better conditions in the oil industry
was oreca,st by the strength in petroleum stocks. Bond sales
approximated $18,000,000. Profit taking after the previous
day's swing advance was general and while some new high
evels or the year were made the close was mixed. German
bonds showed marked weakness while U. S. Governments
were again higher.
Au indication of better conditions has been the many increases in wages given textile workers during the past week
in addition to a large increase in employment in mills. In
some cases the additional compensation has been given in
the form of a bonus but in many instances a horizontal
3239
increase in regular rates of pay has been made. Other industries besides textiles have benefited such as steel, motors,
malleable iron, building materials, etc. Greenville, S. C.,
reported on the 8th that twenty South Carolina cotton
mills, with a combined total of about 770,000 spindles, had
announced wage increases of 10%, to take effect at once.
Plants which inagurated the higher wage scale are Woodside,
Easley, Victor-Monaghan and Brandon groups, with headquarters here, and Mathews, Grendel, Greenwood, Panola
and 96 mills of Greenwood County.
Over the week-end the weather in New York was rainy
on Saturday, but cleared on Sunday, the 7th, and temperatures rose. In the middle west it was cloudy and showery
Atlanta had 62 to 72, Boston 46 to 72, Chicago 46 to 58,
Detroit 48 to 60, Montreal 46 to 58, New York 46 to 71,
Washington 50 to 70, St. Louis 50 to 74. On the 8th it
turned cloudy in New York and cooler. The same condition
was general in the Middle and North Atlantic States. Temperatures here were 45 to 60, in Baltimore 56 to 58, Denver
42 to 56, Minneapolis-St. Paul 46, Omaha 46 to 72, San
Francisco 48 to 54, Tampa 74 to 88.
On the 10th, cloudy and rainy weather was general all over
the United States, except in some parts of the South and in
the Northern Plain States. The temperature at New
York was 47 to 67; Atlanta, 70 to 82; Boston, 44 to 50;
Chicago, 42 to 50; Los Angeles, 50 to 58; Philadelphia, 50
to 72; Savannah, 70 to 90, and Winnipeg, 38 to 64. The
Cumberland River Valley in Tennessee and Kentucky was
swept by tornadoes which killed at least 54 persons, injured
many others and inflicted a heavy property damage. It
was the seventh storm of its kind in the South since March 1.
On the 11th, cloudy and rainy weather prevailed over most
of the United States except in the North Atlantic section and
parts of the South. Precipitation was particularly heavy in
the Eastern Central section. Cairo, Ill., reported 2.80
inches of rainfall. Temperatures in New York were 48 to 65;
Boston, 46 to 66; Chicago, 44 to 60; Los Angeles, 44 to 60;
Montreal, 46 to 70; Philadelphia, 52 to 64; Savannah,
74 to 90; Washington, 54 to 64.
It was 53 to 67 degrees here to-day and the forecast pointed
to showers to-night and to-morrow. Overnight Boston had
50 to 66 degrees; Baltimore, 58 to 62; Pittsburgh, 58 to 66;
Portland, Me., 50 to 62; Chicago, 50 to 66; Cincinnati, 64 to
80; Cleveland, 60 to 70; Detroit, 50 to 58; Milwaukee, 44
to 60; Kansas City,62 to 78; St. Louis,62 to 74; Los Angeles,
50 to 60; Portland, Ore., 48 to 60; San Francisco, 48 to 60;
Seattle, 48 to 62; Montreal, 44 to 70, and Winnipeg, 26 to 62.
Railroad Revenue Fright Somewhat
Larger But Still Small.
Loading of revenue freight for the week ended on April 29
total 535,676 cars, the car service division of the American
Railway Association announced on May 6. This was an
increase of 42,706 ears above the preceding week, but
18,521 cars under the same week in 1932 and 239,066 cars
under the same week in 1931. Details follow:
Loading
of
Miscellaneous freight loading for the week of April 29 totaled 206,290
cars, an increase of 21,052 cars above the preceding week, and 6.573 cars
above the corresponding week in 1932 but 106,129 cars under the same week
in 1931.
Loading of merchandise less than carload lot freight totaled 162.119 cars.
an increase of 1,987 cars above the preceding week, but 22,951 cars below
the corresponding week last year and 65,013 cars under the same week two
years ago.
Grain and grain products loading for the week totaled 41,514 cars,
6.781 cars above the preceding week, 8,749 cars above the corresponding
week last year and 4,589 cars above the same week in 1931. In the Western
districts alone, grain and grain products loading for the week ended on
April 29 totaled 27,628 cars, an Increase of 7,043 cars above the same week
last year.
Forest products loading totaled 18,749 cars, 1,808 cars above the preceding week, but 1,187 cars under the same week in 1932 and 15,058 cars
below the corresponding week in 1931.
Ore loading amounted to 5,722 cars, an increase of 2,298 cars above the
week before, 2,726 cars above the corresponding week in 1932 but 5,255
cars below the same week in 1931.
Coal loading amounted to 77.295 cars, an increase of 4,506 cars above
the preceding week, but 13,759 cars below the correspondent week in
1932, and 44,877 cars below the same week in 1931
Coke loading amounted to 3,610 cars, 571 cars above the preceding week
592 cars above the same week, eat year but 3,900 cars below the same
week two years ago.
Live stock loading amounted to 20.377 cars, an. ncTease of 3,703 cars
above the preceding week, 736 cars above the same week last year but
3,423 cars below the same week two years ago. In the Western districts
alone, loading of live stock for the week ended on April 29 totaled 16,597
cars, an increase of 654 cars compared with the same week last year.
All districts reported increases in the total loading of all commodities
compared with the same week in 1932 except the Eastern. Allegheny and
Central Western, which reported reductions, but all districts reported
reductions compared with the same week in 1931.
Loading of revenue freight in 1933 compared with the two Previous
years follows:
Financial Chronicle
3240
1933.
1932.
1,910,496
1,957,981
1,841,202
494,588
487,296
494,215
492,970
535,676
2,266,771
2,243,221
2,280,837
544,961
545,623
566,826
562,527
554,197
2,873,211
2,834,119
2,936,928
727,852
737,272
759,494
758,503
774,742
8.214.424
9.564.963
12.402.121
Four;weeks in January
Four weeks in February
Four[weeks in March
Week ended April 1
Week ended Apr 8
Week ended Apr1115
Week ended April 22
Week ended April 29
Total
1931.
The foreging, as noted, covers total loadings by the railroads of the United States for the week ended April 29.
May 13 1933
In the table below we undertake to show also the loadings
for the separate roads and systems. It should be understood, however, that in this ease the figures are a week
behind those of the general totals-that is, are for the week
ended April 22. During the latter period a total of 30 roads
showed increases over the corresponding week last year, the
most important of which were the Atlantic Coast Line RR.,
the International Great Northern RR., the Texas & Pacific
Ry., the Chicago St. Paul Minneapolis & Omaha By., and
the Wheeling & Lake Erie Ry.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED APRIL 22.
Total Revenue
Freight Loaded.
1933.
Total Loads Received
from Connections.
1932.
1931.
1,541
2,214
6,151
571
1,970
8,752
562
2,508
2,673
7,257
726
2,445
10,433
636
2,174
3,157
9,311
847
3,112
13,636
674
247
3,895
7,835
1,771
1,869
9,454
810
423
5,188
10,113
2,149
2,670
11,967
1,277
21.761
26,678
32,911
25,881
33,787
3,364
6,453
9,600
256
1,298
6,177
1,350
16,400
1,616
305
257
6,740
10,177
12,068
255
1,836
8,788
1,553
18,586
2,082
442
386
8,398
11,597
15,992
430
2,464
10,870
1,594
26,752
2,033
629
531
5,168
4,951
10,479
1,376
703
5,899
27
20,131
1,562
39
153
6,675
5,694
12,967
1,939
983
6,726
36
25,946
2,369
28
287
47,076
62,913
81,290
50,488
63,650
447
1,133
7,017
25
238
*182
1,252
2,953
5,955
2,677
3,542
3,752
2,674
972
4,830
2,501
583
1,306
7,312
39
250
213
1,649
2,882
6,247
3,905
4.209
4,241
3,651
1,030
4,972
1,991
623
1,865
10,413
62
470
285
2,094
4,961
9,283
4,265
5,737
6,640
5,235
1,620
6,563
3,244
0. .W.
.01 WWM
WW MCMM
IDCOM.
.01W--10/.01WW.WWN0100
..WW.WWW002.0.
Railroads,
960
1,442
8,991
93
82
1,860
855
5,360
7,806
216
7,369
3,521
4,218
623
6,806
1,830
40,150
44,480
83,360
45,918
52,032
108,987
134,071
177,561
122,287
149,469
Allegheny District21,532
Baltimore dr Ohio
1,192
Bessemer & Lake Erie
197
Buffalo Creek & Gauley
4.143
Central RR. of New Jersey_-_
1
Cornwall
154
Cumberland & Pennsylvania_ _ _
62
Ligonier Valley
1,004
Long Island
46,687
Pennsylvania System
9,185
Reading Co
3,131
Union (Pittsburgh)
58
West Virginia Northern
Western Maryland .....2,495
26,192
908
146
7,315
43
267
97
1,222
57,720
13,860
5,004
47
3,022
35,840
2,103
194
10,283
5
342
119
1,414
78,197
16,267
8,795
27
3,735
10,322
798
5
8,228
38
20
11
2.172
26,115
12,282
940
1
3,060
12,140
997
3
10,721
57
18
11
3,911
32,945
15,054
804
2
3,515
1933.
Total Revenue
Freight Loaded,
Railroads.
1932,
Total Loads Received
from connections.
1933.
1932.
1931.
199
709
799
3,968
178
1,441
1,036
295
669
14,766
13,432
123
126
1,735
3,075
472
302
260
663
763
4,059
195
860
845
285
763
16.126
13,798
118
121
1,982
3,016
540
443
215
926
1,041
5,359
256
1,670
1,319
461
997
22,096
21,029
130
202
2,674
4,049
771
702
1933.
1932.
1.
Total
Group C:
Ann Arbor
Chicago Ind. & Louisville
Cleve. Ctn. Chic. dr St. Louis..
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore LineDetroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis_
Pere Marquette
Pittsburgh dr Lake Erie
Pittsburgh & West Virginia
Wabash
Wheeling & Lake Erie
Total
Grand total Eastern District
43,325
44,843
63,897
22,791
22,254
Grand total Southern District
82,219
85,254
119,395
-
49,283
48.232
Northwestern DistrictBelt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul dr Pacific_
Chic. Sc, Paul Mimi. dr Omaha_
Duluth Missabe & Northern__ _
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern..
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie
Northern Pacific
Spokane Portland & Seattle.--
643
12,810
2,268
15,372
3,250
298
274
3,146
298
7,362
497
1,692
4,294
6,693
715
1,082
13,771
2,502
15,749
2,825
463
408
3.174
313
7,460
528
1,892
4,579
7,707
1,087
1,522
20,607
2,994
22,231
4,226
793
955
5,840
379
9,514
596
2,518
5.497
9,176
1,316
1,257
7,139
2,198
6,045
3,079
90
423
2,899
134
2,145
397
1,418
1,885
2,183
801
59,612
63,450
88,164
29.671
32,073
18,178
2,757
159
12,658
10,163
1,993
737
1,417
116
1,011
362
103
12,219
233
330
10,109
234
1,044
19,975
3,096
180
14,225
12,224
1,968
829
1,195
110
1,135
451
195
14,524
261
365
10,806
173
1,266
24,681
3,743
233
19,278
16,260
3,142
1,030
2,036
210
1,291
654
150
19,135
323
325
14,189
317
1,636
3,681
1,497
31
4,999
5,431
1,571
563
1,514
11
690
189
47
2,791
239
784
5,177
5
1,167
4,485
1,647
29
5,227
6,385
1,759
752
1,737
10
675
213
44
3,334
219
772
5,829
3
1,176
73,823
82,978
108,633
30,387
34,296
-
Total
Total
Central Western DistrictAtch. Top.& Santa Fe System.
Alton
Bingham & Garfield
Chicago Burlington & Quincy
Chicago Rock Island & Pacific.
Chicago & Eastern Illinois....
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City- -- Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island-Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
C4
Group B:
Delaware dr Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_
Pittsburgh tic Shawmut
Pitts. Shawrout de Northern....
155
780
943
2,046
188
595
1,215
338
683
7,302
3,488
419
247
1,015
2,061
297
482
0..ovwwwo-4.0ww.p.t0
Total
Group B:
Alabama Tem.& Northern-Atlanta Birmington dr Coast-Atl. dr W.P.-West. RR.of Ala
Central of Georgia
Columbus dr Greenville
Florida East Coast
Georgia
Georgia & Florida-- .
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin dr Savannah
Mississippi Central
Mobile & Ohio
Nashville Chatt. & St. LouisNew Orleans-Great Northern..
Tennessee Central
W.M ,
r0001..t..
COMONNO"
,
ON -00.0.WMCNI0Wm.,000
Eastern DistrictGroup A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H. & Hartford_
Rutland
Southwestern DistrictTotal
175
117
Alton & Southern
305
2,548
101
139
149
Burlington-Rock Island
346
131
119
Fort Smith & Western
Pocahontas District189
133
3,332
19,034
15,382
16,818
6,540
5,569 Gulf Coast Lines
2,796
Chesapeake & Ohio
53,688
861
16,671
3,029
13,123
3,313 yHouston dr Brazos Valley.
12,383
Norfolk & Western
__ _
1,7 .1
4,016
Norfolk & Portsmouth Belt Line
2,161
2,121
2,821
1,027
1,275 International-Great Northern- 6.426
1.665
121
2,490
2,763
3,209
574
61
563 Kansas Oklahoma & Gulf
Virginian
333
1.002
1,467
1,272
Kansas City Southern
1,904
1,123
34,825
41,735
1,292
1,135
32,416
11,170
10,720 Louisiana dr Arkansas
Total
1,633
545
138
86
Litchfield & Madison
239
537
483
-Midland
458
684
Valley
•
Southern District
488
68
43
Missouri & North Arkansas
Group A:
133
224
Lines3,714
12.987
3,890
4,238
4,839
-Texas
9,120
Missouri
-Kansas
Atlantic Coast Line
5,436
9,284
2,319
1,184
11,204
11,953
1,275
779
1,047 Missouri Pacific
869
Clinchfield
16,963
6,482
706
1,031
418
48
39
819 Natchez & Southern
396
Charleston & Western Carolina.
42
11
111
149
111
447
140
374 Quanah Acme & Pacific
Durham & Southern ______ ._
137
79
90
76
125
7.404
133 St. Louts-San Francisco
56
7,169
Gainesville & Midland
43
9.153
2,962
2,213
1,652
1,619
1,979
1,333 St. Louis Southwestern
1.392
2,066
Norfolk Southern
3,085
1,401
463
545
771
745 ySan Antonio Uvalde dr Gulf _ _
Piedmont & Northern
432
491
-,
5,-526
3,397
321
5iii
3,630 Southern Pacific in Texas & La.
Richmond Frederick. & Potorn.
268
7,2-48
2,,-10
-1
3,614
2,888 Texas & Pacific
10,823
3,123
8.052
3,306
Seaboard Air Line
7.245
5,580
3,425
10,452
26,126
10,567 Terminal RR.Assn. of St. Louis
1.813
19,233
1,622
Southern System
18,474
2,385
1,744
17
51
589
198
177
728 'Weatherford Min. Wells dr N. W
127
Winston-Salem Southbound_ -40
42
89,841
115,643
157,321
63,992
80,178
40.411
55,498
26,492
25,978
38.894
Figures of preceding week. a Estimated. y Includes in Gulf Coast Lines.
Total
Henry Ford Sees "America's Face at Last Turned
Toward the Future"-President Roosevelt Has
Turned "Ship of State Around"-Mr. Ford Opens
Advertising Drive with Words of Optimism.
From the Detroit "Free Press" of May 9 we take the
following:
Henry Ford. in an open letter to the American public which will form the
first advertisement of a new advertising campaign, will declare that "we
have made a complete turn around and at last America's face is toward the
future."
High praise is given to President Roosevelt in the letter.
The campaign will represent the first advertising done by The Ford
Motor Co. since March 31 1932, it was announced, and will make use of
daily and weekly newspapers throughout the country.
Total
46,072
46,216
05,694
30 439
2,128
261
109
990
2:414
999
1.175
976
346
562
198
2,780
7,224
20
Si
3,116
1,374
2,579
3,681
1,623
35
32,656
Text of Open Letter.
The letter, over Mr. Ford's signature, dated May 9 at Dearborn, Mich.,
will say:
"A great thing has occurred amongst us. We have made a complete
turn around and at last America's face is toward the future.
"Three years-1929 to 1932-we Americans looked backward. All our old
financial and political machinery was geared to pull us out of the depression
by the same door through which we entered. We thought it simply a case of
going back the way we came. It failed. We now realize that the way out
is forward-through it.
"Thanks for that belongs to President Roosevelt. Inauguration Day he
turned the Ship of State around. Having observed the failure of sincere
efforts to haul us back the way we came, he designed a new method-new
political and financial machinery-to pull us out the way we are goingforward.
"He is clearing international obstacles out of the way; he does not stand
In the awe of tariffs. The people begin to feel that he does not take advice
3241
Financial Chronicle
Volume 136
effects. The market value of these commodities in 1929
was over $15,000,000,000. As a result of this analysis,
Dr. Copeland concludes that international war debts have
'We Look to 'Vitra is Coming.'
been a secondary matter in comparison with the drop in
"And now we all look to what is coming: we grow less and less concerned
prices of such commodities as rubber, tin, wheat, and wool,
with what is behind. We are looking for a hand-hold on the haul rope.
Every man wants to do what he can and all he can.
in upsetting international exchange and in intensifying the
"The best thing I can do for the country is to create industry by building
depression. It is also found that in the world markets,
good motor cars. If I knew anything better to do. I would do it. Industry
all these raw materials except copper and cotton
like
prices
future,
the
to
ahead
face
must be my contribution. Motor cars must
everything else. They are so much a part of the Nation's daily life that if
had been weakening for several years prior to 1929; that the
they lag behind, they hold the country back."
recession-in business following the break in the stock market
in October, 1929, was sufficient to upset a weak commodity
World Production of Basic Commodities Since 1865- price structure; that the drop in commodity values which
Index of Federal Reserve Bank of New York.
followed was a major factor in causing the collapse in credit
The following is from the May 1 Monthly Review of the which culminated in the "bank holiday"; and that instead
Federal Reserve Bank of New York:
of expecting a stabilization of prices in the future, governThis bank's index of the world production of basic commodities, first
mental and business policies should be fashioned with a view
presented in these pages for May 1931, has been carried back through
to encountering recurring changes in price levels.
1865 and brought up to date. For the years 1865-1874. ten series of basic
production were obtainable: beginning with 1875 the list was increased
Dr. Copeland points out that the various schemes for
to 15, and by 1894 to 20 commodities: for 1900 and later years 30 items
remedying the condition of sugar, tin, copper, coffee, silk,
were used, composed of a group of 18 principal crops and a group of 12
rubber, cotton, wheat and other producers by restrictive
leading metals and minerals. The index numbers for the entire period
on a 1910-1915 base are plotted in the accompanying diagram on a ratio
agreements or control measures all have been failures, and
scale in order to show proportionate fluctuations in the group indexes and
stresses the ineffectiveness of any one of the many proposed
the comparative rates of change in various periods.
The index of total basic production declined 16% from 1929 to 1932.
economic idols to stem the tide of a major depression.
from the 'interests': that he has courage and loyalty to work for one supreme
interest only-the welfare of the American people. That is a big achievement for two months in office.
Increase Reported in Wholesale Prices During Week
Ended April 29 by United States Department of
Labor.
The Bureau of Labor Statistics of the U.S. Department of
Labor announces that its index number of wholesale prices
for the week ended April 29 stands at 61.5 as compared with
60.4 for the week ended April 22, showing an increase of
approximately 1.8%, each group sharing in the advance.
Continuing, the Bureau said:
These index numbers are derived from price quotations of 784 commodities
weighted according to the importance of each commodity and based on
average prices for the year 1926 as 100.0.
The accompanying statement shows the index numbers of groups of
commodities for the weeks ended April 1. 8, 15. 22 and 29 1933:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF APRIL 1,
8, 15, 22 AND 29 1933.
(1926=100.0.)
Week EndedAprfl 1. April 8. Apr1115. Apri122. A prig 29.
All commodities
Farm products
Foods
Hides and loather products
Textile Products
Fuel and lighting
Metals and metal producte
Building matetials
Chemicals and drugs
HousefurnlAhing goods
Miscellaneous
60.1
43.4
54.7
68.7
51.0
63.2
77.0
70.4
71.6
72.3
57.7
60.1
44.0
55.3
68.6
50.9
62.9
76.7
69.9
71.3
72.3
57.6
60.3
44.5
55.7
68.3
50.9
62.6
76.9
70.4
71.2
72.2
57.9
60.4
44.6
56.2
69.1
51.4
62.4
76.8
70.2
71.3
72.2
57.7
61.5
46.4
58.1
71.8
52.4
62.5
77.6
70.5
72.0
72.3
58.6
Increase of Raw Commodity Prices Sure Indication of
Revival, Says Professor Copeland of Harvard
Business School-International War Debts Held
to Be of Secondary Importance in Upsetting Exchange and Intensifying Depression.
A sustained rise in raw commodity prices, if not accompanied by shin-plaster inflation, will be one of the surest
indications of a real revival of business prosperity, according
to Dr. M. T. Copeland of the Harvard Business School.
This statement was made incident to the appearance on
May 8 of a new bulletin on "Raw Commodity Prices in
Relation to General Business Conditions," by Dr. Copeland,
issued by the Harvard Business School, revealing an analysis
of raw material conditions as an important factor in the present business situation.
The study covers 13 commodities-copper, lead, zinc
tin, silver, petroleum, sugar, rubber, coffee, silk, cotton,
wool and wheat. The analysis of each commodity covers
world production, movement, stocks and prices during the
period from 1922 to 1932, for the purpose of ascertaining
when and where maladjustments occurred, and their major
Commodities Advanced to New High Level for 1933
During Week Ended May 6, According to National
Fertilizer Association.
Wholesale commodity prices were again higher during
the latest week, according to the index of the National
Fertilizer Association. When computed for the week
ended May 6, this index showed a gain of seven points.
During the preceding week the index advanced four points
and two weeks ago it advanced 11 points. During the last
five wesks the index has continually advanced and the
latest index number, 59.3, is the highest point the index
has reached since the first of the year. A month ago the
index stood at 56.8 and a year ago at 61.3. The latest
index number is therefore only 20 points lower than it was
at this time last year. (The three-year average 1926-1928
equals 100.) The Association also noted the following on
May 8:
During the latest week six of the 14 major groups advanced, three
no change. The advancing groups were grains.
feeds and livestocks, textiles, fats and oils, metals, miscellaneous commodities, and foods. The largest gains were shown in the first three
named groups. The declining groups were fuel, because of reduced prices
for gasoline, building materials, and fertilizer materials. The losses in
these groups were comparatively small.
Fifty-one commodities showed price advances during the latest week
while only 11 showed price reductions. During the preceding week there
were 60 advances and 15 declines. Among the individual commodities
that advanced during the latest week were cotton, cotton yarns, wool,
lard, cottonseed oil, flour, corn, wheat, rye, cattle, hogs, pig iron, heavy
melting steel, hides, rubber, leather, and superphosphate. Listed among
gravel, and
the commodities that declined were bran, gasoline, silver,
imported potash salts. Spot cotton is now selling for more than eight
cents per pound, wheat for about 74 cents and and corn at 41 cents per
bushel. Heavy melting steel advanced materially during the latest week.
declined and five showed
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Per Cent
Each Group
Bears to the
Total Index.
000.—wamommon,cow
i0000i,D001.460064
notwithstanding the stability during these years in the production of
crops. This decline constitutes the most severe break in the upward
trend of world production during the period for which the index has been
computed, and the duration of the decline has been exceeded only in the
world war period.
As the diagram indicates, the decline in the total index during the past
three years has been due to an unprecedented drop in the production of
minerals and metals which has resulted from the world-wide depression.
The decline in this group from 1929 to 1932 was approximately 44%. Production in this group of commodities, as the diagram indicates, has increased much more rapidly than crop production during the past 68 years,
and a severe decline such as that which has occurred during the past three
Years has therefore become of increasing importance in its effects on the
aggregate of productive activity.
The index of crop production, which includes such commodities as
cotton, wool, rubber, silk, and tobacco, in addition to food crops. has shown
nothing more than a halt in its upward trehd during the past three years.
Production of crops showed the principal decline during the world war,
but subsequently has resumed an upward trend at least equal in rate to
that which had been in progress for a long period of years prior to the war.
,Iv, n
Group.
Foods
Fuel
Grains, feeds and livestoCkTextiles
Miscellaneous commoditiesAutomobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertiliser materials
Mixed fertiliser
Agricultural implements
all esivIlma onvrthimarl
Latest
1Veek
Mar 6
1033.
Preceding
Week.
Month
Ago.
Year
Ago.
60.1
50.7
45.5
48.8
60.5
84.9
71.5
69.6
75.9
49.3
87.2
63.2
62.4
90.2
59.7
50.8
43.7
46.5
59.3
84.9
71.8
69.1
75.9
48.7
87.2
63.7
62.4
90.2
57.3
50.7
40.7
43.0
58.7
84.9
71.6
66.2
76.0
41.3
87.1
61.7
62.5
90.2
61.8
62.3
43.3
45.3
60.3
89.2
72.9
71.6
81.2
39.4
87.0
71.1
73.3
92.2
20 2
AR ft
FA Q
al 1
Moody's Daily Index of Staple Commodity Prices
Continues Advance into New High Ground.
Commodities have continued their advance of the previous
week but at a slightly slower pace. Moody's Daily Index
of Staple Commodity Prices made new highs on four days
of the week, closing at 115.6, against 110.0 on the previous
Friday. The advance from the low point of 78.7 reached
on Feb. 4 is equivalent to 47%.
With the exception of sugar, silk and silver, which showed
slight declines, all the commodities making up the Index
registered advances. The most important were in hogs,
cotton, hides, corn, wool, rubber and steel scrap, while
coffee, copper, lead and cocoa made smaller contributions
to the change in the Index number.
3242
Financial Chronicle
The movement of the Index for each day of the past week,
with comparisons, is shown below:
Fri.
May 5
Sat.
May 6
Mon. May 8
Tues. May 9
Wed. May 10
Thurs. May 11
Fri.
May 12
110.0
109.8
111.0
110.9
111.6
114.1
115.6
Two weeks ago, Fri. April 28..101.5
Month, ago, April 12
89.7
Year
ago, May 14
84.0
1932 High, Sept. 6
103.9
Low, Dec. 31
79.3
1933 High, May 12
115.6
Low. Feb. 4
78.7
"Annalist" Weekly Wholesale Price Index Showed
Further Gains During Week Ended May 9.
Advancing for the fifth successive week, the "Annalist"
Weekly Index of Wholesale Commodity Prices touched 89.3
on May 9, a gain of 1.1 from the week previous, when it
stood at 88.2 (revised), of 7.6 from April 4, when it stood
at 81.7 and the present advance commenced, and of 9.6
from the post-war low of 79.7 on Feb. 28. The "Annalist"
continued:
In terms of gold (based on quotations for France, Switzerland, Holland
and Belgium, showing a slight appreciation of 0.4% in the dollar) the
index advanced 1.2 points to 76.2 from 75.0.
THE 'ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
(Unadjusted for Seasonal Variation (1913-100).
Farm products
Food products
Textile products
Fuels
Metals
Buidling materials
Chemicals
Miscellaneous
All nnmmnril•loa
May 9 1933.
May 2 1933.
May 10 1932.
76,8
94.1
:79.3
102.6
95.8
106.6
95.0
74.1
RO a
*74.9
93.7
*77.8
103.1
95.2
106.6
95.0
71.7
*552
66.9
92.6
71.9
135.7
96.2
108.1
96.2
83.3
50.1
x Provisional. •Revised.
The commodities continued to be dominated by the Washington program.
Advances were general through last week, but Monday and Tuesday
brought moderate reaction, due partly to rumors that France might also
leave the gold standard, and in part to profit-taking and reaction from the
recent rapid gains. In consequence, many of the commodities showed
much smaller net gains than in previous weeks.
Department Store Sales During April as Compared
with March Declined Less Than Seasonal According to Federal Reserve Board.
Preliminary figures on the value of department store sales
show a decrease from March to April of less than the estimated seasonal amount. The Federal Reserve Board's
index, which makes allowance both for number of business
days and for usual seasonal changes, was 68 in April on the
basis of the 1923-1925 average as 100, compared with 55
in March and 60 in February. The Board, under date of
May 11, continued as follows:
In comparison with a year ago the value of sales for April, according to
preliminary figures, was 9% smaller. In making the comparison with a
year ago, allowance should be made for the fact that the date of Easter,
which was very early last year (March 27) was late this year (April 16),
and that consequently this year sales during April included a much larger
part of Easter buying than they did last year. The aggregate for the first
four months of the year was 22% smaller than last year.
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO.
771 7
m
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.Louis
Minneapolis
Ka1198.9 City
Dallas
San Francisco
April..
Number of
Jan 1
to
Reporting
Apr. 30*.
Stores.
IIIIIIIIIIII I
•-• tO
to to
to
CA3C0000C4CAWDoPkt.24,10
Federal Reserve District-
52
54
41
29
44
23
83
18
17
23
25
80
Number
of
Cities.
28
29
17
9
23
16
32
9
12
15
10
27
Total
-9
-22
469
227
April figures preliminary; in most districts the month had one lees business day
this year than last year.
Trend of Business in Hotels During March as Reviewed
by Horwath & Horwath-Total Sales Declined
28% as Compared with March 1932.
In their survey of business in hotels during March, Horwath & Horwath state that "total sales declined 28% from
March 1932; room sales 27%, and restaurant sales, 29%."
The survey also notes that "the occupancy fell to 45%-the
record low for the entire depression, and reached by only one
previous month-and the average rate was off 15%." The
survey further said:
•
The slump in sales was the sharpest since last July, thus breaking the
recent encouraging trend. The principal cause of this was the bank holiday,
which affected all sources of hotel business. But more serious to the industry was the continuance of reductions in room rates and menu prices. Room
rates in some instances were cut as much as 25 to 35%, and the average
cut of 15% was the sharpest we have ever recorded. Yet this did not have
the desired effect of increasing occupancy, for only 16% of all hotels sold
more rooms this March than last, whereas recently 24 to 26% of them have
reported improvement in this respect. Furthermore the occupancy at 45%
was 19 points below the average March occupancy for the last six years,
and whereas the average seasonal drop from February is three points, the
drop this year was six points.
May 13 1933
The following table shows how the sales have declined from three
years
ago. Whereas it had seemed that the decline had become stabilized
at 50%,
that being the average for the last four months, March showed a drop
of 55%.
DECREASES IN SALES FROM THREE YEARS AGO.
New York
Chicago
Philadelphia_
Washington
Cleveland
Detroit
Ca.ifornia
All Other Reports
Tntal
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
March.
%
60.7
49.3
51.0
44.9
54.7
48.4
43.5
48.9
%
55.0
52.2
46.4
45.6
54.0
51.0
48.4
48.2
%
52.6
53.4
52.1
44.2
50.5
54.7
48.9
49.1
%
52.6
64.4
54.4
43.5
52.0
39.3
48.3
47.4
%
50.7
54.6
53.3
44.3
50.7
48.4
51.5
49.1
%
51.4
50.8
53.7
40.1
53.8
59.3
55.8
49.7
%
53.7
58.8
60.0
38.3
58.7
60.0
57.5
55.3
484
405
sn 2
4R0
An s
ens
AR 1
Horwath & Horwath also issued the following analysis:
TREND OF BUSINESS IN HOTELS IN MARCH 1938, COMPARED
WITH
MARCH 1932.
Sales.
Analysis by Cities in
Occupancy.
Room Rate
Which Horwath & Percent ofIne.(+)or Der.(-)
Percent of
Horwath Offices
March
March Inc.(+)
Are Located.
Total.
Rooms. Restauet. 1933.
1932. Dec. (-)
New York
-22
-23
-20
42
46
-16
Chicago
-33
-29
-38
49
56
-19
Philadelphia
-35
-37
-32
30
41
14
Washington
-14
-15
-13
56
60
-9
Cleveland
-32
-31
-34
.50
63
-13
Detroit
-39
-33
-46
45
52
-23
California
-25
-24
-25
46
51
-15
Texas
-18
-19
-17
54
60
-10
All others reporting
-30
-29
-32
47
59
-11
Total
-28
-27
-29
45
52
-15
Total Sales of Electricity in March 1933 to Consumers
11% Below Same Month in 1932-Total Revenue
Off 8.4%.
The following statistics, covering 100% of the industry,
were released by the Edison Electric Institute on May 8 1933:
:Kilowatt-hours Generated (Net)By fuel
By water power
Total kilowatt-hours generated
Additions to SupplyEnergy purchased from other sources
Net international imports
Month of March
P. C.
1933.
1932.
change.
3,368,206,000 3,895.141,000 -13.5
2,797,897,000 2,825,705,000 -1.0
6,166,103.000 6,720,846,000
-8.3
146,878,000
29,881,000
192,977,000 -23.9
46,538,000 -35.8
176,759,000
239,515,000 -26.2
61,462,000
99,119,000
84.984,000 -27.7
103,693,000 -4.4
Total
160,581,000
Total energy for distribution
6,182,281,000
Energy loss in transmission, distribution, dm. 1,304,597,000
Kilowatt-hours sold to ultimate consumers._ 4,877,684,000
Sales to Ultimate Consumers (Kwh.)Domestic service
1,003,801,000
Commercial--Small light and power (retall)- 984,337,000
Commercial-Large light & power(wholesale) 2.N6
7:000
1:1155
Municipal street lighting
Railroads-Street and interurban
361,043,000
Railroads-Electrified steam
54,527,000
Municipal and miscellaneous
56,664,000
188,677,000 -14.9
6,771,684,000 -8.7
+0.9
1,293,540,000
5,478,144,000 -11.0
Total
Deductions from SupplyEnergy used in electric railway depts
Energy used In electric and other depts.-_
1,037,351,000 -3.2
1,085,400,000 -9.3
2,6
23
17
0:802
19
2:00
000
0 -15.8
-7.0
408,336,000 -11.6
49,346,000 +10.5
49,870,000 +13.6
Total sales to ultimate consumers
4,877,684,000
-11.0
Total revenue from ultimate consumers.... $142,487,100 5,478,144,000
8157,142,000 -9.3
-12 Mos, Ending March 31- P. C.
xKilowad-hours Generated (Net)1933.
1932.
change.
By fuel
44,399,196,000 54,891,825,000 -19.1
By water power
30,612,016,000 29,425,862,000
+4.0
Total kilowatt-hours generated
75,011,212,000 84,317,687,000 -11.0
Purchased energy (net)
2,664,070,000 2,837,886,000 -6.1
Energy used in electric ry. dr other depts.__ 2,012,240,000 2,299,477,000 12.5
Total energy for distribution
75,663,042,000 84,856,096,000 -10.8
Energy lost in transmission, distribution arc_13,610,448,000 14,149,864,000
Kilowatt-hours sold to ultimate consumers_ _62,052,594,000 70,706,232,000 -3.8
-12.2
Total revenue from ultimate consumers
$1,788,793,400 $1,953,358,400 -8.4
Important FactorsPercent of energy generated by waterpower_
40.8%
34.9T
Average pounds of coal per kilowatt-hour...
1.49
1.50
Domestic service (residential use)Avge. annual consumption per oust.(kwh.)
596
+1.3
588
Average revenue per kwh. (cents)
5.58c.
5.71c. -2.3
Average monthly bill per dom.customer.$2.77
$2.80 -1.1
BASIC INFORMATION AS OF MARCH 31.
1933.
1932.
Generating capacity (kw.)-Steam
24,044,500 24,105,000
Water power
8,967,500 8,876,300
Internal combustion
457,900
446,200
Total generating capacity in kilowatts
33,469,900 33,427,509
Number of CustomersFarms in eastern area (included with domestic)
502778
497,143
Farms In western area (included with commercial, large)._
203:337
206,258
Domestic service _ _ __ _ ...
- 19 730 2 20,043,457
Commercial-Small light and--------------power
-09
3:657,
532 3,731, 21
Commercial-Large light and power
552,445
522
71;19
427
4
All other ultimate customers
63.944
Total ultimate consumers
23,982,085 24,390,867
As reported by the IL 8. Geological Survey with deductions for certain plants
not considered electric light and power enterprises.
Electric Output for the Week Ended May 6 1933
Increased 34 of 1% Over the Same Period Last
Year.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States during the week ended May 6 1933 was
1,435,707,000 kwh., the highest since the week of Feb. 18
last when output totaled 1,469,732,000 kwh. The current
figure also compares with 1,427,960,000 kwh. produced
during the week ended April 29 1933 and with 1,429,032,000
kwh. during the week ended May 7 1932. The percentage
increase for the week of May 6 1933 was 0.5% over the same
period last year, while output during the preceding week
was 1.8% below the same week in 1932.
Production of electricity during the month of March 1933
amounted to 6,182,281,000 kwh., as compared with 6,771,684,000 kwh. in the same month last year, 7,370,687,000
kwh. in March 1931 and 7,580,335,000 kwh. in March 1930.
PER CENT CHANGES.
Major Geographic
Regions.
Week Ended
Week Ended
Week Ended
Week Ended
May 6 1933. Apr. 29 1933. Apr. 22 1933. Apr. 15 1933.
_
Atlantic Seaboard
New England (alone).
Central Industrial_ _..
Pacific Coast
+2.9
+3.8
-0.2
-3.5
+0.5
+2.5
-4.2
-1.3
+0.1
+1.1
-3.6
-6A
-6.3
-8.6
Total United States..
+0.5
--1.8
--2.6
-4.8
Arranged in tabular form the output in kilowatt hours of
the light and power companies for recent weeks and by
months since and including January 1930 is as follows:
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Mar. 25
Apr. 1,
Apr. 8
Apr. 15
Apr. 22
Apr. 29
wx...
A
Week of-
1933.
Week of-
1,495,116,000 Jan. 16
1,484,089,000 Jan. 23
1,469,636,000 Jan. 30
1,454,913,000 Feb. 6
1,482,509,000 Feb. 13
1,469,732,000 Feb. 20
1,425.511,000 Feb. 27
1,422,875,000 Mar. 5
1,390,607,000 Mar. 12
1,375,207,000 Mar. 19
1,409,655,000 Mar. 26
1,402,142,000 Apr. 2
1,399,387,000 Apr. 9
1,409,603,000 Apr. 16
1,431,095,000 Apr. 23
1,427,960,000 Apr. 30
1 Aqc 7417 AAA Mow
7
1932.
1931.
Week of-
1,602.482,000 Jan. 17
1,598,201,000 Jan. 24
1,588,967,000 Jan. 31
1,588,853,000 Feb. 7
1,578,817,000 Feb. 14
1,54.5,459,000 Feb. 21
1,512,158,000 Feb. 28
1,519,679,000 Mar. 7
1,538,452,000 Mar. 14
1,537,747,000 Mar.21
1,514,553,000 Mar. 28
1,480,208,000 Apr. 4
1,485,076,000 Apr. 11
1,480,738,000 Apr. 18
1,489,810,000 Apr. 25
1,454,505,000 May 2
1 Ann n27 Ann MAI/
0
1933
Under
1932.
1,716,822,000 6.7%
1,712,786,000 7.1%
1,687,160,000 7.5%
1,679.016,000 8.4%
1,683,712,000 6.1%
1,680,029,000 4.8%
1,633,353,000 5.7%
1,684,125,000 6.4%
1,676,422,000 9.8%
1,682,437,000 10.6%
1,689,407,000 6.9%
1,679,764,000 5.3%
1,647,078,000 4.5%
1,841,253,000 4.8%
1,675,570,000 2.6%
1,644,437,000 1.8%
1.637.298.000
DATA FOR RECENT MONTHS.
Month of-
3243
Financial Chronicle
Volume 136
1933.
January.... 8,480,897,000
February ___ *5,835.263,000
6,182,281,000
March
April
May
June
July
August
September
October
November
December_
1932.
1931.
7,011,736,000
8,494,091,000
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
6,633,885,000
6,507,804,000
6,638,424,000
7,435,782,000
6,678,915,000
7,370.887,000
7,184,514,000
7,180,210,000
7.070,729,000
7,286,576,000
7,166,086,000
7,099,421,000
7,331,380,000
6,971,644,000
7,288,025,000
1930.
1933
Under
1932.
8,021,749,000 7.6%
7,066,788,000 10.1%
7,580,335,000
7,416,191,000
7,494,807,000
____
7,239,697,000
.....
7,363,730,000
...7,391,196,000
---7,337,106,000
--_
7,718,787,000
......
7,270,112,000
7,566,601,000
branches, though, more than made up for the losses and resulted In a gain
of 1.3% to be recorded for the group as a whole.
Textile Employment Shows Recovery.
Textile employment during April recorded a sharp recovery from the severe
March losses, rising more than 14% above the previous month's level. Gains
were reported by the silk and silk goods, knit goods, cotton goods, and miscellaneous textile branches. The woolens, carpets and felts division showed
an especially good improvement after last month's heavy decline, reporting
firms in this classification recalling approximately 2,700 operatives.
Food Employment Irregularly Higher.
Employment in the food and tobacco group moved irregularly higher in
April. Most of the persons taken on were in the beverages division, where
the return of beer was reflected in working forces being almost double that
of March. Gains were reported also by the flour, feed and cereals, candy,
meat and dairy products, and canning and preserving industries. The
tobacco division, due chiefly to a shutdown in a large up-State plant, suffered a decrease of one-third of its March working forces. Sugar and other
groceries and bakery products concerns were operating below the March
levels.
Other Industries Continue Downward.
Opposite tendencies were noted in the furs, leather and rubber goods
group, with three of the industries comprising the group reporting pick-ups
in employment, while the remaining three industries laid off help. The net
result was a small gain for the group as a whole. Declines continued in
the stone, clay and glass, chemicals, oils and paints, pulp and paper, printing and paper goods, and water, light and power groups. Makers of wood
products reported a pick-up in numbers employed.
New York City Reports Rise.
April employment in New York City's factories rose 2.3% above the
March level. Mixed tendencies were apparent in the clothing and millinery
group, but the gains more than offset the losses. The food and tobacco group
showed a substantial rise in numbers employed, due principally to greatly
Increased activity in beverage plants, where forces were more than doubled
since last month. An increased volume of employment was noted in aR
the branches of the textile industry, and improvement occurred in the wood
manufactures group. In the metal group, a net gain occurred, but the
downward tendency continued in many branches. In the furs, leather and
rubber goods group, losses in the shoe and fur industries were more than
made up by gains in the other branches of the group. Lowered employment
was again evident in the stone, clay and glass, chemicals, oils and paints,
and water, light and power industries. Printing and paper goods establishments, which had taken on help during March, let them go this month.
Three Up-State Centers Report Increased Employment.
Three major up-State industrial centers reported increased employment
and higher total payrolls in April as compared with the previous month.
In Buffalo and Utica there was increased activity in the metal industries.
In Albany-Schenectady-Troy, improvement in textile employment occurred.
In Binghamton, total wage payments were higher, but the volume of employment was lowered. Losses in both employment and payrolls continued
in Rochester and Syracuse factories.
FACTORY EMPLOYMENT IN NEW YORK STATE.
(Preliminary]
77,442,112,000 86,083,969.000 89,467,099,000
Total
Year).
• February 1933 has one leas working day than February 1932 (Leap
covering approxiNote -The monthly figures shown above are based on reportsweekly figures are
mately 92% of the electric light and power Industry and the
based on about 70%.
New York State Factory Employment During April
Higher, According to State Department of Labor.
Employment and payrolls in New York State factories
showed recovery in April from the unfavorable effects of the
previous month's banking holiday, according to a statement
issued May 10 by Indastrial Commissioner Elmer F. Andrews. ' The volume of employment increased 2.7% over
March, while total wage payments were 4.4% higher. Normally, seasonal declines occur during April in both employment and payrolls. Returns from approximately 1,560 representative New York State factories which report each month
to the Division of Statistics of the State Labor Department
form the basis for this analysis. In his statement, Commissioner Andrews further noted:
The increases brought the State index of factory employment to 55,2, and
the index of total payrolls to 40.1. These indexes are computed with the
averages for 1925.1927 taken as 100. As compared with a year ago, the
number of employed factory workers was 11.3% lower, and the total amount
of wages paid out was 20% less.
The upward movement was not general. Six major industry groups had
Increases in employment, while five showed decreases. Numerous firms were
reporting their normal seasonal declines. The reopening of plants which
had suffered either partial or complete shutdowns last month, however,
more than offset the seasonal influences. New York City factories showed
gains in April, employment in that city increasing 2.3%, and payrolls
rising 5.2%.
Metal Employment Higher.
Employment in the metal group, for the first time since last November,
showed an increase over the previous month. The April volume of employ.
!tient in this group was 3.4% above March. Workers were recalled by the
brass, copper and aluminum, sheet metal and hardware, iron and steel, firearms, tools and cutlery, cooking, heating and ventilating apparatus,
instruments and appliances, and automobiles and airplanes divisions.
Reporting firms in the automobiles and airplanes classification, which had
been curtailing operations steadily since December, recalled approximately
1,000 employees in April. Not all metal industries were showing gains,
though. Structural and architectural iron concerns and railroad equipment
and repair shops, the only divisions to report improvement during March,
showed losses in April. Declines in numbers working continued in silverware and jewelry, machinery and electrical apparatus, and boat and shipbuilding concerns.
Net Gain in Clothing and Millinery.
Mixed movements were evident in the clothing and millinery group.
Losses were reported by the men's clothing, men's furnishings, women's head.
wear, miscellaneous sewing and laundering and cleaning industries. Increased employment in the Women's clothing and women's underwear
Percentage Change,
March to April 1933.
Industry.
Stone;clay and glass
Miscellaneous stone and minerals
Lime, cement and plaster
Brick, tile and pottery
Glass
Metals and machinery
Silverwear and Jewelry
Brass, copper and aluminum
Iron and steel
Structural and architectural iron
Sheet metal and hardware
Firearms, tools and cutlery
Cooking, heating, ventilating apparatus
Machinery and electrical apparatus
Automobiles, airplanes, dm
Railroad equipment and repair shops
Boat and ship building
Instruments and appliances
Wood manufactures
Saw and planing mIlls
Furniture and cabinet work
Pianos and other musical Instruments
Miscellaneous wood, esc
Furs, leather and rubber goods
Leather •
Furs and fur goods
Shoes
Cloves, bags, canvas goods
Rubber and gutta percha
Pearl, horn, bone, arc
Chemicals, oils, paints, &c
Drugs and industrial chemicals
Paints and colors
Oil products
Photographic and miscellaneous chemicals
Pulp and paper
Printing and paper goods
Paper boxes and tubes
Miscellaneous paper goods
Printing and bookmaking
Textiles
Silk and silk goods
Woolens, carpets, felts
Cotton goods
Knit goods, except silk
Other textiles
Clothing and millinery
Men's clothing
Men's furnishings
Women's clothing
Women's underwear
Women's headwear
Miscellaneous sewing
Laundering and cleaning
Food and tobacco
Flour, feed and cereals
Canning and preserving
Sugar and other groceries
Meat and dairy products
Bakery products
Candy
Beverages
Tobacco
Water, light and power
Total
Total State.
N. Y. etty.
-3.2
-12.0
+1.1
-2.0
+0.6
+3.4
-11.1
+6.5
+6.1
-17.4
-54.2
+3.4
-6.6
+12.4
+3.6
-13.1
+4.4
+6.3
+59.9
+9.4
--0.3
A-26.3
--2.0
+2.0
i-3.1
i-1.0
+15.8
No change.
--1.6
--4.0
-1-1.1
--0.4
--11.2
--1.6
+23.9
1-8.6
A-10.5
--1.0
--2.6
+1.6
--2.3
A-0.4
--4.8
--0.3
+1.5
+19.7
--3.0
A-14.3
i-9.6
A-46.2
+1.3
$9.1
1.6
1.3
--4.4
--4.8
+14.1
--0.8
--4.8
--0.2
i-3.1
A-3.7
A-11.0
--1.3
+0.5
--0.2
A-3.9
+96.1
-32.2
-1.0
+2.7
--1.8
+3.9
-4.2
-8.5
+4.8
+1.4
+26.6
-9.1
+3.4
--1.8
+2.4
-6.3
+38.4
+3.5
A-10.6
---0.1
+0.8
+1.6
-1.0
-2.7
+1.2
-2.4
+5.6
+11.4
-4.3
+5.2
+3.3
+20.4
+4.7
+3.6
-5.2
+10.6
+14.7
-0.8
-1,1
-0.8
+5.9
No change.
-0.6
-1.2
-0.3
+4.5
+103.0
-5.6
-2.2
+2.3
3244
Financial Chronicle
Lumber Orders Booked During Week of1lMay 6 Make
New Record For 1933 and 1932.
For the first time this year or last, lumber orders booked
at the mills exceeded 200,000,000 feet during the week
ended May 6 1933 and lumber production was highest since
last fall, according to telegraphic reports to the National
Lumber Manufacturers Association from regional associations covering the operations of 643 leading softwood and
hardwood mills. The gain in new business was shared by
both hardwoods and softwoods. All production totaled
123,845,000 feet; orders 208,665,000 feet; shipments 149,544,000 feet. The Association in its statement, further
reports as follows:
Orders reported by Southern pine and Western pine mills did not reach
the high levels of the previous week but those booked at West Coast,
Northern pine and Southern hardwood mills showed large gains, accounting for the spectacular total. The big West Coast increase was due to
gain in orders for domestic cargo delivery, although rail, export and local
orders showed some advances. For the first time this year or last, West
Coast orders exceeded 100,000.000 feet and Southern hardwood orders
20,000,000 feet. The week ended May 9, the former were 108,448,000
feet and the latter 26,330,000 feet. All regions showed excess of orders
over production.
Compared with corresponding week of last year all regions reported
substantial order gains except Northern hemlock. For all softwoods this
gain was 57% and for all lumber 62%. Hardwood orders were more than
twice those of the corresponding week of 1932. Total production was
about the same as last year and shipments were 12% above.
Forest products carloadings during the week ended April 29 were 18,749
cars, the highest record since October. They were lower by 1,187 cars
than during the same week of 1932.
Lumber orders reported for the week ended May 6 1933, by 407 softwood
mills totaled 181.419,000 feet, or 59% above the production of the same
mills. Shipments as reported for the same week were 130.665,000 feet, or
14% above production. Production was 114,142,000 feet.
Reports from 250 hardwood mills give new business as 27,246,000 feet,
or 181% above production. Shipments as reported for the same week
were 18,879,000 feet, or 95% above production. Production was 9,703,000
feet.
Unfilled Orders.
Reports from 361 softwood mills give unfilled orders of 440.420,000
feet. on May 6 1933, or the equivalent of 17 days' production. The 525
identical mills (softwood and hardwood) report unfilled orders as 518,525,000 feet on May 6 1933, or the equivalent of 17 days' average production, as compared with 459,504,000 feet, or the equivalent of 15 days'
average production on similar date a year ago.
Last week's production of 395 identical softwood mills was 110.584,000
feet, and a year ago it was 109,110,000 feet; shipments were respectively
128,095,000 feet and 116,142,000; and orders received 176,151,000 feet
and 112,225,000. In the case of hardwoods. 184 identical mills reported
production last week and a year ago 8,396.000 feet and 9.688,000; shipments 16,042,000 feet and 12,624,000; and orders 22,337,000 feet and
10.012,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 179 mills reporting
for the week ended May 6:
NEW BUSINESS.
Feet.
Domestic cargo
delivery_ _ _
Export
Rail
Local
UNSHIPPED ORDERS.
SHIPMENTS.
Feet.
Feet.
Coastwise and
cargo
delivery _..J26,277.000 intetcoastal 22,193,000
Foreign
83,481,000 Export
16,091,000
Rail
69,219,000 Rail
24,947,000
Local
7,317,000
DOMeStle
49,771,000
23,493,000
27,867,000
7,317,000
Total
108,448,000 Total
278,977.000
Production for the week was 64,146,000 feet.
Total
70,548,000
Southern Pine.
The Southern Pine Association reported from New Orleans that for 102
mills reporting, shipments were 16% above production, and orders 43%
above production and 23% above shipments. New business taken during
the week amounted to 33,562,000 feet (previous week 38,178,000 at 96
mills); shipments 27,209,000 feet (previous week 31,711,000); and production 23.479.000 feet (previous week 21,665.000). Production was 39%
and orders 56% of capacity, compared with 38% and 68% for the previous
week. Orders on hand at the end of the week at 101 mills were 76.694,000
feet. The 101 identical mills reported an increase in production of 6%,
and in new business an increase of 48%, as compared with the same week
a year ago.
Western Pine.
The Western Pine Association reported from Portland, Oreg., that for
105 mills reporting, shipments were 14% above production, and orders
37% above production and 20% above shipments. New business taken
during the week amounted to 34,786,000 feet (previous week 43,219,000
at 113 mills); shipments 28,952,000 feet (previous week at 32.431,000);
and production 25,421,000 feet (previous week 23,643,000). Production
was 20% and orders 27% of capacity, compared with 18% and 33% for
the previous week. Orders on hand at the end of the week at 104 mills
were 113.710.000 feet. The 102 identical mills reported a decrease in production of 6%, and in new business a gain of 21%, as compared with the
same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported
production from 7 mills as 1,021,000 feet, shipments 2,955,000 feet and
new business 3.872,000 feet. The same mills reported production 37%
less and new business 210% greater than for the same week last year.
Northern Pine.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported softwood production from 14 mills as 75,000
feet, shipments 1,001,000 and orders 751.000 feet. Orders were 11% of
capacity compared with 15% the previous week. The 13 identical mills
reported a loss of 33% in production and a loss of 12% in new business,
compared with the same week a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 236 mills as 9,271,000 feet, shipments 17,982,000 and new
business 26.330,000. Production was 19% and orders 55% of capacity,
compared with 20% and 40% the previous week. The 171 identical mills
May 13 1933
reported production 15% less and new business 125% heavier than for the
same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported hardwood production from 14 mills as 432,000
feet, shipments 897,000 and orders 916,000 feet. Orders were 19% of
capacity, compared with 26% the previous week. The 13 identical mills
reported a gain of 49% in production and a gain of 77% in orders, compared
with the same week last year.
1932
Lumber Output 9,600,000,000
That for 1931.
Feet---41.4% Below
The National Lumber Manufacturers Association, May 4,
issued the following statement:
Lumber production in 1932 was approximately 9.500,000.000 feet as
indicated by preliminary report of identical mills Just released by the U. S.
Census Bureau. This compares with 36,886,032,000 feet in 1929. The
reports of 508 identical large mills, representing in' 1931 52.2% of the
lumber production of the country, show production in 1932 41.4% below
that of 1931. Production in 1931 was 16,522.643,000 feet, as reported by the
Census Bureau. The percentage of decrease in 1932 gives production of
9,682,000,000 feet but the Census Bureau calls attention to the fact that
it is likely the percent of decrease in the total production of the country
was somewhat larger than shown by the identical mills covered by this
report, since probably a larger proportion of the small mills than of the
large ones were idle in 1932, also it is probable that their cut declined more.
The National Lumber Manufacturers Association at the beginning of the
year forecast this production figure of 9% billion feet, based upon its
barometer reports. These reports for 1932 and 1931 showed decline of
41.3%, within 1-10th of 1% of the census report.
According to the census figures, the Lake States suffered a comparatively
greater decline in 1932 as compared with 1931 than did any other section
of the country, or 65%. The great lumber-producing States of Washington
and Oregon recorded a decline of 43.6%; the South of 38.6%. Mills in these
two sections represented 62% of the total number reporting and their cut
was 70% of that shown for 1932.
In the two-year comparison, the North Carolina pine region showed
decline of 19.5%; California of 28% and the States of Idaho and Montana,
49.5%.
Total production reported by the 508 mills in 1932 was 5,051,944,000 feet;
in 1931, 8.621,243.000 feet.
The census was prompt in issuing these figures, their last reports being
received only two days before the report was sent out. If the lumber
schedules were returned to the Bureau more promptly by the mills, these
important figures would be available much earlier in the year.
Exports of Lumber in March 1933 Largest Since 1931—
Imports Falling Off.
The National Lumber Manufacturers Association, April 28,
released the following statement:
Preliminary reports of United States exports of softwood lumber and
sawn timber during March 1933 show for that month the heaviest volume
of any month in 1933 or 1932. These exports, according to U. S. Department of Commerce reports, totaled nearly 92,000,000 feet of which somewhat over 49,000,000 were shipped to the Orient and Near East, nearly
21.000.000 to Europe and 10,700.000 to Central America, Mexico and the
West Indies.
March was the highest month in the last 15 for exports to the Orient and
Near East, and to the Central American group, and the highest to Australasia except May 1932. The greatest declines, as compared with recent
months, were in exports to Canada and to South America. which were
reported as 446,000 and 4.754,000 feet, respectively, in march.
Because of the low record of February, the first quarter of 1933 does not
compare so favorably with last year as does March, although the softwood
total of the quarter of more than 225.000.000 feet was only 2% below the
first quarter of 1932.
Hardwood lumber exports during the first three months of 1933 totaled
more than 51,000,000 feet, according to these preliminary reports. This
was 16% under the Volume of the first quarter of 1932 and below the second
and fourth quarters.
Lumber imports during March 1933, while heavier in volume than in
February or January were under most months of 1932. In March they
totaled somewhat over 10,500,000 feet. nearly all front Canada, preLumber imports totaled
dominantly pine and spruce.
approximately
27,000,000 feet during the first quarter of 1933 as compared with 107,945,000
during the first quarter of 1932 and 59.868,000 feet during the last quarter.
Of the imports of the first three months of 1933, less than 2.000,000 were
hardwoods and of the softwoods. nearly all were from Canada. No imports
came from Russia during the first quarter.
Production of Lumber During the Four Weeks Ended
April 29 1933, as Reported by an Average of 589
Mills, Was 11% Below Corresponding Period in
1932—Shipments Off Only 1%, While Orders
Received Showed An Increase of 12%.
We give herewith data on identical mills for the four
weeks ended April 29 1933, as reported by the National
Lumber Manufacturers Association:
An average of 589 mills reported as follows to the National Lumber
Trade Barometer for the four weeks ended April 29 1933:
—Production— —Shipments— _orders Reed.—
1932.
1933.
(In 1,000 Bd. Ft.)—
1933.
1932.
1932.
1933,
387.609 431,579 506,888 506,450 510,279 458,033
Softwoods
34,523 41,384 51,826 48,060 54,920 48,477
Hardwoods
422,132 472,963 558,714 554.510 565,199 506,510
Total lumber
Production during the four weeks ended April 29 1933 was 11% below
corresponding weeks of 1932. as reported by these mills and 53% below
the record of comparable mills for the same period of 1931. 1933 softwood
cut was 10% below that of the same weeks of 1932 and hardwood cut was
17% below.
Shipments in the four weeks ended April 29 1933, were 1% above those of
corresponding weeks of 1932, softwoods showing about the name figure as a
year ago, and hardwoods being 8% above.
Orders received during the four weeks ended April 29 1933 were 12%
above those of corresponding weeks of 1932 and 36% below orders for similar
weeks of 1931. Softwoods showed 11% increase and hardwoods, 13% increase, as compared with similar period of 1932.
On April 29 1933, gross stocks as reported by 338 softwood mills were
2,588,742,000 feet or the equivalent of 99 days' average production of the
Volume 136
reporting mills, compared with 3,360.560,000 feet on April 30 1932, or the
equivalent of 129 days' average production.
On April 29 1933, unfilled orders as reported by 520 mills (cutting either
hardwoods or softwoods or both) were 465,048.000 feet or the equivalent
of 16 days' average production, as compared with 469,556.000 feet on
April 30 1932, the equivalent of 16 days' average production.
April Output of Auto Chamber Members Highest in
21 Months-Production Estimated at 137,300 Units.
Evidence of the improvement in business is contained in the
preliminary production report issued May 4 by the National
Automobile Chamber of Commerce which shows that the
total April output of companies belonging to the organization was the highest in 21 months. Under date of May 4
the Chamber further said:
The month's production was placed at 137,300 cars and trucks, a gain of
62% over the preceding month, and an increase of 3% over the corresponding month last year. This output exceeded the production of Chamber
members for every month since July 1931.
The estimate which was based upon reports of factory shipments to
dealers includes the figures of all but one major automobile producer.
Agricultural Department Report on Winter Wheat,
Rye, &c.
The Department of Agriculture at Washington on May 10
issued its crop report as of May 1 1933. This report estimates the abandonment of winter wheat at 32.2%, leaving
the acreage remaining .to be harvested at only 27,096,000
acres as compared with 32,277,000 acres harvested in 1932.
Last year the abandonment of winter wheat acreage was
13.7% and the 10-year average (1921-30) 14.7%. This
year's abandonment of 32.2% is the highest percentage of
abandonment on record and amounts to 12,889,000 acres,
leaving only 27,096,000 acres to harvest in 1933, as already
stated, or smaller than any year since 1912. The May 1
condition is placed at only 66.7% this year as compared with
75.1% of normal on May 1 1932 and 90.3% on May 1 1931
and a 10-year average condition of 81.9%. The low condition and the large ablndonment of q or Age bring., the
estimated production of winter wheat down to only 337,485,000 bushels, wnich compares with 462,151,000 bushels
harvested a year ago, 787,465,000 bushels h rvested two
years ago,an t five-year average production of 589,436,000.
This year's indicated crop is smaller than the production in
any year since 1904.
This report also shows that only 2,854,000 acres of rye
will probably be harvested this year, as against 3,271,000
acres harvested in 1932,3,060,000 acres in 1931 and 3,543,000
acres in 1930, the present acreage is the smallest since 1914
when 2,541,000 acres were harvested. The May 1 condition
of rye is placed at 75.6% of normal, compared with 83.2%
last year, and a 10-year average of 85.9%. Below is the
report:
•
Winter Wheat.
The May 1 condition of 68.7% of normal for winter wheat indicates a
probable production of 337,485,000 bushels compared with 334,087,000
bushels estimated on April 1, 462.151,000 bushels produced in 1932 and
589,436,000 bushels, the average production for the five-year period,
1926-1930. The indicated crop is smaller than the production in any year
since 1904. The acreage remaining for harvest is estimated at 27,096,000
acres compared with 33.656,000 acres harvested in 1932 and the average of
38.560,000 acres for the five-year period. 1926-1930. This is a smaller
acreage than harvested in any year since 1912.
The condition of the growing crop on May 1 at 66.7% of normal is the
lowest on record. The condition on May 1 1932, was 75.1%, and the May 1
condition for the 10-year period, 1921-30, was 81.9%. The condition is
below average in all of the principal winter wheat States and is notably low
In the Great Plains area and in the Pacific Northwest. Since April 1, the
prospective production has increased in nearly all sections except the
Pacific Northwest, though lower figures on May 1 than on April 1 are shown
in scattered States.
The percentage of acreage abandoned is estimated at 32.2% of the
area sown last fall and may be compared with 13.7% in 1932, and with
14.7%, the average for the 10-year period, 1921-30. This is the highest
percentage abandonment on record. The acreage abandoned this year was
12.889.000 acres.
The indicated production of hard red winter wheat is 164,064,000 bushels,
compared with 264,933,000 bushels last year; soft red winter wheat 144,270,000 bushels compared with 147,742,000 bushels last year; and fall sown
white wheat 29,151,000 bushels, compared with 49.476,000 bushels last year.
Seeding of spring wheat this year has been considerably later than usual,
especially in Minnesota, North Dakota and Montana, seeding having been
delayed by wet soil conditions. At this date, however, nearly the normal
percentage of the acreage has been seeded. Most of the acreage still unseeded is in normally late seeding sections of Montana, Idaho and North
Dakota.
Rye,
Only 2,854,000 acres of rye will probably be harvested for grain compared
with 3,271.000 acres harvested in 1932,3,060,000 acres in 1931 and 3,543,000
acres in 1930. The present acreage is the smallest since 1914 when 2,541,000
acres were harvested. The total acreage sown in the fall of 1932 in Minnesota, the Dakotas, and Nebraska, where rye is mostly grown for grain, was
smaller than for several years and the reported abandonment of rye intended for grain was greater than usual in these States.
The reported May 1 condition of rye for grain is 75.6% of normal, compared with 83.2% on May 11932, and a 10-year average May 1 condition
of 85.9%•
Hay,
The May 1 condition of tame hay crops, estimated at 75.3% of normal
compares with 78.3% on May 1 1932 and the (1921-1930) average con-
3245
Financial Chronicle
dition for May 1 of 85.5%. Tame hay condition in the eastern two-thirds
of the country is generally below average due to backward growing conditions, but will likely improve with seasonable temperatures in May,since
moisture conditions generally are favorable. In some southeastern States
and central States the condition is slightly better than a year ago. Only in
the far western States is the condition materially below that of a year ago.
and in this area the outlook at present is that an average figure is not likely
to be reached this season. Hay stocks remaining on farms on May 1 are
estimated at 10,599.000 tons, or 13.0% of the 1932 production. Present
stocks compare with 9.997,000 tons, the average farm stocks on May 1
during the period 1926-1930. Larger hay stocks are reported in the north
central States and inter-mountain States where a year ago hay reserves had
been very low due to low production following the drouth of 1930 and 1931.
Larger 1932 hay production has likewise left larger stocks in the Pacific
Coast States. In the north and south Atlantic States, 1932 hay production
was relatively low resulting in some curtailment of present stocks compared
with a year ago.
Pastures.
The condition of farm pastures on May 1 was reported as 71.5, the
second lowest May 1 condition that has been reported in more than 30
years. While pastures were particularly poor on the Pacific Coast and in
rather large areas centering in Colorado, North Dakota and South Carolina,
where there has been drouth, only a few States reported pastures equal to
the usual average on May 1. However, substantial improvement during
May is to be expected in the central and northern Great Plains areas as a
result of rains in the latter half of April and first week in May and improvement is also likely in northern and northeastern areas where the chief complaint is that the grass is late in starting.
Potatoes.
Some improvement is noted in the condition of the early potato crop in
the southern States, the reported May 1 condition being 75.9% of normal
for that date compared with 72.5% on April 1. The commercial or shipping
crop, in general reflects a somewhat better condition than the farm crop
of early potatoes for home or local use. The condition of the combined
early crop is about equal to the average May 1 condition over a period of
years and better than a year ago when May 1 condition was reported at
69.8%. This is also shown in the yield expectations reported for six of the
earlier shipping States or areas, which indicate the possibility of 15%
larger yields than a year ago, nearly counter-balancing the acreage reductions
that were effected in these earlier commercial States.
Oats (Southern States).
The May 1 condition of oats in the south Atlantic and south central
States reported at 64.7% of normal is 4.5 points above the figure reported
on May 1 1932. Condition is higher in every State except South Carolina
where there is little difference.
WINTER WHEAT.
Condition May 1.
Acreage.
Production.
Altandoned.
State.
N. Y._ _ _
N.J
Pa
Ohio
Ind
III
Mich
Wis
Minn_
Iowa ......_
Mo
S.Dak_ __
Nob
Kans._.
Del
Md
Va
W.Va_
N. C.._
S.C
Ga
Ky
Tenn_,.__
Ala
Ark
Okla
Tex
Mont._
Ida
Wyo
Colo
N. Mex.._
Arta
Utah....
Nev
Wash
Ore
Calif _...
Left
Avg.
Avg.
Avg.
for
1921- 1932. 1933. Harvest 1921- 1932. 1933. 19261930.
1930.
1933. 1930.
1,000
Acres.
%
%
%
3.9
1.5
3.5
208
2.5
0.5
1.0
49
2.8
1.0
2.5
862
13.6
1.0
2.5
1.785
10.7
3.0
5.0
1,462
11.8
3.0
4.0
1.479
3.6
1.0
3.0
795
11.2
8.0 12.0
39
11.4
5.3 16.0
159
5.3 11.0
9.0
217
8.2 10.0
6.0
1,232
274
16.8 10.0 32.0
9.4 32.6 30.0
2,023
13.7 21.0 48.0
5,968
2.0
2.0
3.5
78
2.2
5.0
1.0
404
2.6
1.5
2.0
548
4.4
1.0
1.5
122
391
3.0
1.0
2.0
2.5
4.0
5.3
71
10.2
4.0
5.0
69
7.0
283
13.2 12.0
3.0
7.1
3.5
276
5
8.7
3.0 10.0
9.4 10.0 12.0
27
10.2 10.0 30.0
2,992
2,108
17.4 26.7 45.0
527
23.0 20.0 35.0
587
7.0 17.0
6.0
68
11.3 85.0 50.0
283
24.5 60.0 70.0
41.9 42.0 45.0
198
43
4.1
1.5
2.0
190
5.0
2.8
4.0
2
5.0
1.0
1.8
565
16.3
6.0 60.0
225
4.0 75.0
9.6
504
17.2 14.0 23.0
U.8_ 12.2
16.7
32.2
%
82
88
85
76
79
79
82
84
82
88
82
83
83
80
89
85
84
82
86
78
77
83
83
82
80
79
73
82
90
88
81
72
91
93
95
85
91
83
%
88
88
90
92
86
81
90
84
86
80
77
80
70
65
87
88
84
90
80
70
74
87
82
75
79
70
60
79
84
70
58
84
94
87
100
86
85
72
%
79
82
83
78
77
78
75
78
69
75
76
66
70
55
84
87
85
86
80
68
71
83
83
69
72
55
48
66
66
65
40
44
84
80
94
58
65
71
1932.
1,000 1,000
Bus.
Bus.
4,593 3,918
1,275 1,008
18,513 13.335
27.073 32,308
25,751 22,976
30.536 21.750
15,080 16,584
850
7
3,241 3,423
7,612 4,250
18,094 14,851
1,273 4,921
59,422 24.600
153,186 106,398
908
1,998
9,690 4,940
8,975 6.253
1,604 1,276
3,638 3,572
760
537
703
572
2.742 2,835
3,307 2.584
1
29
248
199
52,386 43,626
32,559 29,580
9,830 12,360
12,867 14,996
1,637 1,100
15,672 4,383
2,102 1,320
609
520
3,419 3,128
19
100
26,472 30,175
19.577 15,020
12,515 10,674
/anrated
1933.
1.000
Bus.
3,502
1,029
15.947
32,130
21,930
24,404
13,912
702
2,703
3.472
16.016
2.603
24.278
58,486
1.404
7.272
7.398
1,586
4,108
568
686
3.679
2.760
541
270
23.938
15,818
6,588
9,391
576
2,104
990
86(
2,941
5(
11,30(
3,82:
8,311
27,096 81.9 75.1 66.7 589,436 462,151 337,48,
Foreign Crop Prospects.
The latest available 'information pertaining to cereal
crops in foreign countries, as reported by the Foreign Service
of the Bureau of Agricultural Economics to the United States
Department of Agriculture at Washington and given out
on May 10 is as follows:
Wheat.
The acreage sown to wheat for the 1933 harvest in the 24 foreign countries
of the Northern Hemisphere for which estimates are available is 109,722,000
acres compared with 110,957,000 acres for the 1932 harvest and 108,934,000
acres for the 1931 harvest. The estimates of the winter acreage sown in
Russia, where a decrease of more than 4,000,000 acres is reported, are not
included in the above totals.
The official Canadian report on "Intentions to plant" will be issued
to-day. The season is backward and unofficial reports are indicating some
decrease in the spring wheat acreage compared with last year when the
spring acreage was estimated at 26,646,000 acres. The May 5 crop report
of the Canadian Pacific Railway stated that work on the land, including
seeding, had become quite general except in extreme northern Saskatchewan
and in parts of western Alberta where work has been hampered by wet and
backward wheather. The amount of wheat seeded varies considerably, with
the following estimated amounts completed in the three Provinces, Manitoba
3246
Financial Chronicle
54%, Saskatchewan 18 to 20%, and Alberta 13 to 15%. Moisture conditions are favorable at the present time except in west central Saskatchewan
where immediate precipitation would be beneficial. Rainfall last fall was
below average.
The winter wheat acreage in 16 European countries (excluding Russia)
which last year represented over 85% of the total European wheat acreage
is 1.2% above the 1932 area. Reports of crop conditions are generally
favorable. Agricultural Attache Steere at Berlin reported that the crops
in northern, central and western Europe appear in good condition but
rain is needed almost everywhere. The winter crops in western Austria,
western Czechoslovakia and southeast Germany are from one to two weeks
late due to the dry winter and recent cold weather. Winter damage in
Germany and Czechoslovakia appears to be greater than last year but a
larger area was sown in each of these countries. Agricultural Attache
Michael at Belgrade reported that statements received from all the Danube
countries are that the condition of the crop is good to very good, although
behind normal development due to the cold spring. Abandonment of winter
wheat in the Danube countries is not expected to exceed more than 1 to 2%,
which is about normal for the region. Seeding of the spring wheat began
about the middle of March, but was delayed by rains and snows. Rains
late in April and early in May benefited the crop in France where the
condition is considered satisfactory. An official report from Italy dated
April 15 stated that conditions were satisfactory there. In Spain, however,
crop prospects were lowered by the heavy rains late in April.
No data are available as to the extent of spring wheat seeding in the
U. S. S. It. The plan provides for 57,327,000 acres of spring wheat compared with 64,740,000 acres planned and 56.386,000 acres actually sown
in 1932. Reports which are available for the seeding of all spring grains
indicate that the work has been going forward faster than in either 1931 or
1932, but below 1930. The pace of spring sowings, however, appears to
have recently slackened somewhat, especially in the important regions of
Ukraine and North Caucasus as a result of unfavorable weather and delayed
soil preparations. The area sown to all grains up to April 25 was reported
at 46,100,000 acres compared with 24,700,000 acres to the same date
last year.
The condition of the crop in North Africa is satisfactory except in Tunis
where dry winds and disease are reported to have damaged about 25%
of the crop.
The first estimate of the 1933 wheat production in India is 340,480,000
bushels, which is about 7.000,000 bushels below the corresponding estimate
of the 1932 harvest. A smaller area was seeded this season, but the yield
now indicated is above last year. The area sown in Turkey, according to
unofficial sources, is about the same as last year and the present outlook
is for yields materially above those obtained in 1932. Acreage in both the
Yangtze Valley and North China is reported somewhat larger than last year.
Dry weather in Australia has not been favorable for seeding and a material
decrease in acreage has been expected. An official report, however, which
was issued recently estimated the area to be sown at only 2% less than
the area sown during the past season. Conditions in Argentina were more
favorable for the preparation of the land and seeding of the crop and a
trade paper published in Buenos Aires is predicting an increase in the area
under wheat. Dry conditions continue to prevail in the Union of South
Africa.
Rye.
The area sown to rye in 10 European countries is reported at 19,711,000
acres compared with 19,527,000 acres In the same countries last year.
WHEAT-WINTER ACREAGE,r1930-31 TO 1933-34.
May 13 1933
4. What should be the basis for allocating reductions in existing acreage,
production, or exports or for setting now quotas?
5. Should the wheat importing countries participate in the agreements?
These, and many other knotty problems will have to be discussed at the
Geneva Conference. If the experts from the exporting countries are able
to reach tentative conclusions which appear to be satisfactory on these
points, further conversations may take place between the exporting countries and important importing countries to explore their joint problems in
this connection. The scope of this second meeting and the countries which
will be invited to participate cannot be determined, however, until
the initial meeting of experts has been completed. In conducting the
conversations and in trying to reach tentative conclusions, the experts
who have been invited from the four exporting countries will have the
assistance of the members of the Economic Section of the Secretariat of the
League of Nations.
From the same statement issued by the Department we
also quote:
Two international wheat conferences have already been held to discuss
the wheat problem. The first was held at Rome several years ago; the
second, with only exporting nations represented, was held two years ago
at London. At the London conference many of the exporting countries
suggested the desirability of entering into an international agreement
limiting the quantity of wheat exported from each country and so to
cheek
the decline in wheat prices on world markets which had resulted from
the effort of the exporting countries to sell larger quantities than the importing countries were in position to buy. Nothing came of these suggestions, largely because the United States was not then in position to
agree to retsrict either production or exports.
The continued decline in prices in general and wheat prices in particular
during subsequent years has intensified the problem. The excess supplies
of wheat have been maintained,although the purchases of wheat by Oriental
countries have been stimulated by the exceptionally low prices prevailing
and although the quantity of wheat used in this country for feeding livestock
has been increased. Production continued to outrun consumption through
1930 and 1931. In 1932, with short crops in Russia, the Danube Basin and
the United States, production and consumption were just about balanced.
As a whole, however, world supplies of wheat are still excessive and the
marked advances in prices which have recently occurred in this country
have not been acco npanied ny parallel advances on foreign markets.
The policies of economic nationalism which had already developed in
Europe prior to the world depression had been intensified during the period
of declining prices. Every important European country which imported
wheat now restricts its importation in one way or another, either by tariffs,
milling quotas, import quotas or exchange regulations, and in some cases
by several ofthese at the Same time. As a consequence the price to producers
within most of these countries has been maintained during most of this
period at almost the same level as prevailed prior to the depression. In
spite of the low prices on world markets production and acreage of wheat
in these countries continued to increase. In 1932, with an unusually high
yield per acre, both Germany and France were in the unusual position of
producing about as much wheat as they needed for domestic purposes,
and were foreced to take extraordinary measures to prevent their internal
prices declining to the low world level.
The high price of wheat in the importing countries of Europe has tended
to hold down consumption in those countries at the same time that it was
adding to the world's excessstocks. Although acreage in exporting countries
has decreased during the period of depression, the reduction has not been
sufficient to offset increased production and reduced consumption in the
Crop Year.
other countries. Meanwhile. Argentina and Australia were forced to
Country.a
market their wheat regardless of the price it would bring. After they aban1930-31.
1931-32.
1932-33.
1933-34.
doned the gold standard, the low price at which their wheat was selling in
1,000 Acres 1,000 Acres. 1,000 Acres. 1,000 Acres.
terms of gold was partly offset by the depreciation in their exchanges,so
United States_b
39,463
41,357
33,656
27,096
that their producers were able to go ahead and pay their debts in spite of
Canada
1,042
560
568
556
exceedingly low prices at which their wheat sold in terms of geld.
The competition of these other exporting countries, who could always
Total (2)
40,505
41,917
34,224
27,662
under-cut us in world markets no matter how cheaply we offered our wheat,
Europe (16)
64,961
65,804
65.608
66,387
has
almost completely eliminated the wheat export business in the United
North Africa (5)
10,448
9,821
10,025
9.548
States over the last two years. Although we have had large supplies of
Asia (2)
31,721
32,749
34,756
33,231
wheat available for export. practically none has moved out of the country.
Total 25 countries
147,635
150,291
144,613
It was largely as a result of this circumstance that the domestic carryover
136,818
of wheat at the beginning of the 1932 season totaled over 360,000,000
Russia
23,367
29,172
32,336
28,058
bushels within the United States-an all-time record.
Estimated world total winter
The low and unsatisfactory prices prevailing for wheat during the last
and spring acreage, excluding
two years has turned the attention of all major exporting countries to a
Russia and China
251,500
255,200
257,800
direct attack on the problem of excessive supplies. The Danubian couna Figures In parenthesis indicate the number of countries Included. b Area for
tries have tried to meet the situation by arrangements with the importing
harvest.
European countries which would give Danubian States special preference in
those markets. Since the Danubian countries had relatively little to offer
return, however, and since the great overseas wheat exporting countries,
Problems Before International Wheat Conference- in
Canada, Argentina, Australia and the United States, have kept a jealous
Statement by Department of Agriculture-Low and eye on any special privileges accorded their European
competitors, these
Unsatisfactory Wheat Prices in Past Two Years negotitations have so far produced little results. In 1932
the Danubian
Draws Attention to Question of Excessive Supplies. region suffered a severe crop failure. There was very little wheat for export
On May 9, the Department of Agriculture, in response to from those countries and the question of Danubian preferences was temporarily eliminated. This question has been raised again by the Danubian
Inquiries in the matter, issued a statement regarding the countries, however, at the Strassa Conference
and the tentative agenda
International Wheat Conference which opened at Geneva for the World Economic Conference include a special reference to this phase
of the problem.
May 10. In its statement the Department said:
The increased interest in farm relief legislation in the United States
The calling of a conference of wheat experts at Geneva which meets on
directly aimed at restricted production has been paralleled by increased
May 10 is the latest development in the International wheat situation.
interest in restricting production in other countries. Last fall when the
This conference resulted from inquiries sent out from the Economic Relaeconomic experts from the several countries met at Geneva to draft the
tions Section of the League of Nations following informal discussions of
tentative agenda for the World Economic Conference,the Argentine Governthe subject with the four major exporting countries. Each of these four
ment made a definite suggestion covering:"The reduction of the areas sown
countries was invited to send experts to Geneva to study the question and
in the chief exporting countries and their limitation in importing countries
prepare a report. This meeting was not arranged as an international conas a means of absorbing gradually the abnormal stocks which have accumuference, but rather as an occasion when the wheat experts from each of the
lated through the failure of supply to adjust itself naturally to demand."
countries concerned could talk the problem over face to face and develop
Similar interest in the subject has been developed in Canada, especially in
the possibilities and difficulties which meet them in the way of reaching
the Prairie Provinces, where the great part of the Canadian wheat is grown
an international agreement. As a result of these conversations, it is hoped During the winter the Premiers of the Prairie
Provinces made a formal
that a tentative understanding can be reached among the exporting counrequest to the Canadian Government that Canada take the initiative in
tries so that when the World Economic Conference itself meets at London
calling a conference of the principal wheat-exporting countries to consider
and representatives of all countries are present, part of the way will already
the problem. Nothing was done in response to this suggestion at the
have been cleared for reaching an agreement on action on the wheat problem.
time, however.
The formal procedure will be for the Geneva meeting of experts to suggest
Australian currency has suffered more depreciation than has Canadian.
the agenda with reference to wheat. This will then be gone over by the
As a result, the prices received for wheat have seemed somewhat more
general committee of experts which convenes at Geneva immediately therefavorable to Australian farmers than they have seemed to Canadian farmers,
after to prepare the final agenda for the London conference.
so the interest in international restrictions has not been as keen in AusThe problems which will have to be faced in the discussions of the experts
tralia as in Canada.
at Geneva are many and varied:
1. Should an agreement for wheat control operate through acreage,
Agrarian Conference in Bucharest June 4.
through production, through exports, or through a combination of these?
2. Should similar agreements by the Danubian countries be requested?
Under date of May 10, a wireless message from Bucharest
3. What place should be left for Russia to participate in case arrangements should later be made:or Russia to enter into the agreement?
to the New York "Times" said:
Volume 136
Financial Chronicle
Bulgaria, Jugoslavia, Hungary, Poland. Czechoslovakia and Greece
have been invited by Rumania to attend an agrarian conference in Bucharest
on June 4.
Its chief object will be to prepare a common platform for these southeastern European States for the World Economic Conference at London.
Carlos Brebbia Named as Argentine Delegate to
International Wheat Parley at Geneva.
United Press advices as follows from Buenos Aires May 8,
are from the New York "Herald Tribune":
Carlos Brebbia, attached to the Argentine Embassy in Rome. was appointed Argentine delegate to the forthcoming International Wheat Conference at Geneva by the Government to-day. He is Argentina's delegate
at the Agricultural Institute in Rome.
Henry Morgenthau Sr., American Delegate to Geneva
Wheat Conference Reaches Paris.
Henry Morgenthau, heading the American delegation
to the League of Nations Wheat Conference, arrived at
Paris to-day and will leave to-night for Geneva.
Projected Franco-Canadian Treaty Aims to Aid
Dominion's Wheat.
Associated Press advices from Paris May 6, said:
Wider markets for Canadian wheat will form one of the most important
features of the projected Franco-Canadian trade treaty, according to advance reports. The treaty is soon to be submitted to the Dominion Parliament for approval.
Since Canada terminated the old trade treaty with France, Canadian
wheat has been under the maximum French tariff. The result, according to
French returns, was diminution of imports of Canadian wheat of about 30%.
The new treaty provides against double taxation of banks and against
operation of the most-favored-nation clause.
International Wheat Conference at Geneva—Henry C.
Morgenthau Sr., Promises U. S. Aid in World
Wheat Curb—Four Powers Tentatively Agree to
Limit Wheat Crops.
The League of Nations Economic Committee's consultation of experts of the United States, Canada, Australia and
Argentina on the wheat exports problem, began at Geneva
on May 10, in preparation for the London Economic Conference. As to this weeks the International Wheat Parley
a wireless message from Geneva to the New York "Times"
May 9 said:
The American members are Henry C. Morgenthau, Sr., George Haas,
Frederick Murphy and Lloyd Steer°, agricultural attache of the Berlin
Embassy, who arrived to-day.
Officials stress that the members of the committee are not government
delegates, but are serving as League experts, and that it is premature to
expect the four big exporters to reach any binding agreement here.
The consultation originated in Argentina's proposal to the preparatory
commission that a conference of all wheat exporters be convoked to provide
for reduction of acreage.
In United Press advices yesterday (May 12) from Geneva
it was stated that the United States, Canada, Australia and
Argentina have tentatively agreed on the principle of a twoyear limitation of wheat crops, the first achievement of the
four-power wheat conference under League auspices. The
cablegram continued:
The tentative agreement was a victory for the United States delegation,
led by Henry Morgenthau of New York, who had set a two-year limitation
agreement as their first goal.
They wanted an understanding with the other three chief wheat producing countries before approaching European importers on price and
marketing arrangements.
The two-year plan will be submitted to the world economic conference
In London for general approval.
On May 10, when the League's committee began its study
of the export problem with a preliminary exchange of views,
it was hampered, according to the "Times" Geneva advices,
by the absence of the Argentine delegate. At the opening
of the conference (May 10) Mr. Morgenthau, one of the
delegates from the United States, after referring to the farm
bill just passed in Washington,said,according to the "Times."
"Our government is aware that by itself it cannot accomplish a solution.
Our gathering here, under the aegis of the League of Nations in Itself Is
presumptive evidence that the countries we represent have already agreed
in principle to bring the wheat situation into balance and examine the
possibility of devising some arrangement to bring about a more satisfactory
level of production and prices. We realize that the execution of any plan
requires co-operation with other exporting countries and the principal
importing countries."
The "Times" in its Geneva account May 10 also quoted
Mr. Morgenthau as follows:
"Recognizing the seriousness of the wheat question, the United States
under its present administration desires to co-operate vigorously with the
other largo wheat exporting countries to limit wheat produciton so as to
raise the price to such an extent that farmers can be restored to the ranks
of purchasers."
The May 10 Geneva account to the "Times" also reported:
Mr. Morgenthau left the two private sessions of the committee held
to-day favorably impressed by the atmosphere. He told the press:
'We are going to reach an agreement if it is at all possible."
He explained that the American members had brought no plan for an
international solution, but hoped the committee's other experts would
produce one. He foresaw the present consultation, which is limited to the
3247
United States, Canada. Australia and Argentina, developing into a wider
consultation with European producers.
Richard Schuler of Austria, former President of the League's economic
committee, who is presiding over the wheat committee, informed the members that the European wheat countries appeared much more ready to
make concessions than they had two years ago, and probably would consent
to lower duties against overseas wheat if overseas countries found Practicable means of raising prices. This heartened the Americans and others.
An item regarding the participation of the United States
in the conference appeared in our issue of May 6, page 3057.
Half of Red Cross Allotment of Government Flour
Served as Bread for New York Schools—Aids
45,000 Pupils.
The following is from the New York "Times" of May 7:
One-half of the flour donated by the government to the New York
Chapter of the Red Cross for relief has been distributed in the form of
bread for the 45,000 needy children who are receiving free lunches in the
public schools, General Robert C. Davis, executive director of the New
York Chapter, announced yesterday.
The New York allotment was 25,000 barrels. Of these 12,500 have
been distributed through the Gibson Committee since March 1. General
Davis said. He placed the value of the flour used to date at $35,000. The
supply still on hand will be sufficient, he estimated, to carry the lunch
program to the end of the school year.
Distribution of clothing made from cotton given to the Red Cross by
the government reached 2,348,315 items at the end of last week. Total
distribution of food packages by the Red Cross through the Gibson Committee reached 800,000 packages, and is continuing at the rate of 42,000
packages a week.
Corn Valorization Sought by Argentine Producers—
Government Urged to Buy Surplus to Boost Prices.
The following Buenos Aires cablegram May 6, is from the
New York "Times":
A committee of corn producers has petitioned President Justo to inaugurate a corn valorization scheme somewhat similar to the Brazilian coffee
valorization.
A draft bill presented for the President's consideration authorizes an
inflationary currency issue of 100,000,000 pesos[approximately S25,000,000]
to finance the purchase by the government of 2,000,000 metric tons 179,000,000 bushels] of corn at a fixed price of 4.50 pesos a quintal [equivalent
at the present exchange rate to 3734 cents a bushel]. The present Buenos
Aires market quotation is 3.90 pesos a quintal [32M cents a bushel].
The petition states that the prices paid by export firms do not cover
the cost of production, that three years of low prices have brought farmers
to the verge of bankruptcy and that unless the government takes measures
for their relief they will be forced to abandon their farms and one of the
mainstays of the Republic's economic structure will collapse.
Brazilian National Coffee Department Explains Bonus
Coffee—Exporters Not Allowed to Use It as Price
Reduction.
The following is from the "Wall Street Journal" of April 27:
Brazilian National Coffee Department in a cable to the N. Y. Coffee
& Sugar Exchange explains that the bonus coffee must be delivered by
exporters in Brazil to buyers on the other side. Exporters are not allowed
to use the bonus as a price reduction, the plan being to transfer it to the
buyers, as an inducement to increased purchases of Brazilian coffee.
Bonus coffee will be delivered monthly to exporters in Department
warehouses ready for shipment. Buyers receiving such bonus coffees
must pay 15 shillings tax besides shipping expenses. The latter comes
to roughly 40 cents per bag, plus ocean freight and insurance.
May Sale of Federal Farm Board's Holdings of Brazilian
Coffee.
Announcement was made May8 by Henry Morgenthau Jr.,
Chairman of the Federal Farm Board, who has been designated by the President to be Governor of the new Farm
Credit Administration, that the New York coffee office of
the Grain Stabilization Corporation on May 8 sold 62,500
bags of Santos coffee at prices ranging from 9.26 cents to
9.36 cents per pound. The announcement adds:
This sale constitutes the regular monthly allotment offered to the trade
on sealed bids of coffee acquired from the Brazilian Government in 1931
In exchange for American wheat.
At the April sale, referred to in these columns April 22,
page 2688, 62,500 bags of Santos coffee were sold at prices
ranging from 8.28 to 8.85 cents per pound.
Brazil Grants 10% Bonus on Coffee Exports—Foreign
Buyers Offered "In Kind" Allotments to Sustain
Price at Home—Aids New York Importers.
In Associated Press advices from Rio de Janeiro May 6
to the New York "Herald Tribune" it was stated:
Seeking a way to meet foreign coffee price competition without reducing
prices to Brazilian growers, the recently created Government Coffee Department made a bold stroke in announcing a 10% bonus in kind to foreign
Importers.
This, in effect, said Dr. Amando Vidal, who as head of the Department
is Brazil's coffee czar, means a reduction of about 6% for the Importers
in New York, the principal market. He believes that the bonus allotments
will not depreciate prices in the large markets, but that savings of importers will be passed on to consumers.
Under the program coffee importers, through their Brazilian agents.
receive gratis each month, except for tax and transportation fees, coffee
equivalent to 10% of the last month's purchases from this country.
Exporters Back Move.
Although the Sao Paulo Rural Society pointed out that some other
coffee countries give bonuses. in money, to growers instead of foreign
Importers, the Department's measure was well received in expert circles.
which long had urged such a stimulative measure.
3248
Financial Chronicle
The effect of the bonus is expected to be considerable in promoting
Brazilian sales abroad, even though such coffee does not leave the country
unburdened, by any means. It pays a Federal export tax of 15 shillings
a sack, more than $3 under Brazilian exchange regulations, in addition
to State fees.
Inasmuch as Brazil has destroyed over 15,000,000 sacks of coffee in a
long fight against surpluses, and still has more than 20,000,000 sacks
stored, the bonus scheme was feasible without burdening the Department's
resources. With increased sales expected, the Department will be that
much ahead. If the destruction continues as scheduled, the problem of
surplus will be alleviated somewhat.
Better Grades Pushed.
By limiting the "bonus" coffee to the better grades, the Department
also pushes its campaign to encourage higher coffee types which meet
the greatest competition abroad. Colombian and Central American price
levels, formerly considerably above the higher Brazilian types, have been
felt here for the last several years.
The Department also has Initiated a detailed inventory of retained
stocks in order to bolster its program of releasing high grades preferentially
for export.
To promote the "better coffee" campaign, the Department has tightened
inspection of exports and is sending experts to instruct growers in all coffee
States. As a result, Dr. Vidal said, the 1933-1934 Brazilian crop will
show a higher percentage of high grades than any recent crop year.
State
Over Imports of Coffee Proposed in
Sweden.
From the New York "Herald Tribune" we take the following (United Press) from Stockholm, Sweden, May 6:
Monopoly
A State monopoly on the import of coffee is proposed in a report to the
Swedish Government by the official expert committee charged with the
Investigation.
Under this plan the Government is to have the sole right to import
coffee. This right is to be handed over to a special organization called
the Association of Swedish Coffee Importers. The association is to give
out import licenses and only members are to be entitled to such licenses.
Textile Mills in South Carolina Increase
Wages 10 to 15%.
The following, from Greenville, S. C., May 8, as reported
by the Associated Press, is from the New York "Times"
of May 9:
More than 9,000 employees in 20 Piedmont South Carolina textile mills
received 10% wage increases May 8, reflecting better business conditions
and "appreciation of the loyalty" of the workers.
Mills here (Greenville), and in Greenwood, Ninety-six, Woodruff, Renfrew, Liberty, Simpsonville, Easley and Fountain Inn were affected by
the increases.
Officials of the mills were adding workers to the factory rolls, while some
contemplated "wage adjustments."
Over the week-end, the Greenwood, Mathews,Panola No. 1 and Grendell
mills at Greenwood and the Ninety-six Mills at Ninety-six announced the
increase.
May 8 additional announcements were made by the Brandon Corporation
for the Brandon and Poinsett Mills here (Greenville), the Renfrew at
Renfrew and the Brandon Corporation plant at Woodruff. The Woodside
Mills with plants here (Greenville), in Simpsonville and Fountain Inn and
the Easley Mills with two plants at Liberty and one at Easley also increased
their employees' pay.
Late May 8 officials of the Victor Monoghan Mills said their five plants
would immediately increase wages of employees.
The Woodridge and Easley officials in announcing the increase said:
This increase is not based so much on earnings but to show our appreciation for the loyalty of our help. They stood by us without a murmur and
we planned to remember them as soon as we could do so. We are doing
that now and, on the prospect of better times, we can announce this wage
increase.
Officials of the Judson Mills here said a number of employees had been
recalled to work during the last few days and that orders were piling up.
The United Press reports that cotton mills in the Spartanburg, S. C., district are running at full time and the
Pacolet Mills have increased wages 15% and the Pacific
Mills of Lyman 10%.
Cord Corporation Increases Salaries and Wages 5% in
All Units and Affiliated Companies—Action Effects
10,000 Employees.
All units and affiliated companies of the Cord Corporation
have made a blanket increase of 5% in all salaries and wages
effective May 10. The increase, it was said, applies to the
employees of every division of the corporation, and it will be
felt by 10,000 individuals in 25 states. The affiliated companies which have received word from the Cord Corporation
to make similar increases are:
American Airways, Inc., Aviation Corporation, Auburn Automobile Co.,
Lycoming Manufacturing Co., Stinson Aircraft Corporation, Duesenberg,
Inc., Spencer Heater Co., L. G. S. Devices Corporation, Columbia Axle
Co., Central Manufacturing Co. and Limousine Body Co.
An announcement issued at Chicago by E. L. Cord,
Chairman of the Board of the Cord Corporation, in cornicetion with the increase, said.in part:
The turn of events that has taken place in our country under President
Roosevelt's guidance did not just happen. These changed conditions are
coming about to a great extent due to the President's dogged persistence
to balance the budget and restore purchasing power. There is definite
evidence that the President's program is well on its way toward its goal.
It behooves all American business to support his program. That is why we
now feel that new programs of expansion and increased compensation are
fully warranted.
The President and the administration have had much applause and
favorable comment on handling a most difficult task. The increased purchasing power resulting from expansion programs and higher payrolls is the
kind of applause that we believe will help the country most.
May 13 1933
Pay Increased 10% by Shirt Companies.
Effective May 8,wages of 2,000 employees of the Artistic
Shirt Co. were increased 10%. According to United Press
advices from Albany, N. Y., Jerome J. Jacobson, part
owner of the concern, said that sufficient orders are on hand
to keep all plants busy m a full time basis.
The Associated Press, according to advices from Philadelphia, reports that announcement of a 10% wage increase
was made on May 8 by the Supreme Shirt Co., effective
May 12.
American Store Equipment Corporation
Wages 10%.
Increases
United Press advices from Detroit, Mich., to the "Wall
Street Journal" of May 8 said that the American Store
Equipment Corporation has increased wages of employees of
the Detroit, Muskegon and New York branches of the corporation and its subsidiary, the American Bar Equipment
Co. 10% effective at once.
Wages Restored to Pre-Depression Level by Columbian
Peanut Co.—Advances of 10 to 20% Effects Approximately 2,000 Men in Five States.
The Columbian Peanut Co., operating 26 peanut mills in
five states, has increased wages of more than 2,000 men 10
to 20% effective May 1, we learn from United Press advices
from Norfolk, Va. The advices note that the raise restores
employees to pre-depression salary and wage levels.
Standard Kid Co. of Delaware Increases Wages 7%.
Abaut 500 employees of the Standard Kid Co., who last
January received a $10,000 bonus, will receive a general wage
increase of 7%,starting with their next pay,it was announced
on May 8, according to the Associated Press in advices
from Wilmington, Del.
Federal Farm Board to Dispose of Last of Cotton
Holdings of Stabilization Corporation—To be Sold
to Highest Bidder at New Orleans May 16.
Henry Morgenthau, Jr., Chairman of the Federal Farm
Board, announced yesterday (May 12) that the last remaining cotton of the stabilization corporation, 19,306 bales,
would be sold to the highest bidder at the corporation's
office at New Orleans next Tuesday (May 16). Associated
Press advices from Washington, May 12, from which we
quote, added:
All the cotton now is in storage at various foreign locations. Twelve
thousand bales are at Shanghai, with other consignments at Genoa and
Venice, Italy; Dunkirk, France, and Lodz and Gydnia, Poland,
Mr. Morgenthau said that with sale of this cotton the affairs of the Cotton
Stabilization Corporation could be completely liquidated—putting into
effect the same program as that adopted for the Wheat Stabilization Corporation, which had disposed of all its holdings.
The Cotton Corporation has a small amount of cotton in the process of
delivery to the Red Cross for relief purposes, but the cotton on foreign
consignment was not available for that purpose.
Mr. Morgenthau said the sale was ordered to halt further accruing of
storage and carrying charges.
The Farm Board still has a claim on 1,557,000 bales of cotton which was
pledged as collateral in the 1930-31 season by the American Cotton Cooperative Association and the Staple Cotton Association.
Mr. Morgenthau said he saw no reason to change a recent estimate that
the Board's losses on cotton stabilization operations would amount approximately to $94,000,000.
Cotton Pool Plan of American Cotton Co-operative
Association Endorsed by Directors of Mid-South
Cotton Growers' Association.
The proposal of the American Cotton Co-operative Association to pool cotton from the 1930-31 pools and certain
seed loan cotton totaling about 3,000,000 bales and sell it
to the Secretary of Agriculture at the market price plus
carrying charges has been indorsed by the board of directors
of the Mid-South Cotton Growers' Association at Memphis,
the A. C. C. A. affiliate in that territory. This was noted
in the Memphis "Commercial Appeal" of May 5, which
also said:
It is proposed that the Secretary of Agriculture use this cotton for
transfers to farmers in return for acreage reduction in accordance with
provisions of the Roosevelt-Smith farm bill.
Charles G. Henry, general manager of the association, yesterday denied
that the A. C. 0. A. would be violating its pledge to carry the cotton for
three years by so disposing of it, as charged in the injunction suit brought
by three members of the Georgia Cotton Growers Association against
A.0.0. A.
"The Georgia suit, which is to be tried Friday (to-day) was filed by
three members of the Georgia association only, and these represent only
a total of about 600 bales," Mr. Henry said. "They are suing on the
theory that the A. C. 0. A. cannot dispose of this cotton until July 31,
the date when the notes of the member associations to the A. C. 0. A.
come due.
"As a matter of fact, there is nothing in the record of the pledge of the
A. C. 0..A. to hold this cotton for three seasons that fixes any definite
date. The A. 0. 0, A. merely promised to hold the cotton through the
1930-31, 1931-32 and 1932-33 seasons and the 1932-33 season is practically
over. This pledge was made at the time the A. 0. 0. A. authorized the
Financial Chronicle
Fertilizer Tag Sales in April Above Last Year—Report
of Sales During Period from December 1932 toApril
1933.
Fertilizer tag sales in the nine principal cotton-growing
States during April were above sales in April last year but
somewhat smaller than in the corresponding month two and
three years ago,according to the New York Cotton Exchange
Service, which, under date of May 4, continued:
Sales during April totaled 949,000 short tons as against 787,000 in the
corresponding month last year, 1,005,000 two years ago, and 1,208,000 three
years ago. Total sales for the season from Dec. 1 through Apr.30 aggregated
2,078,000 short tons this season compared with 1,739,000 for the corresponding period last season, 2,980,000 two seasons ago, and 4,296.000 three
seasons ago.
The States covered by the above figures are North Carolina, South
Carolina. Georgia, Alabama, Misssissippi, Tennessee, Louisiana, Arkansas
and Texas.
Under date of May 8 the New York Cotton Exchange
Service issued the following, showing the sale of fertilizer
tags during the period from December, 1932 to April, 1933:
Fertilizer tags were sold for 2,078,000 short tons of commercial fertilizer
in the principal cotton-growing States during the period from December
through April 30 this season, as compared with 1,739,000 in the corresponding portion of last season, 2,980,000 two seasons ago, and 4,296,000
three seasons ago.
The increase over last season is entirely due to larger sales in the Carolinas
and in Alabama since sales in the rest of the Belt were about equal to or
slightly below last season. It is probable that the increased sales in the
Carolinas are due to the fact that farmers there are increasing their acreages
to cigarette tobacco. In North Carolina, about 25% of the commercial
fertilizer sold normally goes under cotton, and in South Carolina about40%.
As of March 1, farmers in the Carolinas intended to increase their acreage
to tobacco by 35%. Their purchases of fertilizer are up 31%. If the
assumption is correct that a large portion of the increase in fertilizer this
season will go under crops other than cotton,the application of fertilizer to
cotton acreage will probably be no heavier for the 1933 crop than for the
1932 crop, when it was very light. In 1932, 23.4% of the cotton acreage
was fertilized as against 30.6% in 1931, and fertilizer applied per acre, when
used, was 205.4 pounds as against 231.3.
Supply of Domestic Wool Below Normal According to
New York Wool Top Exchange.
The total supply of combing and clothing wool in this
country for consumption and reserve stocks during the
current calendar year, including the total stock on Jan. 1
plus the new clip, is approximately 706,000,000 pounds
grease equivalent weight, according to the New York Wool
Top Exchange. This compares with an average supply of
722,000,000 in the past five years and an average of 755,000,000 in the past 10 years. The supply last year was
686,000,000 pounds. An announcement dated May 1,
issued by the Wool Associates of the New York Cotton
Exchange, continued as follows:
An analysis of the domestic wool situation issued by the Wool Top
Exchange emphasizes that the total stock of wool in this country is moderate
even in comparison with the restricted consumption during the past three
years of general business depression. In those three years average annual
consumption of combing and clothing wool was 459,000,000 pounds. Such
consumption deducted from the supply for this year would leave an end-year
stock of only about 247,000,000 pounds. The average end-year stock in
the past five years has been 238,000,000 pounds and the average in the
past 10 years has been 272,000,000.
With imports of foreign wool practically cut off by the tariff, domestic
wool manufacturers have come to rely almost entirely on the domestic
clip. For nine years up to 1931, the domestic clip increased continuously
from year to year, while imports showed a generally downward trend. In
1932, the domestic clip decreased, while imports were extremely small. It
Is expected that the domestic clip this year will be below that in 1931 since
the number of sheep in this country on Jan. 1 this year was about 2.1%
less than at the beginning of 1931.
The cutting off of imports by the tariff has given increased significance
to the ratio between domestic production and domestic consumption in
recent years. In the three depression years, from 1930 to 1932, inclusive,
the average domestic clip plus pulled wool production was 442,000,000
3249
pounds while the average annual domestic consumption was 459,000,000.
In other words, even during the period of adverse business conditions,
domestic consumption exceeded domestic production. This favorable ratio
of consumption to production has averted an accumulation of raw material
supplies in the domestic wool trade, such as has developed in other
Industries.
The following table shows the analysis of supply and distribution of wool
in this country issued by the Wool Top Exchange:
SUPPLY AND DISTRIBUTION OF COMBING AND CLOTHING WOOL
IN UNITED STATES.
(Millions of Pounds—Grease Equivalent Weight).
Domestic Exports
Domestic
Total
Calendar Stock ProducNet
Total Cowan Domestic Stock DietribuYear. Jan. 1. Hon. Imports. Supply. Han.
Waal. Dec. 31. Sion.
9
569
445
1920_
508
308
1,023
2
443
445
523
1921___
306
968
585
...
331
1922_
443
284
916
547
-__
313
331
1923—
287
860
460
254
1924___
313
--714
296
314
254
318
752
1925_
438-__:
323
335
497
820
1926_
314
534
___
258
792
1927...
323
357
502
...
229
731
384
1928—
258
196
229
532
728
1929—
397
268
430
--698
1930_
196
433
237
766
529
1931_
268
460
—
418
___
268
686
1932___
237
434
1933___
268
423
--—
----.
COMOWW..WCW0.0WWW
Nt.CDN.,0.MONOW.I.O .
member co-operatives to advance the farmers 90% of the value of the
cotton at that date. At that time cotton was worth 10 and 11 cents.
The A. C. 0. A. has already taken a substantial paper loss on the cotton
and it would have to bring 13% cents to be sold out without an actual loss.
"When Senator Smith of South Carolina first introduced his farm relief
bill he wanted the government to buy 10,000.000 bales to turn back to
the farmers in return for acreage reduction. Helater reduced this to 6,000,000, but co-operative leaders told him that this would be unfeasible as
purchase of such a large quantity could not be accomplished without
causing a huge and sudden speculative spurt in cotton that would eventually
react unfavorably to the farmers. The plan to turn over the pledged cotton
and the seed-loan cotton was then advanced.
"Mr. Creekmore and Mr. Moser were here yesterday for our board
meeting and in talking it over we could only reach the conclusion that the
Georgia suit was inspired by outsiders inimical to co-operative marketing."
"The fact that Eugene Talmadge, Governor of Georgia and a bitter foe
of co-operative marketing, appears to be interested in the suit and has already asked the commissions of agriculture of both Tennessee and Arkansas
to enlist the sympathtles of farmers for it, appears to me evidence that it
is inspired by outside sources," Mr. Henry added.
E. F. Creekmore is General Manager and C.0. Moser is Vice-President
and Secretary of the A. C. 0. A. Both left Memphis Wednesday night.
"An interesting fact is that President Roosevelt is a member of the
Georgia Cotton Growers Association and has shipped cotton to the association," Mr. Henry added.
The Mid-South directors yesterday sent a telegram to Senator Smith
urging him to seek to have the word "voluntary" in reference to acreage
reduction struck out of the general listing of the powers in the farm relief
bill, in the conference consideration of the bill.
"Our belief is that voluntary acreage reduction cannot be accomplished."
Mr. Henry said.
.40.4.4v0-4-4000-0
v0
Q00050N00WCA..0.0N
Volume 136
Idaho Wool Sold at Over 20 Cents—Quotation Highest
in Two Years.
The following from Pocatello (Idaho) May 5, is from the
Montana "Record":
Twenty-five thousand fleeces have been contracted from R. C. Rich,
H. L. Finch, C. P. Tucker and Mrs. Alice Frost of Soda Springs by the
Draper Wool Co. of Boston at 20;i cents per pound, it was announced
last night by A. H. Caine, secretary of the Eastern Idaho Wool Growers'
Association. Caine said the quotation was the highest in two years.
A second lot of 5,000 fleeces has been contracted from the Lar Gilliere
Co. by the Silberman Co. of Chicago at the same price, Caine said.
Eighteen thousand fleeces were sold to a Philadelphia firm by Leonard
Cox of Shelley for 19M cents. Ten thousand fleeces in small lots were contracted from Montpelier growers at 1834 cents and the Grays Lake pool
was contracted for 1731.
in Non-Ferrous Metal Prices Continues
—Inquiry Is Good.
According to "Metal and Mineral Markets" for May 11
prices for major metals, with the exception of silver, again
moved upward, responding to the general improvement in
business and the evidence that is accumulating as to the
true nature of the Administration's program that points to
credit expansion, control of industry aimed toward higher
commodity prices and wages, and constructive measures to
balance the international economic system. Copper sold in
4c., Connecticut, an advance
fair volume on the basis of 63
of,4c. for the week. Lead was raised to 3.65c., New York,
and Straits tin sold at 36c., all new highs for the movement.
Zinc was firm at a slightly higher average over the preceding week. Silver suffered a little because of nervousness
of speculators who purchased heavily in recent weeks. The
steady upturn in steel operations was regarded as a highly
favorable development throughout the non-ferrous metal
industry. The same publication continues as follows:
Upward Trend
Copper Firm at 6 Wi c.
Copper prices moved upward during the last week, both here and abroad.
Foreign demand was fairly active, though buying interest in the domestic
trade seems to be improving as prices move to higher ground. During
the seven-day period a total of more than 12,000 tons of copper changed
hands in the two markets, most of which was purchased abroad. In the
domestic market the week opened with sales at 6.50c., Connecticut basis.
On Friday, May 5, sales were reported here at both 6.50c. and 6.75c.,
delivered, and on the following day the market became firmly established
at the top figure and held at that level over the remainder of the period.
The European market followed United States developments closely.
Prices again showed a wide range daily, owing to the variations in exchange
rates. Abroad traders are taking the stand that producers are working
in close harmony and once again have the situation under control. The
fact that production is being curtailed in the United States, in spite o
an improvement in business, and that foreign output is being increased
sufficiently to take care of actual wants abroad, is held to carry enough
force to place the entire market on a firmer footing.
Domestic production—mine output and custom smelter production—
will probably fall to 15,000 tons a month in the very near future. Domestic
shipments at present are proceeding at the rate of 30,000 tons a month!
Should this situation hold for any length of time, producers believe tha
the stocks will be reduced to an even greater extent than predicted. Reports to the effect that stocks may again be impounded are not taken
seriously by operators. With "co-ordinators" soon to enter the picture
producers feel that impounding of stocks will be unnecessary.
International Nickel plans to increase operations soon, owing to increased demand for nickel.
Formation of a copper development association in London has been
announced. This organization will function to promote the use of copper.
Effective May 9, fabricators raised quotations for their products Yic.
Per pound.
Lead Steady at 3.65c., New York.
Although the volume of lead sales fell off to about half of the impressive
total for the preceding week, buying during the last seven-day period was
fairly active. Prices, following the brisk business in the early part of
the week, were advanced on Monday by the principal producer in the
West to 3.65c., New York, and 3.525c., St. Louis, the New York price
being announced the same day by the American Smelting & Refining Co.
as its contract settling basis. Buying was well distributed among the
various consuming interests, with the bulk of the metal going to corroders
and battery manufacturers. Improvement in the movement of con-
Financial Chronicle
3250
Burners' products is reported in several directions. For instance, sales of
white-lead paint by one manufacturer during April and so far this month
are said to be substantially better than in the same period of 1932. A
seller of mixed metals also reports increased demand.
Statistics for April, which will probably be available in the next few
days, are expected by several observers in the trade to show either shipments and production in balance or, perhaps, a slight decrease in refined
stocks. Sales of lead for April shipment, according to statistics circulating in the industry, reached a total of about 25,000 tons. Sales for
May shipment already exceed 20,500 tons, and those for June shipment
total about 15,500 tons.
W. S. Rugh, an official of the Consolidated Mining & Smelting Co.,
Canada, estimated world stocks of lead at the end of 1932 at 540,000 tons,
against 450,000 tons a year previous. World production in 1932 was
1,300,000 tons, against 1,544,000 tons in 1931.
Zinc Holds Firm.
Trading in zinc was not up to the mark of recent weeks; nevertheless,
buying interest was sufficient to sustain values, and the market was quite
firm. The advance in zinc concentrate made some operators move up to
3.75c. on near-by business. Prices for the week showed a range of 3.70e.
to 3.75c., St. Louis. High Grade zinc has been moving In good volume.
The April statistics had little influence on the market. With shipments
tending upward and production likely to fall, sellers were not concerned
over the gain in stocks last month.
Good Sales of Tin.
A good volume of business was booked in the domestic tin market last
week, with prices advancing to 36c. for Straits, a new high level for the
year. Although dealers were active in acquiring metal, substantial sales
were also made to consumers, principally to tin-plate interests and manufacturers of tin pipe. Tin-plate operations are estimated to have reached
55 to 60% of capacity-a higher rate than had been generally expected.
The sustained demand for pipe emanates from fabricators of beer-dispensing
equipment. Improvement in the price structure of the metal during
the week reflects the influence of the movement in sterling exchange and,
more particularly, the effect of the gradual but steady decrease in visible
supplies. In connection with this statistical betterment, an interesting
fact is that, according to current understanding in the trade, the International Pool is committed to not selling any of its holdings until production has been increased to 40%. No immediate prospect therefore
exists of any release of tin by the pool.
Chinese tin. 99%, was quoted as follows: May 4, 31.125e.; May 5,
32.10c.; May 6, 32.70c.; May 8, 32.75e.; May 9, 32.75e.; May 10, 32.75c.
Petroleum and Its Products-East Texas Output Passes
Million-Barrel a Day Figure-Pennsylvania Prices
Cut as Nation's Fields Feel Effect of Demoralization
of Crude Oil Production Control-Leaders Confer
on Administration's Plans.
East TORSA crude production ran rampant during the week
ending May 6, and daily average output was estimated to
have exceeded 1,000,000 barrels. As a result, crude prices
have been tumbling throughout all other fields, and even in
Pennsylvania, despite a mounting demand for Pennsylvania
grade crude, prices have declined to the lowest levels in
35 years. Other reductions have been posted in the Appalachian, Central West, Michigan and Wyoming areas ranging
from 15c. to 25c. a barrel. Oklahoma and Kansas prices
have been slashed to a flat basis of 25c. a barrel, as against
the previous range of 280. to 520. according to gravity.
A growing tendency reported in Washington toward the
appointment of a "dictator" or Federal Administrator for the
petroleum industry, has aroused the resentment of various
interests in Texas. The State Legislature is strongly opposed
to such Federal intervention insofar as it would affect the
Texas Railroad Commission's present control.
On Wednesday a group of representative interests conferred
in Washington with Government officials on the provisions
of the general industries bill. Included in the group were
W.T. Holliday, President of Standard Oil Co. of Ohio, Wirt
Franklin, President of the Independent Petroleum Association of America, W. C. Teagle, President of the Standard Oil
Co. of New Jersey, and Amos L. Beaty of Phillips Petroleum
Co., former President of the American Petroleum Institute.
It is the belief in some circles that the general industries bill
has features broad enough to cover the peculiar ills of the
petroleum industry, while others maintain that the surest
cure would be the passage of the bill giving Secretary of the
Interior Ickes wide powers to formulate and enforce curative
measures.
The reduction of crude prices in Oklahoma to a flat 25c.
per barrel basis, with the exception of Magnolia, which is
posting from 20c. to 250., has aroused the producers to a
point where large numbers of Oklahoma City producers are
joining the move to voluntarily shut down their wells completely rather than permit the establishment of their market
on a 25c. basis.
The widespread uncertainty in the industry comes at a time
when prices would under normal conditions be on the upward
move, due to seasonal increase of demand for motoring fuels.
It is difficult to see where any immediate improvement can
be expected unless the Texas Railroad Commission takes
action at its meeting on May 15 and reduces the East Texas
allowable. The market demand there has been placed at
350,000 barrels daily, less than half the present allowable.
May 13 1933
A seemingly concerted effort to put East Texas oil on a firm
25c. per barrel basis is being made, five companies having
joined the Magnolia Petroleum Co. in posting at that price,
after having adopted the 100. basis several weeks ago. Those
paying 250. include the Texas Co., which instigated the
slash to 100.
The growth of the movement to have Federal supervision
of the industry resulted in the Texas Senate adopting by a
vote of 20 to 6 a resolution requesting President Roosevelt
"not to appoint a director or dictator for the oil industry of
this nation insofar as such appointment may apply to the
State of Texas," and further held that "regardless of conditions within the industry that may be peculiar to other oil
producing States, the State of Texas is able without the interference of Federal authorities to manage her own affairs."
Difference of opinion between the Texas Legislature and
the Governor's clique was made manifest in a statement
issued by former Governor James E.Ferguson for his wife the
present Governor. Mr. Ferguson attacked the Legislature for
failing to pass the Administration's graduated oil tax bill,
and criticised the Railroad Commission for promulgating its
recent proration order in East Texas which brought about the
present chaotic price situation.
The individual opinion of the industry's leaders on the
question of having a Federal administrator was well expressed
by Edward G. Seubert, President of Standard of Indiana
who declared to the press: "In order to clear up some misunderstanding I want to say that neither I nor my company
have ever advocated a Federal dictator for the oil industry,
Federal control, or anything of that sort. At a (previous)
conference with newspaper men I did say that some kind of
emergency Federal assistance to business generally might be
desirable, but I was very careful to say specifically that I
did not advocate Federal control of the oil business, which
would be something entirely different."
Price changes follow:
May 6.-Stanolind Crude Oil Purchasing Co., subsidiary of Standard of
Indiana, posts flat price of 25c. a barrel for Oklahoma and Kansas crude,
representing a reduction of from 3c. to 27c, a barrel.
May 8.-Shell Petroleum Corp. and Texas Corp. advance posted price
for East Texas crude from 10c. to new flat price of 25c. a barrel. Other
companies posting 25e. are Magnolia Petroleum, Sinclair-Prairie, Atlantic
Refining, and Empire Gas & Fuel. Shell also advanced crude in Yates
shallow pool, Pecos County, West Texas, Sc. a barrel to new price of 20e.
May 8.-Texas Corp. meets reduction to 25c. a barrel in Oklahoma.
May 9.-Ohio 011 Co. posts price of 50e. a barrel for Wooster grade,
at the wells, a reduction of 20c. Other Ohio Oil Co. postings included a 15c.
reduction in other central western grades, making new prices 55c. for Lima.
27c.for Indiana,47c.for Illinois and Princeton,and 42c.for West Kentucky,
Big Muddy crude in Wyoming is reduced from 50c. to new level of 25e.
per barrel.
May 9.-Pure Oil Co. reduces Midland Michigan crude 20c., making the
new price 75c. a barrel.
May 9.-All grades of Pennsylvania crude reduced 20e. a barrel, the
Joseph Seep Agency announces. New prices are Southwest Pennsylvania
Pipe Lines, 97c.; Eureka Pipe Lines, 92c., and Buckey Pipe Lines, 77c.
Bradford District oil in National Transit Tidewater Pipe Line Co. reduced
20c. to $1.27.
May 9.-Magnolia Petroleum Co. meets prices of Humble Oil & Refining
for crude in Texas fields, other than East Texas.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
$1.27 Eldorado, Ark.,40
Bradford, Pa
Corning,Pa
.75 Rusk, Tex.,40 and over
.47 Salt Creek, Wyo.,40 and over_ _
Illinois
.42 Darst Creek
Western Kentucky
Mid-Continent,Okla.,40& above-. .25 Midland District, Mich
Hutchinson, Tex., 40 and over-18 Sunburst, Mont
Spindletop, Tex., 40 and over.... .25 Santa Fe Springs, Calif., 40 & over
Winkler,Texas
10-.25 Huntington, Calif., 20
Smackover, Ark., 24 and over-_
.20 Petrolla, Canada
.52
.25
.23
23
.70
1.05
.75
.75
1.75
REFINED PRODUCTS-GASOLINE PRICES FEEL EFFECT OF
CRUDE SITUATION-PRICES SLASHED IN MANY AREAS
-LOCAL STRUCTURE WEAKENS-STANDARD OF NEW
YORK TO ADOPT NEW PRICE BASIS-KEROSENE MARKET
SLACK-FUELS IMPROVE.
The influx of the terrific crude production in East Texas
is being felt in refined products' circles, and on Tuesday
Standard Oil Co. of Indiana posted a general reduction of
tank wagon and service station prices ranging from 2.2 to
3c. a gallon, and effective as of Monday, May 8. Ten states
were affected by this cut, the company's marketing territory
comprising Michigan, Indiana, Illinois, Wisconsin, Minnesota, Iowa, Missouri, Kansas, North and South Dakota.
The reductions were explained by President Edward G.
Seubert as directly due to crude overproduction. He stated:
"Overproduction of crude oil and consequent oversupply of
cheap gasoline have brought about a chaotic) situation in
the gasoline market. At hundreds of points gasoline is
selling below the industry's cost. Cut price situations are
as numerous as normal price situations,if not more numerous.
This condition has been made possible by offering of petroleum products in tank car lots at ridiculously low prices.
We have tried to meet such competition-aptly termed
Kerosene, 41-43 Water White, Tank Car, F.O.B. Ltd. Refinery.
N.Y.(Bayonne)$.05-.053i Chicago
5.02%-.03)5 New Orleans, ex._ __$.03%
North Texas
03
Los Ang.,ex.- .043i-.08
$04.03
Tulsa
Fuel 0 I, F.O.B. Refinery or Terminal.
N. Y.(Bayonne)California 27 plus D
Gulf Coast C
8 65
Bunker C
$ .75
8.75-1.00 Chicago 18-22 D-.423i-.50
Diesel 28-30 D-.... 1.65 New Orleans C
.60 Philadelphia C
.70
Gas 0 I, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)ChicagoTulsa
28 plus G C....COM-AM
32-36 00
$.01%
$.013S
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery.
N.Y.(Bayonne)N. Y.(Bayonne)Chicago
$ 04-.04 Si
Standard 011, N..1.Shell Eastern Pet-8.04)( New Orleans ex. .05-.0551
Motor, U. £3._.$.043( New YorkArkansas
04-.0451
Motor,standard .05
Colontal-Beacon.. .05 California
.05-.07
Stand. Oil, N. Y. .05
z Texas
.0431 Los Angeles, ex_ .043i-.07
Tide Water 011 Co .05
Gulf
Gulf ports
.05
.05-.0551
Richfield Oil(Cal.) .063i
Republic 011
.05 Tulsa
05-.0551
Warner-Quin. Co. .053i
Pennsylvania...
.0551
z "Fire Chief." 8.05.
A Further Gain Reported in Crude Oil Production
for Week Ended May 6 1933-Inventories Slightly
Higher.
The American Petroleum Institute estimates that the daily
average gross crude oil production for the week ended
May 6 1933 was 2,648,850 barrels,compared with 2,383,100
barrels per day during the preceding week, a daily average
production for the four weeks ended May 6 of 2,190,350
barrels and an average daily output of 2,251,900 barrels for
the week ended May 7 1932.
Stocks of motor fuel at all points declined 27,000 barrels
during the week ended May 6 1933 as compared with a falling
off of 437,000 barrels during the previous week.
Reports received for the week ended May 6 1933 from
refining companies controlling 91.6% of the 3,856,300 barrel
estimated daily potential refining capacity of the United
States, indicate that 2,238,000 barrels of crude oil daily
were run to the stills operated by those companies, and that
they had in storage at refineries at the end of the week,
33,769,000 barrels of gasoline and 123,153,000 barrels of gas
and fuel oil. Gasoline at bulk terminals, in transit and in
pipe lines, amounted to 19,672,000 barrels. Cracked gasoline production by companies owning 95.4% of the potential
charging capacity of all cracking units, averaged 458,000
barrelb daily during the week.
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
North Louisiana
Arkansas
Coastal Texas (not incl. Conroe)
Coastal Louisiana
Eastern (not including Michigan)
Michigan
Wyoming
Montana
Colorado
New Mexico
California
Total
Week
Ended
May 6
1933.
Week
Ended
April 29
1933.
Average
4 Weeks
Ended
May 6
1933.
407,100
117,050
47,000
51,300
22,800
161,250
58,600
807,750
54.500
50.250
28,400
30,100
115,450
41,150
91,700
16,600
30,950
5,900
2,400
36,000
472,600
417,800
115,750
48,350
51,950
23,300
157,850
58,400
550,000
41,000
49,000
28,100
30,400
113,900
41,950
86,300
17.250
30,850
5,100
2,300
36,050
477,500
384,600
117,350
46,900
51,900
23.100
159,800
58,450
383,950
48,400
44,900
29,300
30,250
114,600
41,750
89.000
18,350
30,600
5,300
2,400
36,100
475,350
Week
Ended
may 7
1932.
456,550
94,250
51,200
48,300
24,950
179,900
56,350
342,500
52,400
29,700
34,600
110,100
37,400
108,550
20,500
38,050
6,450
3,450
37.100
519,600
2.648.850 2.383.100 2.190.350 2.251.900
Note.-The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND GAS AND 1. UAL
OIL STOCKS. FOR WEEK ENDED MAY 6 1933.
(Figures in Barrels of 42 Gallons Each.)
Crude Runs
to Stills.
Daily Refining Capacity
of Plants.
District.
Reporting.
Potential
Rate.
East coast
Appalachian_.._
Ind., III., Ky._
Okla., Wis., Mo.
Inland Texas.,..
Texas gulf
Louisiana gulf...
North La.-Ark...
Rocky Mountain
California
644,700
144,700
434,900
459,300
315,300
555,000
146,000
89,300
152,000
915,100
Total.
%
'
-'q.lortt-c"5"?.slc'
0;.0t•-•reonn000.1;
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Cincinnati
Gasoline, Service Station, Tax Included.
8.145 Cleveland
8.128
8 15 New Orleans
.19 Denver
.12
18 Philadelphia
15 Detroit
115 San Francisco:
.145 Houston
.144
Third grade
17
165 Jacksonville
Above 65 octane-. 185
195
12 Kansas City
219
.133 Premium
15 Minneapolis
.14
.125 St. Louis
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures in Barrels of 42 Gallons Each )
acoaco.aacbcoaco
May 8:-Standard Oil Co. of Indiana post reductions in gasoline ranging
from 2.2 to 3c. a gallon, effective throughout entire territory.
The report for the week ended May 6 1933 follows in detail:
%
Daily OyerAverage. ate!.
a Motor
Fuel
Stocks,
Gas and
Fuel Oil
Stocks.
l
'cut-throat'-by local price adjustments, but its effects
have become so general and widespread that we are obliged
to recognize it as effective throughout our territory and act
accordingly.
"We are undertaking to iron out the inequalities in adjoining markets, which have developed out of local price conflicts,
and to level all our prices on as normal and equitable a basis
as possible. At some points, where local price cuts have
already resulted in prices as low as our new normal, or lower,
no change will be made, or there may be a small increase.
The general trend, however, and the effect at the majority
of points, will be lower prices."
Other major companies adopted the same scale throughout
the territory covered.
The weaker trend is noticeable in the local markets, although no changes in official posted prices have as yet been
effected. However, gasoline below 65 octane content is reported as available at from 4 Yi to 4%c. in tank cars, while
above 65 octane ranges upwardsfrom 43'c. Volume offerings
of cheap gasoline produced from 10c. Texas crude have
brought about the weakening tendency here, as well as
elsewhere.
Standard Oil of New York is to adopt a new method of
determining gasoline prices, it is announced. In the future
this company will base its local structure upon prices prevailing in the Gulf market. The new policy is based on the
principle that resale prices such as tank car, tank wagon
and service station, shall bear a direct relation to the wholesale price in the Gulf, and shall fluctuate in accordance with
such cargo price changes.
Grade C, bunker fuel oil, and Diesel oil, show increased
activity and prices for both remain firm, the former at 75c.
a barrel, and the latter at $1.65 a barrel, at refineries.
Kerosene buying has decreased considerably, and the price
tone is weaker, with business reported being consummated
/0., as against the posted price of 53'c. for bulk lots.
at 43
Price changes follow:
3251
Co
a
Financial Chronicle
CO .ta.—CC..a
CD Ca .4.P.IP Co to co to
Volume 136
477,000
83,000
301,000
228,000
69,000
463,000
98,000
37,000
32,000
450,000
74.7 16,332,000 6,222,000
61.5 2,109,000
852,000
71.0 8,440,000 3,637.000
58.5 4,947.000 3,095,000
38.8 1,632,000 2,092,000
85.4 5,900,000 5,982,000
69.0 1,585,000 1,850.000
46.8
312,000
567,000
23.2 1,226,000
624,000
52.0 14,458,000 98,232,000
Totals week:
May 6 1933._ 3,858,300 3,532,509 91.6 2,238,000 63.4 c56941000 123,153,000
Anr. 29 1033_ _ 3 RRR :100 2 522 5nn 01.6 2 18100(1 R1.7 56.914.000 123.257.000
a Below are set out estimates of total mofor fuel stocks on U. S. Bureau of Mines
basis for week of May 6 compared with certain May 1932 Bureau figures:
A P. L. estimate of B. of M. basis, week May 1933_b
58,350,000 barrels
U. S. B.of M. motor fuel stocks, May 1 1932
68,811,000 barrels
U. S. B. of M. motor fuel stocks, May 31 1932
69,135,000 barrels
b Estimated to permit Comparison with A. P. I. Economics report, which is on
Bureau of Mines basis.
C Includes 33,769,000 barrels at refineries, 19,672,000 bulk terminals, In transit
and pipe lines and $3,500,000 barrels of other motor fuel stocks.
Slab Zinc Output Off in April-Shipments Again
Show Gain.
According to the American Zinc Institute, Inc., 21,449
short tons of slab zinc were produced during the month of
April 1933, compared with 22,095 tons in the preceding
month and 20,575 tons in the corresponding period last
year. Shipments continued to show an increase over the
previous month, amounting to 19,381 tons, as against 16,156
tons in March 1933 and 18,032 tons in April 1932. Inventories at April 30 1933 totaled 142,447 short tons,
compared with 140,379 tons a month earlier and 132,020
tons a year ago. The Institute's statement follows:
SI.AB ZINC SlATISTICS (ALL GRADES).
(Tons of 2,000 Pounds.)
1929.
Totw for year.
Monthly aver.
1930.
Total for year.
Monthly aver.
1931.
Total for year..
Monthly aver.
1932.
January
February
March.
April
May
June
July
August
September.. _.
October
November__ .
December....
Retorts
Arise. Unfilled
Stock at aShip- Operarg Retorts Orders,
End of yed for End of During End of
Period. Export. Period. Period. Perlod.
Produced
During
Period.
Shipped
During
Period.
631,601
$2,633
602,601
50,217
75,430
6.352
529
57,909
68,491
18.585
504,463
42,039
436,275
36,356
143,518
196
16
31,240
47,789
28,651
300,738
25,062
314,514
26,210
129,842
41
3
19,875
23,880
23,099
23,099
18,273
26,166
22,471
21,474
22,448
20.575
18,605
16,423
14,718
13,611
13,260
15,217
616,078
b18,853
22,404 129.909
21,851 129,532
22,503 129,477
18,032 132,020
18,050 132,575
14,971 134,027
12,841 135,902
16,360 133,153
20,838 125,775
19,152 121,840
b15,970 1.121,948
b15.745 b124,856
31
0
0
0
0
20
0
39
20
20
20
20
22,1144 21,001
21,752 20,629
22,016 21,078
20,796 19,469
20.850 20.172
18,742 19,670
18,295 17,552
14,514 15,067
14,915 13,809
17.369 15,901
19,753 b17,990
21,023 20,372
24,232
23,118
23,712
20,821
19,837
16,116
16,949
18,017
18,028
10,333
8,640
8,478
170
14
19,339
18,560
17,190
15,040 b129.644
15.280 134,440
16,156 140,379
19,381 142,447
40
0
0
45
22.680
23,389
22,375
22,405
21,970
22,500
21,883
21,526
8,313
8.562
8,581
18,072
66 887
R5
Total for yr. b213,531 b218,517
Monthly aver. 617,794 b18,214
1933.
January
February
March
April
Total 4 mon
b19,828
20,076
22,095
21,449
83 446
a Export shipments are included in total shipments. b Corrected figure.
3252
Financial Chronicle
Steel Production Continues to Increase as Demand
Broadens and Prices Rise-Operations Now at
31% of Capacity.
The upward sweep of production, prices and purchases
in the iron and steel industry has not yet been checked,
reports the "Iron Age" of May 11. While gains in steel
output have not been so general as in recent weeks, and an
actual recession is reported in the South, further increases
have taken place in the Valleys and at Buffalo, Chicago and
Pittsburgh, raising the national average to 31% from 29%
a week ago, continues the "Age", adding:
Growing price strength is manifest in additional advances in scrap and
pig iron and in the prospect of a general upward revision of quotations
on finished steel products for third quarter. Buying, stimulated by rising
prices, is coming from an ever-widening circle of consumers. Many users
who have not been in the market for a year or more are hastening to place
orders. A tightening of deliveries on certain products, especially those
consumed by the automobile industry, is probably as important a factor
as prospective price increases in influencing buyers to replenish their
depleted inventories.
The extent that steel consumption is keeping pace with output is difficult to measure. Steel sold to the motor car makers is obviously going
into almost immediate use. Mills are being pushed to rush deliveries to
meet augmented automobile production schedules, and these promise to
bring May output up to 200,000 cars as compared with 170,000 in April.
A Detroit district steel company, which has been running at capacity, has
been forced to buy additional semi-finished steel from outside sources.
Although the automotive industry is apprehensive of a summer recession
in demand, this fear is tempered by the knowledge that the forces set
in motion by the sharp spurt in motor car demand are far-reaching in their
effects. Increased employment in steel mills, foundries and rubber plants
and gains in traffic on the railroads, waterways and highways are building
up buying power and restoring confidence throughout the Central West.
Whether for these or related reasons, a steadily increasing number of
miscellaneous outlets for steel have become active. Among them are
producers of washing machines, metal sinks, beer bottle cases, kitchen
utensils, refrigerators and stoves. Indicative of this broadening of consumption is the fact that sheet mill output going to the automobile industry
is declining in percentage, although still increasing in quantity.
The fact nevertheless remains that the steel industry is still getting its
main support from consumers of the lighter products. Building remains
quiescent, and seems unlikely to count for a great deal until the Administration's public works program gets under way. Fabricated structural steel
awards for the week total only 4700 tons. Railroad buying, heretofore at
a minimum, shows signs of picking up. The Pennsylvania has contracted
for 20.000 to 25,000 tons of rails and the New York Central will soon place
12,000 tons. A purchase of 225 tons of plates by the Pere Marquette for
car repairs may be the forerunner of many orders for similar work by other
roads.
It is well known that much deferred repair work has accumulated during
the depression, and this is true not only of the carriers but of industry in
general. Even now manufacturers of refractories are being pressed to fill
orders from steel producers who were unprepared for the recent upturn
in business and are hastening to rehabilitate their furnace equipment.
Several mill contracts just placed by Western companies to moderize
their tin plate producing facilities are significant of the change in point
of view that has come about in the brief preiod of a few weeks.
Aside from the growing importance of rehabilitation and modernization,
a number of heretofore dormant industries, among them road machinery
builders and farm equipment makers, are beginning to take an interest in
their possible steel requirements. Agricultural machinery makers have
been particularly encouraged by a recent upturn in the movement of finished
stocks out of their warehouses.
Advances in heavy melting steel at Pittsburgh, Chicago and Philadelphia
have raised the "Iron Age" scrap composite from $9.42 to $9.83 a gross
tea. scrap prime have risen throughout the country during the past week
and the upward trend has not yet lost momentum, except possibly in the
Cleveland district. The advance may be checked by higher pig iron
production or by increased offerings of old material, particularly when
prices justify the gathering and shipment of country scrip.
An increase of $1 a ton on eastern Pennsylvania pig iron and an advance
on Buffalo Iron for Eastern shipment have raised the "Iron Age" composite
price for pig iron from $14.10 to $14.33 a gross ton, the highest average
since April 1932. An advance of 50c. a ton on Chicago iron is imminent.
The "Iron Age" composite price for finished steel is unchanged at 1.867c.
a lb.
THE -IRON AGE" COMPOSITE PRICES.
Finished Steel.
(Based on steel bars, beams, tank plates,
May 9 1933, 1.867c. a Lb.
1.867c.{ wire, rails, black pipe and sheets.
One week ago
1.8790.1 These products make 85% of the
One month ago
1.970c.( United States output.
One year ago
Low
High
1.867c. Apr. 18
1.9480. Jan. 3
1933
1.926c. Feb. 2
1.9770. Oct. 4
1932
1.945c. Dec. 29
2.037e. Jan. 13
1931
2.0180. Dec. 9
2.273c. Jan. 7
1930
Apr.
2
2.283c.
Oct. 29
2.317e.
1929
2.2170. July 17
2.286c. Dec. 11
1928
2.212e. Nov. 1
2.402e. Jan. 4
1927
pig Iron.
on average of basic iron at Valley
May 9 1933, 314.33 a Gross Ton. Inased
$14.)0 furnace foundry irons at Chicago,
One week ago
13.68 Philadelphia. Butfalo, Valley and BirOne month ago
14.22 mingham.
One year ago
Low.
High.
$13.56 Jan. 3
$14.33 May 9
1933
13.56 Dec. 6
14.81 Jan. 5
1932
15.79 Dec. 15
15.90 Jan. 6
1931
15.90 Dec. 16
18.21 Jan. 7
1930
18.21
14
Dec. 17
May
18.71
1929
17.04 July 24
18.59 Nov.27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap.
Based on No. 1 heavy melting stee
Mai 9 1933, $9.83 a Gross Ton.
$9.42 quotations at Pittsburgh, Philadelphia
One week ago
7.33 and Chicago.
One month ago
7.62
One year ago
Low.
High.
26.75 Jan. 3
29.83 May 9
1933
6.42 July 5
8.50 Jan. 12
1982
7.82 Dec. 29
11.33 Jan. 6
1931
11.25 Dec. 9
15.00 Feb. 18
1930
14.08
Dec. 3
29
Jan.
17.58
1929
13.08 July 2
16.50 Dec. 31
1928
13.08 Nov.22
15.25 Jan. 11
1927
May 13 1933
Iron and steel markets attained almost runaway proportions last week when the steelworks operating rate jumped
4 points to 33%, highest of any week since Aug. 18 1931;
scrap prices lifted as much as $1.50 a ton, on top of previous
large advances, and some automobile manufacturers covered
their finished steel requirements into the third quarter,
stated the magazine "Steel" of May 8. This publication
further went on to say:
Continued buying of an extensive, general character, mainly for immediate consumption,raised the operating rate in the Wheeling, W. Va.. district 11 points to 61%; in Greater Cleveland, 7 points to 48%; Youngstown, 3 points to 33; Buffalo, 3 to 38; Pittsburgh, 1 to 22; Philadelphia,
% point to 153%.
Further gain in steel ingot production is indicated for this week, especially at Youngstown, and the rate may go t,o 41. In the meantime, the
anxiety of most consumers to cover ahead has become even more pronounced.
Pig iron production in April, at a daily rate of 20,770 gross tons, represented a lift of 18.8% over March. An increase of 10 in active stacks,
making 48 out of 291 in blast at the clsoe of April, presages further improvement in May. Total output for April. 623,097 tons, was up 14.9%
from March.
May production of automobiles, probably 200,000 units, will register a
gain of approximately 25,000 over April and represent a 60% rate of activity
for the industry, considering 1924-9 as average. June is forecast to be
as good as May.
Although the market for structural steel has been lagging, due to delay
in government projects, awards for the San Francisco-Oakland bridge144.128 tons, including cable-have now carried the cumulative tonnage
so far this year to more than 15% above that in 1932. Fabrication will
engage Illinois and Pennsylvania mills, though actual production on a
large portion may not start for some months. The Reconstruction Finance
Corporation's approval of a $5,000,000 loan for a Hudson River bridge
assures another 15,000-ton steel job. Pennsylvania railroad will distribute
20,000 to 25,000 tons of rails.
Coincident with arise in tin plate production to 55-60%, and an increase
of 15% in the price of pig tin, there is speculation of a contemplated advance in tin plate for second half, a midyear adjustment being unusual.
Improved demand for heavy finished steel also leads to a general expectation of a price advance shortly.
Steelmakers display growing concern over the scarcity and mounting
prices of scrap; practiceally all are seeking additional stocks. In the Chicago district, heavy melting steel scrap has advanced $3.50 since March,
now selling at $9 per ton; and recent sales of this grade are noted at Pittsburgh above $12.
Pig iron shipments to the automotive industry by lake fturnaces, it appears now, are only 35% of their total, reflecting broader consumption.
especially of steelmaking grad. The markets exhibit a rising tendency
and in eastern Pennsylvania foundry grades have been definitely advanced
$1 a ton. American Radiator dr Standard Sanitary Corp. has made a
Purchase of coke, reported as high as 100,000 tons.
Lake Superior iron ore shipments in April were up nearly 89% over
last April. and the United States Steel Corp. has just started out 15 of
its vessels, in contrast with nine, last July. Domestic fluorspar is up
$1 a ton.
"Steel's" iron and steel composite this week is up 9 cents to $28.29; the
finished steel composite is unchanged at $45.10; and the scrap composite
is raised 75 cents to $9.
Steel ingot production in the week ended May 8 is placed
at a little over 333/% of capacity in the compil Lt,on by
Dow, Jones & Co., Inc., which further reported az follows:
This compares with 28A% in the preceding week and 24%% two weeks
ago. There has been an increase of 123. % in output in the past three
weeks. At the beginning of April the industry was working at 15%, so
that the gain since then has amounted to 17% %.
Largest gain has been recorded by independent companies, notably those
units which benefited materially by steadily increased demand form automobile trade.
Independents are credited with a rate of about 38%% in past week,
against a little over 32% in the week before and 273- % two weeks ago.
i% for last week, against a shade over 24%
U. S. Steel is estimated at 273,
in previous period and 22% two weeks ago.
Survey of Capacity for Steel Castings-Comparative
Figures for 1931 and 1932.
Supplementing its announcement issued April 21 covering
the survey of capacities for pig iron, ferro-alloys, and steel
ingots (noted in our issue of April 29, page 2874), the American Iron and Steel Institute issued on May 5 its survey of
steel castings capacity showing the following figures:
STEEL CASTINGS CAPACITY (GROSS TONS).
Dec. 31 1932
Dec. 31 1931
Basic
0. H.
Acid
0. H.
776,400
789,700
662.190
678.190
Bessemer. Electric. Crucible.
27,025
30.375
525,580
540,890
1.060
1,990
Total.
1,992,255
2,041,145
Steel Ingot Production Shows Gain in April.
The American Iron & Steel Institute in its monthly
report of steel ingot production calculates the output of all
companies during April at 1,334,797 tons, an increase of
443,644 tons over the previous month. In April 1932 the
output was 1,233,603 tons. For the 25 working days in
April 1933 the approximate daily output of all companies
was 53,392 tons, while in April 1932, with 26 working days,
the average output per day was 47,446 tons. In March
1933, in which there were 27 working days, the output
averaged only 33,006 tons per day. The steel mills operated
during April at 24.56% of their capacity and in March at
15.18%. Below we show the monthly figures, as compiled
by the Institute, since January 1932:
Financial Chronicle
Volume 136
MONTHLY PRODUCTION OF STEEL INGOTS,JANUARY TO DECEMBER
1932 TO APRIL 1933-GROSS TONS.
Reported for 1932 by companies which made 95.68% and for 1933 by those which
made 98 60% of the Open-hearth and Bessemer Steel Ingot Production in 1932.
OpenHearth.
Months.
1932.
Ian
Feb
Harch
kPril
1,230,907
1,230,970
1.149393
1,036.163
160,633
157,067
193,944
144,197
1,391.540
1,388,037
1,343,137
1,180,360
1,454.309
1,450,648
1,403,723
1,233,603
4,647,233
655,841
5,303,074
950,838
755,068
653,039
696,122
804,470
885,773
838,419
724,917
103,593
100,249
102.916
97,323
124,970
132,876
128,844
81,932
1,054,431
855,317
755,95.5
793,44.5
929,440
1,018,649
967,263
806,849
55,935
58,026
51.990
47,446
25.86
26.83
24.04
21.94
5,542,283 101
53.291
24.64
1,101,994
893,899
790,055
829,236
971,365
1,064,598
1,010.894
843,244
26
28
25
27
26
26
26
26
42,384
34,381
31,602
30,712
37,360
40,946
38,881
32,432
19.60
15.90
14.61
14.20
17.28
18.93
17.98
15.00
10,955,879 1,528,544 12,484.423 13,047,568 312
41,819
19.34
4 mos__
May
June
July
Aug
3ept
Oct
Nov
Dec
Total
Calculated No.of Approx. Per
Monthly
Monthly Work- Daily
Output
Cent.
Bessemer. Companies Output AU Mg Output OperaReporting. Companies. Days. AU Cos. tion.a
1933.
Jan
Feb
March
April
*885,743
*922,806
•784,168
1,180,893
109.000
*994.743 *1,008,867
126,781 *1,049.587 *1,064,490
94,509 * 878,677 •891,153
135,217 1,316,110 1,334,797
4 mos.. 3,773.610
465,507
26
25
27
26
26
24
27
25
4,299,307 102
4,239,117
*38,803 *17.85
*44,354 *20.40
*33.008 *15.18
53,392 24.58
42,150
19.39
* Revised. a The figures of "per cent of operation" are based on the annual
capacity as of Dec. 31 1931 of 67.473,630 gross tons for Bessemer and open-hearth
steel ingots.
•••••
Steel Backlog Shows First Increase Since October 1932.
The United States Steel Corp.,reports the unfilled aroders
on the books of its subsidiaries as of April 30 1933 at 1,864,574 tons. This is 23,572 tons more than the amount
reported the previous month. Bookings in April last year
fell off 145,487 tons, the orders at the close of the month
being 2,326,926 tons. Below we show the monthly figures
back to 1928. Figures for earlier dates appeared in the
"Chronicle" of April 14 1928, page 2243.
UNFILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION
End of
Month.
January --February -March
April
May
June
July
August
September.
October
November _
December
1933.
1932.
1931.
1930.
1929.
1928.
1,898,644
1.854,200
1,841,002
1,864,574
2,648,150
2.545,629
2,472,413
2,326.926
2,177,162
2,034,768
1,966,302
1,969,595
1,985,090
1,997,040
1,968,301
1.983.140
4.132,351
3,965,194
3,995,330
8.897,729
3,620,452
3,479,323
3,404,816
3,169,457
2.144,833
3.119,432
3,933,891
a733 son
4.468.710
4,479,748
4,570,653
4,354,220
4,059,227
3,968,064
4,022.055
3,580,204
3,424,338
3,481,763
3.839,636
3943.596
4.109.487
4,144,341
4,410,718
4,427,763
4,304,187
4,256,910
4.088,177
3,658,211
3,902,581
4,086,562
4,125.345
4.417.193
4.275,947
4,398,189
4,335,206
3,872,133
3,416,822
3,637,009
3,570,927
3,624,043
3.698,363
3,751.030
3.643,00C
3.978.712
Hands of Consumers and
Dealers Declined Sharply During First QuarterIndustrial Consumption in March Was Slightly
Higher Than in Preceding Month.
According to the United States Bureau of Mines, Department of Commerce, stocks of bituminous coal in the hands
of commercial consumers and retail dealers declined sharply
during the first quarter of 1933, and on April 1 amounted to
23,608,000 tons. In comparison with the stocks on Jan. 1,
this is a decrease of 6,058,000 tons, or 20.4%. A reduction
in stocks is to be expected at this season, but this year the
draft on reserves was especially heavy, and in spite of the
low rate of consumption, output throughout the quarter fell
consistently short of current market requirements.
Not only were stocks on April 1 less than at the beginning
of the previous quarter, but they were also 21% less than on
the corresponding date of last year when a total of 30,050,000
tons was reported. In term of days' supply the stocks at
the beginning of the new coal year were sufficient to last
27 days, as compared with 33 days on April 1 1932.
Stocks on the lake docks were likewise substantially less
than a year ago, while unbilled loads were slightly higher,
continued the Bureau, which further reported as follows:
Stocks of Bituminous Coal in
SUMMARY OF COMMERCIAL STOCKS OF BITUMINOUS COAL, INCLUDING STOCKS IN RETAIL YARDS.
P. C. of Change
April 1
1932.
Consumers' Stocks:b
Industrial tons
Retail dealers, tons
c
c
Jan. 1
1932.
Feb. 1
1933.
AprU 1
1933.a
From From
Prey.
Year
Quarter Ago.
22,516,000 22,046,000 18,708,000 -16.9
7,150.000 7,000.000 4,900,000 -31.5
Total tons
30,050,000 29,666,000 29,048,000 23,608,000
33 days
Days' supply, total
27 days
30 days
30 days
Coal in Transit:
Unbilled loads, tons- 1,808,000 1,494,000 1,933,000 1,814,000
rm isun Anoka tons
5 024 non ei 702 non A 720000 3.618.000
c
c
-20.4 -21.4
-10.0 -18.2
+21.4 +0.3
-46.7 -28.0
a Subject to revision. Is Coal in the bins of householders is not included. The
estimated total is subject to a possible variation of from 300 7%. c Separate figures
not available.
Note.-This survey of consumers' stocks is made possible by the assistance of
the National Association of Purchasing Agents. By co-operative agreement the
Association, acting as representative of the larger consumers, tabulates and tota,s
the returns from manufacturing industries. Railroad fuel stocks are supplied by
the American Railway Association and stocks of electric utilities by the Power
Resources Division, United States Geological Survey. The Bureau of Mines
3253
collects the data for coke, steel, cement, and coal-gas plants and from a selected list
of representative retailers. By this arrangement most of the expense of the survey
is now borne by the co-operating industries.
Industrial Stocks and Consumption-Bituminous.
On April 1 stocks of bituminous coal in the hands of industrial consumers stood at 18,708.000 tons. This is a decrease of 8.2% in comparison
with a month ago and is 3,703,000 tons, or 16.4% less than the quantity
on hand at the beginning of the previous quarter. During March all classes
of consumers drew upon their reserves, but the heaviest draft was reported
by the by-product coke ovens, cement mills, and general manufacturing
plants. Relatively moderate declines are shown for the electric utilities,
steel works, and coal-gas rttorts.
Due to the longer month, the total industrial consumption in March
was slightly higher than in the month preceding. On a daily basis, however, consumption of all important classes of industrial consumers except
the beehive coke ovens and cement plants fell off in March.
INDUSTRIAL CONSUMPTION AND STOCKS OF BITUMINOUS COAL
IN THE UNITED STATES.
March 1933
(Preliminary)
Feb. 1933
(Revised).
Per Cent
of
Change.
Net Tons.
4,533,000
3,104,000
732,000
187,000
442,000
5,560,000
4,150,000
Net Tons.
4,547,000
3,679,000
745,000
209,000
455,000
6,300,000
4,453,000
-0.3
-15.6
-1.7
-10.5
-2.9
-11.7
-6.8
Total industrial stocks
18,708,000
20,388,000
-8.2
Industrial Consumption byElectric power utilities_a
By-product coke ovens b
Beehive coke oven.s_b
Steel and rolling mills_b
Cement milLs_b
Coal-gas rei,orts b
Other industrial_c
Railroad tuel.d
2,150,000
2.408,000
146,000
619.000
165,000
219,000
6,950,000
6,010,000
2,183,000
2,371,000
132,000
682,000
141,000
205,000
6,900,000
6,037.000
-1.5
+1.6
+10.6
-9.2
+17.0
+6.8
+0.7
-0.4
18,667,000
18,651,000
+0.1
Stocks, End of Month alElectric power utilities_a
By-product coke ovens_b
Steel and rolling mills_b
Cement mills_b
Coal-gas retorts_ b
Other industrial_ c
Railroad fuel _d
Total industrial consumption
Additional Known ConsumptionCoal Mine fuel
Bunker fuel, foreign trade
Days Supply on Hand atElectric power utilities
By-product coke ovens
Steel and rolling mills
Cement mills
Coal-gas retorts
Other industrial
Railroad fuel
226,000
65,000
•
•
•
•
•
258.000 ,
70,000
--12.4
-7.1
Days Supply. Days Supply.
65 days
65 days
40 days
43 days
37 days
31 days
35 days
42 days
63 days
62 days
25 days
26 days
21 days
21 days
0.0
-7.0
+19.4
-16.7
+1.6
-3.8
0.0
21 Aftym
Total industrial
21 draw:
fl fl
a Collected by the 11. S. Geological Survey. b Collected by U. S. Bureau of
Mines. c Estimate based on reports collected jointly by the National Association
of Purchasing Agents and the U. S. Bureau of Mines from a selected list of 2,000
representative manufacturing plants. The concerns reporting are chiefly large
consumers and afford a satisfactory basis for estimate. Subject to revision. d Collected by the American Railway Association from all Class I roads, which consume
96% of all railway fuel; figures given also allow for smaller roads.
Note.-Through co-operetion of the National Association of Purchasing Agents,
industrial consumers report their coal supplies monthly. Consumption of bituminous coal is one of the best of all business indicators, and Table 2 shows the trend in
each of the major industrial classes.
Anthracite, Coke and Retail Bituminous,
Retail Stocks.-Information on stocks of domestic fuel is summarized
below. It was not feasible to canvass all retail coal merchants, but reports
were obtained from a selected list ofrepresentative dealers scattered throughout the country whose operations show the trend clearly.
Since Jan. 1 retail stocks of anthracite have declined 38%. while stocks
of soft coal have dropped 36%. In terms of days supply the retail stocks
of bituminous coal on April 1 were sufficient to last 14 days, as compared
with 22 days on Jan. 1. On the other hand,in spite of the marked reduction
in tonnage, stocks of anthracite were equivalent to almost as many days
requirements on April 1 as three months ago. This was largely because
Of the extreme sluggishness that featured the hard coal market in the period
Immediately preceding the beginning of the new coal year. The customary
price reductions were expected to take effect on April 1. and both householders and retailers alike were inclined to delay purchases as much as
possible in order to take advantage of the lower prices.
Anthracite in Producers' Yards.--Producers'stocks of hard coal on April 1
were 70.5% less than on Jan. 1 and were also substantially less than on the
corresponding date of last year.
Anthracite on the Lake Docks.-Stocks of anthracite on the commercial
docks of Lakes Superior and Michigan at the beginning of the new coal year
show a decrease of 43% in comparison with the same date last year and
were 38% less than on April 11931.
Producers' Stocks of Coke.-Operators of merchant by-product coke plants
report 1,215.792 tons of coke on hand April 1. as compared with 1.647.094
tons a year ago, a decrease of 26%.
SUMMARY OF STOCKS OF DOMESTIC COAL AND COKE.
P. C. of Change.
Aprtl 1
1931.
Jan 1
1933.
Feb. 1
1933.
April 1
1933.
Retailers' qtorks Selected
DealersAnthracite, net tons
322,454 316,899 284,162 107,012
Anthracite, days supply_a
21
46
34
32
Butumlnous, net tons
398,654 538,062 488,248 342,069
Bituminous, dayssupply a
22
15
21
14
Coke, net tons
53,984
19,748
48,431
24,497
Coke,days supply _a
20
36
13
10
Anthracite in producers'
storage yards
1,797,111 1,732,216 1.235,561 511,143
Anthracite on upper lake
docks
478,843 389,024 355,071 294,994
By-product coke on hand
at merchant ntant_s_• _ 1 a2O.f100 1.835.073 1.707.169 1.215_792
a At current rate of deliveries to customers.
From
Jan. 1
1933.
From
Apr. 1
1931.
-37.8
-5.9
-36.4
-36.4
-54.6
-50.0
-38.9
+52.4
-14.2
-6.7
+24.0
-23.1
-70.5 -71.6
-24.2 -38.4
-32.7
-3.5
April Production of Bituminous Coal and Anthracite Off.
According to preliminary estimates, the United States
Bureau of Mines, Department of Commerce, reports that
during the month of April 1933 there were produced a total
of 19,510,000 net tons of bituminous coal and 2,891,000 tons
Financial Chronicle
3254
of anthracite, as against 23,685,000 tons of bituminous coal
and 4,519,000 tons of anthracite during the preceding month,
and 20,300,000 tons of bituminous coal and 5,629,000 tons
of anthracite during the corresponding month last year.
The Bureau's statement follows:
Total for
Month.
(Net Tons).
April 1933 (Preliminary)Bituminous coal
Anthracite
Beehive coke
March 1933 (Revised)Bituminous coal
Anthracite
Beehive coke
April 1932Bituminous coal
Anthracite
RawhIvarnka
Average Per Cal. Year
Working
to End
No. of
of April.
Working
Day,
Days
.
. (Net Tons). (Net Tons).
19,510,000
2,891,000
46,700
24.7
24
25
790,000
120.500
1,868
23,685,000
4,519,000
93,300
27
27
27
877,000
167,400
4,456
20,300,000
5,629,000
06 000
25.7
25
26
790,000
225.200
2.154
97,389,000
15,492,000
306.100
May 13 1933
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Week Ende
Calendar Year to Date.
April 29 April 22 April 30
1933.d
1932.
1933.c
1933.
1932.
1929.
Bituminous coal: a
Weekly total.__ 4,824,000 4,634,000 4,717,000 97,402,000 106487000 176602000
Daily average_ _ 804,000 772,000 786,000
965,000 1.056,000 1,741,000
Pa. anthracite: b
Weesly total_ -- 675,000 569,000 1,415,000 15,492,000 17,940,000 24,139,000
Daily average_ _ 112,500
94,800 235,800
155,700
180,300
242,600
Beehive coke:
11,600
Weekly total_
9,900
11.000
305.900
310,800 2,038,200
1,933
1,833
Daily average__
1,650
2,999
3,047
19,082
a Includes lignite, coal made into coke, local sales, and col lery fuel. b Includes
Sullivan county, washery and dredge coal, local sales, and colliery fuel. c Subject
to revision. el Revised.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).
108,455,000
18,334,000
317.100
Note.-All current estimates will later be adjusted to agree with the results of the
complete canvass of production made at the end of the calendar year.
Bituminous Coal and Anthracite Production Increased
During Week Ended April 29 1933-Anthracite
Output Less Than Half That of Same Period
Last Year.
According to the United States Bureau of Mines, Department of Commerce, there were produced during the week
ended April 29 1933 a total of 4,824,000 net tons of bituminous coal and 675,000 tons of anthracite, as compared
with 4,634,000 tons of bituminous coal and 569,000 tons of
anthracite during the preceding week and 4,717,000 tons
of bituminous coal and 1,415,000 tons of anthracite during
the corresponding period last year.
During the calendar year to April 29 1933 production
amounted to 97,402,000 net tons of bituminous coal and
15,492,000 tons of anthracite, as against 106,467,000 tons
of bituminous coal and 17,940,000 tons of anthracite during
the calendar year to April 30 1932. The Bureau's statement
follows:
Week EndedStale.
April 22 April 15 April 23 April 25
1933.
1933.
1932.
1931.
April
Average,
1923 a
151,000 138,000 151,000 228,000
Alabama
412,000
13,000
12,000
Arkansas and Oklahoma
13,000
24,000
70,000
73,000
77,000
Colorado
55,000
84,000
184,000
498,000 524,000
Illinois
69,000 667,000 1,471,000
190,000
197,000 118,000 220,000
Indiana
514,000
43,000
49,000
Iowa
57,000
45,000
100,000
71.000
79,000
Kansas and Missouri
67,000
79,000
138,000
376,000 385,000 385,000 485,000
Kentucky-Eastei n
620,000
102,000 115,000 143,000 122,000
Western
188,000
22,000
19,000
Maryland
25,000
36,000
52,000
1,000
2,000
Michigan
8,000
2,000
22,000
25,000
33,000
Montana
23,000
34,000
42,000
17,000
Mexico
16,000
New
22,000
28,000
59,000
24,000
18,000
North Dakota
13.000
18,000
16,000
212,000 226,000
Ohio
73,000 327,000
766,000
Pennsylvania (bituminous)._ 1,260,000 1,295,000 1,603,000 1,859,000 3,531,000
53,000
Tennessee
52,000
55,000
83,000
121,000
• 14,000
Texas
15,000
10,000
12.000
20,000
38,000
35,000
Utah
27.000
39,000
70.000
134,000 143,000 125,000 187,000
Virginia
249,000
Washington
18,000
20.000
25,000
36,000
35,000
972,000 1,084,000 1,147,000 1,225,000 1,256,000
West Virginia-Southern_b
269,000 260,000 455,000 467,000
Northern_c
778,000
62.000
Wyoming
82,000
64,000
90,000
118,000
2,000
Other States
2,000
3,000
3,000
6,000
Total bituminous coal
Pennsylvania anthracite
Total coal
4,634.000 4,864,000 4,738,000 6,380,000 10,836.000
569.000 717,000 1,406,000 1,421,000 1,974,000
5,203,000 5.581.000 6.142.0nn 7 gni non 19 RI n non
a Average weekly rate for the entire month. b Includes operations on the N.& W.
C.& 0., Virginian, K.& M.,and B. C.& G. c Rest of State. including Panhandle.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ending May 10, as reported
by the Federal Reserve banks was $2,348,000,000 a decrease
of $88,000,000 compared with the preceding week and an
increase of $453,000,000 compared with the corresponding
week in 1932. After noting these facts, the Federal Reserve
Board proceeds as follows:
On May 10 total Reserve Rank credit amounted to $2,297,000,000, a
decrease of $99,000,000 for the week. This decrease corresponds with
decreases of $62,000,000 in money in circulation and $5,000,000 in unexpended capital funds, non-member deposits, &c., and an increase of
$87,000,000 in Treasury currency, adjusted, offset in part by an increase of
$55,000,000 in member bank reserve balances.
Bills discounted decreased $35,000,000 at the Federal Reserve Bank of
San Francisco, $12,000,000 at New York, $6,000,000 at Cleveland and
$62,000,000 at all Federal Reserve banks. The System's holdings of bills
bought in open market declined $31,000,000, while holdings of United
States Government securities show practically no change for the week.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the different items, was published in the May 31 1930 issue of the
"Chronicle" on page 3797.
The statement in full for the week ended May 10, in comparison with the preceding week and with the corresponding
date last year, will be found on a subsequent page, namely,
3296.
Beginning with the statement of March 15 1933, new
items were included, as follows:
1. "Federal Reserve bank notes in actual circulation," representing
the amount of such notes issued under the provisions of paragraph 6 of Section 18 of the Federal Reserve Act as amended by the Act of March 9 1933.
2. "Redemption fund-Federal Reserve bank notes," representing the
amount deposited with the Treasurer of the United States for the redemption of such notes.
3. "Special deposits-member banks" and "special deposits-nonmember banks." representing the amount of segregated deposits received
from member and non-member banks.
statement to show the amount
A new section has also been added to the
notes outstanding, held by Federal Reserve banks
of Federal Reserve bank
circulation, and the amount of collateral pledged against
and in actual
outstanding Federal Reserve bank notes.
Changes in the amount of Reserve Bank credit outstanding
and in related items during the week and the year ending
May 10 1933, were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Increase (+) or Decrease (-)
Since
May 10 1933. May 3 1933. May 11 1932.
$
338,000,000 -62,000,000 -133,000,000
113,000,000 -31,000,000
+70,000,000
1,837.000,000
+452,000.000
9,000,000 -6,000,000
-10,000,000
TOTAL RES'VE BANK CREDIT2,297.000.000 -99,000,000
4.313,000,000
Monetary gold stock
+1,000,000
1 905,000,000 +87.000.000
Treasury currency adjusted
Money In circulation
5 892,000,000 -62,000,000
Member bank reserve balances
Unexpended capital funds. non-mem-2,089,000,000 +55.000,000
ber deposits, &c,
533,000,000
-5.000,000
-410-
+378,000,000
-1,000,000
+134,000,000
+461,000,000
-55,000.000
+105,000,000
Returns of Member Banks in New York City and
Chicago-Brokers' Loans.
Beginning with the returns for June 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City, as well as those in
Chicago, on Thursday, simultaneously with the figures for
the Reserve banks themselves, and for the same week, instead
of waiting until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for the
current weeks, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week shows an increase of $52,000,000, the total of these
loans on May 10 1933 standing at 8564,000,000 as compared
with 8331,000,000 on July 27 1932, the low record for all
time since these loans have been first compiled in 1917.
Loans "for own account" increased from $491,000,000 to
$541,000,000, while loans "for account of out-of-town banks"
remain unchanged at $17,000,000, and loans "for account
of others" increased from ,000,000 to $6,000,000.
Financial Chronicle
Volume 136
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
May 10 1933. May 3 1933. May 11 1932
Loans and investments—total
6 790,000,000 6,753,000.000 6,673,000,000
Loans—total
3,305.000,000 3,291,000,000 3,890,000,000
On securities
All other
1,711,000,000 1.676,000.000 1,845,000.000
1,594,000,000 1,615,000,000 2,045,000,000
3,485,000,000 3,462.000.000 2,783,000,000
Investments—total
2,357.000,000 2,353,000,000 1,826,000,000
1,128,000,000 1,109.000,000 957,000.000
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank_
Cash in vault
797,000,000
38,000,000
734,000,000
38,000,000
821,000,000
40,000,000
Net demand deposits
Time deposits
Government deposits
5,425,000,000 5.318.000,000 5,094,000.000
723,000,000 731,000.000 776,000,000
112,000,000 124,000,000 139,000,000
Due from banks
Due to banks
67,000,000
90.000,000
81,000,000
1 251,000,000 1,186,000.000 1,133,000.000
orrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers;
For own account
541.000,000
For account of out-of-town banks__ _ _ 17,000,000
For account of others
6,000,000
Total
On demand
On time
Loans and Investments—total
564,000,000
491,000,000
17.000,000
4,000,000
383,000,000
48,000,000
7,000,000
512,000.000
438,000,000
422,000,000 371,000,000 350.000,000
88,000,000
142,000,000 141.000,000
Chicago.
1,161,000,000
1,353.000,000
1 147.000.000
Loans—total
On securities
All other
Investments—total
634,000,000
631,000,000
916,000.000
335,000,000
299,000,000
343,000,000
288,000,000
528,000,000
388,000,000
513,000,000
530,000,000
437,000.000
313,000,000
200,000.000
329,000,000
201,000,000
248.000,000
189,000.000
_ 179,000,000
45,000,000
164,000,000
46,000,000
196,000,000
15,000.000
Net demand deposits
Time deposits
Government deposits
852,000,000
352,000,000
9,000,000
849,000,000
352,000,000
10,000,000
882,000,000
382,000,000
23,000,000
Due from banlu;
Due to banks
204,000,000
253,000,000
180,000,000
240,000,000
186,000,000
292,000,000
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank_
Cash in vault
Borrowings from Federal Reserve Bank_
1,000.000
Leon Fraser Elected President of Bank for International
Settlements Succeeding Gates W. McGarrah—
Latter Honorary President—Meeting at Basle—
Sweden as Result of Suspension of Gold Standard
Automatically Out of Bank's Directorate Japan
Fails to Name Representative.
Leon Fraser of New York was elected President of the Bank
for International Settlements on May 8, advancing from the
Vice-Presidency to succeed Gates W.McGarrah, also of New
York, retiring President. Associated Press advices from
Basle, May 8, reporting the foregoing action, added:
Mr. McGarrah, who retires after three years as President, was elected
Honorary President of the Bank and a member of the Board as long as he
remains in Europe.
These decisions were taken at the monthly meeting of the directorate,
preceding the third annual general meeting of B. I. S. members. The
general meeting reviewed the annual report of the bank showing, despite
the hard times, a profit of 14,200,000 Swiss francs. This is approximately
1.000.000 francs less than the profit a year ago.
The meeting re-elected the two Vice-Presidents of the Board of Directors,
Alberto Beneduce of Italy and Dr. Leonidas J. A. Trip, Governor of the
Bank of the Netherlands.
There were no changes made in the directorate, except that Sweden automatically ceased to have membership, having gone off the gold standard,
and Japan failed to present the name of a representative for membership.
The change in the German representation was made in the last monthly
meeting of the directors.
From a copy right cablegram May 7 from Basle to the
New York "Herald Tribune" we take the following:
The fact that leadership of the Basel institution, which is dedicated to
general re-adoption of a reformed gold standard, was to be held by representatives of the latest seceder from that standard had been regarded by the
American officials as illogical, and as likely to excite criticism from nations
which have remained on gold. It is understood that they therefore placed
the problem squarely before the members of the bank directorate at the
meeting to-day.
Mr. McGarrah and Mr. Fraser, it is reported, offered to release the directors from the informal understanding about the World Bank Presidency
which had been reached before the United States left the gold standard.
But the Governors decided against letting the two Americans step aside and
requested that the original nominations be placed before the meeting of the
full Board of Directors which is to be held here to-morrow. No doubt
exists that Mr. McGarrah and Mr. Fraser will be elected then, as originally
arranged.
In view, of the fact that Ivar Rooth, of Sweden, was not re-elected to the
Board of the World Bank last month, for the reason that Sweden was off
the gold standard, the action of the Governors to
-day means that they virtually closed their eyes to America's like departure from gold. It is considered a striking tribute to the ability and impartiality of Mr. McGarrah
and Mr. Fraser.
An explanation as to the decision to retain the American
directors was offered in advices May 7 to the New York
"Times" which said "the governors, . . . found a way out
by regarding the United States' abandonment of gold as a
temporary measure, stressing that the United States was still
aiming not at a managed but at a stable currency."
3255
Faith in Gold Standard Affirmed by Bank for International Settlements—Gates W. McGarrah in
Annual Report as President Indicates Bank Aims
at Reformed Basis—United States Warned—In
Radio Talk Mr. McGarrah Stresses Past Failure of
"Paper Currencies."
Unshaken faith in the gold standard and in political and
economic as well as financial internationalism, as one way
out of the depression, permeated Gates W. McGerrah's third
annual report as President of the Bank for International
Settlements at the general assembly at Basle, May 8. A
wireless message from Basle to the New York "Times"
(May 8) is authority for the foregoing, the account going on
to say:
The assembly, comprising the Governors of all important Central Banks
in Europe, thereupon, on the proposal of Vilem Pospisil, Governor of the
Bank of Czechoslovakia, unanimously approved the board's July resolution,
which affirmed that "the gold standard remains the best available monetary
mechanism." The annual report made clear, however, that the Bank was
aiming to restore, not the old system, but a reformed gold standard.
In addition to noting that restoration of the gold standard
as soon as possible, on a reformed basis if necessary, was
urged in the Bank's report and that it denounced the race
by nations to depreciate their currency a cablegram May 8
from Basle to the New York "Journal of Commerce"further
said:
The report also indicates a preference for the gold bullion standard and
states that gold reserves should be used to balance international accounts
and not for the purpose of assuring the internal convertibility of bank notes.
The need for redistributing the gold reserves of the world is also stressed
and the evil results of the concentration of vast supplies of gold in the
stronger centres to the detriment of the weaker ones are pointed to.
Would Widen Bank Powers.
Definite recommendations are made in the report, which was awaited with
great interest by all the Western nations because of the unusual events of
the past year. It advocates broader powers for the central banks and the
utmost freedom from political strings, and states that agreement in the
economic and monetary fields at the forthcoming World Economic Conference represented the sole hope of restoring well being to the world.
The statement notes that at the beginning of the year there were 14
nations adhering to the gold standard, but that at the end of 1932 there
were only 4. Then dollar exchange,"no longer supported by gold reserves.
was left to find its own level on the foreign markets,thus adding to currency
uncertainty, but at the same time making more imperative efforts to formulate and put into effect a more clearly defined monetary policy throughout
the world."
Supplementing the extract further above from the Basle
advices May 8 to the "Times", we also take therefrom the
following:
It was Mr. McGarrah's valedictory before Writing over the office, from
which he voluntarily retired on account of his age, to Leon Fraser,another
American, whom the Board this morning elected President. It was an
eloquent valedictory.
Mr. McGarrah, whom the Board elected as a director with the title of
Honorary President until he returns to the United States in September,
brought out the special application of his report to the American situation
in a statement over a National Broadcasting Company network. Except
for a brief introduction, his statement consisted of extracts from his report,
to which he added a few short commentaries, linking them to the United
State's.
Burning Issue for Americans.
"With the Americans the whole question of the gold standard is today a
burning one," he said. "We are off gold for the present, but in due time
we shall wish for stability in dollar exchange. The drop of the dollar caused
a shock to the outside world greater even than one caused in America by
the fall of the British pound. . . .
"Do not forget that paper standards of currency have been tried again
and again and have always been abandoned because unsatisfactory. Discontent with them has repeatedly caused resumption of the gold basis—
not always at the old parity.
"The opportunity for leadership by the United States is unbounded,"
he declared, "because all mankind is seeking inspiration."
"Efforts at national self-sufficiency," the report continued, "have but
further deflated the volume of goods exchanged, credit granted and financial
transactions undertaken with a consequent progressive reduction in purchasing power and a steady increase in the real burden of debt. The world
is at a crossroads and must shortly choose whether further to stake its
course along the lines of closed national economies with reduced standards
of living or to revert to the international economy toward which we were in
fact naturally and healthfully tending in the days before the war and for
a period thereafter.
"If the former alternative is chosen, then the successful operation of the
International monetary mechanism will be deprived of its very foundation.
"A hopeful factor at the moment is that the world, speaking generally,
recognizes that a choice must be made."
Cites Delay on Acting on Lausanne.
The report reminded the delegates of the 20 central banks attending
the assembly that Lausanne's "unexpectedly rich" fruits remained unratified. Recalling how the Basle experts in 1931 had urged haste, "if new
disasters were to be avoided," the report connected and contrasted reparations and debts more pointedly, saying:
"Internationally, procedure moves slowly, even when speed is of the
essence in stimulating economic recovery, and it was a round six months
before the governments met at Lausanne to deal with the German problem,
whereas the connected question of the adjustment of other war debts is
still under tedious, tentative and so far relatively barren discussion."
Perhaps the most impressive proof Mr. McGarrah's report brought to
its theses that salvation for all lay in internationalism and calamity for
all in nationalism was a table graphically showing the effects of each on
gold hoarding. The table gave figures for each quarter of 1932, listing in
its first column the net increase in the world's gold supply from production
in India and China after deducting the metal used in the arts. In its second
column the increase in the world's central bank and other gold reserves is
shown by a plus and the decrease by a minus. In the third column the
3256
Financial Chronicle
Occident's dehoarding is shown by a plus and hoarding by a minus. These
figures, in millions of Swiss francs, read as follows:
First quarter
880
+1,080
210
Second quarter
800_ — 870
—1,580
Third quarter
900
+1,790
+ 890
Fourth quarter
850
+1,030
+ 80
Explaining these figures in terms illuminating the 1933 developments.
the report attributed the abrupt fall in bank reserves and the great increase
In hoarding in the second quarter of 1932 chiefly to the then existing "apprehension for the dollar, brought about by legislative proposals of an
Inflationary character and the party struggle over the budgetary situation."
together with "the pessimistic outlook" prevailing as to the possibility of
solving the reparation question.
The equally abrupt rise in reserves and the decrease in hoarding for the
next quarter he credited mainly to its Lausanne settlement, while the fourth
quarter's sudden relapse he connected chiefly with the reopening of the
debts question.
The report states that the world's gold production for 1932 attained
6495,000,000, exceeding the previous record of 1915 by $28,000,000. Despite hoarding, monetary reserves received new gold during the year in an
amount 22% greater than the total gold production of this record year in
the history of the world.
The report pointed out that, although Europeans withdrew $700,000,000
In gold from the United States, reserves at the end of 1932 were only
$6,000,000 less than the beginning of the year.
The report found it "more and more evident" that the World Bank was
destined to play a useful role in co-ordinating the function of the gold
standard.
Many took as a commentary on the American attitude toward the gold
clause in American loans the passage in Mr. McGarrah's report saying:
"More and more, monetary experiences have demonstrated that the true
use of gold in the modern world is to serve as a medium of international
payment when exchanges or international balances are adverse" and intiting the central banks to combat "the conception that gold is properly
employable as a store of wealth or that its primary object is to assure internal convertibility of notes so that all who will may hoard gold coin."
The report stated that, from the middle of January, 1932, until the
Federal Reserve Banks raised their discount rate In March, 1933, there was
not a single increase in discount rates anywhere in the world, attributing
this to business stagnation and emphasizing that it remained "singularly
difficult" to make lower interest rates penetrate other parts of the credit
structure. The report declared it "indispensable" to spread this reduction
in the cost of capital.
Pointing out that the Lausanne reparation settlement had ended the secondary object for which the World Bank was established, the report stressed
that this allowed the bank to concentrate on its primary function, coordinating the work of the central banks, and providing new international
financial facilities. Mr. McGarrah foresaw the London conference giving
the bank new work along these lines.
"It is clear," declared Mr. McGarrah in a firm profession of his faith,
"that the future functions of the institution will be more and more important
under the regime that lies ahead."
14,064,000 Franc Profit for Bank for International
Settlements in Year—Compares With 15,183,000
Franc in Preceding Period—Slight Cut in Expenses.
The "Wall Street Journal" of May 10 reported the following from Basle:
The Bank for International Settlements reported that gross profits for the
fiscal year ended March 31 amounted to 18,277,000 Swiss francs, compared
with 19,400,000 francs during the fiscal year 1931 to _932. Operating expenses came to 4.212.000 francs, compared with 4,217,000 francs the previous year, leaving a net profit of 14,064,000 francs for the past fiscal year,
compared with 15,183,000 francs In the previous year.
Of the profits, 703,000 Swiss francs were placed to the legal reserves;
7,335,000 francs used for the payment of a 6% dividend: 1,205,000 francs
allocated to dividend reserve, and 2,410.000 to general reserve. These distributions left a balance of 2,410,000 Swiss francs for distribution to the
governments maintaining long term deposits in the Bank. Total reserves
were thus increased to 13,706,000 Swiss francs, in addition to which are
certain reserves which are not shown in the balance sheet.
The annual report of the Bank notes a decline in the total of balance sheet
Items from 1,126,000,000 Swiss francs, to 941,000,000 francs during the
year, due to the practical disappearance of central bank deposits in the
Bank for International Settlements for treasury account, and the reduction
of deposita for the account of central banks themselves to 452,000,000francs,
from 608,000,000 francs.
Of the total sight and short-term deposits on March 31, 46% were in
dollars and 33% in French francs, and all deposits were covered by immediately available assets in the currency of the commitment or currencies
free from exchange restrictions. The Bank's participation in central bank
credits during the past year amounted to 80.000,000 Swiss francs. The long
term deposits, of which 77% are in Reichsmarks and 23% in dollars, are
offset by investments of which 31% are in Germany.
There was a marked development in gold transactions during the year and
the total amount of gold which is earmarked in the name of the Bank for
International Settlements for the amount of central banks now amounts to
200,000,000 Swiss francs.
Intention of France, Germany, Holland and Switzerland to Maintain Gold Standard Affirmed at
Session of Directors of Bank for International
Settlements.
Under date of May 7 Associated Press advices from
Basle said:
An intention to maintain the gold standard was reaffirmed to-day by
representatives of France, Germany. Holland and Switzerland at a session
of directors of the World Bank for International Settlements, preliminary
to the annual meeting to-morrow.
Proposals to turn the bank into a clearing house for gold were considered.
Central banks have been invited to use the bank as their common agency
In the task of stabilizing currencies and in monetary reconstruction. The
bank wants the world to return to a monetary system with a common
basis as soon as possible.
Deposits of gold by central banks in sufficiently large amounts would
enable the Bank for International Settlements to adjust gold movements,
officials believe, and thus by a simple bookkeeping operation eliminate the
complicated scheme ofshipping gold from country to country,as now is done.
New jobs are being sought by the bank to assure its existence as an
International institution. The task of refloating the German bond issue of
May 13 1933
3,000,000,000 reichsmarks called for by the Lausanne accord as a final'
reparation payment falls upon the bank, but execution of the treaty hangs
In the balance. It is dependent upon a settlement of the United States
war debts, satisfactory to the European powers who signed the Lausanne
treaty.
Officials believe that the World Economic Conference will assign to
the bank new responsibilities.
Statement of Bank for International Settlements for
April 30—Cash on Hand Totals 8,069,922.26 Swiss
Gold Francs Compared with 11,396,009.49 on
March 31.
Associated Press advices from Basle, Switzerland, May 4,
contained the following:
Following is the balance statement of the Bank for International Settlements giving its condition as of April 30, as made public here to-night.
Figures are in Swiss gold francs at par 19.3 cents.
ASSETS.
April.
I. Cash on hand and on current account with banks 8,069,922.26
II. Sight funds at interest
23,597,926.50
Rediscountable bills and acceptances:
1. Commercial bills and bankers' acceptances.. _234,715,784.49
237,494,761.71
2. Treasury bills
March.
11,396,009.49
52,542,802.86
275,172,012.12
257,460,575.08
Total
IV. Time funds at interest:
Not exceeding three months
V. Sundry bills and investments:
1. Maturing within three months:
(a) Treasury bills
(b) Sundry investments
2. Between three and six months:
(a) Treasury bills
(b) Sundry investments
3. Over six months
472,210,546.20 532,632,587.20
Total
VI. Other assets
152,164,747.31 150,424,502.19
1,014,867.31 6,023,120.34
Total assets
95,227,641.73 185,702,646.57
20,243,850.06 14,423,877.39
71,724,487.70 70,761,670.11
23,816,294.19 23,481,119.72
35,778,844.58 35,301,348.41
601,270.78 6,456,486.56
752,285,651.31 938,721,668.65
LIABILITIES.
I. Paid-up capital
II. Reserves:
1. Legal reserve fund
2. Dividend reserve fund
3. General reserve fund
Total
III. Long term deposits:
1. Annuity trust account
2. German Government deposit
3. French Government guarantee fund
Total
IV. Short term and sight deposits:
1. Central banks for their own accounts:
(a) Not exceeding three months
(b) Sight
Total
2. Central banks for the account of others:
Sight
3. Other depositors:
(a) Not exceeding three months
(b) Sight
Total
V. Miscellaneous items
Total liabilities
125,000.000.00 125,000,000.00
1,318,467.03
2,689,570.55
5,379,141.10
1,318,467.03
2,689,570.55
5,379,141.10
9,387,178.68
9,387,178.66
153,083,750.00 153,640,000.00
76,541,875.00 76,820,000.00
60,507,353.97 68,481,396.68.
290,132,978.97 298,941,396.66
164,282,693.50 196,930,490.31
103,461,957.37 254,796,113.16
267,744,650.87 451,726,603.49
10,050,491.19 13,301,451.79
3,330,020.00
3,271,072.73
3,330,020.00
3,285,227.25
6,601,092.73 6,615,247.25
43,369,258.87 33,746,790.76
752,285,651.31 938.721,668.65
Sixty-Six Nations Invited to Attend World Economic
Conference, Opening on June 12 — League Announcement Refers to U. S. Proposal for Tariff
Truce.
Invitations to attend the World Economic Conference in
London on June 12 were issued on May 3 by the Secretary
General of the League of Nations at Geneva. The invitations
were sent to 66 countries, of which 56 are members of the
League. Attention was called to tariff-truce proposals by
the United States in the following paragraphs:
The United States delegation intends to ask the participating governments to join in an agreement or understanding to be carried out in good
faith, providing that all governments should refrain during the period of
this truce from creating or making any material and upward modifications
In tariff rates and from imposing any new regulations or enhancing any
existing restrictions against the importation of goods which would give
domestic producers an additional advantage compared with foreign producers.
Furthermore, this truce would provide that the governments should
agree to introduce no additional direct or indirect subvention or expansion
of their export industries, or any discriminatory trade methods or any
additional measures to promote dumping &c
International Chamber of Commerce Drafts Plan for
World Economic Conference.
The following Paris cablegram April 23 is from the New
York "Journal of Commerce":
The International Chamber of Commerce has drawn up a program for
presentation to the World Economic Conference seeking to bring about a
business revival.
The Chamber program, which represents the views of leaders in industry
and finance in 47 countries, favors a reduction of traff barriers by creditor
nations: principally the United States, which would allow debtors to make
payments in products of their countries. In connection with international
debts the Chamber is of the opinion that there should be no more defaults.
The Chamber stressed the importance of political stability, stating "that
the confidence indispensable for any trade revival can only be restored if,
in the political sphere, governments make the necessary effort to solve the
problems of the moment in a spirit of mutual good-will."
The World Economic Conference is urged to try to aid in political stabilization, that international debt settlements be speeded, that a satisfactory
monetary standard be restored and action taken toward a general restoration of free gold standard.
•
Volume 136
Financial Chronicle
Prime Minister MacDonald of Great Britain in Radio
Address from London Tells of Conversations with
President Roosevelt in Washington ---War Debts
Discussed. —
Prime Minister J. Ramsay MacDonald of Great Britain, in
an address broadcast from London on May 5 presented an
account of his recent conversations with President Roosevelt
In Washington, and in summing up the results said:
To sum up, the results of these four days of conference have been:
1. The final decision, which has been so long delayed, to open the international conference on the 12th of June.
2. A preliminary examination of the causes of the world crisis and the
means of overcoming them, so that we may co-operate together and with
other nations in procuring good results from the economic conference.
3. A personal exchange of information regarding war debts and an agreement that on their settlement depends the success of the work of the economic conference. As we both pledged ourselves to leave no stone unturned to make that conference a success, this agreement means that we are
to use every means in our power to find a way to settle those debts.
4. An understanding on how to co-operate in trying to bring the disarmament conference to a successful issue.
5. An improvement generally of the friendly relations and the mutual
esteem of our two countries so that the influences making for peace, confidence and appeasement in the world have been undoubtedly strengthened.
I think you will see that we had a pretty strenuous time and that good
work was done, the results of which will, I am sure, be seen particularly in
the deliberations of the coming international economic conference, which indeed was the chief purpose of my visit to Washington.
The forepart of the Prime Minister's address, as given in
the New York "Times" of May 6 follows:
In spite of the differences in circumstances and opinion, there is, if we
can get down to it, a fine foundation of friendship, which it has been the
desire of every Government of which I have been a supported to cultivate.
Can any one with any political vision fail to see what good it would mean to
the whole world and to every worthy cause which is battling to-day for
success if this country and the United States understood each other so well
and had such confidence in each other that their collaboration in such cases
could be assumed as a matter of course?
I tried four years ago to bring out that friendship when I went over to
discuss disarmament with President Hoover. Further to strengthen that
understanding was the main purpose of the Cabinet when it asked me to go
to Washington the other day. In that respect, the purpose of my journey
was well worth while.
The demonstrations of welcome which I received as the representative
of
this nation, from the White House downward, were not only hearty but
heartening. No time or money was wasted in keeping that friendship an
active influence on world politics.
Expected No Final Agreements.
I was in Washington only four days, and agreements
sealed and signed
were completely out of the question. I did not try to make
them, and no
one expected that I should. I did not go to make them. Both
the President
and I wished to consider how our Governments could co-operate
in finding
ways to relieve the economic distress of the world, which
is to be the object
of the discussions at the International Economic Conference,
the meeting
of which, thanks to Washington, has been fixed at last.
If I speak only of the conversation which the President and I had together, my listeners must remember that the co-operation we
talked about
was not only between ourselves •but was such as we both hoped
would include the other nations interested in the subjects which we reviewed.
Every one sees that within recent years far too many barriers
to the easy
flow of international trade have been set up. This parity has
been forced
upon countries like our own by the action of other countries.
But, in principle, no one with the world as it is can believe that national
prosperity can
be secured by simply diminishing the volume of international trade
and exchange.
It can come only by increasing that volume. For instance, if this
country
were to pursue a policy of making itself economically self-sufficient, we
should have to reduce our population by some millions. If we were to
maintain even our present standard of living, that reduction would have to
be natide by large-scale emigration, which will not be possible for years and
years to come, or by devastating destitution which would bring us incalculable suffering and trouble.
2'ariff Understanding Vital.
Therefore, the international economic conference will have to reach an
agreement upon the principles which should govern the height of tariff
walls and upon the removal of purely obstructive devices, like restrictions
on currency movements, which mean that goods sent abroad cannot be paid
for, and such things, perhaps temporarily unavoidable but certainly very
damaging.
This work will not be easy. Make no mistake about that. But with
common sense and good-will, much can be done in that direction.
The Washington conversations showed that the United States were with
us in making the attempt. Both the Governments and others as well will
now work at the details of the problem in preparation for the meetings of
the conference on the twelfth of next month.
Akin to this class of problem is that of the exchange values of national
currencies, pounds, dollars, francs, marks, and so on. When we do not
know from day to day what amounts of goods pounds and dollars are to
buy, healthy trade is much Interfered with.
So, at Washington we found ourselves in agreement that the Governments
of the leading industrial countries should confer on how to keep the ex.
change value of their currencies as steady as possible. Throughout the work
of the conference, I hope that, largely as the result of those conversations,
our two Governments will be able to act with others in devising plans which
will restore a healthy production and exchange of goods which will in turn
provide work for the millions of decent people who find themselves to-day
in enforced idleness. The natural provision of work is the only real cure
for unemployment. Our Governments will enlist themselves in an attack
upon the world crisis.
Sees Wholesale Prices as Key.
At the root of the crisis is the fall in wholesale prices below the levels at
which production can be carried on. These prices must be raised so that it
becomes worth the farmer's while to till his fields and the cotton worker's
to attend to his machines.
3257
Such low prices as lioNN, exist are bad for the whole community and especially bad for the working classes. Men are driven out of employment
under those circumstances, and incomes are reduced below subsistence levels.
So, we must try and raise prices, not for the profiteer, who should be restrained, but for the wage-earner and service-giver, who should be protected.
IVar Debts.
We discussed war debts, and with candid frankness explained to each
other the positions of our respective countries. This is a very hard nut to
crack, and I cannot say that we have yet cracked it. But the subject has
been faced at close quarters, and that is necessary as a preliminary to further consideration. If the international conference is to achieve any fine
results that question must be settled one way or another as quickly as possibly, certainly before the conference ends. Upon that we are in agreement.
Nor did we forget other interesting things like disarmament. It has
reached a serious crisis. The British Government has played a great part
in trying to save the work of the disarmament conference; and I am glad
to report that the Washington conversations have brought our countries
closer together on practical proposals and have already borne fruit from
the splendid co-operation of both of us during the last critical fortnight at
Geneva.
Items regarding Mr. MacDonald's visit to the United States
appeared in these columns April 29, page 2875 and May 6,
page 3066.
Premier MacDonald Tells British House of Commons
United States Will Agree to Consultative Pacts to
Aid Preservation of European Safety if Disarmament Conference Succeeds—Debate on War Debts
Brings Pleas for Leniency on Part of United States.
The United States is prepared to enter into consultative
pacts to increase the security of Europe in the event that the
disarmament conference comes to a satisfactory conclusion,
it was stated in the House of Commons on May 9 by Prime
Minister MacDonald in commenting on his recent conversations with President Roosevelt. The Premier's statement was
enthusiastically received in the House, and later Sir Austen
Chamberlain termed it "the best news that has come to
Europe from America for many a long day." Mr. MacDonald's remarks on this question are given below, as reported
by the London correspondent of the New York "Times"
May 9:
One of the points we both considered and had very clearly in front of Us
was the menace to the tranquillity of mind of Europe which the recent
events in Europe had created. We saw quite clearly the new risks with
which the Disarmament Conference was being faced.
Yet I am very happy to say that the United States Government is prepared to play a further part in tranquilizing Europe by agreeing, if the Disarmament Conference comes to anything like a satisfactory issue, to take It,
part in consultative pacts, the effect of which will be to increase the security
of Europe and the safety of threatened nations against war.
This is a very considerable advance. Secretary of State Stimson began
It in that courageous statement he made before he went out of office regarding the need to redefine neutrality and the present government has expressed
its intention of going further in making its obligations quite definite and
authoritative. An announcement will be made in Washington in due time,
when the matter is further considered and its details dealt with.
During the course of the same debate, the House of Commons frequently brought forward the matter of war-debt
settlement, and although it was generally asserted that
Great Britain should not default, it was also contended that
the United States should show a lenient attitude. In referring
to this discussion, London advices to the New York "Herald
Tribune" said on May 9:
It was Mr. MacDonald himself who brought the matter up by declaring
that President Roosevelt and he were agreed that the economic conference
could not be fully successful unless the debt difficulty was removed before it
opened. Almost immediately thereafter, he produced a certain amount of
confusion by suggesting that debt discussions might proceed in London
concurrently with the conference.
Sir Herbert Samuel brought the discussion back to the debt question and
almost all the following speakers touched on it. Sir Herbert also twitted
the government for an essential contradiction in its policy which, he said.
was brought out by the government's agreeing on the one hand to a tariff
truce and on the other concluding new tariff agreements as rapidly as possible.
It is understood that nothing took place during Mr. Davis's discussion
with British statesmen here which would have committed the United States
to Mr. MacDonald's debt negotiations proposal. It also is pointed out that
America's agreeing to a consultative pact is absolutely dependent upon a
satisfactory outcome of the Geneva arms conference.
"Supreme" Need of Currency Stabilization Stressed by
President of British Bankers—Great Britain's Gold
Accumulations.
Renewed suspension of gold payments by the United States
left the world wondering and bewildered, Rupert Beckett,
Chairman of the Westminister Bank and President of the
Bankers' Association, declared at the association's annual
dinner in London on May 8, said a London wireless message
on that date to the New York "Times," from which the following is also taken:
"It is difficult for the outsider to gain much light from the observations
of responsible people over there," he added, "but one point emerges from
the present welter: the need throughout the world of a basis of currncy
stabilization. It is devotedly hoped that the World Economic Conference
will address itself to that supreme problem with all the assiduity it can
command."
He continued:
"If means can be found to effect stabilization of the leading currencies
in terms of gold and we are asked to accept a basis of exchange our past
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Financial Chronicle
experiences have shown to be not incompatible with our means and prospects,
then I personally favor such a course and I believe world commerce would
benefit thereby.
"Britain has now accumulated gold of some £66,000,000 in excess of
the figure which we rested after the American payment in December, and
though we still have a managed currency I much prefer a managed currency with some gold behind it—though not attached to it—than managed
currency with nothing but management behind it."
London "Economist" Sees Danger in Gold Clause—
Urges Quick Action in United States on Payments
The following from London May 6 is from the New York
"Times":
Commenting on the discussion which has arisen as a result of the gold
clause, "The London Economist" says that although the American debtor
cannot pay in gold, he can pay in paper dollars equivalent to the value of
gold and until there is some change in the law governing the gold content
of the dollar, it will be clearly repudiation on the part of the debtors not to
make good the depreciation of the dollar in terms of gold.
caused by monetary disputes of this
In view of the international
nature, it is to be hoped that an authoritative pronouncement will be made
quickly.
Decrease in Gold Exports from France to England.
From the New York "Times" we take the following from
Paris, May 6:
The past week's rise of 31,000,000 francs in the Bank of France gold reserve resulted from the fact that arrivals of gold from Switzerland and
Holland exceeded exports to the Bank of England or to private individuals.
The latter are on a very small scale. The London loan to the French Treasury
will certainly cause, at least temporarily, a decrease in the movement of
gold from France to England.
The French Treasury will be obliged to sell pounds thus borrowed in
order to obtain francs, and such sales will adversely affect the sterling rate,
thus avoiding the necessity of intervention by the British exchange equalization fund. Furthermore, the prospect of sales of sterling by the French Government will itself cause speculators to slacken their own purchases of
sterling on the Paris market, and therefore the outflow of gold from Paris
to London will be still smaller in the coming weeks.
Cold Ban Seen by London Financier as a Loss to
United States—Embargo Works Two Ways and
Will Cut Debts to Us, He Says—F. H. Hamilton
Believes President Roosevelt Is Relieving Trade of
Burden While Pleasing Voters.
The effects on the war debts of the United States gold
clause suspension and the suspension itself are discussed at
considerable length in a letter by Frederic H. Hamilton, a
noted London financier, which the London "Times" published
May 6 on the editorial page, according to information regarding its proposed publication, contained in a cablegram
May 5 to the New York "Times" which also stated:
Mr. Hamilton says two considerations ought to exercise a restraining influence on British critics: First, British Courts recently ruled out a gold
clause from a Belgian issue which matured after Britain had abandoned the
gold standard; second, that the United States on a paper balance stands
to lose more than it gains by its action on the assumption that debts owing
by Canada alone to the United States and nominally protected by the gold
clause far exceed the amounts due by the United States to foreign bondholders.
"It is impossible to believe," Mr. Hamilton says, "that the Washington
authorities overlooked this or that they imagined for one moment that what
was sauce for the goose would not be eagerly applied to the gander."
Turning then to the "even more important aspect" of the war debts, Mr.
Hamilton says "the wiser beads on both sides of the Atlantic are in practical
agreement that the sooner they are cleared out of the way the better, but
the large mass of American voters consider that the bond to pay the war
debts should be kept to the letter and believe a European default would
result in higher taxation, which they are ill able to bear.
"Surely a deliberate decision of the United States Government to pay its
own foreign debts in depreciated currency despite the fact it had expressly
contracted to honor them in gold and that it commands over one-third of
the metallic gold in the world carries implications of the most far-reaching
character. To believe that President Roosevelt and his advisers were blind
to them is exceedingly difficult, but the alternative assumption points to
conclusions which seem almost too good to be true."
Mr. Hamilton remarks that some apparent hardship to creditors and
purely rentier classes must necessarily ensue, but it is not disputed that a
condition precedent to real recovery is reduction of the dead-weight of fixed
debt, national and international.
"Mr. Roosevelt has taken a decision which can only mean that he regards
the spirit of the bond as more important than the letter. I suggest that this
is the act, not of a fraudulent debtor, but of a courageous and, in the best
sense, conservative statesman who understands far better than his critics its
inevitable and far-reaching consequences."
London Awaits Move for Inflation in United States—
Anxiety in Exchange Market as to How President
Roosevelt Will Use New Powers.
Advices from London May 6 to the New York "Times"
stated:
Apart from renewed wild movements in dollars, quieter and more stable
conditions have been restored in foreign exchanges, but this is not an indication of returning confidence. Anxiety regarding the future is as keen
as ever, and will not be removed until it is seen how the American administration proposes to utilize the enormous powers for inflation now placed in
its hands.
It is felt that America is drifting, and drifting dangerously, at the present
time. In these circumstances the increase of £200,000,000 in the British
exchange equalization fund is considered to have come at an 'opportune
moment. While in the future, as in the past, these additional resources are
•
May 13 1933
required for purely defensive purposes, the significance of the move is fully
appreciated.
It is regarded as highly improbable that the exchange fund will be used
In any attempt to strengthen the dollar. At the same time it is believed that
the American authorities will make no effort to raise sterling. Whatever
action may ultimately be taken jointly in this direction, it will not be until
after the Economic Conference.
Sterling-Franc Rate to Be Held Steadier—British Exchange Fund Will Probably Use French Currency
and Gold Principally.
Under the above head a wireless message from London
May 6 had the following to say:
Sterling's fluctuations will hereafter be smoothed out as far as possible
in relation to the franc, and the exchange fund's operations are likely to be
principally conducted in French currency and in gold. Although recent
purchases of gold by the Bank of England have been very small, and gold
arriving in the open market has been purchased largely for export, it is
not thought that the bank's policy in regard to gold has been reversed.
Further gold purchases either by the bank or for the exchange fund may
be merely suspended pending Parliament's authorization of the increase in
the exchange fund.
Greater steadiness in the exchanges may also account for the smaller
official purchases of gold; which is frequently bought in order to prevent
its export, this being an indirect way of preventing pressure upon sterling.
Since the beginning of the year the bank has secured £66,195,000 gold and
now holds £187,000,000, the high record. The total was £176,500,000 in
September 1928. In that year the maximum addition to the Bank's gold
holding was £24,250,000, or only about one-third of the purchases made
In the last four months.
Federation of British Industries in Forecast for Second
Quarter of 1933 Takes Optimistic View of Future.
In its London advices May 6 the New York "Times" reported the following:
The Federation of British Industries trade forecast for the second quarter
of 1933 states that as a result of America's departure from the gold standard
Great Britain must be prepared for a period of renewed instability which
cannot help disturbing prices and affect placing of forward contracts.
Taking a long view, however, British trade has no cause to be seriously
disturbed by events in the United States. New York, the federation declares,
has been eliminated as a rival banking centre, and the world's faith in
American financial and commercial institutions has received a severe setback. This, it is added, means that if prompt steps are taken to deal with
any special emergencies which America's actions may enforce upon British
commerce in the immediate future, Englishmen may look forward to growing confidence by the standing of this country in the world's markets.
Anglo-German Commercial Agreement Provides
Exchange of Trade Concessions.
The Department of Commerce at Washington, in an announcement issued April 29, said:
An interim commercial agreement exchanging trade concessions to become
effective on May 8 has been signed by the United Kingdom and Germany,
according to a radiogram received in the Department of Commerce from
Commercial Attache William L. Cooper, London.
Under the agreement the United Kingdom is to reduce the imports duties
on certain musical instruments, clocks, toys, Christmas tree ornaments,
jewelry, domestic hollowware, safety razor blades, acetic acid and certain
other chemicals.
In return Germany is granting an increase in the minimum quota for imports of British coal into Germany of from 100,000 metric tons to 180,000
metric tons per month, in addition to admitting approximately 80,000 metric
tone monthly into German free harbors for bunkering purposes.
Anglo-Danish Agreement Provides Mutual
Trade Concessions.
A reciprocal exchange of trade concessions is provided in
the new Anglo-Danish commercial agreement, the text of
which has now been published, it was stated in a cablegram
received in the Department of Commerce from Commercial
Attache William L. Cooper, London. The Department, on
April 29, also had the following to say:
By the terms of the agreement the United Kingdom undertakes to purchase
Danish bacon and hams to an extent of at least 62% of total foreign (nonBritish) imports, with similar provisions for certain dairy products, with
a view to maintaining Danish shipments of these goods at approximately
present levels.
In return, Denmark undertakes to purchase 80% of her total requirements
of coal from the United Kingdom, to maintain coal, iron and steel, and
certain other items in the free list, to reduce the duties on a number of
products, mainly textiles, and not to increase the rate on a long list of
manufactured goods.
It is stated that the agreement recognizes a present inequality of trade
between the countries, and Denmark undertakes to correct the balance by
various direct and indirect concessions to British interests.
United Kingdom Import Duties Modified on Rubber
Footwear, Linseed Oil and Certain Other Products.
Advices, as follows, were issued April 29 by the United
States Department of Commerce:
Treasury orders, effective May 2, provide increased duties on peat products
imported into the United Kingdom and for changing the existing duty rates
on linseed oil and rubber footwear from an ad valorem to a specific basis,
according to a cablegram received in the Department of Commerce from
Commercial Attache William L. Cooper, London.
The orders also reduced the duties on marine vessels and equipment, and
place copper iodide and ships for breaking up on the free list.
Volume 136
Financial Chronicle
New Canada Gold Rule.
The following is from the New York "Evening Post" of
May 10:
The Canadian Minister of Finance has issued this memorandum:
"From April 19 1933, and until further notice, newly mined Canadian
gold deposits at the Royal Canadian Mint, Ottawa, will, on completion of
the assays, bo paid for at the rate prescribed by Clause 4 of the regulations
for the receipt of gold bullion at the Royal Canadian Mint refinery, subject
to later adjustment based on the proceeds of the sale of the gold by the
Department of Finance in London or other world market.
"Such adjustment shall be made at the sole direction of the Minister of
Finance after determination of the net proceeds of sale."
Revised Levy on Cheques and Notes in Canada Goes
Into Effect—Commercial Paper Subject to Tax.
Canadian Press advices from Ottawa April 30 to the New
York "Times" said:
Additional taxation imposed by the Budget, delivered in the House of
Commons on March 21, will come Into effect to-morrow, May 1. This is the
three-cent excise tax on "commercial paper." All tax exemptions on cheques
are removed, with the exception of cheques drawn in favor of farmers by
butter or cheese factories. Previously, all cheques in excess of $5 had to
carry the excise tax. On and after to-morrow the $5 limitation is abandoned
and the tax will be imposed without regard to the amount named in the
cheque.
Another form of the same tax effective May 1 is that which provides for
its imposition on postal notes at the rate of three cents.
The tax will also be applied to certificates, "documents or other instruments of title capable of being sold, transferred or assigned, including
mineral deeds, oil royalties and fixed investment trust shares."
President Roosevelt and Italian Finance Minister Jung
Reach Agreement on Tariff Truce, Disarmament,
International Action to Raise Commodity Prices,
and Necessity for Political Peace—In Agreement
as to Need for Re-Establishment of Fixed Measure
of'Exchange Values—Gold Advocated.
Guido Jung, Italian Minister of Finance and personal
representative of Premier Mussolini, concluded a series of
economic conversations with President Roosevelt on May 6,
and before leaving Washington issued a joint statement with
the President which indicated that the United States and
Italy were in complete agreement on international action
essential to raise the level of world commodity prices. The
statement also reflected a common understanding on such
questions as tariff truce, the desirability of "re-establishing
a fixed measure of exchange values in the world" with the
gold standard as a basis, a synchronized international program of public works, and a concerted effort by the central
banks of various nations to support constructive work. The
communique further contained the phrase that "political
tranquility is essential for economic stability; that economic
disarmament can take place only in a world in which military
disarmament is possible." The arrival of Signor Jung in
the United States, and his earlier remarks here on economic
matters, were described in our issue of May 6, page 3072.
Before his departure from Washington on May 6, he said at
a press conference that each country must solve its own problems regarding the gold content of its unit of currency. He
added that de facto monetary stabilization must be reached
before leg ii international stabilization could be attained.
The statement issued by the President and Guido Jung,
Italy's Finance Minister, follows:
At the close of our conversations we note with profound satisfaction the
close similarity of our views on the questions which are harrassing the world
to-day. The world faces a crisis of the first magnitude.
If normal life is to be resumed, the World Economic Conference must be
made a success. It must not only meet soon, but come to its conclusions
quickly.
The task is so complex and difficult that unless it is approached by all
nations with the fullest and sincerest desire to arrive at a result, the conference cannot succeed. But the other course before the world is clearly
an increase in economic warfare and all nations must co-operate in attempting to avoid this alternative.
We agree that political tranquility is essential for economic stability;
that economic disarmament can take place only in a world in which military
disarmament is possible.
A truce in the field of tariffs and other obstacles to international trade is
essential if the conference is to undertake its labors with any hope of success.
We are in agreement that a fixed measure of exchange values must be reestablished in the world and we believe that this measure must be gold.
The entire problem of raising world prices and restoring the opportunity
to work to the men and women who to-day wish to work and can find no
employment is a unit. It must be attacked as a unit. Along with the
measures which must be taken to restore normal conditions in the financial
and monetary field, and stability in international exchanges must go hand
in hand measures for removing the obstacles to the flow of international
conunerce.
In the period immediately before us, governments must employ such
means as are at their disposal to relieve the unemployed by public works,
and these efforts of individual governments will achieve their fullest effect
if they can be made a part of a synchronized international program.
Similarly, the central banks of the various nations should by concerted
action attempt to provide such adequate expansion of credit as may be
necessary to support constructive work, avoiding as much as possible the
use of credit for illegitimate speculative purposes.
We have found ourselves in the closest agreement on many other measures
to re-establish the economic life of the world and we are both determined to
approach the problems of the World Economic Conference with the firmest
resolve to bring its labors to success.
3259
Economic Discussions at Washington Between President Roosevelt and Argentine Envoys—Agree on
Need for "Economic Disarmament"—Statement at
Conclusions of Conversations Believed to Indicate
Possibility of Trade Agreement Between Argentina
and United States.
Signs generally interpreted a- forecasting the early formulation of a trade agreement between the United States and Argentin t were contained in a joint statement issued at Washington on May 6 and signed by President Roosevelt and
Tomas Le Breton, who has been acting as chief delegate of
Argentina at the economic conferences with the President
and the Department of State. He was assisted by Ambassador Felipe Espil. The conversations were officially concluded on May 6, and Signor Le Breton, who is Argentinian
Ambassador to France, left Washington on the following
day. The chief indication of an agreement on the necessity
for drawing up a commercial pact was the sentence in the
joint statement which read: "We have entere l into related
questions of trade policy in which the two governments have
and important and immediate concern." The recent signing of an Anglo-Argentinian trade agreement is believed to
have had a bearing on similar discussions at Washington.
The statement issued by the President and Signor Le
Breton, follows:
The conversations in which we have been engaged had as their purpose the
fullest possible exchange of views and ideas between our two countries upon
the tasks that confront all countries at the coming economic conference.
They were inspired by the wish to examine all possible phases of economic
and monetary policy, which, by international action, might restore employment, improve prices and the turnover of trade and aid in the solution of
financial and monetary difficulties. The exchange of views was to prepare
the way to action between all countries, and not to lead at the moment to
definite agreements.
The conversations have been characterized by the spirit of warm friendship that has long existed between these two countries, and by the quick
and friendly understanding of each other's mind and spirit which has grown
up between the two countries whose history has made us neighbors in mind
and feeling.
We have joined in the realization that the gradual and simultaneous
economic disarmament of the world is imperative and the restoration of
stable monetary conditions. We have surveyed with a close similarity of
views and judgments the ways and means of bringing about an increased
movement of trade between the two countries and throughout the world.
We have entered into related questions of trade policy in which the two
governments have an important and immediate concern.
These conversations, we believe, will greatly help to forward the common purpose that we have, and to prepare the way for undertakings at the
economic conference and the development of the mutual interests of the two
countries. In warm friendship we will continue to carry forward this work.
Messrs. Le Breton and Espil, constituting the Argentine
mission to the economic discussions in Washington, had
their first business interview with President Roosevelt on
May 2, while on the same day they also conferred with the
United States experts at the State Department, which issued
the following communique after the conference:
At a meeting this afternoon in the office of the Secretary of State, American and Argentine representatives discussed financial and monetary problems in connection with the economic conference and began the discussion of
trade problems, which will be continued to-morrow morning at 11 o'clock
at the office of the Secretary of Agriculture. At the meeting to-day the
following were present:
Senator Key Pittman; William C. Bullitt, assistant to the Secretary of
State; Dr. Herbert Fels, economic adviser, Department of State; Rexford
G. Tugwell, Assistant Secretary of Agriculture; James P. Warburg, Orme
Wilson, acting chief, Division of Latin-American Affairs, Department of
State; Tomas Le Breton, Argentine Ambassador to France; Felipe Espil,
Argentine Ambassador to the United States.
Paris Bourse Closed on Saturdays During Summer
Months.
Paris advices to the "Wall Street Journal" of May 6 said:
The Bourse has suspended Saturday sessions for the summer months,
according to the usual custom, beginning May 6.
Frederic Jenny, Financial Editor of "Le Temps,"
Urges Balanced Budget for France as First Step in
Protecting Franc—Opposes Gold Embargo—Holds
Stock of Metal Adequate to Stand Strain of British
Equalization Efforts.
A plea for budgetary balance to protect the franc and avoid
the possibility of a gold embargo or inflation was made
May 7 by Frederic Jenny, financial editor of "Le Temps," it
Is learned from a wireless account on that date from Paris
to the New York "Times" which continued:
M. Jenny, one of France's important financial authorities, can be said
in a case like this to speak for the Government and the Bank of France.
He sets out to solve the dilemma of whether the franc is in a weak or a
strong position as a consequence of the United States' abandonment of the
gold standard and her evident intention to go in for some degree of inflation.
On the economic side, F. Jenny does not feel that France need have any
fears of the United States gaining great export benefits. He admits Great
Britain's depreciated pound has greatly harmed both the United States and
France, but he does not feel it did the British much good in their export
trade. What little good it did them, he says, was due to the fact that they
were able to keep domestic prices down, whereas the United States intends
to do everything possible to raise her prices.
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Financial Chronicle
. If that happens, he holds, the benefit of depreciated currency will be
nullified. If it does not, France must "energetically force down cost prices,"
which is to say, push deflation still further, which she can do because she
has so far largely avoided the deflation of prices common to the rest of
the world.
M. Jenny holds there must be no thought of inflation with the franc
already devaluated 80%.
II. Jenny does not regard an embargo as necessary to protect the gold
stock of the Bank of France and to offset the danger from the British exchange equalization fund or a possible American fund of the same sort. He
calls the use of the British fund "infinitely regrettable," however.
An embargo, he says, would immediately devaluate the franc and lead
to huge amounts of hoarded currency being converted into commodities or
equity values, which would simply force France's already too high prices
very much higher and inevitably bring inflation.
M. Jenny feels the 80,000,000,000 francs in gold in the Bank of France
is more than enough to meet all possible demands if France will balance her
budget and show the world France is a safe place for investments, thus
demonstrating that she can maintain the franc on a gold basis at the present
level indefinitely.
French Propaganda Fund Approved by Senate.
From the "Wall Street Journal" of May 6 we take the following from Paris (United Press):
The Senate approved the foreign affairs budget which provided for an
appropriation for fr. 33,000,000 for propaganda, particularly in the United
States. Senator Henri Berenger, chairman of the Foreign Affairs Committee, told the Senate that a French propaganda headquarters for the
United States would be established in New York. The Government has decided to "reinforce" the French Embassy in Washington with a publicity
specialist after a minute study of anti-French propaganda in the United
States, he said.
French Demanding Gold on United States Bonds—
Court Ruling Against Effort by Japanese at a
Similar Suspension Stressed—Large Losses Feared.
The following Paris advices May 5 are from the New York
"Times":
French comment regarding President Roosevelt's decision that the gold
clause in bonds would be temporarily disregarded was much calmer than
that in London, and only a few papers even discussed the matter. That
does not mean, however, that the French have not been critical or disappointed, but there is a distinct impression that they had expected such
action.
Since the World War the gold clause has been abrogated more than once
In Europe. The French rentes do not contain a gold clause for internal
loans because it is realized that if just such a contingency arose as the
United States now faces honoring such an obligation would be difficult, if
not impossible.
If the French Government had had to meet her internal indebtedness in
1926 in gold francs instead of francs depreciated 80% it would have bankrupted the country. There are still pending a number of cases in which
Britons are claiming the full original value of their rentes, but France
has steadfastly refused to honor them at the old rate.
Japan Lost Similar Case.
This does not alter the fact, however, that where bonds carry a gold
clause the French feel they are entitled to get full value. Japan for more
than a year carried a case through all the French courts in trying to avoid
meeting City of Tokyo bonds in gold pounds, as stipulated. Two months
ago France's highest court passed judgment ordering Japan to pay in full,
not in depreciated yen. Japan has not done so yet, but presumably will, or
she will not be able to float any more loans in France.
Moreover, France demonstrated early this week that she was honoring the
gold clause in three municipal loans floated in the United States. It is
also being brought up here that the World Court, in three or four oases
since the war, has rendered decisions to the effect that gold clauses must
be honored. It is understood here, these decisions gave the right to the
offended country to seize the property of the defaulting one to equal the
amount of the indebtedness if necessary.
Both French and American bankers in Paris consider the situation at
present as unsettled. They are awaiting a legal decision. Meantime, holders
of American bonds who have coupons to present receive the offer of paper
dollars in payment. If they refuse and demand their gold, they are told the
coupons will be forwarded to the United States for collection. Those who
accept paper dollars, according to a high legal authority, thereby waive the
right to the gold claim in the future.
French Would Lose Most.
From the French viewpoint it should be pointed out that the French
suffer individually more than the British by the arrangement, though there
are fewer holders here. Since the pound is still more depreciated in terms
of gold than the dollar the British holder is still ahead of the game, even
when paid in paper, while the French must take a loss.
The fact that there is a gold clause also in the Mellon-Berenger war debt
agreement is causing discussion here. It is naturally stated that whatever happens on debts the United States could hardly expect foreign countries
to honor a stipulation she herself abrogates. In American circles, it is
being pointed out, however, that there is also a stipulation saying payment
can be made in United States Treasury bonds. Since devaluation of the
dollar would probably bring consequent depreciation of such bonds in France,
advantage could be taken of that fact.
President Roosevelt and Dr. Schacht Agree on Need for
Disarmament—Joint Statement Stresses Relation
Between Economic Parley and Geneva Conference.
A statement declaring that the world economic conference
cannot be a success unless "along with economic disarmament
there is military disarmament," was issued in Washington
yesterday (May 12) at the conclusion of the informal con-.
versations between President Roosevelt and Dr. Hjalmar
Schacht, who is representing the German government. The
statement was signed by both the President and Dr. Schacht,
and it emphasized the necessity of the speedy elimination of
May 13 1933
obstacles to international trade and the creation of stable
monetary conditions. The text of the joint statement follows:
In our conversations we have been guided by the hope that the World
Economic and Monetary Conference may be successful.
Quick and far-reaching solutions are necessary to save the economic
life of the world. We are convinced that this cannot be achieved unless,
along with economic disarmament, there is military disarmament. We
emphasize the necessity of speedy elimination of the obstacles to international trade, and we feel that the creation of stable conditions in the monetary field is equally important. Economic and monetary questions are
so interdependent that the adjustment of both must necessarily go hand
In hand.
Until the restoration of order in economic life has had its effect in
relieving unemployment, all possible endeavors must be made to help
the unemployed by sound internal credit expansion and by a synchronized
International program for the mobilization of public and private credit
for productive purposes. International co-operation is needed above all
else to restore economic life and to insure peace. We fully agree in our
firm resolve to help the world situation by attacking present problems
vigorously along these lines.
Dr. Schacht left Washington yesterday afternoon and
planned to sail from New York for Germany to-night
(May 13).
Dr. Hjalmar Schacht, President of German Reichsbank, on Visit to United States for Economic Discussions with President Roosevelt, Supports Tariff
Truce—In Interview Also Declares Germany Asks
No Moratorium on Private Debts—Germany and
the Gold Standard.
Dr. Hjalmar Schacht, representative of Chancellor Adolf
Hitler of Germany, and President of the German Reichsbank, arrived in the United States on May 5, and after granting a short interview to newspaper reporters, entrained for
Washington. His visit is on invitation from President
Roosevelt, with whom he has this week engaged in economic
discussions. In the interview on his arrival in New York,
Dr. Schacht refused to comment on subjects of his conversations with the President. In a brief radio address, however,
he emphasized the necessity for international co-operation
if the world is to emerge from the depression. The text
of that address follows:
I am coming as a special envoy of the German Government, which
responded to President Roosevelt's kind invitation. I am happy to have
been chosen by Chancellor Hitler for this mission because it gives me the
great privilege to interpret the feelings of admiration which the Chancellor
has for your eminent President, in which the whole German nation joins him.
We admire immensely the courage and ability of President Roosevelt's
approach to the solution of the world's great and most difficult problems in
the economic field.
The last time I came, over two and a half years ago, I had the bad luck
of telling you a good many things which many of you were not pleased to
listen to, but which very soon proved to be true. I cannot act against my
nature. Therefore, if you will allow me, I am going to say some more
truths. Maybe they will be received this time with less criticism because
of the experiences we have meanwhile been through.
The first truth is that there is more hope this time for our making headway in overcoming the world's crisis because you people have taken the
initiative. Let me put it in a few plain words: "The Americans won the
war—they have to make the peace."
The second truth is this: Many people are trying to convince you that
the present economic crisis is based on economic reasons. Don't you believe
them. Our crisis is a moral one. Economic well being will only return if a
fair chance is given to everybody. Instead, all forces are used to keep down
the defeated. He is asked to pay but not allowed to earn, and here is a
certain truth. Don't try to cure the disease at the symptoms. Remove
the causes. Monetary changes, tariff machinery, and similar methods may
ease the feeling for a while, but more is needed. There are many ways out.
One is separation from each other, leading to a lower status of living. The
other is international co-operation in opening up new markets.
Here is our choice—separation and poverty or co-operation and prosperity.
Dr. Schacht has indicated that Germany is, in general,
favorable to the idea of a tariff truce, as recently proposed
by Secretary of State Hull, although he declared that German tariffs are lower than American duties. His views were
given informally at a press interview after his arrival in
Washington on May 5, preparatory to his beginning economic
discussions with President Roosevelt. Dr. Schacht also mentioned during the course of the interview that so far as privt.te debts are concerned Germany asks no moratoriums. In
commenting on the monetary situation he remarked that the
belief that Germany was on a gold standard was largely a
fiction because of the low coverage for her currency. The
Interview, in part, as reported in the New York "Times"
Washington advices, May 5, follows:
Dr. Schacht's first public statements here were made in a press interview,
held in his suite at the Mayflower Hotel, after he had returned from a short
sightseeing tour. He was emphatic in stating that he was not here to discuss
political questions, saying time and again that he personally would not bring
them up in his conversations with President Roosevelt.
"I say now, as I have said before," Dr. Schacht declared, "that there can
be no economic peace in the world without political peace. But I am here
to discuss economic questions only. I am not a politician and have no
political plan for Europe whatsoever and I am willing, decidedly, not to
touch on any question of politics."
Defending the IIitler Government, its envoy said:
"Many people make the mistake of talking about the 'Hitler dictatorship.'
Nothing is as democratic as the present in Germany. First, Mr. Hitler and
his party got the greatest number of votes from the people. They then
Volume 136
Financial Chronicle
went before the Parliament and got a two-thirds vote for power to put their
policies into action.
"Your Government here is exactly like it. First, there was the enormous
popular majority for your President, and then your Parliament gave him
powers to assume the leadership to which the people had elected him. I
think it is the greatest form of democracy on earth to elect a leader and
then to follow him by giving him the power to do the job."
Dr. Schacht disclosed that Germany probably was "nearing the point"
when she would have to do something about her money system, to continue
essential commerce. The belief that Germany was on the gold standard was
largely a fiction on account of the "ridiculously low" gold coverage for its
currency. He had no opinion at this time as to what course his country
might take if it was caught in a squeeze in the present monetary fluctuations
throughout the world.
He had no definite idea as to the place where Germany would fit into
International action against depression.
"I propose to listen carefully to his [President Roosevelt's] ideas, having
in me the greatest desire to fall in with his views, if at all possible," Dr.
Schacht said. "Whatever idea I might have can be expressed in the last
few words on the Lincoln memorial, which I have just seen this afternoon:
Set us have peace with all nations,'"
Favorable to Tariff 2'ruce.
He was sure Germany would be ready, as a general proposition, to enter
the tariff truce as proposed by Secretary Hull. He pointed out, however,
that German tariffs are lower than American duties.
"However," he continued, "concessions are necessary in all trades, and
this question certainly can be submitted to negotiation."
Dr. Schacht was inclined to make light of the debt question. He said
that Germany appeared to be the only nation that wanted to pay its obligations, but added that it was a question of ability to pay.
"We are absolutely opposed to any moratoriums," he stated. "We never
had any moratoriums. We had the Hoover moratorium, but that did not
come from us."
He was referring largely to the private debts owed by Germany, and
declined to discuss the war debts.
German Army Minister Declares Former Allies Cannot
"Dictate" on Terms of Military Service—General
von Blomberg Says Germany Is Willing to Negotiate
but Will Not Be Hurried into Change in Service
Period.
Asserting that Germany was willing to "negotiate," but
not to accept "dictation" regarding the terms of service in
her military organization, General Werner von Blomberg,
Army Minister, declared in an interview on May 8 that the
former Allies are trying at Geneva to graft overnight the
French method of a short-term national militia on Germany.
The interview, in part, as reported by the Berlin correspondent of the New York "Herald Tribune," follows:
"Every unprejudiced observer," he said, "must understand that we
cannot go, between to-day and to-morrow, from the twelve-year period
of
service which now prevails among us to a service period of eight months, as
the British plan provides."
Asserting that Germany needs a gradual shortening of the term of military service, the Reichswehr Minister continued:
"We have shown that we are ready in Geneva to co-operate loyally and
we do not think of preparing difficulties for the disarmament conference,
for, in our position, as a disarmed state in the midst of heavily armed
Europe. we have an especial Interest in the success of the conference: but we
accept no ultimatum in such a decisive question as that of the German
defense system."
General Blomberg began by insisting that the events of the last few
weeks at Geneva had been misunderstood abroad, especially as concerned
the German attitude toward unification of the Continental army systems.
"Many people believe," he pointed out, "that Germany has been making
extraordinary and unnecessary difficulties, without perceiving that this
question, as it has been put at Geneva,causes Germany exceptional difficulties."
Repudiating the impression that the German stand on this issue was a
hindrance to the progress of the disarmament conference as "misleading and
unjust," the Reichwehr Minister declared that "Germany. as is well
known, was one of the countries which first introduced universal military
service."
"The experiences which we have had with it were good," he continued.
"Universal military service has justified itself, not only from a military
standpoint, but also as one of the important means of popular education.
.After our collapse of 1918, universal obligatory service was taken away from
us by the dictate of Versailles and instead a completely alien constitution
was imposed on us. At that time it was the English military system of a
Long-service professional army which we were compelled to introduce and
which still prevails among us.
"Now the disarmament conference is proposing to dictate to us another
alien defense system, namely, a short-service militia army based on the
French proposals. Now it is the English model which we have to follow
and now it is the French ideas which are standard for our defense system.
"Where is the consideration for our own social needs and conditions?'.
Ambassador Davis Tells German Representative that
Reich's Tactics on Question of Rearming Imperil
Geneva Conference.
Norman H.Davis, special Ambassador of President Roosevelt, on May 9 told Dr. Alfred Rosenberg, Chancellor Hitler's
chief advisor on foreign affairs, that the United States disapproves strongly of the representations recently made by
Germany before the disarmament conference at Geneva. The
conversation between Mr. Davis and Dr. Rosenberg, at
London, was reported in substantially the same form by
correspondents of several American newspapers, and is said
to have included a statement that the United States Government will never consent to rearmament by any nation and
considers that Germany's recent demands for military
strength imperil the existence of the disarmament conference.
3261
Further description of the conversation, as contained in
London advices to the New York "Times" May 9, follow:
If the conference were to collapse, Mr. Davis said, it would profoundly
disturb the peace of the world and Germany would be held responsible.
Incidentally, he warned that failure at Geneva would jeopardize the prospects of the World Economic Conference, and he begged Dr. Rosenberg to
urge moderation on the German delegates at Geneva so as not to endanger
the economic recovery of the world.
Tonight it was said authoritatively that what Mr. Davis had told Dr.
Rosenberg had the whole-hearted approval of the British Government.
Sir John Simon, the Foreign Secretary, is reported to have echoed Mr.
Davis's views and put them even more strongly when he received Dr.•
Rosenberg at the Foreign Office later ln the day.
Despite blunt talk on both sides, the meeting between Mr. Davis and
Dr. Rosenberg was fruitful and produced the first possibility of reaching
a settlement on Germany's demands at Geneva. The German representative,
who showed a thorough knowledge of the disarmament problem, laid great
stress on yesterday's statement by General Werner von Blomberg, German
Defense Minister, that the transition from a professional army to a shortterm militia must be "gradual." He tried to convince Mr. Davis that
Germany was not opposed to the militia proposal as such, but merely
needed time_to carry it out.
Nazi Influence Extended over German Industry—Federation to Be Placed Under Government Control.
The Federation of German Industries was brought under
Nazi influence on May 3, through the appointment of two
Reich commissioners, Otto Wagner and Alfred Moellers, to
the directorate of the Federation. They will act jointly with
the President of the organization, Dr. Gustav Krupp von
Bohlen und Holbach. Dr. Krupp engaged in conference with
Ohancellor Hitler on May 3, and later issued a statement
Which was reported as follows by the Berlin correspondent
of the New York "Times":
"In agreement with the principles of the National Socialist Government,
the idea of leadership will be realized throughout all German industrial
organizations."
Dr. Krupp will continue as the head of the Federation, in order, says the
statement, "to harmonize economic facts with political necessities and
further to bring the new organization into agreement with the political
aims of the National Socialist Government, at the same time rationalizing
it and raising its efficiency so as to make it an effective instrument of
industry within the framework of the National Socialist scheme for economic
reconstruction."
The details of the reorganization have yet to be worked out. Dr. Krupp
will preside over all committees. The guiding principles, according to the
statement, must be "simplification and the maintenance of self-government."
"The Federation realizes," the statement concludes, "that reform rests
on the personal initiative of employers and workers, and on the other side
on complete acceptance of the national idea and national responsibility. It
further realizes that success depends not only on external organization but
on the spirit in which the reorganization is carried out."
The details of the reorganization of German labor, although not yet clear,
are expected to be announced soon and to amount to the establishment of
one big union solidly built into the scheme of the National Socialist State.
Committee at Disarmament Conference Votes Not to
Include Nazi Storm Troops as Part of German
Army Under Proposed Treaty.
Nazi storm detachments in Germany should not be counted
as part of the army permitted to the Reich under the proposed disarmament treaty, according to a decision reached
on May 1 by the Effectives Committee of the World Disarmament Conference, meeting at Geneva. The deciding vote was
cast by the United States. There had recently been much
controversy over this issue. France and her Allies contended
that the storm troops represented trained military forces,
and must be included in allotment of effective strength.
Germany attempted to offset this contention by asserting
that French army reserves must also be included as part of
the military establishment. Countries voting against considering the storm troops comprised the United States, Great
Britain, Japan, Sweden, Holland, Austria and Hungary.
Those ranged on the other side of the question numbered
France, Poland, Yugoslavia, Rumania, Czechoslovakia and
Belgium. Italy did not vote.
Chancellor Hitler in May Day Address Outlines Economic Program—Plans to Draft German Youth for
Labor—Other Projects Include Public Works Construction, Agricultural Relief and Lowering of
Interest Levels.
In a speech which had been widely heralded as containing
a broad definition of his economic program, Ohancellor Adolf
Hitler of Germany addressed more than 1,000,000 persons
in a celebration at Berlin on May 1. The principal subjects
considered by the Chancellor included agricultural relief,
unemployment relief through construction projects, promotion of industry through liberalization of wage and tariff
agreements, and the reduction of existing interest rates.
He also said that compulsory manual labor for every young
German would be introduced during 1933, but he did not indicate whether this would be paid for or how it would be
financed.
Financial Chronicle
3262
The Chancellor's address was reported as follows by the
Berlin correspondent of the New York "Times" on May 1:
The cardinal points of Chancellor Hitler's economic program were only
vaguely outlined in his speeab, which dwelt at length on the significance
of May 1 as observed in Germany to-day.
Herr Hitler said it would remain a fixed holiday in the nation's history
if only because it marked the end of internal class warfare.
Adverting to his program, he singled out the following points:
Compulsory manual labor for male citizens.
Agricultural relief through adoption of comprehensive reforms intended
to restore agriculture to its primary place in the nation's economic system.
Unemployment relief through initiation of a gigantic scheme of road and
waterway construction and public and private building undertakings.
Promotion of private industrial initiative through loosening of union
wages, and tariffs and revision of existing cartel commitments.
Reduction of existing interest levels.
Concerning his program, the Chancellor said:
"We want to imbue, nay burn, into the minds of our people: German
people, you are not a second-class people, even if a thousand times the
world wants to have it that way; you are not inferior in value or secondary
in importance.
Challenge Is Given.
"German people, remember yourselves I Remember your past, the achievemental,of your fathers, the achievements of your own generation! Forget
your 14 years of disintegration and rise to equal the 2,000 years of German
history!
Germans, you are one people, a people who are strong if you want to be
strong. Those millions who to-day demonstrate in Germany will, perhaps,
go away with a feeling of newly acquired unity, and, therefore, with the
impression of newly acquired strength. I know, my comrades, your step
to-morrow will again be firmer than it was yesterday, for you all feel
that this nation may to-day be assaulted, may be chained—but they cannot
bend or humiliate us any more.
"This day is to proclaim to the future that Germany has resolved to
root out the ghastly prejudice that manual labor can be a disgrace. This
prejudice we mean to tear out of our people, just as in the past we removed
the prejudice against the soldier.
"When we came forward with the idea of compulsory labor service,
representatives of the dying Marxist world fell upon us with the cry: 'A
new attack upon the proletariat, against labor and the workers.'
Prejudice la Attacked.
"Why? They knew very well it was not an attack upon labor, but upon
that horrible prejudice.
"Millions are still living among us who have no understanding at all of
the significance of manual labor, who do not comprehend that Germany can
take care of its proletariat.
"What we want is to re-educate the German people by making it everyone's duty to work, and thus to impress upon them that manual labor is
just as honorable as any other activity.
"Thus we are irrevocably resolved that every German—rich or poor, son
of the scholar or of the factory worker—shall, at least once in his life, be
inducted into manual labor so he may get to know it and also learn to command better, because he has learned to obey.
"We do not delude ourselves into imagining that Marxism can be abolished by external means only. No, we mean to remove its presuppositions,
and among them the presumptuous conceit that makes some look down
on their comrades at the lathe or the plow. And the German workman,
too, must learn to realize that no one has a right to think himself better than
his fellowlnan. All must learn to think of themselves as simply members
of one great community."
To Effect Plan This Year.
This idea of compulsory labor, Chancellor Hitler said, will be carried into
execution this year. For the rest of the outline of his economic program
the Chancellor did not go beyond generalities. He emphasized:
"There can be no recovery for Germany's body economic unless a synthesis is found for the freedom of the creative mind and its duties to the
commonweal. It will thus be our aim to give to contracts only the importance due them. Humanity does not live for the sake of contracts, but
contracts are to facilitate human existence."
To secure freedom and initiative the Government will continue to eliminate Marxist influences, Herr Hitler said, adding significantly:
"A decision •by majority vote never means a victory for reason, but for
unreason, mediocrity, uncertainty, weakness and cowardliness."
The salient point in his economic policy, the Chancellor announced, will
be to secure agricultural interests as the foundation of the nation's economic existence. The farmers had been neglected and ruined through 14
years of misrule, he said.
Next the Government plans the abolition of unemployment by means of
private and public enterprises. The chief item under the latter head will
be the development of Germany's system of highways, of which the Chancellor said:
"A gigantic task, calling, I daresay, for billions. We shall tackle it on a
grand scale and break up all resistance."
Private enterprise under the plan is to aim particularly at reconditioning
and enlarging housing facilities, but as to how this is to be done there was
no indication except the general remark:
"It is the duty of every business man, property owner, shopkeeper and
every individual to contribute within his means toward creating an opportunity for labor."
Turning to the question of industry, the Chancellor said:
"We shall carry out what to us National Socialists has been self-evident
for many years, and in connection therewith establish a commercial policy
that shall secure the stability of industrial production without ruining German agriculture.
•
Says People Must Aid.
"We want work and we shall work. All this, however, in the final analysis, depends upon the German people themselves; the confidence which they
give us—the Government—depends upon the force with which you pledge
yourselves to the national spirit. Only if all of you unite in the desire to
save Germany can Germany be saved.
"But, then, we know that all human labor eventually will be in vain unless
the blessings of Providence are added. We do not belong to those who
chiefly rely upon the beyond. No. We want work and we want to wrestle—
wrestle for our people, wrestle for a solution of our problems and of our tasks.
"We know the difficulties and these difficulties will have to be overcome.
Nothing is given to us. Just as the road of 14 years ago was an internal
struggle, a road which frequently almost left us in despair, so the way into
May 13 1933
the future will be hard. The world continues to persecute us. We want
peace.
"But the world turns against us—does not want to recognize our right
to live, does not want to recognize our right to protect our lands and our
people.
"My German people! If thus the world stands against us, we must all
the more become united and must tell the world:
"'You may do what you want, but never will you bend us and never will
you force us to accept your yoke. The demand for equal rights you will
never strangle in our people. The German people has found itself. It will
no longer suffer those who are not for Germany.'
"We want honestly to earn and to lift up our people through out assiduity
and our persistence. We do not ask the Almighty, 'Lord, liberate us.'
We want to work, live together in brotherly love. For that hour will
come when we may."
The Chancellor concluded by saying:
"Lord, Thou seest we are a changed people, but we are no longer a
people without honor, disgraced, mortified and with little faith. No, Lord,
the German people has become strong again in its spirit, strong in its will,
strong in its persistence, strong in bearing all sacrifices. Lord, bless Thou
our fight for liberty, and, therefore, for our people and Fatherland."
Germany Will Welcome Foreign Business Which Conforms to New Economic Program.
The German Government will welcome foreign business to
Germany provided foreign business conforms to the new economic program in that country, according to a statement
made to the Berlin correspondent of the New York "Times"
on April 27 by Dr. Paul Bang, Under-Secretary of the Ministry of Economics:
"The German Government recognizes the advantages of the investment of
foreign capital in Germany, even in the form of branch factories in this
country," the statement said. "The Government views such investments as
a sign of confidence in Germany. It knows that such investments make
possible the employment of many German workers and also give new impetus
to economic activity.
"The Government is by no means hostile toward foreigners in the sense
that the privilege of doing business in Germany would be granted to no
foreigner.
"At the same time the Government must naturally emphasize that it
cannot permit the creation within German economy of individual units working against its aims and efforts. It must demand that foreign business
establishments unreservedly participate in the realization of Germany's economic program.
"The Reich Government will further protect foreign business establishments in Germany all the more readily the more the opportunity is granted
to German business to do business in foreign countries and establish factories
abroad.
"But even to-day I want to assure you that foreign business establishments
have nothing to fear in Germany and that within the limits already mentioned they will receive every encouragement and protection."
Germany Not to Make Payment on Young Loan in
Gold—Bank for International Settlements to
Oppose Move.
Associated Press advices from Basle, Switzerland, published in the New York "Sun," said:
Germany has informed the Bank for International Settlements that it
Intends to pay on June 1 the interest on the dollar, pound and kroner
portions of the international Young 534% loan on the basis of the face
value of these respective currencies instead of upon the gold basis.
On the ground that this is contrary to a clause of the loan stating that
the interest is to be paid on the gold value basis, the bank will decline to
accept the payment and as trustee for the loan has requested Germany
to comply with the gold clause as she has done hitherto.
Count Krosigk, German Minister of Finance, notified the world bank
of this intention, saying that it was based upon decisions of certain British
courts that the interest and principal of sterling bonds containing the
gold clause are nevertheless payable in sterling at a nominal amount only,
and in view of the action of the United States to the effect that dollar
bonds containing the gold clause are payable in current legal tender at the
nominal dollar amount only.
Since September 1931 when the pound and the kroner abandoned gold.
Germany has been paying interest on this loan on the gold basis.
The world bank reserved the rights of the bondholders on this loan.
Speyer & Co. Purchase for Cancellation Through Sinking Fund Portion of City of Dresden Bonds.
Speyer & Co., as fiscal agents, announce that there have
been purchased and canceled for the Feb. 1 1933 semi-annual
sinking fund instalment $197,000 bonds of the City of Dresden 7% sinking fund gold loan of 1925. Out of an original
issue of $5,000,000 bonds, there remain outstanding $3,223,500 bonds.
Portion of Bonds of Westphalia United Electric Power
Corporation Retired Through Sinking Fund.
Speyer & Co., as fiscal agents, announce that there have
been retired through cancellation for the 1933 sinking fund
instalment $310,000 bonds of the Westphalia United Electric Power Corp. first mortgage 6% gold loan, series A.
"Financial and Economic Review" of Amsterdamsche
Bank, N. V., of Amsterdam, Holland.
The 35th issue of the "Financial and Economic Review,"
published quarterly by the Statistical Department of the
Amsterdamsche Bank, N. V., of Amsterdam, Holland, has
been made available by the bank. It contains a detailed
report on all circumstances that have been of influence on
the financial and economic conditions of that country
Volume 136
Financial Chronicle
during the first quarter of the year 1933. The review is
usually preceded by an article written by some authority on
the subject dealt with. This time an article has been
inserted written by A. Guyot van der Ham, Chief Engineer
at the Technical Bureau of the Colonial Department at The
Hague, entitled "Tin and the World Crisis."
Amsterdam Shipping Much Gold to Paris-61,000,000
Guilders Dispatched in Two Weeks—Holland's
Note Cover Remains Above 90%.
The "Wall Street Journal" of May 6 reported the following from Amsterdam:
The Nederlandsche Bank has exported 51,000.000 guilders of gold to
France and Belgium in the last two weeks. This leaves the gold reserves
of the bank at 900,000,000 florins and gives a note cover of 90.5%.
Satisfaction has been expressed by the decision of the Dutch and Belgian
governments to pay coupons on a gold basis, but there is strong criticism
here for the failure of Germany to follow suit
Dutch
Gold—But Immediate Abandonment
of Standard Is Unlikely.
The following (Associated Press) from Amsterdam,
Holland, May 8, is from the New York "Times":
Hoarding
There is still a feeling of uneasiness here regarding the currency situation.
although the immediate danger of Holland's abandoning the gold standard
seems cleared away.
Despite the statement of L. J. A. Trip, President of the Bank of The
Netherlands, on Saturday, that the bank would continue to deliver gold,
the demand for the yellow metal sharply increased to-day and the value
of the 10-guilder gold coin has risen.
Swiss Banks Face Curb—Federal Financial Department
Acts to End Export of Money.
Geneva advices May 3 are taken as follows from the
New York "Times":
The Federal Financial Department adopted to-day a project to control
the banks of Switzerland. The measure was taken to end the export
of money and safeguard public savings.
To float foreign loans in this country the banks will have to obtain the
National Bank's authorization.
Press Deplores Belgian Decision to Pay Coupons on
Loans Floated in United States at Gold Value.
From the New York "Times" we take the following from
Brussels, May 9:
Some newspapers have protested vehemently against the decision of
the Belgian Government to pay coupons on loans issued in the New York
market in 1924 and 1920 at their gold value, provided they were stamped
at the National Bank before May 4.
Stock certificates for stamping have poured into Brussels by air mail.
The newspapers estimate that $100,000,000 worth, or two-thirds of the
issues, reached Brussels in time for stamping.
Senator Armand Huymans, a Liberal, has given notice that he will
question the Government in Parliament on the subject. The newspapers
charge that the Finance Minister, by his action, is encouraging unpatriotic
Belgians to invest their money abroad.
Dictatorial Financial Powers Voted to
Belgian Government.
Under date of May 9 a cablegram from Brussels to the
New York "Times" said:
Italian Corporations to Disregard Gold Clause in Dollar
Loans Floated in New York.
The following is a cable dispatch from Rome, dated
May 6:
Italy Recalls $4,802,500 in Gold—Holdings Now at
Record High—Little Remains Under Earmark at
New York Federal Reserve Bank.
The following is from the "Wall Street Journal" of May 1:
Withdrawal of $4,802,500 from the stock of gold held here under earmark
for foreign account on Saturday and shipment of a corresponding amuont to
Italy is believed locally almost to complete the repatriation of gold held
here under earmark for the account of the Bence d'Italia. This is the third
shipment of earmarked gold to be made to Italy since the gold embargo and
brings the total withdrawn to $23,857,000.
Since the early part of February, the Banca d'Italia has pursued a policy
of covering its foreign balances into gold. Foreign exchange reserves between
Feb. 10 and April 20, the date of the last available statement, dropped
595,000.000 lire to 708,000,000 lire while gold holdings increased 559,000.000
lire to a new high record of 6,424,000,000.
During February, it is believed that the Banat d'Italia was engaged in
converting its dollar balances into gold. Since the early part of March,
however, this has not been possible and the fact that the weekly
statements
show a continuation of the decline in foreign balances and roughly
corresponding increases in gold reserves indicates that the Bank has been
converting holdings of currencies other than dollars into gold.
For the past year, the Bank has been engaged in a program of building
up its gold reserves and to this end has been purchasing gold jewelry, coin
and old gold from the public. This has been instrumental in the increase
of
1,395,000.000 lire in the gold reserves during that period.
The repatriation of the gold held abroad under earmark, of course, does
not add to the gold reserves of the Bank. The addition to the reserves came
when the balances were actually converted into metal and the transaction
was reflected in the subsequent statement.
The following table compares the principal items in the statements of the
Banes d'Italia since the first of the year and the changes which have taken
place during that period.
(in Lire).
aro. 20
Apr. 10
Mar.31
Mar.20
Mar. 10
Feb. 28
Feb. 20
Feb. 10
Jan. 31
Jan. 20
Jan. 10
Coil.
§-MUM
After the acceptance of the inflation bill by the United States Senate. the
dollar dropped from 8.40 to 7.40 shillings, but recovered to almost 8 in the
course of the week. A substantial amount of hoarded dollar banknotes
came on the market and, as far as possible under existing foreign exchange
restrictions, were converted into pound sterling and French and Swiss
franai. While the estimate of the amount of hoarded dollar banknotes in
Austria is difficult to make,it can safely be assumed that they total millions.
Other persons ridding themselves of these hidden treasures bought schRllng
securities as the schilling is again regarded as fairly stable. Consequently
schilling bonds registered another rise of 3 to 5 points above last week's
average.
The promise of the Central Bank that the monthly quotas of government
loans will be transferred on May I was only partly fulfilled. Only 50%
of the PaYments maturing in April were transferred, not including the
League of Nations loan. Reserves put aside for these purposes are now
used up and, if transfer cannot be resumed before June 1, when the semiannual League of Nations loan coupons mature, the guaranteeing states
will have to advance money for the May quota.
The decrease in unemployment is slower than last year. In the textile
and clothing industries, which in other years recorded Intensification of
production in spring, working capacity has decreased.
Italian Bonds.
The decision of the Italian corporations having dollar bonds outstanding
to abrogate the gold clause in their bond contracts, if it had been announced
a few weeks ago, would have aroused a storm of indignant condemnation.
As it was, there was little comment in Wall Street on the subject. In view
of President Roosevelt's explanation in his Sunday night radio talk of the
Inconsistency in the gold clause, it would be difficult to criticize the Italian
action. Wall Street will scarcely be surprised if other foreign debtors
take the same course.
§g§§§§§§gg
.4:4-..t.:1,i4oioirioi.i
Austrians Switch Dollar Hoards to Other Moneys—
Millions Estimated Held in American Banknotes.
A cablegram (copyright), as follows from Vienna, May 6,
is taken from the New York "Herald Tribune":
In its issue of May 9 the New York "Times" said:
N,
.01,
0N1-MCO.3.1..!
VMCINN.WWWWW
0605,6060506.66
Dictatorial financial powers, in some respects similar to those granted
to President Roosevelt, were voted to-night by the Belgian Chamber to
the present Government. The measure, passed by a vote of 99 to 81,
allows the Government during a throe-month period to take measures by
decree to facilitate treasury operations, to contract long- and short-term
loans and to modify State pensions and subsidies.
Many pension abuses known to exist probably will be swept away by
Government action and much stricter inquiry concerning unemployment
relief is to be expected
3263
The Italian corporations that floated dollar loans in New York totaling
$235,800,000 have unanimously agreed to abrogate the gold clause in the
bond contracts and pay interest in depreciated collars. The agreement
became known only to-day, but it was made ten days ago and thus before
the United States Government's announcement of abrogation of the gold
clause in Government bonds.
When the agreement was revealed it was first thought to be a reprisal
against the United States for the abrogation, but the fact that it had been
concluded ten days ago showed it had been made to take advantage of the
dollar situation.
Firty-three corporations participate in the accord. The annual interest
payments involved average approximately $18,000,000.
Since the average quarterly payment is $4,000,000, the Italian corporations, on the basis of the present rate of exchange, would save more than
$500,000 this quarter. The average rate of interest is 7%.
The ironic fact, however, is that Italian citizens are the chief sufferers
from this decision, since a large proportion—in some cases a majoriy—
of these bonds have been repurchased here. Their dollar income is now
worth 12% fewer lire.
Italian Government bonds and municipal dollar bonds are not involved
In this agreement, and it is not known what action will be taken concerning
them. Any decision in that matter will await the return from Washington
of Guido Jung, the special Italian delegate to the Washington conversations. These bonds total $174.000,000, including $100,000,000 of a Morgan
loan, $30,000,000 of bonds of Rome, $30,000,000 of Milan and $14,000.000
of Genoa. All these have been partly redeemed.
Foreign
Balances.
Note
Circulation.
Proportion
of Reserves
to Liabilities.
708,000,000
800,000,000
802,000,000
852,000,000
913,000,000
962,000,000
1,232,000,000
1,303,000,000
1,307,000,000
1,306,000,000
1,306,000,000
12,869,000,000
13,019,000,000
13,117,000.000
12,768,000,000
12,913.000.000
13,048,000,000
13,188.000,000
13,350,000,000
13,432,000.000
13,212,000,000
13,579,000.000
49.17%
49.20%
48.50%
49.31%
49.06%
48.56%
46.62%
46.74%
46.69%
47.30%
46.76%
Greek Government to Hold Drachma Unchanged—
Seeks to Maintain Stability at Present Level.
From the "Wall Street Journal" of May 9 we take the
following:
It can be said authoritatively that the Greek government is
determined to
maintain the stability of the currency at present levels and leave the
gold
value of the drachma unchanged.
The suggestion that the drachma be devalorized in the event
of further
depreciation in the dollar and the pound sterling originated with
Industrialists but was made publlc by the President of Association Greek
Societes
Anonymes, He Is the brother of the Finance Minister and
the announcement consequently was regarded much in the light of an
official pronouncement.
Amortization in Cuba—Treasury Opens Offers to Sell
It $1,300,000 Sugar Bonds.
Havana advices May 9 to the New York "Times"
said:
Bids were opened today by the Cuban Government
for the amortization
of tlif;300,000 of sugar stabilization bonds
issued in November, 1931.
againstasluii:Lanrisceyseratetleunrdzivthe gAntIcts
oogiryeeartesatn
ria
ctvieornak?elapnr.i The gime
ed
It was stated that bondholders offered to surrender
a total of0,
o
526.460.
At the same time bids also were opened in the
New York offices of the Chase
bank. The price in New York was not announced
here.
Financial Chronicle
Market Value of Bonds Listed on the New York Stock
Exchange-Figures for May 1 1933.
The following announcement was issued by the New York
Stock Exchange on May 9, showing the total market value
and the average market price of all listed bonds on the
Exchange:
As of May 1 1933 there were 1,552 bond issues aggregating 840,948,359.418 pax value listed on the New York Stock Exchange, with a total market
value of $31.354,026,137.
This compares with 1,551 bond issues aggregating $41,006,057,318 par value listed on the Exchange April 1 with
a total market value of $30,554,431,090.
In the following table listed bonds are classified by governmental and industrial groups, with the aggregate market
value and average price for each:
Market Value.
United States Government
Foreign Government
Railroad Industry. (United states)
Utilities (United States)
Industrial (United States)
Foreign companies
All bonds
Aver. Price
815.085.877,419
3,965,497,139
6.028,0.55,353
3,079,061,504
1,928,394,442
1,267,140,280
$100.18
66.10
56.45
81.68
61.88
54.51
$31,354,026,137
$76.57
The following table, compiled by us, shows the total
market value and the total average price of bonds listed
on the Exchange for each month since Jan. 1 1932:
1932Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Sept.)
Market
Value.
Arerage
Price.
$37,848,488,806
38,371,920,619
39,347,050,100
39,794,349,770
38,8913,630,488
36.858,628,280
37,353,339,937
38,615,339,820
40,072,839,336
$72.29
73.45
75.31
76.12
74.49
70.62
71.71
74.27
77.27
Market
Value.
Average
Price.
1932Oct. 1
Nov. 1
Dec. 1
340,132,203,281
39,517,006,993
38,095,183.063
$77.50
76.38
73.91
1933Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
$31,918,086,155
32,456,857,292
30,758,171,007
30,554,431.090
31.354.026.137
$77.27
78.83
74.89
74.51
76.57
Market Value of Listed Stocks on New York Stock
Exchange May 1 $26,815,110,054, Compared with
$19,914,893,399 April 1 -Classification of Listed
Stocks.
As of May 1 1933 there were 1,221 stock issues aggregating 1,293,545,655 shares listed on the New York Stock
Exchange, with a total market value of $26,815,110,054.
This compares with 1,221 stock issues aggregating 1,292,601,719 shares listed on the Exchange April 1, with a total
market value of $19,914,893,399, and with 1,228 stock issues
aggregating 1,296,231,953 shares with a total market value
of $19,700,985,961 on March 1. In making public the May 1
figures on May 6 the Exchange said:
As of May 1 1933 New York Stock Exchange member borrowings on
security collateral amounted to $322,492,188. The ratio of security loans
to market values of all listed stocks on this date was therefore 1.20%.
As of April 1 1933 New York Exchange member borrowings on security collateral amounted to $310,961,581. The
ratio of security loans to market values of all listed stooks
on that date was therefore 1.56%.
In the following table listed stocks are classified by
leading industrial groups, with the aggregate market value
and average price for each:
Mag 1 1933.
Total Short Interest on New York Stock Exchange
During April 1933.
The New York Stock Exchange issued its compilation
showing the short interest on stocks during April on April 6.
Under the ruling of the Exchange made Sept. 16 1932,
calling for weekly instead of daily reports of the short
positions of members (as noted in our issue of Sept. 24
1932, page 2083), the figures show the short position at the
opening of business on Mondays. The highest total for
the month was reported on April 3 at 1,464,874, as compared with 1,464,063 on March 3, which was the highest
total reported for that month. The Exchange's announcement was issued as follows:
The following statistics, which have been compiled from information
secured by the New York Stock Exchange from its members, show the
total short interest existing at the opening of business on each Monday
during April and the first Monday in May 1933:
1,427,696
*1,484,8741Apr. 24
Apr. 3
1 415,330
1,448,338 May 1
Apr. 10
1,438.139
Apr. 17
•Last published figure.
Richard Whitney Re-elected President of New York
Stock Exchange-Warren B. Nash Again Treasurer.
The New York Stock Exchange announced on May 8
that at the annual election of the Exchange held that day,
the following officers were elected for the ensuing year:
President, Richard Whitney; Treasurer. Warren B. Nash.
Ten members of the Governing Committee for term of four years: Harold
Hartshorne, (S. B. Chapin dc Co.): Louis E. Estateld. (Henderson & Co.);
Walter L. Johnson, (Shearson, Rammill & Co.): Peter J. Maloney, (Peter
J. Maloney & Co.); Harry H. Moore, (Hallgarten & Co.); Charles M.
Newcombe, (at J. W. Davis & Co.): Joseph H. Seaman, (Shields & Co.):
George M. Sidenberg, (Halle & Stieglitz); Edward T H. Talmage Jr.,
(Clark, Dodge & Co.); Alexander C. Yarnell, (Yarnell & Co.).
Trustee of the Gratuity Fund for the term of five years: W. Strother
Jones, (Cyrus J. Lawrence & Sons).
At a special meeting of the Governing Committee of the
New York Stock Exchange held May 9, Allen L. Lindley
was elected Vice-President of the Exchange and E. T. H.
Talmage Jr., Assistant Treasurer. The nomination of the
officers was referred to in our issue of April 22, page 2702.
Bernard Smith Retires as Superintendent of New York
Stock Exchange Building-In Service of Exchange
59 Years.
Bernard Smith, veteran superintendent of the New York
Stock Exchange Building, retired May 9, after 59 years of
service with the Exchange. He will continue to have a
desk in the office of the Building company to do such work
as he may care to. Mr. Smith, who is 77 years old, is the
oldest employee of the Stock Exchange both in age and in
years of service. He has served the Exchange for a longer
period than any other employee in its history. Am announcement issued by the Exchange on May 9 continued:
May 13 1933
Richard Whitney, President of the Stock Exchange, presented to Mr.
Smith on May 8, in the presence of Warren 13. Nash, President of the
Stock Exchange Building Co., and other officials, a testimonial on behalf'
of the Executive Committee of the Building Co.
In 1924, on the completion of 50 years of service, Mr. Smith was given a.
three months leave of absence, a diamond service pin and a purse of gold
by the Exchange.
Market
Value.
A..tos and accessories
Financial
Chemicals
Buildings
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 business
Leather and boots
Tobacco
Garments
IL S. companies operating abroad__....
Foreign companies (Incl. Cuba & Can.)
All listed stocks
3
1,497,011,287
732,928,545
2,444,271,453
187,779,401
771,836,175
2,069,876,822
208,529,427
289,555,457
84,583.985
30,890,489
753,062,944
871,933,685
2,714,160,456
127,337,870
1,300,500,939
2,880,446,820
1,222.822.795
131,908.351
1,969,516489
1392,993,989
2,228,737.806
135,097388
178,174.4
190,670,878
5,792,894
14,370,656
56,729.932
211,907.255
1,319,121,377
9,820,791
505,940,008
498,798,920
April 1 1933,
Aver.
Price.
$
14.20
13.73
35.20
11.92
18.89
29.22
20.50
25.78
4.07
8.18
15.82
14.47
14.75
7.58
20.97
25.00
30.86
11.93
28.45
12.14
59.28
13.29
9.31
17.93
2.77
4.26
12.65
30.74
50.88
7.55
15.33
13.46
lkfarket
Value.
Aver.
Price.
$
$
880,076,803 8.35
556,430,569 10.40
1,656,371,758 25.11
125,061,461 7.94
517,569,549 12.67
1,586,190,644 22.38
112,288,668 11.15
218,624,231 19.47
40,396,286 2.56
21,553,272 4.30
558,233,944 11.68
532,716,949 8.84
1,944,189,697 10.56
92,704,867 1 5.52
1.027,506.294 15.69
2,359,085,553 20.48
741,581,057 18.72
90,512,580 8.19
1,886,830,571 124.37
947,021,137 9.64
1,949,882,289 51.88
114,553,555 11.27
113,015,594 6.34
130,859,041 12.31
5,074,282 2.43
10,252,415 3.04
51,794,521 111.55
152,992,770 122.18
1,019,719,223 39.32
8,402,410 6.46
340,526,454 10.32
325,074,975 8.77
26.815.110.054 20.73 19,914.893,399 15.41
Ruling of New York Stock Exchange on Municipal
Exterior Loans of 1919 of French Cities of Bordeaux,
Lyons and Marseilles.
The New York Stock Exchange through its Secretary,
Ashbel Green, issued the following announcement on May 5:
NEW YORK STOOK EXCHANGE.
Committee on Securities.
May 5 1933.
In view of the arrangements made for the payment of the May 1 1933
of
Bordeaux,
Cities
municipal
Lyons,
to
Marseilles,
attached
coupons
exterior loans of 1919, 15-year 6% gold bonds, due 1934, at the option of
the holder either (a) in United States currency in New York, upon presentation and surrender of such coupons at the office of Kuhn, Loeb & Co.,
American paying agents, (b) in United States currency in New York at
the dollar equivalent of French francs at gold parity of exchange, that is,
francs 25.52 per dollar of coupons presented and surrendered to the American
paying agents, said dollar equivalent to be computed on the basis of their
average buying rate.in New York for exchange on Paris on the day such
coupons are presented; or (c) in French francs in Paris at the gold parity
of exchange, being francs 25.52 per dollar upon presentation and surrender
of such coupons at the office of Banque de Paris et des Pays-Bas, Paris.
France:
The Committee on Securities rules that in settlement of contracts in the
said bonds on which delivery was due prior to the interest-payment date
and should have been made with the next due coupon attached, but where
delivery is made after the interest-payment date without the coupon
attached, and in settlement of contracts in the said bonds made "Delayed
Delivery" between April 22 and April 27, inclusive, the cash settlement
made in lieu of the coupons shall be at the option of the purchaser on the
basis of (1) United States currency in New York or (2) linked States
currency in New York at the dollar equivalent of French franca at gold
Parity of exchange, the said dollar equivalent to be computed at the rate
at which coupons may be cashed at the office of the paying agent on the
date of actual delivery, under option (b) referred to above.
The computation of accrued interest is not changed by this ruling.
ASHBEL GREEN, Secretary,
A notice regarding the bonds,issued by Kuhn,Loeb & Co.,
was referred to in our issue of May 6, page 3083.
Volume 136
Financial Chronicle
Allied Chemical & Dye Corp. Hearing on Financial
Data Furnished Stockholders Postponed to May 24
by New York Stock Exchange.
At the request of the Allied Chemical & Dye Corp., the New
York Stock Exchange has postponed until May 24 the hearing scheduled for May 10 by the Governing Committee on the
company's method of issuing financial reports to stockholders. Before granting the adjournment the Exchange's
officials received assurances that on or before that date
the Exchange would be advised of the attitude of the company. The Exchange on May 10 issued the following statement:
A meeting has been held between the Committee on Stock List and the
Chairman of the Special Committee of Directors of Allied Chemical & Dye
Corp. formed for the purpose of considering the request of the New York
Stock Exchange for more informative financial statements from that
company.
At this meeting it developed that for substantial reasons it is impracticable
for Allied Chemical & Dye Corp. to reach, with any degree of certainty, a
final determination as to its position prior to May 24.
A firm commitment has been entered into by the representative of Allied
Chemical & Dye Corp. that on or before May 24 the Stock Exchange will
be advised definitely and finally of the position of the company upon all
the matters discussed.
In view of this, further consideration of the matter by the Governing Committee of the Stock Exchange has been postponed to a date not later than
May 24.
Samuel Knighton Nominated for Second Term as
President of New York Produce Exchange—Election
To Be Held June 5.
Samuel Knighton, President of the New York Produce
Exchange, has been nominated for a second term by the
Nominating Committee, according to an announcement
issued by the Exchange, April 25. Members of the Exchange
will vote at the annual election on June 5. The committee
also re-nominated Thomas F. Baker, Vice-President of the
Exchange, and nominated John M. Murray as Treasurer
to succeed F. H. Teller. The announcement also said:
Four members of the Board of Managers whose terms will expire this
year were re-nominated and two new board members were named. The new
members are John A. Anger, and Albert Wagner, of Albert Wagner & Co.
Those re-nominated are: Philip Brendel, of the Southern Cotton Oil Co.:
Moses Cohen. of Canada-Atlantic Grain Export Co., Inc.: Axel Hansen, of
Axel Hansen & Co., Inc,. and Samuel S. Lerner.
Robert M. Morgan, of Robert M. Morgan, Inc., was re-nominated as a
trustee of the gratuity fund for three years.
Newly Formed Custodian and Weighing Department
of the New York Produce Exchange.
The New York Produce Exchange announced on May 3
that the Board of Managers has approved the formation of a
new department of the Exchange, to be known as the
Custodian and Weighing Department. The Exchange's
announcement also noted:
The new department will have supervision over all Custodian Warehouses designated by the Exchange for the receiving, weighing, handling,
storing and shipping of commodities.
This service will result in material benefit to Exchange members in the
facility with which warehouse certificates may be used as collateral in the
transaction of their regular business.
•
Resumption of Hearings May 23 by Senate Committee
Inquiring Into Stock Market Tradings—To Inquire Into Operations of J. P. Morgan & Co.,
Kuhn, Loeb & Co., and Dillon, Read & Co.
Hearings in the Senate Banking and Currency Committee
investigation of stock market activities have been tentatively
set to begin at Washington May 23, with J. P. Morgan,
Clarence Dillon, Otto H. Kahn and Thomas W. Lamont
among the witnesses scheduled for examination. Noting
this, the "United States Daily" May 2 said:
This announcement was made by Ferdinand Pecora, counsel for the
Committee. lie explained that the Committee will inquire into operations of J. P. Morgan & Co.: Kuhn, Loeb & Co., and Dillon, Read & Co.,
probably in the order named, and that Committee accountants are examining day and night the records of these three firms from 1927 to the
present time.
The examination, he added, is with respect to flotation of foreign as
well as domestic securities, operations in securities of public utilities, joint
syndicate banking accounts, interlocking directorates and other subjects.
The inquiry, he pointed out, includes records of the Drexel Co. of
Philadelphia, Grenfell & Co. of London, and Morgan & Co. of Paris as
affiliates of the Morgan house.
Mr. Pecora declared his purpose to issue subpoenas for the appearance
of all partners of the J. P. Morgan company and to question all of them,
unless it should appear unnecessary in the course of the examination to
examine any particular members of the firm. He also stated his purpose
to subpoena the Chaim National Bank at another time.
The Morgan firm, he said, has answered all the questions asked in an
original questionnaire sent to it and the replies received from the questionnaire sent the companies are being analyzed by the Committee staff.
Mr. Pecora stated it may be necessary to continue the inquiry after the
Present session of Congress has adjourned.
Senator Fletcher (Dem.) of Florida, Chairman of the Senate Committee on Banking and Currency,introduced May 4 a resolution to authorize the Committee to continue its investigations of the stock market
activities until the next session of Congress and to authorize $25,000
• additional for the inquiry. His resolution was referred to the Senate
Committee on Audit and Control of the Contingent Expenses of the Senate.
3265
An item regarding the inquiry appeared in our issue of
April 8, page 2336.
Nomination of Officers of Chicago Stock Exchange—
M. J. O'Brien of Paine, Webber & Co. Named
President.
The Nominating Committee of the Chicago Stock Exchange named on April 29, the nominees to be voted on at
the annual election June 5 1933. .An announcement in the
matter, issued by the Exchange, reported the nominees as
follows:
M. J. O'Brien, President, to succeed Paul H. Davis. Paul B. Skinner
re-named for Treasurer.
Members of the Governing Committee to serve three years: Walter S.
Aagaard, James E. Bennett, Thaddeus R. Benson, Paul H. Davis, Edward
P. Molloy, Paul B. Skinner, Wallace C. Winter.
Member of the Governing Committee to serve two years: Charles C.
Renshaw.
Members of the Governing Committee to serve one year: M. Ralph
Cleary, Kingman Douglass.
Members of the Nominating Committee for 1934: Joseph A. Rushton,
Chairman, Lester M. Eiseman, Frederick N. Webster, Selden F. White,
Edwin T. Wood.
The announcement also said:
Of the 10 nominees for the Governing Committee, seven are Governors
at the present time. The three new ones are Messrs. Aagaard, Cleary and
Douglass.
Mr. O'Brien, nominated to the presidency of the Exchange, is the
Chicago resident partner of the brokerage firm of Paine, Webber & Co.,
with which firm he has been associated for 34 years. He became a partner
of the firm in 1917. Mr. O'Brien became a member of the Chicago Stock
Exchange, Feb. 5 1919, and was elected to the Governing Committee in
June 1927. He has served as Vice-President of the Exchange the past
two years.
Salaries Increased 10% by J. S. Bache & Co.,
New York Brokerage Firm.
J. S. Bache & Co., which operates some 30 offices throughout the country and is one of the largest Stock Exchange
houses, have issued the following bulletin in their head office
in New York City and branch offices:
As evidence of our assurance in the President's program and outlook
and in recognition of the loyalty of our staffs, we are instituting a salary
increase of 10% to take effect immediately to all who have been in our
organization prior to Jan. 1 1933.
Straus Bond Group Ousted by Court — Justice
McCook Restrains Committee Headed by Pounds
and Battle and Names Receivers.
Supreme Court Justice Philip J. McCook issued an order
May 4 restraining the independent bondholders' committee
headed by Lewis H. Pounds and George Gorden Battle from
further actions in connection with mortgage bonds issued by
S. W. Straus & Co., now in default. As receivers for these
Issues, to act in place of the committee, Justice McCook appointed James W. Gerard, George Frankenthaler and.Robert
McCurdy Marsh.
The decision was handed down in an action brought by
Patrick Harrigan and other holders of the defaulted bonds,
who charged that the committee was created to protect the
interests of Straus & Co. and not those of the bondholders.
Justice McCook said in his opinion that the committee's
deposit agreement protected the committee against every possible contingency but failed to protect the bondholders. It
was necessary for the Court to step in to prevent inequity, he
added. The New York "Times," in its account of the matter,
states further:
Acts to Protect Bondholders.
"The proportions of the disaster," he said, "are sufficiently plain without
going into further details. It Is impossible for scattered and confused bondholders to unite in any fashion for its mitigation except through this
Court."
The Court pointed out that S. W. Straus & Co., Inc., after Feb. 1 1931
formed the various bondholders' protective committees, "alleged to be for
the protection of holders of defaulted bonds underwritten by the company,"
with Straus executive officers designated as these committees.
Justice McCook found that in the autumn of 1932, S. J. T. Straus and
an attorney asked a lawyer named Weisl to find men to succeed those then
serving on the committees, and that Wad obtained the help of Ralph Jonas,
a New York lawyer, in this process. The opinion continues:
"Mr. Pounds says he was called upon in February 1983 by Mr. Jonas and
solicited to accept the chairmanship. `Mr. Jonas mentioned to affiant the
names of various individuals suggested to serve on the committee,' but Mr.
Pounds does not say what those names were or who had suggested them to
Mr. Jonas.
"It is said that the members of the independent bondholders' committee
are in fact sincere, honest and experienced men. Those personally known to
the Court are honest and experienced, and undoubtedly sincere in a desire
to help the bondholders. Assuming they are all so, the fact remains that they
have permitted themselves, as a committee, to become part of a plan which
is not for the benefit of the bondholders, but one which retains in the hands
of the same Straus interests, who were enjoined by the court from acting on
any committee, the power by indirection to continue to do so, by accepting
what is in effect the old set of agencies.
"The owners of the defaulted bonds have not received one penny through
the efforts of any of the Straus committees or through the independent
bondholders committee.
3266
Financial Chronicle
"The necessary, and the only practical, solution is to appoint receivers
to act in place of the defendant independent bondholders' committee and
any claimed predecessors in title, without loss of time, and with full access
to lists of bondhelders, dm."
S. J. T. Straus issued the following statement.
The Independent Bondholders' Committee, of which Mr. Lewis H. Pounds
Is Chairman, is composed of gentlemen of the highest standing for ability
and integrity.
The gentlemen now constituting the committees succeeded officers of
S. W. Straus & Co., who formerly composed the committees so that complete
independence of action would be assured. There was at no time any association, agreement or understanding between them.
It is of utmost importance that the bondholders be thoroughly protected
In all phases of reorganization of the issues now in default or the operation
of the properties pending the final outcome of such reorganizations. That
has always been the chief aim of all of the members of both committees.
So long as this is accomplished at the most reasonable cost of time and
money, the bondholders may be assured of full protection.
It should be understood that the bonds in question were not "Straus
bonds" in the sense that they were the obligations of S. W. Straus & Co.;
they were simply issues underwritten and sold by S. W. Straus & Co. and
secured by real estate. At no time did S. W. Straus & Co. guarantee the
payment of these bonds or interest, nor were they sold to the public on
that basis.
The cardinal interest of the former executives of S. W. Straus & Co. is
that the pending reorganizations be completed as quickly and as equitably
as possible so as to achieve the maximum benefits for all the bondholders.
Straus Committee to Fight Injunction.
Lewis H. Pounds, Chairman of the independent bondholders' committee for bonds of S. W. Straus & Co., announced,
May 5, that the committee would appeal from Supreme Court
Justice McCook's order restraining it from taking any further action in connection with the bonds. The statement,
issued from the office of Max D. Steuer, attorney for the
committee, asserted that Justice McCook's decision was "unsound.In law" and "In no sense justified by the facts."
Eugene R. Black Named to Succeed Eugene Meyer on
Federal Reserve Board.
Eugene R. Black of Georgia, Governor of the Federal
Reserve Bank of Atlanta, was named by President Roosevelt
on May 10 as a member of the Federal Reserve Board to
succeed Eugene Meyer resigned. Mr. Black is named to
fill the unexpired portion of Mr. Meyer's term of ten years
from August 10 1928. Mr. Meyer's resignation as a member and Governor of the Reserve Board was noted in our
issue of April 15, page 2524. A report to the effect that
Mr. Black has made known to President Roosevelt that he
can remain in the position only a few months, after which
he must return to his private business in Atlanta, was noted
in a Washington dispatch May 10 to the New York "Times"
from which we also quote:
May 13 1933
J. F. T. O'Connor Assumes Duties as Comptroller of
Currency.
J. F. T. O'Connor of California, who was named by President Roosevelt on May 1 to be Comptroller of the Currency,
took the oath of office on May 11. The Senate confirmed
the nomination of Mr. O'Connor on May 8. On that date
a Washington dispatch to the New York "Journal of Commerce" said:
Controversy was aroused in the Senate to-day by Senator Reed (Rep,
Pa.) when he attacked the confirmation of the appointment of J. F. T.
O'Connor as Comptroller of the Currency.
The Senator's opposition was voiced after the Senate had unanimously
confirmed the appointee and drew a vigorous reply from the Democratic
leadership.
Contending that it will take Mr. O'Connor ."who knows no more about
banking than the man on the street, months to learn his job," Senator
Reed expressed sorrow that "the President has appointed a man so inexperienced to a position of such vital importance."
He added that he knew it would be "fruitless" to object to the nomination
because of the small number of votes held by Republicans, but added that
he did wish to register his opposition.
Senator McAdoo (Dem., Calif.) regarded it "a virtue" that Mr. O'Connor was not a banker. He contended that it was more important to have a
man for the position "free and independent, not biased and without banking experience."
Mr. O'Connor knows something of the problems he will confront and will
administer the office faithfully, he added.
Since the resignation of John W. Pole as Comptroller of
the Currency in September last year F. G. Awalt had been
Acting Comptroller. The nomination of Mr. O'Connor to
the office of Comptroller was noted in our issue of May 6,
page 3078.
Prof. J. H. Williams Appointed Assistant Federal
Reserve Agent of Federal Reserve Bank of New
York.
Supplementing our item of May 6, page 3078, regarding
the appointment A Prof. J. H. Williams as Assistant Federal
Reserve Agent of the Federal Reserve Bank of New York,
it is noted that Professor Williams succeeds to the post
formerly held by Dr. W. Randolph Burgess, who became a
Deputy Governor of the Bank in May 1930.
Professor Williams was formerly professor of economics at
Harvard University. He once served as assistant editor
of the "Harvard Review of Economic Statistics," and
helped in the organization and development of the annual
studies of the balance of payments of the United States now
published by the Department of Commerce. Last autumn,
with Dr. E. E. Day, Professor Williams was appointed to
represent the United States upon the Committee of Experts
which prepared the agenda for the forthcoming World
Economic Conference.
The naming of Mr. Black creates a thoroughly Roosevelt board. Secretary Woodin and J. F. T. O'Connor, Comptroller of the Currency,
Roosevelt appointees, are ex officio members. Adolph C. Miller of California, a member of the original Federal Reserve Board, is a friend of the
President. Other members are George R. James of Tennessee and Charles
S.-Hamlin of Massachusetts, Democrats.
Walter E. Frew Appointed Member of Federal Advisory
Council for New York Federal Reserve District.
The Federal Reserve Bank of New York issued the
following circular on May 5 with regard to the appointment
of a new member to the Federal Advisory Council.
Takes Commanding Position.
Mr. Black is destined to take a commanding position in the governmental machinery, which will administer the new credit and monetary
expansion program contemplated by the President.
Under the farm relief-inflationary bill the Federal Reserve Banks would
be authorized to purchase in the open market $3,000,000,000 in government
securities and those of corporations the majority of whose stock is owned by
the United States.
The currency expansion program would be carried out through the
Federal Reserve Banks, which act as fiscal agents for the government.
Securities purchased by the banks in the open market operations would
be made the basis for new currency, which would be issued in connection
with the prepared public building programs.
Mr. Meyer has been a dominant personality in financial affairs of the
nation for sixteen years. Frequently the storm centre of Congressional
attack, he always has been a driving force.
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 1225, May 5 1933)
Aided War Finances.
Ile was one of the organizers and the director of the War Finance Corporation, the model for the present Reconstruction Finance Corporation.
When difficulties developed in the Federal farm loan system he was called
as commissioner of the Farm Loan board to perfect a reorganization.
Retiring from that office he became Governor of the Federal Reserve
Board. He participated in the organization of the Reconstruction Finance
Corporation and was its first chairman.
Floyd Harrison, Mr. Meyer's "chief of staff" since war days, has submitted his resignation to the Reserve Board as assistant to the governor.
He will continue his association with Mr. Meyer.
No announcement has been made as to Mr. Meyer's future plans except
that he will return to his farm In Mount Risk°, in Westchester County,
New York.
Associated Press advices from Washington May 10 said:
Appointment of Mr. Black still leaves two vacancies, created by the
resignation of Roy Young and the Senate's failure to confirm Wayland
W. McGee, named by President Hoover to fill an unexpired term.
The same dispatch stated:
A native of Atlanta, Mr. Black started practicing law there after graduating from the University of Georgia and the Atlanta Law School. Ten
years ago he switched to banking, becoming president of the Atlanta
Trust Co. Five years later he was appointed Governor of the Atlanta
BeelerVe Bank.
MEMBER FEDERAL ADVISORY COUNCIL,
To All Member Banks in the Second Federal Reserve District:
George W. Davison, who has been elected 88 a Class "A" director of
this Bank, has resigned as a member of the Federal Advisory Council for
the Second Federal Reserve District; and the Board of Directors of this
Bank at its meeting on May 4 1933, selected Walter E. Frew,Chairman
of the Board of Directors, Corn Exchange Bank & Trust Co., New York.
N. Y., as a member of the Federal Advisory Council for the Second Federal
Reserve District for the unexpired term ending Dec. 31 1933.
J. H. CASE, Chairman of the Board.
The election of Mr. Davison as a director was noted in
our issue of May 6, page 3078.
New Offering of $75,000,000 or Thereabouts of 91-Day
Treasury Bills—To be Dated May 17 1933.
Tenders to a new offering of 91-day Treasury bills to the
amount of $75,000,000 or thereabouts were invited on May 10
by Secretary of the Treasury William H. Woodin, to meet
a block of $75,202,000 of similar securities maturing on May
17. The bills will be dated May 17 1933 and will mature
Aug. 16 1933. On the maturity date the face amount will be
payable without interest. Bids to the bills, which will be sold
on a discount basis to the highest bidders, will be received
at the Federal Reserve Banks, or the branches thereof, up
to 2 p. m., Eastern Standard time, Monday, May 15, but
will not be received at the Treasury Department, Wash.
Secretary Woodin's announcement, in part, said:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, $100,000, $500,000, and $1,000,000
(maturity value).
It is urged that tenders be made on the printed forms and forwarded
In the special envelopes which will be supplied by the Federal Reserve Banks'
or branches upon application therefor.
Volume 136
Financial Chronicle
No tender for an amount less than $1,000 will be considered. Each tender
joust 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 May 15 1933,
all tenders received at the Federal Reserve Banks or branches thereof up to
the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final. Those submitting tenders will be advised of the acceptance or rejection thereof. Payment at the price offered for Treasury bills allotted must be made at the
Federal Reserve Banks in cash or other immediately available funds on
May 17 1933.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from all
taxation, except estate and inheritance taxes. No loss from the sale or other
disposition of the Treasury bills shall be allowed as a deduction, or otherwise recognized, for the purposes of any tax now or hereafter imposed by
the United States or any of its possessions.
Tenders Totaling $225,173,000 Received to Offering of
$75,000,000 or Thereabouts of 91-Day Treasury
Bills Dated May 10—$75,067,000 Accepted—Average
Price 0.48%.
Tenders of $225,173,000 were received to the offering of
••75,000,000 or thereabouts of 91-day Treasury bills dated
May 10 1933, Secretary of the Treasury William H. Woodin
announced on May 8. Of this amount, $75,067,000 was
accepted. Bids to the offering were received at the Federal
Reserve Banks, or the branches thereof, up to 2 p. m.,
Eastern Standard time, Monday, May 8. The bills brought
an average rate on a bank discount basis of about 0.48%.
This compares with previous rates of 0.49% for bills dated
May 3; 0.51% for bills dated April 26; and 0.49% for bills
dated April 19. The average price of the bills dated May 10
is 99.878. The bills have been put out to meet an issue of
$75,228,000 which matured on May 10. Secretary Woodin's
announcement, as given in the New York "Herald-Tribune"
in May 8 advices from Washington; follows:
William II. Woodin, Secretary of the Treasury, announced today (May 8)
that the tenders for $75,000,000, or thereabouts, of 91-day Treasury bills,
dated May 10, which were opened at the Federal Reserve Banks today.
amounted to $225,173,000.
The highest bid made was 99,900, equivalent to an interest rate of about
0.40% on an annual basis. The lowest bid accepted was 99.871, equivalent
to an interest rate of about 0.51%. Only part of the amount bid for at the
latter price was accepted. Bids accepted totaled $75,067,000. The average
price of Treasury bills to be issued is 99.878, ad the average rate about
0.48% •
In inviting tenders on May 3, Secretary Woodin, in part,
said:
The Secretary of the Treasury gives notice that tenders are invited for
Treasury bills to the amount of $75,000,000, or thereabouts. They will be
91-day bills; and will be sold on a discount basis to the highest bidders.
Tenders will be received at the Federal Reserve Banks, or branches thereof,
op to 2 p.m., Eastern Standard time, on Monday. May 8 1933. Tenders
will not be received at the Treasury Department, Washington.
The Treasury bills will be dated May 10 1933, and will mature on Aug.
9 1933. and on the maturity date the face amount will be payable without
interest. They will be issued in bearer form only, and in amounts or denominations of $1,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity
value).
No tender for an amount less than $1,000 will be considered. Each tender
must be in multiples of $1,000. The price offered must be expressed on the
basis of 100, with not more than three decimal places, e. g., 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Inunediately after the closing hour for receipt of tenders on May 8 1933.
all tenders received at the Federal Reserve Banks or branches thereof up to
the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final. Those submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on May 10 1933.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from
all taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury biils 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 possassions.
Burlington Joint Stock Land Bank of Des Moines,
Iowa, Submits Plan for Cutting Bonded Indebtedness—Offers to Purchase Half of Bonds Outstanding at 35 Cents on Dollar.
The Burlington Joint Stock Land Bank of Des Moines,
Iowa, has submitted to bondholders a plan which, if accepted, will result in a 50% reduction of the bonded indebted-
3267
ness, which amounted to $2,271,000 on March 31 1933.
Unmatured principal of mortg ge loans on the same date was
only $1,804,695, and of that amount $1,067,988 was delinquent in the payment of principal and interest. The total
of unmatured principal of mortgages not delinquent at the
end of March was therefore $736,671.31.
The plan, as suggested to bondholders in a letter from
J. C. Morrow, President, on April 29, includes the following
provisions:
1. Each bondholder shall sell to the bank one-half of his holdings on
a 35% basis, plus accrued interest.
2. The bank will purchase such bonds at 35% of their face value provided approximately one-half of the outstanding bonds are offered to it
for sale.
3. Bondholders assenting to the plan must forward before May 31 their
formal agreement, together with one-half of the bonds offered for sale, to
the Harris Trust & Savings Bank of Chicago. The bank reserves the right
to extend the time of operation of the plan to June 30 1933.
Mr. Morrow added that if one-half the outstanding bonds
are sold to the bank under the pl a, the bonded indebtedness
will be reduced to $1,135,000 and the action may "afford
the basis, with the careful management and improvement
in business and agricultural conditions, for the ultimate
solution of the bank's problems."
President Roosevelt in Radio Talk Recounts Action
Since His Incumbency to Effect Recovery—No
Surrender of Power in Emergency Measures—
Likens Moves to Partnership Entered into by
Government with Farming, Industry and Railroads
—Profits to Citizens—Farm Relief and Inflation
Powers Only to Be Used If Necessary—Explains
Gold Embargo—Warns Against False Prosperity—
Conversations with Foreign Leaders.
In his second radio message addressed to the people of the
country since he assumed office March 4, President Franklin
D. Roosevelt, in a talk broadcast throughout the nation on
Sunday night, May 7, told what his Administration had undertaken and what it is planning to do to effect recovery.
The President declared that in the emergency measures enacted "there was no actual surrender of power" by Congress.
"The only thing that has been happening," he continued,
"has been to designate the President of the United States as
the agency to carry out certain of the purposes of Congress."
"This," he added, "was constitutional and is constitutional,
and is in keeping with the past American tradition." According to the President, "the legislation that has been
passed or is in the process of enactment can properly be
considered as part of a well-grounded and well-rounded
plan." The giving of employment to a quarter of a million
of unemployed in forestry and flood prevention work was
noted by the President as one of the measures adopted, and
in his talk he alluded to the proposal to put the Government
properties at Muscle Shoals to work, and to the plans for
farm mortgage relief legislation. The program for direct
relief through public works, the legislation (already enacted
by Congress) authorizing the sale of beer in the various
States was also referred to by the President. Attention was
likewise directed to the pending Farm Relief bill, as to which
the President said: "This measure provides wide powers for
emergencies and the extent of its use will depend entirely
upon what the future has in store.." The 30-hour bill and
the railroad bill were among the measures enumerated by
the President, who said:
It is wholly wrong to call the measures that we have taken Government
control of farming, control of industry and control of transportation. It is
rather a partnership between Government and farming and industry and
transportation, not partnership in profits, for the profits would still go to
the citizens, but rather a partnership in planning and partnership to see
that the plans are carried out.
In stating that "we have reason to believe that things are a
little better than they were two months ago," the President
added:
Industry has picked up, railroads are carrying more freight, farm prices
are better, but I am not going to indulge in issuing proclamations of
overenthusiastic assurance. . . .
I do not want the people of this country to take the foolish
course of
letting this improvement come back on another speculative wave.
I do not
want the people to believe that because of unjustified optimism
we can
resume the ruinous practice of increasing our crop output and
our factory
output in the hope that a kind providence will find buyers at
high prices.
Such a course may bring us immediate and false prosperity,
but it will be
the kind of prosperity that will lead us into another
tailspin.
As to the Government's objective in seeking enlarged
credit
powers, President Roosevelt had the following to say:
The Administration has the definite objective of raising
commodity prices
to such an extent that those who have borrowed
money will, on the average,
be able to repay that money in the same kind of dollar
they borrowed.
We do not seek to let then get anch a cheap dollar thatwhich
they will be able to
pay back a great deal less than they borrowed. In
other words, we seek
Financial Chronicle
3268
to ccrrect a wrong and not to create another wrong in the opposite direction.
That is why powers are being given to the Administration to provide, If
necessary, for an enlargement of credit, in order to correct the existing
wrong. These powers will be used when, as, and if it may be necessary to
accomplish the purpose.
Incident to the gold embargo, the President, in part, said:
A series of conditions arose three weeks ago which very readily might
have meant, first, a drain on our gold by foreign countries, and, secondly,
as a result of that, a flight of American capital, in the form of gold, out
of our country. It is not exaggerating the possibility to tell you that such
an occurrence might well have taken dram us the major part of our gold
reserve and resulted in such a further weakening of our Government and
private credit as to bring on actual panic conditions and the complete
stoppage of the wheels of industry.
The President took occasion to refer to the conversations
which he has had during the past few weeks with representatives of foreign powers, prefacing his reference thereto with
the statement that "hand in hand with the domestic situa:
tion . . . is the world situation." "We can get, in all
Probability," he said, "a fair measure of prosperity return in
the United States, but it will not be permanent unless we
get a return to prosperity all over the world." He indicated
that there were four objectives in the recent Washington
conversations, viz.:
(1) A reduction in armaments and a reduction in armament costs.
(2) A cutting down of trade barriers.
(3) The setting up of a stabilization of currencies.
(4) Re-establishment of friendly relations and greater confidence between
nations.
The President said:
Our foreign visitors these last three weeks have responded to these purposes in a very helpful way. . . . The international conference that
lies before us must succeed. The future of the world demands it and we
have each of us pledged ourselves to the best joint efforts to this end.
The President spoke from the White House, and in addition to the nation-wide hook-up, the talk was also transmitted to Alaska, the Philippines, South America and
Europe. The address began at 9:45 p. m. Eastern Standard
time, and was concluded at 10:10 p. in. (11:10 p. in. Daylight
Saving time). In full, the President's address follows:
Good evening, my friends: On a Sunday night a week after my inauguration I used the radio to tell you about the banking crisis and about the
measures we were taking to meet it. In that way I made clear to the country
various facts that might otherwise have been misunderstood, and in general
provided a means of understanding which I believe did much to restore
confidence.
To-night, eight weeks later, I come for the second time to give you my
report—in the same spirit and by the same means—to tell you what we
have been doing and what we are planning to do.
Conditions Two Months Ago.
Two months ago, as you know, we were facing serious problems. The
country was dying by inches. It was dying because trade and commerce
had declined to dangerously low levels ; prices for basic commodities were
such as to destroy the value of the assets of national institutions such as
banks, savings banks, insurance companies, and others. These institutions,
because of their great needs, were foreclosing mortgages, they were calling
loans, they were refusing credit. Thus there was actually in process of
destruction the property of millions of people who had borrowed the money
on that property in tennis of dollars which had had an entirely different
value from the level of March 1933. That situation in that crisis did not
call for any complicated consideration of economic panaceas or fancy plans.
We were faced by a condition and not a theory.
There were just two alternatives at that time: The first was to allow
the foreclosures to continue, credit to be withheld, money to go into hiding,
thus forcing liquidation and bankruptcy of banks, railroads and insurance
companies end a recapitalizing of all business and all property on a lower
level. That alternative meant a continuation of what is loosely called
"deflation," the net result of which would have been extraordinary hardship on all property owners and all bank depositors, and, incidentally,
extraordinary hardships on all persons working for cringes through an
increase in unemployment and a further reduction of the wage scale.
It is easy to see that the result of that course would have not only economic effects of a very serious nature, but social results also that might
bring incalculable harm. Even before I was inaugurated I came to the
conclusion that such a policy was too much to ask the American people to
bear. It involved not only a further loss of homes and farms and savings
and wages, but also a loss of spiritual values—the loss of that sense of
security for the present and the future that is so necessary to the peace and
• contentment of the individual and of his family. When you destroy those
things you find it difficult to establish confidence of any sort in the future.
Emergency Measures—No Surrender of Congressional Power.
And it was clear that mere appeals from Washington for confidence and
the mere lending of more money to shaky institutions could not stop that
downward course. A prompt program applied as quickly as possible seemed
to me not only justified but imperative to our national security. The Congress, and when I say the Congress I mean the members of both political.
parties, fully understood this and gave me generous and intelligent support.
The members of the Congress realized that the methods of normal times
had to he replaced in the emergency by measures that were suited to the
serious and pressing requirements of the moment.
There was no actual surrender of power ; Congress still retained its constitutional authority to legislate and appropriate and no one has the slightest
desire to change the balance of these powers. The function of Congress is
to decide what has to be done and to select the appropriate agency to carry
out itif will. That policy it has strictly adhered to. The only thing that
has been happening has been to designate the President of the United States
as the agency to carry out certain of the purposes of the Congress. This
was constitutional and is constitutional, and is in keeping with the past
Americas, tradition.
May 13 1933
The legislation that has been passed or in the process of enactment can
properly be considered as part of a well-grounded and well-rounded plan.
First, we are giving opportunity of employment to a quarter of a million
of *the unemployed, especially the young men who have dependents, to let
them go into the forestry and flood-prevention work. That is a big task
because it means feeding, clothing and caring for nearly twice as many
men as we have in the regular army itself. And in creating this civilian
conservation corps we are killing two birds with one stone. We are clearly
enhancing the value of our natural resources and at the same time we are
relieving an appreciable amount of actual distress. This great group of
men, young man, have entered upon their work on a purely voluntary basis,
no military training is involved, and we are conserving not only our natural
resources but also our human resources. One of the great values to this
work is the fact that it is direct and requires the intervention of very little
machinery.
Secondly, I have requested the Congress and have secured action upon a
proposal to put the great properties owned by our Government at Muscle
Shoals to work after long years of wasteful inaction, and with this goes
hand in hand a broad plan for the improvement of a vast area including the
whole of the Tennessee Valley. It will add to the comfort and happiness
of hundreds of thousands of people and the incident benefits will reach the
entire nation.
Next, the Congress is about to pass legislation that will greatly ease the
mortgage distress among the farmers and among the home owners of the
nation, by providing for the easing of the burden of debt that now bears
so heavily upon millions of our people.
Our next step in seeking immediate relief is a grant of • half a billion
dollars to help the States, and the counties, and the municipalities in their
duty to care for those who need direct and immediate relief.
In addition to all this, the Congress also passed legislation, as you know,
authorizing the sale of beer in such States as desired. That has already
resulted in considerable re-employment and incidentally has provided for
States and municipalities much-needed tax revenue.
As to the future: We are planning, in a few days, to ask the Congress for
legislation to enable the Government to undertake public works, thus stimulating directly and indirectly the employment of many others in well-considered projects.
Farm Relief.
Further legislation has been taken up which goes much more fundamentally into our economic problems. The Farm Relief bill seeks, by the
use of several methods, alone or together, to bring about an increased return
to farmers for their major farm products, seeking at the same time to
prevent in the days to come disastrous overproduction, the kind of overproduction which so often in the past hes kept farm commodity prices far below
a reasonable return. This measure provides wide powers for emergencies
and the extent of its use will depend entirely upon what the future has in
store.
30-Hour Bill and Railroad Bill.
Well considered and conservative measures will likewise be proposed within
a few days that will attempt to give to the industrial workers of the country
a more fair wage return to prevent cutthroat competition and to prevent
unduly long hours for labor, and at the same time to encourage each industry
to prevent overproduction.
One other bill falls into the same class, our railroad bill. It seeks to
provide and make certain definite planning by the railroads themselves,
with the assistance of the Government, in order to eliminate the duplication
and waste that now result in railroad receiverships and continuing operating
deficits.
Purposes Behind Policies Affecting Agriculture, Industry and Transportation.
I feel very certain that the people of this country understand and approve
the broad purposes behind these new governmental policies relating to agriculture and industry and transportation.
We found ourselves faced with snore agricultural products than we could
possibly consume ourselves and with surpluses which other nations did not
have the cash to buy from us, except at prices ruinously low. We have
found our factories able to turn out more goods than we could possibly
consume, and at the same time we have been /aced with a falling export
demand. We have found ourselves with more facilities to transfort goods
and crops than there were goods and crops to be transported.
All of this has been caused in large part by a complete lack of planning
and a complete failure to understand the danger signals that have been
flying ever since the close of the World War. The people of this country
have been erroneously encouraged to believe that they could keep on increasing the output of farm and of factory indefinitely, and that some magician
would find ways and means for that increased output to be consumed with
reasonable profit to the producer.
But to-day we have reason to believe that things are a little better than
they were two months ago. Industry has picked up, railroads are carrying
more freight, dorm prices are better, but I am not going to indulge in
issuing proclamations of overenthusiastic assurance. We cannot ballyhoo
ourselves back to prosperity. I am going to be honest at all times with the
people of the country. I do not want the people of this country to take the
foolidi course of letting this improvement come back on another speculative
wave. I do not want the people to believe that because of unjustified
optimism we can resume the ruinous practice of increasing our crop output
and our factory output in the hope that a kind Providence will find buyers
at high prices. Such a course may bring US immediate and false prosperity,
but it will be the kind of prosperity that will lead us into another tailspin.
Government Partnership with Industry.
It is wholly wrong to call the measures that we have taken Government
control of farming or Government control of industry, or Government control of transportation. It is rather a partnership between Government and
farming and a partnership between Government and industry, and a partnership between Government and transportation, not partnership in profits,
because the profits would still go to the citizens, but rather a partnership
in planning and a partnership to see that the plans are carried out.
Let me illustrate with an example. Take, for instance, the cotton goods
industry. It is probably true that 90% of the cotton manufacturers would
agree to-morrow to eliminate starvation wages, would agree to stop long
hours of employment, would agree to stop child labor, would ogre,
: to
prevent an overproduction that would result in unsalable surpluses.
my friends, what good is such an agreement of the 90% if the other But,
10%
of cotton manufacturers pay starvation wages, and require long hours,
and
employ children in their mills and turn out burdensome surpluses?
The
unfair 10% could produce goods so cheaply that the fair 90% would be
compelled to meet the unfair conditions.
Volume 136
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3269
President Roosevelt Signs Farm Relief—Currency InflaAnti-Trust Laws.
tion Bill—Conference Report on Farm Aid ProviAnd that is where government comes in. Government ought to have the
sions Adopted by Congress This Week—House
right and will have the right, after surveying and planning for an industry,
Rejected "Cost of Production" Provision and
to prevent, with the assistance of the overwhelming majority of that industry, all unfair practice and to enforce that agreement by the authority of
Senate Receded on Amendment.
government.
The Administration farm relief-currency inflation bill
The so-called anti-trust laws were intended to prevent the creation of
became a law yesterday (May 12) when President Roosevelt
monopolies and to forbid unreasonable profits to those monopolies. That
signed the bill. Elsewhere in this issue we give the statement
purpose of the anti-trust laws must be continued, but those laws were never
Intended to encourage the kind of unfair competition that results in long
issued
by the President in approving the legislation.
hours and starvation wages and overproduction.
action on the farm relief bill was completed
Congressional
transproducts
and
to
farm
to
friends,
the
same
principle
applies
my
And,
portation and to every other field of organized private industry.
on May 10, when the Senate abandoned its efforts to secure
We are working toward a definite goal, a goal that is to prevent the
the insertion of a provision guarantee the "cost-of-produereturn of conditions which came very close to destroying what you and I
tion" to the farmer. As passed by Congress and in the form
purposes
call prrodern cdvilisationi. The actual accomplishment of c:iur
in which it receives the President's signature, the bill carries
cannot be attained in a day. Our policies are wholly within the purposes for
which our American constitutional government was established 150 years ago.
the Administration "Controlled Inflation" rider, along with
I know that the people of this country will understand this and that
provisions for the refinancing of farm mortgages and
its
they will also understand the spirit in which we are undertaking that policy,
agricultural marketing projects. The farm relief bill origiI do not deny that we may make mistakes of procedure as we carry out the
policy. I have no expectation of making a hit every time I come to bat.
nally passed the House on March 22; the measure embodying
What I seek is the highest possible batting average, not only for myself
the Senate's farm relief proposals, was passed by that body
but for the team. Theodore Roosevelt once said to me: "If I can be right
April 28, attached to which was the inflation rider. An
75% of the time I shall come up to the fullest measure of my hopes."
Much has been said of late about the Federal finances and inflation, about
item regarding this appeared in these columns April 29,
the gold standard, and rentes and pounds. I should like to make the facts
page 2895. On May 3, by a vote of 307 to 86, the House
very simple and my policy very clear. In the first place, Government credit
after a comparatively brief debate, passed the "Controlled
and Government currency are really one and the same thing. Behind
Government bonds there is only a promise to pay. Behind Government
Inflation" rider to the bill. Earlier in the day, May 3, the
currency we have, in addition to the promise to pay, a reserve of gold and a
House sent the strictly farm-aid sections of the measure to
smell reserve of silver, neither of them anything like the total amount of
with the Senate, for the purpose of adjusting
conference
the currency.
The Gold Reserve and the Embargo.
differences between the two measures, so far as their farm
In this connection it is worth while remembering that in the past the
relief provisions were concerned. In the case of the currency
Government has agreed to redeem nearly $30,000,000,000 of its debts and
and credit inflation sections these were approved in exactly
in
gold,
individuals
in
this
country
currency
and
its
private corporations and
the same form by the Senate and House.
agreed to redeem another $60,000,000,000 or $70,000,000,000 of securities and mortgages in gold. The Government and the private corporations
The House vote, May 3, on the inflation rider showed 273
and the individuals were making these agreements when they knew full
Democrats, 30 Republicans and 4 Farmer-Laborites casting
well that all of the gold in the United States amounted to only between
affirmative ballots, with 7 Democrats and 79 Republicans
$3,000,000,000 and $4,000,000,000, and that all of the gold in all of the
against. The chief provisions of the Administration inflaworld amounted to only about $11,000,000,000.
Were the holders of these promises to pay to start to demand gold, the
tion plan were summarized as follows by the Associated
first corners would get gold for a few days and these first corners would
Press April 28:
amount to about one-twenty-Iifth of the holders of the securities and the
The President is authorized to arrange with the Federal Reserve banks
currency. The other twenty-four people out of twenty-five, who did not
and Board for the banks to purchase, in the open market, and hold up to
happen to be at the top of the line, would be politely told that there was
the
including stock in
h
Government
uaitedsta obligations,
$3,000,000,000f worth
no more gold left. And so we have decided to treat all twenty-five people
majority stockholder.
the
corporations
Ithe
in the same way in the interest of justice and the exercise of the constituor if it is not adooperation,
arrange
this
unable
to
President
is
tional powers of this Government. We have placed every one on the same
quate to meet the situation, the President may:
basis in order that the general good may be preserved.
Direct the issuance of United States notes up to $3,000,000,000 to
Nevertheless, gold, and to a partial extent silver, also are perfectly good
retire Government obligations, of which 4% will be canceled annually;
bases !tor currency, and that is why I decided not to let any of the gold
Reduce the gold content of the dollar by 50%;
now in the country go out of it.
Provide for the unlimited free coinage of silver at a fixed ratio with
A series of conditions arose three weeks ago which very readily might have
the
gold dollar.
meant, first, a drain on our gold by foreign countries, and, secondly, as a
In addition, the President is authorized to accept silver up to $200.result of that drain, a flight of American capital, in the form of gold, out
000,000 in the payment of war debts during the next six months, valuing
of the country. It is not exaggerating the possibility to tell you that such
the silver up to 50 cents an ounce, to be used as the basis for the issuance
an occurrence might well have taken from us the major part of our gold
of silver certificates.
reserve and might well have resulted in such a further weakening of our
As a possible curb against too much inflation, the Federal Reserve Board
Government and private credit as to bring on actual panic conditions and
is authorized, with the approval of the Secretary of the Treasury, to require
the complete stoppage of the wheels of industry.
the Reserve banks to take such action as may be necessary.
The Administration has the definite objective of raising commodity prices
With the approval of the President, the Board may declare an emerto such an extent that those who have borrowed money will, on the average,
gooey exists and increase or decrease reserve balances required to be held
be able to repay that money in the same kind of dollar which they borrowed,
against deposits.
We do not seek to let them get such a cheap dollar that, in effect, they will
Consideration of the Farm Relief bill in Conference Cornbe able to pay back a great deal less than they borrowed. In other words,
we seek to correct a wrong and not to create another wrong in the opposite
mittee of Senators and Representatives on May 4, resulted
direction. That is why powers are being given to the Administration to
in complete agreement on all portions except the cost-ofprovide, if necessary, for an enlargement of credit, in order to correct the
production section. As a result of the difference of opinion
existing wrong. These powers will be used when, as, and if it may be
necessary to accomplish the purpose.
on this part of the measure, the House reconsidered the proHand in hand with the domestic situation, which, of course, is our first
vision this week. The Senate conferees championed theconcern, is the world situation, and I want to emphasize to you that the
clause, authorizing the Secretary of Agri-.
cost-of-production
domestic situation is inevitably and deeply tied in with the conditions in all
of the other nations of the world. In other words, we can get, in all probaculture to set arbitrary prices for basic farm commodities
bility, some measure of prosperity return in the United States, but it will
and penalize sales under that level. The House conferees,
not be permanent unless we get a return to prosperity all over the world,
on the contrary, opposed this provision.
In the conferences which we have held and are holding with the leaders
of other nations we are seeking four great objectives.
May 9 (without a record vote), the House agreed to
First, a general reduction of armaments and through this the removal of
conference report, except however as to the one amendthe
e
fear
of
the
invasion and of armed attack, and, at the me time, a reduction
ment guaranteering "cost of production," which the House
armament costs, in order to help in the balancing of Government
budgets
and in the reduction of taxation,
rejected on May 9 by a vote of 283 to 109. The Senate on
Secondly, a cutting down of the trade barriers, in order to
May 10 by a vote of 48 to 33 receded from its advocacy of
restart the
flow of exchange of crops and of goods between nations.
provision and (May 10) by a vote of 53 to 28, agreed to
the
Third, the setting up of a stabilization of currencies, in order that
trade
the conference report as accepted by the House, thus conand commerce can make contracts ahead. And, fourth, the re-establishment
of friendly relations and greater confidence between all nations.
eluding Congressional action on the bill. A dispatch from
Our foreign visitors these past three weeks have responded to these purWashington May 9 to the New York "Times", said:
poses in a very helpful way. All of the nations have suffered alike in this
When the House convened to-day the conference report was brought
great depression. They have all reached the conclusion that each can best
on a rule limiting debate to one hour and barring all points of
to the fl
be helped by the common action of all. And it is in this spirit that our
order againstae
o
ga
nin
.sge
t th
grehleh
report o any f its provisions. Thereadfeolplotiwehedetfhteheumale
visitors have met with us and discussed our common problems. The great
ng
then the
by the Republicans,
International conference that lies before us must succeed. The future of the
by
a
3
-to-1 vote.
world demands it, and we have each of us pledged ourselves to the best joint
efforts to that end.
Associated Press accounts from Washington had the
To you, the People of this country, all of us in Washington, the members
following
to say on May 9, when the House rejected the
of the Congress and the members of this Administration, owe a profound debt
"cost-of-production" provision:
of gratitude. Throughout the depression you have been patient. You have
Under this amendment the government would guarantee to the farmer a
granted us wide powers, you have encouraged us with a widespread approval
price for his product equal to the cost of its production. It was written
of our purposes. Every ounce of strength and every resource at our corninto the bill by the Senate at t
ahA
e behest of SenatorGeorgeW. Norris, Repubmand we have devoted and we are devoting to justifying your confidence,
themF
pso
arei
n, president of
Farmers' Union
lican, of Nebraska, and Joh
We are encouraged to believe that a wise and sensible beginning has been
Holiday Association.
of
representative.
and
legislative
made. In the present spirit of mutual confidence and in the present spirit
Liberals in both parties, aided by Farmer-Laborites, boldly attempted
of mutual encouragement we go forward.
ennd
ed
ms
et
nrte
.ngt
D
he
.mocratic leaders became
t
uonbavyeas
aretn
htelyagmai
tht
ehll
e oxercaucaur
ppin
In conclusion, my friends, I want to extend my sincere thanks to the
National Broadcasting Co. and the Columbia Broadcasting System for makagainst
the
Administration
But
revolt
brought from
the
threatened
ing it possible for me to speak to you again directly.
Representative Joseph W. Byrns, of Tennessee, Democratic floor leader, a
Financial Chronicle
3270
last-minute demand that the Democrats support the President in opposition
to the amendment.
"I am authorized to say," Mr. Byrns said in concluding two hours of
bitter debate in which amendment proponents often were cheered,"that the
Administration is opposed to this amendment.
"I am authorized to say that it is absolutely unsound and that it.will
absolutely destroy the very purposes of this Administration bill. There is
no reason for its enactment."
Despite the cracking of the whip over the heads of the Democrats,
eighty-two joined twenty-two Republicans and five Farmer-Laborites in
support of the amendment.
Republican conservatives numbering 82, including Representative
Bertram H. Snell, of New York, party leader, joined 201 Democrats in
defeating the Senate proposal. Speaker Henry T.Rainey also voted against
the amendment. The Speaker's name is called only at his request.
Final provisions of the farm relief bill, with last minute
action in Congress, were detailed as follows by the Washington correspondent of the New York "Times" on May 10,
incident to the adoption of the Conference report by the
Senate:
A last-minute agreement authorized the extension of the Secretary's
supervision over agricultural processing and marketing to all farm commodities, should this be necessary to control competition in the seven commodities specifically named in the bill. These are wheat, corn, cotton,
hogs,rice, tobacco and milk and its-products.
Summary of the Bill.
The bill contains the following sections:
1.—Authorization for the Secretary of Agriculture to force increased farm
prices in the basic farm commodities either through allocating the production of each or through the leasing of land for the purpose of withdrawing it
from production, and to license and tax processors of agricultural commodities to pay the cost of this program.
2.—Authorization for the refinancing offarm mortgages at 43i% interest
through the issuance of government bonds bearing this rate of exchange for
farm paper, with the government guaranteeing the interest—although not
the principal—of the bonds.
3.—Authorization for a broad inflation program involving expansion of
Federal Reserve credit by as much as $3,000,000,000, the issuance of a
maximum of $3,000,000,000 in Treasury notes, devaluation of the gold
dollar by as much as 5% and the acceptance of up to $200,000.000 of silver
at 50 cents an ounce in payment of war debts.
Anti-Trust Law Ignored.
Following final action on the farm bill, the Senate adopted a con-current
resolution, passed by the House yesterday, eliminating the descriptive
adjective "basic" from some sections of the bill as applied to commodities
so as to leave the Secretary of Agriculture free to license processors of commodities not named in the bill and thus control competition.
In the debate admission was made that the bill, in effect, abrogates the
anti-trust laws so far as they might operate against agreements made in
carrying out the agricultural relief plan and the report of the conferees carried the following statement:
"The Senate amendment specifically provides that any legal marketing
agreement provided for in the subsection (relating to marketing agreements)
shall not be held in violation of the anti-trust laws, and further provides
that the agreements shall not remain in force after the termination of this
act."
The only conflict was over the "cost-of-production" section and before its
elimination the Senate adopted a conference report on the remainder of the
bill by a vote of 53 to 28.
When the conference report was taken up,Senator LaFollette immediately
attacked the section relating to relaxation of anti-trust regulations and the
elimination of the adjective "basic." Senator Smith explained the reasons
for these changes.
Senator Norris at first advocated receding from his own amendment
because of what he described as the obvious impossibility of getting the
House to agree.
"The conferees went to the extreme, did their absolute duty and refused
to accede until the House acted by an overwhelming vote," Mr. Norris
said.
Later, however, when considerable support developed for the amendment, Senator Norris asked the Senate to stand by the amendment and call
for another conference.
Senator Wheeler said that "the F'armers Union, which is asking this
amendment, represents more dirt farmers than all the rest of the farm
organizations put together."
"We ought to have the courage," he went on, "to stand up and express
our own views and not take the dictation of some professor down there in
the Department of Agriculture."
Robinson Asks Support.
Senator Robinson made an appeal for the Senate to stand by the administration. He pointed out that, in view of the expressed determination of
the House,"the Senatewill finally yield," and emphasized that the inflation
program hinged on action on the farm bill. To establish a fair "cost-ofproduction" for various commodities in all sections ofthe country would be
impossible, he maintained. "There is no use in attempting to fool the farmers," he added.
As to portions of the Farm Relief project on which the
Conference Committee reported agreement on May 4 (before
this week's consideration of the conference report by Congress)
Washington advices to the New York "Times," May 4 said:
The conferees were relieved of the necessity of considering the inflation
amendment, the House having adopted that section yesterday as voted
by the Senate. They were in accord on the sections authorizing the
Secretary of Agriculture to use either the domestic allotment plan or
leasing of marginal lands and withdrawal of them from production as
alternatives to the cost-of-production procedure, and the assessment of
taxes on processors of agricultural products to raise funds to finance the
two approved authorizations.
The bill now covers seven basic agricultural commodities—wheat,
cotton, corn, hogs, rice, tobacco and milk and its products. The conferees followed a previously indicated plan by removing a Senate amendment inserting sugar, and they left out cattle and sheep, voted into the
bill by the House and eliminated by the Senate.
While the Senate views prevailed in most of the 84 amendments considered, the House conferees won an important point in having the basic
period for the regulation of milk and milk-products prices based on a prewar average.
May 13 1933
Average prices from August 1909 to July 1914, had been agreed upon
by the House as the norm for re-establishing price levels, but the Senate
changed the period for milk and milk products and tobacco to September
1919 to August 1928, on the ground that the post-war period represented
better average values for those products.
The conferees restored the original base period for milk, but retained
substantially the post-war period for tobacco.
The Senate conferees receded on another amendment when a clause
was eliminated specifying that the agents to be appointed to enforce the
proposed law should be farmers residing in the Congressional districts where
they were to be employed.
Mortgage Section Amended.
Another change of potentially great importance made by the conferees
in the bill consisted in the insertion of the adjective "normal" in the farm
mortgage section to specify that loans authorized therein should be based
on percentages of "normal value" of farm properties, rather than simply
the "value."
Also deleted from the farm mortgage section was a Senate amendment
which would have forced joint stock land banks, as a condition precedent
to obtaining further loans, to agree to accept their own bonds, regardless
of depreciation, at face value in the payment of mortgages.
The conferees tightened a Senate amendment allocating $50,000,000
for loans to drainage districts, restricting such loans to drainage and irrigation districts organized under States or their subdivisions, thus eliminating
private corporations, and further limiting the loans only to completed projects.
The net result of this change was described as being to limit loans solely
for the purpose of refinancing outstanding bond issues and to keep these
loans from being granted either for the purpose of completing projects in
the building or for the financing of private companies contemplating such
work.
An indication of the ease with which the inflation amendment was likely to pass the House was furnished on May 2
when by a vote of 261 to 113 the House approved a rule
which made the proposal the "business before the House."
Under this rule debate was limited to five hours, while all
points of order against the amendment were eliminated and
further amendatory action from the floor was declared out
of order.
The ensuing debate in the House was far less spirited than
that in the Senate the previous week. The principal speaker
on behalf of the inflation project was Representative Pou of
North Carolina, Chairman of the Committee on Rules,
while the opposition was led by Representative Mapes of
Michigan and Representative Fish of New York,
President Roosevelt Asks Truce on Mortgage Foreclosures as He Signs Farm Relief Bill—Promises
Speedy Action on Refinancing Provisions—George
N. Peek Appointed Administrator--Secretary Wallace Outlines Credit Provisions.
With the signing of the farm relief• act yesterday (May
12) President Roosevelt issued a statement in which he
urged farm mortgage creditors to refrain from foreclo3ure
proceedings until the provisions of the new measure can
become effective. Although the act goes into effect immediately, the President said that applications under the mortgage refinancing section cannot be acted upon instantly, and
he therefore requested that precipitate action be avoided. He
added that "every effort will be made to administer the
act promptly."
Shortly after the President had signed the bill, Henry
Morgenthau, Jr., Chairman of the Federal Farm Board, outlined the aims and provisions of the credit section. Mr.
Wallace also formally designated George N. Peek of Moline,
Ill., chief administrator of the measure. Mr. Peek, who is a
farm equipment manufacturer, is expected to take the oath
of office immediately. His official title will be Administrator
of the Agricultural Adjustment Act.
The text of President Roosevelt's statement, issued coincident with his signing of the bill, follows:
"I have just signed the farm relief bill, which includes the refinancing
of farm debts.
"The act extends relief not only to farm borrowers but to mortgage
creditors as well.
"Holders of farm mortgages will have the privilege of exchanging them
for Federal Land Bank bonds, the interest payments upon
which are to be
guaranteed by the Treasury of the United States.
"Farmers whose mortgages are to be exchanged for these bonds will
reap
the benefit of lower interest rates and more liberal terms of payment.
"It is to the interest of all of the United States that the benefits of this
act should be extended to all who are in need of them and that none should
be deprived of them through ignorance or precipitate action.
"For this reason I appeal particularly to mortgage creditors and all
others who have money claims against farmers. Every effort will be made
to administer the act promptly, considerately and justly,
"All preparation that could be made in advance by officers of the Federal
Land Bank system has been made. However, applications cannot be acted
upon instantly.
"Time for examination, appraisal and perfection of records will be
necessary.
"I urge upon mortgage creditors, therefore, until further opportunity has
been given to make effective the provisions of the mortgage refinancing
section of the Farm Relief Act, that they abstain from bringing foreclosure
proceedings and making any effort to dispossess farmers who are in debt
to them.
"I invite their co-operation with the officers of the Land Banks, the
agents of the Farm Loan Commissioner and their farmer debtors to effect
agreements which will make foreclosures unnecessary.
"This is in line both with public duty and private interest."
Volume 136
Financial Chronicle
The intents and provisions of the new credit section of the
bill were detailed as follows by Mr. Morgenthau, according
to a Washington United Press dispatch May 12:
1. Reduction to 43i% of Interest rates on the more than $1,000,000,000
Federal Land Bank loans to approximately 400,000 farmer borrowers.
2. Temporary waiving of the requirement that payments be made on the
principal of these loans.
3. Continuance of extensions on land bank loans "where desirable and
necessary."
4. Provision for issuance of $2,000,000,000 of Land Bank bonds for
exchange or purchase of farm mortgages.
5. Provision for $200,000,000 of Reconstruction Finance Corporation
funds to refinance farmers' debts.
6. Sharp curtailment in the volume of foreclosures.
7. Refinancing irrigation, drainage and levee districts where their outstanding securities have depreciated, benefits to be prorated to farm owners
in these districts.
8. Provision of loans to joint stock land banks to facilitate their "orderly
liquidation."
An item bearing on the Congressional action on the farm
relief-currency inflation bill appears elsewhere in our issue
today.
Administration of New Farm Bill to Be Practical and
Fair, Says Secretary of Agriculture Wallace—
Advises Chamber of Commerce that Bill Proposes
More Equitable Distribution of Income—Endorses
Report of Chamber's Committee on Agricultural
Policy.
Proposing that agriculture and industry travel from now
on in double-harness, as a team with the load equally divided
between them, Secretary of Agriculture Henry A. Wallace
offered to the Chamber of Commerce of the United States on
May 4 his "steadfast co-operation in making this an era of
better human relationships." Secretary Wallace congratulated the Chamber of Commerce on the leadership of President Henry I. Harriman, and endorsed the report of the
Chamber's Committee on Agricultural Policy.
"The administration of the new Farm Bill," Mr. Wallace
assured his audience. "will be practical and it will be fair.
I have no sympathy with the attempts to set class against
class. As I see it, the Farm Bill is an attempt to obtain
even-handed justice. but It will be a failure unless we can
promote the psychology by which all groups will co-operate."
Secretary Wallace added:
I fully agree that along with a rise in farm prices, there must be an increase in consumer purchasing power. Though to-day consumers are paying
farmers for food only about 60% as much as they normally should, nevertheless they feel unable to pay snore. Of course, after three or four months,
the increased farm purchasing power brought about by the operation of this
Act should decrease city unemployment materially; but that may not be
enough. I hope that a plan may be agreed upon which will bring about a
definite expansion of city activity.
The farm bill proposes a more equitable distribution of the national
Income. Had the farmer shared ratably in the national income during the
past 12 years, agriculture would have had an income larger than it actually
did by many billions of dollars, and industry would have had, out in the
country, a deep well of purchasing power. It is not only justice but intelligent self-interest to restore reasonable purchasing power to agriculture.
The competitive system, as we have known of recent years, is not truly
competitive. Some economic groups, such as agriculture, are exposed to
every economic wind. Other groups are little exposed, and a few groups
are hardly exposed at all.
The last three years have been long years, but they have at least had the
value of showing us the defects in our economic and social machinery. Now
I wonder whether we are ready to profit by our experience. If I interpret
the enlightened steps proposed by President Harriman and by your Agricultural Committee aright, the Chamber of Commerce is ready to strive for
that balance between agriculture and industry, and, indeed, between all the
major producing and consuming groups, which Is so vital to a lasting and
wholesome prosperity.
From the old era of the heedless expansionist and the rugged individualist,
I think we are ready to turn to a new era of better human relationships,
with the emphasis less on production than on an equitable distribution of
the fruits of production. We can, if we will, grant to the city laborer and
to the Winer alike that higher standard of living which logically belongs to
them as a result of their increased productive efficiency. Certainly we can
no longer tolerate a situation in which the more a man produces, the less
he receives for his labor.
Whether we consider the situation of agriculture, of industry, or of labor,
we find the evil results of unplanned production, of low prices and low
wages that result in ruthless competition, still lower prices and wages, and
lower standards of living. So far as agriculture's relationship to industry
is concerned, it is well stated by your Agricultural Policy Committee when
It reports:
is (agriculture) might sustain itself on a lower hand-to-mouth level, as it existed
for many centuries before the dawn of the present order of civilization, but it will
not sustain the great industrial superstructure we have built upon it. The farmer
will continue to eat but he will not be able to buy. He will devote mole of his
energy to sustaining himself and less to sustaining others. He will have the bare
essentials of existence, probably at the cost of much toil and sweat. Anything
more than these bare essentials which our ingenuity has devised and made available
he will do without. It he cannot rise to the general economic level to which through
the course of the last century we have lifted ourselves,the general level will sink to his.
We have had enough ruthless competition. We have had too much discord
between our major producing groups. A people wait, with hopes higher than
they have been in years, for a new spirit to control our economic relations,
the spirit of even-handed justice.
Let agriculture and industry from now on travel in double-harness, as a
team with the load equally divided between them. Agriculture and industry
alike want higher prices and higher wages. Tremendous problems and
equally tremendous opportunities are ahead of us. We need to combine our
forces if we are to solve satisfactorily the problems that a gradually decentralizing industry will impose upon us. We have no longer the problem
of settling a continent, but we have the new, and perhaps harder, problem
3271
of resettling it, of readjusting our economic and social order to a swiftly
changing world. Our success may depend upon our ability to combine a careful regionalization of agriculture with a gradual decentralization of industry.
But always, the goal will be a balance between major producing groups and a
rising standard of living for all. To that end I offer you my steadfast oooperation in making this an era of better human relationships.
President Roosevelt Opposes Imposition of New Tariffs
on Farm Products Pending Meeting of World
Monetary and Economic Conference—Hopes Tariff
Truce Period Can Be Extended to Permit Accords
on Reciprocal Treaties.
President Roosevelt is opposed to the imposition of tariffs
authorized under the farm relief bill, pending the World
Monetary and Economic Conference slated to begin at London on June 12, he indicated on May 10. The import taxes
that he opposes levying for the present would be imposed,
according to the terms af the farm bill, in an amount equal
to the processing taxes provided on domestic wheat, cotton,
corn, hogs, rice, tobacco and dairy products. Th3 President's attitude was outlined in a Washington dispatch May
10 to the New York "Times," from which we quote:
Even should the farm administrator decide that in carrying out the farm
act such a compensatory tax should be levied on imports of farm products
that come under the processing system, the President will insist on a truce
effective at least until the conference meets and has an opportunity to outline its policy.
The President hopes that the conference will extend the tariff truce until
reciprocal tariff agreements can be reached.
The favorable disposition shown by Great Britain toward a tariff truce,
with other countries falling into line, has encouraged the President to believe
that the world conference may reach agreements that will lead to the negotiation of reciprocal tariff treaties, with consequent benefits to the trade of
the world.
The President is expected to ask Congress for some authority to conduct
the negotiations for reciprocal tariff agreements during the recess of Congress. A bill embodying his ideas is now being framed at the State Department under the direction of Secretary Hull. The White House would not
indicate to-day when the President would send a message on this subject
to Congress.
As to his attitude toward addressing Congress for authority to deal with
the war debts the President was indefinite to-day. He reiterated that he
expected the debtor nations to present their claims for revision of the debts
through diplomatic channels and said that as yet the debtor nations had not
raised the question of revision in any definite way.
Administration advisers are confident the President will obtain authority
to deal with both tariffs and debts during the Congressional recess. It was
pointed out that if the World Economic Conference is to be successful the
President must be in a position to negotiate with foreign nations on both
subjects.
Federal Securities Control Bill Goes to Conference—
Senate Amendment Creates Corporation to Pro-,
tect Interests of Foreign Security Owners.
Following the action of the House, which on May 5 passed,
without a record vote, the bill (as redrafted by its Inter-State
Commerce Committee) for Federal regulation of investment
securities, the Senate on May 8 passed (also without &record
vote) a similar bill, as a substitute for the House bill. An
item regarding the action of the House appeared in our issue
of May 6, page 3086. Washington advices May 8 to the
New York "Herald Tribune" regarding the Senate bill,
said:
The securities control bill passed by the Senate to-day, differs considerably from the Bill passed Friday (May 51 by the House. The Senate bill
Is more drastic than the House bill, especially with respect to revocation
and suspension of registration by the Federal Trade Commission and
the liability of directors with respect to false information in the statements
filed with the Trade Commission. However, it is not expected there will
be much difficulty in reaching an agreement between the two houses.
Before disposing of the bill, the Senate substituted its own measure
for the House bill.
Senator Duncan U. Fletcher, Chairman of the Banking Committee, made
a brief explanation of it. The purpose he explained, "is to protect the
Investing public and honest business."
"The basic policy," according to Senator Fletcher, "is that of informing
the investor of the facts concerning securities offered for sale in interState and foreign commerce and providing protection against fraud and
misrepresentation."
The measure originally applied to both old issues of securities and new
Issues. As revised, both in Senate and House, it is intended in general to
apply only to new issues.
The bill requires registration or filing of information with the Federal
Trade Commission when a person or corporation is about to sell securities
in inter-State commerce. The issuer who sells securities without previous
registration subjects himself to both civil and criminal penalties. The information required for registration follows to a considerable extent the
British Act on this subject. The revocation feature of the Senate bill,
however, is not found in the British Act. It would give the Commission
power to revoke or suspend registration the moment it sees that an advertisement does not agree with the registration information or that the
information filed is false.
The Senate bill was passed on May 8 after less than two
hours debate, according to the account on that date from
Washington to the New York "Times" which also said:
A Federal corporation to represent holders of defaulted foreign securities,
governmental or private, is provided in an amendment by Senator Johnson,
adopted just before passage of the bill itself.
Aside from the Johnson amendment, the bill, according to Chairman
Fletcher of the Senate Banking and Currency Committee, differs chiefly
from the House measure in that it provides severe criminal and civil penalties applicable to directors who sign false statements regarding the condition of companies offering securities for sale.
Financial Chronicle
3272
Sets lip Proteclice Corporation,
The Johnson amendment is looked upon in official circles as of outstanding significance for the reason that comparatively few new securities are
being offered at this time, but there are reported to be some $1,500,000,000
of defaulted bonds issued by foreign governments and their political subdivisions in the United States. The total defaulted foreign securities of all
classes, according to Senator Johnson, reaches "several billions of dollars."
The amendment provides for "corporation of foreign security owners"
controlled by a board of twelve directors to be named by the Federal Trade
Commission.
It will be authorized to collect from all sources, through subpoenas if
necessary, the names of holders of foreign securities, to take over the functions of fiscal agents of foreign borrowers, and to pledge for loans any securities deposited by holders with the corporation.
Drposits Would be Required.
The corporation would be empowered to establish committees to represent
specific classes of creditors after the holders, through voluntary action,
have deposited 60% of any outstanding issue with the corporation. A
deposit of 60% would make the corporation's acts binding on all holders of
any particular issue, and it would be empowered to take any steps it saw
fit in collecting or applying funds toward payment.
The project would be self-financing by levies on security holders of
enough to cover operating expenses, except that an initial fund would
be provided through loans of $75,000 annually for three years from the
Reconstruction Finance Corporation.
The securities bill proper contains elaborate precautions for acquainting
the public with the details of operations of companies issuing securities,
providing a penalty of $5,000 fine and imprisonment for five years or both
for violation of any of its provisions.
To Register New Issues.
Registration with the Federal Trade Commission of a complete statement
of the condition of any company planning to issue securities in inter-State
commerce is required. Excepted from the provision are foreign governments, but the publication of complete material on foreign issues by the
selling agents in this country is required.
Another requirement is the advertisement of detailed statements of
financial condition, of the remuneration paid to agents selling the securities,
the names of officers and directors and those responsible for the security and
In addition, the issuance of a folder containing the same statements to be
delivered to each purchaser.
Copies of material used in radio advertisements also must be submitted
to the Federal Trade Commission.
In its account of the adoption of the bill in the House on
May 5 the "Times" dispatch from Washington said in part:
The only show of partisanship in the six-hour debate was on the rule
which confined debate to the bill as reported by the Commerce Committee,
and barred amendments except clarifying ones originating in the committee.
Representative Mapes,for the Republicans, denounced It as another evidence
of "Democratic gag rule."
Unable to Force a Roll-Call.
The opposition to the rule was so numerically feeble, however, that it
was impossible to garner the required number of seconds making a record
vote mandatory. The adoption of the rule viva voce followed, and immediately Chairman Rayburn of the Commerce Committee took the floor
to explain the legislation and the President's reasons for desiring prompt
enactment. . . .
The President's Three Aims.
The aims of President Roosevelt in asking for securities regulation, Mr.
Rayburn said, were three in number.
1. Insistance on full disclosure of "every essentially important element"
attending the issue of a new security.
2. The action to be taken by the government in bringing about the disclosure to be so devised as not to be capable of construction as an approval
or a guarantee of a security issue.
3. A demand that the persons, whether directors, experts or underwriters, who sponsor the Investment of other people's money be held to
the highest standards of trusteeship.
In the more than five hours' debate that ensued no serious opposition was
voiced to any provision of the bill.
Validity of Some Points Doubled.
Representative Beck, of Pennsylvania, while expressing his sympathy
with the purposes of the legislation, was inclined to the opinion that in some
respects it was a violation of the constitutional rights of States. There
was no question, he said, that many American corporations were "rotten to
the core" and that the country would be better off if some wealthy men, now
at liberty, were in jail. Citing the speed with which the British courts
handle such cases, with a regret that justice in this country was not as
quickly administered, he recalled the case of Lord Kylsant of the Royal
Mail Steamship Company, as an example.
The bill, as it goes to the Senate, prescribes a period of not less than thirty
days between the registration of a security and the time of sale, in whichthe
Federal Trade Commission has authority to Investigate. A security moving
in inter-State traffic shall be accompanied by a prospectus setting forth the
essential facts of the issue. The commission is empowered to Issue "stop
orders" against sales if the data disclosed to the commissions proves false
or misleading.
Drastic regulations are provided to guarantee the accuracy of information
supplied to newspapers, and imposed on directors or other officers of corporations or other agents involved in sales of securities is the duty of exercising
thorough examination of any statement involving an issue made on their
account.
Provisions of Federal Securities Bill Not Only Impracticable but Dangerous, According to President
Frank H. Gordon of Investment Bankers' Association of America.
The interests of the country's industries and of the investing public are as detrimentally affected by the Federal
securities bill. passed on May 5 by the House of Representatives, as are the interests of the investment banking business,
says Frank M. Gordon. President of the Investment Bankers'
Association of America. In a statement issued at Chicago,
on May 7, Mr. Gordon said that if the bill became a law it
would automatically prevent needed financing by many
essential industries. which are wholly responsible and honest
May 13 1933
and on whose activities business recovery quite materially
depends. Mr. Gordon said:
This measure as a whole might be exceptionally deflationary in its effects
because it affords unreasonable interference with honest business at a time
when recovery from the depression depends on facilitating the flow of
investment capital to revitalize industry. The bill imposes on officers and
directors, underwriters, accountants, engineers and others who provide the
information on securities registered under the law an extreme degree of
diligance, accuracy and financial liability that is not only impracticable, but
dangerous. Many responsible persons would refuse to assume it.
The bill goes beyond its purported objective of providing for full publicity
of essential facts, and despite its protestations to the contrary it would
encourage the public to believe that the Government had accepted the duty
of passing officially upon the safety ,of investments.
Section 12, covering civil liability, and Sections 16 and 2$, covering criminal liabilities, render every seller of a security subject to both civil and
criminal liabilities if in making a sale he otnits to state to the buyer any
material fact. This creates a liability heretofore unknown to the law and
makes all owners of securities practically trustees for all buyers and places
upon sellers the duty to investigate all facts relating to any security sold and
to disclose those facts to the buyer. This seriously impairs the salability
of all outstanding securities, including municipal bonds, bills of exchange,
bankers' acceptances, and even United States Government bonds, which are
not exempted from the effects of this section.
The House bill differs In many details from the Senate securities bill,
which is now pending in the upper house, but both, unfortunately, are
equally impracticable for the best interests of the country. Both bills are
outgrowths of the Federal Securities bill introduced about a month ago.
Since then House and Senate Committees have worked hard over the difficult task of creating a workable law. The differences in the two bills
illustrate the formidable problem in this task and the fact that neither
can be considered as emergency legislation and that there is every reason
why more thorough consideration should be given to the subject in order
that a sound and workable law may be adopted
Delay in Enactment of Federal Securities Bill Urged
Upon President Roosevelt by New York Chamber
of Commerce—Provisions Regarded as Interfering
with Business Recovery.
President Roosevelt was urged by the Chamber of Commerce of the State of New York, on May 6, to delay enactment of the Federal Securities bill at this session of Congress
on the ground that it still contained provisions which would
seriously interfere with business recovery of the nation. A
telegram was sent to President Roosevelt by Janies Brown,
President of the Chamber, expressing satisfaction with the
elimination of certain provisions in the measure, but recommending that the whole subject of Federal securities legislation should be comprehensively studied so that a practicable
solution of the problem could be placed before Congress at
the next session.
Mr. Brown's telegram, a copy of which was also sent to
Vice-President Garner: Senator Duncan U. Fletcher and
Representative Samuel Reyburn. Chairmen of the two Committees having charge of the bill; Senators Royal S. Copeland and Robert F. Wagner and Representative Bertrand H.
Snell. follows:
Chamber of Commerce of the State of New York is in accord with the
principles laid down in President's message of March last relative to Federal securities and notes with satisfaction in measure now before House
certain features which Chamber thought unwise have been partly eliminated.
There remain. however, other provisions which our organization feels would
impair and delay industrial . corporations in obtaining funds so necessary
at this time for expansion of the country's trade and business. The Chamber
believes while this legislation is important great care should be taken in
its enactment and more time given for a comprehensive study of the situation. The Chamber therefore earnestly recommends that this legislation
be not passed at the present session of Congress and that the matter be
thoroughly studied and analyzed so that a practicable solution of the problem
can be dealt with at next session of Congress.
At its annual meeting, on May 4. the Chamber unanimously
adopted an interim report, which had been sent to officials
at Washington on April 18, urging modification of the Securities bill to relieve officers and directors of liability when
they acted in good faith and recommending that separate
consideration be given in the bill to temporary borrowings of
corporations to facilitate short-term financing.
Senate Approves Bill Extending Emergency Banking
Act to Closed Banks in District of Columbia.
Under date of May 11 advices from Washington to the
New York "Journal of Commerce" said:
Extension of the Emergency Banking Act to Include banks and trust
companies of the District of Columbia, through amendment of that legislation was approved by the Senate to-day.
The amendment would allow the Comptroller of the Currency, who has
control of District banks and trust companies that are not members of
the national system, to reorganize them under the emergency legislation
Senate Passes Fletcher Bill Permitting Issuance of
More Than One Class of Preferred Stock by National Banks as Security for Loans From Reconstruction Finance Corporation for Reorganization
of Closed Institutions.
The Fletcher bill designed to remove difficulties encountered by the Reconstruction Finance Corporation in
operating under the emergency banking law was passed on
Volume 136
Financial Chronicle
May 8 by the Senate and sent to the House. Associated
Press advices from Washington May 8 said:
Requested by the R. F. C., the bill would permit issuance of two classes
of preferred stock in rehabilitating closed banks, one for the local subscribers
and one for the R. F. C.
Another change would permit banks to pay dividends on preferred stock
held by the corporation, even though the common stock was impaired.
The bill also would permit appointees of the R. F. C. to sit as directors
of banks.
Reconstruction Finance Corporation "Reminders" Go
To Note Makers—Notices Sent on Collateral That
Borrowers of Closed Banks Are to Pay Conservators.
The part which the Reconstruction Finance Corporation
has played in aiding the nation's banks is being brought
home directly to makers of notes and other documents held
by the corporation as collateral for loans extended to such
institutions. The foregoing is from a Washington dispatch,
May 6 to the New York "Times" which went on to say:
The Corporation has advanced money on the liquid assets of many banks
which are now closed and in the hands of conservators or receivers. Such
collateral has included notes, large and small, payable to the banks, and
other commercial paper.
The Corporation has been sending to the makers of'these documents
notice that the paper is part of the collateral held by it. Such-notifications
are being sent by the hundred, as some of the notes in the collateral holdings
are for 8100 or less. Almost every part of the country is represented.
At the Reconstruction Finance Corporation offices it was said that such
notification did not mean that the note makers were to deal directly with
the corporation if Interest, installments or full maturity.payment of the
paper was due. Their negotiations would continue to be with the receiver or
conservator of the closed bank, who would in turn deal with the Cororation.
Meeting in Washington of Directors of Reconstruction
Finance Corporation and Loan Agency Managers—
Conferences Designed to Speed Work of Reorganizing Closed Banks and Creating New Ones
Through Preferred Stock Purchases—Farmers
Repaying Loans and Sharing in Price Rises.
According to the Reconstruction Finance Corporation
encouraging evidence of better feeling throughout the
United States with specific indications of a restorative movement in the agricultural sections of the country Were reported
on May 8 to the directors of the Corporation by its loan
agency managers who were brought to Washington for a
two-day session.
The announcement by the Corporation, issued May 8,
continued:
Without exception the sectional representatives of the Reconstruction
Finance Corporation stated that they noted a growing improvement in the
attitude of the bankers, business men and individuals in their districts.
Agency managers from the agricultural region said that the advance in
commodity prices during the past few weeks had been of decided benefit
and that in the wheat and cotton producing sections of the country more
particularly, there had been a marked stimulation as the result of the
increase in price of these basic commodities.
One factor on which they based these expressions, the agency managers
said, was the liquidation which was taking place in loans made by the
Reconstruction Finance Corporation. In many districts the rate of repayment had increased materially, they reported, since the farmers had begun
to share in the rising Prices.
The report on business conditions was the feature of the first of several
sessions which the loan agency managers will have with the directors of the
Reconstruction Finance Corporation and other officials of the Corporation
in order to speed up and facilitate the work of reorganizing closed banks and
creating new ones through purchase of preferred stock.
Due to the importance of this phase of the Corporation's work it was
thought advisable to bring the men in the field to Washington for a discussion of policy and the technical problems which have grown out of the
suspension of so many banks.
It is hoped as the result of the conferences now being held to co-ordinate
the work of all of the agencies, located in the various Reserve districts of the
country, with the Washington office and thereby to benefit both applicants
and the Corporation since the loan agency managers are the governmental
representatives with whom the borrowers first come into contact.
It is the opinion of Jesse II. Jones. Chairman of the Board of the Reconstruction Finance Corporation, that the sessions now being held will serve
to speed up reorganization of old banks and the creation of new ones.
The loan agency managers attending the conference follow:
A. M. Bergstrom, Atlanta;
T. J. cottingham, Birmingham;
Fullerton C. Vose, Boston (Acting);
John A. Campbell Jr., Charlotte;
Ira A. Moore, Chicago;
Frank S. Callander. Cleveland (Acting):
Warren Andrews. Dallas:
T. E. McClintock, Denver;
Charles T. Fisher Jr., Detroit (Acting);
R. F. Ford, Houston;
Fred It. Farwell. Jacksonville;
Roy L. Bone, Kansas City;
J. W. Jarrett, Little Rock:
Frank D. Rash, Louisville;
Joseph Chapman. Minneapolis;
J. F. Joyner, Nashville:
Stewart S. Hathaway, New York;
.j, C. Eagen, Oklahoma City;
C. F. Mudgett. Omaha;
J. K. Doughton, Richmond:
John R. Longmlre, St. Louis;
Elias A. Smith. Salt Lake City;
Lemuel Showell, San Antonio (Acting).
3273
Reconstruction Finance Corporation Makes SelfLiquidating Bridge Loans.
The following statement on self-liquidating bridge projects
so far approved was issued by the Corporation on May 5:
Seven self-liquidating bridge projects have been approved by the Board
of Directors of the R. F. C.. representing total loans of $83,100,000 for
bridges since the Emergency Relief and Construction Act was passed
by Congress in July 1932.
Harvey Couch, Director, who is sponsor for self-liquidating loans of
the R. F. C., reported that approximately 20,000 men will be given employment on these seven projects by the time all are under way. The
immensity of these projects is shown by the fact that they will use approximately 283,000 tons of steel, 1.500,000 cubic yards of concrete, and 43,829,000 feet of timber.
The main span will be the bridge to link San Francisco with Oakland.
which will be 43, miles long, with double deck, and will cost about $70,000.000. The R. F. C. agreed to buy the bridge bonds up to $61,400,000.
Of this amount, Mr. Couch said, approximately 85% will be paid out
to labor.
The second largest bridge to meet approval was the combined highway
and railroad bridge across the Mississippi River near New Orleans, which
the Reconstruction Finance Corporation has agreed to finance by purchasing $13,000,000 worth of Louisiana State bonds. This bridge will
be 3,525 feet long and is expected to provide employment, directly or
Indirectly, for about 4,000 men. Approximately 60,000 tons of structural
steel will be used in building this bridge.
Other bridges to be constructed on Reconstruction Finance Corporation
loans include the proposed bridge across the Hudson River at Catskill
to cost 83.000,000; a bridge at Tampa, Fla., to cost $600.000: one to
cost $1.700,000 across the James River at Richmond; $600,000 for a bridge
across the Missouri River at Kansas City and $2,800.000 for two bridges
across the east branch of the Niagara River.
Jesse H. Jones Elected Chairman Reconstruction
Finance Corporation Succeeding Atlee Pomerene—
Three Vacancies on Board.
Announcing the election of Jesse H. Jones of Houston,
Tex., as Chairman of the Reconstruction Finance Corporation, at a meeting of the directors of the Corporation on
May 5 the Corporation further said:
William H. Woodin, Secretary of Treasury;Harvey C.Couch.Judge Wilson McCarthy and Mr. Jones, who constitute the Board of the R. F. C.
at the present time, attended the meeting. Mr. Jones has been a director
of the R. F. C. since its organization on Feb. 2 1932. He has given particular attention in recent months to the work of the Corporation in conMr. Jones succeeds to the position
nection with the banking situation.
previously occupied by former Senator Atlee Pomerence of Ohio.
The new Chairman was born in Robertson County,Tenn., April 5 1874.
. . . After a public school education he moved to Dallas. Tex., in 1894
where he entered the employ of the M. T. Jones Lumber Co. Within a
year he had been made manager,and for the next few years both as manager
and general manager directed the affairs of the company. Mr. Jones
moved to Houston in 1898. and became interested in banking, building and
lumber. By 1912 he had organized a lumber company, an investment
company, a bank, a mortgage company, a hotel corporation and played
a prominent part in the civic development of the city of Houston.
During the war Mr. Jones served as Director-General of the Department
of Military Relief of the American Red Cross, a position to which he was
appointed in July 1917. . . . He was appointed a member of Red
Cross War Council in December 1918 and in the spring of 1919 he was an
American delegate to the Red Cross Conference at Cannes. France, and
Geneva. Switzerland, where he was associated with Henry P. Davison
and other Red Cross leaders in organizing the League of Red Cross Societies.
Mr. Jones continued his financial and business activities in Texas after
the war ani became interested in similar ventures in New York City.• He
Committee
was elected Director of Finance of the Democratic National
. He
in 1924 and in 1926 acquired the Houston "Chronicle." . .
Presireceived the endorsement of the Texas Democratic Convention for the
dential nomination in 1928. the year in which he brought the Democratic
After
time.
first
the
National Convention to Houston and the South for
of the
Houston had been awarded the Convention, Mr. Jones took charge
arrangements necessary to its successful fulfillment.
Mr. Jones holds ts o honorary LL.D. degrees,one conferred in 1925 by
Southwestern University, Georgetown, Tex., and the other in 1927 by
Southern Methodist Universtity, Dallas, Tex.
From a Washington dispatch May 5 to the New York•
"Times," we take the following:
Mr. Jones succeeds Atlee Pomerene, former Democratic Senator from
Ohio, who left the Corporation on March 3, following the Senate's refusal
to confirm his appointment by President Hoover. Since then each of the
four active members of the Board has acted as Chairman in rotation. Charles
E. Miller of New York. who was President of the Corporation until March 3,
also failed to obtain the Senate's confirmation and that post remains unfilled. Gardner Cowles Sr. resigned on April 11, and there are now three
vacancies on the board of seven.
Secretary Perkins' Chauffeur Quits in Protest Against
Long Hours.
The "Wall Street Journal" of May .'") published the following United Press advices from Washington:
The chauffeur of Secretary of Labor Frances Perkins has quit his job,
complaining that he had to work 12 to 17 hours a day.
Resignation of Baxter L. Brown from Board of Reconstruction Finance Corporation.
The board of directors of the Reconstruction Finance
Corporation announced on May 8 that Baxter L. Brown has
resigned as regional advisory engineer of the board at St.
Louis to become President of the Board of Public Service of
the City of St. Louis and that A. W. Galbreath has been
appointed to succeed him. The Corporation's announcement says:
Mr. Galbreath was educated at the Ohio State University and was
assistant engineer of contrustion and maintenance of the Pennsylvania
3274
Financial Chronicle
RR.from 1905 until 1920, except a period during the World War
when he
was Captain of the Twelfth Engineers with the A.E.F.
From 1920 until
1932 he was valuation engineer of the Missouri Kansas &
Texas Ry., and
since then has been consulting engineer for that railroad
in St. Louis. He
is a member of the American Society of Civil Engineers
.
Benjamin M. Anderson, Jr. of Chase National Bank,
on Fallacies Underlying Demand for
Sound Money Promotes Production—Unsound
Money Creates Speculation—Export Trade Demoralized by Currency Depreciation—Price Rise Possible Without Unorthodox Currency or Credit
Measures.
Discussing "Some Fallacies Underlying the Demand
for
Inflation," Benjamin M. Anderson, Jr., Ph. D. Economist
of the Chase National Bank of New York, says:
The Fallacy That "Inflation" and "Deflation" Have
Definite Meanings
. and Are Simple Opposites.
The words "inflation" and "deflation" are not good
scientific terms.
Few men give the same meaning to them and many
use them with the
greatest vagueness. No small part of the strength
of the movement for
"inflation" comes from the fact that it represents a
pooling of many currents of hope and opinion, which would be antagonist
ic if exact language
were used and precise terms were adhered to.
By "Inflation" may mean merely a rise in commodit
y prices, which
all of us will welcome if it comes in a sound way.
Others mean credit
expansion, with the gold standard maintained and
within the limits of
what the gold seandard can safely maintain, as a means
of helping a rise
In prices. Others mean increased government
expenditure for public
works, within the safe limits of the government's
credit. Others mean
devaluing the dollar. Others mean the issue of irredeemab
le paper money,
without concern regarding the quality of the curency
or the effect of the
quality of the currency on the public credit. Some
mean merely an increase in actual pocket cash in circulation—and that
merely in terms of
quantity, without reference to the quality of the money
that is to be increased. Some would want an increase in the quantity
of credit, but would
recognize the need that such credit should be carefully
and soundly extended and should be self-liquidating, whereas others wish merely
an in•
crease in quantity of credit without reference to the
question of whether
the credits are good or bad.
The distinction between quantity and quality, both
with respect to the
currency and with respect to the volume of credit, are of
first importance.
The danger that an ill-considered increase in quantity
will so impair the
quality as to defeat the very purpose of the increase in
quantity is very
Inadequately understood.
It is an appalling fallacy to think of "Inflation" and
"deflation" as simple
opposites, subject to easy manipulation and control.
Fallacies Regarding "Control of Inflation.
"
Out of the prevailing vagueness of conception as to
what constitutes
"Inflation" comes, readily enough, an easy optimism
as to the possibility
of "controlling inflation" once it gets going.. There
are those who believe
that commodity prices, measured in an irredeemable
paper money, can be
controlled and fixed by a mere regulation of the quantity
of money and
credit extended. They believe that it is possible to
move prices up and
down merely by opening or closing certain valves in
a financial controlmechanism. This view very largely ignores the
workings of the human
mind, and contents itself with mathematical equations
or with vague generalities. It can be said with absolute certainty that there
exists no financial
device like the Westinghouse air brake, which can
bring a movement of
this sort to a stop without a jolt. Those who are
thinking seriously in
terms of control must surely recognize that if the
unorthodox currency
and credit methods are used and start a vigorous
boom, they must be
braced for the use of very drastic and unpopular methods
when they undertake to put on the brakes. They MUM be prepared to see
a sharp reaction
in speculation and even in industry as a result of the
control that is later
applied to prevent the ruin of the currency.
The Fallacy That the Return to the 1926 Price Level Is
Desirable.
The present level of wholesale commodity prices, according
to the Bureau
of Labor Statistics index number, is approximately 60%
of the 1926 price
level. Taking the present price level as a base, a rise of
66% would be
required to bring us back to the 1926 price level. To
accomplish this in
any short period of time would mean to go through a
speculative boom of
very great intensity. in the course of which we should
generate fearful distortions and abnormalities in the relations among the
prices of different
types of commodities and in the relations between prices
and costs. This
would involve dislocations which would create a highly
unstable situation
In which violent reaction and readjustment would again
be forced. We
need no 66% price rise to bring about restoration of
business activity. A
much more moderate rise In the average would give us
a much better balanced situation and a much more dependable situation.
There is little merit In any given figure for the general
average of commodity prices from the standpoint of business profits,
and even the ability
to pay debts. The important thing is balanced,
dependable production
and balanced prices. A price decline such as we have
gone through since
1926 would have been far less disturbing to business
than it has been.
had it been a general price decline instead of one
concentrated heavily upon
foods and raw materials. What we need chiefly is a
restoration of the
balance as between manufactured goods and foods and raw materials—to
be accomplished primarily by a rise in foods and raw
materials, but to be
accompanied in part even by some further decline in
certain "sticky"
prices of particular manufacutred products or semi-finished products,
where prices have been maintained by an extreme curtailmen
t of production. What the manufacturer needs is chiefly volume.
With the restoration of something like balance—and balance is pri
madly to be obtained by restoration of the foreign markets for foods and
raw materials—the way would be open for a furhter thoroughl sound rise
y
in prices in all lines, as increasing production and exchange
of goods created
increased income and therefore increased purchasing power.
Price Rise Possible Without Currency or Credit Measures.
A great price rise is easily possible without unorthodox currency or
credit measures, through the restoration of balance in industry and commerce. This is dependent first of all upon the opening up of trade between different countries so that they may balance one another, each
disposing of its surplus products in lines of its greatest comparative efficiency
in exchange for the surplus products which the others produce with greatest
comparative efficiency. The low inventories, moreover, of finished goods
make possible and immense upswing in activity the moment confidence is
restored, and retailers begin to buy very moderately beyond absolute current needs. In the United States, we have a great shortage of finished
manufactures in the hands of retailers, jobbers and manufacturers, but
we have a glut of raw materials and farm products. In Europe. there is
There are many.sincere and able men who recognize
the dangers of any
tampering with the currency, and who recognize
the dangers of excessive
credit, who, none the less, are willing. in view of the
extremely bad economic
situation, to make a moderate use of remedies of this
sort. They are willing to brave the risks with the hope that activity will
thereby be started,
and with the hope that a moderate rise in commodit
y prices engendered
by a flight from the dollar will tend to continue
itself in business activity
when the decline in the dollar is checked. And they
intend to move vigorously toward checking the decline of the dollar
before it has gone very
far. These men have in mind the combination of
this with other measures
designed really to restore the conditions of
trade activity, above all the
restoration of international trade, and the early
restoration of the gold
standard in several important countries, including
the United States, by
International agreement. They are primarily
interested in giving the
economic organism nourishment, but they sincerely
believe that a little
strychnine will be helpful also.
The present writer believes that the most terrible
depressant to which
our economic life has been exposed has been the
fear regarding the dollar.
which followed the abandonment of gold by England
in 1931, and that
no more powerful stimulant could be given than
the restoration of belief
in the gold dollar in its full integrity. But he has
respect for the sincerity
of purpose and the intelligence of the men who
hold this moderate view.
They sincerely believe that if the new currency and
credit powers given
to the President are used in great moderation,
and if the programme of
international co-operation is simultaneously carried
through, the total
effect on confidence and trade will be good, and
soundly based revival will
come.
But it is very important to combat certain demonstra
ble fallacies which
Ile behind the so-called "inflation" notion, which appear
to have animated
many of its advocates. If these fallacies are to have
any important Influence on the policy of the Administration, the dangers
are grave indeed.
Dr. Anderson's views on inflation are presented in
a bulletin issued by the bank on May 9; in part Dr.
Anderson
writes:
It is clear from the experience of France, Germany.
Italy and Belgium.
In a period when the rest of the world was on the gold standard
or striving to
return to the gold standard, that exchange depreciation,
far from helping
the relation of exports to imports, was definitely harmful
from the standpoint of the country with depreciating exchange.
The experience of the
most recent period, when many countries were
weakening their exchanges
In response to the slipping exchanges of their
competitors, and engaging
in a competitive race of depreciation to protect their
export trade, was
that these evil influences were greatly intensified.
An incredible world disaster, greater than anything
we have yet seen,
would result if the United States also should get into
this competitive race,
if there should be no fixed gold points in the world,
and if foreign trade.
in addition to its existing difficulties, had to contend
with a welter of
fluctuating depreciating paper currencies, shifting in
their relation to one
another day by day, with no nation trusting the currency
of any other
nation. and with no importer or exporter feeling safe in any
contract that
he might make in any currency.
It is, of course, precisely this danger, recognized by the
responsible
statesmen of all countries, which leads to the paradoxical but
apparently
well-founded hope and expectation, that our going off the gold
standard
may be merely an intermediate step toward bringing back
a very substantial part of the world to the gold standard, including the United
States.
There is no safety in anything else. * * * •
Sound Money Promotes Production—Unsound Money Creates
Speculation.
When men are dealing with sound money, when the money is
trusted
and their minds are on the values of goods and the prospects of the
goods
• market, a rise in prices is a stimulant to trade and a stimulant to
production.
When, however, prices are rising merely because money is falling
and men
distrust the money. the reverse takes place. Speculation takes the
place
of trade and production. The prudent merchant,studying his local
market
and studying his sources of supply. has no chance. The reckless
plunger
is successful. The prudent industrialist, studying his costs carefully,
analyzing his sources of supply, studying the possibilities of his
market,
has no chance. His costs as well as his prices are at the mercy of the
falling
and fluctuating currency. Careful economies, skillful administra
tion,
prudent planning, conservative enterprise, all these things are at a discount.
Reckless and unscrupulous men, borrowing all that they can borrow,
sometimes go bankrupt in the fluctuations of the market, but those
of
them that are successful are the only ones that save themselves in
such a
period. The laborer, not trained in finance, slow to grasp the significanc
e
of pecuniary changes, finds himself with rising wages but with still
more
rapidly rising cost of living, slipping further and further behind in the race.
Universities, hospitals, churches, endowed institutions of all kinds, are
unable to make any readjustment that can save them. Production gives
way, the total volume of production is reduced, the volume of goods avail
able for the people to consume is reduced.
This difference in effect between rising prices due to depreciating money
and rising prices due to the rising values of goods need not, of course, be
highly conspicuous if monetary depreciation is moderate and is not expected to go far. It might take a good deal of abuse to shake the general
confidence of the American people in the ultimate goodness of their dollar,
and to generate a general flight from the dollar. Alert speculators move
rapidly, but the masses, including even many business men in their business calculations, tend, for a good while, to react in habitual ways. But.
If the depths are shaken, and general fear for the future of the currency comes over the people. catastrophy impends.
The distinction between rising goods and falling money is one which is
forced promptly upon the attention of all those engaged in exporting and
imPorting by the daily fluctuations of the exchange rates. Export trade
Is badly demoralized by currency depreciation. When men trust their
May 13 1933
money, and exchange depreciation, held to the
lower gold point, is due
solely to an adverse balance of payments, exchange
depreciation itself
gives a stimulus to export and a check to import.
The money market
tightens as gold goes out of the country.
Exporters find their credit
shortened and sell more quickly. Importers are
able to get less credit and
Import less freely, and automatic forces rectify
the adverse balance of
payments.
When, however, exchange is depreciating solely
because of decline In
the quality of money and through distrust in the
money, the reverse takes
place. Exporters reason that they should not
hurry to export because
they can get still more in their domestic currency
for their exports at a
later time; importers reason that they must hasten to
import all that they
can because the foreign exchange In which they will
pay for their imports
will cost more in the domestic currency next week
or next month.
There is nothing wholesome in economic life that
results from a rise in
prices which is merely a flight from the money or which
is due simply to
currency debasement.
Volume 136
Financial Chrunicle
a shortage of all three things, low inventories of finished goods and extremely low inventories of imported foods and imported raw materials.
the result of three and a half years of cruel money market pressure and
liquidation. If these two markets can be got together, we have the basis
of an almost explosive rise in the prices of foods and raw materials on this
side of the water, and an almost explosive expansion of manufacturing
activity on both sides of the water. The producers of foods and raw materials, with rising prices for their products, will buy manufactured
goods again, and the factories, expanding their activity and taking on new
labor, will generate increased demand for one another's products.
A New Industry Needed.
The notion that some new industry is needed, to give us the kind of
impetus that automobile production is said to have given us in the period
following 1921, to lead us out of our difficulty, seems pointless. We need
merely to restore the strangled industries. Automobile production, in
its peak year, represented about three and a half billions of dollars. Foreign trade, on the other hand, exports and imports together, represented
over ten billions of dollars in the same year, and on the export side alone
represented nearly five and a half billions of dollars. The possibilities
of radical stimulus from the restoration of this great body of activity, with
the corelated restoration of activity in shipping and the multitudinous
harbor and transportation activities connected with both export and import trade, with the restoration of balance as between agriculture and
manufacturing which the revival of export trade would involve, surely
furnish enough of dynamic potentiality from the standopint both of production and of prices.
Exclusive concentration on money, credit and price levels leads to the
ignoring of all the factors involved in the relations among prices, the
relations between prices and costs, the balance among the industries, and
the other vital factors which make business stable or unstable.
Relief for Debtors by Creating New Debts.
It is urged by many that the price level itself is highly significant from
the standpoint of the relations of debtors and creditors, and that it is only
through the restoration of the 1926 price level that debtors are going to
be put into a position to carry the burden of their debts. It may be said
first, that the price of a product is only one factor in the ability of the
producer to pay his debts. Volume is another big factor. Costs other
than debt service are a third.
But, second, It must be pointed out that the effort ot restore the 1926
level, involving, as shown above, a rise of 66% in general commodity
prices, especially if accomplished by unsound currency and credit methods
could come about only as the result of the mushroom growth of a great new
crop of precariously placed speculative debtors. Credit and debt grow
together. No credit can be given without the creation of debt; they are
merely different names for the same thing. It is surely a very shortsighted policy which would seek to offset the evils of a past speculative
boom and a past creation of unsound debt by creating a new speculative
boom and new gigantic volume of unsound debt. We have abused credit
in the past: let us protect it from abuse in the future.
The advocates of "controlled inflation" must set themselves much more
modest objectives than the 1926 price level if they are to avoid disaster.
Above all, must they recognize that, in the raising of the price level, a
big part of the work will in any case be done by hte restoration of balance,
the opening up of international trade, the restoration of confidence, the
re-stocking by retailers and the numerous other forces which work in revivals, and that they therefore do not need to try to do It all by currency
and credit methods.
3275
effect, therefore, in so far as it worked mechanically, would be virtually
identical with the effect of an increase of Government bond buying by
the Federal Reserve banks. Of course, there is very grave danger that
a substantial issue of greenbacks by the Federal Government, particularly
if used in paying off interest-bearing public debt, would not be mechanical
In its operation, but would lead to a very startling and dangerous psychological reaction. It would be the dreaded printing press, used as a
substitute for taxing or for public borrowing—the language of the law
limits the use of the greenbacks to paying off maturing public debt, but
in a period when public expenditure exceeds taxation, this would be a
bookkeeping distinction only.
Whatever else the Government tries to do under these new powers, it
must not be misled by the demand for a crude direct increase in the volume
of money in circulation.
The Fallacy that Depreciating Exchange Aids the Export Business.
There are many who favor the deliberate depreciation of the dollar for
its supposed effect on our foreign trade. The belief that falling exchanges
stimulate exports is one that dies hard, but if authoritative opinion and
the weight of statistics could kill it. it would have but a short life. Robert
Lincoln O'Brien, Chairman of the Tariff Commission, has thoroughly
exposed its fallacies time and time again, and very aptly told the House
Committee on Ways and Means, "The advantages of depreciation are
partly illusory and partly temporary, and those that are not illusory are
temporary, and those that are not temporary are illusory."
During the post-war years when their exchange rates were falling. French
and Italian exports were hampered, not helped. Between 1919 and 1926
they amounted to only 74% of imports in the case of France, and 56%
in the case of Italy. With the benefits of stable currency at work these
figures rose for the 1927-1931 period to 89% and 73%. respectively.
Figures are available in terms of quantities for Belgium and Germany.
It appears that Belgian exports increased more than 30% in the three years
following stabilization of the currency, while German exports increased
no less than 160%. In 1931, a year of deep depression but firmly maintained currency, German exports were more than four times what they were
in 1923. the banner year of depreciation.
Similarly, the increased trade expected by countries which left the gold
standard in 1931 did not develop. Comparing exports of the three leading
non gold countries of Europe for the first nine months of 1931 with the
first nine months of 1932, we find a decline of 7% in the case of England,
19% in the case of Sweden and 22% in the case of Denmark. These
percentages are in terms of domestic currencies; in terms of gold the decline
is much more striking.
Some popular writers have pointed to specific articles which have been
Imported into the United States in increasing quantities—electric light
bulbs, rubber footwear. and the like. It is true that at a time of extreme
paralysis.of international trade many commodities are pushed through the
trade barriers at a drastic sacrifice in price, but it is difficult to find any
commodity moving in international trade at profitable prices. American
corn dribbled out at "dumping prices" last autumn. But such a trickle
of trade is in no sense a flood, and does not represent the influence of
currency depreciation. A careful study by the Tariff Commission of 277
articles produced by countries off the gold standard brought out that
these countries sent us only 43 of them in greater volume in 1932 than in
1931. On the other hand, gold standard countries sent us in 1932 increased quantities of 40 of these same 277 commodities.
The Fallacy of Shifting Definitions—Has Gold Risen of Hare Goods Fallen?
One of the current fallacies of the "Inflationist school" of thought rests
We also add other parts of the address, which is an im- on a confusion between two meanings of the term "the value of money."
portant contribution to the discussion of the subject, as One definition of the value of money is that it is the reciprocal, or the reverse side, of the commodity price level. If prices rise, that means that
follows:
money falls in value. If prices fall, that means that money rises in value.
The Fallacy That More Actual Money in Circulation Is Needed.
By the same definition, a rise in prices means a rise in the values of goods.
and a fall in prices means a fall in the values of goods. This is the purely
The Senate Committee on Agriculture and Forestry in its report to
relative conception of value. It tells you nothing as to what is cause
accompany II. R. 3835, complains of "a policy of deflation" as manifest
and what is effect. It merely gives you a name for the value of money.
in the figures of the three weeks March 15 to April 5 1933, which include
From the standpoint of this definition, prices might change from causes
a decline in money in circulation to the extent of $1,185,000,000. In the
affecting money, or they might change from causes affecting goods. The
previous three weeks, preceding and accompanying the bank holidays,
definition, as such, tells you nothing about causation. Another conthere had been a very much greater increase in money in circulation, due
ception of value, however, looks upon the value of money as one thing
to the financial panic and to the runs on the interior banks, and, above
and the values of goods as a different thing, while prices are governed by
all, to the demands of great businesses throughout the country for actual
the relation between these two values. Prices can rise without a change
cash from the New York City banks to replace their billions of frozen
In the value of money, if goods rise in value; or prices could rise without
deposit and check currency tied up by the State moratoria in the interior.
a rise in the values of goods if money fell in value.
Expanding currency in circulation under these conditions was in no sense
To Illustrate this last conception, we may contrast two cases of rising
a good thing, while the decline of currency in circulation, as confidence
and falling prices. The French franc, measured in gold, broke from
returned and as money came back to the banks, was in every sense a good
thing.
4.73 cents in September 1925 to 2.80 cents in September of 1926. ComThe great instrumentality for carrying on business in the United States
modity prices in France responded to this decline in the real value of the
is not pocket cash, but the check. Over 90% of the business of the country
franc, rising from an average of 567 in September of 1925 to an average
is done by means of checks. Even in retail transactions and in wage
of 804 in September of 1926. Here was a rise in prices caused by a fall
in the value of money. In the three months following September of 1926.
payments, checks are enormously important. Taxes are largely paid
the franc rose from 2.80 cents to 3.96 cents, and commodity prices in
by checks. Passenger tickets are usually bought from the railroads with
cash, but freight bills are very largely paid by check. In wholesale trade,
France simultaneously dropped from 404 to 641. a fall in prices caused by
a rise in the value of money. Here is a clear case of rising prices caused
and in almost all other kinds of business, the check is overwhelmingly
important.
by declining quality of money, followed by a fall in prices caused by an
The doctrine lying behind the demand for more greenbacks is the docimproving quality of money—people fleeing from money to goods through
trine that an increase of money in circulation will raise commodity prices.
distrust in the first period, and returning from goods to money in the
second period through renewed confidence in the money.
The doctrine is that the general average of commodity prices varies directly
volume
the
of money in the pockets of the people. This doctrine,
with
A contrasting case would be the rally in commodity prices in the United
originating in theoretical speculations at a time when checks were little
States, amounting to 19.5% according to Bradstreet's index number,from
June 1908 to January 1910. The question of the quality of money or of
used and business was largely done by actual cash, will have few if any
trust or distrust of money did not come into this situation. The rise in
defenders among students of money and banking to-day. The facts are
prices was due to a rise in the values of goods, with the dollar remaining
too obviously against it. Money does not stay in circulation in excess
current
needs
cash.
largely
the
of
pocket
Paid
laborers
to
out
unchanged in men's estimation. It was due to the clearing up of
the people for
of
the crisis and the reopening of markets, the revival of confidence in the
In payrolls, it goes to the merchants, and the merchants put their excess
tin money in the banks, day by day. The Fourth of July holiday leads future of business, and the restoration of balance in economic activities.
An illustration from the year 1879 may make the case even clearer.
to an increase in money in circulation, but it comes back after the Fourth
The resumption of specie payments on Jan. 1 of that year firmly estabof July. The autumn call for cash for crop moving, and the December
lished the, greenbacks at parity. During 1879, therefore, the value of
call for Christmas cash are followed by a backflow of cash to the banks
money worked as a price depressant, if anything, the more, as the whole
when Christmas is over. A panic increases money in circulation, but the
period from 1873 to the early '90s was a period of rising value of gold.
restoration of confidence brings it back to the banks. Reviving trade,
business,
wages
are followed
In 1879. however, a huge crop shortage developed abroad, which resulted
rising commodity prices, and rising
active
In a rise in American farm prices of 25%, and in the general average of
by and give rise to an increase in money in circulation, while falling prices,
declining wages and declining employment lead to reduced cash in cir- ,wholesale prices of 19% between January 1879 and January 1880. The
rise in prices in this case was wholly due to a rise in the values of goods.
culation. The theory that there is need for an increase in money in circuOver short periods it is rarely the value of gold which changes; as a
lation inverts cause and effect. Whatever may be true of an increase in
of
upon
money
concentration
attention
of
and
the
bank credit,
rule it is the values of goods. Over longer periods, changes in the value of
the total
gold make a real difference. There was a rise in the value of gold from
money in circulation alone is an utter and absolute fallacy.
1873 into the early nineties, since gold production in the world was not
The issue of additional greenbacks, even if put into circulation by being
keeping pace with business expansion, and with the increased use of gold
paid out by the Government directly to the people, assuming that it worked
total
the
of
increase
cirwould
in
money as a number of countries formerly bimetallic or on a silver basis
money
as
not
mechanically,
appreciably
came to the gold standard. With changed metallurgical methods and the
culation. The excess currency would simply flow back to the banks and
developing of vast new resources of gold-bearing ores in the early nineties.
would be by them turned over to the Federal Reserve banks, increasing
the production of gold increased very rapidly in the period that followed
the reserve balances on deposit with the Federal Reserve banks. The
3276
Financial Chronicle
down to the war. The value of gold fell and commodity
prices rose,
largely as a result of this. In general, however, changes
in commodity
prices over short periods are due to the changes in the values
of goods
rather than to changes In the value of gold.
Now it is, of course, an obvious fallacy to mix these two conceptions
of
the value of gold or the value of money In a single argument.
No small
part of the inflationists' argument rests on just this fallacy.
First they
define the value of money in purely relative terms as merely
the reciprocal
or the reverse of the average of commodity prices, and then they
conclude
that the fall in commodity prices is caused by a rise in the value
of money,
slipping from the relative notion of value to the absolute notion
of value,
in the course of the same argument. This is a very crude logical
fallacy—
known to the logician as the fallacy of "four terms." From
this they
conclude that to raise prices we must debase money. They
ignore the
question as to whether or not the fall is due to a fall in the values
of goods,
and as to whether the remedies are not to be found by restoring
the markets
for goods, and dealing with the problem from the standpoint
of trade
and of industry rather than from the side of
money.
In considering the remedy for the present fall in prices and in advising
methods of raising commodity prices—which we all agree is necessary
and desirable—it is important to consider carefully to what
extent this
fall has been due to a change in value of goods, and to what extent
it may
have been due to a change in the value of gold.
May 13 1933
of money due to distrust of the money and a flight from
the money, Is
of vital importance from the standpoint of determining the
kind of policy
to be used in a situation of this sort.
International Movement of Short-Term Funds—Department of Commerce Data Summarized by New
York Federal Reserve Bank.
In its "Monthly Review," dated May 1, the Federal Reserve
Bank of New York notes that, according to data recently
issued by the Department of Commerce, the movement of
short-term funds between the United States and other countries during 1932, although of considerably smaller magnitude than the exceptionally large movement of 1931. was
similar in direction and character. From the "Review" we
quote further:
Withdrawals of foreign funds from this country in 1932 amounted
to
$552,000,000, but were offset in part by a reduction of $181,000,000
in
American funds employed abroad, so that the net outward nrovement
of
funds was $371,000,000. The reported amounts of foreign funds
in this
country and of funds due from foreigners at the end of each year
from
1929 to 1932 are shown in the following table.
The reduction in the amount of foreign funds in this country during
1932
occurred chiefly through the withdrawal of $291,000,000 in deposits
with
American banks and of $254,000,000 which had been employed in
shortterm loans and investments in this market, consisting largely of
investments in dollar acceptances and United States Treasury securities.
Most
of the foreign withdrawals occurred during May and June, and were
closely
associated with the large outward gold movement of that period.
These
withdrawals were the result of a decision on the part of certain
foreign
central banks to convert their remaining dollar assets into gold,
together
with some reduction in foreign commercial balances in this market.
The repayment of American funds employed abroad took place
through a
reduction of $135,000,000 in foreign short-term loans and
investments of
American banks and a decline of $83,000,000 in dollar
acceptances out•
standing under credits granted to foreigners. Deposits with
foreign banks
showed an increase of $37,000.000 during the year. The smaller
reduction
in American funds abroad in 1932 than in the previous year
resulted largely
from the increasing difficulties encountered in obtaining
repayments of
foreign credits, in view of the prevalence of exchange restrictions
in foreign
countries and the limitations imposed by standstill agreements
between
debtors in Central Europe and their foreign creditors.
In the three years from the end of 1929 to the end of 1932,
the amount
of foreign funds in this country was reduced $2,124,000,000,
or more than
two*-thirds. At the end of 1932 such funds amounted to
$913,000,000,
which is less than the volume of American funds abroad,
most of which,
however, were not quickly available because of the
financial unsettlement
in foreign countries. The very large withdrawal of foreign
funds from the
United States during 1930, 1931 and 1932 was accompanied by
a net inward
movement of about $100,000,000 of gold. This indicates
that, although there
were at times large outflows of gold from this country,
for the three-year
perio I as a whole the withdrawal of foreign funds was
entirely offset by
the excess of payments due the Unit,i1 States on current
commercial and
financial transactions, together with repatriation of foreign
obligations drawn
in dollars, and the repayment of short-term obligations to
American banks.
Foreign funds in the United States have been further
reduced during the
current year, and it is believed that the balances which
remain are close to
the minlinum required for the financing of recurring
international commercial and ficancial transactions.
Strangled Markets Depress the Values of Goods, 1929-31.
It is the belief of the present writer that the fall in commodity
prices
from 1929 down to the summer of 1931 was caused primarily
by a fall
in the values of goods, with very moderate change in the value of gold.
The first break in prices came in the great staples of internationa
l trade,
which were suddenly deprived of their markets.
The cause of this break was basically the high tariffs and other barriers
to the free international movement of goods that the world had been
building up in the period following the war. These barriers had
been
overcome from 1922 into 1929 by the tremendous expansion of credit, and,
above all, by the tremendous volume of international loans which enabled
countries to buy even when they could not sell, and which, in particular,
permitted Europe to buy a great quantity of foreign raw materials
and
foreign foods, even though she was unable to send back an adequate
volume
of manufactured goods with which to pay for them.
With the cessation of this unsound offset to the high protective tariffs
and other trade barriers, their strangling effect upon foreign
trade and
foreign markets began immediately to operate, and goods fell
in value
because their markets were shut off. The great break in prices of
foods
and raw materials was followed by a sharp decline in the buying
power
of the producers of foods and raw materials. They were unable
to buy
manufactured i..00ds in accustomed volume at accustomed prices, and
so there came a decline in the prices of manufactured goods also,
not due
to a change in the value of money, but to reduced money incomes on
the
part of the farmers and producers of raw materials. To some
extent,
however, money rose in value as this proceeded, since with growing
apprehensions regarding the future men preferred liquid cash to investments
,
but the effect of this upon prices was much more manifest in investment
markets than in the commodity markets.
There was, too, a growing concern to protect gold and gold
exchange
reserves on the part of central banks in debtor countries, but
down to
early 1931 little disposition on their part to distrust gold exchange,
namely
credit balances in gold standard countries.
Collapse of International Credit and Distrust of Paper Money
Raise the Value
of Gold, 1931-33.
The summer of 1931. however, witnessed a new development.
With
definite breakdown in Austria, and with moratorium and
standstill in
Germany. there came a great scare.
In particular, there arose a great fear regarding sterling
exchange,
which led to the abandonment of the gold standard by England.
Then
came a sudden and violent rise in the value of gold, due to the
fact
men distrusted everything else. If sterling was not good, if the that
credit
of the Bank Of England and of the British Government could not be
Dec. 31 1932 Dec. 31 1931. Dec. 31 1930.
trusted,
Dec. 31 1929.
then what could be trusted? The dollar came into internationa
l disDue to Foreigners—
trust, and the outside world tested it: first in a great run on the
Deposits
$734,000,000 $1.025,000,000 31,640,000,000
dollar in
81,662,000,000
the autumn of 1931 which we met successfully by paying out
Advancesdroverdrafts
31.000,000
26,000,000
several
36,000,000
27,000.000
Short term loans, inhundred millions in gold; and again in a great run in the spring
of 1932
vestments, Jge...._
140,000,000
394.000,000 1,046,000.000
which once more we met successfully; and. finally, In a third run in
1;313,000,000
8,000,000
Acceptance credits._
20.000.000
1933.
15.000,000
In which our own people participated, to which we unnecessarily
35,000,000
_
yielded.
_
During this period gold rose in value and commodity prices fell
Total
$913,000,000 31.465,000,000 82,737,000,000
still
83,037,000,0
00
further because of the rising value of gold. If gold is the only thing
that
Duefrom Foreigners
can be trusted, if gold is the only thing which men will freely
Deposits
$150,000,000 11113,000,000 3294,000,000
accept in
$210,000,000
international payments, if men are afraid of balances in foreign banks
Advances,overdrafts,
loans, short term
and afraid of paper currencies, and seek everywhere to obtain the
ultimate
Investments
.542,000,000
677,000,000
629,000,000
standard of value, as the one safe -bearer of options." the only safe
523,000,000
reserve
Acceptance credits..
366.000,000
449,000.000
879,000,000
for emergencies, then clearly there is added to the ordinary
884,000,000
functions of
gold a new valuable function which increases Its value and increases
Total
$1,058,000,000 $1,239,000,000 S1,802,000,000
its
$1,617,000,000
_
command over other articles of value.
Netshort term indebtThe Value of Gold Can Be Lowered by Restoring Confidence in Paper
edness to foreigners
Monet..
nn hnnIrIncr wrentint *1145000000 3228.000.000 sgah (WI 011/1 51 Ann 000 0011
But this analysis would clearly suggest that the remedy for the
fall in
prices from the money side is not to be found in measures which still
* Net Indebtedness to foreigners.
further
increase the distrust of the world for paper currencies. but rather in
measures
which tend to restore confidence in the validity of paper currencies and
in
United States Balance of International Payments—
the validity of balances in foreign banks. It would suggest,
further,
that the primary thing to do to raise prices is to work from the standpoint
Our International Credits and Debits for 1932
ofgoods and trade toward restoring the markets for the great
Balanced at $4,372,000,000—$1,136,000,000 Under
international
staples, raw materials and foods, whose violent break in value
1931—Exports Off 33% in Year.
and in
price started the great price decline, and that the way to do this
is to
International payments to and from the United States durreduce the tariffs and other impediments to international trade
so that
manufactured gooes, moving across national boundaries, may pay
ing 1932 balanced at $4,372,000,000. compared with $5.508.for
raw materials and foods needed.
000,000 for 1931, reflecting "the extremely depressed nature
Sound Money Essential for Reoiral Both of Internal and International Trade—
of economic conditions throughout the world," the Finance
the Need for Sound Gold Sterling.
Division of the Commerce Department announced on April 27
This same line of analysis should make clear, also, how vitally
important
ill a preliminary estimate of credit and debit items resulting
it is in our international program to seek to restore to a sound. gold basis
which people will trust not only our own currency, but also the currencies
from foreign transactions. In its advices from Washington.
of other great trading countries, and, above all, sterling exchange. The
April 27, the New York "Times" further noted :
tatiffs and other trade restrictions were primarily responsible for the decline
in international trade which took place down to the slimmer of 1931, and
The principal feature of the balance was the uniformly low level of both
the intensification of these barriers which subsequently went on was revisible and invisible current transactions, which include imports and exports
sponsible for part of the subsequent decline in foreign trade. But
of merchandise, treight and shipping expenditures, tourist expenditures,
the
greatest cause of the decline in foreign trade from the summer of 1931
immigrant remittances, interest, dividends and commissions and miscelto the present date has been the inadequacy of internationally valid money
laneous invisible items.
and, above all, the inability of sterling exchange to stand the heavy volume
The total of credits or export values accumulated during the year on so.
of transactions and to carry the heavy load of international commodity
called current transictions amounted to $2,536,000,000, as against debit or
financing to which the world had grown accustomed. Without good
import items of $2,405,000,000 and a favorable balance on the whole account
money, a large volume of production and a large volume of trade cannot
amounting to $131,050,000. This compared with exports of 83,602,000,000,
be carried on. The distinction between a rise in prices due to a rise in
imports of $3.442,000,000, and a favorable balance anmunting. to $160,he value of goods, and a rise in prices due simply to a fall in the value
000,000 for 1931.
Financial Chronicle
Volume 136
merchandise exports and
Each of the two most important credit items,
declined about 33%.
earnings on long. and short-term investments abroad,
slightly less than a
The former, yielding a total of $1,812,000,000, were
estimated at $461,third of their 1929 recorded value, while the latter,
000,000, were only 46% of the peak figure of 1929.
for the preceding year
The corresponding yield of these two credit items
The excess of the 1932
was $2,424,000,000 and $602,000,000, respectively.
of the United States
credits over debits resulted in net balances in favor
$393,000,000 for
amounting to $289,000,000 for merchandise exports and
also was
earnings of long- and short-term investments abroad. The latter
foreign investments in
Influenced by the relatively low level of earnings on
sheet as a debit item.
this country which is set down in the annual balance
compared with
Such payments to foreigners in 1932 totaled $68,000,000,
$126,000,000 in 1931.
Figures on War Debt Receipts.
smaller than
Receipts in 1932 on account of war debts were somewhat
1931 covered
for 1931. In both years, the moratorium agreement of June
about half the scheduled payments, but receipts were about $14,000,000
to pay.
less in 1932, owing in part to the failure of six debtor nations
in
Total 1932 payments were $99,000,000, compared with $113,000,000
the British
by
payment
1931, and of the former figure, $95,500,000 came in
Government of its December 1932 instalment.
Imports, both "visible" and "invisible," experienced similar reductions.
Merchandise imports declined 37% during the year and were about 70% less
than in 1929. Dollar funds made available to foreigners by American travel.
era were about 22% less than in 1931 and 49% less than for 1929.
Estimated expenditures in the United States by foreign visitors showed
an even greater falling off, net payments by the United States on tourist
account in 1932 being about 58% of such payments in 1929. Owing to an
unusually sharp drop in United States tourist expenditures in Canada in
1932, the decline in total travel outlays abroad was correspondingly greater
than in other recent years.
Francis H. Sisson of Guaranty Trust Co. of New York
Declares Efforts at Monetary Manipulation Belong
in Realm of Dangerous Experiments—Confidence,
Not Gold, Primary Essential in Maintenance of
Financial Stability—Real Sufferers from Inflation
Bank Depositors, Wage Earners, &c.
On May 4 Francis H. Sisson. President of the American
Bankers' Association and Vice-President of the Guaranty
Trust Company of New York declared that "efforts at monetary manipulation belong in the realm of dangerous experiments." "Desire for the application of such policies" he said,
"would quickly subside if men in general could be brought
to realize that the law of supply and demand is as valid and
as powerful in the field of money and finance as it is in the
field of commerce and industry. Attempts to interfere with
the operation of that law entail consequences far beyond the
ability of anyone to foresee."
Mr. Sisson. whose remarks thus quoted were made at the
annual meeting of the Chamber of Commerce of the United
States in Washington on May 4, went on to say:
Remittances to Relatives Pan.
Remittances by aliens to relatives abroad and by charitable and other
institutions also experienced the most marked decline since the peak figure
of about $300.000,000 was reached in 1928. These remittances for 1932
were only four-fifths of the preceding year's, and somewhat more than half
those in 1928. Earnings and payments on. freight and shipping account
each fell more than 50% below the 1929 figures. Net payments by the
United States in 1932 were about three-fifths those of 1931.
"For the second successive year the reduction in the country's debtor
position on international short-term capital account coincided with a reduction in the country's creditor position on long-term capital account," the
study said.
"Dollar balances and short-term investments held in this country by
foreign creditors were withdrawn in large volume during the first half of
1932, after withdrawals during 1930 and 1931 had reduced such holdings
from approximately $3,000,000,000 to less than $1,500,000,000.
"Withdrawals of short-tom capital over a three-year period were closely
paralleled by the continuation of dollar security repatriations and the rapid
decline in American underwriting of foreign issues, which reversed this
country's former position as an annual net exporter .of long-term capital.
"During each of the last two years the United States received an estimated
total of slightly more than $200,000,000, net, in connection with all international long-term security transactions.
Security Underwriting Drops.
"The reductions in the country's international creditor position on longterm capital account resulted from factors which began to operate with the
first evidences of world-wide depression. New security underwriting declined sharply during 1931, while at the same time the sharp decline in the
quotations of outstanding foreign securities emphasized the advantages of
repatriation, particularly as a means of reducing outstanding indebtedness
and of securing investment 'bargains.'
"At the same time foreign investors apparently continued substantially
heavy purchases of American domestic issues, especially after the latter
had declined to what were considered attractive market levels."
The balance of international payments, always attended by some margin
of error in calculation, showed for 1932 an aggregate of $114,000,000 on the
credit side from items of which no description was given. The discrepancy,
usually caused by overestimation of debit or import items or an underestimate of credits or exports, stood at $165,000,000 for 1931 and about $370,000,000 for 1930.
A striking development in the 1932 balance was a sharp increase in socalled merchandise adjustments, which take account of credit and debit
items resulting from unrecorded exports and imports, including goods sumggled in and out of the country, unrecorded parcel post shipments, sales and
purchases of bunker coal and oil in shipping.
On the debit or import side the 1932 figure for merchandise adjustments
was $147,000,000, compared with $107,000,000 for 1931, while exports or
credits were put at $105,000,000 for 1932, compared with $57,000,000
for 1931.
UNITED STATES BALANCE OF INTERNATIONAL PAYMENTS.
(In millions of dollars]
1932 (Prelim.)
193 (Rertsed).
Credits. Debits. Bat- Credits. Debits. Bai(Esp.) (Imp.) anee. (Exp.) (Imp.) once.
2,090 +334
107 —50
189 —72
568 —456
173 —163
1,812
Merchandise
105
Merchandise adjustments
73
Freight and shipping
71
TOUIltit expenditures
6
Immigrant remittances
Charitable, educational, other contributions
481
Interest, dividends, commissions, &c_
99
War-debt receipts
Govt. transactions, excl. war-debt
31
receipts
78
Miscellaneous invisible items
1,323 +289 2,424
57
147 —42
117
118 —45
112
448 —375
10
138 —132
2,538
Total current items
860
Gold movements (incl. earmarking).Currency movements
2,405 +131 3,602 3,442 +160
. 7% +176
St!
871 —11 .
—10
80 —80
Total gold and currency movements
Short-term capital movements
Long-term capital movements
Total capital movements
Unest. items, errors. omissions. dre_ -
860
862
31 —31
68 +393
— +99
682113
39 —39
126 +536
+113
—70
+45
34
73
134 —100
16 -1-57
101
33
930
—91
—371
645 +217 1.520
951
—154
+114
3277
764 +166
—709
1,302- +218
—491
+165
needed, that
The recent crisis in American banking proved. if proof were
financonfidence, not gold, is the primary essential in the maintenance of
ratio as
safe
a
called
cial stability. No gold ratio short of 100% can be
experience
long as confidence is lacking. More specifically, the recent
conproved that a serious possibility of inflation is not consistent with
fidence. The results of financial tinkering are so uncertain and so dangerhamper,
ous in their potentialities that inflationary schemes must inevitably
they
rather than promote, sound and orderly business recovery as long as
remain important elements in the economic outlook.
A sound money is one in which people generally at home and abroad have
enduring confidence based on their full faith that it will continue to serve
adequately as a medium of exchange and a standard of value. Historically,
it has been repeatedly demonstrated that the continued maintenance of such
confidence depends on two requisites. The first is that the money shall
be based upon something of intrinsic value such as gold usually through
free convertibility into coin or bullion. The second and more important
requisite is that the quantity of the money and the bank credit based upon
it shall be kept under complete control and closely adjusted to the needs
of agriculture, industry and trade. When money has lacked both these
requisites the ultimate and inevitable consequences have been chaos, disaster and great suffering for the people. In suspending convertibility into
gold we have temporarily given up one of the two requisites of sound money
and we are now contemplating a possible severance from the other. It is
my conviction that if an increase in the quantity of our money is to be
tried it should completely be surrounded with adequate control over the
amount of the money and of the bank credit that can be based upon it.
It should be carried out under an agency to enforce these controls promptly
and effectively to the end that runious depreciation of the money of the
United States shall be avoided.
Regarding inflation, Mr. Sisson had the following to say:
Inflation.
It is evident that a vast amount of confusion exists, as to the meaning and
probable effects of inflation. Direct currency inflation through the printing of new money by the Government to pay its debts is the form that was
put into effect in Germany after the World War and resulted in the complete destruction of the currency and a period of economic chaos from which
the country has not yet recovered. It is so palpably unsound and disastrous
in its consequencos that few serious students of economic affairs advocate it.
Another form of inflation is credit inflation through Government borrowing. This is what might be termed a temporary inflation. Government
borrowing is inflationary in its effects only in so far as it places immediate pm-chasing power at the disposal of the Government without
reducing private purchasing power by an equivalent amount. This comes
about chiefly through an expansion of batik credit to absorb the additional
Government obligations. Either the banks purchase the securities for their
own portfolios, or they lend their clients the money with whicli to purchase
them, taking the securities as collateral.
This is a temporary form of inflation because the securities must eventually be repaid. An individual, like a Government, can give a false impression of prosperity for a time by calling upon his credit facilities and living
beyond his means. He can even increase the prices of things in his immediate vicinity, such as land around his own home in case he uses his
borrowings to purchase land. But both the increased prices and his own
visionary prosperity will quickly disappear when his creditors call for their
reckoning. In the case of Governments, the day of reckoning comes when
Principal and interest payments must be met from the proceeds of taxes.
The nation is suffering now from the effects of a day of reckoning after an
orgy of debt creation, national, municipal and individual.
Another form of currency manipulation is the devaluation of the dollar.
It is too often assumed that a devaluation of the dollar through a reduction
of its gold content, say by one-half, would immediately and automatically
cause prices in terms of dollars to double. Such an assumption is entirely
unwarranted. Devaluation would simply mean that the holders of gold—
that is, for the most part, the Federal Reserve Banks, the Government, and
the hoarder—would immediately be able to write up the dollar value of
their gold holdings by the amount of the devaluation. It would mean,
therefore, an increased percentage of gold reserve against currency and bank
deposits. The higher reserve might become the basis for an expansion of
crdit on the new standard of valuation; but in itself the devaluation could
not directly affect the prices of domestic commodities, although psychological reactions not subject to accurate analysis might, of course, have I
stimulating influence on prices.
Advocacy of inflation is based on the ground that it would assist debtors.
This would be true in so far as inventory values were increased, relative
labor costs reduced, and business activity and earning power stimulated.
On the other hand, the individual wage earner or holder of a fixed income
might find it more difficult to meet his debt requirements because of his
reduced margin of income over and abo‘e his cost of living. The real
sufferers from inflation would be the holders of fixed values and incomes—
commercial and savings bank depositors, bond-holders, annuitants, beneficiaries of trust funds, and insurance policy holders—and the great mas.es
of wage earners and salaried workers, who would revert to their position
of World War days, when they were forced to struggle for increased sv13es
3278
Financial Chronicle
and salaries against a rising cost of living. In recent years, the position
of wage and salary earners, in many cases, has been exactly the opposite.
Many workers have received increases in real wages, inasmuch as their
money wages have fallen only after a fall in the cost of living, and then not
commensurately.
Many place their faith in inflation on the assumption that inflation can
be made to operate at the time and in the manner intended. This assump.
tion is open to serious question. Inflation in Germany had the unexpected
effects of loosing a flood of speculation that carried prices to levels far
higher than seemed to be warranted by the increase in the amount of money
in circulation. The Government found itself unable to meet its obligations,
and durther inflation was the only possible solution. On the other
hand, the
effort made in this country last year to produce credit expansion
by means
of an easy-money policy on the part of the Federal Reserve
Banks failed
to exert any perceptible influence on credit prices.
National Banks Urged by Acting Comptroller of Currency Await to Reduce or Defer Dividends with
View to Strengthen Reserves—Attention to Salaries
and Operating Expenses Also Asked.
The following communication bearing on measures for
the strengthening of their capital structure was addressed
to National banks under date of April 29 by Acting Comptroller of the Currency F. G. Await:
TREASURY DEPARTMENT.
Washington, D. C.
To the Boards of Directors of All National Banks.—
Although the declaration and payment of dividends to stockholders of
National banks is governed by Sections 5199 and 5204 of the U. S. Revised
Statutes, and is a matter for the determination of the boards of directors
of these institutions, it is believed that in the interest of conservation and
strong banking every reasonable effort should be put forth during this
period where necessary to build up and strengthen the capital structure
of our banking institutions.
If you have not already done so, it is therefore requested that you give
special consideration at this time not only to the net earnings, but also
to the capital and surplus account of your institution, salaries, expenses
of operation, and to the advisability of reducing or deferring dividend
payments to your stockholders for the time being, all in the interest of
further strengthening the surplus or reserve account of your institution.
Please record this letter in your board minutes and acknowledge receipt
of the letter to this office.
Very truly yours,
P. G. AWALT, Acting Comptroller.
April 29 1933.
With regard to the above the "Post" of May 5 said:
Same as Broderick.
The position taken by Mr. Await is similar to that of Joseph A. Broderick,
Superintendent of Banking in the State of New York, in a recent letter
to State banks.
Bank officials were very guarded in their comment on the subjects
broached in these two letters.
The communication from Washington has not yet received the
full
attention of senior officers and naturally has not yet been
presented to
the boards.
It is known to be the general feeling, however, among the larger
banks
that they have already given great and persistent attention to the matters
referred to. Dividends have been quite generally reduced, staffs
curtailed
and salaries cut. In most cases substantial amounts have been used
in
writing off bad or doubtful assets, and in building up reserves, although
there are some well-informed observers in the financial districts who
say
that substantial further write-offs of assets will sooner or later have to
be made.
The only institution from which official comment could be had to-day
expressed the view that in this bank not a great deal more remained to
be done in this direction. Such, however, is here said not to be the case
In nearly the same degree among interior banks the country over.
Annual Meeting of Committee of Banking Institutions
on Taxation—Election of Officers.
The Committee of Banking Institutions on Taxation which
consists of National and State Banks, Trust Companies and
Private Banking Institutions held its Fifteenth Annual Meeting at the Hotel Pennsylvania in New York City on May 10.
Edwin T. Ward of the Bank of Montreal was elected Chairman, John L. Kuhn of the Bankers Trust Co. Vice-Chairman
and Stephen L. Jenkinson of the Chemical
'Bank dr Trust
Co., Secretary. Ralph Plager of the Irving Trust Co.,
Edward J. O'Connor of the Guaranty Trust Co. and Edward
W. Durner of the Central Hanover Bank ez Trust Co. were
elected as members of the Executive Committee.
The Executive Committee,consisting of nine members,and
the officers, are selected from the member institutions. This
organization's objects are to co-operate in assisting in the
administration of tax laws, to disseminate among its members
information pertaining thereto, and to act as a clearing house
for communications from Federal and State tax authorities.
Among the speakers at this week's meeting were Mark Graves
and Seth Cole, President and General Counsel, respectively,
of the New York State Tax Commission.
Selected Income and Balance Sheet Items of Class I
Steam Railways for February.
The Bureau of Statistics of the Inter-State Commerce
Commission has issued a statement showing the aggregate
totals of selected income and balance sheet items of Class I
steam railways in the United States for the month of February. These figures are subject to revision and were compiled from 143 reports representing 148 steam railways. The
present statement excludes returns for Class I switching and
terminal companies. Data for this class of roads were
included in all published statements prior to January 1933.
The report in full is as follows:
May 13 1933
TOTALS FOR THE UNITED STATES (ALL REGIONS). a
Income Items.
For Month of February.
1933.
1932.
For the Two Months of
1933.
1932.
$
Net railway operating income 9,866,218 21.733,582
Other income
13,476,170 15,532,774
23,226,837
27,400,492
33,035,263
30,839,358
Total income
Rent for leased roads
Interest deductions
Other deductions
23,342,388 37,266,356
10,569,715 10,413,741
44,151,573 43,706,699
1,998,522 2,028,285
50,627,329
21,105,130
88,514,405
3,987,622
63,874,621
20,642,415
87,496,206
4,056,856
Total deductions
56,719.810 56,148,725
Net deficit
33,377,422 18,882,369
Dividend declarations (from
Income and surplus):
On common stock
11,108,750 14,086,871
On preferred stock
2,505.546 3,507,647
113,607,157
62,979,828
112,195,477
48,320,856
11,153,750
2,795,458
14,207,071
4,203.606
Balance Sheet Items.
Balance at End of February.
1933.
1932.
Selected Asset Items—
Investments in stocks, bonds, &c., other than those of
affiliated companies
766,286,601
786,417,603
Cash
Demand loans and deposits
Time drafts and deposits
Special deposits
Loans and bills receivable
Traffic and ear-service balances receivable
Net balance receivable from agents and conductors __
Miscellaneous accounts receivable
Materials and supplies
Interest and dividends receivable
Rents receivable
Other current assets
275,426,248 294,557,371
33,097,299
44,541,940
22.462,808
29,331,853
25,781,708
53,840,742
10,769,726
14,578,432
44,553,559 50,862,504
40,521,829
42,426,916
133,493,040 155,410,912
313,073,888 369,757.605
35,970,893
33,303,981
2,485,457
2,840,028
9,585,447
13,089,070
Total current assets
947,221,902 1,104,541,354
Selected Liability Items—
Funded debt maturing within six monthsb
227.011,531
Loans and bills payable
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
309,500,183 269,906,837
61,859,328
68,816,741
199,360,913 237,714,563
58,275,280
51,254,852
172,513,864 144,051,201
4,828,909
10,222,924
53,922,795
49,854,236
20,054,956
17,092,302
112,040,246 110,022,208
28,379,522
27,925,784
11,341,191
17,522,379
99,314,477
Total current liabilities
1,032,077,187 1.004.384.027
a The total net railway operating income in this statement differs slightly from
that shown In the monthly report of revenues and expenses through the exclusion of returns for three subsidiaries of Canadian roads and the inclusion of figures
reported by some Class I railways for small system roads.
b Includes payments which will become due on account of principal of long-term
debt (other than that in funded debt matured Unpaid) within six months after
close of month of report.
Final Stages of Liquidation of Ten Small New York
Banks—Operation Undertaken By Manufacturers
Trust Co.—Banks Included American Union Bank,
International Madison Bank & Trust Co., Times
Square Trust Co., Bank of Europe Trust Co.,
Globe Bank & Trust Co., Lebanon National Bank,
Midtown Bank, Midwood Trust, Bryant Park Bank,
Brooklyn National Bank—Advances By Clearing
House Banks, J. P. Morgan & Co. and Speyer & Co.
An announcement, May 4, by Harvey D. Gibson, President
of Manufacturers Trust Co. of New York, stated that the
latter on May 4 had completed the forwarding of checks to
20 leading New York City banks and the private banking
firms of J. P. Morgan & Co. and Speyer & Co., representing
the full advances made by these banks in connection with
the part they played in the liquidation, by Manufacturers
Trust Co., of a total of 10 small New York City banks. The
announcement continued:
This step marks the entry into the final stages of the liquidation opera.
tion, undertaken by Manufacturers Trust Co. in 1931, without loss to any
of the co-operating banks. The total amount of deposits made available in
full or in part to the depositors of the 10 banks in liquidation amounted to
$36,200,000. Total assets liquidated to date amount to $37,800,000. More
than 100,000 depositors in these 10 small banks have been benefited by
this program.
This liquidation task was undertaken at the request of the State Super.
Intendant of Banks, a request in which most of the Interested Boards of
Directors and committees of stockholders concurred. In five of the 10
cases, the request of the State Superintendent of Banks was accompanied
by a similar request from the Chairman of the Clearing House Committee
and Governor of the Federal Reserve Bank. In these latter five cases the
leading New York banks and two banking houses co-operated. The full
details of this successful community operation, on the part of the 31anufacturers Trust Co., have never been generally known.
It will be remembered, however, that during the summer of 1931, when
the banking situation throughout the country dirst became serious, growing
In intensity as subsequent events have shown, until the general banking
holiday was declared by the President of the United States, certain of the
smaller banks in New York found themselves in great difficulties. Consequently, arrangements were made whereby the Manufacturers Trust Co.
took over, for liquidation, in each case with an undertaking to pay
to
depositors the amount due them in full, the following institutions:
vof
0Apf
ea
rantu
if
naycta,s
aers
original Number Offce
iNol
s
of Oic
If es.
Trust Co.
Lebanon National Bank
1
Midtown Bank
2
00
.Midwood Trust
Bryant Park Bank
1
0
Brooklyn National Bank
2
2
12
Volume 136
Financial Chronicle
As time went on, and the operation of other smaller banks became increasingly difficult, the following banks were forced to close, because their
situations became so involved that their assets did not appear to be sufficient
to pay depositors in full:
Now Operating as
Original Number Offices of Manufacturers
Trust Co.
of Offices.
American Union Bank
3
1
Internat.Madison Bank & Tr.Co.
5
0
2
Times Square Trust Co
Bank of Europe Trust Co
1
1
Globe Bank & Trust Co
5
2
16
These banks remained closed for some time. It will be remembered that
bank closings were not even at that time confined to the City of New York,
but thousands of banks throughout the country were similarly affected.
The Reconstruction Finance Corporation had not come into existence, and
present facilities for reopening banks were not available; there was, as a
result, much delay in giving help of any kind to depositors of such banks.
Consequently, the President of the United States urged the Governors of the
Federal Reserve banks in the various centers to afford some relief to depositors of the closed banks in their districts. Immediately thereafter a
meeting of the New York banks was held and the Manufacturers Trust Co.
was requested to work out a plan whereby these five smaller banks, which
had been closed, would be taken over by the Manufacturers Trust Co. for
liquidation, and 50% of the amount to the credit of each depositor should
be made available to him at once.
The plan provided that 20 of the leading banks of New York, Most of
them members of the Clearing House, together with the private banking
firms of J. P. Morgan & Co. and Speyer & Co., should advance to the
Manufacturers Trust Co. whatever amount they might call for up to 50%
of the deposits of the closed banks, each subscribing bank or banking house
assuming its proportionate share of any risk that might be involved in
the undertaking.
The day following the receipt of the request of the President of the
United States that these closed banks be relieved, word was sent to Washington that arrangements had been completed and steps would be taken
forthwith to carry out the suggestion of the President.
As promptly as details could be worked out, with entire absence of red
tape and unnecessary delay, the amount agreed upon was released to the
depositors, and with the return at this time to the participating banks and
banking firms by Manufacturers Trust Co. of all moneys advanced by them,
the whole undertaking enters its final stage, without loss to any of the
co-operating banks and without any confusion or outward appearance that
the handling of this large transaction by Manufacturers Trust Co. was
anything other than daily business routine.
In the case of the banks whose entire deposits were made available, the
situation was handled by Manufacturers Trust Co. exactly as though it were
a merger, rather than a lequidation ; and customers of the bank which was
in the process of liquidation could see no more difference in the daily
conduct of their business than as if their institution had taken part in a
merger. As nearly as possible the affairs of the banks where full deposits
were not made available at once were handled in the same manner and with
the same lack of confusion, the amounts of their deposits becoming automatically deposit accounts with the Manufacturers Trust Co.
The total amount represented by the payments that the Manufacturers
Trust Co. itself, and in association with the banks participating in the
operation, agreed to make available to depositors of the 10 banks was
$36,250,000; $17,250,000 in the first five banks handled exclusively by
Manufacturers Trust Co., and $18,980,000 in the last five handled in cooperation with other banks.
The total assets of the 10 banks liquidated to date by Manufacturers
Trust Co. amount to $37,808,000.
In two of the cases liquidation has already resulted not only in payment
to depositors in full, but in substantial liquidating dividends being paid to
stockholders; to the stockholders of the Midtown Bank $2.50 per share, and
to the stockholders of the Bryant Park Bank, $13.50 per share.
The total number of individual depositors of these 10 banks whose interests were protected, either by liquidation in full or who were relieved by a
50% payment on account, and in some cases by further liquidating dividends, was 108,800.
The total amount in dollars saved this group of citizens of Greater New
York by the orderly manner in which this undertaking was handled by
Manufacturers Trust Co. will probably never be known, but it was a very
large sum
Ordinarily, in the liquidation of an institution by public authorities, all
notes are held as past due so that all debtors really appear to be in default.
Under the Manufacturers Trust Co. plan, it was possible for them, when
conditions warranted, to renew the notes and carry on their business exactly
as if they were associated with a going concern. Each of the branch managers of the Manufacturers Trust Co. came into personal contact with the
depositors and borrowers, for the most part small merchants and shopkeepers scattered throughout New York, and studied the merits of each case
and acquainted himself with the requirements of these people. In other
words, everything possible was done not to interfere with or delay the
business of these unfortunate depositors. Assets did not have to be sacrificed to the degree that would be inevitable under forced liquidation. The
Manufacturers Trust Co. handles a bank liquidation as follows:
The various types of assets for liquidation are segregated in the various
departments of Manufacturers' Trust Co. in which its own assets of similar
nature are handled, and so far as the individuals involved in the liquidation
of these assets are concerned, there is every indication that they are dealing
with a going concern and not with a bank in liquidation. The assets so
segregated receive the same attention as do the regular assets of Manufacturers Trust Co., and are under the direction of the entire executive
staff of Manufacturers Trust Co., of course, without the necessity of being
charged with the salaries of general executives. It is easy to visualize the
tremendous savings that are made by such handlings, which savings go
either to the stockholders of the banks liquidated in full, or as further
dividends against the deposits of those depositors to whom partial payments
have been made.
At the time the Banking Department turned these banks over to Manufacturers Trust Co. for liquidation, the statement was made by the Banking
Department that very large savings would be effected for those interested
as against liquidation in the ordinary way.
A statement relative to the progress made in the liquidation of the 10 banks was given in these columns June 4 1932,
page 4099.
3279
Suspension of Holidays and Opening
Business.
of Banks for
Since the publication in our issue of May 6 (page 3091)
of the bank holidays put in force in the various States, the
following further action is recorded:
ALABAMA.
The First National Bank of Birmingham, Ala., has arranged to increase its capital by $7,500,000.00 of new preferred stock and to take a substantial sum out of its Surplus
and Undivided Profits account and set it aside as a reserve
for contingencies. The bank has sold $5,000,000.00 of new
preferred stock to the Reconstruction Finance Corporation
and $2,500,000.00 of stock to The First National Co. and
local directors and stockholders. In commenting upon the
change in capital, General J. C. Persons, President of the
bank, stated:
"The new banking law enacted early in the administration of President
Roosevelt made a provision whereby the Government could invest in the
preferred stock of banking institutions.
"We have taken advantage of this provision in the law and have sold a
substantial block of preferred stock which will enable us to liberalize credit
and provide funds for industry.
"In keeping with the practice of conservative banks, we have also set
aside a substantial sum as a reserve to take care of losses.
"Our directors are unanimous in their approval of the arrangement and
confidently believe that the bringing of $7,500,000.00 new capital to
Birmingham will mean a decided stimulus to business and industry in
this State."
Incidentally we desire to point out that owing to a blunder
made in our Bank & Quotation Record for May 5 in placing
a mark with a footnote against the name of this bank it was
made to appear that a conservator had been appointed for
this bank. There was of course never any basis for the
statement.
On May 11, the directors of the Reconstruction Finance
Corpora on authorized the purchase of pref. stock in two
other Alabama banks, viz: $125,000 in the First National
Bank of Gadsden and $25,000 in a proposed new bank at
Headland. The authorizations are in each ease contingent
upon the subscription of common stock in similar amounts
to complete the capital structure.
ARKANSAS.
In our issue of last week (May 6) page 3091, the item
headed Kansas should have been headed Arkansas.
DISTRICT OF COLUMBIA.
A plan for reopening the Franklin National Bank of
Washington, D. C.,awaits only the approval of the Treasury
Department and its depositors to be put int? effect, it was
announced on May 4 by officials of the bank, which failed
to open after the banking holiday in March, according to
the Washington "Post" of May 5, from which we quote
further as follows:
The plan calls for depositors to waive their right to withdraw one-third
of their deposits and to buy stock in the bank in the amount of 6% of the
deposit. The remainder of their balance, 60.66%, could then be withdrawn at any time. After approval, the plan will go into operation when
75% of the depositors have agreed to waive their rights and buy stock.
The proposal has already been presented to the Treasury Department
and several conferences have been held, although approval has not been
given. The new stock in the bank which will be sold to depositors will be
non-assessable, it is planned. The one-third of deposits, whose withdrawal is waived, represents securities which will be trusteed for patrons
of the bank, who will be given certificates of participation for the amount
waived. These certificates will be paid off as fast as the trusteed securities
can be liquidated.
GEORGIA.
Associated Press advices from Macon, Ga., on May 5
stated that depositors of the Macon Savings Bank had been
asked on that day to accept 5% of their deposits every six
months with regular rates on interest to apply until all
deposits desired are paid. The dispatch went on to say:
The plan was accepted at a mass meeting of depositors yesterday (May
4), and formally presented to all by mail to-day. The meeting yesterday
voted confidence in Jesse B. Hart, President of the institution.
ILLINOIS.
Harry C. Hartkopf has been appointed a Vice-President
of the Union Trust Co. of East St. Louis, Ill., which reopened on May 4. He succeeds G. A. Miller, who resigned
several weeks ago. The St. Louis "Globe-Democrat" of
May 5, reporting the above, furthermore said:
The trust company announced it has closed its investment and insurance
departments.
Hartkopf formerly was Vice-President in charge of the New York office
of the First National Bank of St. Louis, a post he held four years. He
was also made a Director and a member of the Executive Committee of
the trust company.
The "Globe-Democrat" of the previous day in indicating
the reopening of the trust company (which had been closed
since the inception of the bank holiday) said in part as
follows:
A recent statement of the condition of the institution gave deposits as
$2.420.774. capital 8.300,000, surplus $200,000, and total resources
S3.265.702.
Financial Chronicle
3280
Paul A. Schistly, President made the following statement in connection
with the reopening:
"In accordance with an executive order of the President of the United
States and the instructions of the Secretary of the United States Treasury
we have been licensed by the Federal Government to resume all regular
banking operations. Similar permission has been granted by the State
Banking Department of Illinois.
"The fact that we operate under the authority of both the United States
Government and the State of Illinois has caused unusual delay in our
reopening due to certain governmental procedures.
"We appreciate the patience shown by our patrons during the banking
emergency and assure them of our readiness to again serve their full bankbig needs."
Stockholders of the bank have received notice of a meeting called for
10 a. m. May 13 to decide upon proposed issuance of $200,000 in class A
debentures to the Reconstruction Finance Corporation as purchaser, and
1200,000 of class B debentures to general purchasers.
The First National Bank of Toledo, Ill., which had been
under a conservator, has now been reorganized as the First
National Bank of Toledo and licensed to reopen on an
unrestricted basis, according to the Chicago "Journal of
Commerce" of May 6.
Announcement was made on May 9 by Henry F.Eidrnann,
President of the Halsted Street State Bank of Chicago, Ill.,
that the institution was about to reorganize under National
laws, as the Southtown National Bank. The Chicago
"Journal of Commerce" of May 10, in noting the matter,
continuing said:
While formerly a State Bank, national banking examiners have recently
completed an examination of the bank's assets and have approved a plan
for reorganization whereby $200,000 new stock will be subscribed and depositors of the Heisted Street State Bank, will waive 50% of their deposit
pending liquidation ofslower assets, as conditions improve. The other 50%
will be made available to them without restriction in the form of a deposit
In the Southtown National Bank.
Mr. Eidmann made the following statement: "Since the national bank
moratorium, numerous business interests in the community have inspired
us to attempt reorganization of the Halsted Street State Bank under the
more rigid depositor-protective powers of a national charter. We have
already obtained the approval of the national banking department for our
reorganization plan and a substantial portion of the new stock has been
subscribed. Depositors are quickly visiting the organization offices to
approve the necessary waiver of 50% of their deposits, for which it is intended to issue liquidating trust certificates.
The Halsted Street State Bank was organized in 1912 by Henry F. Eidmann and has since been under his management. The bank occupies its
own building at 6910 South Halsted Street, devoted entirely to banking
purposes. Several years ago deposits of this bank were approximately $4,000,000. At the time of the moratorium approximately 80% of these
deposits had been paid out.
John C. Tully, conservator for the First National Bank
of La Grange, Ill., announced on May 10 that the institution
had that day been authorized to reorganize under the title
of the La Grange National Bank. The Chicago "News,"
in noting thi., furthermore said:
The bank is already open for business under the conservator; with new
deposits protected 100%, and when the reorganization is completed it is
expected to make 60% of the old deposits immediately liquid as well. The
remainder of the old deposits will be covered by assets of slower character.
The reorganization is to be completed in the near future.
INDIANA.
The affairs of two small Marion County, Ind., State
banks—the Virginia Avenue State Bank of Indianapolis and
the Acton State Bank at Acton—were taken over on May 3
by the Indiana State Banking Department, according to
the Indianapolis "News" of May 4, which added:
The two institutions had operated for some time as Class B banks.
The Board of Directors of the Reconstruction Finance
Corporation m May 10 authorized the purchase of $1,800,000
worth of preferred stock in the American National Bank, of
Indianapolis, Ind., a new bank being organized tp succeed
the Fletcher-American National Bank of that city. The
preferred stock purchase authorization of the R. F. C. is
conditioned on the subscription of a similar amount in common stock of the new bank by those interested in its organization.
LOUISIANA.
Organization of a new National bank in Baton Rouge, La.,
to succeed the Bank of Baton Rouge and the Union Bank &
Trust Co. of that city, both of which are now operating on
a restricted basis is in progress, according to advices from
Baton Rouge on May 3 to the New Orleans "TimesPicayune," which reported that solicitation of subscriptions
to the capital stock of the new institution was to begin on
May 4. The dispatch continuing said:
The plan for the formation of a new National bank from the assets of
the Bank of Baton Rouge and the Union Bank & Trust Co. contemplates
the subscription of $300,000 stock and $60,000 surplus by the depositors
of the two banks, half to be subscribed by depositors of each bank. The
Reconstruction Finance Corporation is to subscribe $300,000 in preferred
stock.
The committees stated that the Union Bank would be able to release
70% of deposits and the Bank of Baton Rouge would be able to release
50% of deposits when the new bank is opened. These figures include the
5% already released by the banks and the amounts to be subscribed in
stock.
The Union Bank depositors are being asked to subscribe 20% of their
Mar. 1 balances in stock and the Bank of Baton Rouge depositors are
May 13 1933
being asked to subscribe 12% of their balances, leaving a net of 45% to
be paid Union Bank depositors in addition to the amount already paid
and 33% to be paid to the Bank of Baton Rouge depositors in addition to
the amount previously released.
The committees suggested the following for officers of the new bank:
Mayor Wade H. Bynum, now Vice-Presidest of the Union, President: W.
L. Ward. now Vice-President of the Bank of Baton Rouge, First VicePresident; Lewis Gottlieb, son of Joe Gottlieb, President of the Union.
Second Vice-President; D. I. Cazedessus, Cashier.
The Citizens' Bank & Trust Co. of Baton Rouge, La.,
which had been operating on a restricted basis, was placed
in the hands of the Louisiana State Banking Department on
May 3 for liquidation by its directors, as reported in a dispatch from that city t) the New Orleans "Time -Picayune"
on the date named. Officers of the institution stated, the
dispatch said, that to reorganize the Citizens' Bank & Trust
Co. either as a State or a National bank would require
require $120,000 new money for capital and surplus and that
"no practical way has been found whereby this amount
could be raised at this time without the assistance of the
Government, which we are now advised cannot be obtained
at this time."
A dispatch from St. Charles, La., under date of May 4,
printed in the New Orleans "Times-Picayune," reported
that the organization committee of the Lake Charles Trust &
Savings Bank of Lake Charles had announced that the full
quota of 10,000 shares had been subscribed for the new
$200,000 bank to be formed to take the place of the present
institution. The new bank will have $100,000 capital stock
and $100,000 surplus, it was stated.
In regard to the new Hibernia National Bank of New
Orleans which is to replace the Hibernia Bank & Trust Co.,
final terms and conditions upon which the Reconstruction
Finance Corporation will agree to participate in the organization of the new bank through purchase of its preferred gtock,
were received by the bank' officers ;n a telegram from Washington on May 4 and promptly approved by the directors
at a meeting held the same day. The New Orleans "TimesPicayune" of May 5, from which the foregoing is taken,
also said in part:
Following the meeting or the Hibernia National Bank directors, Rudolf
S. Hecht (Chairman of the Board of the new bank) made the following
announcement to the subscribers to the common stock of the Hibernia
National Bank, in which the Reconstruction Finance Corporation has
agreed to take $1,500,000 of preferred stock:
"The telegram from the Reconstruction Finance Corporation stating
the final terms and conditions upon which that corporation will consent
to the liquidation of the Hibernia Bank & Trust Co. and the organization
of The Hibernia National Bank in New Orleans was received Thursday
morning. Discussion of this telegram took place during the day, and at
4 o'clock Thursday afternoon this matter was presented to the board of
directors of the Hibernia National Bank.
"The board formally approved the telegram from the Reconstruction
Finance Corporation and requested its attorneys to immediately confer
with the attorneys of the Reconstruction Finance Corporation both here
and in Washington to carry into effect these terms and conditions. Upon
completion of the legal details with officials here and in Washington we
feel certain that the new bank will be open for business by Monday, May 15.
• • •
MAINE.
Robert Braun, conservator of the Fidelity Trust Co. of
Portland, Me., which has been closed since the National
bank holiday early in March, was reported in Associated
Press advices from Portland as saying on May 5 that he had
no "expectation or intention of asking for remuneration" for
his work as conservator. The dispatch continued:
Braun made the declaration at a meeting of the depositors' committees
of the Fidelity and the Casco Mercantile Trust Co., another State bank
here which is also closed, as plans were made for a drive to sell $500,000
of stock to organize a new National bank.
The new National bank is a requirement set by the Reconstruction
Finance Corporation if loans totaling $7,000,000 are to be made by that
organization to permit immediate distribution of a percentage of the
depositors' accounts.
MARYLAND.
John M. Dennis has tendered his resignation as President
and a director of the Union Trust Co. of Baltimore, which is
operating on a 5% withdrawal basis, according to advices
from Baltimore on May 9 to the New York "Journal of
Commerce," which went on to say:
This action was taken, Mr. Dennis said, because of his belief that the
heavy responsibilities connected with the planning of a reorganization of
the bank required the services of a younger man.
A second reason for his decision to retire, Mr. Dennis said, was that in
his position as State Treasurer of Maryland many problems had arisen
involving conflicting interests between the State and its bank depositories
and under the circtunstances he deemed it his duty to the State to withdraw
his connections with the banking institution.
Thirty per cent. of the deposits of the Mercantile Savings
Bank of Baltimore, Md., will be made available to the
depositors on May 20 through the co-operation of the Morris
Plan Bank of that city, according to an announcement on
May 9 by John J. Ghingher, State Bank Commissioner of
Maryland. The Baltimore "Sun" of May 10, in reporting
the matter, furthermore said:
Volume 136
Financial Chronicle
Mr. Ghingher said this distribution has been made possible due to the
sale to the Morris Plan Bank of certain adequately secured liquid assets
of the savings bank.
The Bank Commissioner stated that he considered the Morris Plan Bank
well qualified to liquidate these assets, having demonstrated for a period
of 20 years its ability to handle successfully the type of notes it has purchased.
The Mercantile Savings Bank has been operating on a 2% basis since
the bank holiday.
In the interests of the depositors, Mr. Ghingher said the savings bank will
continue to operate under the supervision of a conservator. William Edgar
Byrd, President of the bank, has been appointed to that position.
The Baltimore Commercial Bank of Baltimore, Md.,
which has been doing business since the banking holiday on
a 5% withdrawal basis, will open on a full operating basis
upon adoption of a plan for reorganization of the institution
approved by the Federal Reserve Bank of Richmond, Va.,
and the Maryland State Bank Commissioner, according to a
letter sent to the depositors and stockholders on May 7 by
Gwynn Crowther, President of the institution. The plan—
we quote from the Baltimore "Sun" of May 8, authority
for the foregoing—provides for a revaluation of assets, change
in the capital structure and the immediate freeing of at
least 53% of each existing "restricted" deposit. Of the
remaining 47% of each deposit various proportions will be
applied to the purchase of new stock of the bank and participating certificates to be issued by the Maryland Certificate Corp., a holding company to be used solely in connection with the plan.
All estimated losses and doubtful items, the letter states, have been
charged off os written down; bank buildings and real estate have been
depreciated, and securities have been valued at actual market prices on
April 4,in accordance with a rigid joint examination by the Federal Reserve
and State examiners. . .
The bank proposes to write down and charge off its assets by an aggregate
amount of $2,250.000. Of this write-down, $1,342,000 will represent a
reduction in valuation of securities to market price of April 4 1933; 5733.000
in loans and $175,000 in real estate. To offset this write-down, the bank
will eliminate its present capital of $1,000,000 and its surplus of 8250,000.
but will retain in the new capital structure its undivided profits of approximately $45,883. The balance of the reduction in asset value will be absorbed by the sale of$225,000 in class A and $775,000 in class 13 participating
certificates of the Maryland Certificate Corp.
The charter of the bank will be amended to provide for an authorized
capital of $500,000, consisting of 50,000 shares of $10 par value. This
stock will be sold to depositors and charged against their restricted balances
to the extent of 26% of each deposit at a price of $10.50 a share, of which
$10 will be allocated to capital, $5 to surplus and $4.50 to a special resevre
to be held by the bank in the form of.the class A participating certificates.
The bank states that $15 a share of the purchase price of the stock is
actual book value as determined by the State and Federal Reserve authorities. The remainder of the price paid for the stock is apportioned to
class A certificates, which will receive all the proceeds of recoveries of
charged-off items and appreciation in security values until paid in full.
The Maryland Certificate Corp., wholly owned by the bank, will be
recapitalized with an authorized capital of 10,000 shares of no par value,
and the bank will transfer to the company all items charged off. The company will then issue against these assets, in addition to the 8225.000 in
class A participating certificates, a total of $775,000 class B participating
certificates.
The remaining 21% of each present "restricted•• deposit at the bank
will be applied to the purchase of these certificates which represent a
potential value in the marked down securities and loans of the bank that
aggregate more than twice the face value of the participation certificates.
The two classes of certificates will be issued in an aggregate face amount
of $1,000,000, while the potential value of the items against which they
are issued total more than $2,000.000. it is pointed out.
That the Glyndon Bank of Glyndon, Md., and the Farmers' & Merchants' Bank of Fowblesburg, Md., both in
Baltimore County, would open on May 8, on a 100% withdrawal basis, was announced on May 6 by the State Bank
Commissioner of Maryland, John J. Ghingher, according to
the Baltimore "Sun" of May 7, which continuing said:
Both institutions followed the same plan of reorganization which took
the form of a voluntary guarantee fund raised from the depositors, these
funds providing for the respective losses and depreciation, said Mr.
Ghingher.
After the necessary adjusting entries, the Glyndon Bank deposits are
about $180,000, while those of the Farmers' & Merchants' Bank are
$155,000.
Albert N. Smith is the President of the Glyndon Bank and Ernest E.
Wooden is the President of the Farmers' & Merchants'.
The Washington "Post" of May 5 stated that plans for
the establishment of a new bank at Seat Pleasant, Md.,
through the reorganization of the now closed Southern
Maryland Trust Co., had been submitted to John J. Ghingher, State Bank Commissioner for Maryland, according to
an announcement from the office of Walter L. Green,
attorney for the bank. The paper mentioned continuing said:
The new bank, to be created under the provisions of the Maryland
Emergency Bank Act, will be known as the Seat Pleasant Bank. Operating on a 100% basis, the organization is expected to be capitalized at
$25,000. A total of 2,500 shares, to be sold at $10 a share, will give the
bank a surplus of $25,000.
The Seat Pleasant Bank, it was stated, will make application to the
Federal Reserve Bank of Richmond for membership in the Federal Reserve System.
"A conservator for the trust company, who will also be a cashier in the
new bank, will be appointed," Mr. Green said. "As the assets of the
closed bank are liquidated they will be placed in the Seat Pleasant Bank
as credit on the accounts of the various depositors."
3281
MICHIGAN.
Dissolution of the Detroit Bankers' Co., Detroit, Mich.,
holding company for the First National Bank-Detroit, the
Detroit Trust Co., and several other banking and financial
institutions, was ordered on May 10 by Judge Theodore J.
Richter on petition of the directors, according to Detroit
advices to the New York "Times" on.that date, which added:
There was no opposition. William F. Connolly, former fudge, was
appointed receiver and directed to wind up the company's affairs.
The dissolution, Judge Richter said, was to protect creditors. On
Dec. 31 last, the company reported capital, surplus and undivided profits
of $62,379.267.
MINNESOTA.
John N. Peyton, State Commissioner of Banks of Minnesota, announced that on May 6 there were 392 State banks
and trust companies in Minnesota conducting usual banking
functions.
From St. Paul advices to the "Wall Street Journal" on
May 5, it is learnt that announcement has been made by
John N.Peyton,State Banking Commissioner for Minnesota,
of the discontinuance of six banks "for the best interests of
depositors." The banks named are:
Security State Bank, Chicago City, with deposits of about $164.800 as
of Dec. 31. last; First State Bank, Biscay, $48,400; State Bank of Cobden.
$38,900; Stannard State Bank. Taylor Falls. $265.300; State Bank of
Franklin. $123,200; and Farmers' State Bank, Jasper. $59,300.
The Camden Park State Bank of Minneapolis, Minn.,
was permitted to reopen on May 4 by the Minnesota State
Banking Department, according to the Minneapolis "Journal" of that date, which also stated that the following banks
throughout the State were reopening on the same date:
State Bank of Edgerton. State Bank of Blomkest, Farmers' State Bank
of Kanasanzi, Lowry State Bank of Lowry, McGregor State Bank of
McGregor, Farmers' State Bank of Raymond, First State Bank of Stewartville, Farmers' State Bank of Delavan, Farmers' & Merchants' State Bank
of Preston and the Peoples' State Bank of Mazeppa.
The same paper stated that announcement was made that
day (May 4) that the following banks were discontinuing
business:
The State Bank of Cobden with deposits of $31.500; Stannard State
Bank of Taylors Falls with deposits of $250,000; State Bank of Franklin
with deposits of $115,000 and the Farmers State Bank of Jasper with deposits of $57.000.
According to the "Journal" of May 6, the reopening of
seven State banks was announced on that day by John N.
Peyton, State Commissioner of Banks for Minnesota. The
institutions named are:
The Blue Earth State Bank of Blue Earth, Manchester State Bank of
Manchester, Twin Lake State Bank of Twin Lake. First State Bank of
Lake Lillian, Farmers' & Merchants' State Bank of Alpha, Citizens' State
Bank of St. Charles and the State Bank of Frost.
MISSISSIPPI.
With reference to the new bank being organized in Jackson,
Miss., under the title of the Capital National Bank in Jackson, as successor to the Capital National Bank and its
affiliated institution, the Citizens' Savings Bank & Trust
Co., and of the capitalization of which the Reconstruction
Finance Corporation has authorized the purchase of $200,000
worth of preferred stock, the Jackson "News" of May 7
said in part:
Immediate release of $1,572,300 of deposits in the Capital National
Bank and Citizens Savings Bank & Trust Co.--including 50% of common
deposits—will be effected with organization of a new national bank here,
it was revealed last night (May 6).
In a formal statement, J. T. Brown, Conservator for the Capital Bank
and officials of both institutions said that the proposed new Capital National Bank in Jackson, backed by the Reconstruction Finance Corporation, would take over "a sufficient amount of cash and other approved
assets of the two old banks to enable it to make available all of the public
and secured deposits in full and 50% of the unsecured deposits." ...
Consummation of the plan, carrying the endorsement of the R. F. C.
and the Comptroller of the currency, hinges upon approval by depositors
representing 75% of unsecured deposits in the two banks, the statement
said. Arrangements have been made for submission of the plan this week.
There are more than 5,000 depositors in the institutions.
The proposed reorganization plan, as contained in the
statement mentioned above, follows:
"A new national bank to be known as the Capital National Bank in
Jackson is to be organized with a capital structure of $400,000, of which
$200,000 is to be preferred stock, subscribed by the Reconstruction Finance Corporation. The remainder of the capital is to be provided by the
present stockholders, their associates and other interested parties interested in the organization of the new bank.
"The plan contemplates that the new national bank, when organized.
will take over a sufficient amount in cash and other approved assets of
the two old banks to enable it to make available all of the public and
secured deposits in full and 50% of the unsecured deposits. Of course,
all deposits made in either of the banks since Mar. 2 1933. commonly
referred to as segregated or trust deposits, will also be paid in full. The
assets of the old banks that are not taken over by tha new national bank
will be trusted for the benefit of the unsecured depositors and participation
certificates will be issued to them for the portion of their deposits not made
available to them through the new national bank.
"The trusteed assets will be handled and collected by trustees designated
by the depositors and will be distributed to them pro rata. The ratio of
trustee assets to deferred deposits will be approximately two for one. All
collections made from the trusteed assets after the depositors are paid in
full will be distributed to the stockholders of the Capital National Bank
3282
Financial Chronicle
and Citizens Savings Bank & Trust Co. respectively. The trusteed assets
of each bank will be handled separately in order that all collections and
realizations therefrom may be applied to the discharge of the obligations
of the bank for which they are being handled. It is contemplated that
these assets will be liquidated in an orderly and business-like manner to
•
the end that the largest possible realization may be had therefrom."
Advices from McComb, Miss., on May 6 to the New
Orleans "Times-Picayune," stated that plans for the reopening of the First-National Bank of that city and the
McComb Savings Bank & Trust Co., with full release of all
deposits except those "frozen" certificates of deposits due
in 1934, have been approved by the Comptroller of the
Currency and the State Superintendent of Banks and are
now being executed rapidly, according to bank officials.
The dispatch continuing said:
The balance on the certificates of frozen deposit issued in 1931 will be
divided among one trust certificate for 50% of the balance, and five other
certificates, to mature annually from one to five years after date of reopening, for the remaining half of the balance.
The plan met with unanimous endorsement when 75 local business men
met with officials of the bank to discuss the reopening program. The new
agreements are now being circulated among the certificates holders.
Concerning the affairs of the Britton & Koontz National
Bank of Natchez, Miss., now in the hands of a conservator,
a dispatch from that city to the Jackson "News" under
date of May 3, had the following to say:
At the call of A. B. Leonard, President of the Britton & Koontz National
Bank, a group of Natchez business men have started a movement looking
to the organization of a new National bank here.
It is stated that this proposed new bank will virtually succeed the present
Britton & Koontz National Bank. . . . but would not assume any
of the liabilities nor take over any of its assets, but it was intended, would
act as its liquidating agent.
In pointing out the necessity of a new bank, it was stated that considerable delay is being experienced in the reorganization of the present Britton
& Koontz National Bank and the restrictions imposed seem to point to
still further delays. Subscriptions of stock in the new bank have been
started and considerable progress made.
Jackson, Miss., advices on May 3, printed in the Memphis
"Appeal" stated that three North Mississippi banks were
on that day granted authority by the State Banking Department to resume normal business functions, bringing the total
State banks operating in this manner since the holiday to
189. The banks are:
Merchants & Farmers, Starkville.
Bank of Oxford, Oxford.
Carroll County Bank. Carrollton.
MISSOURI.
On May 10 the Board of Directors of the Reconstruction
Finance Corporation authorized the purchase of $1,500,000
worth of preferred stock in the National Bank of Kansas
City, Mo., a new bank being organized to succeed the
Fidelity National Bank & Trust Co., of Kansas City.
The preferred stock purchase authorization of the R.F. C.
is conditioned on the subscription of a similar amount in
• common stock of the new bank by those interested in its
organization.
NEBRASKA.
Associated Press advices from Lincoln, Neb., on May 8
stated that the Citizens' State Bank of Arapahoe, Neb., on
that date was added by the State Banking Department to
the list of banks operating without restrictions.
NEW JERSEY.
The North Arlington National Bank of Arlington, Hudson
County, N. J., has received approval from the Comptroller
of the Currency of the directors' plan for reorganization and
reopening of the institution, according to an announcement
made May 4 by Fred Klein, President, Arthur H. Jones and
Edwin Sargent, Vice-Presidents, and William M. Gugelman,
Cashier of the institution. The Newark "News" of May 4,
authority for the foregoing, continuing said in part:
Depositors are asked to purchase short term notes of the Borough of
North Arlington now held by the bank in the total sum of $50,000.
The Diana's° calls for subscriptions to preferred capital stock in the sum of
$50,000. Depositoils are not particularly asked to subscribe to this, since,
according to the statement, the directors and stockholders have already
pledged the amount.
The statement says, in part: "We wish to offer depositors investments
In short Borough of North Arlington notes bearing 6%. If you are a taxpayer any payment which you may make on your taxes for any year may
be made with these notes to the extent of 50%.
"The Comptroller of Currency requests that at least 25% of balances
be used in the purchase of these notes." . . •
May 13 1933
the Comptroller of the Currency and have been returned
for redrafting, was announced on May 8 by John Walsh,
attorney representing Cornelius A. Pugsley, President of
the institution. Advices from Washington, D. C., to the
New York "Times," on May 8, indicating this, furthermore
said:
Mr. Walsh said that he had appeared at the Comptroller's office and
protested against the plan, which would require Mr. Pugsley to turn over
1,040 shares of the bank's stock. Mr. Pugtiley contended that his equity
rights should be worked out in the reorganization.
Subsequently, May 11, advice3 from Peekskill to the New
York "Times" stated that reopening of the Westchester
County National Bank & Trust Co., had been made possible
late that day when Cornelius A. Pugsley, the President, who
has been connected with the institution for 63 years, surrendered unconditionally his 1,040 shares of stock in the
institution. He also surrendered the 182 shares of common
stock in the Emma C. Pugsley estate. We quote further
from the dispatch as follows:
Mr. Pugsley had previously agreed to surrender his stock as had his son
Chester D. Pugsley, who owns twenty shares. Several days ago, upon the
advice of his son, Mr.Pugsley refused to turn over his stock to the depositors
committee, now in charge of the reorganization of the bank, and through
his counsel, John Walsh, protested to the Comptroller of the Currency that
coercion had been used and that his equity rights should be worked out in
the reorganization. Although the $2,500,000 required by the Comptroller
for the reopening of the bank had been subscribed by the depositors through
the purchase of preferred stock, the license was refused because of Mr.
Pugsley's claim.
An account of the matter, as contained in a Peekskill
dispatch to the New York "Herald Tribune" on May 11,
gave additional information. This dispatch saps in part:
He (Mr. Pugsley) turned over his 1,040 shares when assured he could
maintain his home in the old bank building, where he has resided for half
a century. He also will be paid a pension reported at
$2,500 a year.
The Comptroller of Currency has ordered that $2,500.000 be raised by
stock sales before a license to reopen would be issued. Four thousand of
the 12,000 depositors have purchased $2,675,000 in stock, pledging 48%
of their deposits.
Stockholders of the Kings Park National Bank, of Kings
Park, L. I., which has been closed since March 4 last, have
voted to organize a new bank to make some of the depositors'
funds available immediately, it was announced on May 10
by State Senator George L. Thompson, according to the
New York "Herald Tribune" of May 11, which continuing
said:
The organizers, in addition to Senator Thompson, are Willis J. Smith,
Elias Patiky, Albert Grohies, M. I. Hogan and John F. Kelly. It was
stated that the plan had the complete approval of the banking authorities.
The new institution is to have a capital of $25,000 and surplus of $10,000,
consisting of 1,000 common shares at $35 a share. The organizers have
bought $700 worth of stock at $500 par value. It is said that the bank
will pay out 30% of its deposits as soon as it opens, 30% in 60 to 90 days
and 40% in a year and a half to two years.
Reconstruction Finance Corporation, it was stated, had agreed to take
over all of the class A or guaranteed securities.
A dispatch from Lawrence, L. I., on May 9, printed in
the New York "Herald Tribune," stated that a plan by
which the Lawrence-Cedarhurst Bank of that place, which
has been doing business on a restricted basis since the bank
holiday may be restored to normal operation was unanimously accepted by the depositors at a meeting held that
night. The advices furthermore said:
The plan, which has the approval of the State Banking Department
allows the 1,500 depositors to withdraw up to 60% of their money and to
accept the remainder in certificates of beneficial interest bearing3% interest.
Concerning the affairs of the Mount Vernon Trust Co.,
Mount Vernon, N. Y., 0. H. Cheney, in charge of reorganization of the institution, announced on May 11 that
application had been made to enroll the bank as a member
of the Federal Reserve System and that the reorganization
committee had applied to the Reconstruction Finance Corporation for a loan of $2,000,000, according to a dispatch to
the New York "Times," which added:
He said about 11,000 depositors and stockholders with claims of more
than f.3.000.000 against the bank had signed pledges of co-operation in the
committee's reorganization plans.
NEW YORK CITY.
That a new institution will probably be formed to replace
both the Elmhurst National Bank and the Newtown National
Bank, Borough of Queens, New York City, is indicated in
the following taken from the New York "Times" of May 9:
NEW YORK STATE.
Charles Hendry, President of the Elmhurst and Newtown National
banks, in a statement yesterday (May 8) said:
"After conferences with the Federal authorities, during which certain
plans were submitted by the management of the Elmhurst National Bank
and Newtown National Bank, the conservators of those banks, Charles E.
Schwager' and William A. Bertsch, returned from Washington with a
tentative approval from the Treasury Department for the organization
of a new bank.
"It is understood that the plan contemplates the formation of a new
Institution to assume the liquid assets of both banks and to continue a
normal and unrestricted banking business at the same locations."
That plans providing for the reorganization of the Westchester County National Bank, Peekskill, N. Y., drafted
by bank examiners and depositors, have been rejected by
Purchase of $25,000 worth of preferred stock of the
Champion Bank & Trust Co., of Canton, N. C., was
A dispatch to the New York "World-Telegram" on May 5
from Keansburg, N. J., stated that the Keansburg National
Bank was operating without restrictions on that day for the
first time since March 5last and that the event was celebrated
by an impromptu parade in which practically every business
man of the town marched.
NORTH CAROLINA.
Financial Chronicle
Voiume 136
authorized on May 11 by the directors of the Reconstruction
Finance Corporation. The authorization is contingent upon
the subscription of a like amount of common stock to complete the capital structure.
OHIO.
Associated Press advices from Columbus, Ohio, noted that
on May 1 there were 128 State banks in Ohio in the hands
of conservators. The advices also note that so far 388 State
banks have been licensed.
According to advices from Columbus, Ohio, on May 5,
appearing in the Chicago "Journal of Commerce" the Bank
of Galion County, of Galion, Ohio, and the Grand Rapids
Banking Co., of Grand Rapids, Ohio, which have been
operating under conservators have been granted licenses to
operate on an unrestricted basis by the Ohio State Banking
Superintendent.
The Ohio State Banking Department on May 2 granted
a license to the Bank of Corning at Corning, Ohio, to reopen on an unrestricted basis, according to an Associated
Press dispatch from Columbus on the date named, which
furthermore said:
The bank has been in the hands of a Conservator for several weeks. It
has a capital stock of $50,000 and deposits of $546.406.
The Ohio State Banking Department on May 6 licensed
the Commercial Bank & Savings Co. of Fostoria, Ohio, to
reopen for business on May 8 on a normal basis, according
to a dispatch by the Associated Press from Columbus, which
added:
The bank had been operating on a restricted basis under Conservator
L. E. Kimm.
From the Toledo "Blade" of May 3, we learn that subject
to the approval of the depositors' group of the closed Ohio
Savings Bank & Trust Co. of Toledo, Ohio, the Reconstruction Finance Corporation, and the State Banking Department, Edward M. Amos will be the new President of the
institution, should the plan for reopening succeed. Mr.
Amos was chosen to head the new bank at a meeting of the
directors on May 2, while Ammi F. Mitchell and Seymour H.
Hoff, former Vice-Presidents of the old institution, and
Arthur W. Weber, formerly of the trust department of the
old bank, were named Vice-Presidents. The "Blade" continuing said:
Mr. Amos is President of the Merchants' Finance Co. and of Securities.
Inc. He has been active in the plan for reopening the Ohio.
Examiners of the R. F. 0. have virtually completed their examination
of assets of the bank. Printed copies of the modified reopening plan are
in circulation. Under this plan the R. F. C. is asked to purchase $2,000,000 of debentures in the bank and to make a loan of $1,000,000 against
assets to be placed in trust.
The bank, as set up, would have $10,747,531 of assets. Of this amount
$5,300,000 would be in cash. The remainder would be in choice securities
of the old bank. Depositors would have immediately available $5.247.531
in a 15% dividend and in payment of accounts of $20 or under.
The bank would have $1,500,000 of capital. $1,000,000 surplus. $500,000
reserve surplus, $500,000 of offset notes which would be issued
to the city
of Toledo for claims, and $2.000,000 of capital debentures sold to the
B. F. C., as its principal liabilities.
The original plan provided for restricted deposits. The modified plan
eliminates this feature. Instead, Series A trust certificates for 20% of
the
face value of claims will be issued and Series B trust certificates for
the
balance. All of the real estate and other similar assets of the bank would
be Placed in a depositors trust under the plan.
Attorney General John W. Bricker ruled Wednesday (May 3) that provisions of the Hunter bill for reorganization of closed banks will
apply to
the Ohio Savings Bank & Trust Co. here as well as to all other closed
banks which were in liquidation at the time the bill was passed.
Our last reference to the affairs of this institution (one
of four leading Toledo banks which closed their doors on
Aug. 17 1931) appeared in the "Chronicle" of April 22 last,
page 2738.
Directors of the Guardian Trust Co., of Cleveland, Ohio,
have approved the plan of the National City Bank of Cleveland for enlarging its capital and taking over the release of
deposits of both the Guardian Trust Co. and the Union
Trust Co. of that city. The directors of the Union Trust
Co. had previously endorsed the plan which will take the
place of the First National Bank which was in process of
formation to accomplish the same results. The above is
taken from a Cleveland dispatch on May 10 to the "Wall
Street Journal," which also said:
The State of Ohio through the director of commerce has also endorsed
the plan. Stockholders of the National City will be asked to vote on it
May 19.
Approval will also have to be obtained from the Reconstruction Finance
Corporation to purchase around $4,000,000 of preferred stock of the National City to help in enlarging its capital.
Associated Press advices from Washington, D. C., on
May 8, in regard to the affairs of the Guardian Trust Co.,
stated that the Reconstruction Finance Corporation on that
date informed the depositors' committee of the trust company at Cleveland that no increase in previous loans granted
the company by the Corporation could be authorized. The
telegram from Jesse H. Jones, Chairman of the Corporation,
3283
to B. D. Quarrie and Philip Frankel, Chairman and Secretary, respectively, of the depositors' committee, said:
"We have completed re-examination and reappraisal of the collateral offered by the conservator of the Guardian Trust Co. as per the request of
your committee and beg to advise that no increase in loans heretofore
authorized can be granted.
"It is appropriate to advise you that the Guardian depositors were given
the most sympathetic consideration at the time these loans were authorized."
OKLAHOMA.
Assurance that the First National Bank of Frederick,
Okla., will be opened without restrictions by June 1 has
been given J. B. Beard Jr., former President and acting
conservator of the institution by the chief examiner of the
Federal Reserve System, according to advices from Frederick on May 4 to the "Oklahoman," which added:
The bank has been operating under the Conservator since the general
banking moratorium, with old deposits restricted. The First National
is
Frederick's only bank.
TENNESSEE.
Approximately 98% of the banks in Tennessee have reopened since the banking holiday according to H. Grady
Huddleston, Secretary-Treasurer of the Tennessee Bankers'
Association. Mr. Huddleston, on May 8, said there were
396 banks in the State when the holiday was called,including
77 national banks with 16 branches and 272 State banks
operating 31 branch offices. Last month, Mr. Huddleston
said, all but 13 of these institutions had reopened, or almost
97%, and in the last few weeks several more had reopened,
bringing the percentage up to about 98%. Associated Press
advices from Nashville, May 8, from which the foregoing is
learnt, continue:
Only four banks in the State were placed in receivership,he pointed out,
and of the national banks, conservators were appointed for but nine.
Mr.Huddleston said that in the group of 272 State banks and their branches.
only two were required to operate on a restricted basis when licensed to
reopen.
VIRGINIA.
D. C. Sands, who has been President of the Middleburg
National Bank of Middleburg, Va., for a number of years,
has resigned, due to the pressure of his increased personal
business, and T. U. Dudley, formerly Vice-President of the
bank, has been elected President. Walter H. West has been
elected First Vice-President. The other officers are as
follows:J. B.Skinner,Second Vice-President;Sidney Thompson, Cashier, and Earl Dawson, Assistant Cashier. A dispatch from Middleburg to the Baltimore "Sun" on May 4,
reporting the above, added:
The bank, which was opened yesterday (May 3) on a 100% basis
for
the first time since the national banking holiday, has increased its
capital
stock $25,000, making it now $75,000. The bank reports good
business
to-day, with an increase in deposits.
WEST VIRGINIA.
The National Bank of Fairmont, at Fairmont, W. Va.,
founded in 1895, and in charge of a conservator since the
national banking holiday, is to be liquidated and supplanted
by a new national bank, according to plans announced by
D. R. Wood,examiner of the Fifth Federal Reserve District,
and Alexander Donnan, examiner for the Reconstruction
Finance Corporation. A dispatch from Clarksburg, W. Va.,
indicating this, furthermore said:
The new bank will be organized with $200,000 of common stock subscribed by citizens and $200,000, in preferred stock taken by the R. F.
C.
The conservator will remain in charge of the old bank, its liquid
assets will
be taken into the new bank at appraised value and depositors in
the old
bank will be paid in cash or given credit in the new bank according to their
pro rata share of liquid assets. Meanwhile funds of $650,000
deposited
in the old bank under the conservator will be available without
restrictions.
It is planned to have the new bank opened within three weeks.
Additional List of Banks Licensed to Resume Operations in Second (New York) Federal Reserve
District.
Supplementing its statement of May 3 (noted in our
issue of May 6, page 3094) the Federal Reserve Bank of
New York issued the following list showing additional
banking institutions in the Second (New York) District
which have been licensed to resume full banking operations
:
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. 1228, May 10 1933.]
MEMBER BANKS.
NEW YORK STATE.
Clifton Springs—The Ontario National Bank of Clifton
Springs.
Heuvelton—The First National Bank of Heuvelton.
Jeffersonville—The First National Bank of Jeffersonville.
Newark Valley—The First National Bank of Newark
Valley.
Port Leyden—The Port Leyden National Bank.
Ticonderoga—The Ticonderoga National Bank.
NEW MEMBER BANK.
The following State banking institution,
previously licensed to resume
full banking operations by the Superintendent of
New York, has been admitted to membership Banks of the State of
in the Federal Reserve
System:
NEW YORK STATE.
Millbrook—Bank of Millbrook.
GEORGE L. HARRISON, Governor.
3284
Financial Chronicle
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
A New York Stock Exchange seat was arranged for sale
May 8 at $135,000. This was a decrease of $15,000 under the
last previous sale, May 5. The following memberships on the
New York Stock Exchange were posted for transfer May 11:
M. Edward Monahan's to Edward Coyne Maloney for
$137,000, John D. Carscallen's, the 2d, to Vincent H.
LaFrence for $150,000, Paul S. Ames' to Harry J. Crofton
for $150,000 and Howard H. Logan's to Herbert Scheftel
for $135,000, and on May 12 arrangements were made for
a sale at $150,000.
A further advance in the price of memberships in the
recently consolidated Commodity Exchange, Inc., was registered May 5, when five membership transfers were posted.
Sales of memberships ranged from $2,100 to a peak price of
$2,500 reached on the last sale to be consummated during
the day. The previous peak was $2,000, at which figure two
memberships were transferred on May 4.
Acting as an agent for someone else, Harold L. Bache
purchased an extra membership made available by Walter
Hess for $2,100 and also another from Sailing W. Baruch
for $2,500.
• Other transfers were of an extra membership made available by J. J. Speiser to Nelson S. Robinson for $2,100;
Benjamin B. Peabody to John L. Julian, $2,100, and Henry
T. Helm to Jerome Lewins, President of the Exchange,
for $2,300.
On May 6 sales of five more memberships in the Commodity Exchange were effected at $2,500 each, the peak
price reached on Friday. Clayton B. Jones disposed of a
membership to Joseph Faro11, E. M. Richards, a membership
to E. J. Schwabach, F. A. Canilizo, an extra membership
to Harold L. Bache and John H. McFadden, Jr., an extra
membership to Harold L. Bache. On May 9 the following
further Commodity Exchange memberships were announced:
Pierre Egloff to Alvin L. Wachsman,$2,100; Joseph Bernard
to Joseph Faroll, $2,200; Pierre Egloff (extra) to Paul Linz,
$2,100; Jacques Westphalen (extra) to Allan S. Lehman,
$2,000.
The New York Cotton Exchange membership of Douglas
W. Brooks was sold May 9 to Harold L. Bache, the latter
acting for another, at $18,000, an increase of $2,000 over
the last previous sale.
The New York Coffee & Sugar Exchange membership of
John H. C. Albrecht also was sold May 8 to E. A. Crawford
for $6,000, an advance of $100 over the last previous transaction, and Andrew Glier sold his membership May 11 to
Harold L. Bache for 86,000.
F. G.Fontannaz sold his New York Cocoa Exchange membership May 12 to H. L. Bache, for another, for $2,400 an
increase of $100 over the last previous sale.
Arrangements were comple- ted May 8 for the sale of a
membership in the Chicago Stock Exchange at $4 500, up
$250 from the last previous sale, and on May 9 there was
another sale at the same price.
Three memberships on the Chicago Board of Trade sold
this week. On May 10 one sold at $9,000, an increase of
$1,000 over the preceding sale, on May 11 there was a sale
at $9,400 and on May 12 a sale for $9,500.
to be one of the most influential
Percy A. Rockefeller, said
stockholders of the National City Bank of New York: resigned as a director of that institution on April 11 because
of ill health, it was disclosed on May 11. No explanation,
beyond confirming the report that Mr. Rockefeller retired
from the board because of ill health, was made by the bank
regarding his resignation. He had been a director of the bank
many years, having virtually inherited the position from his
father, William Rockefeller, brother of John D. Rockefeller.
Francis E. O'Brien, 22 year old page on the floor of the
New York Stock Exchange became President of the Exchange
for a day, succeeding to the office of Richard Whitney at
the annual observance on May 4 of "Boys' Day." An announcement issued by the Exchange said O'Brien began his
day's work early, presiding over a meeting of several hundred employees before the opening of the Exchange. He had
a busy day, attending meetings and conferences with Mr.
Whitney. O'Brien was assisted in running the Exchange,
the announcement said, by five other boy officers, Walter S.
May 13 1933
McComb. "Boys' Day Vice-president :" Robert L. Tebeau,
"Boys' Day Chairman of the Board Room ;" William G. MurPliv. "Boys' Day President of the Stock Clearing Corporation :" David Berry,"Boys' Day Manager of the Day Branch"
and Albert V. Anderson, "Boys'. Day Manager of the Night
Branch."
—*—
The Sterling National Bank and Trust Company of New
York this week celebrated its fourth anniversary., Founded
on May 7 1929, the bank during the past four years, according to Joseph Pulvermacher, President. has expanded its
facilities for service.
—.—
Announcement is made of the election of Emanuele Gerli,
President of E. Gerli & Company, and Stefano Berizzi, partner of Berizzi Brothers, to the Board of Directors of the
Banca Commerciale Italiana Trust Company. New York. In
addition to Mr. Gerli and Mr. Berlzzi, the Board is now composed of the following: Francesco L. Saroli, President and
Chairman: Nathaniel S. Corwin, John S. Durland, Ercole
Locatelli, Franco Pertusio and Alfonso P. Villa.
—*—
The Bank of Millbrook, Milbrook, N. Y.. was admitted to
membership in the Federal Reserve System on May 10. The
institution had previously been a member. but had withdrawn from membership on April 8 1931. The institution is
capitalized at $100,000 with surplus of like amount, and its
deposits, as of Dec. 31 1932, aggregated $2,006,000. Its officers are: Jahn F. Pingry, President; Elbert A. Burch, VicePresident and A. C. Wheeler, Cashier.
Louis H. McAloon, of North Andover. Mass., on May 4 was
elected President of the new Community Savings Bank of
Lawrence. Mass., an institution formed by a number of the
large depositors of the Lawrence Trust Co. (which closed in
December 1931) and which will be opened not later than
May 29, assuming 40% of the depositor liabilities of the savings department of the closed trust company. Advices from
Lawrence on May 4 to the Boston "Herald," from which the
above information is obtained, went on to say in part:
Officials of the new bank announced to-day after an organization meeting
that 25% of the $2,894,255, which represents 40% of the savings liabilities
assumed, will be available on the day the new bank opens.
The remaining 60% of the savings department of the closed trust company and all of the commercial department, will continue in the process of
liquidation in charge of Attorney Lewis C. Parker of Westfield. The
The Lawrence Trust Company, an affiliate of the closed Federal National
Bank, Boston, failed to open its doors on Dec. 5 1931.
Other officers elected to-day were: Stephen H. Brennan, Vice-President,
and Attorney A. John Ganem, clerk.
There were 16,500 depositors represented in the savings department of
the Lawrence Trust Company when it closed.
The First National Bank of Boston, Mass., has announced
the appointment of George C. Lee Jr. as Assistant Manager
of its uptown branch, at Boylston and Berkeley Streets, according to the Boston "Herald" of May 3. Mr. Lee formerly
held this position from 1924 to 1927, following which he was
in London for nearly three years as representative of Lee
Higginson & Co. The paper quoted also said, in part:
George H. McIntire has been Manager of the uptown branch since 1926.
The bank has 27 branches in Boston, furnishing local banking service throughout the city from Hyde Park on the south to Charlestown on the north.
Julius It. Wakefield, for many years a Vice-President of
the Old Colony Trust Co. of Boston, Mass., died on May 1 at
his home in Dedham, Mass., after an illness of several weeks.
He was 67. Mr. Wakefield was born in Dedham, where he
attended both private and public schools. He prepared for
college at the John P. Hopkinson School, Boston. He was
graduated from Harvard with the class of 1888. For many
years after his graduation from Harvard he was employed
in the Treasurer's office of the Amoskeag Mfg. Co., Boston.
He joined the Old Colony Trust Co. in 1897 as Trust Officer,
and was an active Vice-President at the time of his death.
—*—
Joseph H. Lansing, for the past 12 years President of the
National Mahaiwe Bank of Great Barrington, Iass., was
appointed Treasurer of the Great Barrington Savings Bank
at the annual meeting of the trustees on May 3, to succeed
Clarence R. Sabin, who had served the bank in that capacity
for 43 years, according to a dispatch on the date named from
Great Barrington, printed in the Springfield "Republican."
William B. Pulver was elected Assistant Treasurer at the
same meeting. Mr. Sabin, it was stated, will continue with
the institution as Second Vice-President, taking the place
of A. S. Fassett. who will serve as a Trustee. The advices,
continuing, said:
Volume 136
FinanLial Chronicle
Mr. Lansing (the new Treasurer) came to Great Barrington from the
Canaan National Bank (Canaan, Conn.). His election as Treasurer of the
savings bank nmans that he will automatically resign as President of the
tional bank.
S. Fred Strong, President of the Connecticut Savings Bank
of New Haven, and a former President of the American
Bankers' Association, died suddenly on May 5, his 66th birthday. Mr. Strong, who was born in New Haven, began his
banking career as an Assistant Teller in the Merchants' National Bank of that city in June 1889. In March 1892 he was
advanced to an Assistant Cashier; in September 1903 was
made Cashier, and in July 1909 was given the additional
title of Vice-President. He also served as corporator and
Treasurer of.the National Savings Bank of New Haven. In
July 1911 he was appointed corporator, Trustee, Treasurer
and Secretary of the Connecticut Savings Bank, and in
January last became President of Cie institution, the office
lie held at his death.
Advance payments to depositors of three closed Pennsylvania banks were announced on May 5 by Dr. William D.
Gordon, State Secretary of Banking, according to the Philadelphia "Ledger" of May 6, which said:
On May 15 depositors of the People's Savings Bank of Duryea will receive
a 5% payment. On the same day depositors of the Citizens' Trust Co. of
Bellevue will receive a 10% disbursement. On May 18 depositors of the
Valley View Bank of Valley View will be paid 5% on the amounts due them.
—.—
Paul D. Rider, President of the Central Savings Bank &
Trust Co. of Canton, Ohio, and one of the best known bankers
in that section, died in Canton on May 7 after a short illness.
The deceased banker, who was 75 years of age, entered the
employ of the Central Bank & Trust Co. as a teller when it
was organized in 1887. He became President twelye years
ago, the office he held at his death.
—*—
The First National Bank of Black River Falls, Wis.. capitalized at $50,000, was placed in voluntary liquidation.
effective April 26 last. The institution was succeeded by
the First State Bank of Black River Falls, which subsequently merged with the Jackson County Bank of Black
River Falls.
The St. Louis "Globe-Democrat" of May 7 stated that
Joseph F. Holland, receiver for the First National Bank of
Washington, MO., which closed Nov. 17 last, had announced
the previous night that a payment amounting to $165,000
-would be made to the depositors of the institution. The paper mentioned went on to say:
Total deposits at that time were $670,852. The amount to be paid out
is one-fourth of the total deposits, less individual obligations.
Checks certified by the Comptroller of the Treasury of the United States
were received yesterday and will be mailed out beginning Tuesday (May 9).
The closing of this bank was noted in our issue of Nov. 26
1932, page 3642.
—*—
The People's Exchange Bank of Gadsden, Tenn., a small
institution, which was forced to close on Jan. 31 last following the closing two days before of its correspondent bank,
the Merchants' State Bank of Humboldt, Tenn., reopened for
business on May 2. according to advices from Humboldt on
May 3, printed in the Memphis "Appeal." The dispatch furthermore said, in part:
After the hank's affairs were reviewed by the State Banking Department,
it was decided to attempt a reopening only after depositors bad agreed to
freeze deposits over $25.
Since the enactment of the new bank law at the recent session of the
Tennessee Legislature, where banks can be reorganized and reopened with
only 75% of the stockholders' approval, it was found that the Gadsden bank
could be opened. . . . The bank was organized in 1908, with a capital
stock paid in of $10,000, and at present has nearly $100,000 deposits.
The officials of the bank are: J. D. Porter, President; Clyde Richardson,
Vice-President, and D. B. Davis, Cashier.
On May 1, K. L. Burton,formerly for many years connected
with the North Carolina State Banking Department, became
Executive Vice-President of the Citizens' Bank .& Trust Co.
of Henderson. N. C., according to a dispatch from that city,
appearing in the Raleigh "News & Observer."
John I). Biggs, receiver of the Commercial National Bank
of High Point, N. C., which closed Jan. 18 1932; has announced that a 15% dividend, amounting to approximately
$675,000, will be paid shortly to all depositors of the institution who have proven their claims. A dispatch from High
Point On May 4, appearing in the Raleigh "News and Observer," from which this is learnt, quoted the receiver as
saying, in part:
"This dividend is being paid from funds acquired by the receiver in the
ordinary course of liquidation, supplemented by a loan from the Reconstruc-
3285
don Finance Corporation," Mr. Biggs stated. "This loan, which is secured
by a lien on the remaining assets of the bank, must, of course, be retired
and until this loan is paid, no further dividend disbursement can be made
by the receiver. It is believed that, with the co-operation of the borrowers,
this loan can be repaid within a reasonable time, and if so, the depositors
will receive further regular dividend payments as the receipts will
warrant. . . ."
At a recent meeting of the directors of the Holmes County
Bank & Trust Co. of Lexington, Miss., W. R. Ellis (formerly
a Vice-President) was named President to succeed W. K.
Durden, who resigned, according to a dispatch from Lexington on May 2, printed in the Memphis "Appeal." At the
same time, G. H. McMorrough, a member of the Board of
Directors, was appointed a Vice-President. and Joe W.
Latham was reappointed Cashier, it was stated.
A charter was issued on
May 3 to the First National Bank
In Houston, Houston, Tex., with capital ot $3.000,000. The
new institution succeeds the First National Bank of Houston.
F. M. Law and M. D. Jenkins are President and Cashier, respectively. of the new bank.
On April 15 1933 the First National Bank of Blackwell,
Tex., capitalized at $25,000, went into voluntary liquidation.
The institution was taken over by the First National Bank
in Bronte. Bronte, Tex.
Effective April 26 1933, the First State Bank of Roaring
Springs, Tex., capitalized at $25,000, was taken over by the
First State Bank of Matador, Tex., with capital of $37,500.
The enlarged institution is a meMber of the Federal Reserve
System.
As of April 8 1933, the La Jolla National Btink of San
Diego, Calif., was placed in voluntary liquidation. The institution, which had a capital of $200.000, was absorbed by
the Security Trust & Savings Bank of the same place.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Movements on the New York stock market were somewhat erratic during the early part of the week, and while
there was no special weakness apparent, trading was quiet
and the tone heavy, though there were occasional rallies
that continued to stimulate interest in the dealings. On
Wednesday the trend turned sharply upward and many
new tops were registered all along the line. As the market
moved to new peaks, United States Steel assumed the
leadership and worked into new high ground above 50.
Railroad shares were strong and chemical stocks were in
unusually heavy demand. Many other of the active trading
favorites also showed substantial gains. Call money
renewed on Monday at I% and continued unchanged at
that rate on each and every day Of the week.
•
Stocks moved lower during the two-hour period of trading
on Saturday, most of the weakness appearing during the
final hour. The market put up a stiff resistance to selling
during the first hour but the volume of profit taking and
liquidating gradually increased and the trend turned downward. The changes, however, were comparatively narrow,
many prominent stocks scarcely moving from the previous
closing prices. The strongest group in the trading was the
railroad section, their popularity showing a substantial
increase following the statement of carloading indicating a
gain of 42,706 cars over the preceding week. The principal
changes for the day were on the side of the decline and included among others, Allied Chemical & Dye, 33% points
to 903%; American Can, 3/3è points to 79; Amer. Tel. &
Tel., 23% points to 1003%; Atchison, 13-f points to 563.;
Columbian Carbon, 2% points to 453
4; Corn Products,
23 points to 68; Delaware & Hudson,2 points to 62; Crucible
Steel pref., 2 points to 33; Detroit Edison, 2 points to 68;
du Pont, 33% points to 54%; Hershey Chocolate, 23
4 points
to 50; International Business Machines, 33' points to 111;
Mathieson Alkali, 2 points to 22; McKeesport Tin Plate,
2% points to 743%; National Biscuit, 23% points to 48; Shell
Union Oil pref., 23/ points to 423; Tide Water 01 pref.
(5), 33% points to 53; United States Leather prior pref.,
3 points to 56; Woolworth, 13' points to 353%, and United
States Steel pref., 2% points to 803/2. There were also a
few gains, but these were comparatively small.
Irregularity was the outstanding characteristic of the stock
m xket on Monday. Tr Wing was quiet, and while a number
of the more prominent stocks were fractionally e sier, there
wa no apparent weakness. Around the noon hour, there
was a brisk rally but most of the gains were canceled later in
the day. Du Pont attracted considerable speculative atten-
3286
Financial Chronicle
May 13 1933
tion and moved up about 3 points before the close. Wool- and the market quieted down. The principal changes were
worth, Corn Products and Eastman Kodak also were strong on the side of the advance, though for the most part, they
in the day's dealings. Rails were inclined to sell off, though were comparatively unimportant. They included among
Atchison was in demand at higher prices. The changes at others, American Smelting 2d pref. 2 points to 51, American
the close were again largely on the side of the decline and Type Founders 5 points to 19, Cannon Mills 23% pints to
included among others such popular speculative favorites 29%, Colorado Fuel & Iron pref. 3 points to 33, Crown Cork
as Allied Chemical & Dye 23% points to 873/2, American & & Seal 43% points to 343%, Federal Light & Traction pref.
Foreign Power (7) pref. 2% points to 203'2, American Steel 6 points to 50, Firestone pref. 2 points to 72, Homestake
Foundry (2) pref. 3 points to 65, Atlantic Coast Line 2% Mining 31% points to 193, Liquid Carbon 5 points to 28,
points to 30, Auburn 2% points to 43, Brooklyn Union Gas National Distillers 4% points to 38, Owens Ill. Glass 4 points
2% points to 76, Colorado Gas & Electric pref. A 2% points to 73, Remington Rand 1st pref. 4 points to 24, Standard
to 68, Delaware & Hudson 2 points to 60, Norfolk & Western Gas & Electric pref. 83% points to 39%, Thatcher
Mfg. Co.
pref. 2 points to 75, Peoples Gas 2 points to 56, Radio Corp. pref. 4% points to 40, Vulcan Detinning pref. 5 points to 86
pref. 23
4 points to 213%, Union Pacific 23/2 points to 783%, and West Penn Electric (6) 4 points to 48. The market
United Biscuit 23% points to 22% and West Penn Electric was strong at the close and near the best prices of the day.
(7) 1% points to 46%.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY, WEEKLY AND YEARLY.
The market had several rallying periods on Tuesday, and
while these served to stem the downward movement someStocks,
Railroad
State,
United
Total
Reek Enned
Number of and Miscell. Municipal &
States
Bond
what, prices were irregular at the close. A few special
May 12 1933.
Bonds.
Torn Bonds
Shares.
Bonds.
Sales.
issues moved against the trend, but the advances were not
Saturday
2.094,030 86,760,000 82,253,000
8601,000 89,614,000
especially noteworthy. The gains were in the majority, Monday
3,200,250
8,390,000
3,169,000
1,557.500 13,116,500
8,227,000
2,229,370
3,056,000
1.436,000 12,719,000
and included Allied Chemical & Dye, 1% points to 89; Tuesday
Wednesday
3,818,060 11,067,000
3,515,000
1,448,000 16,030,000
Thursday
6,163,850 15,073.000
3,503,000
4,659,000 23,235,000
American Hide & Leatner preferred, 2% points to 273%; Friday
4,556,710 12,044,000
3,531,000
2,404,000 17,979,000
Bucyrus Erie preferred, 4 p ints to 54%; General Printing
Total
220412 270 561 561.000 819.027.000 81210.5 .5015 2091109 VIA
Ink preferred 2% points t.) 47%; Homestake Mining, 5%
Sales
at
Week Ended May 12.
Jan. 1 to May 12.
points to 191; Industri Rayon, 43
4 points to 4732; United
New York Stock
States Leather prior preferred, 4 points to 60; Vulcan
Exchange.
1932.
1933.
1933.
1932.
Detinning, 2% points to 33; Warner Brothers preferrei, 3 Stocks-No, of shares 22,062,270 4,488,140 157,269,052 140,609,937
Bonds.
points to 8, and Celanese Cup., 59/i points to 19.
Government bonds__ _ - $12,105,500 $20,670,200
3218,968,800
6284,131,300
.3, foreign bonds
19,027,000 13,405,000
271,216,000
272,606,000
On Wednesday the trend was upward and many stocks State
RailroadSt misc. bonds 61,561,000 23,293,000
647,700,900
575,911,300
closed the day with gains ranging up to 3 or more points.
Total
892,693,500 857,368,200 81.187.385,700 81.132.848,800
United Stares Steel, American Can and Amer. Tel. & Tel.
DAILY TRANSACTIONS AT THE BOSTON, PEIILADELPHIA AND
were in sharp demand at higher prices, and as the day
BALTIMORE EXCHANGES.
progressed, railroad shares gradually grew stronger, but
Boston.
Philadelphia.
Baltimore,
industrial stocks eased off to some extent. Among the noteWeek Ended
May 12 1933.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
worthy gains for the day were Air Reduction,5 points to 73;
3 American Hide & Saturday
29,814
28,114
Allied Chemical & Dye,5% points to 94%;
31,000
2,372
81,000
Monday
39,764
44,237
86,000
3,000
3,600
2,000
Leather pref., 53% points to 323/2; American Tobacco, 3 Tuesday
25,704
7,150
36,354
200
2,518
2,000
36,005
2,000
Wednesday
43,899
2,000
2,725
2,000
points to 78%; J. I. Case Co., 3% points to 60%; Central Thursday
3,000
80,762
72,864
9,000
4,488
1,000
13,985
12,000
7,590
RR. of N. J., 4% points to 71; Columbian Carbon. 8 points Friday
3,277
1,000
to 543/2; Consolidated Gas (3.40),2 points to 523
Total
249,051
$30,150
210,041
4; Delaware
815,200
18,980
89,000
& Hudson, 3% points to 63; Delaware Lackawanna & Prey. wk revl9ert -382 149 824.100 317.787 833.000 92 lAR t915 nAn
Western, 23
% points to 28%; du Pont, 33/i points to 593
4;
Eastman Kodak, 45
% points to 71%; Firestone Tire pref.,
COURSE OF BANK CLEARINGS.
4% points to 70%; Homestake Mining, 43/i points to 195%;
clearings
Bank
this week will again show a decrease as
International Business Machines,33% points to 114; National
compared
ago. Preliminary figures compiled by
year
a
with
Lead, 4% points to 95%; New York Central, 2 points to
us, based upon telegraphic advices from the chief cities of
27%; Owens Ill. Glass, 6 points to 65; Union Pacific, 33
4 the country, indicate that for the week
ended to-day (Saturpoints to 82%; Vulcan Detinning, 13 points to 81; Western
day May 13), bank exhanges for all the cities of the United
Union Telegraph; 2% points to 373
4, and Westinghouse,
States from which it is possible to obtain weekly returns will
23' points to 37.
be 3.1% below those for the corresponding week last year.
Increased speculative activity was again in evidence on
Our preliminary total stands at $4,494,208,446, against
Thursday and wide advances were recorded in all parts of
$4,639,763,612 for the same week in 1932. At this center
the active list. The gains ranged from 1 to 5 or more points, there
is a gain for the five days ended Friday of 9.2%. Our
and in many instances new tops for the year were established
comparative summary for the week follows:
by the more active issues among the trading favorites.
Large blocks of stocks appeared on the tape throughout the
Clearings-Returns by Telegraph.
Per
Week Ending May 13.
1933.
1932.
Cent.
day and kept the interest of the traders at a fever pitch.
New
82,577,620,784
York
One of the large transactions of the day was a block of 26,000 Chicago
52,360,026,907
+9.2
155,564,081
191,251,252 -18.7
shares of Packard at 4, and trading was carried on in a big Philadelphia
175,000,000
203,000,000 -13.8
Boston
136.000,000
155,000,000 -12.3
way by United Aircraft and a number of the motor stocks. Kansas City
39,786,775
52,143,632 -23.7
Louis
*37,000,000
50,000,000 -26.0
The day's turnover exceeded 6,100,000 shares and the high St.
San Francisco
67,701,000
79,909,000 -15.3
No longer will re port clearings __ __
speed tickers were, at times, running from 10 to 12 minutes Los Angeles
52,392,511
Pittsburgh
68,380,276 -23.4
behind the transaction; on the floor. The outstanding gains' Detroit
6,195,477
49,018,620 -87.4
Cleveland
30,119,577
51,230,733 -41.3
of the day were Allied Chemical & Dye,3% points to 973%; Baltimore
28,378,395
41,749,180 -32.0
24,299,536
American Car & Foundry, 2% points to 343%; American New Orleans
Twelve cities, five days
$3,305,758,600 83,326,009,136
Metals pref., 432 points to 44; Atlantic Coast Line, 43
-0,6
4 Other
cities,five days
439,415,105
511,61.4,280 -14.1
points to 38; Central RR. of N. J., 3% points to 74%;
all cities, five days
$3,745,173,705 83,837,623,416
-2.4
Colorado Gas & Electric, 6 points to 74; Commonwealth & AllTotal
cities, one day
749,034,741
802,140,196
-6,6
Southern, 6% points to 38%; Consolidated Gas, 3% points
Total all cities for week
84,494,208.446 841530 7112 1519
_.2 I
to 55%; Detroit Edison, 33% points to 71; Laclede Gas pref.,
•Estimated.
11 points to 55; Norfolk & Western, 3 points to 44; New
Complete and exact details for the week covered by the
York & Harlem, 6 points to 116; Peoples Gas of Chicago, foregoing will appear in our issue of next
pints to 62%; Sloss Sheffiell, 4 points to 20; Union furnish them to-day, inasmuch as the week. We cannot
week ends to-day
Pacific, 5% points to 88; Western Union Telegraph, 3% (Saturday) and the Saturday figures
will not be available
points to 40%; Worthington Pump pref. A, 6 points to 30 until noon to-day. Accordingly, in
the above the last
and Vulcan Detinning Co., 33
4 points to 393
4.
day of the week has to be in all eases estimated.
Profit taking caused some irregularity on Friday, though
In the elaborate detailed statement however, which we
the movements of the market, particularly toward the end present further below, we are able to give final and complete
of the session, continued to show considerable strength. Oil results for the week previous, the week ended May 6. For
stocks and alcohol shares attracted moderate speculative that week there is a decrease of 14.5%, the aggregate of
attention and there were sharp upswings in such securities clearings for the whole country being $5,026,123,708, against
as National Distillers, Crown Cork & Seal and Owens Ill. $5,881,036,987 in the same week in 1932. Outside of this
Glass. As the day progressed, the volume of sales fell off city there is a decrease of 23.7%, the bank clearings at this
Financial Chronicle
Volume 136
center recording a loss of 9.8%. We group the cities accordin to the Federal Reserve districts in which they are located,
and from this it appears that in the New York Reserve
District, including this city, the totals show a loss of 10.2%,
in the Boston Reserve District of 18.8% and in the Philadelphia Reserve District of 19.7%. In the Cleveland Reserve District the totals are smaller by 25.7%, in the Richmond Reserve District by 39.8% and in the Atlanta Reserve
District by 22.4%. The Chicago Reserve District suffers
a contraction of 35.7%, in the St. Louis Reserve District
of 7.9% and in the Minneapolis Reserve District of 5.1%.
In the Kansas City Reserve District, the decrease is 22.2%,
in the Dallas Reserve District of 9.7% and in the San
Francisco Reserve District 16.5%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1,58.0?
Dec.
1931.
Federal Reserve Diets.
$
1st Boston----12 cities
239765,874
2nd New York_ _12 "
3575,629,429
3rd Philadelphia 9 "
236,871,486
4th Cleveland_-- 5 "
150,568,864
5th Richmond-- 6 "
73,929,688
6th Atlanta_ __.1Q "
74,022,537
7th ChIcago____ 17 ..
230,162,132
8th St. Louis_ __ 4 "
84,237,257
9th Minneapolis 7 "
68,904,149
10th KansasCIty 9 "
83,556,792
llth
__ 5 "
32.454,533
12th San
Dallas.Fran__13 "
146,020,967
$
295,274,571
3,979,820,922
294,936,630
202,598,900
122,889,243
95,388,21
404,853,07
91,490,858
72,593,686
107,430,860
35,955,960
174,937,85
%
-18.8
-10.2
-19.7
-25.7
-39.8
-22.4
-35.7
-7.9
-5.1
-22.2
-9.7
-16.5
$
442,529,525
5,836,337,07
408.687,325
314,001,674
141,159,742
123,380,084
538,615,259
125,600,327
93,693,261
139,520,885
50,877,04
252,723,840
Total
109 cities
Outside N. Y. City
5,026,123,708
1,535,768,947
5,881,036,987 -14.5
2,012,600,878 -23.7
igt anA ten
sac AM AA4 4-19 1
eanada
1933.
32 caw
$
519,909,699
8,415,178,332
548,587,340
377,993,044
169,314,566
156,207,291
900,339.658
166,819,293
116,015.938
185,837,350
56,732,063
354,500,130
8,584,614,376 11.986,207,596
2,872,887,341 3,747,525,019
448.724.104
488.362.036
Week Ended May 6.
1933.
1932.
Inc. or
Dec.
First Federal Reserve Dist riet-Boston
Maine-Bangor
380,248
551,871-31.1
Portland
1,085,613
2,573,339 -57.8
Mass.-Boston _
211,560,147 257,592,046 -17.9
Fall River_
589,199
724,990 -18.7
Lowell
236,429
299,004 -20.9
New Bedford_ _
619,542
679,853
Springfield. _ _
2,892,013
3,808,706 -24.1
Worcester
1,160,249
2,279,059 -49.1
Conn.-Hartford
8,766,855
9,905,039 -11.5
New Haven_ _ _
3,874,034
6,602,961 -44.4
R.I.-Providence
8,225,300
9,584,300 -14.2
N.H.-Manches'r
576,245
673,403 -14.4
Total(12 cities)
239,765,874
295,274,571 -18.8
Second Feder al Reserve D Istrict-New
N. Y.-Albany._
6,075,881
6,665,440
Binghamton- _
905,912
820,551
Buffalo
22.736,995
24,027,538
Elmira
559,245
952,450
Jamestown_-_
286,769
744,314
New York_
3,490,356,761 3,868,426,109
Rochester
6,828,179
9,168,034
Syracuse
3,164,358
4,645,406
Conn.-Stamford
2,468,578
3,117,375
N. J.-Montclair
492,044
729,599
Newark
17,286,281
25,425,431
Northern N. J_
24,498,436
35,098,675
1931.
1930.
687,033
3,266,111
400,955,885
897,473
487.163
920,506
4,144,443
3,254,063
10,754,678
6,510,396
10,105,300
546,474
852,523
4,050,727
465,089,414
1,183,998
1,049,495
912,636
4,909,496
4,129,896
15,212,664
9,021,085
12,695,200
802,565
442,529,525
519,909,699
York
-8.8
6,664,373
7,152,767
+10.4
981,235
1,563.115
-5.4
36,312,270
57,123,558
-41.3
970,051
977,411
-61.5
1,102,157
1,297,549
-9.8 5,711,727,035 8,238,682,577
-25.5
10,646,465
13,035,839
-31.9
4,743,424
5,778,021
-21.1
4,055,772
4,347,711
-32.6
68.5,036
826,507
-32.1
28,486,866
36,172,798
-30.2
29,962,394
48,220,479
Total(12 cities) 3,575,629,429 3.979,820,922
-10.2 5,836,337,078 8,415.178,332
Third Federal Reserve Dist rict-Philad
elphia
Pa.-Altoona.__
315,025
565,300 -44.3
624,786
1,480,254
Bethlehem _
Clearing Hou se has suspen ded cie arings tempo
Chester
382,409
468,509 -18.4
879,816
1,193,515
Lancaster
762,357
1,502,646 -49.3
2,640,063
1,967,844
Philadelphia
227,000,000 279,000,000 -18.6 388,000,000
525,000,000
Reading
1,146,893
2,785,587 -58.8
3,287,788
3,799,786
Scranton
1,856,975
2,573,248 -27.8
4,720,944
4,724,609
Wilkes-Barre
1,830,367
2,091,280 -12.5
2,928,177
3,477,210
York
1,139,460
1,593,060 -28.5
1,919,751
2,109,122
N. J.-Trenton._
2,438,000
4,357,000 -44.0
3,679,000
4,835,000
Total (9011168). 236,871,486 294,936,630 -19.7 408,680,325
548,587,340
Fourth Feder al Reserve D istrict-Cley eland
Ohio-Akron.... Majority ban Its unlicensed: Cleani ng House not
functioning.
Canton
Cincinnati ___
33,885,407
41,548,471 -18.4
57,763,325
60,366,703
Cleveland
38,699,361
64,431,077 -39.9
96,329,848 118,620,860
Columbus
7,976,900
9,297,600 -14.2
14,364,100
15,020,500
Mansfield
823,977
938,990 -12.2
1,701,203
2,013,622
Youngstown..
Pa.-Pittsburgh
69,183,219
86,382,762 -19.9 143,813,198 177,784,359
Tote'(5 cities).
150,568,864
202,598,900 --25.7
314,001,674
377,993,044
nd-86.1
-29.6
-13.4
-23.4
-45.5
-55.1
541,117
4,143,000
33,908,983
1,850,003
74,388,519
26,328,120
1,194,045
4,022,931
42,587,221
2,049,000
92,155,652
27,305,717
122,889,243 -39.8
141,159,742
169,314,566
Fifth Federal Reserve Dist rict-Richmo
66,870
W.Va.-Huneg'n
482,054
Va.-Norfolk.
3,621,967
2,550,000
Richmond
22,854,254
26,403,801
S.C.-Charleston
928,582
711,093
Md.-Baltimore _
69,743,137
37,998,603
D.C.-Washing'n
21,709,702
9,748,868
Total (6011168).
73,929,688
Sixth Federal Reserve Dist rict-Atlant aTenn.-Knoxville
2,629,353 +51.9
3,994,661
1,500,000
Nashville
9,021,456
12,520,819
9,739,461 -7.4
Ga.-Atlanta___
28,400,000
33,000,000 -13.9
38,082,891
Augusta
886,641 +26.4
1,120,660
1,317,580
Macon
705,951 -9.1
641,878
847,774
Fla.-Jack'nville.
7,898,928
9,776,626 -19.2
12,795,183
Am.-Birm'ham
9,709,337
+8.3
8,968,671
14,423,319
Mobile
906,271
983,733 -7.9
1,358,273
Miss -Jackson.. Clearing Ho SC not functio ning at present.
Vicksburg
107,854
152,103 -29.1
135,995
La.-NewOrleans
12,221,492
28,545,677 -57.2
40,398,250
Total(10 cities)
74,022,537
95,388,216 -22.4
1933.
Inc. or
Du.
1931.
1930.
Seventh Feder al Reserve D Istrict.-Chi Cag0.Mich.-Adrian __ Clearing Hou se not functio fling at present.
Ann Arbor_
543,308
908.930 -40.2
752,738
836,394
Detroit
7,273,602
71,867,695 -89.8
21,168,600 166,382.398
Grand Rapids_
1,076,553
3,120,828 -65.5
4,539,321
6,138,593
Lansing
270,800
1,393,400 -80.6
4,230,165
3,670,000
Ind.-Ft. Wayne
497,652
1,426,489 -65.1
3,022,950
4,202,310
Indianapolis...
10,818,000
14,865,000 -27.2
20,130,000
23,885,000
South Bend _ _
446,826
1,351,816 -66.9
2,480,710
3,103,713
Terre Haute_ _ _
2,749,457
3,121,495 -11.9
5,310,739
5,365,959
Wis.-Milwaukee
11,214,186
15,330,108 -26.8
26,105,439
30,785,052
Ia.-Ced. Rapids Clearing Hou se not functlo Mug at present.
Des Moines _ _ _
12,0.50,665
6,324,392 +90.5
8,377,046
11,872,886
Sioux City2,189,203
3,335,878 -34.4
4,486,573
6,482,505
Waterloo
Only one ban k open: no Ole firings a vailable.
III.-Bloomington
541,135
1,311,281 -58.7
1,484,356
1,712,567
204,591,331 273,484,306 -25.2 426,158,598 624,104,983
Chicago
Decatur
558,226
988,051 -93.5
1,122,063
1,294,588
Peoria
2,595,816
3.283,398 -20.9
4,155,042
5,104,742
Rockford
1,549,708
909,254 +70.4
2,774,571
3,174,109
Springfield_
1,195,664
2,230,953 -46.4
2,286,348
2,623,859
260,162,132
404,853,074 -35.7
538,615,259
900,739.658
Eighth Faders I Reserve Dis tact-St.Lo
Ind.-Evansville
Mo.-St.Louis..
56,800,000
63,100,000 -10.0
17,068,755
_
18,076,645 -5.6
Tenn.- Memphis
9,982,689
9,580,768 +4.2
Jacksonville No clearings: only one bank open.
Quincy
385,813
733,445 -47.4
89,500,000
22,185,016
12,553,243
113,200,000
34,467,562
17,750,730
2,700,000
21,683,024
44,984,365
1,628,859
1,527,367
14,882,004
20,178,304
1,778,273
224,162
46,620,933
1.061.978
1,401,001
-7.9
125,600,237
166,819,293
Ninth Federal Reserve Dis triet.-MInn rapolis
Minn.-Duluth2,419,828
2,373,861
+1.9
48,508,830
Minneapolis- _ _
49,499,792 --2.0
St. Paul
14,157,607
15,986,340 --11.4
N. Dak.-Fargo _
1,456,349
1,766,007 --17.5
S. D.- Aberdeen_
497,977
638,304 --22.0
Mont.-Billings _
248,812
372,520 --33.2
Helena
1,614,746
1,956,862 --17.5
4,431,811
64,362,635
19,016,050
2,023,581
867,131
581,188
2,410,865
5,531,580
80,192,158
23,490.119
1,939,179
933,552
679,948
3,249,400
-5.1
93,693,261
116,015,936
Tenth Federal Reserve Dis triet.-Kans as City
Neb.-Fremont _
62,421
264,599 -76.4
Hastings
No clearings available at p resent.
Lincoln
1,953,341
2,630,945 -22.8
Omaha
19,410,546
24,403,021 -20.5
Kan.-Topeka
1,503,796
2,025,081 -25.7
Wichita
2,005,714
4,328,476 -53.7
Mo.-Kan.s, City
55,149,391
69,318,544 -20.4
St. Joseph_
2,394,724
2,801,231 -14.5
569,487
Spgs.
858,692 -33.7
Pueblo
507,372
900,271 -43.6
363,178
525,101
3,385,918
36,627,895
2,894,999
4,989,239
84,429,280
4,409,661
1,142,485
1,278,230
3,564,509
42,297,438
3,714,712
6,579,765
120,467.836
5,715,500
1,319,064
1,653,425
107,430,660 -22 2
139,520,885
185,837.350
Eleventh Fade rat Reserve District.-D alias.Texas-Austin
784,915
1,068,598 -26.5
Dallas
23,637,664
24,881,131 -5.0
Ft. Worth....
4,458,130
5,516,579 -19.2
Galveston
1,390,000
1,806,000 -23.0
La.-Shreveport.
2,183,824
2,683,652 -18.6
1,740,078
35,997,744
7.730,667
1,892,000
3,516,558
1,631,966
38,138,999
10,230,807
2,571,000
4,159,291
50,877,047
56,732,063
Total(4 cities)_
Total(7 cities).
Total(9 cities).
Total(5 cities).
84,237,257
68,904,149
83,556,792
32,454,533
91,490.858
72,593,686
35,955,960
-9.7
Twelfth Feder al Reserve D istriet-San Fraudl seoWash -Seattle
19,037,631
22,889,029 -16.8
29,894,147
Spokane
3,230,000
5,715,000 -43.5
8,388,000
Yakima
260,121
506,485 -48.6
908,092
Ore.-Portland
15,676,601
20,943,764 -25.1
29,306,885
Utah-S. L. City
7,618,314
9,266,114 -17.8
13,646,532
Cal.-Long Beach
2,861,234
3,199,550 -10.6
5,522,043
Los Angeles _ _ No longer wil 1 report clear! ngs•
Pasadena
3,390,792 -22.4
5.189,793
2,631.202
Sacramento
2,620,970
6,143,862 -57.3
8.625,558
San Diego
a
a
a
a
87,992,517
San Francisco
97,666,803 -9.9 143,165,666
2,744.242
San Jose
1,492,594
1,860,974 -19.8
Santa Barbara_
889,851
1.952,521
1,216.103 -26.8
1,535,561
1,068,236 -29.6
751,759
Santa Monica_
1,071,147 -10.5
1.844,800
Stockton
958,173
39,549,646
19,966.000
954,194
40,660.759
17,590.327
7,146,128
6,335,694
8.622,932
a
204,131,153
2,876.201
2,375,888
2,179,408
2,111.800
Total(13 cities) 146,020,967 174,937,859 -16.5 252,723.840 354,500,130
Grand total (109
5 026,123,708 5,881,036.987 -14.5 8,584,614.376 11986207,596
cities)
Outside New York 1,535,766,947 2,012,600,878 -23.7 2,872,887,341 3,747,525,019
Week Ended May 4.
Clearings at1933.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _ _ _
New Westminster
Medicine Hat _ _ _
Peterborough. _ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert _ _ _ Moncton
Kingston
Chatham
Sarnia
Sudbury
Total(32 cities)
123,380,084
1932.
1930.
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Clearings al
Week Ended May 6.
Clearings al-
Total(17 cities)
1932.
Week Ended May 6 1933.
3287
99,977,684
107,771,187
85,153,142
12,928,610
4,732,681
4,682,064
2,403,310
3,783,302
5.258,710
1,700,735
1,388,172
3,007,774
3,537,056
3,951,276
314,520
334,844
985,221
555,231
783,636
608,236
460,429
176,300
614,421
635,410
865,996
2,373,403
255,948
622,949
573,820
426,835
421,400
524,499
351,806,801
156,207,291
a No longer reports clearings.
1932.
91,589,740
89,295,966
48,933,644
13,855,374
5,084,286
4,509,357
3,194,658
5,137,563
4,643,350
1,991,510
1,602,056
3,111,557
3,962,025
4,877,585
401,815
367,920
1,488,453
666,254
696,740
686,968
634,988
202,072
677,594
595,558
1,134,697
2,780,680
325,664
827,833
704,886
560,287
422,132
529,472
Inc. or
Da.
+9.2
+20.7
+74.0
-6.7
-6.9
+3.8
-24.8
-26.4
+13.2
-14.6
-13.4
-3.3
-10.7
-19.0
-21.7
-9.0
-33.8
-16.7
+12.5
-11.5
-27.5
-12.8
-9.3
+6.7
-23.7
-14.6
-21.4
-24.7
-18.6
-23.8
-0.2
-0.9
295,492,664 +19.1
1931.
167,073,041
143,070,855
46,411,890
17,696,636
10,073,442
7,427,690
3.658,652
6,693,140
8,554,527
2,861.816
2,450,752
3,892,811
4,852,060
4,070,355
501,577
438,958
2,915,821
1,301,729
1,168,975
875,227
771,970
269,409
959,355
891,358
1,312,134
4,071,306
470,101
946,181
867,224
705,210
655,427
814.480
448,724,109
b No clearings available.
1930.
181,741,436
139,024,986
61,326,204
19,887,380
10,685,482
10,072,156
4,104,915
7,003,621
9,259,594
3,404,281
2,907,477
4,039,890
6,966,564
4,769,631
598,410
561,736
2,639,930
1,248,907
1,318,013
921,462
960,311
372,140
1,022,833
1,227,948
1,379,221
5,167,215
485,391
1,280,998
1,054,179
708,725
980,603
1,240,397
488,362,036
Financial Chronicle
3288
May 13 1933
THE ENGLISH GOLD AND SILVER MARKETS.
PRICES ON PARIS BOURSE.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
May 6 May 8 May 9 May 10 May 11 May 12
1933. 1933. 1933. 1933. 1933. 1933.
Francs. Francs. Francs. Francs. Francs. Francs
11,800 11,700 11,600 11,800 11,700
Bank of France
1,650
1,620 1,620
Banque de Paris et Pays Bas
1,650
1,650
400
388
386
396
Banque d'Union Parisienne
301
291
292
305
-501
Canadian Pacific
18,585 18,275 18,125 18,470
Canal de Suez
2,395 2,365 2,375 2,445
Cie Distr d'Electricite
2,260 2,240 2,210 2,280 2,3.11Z1
Cie Generale d'Electricite
53
53
53
54
Cie Generale Transatlantique_
__524
508
504
511
Citroen B
1,190
1,180
1,170
1,190
1:180
Comptoir Nationale d'Escompte
200
200
CotyInc.200
210
5
345
344
355
____
Courrieres
815
798
793
805
Credit Commercial de France
4,790 4,790 4,750 4,820 4-,790
Credit Fonder de France
2,220 2,210 2,200 2,240 2,230
Credit Lyonnais
2,370 2,350 2,350 2,440 2,480
Distribution d'Electricite la Par
2,770 2,730 2,680 2,800 2,820
Eaux Lyonnais
704
698
694
724
Energle Electrique du Nord
---973
969
960
987
Energle Electrique du Littoral
-----53
53
54
54
French Line
HOLI94
94
93
92
92
()Merles Lafayette
DAY
906
903
898
1,010
1,010
Gas le Bon
-560
550
580
Kuhlmann
580
iii
781
780
783
783
L'Alr Llgulde
964
960
960
964
Lyon (S. L. M.)
350
350
340
335
-555
Mines de Courrleres
460
450
440
450
450
Mines des Lens
1,320 1,310
1,300
1.320
Nord RY
875
872875
Orleans RY
1,001
991
-iio
1,020
Parts, France
1,010
.111
104
104
104
Paths Capital
1,130
1,090 1,090
1",140
1,150
Pechiney
65.60 66.90 67.20 66.50 68.50
Reims 3%...
107.00 107.90 107.90 107.50 107.30
Rentes 5% 1920
77.60
78.90 78.90 78.70
Rentes 4% 1917
78.50
84.60 85.40 85.40 84.90 84.50
Bente) 444% 1932 A
1,650
1,600
1,810
1,540
Royal Dutch
1,630
1,304
1,270
1,270
Saint Gobain C. & C
1,295
--1,565
1,565
1,525
Schneider & Cie
1,590
520
510
510
Soc.ete Andre Citroen
510
-iio
83
82
80
Societe Francaise Ford
81
82
153
151
151
154
157
Societe Generale Fonder.
2,775 2,730 2,765 2,805
Societe LyonnaLse
-589
585
585
Societe Marsellaise
589
18,500 18,300 18,200 18,500 18,iiElo
Suez
155
152
166
173
Tubize Artificial Silk pref
860
860
850
-fiio
Union d'Electricite
880
190
190
_ __
211
190
Union des Mines
79
75
78
"9
Wagon-L1ts
--
April 26 1933:
GOLD.
The Bank of England gold reserve against notes amounted to £183,963,895
on the 19th inst., an increase of £5,452,923 as compared with the previous
Wednesday. •
Purchases of bar gold by the Bank during the week amounted to
£1,974,629.
The daily amounts of gold offering in the open market have been very
small, with the exception of last Saturday when over £1,250.000 was
available. On that occasion about £1,000,000 was taken for a destination
not disclosed, the balance being absorbed on Continental account.
Depreciation in the value of the dollar to below gold export point from
the United States and a wave of speculative operations adverse to the
dollar were followed on the 19th inst. by the news that further licenses
for the export of gold from that country would not be granted. Thus
the United States of America is definitely off the gold standard.
Quotations during the week:
Equivalent Value of
Per Fine
£ Sterling.
Ounce.
14s. 1.20d.
120s .6d.
April 20
14s. 3.22d.
119s. Id.
April 21
145. 4.79d.
1188. Od.
April 22
148. 4.55d.
l.58s. 2d.
April 24
14s. 3.34d.
119s. Od.
April 25
148. 0.50d.
121s. Od.
April 26
14s. 2.93d.
119s. 3.50d.
Average
exports
of gold
imports
and
Kingdom
United
The following were the
registered from mid-day on the 15th inst. to mid-day on the 24th inst.:
Exports.
Imports.
£462,850
£4,803,276 Netherlands
Germany
626.986
1,060.973 France
British South Africa
169,039
62,843 Switzerland
British West Africa
13.465
898.954 Austria
British India
18,560
Czechoslovakia
49,431
Malaya
British
6,576
12,880 Other countries
Hong Kong
64,624
Netherlands
410.496
France
12,935
Switzerland
Iraq
18,818
56,950
Brazil
Australia
176,197
22.877
New Zealand
25.508
Other countries
£1.297,476
£7,676,762
The SS. Viceroy of India, which sailed from Bombay on Saturday last.
s reported to bear gold to the value of about £567,000. Of this. £266,000
Is consigned to London, £238,000 to New York. £55,000 to Holland, and
£8,000 to Marseilles.
The Transvaal gold output for March last amounted to 946,863 fine
ounces, as compared with 883.145 fine ounces for February 1933 and
960,035 fine ounces for March 1932.
SILVER.
Silver was again subjected to severe pressure from the United States of
America. where the decline in the value of the dollar caused a rise in commodity prices in general.
Further reports as to the legislative measures authorizing the acceptance
of silver in payment of war debts served to accentuate the demand and
a general speculative interest was created which carried prices rapidly
upwards.
Quotations yesterday reached 20 7-16 d. and 20)4d. for cash and forward
respectively, but to-day, in face of heavy offerings, prices have reacted
to 1834d. for cash and 18 9-16d. for forward delivery. A good demand
from America and from speculators has followed this afternoon.
China exchanges have consistently failed to respond to the successive
rises in silver prices, yet sales from this quarter have not been extensive
and have consisted in the main Of profit taking operations. The Indian
Bazaars also resold, whilst moderate sales were effected by the Continent
During the week a feature of interest has been heavy shipments of
silver from this country: these included 3,250,000 ounces consigned to
New York by the SS. Franconia.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 15th inst. to mid-day on the 24th inst.:
Exports.
Imports.
1'24.264 Yugoslavia
198,400
Germany
2,300 United States of America__ 75,200
Belgium
4,765 Hungary
17,675
Iraq
7,500
36 175 Barbados Island
Japan
14,624 French Possessions in India
6,000
Australia
countries
Other
11,462
4,775
countries
Other
S216,237
1'86,903
Quotations during the week:
NEW
IN
YORK.
IN LONDON.
(Cents per Ounce .999 Fine.)
Bar Silver per 0:. Std.
Cash Delir. 2 Mos. Deny.
April 19
33
l9)4d.
April 20-19 3-16d.
April 20
35%
199-164.
April 21_ I9Md.
April 21
33
195-16d.
April 22_ _19 Md.
April 22
36
20M d.
April 24_ _20 1-16d.
April 24
37
20 Md.
April 25..207-16d.
April 25
36
189-16d.
April 26_ _18 Md.
19.552d.
Average _ _19.490d.
The highest rate of exchange on New York recorded during the period
from the 20th inst. to the 26th inst. was $3.93 and the lowest $3.70.
INDIAN CURRENCY RETURNS.
April 15. April 7. Mar. 31.
(In Lacs of Rupees)17633
17650
17690
Notes in circulation
11125
11143
11186
Silver coin and bullion in India
2612
2603
2600
Gold coin and bullion in Idnia
3896
3904
3904
Securities (Indian Government)
The stocks in Shanghai on the 22d inst. consisted of about 163,900.000
ounces in sycee, 245.000,000 dollars and 8,820 silver bars, as compared
with about 162,400,000 ounces in sycee, 240,000,000 dollars and 9,320
silver bars on the 13th inst.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
as
by cable, have been as follows the past week:
Wed.,
Thurs.,
Sat.,
Tues.,
Mon.,
May 8. May S. May 9. May 10. May 11. May
Fa.,
12.
Silver, per oz... 19546.
19d.
1934d. 19 15-16d. IS 15-166. 19 1-16d.
Gold, p.fine oz. 1245.10d. 1238.9d. 1230.4d. 123)44d. 123s.6d. 1236.3d.
7414
74
73M
72M
744
7434
Consols, 2)4%
British 3%%100
9914
99
W.L
my,
1001.4
ioosi
British 4%110
109M
lios,
1103g
1960-90 ..._ _ iioli
11034
French Rentss
67.20
66.90
66.50
65.60
66.50
(ln ParLs)3% fr. Holiday.
French War L'n
y. (In Paris) 5,4
107.90
107.50
Holiday.
107.00
107.90
107.30
k 1920 amort
reported
days has been:
of silver in New York on the sameThe price
_ ...
Silver in N. Y.,
7
34M
3434
35.,
3414
yri, 33'
35M
per oz. (cts)-
THE BERLIN STOCK EXCHANGE.
The Berlin Stock Exchange resumed trading on Friday,
April 29 1932,after having been closed by Government decree
since Sept. 18 1931. Closing prices of representative stocks
as received by cable each day of the past week have been
as follows:
May May May May May May
ft.
8.
9.
10.
11.
12.
Per Cent of Par
129
Reichsbank(12%)-----132 130
133
132
131
99
99
98
Berliner Handels-Gesellschaft (5%)
99
99
98
52
52
52
Commerz-und Prlvat-Bank A. G
52
52
52
67
67
Deutsche Bank und Disconto-Gesellschaft- 67
65
63
63
61
61
61
61
Dresdner Bank
61
60
98
98
98
Deutsche Reichsbahn (Ger. Rye.) pf.(7%)- 98
98
98
27
29
28
Allgemeine Elektrizitaets-Gesell. (A.E.0.). 28
27
26
111
110
110
111
Berliner Kraft U. Licht (10%)
112
110
114
116
115
116
116
Deasauer Gas (7%)
114
100
99
100 101
101
Gestuerel (4%)
99
103
103 103 104
Hamburg. Elektr.-Werke (854%)
104
103
161
158
158
162
159
Siemens & Halske (7%)
157
134
129
129
134 134
1. G. Farbenindustrle (7%)
130
207 207 207 208 208
Balzdetturth (9%)
197
204 205 206 207 205
Rheinische Braunkohle (10%)
201
117
115
116
119
Deutsche Erdoel (4%)
18
77
75
76
80 1191
Mannesmann Roehren
78
76
18
18
18
19
19
Hapag
18
19
19
19
20
Norddeutscher Lloyd
20
19
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of May 12
1933:
Bid. Alk.
Ask.
30 Hungarian Defaulted Coup 40
26
Anbalt 75 to 1948
Hungarian nal Bk 7Ms,'32 171
76
Argentine 5%, 1945. $100
Koholyt 63ia, 1943
58
pieces
3512 3712
25 Karstadt 68, 1943 C-D..
23
10
18
Antioquia 8%, 1946
Land M Bk, Warsaw 8s,'41 41
AustrianDefaultedCoupons 70
47
/7-12 Leipzig Oland Pr. 6348,*46 57
Bank of Colombia. 7%,'47 1 26
59
2712 Leipzig Trade Fair is, 1953 24
26
Bank of Colombia. 7%.'48 126
38 Luneberg Power, Light &
35
Bavaria 6148 to 1945
Water 7%, 1948
49
Bavarian Palatinate Cons
46
28 Mannheim & Palat 78 1941 44
25
46
Cit. 7% to 1945
39
33
Bogota (Colombia) 654, *47 1912 2012 Munich 78 to 1945
612 Munic Bk, Hessen,78 to '45 27
512
30
Bolovia 6%, 1940
Municipal Gas & P lac Corp
Buenos Aires 6,* 61 Scrip /8
571
34
Recklinghausen, 78. 1947 30
Brandenburg Elec. 68, 1953 56
Brazil Funding 5%.'31-'51 3812 39 Nassau Landbank 654s,'38 62m 64
Nat Central Savings Bk of
British Hungarian Bank
f 3434 3614
Hungm, 7 Ms, 1962____ 1 36
38
6348, 1962
National Hungarian & Ind.
Brown Coal Ind. Corp.
Mtge. 7%. 1948
6212 6512
34
36
614s, 1953
15 Oberpfalz Else 7%, wad_ 37
40
Call (Colombia) 7%. 1947 13
812 Oldenburg-Free State 7%
Callao (Peru) 714%. 1944 I 412
912
32
to 1945
29
Ceara (Brazil) 8%, 1947_ 1 712
Porto Alegre 7%, 1968.- I 1414 1614
City Savings Bank, Buda13111 3312 Protestant Church (Gerpest, 75, 1953
34
many) 78, 1946
31
Deutsche 13k 6% '32 unst'd 81
32 Prov Bk Weetnhalia 6s,'33 1 80
82
Dortmund Mun 13111 68.'48 30
18 Rhine Westph Eles 78 1936 44
47
15
Duisberg 7% to 1945
29 Rio de Janeiro 6%, 1933_ - I 1312 1512
Duesseldorf 78 to 1945._ -- 26
51
55 Rom Cath Church 6145.'
East Prussian Pr. 68, 1953. 531
40 49
R C Church Welfare 78,'46 3712 3912
European Mortgage & Inf 444 4514 Saarbrueeken M Bk 68,'47 74
78
vestment 7345. 1966
Salvador 7%, 1967
1214 1334
French Govt. 5'4s, 1937_ 110
114 Santa Catharina (Brazil)
French Nat. Mall SS.6s,52 112
30
28
8%. 1947
1 1312 1412
Frankfurt 79 to 1945
70 Santander (Colorn) 74, 194$ 10
12
German Atl. Cable 7s, 1945 67
Sao Paulo (Brazil) 6s, 1947
1234 1334
German Building & Land32 Saxon Public Works5%,'32 55
30
bank 64%, 1948
75 Saxon State Mtge 6s, 1947 48
52
69
Haiti 6% 1953
325
Hamb-Am Line 6348 to '40 5812 6212 Siam & Halsks deb fie, 21130 305
96
95
Hanover Harz Water Wks.
30
39
4'2
27
8%, 1957
39 Tucuman
21
2212
TucumanS8e ttnAPmueb
C1r U
Housing & Real Imp is, *46 32
tRy1YI7
188
70
.:7
:19
11,5
04
5
10
-413
"
1 34
Pray,
Hungarian Cent Mut 78'37 I 2912 3im
Vesten Elec Ry is, 1947-- 241
Hungarian Discount & Ex2912 311? Witrtenberg 7. to 1946._. 32
change Bank is, 1941_3
36
!Flat price.
Volume 136
Financial Chronicle
3289
THE CURB EXCHANGE.
this was followed by a brisk rally and in turn by a liberal
The curb list moved within narrow limits during the fore offering of shares. Public utilities showed considerable
to the selling, though the changes were comparapart of the present week, and while there was some demand resistance
tively small and many of them were on the side of the adfor oil shares and power issues, the dealings, as a whole, vance. In the industrial stocks, Aluminum Co. of America
were comparatively quiet until Wednesday, when the trend turned weak and slipped back about 3 points after reaching
suddenly turned upward and spectacular gains were estab- a high for the day at 65%. Parker Rust Proof and Pittslished by a number of the more popular of the trading fa- burgh Plate Glass were heavy while, on the other hand,
Montgomery Ward and Celluloid 1st pref. registered subvorites. Heavy dealings were apparent all along the line, stantial
gains. Some selling was in evidence, but most of
particularly in the public utilities, industrials and power it was absorbed without disturbing the stability of the market
group, many of which moved forward to new tops for the Oil shares were moderately firm and investment trusts were
year. On Thursday the movement was vigorously upward, irregular with a tendency toward lower levels. The range
being helped along to some extent by a sizable amount of of prices for the week was generally toward higher levels,
many prominent issues recording substantial gains. Among
short covering. There were occasional periods of profit taking, the
latter were Aluminum Co. of America,60 to 64; American
but this was quickly absorbed as the market continued to Beverage, 23
% to 23/8; American Gas & Elec., 29 to 33;
move steadily forward. On Saturday, curb stocks were fairly American Light & Traction, 155
% to 165%; American Super3 Associated Gas & Elec. A, 15
43%
% to 13
%;
to 4%;
brisk, though prices moved within a comparatively narrow power,
range. Realizing was apparent from time to time but this Atlas Corp., 113/i to 12; Brazil Traction & Light, 11 to 115%;
% to 2%; Commonwealth Edison,
made little change in the closing quotations. Public utilities Central States Elec., 23
were weak and showed the effect of persistent offerings as 60 to 63; Consolidated Gas of Baltimore, 51% to 545%;
Cord Corp., 95% to 93.4; Deere & Co., 17% to 175%; Electric
they gradually moved downward. Electric Bond & Share was Bond & Share,
195% to 24; Ford of Canada A, 8% to 8%;
off on the day and American Gas & Electric was down about Gulf Oil of Penn., 425% to 43; Hudson Bay Mining, 6% to
3
3 to 595%; International Petroleum,
a point. Miscellaneous shares were somewhat mixed, Bab- 7/s; Humble Oil, 57%
cock & Wilcox going down a point and Aluminum Co. of 135% to 133/2; New York Tel. pref., 112% to 114; Niagara
Power, 11% to 125%; Parker Rust Proof, 413/ to
America slipping back nearly 2 points. Specialties were fairly Hudson
3 Pennroad Corp., 25% to 2%; Penn. Water & Power
%;
active on a small turnover and oil stocks were generally .45
%; A. 0.
Co., 49 to 543; Singer Mfg. Co., 1195% to 1263
lower, particularly Gulf Oil of Penn., which was off on the Smith, 35 to 365%; Standard Oil of Indiana, 25 to 26; Swift
day about 2% points and Standard Oil of Indiana which & Co., 16 to 163
%; United Founders, 15-16 to 1; United Gas
3 to 4; United
was fractionally lower. Mining shares were slightly higher Corp., 3 to 3%; United Light & Power A, 3%
3
Shoe
Machinery,
to
43
%,
and
Utility
Power,
1% to 2.
413/i
but the improvement was generally fractional. Following an
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
early afternoon rally on Monday, leading stocks on the curb
market met considerable profit taking and sagged from 1 to
Bonds (Par Value).
Stocks
2 or more points. As the session progressed, some support
Week Ended
(Number
Foreign
Foreign
May 12 1933.
of
was apparent and a small measure of improvement was in
Total.
Shares).
Domestic. Government. Corporate.
evidence for a short period, but the selling in the late dealings Saturday
$58,000
$146,000 33.491,000
235,015 83,287,000
317,085 3,182,000
80,000
99,000 3,361,000
held most of the gains down. Public utilities were fairly Monday
78,000
93,000 3,247,000
255,800 3,076,000
steady, Electric Bond & Share and American Gas moving Tuesday
143,000 3,762,000
Wednesday
78,000
335,930 3,541,000
5,637,000
167,000
Thursday
623,720
5,321,000
149,000
ahead for a brief period but reacting downward later in the Friday
89,000
131,000 5,211,000
636,960 4,991,000
day. Industrial stocks were off in the early trading, but
Total
3779,000 $24,709,000
2.404.510 323 398.000
$532.000
recovered later in the day, while specialties showed modest
Jan. 1 to May 12.
Sales at
Week Ended May 12.
gains all along the line. Oil shares also improved, Gulf Oil
New York Curb
Penn.
1932.
1933.
1932.
Exchange.
1933.
moving
up
considerable
of
more than a point, and
strength was apparent in Cosden and Standard Oil of In- Stocks—No. at shat'es _ 2,404,510
.599,610
19,312,286
19,641,480
diana. Investment trusts were inclined toward irregularity DomesticBonds.
$273,318,100
$312,683,000
$23,398,000 $13,100,000
11,132,000
Foreign government.
532,000 , 424,000
12,267,000
and mining shares were quiet.
28,438,000
944,000
16,878,000
Foreign Corporate
779,000
The curb list moved within narrow limits on Tuesday,
Total
$24,709,000 814.468,000
8341.828.000
.x312.888.100
most of the active stocks showing considerable irregularity
as the list drifted around without definite trend or feature.
Preliminary Debt Statement of the United States
The public utilities were given the most attention, particularly Consolidated Gas of Baltimore which was up about 2
April 30 1933.
points at its top for the day. American Gas, American
The preliminary statement of the public debt of the United
Light pref. and a few other volatile stocks were slightly
higher. Industrials were irregular, Aluminum Co. of Ameri- States April 30 1933, as made upon the basis of the daily
ca going slightly higher, while issues like Cheseborough Mfg. Treasury statement, is as follows:
BondsCo. and a few others were lower. Oil shares continued fairly
$599,724,050.00
Consols of 1930
steady and a number of large blocks were turned over during 2%
48,954,180.00
2% Panama Canal Loan of 1916-38
25,947,400.00
2% Panama Canal Loan of 1918-38
the day. Investment trusts were higher but mining stocks 3%
49,800,000.00
Panama Canal Loan of 1961
were off. Trading was unusually heavy on Wednesday and 3% Conversion bonds of 1946-47
28,894,500.00
52,697,440.00
% Postal Savings bonda(5th to 44th Series)
many gains ranging from 1 to 3 or more points were registered
$806,017,570.00
during the session. Celanese 1st pref. made a spectacular First Liberty Loan of 1932-4781,392,227,350.00
gain of 6 points to 75 and the prior pref. jumped 4 points to
34% bonds..
5,002,450.00
4% bonds (converted)-75. White Tubise showed a 3 point gain and Carnation
535,982,600.00
431% bonds (converted)
1,933,212,400.00
Milk was up 23/i points at its top for the day. Public utili6,268,095,250.00
ties showed good gains and stocks like American Gas & Elec- 44% Fourth Llberty Loan of 1933-38
8,201,307,650.00
tric, Cities Service and Electric Bond & Share were sub- Treasury bonds$758,983,300.00
44% bonds of 1947-52
stantially higher. Aluminum Co. of America maintained its
1,036,834,500.00
4% bonds of 1944-54
early gain and there were a number of substantial advances
489,087,100.00
34% bonds of 1946-56
454,135,200.00
3 %-bonds of 1943-47
among the aviation issues, particularly Pan-American Air352,994,450.00
34% bonds of 1940-43
which
was
ways
up about 2 points at one period. Specialties
544,916,050.00
34% bonds of 1941-43
821,400,500.00
334% bonds of 1948-49
and miscellaneous shares also showed good gains. Aided by
764,488,000.00
3% bonds of 1951-55
short covering, stocks on the curb market established many
5,222,839,100 00
new highs on Thursday, the gains ranging from 2 to 3 or
Total bonds
814.230,164.320.00
points.
Some profit taking was in evidence, but this
more
Treasury Notes3% Series A-1934, maturing May 2 1934
$244,234,600.00
was quickly absorbed as the market continued to move brisk- 234%
345,292,600.00
Series B-1934. maturing Aug. 1 1934_
ly forward. The buoyancy extended to all parts of the list 3% Series
416,602,800 00
A-1935, maturing June 15 1935.__
365.138.000 00
though the sharpest improvement was noticeable,in the chain 34% Series A-1936. maturing Aug. 1 1936
244% Series B-1936, maturing Dec. 15 193&_
360,533,200 00
store group, Great Atlantic dr Pacific Tea Co. N.V.7 regis- 3
834.401,500.00
4% Series A-1937, maturing Sept. 15 1937_ _
tering a gain of 13 points to 179. In the public utilities, 3%
Series B-1937. maturing Apr. 15 1937_ _ _
508.328,900.00
277,516,600.00
American Gas & Electric moved up 3 points to 32, while 234% Series A-1938. maturing Feb. 1 1938—
Cities Service was fractionally higher at 2%. Industrial
33.352,048,200.00
Civil Service Retirement Fund. Series
stocks were represented in the advances by Aluminum Co. 4%1933
to 1937
219,200,000.00
of America which forged ahead 6% points to 65% and 4%19F
3o3re
to
ign
19nrSe vice Retirement Fund, Series
2,071,000 00
Dow Chemical which surged upward 63j points to 48. 4% Canal Zone Retirement Fund, Series 1938
Celanese Corp. (7) pref. was in good demand and closed at
and 1937
2,158,000.00
3.575,477.200.00
76 with a 3 point gain and Acme Steel jumped 5 points to
of Indebtedness223/2. In the power group, the strong stocks included Co- 2%Certificates
Series 13-1933, maturing may 2 1333
$239,197,000.00
1 34% Series TJ-1933, maturing June 15 1933_
373,856 500.00
lumbia Gas & Electric cony. pref., Commonwealth Edison, 4%
Series TAG-1933, maturing Aug. 15 1933469,089,000.00
Edison Illuminating Co. of Boston, Penn. Power & Light, 1 %
Series o-ave... maturing Sept. 15 1933451,447,000.00
94% Series TD-1933, maturing Dee. 15 1933_
National Power and New England Power. Oil shares moved
254,364,500.00
% Series TD2-1933, maturing Dec. 15 1933
473,328,000.00
ahead under the guidance of Humble Oil, mining issues were
firm and investment stocks also advanced.
$2,261,282,000.00
Adjusted Service Certificate Fund Series,
The tone of the curb market was irregular in Friday, and 4%maturing
Jan. 1 1934
101,700,000.00
while some weakness was apparent in the early trading,
2,362,982,000.00
3290
Financial Chronicle
Treasury Bills (Maturity Value)—
Series maturing May 10 1933
Series maturing May 17 1933
Series maturing May 24 1933
Series maturing May 31 1933
Series maturing June 7 1933
Series maturing June 21 1933
Series maturing June 28 1933
Series maturing July 5 1933
Series maturing July 12 1933
Series maturing July 19 1933
Series maturing July 26 1933
$75,228,000.00
75,202,000.00
60.074,000.00
100,613,000.00
75,216,000.00
100,569,000.00
100,158,000.00
160,098,000.00
75,733,000.00
75,188.000.00
80,295,000.00
918,372,000.00
Total Interest-bearing debt outstanding
$21,086,995,520.00
Matured Debt on Which Int. Has Ceased—
Old debt Matured—issued prior to Apr. 1 1917
4% and 4.1,
1% Second Liberty Loan bonds of
1927-42
4(4% Third Liberty Loan bonds of 1928
314% Victory notes of 1922-23
4 yi% Victory notes of 1922-23
Treasury notes. at various interest rates
Ctrs. of indebtedness, at various rates of int_
Treasury bills
Treasury savings certificates
81,609,570.26
2,626,600.00
4,154,150.00
19,150.00
973,950.00
6,598,900.00
30,069,700.00
21,100,000.00
613,250.00
$346,681,016.00
156,039,088.03
3190.641,927.97
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and tractional currency._ _ _
Thrift and Treasury savings stamps, unclassified sales, &c
90,428,928.00
2,039,651.77
3,337.878.46
286,448,386.20
Total gross debt
$21,441,209,176.46
COMPARATIVE PUBLIC DEBT STATEMENT.
[On the basis of daily Treasury statements.]
Aug. 31 1919
March 31 1917
April 30 1932
When War Debt
Pre-War Debt.
Was At Its Peak.
A Year Ago.
Gross debt
$1,282,044,346.28 $26,596,701,648.01 $18,596,695,430.92
Net bal. In general fund—
292,485,209.19
1,118,109,534.76
74,216,460.05
Gross debt less net bal.
in general fund
$1,207,827,886.23 $25,478,592,113.25 818,304,230.221.73
March 31 1933
Asti: 30 1933.
Last Month.
$21,362,464,177.21 $21,441,209,176.46
240,752,591.92
492.926.476.44
Gross debt
Net balance in general fund
Cross debt leas net balance in general fund _$20.869.537,700.77 321,200,456,584.54
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
April 29 1933 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of April 29 1933.
CURRENT ASSETS AND LIABILITIES
Anal—
Gold coin
Gold bullion
GOLD.
Liabilities—
8
844,775,250.65 Gold ctfs. outstanding-1,265.081,839.00
2,3S3,994,873.61 Gold frind, Fed. Reeve
Board (Act of Dec. 23
1913, as amended
June 21 1917)
1,665,306,045.89
Gold reserve
156,039,088.03
Gold in general fund.... 142,343,151.34
Total
3,228,770.124.261 Total
3,228,770,124.26
Note.—Reserve against $348,681,016 of U. S. notes and 81,207.850 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
In the Treasury.
SILVER DOLLARS.
Assets—
Liabilities—
$
$
506,824,434.00 Sliver ate. outstanding- 490,925.004.00
Silver dollars
Treasury notes of 1890
outstanding
1,207,850.00
Silver dolls. In gen. fund
14,691,580.00
Total
AS8613—
Gold (see above)
Silver dollars (see above)
United States notes____
Federal Reserve notes__
Fed. Res. bank notes --_
National bank notes....
Subsidiary silver coin...
Minor coin
Sliver bullion
Unclassified—
Collections. de
Deposits In:
Federal Reeve banks_
Special depositaries.
acc't sales of Treas.
bonds. Treas. notes
and etfs. of Indebt.
Nat and other bank
depositaries-To credit of Treasurer of U. S
To credit of other
Gov't officers_ _
Foreign depositaries—
To credit of Treasurer of U. S
To credit of other
Gov't officers....
Philippine treasury—
To credit of Treasurer of U. S
306,824,434.00
Total
506,824,434.00
GENERAL FUND.
Liabilities—
142,343,151.34 Treasurer's checks out14,691,580.00
653,398.65
standing
4.083,248.00 Depots. of Gov't officers:
Post Office Dept
45,025,060.00
8,799,893.20
Board of Trustees,
45,298.00
Postal Savings Sys17,473,989.00
16,519,342.63
tem6% reserve, law5,565.780.09
ful money
18,065,411.27
55,592.842.10
Other deposits._ _
29,354,152.52
Postmasters, clerks of
1,865,919.35
courts, disbursing
officers, &o
90,339,079.19
54,780,969.05
Deposits for:
Redemption of Fed.
Res. notes (5%
fund.gold)
61,919,401.32
111,317.000.00
Redemption of Fed.
Ron. bank notes(5%
fund, lawful money)
3,313,000.00
Redemption of Nat.
7,288,681.75
bank notes (5%
fund, lawful money) 38,182,678.60
19,894,595.56
Retirement of addl
circulating notes.
Act May 20 i908
675,652.34
1,350.00
Uncollecteditems. exchanges. do
1,203,902.45
3,987,171.61
944,758.00 Net balance
256.589,857.05
240,752.591.92
Total
497,342,448.97
497,342,448 97
Total
Note.—The amount to the credit of disbursing officers and agencies to-day was
536.5,952.429.92.
Under the Acts of July 14 1890 and Dec. 23 1913. deposits of lawful money for
the retirement of outstanding National bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made,
under the Acts mentioned, a part of the public debt. The amount of such oblige
Mins to-day was $90,428,928.
$1.393,555 in Federal Reserve notes and $17,448,989 in National bank notes are
In the Treasury In process of redemption and are charges against the deposits to'
the _respective 5% redemption funds.
Public Debt of the United States—Complete Return
Showing Net Debt as of Feb. 28 1933.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued Feb. 28 1933,
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 1932:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Feb. 28 1933, Feb. 29 1932.
Balance end of month by daily statements, Sec
221,480,376
Add or Deduct—Excess of deficiency of receipts over
or under disbursements on belated Items
—29,690,551
375,859,436
191,789,825
367,372,689
25,928,046
82,798,399
4,234,080
2,156,615
22.965,845
84,998,825
4.518,780
2,444,404
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount secured on War Savings Certificates
Settlement on warrant checks
67,765.270.26
Debt Bearing NoIrUerest—
United States notes
Less gold reserve
May 13 1933
Total
—8.486,747
115,117,040
114,927,854
Balance, deficit(—)or surplus(+)
+76,672,785
INTEREST-BEARING DEBT OUTSTANDING.
Interest Feb. 28 1933.
Title of oan—
Payable.
2s Consols of 1930
Q.-J. .599,724,050
2s of 1916-1936
Q.-F.
48,954,180
2s of 1918-1938
Q -F.
25,947,400
3s of 1961
Q.-M.
49.800,000
38 convertible bonds of 1948-1947
@ -J.
28,894,500
Certificates of indebtedness
J -S. 2,137,872,100
J -.1 1,392,227,350
3)48 First Liberty Loan, 1932-1947
48 First Liberty Loan, converted 1932-1947_ _ _J.-D.
5,002,450
4t4s First Liberty Loan, converted 1932-1947-.J.-D. 532,490,450
4iis First Liberty Loan, 2d cony., 1932-1947.-J.-D.
3.492,150
434s Fourth Liberty Loan of 1933-1938
6,268,095,250
44i8 Treasury bonds of 1947-1952
758,983,300
4s Treasury bonds of 1944-1954
1.036,834,500
3115 Treasury bonds of 1946-1958
489,087,100
3548 Treasury bonds of 1943-1947
454,135,200
3,65 Treasury bonds of 1940-1943
352,994,450
3568 Treasury bonds of 1941-1943
544,916,050
3hs Treasury bonds of 1946-1949
821,400,500
3s Treasury bonds of 1951-1955
764,488,000
246s Postal Savings bonds
52,697,440
Treasury notes
3,575,589,200
Treasury bills, series maturing—
Mar. 1 1933
c100,000,000
Mar. 29 1933
c100,039.000
Apr. 12 1933
c75,090,000
Apr. 19 1933
c75,032,000
Apr. 26 1933
c80.020,000
May 10 1933
c75,228,000
MMay
c75,202,000
933
3
ay2
14
7 19
C60,074.000
Mar. 2 1932
Mar. 30 1932
Apr. 13 1932
Apr. 27 1932
May 11 1932
May 18 1932
May 25 1932
+252.444,835
Aggregate of interest-bearing debt
Bearing no interest
Matured, Interest ceased
599,724,050
48,954,180
25.947,400
49,800,000
28,894,500
2,200,177,500
1,392,234,350
5,002,450
532,491,650
3,492,150
6,268,110,450
758.983,300
1,036.834.500
489,087,100
476,412,250
355,356,450
577,537,050
821,404,500
800,424,000
36,247,260
795,346,200
c100.490.000
C101,332,000
880,175,000
e50,937,000
c76,399,000
c75,689,000
c62,851,000
20,584,310,620 17,820,334,290
265,346,173
291,366,450
39,952,040
59.051,281
Total debt
Deduct Treasury surplus or add Treasury deficit
Net debt
Feb. 29 1932,
520,934,728,351 18,125,632,503
+76.672,785 -1-252,444,835
b20,858,055,566 17,873,187,668
a Total gross debt Feb. 28 1933 on the basis of daily Treasury statements was
$20,934,729,209.68 and the net amount of puolic debt redemptions and receipts
In transit, &c., was $859.25.
b No reduction is made on account of obligations of foreign governments or other
Investments.
c Maturity value.
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 February,
March, April, and May 1933
Veldts's in U.S. Treasury Feb. 11933. Mar. 1 1933. April 1 1933. Hay 1 1933.
-8
$
$
$
get gold coin and bullion- 254,023,372 280,851.466 349,335.636 298,382,239
33,394,828
get silver coin and bullion
35,717.372
32,758,991
24.665.195
3.176,901
Oat United States notes-1.744,383
4,083,248
4,217.165
17,696,444
get National bank notes.
14,442,822
17,473,989
15,818,572
6,650.690
Oct Federal Reserve notes
1,506.740
45,025,060
45,579.870
49,833
Oct Fed. Res. bank notes
58,679
45,298
4,335
14.212,786
Oct subsidiary silver
15.368,930
16,519,343
15.354.473
7,358,351
Mnor coin. &c
6,830,566
7,431,699
6.672.280
Total cash In Trea5ury
Leas gold reserve fund
336,562,205
156.039,083
356.520,958
156.039.088
461.647,526 .421,717,867
156,039,088 166,039,088
Cash balance In Treas'y
Dep. In speiYI depositories
account Treas'y bonds,
Treasury notes and certificates of indebtedness
Dep. In Fed. Res. bank
Dep. In National banks—
To credit Treas. U. 8_
To credit dist,. officers_
'Jaen In Philippine Islands
Deposits In foreign depts.
Dep. In Fed. Land banks_
179,523,117
200,481.870
305.608,438
265,678,779
266,141,000
60,497.092
177.273,000
45,672.685
383,185,000
66,672,711
111,317,000
90,339,079
7,364,027
19,692,277
867,520
1,831.996
7.444,818
19,362,281
1,003,129
1.071,157
7,339,14 I
23,515,636
899,457
2.529,888
7,288,682
19,894,596
944,758
1,879,555
Net Cash In Treasury
and In banks
Deduct current liabilities
535,917,035
208.434,232
452.368.940
230,888,564
789.770,271
296.843.794
497,342,449
256,589,857
Available cash balance_
327.482.803
221.480.275
An., 09n 577
9411 752 592
* Includes May 1 518,015.411 silver bullion and 85,565,780 minor, dm., coin
not included In statement -Stock of Money."
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 April
1933 and 1932, and the ten months of the fiscal years
1932-1933 and 1931-1932:
Financial Chronicle
Volume 136
-3forith of April1932.
1933.
General Funds.
Receipts$
5
Internal revenueIncome tax
19,124,316 19,771,740
MineII. Internal revenue.. 69,310,283 35,470,413
Juts 1 to April 29-1931-32.
1932-33.
s
5
873.303,906
420,738.152
Month.
Imports.
1931.
1932.
July
A ugust - September
October _ _
November
December_
2.484,659
10.268.482
16.170,722
10.759,539
811,521
82,953,565
I
Exports.
I
1932.
1931.
Expenditure:General
196,234,379 182,203,454 1,903,069,663 2325.189.919
Public debtInterest
139,077,017 132,741,162 559,368.877 483,950,028
Sinking fund
418,764,000 355,299,200
Refunds of receipts14,850,947
Customs
10.150.751
1,454.393
786.804
Internal revenue
67,296,350
45.588,026
5,783,557
4,811,407
Postal deficiency
87,247,954 150,018,810
5.000,000
Panama Canal
9.006,318
9,227.752
606,704
872,664
Reconstruction Finance Corporation
341,420,925
177,867.340
Subscription to stock of Federal Land banks
74,243,740
a242,545
11.000,000
Agricultural marketing fund
(net)
a5,821,147 8,329,301 a25,776,945 110,264,016
Distribution of wheat and cotton for relief
33,909,447
1,011,368
Adjusted service ctf. fund_
100,000,000 200,000,000
Civil service retirement f'd.
20,850,000
20,850,000
Foreign service retirement rd
215,000
416,000
Dist. of Col.(see Note 1)__
9,500,000
7,775,000
Total
336.972,492 524,985.911 3,170.287.980 3,962,075,253
Excess of receipts
Excess of expenditures
226,676,912 443,023,179 1,591,835.656 2.299.901,839
Special Funds.
ReceiptsApplicable to public debt re.
eirementsPrincipal-foreign oblige's.
Interest-foreign obligarne.
From estate taxes
From franchise tax receipts
(Fed. Res. banks & Fed.
Intermed. Credit banks)
From forfeitures. gifts. &c.
Other
3,415,868
Total
1,000
6,000
1,762,855
2,011,418
20,500
22,549.586
21.294
42,500
23,428.328
1,768.855
57,498,617
23,493,122
750,665
6,000
7,561,105
35.943,900
15,344,560
64,500
57,631,926
750,665
7,567,105
51,288,460
57.696,426
3.415,868
•-
ExpendituresPublic debt retirement.,
Other
local
31,553.763
1,363,350
.--.
Excess of reoeipts
Excess of expenditures
6.210,157
2,665.203
34,203.304
5,798,250
Summary of General and
Special Funds.
Total general fund receipts __110,295,580 81,962,732 1,578,452,324 1,662,173,414
Total special fund receipts
23,493,122
57,498,617
1,768,855
3.415,868
Total
113,711,448 83,731,587 1,635,950.941 1.685.666.536
Total general fund expends_.336,972,492 524,985.911 3,170.287,979 3,962,075,253
Total special fund expends
51,288,460
7,567,105
750,665
57.696.425
Total
337,723,157 532,553,016 3,221,576.439 4,019,771.678
Excess of receipts
Excess of expenditures
224,011,709 448,821,429 1,585,625.498 2,334.105,142
Trust Fund,
ReceiptsDistrict of Columbia
Govt. life insurance fund
Other (See Note 2)
Total
ExpendituresDiet. of Col.(see Note 1)
Govt. life Insurance fundPolicy looses, dte
Investments
Other (See Note 2)
Total
7.540,674
5,691.457
3,608,490
8,605,582
5,907,502
577,525
30,044.175
60.132,571
38,913.749
33,414,027
60,691,621
5.731,929
16,840,621
15,090,609
129,090,495
99,837,577
3,258,954
2,867,615
26.254,397
30.494,758
2,951,799
1,936,418
6,593,983
1,938,121
2,871,520
3,528,611
19,249,554
39,386,935
41,712,062
18,529,029
43,522.610
3.442,451
14.741,154
11,205,867
126,602,948
95,988.848
Excess of receipts or credlts.- 2,099,467
3,884,742
3,848,729
2.487,547
Excess of expenditures
a Excess of credits (deduct).
Receipts and expenditures for June reaching the Treasury in July are Included
Note 1.-Expenditures for the District of Columbia representing the share of the
United States are charged against the amount to be advanced from the general fund
until the authorized amount Is expended. After that they are charged against the
revenues of the District under trust funds. For total expenditures the Items for
District of Columbia under general fund and under trust funds should be added
Note 2,-Since July 1 1932 deductions from salaries creefitied to the Civil Service.
Foreign Service, and Canal Zone retirement funds and the earnings from Investments of such funds and of the adjusted service certificate fund have been classified
as receipts, whereas prior to that date such items were used to offset expenditures
for the respective funds.
gontircercialand Wiscellautansnews
Foreign Trade of New York-Monthly Statement.
Merchandise Movement at New York.
imports.
1932.
$
37.656,849
July
43,067.631
August
September 414.988.212
54.474.928
October
November 51,826,170
December. 52.453,858
Exports.
1031.
1932.
$
84,823.090
81.423,455
94,872,046
92.059.201
86,585.105
87.837,295
$
35.157.319
31,607.397
36.988.901
38,279.461
38,899.469
38,645,035!
1931.
Customs Receipts
at
New York.
1932.
1931.
3
1
$
$
67,058.129 7.794.834 17,237.635
59,208,716 11,864.718 20.162.713
67,749.087 14,253,710 21,683.259
66,362.26813.1441.70914,506,473
51,967.285 13,273.841 15.161,993
55,939,911! 11,000,515 15.902,204
1
1932. I
1933.
1933.
1932.
1932.
1
1933.
49,266,867 65,450,212 38,168,0361 44.388,825 10,670,817 13,177,166
337,734,515593.050,404 257,745,5244l1.684.2211 82.652,144121 831 444
Sliver-New York.
I Imports.
I
I
$
$
10.926,608 23,472.951 1.000,328
25.844.790 18,058.424
32.500
35.034,945
35.000 28,690.327
25.656.339
35.000398,471.056
8,580 4.934,936
6,840,308
13,248,219
5,570 32,622,524
1932.
EzPorts.
1932.
213.623
738.216
781.306
353.207
478,353
872,429
533.848
272.409
554.106
650,348
397 704
541,384
1933.
872,419
1933.
541,384
Total.-- 235.046,782136,619,146 41,621,255573,593,712' 4,309,553
3,491,183
1933.
1932. I
January _1111,598,294 19,067,937
1932.
1933.
5,750107,842,041
110,295,580 81,962,732 1,578,452,324 1,662,173,414
Total
January-
Movement of gold and silver for seven months:
Gold Movement at New York.
583,168,666
657,872,436
Total
88,434,599 55,242,153 1,241,041,102 1,294,042,058
Customs
17,400,023 21.383,330 207.289,317 292,375,895
Miscellaneous receiptsProceeds of Govt.-owned
securities13,437
Principal-forrn oblige's_
65.820,737
Interest-for'n obligarns
1,379,880
653,172
Railroad securities
185,118
186,262
19,371.888
10,899,154
All others
716,020
335,385
18,849,357
Panama Canal tolls, &o . 1,266,930
16.853,989
1,645,426
36,154,336
Other miscellaneous
35,881,416
2,672,381
2.790,685
Month.
3291
San Francisco Stock Exchange.-Record of transactions at San Francisco Stock Exchange, May 6 to May 12,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High Shares.
Alaska Juneau Gold Min__
Anglo Calif Nat Bk of S F__
Assoc Insur Fund Inc
Associated Oil Co
Atlas Imp Diesel Eng A...
Bank of Calif N A
Bond & Shares Co Ltd....
Byron Jackson Co
Calamba Sugar corn
7% preferred
California Conner
Calif Packing Corp
Calif West Ste Life Ins cap_
Caterpillar Tractor
Clorox Chemical Co
Cst Cos0& E6% 1st pt.
Cons Chem Indus A
Crocker First Nat BankCrown Zellerbach V T C.._
Preferred A
Preferred B
Emporium Capwell Corp
Firemans Fund Indemnity_
Firemans Fund InsuranceFirst Nat COO of FtldFood Mach Corp com
Foster & KleLser corn
Galland Mere Laundry _ _ _ _
Gen Paint Corp A corn _ _
B common
Golden State Co Ltd
Haiku Pine Co Ltd corn
Preferred
Hale Bros Stores Inc
Hawaiian C & S Ltd
Honolulu 011 Corp Ltd_
Investors Assoc
Langendorf Utd Bak A _ _ _
Leslie Calif Salt Co
L A Gas& Elec Corp pref._
Magnavox Co Ltd
Merchant Cal Mch com
Mere Amer Rity 6% pref._
Natomas Co
No Amer Inc corn
6% preferred
No Amer Oil Cons
Occidental Ins Co
Oliver Utd Filters A
B
Pacific G & E own
6% Ist pref
543% preferred
Pac Lighting Corp corn....
6% Preferred
Pan Pub Ser non-vot coin
Non voting pref
Pac Tel & Tel coin
6% preferred
Paraffine Co corn
Phrn Whistle pref
lip Equip & Rlty 1st pref _ _
Series 1
Itichflefd 011 COM
7% preferred
Roos Bros corn
Preferred
Shell Union Oil com
Preferred
Sherman Clay & Co pr pref
Sierra Pao Eleo 6% pref.__
Socony Vacuum Corp
Southern Pacific Co
Spring Valley Water Co_ _ _
Standard 011 Co of Calif.__
Tide Water Assd Oil corn
6% Preferred
Transamerica Corp
Union 011Co of Calif
Union Sugar Co corn
United Aircraft
wells Fargo BS 5, U T
Western Pipe & Steel Co _ _ _
______
1243
334
354
234
16
184
22
154
1944
______
3
184
19
44
43
934
______
64
______
3943
______
84
54
______
______
2843
264
2334
3134
79
3%
81
102%
18
1
______
4
4
4
45
734
10%
2344
3%
3134
5%
634
134
34
294
9
1444 15%
114 1234
14 154
12
12
3
34
136 14234
334 34
2% 2%
1534 16
164 16%
4
54
1634 184
18
22
134 154
13
1334
6644 70
184 194
200 200
244 34
1334 194
14
19
454 44
1344 1344
3834 43
11
12
9% 1034
1
1
31% 35
34 334
4
44
544 634
4
%
134
144
64 634
39
4034
10% 103.4
444 443
94 104
154 1543
84
85
54
34
1
1
60
60
26
304
234 24
17% 17%
44 534
9
9
6
6
24
2
234 2634
224 2344
204 204
294 3234
77
80
gi
4
24 34
78
8234
10134 102%
18%
17
1
1
4
4
244 244
54
4
4
34
4
4
45
45
634 74
45
45
50
50
60
60
934 104
2034 234
34 34
284 3134
47-4 54
36
34
54 64.4
124 1334
3%
3
2934 3034
176 180
9
974
Range Since Jan. 1.
Low.
High.
1,350 114 Jan
184 Apr
Apr 20
2,388 11
Jan
14 Apr
4 Apr
200
May
15 12
12
May
Feb
620
34 May
2
68 101
Feb 15244 Jan
3% May
14 Feb
525
Mar - 3 May
1,724
1
Mar 1644 May
685
8
160 11
Mar 16% May
400
4 May
4 Jan
4,911
84 Mar 19% May
290 13
Apr 3114 Jan
18,871
5% Feb
1534 May
735 13
May
14
Feb
63 57
May 79
Jan
3,630 11
Mar 194 May
20 185
Apr 215
Feb
18,787
1
Feb
34 May
1,010
74 Mar 19% May
70
7
May
Mar 19
1,908
44 May
24 Feb
100 1234 Apr 16
Feb
377 3434 Mar 44
Jan
175 1034 Apr 124 Mar
4,458
54 Jan
10% May
425
1
Jan
14 Feb
May
55 2644 Mar 35
334 May
296
344 May
q May
34 May
200
344 Apr
1,338
7% May
4 Mar
100
4 May
144 May
1% Apr
50
04 May
44 Apr
100
345 274 Jan 45
Apr
1034 May
844 Feb
385
554 May
40
24 Mar
434 Mar 104 May
1,789
154 May
235 1143 Feb
145 834 Apr 984 Jan
4 Mat
54 Mar
3,080
Apz
200
1
4 Feb
Jan 6034 Feb
30 60
- 750 15
Feb 3044 May
334 Feb
355
2
Feb
Mar 194 Mat
10 11
970
534 May
34 Apr
200
844 Mar 1034 vet
May
6
34 Jan
308
234 May
385
4 Feb
15,562 20% Apr 31
J1111
5,207 214 Mar 254 Jae
999 194 Mar 234 Jan
4,57
25% Mar 43
i9.13
May 9344 Jac
745 77
418
44 Mar
% API
2
Apr
3,328
4% Jan
Apr 824 May
480 67
62 9944 Apr 110
Jan
1834 May
1,447
843 Feb
100
li Feb
1
Jan
34-4 Apr
20
6
Jar
10
2% Pet
24 Feb
250
4 Mai
4 Jan
3,i' Feb
1,35
4 May
Jan
170
4
2
May
48 3743 Feb 45
May
10,928
4
Feb
74 May
384 Jan 4.5
Ma)
20 50
Apr 61
Mal
10 53
Apr 60
Ma)
63.4 Feb
1,258
1034 Ma)
0,346 114 Feb 2344 Mai
5% Jaz
24 AD
140
13,847 20
Feb 3134 Mai
344 Feb
2,900
54 Mai
Apr 4434 Jaz
115 24
14,658
444 Mar
244 Ma)
7,601
94 Feb
14
Mai
1,335
14 Mar
34 Ma)
6,473 17
Feb 304 Mal
25 165
Apr 2104 Jai
544 Feb
2,470
1044 Mal
National Banks.-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
Apr. 29-National Bank of Commerce in Memphis, Memphis,
Tenn
S1,000,000
President, W. R. King; Cashier, L. A. Thornton.
Will succeed Bank of Commerce & Trust Co., Memphis,
Tenn.
May 1-The First National Bank in Toledo, Toledo. Ill
25,000
President, Ben C. Willis; Cashier. Wm. E. Olmstead.
Will succeed the First National Bank of Toledo, III.
May 3-First National Bank in Houston, Houston. Tex
3,000,000
President, F. M. Law; Cashier, M. D. Jenkins.
Will succeed the First Bational Nank of Houston, Tex.
May
VOLUNTARY LIQUIDATIONS.
1-The First National Bank of Black River Falls, Wis
Effective April 26 1933. Liquidating agents, Fank
Johnson, Black River Falls, Wis.
Succeeded by the First State Bank of Black River
Falls. Wis., which has merged with the Jackson
County Bank of Black River Falls, Wis.
50,000
Financial Chronicle
3292
May
May
May
May
1—The La Jolla National Bank of San Diego, Calif
Effective close of business April 8 1933. Liquidating
agent, Karl Kenyon, care of the liquidating bank.
Absorbed by Security Trust & Savings Bank of San
Diego, Calif.
1—The First National Bank of Blackwell, Tex
Effective April 15 1933. Liquidating agent, J. T.
Harmon, Blackwell, Tex.
Absorbed by First National Bank in Bronte, Tex.,
Charter No. 12723.
2—The First National Bank of Wausau, Wis
Effective April 26 1933. Liquidating committee,
John Ringle Jr., A. C. Heinzen and H. J. Seim,
care of the liquidating bank.
Succeeded by First American State Bank of Wausau,
Wis.
2—American National Bank of Wausau, Wis
Effective April 3 1933. Liquidating committee: Ben
Alexander, Walter T. Gorman and Carl Lotz, care
of the liquidating bank.
Succeeded by First American State Bank of Wausau,
Wis.
200,000
Name of Company.
25,000
350,000
600,000
Auction Sales.—Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian R. Muller & Son, New York:
$ per Share.
Shares.
Stocks.
30 Manufacturers' Trust Co.(New York), par $20
15
Trust certificate No. 2, entitling holder to receive 250 shares of common stock
of the Eclipse Fountain Pen & Pencil Co., Inc., upon expiration of voting
trust agreement
$50 lot
1 Virginia Coal & Iron Co., par $100; 1 Wallace, Muller & Co., Ltd., par $10--$11 lot
10 Bound Brook Trust Co.(New Jersey) par 5100
25
10 American Woman's Realty Corp., pref., par $100
$11 lot
80 Hotel Irvin for Women,Inc., common,par $100
$81 lot
50 Parnassus Realty Corp., class A,7% pref., par $100
$20 lot
100 Yale Leasing Corp., Pat $100
$1,600 lot
200 Walter Hampden, Inc., 7% pref., par $100; 20 common, no par
$2,000 lot
1 American Throttle Co., no par; 3 Bliss Laughlin, Inc., common, no par;
5 House Financing Corp. of Detroit, par $10; 3 American Railway Products
Co., Inc., no par
$18101
2 Detroit Steel Products common, no par; 4 Standard Chemical Co., new
stock, par $1; 3 11-19 Pyramid Bond, Mtge. & Securities Corp. "A," no par;
2 Pyramid Bond, Mtge. & Sec. Corp. "B," no par
$9 lot
$827.50 Book Cadillac Properties, Inc., prior income 58, due 1947; 25 Book
Cadillac Properties, Inc., V. t. C., common, no par; $100 Frank T. CaugheY
1st mtge. 6s, Certificates of deposit
$17 lot
3 Van Sweringen Corp., common, no par; 1 Seaview Golf Club, par $100;
20 Continental Sugar Co., common, no par; 200 American International
$12 lot
Discount Corp., no par; 25 Dar-Tay Co., Inc., par $10
Per Cent.
Bonds—
25%% flat
$1,000 Mortgage Bond Co., N. Y., 514%, due 1935, series 7
26% flat
$1,000 Mortgage Bond Co. N. Y.,
%, due 1935, series 8
$157,000 Splitdorf-Bethlehem Electrical Co. 7% cony. debs., due Sept. 1
1932
$150 per each $1,000 bond
$2,000 Congressional Country Club, Washington, D. C., 2d deed of trust 6%
$300 lot
gold bonds, due June 12 1948
$5.000 Lenox Hill Housing Corp. 25-year 1st mtge. 41,2 5'0 s. 1. gold bonds,
due April 1 1956
$100 lot
Bond and mortgage dated March 16 1885 for $8,000, of which $5,000 is unpaid,
with interest at .5% from Oct. 1 1932, in default; covering property at
$3,000 lot
Goshen, N.Y
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per Share.
100 United States Trust Co., Boston, pax $10
6
52 Berkshire Fine Spinning Associates common
5%
1 Boston Athenaeum, par 5300
401
76 Boston Varnish Co
35
100 Massachusetts Utilities Associates pref., par $50
17%
5 Boston Insurance Co. par $100
382%
5 Galveston dr Houston Electric Co., pref., par $100; 10 Northern Texas
Electric Co., pref., par MOO
El% lot
Bonds—
Per Cent.
$5,000 City of Boston 4%s, Nov. 1958, registered, tax-exempt
88 & int.
$3,000 Indiana Consumers Gas & By-Products Co. 1st 5%s, Oct. 1946,
certificates of deposit, registered, series A
$10 lot
By Barnes & Lofland, Philadelphia:
S per Share.
Shares. Stocks.
45%
13 Philadelphia National Bank, par $20
200
35 First National Bank of Philadelphia, par 3100
21
10 Central-Penn National Bank, par $10
25%
10 Chase National Bank, New York, par $20
300
1 Fidelity-Philadelphia Trust Co., par $100
6%
53 Real Estate-Land Title & Trust Co., par $10
24 Integrity Trust Co., par $10
614
14%
2 Pennsylvania Academy of Fine Arts. par $100
Per
Cent.
Bonds—
$4,000 First mortgage, premises 132 E. Roland Road, Parkside, Pa.; $1,350
second mortgage, premises 132 E. Roland Road, Parkside, Pa
$275 lot
6440188-14703181 of the one-third share of Henry G. Moore in the estate of
Andrew M. Moore, deceased, at a valuation of $147,031.81 for the undivided
$5,000 lot
one-third interest
An unldivided interbst of $4,345.03 in 530,000 of the one-third share of Albert
H. Moore in certain undivided interests of the estate of Andrew M. Moore,
$1,500 lot
deceased
42
$2,000 The Schlorer Delicatessen Co., Inc., 7%, due May 1 1039
By A. J. Wright & Co., Buffalo:
S per Share.
20 cents
25 cents per lo
Shares,
Stocks.
10 Angel International Corp
500 Adargas Mines
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.
When
Per
Cent. Payable.
Railroads (Steam).
Alabama Great Southern preferred—Dly ldend a
Catawissa, 1st & 2d prof. (s -a.)
d$1.13
One. New On.& Tex. Pat. pref. (quar.) 51%
Georgia RR.dr Banking (quar.)
12%
Greene (N. Y.) (8.-a.)
$3
Lackawanna RR.of N.J.4% gtd.(au). $1
4%%
Morris & Essex (8.-a.)
51%
N.Y.Lack.& West'n,5% gtd.(guar.)
North Pennsylvania (quar.)
$1
$114
Pitts. Bess.& L. Erie 6% pt.(d)(s.-a.)_ _
50c
Reading Co.2d prof. (guru'.)
50c
Sussex (s-a)
SI%
Unton Pacific common (quart
52%
Valley RR.of New York (s-a)
ction
May
June
July
June
July
July
July
May
June
July
July
July
July
May 13 1933
Books Closed
Days Inclustre.
not taken.
22 Holders of rec. May
1 Holders of rec. May
15 Holders of rec. July
19 Holders of rec. June
1 Holders of rec. June
1 Holders of rec. June
1 Holders of rec. June
25 Holders of rec. May
1 Holders of rec. May
13 Holders of rec. June
1 Holders of rec. June
1 Holders of rec. June
1 Holders of roe. June
11
16
1
13
8
9
15
19
15
22
17
1
19
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Public Utilities.
Bangor Hydro-Elect. Co., 7% pt. (qu.) 134% July 1 Holders of ree. June 10
114% July 1 Holders of rec. June 10
6% preferred (quar.)
Birmingham Water Works,6% pf.(qu.) 114% June 15 Holders of rec. June 1
Butler Water Co., 7% pref. (quar.)-134% June 15 Holders of rec. June 1
Canadian West. Nat. Gas Lt. Ht.es Pow.
114% June I Holders of rec. May 15
6% preferred (quar.)
Central Vermont Public Service Corp.,
$1% May 15 Holders of rec. Apr. 29
$6 preferred (quar.)
Citizens Gas CO. of Indinapolis, 5% pf.
(quar.)
14% June 1 Holders of rec. May 20
53% July 1 Holders of rec. June 20
Citizens Pass. Ry.(Phila., Pa.)
$1% May 16 Holders of rec. May 10
Citizens Traction Co.(Pitts.) (s-a)
East St. Louis & Interurban Water, 7%
1%% June 1 Holders of rec. May 20
preferred (guar.)
1%% June 1 Holders of rec. May 20
6% preferred (quar.)
Florida Pow. Corp., 7% pref. A (quar.) 1%% June 1 Holders of rec. May 15
87 Sic June 1 Holders of rec. May 15
7% preferred (guar.)
Germantown Passenger Ry.,(guar.)---- $1.31% July 1 Holders of rec. June 15
Green & Coats St., Phila.Pass. Ry.(qu.) $1% July 1 Holders of rec. June 22
Hungtington Water, 7% pref. (guar.)._ 1%% June 1 Holders of rec. May 29
% June 1 Holders of rec. May 29
6% preferred (quar.)
Indianapolis Water Co.,5% pref. A (qu.)
% July 1 Holders of rec. June 10a
Lake Superior Dist.Pow.,6% p1.(quar.) 114% June 1 Holders of rec. May 15
7% preferred (quar.)
134% June 1 Holders of rec. May 15
75c
June 1 Holders of rec. May 25
Middlesex Water (quar.)
% June 1 Holders of rec. May 20
Minneapolis Gas Lt., 7% pref.(quar.)- 136% June 1 Holders of rec. May 20
6% preferred (quar.)
Monongahela West Penn Public Service,
7% cum. preferred (guar.)
134% July 1 Holders of rec. June 15
2% June 15 Holders of ree. June 1
Muncie Water Works Co.,8% pref.(qu.)
Nebraska Power Co., 7% pref.(quer.)— 134% June 1 Holders of rec. May 16
114% June 1 Holders of rec. May 16
6% preferred (guar.)
New Castle Water Co.,6% pref.(quar.)- 155% June 1 Holders of rec. May 20
New York P.Sr Lt. Corp.,7% pt.(quar.) 134% July 1 Holders of rec. June 15
Ohio Power Co.,6% pref. (quar.)
134% June 1 Holders of rec. May 9
Oklahoma Gas &Elect. Co.,6% pf.(qu.) 134% June 15 Holders of rec. May 31
134% June 15 Holders of rec. May 31
7% preferred (quar.)
$134 Nov. 15 Holders of rec. Nov. 5
Peninsular Telep., pref.(guar.)
$1% 2-15-34 Holden of rec. 2-5-34
Preferred (quar.)
95e
May 15 Holders of rec. Mar. 10
Philadelphia Traction Co
958
May 15 Holders of roe. Mar. 10
Certificates of deposit
% June 1 Holders of ree. May 24
Public Elec. Lt. Co.,6% pref.(quar.) _ _
$3
July 1 Holders of lee. June 15
Ridge Ave.Pass. Ry.Co.(quar.)
2% July 1 Holders of rec. June 16
Savannah Elec. & Pr..8% pref. A (C111.)1%% July 1 Holders of rec. June 16
715% preferred B (quar.)
1%% July 1 Holders of rec. June 16
7% preferred C (guar.)
614% preferred B (quar.)
134% July 1 Holders of rec. June 16
$3
July 1 Holders of rec. June 1
2d & 3d Sts. Pass. Ry.Co., gtd.(quar.)Virginia El. dr Pr. Co., $6 pref (guar.).- $1% June 20 Holders of rec. May 31
Terre Haute Water Works Corp., 7%
134% June 1 Holders of rec. May 20
preferred (quar.)
Wheeling Elect. Co., 6% pref. (quar.)- - 04% June 1 Holders of rec. May 9
Miscellaneous.
2% June 1 Holders of rec. May 20
American Dock Co.8% pref.(quar.)- % July 3 Holders of rec. June 15
Agnew Surpass Shoe Sts.,Ltd.,pref.(1u.)
American Envelope Co.7% pt.(quar.)- - $1% June 1 Holders of rec. May 25
1214c July 1 Holders of rec. May 31
American Thread Co., pref. (s.-a.)
25e June 15 Holders of rec. May 22
Atlantic Refining Co. corn. (quar.)
75c June 1 Holders of ree. May 20
Atlas Corp. $3 preference A (quar.)
1414c June 1 Holders Of roe. May 20
Automotive Gear Works, pref. (quar.)
75c July 1 Holders of rec. June 12
Beech-Nut Packing Co., corn. (quar.)-$114 June 30 Holders of rec. June 1
Boston Wharf Co.(s-a)
z15%
Burmah Oil Co. Ltd., corn. (final)
3714c June 1 Holders of rec. May 15
Canadian Silk Products A (quar.)
$1
July I Holders of rec. June 12
Case (J. I.) Co., prof.(quar.)
25c May 16 Holders of rec. May 10
Champion Coated Paper Co.. corn. (qu.)
7% preferred (quar.)
134% July 1 Holders of rec. RIM 20
% July 1 Holders of rec. June 20
7% special pref.(guar.)
h25c June 1 Holders of rec. May 15
Chicago Corp. preference (quar.)
$114 June 1 Holders of rec. May 20
City Ice & Fuel Co., pref.(guar.)
75c June 1 Holders of rec. May 175
Columbia Pictures Corp. pref.(guar.)--.
Consolidated Diversified Standard Se258 June 15 Holders of rec. May 15
curities, pref
Crown Zellerbach Corp. A dr B pt.(go.). 3734c June 1 Holders of roe. May 20
Diem dr Wing Paper 7% pref. (guar.).- - 1%% May 15 Holders of rec. Apr. 29
25e July 20 Holders of rec. June 30
Dome Mines, Ltd. (quar.)
25e July 20 Holders of rec. June 30
Extra
Dunlop Rubber Co., Ltd.—
zw 4% May 31 Holders of rec. May 3
Amer. dep. rcts. ord. clock
758 July 1 Holders of rec. June 5
Eastman Kodak Co., common (quar.)-$114 July 1 Holders of rec. June 5
Preferred (quar.)
$3 June 1 Holders of rec. May 10
Essex Co. (s.-a.)
Fitz Simons & Connell Dredge & Dk.(qu) 123.4e June 1 Holders of rec. May 20
50 May 1 Holders of rec. Apr. 28
Fuller Brush Co. class A (quar.)
'
$114 June 1
Geist(C. H.)Co.,6% pref.(guar.)
45c
June 30 Holders of rec. June 30
Goodman Mfg. Co.(gust.)
50c July 1 Holders of rec. June 1
Goodyear Tire & Rubber Co. $7 Prof-250 June 1 Holders of ree. May 20
Great Northern Paper Co.(guar.)
Guggenheim & Co.7% 1st pref.(cm.)- - - 114% May 15 Holders of rec. Apr. 29
25c
June
Helena Rubinstein,$3 pref
Holders of reo. May 19
Holders of rec. July 20
Industrial Cotton Mills, 7% prof.(quar.) 134% Aug.
$114 Aug.
Holders of rec. July 20
Extra
5114 June
International Milling Co. series A (qu.)
Holders of rec. May 20
5134 June
Holders of roe. May 20
1st pref. orig. series (quar.)
50c June
Jantzen Knitting Mills 7% prof
Holders of rec. May 25
Johnson dr Phillips, Ltd.—
14c May I Holders of rec. Apr. 28
American deposit rcts. for ord. rag.
054665c May 1
Keystone Custodian Fund,ser. E-1
.1906c May 1
Series F
75e June
Laura Secord Candy Shops, Ltd.(qu.)
Holders of rec. May 15
81%e June
Metal Textile Corp., pref. (quar.)
Holders of rec. May 20
20e
May 3 Holders of rec. May. 24
Motor Finance Corp.(quar.)
40c
June
Murphy (G. C.) Co., corn. (guar.)
Holders of rec. May 20
July
National Sugar Refining Co. of N. J__ _ 50c
Holders of rec. June 1
July
Holders of rec. June 16
Newberry (J. J.)Co., corn. (quar.)..- 15c
250
July
Northern Pipe Line CO.(s-a)
Holders of rec. June 9
Ogilvie Flour Mills Co., Ltd., p1.(quar.) $134 June
HOlders of rec. M 0122
Pan American Petroleum Transport—
Common A dr B dividends omitted.
214c May 29 Holders of rec. May 18
Pantheon Oil Co. (quar.)
1234c June I Holders of rec. May 15
Patterson Sargent Co., corn. (quar.)June 15 Holders of rec. June 1
Penick & Ford, Ltd., Inc. corn. (quar.) 25e
5114 June 1 Holders of rec. May 20
Pfaudler Co. pref. (quar.)
Phenix Hosiery Co., 1st prof. (quar.)- - 8714c June 1 Holders of rec. May 15
Procter dr Gamble Co., 5% pref. (guar.) 134% June 15 Holders of rec. May 25
Reliance Grain Co., Ltd.. pref. (Qum.). $154 June 15 Holders of rec. May 31
6%
Royal Dutch Petroleum Co. (final)..- 715%
Shell Transport & Trading, corn
June 30 Holders of rec. June 15
8pencer Kellogg dr Sons, Inc., corn.(qu.) 15e
June 15 Holders of rec. May 19
Timken Roller Bearing Co. (quar.)---- 150
Underwood Elliott Fisher Co.,corn.(qu.) 1214c June 30 Holders of rec. June 125 •
$1% June 30 Holders of rec. June 12a
Preferred (quar.)
10c
June 24 Holders of rec. June 9
United Elastic Corp.(quar.)
United 011 Trust Sim,ear H (bearer)._ — 3.2245c June 1
3.2245c June 1 Holdirs of rec. Apr. 30
Series H registered
United States Dairy Products—
$8, $7 & $6 cum. pref. dive, actions de (erred.
July 1 Holders of rec. Juno 15
United States Gypsum, corn. (guar.).- - 25e
$134
Preferred (quar.)
July 1 Holders of rec. June 15
Western Auto Supply Co.—
260
June 1 Holders of rec. May 20
Common A & B (quar.)
Western Cartridge Co.,6% pref. (quar.) 114% May 20 Holders of rec. May
White Rock Mineral Springs Co.—
50c
July 1 Holders of rec. June 20
Common (quar.)
July I Holders of rec. June 20
1st preferred (guar.)
$215 July 1 Holders of rec. June 20
2nd preferred (quar.)
Woolworth (F. W.) dr Co., Ltd.—
Amer. dep. rec, for ord. she. (interim) rwlsh6d June 22 Holders of rec. May 26
zul% June 8 Holders of rec. May 12
Amer. dep. rec. 6% prof. (8.-a.)
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.
When
Per
Share, Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
$434 Sept. 1 Holders of rec. Aug. 20
Atlanta & Charlotte Air Line(s-a)
$234 June 30 Holders of rec. May 31
Boston & Albany
July 1 Holders of rec. June 20a
$2.125
Boston & Providence (attar.)
$2.125 Oct. 1 Holders of rec. Sept.20s
Quarterly.
May 22 Holders of rec. May 11
d$1.13
(s.-a.)
pref.
Catawissa, 1st
d$1.13 May 22 Holders of rec. May 11
2nd preferred (s -a.)
July 1 Holders of rec. June 8
$3
Chesapeake dr Ohio. preferred (5.-a.)
8740 June 1 Holders of rec. May 10
Cleveland & Pittsburgh. guar (quar.)
50e June 1 Holders of rec. May 10
Special guaranteed (guar.)
87340 Sept. 1 Holders or rec. Aug. 16
Guaranteed (guar.)
500 Sept. 1 Holders or rec. Aug. 10
Special guaranteed (guar.)
87340 Dec. 1 Howlers of rec. Nov. 10
Guaranteed (guar.)
50e Dec.1 Holders of rec. Nov. 10
Special guaranteed (guar.)
May 20
$2
Delaware & Bound Brook (quar.)
July 1 Holders of rec. June 16
$1
Delaware RR. Co. (s -a.)
Erie & Pittsburgh 7% guaranteed (guar.) 8710 June 10 Holders of rec. May 31
8740 Sept. 10 Holders of rec. Aug. 31
7% guaranteed (guar.)
8740 Dec. 10 Holders of rec. Nov. 30
7% guaranteed (Qual.)
80e June 1 Holders of rec. May 31
Guaranteed betterment (guar.)
800 Sept. 1 Holders of rec. Aug. 31
Guaranteed betterment (guar.)
800 Dec. 1 Holders of rec. Nov. 30
betterment
Guaranteed
(guar.)
June 20 Holders of rec. Julie 10
82
Grand Rapids & Indiana (s.-a.)
Mill Creek & Mine Hill Nay.& RR.(s-S) $13( July 10 Holders of rec. July 3
03140 July 1 Holders of rec. June 20
Nashville & Decatur 74% gtd.
$2 June 19 Holders of rec. May 31
Norfolk & Western common (guar.)._ _
May 19 Holders of rec. Apr. 29
$1
Adjust. prof. (guar.)Aug. 1 Holders of rec. July 20
314
North Carolina (s.-a.)
June 1 Holders of rec. May 20
North. RR. of New Jer. 4% gtd. (guar.) Si
I Holders of rec. Aug. 21
Sept.
$1
4% guaranteed (quar.)
Dec. 1 Holders of rec. Nov. 20
$1
4% guaranteed (guar.)
214% June 1 Holders of rec. May 1
Ontario & Quebec debenture (0.-a.)
June 1 Holders of rec. May 1
$3
Semi-annual
$14 June 30
Phila. Bait. & Wash. (0.-a.)
Oct. 1 Holders of rec. Sept 1
Erie
The
Lake
corn.
dr
Bess.
Flits.
(5.-a.)
$14 June 1 Holders of rec. May 1
6% preferred (s.-a.)
Pittsburgh Fort Wayne & Chicago (qu.) 134% July I Holders of rec. June 1
1)4% July 4 Holders of rec. Juno. 1
7% preferred (quar.)
Quarterly
1)4% Oct. 1 Holders of rec. Sept.
1)4% Oct. 3 Holders of rec. Sept.
7% preferred (guar.)
Quarterly
14% Jan.234 Holders of rec Dec.
7% preferred (guar.)
14% Jan.4•34 Holders of rec. Dec
Pittsburgh Youngstown & Ashtabula131% June 1 Holders of rec. May 2
7% preferred (guar.)
21
7% preferred (quar.)
1)4% Sept. 1 Holders of rec. Aug. 20
7% preferred (quar.)
1)4% Dec. 1 Holders of rec Nov.
May ii Holders of rec Ayr. ls
250
Reading Co.(guar.)
June 8 Holders of rec. May 18
500
Preferred (guar.)
United N. J. RR.& Canal Co.(quar.).. $24 July 10 Holders of rec. June 20
$24 Oct. 10 Holders of rec. Sept. 20
Quarterly
West Jersey & Seashore, corn. (8.-a.)-- 8114 July 1 Holders of rec. June 15
Common (8.-a.)
$115 Jan 134 Holders of rec. Dee. 15
Public Utilities.
Holders of rec. June 9
Amer. Water Wks.& El. Co., pl.(guar.) 314 July
Holders of rec. May 15
Baton Rouge Elect., $13 pref. (guar.)-- 814 June
Blackstone Valley Gas & Electric Co.Holders of rec. May 16
6% preferred (s.-a)
3% June
Bridgeport Gas Light Co.(guar.)
60c June 3 Holders of rec. June 16
Holders of rec. May 12
Brooklyn Edison Co. (guar.)
$2 June
Brooklyn Union Gas Co. (quar.)
st July Holders of rec. June 1
California Water Serv. Co.,6% pf.(qu ) 1si% May 1 Ho.ders of roe. Apr. 30
Holders of rec. May 1
Canadian Hydro-Elec.,6% 1st pf.(qu.). 114% June
Holders of rec. June 24
Carolina Tel. & Tel. Co. (guar.)
8214 July
Holders of rec. May 15
Central Arkansas Public Sere., p1. (qu.) $134 June
of rec. June 30
Holders
1
July
Central Kansas Power 7% pref. (guar.). 1)4%
7% preferred (guar.)
144% Oct. 1 Holders of rec. Sept. 30
7% preferred (guar.)
11.1% 1-15-3 Holders of rec. Dec 31
6% preferred (guar.)
14% July 1 Holders of rec. June 30
6% preferred (guar.)
11)4% Oct. 1 Holders of roe. Sept. 30
6% preferred (guar.)
14% 1-15-3 Holders of rec. Dec. 31
Central Illinois Public Service Co.May 1 Holders of rec. Apr. 22
6% preferred (guar.)
500
Slay 1 Holders of rec. Apr. 22
$6 preferred (guar.)
500
600 May 3 Holders of rec. Apr. 20
Central Mass. Light & Pow.(quar.)_..
6% preferred (guar.)
134% May I Holders of rec. Apr. 29
Central Mississippi Valley Elec. Prop.Holders of Tee. May 15
Preferred (guar.)
$14 June
Chester Water Serv. Co., 55 pf. (qu.) 814 May 1 Holders of rec. May 5
Clear Springs Water Serv., $6 pref. (qu.) $14 May 1 Holders of rec. Slay 5
Cleveland Elec. Illuminating Co.Holders of rec. May 15
6% pi eferred (gum .)
134% June
Columbia Gas & Elec. Corp. common... 120c Stay I Holders of rec. Apr. 20
6% preferred (guar.)
114% May I Holders of rec. Apr. 20
5% cony. preferred (guar.).131% May I Holders of rec. Apr. 20
5% cum. pref. (guar.)
14% May I Holders of rec. Apr. 20
Holders of rec. May 15
Commonwealth UHL Corp. pl. C(qu.).. 814 June
June I Holders of rec. June 5
Concord Gas Co.(s -a.)
S3
7% preferred (guar.)
SI 41 May 1 Holders of rec. Apr. 30
Holders of rec. Slay 15
Connecticut Light & Power,54% (crud- 14% June
Holders of rec. Slay 15
e4% preferred ((mar.)
14% June
Holders of rec. Slay 15
Connecticut Power Co corn. (guar.).6214c June
Connecticut Hy.& Ltg. Co. corn.(qu.)_ _ $1.125 May 1 Holders of rec. Apr. 29
51.125 May 1 Holders of rec. Apr. 29
Preferred (guar.)
850 June I Holders of rec. May 12
Consolidated Gas Co.of N.Y.corn.(qu.)
Holders of rec. June 15
Consumers l'ower Co..85 Pref. (quar.).. 314 July
Holders of rec. June 15
114% July
6% preferred (guar.)
Holders ot rec. June 15
8.6% preferred (guar.)
1.65% July
7% preferred (guar.)
Holders of rec. June 15
1)4% July
Holders of rec. May 16
6% preferred (monthly)
500 June
Holders of rec. June 15
8% preferred (monthly)
500 July
Holders of rec. May 15
6.6% preferred (monthly)
55e June
Holders of rec. June 15
SA% preferred (monthly)
55e July
Holders of rec. May 20
Dayton l'ow.& Light6% pref.(mthly.)
50c June
Holders of rec. May 10
Eastern Shore Pub. Serv., $634 pt. (qtr.) $134 June
Holders of rec. May 10
$6 preferred (guar.)
$11.4 June
Eastern Utilities Associates corn.(qu.)..
25e May 1 Holders of rec. Apr. 27
El Paso Elec. (Del.), 7% pref. A (qu.)- - 1)4% July 1 Holders of rec. June 30
$6 preferred 11 (guar.)
$14 July I Holders of rec. June 30
Holders of rec. June 30
El PIUM Elec. (Texas).'3% prof. (qu.).. 1(4% July
Holders of rec. Sept. 20
Oct.
Elizabeth & Trenton RR.(5.-a.)
$1
Holders of rec. Sept.20
5% preferred (s.-a.)
$114 Oct.
Holders of rec. May 20
June
Empire & Bay State Teleg 4% gtd.(go.) $I
Holders of tee. Aug. 21
Sept.
$I
4% guaranteed (guar.)
Holders Of mt. Nov. 20
Dec.
4% guaranteed (guar.)
Si
Holders of rec. Apr. 28
Empire Gas dr Elec.,6% pl. A.(qual.)
14% June
Holders of rec. Apr. 28
no preferred (guar.)
14% June
Holders of rec. Apr. 28
7, preferred (I (guar.)
8,
13.4% June
Holders of rec. July 27
Escanaba Pow • & Tree.6% pref. WILL. 14% Aug.
Holders of rec. Oct. 27
13% preferred (guar.)
1%% Nov.
6% preferred (guar.)
1;4% 2-1-'34 Holders of rec. Jan. 27
European Electric Corp.. Ltd.Common A dr B (guar.)
u714c May 15 Holders of rec. Slay 1
$114 June 1 Holders of rec. May 15a
Federal 1,t. & Trac.. pref.(guar.)
Frankford & Southwark, Phila. City
$414 July 1 Holders of rec. June I
Passenger fly
Georgian 1'.& L. Co.. $6 pref.(guar.). _ _ $114 Slay 15 Holders of rec. Apr. 28
$115 June 15 Holders of rec. June 1
Gull States Utilities Co., 56 prof.
$5)4 preferred (guar.)
514 June 15 Holders of rec. June I
June 1 Holders of rec. Slay 16
Hackensack Water Co.(s-a)
75e
h75c May 15 Holders of rec. Apr. 20
Havana Elec.& Util. Co.6% pref
Illuminating & power securities
$136 May 10 Holders of rec. Apr. 29
$14 Slay 15 Holders of rec. Apr. 29
Preferred (guar.)
15e June 1 Holders of rec. Slay I
Industrial & Power Securities (guar.)--Kentucky Utilities Co.7% prior p1.(go.) 87140 Slay 20 Holders of rec. May 1
June 1 Holders of rec. May 15
$I
Key West Electric, 7% preferred
3293
Financial Chronicle
Volume 136
Name of Company.
When
Per
Share. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
June 1 Holders of rec. May 10
Lehigh Power Securities, corn. (guar.).- 25c
% pref. (guar.). 134% June I Holders of rec. May 20
Lexington Water
Co.,6% pref. A (ottan)_ 13.4% Slay 20 Holders of rec. Apr. 30
Lincoln Tel.& Tel.,
Los Angeles Gas & El.6% pref.(qu.).. 14% May 15 Holders of rec. Apr. 29
Louisville G.& E.(Del.), A&B cm.(au.) 4314c June 24 Holders of rec. Slay 31
Lucerne Cty. G.& El.,$7, 1st pf.(guar.) $134 Slay 15 Holders of rec. Apr. 29
$1 34 Slay 15 Holders of rec. Apr. 29
16. lot preferred (guar.)
13.4% June 1 Holders of rec. Slay 15
Milwaukee El. Ry. dr Lt.6% pt. (qu.)
Monmouth Consol. Water 7% of.(qu.). 1)4% May 15 Holders of rec. May 1
$2 May 15 Holders of rec. Apr. 30
Montreal Light, Ht. & Pow. Co. (guar.)
80c May 20 Holders of rec. May 10
Mutual Telep. Co.(Hawaii)(monthly)
25c June 1 Holders of rec. May 10
National Power & light Co corn.(Soar)
New Rochelle Water Co.. 7% pf. (qu.)_ 1)4% June 1 Holders of rec. Slay 20
55c June 1 Holders of rec. May 15
New York Steam Corp., common (qu.). _
$14 June 1 Holders of rec. Slay 15
North Amer. Edison Co., pref. (guar.).
$14 May 15 Holders of rec. May 1
North American Electric $6 prof
Nova Scotia Lt. & Pow. Co.. Ltd.814 June 1 Holders of rec. May 17
Preferred (guar.)
Ohio Power Service Co., 7% pt. (nthlY.) 58 1-3c June 1 Holders of rec. Stay 15
June 1 Holders of rec. May 15
50c
6% preferred (monthly)
41 2-3c June I Holders of rec. May 15
5% preferred (monthly)
Pacific Gas & Elec. Co., 6% pref. (qu.). 374c May 15 Holders of rec. Apr. 29
34.4c Slay 15 Holders of rec. Apr. 29
5(4% preferred (guar.)
75c May 15 Holders of rec. Apr. 20
Pacific Lighting Corp., corn. (guardJuly 1 Holders of rec. June 15
25c
Peninsular Telep. Co., (guar.)
134% May 15 Holders of rec. Slay 5
7% preferred (guar.)
114% Aug. 15 Holders of rec. Aug. 5
7% preferred (guar.)
154% Nov. 15 Holders of rec. Nov. 5
7% preferred (guar.)
% 2-15-34 Holders of rec. 2-5-34
7% preferred (guar.)
Penn State Water Corp., $7 pref. (guar.) $134 June 1 Holders of roe. May 20
June 1 Holders of rec. Slay 20
55e
Pennsylvania Pwr. Co.,$6.60 prof.(mo.)
$135 June 1 Holders of rec. Slay 20
$6 preferred (quarterly)
Philadelphia Sub. Wat. Co., pref. (Qtr./- 14% June 1 Holders of rec. Slay 120
Pittsburgh Suburban Water Service,
$134 Slay 15 Holders of rec. May 5
$54 preferred (guar.)
134% July 1 Holders of rec. June 15
Ponce Elect. Co., 7% pref. (guar.)
Potomac Elect. Pow. Co.,6% pf. (qu.)_ _ 13.4% June 1 Holders of rec. Slay 13
14% June 1 Holders of rec. Slay 13
54% preferred (guar.)
Public Serv. of Colo., 7% pref. (mthly.) 58 1-3c June 1 Holders of rec. May 15
41 2-3c June 1 Holders of rec. May 15
5% preferred (monthly)
June 1 Holders of rec. May 15
50c
0 preferred (monthly)
,
6
50c Slay 31 Holders of rec. May 1
Public Service Corp.of N.J.6% pf.(m0.)
Slay 15 Holders of rec. Apr. 28
25c
Quebec Power (guar.)
Rochester G. & E. Corp., 7% pf. B (qu.) 13.4% June I Holders of rec. Apr. 27
14% June 1 Holders of rec. Apr. 27
6% preferred C (guar.)
14% June 1 Holders of rec. Apr. 27
6% preferred 11 (guar.)
Shawinigan Water & Power Co.(guar.). 1120 May 15 Holders of rec. Apr. 21
Shenango Valley Water Co.6% p1. (qu.) 13.4% June 1 Holders of rec. May 20
1)4% Sept. 1 Holders of rec. Aug. 20
6°, preferred (guar.)
134% Dec. 1 Holders of rec. Nov. 20
6% preferred (guar.)
$2 June 1 Holders of rec. May 15
Somerset Union & Middlesex Ltg.
Souther n California Edison Co., Ltd.2% Slay 15 Holders of rec. Apr. 20
Common (guar.)
134% June 15 Holders of rec. Slay 20
7% preferred, series A (guar.)
14% June 15 Holders of rec. May 20
6% preferred, series B (guar.)
Southern California Gas Corp.
$134 May 31 Holders of rec. Apr. 30
$034 preferred (guar.)
Southern Can.Pow. Co., Ltd., com.(gu.) 125c May 15 Holders of rec. Apr. 29
$2 Slay 15 Holders of rec. May 5
Stamford Water Co.(guar.)
$134 June 1 Holders of rec. Slay 20
Susquehanna Utilities, 1st pref. (guar.)_
Syracuse Ltg. Co.,6% Inc., pref. (guar.) 14% Slay 15 Holders of rec. Apr. 30
614% preferred (guar.)
13.4% May 15 Holders of rec. Apr. 30
2% May 15 Holders of rec. Apr. 30
8% preferred (guar.)
2% Aug. 15 Holders of rec. July 31
5% Preferred (guar.)
134% Aug. 15 Holders of rec. July 31
6)4% preferred (guar.)
14% Aug. 15 Holders of rec. July 31
6% preferred (quat.)
560 May 15 Holders of rec. Apr. 28
Tampa Electric Co. common (guar.)._
$114 May 15 Holders of rec. Apr. 28
Preferred series A (guar.)
June 1 Holders of rec. May 20
20c
Telephone Investment (monthly)
July 1 Holders of rec. June 20
20e
Monthly
Tennessee Elec. Pow. Co..5% Pf. (au.). 13.4% July 1 Holders of rec. June 15
6% preferred (guar-)
14% July 1 Holders of rec. June 15
7% preferred (quar.)
154% July 1 Holders of rec. June 15
51.80 July 1 Holders of rec. June 15
7.2% preferred (guar.)
June I Holders of roe. May 15
50c
6% preferred (monthly)
July 1 Holders of rec. June 15
50e
6% preferred (monthly)
June 1 Holders of rec May 15
60c
7.2% preferred (monthly)
July 1 Holders of rec. June 15
600
7.2 preferred (monthly)
75e June 1 Holders of rec. May 10
Tide Water Power $6 pref.(guar.)
Toledo Edison Co., 7% pref. (monthly)_ 58 1-3c June 1 Holders of rec. Slay 1.5
50c June I Holders of rec. May 15
6% preferred (monthly)
41 2-3c June I Holders of rec. May 15
5% preferred (monthly)
300 June 30 Holders of rec. May 31
United Gas Impt. Co.common (quar.).
$14 June 30 Holders of rec. May 31
Preferred (quar.)
United Light & Railways (Del.)July 1 Holders of rec. June 15
53c
6.36% preferred (monthly)
may 15 Holders of rec. Apr 30
4e
U.S. Elec., Lt.& Pow.Shs., ser. B reg.Utica Gas & Elec. Co. 7% pref.(guar.)-- 1 34% Slay 15 Holders of rec. May 5
Utility Equities Corp. $54 priority stk. S154 June 1 Holders of rec. May 15
West Penn El. Co. 7% pref. (quar.).... 144% May 15 Holders of rec. Apr. 20
114% Slay 15 Holders of rec. Apr. 20
6% preferred (guar.)
Washington Hy. & Elect. Co. (guar.).- - $134 June 1 Holders of rec. May 18
June 1 Holders of roe. May 18
3154
Preferred (guar.)
Williamsport Water Co. $6 pref. (qu.)- - $14 June 1 Holders of rec. May 20
Fire Insurance Cos,
Fire Association of Philadelphia
North River Ins. Co. (guar.)
Seaboard Ins. Co.(Bait.)(guar.)
Slay 15 Holders of rec. Apr. 29
Si
15c June 10 Holders of rec. June 1
1214c Slay 15 Holders of rec. Slay 5
Miscellaneous.
be June 1 Holders of rec. Slay 18
Affiliated Products (monthly)
June 30 Holders of rec. June 15
50e
Aluminum Mfg., Inc.. Wm.(guar.)
Sept.30 Holders of rec. Sept. 15
50e
Common (guar.)
Dec. 31 Holders of rec. Dec. 15
50c
Common (guar.)
$134 Mar. 31 Holders of rec. Mar. 15
Preferred (guar.)
$114 June 30 Holders of rec. June 15
Preferred (guar.)
$144 Sept. 30 Holders of rec. Sept. 15
Preferred (guar.)
3144 Dec. 31 Holders of rec. Dec. 15
Preferred (qua?.)
25c June 1 Holders of rec. May 20
American Arch Co. common (guar.).May 15 Holders of rec. Apr. 240
81
American Can Co. common (guar.)
July I Holders of rec. June 12
50c
American Chicle Co.(ottan)
July I Holders of rec. June 12
25c
Extra
American Envelope.7% pref.(guar.)... 1)4% June I Holders of roe. May 25
% Sept. 1 Holders of rec. Aug. 25
7% preferred (guar.)
134% Dec. 1 Holders of ree. Nov.25
7% preferred (guar-)
July 1 Holders of rec. June 17
250
American Hardware (guar.)
Oct. 1 Holders or rec. Sept. 16
250
Quarterly
1-1-34 Holders of rec. Dec. 16
250
Quarterly
June 1 Holders of rec. Slay 15a
American Horne Prods. Co.(monthly),. 25e
75c May 15 Holders of rec. Apr. 30
American Investors, $3 pref.(guar.) -25e
May 15 Holders of roe. May 5
A merlean News Co.(hi-monthly)
American Paper Goods, 7%pret. (qu.). 134% June 15
American Radiator & Standard Sanitary
$134 June 1 Holders of rec. May 15
Corp., preferred (guar.)
May 15 Holders of rec. Apr. 28
50c
American Re-Insurance, (guar.)
50c June 30 Holders of rec. June 15
American Steel Foundries, pref
Amer. Tobacco Co. corn. & corn. B(qu.) $114 June 1 Holders of rec. Slay 10
$I
July 3 Holders of roe. Juno 24
Amoskeag Co.. common (s-a)
$234 July 3 Holders of rec. June 24
Preferred (s-so
250 June 1 Holders of rec. May 20
Archer-Daniels-Midland common
05131 June 1 !folders of rec. Slay 16
Artloom Corp., preferred (guar.)
10.107c May 15
Associated National Shares A
Babcock & WilcoxAmer. deposit receipts ord. reg.(final)- re 3% Slay 12 Holders of rec. Apr. 26
Extra
w134% May 12 Holders of rec. Apr. 26
Bomberger (L.) &:Co. 63.5% pref.(qu.). 13.4% June 1 Holders of rec. May 15
Sc Slay 20 Holders of rec. Apr. 29
Banditti Petroleum (monthly)
15c June 30 Holders of rec. June 15
Bankers Investment Trust of Am.(5.-e.)
July 1 Holders of rec. June 26
Barber(W.1.1.), pref.(guar.)
$14
Oct. 1 Holders of rec. Sept.26
$114
Preferred (guar.)
3294
Name of Company.
Financial Chronicle
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Bankers National Invest. Corp.(guar.). 6c
May 25 Holders of rec. May 13
Class A & B (guar.)
240
May 25 Holders of rec. May 13
Preferred (guar.)
May 25 Holders of rec. May 13
15c
Beacon Mfg., pref. (guar.)
$l), May 15 Holders of rec. Apr. 30
Belding-Corticelli, Ltd., pref.(guar.). _ _
$13. June 15 Holders of rec. May 31
Blauner's. common (guar.)
250
May 15 Holders of rec. May I
Preferred (guar.)
750
May 15 Holders of rec. May 1
Block Bros. Tobacco(guar.)
50c
May 15 Holders of rec. May 10
6% preferred (guar.)
51X June 30 Holders of rec. June 20
Blue Ridge Corp. opt. $3 cony. pf.(qu.)
V
June 1 Holders of rec. May 5
Boback (H. C.) Co., corn.(guar.)
250
May 15 Holders of rec. Apr. 25
lot preferred (guar.)
$13( May 15 Holders of rec. Apr. 25
2nd preferred (guar.)
$1).5 May 15 Holders of rec. Apr. 25
Bohack Realty Corp., lot pref. (quar.). $IX May 15 Holders of rec. Apr. 25
Bon Ami Co., class A (guar.)
El
Apr. 30 Holders of me. Apr. 15
Borden Co., common (guar.)
40c June 1 Holders of me. May 15
Bomot. Inc., class A
250
Jan. 12 Holders of rec. Jan. 12
Boss Mfg. Co. common (guar.)
25e May 15 Holders of rec. Apr. 29
Bouriels, Inc., $21.1 pref. (quar.)
6838c May 15 Holders of rec. May 1
Brach (E. J.) & Sons, common (quar.)-100 June 1 Holders of rec. May 13
British Controlled Oilfield-3, Ltd.. 7% Pf.
3% July 1
British Match Corp.,Ltd..(ed.reg.(fInal) tt4% May 17 Holders of rec. Apr. 28
Amer. dep. rec. for ord. reg
u.4% May 24 Holders of rec. May 5
British United Shoe Mach. Co., Ltd.—
to73. % June 8 Holders of rec. May 22
American dep. rec. ord. reg
Brown Shoe Co.. common (guar.)
750 June 1 Holders of rec. May 20
Buckeye Pipe Line Co.(guar.)
75c June 15 Holders of rec. May 31
Burger Bros.. 8% pref. (guar.)
$1
July 1 Holders of rec. June 15
8% preferred (guar.)
$1
Oct. 1 Holders of rec. Sept. 15
June 5 Holders of me. May 5
Burroughs Adding Mach. (guar.)
100
Cables & Wireless.Ltd..preference (final) ru2[4% dJune 3 Holders of rec. May 5
May 15 Holders of rec. May 4
Cabot Mfg.(guar.)
81
Calamba Sugar Estates. common
400 July 1 Holders of rec. June 15
Canadian Converters Co., corn. (guar.) 50c
May 15 'folders of rec. Apr. 30
Canadian Oil Co., Ltd. (altar.)
1234c May 15 Holders of rec. May I
8% preferred (guar.)
2% July 1 Holders of rec. June 20
Cartier. Inc., 7% pre/
97)50. Jan. 31 Holders of roe. Jan. 14
750 May 15 Holders of rec. Apr. 30
Cedar Rapids Mfg. & Power (quar.)__
Celanese Corp. of Amer.,7% pref.(qu.). h5138 May 19 Holders of rec. May 12
10o. May 15 Holders of rec. May 5
Centrifugal Pipe Line Corp.cap.stk.lou.)
10e. Aug 15 Holders of roe. Aug. 5
Capital stock (guar.)
10e. Nov. 15 Holders of roe. Nov. 8
Capital stock (guar.)
Century Ribbon Mills. pref. (guar.).
$1 X June 1 Holders of rec. May 20
Champion Hardware Co.(quar.)
75c May 15 Holders of rec. May 5
Chain Belt Co.(guar.)
100
May 15 Holders of rec. May 1
Chartered Investors, Inc., 85 pt.(guar.). $1)j June
Holders of rec. May 1
Chic. Dock & Canal Co.
Holders of rec. May 15
8)4% Preferred C (guar.)
% June
Chicago June. Ry.& Un. Stk. Yds.(qU.) 523. July
Holders of rec. June 15
8% preferred (guar.)
Holders of rec. June 15
$1 X July
Chicago Yellow Cab Co.(quar.)
Holders of rec. June 19
250 June
Chipman Knitting Mills, 7% prof(s-a)-. 3)4% July
Holders of rec. June 30
Collins & A Ikman Corp.. 7% pf.(quar.). 1X% June
Holders of rec. May 19
Colomba Sugar Estates, corn. (qua?.).. 400
July
Holders of rec. June 15
35c
July
Holders of rec. June 15
7% preferred (guar.)
Columbian Carbon Co.(quar.)
June
50c
Holders of rec. May 15
35e June 1 Holders of rec. May 31
Compressed Industrial Gases(guar.)
Confederation Lite Assoc. (guar.)
$1 June 30 Holders of rec. June 25
Quarterly
$I Sept. 30 Holders of rec. Sept.25
Quarterly
$1 Dec. 31 Holders of rec. Dec. 25
Congoleum Nairn, pref. (guar.)
31X June 1 Holders of rec. May 15
% June 1 Holders of rec. May 15
Consolidated Cigar, 7% prof.(quar.).
Consolidated 011 Corp.. 8% pref. (qtr.) 2% May 15 Holders of rec. May 1
Continental Can Co., Inc. corn. (qu.)__ 50c
May 15 Holders of rec. May is
Cosmos Imperial Mills, Ltd..7% Pf.(qU.) 82550 May 5 Holders of rec. Apr. 29
Cottrell(C. B.) & Sons Co.(annual)__._ $4
July 1
6% preferred (guar.)
1X% July 1
1)4% Oct. 1
6% preferred (guar.)
8% preferred (guar.)
1X% 1-1-34
Cresson Consul. Gold Mln. & Mill.(qu.) lc
May 15 Holders of rec. Apr. 29
Crown Cork dr Seal Co., Inc., pref.(qu.)
68c June 15 Holders of rec. May 31
Crum & Forster. preferred (guar.)
$2
June 30 Holders of rec. June 19
Crum & Forster Ins.Shs.. A dr B (guar.)- be
May 31 Holders of rec. May 20
7% preferred (quar.)
1X% May 31 Holders of rec. May 20
Cuneo Press, Inc. 8X % pref. (guar.) __ 1X% June 15 Holders of rec. June 1
Cushman's Sons, Inc., corn.(guar.)
503
June
Holders of rec. May 15
7% preferred (quar.)
1)4% June
Holders of rec. May 15
$8 preferred (quar.)
$2
June
Holders of rec. May 15
Deere & Co. preferred (quar.)
50 June
Holders of rec. May 15
Deposited Bank Shares. N. Y., A (s.-a.)- e254% July
Holders of rec. May 15
Diamond Match Co.common (quar.)__ _
250 June
Holders of rec. May 15
Dictaphone Corp. (guar.)
June
$2
Holders of rec. May 19
Distributors Group (guar.)
12[40 May 15 Holders of rec. May 1
500. May 15 Holders of roe Apr. 29
Dominion Bridge Co.. Ltd. (Quar.)- 75e
June 1 Holders of roe. May 15a
Drug, Inc., capital stock (guar.)
50c
May 15 Holders of rm. May 1
Dow Chemical Co. (guar.)
138% May 15 Holders of rec. May I
Preferred (guar.)
Eastern Theatres, Ltd.. corn. (guar.). _ 50c
June 1 Holders of rec. Apr. 29
Employers Reinsurance Co. (quar.).._
400
May 15 Holders of rec. Apr. 29
Ever Ready Co.(Gt. Britain) Ltd.—
5w2.5% June 1 Holders of rec. May 15
Ordinary registration (final)
rre25% June 8 Holders of rec. May 15
American dep. rec. ord. reg. (final)
Ewa Plantation Co. (guar.)
800. May 15 Fielder!' of roe. May 5
Finance Service Co., pref. (guar.)
17)40 June I Holders of rec. May 15
Firestone Tire & Rubber, pref. (guar.)- - 8134 June 1 Holders of rec. May 15
First Chrold Corp
$2
May 18 Holders of rec. May 11
Franklin Simon dr Co., pref. (quar)_._. 51X June 1 Holders of rec. May 17
Freeport Texas Co.. corn.(guar.)
50e
June 1 Holders of rec. May 15
Gates Rubber, pref. (guar.)
51X June I Holders of rec. May 15
General Cigar Co., Inc.. prof. (quar.)-- - 51X June 1 Holders of rec. May 22
General Foods Corp., corn. (quar.)
40e
May 15 Holders of rec. May 1
General Motors Corp.. corn. (quar.).
250
June 12 Holders of ree. May 11
$5 preferred (guar.)
31)4 Aug. 1 Holders of rec. July 10
General Outdoor Advertising pref. (qrs.) 31X May 15 Holders of rec. May 5
Gesfuerel—
American dep. rec., corn, bearer shares zicb% May 23 Holders of rec. May 16
Golden Cycle (guar.)
400
June 10 Holders of rec. May 31
Gottfried Baking Co.. Inc., el. A (guar.)
750. July 1 Holders of rec. June 20
Class A (quar.)
75c. Oar.. 1 Holders of rec. Sept. 20
Preferred (guar.)
1)4% July 1 Holders of rec. June 20
Preferred (guar.)
1)4% Oct. 2 Holders of rec. Sept. 20
% in.2 '34 Holders of rec. Dee. 20
Preferred (guar.)
Grace (W. R.) dr Co., 6% prof.
3% June 30 Holders of rec. June 28
6% preferred (s.-a.)
3% Dec. 29 Holders of rec. Dec. 27
Grand Union Co. $3 cony. pref. (quar.).
75c June 1 Holders of rec. May 10
Great Atlantic & Pacific Tea Co.—
Common (guar.)
51X June 1 Holders of rec. May 5
Extra
25e
June 1 Holders of rec. May 5
Preferred (guar.)
51% June 1 [folders of rec. May 12
Great Lakes Dredge dr Dock Co.(guar.) 250
May 15 Holders of rec. May 5
Hale Bros. Stores, Inc.(guar.)
16c June 1 Holders of rec. May 15
Hannibal Bridge Co., corn. (guar.)
$2
July 20 Holders of rec. July 10
Quarterly
$2
Oct. 20 Holders of rec. Oct. 10
Harbauer Co.. 7% pref. Marl
1X% July 1 Holders of rec. June 21
7% preferred (guar.)
1X% Oct. 1 Holders of rec. Sept.21
1X% 1-1-34 Holders of rec. Dec. 21
7% preferred (guar.)
Hardesty (R.). 7% Pref. (guar.)
1)4% June 1 Holders of roe. May 15
7% preferred (guar.)
1)4% Sept. 1 Holders of roe. Aug. 15
7% preferred (quar.)
lyi% Dee. 1 Holders of rec. Nov. 15
Hartford Times, Inc.. pref. (guar.)
75e May 15 Holders of rec. May 1
Hawaila Commercial & Sugar (mthlY.)- 250 June 5 Holders of rec. May 24
Hawaiian Sugar Co. (monthly)
20e May 15 Holders of rec. May 10
Hercules Powder Co., pref. (guar.).—
$1)4 May 15 Holders of rec. May 4
Hershey Chocolate Corp., corn.
May 15 Holders of rec. Apr. 25
750
(guar.)
May 15 Holders of rec. Apr. 25
(quar.)Pefd
Si
Hibbard. Spencer, Bartlett & Co. (mo.) 100
May 26 Holders of rec. May 19
Monthly
June 30 Holders of roe. June 23
10e
June 1 Holders of rec. May 15
Hires (Chas. E.) Co.. corn. el. A (guar.) 50c
Hobart Mfg. Co. common (guar.)
250 June 1 Holders of rec. May 18
Holland Paper, Ltd.. pref. (guar.)
51X June 1 Holders of rec. May 15
I5c
June 1 Holders of rec. May 11
Holt (Henry) & Co.. class A
Name of Company.
may
Per
When
Cent. Payable.
13 1933
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Hollinger Consol. Gold Mines, Ltd.—
Capital stock (monthly)
trl% May 20 Holders of rec. May 5.
Extra
trl% May 20 Holders of rec. May 5
Home_stake Mining Co. (monthly) ' 75c
May 25 Holders of rec. May 20
Hooven & Allison preferred (guar.)
3138 June 1 Holders of rec. May 15.
Hormel(G. A.) Co. common (quar.)..._.
25c May 15 Holders of rec. Apr. 28
6% preferred A (guar.)
1X% May 15 Holders of rec. Apr. 29
Horn & Hardart (N. Y.) pref.(guar.)... 81X June 1 Holders of rec. May 11
Imperial Chem.Industries. Ltd. (final).z w3 % June 8 Holders of rec. Apr. 13
Imperial 011, Ltd., registered (quar.)---- r12 Xc June 1 Holders of rec. May 15
Coupon No. 37
012X c June 1
Indiana Pipe Line Co., cap. stock
150
May 15 Holders of rec. Apr. 28
Ingersoll-Rand Co. common (quar.)_ _ _ 37)40 June 1 Holders of rec. May 5
International Harvester pref. (quar.)_. $1
June 1 Holders of rec. May 5
International Shoe Co., pref. (monthly)_
50c. June I Holders of rec. May 15
Jones & Laughlin Steel Corp. 7% pf.(qu)
25e July 1 Holders of rec. Juno 13
Kekoha Sugar Co.(monthly)
10c June 1 Holders of rec. May 25
Kelvinator of Canada, Ltd.,7% pt.(qu.) 1 [er % May 15 Holders of rec. May 5
Kendall Co. class A pref.(guar.)
81 )4 June 1 Holders of rec. May 10a
Keokuk Electric Co.,6% pref. (qua?.).. 31X May 15 Holders of rec. May 10
Klein (Emil D.)Co., common (quar.)... 123ic July 1 Holders of rec. June 20
Knudsen Creamery Co., A & B (quar.). 37[ic May 20 Holders of rec. Apr. 30
Kroger Grocery & Baking corn.(quar.)__
250 June I Holders of rec. May 10
6% preferred (guar.)
134% July 1 Holders of rec. *Juno 20
7% preferred (guar.)
IX % Aug. 1 Holders of rec. July 20
La Salle & Koch Co. 7% pref.(quar.)... 1)4% May 15 Holders of rec. May 14
Lack Joint Pipe Co. (monthly)
330
May 30 Holders of rec. May 31
Monthly
34c
June 30 Holders of rec. June 30
Landis Machine. prat. (guar.)
% June 15 Holders of moo. June 6
Lanston Monotype Co.(guar.)
Si
May 31 Holders of rec. May /9
Lehigh Coal & Nay. Co.(guar.)
10c May 31 Holders of rec. Apr. 29
Lehn & Fink Prods. Co., com.(guar.) _
50c
June 1 Holders of rec. May 15
Liggett & Myers Tobacco—
Common and common B (guar.)
81 June 1 Holders of rec. May 15
Lincoln National Life Ins. Co.cap.stock
60c. Aug. 1 Holders of rec. July 28
Capital stock
700. Nov. 1 Holders of rec. Oct. 26
Lincoln Stores, Inc., com. (guar.)
25c
June 1 Holders of rec. May 25
Preferred (guar.)
3134 June 1 Holders of rec. May 25
Link Belt (guar.)
10e
June 1 Holders of rec. May 15
Preferred (guar.)
SI.X July 1 Holders of rec. June 15
Loblaw Groceterlas, Ltd., el. A & B (qu.) tr20c
June I Holders of rec. May 12a
Lock Joint Pipe. preferred (guar.)
$2
July 1 Holders of rec. July 1
Loew's, Inc., 86)4 pref. (guar.)
81)4 May 15 Holders of rec. Apr. 28
Lord & Taylor Co. 1st pref.(guar.)
3134 June 1 Holders of rec. May 17
Ludlow Mfg. Associates(guar.)
$134 June 1 Holders of rec. May 6
Lunkenheimer Co..Pref.(War.)
81)4
July 1 Holders of roe. June 21
Preferred(guar.)
8148
Oct. 2 Holders of roe. Sept.22
Lynch Corp. (guar.)
250
May 15 Holders of rec. May 5
MacMillan Co.(guar.)
25c
May 15 Holders of rec. May 15
Macy (R.H.)& Co.. corn.(quar.)
500
May 16 Holders of rec. Apr. 21
Magnin (I.) & Co.. 8% pref. (quar.)... 1)4% May 15 Holders of roe.
May
6% preferred (quar.)
134% Aug. 16 Holders of roe. Aug. 5
5
6% preferred (guar.)
134% Nov. 15 Holders of roe. Nov. 5
Manischewitz dr Co., pref.(guar.)
31)4 June 1 Holders of rec.
May
15
Matson Navigation Co.(guar.)
51X May 15 Holders of rec. May 10
May Dept. Stores, corn.(guar.)
250
June 1 Holders of rec. May 15
McColl Frantenac Oil, corn. (quar.).....- tr15c
Juno I Holders of rec. May 15
McIntyre Porcupine Mines, Ltd.(qu.)._
u25c June 1 Holders of rec. May 1
Bonus
ul2Xc June I Holders of rec. May 1
Extra
ul2Xc June I Holders of rec. May 1
Mercantile Stores Co.. Inc.. 7% Of.(OIL) 1)4% May 15 Holders of rec. Apr. 29
Metro-Goldwyn Pictures Corp.47[80 June 15 Holders of rec. May 26
7% preferred (guar.)
Metropolitan Industries Co., pref. (qu.) 260
May 15 Holders of rec. May 10
Moody's Investors, pref. (guar.)
75e May 15 Holders of rec.
May 1
Moore(W m.) Dry Goods Co.(guar.) —
81X July I
Quarterly
81.
Oct. 1
Quarterly
81)4
Morris Esc. dr be,to $1 Sta., 7% Pf.(qu,) 1)4% July 1
7% preferred (guar.)
1)4% Oct.
7% preferred (guar.)
1)4% l-2-341
Mt. Diablo 011 Min.& Develop.,(guar.) 3.005 Juno 1 Holders of rec. May 24
National Biscuit Co. common (quar.)...
700 July 15 Holders of rec. June 16a
Preferred (guar.)
81)4 May 31 Holders of rec. May 15a
National Bond & Share Corp.(quar.)250 June 15 Holders of rec. May 31
National Casket Co. common (s.-a.)-- - $I May 15 Holders of rec.
29
National Container Corp., $2 pref. (qu.)
50c June 1 Holders of rec. Apr.
May 15
National Industrial Loan Corp. (guar.). 16380 May 15 Holders of rec. Apr. 30
National Lead Co., pref. A (quar.)
5138 June 15 Holders of rec. June 2
New England Grain Prod., A pref.(qu.). $134 July 15 Holders of rec. July 1
Newberry (J. J.) & Co., 7% pref. (qu.). 134% June 1 Holders of rec. May 17
Niagara Share Corp. of Md.—
Class A $6 Preferred (guar.)
$1.34 July 1 Holders of roe. June 15
Class A $6 preferred (guar.)
$134 Oct. 1 Holders of rec. Sept. 15
Class A $8 preferred (guar.)
$134 Jan2'34 Holders of roe. Doe. 16
Nineteen Hundred Corp.. class A (qpm.) 50e. May 15 Holders of rec. May 1
50e. Aug. 15 Holders of roe. Aug. 1
Class A (guar.)
500. Nov. 16 Holders of roe. Nov. 1
Clam A (guar.)
Class K (guar.)
260 May 15
Northam Warren Corp. pref. (quar.)...
750 June I Holders of rec. May
15
Norwalk Tire & Rubber Co., pref. (qu.) 87[40 July I Holders of rec. June
23
Oahu Ry.& Land Co.(monthly)
15e May 16 Holders of rec. May 12
Monthly
Sc May 15 Holders of rec. May 8
Oahu Sugar, Ltd.(monthly)
5c May 15 Holders of rec. May 6
Onomea Sugar Co.(monthly)
200 May 20 Holders of rec. May 10
Owens Illinois Glass Co. corn. (quar.)._.
50e May 15 Holders of rec. Apr. 29
$134 July 1 Holders of rec. June
6% preferred (guar.)
Parker Rust Proof Co.,common (guar.). 62340 1 %.1a,y 20 Holders of rec. May 15
10
Preferred (s.-a.)
35e lay 20 [folders of rec. May 10
Ponder (David) Grocery Co. cl. A (gli•)- 87X
Juno 1 [folders of rec. May 20
750
Penmans, Ltd.. corn. (guar.)
May 15 Holders of rec.
87340 June 1 Holders of rec. May 5
Phoenix Hosiery Co., 7% 1st prof
May 15
Pillsbury Flour Mills, common (qua?.)..
25e June 1 Holders of rec. May
15
Procter & Gamble Co.. corn.(quar.).... 37)4° May 15 Holders of rec. Apr. 25
Pullman, Inc.( guar.)
750 May 15 Holders of roe. Apr. 24
260 June 1 Holders of rec. May 15
Purity Bakeries Corp., common (quar.).
Quaker Oats Co.8% pref. (guar.)
1SS%
311 Holders of roe. May, 1
Reynolds Metals Co. (guar.)
25c June
Rich's, Inc., common (guar.)
30.3 May lb ifroll de
ers
s of
roe, M
tee
r.
Ma
fd1
ay 5a
6 X % preferred (guar.)
134% June 30 Holders of rec. June 15
Rolland Paper Co., Ltd.. pref. (guar.).- 3134 June 1 Holders of rec.
May 15
Rolls-Royce. Ltd.. Am.dep. rec. ord. rote rte8% May 26 Holders of rec. Mar.
31
$1 May 15 htolders of rec. May I
Safety Car Heating & Lighting Co
75c July I Holders of rec. Juno 19
Safeway Stores, Inc., common (guar.)._
% July 1 Holders of rec. June 19.
7% preferred (guar.)
6% preferred (guar.)
156% July 1 Holders of rec. Juno 19
San Carlos Milling Co.. Ltd.(extra).—
50c May 15 Holders of rec. May 7
30e May 15 Holders of rec. May
Scotten Dillon Co. (quar.)
5
Second lays. Corp.(R.1)6% pt.(qu.). 75c
June 1 holders of rec. May 15
Security Invest.(R. I.), pref.(guar.) — 75c
June 1 Holders of rec. May 15
Sheaffer(W. A.) Pen. pref. (guar.)
32
July 20 H
tro
30
olid
dera of roe. June 30
$2
Preferred (guar.)
Oct.
roe. Sept.
Sherwin-Williams co., pref. A (qua?.).. 5134 June 1 holders of rec. May
Smith (A.0.) Corp.. pref.(guar.)
3141 May 15 Holders of rec. May 15
I
Solvay Amer. Inv. Corp. pref. (quar.).. 81)4 May 15 Ifoldors of rec. Apr. 15
Southern Pacific Golden Gate Co.37340 May 15 Holders of rec. Apr. 30
Common class A & B (guar.)
Preferred (guar.)
3134 May 15 Holders of rec. Apr. 30
60e May 15 Ilolders of rec. May 1
Standard Cap & Seal Corp., corn.(qu.)..
Standard 011 Co. of Calif
250 June 15 Holders of rec. May 15
Standard 011 Co. of Indiana (guar.)._
25c June 15 Holders of rec. May 15
Standard Oil of Nob.(guar.)
25c June 20 Holders of rec. May 27
Stand.011 Co.of N.J., cap.stk.(s -a.)..
50c Juno 15 Holders of rec. May 18
Capital stock. $100 par (s.-a.)
$2 June 15 Holders of rec. May 18
37)40 Slay 15 Holders of roe. May 8
Stanley Works. 6% pref. (guar.)
Stromberg Carlson Telephone Mfg.6 X % preferred (quar.)
156% June 1 Holders of rec. May 15
Sun 011 Co. common (guar.)
260 June 15 Holders of rec. May 25
51)4 June I Holders of rec. May 10
Preferred (guar.)
5254% May 20 Holders of rec. May 1
Superior 011 Co. of California, pref
Thatcher Mfg. Co., preferred (guar.).—
900 May 15 Holders of rec. Apr. 29
Financial Chronicle
Volume 136
Per
When
Share. Payable.
Name of Company.
Miscellaneous (Concluded),
Tide Water 011 Co.5% pref.(quar.)____ 114%
Timken Detroit Axle Co., pref.(quar.)_ 134%
Tobacco Securities Trust Co., Ltd.
Amer. dep. recta. ord. reg., interim_ _ rw 5%
Trinidad Leaseholds, Ltd., ord.reg.(Int.)
5%
Amer. dep. rec,for ord.reg.(Interim)_ ma%
Trust Shares of America, coupon
160
Registered
15c
Two-Year Trust Shares, series B, coup.5
20c
Unilever, Ltd.
Common final. 36 Dutch cents_._
Union Tank Car Co., cap. stk. (quar.)_ _
30c
United Aircraft & Trans. Corp., of.(qu.)
75c
United Biscuit Co.of Amer., corn.(qu.)
40c
United Companies of N.J.(guar.)
$234
United Milk Crate Corp., class A (guar.)
500
43.8. Pipe & Foundry Co.. cow.(guar.). 1230.
Common (guar.)
12340.
Common (guar.)
12;0.
1st preferred (quay.)
300.
1st preferred (quay.)
300.
1st preferred (guar.)
300.
U.S. Playing Card Co.(guar.)
250
United States Steel Corp. pref.(quay.) 34of1%
Venezuelan 011 Concession, Ltd.
Common (final)
sidni%
Vulcan DetInning Co., pref.(guar.).— $131
Warren (Northam) Corp., $3 Pref. (qu.)
750
Paper
Watob
Co., pref. (guar.)
$1
Wesson Oil Az Snowdrift cony. pref.(qu.)
$1
W.Va.Pulp & Paper Co., pref.(fluar.)
$134
Wr%tvaco Chlorine Prod., corn.(guar.).10c
Winstead Hosiery Co.(guar.)
$134
Quarterly
8134
Wiser 011 Co.(guar.)
25e
Quarterly
25e
Quarterly
25c
Woolworth Co.. corn.(guar.)
600
Worcester Salt Co., 6% pref. (guar.)._ 134%
Wrigley (Wm.) Jr. Co.(monthly)
250
Monthly
25c
Monthly
250
Books Closed
Days Inclustoe.
May 15 Holders of rec. Apr. 20
June I Holders of rec. May 20a
May
May
May
May
May
May
23 Holders of rec. Apr.
17 Holders of rec. May
24 Holders of rec. May
15
15 Holders of rec. May
15 Holders of rec. May
3295
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, MAY 6 1933.
25
6
5
5
3
May 16
June 1 Holders of rec. May 15
July 1 Holders of rec. June 10
June 1 Holders of rec. May 16
July 10 Holders of rec. June 20
June 1 Holders of rec. May 15
July 20 Holders of rec. June 30
Oct. 20 Holders of rec. Sept.30
1-20-34 Holders of reo. Dec. 30
July 20 Holders of rec. June 30
Oct. 20 Holders of rec. Sept.30
1-20-34 Holders of reo. Doe. 30
July 1 Holders Of rec. June 20
May 29 Holders of rec. May 1
Clearing House
Members.
f The New York Stock Exchange has ruled that stock will not be quoted exdividend on this date and not until further notice.
I The New York Curb Exchange Association has ruled that stock will not be
quoted ex dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
S Correction. a Payable in stook.
IPayable in common stock. g Payable I n scrip. h On ACOOlInf of accumulated
dividends. J Payable In preferred stock.
m Amer. Cities Power & Lt. Corp. pay 1-32 of 1 sh. of class B stock or cash at the
option of the holder. The corporation must receive notice within 10 days after
holders of record date to receive cash.
o Unilever. Ltd.: the amount of silver will be fixed according to the rate of sterlingguilder exchange on April 28.
p Blue Ridge Corp. declared a div. at the rate of 1-32d of one share of the common
stock of the corporation for each share of such preference stock, or, at the option of
such holders (providing written notice thereof is received by the corporation on or
before May 15 1933) at the rate of 75c. per share In cash.
r In the case of non-residents of Canada a deduction of a tax of 5% of the
amount of such dividend will be made.
lPayable In Canadian funds.
a Payable in United ;States funds.
I) A unit.
w Less deduction for expenses ol depositary.
s Less tax.
y A deduction has been made for expenses.
Weekly Return of New York City Clearing House.—
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now make only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
Time
Deposits,
Average.
$
$
$
Bank or N. Y.& Tr. Co6,000.000
9,354,200
86,283,000
Bank of Manhattan Co36,931,700
20,000,000
259,264,000
National City Bank__ __ 124,000,000
55,983,000 6812,705,000
Chemical Bk.& Tr Co_. 20,000,000
46,119,500
252,729,000
Guaranty Trust Co
90,000,000 x176,676,800 6869,699,000
20,297,500
Manufacturers Trust Co.
32,935,000
186,089,000
Cent. Ilan. Bk.& Tr. Co
21,000,000
64,023,700
488,114,000
Corn Exch. Bk. Tr. Co
22,493,500
15,000,000
173,968,000
First National Bank....
10,000,000 y72,579,800
345,617,000
Irving Trust Co
62,764,900
50,000,000
303,164,000
Continental Bk.& Tr Co
5,756,300
4,000,000
21,458,000
Chase National Bank... 148,000,000 113,199,600 c1,100,343,000
Fifth Avenue Bank
3,639,900
500,000
40,495,000
Bankers Trust Co
25,000,000 r62,202,700 d521,001,000
Title Guar.& Trust Co20,481,100
24,356,000
10,000,000
Marine Midland Tr. Co_
10,000,000
5,549,000
37,495,000
Lawyers Trust Co
2,145,400
7,726,000
3,000,000
12,500,000
22,104,000
181,580,000
New York Trust Co.__ _
8,669,400
40,718,000
Com'l Nat Bk.& Tr. Co_
7,000,000
37,032,000
Public Nat. Bk. dz Tr.Co.
8,250,000
4,439,300
Totals
July 20 Holders of rec. July 70
June I Holders of rec. May 15
May 15 Holders of rec. May 15
June 1 Holders of rec. May 15
May 15 Holders of rec. May 1
June 1 Holders of rec. May 15
Aug. 1 Holders of rec. July 15
Nov. 1 Holders of roe. Oct. 15
July 1 Holders of rec. June 10
Oct. 2 Holders of rec. Sept. 12
Jan2'34 Holders of reo. Dec. 12
June I Holders of rec. Apr. 24
May 15 Holders of rec. May 5
June I Holders of rec. May 20
July 1 Holders of rec. June 20
Aug. 1 Holders of rec. July 20
*Surplus and Net Demand
Undirided
Deposits,
•Profits.
Average.
* Capital.
$
10,554.000
32,401,000
158,232,000
27,244,000
40,363,000
96,323,000
48,766,000
20.723,000
21,150,000
51,378,000
1,588,000
94,402,000
3,171,000
50,159,000
261,000
5,202,000
1,563,000
13,920,000
2,565,000
28.656,000
708,621,000
815,411,300 5,789,836,000
617,185,000
* As per official reports: National, March 31 1933; State, March 31 1933; Trust
companies, March 31 1933. x As of May 3 1933. y As of April 14 1933. e As of
April 10 1933.
Includes deposits in foreign branches as follows: (a) $181,234,000;(b)$47,466,000;
(c) $62,538,000; (d) $26,700,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ended May 5:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, May 5 1933.
NATIONAL AND STATE BANKS-AVERAGE FIGURES.
r oans,
Disc. and
investments.
ManhattanGrace National
Trade Bank
BrooklynPeoples National__.
Res. Dep., Dep. Other
N. Y, and Banks and
Elsewhere. Trust Cos.
Cash,
$
18,571,100
2,583,802
$
201,500
89,366
$
1,678,800
475,491
5,415,000
79,000
321,000
Gross
Deposits.
$
$
1,544,200 17.257.300
171,229 2,591.897
46,000
4,810,000
TRUST COMPANIES-AVERAGE FIGURES.
Loans.
Cash.
Res. Dep., Dep. Other
.V. 1'. and Banks and
Elsewhere. Trust Cos.
Gross
Deposits.
ManhattanCounty
Empire
Federation
Fiduciary
Fulton
United States
8
$
$
16,022,900 3,019,000
722,100
47,990,900 *2,527,900 10,504,400
399,561
5,513,434
35,378
*850,926
382,018
10.628,679
17,652,200 *2,505,200 1,443,800
69,131,058 5,956,000 26,904,207
$
$
17,741,300
2,029,900 52.526,400
656,090 5,080,560
115,000 10,343,118
476,600 17,544,700
74,751,200
BrooklynBrooklyn
Kings County
80,739,000
21.511.579
2,839,000 23,834,000
1.397.878 6.982.427
95,000 92,244,000
23,294,153
• Includes amount with Federal Reserve as follow*: Empire. $1,589,900: Fiduciary, $407,686. Fulton, $2,335,800.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business May 10 1933, in
comparison with the previous week and the corresponding date last year:
Resources'Gold with Federal Reserve Agent
'Gold redemp. fund witb U.S.Treasury_
Gold held exclusively agst. F. It. notes
Gold settlement fund with F. It. Board_
-Gold and gold certificates held by bank-
May 10 1933. May 3 1933. May 11 1932.
$
638,546,000 633,546,000 479,949,000
9,898,000
10,485,000
7,747,000
648,444,000
84,534,000
199,421,000
644,031,000
51,600,000
226,198,000
487,696,000
115,751.000
220,025,000
Total gold reserves
932,399,000
921,829.000
823,472,000
Reserves other than gold
68,432,000
69,423,000
55,982,000
Total reserves
1,000,831,000
Non -reserve cash
29,519,000
.RedemPtIon Fund-F. R. bank notes-.
1,600,000
.BilLs discounted:
Secured by U. B. Govt. obligations.31,921,000
Other bills discounted
47,028,000
991,252,000
20,943,000
1,600,000
879,454,000
24,124,000
42,780.000
48,546.000
63,958,000
36,119,000
91,326,000
23,084,000
100,077,000
13,829,000
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Other certificates and bills
78,949,000
17,985,000
188,224,000
232,513,000
188,224,000
232,513,000
174,354,000
73,986,000
309,637,000
309,637,000
443,818,000
Total U.S. Government securities_
Other securities (see note)
Foreign loans on gold
Deduct bills rediscounted with other
Federal Reserve banks
730,374,000
4,782,000
730,374,000
4,982,000
692,158,000
3,289,000
Total bills and securities (see note).-
832,090,000
849,766,000
809,353,000
May 10 1933. May 3 1933. May 11 1932.
Re..1071rtal (Concluded)Gold held abroao
Due from foreign banks (see note)
Federal Reserve notes Of other banks,,.
UncollectedKeine
Bank premises
AU other resources
Total resources
1,352,000
5,367,000
88,675,000
12,818,000
21,745,000
1,347,000
5,807,000
88.860.000
12,818,000
21,418,000
1,699,000
4.337,000
94,827,000
14,817,000
18,146,000
1,993,997.000 1.993.811,000 1,846,757,000
LiabilitiesFed. Reserve notes in actual circulation_
F. It. ban* notes In actual circulation_
Deposits-Member bank reserve acct._
Government
Foreign bank (see note)
Special deposits-Member bank
Non-member bank
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other debilities
Total liabilities
Ratio of total reserves to deposit and
Fed. Reserve note liabilities combined
Contingtnt liability on bills purchased
for foreign correspondents
725,744.000
29,462,000
961,336,000
13,212,000
6,473,000
5,619,000
1,517,000
13,656,000
1,001,813,000
86,325,000
58,497,000
85,058,000
7,098,000
738,740,000
28,245,000
910,709,000
42,887,000
9,210,000
5,836,000
1,708,000
18,553,000
564,829,000
989,970,000
23,775,000
13,653,000
19.851,000
988,903,000 1,047,249,000
86.562,000
58,491,000
85,058,000
7,812,000
90,167,000
59,134,000
75,077,000
10,301,000
1,993,997.000 1,993,811,000 1,846,757,000
57.9%
57.4%
54.6%
13,862,000
13,511,000
87,517.000
N0TE,-13eginning with tile statement of Oct. 17 1925, two new items were added In order to snow separately the amount of balances held abroad and amounts
due to foreign correspondents. In addition, the caption "All other earnings assets," previously made up of Federal Intermediate Credit Bank debentures, was =landed
to "Other securities," and the caption, "Total earnings assets'. to "Total bills and securities." Tne latter term was adopted as a more accurate description of the total
of the discount aoceptances and securities acquired under the pro visions of daction 11 an1 it of me Fe1ei al Reserve am, wain it was statei are the only items included
snereln
May 13 1933
Financial Chronicle
3296
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,May 11,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with.the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 3254, being the first item in our department of "Current Events and Discussions."
THE CLOSE OF BUSINESS MAY 10 1933.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT
May 10 1933. may 31933. Apr. 26 1933 Apr. 191933. Apr.12 1933. Apr. 51933. Mar.29 1933. Mar.22 1933. May 11 1932.
$
5
$
$
8
s
8
6
8
RESOURCES.
2,706,759,000 2,665,104,000 2,671,746,000 2,627,454,000 2,590.790,000 2,575.405,000 2.530.940.000 2,458,432,000 2,219,609,000
Gold with Federal Reserve agents
76,479,000
85,073,000 105,011,000
34,838,000
73.426,000
64,775,000
63,871,000
62,500.000
57,633,000
Gold redemption fund with U.S.Tress2,664,218,000 2,651,884,000 2.616,013,000 2,563,443.000 2.254,447,000
Gold held exclusively agst. F. It. noble 2,784.392,000 2,727,604,000 2,735,617,000 2.692,229,000
327,719,000 281,560,000 247.582,000 266.101,000 335,320,000
321,495,000
321.318,000
307,419,000
341,268,000
Gold settlement fund with F.It. Board
323,511.000 343.393,000 373,171.000 362,778.000 366,650,000
Gold and gold certificates held by banks- 336,474.000 386,648.000 353.302,000 351.871.000
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Redemption fund-F. It. bank notes Bills discounted:
Secured by U. B. Govt. obligations.Other bills discounted
Total bills discounted
Mlle bought in open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Other certificates and bills
3,442,134,000 3.435,570.000 3.398,338,000 3.365.595.000 3,315,446,000 3.278.837,000 3,236.766.000 3.192.322,000 2,956,417.000
215,594,000 218.764.000 222.713,000 215.597.000 213,830,000 209.585,000 205,230.000 178.895,000 207,733,000
3,657,728.000 3,654.334.000 3,619,051.000 3,581.192,000 3,529,276,000
93,551,000 106,105,000 106.957,000 109,901,000
100,316,000
1.400,000
1.601,000
3.818,000
3,293,000
4,518,000
3,488,422,000 3.441.998.000 3,371,217.000 3,164,150.000
110.070,000
1.100,000
131.398,000
1,100.000
125.346.000
740,000
77,209,000
72,082,000
256,159,000
97,976.000
302.126.000
93,434,000
291,567,000
124,077,000
290,193,000
130,707.000
297,749,000
138,926,000
297.251,000
231,800,000
313,310,000
324,233,000
346,636,000
190,555,000
280,818,000
338.241,000
400,102,000
385,001,000
414,270,000
428.456.000
436,177,000
545,110,000
670,869.000
471,373,000
177,450,000
208,443,000
246,964.000
285.973.000
310,235,000 *352,315,000
421,590.000
457,872,000
421,774.000
457,871,000
422,778,000
457.872,000
422.827.000
457,874.000
346,147,000
153.740.000
957.721,000
957,723.000
957,722,000
983,886,000
885,380,000
112,607,000
144,152,000
421,595,000
588.922,000
421.576.000
588,972,000
421,476,000
500,083,000
421,506,000
457,873,000
826,676,000
828,730.000
909,513.000
957,725,000
42,719,000
1,837,183,000 1,837,368,000 1.838.370,000 1.864.387.000 1,385,267,000
Total U. S. Government securities-- 1,837393.000 1.837.378,000 1.837.072,000 1,837,104,000
5,541,000
5,402.000
5,042,000
5,541,000
5.394,000
5,559,000
5.641,000
5,451,000
5,464,000
Other securities
Foreign loans on gold
2,565.059,000 2.699,117,000 *2,892 965000 1,904,401,000
2,293,505,000 2.387.173,000 2.404,974.0002.465.376,000 2,518,144,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks-.
Uncollected items
Bank premises
All other resources
Total resources
LIABILITIES.
F. It. notes in actual circulation
F. R. bank notes in actual circulation
Deposits:
Member banks--reserve account
Government
Foreign banks
Special deposits: Member bank
Non-member bank
Other deposits
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
Total liabilities
Ratio of gold reserve to deposits and
F. R. note liabilities combined
Ratio of total reserve to deposits and
F. R. note liabilities combined
Rediscounts between Federal Reserv
banks
Contingent liability on bills purchased
for foreign correspondents
Maturity Distribution of Bills and
Short-Term Secur4ties1-15 days bills discounted
16-30 days bills discounted
41-80 days bills discounted
'
41-90 days bills discounted
Over 90 days bills discounted
3,662.000
17.637,000
316.398,000
54,250,000
44,490,000
3,658,000
19.471.000
337,157,000
54,250,000
44.873,000
3,656,000
20,355.000
318,392,000
54,134,000
46,242,000
3,760.000
24.829,000
354.608,000
54,129,000
44,942,000
3.760.000
20.670,000
321,107.000
54,122,000
52,646,000
3,620.000
24,211.000
321,430,000
54,123,000
57,487,000
3,618,000
3.613,000
37,143,000
36.861,000
316.458,000 *421,152,000
54.037,000
54,037,000
64,960,000 •60.305,000
4,699,000
14,994,000
354,586,000
58,082,000
37,519,000
6,492,504,000 6.597.883.000 6.576,202.000 6,637,394.000 6,811,026,000 6,625,522,000 6.749,825,000 •6,966238000 5,615,640,000
3.747.626.000 3.916,342,000 2,551,363,000
3,349,753,000 3.305.366,000 3,424,114.000 3,477.393.000 3.547.285,000 3.644.137,000
15,930,000
14,228,000
19,890,000
9.269.000
24,529,000
62,805,000
56,059,000
36,798,000
2,089,115,000 2,033,939.000 2,135.808.000 2.158.636,000 2,096,079,000 1,975.731.000 1,987,311,000 1,917,618,000 2,14,0,373.000
85,596,000
51.075,000
34,992,000
72,294,000 111,472,000
25,485.000
42,467,000 144,406,000
37,165,000
10,935,000
10,697,000
17.409,000
14.491,000
44.177.080
11,088,000
27,272,000
26,810,000
23,021,000
69,342.000
72,993,000
63.445,000
52,754,000
75.603,000
80,512,000
77,664.000
86,045,000
17,466,000
15,254,000
19,451,000
9.120,000
18,921,000
18,354,000
17,461,000
16,155,000
36,985,000
33,350,000
39,518,000
47,441.000 49.449.000
57,825,000
56,511,000
51,849,000
50,539,000
2,309,541,000 2,360,101.000 2.345.451.000 2,347,538,000 2.273,730,000 2.198.055.0002.203.154,000 *2,154904000 2,272,975,000
316,346,000 331,621,000 315,218,000 333.854.000 314,530.000 315.745,000 331,388,000 0430.841,000 344,884,000
150,229,000 150,187,000 150,330,000 149,700,000 149.636,000 149.617,000 149,645,000 149.793.000 154,806,000
278,599,000 278,599,000 278,599,000 278,599,000 278.599.000 278,599,000 278,599.000 278,599,000 259,421,000
25,439,000
32,191,000
27,356,000
25,185.000
26.488,000
25,781.000
25,947,000
25,692,000
25,231,000
6,492,504.000 8,597.883.000 6,576.202,000 6,637.394,000 8.611,026.000 6,625.522,000 6.749,825,000 *6.966236000 5,615,640,000
60.8%
.59.6%
58.8%
57.7%
56.9%
59.7%
54.3%
52.5%
61.2%
64.6%
63.5%
62.7%
61.5%
60.6%
56.1%
57.8%
55.5%
65.6%
41,340,000
42,189.000
48,280,000
50.223,000
48,274,000
50,330,000
46,549,000
42,505,000
270,741,000
3
3
$
$
3
$
S
215,315.000
22,711,000
28,606,000
64.701.000
6,908,000
255,564,000
27,458,000
47,382.000
62,530,000
7,168,000
254.905,000
24,725,000
48,636,000
49,133,000
7.602.000
287,935,000
22.051,000
49,318,000
47,222,000
7.744,000
294,861,000
28,271,000
33.731,000
63.319,000
8.254,000
298,339,000
28,447,000
38,823.000
61,700,000
8.868,000
396,353,000
33.408,000
42,898.000
62,495.000
9.956,000
3
$
338,241,000
400,102,000
385,001,000
414.270,000
428,456,000
436,177,000
545,110,000
502,668,000 332,185,000
34,455,000.
32,170,000
50,427,000
58.205.000
30,758,000
66,836.000
23.548,000
10,990,000
670,869,000 471.373.000
1-15 days bills bought in open market...
16-30 days bills bought in open market
31-60 days bills bought In open market
61-90 days bills bought in open market....
Over 90 days bills bought In open market
75,017,000
28,705,000
3.819.000
5,016,000
50,000
73,716.000
60.400,000
4,252,000
5,734,000
50,000
71,214,000
74,240,000
26.022.000
5,923,000
51,000
68.531,000
73,052.000
59.024.000
7,715,000
121,000
60.566.000
76,618,000
100,380,000
9,198,000
202,000
78,144,000
72,677,000
119,424.000
15,520,000
208,000
72,471.000
60,165.000
145,905,000
31,481,000
213,000
75.421.000
68,151,000
136,775,000
71,456.000
506,000
11,410,000
4,953,000
8,049,000
18,067,000
240,000
Total bills bought In open market ..
112,607.000
144,152,000
177,450,000
208,443,000
246,964,000
285,973,000
310.235,000
352,309,000
42,719,000
1-15 days U. 8. certificates and bills_
16-30 days U. 8. certificates and Mlle.__
31-60 days U. S. certificates and bills__ _
61-90 days Ti. S. certificates and bills
Over 90 days certificates and bills
95.500,000
70,750.000
120,975,000
72,100,000
467,351,000
52.400,000
86.600,000
164,360,000
56,000,000
467.370.000
91,438,000
85,300,000
210.875,000
54,550.000
467.350,000
127.997,000
52,400,000
248.975,000
67.460,000
462.903,000
60.100.000
95,497,000
156,050.000
163,675,000
482,399,000
60,000,000
112.247.000
139.000,000
195,075.000
451,401,000
31.000,000
60,100,000
183,347,000
210,875,000
472,400,000
50,120.000
60,000,000
170.227,000
248,140,000
455.399,000
53,591,000
54,500,000
79,100,000
213,025,000
485,064,000
826,676,000
828.730,000
909,513,000
957,725,000
957,721,000
957,723.000
957.722.000
983,886,000
885.380,000
5,201,000
51,000
152,000
10,000
50,000
5,401.000
51,000
152.000
10,000
27.000
5,211,000
5,346,000
5,333.000
5.333,000
5,288,000
5,280,000
178.000
35.000
27,000
177,000
26,000
10,000
61,000
152.000
5,000
51.000
152.000
5,000
4,726,000
111,000
142,000
84,000
30.000
84,000
30.000
5,464.000
5,641.000
5,451,000
5,559,000
5,541,000
5,541,000
5,402,000
Total bills discounted
Total U.S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
81-90 days municipal warrants
Over 90 days municipal warrants
Total municipal warrants
63,000
5,042,000
5,394,000
-
Federal Reserve Notes3.843,960.000 3,965.202.000 4.092,652,000 4,314,448,000 2,765.345,000
Issued to F. R.. Bank by F. R. Agent-- 3.613.316,000 3,671.321,000 3,715.341,000 3,760.879.000
213,982,000
263,563,000 275,952,000 291,227,000 283,486,000 296,675,000 321,065,000 345,026.000 398.106,000
Held by Federal Reserve Bank
3.916.342,000 2,551,363.000
3.747,626,000
3,844.137.000
3.547,285,000
3.477.393,000
3,395,369,000
3,349,753,000
3,424,114.000
In actual circulation
Collateral Held by .4gent as Security
for Notes Issued to BankBy gold and gold certificates
Gold fund-Federal Reserve Board
By eligible paper
U. S. Government securities
• Revised figures
955.969,000
1,379,924,000 1,323.269.000 1.317.411.000 1,298,619,000 1,303.955.000 1,281,070,000 1,248.105.000 1,262,847.000
1,195,585.000
1,326,835.000 1,341.835,000 1,354,335.000 1,328,835,000 1,286,835.000 1,294,335.000 1,282,835,000 877,152,000 1,263,640,000
474,219.000
568.406.000
715,594.000
518,837.000
485.164.000
292,811,1 I t 371,749,111 417459,000
1,000.700.000
97,300,000
633.400.000 659,400,000 650,500.000 690,000,000 768,000.000 853,700,000 868.700,000
4.336.284,000
2,791,128,000
4.115.234,000
3,997,511,000
3.877,627,000
3.632.970.000 3.696.253.000 3.739.905.000 3.802.618.000
Financial Chronicle
Volume 136
3297
Weekly Return of the Federal Reserve Board (Concluded).
WEEKLY STATEMENT Or RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 10 11133
Two Ciphers (00) omitted.
Federal Reserve Bank ofBoston. New York Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis Afinneap. Kan.City. Dallas. SanFras.
Total.
RESOURCES.
3
Gold with Fed. Res. Agents-. 2,706,759.0 200,219,0
Gold redm.tund with U.S.Tresa.
57,633,0 5.390,0
$
$
638,546,0 171,000.0 201,970,0 148,880,0 88,700,0
9,898.0 4,796,0 7,664,0 2,284,0 3,621,0
S
$
S
814,337,0 124,645,0 53,726,0 85,290.0 23,203,0 156,263,0
6,846,0 1,612,0 2,436,0 3,021,0 1.415.0 8.670,0
Gold held excl.agst F.R.notee 2,764,392,0 205,609.0
Gold settleml fund with F.R.Bd 341,268,0 16,391,0
Gold & gold Me.held by banks
336,474,0 21,667,0
648,444,0 175,796,0 209,634,0 151,124,0 92,321,0
84,534,0 13,371.0 18,072.0 22,107,0 7,984,0
199,421,0 16,622,0 25,005,0 4,911,0 6,212,0
821,183,0 126,257,0 56,162,0 88,311,0 24,618,0 164,933.0
69,912,0 21,996,0 15,322,0 18,998,0 10,008,0 42,573,0
12,255,0 2,104,0 1,784,0 13,955,0 5,954,0 26,584,0
932,399,0 205.789.0252.711,0 178,142,0 106,517,0
903,350,0 150,357,0 73,268,0 121,264,0 40,580,0 234,090,0
Total gold reeerves
3,442,134,0 243,667,0
Reserves other than gold
Total reserves
215,594,0 15,987,0
68,432,0 21,373,0 18.314.0 11,148,0
7,772,0
3,657,728,0 2.59,654,0 1,000,831,0 227,162,0 271,025,0 189,290,0 114,289,0
Non reserve cash.
Redem.fund-F.It. bank notes_
Bills discounted:
Sec. by U.S. Govt.obligatione
Other bills discounted
Total bills discounted
BBL bought in open market_
0.8. Government securities:
Bonds
Treasury notes
Special Treasury certificates._
Certificates and bills
4,015.0
292,0
5,351,0
250,0
4,253,0
30,493,0
8,469,0
3,187,0
7,871.0
6,994.0 15,554,0
933,843,0 158,826,0 76,455,0 129,135,0 47,574,0 249,644,0
100,316.0
4,518,0
6,368,0
1,000,0
29,519,0
1,600,0
7,456,0
100,0
16,538,0
1,000,0
6,046,0
100,0
2,105,0
26,0
3,259.0
50.0
4.507,0 10,899.0
100.0
72,082,0
266,159,0
4,822,0
9,996,0
31,921,0 9,096,0 14,712.0 1.113,0 2,262,0
47,028,0 37,022,0 58,344,0 17,819,0 19,437.0
3,894,0
12,079,0
997,0
2,266,0
260,0 1,245,0
8,004,0 12,457,0
901,
859,0
5,289,0 36,418,0
338,241,
14.818.0
78,949,0 46,118,0 73,056,0 18,932,0 21,699,0
15,973,0
3,263,0
8,264,0 13,702,0
6,190,
27,127,0
4,255.0
5,475,0
112,607.0 24,399,0
17,985,0
2,911,0
3,215,0
1,264,0
6,721.0
1,883,0
37.277,0
520.0 16,852,0
421,595,0 19,739,0
588,922,0 32,261,0
188,224,0 30,911.0 36,364,0 9,915,0 10,050,0
232,514,0 46,707,0 61.633,0 16.810,0 16,975,0
826,676,0 41,112,0
309,636,0 59,523,0 78,543,0 21,424,0 21,633.0
149.021.0 29,066,0 21,010.0 25,024.0 15,102,0 .55,582,0
Total U.S. Govt.securities. 1,837,193,0 93,112,0
730,374,0 137,141,0 176,540,0 48,149,0 48,658,0
256,551,0 65,832.0 54,753,0 57,220,0 43,940,0 124,923,0
Other securities
Bills discounted for, or with
(-). other F. It. banks
4,782.0
5,464,0
525,0
50,0
Total bills and securities
2,293,505,0 132,329,0 832,090,0 186,695,0 252,811,0 68,345,0 77,078,0
Due from foreign banks
143,0
128,0
362,0
403,0
1,352,0
3,662,0
280,0
Feel. Res. notes of ether banke..
931,0
933,0
5,367,0
426,0 1,368,0
221,0
17,637,0
Uncollected Items
88,675,0 22,046,0 28,819,0 28,559,0 8,788,0
316,308,0 34,319,0
Bank premise!
12,818,0 3,337,0 6,929,0 3,237.0 2,422.0
54,250,0 3,280,0
All other resources
21,745,0 3,805.0 1,957,0 3,160,0 5,102,0
44,490,0
796.0
Total resources
39,903,0 13,957,0 17,254,0 12,559,0 16,990,0 25,729,0
67,627,0 22,809.0 16,489,0 19,637,0 11,848,0 43,612,0
107,0
299.701,0 73,350,0 68,599,0 72.805,0 50,650,0 179,052,0
16,0
499,0
256,0
106,0
106,
11.0
272,0 1,667,0
627,0 1,713,0
2,606,0 1,506,0
37,801,0 13.955,0 8,471,0 17,925,0 10,913,0 16,127,0
7,601,0 3,285,0 1,746.0 3,559.0 1,792,0 4,244.0
874,0 1,829,0 1,088,0 1,367,0 1,473,0
1,294,0
6,492,504,0 438,247,0 1,993,997.0 448,181,0 568,872,0 297,920,0 216.294,0 1,300,883,0 257,958,0 159,869.0 229,640,0 117.281.0463.362,0
LIABILITIES.
r. R.notes In actual circulation _ 3,349,753,0 224,588.0 725,744,0 248,273,0 331,501,0 170,342,0 133.254,0 873,090,0 147,548,0 94,335.0 117.350,0 38,884,0 244,844,0
F. It. ban* notes in act'l circurn
13,311,0
39,0
926,0
401.0
29,462,0 5,217,0 2,910,0
441,0
420,0
62,805,0 9,678,0
Deposits:
Member bank-reserve account 2,089,115,0 126,883,0 961,336,0 112,428,0 133,406,0 63,941,0 42,582,0 271,376,0 64,622,0 39,891,0 73,863.0 49,347,0 149,440,0
Government
4,651,0 1.671,0 1,245,0 1,000,0 1,216.0 5,352,0
13,212,0 3,248,0 4,617,0 3,590,0 1,261,0
42,467.0 1,404,
Foreign bank
869,0
969,0
571,0
3,230,0
845,0
721,0 1,739,0
6,473,0 2,609,0 2,460,0
721,0
23,021,0 1,814,
Special-Member bank
29,160,0 3,261,0 1,177,0 5,260,0
5,619,0 6,764,0 13,490,0 6,481,0 6,902,0
299,0 4.645,0
86,045,0 2,987,
Non-member bank
375.0
5,592,0 3,628,0 2.138,0
945.0 1,730,0
184,0
1,517,0 1.655,0
590,0
18,354,0
Other deposits
13,656,
308,0 6,064,0 4,134,0 3,076,0
3,515,0 5,152,0 1,065,0
394.0
615,0 7,720.0
50,539,0 4,840,0
Total deposits
Deferred availability items
Capital paid in
Surplus
k II other liabilities
Total liabilities
2 309,541,0 137,928,0 1,001,813,0 127,012,0 160,982,0 80,845,0 55,065,0
86,325,0 21,589,0 28,445,0 28,197,0 8,979,0
316,346,0 34,102,0
58,497,0 15.800,0 13,892,0 5,452,0 4,605,0
150,229.0 10,767.0
85,058,0 29,242,0 28,294,0 11,616,0 10,544,0
278,599,0 20,460,0
25,231,0
7,098,0 1,048.0 2,848,0 1,468,0 2,921,0
724,0
317,524,0 79,179,0 46,087.0 81,422,0 52,198,0 169,486,0
38,488,0 15,789,0 .8,141,0 17,292,0 12,292,0 16.707,0
15,577,0 4,041,0 2.824,0 4,247,0 3,885, 10.642,0
39.497,0 10,186,0 7.019,0 8,263,0 8,719,0 19,701,0
625,0
3,396,0 1,176,0 1,062.0
883,0 1,982,0
6 492,504,0438,247,0 1,993,997.0 448,181.0 568,872,0 297,920,0 216,294,0 1,300,883,0 257,958,0 159,869,0 229.640,0 117,281,0463.362,0
Memoranda.
Reserve ratio (per cent)
Contingent liability on bills purchased for tor'n correspondents
64.6
71.6
57.9
60.5
55.0
75.4
60.7
78.4
70.1
54.4
65.0
.52.2
60.3
41,340.0
3,012,0
13,862.0
4,332,0
4,085,0
1,609,0
1,444,0
5,364,0
1.403,0
949.0
1,196,0
1.196,0
2,888,0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Boston. New York, Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. SillilleaP. Kall.CEP Dallas. San Italy.
Total.
Two Ciphers (00) omitted.
5
5
5
$
$
$
$
$
$
S
S
S
$
Federal Reserve notes:
[muted to F.R.Bk.by F.R.Age. 3,613,316,0257,905,0 810,863,0 264,281,0 344,382,0 178,239,0 154,370,0 915,801,0 158,976,0 98,360.0
127,149.01 41,054,0 281,936,0
Held by Fed'I Reserve Bank. 263,563,0 13,317.0
42,711,0 11,428.0 4,025,0 9.799.Oj 2,170,0 37,092,0
85,119,0 16,008,0 12,881,0 7,897,0 21.116,0
In actual circulation
3 349 753 0 224 588 0 725,744.0 248,273,0 331,501,0 170,342,0 133,254,0 873,090,0 147,548,0 94,335,0 117,350, 38.884,0 244,844.0
Oollateral held by Agent ae se- ' ' '
' .
curity for notes Issued to bka:
Gold and gold certificates.,
1,379.924,0
70
379
202 0 423 446 0 94,050,0 86,470,0 48,355,0 21,700.0 430,337,0 41,945,0 28,726.0 20,490,0 18,703,0 95.500,0
924
0
Gold fund-F. It. Board
7
1
6,950,0 1 5,500,0 100,5050 67,000,0 384,000,0 82,700,0 25,000.0 64,800,0 4,500,0 60,763,0
0
-- 1:326:83.5;0
215:100:0
3
1 0. 17:0
Eligible paper
292,811,0 22,400,0
37,708,0 6,096.0 11,310,0 8,648,0 6,218,0 26.627,0
66,756,0 23,622.0 48,825,0 13,289,0 21,312,0
17. 0. Government eecurities
66,000,0 29.000,0 33,900,0 35.000.0 13,000,0 100,000.0
633.400,0 17,500.0 106,000,0 70,000.0 100,000,0 18.000,0 45,000,0
Total collate,RI
2 ago 07A n 9An lion All 5A2 n264 622 0350.705.0 180_149.0 155.012.0 918.045.0 159.741,0 98,936,0 128,938,0 42,421.0 282.890..
FEDERAL RESERVE BANK NOTE STATEMENT.
Federal Reserve Agent atTwo Ciphers (M)amazed.
Federal Reserve bank notes:
Issued to F. R. Ilk. (outsidg.)
Held by Fell Reserve Bank.
In actual circulation
Collat.pledged neat.outst. notes:
Discounted di purchased bills.
U.S. Government securities..
Total collateral
_
Total.
5
Boston. New York. Phila.
$
i
$
93,274,0 14,320,0
30,430,0 4,642,0
43,874,0
14,412,0
6.160,0
913,0
9,678,0
29,462,0
5,247,0
62,835,0
Cleveland Richmond Atlanta.
$
6,020,0
3,110,0
Chicago. St. Louis. Sfinneap. Kan.City. Dallas. San Fran.
3
160,0
121,0
500,0
99,0
1,000,0
559,0
1,800, t
1,380,0
13,311,0
39,0
401.0
441,0
420,0
20,000,0
261,0
5,000.0
2,000,0
1.000.0
105.0
2,000,0
20 000,0
5.261,0 _2,000,0
1.000,0
2,105,0
2,910,0
926,0
26.533.0
1,395,0
44,224,0 15,930.0
81,874.0
43,874,0
8,000.0
126.098.0 15.930,0
43,874,0
8,000,0 26,533,0
1,395.0
$
$
3
18,300,0
4,989,0
-James Talcott, Inc., has been appointed factor for Knit Products
Corp., Belmont, N. C., manufacturers of. hosiery, and Angus Park Mfg.
Co., East Glastonbury, Conn., manufacturers of woolens.
-Smith. Graham Se Rockwell, menibers of the New York Stock Exchange, announce the opening of a Buffalo office in the M. & T. Building,
under the management of Edward S. Newhall.
-GrIffith-Wagenseller & Durst, Southern California investment house,
recently announced the opening of a branch office in Pasadena in charge
Wendt and Alson E. Abernethy.
of William
-Fisher, Hand & Co., Inc., dealers in municipal bonds, announce the
opening of a Philadelphia office in the 1500 Walnut Street Building, under
the management of Owen Osborne Freeman.
-Chisholm di Chapman announce the appointment of Robert Cadigan,
who has been connected with their New York office for 20 years, as manager of their Brooklyn office at 26 Court St.
-Ed. C. Wright & Co. of St. Petersburg, Fla., with branches in a number of Florida cities, has opened a New York office at 49 Wall St.. under
the management of Frank Phipps.
-Warren Palmer & Co. have moved their offices to 39 Broadway.
$
1,140,0
214,0
CURRENT NOTICES.
T.
$
S
S
-George E. Traendly has been elected Vice President of The Pemoerton
Whitcomb Co., Inc.. owners and managers of the Twentieth Century Press
of New York.
-G. L. Ohrstrom & Co., Inc., has prepared a comprehsenive and detailed tabular analysis of the first mortgage bonds of all operating water
companies.
-Newburger, Loeb & Co., members of the New York Stock Exchange.
have opened a real estate bond department under the supervision of David
Goldstein.
-Horace W. Wells has become associated with J. Roy Prosser Zr. Co..
52 William St., Nev York. as manager of their insurance stock department.
-George & Farrington, 52 Wall St., New York, have issued a bulletin
on the guaranteed stocks of the New York Central System.
-T. L. MacDonald & Co. announce that their water securities Department is under the management of Walter R. Johnson.
-J. Arthur McKaig is now associated with C. H. Berets & Co., Inc..
in their trading department.
-A.E. Fltkin & Sons, Inc., have moved their offices to the seventeenth
floor of 60 Wall Tower.
Financial Chronicle
3298
S
linantiat
soP
•
&muterfIgl (girronule
STOCKS.
Week Ending May 12.
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
6 Mos.
Including Postage—
12 Mos.
Within Continental United States except Alaska
610.00
$6.00
In Dominion of Canada
11.50
6.75
South and Central America, Spain, Mexico, U. S.
Possessions and Territories
13.50
7.75
Great Britain, Continental Europe (except Spain), Asia,
Australia and Africa
15.00
8.50
The following publications are also issued:
MONTHLY PUBLICATIONS—
001ITENDIUM5—
BANIC AND QUOTATION RECORD
PUBLIC IITILITY—(serni-anlMally)
RAILWAY & INDU5TRIAL—(f0= a year) MONTHLY EARNINGS RECORD
STATE AND MUNICIPAL—(Serni-a1H1.)
The subscription price of the Bank and Quotation Record and the
Monthly Earnings Record Is $6.00 per year each; for all the others is
$5.00 per year each. Foreign postage extra.
NOTICE.—On account of the fluctuations in the rates of exchange,
remittances for foreign subscriptions and advertisements must be made
In New York funds.
Terms of Advertising
45 cents
Transient display matter per agate line
On request
Contract and Card rates
auceoo Orricz—In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street. Telephone State 0613.
LONDON Orrics—Edwards & Smith. 1 Drapers' Gardens, London, E. C.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor. Jacob Seibert: Business Manager, William D. Riggs;
Treas.. William Dana Seibert; Sec., Herbert D.Seibert. Addresses ol all. Office of Co.
Wall Street, Friday Night, May 12 1933.
Railroad and Miscellaneous Stocks.—The Review of the
Stock Market is given this week on page 3285.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ending May 12.
Sales
for
Week.
Railroads—
Par Share. I
70
Canada Southern__10
500
Central RR of N.L_10
520
Colo & Sou let pref_i0l
40
2d preferred
1001
40
100
Cuba RR pref
50
Detroit & Mackinac 100
400
Duluth SS & A pref- 100
200
Hudson & Manh pfd100
800
100
Ill Cent pref
140
Int Rys of Cent Am_ __•
190
100
Preferred
710
100
Iowa Central
400
Minn St P&SSMpfd 100
120
100
Leased Line
360
Nash Chatt & St L_100
20
Pacific Coast let pfd100
180
100
2d preferred
300
100
Rutland RR pref
Range for Week.
Lowest.
Highest.
$ per share.
40 May
71 May 1
20 may 1
19 May 1
634May
3 May 1
%May 1
3734May
2431May 1
3h May
10 May
131May 1
2 May
5 May
293.4May 11
5 May 8
2 May 8
1134May 11
5 per share.
40 May 6
74)(May 11
2231May 11
19 May 10
731May 12
3 May 10
11 Mayl1
383May 9
28 May 11
4 May 12
1234May 11
13-4May 11
234May 11
534 May 8
32 May 11
5 May 8
2 May S
12 May 11
Range Since Jan. 1.
Lowest.
Highest.
per share.$ per share.
40
May 4431 Feb
38
Apr 79
May
1231 Apr 2234 May
10
Mar 19
May
231 Jan 731 Apr
3 May 3 May
% Feb
% May
2731 Apr 3834 May
16
Mar 28 M ay
131 Mar 4 May
434 Apr 1234 May
1
Jan 231 Apr
X Apr 234 May
4
Apr 731 Mar
13
Jan 32 May
131 Feb 5
May
1
Feb 2.5.5 Apr
6
Jan 12 May
Indus. & Miscell.—
X
500 231May 11 214May 11
Am Mach & Mets etfs_*
Amer Radiator & Stand
30 92X May 9 103 May 11 8131
Sanitary pref __ --100
100 434May 6 434May 6 334
Art Metal Construct-10
300 4231May 9 433jMay 6 18
Asso Dry Gds 18t p1100
39 May 12 40 May 6 15
401
preferred
100
2d
10 10 May 12 10 May 12 534
Barker Bros pref_ 100
580 1434May 6 17 May 12 631
Bigelow-Sant'd Carpet•
10 113 May 12 113 May 1210831
Brown Shoe pref_ _ _100
%May 6
%
%May 6
Burns Bros class A_* 1,351
10 May 6 13)(May 12 6
350
25
Chile Copper
goo 1 May 8 114May 6
•
%
City Stores etts
100 5731May 6 57)(May 6 40
Columbia G&E Pf B 1 1
10 30 May 11 30 May 11 16
Cob Fuel ds Iron p11''
40 20 May 10 20 May 10 1811
Comm Cred pref (7)_25
40 44 May 9 44 May 9 3834
ConsClgarprpfx-warl I,
130 45 May 11 4831May 12 33
Preferred (7) ____100
100 30 May 11 30 May 11 17
CrownWillamettelstpf•
30 85 May 10 90 May 11 74
Cushm Sons p1(7%) 100
* 3,200 634May 8 8 May 11 231
Dresser Mfg class B
500 14 May 11 1434May 11 634
Class A
*
%
%May 6 134May 12
990
Elk Horn Coal pref__51
900 2634May 9 32 May 12 2034
Eng Pub Serf pf (6).. —
120 434May 6 634May 8 3
Fash Park Assoc pfd 111
400 40 May 11 4031May 11 15
Fed Min & Smelting 100
400 34 May 11 37'/May 12 18
Preferred
100
IOHMay 6 634
4 o o 9 May
Food Machinery
46)(May 8 3231
10 4634May
Foster-Wheeler pref •
May 6 12
39
May
39
170
Franklin-Simon pref 100
113 May 11 97
600 110%May
Freeport Texas pref_ 100
%
114May 10
31 May
210
;len Gas & Flee cl B •
193lMay 11 .5
110 15 May
3uantanamo Sugpfdlis
Feb
231 May
Apr 103 May
Feb 44 May
Feb 4334 May
Jan 40
May
Apr 10 May
Apr 17
May
Mar 113
May
Apr
% Feb
Apr 21
May
Mar I% May
May 5734 May
Apr 30
Apr
Mar 2034 jail
Apr 4915 Apr
API* 4831 May
May 30 May
mar 90 May
Mar 8
May
Feb 1434 May
Apr 131 May
Apr 38
Jan
Feb 634 May
Mar 42 May
Feb 3731 May
Apr 1034 May
Feb 4631 May
Jan 39
May
Apr 113
May
Apr 134 May
Feb 25
Apr
3 May 6 234 Apr 334
220 234May
Elamilton Watch
•
64 May 8 48
Mar 64
Elarbison-W Ref pfd 100
140 62 May
2 May 11
% Mar 2
140 131May
Sat Mog class A
1
10 May 8 534 Apr 10
10 10 May
Class A preferred..100
1134May 11 434 Apr 1131
EIoudaille-Hershey el A* 7,300 8 May
131 May 43-4
100 131May ii 14May ii
Ent Comb Eng pfd ctfs *
Jan 23
23 May 11 8
Kelth-Allb-Orph pfd100
600 14 May
Mar 5
5 May 12 2
600 33jMay 1
Kelsey-Hay Wheel c1B1
3
May
I
Mar
6
3
May
3
180
Stores_
•
Kresge Dept
230 50 May 1 55 May 11 3734 Apr 61
Laclede Gas prat- -.100
91(May 11 3
Feb iiqi
90 8%May
dallinson & Co pref li 1
1 May 6
.% Jan 1
300 1 May
distils Parry Corp_ *
Jan 35%
35%May 12 22
890 3034May
vlengel Co pref___ _100
% May 1%
11(May
12
%May
1
102,400
Prod
rights_
Distill
Vat
4%'May 8 131 Mar 414
gewport Industries_ I 2,300 3 May
102%May 610131 May 110
70 102%May
'ac Tel & Tel pref_ _1
6 May 8 531 Jan 7
10 6 May
'ash Prod & Ref pf 1
33.4May 10
300 3)(May 1
11 Feb 4
'eon Coal & Coke50
Apr 17
934May 11 4
914May
1
200
Co
'Ierce-Arrow
pf.1001
134May 11
14 Feb 2
300 131May
'Ms Terminal Coal 100
734May 8 4
Jan 8
191 oimay 1
l0
Preferred
Feb 334
314May 8 3
11 331Mav
'roducers & Ref of Ctrs
Feb 20
20 May 6 7
100 20 May
tevere Cop Bc Br pf 10
Jan 20
200 1931May 11 20 May 11 7
boss-Shelf St dc Ir.. _1
760 2134May 8 2914May 12 851 Feb 2931
1001
Preferred
II 88,800 2%May 6 434May 8 234 May 434
;perry Corp v t c
J S Distributing p1.1001III 8 May 8 8 May 8 71.4 Jan 8
14010434May 8 1061(May 910131 Jan 10731
TSGyp8umpre1_100j
Apri104
20 104 May 10 104 May 10 96
Trill, Leaf Tob pref_ l00i
Apr' 1234
20 634 May 12 714May 6 4
Tnion Pipe & Rad pf100
Mar 65
10 6114May 8 6115May 8 35
in
--.- "-^^.,*
83
May 13 1933
Feb
May
May
May
May
Jan
May
May
May
Jan
May
May
May
May
May
Jan
Apr
May
Jan
Apr
Apr
May
Apr
May
May
May
Mar
Jan
May
May
May
Range for Week.
Sales
for
1Veek.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Indus. & Misc. (Cone.) Shares. 5 per share. 8 Per share. 5 Per share.8 per share.
Van Ftaalte pf stpd 100
190 1434May 11 16 May 12 1434 May 16
May
Va Iron, Coal&Coke100
321 10 May 8 15 May 11 234 Feb 15
May
190 8034May 10 86 May 12 57
Vulcan Detinning MOO
Feb 86
May
101 7834May 11 7834May 11 75
Walgreen Co pref.— 100
Apr 8834 Jan
10 61 May 12 61 May 12 50
WebsterELsenlohrpf 100
Jan 61
May
300 30 May 11 3031May 12 15
Wheeling Steel pref_100
Feb 3034 May
* No par value.
Quotations for United States Treasury Certificates of
Indebtedness,. &c.—Friday, May 12.
Jill.
ha.
Maturity.
Rate.
Bid.
Asked.
Maturity.
Rale,
Bid.
Asked.
Dec. 15 1933..Sept.15 1933...
June 15 1933...
Aug. 1 1934...
Feb. 1 1938_ _
Dec 15 1936_...,
Arr. 15 1936._
8%
5.
1 X%
134%
234%
2%%
2x %
231%
10042,
100922
100,22
10110st
9955ss
10015n
1002512
1006,2
1001,22
10092,
101"n
99242
10054,2
10055,,
May 2 1934.—
June 151936.,.
Apr. 15 1937.._
Aug. 1 1936—
Sept.15 1937...
Aug. 15 1933___
Dec. 15 1933___
3%
3%
3%
334%
3h %
4%
411%,
10210,2
10211,2
101232
1012231
101172,
10030s2
102022
102'
,
,,
10211s,
101°3s
101"32
101,4,
101
10220..
U S. Treasury Bills—Friday, May 12.
Rates quoted are for discount at purchase.
May
May
May
June
June
June
17 1933
24 1933
31 1933
7 1933
21 1933
28 1933
Bid.
Asked.
0.625%
0.625%
0.625%
0.625%
0.625%
0.625%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
—
July 5 1933
July 12 1933
July 19 1933
July 26 1933
Aug. 2 1933
Aug. 9 1933
Bid.
Asked.
0.625%
0.625%
0.625%
0.625%
0.625%
0.625%
0.35%
0.35%
0.36%
0.35%
0.35%
0.35%
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Daily Record of U. S. Bond Prices. May 6 May 8 May 9 May 10111112y 11
--- _
First Liberty LoanHigh 1012232 101"s3 10124s: 10125n 102032
1012032 10155n
334% bonds of 1932-47_ _.[Low_ 10100s: 101042
Close 1010031 1015511 1012232 1012032 102032
(First3Hs)
79
93
Total sales in 51.000 units-80
28
61
Converted 4% bonds ofilfigh
Low_
1932-47 (First CO
Close
_
Total sales in $1.000 units-101W.; 102 10-2;
Converted 434% bondrigh 102
1
1020,,
1013022 102
of 1932-47 (First 41(5) Low- 10155n 1015012 102
Close 10109, 10101n 102
102
1022st
18
44
5
Total sales in $1,000 units— 37
24
Second converted 4ii %1HIgh
bonds of 1932-47 (First Low_
Close
Second 43(s)
Total sates in 51,000 units...
5
(High 10i1W2 102;
FourthLiberty Loan
IdiaL
4X% bonds of 1933-38_ Low_ 10255n 10255n 10235n 1020522 10225,2
Close 10255s2 10255,2 102358 10201st 1025312
(Fourth 43(s)
136
61
26
Total sales in 81.000 units...
66
93
108
10858 108502: 10835n
{High 108
Treasury
Low_ 10755ss 10755s 1073522 1035ss 10852
434s. 1947-52
,2
108
10755n
Close
1085st 10815st 10812,2
92
53
122
Total sales in 81,000 units-49
45
(High 10425ss 10455s2 10454,2 105033 10550:2
Low- 104ust 15412,, 10411122 1045512 1055,2
4s, 1944-1954
Close 10455n 1045582 10421s 1055n 10515,2
229
32
289
Total sales in $1,000 units...
260
450
103
10322., 10355,2
IHIgh 10235,2 103
Low_ 10255,2 10255n 10205ss 1035,2 10320n
334s, 1948-1956
103
Close 102542 103
10315st 10355st
18
7
55
Total sates in $1,000 units— 151
123
(High 101512 1015at 10122, 101",, 10134n
10030,2 1011,2 101112 10155
Low_ 101
831s, 1943-1947
st
1012,2 1011032 1015422
Close 1012,2 101
45
103
23
Total sales in 81.000 units...
130
287
(High 9704,, opsn 971512 9755,2 981122
9715st 9712.2 9710,, ops.,
as, 1951-1955
Low- 975st
Close 9710ss 9714n 9705,2 9725s
9720,
211
89
571
Total sales is $1,000 units-341 2,629
rich 10031n 1013,2 1015ss 10115s 101.51n
Low_ 10055s2 loon. 101
350. 1940-1943
1014ss 10124st
Close 10030,, 1014ss 101.51, 1011s, 10124st
16
2
Total sales in $1.000 units...
53
37
6
(High 101512 1015st 101512 10155n 1012132
1003111 1015n 101 51: 10115
331., 1941-43
11.0w. 101
n
(Close 1015n 101
1015st 10155n 10154st
92
57
Total sales in 81,000 units...
12
103
378
:2
oon,„ 992322
(High 9825,2 985111, 993
98"as 9831s: 9855ss 99
314s. 1948-1949
Low_
9911n
9910.,
Close 98"as 9823,2 99
84
558
199
Total sates in $1.000 units...
245
559
May 12
102032
101042
1025ss
85
1072-4;
1025ss
1023n
76
-
1020,2
10224,
252
109
108,1,2
109
136
1051es,
105102,
105222,
300
1041•ss
104
10415ss
51
101.35ss
10134ss
1015Iss
170
98132:
9833n
nun
708
101",,
101%1
10184,8
30
10123n
101"n
10100,2
120
99172,
992113
995233
450
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
10 Sat 3148-----------------------------------------------10115
st to 1011%
26 let 434s.-----------------------------------------------10134ss
8 4th 434s ...............................................102",, to 101342
2 Treas. 31212 June-----------------------------------------1011, LO 10220,2
32
101",,
2 Treas. 4s------------------------------------------------1050Ess to
to 1051,2,
Foreign Exchange. 1
sterling
forTc
atea
fofrorcs
atbelree
ling exchange Were
a
ud
ec
aks
y's a(Frirdid3a.y96's%) ao
us
918
rh
ct3
ial on
Commercial
3.9
b
banks,
6
a
9
3s1h
g83i
t,
and documents for
3.96, 60 days, 3.95; 90 days. 3.94
payment 60 days.
3.9534. Cotton for payment, 3.963..
To-day's (Friday's) actual rates or Par.s bankers' francs were
4.61@
4.6431 for short. Amsterdam bankers' guilders were ,47.30(4947.39.
Exchange for Paris on London, 85.75, week's range, 85.84 francs high
and 85.60 francs low.
The week's range for exchange rates follows:
Sterling, Actual—
Checks.
Cables.
High for the week
4.04%
4.0434
Low for the week
3.91
Paris Bankers' Francs—
High for the week
4.74
4.74
Low for the week
4.535i
Germany Bankers' MarksHigh for the week
24
8.
.5
62
0
28.61
Low for the week
27.15
27.45
Amsterdam Bankers' Guilders—
High for the week
46
8.4
10
1
48.15
Low for the week
46.55
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 3289.
A complete record of Curb Exchange transactions for the
week will be found on page 3316.
3299
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
rffir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE PRECEDING.
111011 AND LOW SALE PRICES-PER SH ARE, NOT PER CENT.
Saturday
May 6.
Monday
May 8.
Tuesday
May 9.
Wednesday
May 10.
*218
38
*1
10%
20%
314
434
*14
2534
7
8
116
19
3318
113
*14
•118
13712
*72
1812
*118
23
4
5012
1418
1058
•15
*37
*29
*2818
134
238
*612
%
24
2018
14
1814
26
6
15
*84
8012
69
2%
carms
3
812
0
2
*312
13
-12
12
'2
34
*38
34
*38
2178 1978
2278 20
1518 127 1412 1212
1912 1714 1838 1613
.26
30
*26
26
0
0
618
618
134 2
*112
15,
912 *838 912 *812
8212 7814 8214 7818
6712 0712 66
69
238
212
238
21.
,
fil. DOM Wil.
23
3'8
338
3
814 812
734
is
9
•7
9
*7
2
212
2
218
312 4
3%
4
-12
12
34
34
21
2118
13% 133
1714 17%
297 •26
618
6
2
2
912 •838
8018 8012
67
64
231
214
mar •
234
3
778
8
9
*8
2
*218
8
378
3,
Friday
May 12.
Sales
for
the
Week.
$ per share
5952 6112
70
69
34
39
1518 16
1918 2038
3014 313
89
88
12
1334
*378 534
45
*41
3112 3214
763 77
1% 158
1388 1418
65
*60
3478 3512
212
*I
112 2
338 312
734 814
3
314
438
4
734
714
1178
11
814 812
PER SHARE
Range Since Jan. I
On basis of 100-share tots.
Lowest.
$ per share Shares.
5012 6138 131,200
6978 7012 3,700
3718 3834 34,900
1518 1534 107,800
7,700
1812 20
31
3114 2,700
20
*89
9184
1,000
13
13
100
*378 412
*41
45
3078 3112 34,100
7718 7718 1,200
1
D2 8.100
1278 137e 134,000
*60
65
348 3534 87,300
200
*34 134
1.600
178 2
358 414 12,000
77
838 9,000
234 314 14.300
414 434 31,600
712 834 126,100
1158 1278 7,800
8
818 16,800
2778 *23
27
27
277 •25
27
25
2978 *23
2612 1,000
*80
90
*80
90
90
*8014 90
*80
*80
90
90
65, 7
734
634 712
7
712
75s 733
43,200
714 8
6212 62
63
*62
6312 *62
6212 •62
20
6312 *62
6312
134 1412 1334 14
14
1478 151s 1614 1512 1614 9,700
137
858 95
778 812
*712 778
8,000
712 77
733 *712 778
37
37
37
37
37
4
1,600
8 333 •332 372
3,
338
1118 1112 1114 112s 1118 1138 15.100
105s 1112 1078 1118
11
71
7378
7012
73
0812
73
29,700
67
,
4
69
688
4
1373
6914
233 218
218 1.900
2
2%
2
158
2
I%
2
134
1512 145 153 73.800
148 1512 14
1538 147 1512 1434 153
*212 278
3
500
3
2% 278
312 312
21 *212 312
158 218
178 2% 61,200
132
112
133
112
15, 134
14
37
414
3
33
2%
27
23
6,400
8
*25
23
8
25s
3
213 212
278 334
33
*212 312
312 2.700
234 *2's 3
212
338 3,500
212 212
212 .211
3
234 314
214
233
•Ilid and asked prices, no sales 00 this day. a notional sale. s Sold 15 days.
*24
*80
714
*62
1333
712
352
1012
68
15
15
254
158
231
23
214
STOCKS
NEW YORK STOCK
EXCHANGE.
Par
Railroads
Atch Topeka & Santa Fe-100
Preferred
100
100
Atlantic Coast Line RR
Baltimore & Ohio
100
Preferred
100
Bangor & Aroostook
50
Preferred
100
Boston & Maine
100
Brooklyn & Queens Tr_No par
No par
Preferred
Skirl] Manh Transit___No par
36 preferred series A_No par
Brunswick Ter & Ry SecNo par
Canadian Pacific
25
Caro Clinch & Ohio stpd_ _100
Chesapeake & Ohio
25
Chic & East III Ry Co
100
100
6% preferred
Chicago Great Western...100
Preferred
100
Chic Milw St P & Pao_ _No par
Preferred
100
Chicago & North Western_100
Preferred
100
Chicago Rock 181 & Pacific_ 100
100
7% preferred
3.400
1114 1178 1112 12
100
6% preferred
3.700
1018 1058 1038 11
Colorado & Southern
100
___
*15 _ _
40
.15
658 -678
- 6,700 Consol RR of Cuba pref 100
614 634
100
6534 63
64'2 34,200 Delaware & Hudson
64
2914 82,600 Delaware Lack & Western_50
2812 298 28
1,900 Deny & Rio Gr West pref- _100
51
5
514
5
93 10
100
9%
933 14,500 Erie
First preferred
100
1118 1134 1112 1111 3.500
734
75
900
Second preferred
100
818
8
100
l87o 110,400 Great Northern pref
1788 1812 18
200 Gulf Mobile & Northern_ _100
*4
5
5
*4
97 1114
Preferred
100
11 .1112 1.300
3.100 Hudson & 'Manhattan_ _ _ _100
14% 15
1413 147
100
1912 2014 1914 198 42,500 Illinois Central
120
RR Sec etre merles A 100
1112 1112 *1012 12
6
61, 13,800 Interboro Rapid Trail v t c_100
6
612
100
1314 1378 1318 135, 3,900 Kansas City Southern
1938 1,500
1912 19
Preferred
19
100
1634 1778 168 1714 20,400 Lehigh Valley
50
43% 4112 4234 18,100 Louisville & Nashvlile.._100
42
17
1612 1612 *13
30 Manhattan RI 7% guar__100
1034 1114 10% 1078 10.000 Marsh Ry Co mod 5% guar.100
700 Market St RY Prior pref__ 100
*28 38 *274 37
800 Minneapolis & St Louis
100
12
12
%
as
2
Minn St Paul & SS Marie_100
*I
2
*1
1112 24,200 alo-Kan-Texas RR____No par
1078 1134 11
2212 2312 11,100
Preferred series A
100
2212 24
314
312 312
100
312 7,600 Missouri Pacific
434 51s
458 434 16,500
Cony preferred
100
% 1.000 Nat Rys of Mexico 2d pref_100
38
38
*14
100
2818 2638 27% 29 216,000 New York Central
714 6,400 NY Chic & St Louis Co
7
712
718
100
Preferred series A
812 912
834 938 8,100
100
11412 117 *112 117
80 N Y & Harlem
50
1912 2034 59,900 NYNIldt Hartford
100
2018 2114
100
3412 3558 34
Cony preferred
3512 4,800
100
1138 1214 1134 1214 12,400 NY Ontario & Western
*14
NY Railways pref
No par
38
*14
58
•1
112
112 112
100
700 Norfolk Southern
100
14112 144
144 145
3.800 Norfolk & Western
90
100
*7434 78
*75
Preferred
78
2118 225, 215, 2278 86.700 Northern Fecal°
100
*114 4% 01% 414
Pacific Coast
100
24
50
a2412 25
248 144,400 Pennsylvania
4
*3% 414
31
100
300 Peoria & Eastern
100
13
14
1314 1412 1,300 Pere Marquette
100
Prior preferred
1434 1678 1518 16% 1,600
1314 14
14
12
Preferred
100
630
*1118 17
*114 17
100 Pittsburgh & West Virginia 100
3814 4034 3812 39
3,600 Reading
50
*28
2912 2933 2958
100
1st preferred
50
2814 2814 2814 2812 1,200
2d preferred
50
2
218
218 214 6,300 St Louis-San Francisco-100
2% 234
2,000
24 3
lit preferred
100
*612 734 *612 734
St Louis Southwestern_ -100
Preferred
100
-12
% 6,600 Seaboard Air Line
12
-13
12
No par
34
400
*38
34
Preferred
34
100
34
2238 2233 2312 2218 2338 161,500 Southern Peen, Co
100
15
15
1534 1412 1514 74,000 Southern Railway
100
1834 1812 197
18% 1914 16,800
Preferred
100
2978 *27
30
*26
30
100 Texas & Pacific)
100
6
533 533
6
6
2.000 Third Avenue
100
2
*13
3
*112 3
600 Twin City Rapid Trans No par
912
912 912
912 912
20
Preferred
100
83
84
8858 86
8775 58,200 Union Pacific
100
66
6612 67
6612 6812 1,000
Preferred
100
214
234 23
233 234 2,300 Wabash
100
mar I mow-_ mast NM =mow
234 3
234
3
2,6000 Preferred A
100
8%
834 914
814 918 19,400 Western Maryland
100
*8
914
918
914
9%
400
2d preferred
100
212
212 212
238 212 1,600 Western Pacific
100
414
438 412 1,700
3%
4
Preferred
100
$ per share $ per share $ per share
0534 5852 5512 5732 5712 5933
68
6812 67
68
66% 69
3112 34
3312 2934 32
30
1338 144 13
1518
14
14
1718 1778 1658 17
1878
17
*29
3012 2914 2914 29
3014
*8712 913 .87
88
*86
88
12
12
*10
13
1112 1112
*378 412 *418 412
414 414
*41
45
45
*41
45
*41
3112 3338 3012 3134 3112 324
7538 7512 7512 7512 76
7612
1%
14
114
158
112 134
13
1378 1212 13
13% 1378
.55
63
*55
63
65
*60
33
3438 3288 3334 34
35
114
114
*1
2
14 *1
lls
138 •114
138 *138 112
314 314
278 318
3
314
712 734
7
714 778
733
234 278
238 27
258 278
35
4
334 4
312 334
614
7,4
618 64
64 7%
10
1014
834 914
912 1033
614 8
618 7%
712 814
10% 1112
912 10
934 1112
83
912
1012
9
812 8%
*1512
-_ *15 _ __ •15
_ __
6 --6%
512 -618
578 -614
60
6314 59
607
61
634
2633 2734 253 26% 2618 2834
434 514
412 412 *412 534
812 918
73
9%
758 8%
11
11
10
1014 10
1034
712
*614
*514 7
7'2 71
1478 1638 1412 16%
1618 1738
*4
6
412 412 *414 5
912 91
*8
10
*812 10
1412 1433 14
14
14% 1414
1714 191
1718 18
1734 1938
1014 101
*912 1112 *912 1112
6% 612
6
612
58 634
12
1238 •11
13
1214 1212
1834 183 *1634 1858 *1712 19
1614
1412
1434 1534 153 17
39
401
3812 40
4112
40
*15
17
*15
1678 *15
1612
1012 1134 10% 1114 10% 1114
213
3
214
234 3
*27
31
38
33
38
%
14
38
38
2
*1
2
2
*1
2
*1
1112 10
107
1018 1012 1038 11
2218 2034 22
20
21
204 2238
314 312
312
318 3%
3
312
518
412 518
4% 412
412 47
%
*14
38
38
*14
38
•74
2734 2514 2678 2412 2534 2614 2758
612 7
714
7
658 7
712
8
734 8% a712 818
778 812
116
110 114 *112 1153 *11218 115
2018 1734 1934 1778 19
1812 198
34% 33 ' 35
32
33
3334 3414
1214 11
1134 1058 1118 1112 12
58
*14
58
*38
58
*38
38
114
118
114
1%
1%
118 •1
139
139 141 *136 139
139 141
75
75
75
74
74
7418 74%
20
1731 1912 1814 2014 193 2114
41 1
*114 414 *114 4% *1% 414
241 1 2134 237
2134 2278 23
2334
4
*3
4
*2
4
*3
4
1134 *1012 1314 *1012 1238 117 1178
13
15
141
1418 1414 14
15
1234 1218 1218 1034 1034 12
1212
1634 *11 18 1612 *12
16
15
15
3812 3512 38
3514 37
3614 33
30
*2712 2953 *2612 2958 *25
2958
27
30
2818 .2618 2712 2712 2734
17
2
2
214
2
11
17
23
234 3
212 258
212 233
8
*6
8
*6
778 *612 734
S Per Share
5612 59
69
69
3218 34
1414 1518
18
18%
*3038 3212
*8712 9134
*12
1312
*378 5
*41
45
321 3312
7434 7434
4
158
1312 14
*55
65
3434
34
78
%
114
114
314 312
712 8
24 28
334 4
634 712
1012 11
8
812
1012 1238
10
1033
.15
-6 --6%
65
62
2612 2812
5
514
014 078
1138 1173
734
714
151
1631
*4
6
*9
10
144 15
1812 1912
•10
113
614 64
1212 1212
1918 1918
154 171
39% 41
*1518 1778
11% 117
Thursday
May 11.
Industrial & Nflicellaneous
Abraham & Straus
No Par
Preferred
100
Adams Express
No par
Preferred
100
Adams NfilLs
No par
Address Nfultigr Corp No par
Advance Rumely
No par
Affiliated Products Inc_No par
Air Reduction Inc
No par
Air Way Elm Appliance No par
Alaska Juneau Gold afira___10
A P W Paper Co
No par
Allegheny Corp
No pat
Pref A with 330 warr__ _100
Pref A with $40 warr___100
Pref A without warr___ _100
z Ex-divIdend. y Ex-rights.
Highest.
PER SHARE
Range for Precious
Year 1932,
Lowest.
Highest.
$ per share $ per share 5 per share $ per share
Jan
1778 June 94
3458 Feb 25 6158May 12
35 July 86
Jan
50 Apr 3 7012May 12
934 May 44 Sept
1612 Feb 25 39 May 11
33 June 2138 Jan
814 Feb 27 16 May 11
6 June 4112 Jan
912 Apr 5 2038May 11
911 June 3534 Aug
20 Jan 5 3234May 5
50 June 91 Sept
6888 Jan 4 89 May 11
4 July
1934 Sept
6 Apr 19 1334May 11
5 Mar 16
1014 Mar
278 July
312 Mar 29
3534 Apr 19 4518 Jan 18
2314 June 58 Mar
1118 June 5014 Mar
21% Feb 25 3312May 4
3112 June 7838 Mar
61 Mar 2 8078 afar 27
218 Aug
12 Jan 11
134Nlay 8
12 Apr
714 May 2088 Mar
712 Apr 3 1488 Jan 6
Feb
39 July 70
5014 Apr 4 57 May 2
2458 Feb 28 3534Nlay 12
934 July 3112 Jan
12 July
384 Aug
114Nlay 9
12 Apr 18
12 May
5 Aug
12 Apr 5
2 May 11
53 Aug
133 Apr 6
114 June
414May 12
212 May 1512 Jan
212 Apr 5
8% Jan 10
%June
11
412
1 Apr 6
Aug
314May
112 Feb 28
118 May
43oalay 12
8 Aug
1% Apr 5
2 May 1412 Aug
834May 12
4 Dec 31
2 Apr 5 1278Nlay 12
Jan
112 May
2 Apr 5
91451ay 5
1633 Jan
31 Dec 2712 Jar
312 Apr 10 1314May 5
278 April
2 May 2412 Jar
1114May 5
151 Feb 24 25 May 3
412June 2912 Sept
6% Apr 12
1
Dec 11 13 Jar
114 Feb 24
32 July 9212 Sept
3733 Feb 25 6534May 11
812 June 457 Sept
1714 Feb 25 2953May 11
9 Jar
112 May
2 Feb 28
512May 12
33 Apr 4 10 May 11
2 May 1134 Sept
258 Slay 157e Aus
412 Apr 4 1178May 6
1012 Am
2 May
212 Apr 4
81sMay 11
51 May 25
Jar
438 Apr 5 1878May 12
10 Sep;
2 May
5 May 2
134 Mar 31
1113May 12
212 Dec 1512 Sep;
212 Mar 31
8 May 3034 Jar
1112 Feb 27 1618May 3
434 June 2478 Sep;
812 Apr 5 2014May 11
1412 Jar
4 Slay
412 Apr 18 1112May 11
25
214 June
Mar
1488 Ma
714
418 Feb 27
214 June 1514 Sep
612 Feb 27 1378Nlay 5
5 June 2514 Sep
x12 Mar 31 1912May 5
85 Feb 24 1778May 11
2914 Set/
5 Jun
712 May 3814 Sep
2114 Jan 3 4314May 11
9 Sept4638 Ma
12 afar 16 1878 Jan 28
4 June 2014 Ma
6 Jan 3 1214Nlay 4
178 Mar 3
3 Slay 9
218 Dec9 Ja;
18 Jan
58 Au;
% Apr 27
% Jan 23
438 Sep
12 Dec
178Nlay 2
12 Mar 20
114 May 13 Sep
934 Jan 3 12 Slay 3
314 June 24 Sep
1112 Jan 3 24 May 1
43 Jan 11
11
Ja;
112 Slay
1% Apr 1
Jam
Jan
10
1
Slay 26
7
Apr
212
133
12 Feb
78 Sep
38 Apr 26
18 Jan 3
83 June 3633 Jill
14 Feb 25 2938May 1
218 Jan 25
112 May
712May 8
934 Sep
2 June
912May 11
1533 Jal
233 Apr 11
8214 May 12712 Au,
100 Mar 31 120 Jan 28
6 Slay 315, Jai
11% Feb 27 2114May 11
11% July 7834 Jai
18 Apr 4 3558May 11
35 July 153 Sep
73, Jan 4 1278 Apr 21
1
Fel
18 Dec
Is Mar 15
1% Jan 20
38 Sep
14 Dec
112 Jan 11
12 Apr 4
57 June 135 Set/
11112Mar 2 145 May 12
65 July 8112 De
74 May 9 83% Jan 5
512 Slay 2534 Sep
95, Apr 5 2278afay 12
312 Sep
1 afar
2 Jan 12
1 Jan 25
612 June 2338 Jal
133 Jan 3 25 Slay 11
78 Slay
514 Sep
412May 5
711 Feb 17
37 Mar 3 1412May 12
1% June 18 Au,
312 June 26 Au,
6 Jan 3 1678May 11
212June 24 Au,
412 Feb 28 14 May 5
6 Dec 2112 Au,
612 Apr 19 1734May 3
912 June 5214 Sep
2312 Apr 5 4034alay 11
15 July 33 jai
25 Apr 25 31 Jan 14
15 May 38 Sep
2312 Mar 31 2958afay 3
38 May
63 Ja:
214MaY 3
% Jan 30
93 Ja
1 May
3 May 8
1 Apr 17
3 May 1378 Sep
6 May 3
5% Mar 15
8% Dec 2012 Ja;
__ __
18 Jan
1 Sep
14 Jan 3
58MaY 12
,Sep
14 Jan
15
78 Jan 10
%afar 25
612 June 3758 Jai
1118 Feb 25 2312May 11
212 Slay 1812 Sep
418 Mar 2 1534May 11
3 July 235 Sep
572 Jan 3 20 May 3
13 Nov 35 Sep
15 Apr 24 32 May 3
378 May 14 Ma
6% Feb 3
418 Feb 25
412 Jun
118 Dec
2 May 8
112 Jan 10
7 June 2412 Ja;
57 Apr 19
91251ay 11
2733 July 9412 Fel
6114 Apr 5 8833May 11
40 May 7188 Au;
56 Apr 6 69 May 6
0
1 ,72 June
414 Au,
234Nlay 11
112 Jan 4
.
Jwailisimem .imirlem -Sinle....L Mr.!,
6 g2a1
I June
33sMay 6
118 Apr 6
112May 1138 Sep
938Nlay 2
4 Feb 27
1114 Sep
2 Slay
978May 3
558 Jan 12
4% Au;
12 June
212May 5
1 Apr 22
44 May
8,
8 Au;
412Nlay 12
17 Mar 2
131 Feb 23
80 Mar 3
3 Feb 28
39 Apr 11
8 Apr 7
518 Apr 15
134 Feb 21
734Mar 1
4712 Feb 25
12 Feb 28
1118 Jan 14
1 Jan 5
78 Apr 4
1 Apr 5
112 Apr 17
114 Mar 30
2712N1ay 4
80 Mar 3
8 Slay 5
6312May 5
1614May 11
1018 Jan 3
4 May 11
1134May 1
7378May 11
218May 10
183 Apr 24
312May 9
218May 11
4141‘ley 11
334May 11
338May 12
10 June
68 July
158 Slay
22 June
12 June
812 Dec
114 June
414 Slay
3078 July
12 June
7% June
74 Dec
38 May
34 Slay
5, June
34 June
2433 Au;
98 Ma
912 Sen.
73 Set)
3033 Ma
14 Sep
47 Au,
1612 Ma
6312 Set)
312 Sep
1633 Jai
4 Ma
35, Sep
814 Sep
8 Sep
8 Sec
New York Stock Record-Continued-Page 2
3300
May 13 1933
gar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED
IN THIS LIST, SEE SECOND PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
May 6.
Monday
May 8.
Tuesday
May 9.
Wednesday
May 10.
Thursday
May 11.
Friday
May 12.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range fo Prerious
Year 1932.
Lowest.
Highest.
8 per share $ per share $ per share 6 per share $ per share S per share Shares. Indus. &
Misceli. (Con.) Par $ per share $ per share $ per share 1 per share
15
.14
1412 15
1453 1478 1434 1434 15
15
1434 15
310 Allegbeny Steel Co_ ___No par
Mar
1512May
5
30
4
5 may
15 Sept
9014 94% 8713 9112 87
9412 9513 99.8 9512 98 103,100 Allied Chemical & Dye-No Par 7034 Feb 27 9538May 11
89'3 89
4212 June 8814 Sept
11714 11912 117 11714 115 11534 115 115
116 117
11713 11712 1.200
Preferred
100 115 Apr 21 12178 Feb 1
Ms Apr 120 Dec
1378 1413 1328 1434 1334 1412 14
1514 16
15
15
1534 34.200 Allis-Chalmers Mfg____No par
6 Feb 27 16 May 11
4 June 1538 Sept
•9
1114 *9
10
.94 912
914 914 10
1014 1014 1014
400 Alpha l'ortland Cement No par
534 Jan 10 11 May 5
413 July
10 Jan
2
2
134
18 1.1113 2
al% 314
318 312
314 11.800 Amalgam Leather Co_ ..No par
3
53 Feb 21
3I2May 11
14 Apr
213 Sept
•14
16
14
14
*134 15
15
19
19
1918 1918 1,000
19
100
7% Preferred
5 Feb 23 191815lay 12
4 Dec 10 Mar
3214 34
3114 32% 3114 3212 3214 3438 33
3438 33
3558 35,200 Amerada Corp
No par 1812 Mar 2 3434May 4
12
Jan 2234 Sept
164 171.4 16
1613 1534 1618 1534 1612 1653 173* 17
71 MarI 1734May 5
1712 6,100 Amer AgricChem (Del) No par
312June 1512 Sept
1534 1614 15
16
15. 15
1513 17
1612 17
1618 1634 6,600 American Bank Note
8 Mar 2 17 Slay 4
10
5 Slay 2212 Sept
41
42
41
42
*3712 41
*3712 41
*38
4078 *38
408
Preferred
50
50 34 Apr 7 42 May 3
28 June 47 Feb
434 514
5
478 5
5
478 5
478
518
434 518 6,000 American Beet Sugar__No par
7
g
1 Jan 30
5 Apr 20
27 Aug
14 Apr
2713 2814 .26
2714 257 264 26
27
26
2714 2512 27
7% preferred
430
100
234 Jan 5 2814Nlay 6
1
Apr
934 Aug
2112 2134 2114 2134 21
21% 2134 2218 2412 237 2412 5.500 Am Brake Shoe Sr Fdy _No par
211
918 Mar 3 2412May 11
612 June 1778 Sept
.79
90
*79
90 .79
90
90 .85
90
90
*85
90
20
Preferred
100 80 Mar 28 90 May 10
40 July 90 Feb
79
83
7714 8114 7714 7933 7858 82
8234 8438 80% 8234 130,300 American Can
25 4912 Feb 25 8412 Apr 29
2953 June 7373 Mar
119 119
120 120 .11914 121
121 122 *122 125 *122 125
900
Preferred
103 112 Feb 27 12834 Jan 28
9312June 129 Mar
1478 l638 143 1512 1418 1412 151 16
1614 168 1434 158 7.700 American Car & FdY.--No par
618 Jan 23 1633May 5
34 June 17 Sept
3212 3253 3112 318 3012 3012 31
3412 3312 3412 2.600
3134 32
Preferred
100 15 Feb 28 3412May 11
15 Dec 50 Aug
312 312 .
24 314 .
218 314 *273 314
314 4
312 312
800 American Chain
No par
158 Mar 31
414May 1
Ps Apr
714 Sept
712 712
712 712
713 718
9
10
10
713 712
700
7% preferred
313 Mar 1 10 May 12
100
9
7 June 26
Jan
4414 437 44
44
43
431
44
434 44
44
44
44
2,500 American Chicle
No par 34 Mar 2 4434N1ay 1
18 June 38 Nov
3
3
3
3
3
3
312 *3
*3
33*
312 333
800 Amer Colortype Co
10
Feb
2
21
4 Feb 9
2 July
814
Sept
21
2214 20,4 2134 1953 2014 2014 22
2133 2253 2034 2253 23,800 Am CCM11111 Alcohol COM 20 13 Feb 27 2334May 3
11 May 27 Sept
•158 21
*113 218 *112 212 *2
212 *2
212
212 314 1,900 Amer Encaustic THIng_No par
1 Jan 5
314May 12
34 Dec
5 Jan
7
7
7
718
71
612 812
634 7
7
714
7
2.100 Amer European See's__No par
373 Apr 1 1038 Jan 6
234 Apr 154 Sept
95 1053
9
1118 12 187,400 Amer & Porn Power___No par
103*
37 Feb 27 12 May 11
8% 934
958 1018 1014 12
2 May 15 Sept
2012 225
23
23
18
19
1914 2012 2158 2312 23
2312 10,100
Preferred
No par
714 Apr 4 231251ay 11
5 Slay 3812 Jan
1234 1312 124 131
1112 1212 1212 13
1318 1512 1413 1612 13,000
2d preferred
43* Apr 4 1612S-fay 12
No par
234 May 2114 Aug
18
1838 1713 18
16
18
16
1678 174 20
19
3,700
20
16 preferred_ _ _ _ _ No par
614 Apr 4 20 Slay 11
334 June 33
Jan
*6
.612 64
7
718 74
634 7
714 74 *7
713 1,300 Amer Hawaiian S S_____ __10
44 Jan 5
7385,1ey 11
3 May
813 Aug
6
6
.512 6
812 7
534 614
712 8
713 734 8.500 Amer lilde & Leather_No
212Nlar 2
- par
8 Slay 11
1 May
6% Sept
25
24
2412 25
24
2714 2912 3212 3178 3414 2912 32
14,300
Preferred
100 1313 Feb 14 3414Slay 11
4% Slay 27 Sept
373* 3778 304 3738 36
363 37
3913 388 3978 3712 3812 11,100 Amer Home ProductsNo par 2912 Mar 1 40 Apr 20
25 June 5153 Mar
7
738
718 718
612 718
63* 7
712
7
64 7
8,300 American Ice
No par
334 Feb 24
712Nlay 1
33 Dec 2158 Mar
.3228 35
36
3634 37 .34
3314 3314 35
35
*3412 37
300
6% non-cum prof
100 25 Feb 15 37 May 5
35 Dec 88 Mar
97 103s
918 10
84 938
812 9
978
914
953 1014 34,700 Amer Internal Corp_ __No par
414 Feb 27 1034May 1
213
June 12 Sept
4
33
4
*38
%
.33
*38
.1%
12
%
12
AI 2.000 Am L France& Foamite No par
14 Apr 21
3451ay 12
14 Jan
84 Aug
•218 3
.24 3
*214 3
*214 3
.214 3
*214 3
Preferred
100
114 Jan 3
214 Jan 28
1
July
414 Aug
1218
15
1313
14
1212
1314
15
134
14
1514
143* 1434 5,500 American LocornotIve__No par
57 Jan 3 153815lay 2
328 July 1514 Aug
36
36
3512 3512 3614 37/8 38
37
38
3918 1,500
39
39
Preferred
100 1734 Jan 3 3912 Apr 20
1718 Dec 49 Sept
1534 1614 1553 16
15% 1358 1658 1678 1738 1612 17
15
15,500 Amer Mach & Fdry Co.No par
834 Feb 27 17385lay 11
712June 2214 Jan
*212 258 .214 212 .2
234
212 212
234 31 2
1 Jan 27
34 34 3,000 Amer Mach & Metals__No par
312May 11
1 June
34 Mar
1012 113* 10
11
1158 114 1232 113* 12
93* 1078 11
44,600 Amer Nletal Co I.td_ __No par
34 Feb 24 1238May 2
112June
914 Aug
40
38
38
40
3812 3812 3812 3912 3912 47
41
427
1,980
6% cony preferred
100 1513 Jan 4 47 Slay 11
812
June
32
Aug
23
.22
23
23
22
22
2178 2173 22
*21
23
22
270 Amer News Co Inc____No par 17 Jan 20 30 Feb 6
14 July 33
Jan
8
828
713 814
7
734
814 834
734 8
853 9 77,100 Amer Power & Light __No par
4 Feb 27
914 Jan 11
3
June
1714
Sept
2012 2138 2034 2114 19
1913 1878 20
97 Apr 5 2412 Jan 11
2114 2212 23
2438 6,100
No par
86 preferred
1514 June 58
Jan
1814 1918 1713 1812 16
1634 1634 1712 19
1912 1914 21
7,100
85 preferred
No par
9 Apr 1 2112 Jan 12
10 July 4034 Jan
934 1012
958 1014
1012
938 10
934 10,4 10
458 Feb 27 1034May 5
98 103* 97,600 Am Rail & Stand Ban'y No par
34 June 1214 Sept
1334 1478 1318 1438 13
1538 1518 154 15
14
137
1534 71.600 American Rolling Mill
534 Mar 2 1334Nlay 11
25
3 May 1813 Sept
25
2512 2414 2513 2458 24% *2434 25
254 27
2714 28
4,000 American Safety Razor No par 2018 Apr 6 28 May 12
1338 June 22914 Slur
*114
18
112 112 .112 18 *112 2
18 212
212 212
500 American Seating v t o_No par
78 Mar 20
212May 11
*4 Juno
334 Sept
.
4
3*
12
*38
%
4
14
38
38
12
313
12 1,700 Amer Ship & Comm_ __No par
18 Apr 8
12 Apr 24
Is Apr
78 Sept
9312 15
.1213 15
*1312 15
15
15
15
16
16
16
290 Amer Shipbuilding Co.No par 1112 Mar 3 16 Apr 7
10
June
254
Jan
2812 30
2714 2914 2638 28
2734 29
29
3013 2814 297 74,500 Amer Smelting de Refg_No par 1034 Feb 25 317215.1ay I
54 May 2714 Sept
62
8012 62
62
62
6218 6114 6278 83
65
66
67
3,000
Preferred
100 31 Jan 10 67 May 12
22 June 85
Jan
47
4712 46% 4712 4758 49
47 .46
47
48
494 51
2.200
213 preferred 6% cum_ 10
2012 Jan 2 51 May 12
15 July 55 Feb
4314 43
4312 4312 43
43
43
4334 44
43
44
454 3,200 American Snuff
25 3212 Jan 10 4514May 12
2134 June 3612 Aug
105 105 *104 105
1048 105 90412 105
105 105 904 105
130
Preferred
100 10213 Jan 11 106 Feb 23
90 Jan 106 Sept
11
1134 1034 1112 1034 1138 1112 1212 1278 1334 1278 1312 30.000 Amer Steel Foundries_No par
452 Feb 28 133415.1ay 11
3 May 154 Sept
65
6.5
63
68
*6212 70
*64
70
70
70
*64
70
Preferred
80
100 3753 Mar 28 70 May li
34 July 80 Feb
4012 4034 4014 4012 4038 404 4013 41
41
4458 4378 4478 7,000 American Stores
No par 30 Feb 27 4478May 12
20
May 3634 Mar
5318 50
51
53
52
.5238 5214 5313 5313 5412 52% 5312 20,100 Amer Sugar Refining
100 2113 Jan 19 5434May 5
13 June 3914 Jan
99
9918 9918 99
100 100 *100 1004 10018 10018 100 101
900
100 80 Jan 19 101 May 12
Preferred
45 May 90 Aug
912 10
9,2 9,2
912 1112 1153 1253 1134 124 1114 1134 29.600 Ant Sumatra Tobacco-No par
6 Jan 13 1258:Way 10
234 Apr 1014 Aug
100,4 10312 99 10234 093 10134 10214 10334 10358 10634 10458 1083* 286,400 Amer Telep & Teleg
100 8613 Apr 18 10933 Jan 11
8924 July 13738 Feb
7934 7712 7834 76
79
77
77
7812 79
8053 7812 80
25 49 Feb 23 81 Slay 1
4,000 American Tobacco
4012 June 8684 Mar
804 8278 7914 8114 7814 8038 x7918 8112 8118 8338 8014 82
25 5034 Feb 25 8312May 1
61,400
Common class 11_
44 June 8934 Mar
•107 109
10812 10812 10714 108
1074 10714 108 108
108 10918 1.600
Preferred
100 10234 Mar 1 117 Jan 14
9514 June 11812 Oct
10
9
10
9
812 858
1112 14
878 11
17
19
3,900 Am Type Founders__ _No par
43* Apr 10 19 May 12
4 June 25
Jan
184 20
21
20
1712 1713 1712 244 25% 28
2612 3234 1,900
Preferred
100 10 Apr 6 32345lay 12
1012 July 70 Jan
1912 21
19
22
20
2012 2114 217u 23
197
2228 2414 54.700 Am Water Wks & Elec_Na par 10% Apr 7 2414May 12
11 May 3412 Mar
173* 154 1653 15
16
1528 1512 1634 17
3
Apr
4
184 1734 19 4 56,700
912
1934Nlay 12
Common vol tr etts_No par
11 Slay 31 Mar
55 .52
5713 54
56
54
.5314 .55
57
57
61
No par 35 Mar 24 65 May 12
65
2,700
let preferred
28 June 75 Jan
818 84
812 914
818 812
858 93
913 98
013 11
312 Mar 2 11 May 12
45,200 American Woolen__ ....No par
18 May 10 Sept
39
3913 3714 388 3634 38
39
4118 42
41
418 4514 18,100
100 2228 Feb 16 4514May 12
Preferred
1512 Jan 397 Sept
14 14
17
138
112 112
14 14
133
38 Feb 8
133 139
138 3,400 Am Writing Paper ctts_No par
178May 5
14 Stay
214 Aug
a5
531
54 6
5
5
*3
5
43*
*3
458 6
24 Feb 17
1,020
Preferred certificates No par
6 Slay 5
2 July
8 Aug
54 514
54 538
5
5
558
5
214 Feb 28
54 84
11,900 Amer Zinc Lead & Smelt ____1
614 Apr 20
534 6
114
Slay
678 Sept
36 .3214 3534 .32
.30
34
3414 3413 40
40
40
40
25 20 Feb 21 40 May 11
Preferred
400
10 June 35 Aug
1214 13
10% 124 1118 12
12
5 Feb 28 1518 Apr 20
124 1234 1353 1234 1314 198,100 Anaconda Copper Mining 50
3 June 1933 Sept
813 812
838 838 *6
88 •618 8% *713 8%
9
9
418 Jan 6
500 Anaconda Wire & CableNo par
9 Slay 12
3 Apr 15 Sept
124 1314 1212 1318 1234 1234 13
144 15
1578 15
193 34,000 Anchor Cap
8 Jan 20 1938May 12
No par
514 May 1713 Mar
1
*6712 68
68
6934 6934 6934 6934 75
68
*67 2 68
75
$6.50 cony preferred_No par 6212 Jan 11 75 May 12
80
40 May 75 Sept
7
.5
614 *5
.5
6
*5
614 *514 614
100 Andes Copper Mining No par
612 Apr 24
228 Feb 7
614 814
138 Slay
9 Sept
9914 20
1912 1.500 Archer Daniels SlidFd_No par
*1834 1912 18,2 1834 1858 1858 1912 1912 *19
934 Mar 3 1934May 5
7 Apr 1513 Sept
•95 101
*93 101
*95 101
.95 101
.95 101
.95 101
100 95 Feb 23 100 Mar 18
7% preferred
85 Apr 10014 Oct
6314 65
*5913 60
60
61
614 6012 61
62
6512 69
3.100 Armour & Co (Del) Pref 100 41 Jan 3 69 May 12
24 May 61 Aug
338 358
314 3 8
332 312
314 312
313 414
418 413 101,100 Armour of Illinois class A_.25
14 Feb 28
412May 12
53 June
234 Sept
2
2
24
218
178 218
238
212 234 61,600
2
218
2
Class B
234May 12
34 Feb 20
25
38 June
2 Sept
2018 22
22
20
2012 2112 2114 22
23
2614 2914 16,600
26
100
Preferred
7 Feb 27 2914May 12
3l Slay 158 Aug
3
253 3
3
*258 3
3
118 Jan 19
278 3
3
1,700 Arnold Constable Corp_No par
358May 3
3
3
1 Slay
358 Aug
*314 4
*334 4
*334 4
*324 4
*334 4
4 Apr 2S
4
No par
4
2 Mar 27
50 Artloom Corp
158 Dec
534 Sept
3
3
278 27
212 258
258 258
234 234
318May 5
84 Apr 17
2% 258 1.700 Associated Apparel Ind No par
%June
3
Aug
10
1013
924 1034
1012 1012 1078 1018 1114 13,800 Associated Dry Goods
938 978 10
1
312 Feb 20 113/3May 3
3 May 11 Sept
.11
14
11
11
*1114 1534 1114 1114 14
14
25
15
634 Nfar 24 16 Feb 14
15
290 Associated Oil
612 July
1612 Aug
*9
*10
14
15
90
*1014 15
15
Mar
Lines__No
15 .13
22
par
15
15 May 5
412
15
100 All 0& WI SS
44 Dec 1214 Aug
90
*9
15
15 .10
15 .10
15
412 Apr 11
*10
Preferred
512 Jan 14
15 .10
100
15
54 Dec 1512 Jan
1812 1953 18
18
1914
18% 1834 1934 1934 2014 1938 207 101,800 Atlantic Refining
25 1238 Feb 28 207oMay 12
858 Feb 2178 Sept
1713 18
1714 1712 1534 17
19
1634 1914 19
1812 19
5,000 Atlas Powder
No par
9 Feb 14 1914May 4
7 Dec 2512 Feb
.6712 88,2 6812 6812 6912 6912 70
70 .71
*71
Preferred
60 Apr 5 70 Slay 10
74
74
30
4512 June 7912 Jan
*3
312 *3
312 *3
314 *3
314 *3
Feb
112
Corp
27
par
312 *3
Tack
Atlas
No
3
Apr 24
312
1 July
378 Aug
45
47
4212 4612 4314 4412 4418 4612 4658 4814 46
No par 3114 Feb28 5612 Jan 11
478 38,800 Auburn Automobile
2834 Stay15134 Jan
953 218 .178 214 .158 214 •158 218 *158 2
218 214 1,200 Austin Nichols
73 Feb 2
No par
234 Apr 24
12 Feb
17 Sept
1012 1134 1053 1112 1038 1078 1078 1152 1112 12
512 Feb 27 1212May 2
1078 118 169,900 Aviation Corp of Del (The)__5
112June
87 Dec
7
734
7
658 714
7
93851ay 11
312 Apr 12
78
812 933
834
88 174,000 Baldwin Loco Works...No par
8
2 Slay 12 Aug
204 2078 18
2134 1718 1914 188 27
912 Apr 4 32 Slay 11
Preferred
2713 29% 9,030
2758 32
100
8 May 374 Aug
82
82
82
82 .82 ..82 _
*82 100 .82 .
40 Bambergor G.) & Co prof 100 6814 Feb 28 82 May 6
62 July 99 Feb
*1 18
178
118
118 *114 -1-720 Barker Brothers
No par
8 .
114 Iill *114
1.14 -Fs
88 Jan 4
178 .
118May 8
313 Aug
I2 Apr
1
534 6
512 534
1
72.000
Barnsdal
Corp
6
8
,
4
553
653
54
578
52 6
5
638May 12
3 Mar 2
7 Sept
353 June
184 20
No par
2112 2214 22
184 19
314 Jan 6 2334M ay 1
2312 2,810 Bayuk Cigars Inc
19
2114 2134 23
2
Feb
Dec
13
*67
•67
70
1st preferred
70
72
*70
230
70
75
72 •70
70
70
100 27 Jan 18 72 May 10
30 Dec 59
Jan
18% 17
1628 1678 16
1614 1634 1714 1738 1778 178 1778 4,800 Beatrice Creamery
7 Mar 2 18 Apr 20
50
1012
Nov
4312
Jan
75
.64
*64
Preferred
100
*64
70
70
70
75
70
*65
100 45 Feb 24 70 Apr 25
75 .68
62
Dec
95
Jan
59
59,2 5034 60
4,400 Beech-Nut Packing Co
59
59
20 45 Jan 5 84 May 12
60
64
634 62
62
61
2914 May 4534 Dec
478 514
454 518
312 Feb 20
478 6
53* 018
534 614
614 Apr 20
534 64 12,000 Belding Ileminway Co No par
258 Jan
854 Sept
*74% 7818 .74
200 Belgian Nat Rys part pref____ 6214 Apr 7 7518May 11
80
7518 754 7518 7353 735
*704 80 .73
573 June 625 Deo
1258 138 1214 13
5
618 Feb 27 1458May 11
1218 12% 1234 1353 1358 1453 137 1438 90,100 Bendlx Aviation
412 May 1834 Jan
1
2138 2212 2114 2258 2034 2158 21
No par
2318 2134 2212 9.300 Best & CO
9 Mar 2 2312Nlay 5
22
22
534 June 2478 Feb
244 2614 248 2612 2414 2512 2558 2628 2638 2714 2618 2034 94.000 Bethlehem Steel Corp No par 1018 Mar 2 2714May 11
714 June 295 Sept
5512 53% 54
5214 5434 52
53
100 2514 Fob 28 5512May 11
54
54
8,500
7% Preferred
5012 52
52
1614
Jan
July 74
95
97
914
9
934 1038
No par
1012 1034 9,700 Blaw-Knox Co
912
312 Feb 28 11 May 11
1058 1038 11
358 June 10 Aug
.9
10
10
1018 .1114 12
658 Feb 28 1012May 8
260 Bloomingdale Brotlaers_No par
9018 14
*1018 12,2 9018 1212
614 June 14 Feb
90 .65_ *85
•65
Preferred
100
•___
53
__ *65
_
Jan 25 61 Apr 25
__ •65
65
_
Jan
49 Dec 61
23% 24
912 Mar 2 25,
22,2 -2
14,500 Bohn Aluminum & 13r_No par
.
3-,4 2114 -2-2
2153 -2-438 2412 -2558
25
- - 24
8May II
478 June 2214 Jan
*62
65
Bon Aml class A
No par 52 Feb 23 64 May 1
65
•60
64
*61
*63
68
6312 .62
64 .62
Nov
31
55
June
Booth Fisheries
No par
1 Aug
la May
100
1st preferred
.
14 Nov
114 Jan
141
8 -His -ii- -5114 -3-2:125 18 Feb 27 3458May II
8 -52- -3-333 3334 348 3358 3438 49.400 Borden Co (The)
Mar
434
July
20
10
5% Feb 28 1318May 11
1012 114 1034 12
12
11
118 1212 1258 1318 1212 1278 40,300 Borg Warner Corp
338 May 1414 Sept
1
258 1,600 Botany Cons Mills class A50
53 Apr 17
54
54
34
*14
253Sfay 12
*58
34
*38
N
*38
54
Apr
Sept
14
114
714
712
74 712 33,900 Briggs Manufacturing_No par
634 7
613 6%
64 612
253 Feb 21
653 718
7125tay 11
278 June 1134 Mar
•Bid and asked prices. no sales on this day. a Optional sale. 2E3-dividend. to Es-rights. e Cash sale.
A
A
New York Stock Record-Continued-Page 3
3301
tar' FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS
LIST, SEE THIRD PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
May 6.
Monday
May 8.
Tuesday
May 9.
5 per share $ per share $ per share
9258 14
*124 1418 *1258 1378
*7712 78
76
76
76
76
a44
44
434 4378 43
44
*4
434 *4
412 *378 414
6
638
64 614
6
6
814
912
8e 834
73a 812
5018 5018 5018 5018 5418 5418
112 158
158 134
134
178
538 538
514
538
538 6
17a
218
2
218
218 218
*112 2
*112 2
*112 2
458 5
5
5
5
5
1212 134 1238 13
12
1238
212 24
212 258 *214 212
*5'8 6
*5
6
514
514
•10
15
*812 1058 *812 104
114
14 *1
114
1
1
138
138
P8 14
118 118
.238 212
24 234
24 24
1814 1934 1718 2038 1734 1934
*48
50
4818 5078 *4812 504
174 1878 17
1814 17
18
4
58
4
5s
58
58
412 478
412 478
438 412
54 6
54 6
514 514
1118 1214 11
1112 1034 11
2312 234 2312 24
2212 23
*7
71
*7
714
612 638
•15
261 *15
34
*15
34
581s 6158 564 6Oe 5612 59
6612 6612 65
65
65
65
1414 151
134 1514 1334 144
134 1412 1338 1458 1312 19
*1
las *1
2
*1
2
84
1
58
58
•/
1
4 11
*218 3
*218 3
3
3
2812 29
2814 29
2712 2858
34 334
34 34 •338 4
*68
70
68
68
68
707
20
2112 1918 2934 19
20
212 24
212 258
24 24
12
12
*1012 1658 *1012 13
1258 1258 1258 1234 124 1234
48
49
4812 497a 4834 49
1618 1618 •1513 204 *1518 2078
2534 27,4 2512 2678 2518 2652
412 458
4
44
34 4
9
9
834 834
834 878
1178 1178 1114 1114 12
12
1112 144 1434 1518 *1412 1538
5,2 54 *5
54
5
512
1758 1858 1718 1812 174 1818
1
14
1
1 18
1
118
*6
17
*5
17
*5
17
•16
1738 16
16
•134 16
•90
95
9234 9234 *90
95
83
8414 82
8314 8112 8214
*4412 45
4412 4412 *4458 451s
1434 1538 1418 1518 144 1434
7012 71
*6812 7012 69
70
74 738
7
612 7
738
.41
6378 *42
6378 *35
634
*5
1014 *5
1012 *5
1058
712 834
8
84
8
858
4534 4814 4434 4818 45
4714
108 1118 1034 1114 1058 1114
1578 17
1534 1634 1518 1578
701s 70'8 68
70 .68
711
84 91
818 9
812 84
21 12 22
•19
2212 *21
22
•1812 20
*1812 20 .19
20
75
*75
75
7912 75
75
2918 3014 29
3014 2811 2912
91
91
*89
91
*89
9234
___
1618 1678 1538 1658 1538 16
2
218
2
218
2
218
3212 3434 3334 3334 31
324
*3
8
*3
8
*3
4
13
1314 12
1314
1134 1214
*84 11
11
11
*912 11
8
8
*7
812 *7
812
4512 4512 4478 45
4418 4418
*3
318
3
358 *234
3
812 834
838 918
834 878
5038 5234 504 5234 50
5112
•8112 86
8458 86
85
8512
3
3
3
3
3
3
8
812
758 814
74 8
97
97
•9678 110
*97
99
53
54
58
53
54
58
4
4
4
453
414 414
2
2
2
l's
178 2
714 8
714 758
718
712
Ils
118
118
1
118
1
4612 4714 4478 4518 4312 44
5334 551s 524 5412 5212 5338
634 684
612 612
6,2 612
24
25
2314 2412 2214 2318
278 3,
278 34
234 24
101s 10o 10
1034 10
1012
6712 70s 8818 70
67
6912
•128 130 *128 130
128 128
42
4
412 5
44
412 434
3212 3312 324 3234 3158 3258
74 8o
8
818
714
7
24
25
2312 25,4 2312 25
30
3012 3014 31
3012 31
212
*214
24 212
212 24
15
1938 1712 1812 17
1712
33
3318 32
34
*3112 32
•134 14
2
2
178 178
7
712
678 714
634 7
45
45
•44
46
46
46
40
*38
39
38
40
40
16
1614 15,2 1612 1512 16
464
4512 45
4512 4512 45
218 214
218 212
24 212
334
4
3,2
334
412
4
1112 10
1114
1034 1114 11
3
34 318
318 34
3
__ .
-.4
- .13 3
.112 3
*112 3
1012 104 1012 1012
104 11
87
6734 67
66
68
70
•17
1834 *1534 1834 *1534 1834
2418 2412 2314 2412 2312 2412
2714 2714 2714
•2634 2712 27
2078
183
. 194 1914 2058 20
1732 1734 17
18
1714 1734
1412 15
1334 144 1312 1378
434 4458 4418 4678 4518 4612
134 *Ps 2
14
•134 2
Wednesday
May 10.
Thursday
May 11.
Friday
May 12.
STOCKS
NEW YORK STOCK
EXCHANGE.
16
2
32
312
1214
*94
8
4418
3
834
52
8512
3
17
21a
32
312
13
107s
812
4478
314
958
5234
8612
3
8
*97
58
414
2
712
1
45
63
64
2234
24
101:
6978
130
412
32
8
2434
3034
284
1738
33
2
634
4534
38
16
46
218
34
1112
31a
834
99
78
414
2
8
118
4534
55
818
24
31
1158
7138
131
47
3222
8
293
32
23
1814
3434
*112
1012
6714
1814
2312
2714
2034
174
14
4613
*138
3
1012
6712
1878
234
2714
2158
184
15
4814
2
2
714
4614
39
163i
47
214
412
1214
358
1712
214
398
8
1312
1078
9
45
312
10
5638
8914
3
812 9
•97
9918
1
78
44 5
2
2
8
814
1
118
4534 4614
55
574
8
814
2412 2S's
278 3'2
1114 117s
7038 72
130 130
478 558
3134 32s
8
858
2912 30i
33
34
3
31
1858 1914
3434 3738
173
178
634 71s
*44
461
40
4254
1634 17
47
49
2.8 2s
412 434
1218 1212
334 4
1678
215
3414
*4
1212
104
*8
45
3
912
5334
8814
3
*112
1034
70
18
24
2612
2112
1734
1438
4712
*Ps
3
1118
72
18
2434
27
2212
1814
1512
4812
2
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
$ per share $ per share $ per share Shares.
1312 1312 134 134 1312 1312
400
8014 7812 7812 3.000
7712 7714 78
4512 4612 4514 4512 3,700
4414 46
*4
44
412 7
6
712 8,300
6
614
63s 653
638 634 3,600
918 94
812 9
838 9
4,100
•5312 54
54
•54
57
54
220
2
134 2
214
2
214 6,500
8
878 9
8
614 612
560
278
314 16,600
2
238
258 314
*112 2
*112 2
*112 2
512 7
734
7
712 14,900
7
1212 1318 13
1312 1234 1312 27.600
212 212
214 214
214 258 2.400
*5
6
478 5
5
600
47e
*512 12
812 812 *512 12
100
114 *1
*1
114 *1
114
300
138
138
114
118
114
114 1,200
218
218
238 24
258 312 4,400
1078 2114 2118 2178 2018 2138 69,800
5212 5218 54
5034 5178 52
540
1712 1818 1838 1878 18
1878 9,000
58
58
34
34
78 3,500
34
412 434
458 5
434 5
12,000
6
6
618 61 2 *6
638 1,600
1114 12
1158 1212 114 1212 16,400
2312 2312 2414 27
2612 30
10.900
718 718
634 714 *678 7
1,100
*15
34 .15
*15
34
34
5812 6034 6158 6314 5958 6218 145,800
6538 68
6458 65
6512 67
820
1514 1578 1518 1534 31.400
1412 15
1814 20'l 1978 2078 1812 1934 95,700
112
2
112
214
24 214
600
114
113
114
11
*12
x34
900
314
*258 3
3
4
4
300
28
287e 2812 2914 2812 29
5,100
312 31
*338 4
*358 4
500
*66
*66
78
78 .66
78
230
1914 2038 2012 2158 19
2114 48.800
238 238
24 238
24 2'2 4,000
*11
12
1318 12
12
12
300
1258 124 1212 1234 1253 1278 4,100
4912 4978
4834 4834 4914 50
660
*154 2018 •1578 2078 1518 1578
300
2612 2814 2818 2978 2818 2934 45,900
378 414
414 434
44 478 7.100
912 10
1014 1012 2.300
84 914
12
13
1214 13
12
14
530
1734 17
1634 17
15
1714 3,600
5
5
54 54
518 54 1.600
1814 1912 194 2012 1912 2014 301,600
78
1
1
1
78
1
4,990
17
10
*6
*5
*5
17
*1478 17
1612 17
1614 17
600
*90
95
95 .90
*90
95
10
8234 8378 8458 857a 834 8411 4,900
*4434 4518 4518 4518 *45
4534
200
1538 16
20,500
1434 1518 1514 16
71
7112 7214 75
*72
7478 1.100
74 734
8
734 814
858 10.000
6378 .40
*35
634 *40
6378
5,4
100
514 *6
8
*6
8
938
9
834 94
858 914 6.600
4812 5412 5214 5512 53
564 67,400
1258 1278 4,400
1114 1214 1212 13
1714 18
164 17
174 18 177,000
7112 72
74
74
.70
74
500
858 978 1018 1034 10
105a 33,900
a21
2112 2158 22'8 1,000
21
21
*20
*19
20
20
20
21
90
*75
791 *75
791 *75
7912
SO
2914 321
3212 3338 32
3334 43,500
8912 8912 8934 91
8912 91
700
Indus. tic Miscall. (Con.) Par $ per share
Briggs dr Stratton
No par
714 Feb 28
Brooklyn Union Gas
No par 6312 Apr 5
Brown Shoe Co
No par 2812 Mar 3
Bruns-13alke-Collender_No par
134 Mar 3
Bucyrus-Erie Co
10
2 Feb 27
Preferred
5
234 Feb 23
7% preferred
100 2012Mar 31
Budd (E CI) Mfg
No par
54 Apr 15
7% preferred
100
3 Nf ar 16
Budd Wheel
No par
1 Feb 8
Bttlova Watch
No par
s Mar 2
Bullard Co
No par
212 Feb 17
Burroughs Add Mach_No pa
618 Feb 14
Bush Term
No par
1 Apr 1
Debenture
100
1 Apr 3
Bush Term Bidgs gu pref-100
712 Apr 26
Butte it Superior Mlnlng___10
1 Feb 10
Butte Copper & Zinc-------5
12 Mar 31
Butterick CO
No par
114 Apr 10
Byers Co (A M)
No par
812 Feb 25
Preferred
100 3018 Mar 2
California
__No par
734 Mar 2
Callahan Zinc-Lead
Packing_10
14 Jan 19
Calumet ee Hecla Cons Cop_ 25
2 Feb 7
Campbell W it C Fdy_ _No par
2 Feb 28
Canada Dry Ginger Ale
758 Feb 25
5
Cannon Mills
No par 14 Feb 2
Capital Adminis el A
No par
412 Feb 24
Preferred A
50 2518 Jan 18
Case (J I) Co
100 3(61 Feb 27
Preferred certificates_
100 41 Feb 27
Caterpillar Tractor__ ._No par
512 Mar 2
Celanese Corp of Am__No par
418 Feb 27
Celotex Corp
No par
4 Mar 15
Certificates
No par
38 Feb 4
Preferred
100
112 Jan 5
Central Aguirre Asso__No par 14 Jan 3
Century Ribbon Mills.No par
2 Apr 19
Preferred
100 52 Feb 27
Cerro de Pasco Copper_No par
578 Jan 4
Certain-Teed Products_No par
1 Jan 9
7% preferred
100
4 Mar 27
City Ice dc Fuel
No par
7I0 Mar 3
Preferred
100 45 Apr 7
Checker Cab Mfg Corp
5
713 NIar 23
Chesapeake Corp
No par 1478 Jan 3
Chicago Pneumat Tool_No par
218 Mar 31
Cony preferred
No par
512 Feb 28
Chicago Yellow Cab__ _No par
618 Jan 4
Chickasha Cotton 011
10
5 Mar 2
Childs Co
No par
2 Feb 28
Chrysler Corp
5
734 Mar 3
City Stores
No par
14 Feb 28
Clark Equipment
No par
5 Nf ar 24
Cluett Peabody dc CoNo par 10 Jan 27
Preferred
100 DO Jan 4
Coca-Cola Co (The)-No par 7312 Jan 3
Class A
No par 44 Apr 19
Colgate-Palmolive-Peet No par
7 Mar 30
6% preferred
100 49 Apr 3
Collins & Aikman
No par
3 Apr 4
Non-voting preferred_ _ _100 ____ ____
Colonial Beacon Oil Co_No par
514May 10
Colorado Fuel it IronNo pa
312 Apr 4
Columbian Carbon v t a No par 2318 Feb 27
Columb Pict Corp v t c_No par
658 Nfar 27
Columbia Gas dc Elec_No par
9 Mar 31
Preferred seriesA
100 59 Mar 2
Commercial Credit__ __No par
4 Feb 27
Class A
50 16 Feb 27
Preferred B
25 1818 Nlar 21
65% first preferred- .. 100 70 Mar 24
Comm lavest Trust___No par 18 Mar 3
Cony preferred
No par 84 Jan 4
636% 1st preferred
10 10334 Jan 18
1612 17
97,500 Commercial SolventsNo par
9 Feb 25
218 212 213,500 Commonw'Ith it Sou__ _No par
138 Apr 1
3914 4238 5,900
$6 preferred series__ _No par 21 Apr 4
*4
8
200 Conde Nast Publio'ns_No par
3 Apr 4
1234 13
18,600 Congoleum-Nairn Ine-No par
738 Jan 31
1034 11
500 Congress Cigar
No par
613 Feb 24
*8
9
300 Consolidated Cigar- - No par
312 Apr 6
47
47
300
Prior preferred
100 31 Apr 5
35a 4
6,000 Consol Film Indus
1
134 Jan 4
10
1012 11,800
Preferred
No pat
578 Mar 21
x5418 5558 224.700 Consolidated Gas Co..No par 40 Apr 3
89
8912 4.500
Preferred
No par 080 Apr 21
3
314 3,700 Consol Laundries Corp_No par
218 Apr 17
814 918 187,200 Conso1011 Corp
No par
5 Mar 3
.97
9818
100
8% preferred
100 9512N1ar 1
114 41,000 Consolidated Textile- _No par
78
14 Mar 1
434 714 10.300 Container Corp class A
20
118 Jan 10
2
3
16,700
Class 13
No par
14 Feb 15
814 853 13,500 Continental Bak class A No par
3 Mar 1
118
114 16,100
Class B
No par
12 Jan 5
46
4614 3,600
Preferred
100 36 Jan 3
554 5638 42,400 Continental Can Inc
20 3514 Feb 23
7
8
7,000 Cont'IDIamond Fibre
312 Feb 25
5
2378 244 19.800 Continental Insurance_ __2.50 10l2Mar28
3
314 226.200 Continental Motors_ _:No par
1 Mar 27
11
12 225,000 Continental 011 of Del-NO par
478 Mar 3
6958 7118 36,200 Corn Products Refining- _25 4538 Feb 25
130 130
360
Preferred
100 117,2M8r 15
5
518 16.900 Coty Inc
Pio par a2 Mar 24
32
3212 6,400 Cream of Wheat etre...No par 23 Feb 2
814
838 5,400 Crosley Radio Corp
No par
214 Mar 28
2912 3458 31,500 Crown Cork it Seal
No par 144 Feb 27
3312 36
5.500
$2.70 preferred
par 2412 Feb 27
No
318
314
1,600 Crown Zellerback v t o_No par
I Apr 10
1834 1878 6,300 Crucible Steel of AmerIca_100
9 Mar 2
37
39
790
Preferred
100 16 Feb 27
2
2
1,100 Cuba Co(The)
No par
12 Feb 21
613 718 11.100 Cuban-American Sugar_ _ _ .10
118 Jan 16
45
46
170
Preferred
100 10 Jan 9
42
43
4,400 Cudahy Packing
50 2034 Feb 21
17
17
3,900 CurtLs Pub Co (The).
._No par
612Mar 3
47
5012 5,500
Preferred
No par 30 Feb 23
258 3 121,800 Curtiss-Wright
1
112 Feb 23
458 5
34,500
Class A
1
2 Mar 30
12
12
4,100 Cutler-liammer InO___No par
414 Jan 6
378 34 1.800 Davega Stores Corp
5158 Feb 23
Davison Chemical
No pa
12 Mar 27
*112 3
Debenham Securities
238 Jan 20
11
1118 3,200 Deere it Co pref
20
64
Feb 24
71
71
3,300 Detroit Edison
100 48 Apr 3
.18
20
600 Devoe it Raynolds A__No par 10 Mar 1
24
2412 5.000 Diamond Match
No par 1712 Feb 28
2612 2612 1,800
Participating preferred___25 2618 Feb 27
2138 22 149,100 Dome Mines Ltd
No
1734 1818 13,400 Dominion Stores Ltd_No par 12 Feb 28
1458 1512 27,600 D0118188 Aircraft Co Inc No par 1012 Feb 27
par 1014 Feb II
47
481a 49.100 Drug Inc
No par 29 Mar 31
*14 2
200 Dunhill International_No par
72 Apr 10
*Bid and asked prices, no sales on this day. a Optional Sale.
Sales
for
the
Week.
x Ex-dividend. c Caih sale.
y Er-rights.
Highest.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
3 per share S per share $ per share
1312May 5
4 May 1012 Jan
82 Jan 11
46 June 8912 Mar
4612May 11
23 July 36 Feb
712May 12
118 July
412 Sept
634May 4
112 June
714 Sept
10 May 5
212 Niay
1018 Sept
5418May 9
35 June 80 Sept
214May 11
12 Apr
318 Sept
9 May 12
312 July
14
Jan
314Nfay 11
412 Jan
38 May
2 Apr 20
14 Apr
312 Jan
734May 11
218 May
8 Sept
1378May 3
614 June 1314 Aug
334 Jan 5
3 Dec 2134 Mar
914 Jan 11
7 Dec 65 Mar
2312 Jan 5
1214 July 85
Jan
114 Apr 21
12 July
178 Sept
12 Apr
112 Apr 20
2 Sept
138 June
312May 12
54 Sept
2178May 11
7 May 2458 Sept
54 NIay 12
354 Nlay 69 Sept
1912May 1
414 Jun
19 Sept
78 Apr 22
18 June
118 Sept
518May 5
112 May
74 Sept
612May 11
212 June
914 Aug
1212May 11
6 June 15 Sept
30 May 12
1018 June 2334 Sept
712 Apr 21
218 Apr
913 Sept
28 Jan 18
19 June 32 Aug
6314May 11
1634 Jun
6534 Sept
6938May 3
30 May 75
Jan
1578Nlay 11
433 June 15
Jan
2078N1ay 11
114 June 1258 Sept
214May 11
78 Aug338 Jan
114May 11
58 Dec
214 Feb
4 May 12
118 Dec
712 Mar
3014Nlay 5
738 June 2012 Sept
334Nlay 5
238June
614 Jan
7078May 9
55 Dec 85
Jan
31 June 1512 Sept
24 Apr 20
234May 4
58 Dec
338 Feb
13 May 5
453 Dec 1853 Aug
1418 Apr 20
11
Oct 2812 Feb
x5214 Feb 15
4338 Nov 68 Jan
2078 Jan 18
1612 Aug 304 Sent
2978May 11
478 June r2034 Sept
478May 12
1 May
634 Jan
1012Nlay 12
212June 1214 Sept
14 May 12
6 Dec 14 Mar
1734May 11
5 June 1212 Sept
534May 5
1I2June
8 Sept
5 June 2134 Sept
2012Nlay 11
14May 6
14 July
218 Jan
658N1ay 5
314 July
834 Jan
17 May 11
10 Apr 22 Mar
9234May 8
90 June 96
Feb
288 Mar 15
6812 Dec 120 Mar
4158 July 50 Mar
46 Feb 11
1014 Dec 3112 Mar
16 May 11
81 Jan 18
65 June 95 Mar
85851ay 12
234 Stay 1078 Mar
__ ____ __
55 June 80 Mar
12 Jan 4
9 Jan
1213 Oct
958May 5
147s Sept
278 July
5614Niay 12
1312 May 4178 Mar
13 Slay 11
414 May
1478 Aug
18 May 11
414 June 21 Sept
775a Jan 16
40 Apr 7978 Aug
1034,May 11
378 June 11 Mar
244 Feb 9
1134 July 28 Sept
21 May 4
1012June 21 Sept
7612 Feb 10
40 June 75 Nov
3334Nlay 12
1078 June 2778 Mar
9773 Jan 31
5512June 82 Nov
11112 Mar 1
88 June 102 Dec
1814 Apr 20
312 May 1334 Sept
278 Jan 11
158 June
513 Aug
50 Jan 12
2738 June 6812 Star
5 May
312May 10
12 Sept
1312May 11
612June 1214 Sept
11 May 2
4 May 11 Sept
912May 3
358 Dec 2412 Jan
5018 Apr 22
17 June 60 Mar
414 Jan 20
1 June
538 Jan
1178 Jan 23
234 Jun
114 Niar
6314 Jan 11
3113 Jun
6834 Nlar
99 Jan 3
72tiJune 991s Dec
512 Jan 10
4 Dec 104 Jan
918May 12
4 June
9 Aug
1004 Jan 11
79 Feb101 Sept
14 Star
114N1ay 12
158 Aug
714May 12
88 June
212 Feb
3 May 12
14 May
14 Jan
85aN1ay 12
24 Stay
8 Sept
114May 12
12 Apr
138 Aug
4714May 5
2478 June 4734 Mar
5714Nfay 11
l758June 41 Mar
814May 11
3 Apr
812 Sept
2678May 5
6t4 May 2514 Aug
3'2M ay 10
51; Slay
334 Sent
12 May 12
358 June
94 Sept
74 Apr 20
2434 July 5538 Sept
14534 Jan 21
9912June 140
Oct
113 May
518Nlay 11
74 Sept
3334May 5
1312 June 2612 Oct
878May 5
24 May
714 Sept
3458May 12
z778 May 2378 Dec
36 May 12
1738 June 3012 Nov
314N1ay 12
12 June
3 Aug
1934May 5
6 Slay 2314 Jan
39 May 12
14 Dec 494 Jan
258 Apr 24
12 June
313 Sept
84 Apr 20
3s May
34 Aug
4858 Apr 20
312 May 28 Aug
43 May 12
20 May 3513 Mar
18 May 1
7 June 31
Jan
5012May 12
3734 Dec 86
Jan
3 May 12
78 May
34 Sept
5 May 12
112 Star
434 Sept
1212Ni18y 11
312May 12 Sept
6 Feb 3
214 Oct
74 Sept
44 Jan 10
1 May
914 Sept
238 Jan 20
1 June
238 Dec
1112 Apr 20
64 June 154 Jan
72 May 11
54 July 122
Jan
1878N1ay 10
7 May 1634 Oct
24345lay 5
12 Apr 194 Sent
2814 Apr 29
2012 May 2834 Dec
2212N1ay 11
712 Jan
124 Dec
18147'lay 11
1114 June 1812 Sept
1512May 11
5 June 1858 Sept
4812N1ay 11
23 May 57 Feb
134May 8
53 Dec
312 Sept
New York Stock Record-Continued-Page 4
3302
May 13 1933
Ear FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FOURTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
May 6.
Monday
May 8.
Tuesday
May 9.
Wednesday
May 10.
Thursday
May 11.
Friday
May 12.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
8 per share
913 Apr 22
90 May 4
118 Mat 30
46 Apr 4
110 May 2
318 Mar 2
32% Mar 2
9712 Apr 20
38 Feb 4
4 Mar 29
10 Apr 4
7814 Mar 29
1 Jan 3
1 Feb 14
31 Feb 27
712 Apr 4
a614 Apr 5
21 Feb 16
111 Jan 4
26 Feb 27
107 Feb 17
4 Feb 23
1512 Apr 7
15 Apr 4
612 Mar 27
3 Apr 4
78 Mar 1
10 Jan 4
$ per share
$ Per Mare $ per share15 Jan 3
512 June 15 Sept
102 Jan 30 87 May 10138 Nov
538May 1
612 Sept
1 June
35% July 8784 „Tap
7414May 11
130 Mar 20 99 Jan 125 Oct
12 May 12
97 Sept
3 June
6414May 12
22 July 5934 Feb
108 Jan 5 8034 June 10518 Aug
158May 6
218 Sept
% June
714May 6
214 May 1212 Jan
2078 Jan 11
812June 3234 Mar
88 Jan 5 81 June 10014 Feb
25 Apr 7
12 June
21 Jan
4 Jan
78 Arne
258May 11
8% Apr 20
234 July 16 Sept
22 may 12
1084 July 64 Jan
1914May 11
878 July 5512 Jan
4012May 11
1258 June 3314 Mar
12May 8
54 Aug
le Jan
51 May 10
16 July 3714 Sept
48 48% .49
487 5014
50
10818
Mar
16
98
May
115 Nov
*107 120 *107 10818 *10714 10818
912 Jan 11
4 June 25 Feb
7
712
712
718 712
718
32 Apr 21
16 July 51 Feb
25
*23
26
*24
247 *24
35
Jan
27
18 July 57 Mar
2558 26
267
2712 2712 *26
11 Jan 3
1012 Dec 19 Jan
978
978
10
1014
918 918
638May 11
2 June
51
714 Mar
*5
5
5
*458 5
21t Sept
12 May
178May 10
*114 18 *1% 18 *114 134
10 Jan 4
934 Jan 114 Jan
10
10
25
*10
25 *10
*38
%
1 Sept
*14
78
*14
78
184 Sept
5 May 1
1 Feb i5
1 June
4 Aug
*212 412 *212 412 *212 412
814May 11
212 Mar 23
214 Dec
618 Aug
612 612
6
6
6
634
2212May
25
12
10 Dec 478 Mar
10 Feb
24
24 *20
*16
24 *20
2 May 11
bs Jan 26
12 June
178 Bent
*34 118
114 134
1
112
434 Apr 6 1012May 12
814 Dec 22 Jan
814 814
*814 958
*838 95
38 Apr 20 54 Feb 18
30 June 64 Mar
48
44
44 *40
*40 50
35 Feb
318MaY 5
34 Mar 16
111 May
3
*234 3
2% 318
3
2 May 11
34 Feb 27
238 Aug
%May
112 134
112 158
178 Vs
378May 12
138 Feb 25
214 Dec 1033 Mar
258 27
234 278
258 258
713 Feb 27 1918May 5
613 June 1534 Sept
*17
1878 19
19
1734 18
6 May 2734 Jan
1014 Mar 27 2512May 5
2212 2412 22
2318 20 2214
7% Mar 23
5 Mar 22
534 June
812 Mar
*634 712 *634 758 *834 7'2
7 Mar 1612 Sept
9 Apr 5 1612 Apr 25
4.1612 20 *1612 20 *1512 --_86
Jan
16
6
Apr
75 June 94 Jan
81
85 85 *86__ *78
95
918 Apr 4 2078May 12
1012 June 1878 Aug
1814 1834 1712 -1934 1714 1812
45 July 68 Aug
42 Mar 3 72 May 12
6538 6558
68
68 *66 ' 68
43 Mar 2 60 May 11
35 July 541 Dec
564 58
5738 5778
5734 58
% Feb
34 Aug
14 Feb
100
238 Aug
---- -- ---- ---- -lot preferred
18 Oct
2 Aug
-- -- ---- ---- -100
1st prof convertible
414 Apr 10 Feb
712 Feb 7 14 May 10
300 Florsheun Shoe class A_No par
12 Ti
14 14 *10 12
14
*10 14 *1014 14 *10
63 July 99 Nov
100 80 Apr 19 97 Jan 10
95
6% Preferred
95 *86
*85 95 *86
95
95 *85
*82
95 *85
212 Feb 28 1014May 11
2 June
814 Sept
No par
5,100 Follansbee Bros
978 10
934 1014
9
10
8
938
*8
838
834 84
413 Feb 28 1418May 11
3 May 1573 Sept
No par
13
,
4 1358 1418 1318 1338 22,700 Foster-Wheeler
1178 1318 1178 1258 13
1218 13
558May 4
1 July
2 Feb 27
No per
714 Aug
1,000 Foundation Co
5
5
5
438 412 *4
412 5
*412 5%
412 48
1014 June 2258 Sept
1 1358 Mar 1 2334 Apr 20
2238 2314 5,600 Fourth Nat Invest w w
23
2138 2014 2078 2058 2112 22
22
2214 21
57 Aug
4 May 10
1 July
34 Mar 29
No par
3% 378 45,800 Fox Film class A
0312 4
31
4
234 314
218 314
218 214
10 May x2858 Nov
10 161 Feb 28 3178May 11
297 3012 2934 3134 2912 3014 3012 3112 3114 3178 3114 3178 25,700 Freeport Texas Co
2%
17
8Mar
5
Jan
9
May
9
26
Oct
pref_No
par
10 Fuller(GA) prior
1912 193 193 *1112 1914 *1214 20 *1212 20
*1512 20 *10
914May 12
3 June 32 Feb
4 Jan 19
7
718 *758 10
No par
$6 26 prof
30
*818 12
*734 15
*758 10
914 914
2 May 12
312 Sept
14 June
1 Feb 27
1,500 Gabriel Co(The) el A_No par
158 2
112 134
138 112
158 158 *114 138
*114 138
51 Dec 17 Jan
978May 12
612 Jan 20
No par
260 Gamewell Co (The)812 812 *818 878
ski 98
878 878
812 812
812 812
712maY 5
258 Feb 28
512 Sept
12 June
7
714 712
7
714
714 6,500 Gen Amer Investors. No par
612 634
6% 7
634 7
7158May
23
5
Feb
26
42
June 71 Sept
No
par
200
78
Preferred
78 *7312 78 *7334
70 70 *71
•70 80 *70 80
912 June 3534 Mar
5 1334 Feb 28 27 May 11
2534 2612 31,100 Gen Amer Trans corp
2518 2578 2314 25
2312 2534 2618 27
2314 237
434 June 1512 Jan
45s Mar 3 12 May 12
No par
1118 1114 1138 1034 12 10,400 General Asphalt
1114 10
10% 11
1034 10
11
1012 June 1958 Mar
5 13 Jan 3 1878May 1
1714 1612 17 23,200 General Baking
1512 1518 1578 16
1734 1814 1534 1738 15
10514
Jan
26
90114Mar
30
90
June 106 Sept
No pa
10
$8 preferred
*10312_ __ *10312 - -- 10312 10312 *112 _ __ *104 112 *104 111
7 May 10
218 Feb 6
%June
5 Aug
5
618 612 22,800 General Bronze
638 -7
614 612
6
-658
534 -612
63, 673
312 Apr 21
114 Mar 31
5 Sept
14 May
314 358
No par
3% 314 2,200 General Cable
3
314 *234 *3
314
3
234 3
7
May
12
112May 111 Sept
214 Feb 27
No par
7
7
Class A
1,600
512 6
6
6
614 612
*518 6
*534 6
334 June 2534 Sept
612 Mar 30 1812May 12
100
7% cum preferred
1812 1,535
1534 16
13
1378 14
13
1334 1218 13
1334 14
20 June 3858 Mar
No par 29 Jan 3 40 Apr 29
35
3534 3314 3434 3412 3413 3512 3614 3534 3612 4,000 General Cigar Inc
3612 361
75 June 106 Dec
100 100 Mar 15 112 Jan 25
7% preferred
*10712 10912 *1.0712 10912 *107 10912 *107 10912 *107 10912 *107 10912
2
1
2
1
14M
j
a
a
n
y
2
3
8i2 May 2618 Jan
p
r
A
11
General
256,600
20
21
2114
Electric
8 1912 1958 2012 2012
1914 2058 19% 2038 18,
12
10% July 11% Bent
r 110178
Na Pla0
8 1184 10,100
4 11,
Special
8 1112 11,
1112 1134 1138 1134 1112 1134 *1112 11,
3338May 11
1938
24
Feb
May 401 Mar
21
par
No
41,100
3138
3258
General
Foods
3212
33%
317
3214
3112
304
3178
313 3212 31
112 Jan 3
38 July
58 Apr 1
234 Feb
118 114 13,300 Gsn'l Gas & Elea A_
1
114
No par
118
1
11
1
118
1
1
118
3% Apr 3 12 May 11
3 June 2434 Jan
1112 1134 1,100
12
12
12
Cony prof series A-.No par
10 *10
1012 10
10
*812 10
14
Feb
23
Apr
20
514
July
7
30
Aug
par
No
*1212
20
prof
20
$7
class
A
*13
20
20 *11
20 *11
*12
13 *11
514 July 40 Feb
5 Apr 6 1434 Jan 11
No par
$8 prof class A
20 *131 20
20 *14
20 *12
20 *12
*11
20 *12
Jan 9 3212May 11
1818
25
Apr
Mar
2414
Can
3212
3212
Else
1,700
321
Ital
Edison
3214
32
32
*313
4
3214
3214
*32___
28 May 481z Sept
No par 3512 Mar 3 5614MaY 1
Corp-5513 5458 5538 13,100 General Mills
5458
1
4 5312 5458
5434 -5512 5438 5578 5312 -54
76 July 9612 Dec
100 921 Mar 28 98 Jan 10
96
600 Preferred
94 *9412 9584 9534 9534 96
9434 9434 9514 9514 94
x2434May 11
Feb
27
738 June 2438 Jan
10
10
Corp
2358
2434
General
Motors
1074900
12418
2434
24
2134 2278 2138 2312 2134 2234 2278
5614 July 87/
1
4 Mar
No par 6512Mar 3 8312maY 6
8212 8318 2,500
$5 preferred
8212 83
82 8212 82 82
8212 8312 83
83
51 Jan 9
8 Apr 25
4 June
9 Feb
par
No
100
Gen
A
Outdoor
Ad
v
7
5
8
*712
71
*712
7
3
4
*7%
8
8
*712
712 *712 8
35811
,
lay
11
I
25
212Mar
8
Nov
4
Jan
par
No
314
Common
1,100
314
314 358
*318 314
318 314
318 318
318 318
812May 11
212 July 14 Jan
712 712
3738 778
314 Jan 4
190 General Printing Ink-Na Dar
812 812
838 812
732 738
8
818
9
2712 June 60 Feb
No par 31 Mar 18 4712May
10
51
$6 preferred
*45
51
*45
51
*45
50 *471 51
4712 4712 *45
41 Mar 16
1 May
7% Aug
2 Apr 6
3,600 Can Public Service---Ns par
314 358
334 37
3% 334
314 312
314 338
3
314
61 July 2858 Jan
2634 7,200 Gen Railway Signal_-__No par 1314 Jan 3 2718May 11
2718 26
26
2414 26
2312 25
24
2412 238 24
J1111 11 80 May 2 65 July 90 Jan
4
e9
3
100
40
95
6%
preferred
*79
95
*79
95
*79
7812 79 *77 95 *79 95
14 May
114May 1
214 Sept
38 Feb 16
1
118 114 6,300 Can Realty & Utilities
114 114
114
114
11
138
1,8 118
118 114
5 June 1634 Sept
513 Jan 19 1012May 8
No par
900 $6 preferred
1014 *918 10
97 10
912 912 10
1012 *912 1014
10
1078May
12
27
1558
Bent
134
June
Feb
2
1z
Refractonea-__No
par
General
7,700
107
8
978
71
958
914 934
8
818
*812 834
812 84
8 Mar 27 Aug
938 Feb17 20 May 4
160 Can Steel Castings pre! No par
20
20
20
20
20
20 *16
*16
20
20
20 *113
1038 Jan 2414 Mar
958 Apr 20 - 2014 Jan 11
Par
Razor__No
1314
1334
1438
Gillette
Safety
66,400
1338
137s
1314
1378 1458 1318 1438 1234 1332
No par 4784 Apr 19 75 Jan 9 45 June 7213 Aug
Cony preferred
800
5312 5312
55
*5212 5478 54
5313 5318 5218 53
5438 543
78 June
334 Aug
334MaY 3
314 312
34 Feb 9
No par
314 312 9,900 Gimbel Brothers
314
3
338 31
314 338
Vs 334
638 Dec 31
Jan
314Mar 1 16 May 12
100
16
Preferred
500
15
,
8
15
1412
1412
1412
•12
15 *12
15
15 *12
318
June 103 Bent
1
9%maY
234 mar 2
NO par
834 914 10,400 Glidden Co (The)
913 914
914
8
814 812
814 878
814 9
Apr 22 61 May 5 35 Apr 76 Sept
48
100
Prior
20
preferred
*55
5912
60
60
60
*55
61
61 *55 60 *55 59
253 May
8 Aug
3 Feb 16 10 May 12
No par
878 10 34,600 Gobel (Adolf)
78 914
712 8
718 712
758 73
712 778
814 May 2058 Sept
No par 12 Feb 27 I 2158May 5
2112 2012 2114 53.700 Gold Dust Corp v t o
21
1912 211
le% 2138 194 204 2018 21
70 July 10112 Dec
103 Jan 4
18
Jan
100
No
pat
cony
preferred
se
*93
100
100
*93
101
*92
*96 102 *96 10118 *92 101
214 May 1238 Sept
3 Mar 2 13 May 5
No par
12
1278 89,900 Goodrich Co(B F)
1158 1258 1034 1212 10523 1138 1112 1212 1212 13
7 May 3314 Sept
9 Feb 28 3714May 5
100
Preferred
3414 3512 7,100
35
3334 34
3078 3278 31
3334 3533 3338 35
512
11
Mal, 2914 Aug
4May
333
Feb
27
9%
3
par
Rubk_No
Goodyear
Tire
&
114,500
3112
327
8
33 4
33
33
31
302 3214 2938 3233 2914 31
No par 2714Mar 2 6412May 11 '1934 June 6913 Aug
lot preferred
64
3,500
63 64
6134 63
,
4 6118 6118 6114 6212 6414 6412 62
714 Jan 3034 Sept
1518May 10
4
Apr
758
par
45,700
1434
Gotham
Silk
Hose
No
1518
1458
1518
138
1278 1358 13
13% 14
1378 13
5014 Jan 7012 Oct
100 41 Apr 3 46 May 12
190
46
Preferred
4912 46
4412 *46
41
*30 41
*30 41
*31
41
453 Jan
1 May
278May 6
1 Apr 3
1
258 234 38,800 Graham-Paige Motors
253 234
213 234
23s 253
212 234
212 258
238 June 1138 Sept
378 Mar 2 10 May 12
9,800 Granby Cons M Bm Si Pr.-100
918 10
834 934
814 9
812 812
812 812
878 914
934 Mar
June
314
Apr
20
814
Mar
2
358
par
cits_No
8
8.600 Grand Union Co tr
71
714
7
4 7
6,
4
7
7
634 6,
714
758
22 June 3514 Mar
No par 2212 Apr 5 3412 Jan 9
Cony prof series
600
33
32
32
3134 *30
30
30 *28
32
*2934 32 *29
June 17 Sept
63
4
20
MM
8
Mar
24
11%
par
Granite
Steel
No
300
City
20
20
21
*197
8
25
•1878 20
1978 1978 *19
20
20
1412 May 3014 Mar
No par 1684 Feb 28 3112May 11
3138 9,400 Grant (W T)
2912 3018 294 308 3058 3012 3038 3112 30%
298 30
5 June 1314 Jan
912May 3
5% Feb 27
918 918 10,100 Gt Nor Iron Ore ProP-No par
914 912
91
853 958
812 88
9
912
9
314 Apr 12 Aug
May
12
24
19
Jan
67
Great
Western
Bugar_No
par
70,700
24
1918 1978 198 2112 2158 2212 22
1958 21
20
21
June 83 Aug
48
Apr
19
,
100 7212 Jan 3 1037
Preferred
700
9912 100 100 100 100 100 100 100 *100 102
997 100
234 Bent
12 Apr
134May
12
%Mar
8
.
par
No
Grigsby-Grunow
23,500
13
4
15s
158
112
114 112
114 138
114 158
114 158
1 Sept
la
Mar
Apr
20
25,
14
Jan
23
Sugat.......No
par
2,700 Guantanamo
134 2
218
2
2
2
2
2
178 2
*178 218
212 June 2118 Sept
27 21 May 11
Feb
6%
par
Gulf
No
21
States
steel
2,400
*20
2134
21
2012
1912 20
*17 2012 19
*20
21
Oct
40
July
12
4312May
12
16
Jan
RN
100
Preferred
43
126
43
40
36
36 *3212 36
36 *32
30% 30% *31
15 May 23 Jan
25 15 Mar 18 1978May 12
600 Hackensack Water
1912 1973
*1878 1912 *1834 1912 *1818 1834 18% 1834 1878 1938 *26
19 May 28 Apr
Apr 8 28% Jan 12
25
25
A
7%
preferred
class
283
4
283
*26
2858
4 *26
284 *2618 28,
*26
2934 *26
414 Aug
58 July
338May 3
118 Feb 28
No par
318 15,100 Hahn Dept Stores
3
27s 314
31
253 27s
234 234
27
28 31
718 July 28 Aug
9 Apr 1 20%May 11
100
Preferred
800
20
20
201
20
20
*18
22
20 2014 1914 20 *18
311 July 1118 Jan
734May 12
27
Feb
3%
78
4
10
712
Printing
71
Hall
1,200
612
578 573 *512 612
8
6
612
*6
20 Oct 30 Mar
100 15 Feb 11 18 Jan 11
Hamilton Watch prod
25
*1614 25 *1614 25 *1614 25 *1614 25 *1614 67
*1614 25
33 May 70 Jan
450 Hanna(MA)Co $T pt-No par 451 Jan 4 67 May 12
63
65 65
85
*61
61
61
6318 65
*6312 65
7 May 18 Sept
1678May
12
Feb
25
618
par
Retrao_No
Harbkon-Walk
168 6,400
1618 16
1414 15
14 *1318 1312 14
14
14
14
2 Sept
ls Dec
12 Jan 10
12 Apr 3
6,800 Hartman Corp class B-No par
'1
38
18
38
14
14
38
14
38
38
14
14
4 Mar
%June
76 MID 5
Mar
18
14
par
N.
13
Class
A
1,300
12
513
*12
12
12
12
12
*12
%
12
12
2Ex-21ghtti
•Bid and asked prices. no sales on this day. a Optional saie. z Er-dividend.,-,_
$ per share Shares. Indus. & Mime11. Won.) Par
Duplan Silk
No par
*1014 14
30 Duquesne Light lot pref -100
*9012 94
414
58 7,500 Eastern Rolling Mille No par
7034 7212 35,700 Eastman Kaiak (N .B_Ne par
100
50 6% cum preferred
115 115
No par
1018 12 43,900 Eaton Mfg Co
6078 6414 310,900 El du Pont do Nemours____20
100
3,000 6% non-voting deb
100 101
No par
*1
114 3,600 Eltingon Schild
100
63i% cony 1st prof
200
*612 978
5
1818 1912 107,000 Elea Auto-Lite (The)
Preferred
100
30
7914 7914
3
1,800 Electrie Boat
18 2
214 212 11,200 Eleo dr Mus Ind Am shares__
818 834 98,400 Electric Power & Light No par
No par
1712 22
7,600
Preferred
No par
$6 preferred
3.200
1712 19
8812 3938 9,800 Elec Storage Battery_ _No par
12
400 Elk Horn Coal Corp_ _No par
12
6,100 Endicott-Johnson Corp---50
5038 51
504 51
4914 51
100
Preferred
100
10818 108% *10812 120 *107 120
734 814
712
712
8
812 3,800 Engineers Public Serv_ _No par
2312 2334 2414 2512 2812 2812
$5 cony preferred_ _No par
900
No par
2712 2818 3434 1,300
353,6 preferred
*26
2712 26
1,600 Equitable Office Bldg_No par
9
9
1138
912
9
912
614 614 1,400 Eureka Vacuum Clean_No par
612 634
6
5
5
500 Evans Products Co
*134 18
134 178 *134 2
10 Exchange Buffet Corp_No par
25
25 *10
*10
25 *10
*14
78
.14
78
*14
78
25
Fairbanks Co_
100
Preferred
*212 412 *212 412 *212 412
7
814
612 612
8
814 4.100 Fairbanks Morse & Co.No par
100
Preferred
70
2212
22
21
21
20 20
138 112 4,000 Fashion Park Assoo-No par
112 2
114 218
15
934 1012 1,100 Federal Light & Trao
914 914
*778 914
No par
Preferred
30
488 50
*44
50 *4414 50
600 Federal Motor Truck No par
*214 3
234 234
*214 3
1,700 Federal Screw Works_No par
*134 2
134 2
134 134
312 373 9,600 Federal Water Ben,A.-No par
258 234
278 312
1,500 Federated Dept Stores.No par
1838 1814 19
*1712 1812 18
2212 2312 2353 2478 2418 2478 11,800 Fidel Pisan Fire Ins N Y_2.50
Fifth Ave Bus Sec Corp.No par
712
712 *7
*7
712
*634
No par
*1512 --- *1512 ____ *1512 -- ...... Filene's SOW
100
Preferred
10
95
95 *78
*78
85 *78
207 61,200 Firestone Tire Si Rubber- _10
184 1934 1912 2034 20
100
Preferred series A
2,100
7018 7012 72
65 7018 70
5912 9,400 First National Stores. __No par
59
58
60
5718 58
$ per share $ per share 3 per share $ per share $ per share
*1014 14 *1014 14
*1014 14
*1014 14
*1014 14
901
/
4 92
*86
92 *85 92 .8918 92
*86
92
434 518
414 412
412 478
434 514
412 434
65 6534 645 6612 6514 6714 6714 7138 7012 7414
*11112 115 *112 115 *112 115 *11214 115 11434 11434
1118
912 1058 10
858 93
9
10
9
934
5418 5814 5414 5814 5412 56% 577k 5934 60 63
*10018 10012 100 10018 100 100 10012 10012 10012 10034
118 114
1
1
11
78 138 *1
114 15
*612 8
*612 8
7
7/
1
4 *612 812 *612 97
20
17
16% 173
18
1718 1814 17
198 19
7914 *---- 7914
7914 7914 7914 7914 *75
*7914 83
134 134 *134 2
178 2
218 218
178 1%
17
218
214
238 238
218 214
2
2
2%
8
812
712 734
7
758 8
634 714
8
18
1858 *1658 1734 1512 16
1512 1638 1534 1734
1812 1914
15
1614 1612 1514 1612 1434 1434 15
7
33
3458 3334 348 3314 3438 3412 3514 3634 4012
*38
12
*14
12
4,38
12
88
12
14
14
'.,-
4
tar FOR
New York Stock Record-Continued-Page 5
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
May 8.
3303
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FIFTH PAGE PRECEDING.
Monday
May 8.
Tuesday
May 9.
Wednesday
May 10.
Thursday
May 11.
Sales
for
the
Week.
Friday
May 12.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & Miscall.(Con.) Par $ per share $ per share $ Per share $ per Mare
Hawaiian Pineapple Co Ltd_20 --------------------112 Nov 10 Jan
2ay .
4er7
312 Sept
14 June
214 -1..14 --2-1No par
- -"
- -----2" -is; -RI 'Ill;
4 -77:666 Hayes Body Corp
----.
4 --i- --2-150 June 818 Sept
25 8912 Jan 16 9014May 12
89 9014 1,800 Helme(0 W)
89
89
*81
8612 8612 88 *87
*88
89
89
812 Jan
434 June
714May 12
3 Mar 20
No par
200 Hercules Motors
7
7
*7
812 157
714 714
834
*612 7% *612 8
138 Aug 2942 Sept
No par 15 Feb 27 27 May 11
2412 2578 235 25
2618 2634 9,300 Hercules Powder
27
24
2414 2414 2512 26
7012 June 95 Jan
$7 cum preferred
100 85 Apr 5 9512 Feb 6
60
95
94
95 *94
9312 94
*93
94 *94
93 93 *93
4312 July 83 Mar
1,500 Hershey Chocolate--No par 3518 Mar 29 5734 Jan 11
5012 5212 5112 52
53
53
50
51
51
51
50
53
57 June 83 Mar
Cony preferred
No par 8434 Apr 5 C41215.1ay 12
700
84
8412
83
84
84 84 *82
84
85
821 8212 *82
11
/
4 Jail
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ------ Hoe (It) & Co class A-No par --------------------14 AM
3/
1
4 Dec 1212 Aug
7 Jan 30
312 Jan 4
No par
478 512
5
538
534 614 5,700 Holland Furnace
5
558
478 5
512 57
234 Dee 101* Mar
512May 5
214 Mar 2
200 Hollander & Sons (A)_ _No par
*412 5
5
*5
558
*412 5
*412 5
*412 5
5
100 145 Jan 16 20512 Apr 24 110 Feb 163 Dec
1,200 Homestake Mining
*185 189 *185 19112 191 19112 195 19518 18978 197 193 195
43
412 Sept
1 May
5I4May 11
1 Mar 2
434 514
334 47
312 38
48 77,200 Houdallle-Hershey al B No par
314 3/
1
4
318 338
4214 June 57% Jan
400 Household Finance part pf_50 4414 Apr 17 5114 Jan 12
4538 *45
*45
4538 45
4712 45
1
4 4558 *4434 458
45 *44/
8/
1
4 May 2814 Sept
814 Mar 3 2238May 12
2118 2012 2218 19,700 Houston Oil of Tea tern ctfal00
1914 20
1858 2012 1812 188 1934 2034 20
118 May
4/
1
4 412 12,100
4/
1
4 Apr 24
414
41
Voting trust etts new----25
4
58 Sept
I% Feb 28
4
4
378 414
4%
378 3%
48 Dec 1612 Jan
512 Jan 3 1914 Apr 20
25
1618 1678 16
1534 1512 1614 1618 1678 1612 1678 7,000 Howe Sound v t o
1678 15
7
712 20,100 Hudson Motor Car----No par
2% May 1134 Jan
714 75
8 May 5
624 714
3 Feb 28
6% 714
714 77
618 634
51 Jan
37
41 20,700 Hupp Motor Car Corp
11
/
4MaY
418May 12
35
353
33
33
15 Mar 3
10
318 334
3/
1
4 334
4
358
218 Sept
38 June
% Jan 6
14 Mar 16
No par
12
12 1,100 Indian motooyele
.12
52
12
12
12
12
12
82
58
*12
234 Nov
1 Apr
218May 11
118 Apr 11
10
218 218 1,300 Indian Refining
2
218
2
*112 214
2
134 184 *112 2
7'sJufle 40 Sept
497 64,800 Industrial Rayon
No par 24 Apr 4 505sMay 11
4318 445
425 4514 4218 4712 4612 477
4758 508 48
1434 Apr 4472 Sept
375 4034 38
No par 1914 Feb 27 4438May 11
19,400 Ingersoll Rand
4218 44
4112 443
3712 39
393
3912 41
10 JUDO 277 Sept
No par 12 Feb 27 2958May 11
2914 8,000 Inland Steel
27
27
2612 2712 2512 26
298 29
26
2712 28
7% Sept
114May
538May 5
2 Feb 25
4/
1
4 5
5
5
514 5,800 Inspiration Cons Copper___20
41
/
4 4/
1
4
5
434 5/
1
4
412 45
37 Jan
1 June
212 Jan 16
114 Mar 29
500 Insuranshares CtIs Inc_No par
2
2
*134 23
2
•134 23
2
134 134
*I% 214
818 Sept
314 July
*212 3
412 Jan 10
134 Apr 5
700 Insuranshares Corp of Del __1
*258 3
258 258
258 258
2/
1
4 234
278 278
318 Aug
14
Au
I%
Apr
20
21
58
Ms,r
Intercont'l
Rubber
No
par
8,300
114 138
114 112
138
112
112
158
138
118 114
158
714 Sept
738May 11
138 July
218 Mar 1
No par
67
512 57
733 19,000 Interlake Iron
658 738
512 838
1
4
5/
1
4 534
514 5/
3/
1
4 Aug
14 Apr
21s Apr 6
78 Feb 17
No par
175 178 *15
178 218 3.200 Internal Agricul
178 .112 178
134 134 *134 178
338 Apr 15 Aug
5 Jan 3 1078May 12
Prior preferred
100
9 1078 1,400
9
9
9
*6
9
9
*7
934 *8
8
52/
1
4 July 117 Mar
111 112 110 111
109 11034 11214 114 11412 11818 115 11718 5,300 lot Business Machines-No Par 7534 Feb 28 11818May 11
114 May
512 Jan
512May 5
278 Jan 16
1
5
5
518
5% 58 5,700 Internal Carriers Ltd
514 53
5
5/
1
4
5
48 434
338June 1834 Jan
12,800 International Cement-No par
16
16% 16
618Mar 2 1812May 5
1718 1512 1618 1612 1714 1734 1838 1714 18
178 Jan
%Mar
/
1
4 Jan 10
18 Apr 13
38 9,700 Inter Comb Eng Corp-No par
14
38
38
88
38
14
38
14
%
14
14
412 Nov 21 Jan
6 Jan 5
Ps Apr 12
Cony preferred
No par
3,500
27
238 212
3
3
3
234 338
234 312
134 2/
1
4
1038 Jul
3418 Aug
No par 1338 Feb 28 3578May 11
327 348 3114 34
3334 35 145,800 Internat Harvester
3438 3478 357
33
311 327
100 80 Jan 5 100 May 4 6884Jttne 108 Jan
Preferred
•10014 110 *10014 110 *10038 105 *10034 105 *10114 105 *10034 105
1158 Mar
2% Jun
618 Jan 11
212 Apr 4
19,500 lot Hydro-El Sys cl A_No par
5
434 5
5
514
512 6
534
478 518
5% 553
414 Aug.
78 June
3/
1
4May 1
114 Jan 4
1
4 1,500 lot Mercantile Marine_No par
318 3/
3
3
3
3
3
3
2118 234 *234 3
312 May 1212 Sept
634 Feb 27 15 Apr 20
1312 1412 1312 1438 a1318 1334 1334 1414 1414 15
1418 1412 259,400 lot Nickel of Canada_No par
50 June 86 Mar'
Preferred
100 72 Jan 11 92 May 5
700
90
*90
92
90 *8712 92
90 *87
90
90 90
91
138June 12 Sept
558May 11
212 Jan 4
150 Intermit Paper 7% pref-100
*412 5
*412 512 .412 5
512 538 *412 6
458 5
12 Apr21
438 Aug
12 June
214May 11
214 1,700 Inter Pap & Pow Cl A-No par
134 2
112 134
2
134 2
218 214
178 178
78 Mar 15
/
1
4 May
2 Anil
14 Apr 1
Class B
No par
78 1.100
*%
38
34
*34
%
31
34
*12
34
*12
34
14 Apr
11
/
4 Sept
14 Jan 6
Class C
No par
34May 11
12
38 5,300
34
38
38
38
38
12
38
*12
72
58
11
/
4 Dec 1238 Sept
5 May 12
2 Apr 5
Preferred
4
418
100
4,800
434 5
378 488
438 412
4
412
372 412
3 Dec
714May 12
834 Mar
312 Feb 28
400 lot Printing Ink Corp_No par
7
714
7
7
*5
*512 6
6
*512 6
6
6
Preferred
100 35 Apr 18 43 Mar 22 22434 Jan 45 Nov
45
45 *40
__ *40
__ *40
_ *40
- *40
934 June 2312 Feb
1914 -2014 *19/
*3712--197 211
1
4 16'14 20 "in
No par 1334 Mar 28 2212May 12
208 22'z 4,700 International Salt
2012 21
2014 July 4438 Jan
3912 4038 39
40 4058 8,100 International Shoe_ _ _ _No par 2438 Jan 3 41 May 1
41
40
3912 41
3912 3812 39
712 J1111, 26 Sept
Apr
20
2614 2614 26
3134
25
International
2,400
Feb
Silver
100
257
934
*25
27
/
1
4
2614 2512 26
*2534 2618 2614
26 May 65 Feb
44
45
7% preferred
100 2412 Mar 2 50 Apr 20
360
45
43 44
4478 44
43
41
4314 43
43
238 May 1534 Sept
1134 127k 1114 1234 1114 1218 41134 1258 1212 1334 1278 1314 387,000 Inter Telep & Wag__ _No par
518 Feb 28 1334May 11
182 May 11 Jan
334May 6
1I2Mar 2
338 334
338 33
6,000 Interstate Dept Stores_No par
338 338
312 33
3/
1
4 312
312 358
18 June 5212 Jan
23
23
Preferred
110
2278 2314 *17
100 12 Apr 7 25 Jan 10
2278 *1618 2234 *1618 2278
2278 *17
7 Apr
212
Dec
Apr
24
478 47
5
200
Jan
24
par
5
5
178
No
538
*412
*418 Vs *4
IntertyPe Corn
578 *412 514
1014 Apr 2012 Aug
1,000 Island Creek Coal
*1914 20 *1758 19
20
1 11 Feb 27 21 Apr 21
20
20
1978 1978 1914 1912 20
3612 36'2 3512 3612 3518 3518 35
1,200 Jewel Tea Inc
36
15% May 35 Feb
No par 23 Feb 27 37 May 11
36
3518 3634 37
27
281
10 May 3358 Sept
26
28
No par 1214 Mar 2 3034May II
2878 30/
1
4 2918 3038 54,300 Johns-Manville
26
2714 2714 283
681 70
140
*62
67 *6312 68
Preferred
100 42 Apr 5 70 May 12 45 July 9984 Jan
*64
698 697
68
68
66
30 July 84 Jan
420 Jones ds Laugh Steel pref_100 35 Feb 1 69 May 11
673
66
66
66
66
67 69
66
66
66
65
66
•__ _ 105 *__
150 K C P & List pref ser B No par 10014May 3 110 Jan 17
90/
1
4 Apr 11334 Jan
102 103 104 104
105 *100 105 *100 102
53
914 Mar
3 May
2.100 Kaufmann Dept Stores $12.50
6
7 May 2
258 Mar 15
6
6
ii
6
618
Lii 61
/
4 *512 6
6
11
1138 1034 1138 1012 1118 1114 12
434 July 1438 Sept
1
4may 1
118 1214 1134 1214 12.700 Kayser (J) & Co
678 Feb 27 12/
25
234 27
12
278 3
4 May
334 4 31.900 Kelly-Springfteld Tire
%Mar 2
5
31* 38
234 234
278 314
5,800 6% pref
2118 2118 213
8 Feb 28 2134May 12
No par
1612 1712 16% 1678 1778 1978 20
17
171
7152 June 24f2 Sept
100
7 June 24 Sept
8% pref certifs of deposit_- -- --- -.--- ---- 100
20 Jan 5312 Oct
6% preferred
8 May 12
14 -412 *412 1
2 Feb 27
1,200 KelseyHayesWheel eonv.cl.A 1
4458
-8
7
-61
5
-51
6
214 May 1038 -Feb
738 8'4
934
734 858
341 Feb 28 10 May 11
No par
9% 10
85
914 924 110,000 Keivinator Corp
714 818
47 47
17 July 38 Feb
47 47
60 Kendall Co pt pf ser A.No par 30 Jan 10 50 May 1
50 *48 50
47
47 z47 47 *48
1812 1738 1538 1738 1534 1678 1678 171
1
4 Sept
478 June 19/
738 Feb 28 1818May 4
No par
1714 18
1738 18 167,700 Kennecott Copper
57 Apr 6 1378May 12
612 Dec 1912 Jan
1134 1134 1212 1212 12
No par
900 Kimberley-Clark
13
1378
13
13
1212 13
12
12 Apr
5 Sept
*134 3
2 Apr 26
*134 3
Kinney Co
1 Apr 3
No par
.158 3
*134 3
*134 3
*134 3
3 June 19 Aug
*612 934 *512 934 *812 9
458 Feb 14 1114May 12
Preferred
No par
1114
912 10
150
*9
9
9
632 July 19 Jan
512 mar 2 11 May 11
10
278 1038 10
85,400 Kresge (SS) Co
1012 11
104 10% II
978 10% 10
1033
*94
95/
1
4 *95
100 88 Apr 4 100 Jan 5 88 May 110 Mar
9534 *95
9534 *95
9534 *95
954 *94
7% Preferred
9534
18 June 37 Jan
153078 347 *31
33
No par 27 Jan 17 3312May 5
200 Kress (S H) & Co
33
1531
3212 3212 33
*3112 32
33
958 Jan
In May
/
1
4 Jan 3
Kreuger & Toll(Am Otis).- 1-32 Jan 26
- - - - 10 May 18% Mar
2713 iiii z27i.2 -2812 285s 2912 21E1 Wig 27,005 Kroger Gra, dr Bak-No p
2738 2832 2714 2852 .
1413 Feb 29 30 Apr 20
25 May UN Jan
3118 3112 2912 3114 2912 3018 2958 3112 3158 3233 31% 3134 29,200 Lambert Co (The)___No par 2218 Mar 2 3412 Jan 12
2 May
752 Aug
514May 6
3 Feb 8
514 514 *412 6
*4
6
412 412 *414 6
No par
300 Lane Bryant
*414 6
1/
1
4 Apr
878May 12
858 Sept
75
712 734
334Mar 2
734 8
5
814 87 13,700 Lee Rubber & Tire
714 712
812 878
84
31* Apr 11 Aug
1114 1,100 Lehigh Portland Cement-_50
1118 *10
578 Jan 5 12 May 5
1138 194 11
1112 11% 1158 •10I2 1112 II
50 50 847 59 *47
40 Dec 75 Jan
100 34 Feb 9 60 May 12
60
59 60
59
59 *47
59 *47
7% preferred
11
/
4 158
1 May
434 Aug
2 May 11
114 112
134 2 10,000 Lehigh Valley Coal----No par
1 Jan 13
112 2
112 112
112 138
May
12
312 312 *314 338 *318 314
114 JulyI 1112 Aug
4
Apr
10
2%
314 314
Preferred_
50
800
338 35
4
4
9,100 Lehman Corp (The).--No par 3712 Feb 28 6112May 11
59
58
5914 58
3OlIJuneI 518 Sept
5712 58
5818 5912 595 6112 60 613
1912 1978 19
6 May1 241
1958 1812 185* 19
/
4 Mar
20
2012 9,800 Lehn & Fink Prod Co
5 14 Feb 27 20I2May 12
1912 198 20
1912 203* 1834 20 98,300 Libby OwensFord Giese No par
17% 1914 1878 197
1412 1534 1512 18
938 Sept
334 May
434 Mar 1 2033May II
7934 8034 *78 80 *7712 80
3214 June! 6512 Oct
83/
8212 83
1
4 2,200 Liggett dc Myers Tobacco°.-25 49 Feb 16 8314May 12
8012 8058 80
7938 8078 791
84 29,500
/
4 81
25 4914 Feb 16 8434May 11
1
4 83
7812 8012 8012 8134 8112 84/
1
4 Sept
Series B
341s May! 67/
*127 132 *127 135 *127 135 *129 135 *129 1321 *130 132
100 121 Mar 22 132 Feb 1 100 Mayl 132 Oct
Preferred
1758 188 1712 18
1812 1812 1914 19
1912 6,300 Lily Tulip Cup Corp-No Dar 13 Apr 6 I912May 12
14 Junel 21 Mar
1734 1734 18
1818 *1612 1818 1712 1818 1818 20
17
1714 *17
19 2014 6,000 Lima Locomot Works_ _No par 10 Jan 17 2014May 12
812 Apr1 192a Aug
1112 1112 1134 1212 *1134 1214 1214 1212 1212 1234 1234 1314 2,700 Link Belt Co
6l,Junej 14 Mar
834 Apr 17 1314May 12
No par
20
20 21
2114 1953 203* 2014 2112 2212 237s 2212 28 50,600 Liquid Carbonic
9 Mayi 22 Mar
No par 1014 Feb 25 28 May 12
1834 1938 18
19
1634 1734 1612 1832 1652 1738 17
1918 49,600 Loew's Incorporated.--No par
1314 Mayl 3734 Sept
813 Mar 22 2112 Jan 4
58
59
53
54
5834 2,200
58
55
56
56
58
55
55
39 JulyI 80 Sept
Preferred
No par 35 Apr 4 59 May 11
234 278
212 218
2/
1
4 238
258 234
234 278 7,500 Loft Incorporated
238 234
178 June
313 Jan 6
5 Sept
No par
134 Feb 24
*34 214
*34 2/
*34 214
1
4
*34 214
*34 214 .34 214
Long Bell Lumber A.-No par
14 May
118 Feb 3
278 Anil
12 Feb 28
34
354 37
3534 3812 3734 3834 6,800 Loose-Wiles Biscult
3412 35
3512 34
34
1818 July 361* Feb
/
4 Feb 27 3834May 12
25 191
•11314 120 1511314 118
11312 11312 *11312 11412 *114 118 *114 118
30
96 Julyl 118 Oct
7% lot preferred
100 11312May 9 120 Jan 14
1878 1938 1838 19 50,600 Lorillard (P) Co
19
1812 1878 18
1758 1814 18% 19
9 Mayl 183e Sept
No par 1038 Feb 16 1934May 1
1596 101
*99 101
*99 101
*9812 101
1597 101
*96 101
7318 JsnI 10818 Sept
7% preferred
100 8712 Feb 23 9934 Apr a
112 2
134 2
178
17
134 134
I% 2
158 158
3,900 L0111818141 011
12 Jani 2/
2 May 6
1
4 July
58 Jan 5
No par
*618 7
*6
7
51614 7
*614 7
*618 7
*618 7
3 Dec1 18 Jan
7 May 3
Preferred
3/
1
4 Feb 24
100
1778 1878 12,200 Louisville Gas & El A.No par l3 Apr 8 1938 Jan 6
175s 1638 1718 1714 1714 173 18
1712 17
17
8 Mel
81,Junel
23
7.800 Ludlum Steel
918 95
912 978
814 914
81
/
4 8%
8'8 84
884 9/
1
4
112 JanI 1188 Sept
978May 11
4 Feb 28
1
34 *2214 34 *25
34 *16
30
30
30
*16
100
.17
34
Cony preferred
No par 102 Mar 28 30 May 12
612 Jan 26 Sent
14
137 14
14
14
1434 1,800 MacAndrevre & Forbes
14
1412 1434 14
1412 14
912 Feb 16 1512 Apr 24
10
9/
1
4 Aug 1514 Feb
*79
7912 *75
75
78
75
4170
75 *70
7912 75
75
6% preferred
100 74 Apr 18 80 Apr 26
70
5712May 80 Sept
2812 29/
27
28
25
26
1
4 2734 2912 22,000 Mack Trucks Inc
2634 2734 2534 27
No par 1312 Feb 27 2912May 12
10 June 2834 Sept
503* 5214 5178 5414 543 558 53
548 17,300 Macy (It Ili Co Ina_ _ _No par 2414 Feb 25 5578May 11
5134 55
52
53
17 June 6012 Jan
4
4
1.500 Madison Sci Gard•t e.No par
312 4
*312 334 *312 338
312 312 *312 355
41 Sept
4 May 2
158 Mar 30
218 Jan
1118 1118 1134 1212 128 1314 125s 1314 6,900 Magma Copper
12
1214 1238 12
538 Mar 2 1314May 11
No par
412 Apr 1334 Sept
2
2
2
1,700 Mallinson (II R1 & Codger par
2
173 2
17s 17s
2 Apr 20
rs Feb 15
4 Sept
178 2
178 2
12 Jan
238 3
2% 3
218 2/
1
4
480 Manati Sugar
212 212
3
3
*212 338
378 Apr 29
214 Sept
14 Jan 4
10C
% Mar
*412 6
6
6
412 612
140
514 614
434 434
/
1
4 Apr
658
Preferred.
*4
734 Apr 20
32 Jan 6
1015
3/
1
4 Sept
57
514 514
514
514 *5
190 Mandel Bros
514 514 *5
6
6
57e
1% Jan 3
434 Sept
1 Dec
6 May 3
No par
111
1118 1112 1118 1112 107 1112 11
1158 3,600 Manhattan Shirt
512 Apr I 12 May 3
25
1114 11i 114
9 Aug
312June
11
/
4 114
72 114
500 Maracatbo Oil Explor_No par
1
1 '
,
a
114
78
78 '
138 Apr 24
58 Jan 18
11,3 1,
11
/
4 Aug
%June
75
738 8
738 7e 23.700 Marine Midland Corp
712 734
712 778
8
734 8%
Si, Mar 31 11% Jan 9
10
6I June 14.18 Aug
137g 3,500 Marlin-Rockwell
131
/
4 131
13
1314 133 *12
1314 13% 1334 14
13
534 May 13% Sept
6 Feb 27 14 May 5
No par
'2
12
53 23.900 Marmon Motor Car...No pa
82
1*
it
14
38
38
178 Jan II
14May 5
14
3/
1
4 Sept
12 Apr
58
14
1034 1138 1138 1214 1114 117s 11.800 Marshall Field ee Co..No par
101, 11
we 1138 1014 113
4/
1
4 Jan 30 1214May 5
3 July 1312 Jan
2254 22
2212 2212 2334 2312 243* 2312 241 12,800 Mathieson Alkali WorksNo par II Feb 27 2412May 5
23'l 22
7 Mar
21
9 June 20,
_ _ *107 _ -- *10712 - -- •10712 __ •107
*107
Preferred
100 10018 Jan 20 105 Apr 29 8934 Apr 105 Jan
22 -2314 2212 2314 10,000 May Department Btores_25
•10722
1978 -2118 21
_- 2114 -2i1
912June 20 Jan
224 Feb 24 2312May I
22 -2234
*314 4
400 Maytag Co
3
3
*212 3
3
3
212 3
1 18 Apr 10
6 Ang
No pa
3 May 8
*214 212
1 July
*514 7
*514 638 *514 7
*51, 67
118 Apr 4
Preferred
3 Apr 10% IMPS
7 May I
No pa
*518 67
*518 7
2518 2518
100
1
4 Jan
221, Dec 35/
Prior preferred
No par 15 Apr 5 25I8may 12
*2034 40 *2034 301 512034 40 *2034 40 *2034 30
-_
• rim and asked priers no gales on tin* day, a Optional sale
e Cash sale.
Sold IS day.. a Ex-dividend
eat
V Es-rights.
New York Stock Record-Continued-Page 6
3304
May 13 1933
or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDE
D IN THIS LIST, SEE SIXTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
PER SHARE
Range Since Jan. 1
On basis of 100-share tots.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
Lowest.
Highest.
$ per share S Per share $ per share $ per share $ Per share 8 Per share Shares. Indus. & Miscem (Carlo par $ per share
$ per share $ per share $ per share
2214 2214 22
22
20
20
2034 2034 2214 2312 2338 2312 2,000 McCall Corn
No par 13 Mar 3 231251ay 1
10
May 21
Jan
112 2
2
2
2
2
214
2
218 214 3,100 McCrory Stores class A No par
218 214
38 Apr 15
3 Jan 12
612 Dec 16
Apr
2
2
.2
1; 134
212 *214 212
212 3
278 3
Class B
1,100
No par
114 Jan 13
8 Jan 5
5 Dec 19
Jan
534 618
5; 578
614 614
614 712
9
9
9
914
Cony
1,800
preferred
100
Mar
212
21
17
Jan
9
20 Dec 62 Feb
.3
.318 5
5
4,312 5
.358 5
.312 5
*312 5
McGraw-Hill Pub Co_No par
3 Apr 4
4 Apr 21
212 May
712 Jan
2458 2478 2414 2614 25
2578 2514 2578 2434 26
24; 25; 29,000 McIntyre Procupine Mines..5 18 Mar 16 2612 Apr 24
13 May 2158 Dec
7414 7514 7414 7878 7512 7678 7738 7978 79
8034 7514 78; 14,000 MeEeesport Tin Plate_No par 4418 Jan 4 8034May 11
28 June 6214 Feb
4
418
334 418
338 312
338 4
334 4
334 378 10,800 McKesson ez Robbins
134 Mar 2
5
418May 5
118 June
812 Sept
918 10
812 912
8
834
758 912
938
9
9
938 6,600
Cony pref series A
50
358 Mar 3 10 May 6
318 May 23 Feb
*58
34
34
34
7'8
34
34
58
34 2,800 McLellan Stores
ki
3/3
34
No par
14 Feb 21
1 Jan 3
38
July
4 Mar
.434 6
534 5; *534 712
.53
4
534
712
534
*534 712
100
8% cony pref tar A
100
218 Jan 16
8 Apr 25
7 Dec 36 Mar
1612 1712 *16
18; 1612 1612 18
18
1712 1838 .17
18
1,200 Melville Shoe
834 Feb 27 1838May 11
No par
778 Dec 18
Jan
614 6s
614 638
6;
6
638 718
714 814
8
834 30.200 Mengel Co (The)
2 Mar 1
1
834May 12
1 July
5 Aug
1114 1114 12
12 .1134 12
12
12
12
12; 1212 1412 2,000 Mesta Machine Co
7 Feb 24 1412May 12
5
514 Slay 1912 Jan
18
18
1812 1812 *17
18; 1838 1838 1812 1834 19
19
700 Metro-Goldwyn Pict pret__27 1312Mar 1 19 Jan 21
14 June 2214 Jan
418 418
4
418
4
334 4
4
4
414
418 4.200 Miami Copper
4
158 Mar 3
5
438May 5
112 June
614 Sept
814 834
734 812
734 812
812 878
858 9
812 914 47,900 Mid-Continent Petrol__No par
334 Mar 2
914May 12
384 Apr
878 Sept
933 933
958 1078 1014 1074
912 978 *812 9
074 1014 4,900 Midland Steel Prod..., No par
3 Mar 2 11 May 1
2
June
1238
Sept
4934 4934 50
50
49
49 .48
53
52
52
5258 53
700
8% cum lot pref
100 26 Mar 3 53 May 12
25 June 65 Sept
1614 1614 1612 17
17
17
1814 *17
17
18
*1718 1712 1,200 Minn-Honeywell Regu_No par
13 Apr 4 1814May 10
11 June 2312 Jan
112 1;
112
158
112 112
112
138
112 1;
1; 134 7,600 Minn Moline Pow Impl No par
78 Feb 3
214 Mar 16
;Jun
338 Aug
12
*8
1178 12
12
*8
8
12
.8
Preferred
12
*8
12
300
No par
8 Feb 7 15 Apr 21
4 Dec 1458 Aug
12
12; 12
1238 *II
1178 1178 12
7 Jan 23 1234N1ay 1
1113 1214 IAA 1178 2,800 Mohawk Carpet Mills_No par
S'2June 14 Sept
40
42
40
40; .3858 40
40
41
42
Monsanto
4338 4234 44
Chem WksNo par 25 Mar 3 44 May 4
6,400
1338 Slay 3034 Mar
2134 23
2014 23
2038 2134 2178 2278 23
2334 2214 24 313,500 Mont Ward dt Co Inc No par
838 Feb 25 24 May 12
3;Slay 1612 Sept
3514 3514 *36
40 .34
40
*35
40
3818 3818 3773 3814 1,200 Morrel (J) et CO
No par 25 Jan 6 3814May 12
20
38
Slay 3514 Mar
38
12
12
12
12
38
12
12
12
12
12 3,200 Mother Lode Coalltion_No par
18 Jan 9
1: Apr 20
*88
7
18 Stay
34 Aug
78
78
78
34
78
*34
78
11.1 21.400 Moto Meter GaugekEn No par
78
34
14 Jan 5
114May 12
14
Apr
114 Sept
16
16
16
15
1458 15
157s 16; 1634 17
1578 1634 4.400 Motor Products Corp Nopar
734 Mar 1
1714May 2
73s June 2938 Sept
4
4
378 4
4
4
378 414
534 8.200 Motor Wheel
412 533
514
No par
112Mar 1
514May 12
2 June
638 Sept
534 61
512 558
513 514
512 53
573 614
614 612 6.300 Mullins Mfg Co
No par
112 Mar 21
8; Jan 6
2 June 1338 Jan
.13
14
1118 1438 *1112 14
1212 1313 1478 1514 1512 16
Cony preferred
750
No par
5 Mar 21 1638 Jan 10
5 June 271: Sept
.7
10
.712 10
*812 10
10
10
500 Munsingwear Inc
10
10
10
20
No par
5 Mar 30 1012May 1
7 Aug 1518 Sept
338 412
413
334 4;
4
37s 41s
412 438
412 4; 23,000 Murray Corp of Amer2
18 July
978 Mar
.15
1778 .15
1778 .15
1778 *15
173 *16
Myers F dr E Bros
1734 .15
173
No par
8 Jan 25 20 May 5
718 June 19 Feb
1534 1718 1558 1634 1512 1618 16
1633 1673 1712 1534 18
71,700 Nash Motors Co
No par 1118 Apr 12 18 May 12
8
May
193
4 Sept
312 334 .3,4 3,
1
314 3;
312 5 4
11,900 National Acme
458 5
458 514
10
118 Feb 28
514May 10
114 Slay
514 Sept
4
412
434 '23t 47
4
.238 47
*412 47
412 458
600 National Hellas Hess pref_ _100
114 Jan 27
434May 8
18 May
IS
8
5038 4734 491
Sept
4712 4838 4858 4912 4912 5238 49; 51
46,300 National Biscuit
10 31; Feb 25 5238May 11
2014 July 4678 Mar
2713 13178 *12712 13012 12714 130 *12712 13312 *12818 133
100
13012 13012
7% cum pre(
100 118 Mar 3 1387s Jan 10 101 May 14214
Oct
L 1312 14
1318 14
1314 13; 1212 1314
1414 1514
1412 1038 27,100 Nat Cash Register A__ No par
513 Mar 2 1538Nlay 12
2614 Dec 18; Sept
1734 18; 1718 18
1718 1733 1712 1833 1838 1878 18
1853 85,900 Nat Dairy Prod
No par 101
:Feb 27 1878May 11, 1438 June $138
Mar
38
38
12
58
•12
58
3.8
58
38
34
58 1,600 Nat Department Stores No par
58
18 Mar15I
*2
212
34MaY 11
212 21
14 June
212 212 *212 4
218 Aug
120
Preferred
*212 4
*2
4
100
114 Feb 23
3 Jan
2918 3018 y2934 30; 2878 2934 2914 30
114 Dec 10 Aug
3114 3312 3438 38; 57,200 National Distil Prod__ _No par 1678 Feb 15 3834May 21
12
35
35
13 June 2714 Aug
*33
3514 3338 34
*3314 3514 3512 36
52.50 preferred
36; 4114 1.600
40
Feb
24
8
411
4May 12
•712 10
2018 May 3212 Feb
*712 10
.712 10
*6
10
*712 10
100 Nat Enam At Stamping_No par
10
10
5 Feb 2 10 May 12
95 101
338 July
98
98
91
91
9512 9512 9612 9814 9934 9934 2,000 National Lead
818 Sept
100 4314 Feb 2:1 101 May 6
45 July 92
108 108 *10712 135 *10818 135 .10818 135 .10818 135
Jan
108 108
400
Preferred A
100
101 Mar 1 110 Feb 6
87
95
95 .85
97
July 125 Mar
90
90 .90
97
*90
97
*90
97
300
Preferred B
100 75 Feb 23 95 May 6
1238 1373 1234 131
61
July 105
1233 127g x13
Jan
1334 1333 1414 1334 1412 71,600 National Pow & Lt_ _No par
Apr
67
8
1
1514
Jan 11
3612 38
658 June 20; Sept
36; 387s 3634 394 39
40
; 4212 4014 4212 84.900 National Steel Corp___No par 15
40
A p,
4 Fe
b 27
8 42
1 1 123
1a
fty
y 11
5
1312
3i
t3 July
934 10
iine 313378
914 10
9
912 97
10,4 1038 1078 10
1034 3,400 National Supply of Del
Sept8
3012 32
32
30
3012 301
3112 3112 3212 33
3212 3212
280
Preferred
100
Feb
17
23 33 Slay 5
212 234
1312
Slay
2; 3
238 278
3918 Aug
253 27a
258 234
234 3
National
10,800
Surety
10
3
114May
812
Jan
6
412
1912 2038 1834 197s 1818 19
July
1912 2012 2038 2138 2018 211 4 48,000 National Tea Co
1978 Aug
No par
612 Jan 4 2138May 11
*412 5
*4
5
.212 41
434 473
3
113 May 10; Aug
5
5
473 5
900 Nelsner Bros
No
Ds Janie.
512May 5
812 812
812 9
814 8's
734 8's
812 833
12 Apr
812 gr, 3,300 Nevada Consol Copper_No pa
512 Jan
par
4
Feb
28
938May
5
473 478
212 Slay 1014 Sept
434 47
418 4'2
312 412
378 438
414 438 8,300 Newton Steel
No par
2 Feb 1
5,4 Apr 24
.11
158 June
.11
14
121 .10
12
12
12
812
Sept
1312 15
1478 1612 6,700 NY Air Brake
No pa
8,8 Apr 4 1612May 12
*5
414 June 1412 Sept
*5
9
..5
9
*6
9
8
8
9
*812 10
200 New York Dock
100
5 Apr 25
9 May 11
*9
318 Dec 10 Sept
12
12
*9
*9
12
*9
12
11
14
1312 1313
300
Preferred
100
612 Mar 30 14 Slay 11
20 Apr 30 Aug
; ; ; 3
; ;
38
34
38
34
% 15,600 N Y Investors Inc
58
No par
12 Apr 3
114 Apr 21
718 712
678 7,
12 June
632 67/3
334 Aug
672 7
12,000 NY Shipbldg Corp part stk _ _1
714 778
7
; 8
134 Jan 4
81s Apr 7
.62
65 .6013 65
1; Dec
61
61
63
63
614 Feb
65
6514 68
68
130
7% preferred
100 31 Jan 9 6912 Apr 7
20 June 57 Mar
.8412 86
8412 8458 86
86
.8614 8912 *87
8912 8634 8812
160 N Y Steam $6 pref
No par 80 Mar 24 101 Jan 9
70 Slay 100 Oct
100 100
98
98
97
97 .98 100
98
98
9612 97
110
$7 lot preferred
No par a9314 Apr 25 110 Jan 11
2378 2514 2314 2412 2312 24
90 June 10918 Mar
2414 2618 2512 2618 25
2534 32,900 Noranda Mines Ltd_..No par 1738 Jan 14 2618May 10
2312 25; 2238 2434 2214 2312 2338 25
1034 May 21; Sept
25; 2638 2538 27 137.800 North American Co
1514 Apr 4 3112 Jan 11
No par
1384 June 4314 Sept
*3814 3934 3814 3814 *3814 39
*3814 40 .39
393
4
39
39
200
Preferred
28
Feb
32
50
48
Jan 12
2512 July z48 Sept
714 734
714 7;
714 758
6; 714
714 724
718 733 90,700 North Arder Aviation
5
4 Feb 27
8 Apr 29
114 May
55
55
858 Deo
58
58
5612 &Pr *58
60
58
6018 63
6312 1,200 No Amer Edison prefNo par 48 Apr 19 7412 Jan 16
49 July 88 Sept
*512 6
*512 8
.518 6
534 534
534 534 .5
6
200 North German Lloyd
514 Apr 10
8 Mar 20
23
.29
8
31
June
.28
30
*28
32
8
.22
Jan
32
*2818 32 .2818 32
Northwestern Telegraph..._ 50 26% Apr 27 3012 Feb 17
15 June 33 Aug
218 214
214 214
214 214
214 233
233 212
214
233 3,400 Norwalk Tire & Rubber No par
118 Feb 23
212 Apr 24
34 Feb
913 953
878 953
213
Aug
8; 91.4
9
934
978 10
9; 1012 140,700 Ohio 011 Co
434 Feb 27 1012May 12
No par
5
278 3
Jan
234 278
11 Aug
233 2;
234 278
2; 3
234 27g 6,600 Oliver Farm EquIp
No par
3;Marl?
118 Feb 27
12 Apr
.12
13
12
*1034 1214
12
4 Aug
1112 1214 1214 1310 *1034 1214 1,200
Preferred A
No par
314 Feb 28 1378May 5
258
May
.3
1014
318
Aug
3
3
3
3
3
3
2,100 Omnibus Corp(The)vtc No par
3
3
2; 3
134 Mar 2
312May 1
112 Jan
8
434 Mar
*734 818
8
734 734
918
8
812 10;
9
912 3.800 Oppenheim Coll St Co._No par
212
101
28
Feb
4May 11
3 June
.114 512 *114 51
97
8
Jan
.114 51
*114 712 *114 512 *114 512
Orpheum Circuit Inc pref_ 100
1; Jan30
514 Jan 12
314 June 15 Sept
1438 1578 1.514 1638 15; 1634 1634 1734 17
1814 18
1812 43,600 Otis Elevator
No par 1018 Feb 27 1812May 12
9 May 2212 Jan
*9634 9778 *9634 9773 9613 96'2 9612 96; 9634 9634 .9718 97;
210
Preferred
Apr
5 102 Jan 27
100 9312
90 May 106 Nov
433 433
334 373
334 434
434 534
618 612
633 612 92,700 Otis Steel
No par
612May 11
114 Mar I
114 May
814 grs
834 1113 1033 111,. 1158 1478 1613 1978 1712 1878 14,110
914 Sept
Prior preferred
100
214 Feb 28 197sMay II
318 May 2038 Sept
5612 5734 55
5934 58
59
5973 66
6612 6934 6712 7512 44,600 Owens-Illinois Glass Co____25 3112 Mar 3 7512May 12
12
June 4214 Nov
2414 25
2334 2514 2312 2373 24
25
25
27. 34,400 Pacific Gas St Electric
2634 26
Apr
20
25
7
3114
Jan
11
16;
June 37 Feb
3134 3234 3034 3278 30
3078 2934 32
31; 3238 3134 3234 13.000 Pacific Ltg Corp
No par 2514 Mar 31 43; Jan 11
2034 June 4712 Aug
1738 1734 171z 1834 1734 1812 1814 19
1958 1914 2038 1,780 Pacific Mills
19
100
6 Feb 21 2038May 12
314
May
7814 7814 77
14 Aug
81
*7634 81
81
81
81
8078 81
81
620 Pacific Telep Ac Teleg
100 85 Mar 3 81; Jan 12
58 June 10434 Mar
354 4
338 37s
312 334
3; 378
334 4;
418 438 171,900 Packard Motor Car__ _No par
438May 12
134 Mar 24
112 July
514 Jan
Pan-Amer Petr ,It Trans
5 12 Jan 5 1212 Jan 11
6 July
14 Sept
---- ---- ---- ---- ---- ---- -- Class B
- - -- 1112 Mar 2 1212 Feb 18
b
7; July 14; Sept
10
10
10
1013 10
*10
10
1014 10
10
1014 10; 3.800 Park-Tilford Inc
Jan
par
5
No
20 1038May 12
2 Apr
78
78
78
10 Sept
•78
78
1
1
1
1
111
114
1; 5,800 Parmelee Transportren.No par
178May 12
.
3 Mar 21
.34
; ;
78
2 Jan
14 June
1
0,75
78
78
1
1
1
112 7.200 Panhandle Prod & Ret_No par
ze Apr Is
1 12May 12
I.
14 Dec
114 Jan
12
.
1
12
58
58
53 1,900 Paramount ruin!: elfs. ....10
33
53
53
12
lz
18 Apr 5
;Feb 18
_
__
_
_
212 234
218 21
214 238
2; 2;
214
212
2,4 212 6,400 Park Utah C M
1
34 Jan 9
278May 4
38 Apr
i Fi-ep-t
5/3
12
38
58
12
58
'8
12
58
58
58 3.300 Pathe Exchange
53
Jan
par
No
4
14
34 Jan 4
14 May
2
2
114
Allg
218 214
2
2
214 212
212 3
3
4.400
3
Preferred class A...No par
114 Jan 25
3 Slay I I
114 June
1212 13; 12; 1338 12
534 Feb
1212 12; 14
1234 1312 1214 1278 26,840 Patina Mines St Enterpr No par
5; Jan 16
1438May :
318 July
912 Sept
*12
34
*12
*1,
58
Ai
1
1
*38
34
34
34
300 Peerless Motor Car
3
34 Feb 16
114 Jan 10
June
4334 4414 4214 44
434 Apr
34
4213 4233 4313 4413 4434 4538 44
4533 6.700 Penick & Ford
No par z2512 Feb 27 4.538May 11
16 June 32; Mar
3514 3858 34; 3638 3458 35; 35
3714 37; 38; 3634 3818 32,700 Penney (J C)
No
2
Mar
par
1014
383
8May
II
13 May 3412 Mar
•10112 102(2 10112 10112 .102 10212 102 102 *10012 10212 .10012 1021
200
Preferred
100 90 Jan 4 c1041:Feb 17
60 June 91 Mar
212 238
238 234
2; 234
318
234 3;
338
334 414 22,700 Penn-Dixie Cement__ No par
;Jan 25
4145lay I:.
1018 1013 1012 1012 *10
213 Aug
12 Apr
*1012 12
12
12
12
*1312 19
300
Preferred series A
Mar
2 12 May II
100
418
3 Nov
.18
8 Sept
35 .15
24 .15
.1512 24
24
1978 1978 .10
24
100 Peoples Drug Stores_No par
1034 Jan Y5 1978May 11
12
.7114
Oct 16; May
__ *7114 ___ *71 14 _ . .7114 --- *7114
- *71,4
- _-_
preferred_
Apr
11
655%
eonv
_100
65
75
Jan
18
5018 July 95 Feb
58 -6-0
5512 -57
5512 -575712 -58
59 -6-3.
61
-8212 7.800 People's0 L & C (Chic)_ 100 4138 Apr 18 78 Jan 9
39 July 121
Jan
878 878
812 9
*8; 9
10
10
9
1012 10
1014 4,400 Pet Milk
612 Feb 2 1012May 11
No par
6 Dee
1212 .11111
812
734 814
S
778 8;
818 812
83s 834
812 9
13,400 Petroleum Corp of Am_No par
Jan
4;
9
3
May
12
20i Slay
1013 1138 1013 1114 1014 1073 1078 1112 1114 12
7;SeP1
11
11; 48,300 Phelps-Dodge Corp
25
41: Jan 4 12 Slay 4
378 June 1134 Sept
28
281 .27; 29 .28
29
2812 2812 27
2812 2834 29
1,600 Philadelphia Co 6% pref.__ 50 25 Apr 11
32 Jan 20
18 June 41 Mar
.12
56
*42
50 .43
*4312 47 .44
50
47
47
47
200
56 preferred
par
47
12
May
No
50
Apr 24
48 June 76 Sept
412 478
4
41s
378 418
41s 4;
412 434
438 438 14.900 Phila & Read C At 1
212 Feb 27
No par
5 May 5
773 Sept
2 June
1014 101 .10
103i; 10; 1033 1038 Ws 1012 11
1012 1012 1.700 Phillip Morris & Co Lid.__. 10
8 Feb 23 11 May 11
7 June 13 Aug
*512 71
*512 712
512 512 .314 7,2 *512 7,2 0512 712
100 Phillips Jones Corp
3 Feb 8
No par
512May 9
312
4 Sept
Apr
123
*2212 60
*2212 60
*2013
60
*2012 60
*2012 60
*2012 60
Preferred
100
10 Apr 32 Feb
934 1018
912 10
914 9;
912 1018 1018 1034 1018 11 124,900 Phillips Petroleum
No par
4; Jan 4 11 May 12
2 June
818 Sept
.478 5
*47e 5
4
4
478 478
5
*5
5
5;
Phoenix
60
Hosiery
5
1;Mar 15
5 May 2
2 Nov
918 Aug
•21 4
*218 3
3
*218 3
*218 3
3
3
314 4
600 Pierce-Arrow class A_ _No par
112 Apr 18
4 Slay 12
9 Jan
1 14 June
•12
58
58
38
12
12
12
12
38
12
38
34 11.900 Pierce Oil Corp
14 Jan 3
25
34May 12
14 Jan
34 Sept
0612 71_ *6
*7
71
7
734 8;
712
7
714 714
900
Preferred
378 Feb 27
100
832May 12
312 Jan
9 Aug
1
Ds
113
l's
1
1
118
1
118
I
1
114 14,500 Pierce Petroleum
No par
;Jan 23
1 1IMay I',
12May
15s Setn
2112 2212 21
2212 2012 2112 21
2214 2212 23
22; 23; 10.500 Pillsbury Flour Mills_ -No par
'ale Feb 24 2333May 12
912 Dee 2213 Jan
*43
043
45
45
4318 4318 .4234 46 .4338 45
*4338 45
100 Pirelli Co of Italy Amer shares 3338 Apr 4 4318May 5
21 June 3134 Mar
•13
1338 13; 1338 *1212 1338 1212 1338 13
13
1258 1314 1,300 Pittsburgh Coal of Pa
4 Feb 25 14 May 4
100
3 May
1138 Sept
3814 39
38
39
39
38
3912 39; *3912 3934 *3812 40
1,200
Preferred
100 17 Jan 25 40 May 4
Jan
17 Dec 40
*358 4
*314 4
*3,2 4
*314 4
4
4
314 378 1.700 Pittsburgh Screw dr FloltNo par
4 May 4
114 Feb 15
2 Apr
478 Aug
2612 2612 .25
28
.25
28 .25
28
*2812 30
28
28
30 Pitts Steel 7% cum pref
100 1014 Jan 6 28 May 11
June
Sept
243
912
3
0
318 .278 3
318
*214 3
3
318
3; 312
333 3; 1,300 Pittsburgh United
25
34 Feb 6
3;May 12
1.8 Dec
334 Sept
34; 35
34
34
36
36
38
36
3112 35
39
37
760
Preferred
100 1534 Feb 27 39 May 12
14 May 44 Sept
Saturday
May 6.
Monday
May 8.
Tuesday
May 9.
Wednesday
May 10.
Thursday
May 11.
Friday
May 12.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
•1110 and asked prices, no sales on this day, a Optional sale. 8 Ex-dIvldend and ex-rights. a Sold 15 days. z Ex-dividend.
c Cash sale, I/ Ex rights.
ne-FOR SALES DURING
New York Stock Record-Continued-Page 7
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
May 6.
Monday
May 8.
Tuesday
May 9.
3305 1
THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
Wednesday
May 10.
Thursday
May 11.
Friday
May 12.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1932
Lowest.
Molten.
$ per share 5 per share $ Per Share $ per share $ per share $ per share Shares. Indus. & MIscell. (Con.) Par $ per share $ Per share $ per share S per share
114
112
2
2
238May 12
*112 178
38 Apr 1
No par
2
2
178 238
112 112
650 Pittston Co (The)
12 Dec
3 Sept
84 873
84 834
94 Jan 11
814 812
838 Nov
812 812
814 858
5
634 Feb 24
814 918 9,700 Plymouth 011 Co
1212 Sept
534 614
5
5
734Nlay 11
No par
*518 512
134 Apr 3
113 May
6
612
634 734
612 634 6.800 Poor & Co class B
64 Sept
.312 4
34 34 .3
414May 2
312 *312 4
158 Mar 23
700 Porto Rio-Am Tob el A_No par
378 378
114 May
312 34
638 Sept
158
Class 11
138 *112 178 5112
14May I
112 138 1,600
No par
112
113
158
38 Feb 27
38 May
158
158
234 Aug
1412 1538
1418 1538 1312 1518 1418 1534 15
4 Feb 27 1614May 11
134 July
1614 1518 154 19.700 Postal Tel & Cable 7% pref 100
1713 Sept
*838 978 *814 978 *758 918 .838 913
25
538 Mar 21
878Nlay 11
600 Pralrle Oil & Gas
84 878 *858 94
312 June
912 Sept
*111 1 12
*1134 12
12
.1034 1114 1114 12
25
13 .12
7 Mar 22 13 May 11
512 June 1214 Sept
124 1,300 Pralrle Pipe Line
2
213
178 218
258May 5
134 178
218
as Jan 21
114
112 12,700 Pressed Steel Car
No par
134
34 June
178 2
4 Aug
712 7i2
414 7
458 458
Preferred
8 May 5
100
3 Jan 27
258 June 17 Sept
7
714
512 64
514 534 2,000
38
383.; 3712 3912 3758 3878 3834 3912 3958 40
1978 June 4234 Jan
3938 40
35,300 Procter & Gamble
No par
1953 Feb 28 50 Apr 20
98
99
97
81 July 10312 Dec
9812 97
9812 9812 9878 9878 9878 1.010
5% pref (8er of Feb 1 '29)100 97 Apr 18 113412 Jan 12
98
98
78
1
78 1
138Ma7' 12
14 Jan 3
4 May
138 16.600 Producers & Refiners Corp__50
34 1
138 Mar
34 1
1
78 114
*8
71
. 6
712 *612 712
3 Feb 2
1 May
734 8
8 May 10
520
74 8
50
Preferred
74 8
934 Mar
4378 46 - 43
4534 43
444 44
28 July 80 Mar
484 34.200 Pub Ser Corp of N J._ _No par 3314 Apr 4 5514 Jan 11
474 47
4512 45
7512 7512 7.5
74
74
7612
62 June 9078 Sept
500
No par 68 Apr 18 8812 Jan :31
7778 .76
55 preferred
75
76
77
*76
90
90
90
90
91
*8758 8914 8934 8934 89
7112 June 10218 Aug
900 16% preferred
100 80 Apr 4 10138 Jan 24
8934 91
9818 984 99
99 .9878 100 .9878 100 10014 10014 *10012 10518
9212May 114 Mar
500
100 9178 Apr 17 11212 Jan 12
7% preferred
112 112 *11112 117 .11112 117 .11112 117 *11158 117 *11112 117
100
100 107 Apr 25 125 Jan 9 100 July 13014 Nfar
8% preferred
9213 9112 9112 92
91
600 Pub Ser F:I & Gas pf $5-No par 8912May 3 10312 Jan 11
*90
92
95
83 June
9212 9212
312 Dec
92
92
3412 32
3278 3334 33
No par
812 Jan 4 36 May 1
1012 June 28 Sept
3334 3338 3412 36
3512 3358 3518 28,100 Pullman Inc
518 578
538 6
7 May 12
538 6
212 Mar 2
278 June
65.800 Pure 011 (The)
612 Aug
No par
7
614
578 638
618 6,8
43
42
44
4312 43
50 Jan 80 Aug
650
100 30 Mar 3 62 Jan 12
4538 4612 4612
8% cony preferred
454 4314 4314 45
1558 1634 1518 1638 1514 16
438 May 154 Mar
578 Feb 24 1778May 11
16
17
174 174 164 1712 40,500 Purity Bakeries
No par
718 712
678 74
1312 Sept
814May 5
712 778
64 7
714 778
3 Feb 23
212 May
714 734 260,800 Radio Corp of Amer_ No par
•22
2312 214 2114 21
10 June 3278 Jan
800
2114 2112 2112 2334 24
•23
2434
50 1314 Feb 28 26 May 3
Preferred
1414 1512 1518 16
1558 1678 141 4 1618
1612 23,800
1634 16
Preferred B
338May 2358 Sept
16
No par
612 Feb 28 1814May 5
238 234
212 234
74 Sept
338 Jan 9
112 June
12,700 Radlo-Keith-Orph
1 Mar 31
234 3
No par
24 3
24 213
238 3
1112 12
1113 1112 12
1238
5 Feb 23 1245lay 5
438 July z1234 Aug
1218 1214 1234 1214 1212 4,000 Rayhestos Manhattan_No par
12
934 1018
978 10
812 Sept
9
218 July
10
938 10
10
10
5.800 Real Silk Hosiery
978 1012 10
512 Feb 27 10347.lay 1
.40
49 .40
49 .40
545
7 June 30 Sept
4612
49
49 .40
49 .40
100 25 Jan 4 50 Apr 28
Preferred
*22 1
114May 12
.
12 I
112 Sept
.12 1
14 Jan 3
4 Apr
713
114 1.500 Reis(Robt)& Co
No par
*12 1
12
12
*234 9
*234 9
312May 12
118 Jan 3
el
Dee
738 Sept
.234 9
50
100
let preferred
.3
6
.34 6
34 312
512 534
514 578
712 Aug
1 May
614Nlay 12
5
1
512
212 Feb 23
578 614 33.600 FtemIngton-Rand
54 534
54 618
17
1614 1612 17
*174 1978 *18
4 June 29 Aug
712 Feb 27 24 May 12
2112 24
100
20
1s1 preferred
20
700
20
1614 1614 16
1612 16
5 June 3112 Aug
8 Feb 27 3014May 12
100
16
450
2d preferred
18
174 1912 1912 3914 3038
412 434
4
112 Apr
418 438 21,600 Reo Motor Car
438 44
378 Sept
5 May 1
5
44
138 Feb 28
4
438
414 412
1334 1412 1334 1434 1318 1414 1414 1478 1434 1514
14 June 1378 Sept
1414 1434 107.800 Republic Steel Corp_ __No par
4 Feb 27 1514May 11
2712 2912 2634 2814 2838 31
2718 28
5 June 2878 Sept
3012 32
6% cony preferred
9 Feb 28 32 May 11
30
3114 20.800
100
1 July
.338 478
3
614 Sept
4,2 .3,4 5
5 May 3
400 Revere Copper & Brass_No par
44 5
44 44 .
114 Jan 10
*518 512
.6
10
9
9
918May 10
*7
2 Dec 1212 Aug
10
214 Mar 2
.8
918 918 .812 12
1013
200
No par
Class A
104 104 10,4 1034 1014 10,4 1012 1014 1078 1114 1114 114 3,800 Reynolds Metal Co_
558 July
1178 Sept
6 Feb 27 1138May 12
No par
612 Jan 10
513 512 *512 6
14 Feb 28
3 Feb 1278 Sept
No par
538
5:4
5-4 512 *5
600 Reynolds Spring
578
5
5
394 3834 394 3.512 3914 3918 3934 3934 4038 3912 4914 122.800 Reynolds(R J) Tob class B_10 2613 Jan 3 404May 11
39
2612 June 4014 Jan
Jan 2;
64 May 7118 June
61
624
60
10
60
60 .60
Jan
6
60
Class
61
A
61
60
61
60 .60
61 .60
14 June
138 July
38 Apr 25
4 Feb 21
3,700 Richfield 011 of Calif_ __No par
.12
58
12
58
12
12
4
58
12
.38
•1212 14
12
Oct
4 July
12
12
800 Ritter Dental Mfg
No par
812 Feb 25 13 May 10
1212 1212
aI212 13
*1214 13
13
13
5
512
478 534
912 Aug
112 May
634May 11
44 538
2 Apr 8
5
518 618
6
634
Pt 64 16,250 Rossla Insurance Co
26
2614 25
2538 2312 2414 2438 25
1218 Apr 2334 Sept
2458 244 2412 2478 4,400 Royal Dutch Co (N Y shares) 1758 Mar 2 2614May 6
16
1612 1538 1638 154 1638 154 1713 164 18
458 July 174 Sept
618 Feb 27 1838 Apr 20
10
1718 1778 31,800 St Joseph Lead
48
49
4712 4878 46
3018 July 5914 Mar
No par 28 Mar 3 4923M ay 5
47:4 47
4838 4814 494 474 484 13,700 Safeway Stores
60 May 90
Oct
70
100 72 Apr 5 90 May 11
8812 8812 8812 8812 .8812 90
6% preferred
*8812 90
8812 88'2 8812 90
Oct
69 June 99
97
130
100 t014 Feb 15 98 Feb 2
95 .95
97
95
95
9538 .95
95
95
7% preferred
95 .95
5
512
5
5
738 Feb
5
214 Apr 3
114 July
558May 11
5
5
5
514 538
538 538 1,400 Savage Arms Corp__No par
2
238
2
218
Jan
4
218
178 2
238 21z 3.300 Schulte Retail StoresNo par
12 Dec
17
212May 5
33 Mar 3
14
2'z
812 812
812 812
8
Preferred
812
5 Oct30 Jan
912 O'z
912NIay 12
170
8
100
318 Apr 25
*8
8
8'2
36
36
.35
38 .35
39
30 Scott Paper Co
38
18 Slay 42 Feb
No par 28 Jan 21 38 May 10
39 .35
38
38 .35
2612 2758 26
2714 2512 2614 2678 271
658 Apr 2038 Dec
2714 297e 27,800 Seaboard 011 Co of Del_No par 15 Feb 13 2978May 12
2718 27
*213 4
31
*212 4
238 24
Apr
234 Jan
1
3
500 Seagrave Corp
118 Feb 25
3
No par
378 37
378May 11
314
2414 2538 2338 2514 2213 2334 2334 251
2514 257
978 June 3738 Jan
2438 2838 181,600 Sears, Roebuck & Co No par 1212 Feb 25 2838Nlay 12
.234 278
234 24 .212 24 *212 234
12 July
3 Aug
212 258
800 Second Nat Investors
234 234
1
114 Feb 28
3 Mar 16
.33
38
*3313 3834 *3514 3878 .354 3834 *3512 377 .36
Preferred
I 24 Feb 24 3812May 5
2114 June 364 Aug
3778
*12
58
'ss
58 2,500 Seneca Copper
1 Aug
14 Apr 20
18 May
58
18 afar 28
No par
.38
38
4
12
4
ss
511
3,4 338
314 338
412May 11
34 314
112 June
538 Jan
112 Feb 4
34 44
1
34 414 72.600 Servel Inc
418 412
878 938
858 914
814 838
5 May 1234 Mar
834 912 13,500 Shattuck (F 0)
834 94
No par
934
534 Apr 9 1038May 2
914
538
5
512 6,8
734 Sept
112 Feb 23
113 JulyI
634 7
9,400 Sharon Steel Hoop
718May 11
634 78
No par
512 614
6,4 7
418 414
414 412
4
4
7 Sept
478NIay 11
212 Feb 27
178 J,inel
412 478 9,930 Sharpe & Dohme
4
413
No par
412 47
.29
30
29
22 .27
400
Cony preferred ser A_No var 2114 Mar 2 30 May 5
2834 *28
1112 July 3014 Jan
30
29
2912 30 .28
7
738
74
6
718
834 Sept
64 64
212 AprI
612 74
738May 5
7
312 Feb 17
612 718 55,800 Shell Union Oil
No par
4212 44
43
45
42
18 Slayl 6514 Sept
444 4334 45
4514 4514 46
Cony preferred
100 2812 Mar 28 46,1May 12
4614 2,000
--118 Aug
---- --- Shubert Theatre Corp_No par ____ ____ __ ---- ---- -loJunel
10
1012 1012 1214
11
22*Junel 1338 Sept
1178 1112 1214 1134 1258 1112 12
438 Feb 28 1258N1ay 11
55,100 Simmons Co
No par
712 74
74 8
314 Apr
72 Aug
712 74
914Nlay 12
734 84
10
44 Feb 28
814 812
8,4 914 12.200 Simms Petroleum
533 54
5
534 Sept
212 Feb1
5
538Nlay 5
514 538
434 47s
54
25
3 Feb 20
5
514 531; 4.500 Skelly 011 Co
*3212 33
3214 3214 3118 32 .31
12
JanI 3312 Sept
32
100 22 Feb 28 33 May 5
Preferred
3212 33
3212 32
900
212 258
214 238 .2
712 Sept
Apr
20
234
17
8
Dec
314
212 212
%Mar
31
par
Corp__No
212 234
Snider
Packing
24 234 2,800
912 978
918 978
514 Mayj 1214 Sept
914 94
6 Mar 23 11 Apr 24
918 978
25
934 1014 192.600 Socony Vacuum Corp
94 10
.7012 74
7212 7212 .7012 75
35 Junej 67 Sept
*7012 75
*7012 75
100 Solvay Am Invt Tr pref. _ _100 58 Feb 25 72125lay 5
*7012 75
284 3014 2814 2934 28
412 Apr 1834 Sept
284 29
2978 2914 30
2834 294 32,500 So FOrto Rico Sugar..„No par 154 Jan 12 3078May 5
•117 11812 11812 11818 .11813 11912 118 118 *11912 120
8612May 11212 Dec
100 112 Jan 4 120 Mar 30
140
.11912 120
Preferred
2078 2138 2012 2138 2014 2034 204 21
4 June 3234 Feb
Jan
11
153
28
Apr
7
1712
25
Edison
Calif
21
2238 214 2218 38.600 Southern
.D2 5
*112 5
.112 5
.122 5
3 Feb
112May 11
114 Mayj
112
112 *112 3
114 Feb 28
100 Southern Dairies el B_ _No par
.4 _ .4*4
Jan
12
_
411 July
_ _ .4
558 Jan 13
4 Jan 18
_ .412
_
.412 _ _
Spalding (A G)& Broa_No par
Jan
Dec
95
25
3
Feb
•--;56
•--;;
28
5
6
31
•___7
5
6
•__:,
Mar
-5-6 •_. -ie. ..... .,;ci
100 2518
lot preferred
5012 634 "012 634 "612 634 '51'2 234 *612 634 '
934 Mar
84 Mar1
6 May 3
412 Feb 18
Spang Chalfant&Co IncNo par
1412 234
*21
33 .21
33 .21
4812 Jan
15 Nov
33
.21
32
32 .22
33
*22
100 174 Feb 9 25 Apr 24
Preferred
238 234
213 24
234May 4
212 238
I Mayl
5 Sept
238
212
212 258
212 23s 8.300 Sparks Withington_ ___No par
84 Feb 28
12 Julyl
.5s
184 Apr
112
114 Apr 24
.33
12 Jan 10
112
*13
Spear & Co
133
No par
*4 133
*4
*4 14
138
1114 111 1
1112 1178
8 May II Sept
1,100 spencer Kellogg & Sons No par
11
1114 1112 1134 12
11
11
111 4
712 Apr 10 12 May 3
612 612 *634 11
3
Dec
84
712May
Sept
12
64 634 .712 11
par
Jan
3
5
*713 12
No
712 712
300 Spicer Mfg Co
9I June 18 Sept
.16
•1512 - _ *1512 _ _ •1512 _ . .1512
__ *1512
Cony preferred A_ No par 1134 Mar 21 20 Jan 31
434 --43
- -4
44 -43
58 May
412 -412
5 Aug
-4
6 May 12
434 _-512
412 11
512 6
1 Feb 28
2,400 Splegel-May-Stern Co_No par
1838 1918 1814 1834 1818 184 1814 1834 1812 1918 1812 1918 83,800 Standard Brands
838June 1778 Aug
No par 1334 mar 2 1912May 1
*1234 ---_ .12312 __ _ .123
.12234 _ _ 12234 12234 •121 124
100
No pa 121 Feb 18 121 Stay 4 110 June 123 Dec
Preferred
.114
158 .1 14
1-38 •114
78 July
2 Jan
1-5- *114 -14 •1,2
158 14
158May 12
200 Stand Comm Tobacco_No par
1 Jan 3
124 1333 1114 13
1138 1214
12
13
1318 1334 1334 154 63,100 Standard Gas & El Co_ No par
753 June 3414 Mar
1534 Jan 11
518 Mar 31
184 1834 1738 1812 17
1734 1634 18
9;4 June 414 Jan
1818 1918 19
838 Apr 3 25 Jan 11
2314 13,000
No pa
Preferred
.28
34
3158 *28
•30
3178 31
21 July 6212 Aug
31
•33
38
3812 40
500
$6 cum prior pret
17 Apr 4 41 Jan 3
No par
3714 38
3513 36
35
28 June 75
Jan
3614 3718 3714 3714 3818 4014 4434 1.800
$7 cum prior pref__No par 20 Apr 4 4612 Jan 10
138
138
158 158
112
158
112
138
114
14 June
138
14 2.700 Stand Investing CorpNo par
14
214 Aug
138May 6
12 Mar 31
97
*96
97
*95
9612 9612 97
98
1.000 Standard Oil Export pret_ _100 9213 Mar 3 101 Jan 6 z81 June 10012 Dec
97
9712 98
97
2918 3018 2878 2912 2915 304 3058 3114 2912 3112 93,700 Standard 011 of Callt_..No par
294 30
1518 June 3178 Sept
1918 Mar 3 3178May 1
17
17
1612 1634 17
17
16
.16
•1612 17
16
17
7 Apr 1612 Aug
1,300 Standard 011 of Kansas____10 1234 Apr 4 1738 Jan 16
344 354 33
34
3334 344 344 354 3414 3512 147,400 Standard 011 of New jersey_ 25 224 Mar 3 3512NlaY 12
344 33
194 Apr 3738 Sept
812 812 .64 9
814 .638 9
*712 9
*7
9
9
3 July
9 May 6
200 Starrett Co (The) L S....No par
854 Sept
4 Feb 16
114
118
14
114
114
133 2,700 Sterling Securities Cl A_No par
138
118
1,8
118
18 May
M.
134 Apr 21
214 Sept
58 Jan 11
l's
58 July
338 314 *314 313
34 338
34 314
378May 12
34 378 1,300
4 Sept
338 338
Preferred
112 Feb 10
No par
2612 2812 2712 2712 2712 2712 2734 28 .27
600
2912 .2712 2912
1312 June 26 Aug
Convertible preferred_ -.50 20 Mar 2 28 May 10
618 64
54 612
512 578
6
54 638
633 16.400 Stewart-Warner Corp
612May 5
618 612
14 May
812 Sept
10
212 Feb 24
1112 104 1112 45,200 Stone & Webster
91
@FedFRASER